Ab Global Risk Allocation Fund N-CSR Certified annual shareholder report (management investment company)

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: 811-00134

AB GLOBAL RISK ALLOCATION FUND, 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: November 30, 2017

Date of reporting period: November 30, 2017

ITEM 1. REPORTS TO STOCKHOLDERS.

NOV    ^11.30.17

ANNUAL REPORT

AB GLOBAL RISK ALLOCATION FUND

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.abfunds.com or contact your AB 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 AB’s website at www.abfunds.com, or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB 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. AB publishes full portfolio holdings for the Fund monthly at www.abfunds.com.

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

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

FROM THE PRESIDENT

Dear Shareholder,

We are pleased to provide this report for AB Global Risk Allocation Fund (the “Fund”). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund’s investment strategy.

As always, AB strives to keep clients ahead of what’s next by:

⁺  Transforming uncommon insights into uncommon knowledge with a global research scope

⁺  Navigating markets with seasoned investment experience and sophisticated solutions

⁺  Providing thoughtful investment insights and actionable ideas

Whether you’re an individual investor or a multi-billion-dollar institution, we put knowledge and experience to work for you.

AB’s global research organization connects and collaborates across platforms and teams to deliver impactful insights and innovative products. Better insights lead to better opportunities—anywhere in the world.

For additional information about AB’s range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in the AB Mutual Funds.

Sincerely,

Robert M. Keith

President and Chief Executive Officer, AB Mutual Funds

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ANNUAL REPORT

January 16, 2018

This report provides management’s discussion of fund performance for AB Global Risk Allocation Fund for the annual reporting period ended November 30, 2017.

The Fund’s investment objective is total return consistent with reasonable risks through a combination of income and long-term growth of capital.

NAV RETURNS AS OF NOVEMBER 30, 2017 (unaudited)

	6 Months		12 Months
AB GLOBAL RISK ALLOCATION FUND1
Class A Shares		4.10%		12.21%
Class B Shares2		3.63%		11.27%
Class C Shares		3.69%		11.34%
Advisor Class Shares3		4.25%		12.53%
Class R Shares3		3.88%		11.84%
Class K Shares3		4.05%		12.15%
Class I Shares3		4.25%		12.60%
Primary Benchmark: MSCI World Index		9.55%		23.66%
Blended Benchmark: 60% MSCI World Index / 40% Bloomberg Barclays Global Aggregate Bond Index		6.66%		16.55%
Bloomberg Barclays Global Aggregate Bond Index		2.41%		6.53%

1 Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the performance of all share classes of the Fund for the six- and 12-month periods ended November 30, 2017, by 0.04% and 0.80%, respectively. Also includes the impact of proceeds received and credited to the Fund in connection with a third party regulatory settlement, which enhanced performance for the six- and 12-month periods ended November 30, 2017, by 0.02% and 0.02%, respectively. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the Financial Highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

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

3 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 Fund.

INVESTMENT RESULTS

The table above shows the Fund’s performance compared with its primary benchmark, the Morgan Stanley Capital International (“MSCI”) World Index, and its blended benchmark, a 60% / 40% blend of MSCI World Index / Bloomberg Barclays Global Aggregate Bond Index, respectively, for the

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six- and 12-month periods ended November 30, 2017. The table also includes the individual performance of the Bloomberg Barclays Global Aggregate Bond Index.

During both periods, all share classes of the Fund underperformed the primary and blended benchmarks, before sales charges. The Fund is strategically diversified in multi-asset exposures and has lower equity exposure; therefore, it underperformed the 100% stock primary benchmark, as equity markets delivered strong performance.

During the 12-month period, global equity, credit, interest rate and inflation-sensitive exposures contributed to absolute returns, with equity exposure being the most significant contributor. For the six-month period, global equity and credit exposures, along with inflation-sensitive exposure contributed, while interest rate exposures detracted. The Fund’s active currency exposure also contributed for both periods.

Derivatives were used for hedging and investment purposes, including futures, interest rate swaps, credit default swaps, purchased and written options and written swaptions, which added to absolute returns during both periods; currency forwards added to returns for the six-month period and detracted during the 12-month period.

MARKET REVIEW AND INVESTMENT STRATEGY

The Fund’s Senior Investment Management Team uses proprietary quantitative signals along with fundamental research insights when allocating risk to equity, interest rate and inflation-sensitive assets. Over the 12-month period, the improvement in the economy and corporate earnings, gradual pace of US Federal Reserve interest rate increases and progress on the US tax cut plan supported equity market performance. The Fund maintained an overweight in risk allocation to global equity and benefited from this tilt, as equity markets continued to deliver strong positive returns. The Fund also benefited from a tactically maintained long exposure to emerging-market currencies.

Over the six-month period, the Fund continued to maintain an overweight to equity risk allocation, relative to the risk allocation to inflation-sensitive assets. Within equities, the Fund was overweight European and Japanese exposures relative to the US. The Fund maintained close to neutral risk allocation to interest rate duration exposure, and within interest rate allocation, was underweight to low interest rate countries. In currency exposures, the Fund maintained long emerging-market currency exposures against the euro, yen and G10 commodity currencies.

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INVESTMENT POLICIES

The Fund invests dynamically in a number of global asset classes, including equity/credit, fixed-income, and inflation-indexed instruments. In making decisions on the allocation of assets among asset classes, the Adviser will use a tail risk parity strategy. This strategy attempts to provide investors with favorable long-term total return while minimizing exposure to material downside (“tail”) events. To execute this strategy, an average tail loss for each asset class is calculated based on historical market behavior and on a forward-looking basis through options prices. Fund assets are then allocated among asset classes so that each asset class will contribute equally to the expected tail loss of the Fund. This will generally result in the Fund having greater exposures to lower risk asset classes (such as fixed-income) than to higher risk asset classes. The Adviser will make frequent adjustments to the Fund’s asset class exposures based on these tail risk parity determinations.

The asset classes in which the Fund may invest include:

⁺  equity/credit: equity securities of all types and corporate fixed-income securities (regardless of credit quality, but subject to the limitations on high-yield securities set forth below)

⁺  fixed-income: fixed-income securities of the US and foreign governments and their agencies and instrumentalities

⁺  inflation-linked: global inflation-indexed securities (including Treasury inflation-protected securities)

The Fund’s investments within each asset class are generally index-based—typically, portfolios of individual securities intended to track the performance of the particular asset class and, primarily for certain types of assets such as credit assets, derivatives intended to track such performance. With respect to the inflation-indexed asset class, the Fund may also seek exposure, at times significantly, to commodities and commodities-related instruments and derivatives since these instruments are typically affected directly or indirectly by the level and change in inflation. Equity securities will comprise no more than 75% of the Fund’s investments. The Fund may invest in fixed-income securities with a range of maturities from short- to long-term. The Fund may invest up to 20% of its assets in high-yield securities (securities rated below BBB- by S&P Global Ratings, Moody’s Investors Service, Inc., or Fitch Ratings, which are commonly known as “junk bonds”). As an operating policy, the Fund will invest no more than 5% of its assets in securities rated CCC- or below.

The Fund’s investments in each asset class will generally be global in nature, and will generally include investments in both developed and

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emerging markets. The Fund typically invests at least 40% of its assets in securities of non-US companies and/or foreign countries and

their agencies and instrumentalities unless conditions are not deemed favorable by the Adviser, in which case the Fund will invest at least 30% of its assets in such foreign securities.

Derivatives, particularly futures contracts and swaps, often provide more efficient and economical exposure to market segments than direct investments, and the Fund’s exposure to certain types of assets may at times be achieved partially or substantially through investment in derivatives. Derivatives transactions may also be a quicker and more efficient way to alter the Fund’s exposure than buying and selling direct investments. In determining when and to what extent to enter into derivatives transactions, the Adviser will consider factors such as the risk and returns of these investments relative to direct investments and the cost of such transactions. Because derivatives transactions frequently require cash outlays that are only a small portion of the amount of exposure obtained through the derivative, a portion of the Fund’s assets may be held in cash or invested in cash equivalents to cover the Fund’s derivatives obligations, such as short-term US government and agency securities, repurchase agreements and money market funds. At times, a combination of direct securities investments and derivatives will be used to gain asset class exposure so that the Fund’s aggregate exposure will substantially exceed its net assets (i.e., so that the Fund is effectively leveraged). Overall Fund exposure and the allocation to equity/credit will typically increase during bull markets, while overall exposure and allocation to equity/credit and inflation-indexed securities will typically decrease during bear markets. In addition, the Fund may at times invest in shares of exchange-traded funds in lieu of making direct investments in securities.

While the Fund may seek to gain exposure to physical commodities traded in the commodities markets through investments in a variety of derivative instruments, the Adviser expects that the Fund will seek to gain exposure to commodities and commodities-related instruments and derivatives primarily through investments in AllianceBernstein Global Risk Allocation (Cayman) Ltd., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary is advised by the Adviser and has the same investment objective and substantially similar investment policies and restrictions as the Fund except that the Subsidiary, unlike the Fund, may invest without limitation in commodities and commodities-related instruments. The Fund will be subject to the risks associated with the commodities, derivatives and other instruments in which the Subsidiary invests, to the extent of its investment in the Subsidiary.

(continued on next page)

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The Fund limits its investment in the Subsidiary to no more than 25% of its total assets. Investment in the Subsidiary is expected to provide

the Fund with commodity exposure within the limitations of federal tax requirements that apply to the Fund.

Currency exchange rate fluctuations can have a dramatic impact on returns. The Adviser may seek to hedge all or a portion of the currency exposure resulting from Fund investments or decide not to hedge this exposure. To hedge all or a portion of its currency risk, the Fund may invest in currency-related derivatives, including forward currency exchange contracts.

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DISCLOSURES AND RISKS

Benchmark Disclosure

The MSCI World Index and the Bloomberg Barclays Global Aggregate Bond Index are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The MSCI World Index (free float-adjusted, market capitalization weighted) represents the equity market performance of developed markets. The Bloomberg Barclays Global Aggregate Bond Index represents the performance of the global investment-grade developed fixed-income markets. 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. An investor cannot invest directly in an index or average, and their results are not indicative of the performance for any specific investment, including the Fund.

A Word About Risk

Market Risk: The value of the Fund’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.

Allocation Risk: The allocation of investments among asset classes may have a significant effect on the Fund’s net asset value (“NAV”) when the asset classes in which the Fund has invested more heavily perform worse than the asset classes invested in less heavily.

Interest Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. The Fund may be subject to heightened interest rate risk due to rising rates as the current period of historically low interest rates may be ending. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations.

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.

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DISCLOSURES AND RISKS (continued)

Commodity Risk: Investing in commodities and commodity-linked derivative instruments, either directly or through the Subsidiary, may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

Below Investment Grade Securities Risk: Investments in fixed-income securities with ratings below investment-grade, commonly known as “junk bonds”, tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the junk bond market generally and less secondary market liquidity.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

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

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

Subsidiary Risk: By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and, unless otherwise noted in the Fund’s prospectus, is not subject to all of the investor protections of the 1940 Act. However, the Fund wholly owns and controls the Subsidiary, and the Fund and the Subsidiary are managed by the Adviser, making it unlikely the Subsidiary will take actions contrary to the interests of the Fund or its shareholders. In addition, changes in federal tax laws applicable to the Fund or interpretations hereof could limit the Fund’s ability to gain exposure to commodities investments through investments in the Subsidiary.

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DISCLOSURES AND RISKS (continued)

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

Leverage Risk: Because the Fund uses leveraging techniques, its NAV may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Fund’s investments.

Management Risk: The Fund 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 Fund, but there is no guarantee that its techniques will produce the intended results.

These risks are fully discussed in the Fund’s prospectus. As with all investments, you may lose money by investing in the Fund.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Fund will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com.

All fees and expenses related to the operation of the Fund have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Fund’s quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 4.25% maximum front-end sales charge for Class A shares; the applicable contingent deferred sales charge for Class B shares (4% year 1, 3% year 2, 2% year 3, 1% year 4) and a 1% 1-year contingent deferred sales charge for Class C shares. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.

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HISTORICAL PERFORMANCE

GROWTH OF A $10,000 INVESTMENT IN THE FUND (unaudited)

11/30/2007 TO 11/30/2017

This chart illustrates the total value of an assumed $10,000 investment in AB Global Risk Allocation Fund Class A shares (from 11/30/2007 to 11/30/2017) as compared to the performance of the Fund’s benchmarks. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Fund and assumes the reinvestment of dividends and capital gains distributions. Prior to October 8, 2012, the Fund used a different strategy.

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HISTORICAL PERFORMANCE (continued)

AVERAGE ANNUAL RETURNS AS OF NOVEMBER 30, 2017 (unaudited)

	NAV Returns		SEC Returns (reflects applicable sales charges)
CLASS A SHARES
1 Year		12.21%		7.44%
5 Years		4.18%		3.28%
10 Years		3.57%		3.12%
CLASS B SHARES
1 Year		11.27%		7.27%
5 Years		3.39%		3.39%
10 Years1		2.95%		2.95%
CLASS C SHARES
1 Year		11.34%		10.34%
5 Years		3.41%		3.41%
10 Years		2.81%		2.81%
ADVISOR CLASS SHARES2
1 Year		12.53%		12.53%
5 Years		4.46%		4.46%
10 Years		3.86%		3.86%
CLASS R SHARES2
1 Year		11.84%		11.84%
5 Years		3.84%		3.84%
10 Years		3.27%		3.27%
CLASS K SHARES2
1 Year		12.15%		12.15%
5 Years		4.16%		4.16%
10 Years		3.58%		3.58%
CLASS I SHARES2
1 Year		12.60%		12.60%
5 Years		4.62%		4.62%
10 Years		4.02%		4.02%

The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 1.33%, 2.09%, 2.08%, 1.08%, 1.65%, 1.34% and 0.90% for Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

1 Assumes conversion of Class B shares into Class A shares after eight years.

2 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 investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.

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HISTORICAL PERFORMANCE (continued)

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

DECEMBER 31, 2017 (unaudited)

	SEC Returns (reflects applicable sales charges)
CLASS A SHARES
1 Year		7.05%
5 Years		3.47%
10 Years		3.27%
CLASS B SHARES
1 Year		6.89%
5 Years		3.56%
10 Years1		3.08%
CLASS C SHARES
1 Year		9.94%
5 Years		3.59%
10 Years		2.96%
ADVISOR CLASS SHARES2
1 Year		12.06%
5 Years		4.64%
10 Years		4.00%
CLASS R SHARES2
1 Year		11.37%
5 Years		4.02%
10 Years		3.40%
CLASS K SHARES2
1 Year		11.70%
5 Years		4.34%
10 Years		3.72%
CLASS I SHARES2
1 Year		12.15%
5 Years		4.79%
10 Years		4.16%

1 Assumes conversion of Class B shares into Class A shares after eight years.

2 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 Fund.

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EXPENSE EXAMPLE

(unaudited)

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

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

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value June 1, 2017		Ending Account Value November 30, 2017		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,040.40	$	6.55		1.28	%	$	6.60		1.29	%
Hypothetical**	$	1,000	$	1,018.65	$	6.48		1.28	%	$	6.53		1.29	%

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EXPENSE EXAMPLE (continued)

	Beginning Account Value June 1, 2017		Ending Account Value November 30, 2017		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class B
Actual	$	1,000	$	1,036.30	$	10.57		2.07	%	$	10.62		2.08	%
Hypothetical**	$	1,000	$	1,014.69	$	10.45		2.07	%	$	10.50		2.08	%
Class C
Actual	$	1,000	$	1,036.90	$	10.41		2.05	%	$	10.41		2.05	%
Hypothetical**	$	1,000	$	1,014.71	$	10.30		2.05	%	$	10.30		2.05	%
Advisor Class
Actual	$	1,000	$	1,042.50	$	5.27		1.03	%	$	5.33		1.04	%
Hypothetical**	$	1,000	$	1,019.90	$	5.22		1.03	%	$	5.27		1.04	%
Class R
Actual	$	1,000	$	1,038.80	$	8.29		1.63	%	$	8.29		1.63	%
Hypothetical**	$	1,000	$	1,016.80	$	8.20		1.63	%	$	8.20		1.63	%
Class K
Actual	$	1,000	$	1,040.50	$	6.75		1.32	%	$	6.80		1.33	%
Hypothetical**	$	1,000	$	1,018.45	$	6.68		1.32	%	$	6.73		1.33	%
Class I
Actual	$	1,000	$	1,041.90	$	5.02		0.98	%	$	5.02		0.98	%
Hypothetical**	$	1,000	$	1,020.16	$	4.96		0.98	%	$	4.96		0.98	%

* Expenses are equal to the classes’ annualized expense ratios multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

+ In connection with the Fund’s investments in affiliated/unaffiliated underlying portfolios, the Fund incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund’s pro rata share of certain acquired fund fees and expenses of the affiliated underlying portfolios. The Fund’s total expenses are equal to the classes’ annualized expense ratio plus the Fund’s pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

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PORTFOLIO SUMMARY

November 30, 2017 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $281.8

1 All data are as of November 30, 2017. The Fund’s security type and country breakdowns are expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Fund 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 0.3% or less in the following countries: Argentina, Austria, Belgium, Bermuda, Brazil, Chile, Colombia, Denmark, Finland, Ireland, Italy, Jersey (Channel Islands), Jordan, Luxembourg, Macau, Netherlands, New Zealand, Norway, Portugal, Singapore, South Africa, Turkey and United Arab Emirates.

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PORTFOLIO SUMMARY (continued)

November 30, 2017 (unaudited)

TEN LARGEST HOLDINGS¹

Security	U.S. $ Value		Percent of Net Assets
U.S. Treasury Inflation Index	$	130,521,869		46.3	%
Japanese Government CPI Linked Bond Series 21		27,685,936		9.8
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C03, Class 2M2		8,754,954		3.1
Hersha Hospitality Trust		1,516,500		0.5
Pebblebrook Hotel Trust		1,486,535		0.5
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C03, Class 1M2		1,398,655		0.5
Mexico Government International Bond		1,233,287		0.5
Apartment Investment & Management Co.		1,130,640		0.4
Petrobras Global Finance BV		687,590		0.3
China Shenhua Energy Co., Ltd.		492,067		0.2
	$	174,908,033		62.1	%

1 Long-term investments.

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CONSOLIDATED PORTFOLIO OF INVESTMENTS

November 30, 2017

		Principal Amount (000)		U.S. $ Value
INFLATION-LINKED SECURITIES – 56.1%
Japan – 9.8%
Japanese Government CPI Linked Bond Series 21 0.10%, 3/10/26	JPY		2,965,786	$	27,685,936
United States – 46.3%
U.S. Treasury Inflation Index (TIPS) 0.375%, 7/15/25(a)	U.S.$		105,018		104,345,556
0.375%, 1/15/27			26,664		26,176,313
Total Inflation-Linked Securities (cost $162,129,728)					158,207,805
		Shares
COMMON STOCKS – 24.1%
Financials – 4.6%
Banks – 1.8%
ABN AMRO Group NV (GDR)(b)			1,125		33,344
Agricultural Bank of China Ltd. – Class H			838,000		391,552
Aozora Bank Ltd.			500		19,468
Australia & New Zealand Banking Group Ltd.			886		19,239
Banco Bilbao Vizcaya Argentaria SA			3,189		27,340
Banco de Sabadell SA			16,035		32,345
Banco Santander SA			3,772		25,406
Bank of America Corp.			1,350		38,029
Bank of China Ltd. – Class H			709,000		346,489
Bank of Communications Co., Ltd. – Class H			451,000		335,437
Bank of East Asia Ltd. (The)			3,800		16,875
Bank of Ireland Group PLC(c)			2,334		18,207
Bank of Kyoto Ltd. (The)			400		20,470
Bank of Montreal			747		57,478
Bank of Nova Scotia (The)			862		54,460
Bank of Queensland Ltd.			2,070		20,745
Bankia SA			6,083		29,242
Bankinter SA			3,395		32,773
Barclays PLC			10,110		26,380
BB&T Corp.			899		44,429
Bendigo & Adelaide Bank Ltd.			1,883		16,675
BNP Paribas SA			331		25,061
BOC Hong Kong Holdings Ltd.			4,000		20,356
CaixaBank SA			4,609		21,902
Canadian Imperial Bank of Commerce/Canada			584		53,477
Chiba Bank Ltd. (The)			3,000		23,099

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CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
China CITIC Bank Corp., Ltd. – Class H		530,000	$	343,717
China Construction Bank Corp. – Class H		465,000		407,917
China Everbright Bank Co., Ltd. – Class H		690,000		321,247
China Minsheng Banking Corp., Ltd. – Class H		354,500		357,706
Chugoku Bank Ltd. (The)		1,200		15,716
CIT Group, Inc.		697		34,738
Citigroup, Inc.		564		42,582
Citizens Financial Group, Inc.		745		30,322
Comerica, Inc.		403		33,574
Commerzbank AG(c)		2,045		29,698
Commonwealth Bank of Australia		310		18,796
Concordia Financial Group Ltd.		3,600		19,824
Credit Agricole SA		1,641		27,649
Danske Bank A/S		858		32,030
DBS Group Holdings Ltd.		1,100		20,034
DNB ASA		1,818		33,115
Erste Group Bank AG(c)		821		35,935
Fifth Third Bancorp		1,167		35,605
First Republic Bank/CA		402		38,407
Fukuoka Financial Group, Inc.		4,000		20,810
Hachijuni Bank Ltd. (The)		2,900		16,639
Hang Seng Bank Ltd.		1,100		27,261
Hiroshima Bank Ltd. (The)		2,000		15,828
HSBC Holdings PLC		5,317		52,983
Huntington Bancshares, Inc./OH		2,387		34,373
ING Groep NV		1,574		28,442
Intesa Sanpaolo SpA		7,713		25,987
Intesa Sanpaolo SpA – RSP		10,090		32,260
Japan Post Bank Co., Ltd.		1,400		17,839
JPMorgan Chase & Co.		448		46,825
KBC Group NV		411		33,703
KeyCorp		1,685		31,981
Kyushu Financial Group, Inc.		2,700		16,048
Lloyds Banking Group PLC		36,308		32,403
M&T Bank Corp.		381		64,370
Mebuki Financial Group, Inc.		4,400		18,570
Mitsubishi UFJ Financial Group, Inc.		2,500		17,820
Mizuho Financial Group, Inc.		9,000		16,371
National Australia Bank Ltd.		869		19,523
National Bank of Canada		1,132		55,777
Nordea Bank AB		3,090		36,235
Oversea-Chinese Banking Corp., Ltd.		2,279		21,094
People’s United Financial, Inc.		2,269		43,156
PNC Financial Services Group, Inc. (The)		291		40,903
Raiffeisen Bank International AG(c)		1,044		36,902
Regions Financial Corp.		1,804		29,928
Resona Holdings, Inc.		2,200		11,714

18    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Royal Bank of Canada		718	$	56,125
Royal Bank of Scotland Group PLC(c)		6,922		25,883
Seven Bank Ltd.		4,800		16,165
Shinsei Bank Ltd.		1,000		16,073
Shizuoka Bank Ltd. (The)		2,000		19,784
Signature Bank/New York NY(c)		215		29,515
Skandinaviska Enskilda Banken AB – Class A		3,315		39,399
Societe Generale SA		422		21,236
Standard Chartered PLC(c)		2,940		29,332
Sumitomo Mitsui Financial Group, Inc.		500		20,386
Sumitomo Mitsui Trust Holdings, Inc.		400		14,880
SunTrust Banks, Inc.		583		35,930
Suruga Bank Ltd.		800		17,268
Svenska Handelsbanken AB – Class A		2,923		39,988
Swedbank AB – Class A		1,696		40,559
Toronto-Dominion Bank (The)		1,045		59,323
UniCredit SpA(c)		1,079		21,753
United Overseas Bank Ltd.		1,000		19,477
US Bancorp		800		44,120
Wells Fargo & Co.		690		38,964
Westpac Banking Corp.		832		19,964
Yamaguchi Financial Group, Inc.		2,000		23,977
				5,124,736
Capital Markets – 0.9%
3i Group PLC		4,463		54,436
Affiliated Managers Group, Inc.		225		44,701
Ameriprise Financial, Inc.		250		40,807
ASX Ltd.		592		25,702
Bank of New York Mellon Corp. (The)		853		46,693
BlackRock, Inc. – Class A		109		54,630
Brookfield Asset Management, Inc. – Class A		1,245		51,744
Charles Schwab Corp. (The)		729		35,568
CI Financial Corp.		2,261		51,086
CITIC Securities Co., Ltd. – Class H		161,000		350,159
CME Group, Inc. – Class A		377		56,377
Credit Suisse Group AG (REG)(c)		1,310		22,230
Daiwa Securities Group, Inc.		2,000		12,513
Deutsche Bank AG (REG)		1,113		20,991
Deutsche Boerse AG		355		40,290
E*TRADE Financial Corp.(c)		742		35,720
Eaton Vance Corp.		655		36,208
Franklin Resources, Inc.		837		36,284
Goldman Sachs Group, Inc. (The)		162		40,118
Haitong Securities Co., Ltd. – Class H		198,800		298,035
Hargreaves Lansdown PLC		1,868		40,482
Hong Kong Exchanges & Clearing Ltd.		900		27,214
IGM Financial, Inc.		1,289		44,540

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CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Intercontinental Exchange, Inc.		727	$	51,944
Invesco Ltd.		1,109		40,113
Investec PLC		4,737		33,165
Japan Exchange Group, Inc.		1,100		20,329
Julius Baer Group Ltd.(c)		634		37,283
London Stock Exchange Group PLC		1,249		63,857
Macquarie Group Ltd.		261		19,584
Moody’s Corp.		325		49,341
Morgan Stanley		735		37,933
MSCI, Inc. – Class A		361		46,461
Nasdaq, Inc.		753		59,607
Natixis SA		3,393		27,506
Nomura Holdings, Inc.		2,100		12,698
Northern Trust Corp.		412		40,285
Partners Group Holding AG		68		46,831
Raymond James Financial, Inc.		418		36,909
S&P Global, Inc.		311		51,464
SBI Holdings, Inc./Japan		1,300		23,276
Schroders PLC		944		44,051
SEI Investments Co.		695		48,900
Singapore Exchange Ltd.		3,300		18,397
St James’s Place PLC		2,130		34,982
State Street Corp.		421		40,142
T. Rowe Price Group, Inc.		627		64,531
TD Ameritrade Holding Corp.		771		39,452
Thomson Reuters Corp.		1,197		52,718
UBS Group AG(c)		1,814		31,379
				2,539,666
Consumer Finance – 0.1%
Acom Co., Ltd.(c)		4,000		16,727
AEON Financial Service Co., Ltd.		800		17,813
Ally Financial, Inc.		1,228		32,984
American Express Co.		516		50,418
Capital One Financial Corp.		376		34,592
Credit Saison Co., Ltd.		900		17,349
Discover Financial Services		568		40,101
Navient Corp.		1,339		16,885
Provident Financial PLC		801		9,479
Synchrony Financial		1,033		37,074
				273,422
Diversified Financial Services – 0.3%
AMP Ltd.		3,999		15,556
Berkshire Hathaway, Inc. – Class B(c)		231		44,585
Challenger Ltd./Australia		1,797		19,149
Element Fleet Management Corp.		3,194		24,088
Eurazeo SA		577		50,755

20    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
EXOR NV		480	$	29,071
First Pacific Co., Ltd./Hong Kong		22,000		16,450
Groupe Bruxelles Lambert SA		600		64,593
IHS Markit Ltd.(c)		1,109		49,484
Industrivarden AB – Class C		1,828		44,578
Investor AB – Class B		902		42,173
Kinnevik AB		1,368		43,907
L E Lundbergforetagen AB – Class B		428		31,410
Leucadia National Corp.		1,464		38,518
Mitsubishi UFJ Lease & Finance Co., Ltd.		3,500		20,054
Onex Corp.		648		46,857
ORIX Corp.		1,000		17,324
Pargesa Holding SA		691		59,429
Standard Life Aberdeen PLC		13,478		78,475
Voya Financial, Inc.		775		34,255
Wendel SA		294		49,465
				820,176
Insurance – 1.4%
Admiral Group PLC		1,243		32,340
Aegon NV		4,545		28,233
Aflac, Inc.		694		60,822
Ageas		832		40,916
AIA Group Ltd.		2,400		19,555
Alleghany Corp.(c)		66		38,597
Allianz SE (REG)		222		52,431
Allstate Corp. (The)		643		66,010
American International Group, Inc.		720		43,171
Aon PLC		435		60,996
Arch Capital Group Ltd.(c)		593		56,151
Arthur J Gallagher & Co.		958		63,065
Assicurazioni Generali SpA		1,915		35,057
Assurant, Inc.		420		42,365
Aviva PLC		5,185		35,769
Axis Capital Holdings Ltd.		710		37,197
Baloise Holding AG (REG)		288		44,419
Brighthouse Financial, Inc.(c)		60		3,527
China Life Insurance Co., Ltd. – Class H		88,000		288,153
Chubb Ltd.		371		56,433
Cincinnati Financial Corp.		705		52,685
CNP Assurances		1,623		36,458
Dai-ichi Life Holdings, Inc.		1,000		20,606
Direct Line Insurance Group PLC		8,791		43,507
Everest Re Group Ltd.		214		46,994
Fairfax Financial Holdings Ltd.		85		46,711
FNF Group		1,183		47,864
Gjensidige Forsikring ASA		2,409		43,708
Great-West Lifeco, Inc.		2,017		54,890

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CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Hannover Rueck SE (REG)		383	$	50,410
Hartford Financial Services Group, Inc. (The)		878		50,432
Industrial Alliance Insurance & Financial Services, Inc.		1,008		47,011
Insurance Australia Group Ltd.		3,856		21,026
Intact Financial Corp.		960		80,541
Japan Post Holdings Co., Ltd.		1,600		18,447
Legal & General Group PLC		13,473		48,722
Lincoln National Corp.		446		34,141
Loews Corp.		1,014		50,984
Manulife Financial Corp.		2,171		45,619
Mapfre SA		8,898		29,933
Markel Corp.(c)		39		43,169
Marsh & McLennan Cos., Inc.		753		63,199
Medibank Pvt Ltd.		7,758		19,253
MetLife, Inc.		661		35,483
MS&AD Insurance Group Holdings, Inc.		400		13,090
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		212		47,245
New China Life Insurance Co., Ltd. – Class H		74,000		473,660
NN Group NV		985		43,185
Old Mutual PLC		9,763		26,081
Poste Italiane SpA(b)		5,111		37,322
Power Corp. of Canada		1,760		44,595
Power Financial Corp.		1,872		51,293
Principal Financial Group, Inc.		589		41,695
Progressive Corp. (The)		1,147		60,998
Prudential Financial, Inc.		336		38,922
Prudential PLC		1,555		39,089
QBE Insurance Group Ltd.		1,386		11,233
Reinsurance Group of America, Inc. – Class A		376		60,931
RenaissanceRe Holdings Ltd.		388		51,468
RSA Insurance Group PLC		5,407		44,512
Sampo Oyj – Class A		886		46,801
SCOR SE		791		32,216
Sompo Holdings, Inc.		400		16,220
Sony Financial Holdings, Inc.		1,072		18,232
Sun Life Financial, Inc.		1,344		53,108
Suncorp Group Ltd.		1,549		16,884
Swiss Life Holding AG(c)		132		44,395
Swiss Re AG		469		44,035
T&D Holdings, Inc.		1,250		20,684
Tokio Marine Holdings, Inc.		400		17,742
Torchmark Corp.		598		53,132
Travelers Cos., Inc. (The)		464		62,905
Trisura Group Ltd.(c)		7		144
Tryg A/S		1,864		45,325

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CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
UnipolSai Assicurazioni SpA		12,165	$	28,532
Unum Group		830		46,995
Willis Towers Watson PLC		352		56,602
WR Berkley Corp.		735		50,803
XL Group Ltd.		1,187		46,079
Zurich Insurance Group AG		154		46,610
				3,969,763
Mortgage Real Estate Investment Trusts (REITs) – 0.1%
AGNC Investment Corp.		2,408		47,919
Annaly Capital Management, Inc.		3,658		42,689
				90,608
Thrifts & Mortgage Finance – 0.0%
New York Community Bancorp, Inc.		3,312		44,182
				12,862,553
Information Technology – 2.9%
Communications Equipment – 0.2%
Cisco Systems, Inc.		2,148		80,120
F5 Networks, Inc.(c)		462		62,000
Harris Corp.		675		97,538
Juniper Networks, Inc.		2,077		57,658
Motorola Solutions, Inc.		840		79,052
Nokia Oyj		5,115		25,595
Palo Alto Networks, Inc.(c)		297		43,288
Telefonaktiebolaget LM Ericsson – Class B		4,594		28,923
				474,174
Electronic Equipment, Instruments & Components – 0.4%
Alps Electric Co., Ltd.		500		16,068
Amphenol Corp. – Class A		1,084		98,199
Arrow Electronics, Inc.(c)		775		62,566
Avnet, Inc.		1,566		64,848
CDW Corp./DE		1,016		71,130
Corning, Inc.		2,176		70,481
Flex Ltd.(c)		3,294		59,523
FLIR Systems, Inc.		1,824		84,962
Hamamatsu Photonics KK		600		20,707
Hexagon AB – Class B		836		41,110
Hirose Electric Co., Ltd.		100		14,956
Hitachi High-Technologies Corp.		500		20,843
Hitachi Ltd.		4,000		29,971
Ingenico Group SA		325		34,057
Keyence Corp.		100		58,189
Kyocera Corp.		400		28,267
Murata Manufacturing Co., Ltd.		100		13,619

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CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Nippon Electric Glass Co., Ltd.		400	$	15,618
Omron Corp.		500		29,634
Shimadzu Corp.		1,100		26,337
TDK Corp.		300		24,743
TE Connectivity Ltd.		878		82,918
Trimble, Inc.(c)		1,320		55,427
Yaskawa Electric Corp.		1,000		44,584
Yokogawa Electric Corp.		1,200		22,253
				1,091,010
Internet Software & Services – 0.3%
Akamai Technologies, Inc.(c)		806		44,959
Alphabet, Inc. – Class A(c)		78		80,821
Alphabet, Inc. – Class C(c)		76		77,627
Cars.com, Inc.(c)(d)		283		6,860
CoStar Group, Inc.(c)		287		87,526
DeNA Co., Ltd.		600		13,624
eBay, Inc.(c)		1,712		59,355
Facebook, Inc. – Class A(c)		387		68,569
Kakaku.com, Inc.		1,400		22,211
MercadoLibre, Inc.		134		36,869
Mixi, Inc.		300		13,974
REA Group Ltd.		310		18,613
Twitter, Inc.(c)		1,866		38,402
United Internet AG		623		42,047
VeriSign, Inc.(c)(d)		824		94,843
Yahoo Japan Corp.(c)		4,600		21,120
Zillow Group, Inc. – Class C(c)(d)		848		34,802
				762,222
IT Services – 0.7%
Accenture PLC – Class A		613		90,730
Alliance Data Systems Corp.		215		51,443
Amadeus IT Group SA – Class A		787		56,753
Atos SE		247		36,485
Automatic Data Processing, Inc.		831		95,116
Black Knight, Inc.(c)		362		16,254
Broadridge Financial Solutions, Inc.		1,174		105,965
Capgemini SE		360		41,462
CGI Group, Inc. – Class A(c)		1,595		84,179
Cognizant Technology Solutions Corp. – Class A		1,099		79,436
Computershare Ltd.		1,857		23,316
DXC Technology Co.		635		61,049
Fidelity National Information Services, Inc.		969		91,406
First Data Corp. – Class A(c)		3,401		55,946
Fiserv, Inc.(c)		669		87,940
FleetCor Technologies, Inc.(c)		249		45,286
Fujitsu Ltd.		2,000		14,985

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CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Gartner, Inc.(c)		575	$	69,512
Global Payments, Inc.		567		57,017
International Business Machines Corp.		502		77,293
Mastercard, Inc. – Class A		649		97,655
Nomura Research Institute Ltd.		700		31,805
NTT Data Corp.		2,000		23,594
Obic Co., Ltd.		300		20,846
Otsuka Corp.		300		22,453
Paychex, Inc.		1,472		99,080
PayPal Holdings, Inc.(c)		1,263		95,647
Sabre Corp.		2,420		48,182
Total System Services, Inc.		1,066		79,268
Vantiv, Inc. – Class A(c)		1,056		79,200
Visa, Inc. – Class A		718		80,840
Western Union Co. (The) – Class W		3,117		61,374
Worldpay Group PLC(b)		9,043		51,618
				2,033,135
Semiconductors & Semiconductor Equipment – 0.4%
Advanced Micro Devices, Inc.(c)(d)		2,015		21,943
Analog Devices, Inc.		607		52,269
Applied Materials, Inc.		967		51,029
ASM Pacific Technology Ltd.		1,400		20,221
ASML Holding NV		269		47,205
Broadcom Ltd.		205		56,978
Infineon Technologies AG		1,599		44,186
Intel Corp.		1,884		84,478
KLA-Tencor Corp.		609		62,264
Lam Research Corp.		384		73,855
Marvell Technology Group Ltd.		2,554		57,056
Maxim Integrated Products, Inc.		1,384		72,425
Microchip Technology, Inc.		789		68,635
Micron Technology, Inc.(c)		1,172		49,681
NVIDIA Corp.		256		51,382
NXP Semiconductors NV(c)		516		58,509
Qorvo, Inc.(c)		444		34,001
QUALCOMM, Inc.		984		65,278
Rohm Co., Ltd.		200		20,612
Skyworks Solutions, Inc.		431		45,143
STMicroelectronics NV		1,365		30,892
Texas Instruments, Inc.		847		82,405
Tokyo Electron Ltd.		100		18,605
Xilinx, Inc.		811		56,373
				1,225,425

abfunds.com AB GLOBAL RISK ALLOCATION FUND    ^|    25

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	��	Shares		U.S. $ Value
Software – 0.7%
Activision Blizzard, Inc.			841	$	52,478
Adobe Systems, Inc.(c)			449		81,480
ANSYS, Inc.(c)			635		94,101
Autodesk, Inc.(c)			395		43,332
CA, Inc.			2,135		70,604
Cadence Design Systems, Inc.(c)			1,796		78,862
CDK Global, Inc.			1,015		70,126
Citrix Systems, Inc.(c)			604		52,929
Constellation Software, Inc./Canada			106		62,087
Dassault Systemes SE			646		69,401
Dell Technologies, Inc. – Class V(c)			758		59,306
Electronic Arts, Inc.(c)			495		52,643
Fortinet, Inc.(c)			1,023		43,027
Gemalto NV			365		13,849
Intuit, Inc.			570		89,615
Konami Holdings Corp.			400		21,188
LINE Corp.(c)			600		25,754
Micro Focus International PLC (Sponsored ADR)(c)			417		13,970
Microsoft Corp.			995		83,749
Mobileye NV(c)(d)			315		19,787
Nexon Co., Ltd.(c)			1,100		31,806
Nintendo Co., Ltd.			100		40,778
Nuance Communications, Inc.(c)			2,749		42,720
Open Text Corp.			1,658		54,078
Oracle Corp.			1,536		75,356
Oracle Corp. Japan			400		35,654
Red Hat, Inc.(c)			568		72,000
Sage Group PLC (The)			5,404		56,600
salesforce.com, Inc.(c)			534		55,707
SAP SE			466		52,682
ServiceNow, Inc.(c)			428		52,644
Splunk, Inc.(c)			575		46,052
Symantec Corp.			1,835		53,160
Synopsys, Inc.(c)			974		88,030
Trend Micro, Inc./Japan			400		22,706
VMware, Inc. – Class A(c)(d)			527		63,298
Workday, Inc. – Class A(c)			384		39,552
					1,981,111
Technology Hardware, Storage & Peripherals – 0.2%
Apple, Inc.			407		69,943
BlackBerry Ltd.(c)			2,745		29,617
Brother Industries Ltd.			900		22,381
Canon, Inc.			900		34,520
FUJIFILM Holdings Corp.			600		24,581

26    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Hewlett Packard Enterprise Co.		3,043	$	42,450
HP, Inc.		2,579		55,320
Konica Minolta, Inc.		2,400		23,574
NEC Corp.		700		18,741
NetApp, Inc.		1,082		61,144
Ricoh Co., Ltd.		2,300		20,486
Seagate Technology PLC		978		37,712
Seiko Epson Corp.		900		21,917
Western Digital Corp.		465		36,670
Xerox Corp.		1,717		50,926
				549,982
				8,117,059
Industrials – 2.5%
Aerospace & Defense – 0.3%
Airbus SE		181		18,835
Arconic, Inc.		824		20,279
BAE Systems PLC		2,639		19,652
Boeing Co. (The)		219		60,619
Bombardier, Inc. – Class B(c)		7,317		17,014
CAE, Inc.		2,809		49,598
Cobham PLC(c)		9,287		15,951
Dassault Aviation SA		11		16,885
General Dynamics Corp.		241		49,926
Huntington Ingalls Industries, Inc.		180		43,501
L3 Technologies, Inc.		265		52,626
Leonardo SpA		684		8,177
Lockheed Martin Corp.		198		63,186
Meggitt PLC		2,664		17,462
Northrop Grumman Corp.		198		60,865
Raytheon Co.		297		56,772
Rockwell Collins, Inc.		452		59,804
Rolls-Royce Holdings PLC(c)		1,271		14,741
Safran SA		174		18,542
Singapore Technologies Engineering Ltd.		4,200		10,193
Textron, Inc.		720		40,111
Thales SA		192		19,405
TransDigm Group, Inc.		93		26,392
United Technologies Corp.		418		50,766
Zodiac Aerospace		368		10,817
				822,119
Air Freight & Logistics – 0.1%
Bollore SA		3,319		17,627
CH Robinson Worldwide, Inc.		534		46,271
Deutsche Post AG (REG)		500		23,800
Expeditors International of Washington, Inc.		744		48,196
FedEx Corp.		189		43,746

abfunds.com AB GLOBAL RISK ALLOCATION FUND    ^|    27

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Kuehne & Nagel International AG (REG)		139	$	24,436
Royal Mail PLC		3,581		21,423
United Parcel Service, Inc. – Class B		471		57,203
Yamato Holdings Co., Ltd.		400		8,150
				290,852
Airlines – 0.1%
American Airlines Group, Inc.		507		25,598
ANA Holdings, Inc.		400		16,004
Cathay Pacific Airways Ltd.(c)		8,000		12,290
Delta Air Lines, Inc.		566		29,953
Deutsche Lufthansa AG (REG)		656		22,572
easyJet PLC		784		14,907
International Consolidated Airlines Group SA		1,885		15,559
Japan Airlines Co., Ltd.		400		14,675
Qantas Airways Ltd.		2,474		10,673
Singapore Airlines Ltd.		1,500		11,968
Southwest Airlines Co.		528		32,034
United Continental Holdings, Inc.(c)		315		19,946
				226,179
Building Products – 0.1%
AO Smith Corp.		711		45,092
Asahi Glass Co., Ltd.		200		8,374
Assa Abloy AB – Class B		848		17,212
Cie de Saint-Gobain		254		14,477
Daikin Industries Ltd.		100		11,553
Fortune Brands Home & Security, Inc.		681		46,594
Geberit AG (REG)		50		21,766
Johnson Controls International PLC		1,024		38,543
LIXIL Group Corp.		400		10,560
Masco Corp.		1,061		45,528
TOTO Ltd.		300		16,744
				276,443
Commercial Services & Supplies – 0.2%
Babcock International Group PLC		1,434		13,518
Brambles Ltd.		1,685		13,083
Cintas Corp.		386		60,772
Dai Nippon Printing Co., Ltd.		500		10,963
Edenred		463		13,236
G4S PLC		3,969		13,768
ISS A/S		413		15,604
Park24 Co., Ltd.		400		9,845
Republic Services, Inc. – Class A		966		62,732
Secom Co., Ltd.		200		14,980
Securitas AB – Class B		1,405		24,691
Societe BIC SA		160		18,564
Sohgo Security Services Co., Ltd.		200		11,128

28    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Stericycle, Inc.(c)		372	$	24,667
Toppan Printing Co., Ltd.		1,000		9,338
Waste Connections, Inc.		891		61,328
Waste Management, Inc.		916		75,341
				453,558
Construction & Engineering – 0.4%
ACS Actividades de Construccion y Servicios SA		436		16,848
Boskalis Westminster		549		20,277
Bouygues SA		319		16,489
China Communications Construction Co., Ltd. – Class H		248,000		277,261
China Railway Construction Corp., Ltd. – Class H		224,500		266,536
China Railway Group Ltd. – Class H		360,000		269,849
CIMIC Group Ltd.		319		12,410
Eiffage SA		192		21,047
Ferrovial SA		951		20,950
Fluor Corp.		716		34,662
HOCHTIEF AG		79		13,901
Jacobs Engineering Group, Inc.		615		40,362
JGC Corp.		700		12,214
Kajima Corp.		2,000		21,061
Obayashi Corp.		1,000		12,982
Orascom Construction Ltd.(c)		173		1,315
Shimizu Corp.		1,000		11,148
Skanska AB – Class B		763		16,760
SNC-Lavalin Group, Inc.		1,097		47,846
Taisei Corp.		400		21,068
Vinci SA		175		17,877
				1,172,863
Electrical Equipment – 0.1%
ABB Ltd. (REG)		788		20,231
Acuity Brands, Inc.		140		23,999
AMETEK, Inc.		672		48,848
Eaton Corp. PLC		547		42,546
Emerson Electric Co.		688		44,596
Fuji Electric Co., Ltd.		2,000		14,181
Legrand SA		296		22,155
Mabuchi Motor Co., Ltd.		200		10,742
Mitsubishi Electric Corp.		700		11,630
Nidec Corp.		100		13,661
OSRAM Licht AG		209		17,937
Prysmian SpA		537		17,886
Rockwell Automation, Inc.		235		45,374
Schneider Electric SE (Paris)(c)		198		17,016
Sensata Technologies Holding NV(c)		858		42,857
Vestas Wind Systems A/S		152		9,692
				403,351

abfunds.com AB GLOBAL RISK ALLOCATION FUND    ^|    29

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Industrial Conglomerates – 0.1%
3M Co.		284	$	69,052
CK Hutchison Holdings Ltd.		1,184		14,940
DCC PLC		173		16,757
General Electric Co.		1,596		29,191
Honeywell International, Inc.		378		58,953
Jardine Matheson Holdings Ltd.		200		12,496
Jardine Strategic Holdings Ltd.		300		12,450
Keihan Holdings Co., Ltd.		400		11,877
Keppel Corp., Ltd.		2,400		13,650
NWS Holdings Ltd.		5,257		9,584
Roper Technologies, Inc.		184		49,167
Seibu Holdings, Inc.		600		10,871
Sembcorp Industries Ltd.		4,900		11,118
Siemens AG (REG)		118		16,041
Smiths Group PLC		1,381		27,700
Toshiba Corp.(c)		2,000		4,930
				368,777
Machinery – 0.5%
AGCO Corp.		496		35,107
Alfa Laval AB		849		20,092
Alstom SA		518		21,362
Amada Holdings Co., Ltd.		900		12,033
ANDRITZ AG		354		19,802
Atlas Copco AB – Class A		436		18,744
Atlas Copco AB – Class B		520		20,008
Caterpillar, Inc.		323		45,592
CNH Industrial NV		1,193		15,491
Cummins, Inc.		221		36,995
Deere & Co.		289		43,310
Dover Corp.		428		41,820
FANUC Corp.		100		25,010
Flowserve Corp.		599		25,505
Fortive Corp.		674		50,314
GEA Group AG		378		18,281
Hino Motors Ltd.		900		11,117
Hitachi Construction Machinery Co., Ltd.		400		13,320
Hoshizaki Corp.		100		9,532
IHI Corp.		200		6,239
Illinois Tool Works, Inc.		349		59,068
IMI PLC		1,187		20,162
Ingersoll-Rand PLC		469		41,094
JTEKT Corp.		700		12,120
Kawasaki Heavy Industries Ltd.		300		10,011
Komatsu Ltd.		400		12,538
Kone Oyj – Class B		326		16,778
Kubota Corp.		700		13,325

30    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Kurita Water Industries Ltd.		400	$	12,578
Makita Corp.		300		12,438
MAN SE		62		6,963
Metso Oyj		392		13,821
Middleby Corp. (The)(c)		251		32,008
MINEBEA MITSUMI, Inc.		500		9,972
Mitsubishi Heavy Industries Ltd.		300		11,160
Nabtesco Corp.		400		15,730
NGK Insulators Ltd.		600		11,522
NSK Ltd.		600		9,153
PACCAR, Inc.		502		35,306
Parker-Hannifin Corp.		211		39,560
Pentair PLC		481		34,228
Sandvik AB		907		15,593
Schindler Holding AG		78		17,665
Schindler Holding AG (REG)		81		18,048
SKF AB – Class B		706		15,984
Snap-on, Inc.		233		39,477
Stanley Black & Decker, Inc.		329		55,808
Sumitomo Heavy Industries Ltd.		400		16,458
THK Co., Ltd.		400		14,795
Volvo AB – Class B		910		17,345
WABCO Holdings, Inc.(c)		273		40,800
Wabtec Corp./DE		449		34,528
Wartsila Oyj Abp		244		16,118
Weir Group PLC (The)		503		13,365
Xylem, Inc./NY		796		55,195
Yangzijiang Shipbuilding Holdings Ltd.		12,600		14,730
Zardoya Otis SA		1,731		19,346
				1,324,464
Marine – 0.0%
AP Moller – Maersk A/S – Class A		10		17,172
AP Moller – Maersk A/S – Class B		9		16,226
Mitsui OSK Lines Ltd.		300		9,720
Nippon Yusen KK(c)		500		11,749
				54,867
Professional Services – 0.2%
Adecco Group AG (REG)		233		17,639
Bureau Veritas SA		963		25,512
Capita PLC		1,612		10,177
Dun & Bradstreet Corp. (The)		311		38,287
Equifax, Inc.		383		43,708
Experian PLC		1,125		23,408
Intertek Group PLC		254		17,974
ManpowerGroup, Inc.		340		43,826
Nielsen Holdings PLC		827		30,367

abfunds.com AB GLOBAL RISK ALLOCATION FUND    ^|    31

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Randstad Holding NV		258	$	15,869
Recruit Holdings Co., Ltd.		600		14,138
RELX NV		1,139		26,046
RELX PLC		1,122		26,214
Robert Half International, Inc.		701		39,985
SEEK Ltd.		867		12,210
SGS SA (REG)		10		24,764
Verisk Analytics, Inc. – Class A(c)		637		61,420
Wolters Kluwer NV		490		25,372
				496,916
Road & Rail – 0.2%
AMERCO		94		34,843
Aurizon Holdings Ltd.		2,894		11,644
Canadian National Railway Co. (Toronto)		661		51,598
Canadian Pacific Railway Ltd.		280		49,005
Central Japan Railway Co.		84		15,571
ComfortDelGro Corp., Ltd.		6,300		9,375
CSX Corp.		526		29,324
DSV A/S		295		22,719
East Japan Railway Co.		200		19,379
Hankyu Hanshin Holdings, Inc.		300		11,648
JB Hunt Transport Services, Inc.		438		48,679
Kansas City Southern		333		37,343
Keikyu Corp.		500		9,681
Keio Corp.		200		8,849
Keisei Electric Railway Co., Ltd.		400		12,846
Kintetsu Group Holdings Co., Ltd.		300		11,774
MTR Corp., Ltd.		3,000		17,687
Nagoya Railroad Co., Ltd.		400		9,765
Nippon Express Co., Ltd.		200		12,745
Norfolk Southern Corp.		311		43,114
Odakyu Electric Railway Co., Ltd.		600		12,772
Tobu Railway Co., Ltd.		400		12,764
Tokyu Corp.		1,000		15,996
Union Pacific Corp.		324		40,986
West Japan Railway Co.		218		16,049
				566,156
Trading Companies & Distributors – 0.1%
AerCap Holdings NV(c)		317		16,475
Ashtead Group PLC		560		14,390
Brenntag AG		322		20,062
Bunzl PLC		677		19,372
Fastenal Co.		755		39,554
Ferguson PLC		313		22,570
Finning International, Inc.		1,846		44,227
ITOCHU Corp.		1,000		17,384

32    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Marubeni Corp.		2,200	$	14,686
MISUMI Group, Inc.		500		14,657
Mitsubishi Corp.		600		15,090
Mitsui & Co., Ltd.		1,100		16,778
Rexel SA		970		17,873
Sumitomo Corp.		1,000		15,598
Toyota Tsusho Corp.		400		15,128
Travis Perkins PLC		782		17,016
United Rentals, Inc.(c)		195		31,099
WW Grainger, Inc.		196		43,377
				395,336
Transportation Infrastructure – 0.1%
Abertis Infraestructuras SA		1,446		32,261
Aena SME SA(b)		131		26,046
Aeroports de Paris		132		25,177
Atlantia SpA		613		20,378
Auckland International Airport Ltd.		2,334		10,178
Fraport AG Frankfurt Airport Services Worldwide		264		26,318
Groupe Eurotunnel SE (REG)		1,705		22,668
Hutchison Port Holdings Trust – Class U		27,300		11,634
Japan Airport Terminal Co., Ltd.		300		11,246
Kamigumi Co., Ltd.		500		11,028
Macquarie Infrastructure Corp.		570		38,065
Mitsubishi Logistics Corp.		500		13,420
SATS Ltd.		2,900		11,376
Sydney Airport		2,782		15,647
Transurban Group		1,567		14,911
				290,353
				7,142,234
Consumer Staples – 2.3%
Beverages – 0.4%
Anheuser-Busch InBev SA/NV		336		38,493
Asahi Group Holdings Ltd.		900		45,731
Brown-Forman Corp. – Class B		1,243		74,331
Carlsberg A/S – Class B		434		51,487
Coca-Cola Amatil Ltd.		5,133		30,937
Coca-Cola Bottlers Japan, Inc.		1,200		45,667
Coca-Cola Co. (The)		2,349		107,514
Coca-Cola European Partners PLC		1,012		39,388
Coca-Cola HBC AG(c)		1,304		41,778
Constellation Brands, Inc. – Class A		321		69,846
Diageo PLC		1,525		52,725
Dr Pepper Snapple Group, Inc.		924		83,336
Heineken Holding NV		450		43,325
Heineken NV		502		51,099
Kirin Holdings Co., Ltd.		1,800		42,132

abfunds.com AB GLOBAL RISK ALLOCATION FUND    ^|    33

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Molson Coors Brewing Co. – Class B		775	$	60,528
Monster Beverage Corp.(c)		1,264		79,215
PepsiCo, Inc.		845		98,459
Pernod Ricard SA		347		54,083
Remy Cointreau SA		337		44,809
Suntory Beverage & Food Ltd.		800		34,624
Treasury Wine Estates Ltd.		645		7,735
				1,197,242
Food & Staples Retailing – 0.6%
Aeon Co., Ltd.		2,800		45,573
Alimentation Couche-Tard, Inc. – Class B		1,687		86,027
Carrefour SA		1,249		26,199
Casino Guichard Perrachon SA		448		27,246
Colruyt SA		915		48,502
Costco Wholesale Corp.		505		93,137
CVS Health Corp.		854		65,416
Distribuidora Internacional de Alimentacion SA		6,300		29,646
Empire Co., Ltd. – Class A		3,731		71,777
FamilyMart UNY Holdings Co., Ltd.		600		40,525
George Weston Ltd.		1,022		87,066
ICA Gruppen AB		1,334		48,288
J Sainsbury PLC		10,711		33,632
Jean Coutu Group PJC, Inc. (The) – Class A		4,420		84,210
Jeronimo Martins SGPS SA		2,095		41,144
Koninklijke Ahold Delhaize NV		1,925		41,187
Kroger Co. (The)		1,741		45,022
Lawson, Inc.		700		48,292
Loblaw Cos., Ltd.		1,937		101,988
METRO AG(c)		963		18,811
Metro, Inc.		2,641		82,721
Rite Aid Corp.(c)(d)		1,822		3,662
Seven & i Holdings Co., Ltd.		900		37,256
Sundrug Co., Ltd.		900		41,499
Sysco Corp.		1,355		78,224
Tesco PLC		14,259		37,421
Tsuruha Holdings, Inc.		300		41,463
Wal-Mart Stores, Inc.		1,159		112,690
Walgreens Boots Alliance, Inc.		793		57,699
Wesfarmers Ltd.		1,156		38,561
Wm Morrison Supermarkets PLC		13,410		39,228
Woolworths Ltd.		2,044		41,837
				1,695,949
Food Products – 0.7%
Ajinomoto Co., Inc.		1,500		27,576
Archer-Daniels-Midland Co.		1,514		60,378
Aryzta AG(c)		565		18,912

34    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Associated British Foods PLC		933	$	37,185
Barry Callebaut AG (REG)(c)		33		61,432
Bunge Ltd.		891		59,617
Calbee, Inc.		900		31,524
Campbell Soup Co.		1,279		63,055
Chocoladefabriken Lindt & Spruengli AG		9		53,199
Chocoladefabriken Lindt & Spruengli AG (REG)		1		70,122
Conagra Brands, Inc.		1,969		73,503
Danone SA		580		48,980
General Mills, Inc.		1,305		73,811
Golden Agri-Resources Ltd.		132,000		36,290
Hershey Co. (The)		758		84,085
Hormel Foods Corp.(d)		1,930		70,349
Ingredion, Inc.		628		86,965
JM Smucker Co. (The)		614		71,635
Kellogg Co.		1,053		69,666
Kerry Group PLC – Class A		503		52,685
Kikkoman Corp.		1,200		47,100
Kraft Heinz Co. (The)		886		72,094
Marine Harvest ASA(c)		1,945		34,305
McCormick & Co., Inc./MD		900		91,962
MEIJI Holdings Co., Ltd.		400		34,789
Mondelez International, Inc. – Class A		1,174		50,412
Nestle SA (REG)		608		52,014
NH Foods Ltd.		1,000		24,582
Nisshin Seifun Group, Inc.		2,500		48,951
Nissin Foods Holdings Co., Ltd.		600		43,435
Orkla ASA		3,826		38,379
Saputo, Inc.		2,289		77,675
Tate & Lyle PLC		4,685		42,627
Toyo Suisan Kaisha Ltd.		900		38,377
Tyson Foods, Inc. – Class A		1,060		87,185
WH Group Ltd.(b)		40,500		43,137
Wilmar International Ltd.		13,700		31,821
Yakult Honsha Co., Ltd.		500		38,991
Yamazaki Baking Co., Ltd.		1,800		34,768
				2,083,573
Household Products – 0.3%
Church & Dwight Co., Inc.		1,639		77,181
Clorox Co. (The)		669		93,185
Colgate-Palmolive Co.		1,207		87,447
Edgewell Personal Care Co.(c)		667		38,679
Essity AB – Class B(c)		1,288		37,449
Henkel AG & Co. KGaA		338		41,236
Henkel AG & Co. KGaA (Preference Shares)		356		48,367
Kimberly-Clark Corp.		706		84,551

abfunds.com AB GLOBAL RISK ALLOCATION FUND    ^|    35

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Lion Corp.		1,800	$	33,682
Procter & Gamble Co. (The)		1,192		107,268
Reckitt Benckiser Group PLC		499		43,801
Spectrum Brands Holdings, Inc.		551		63,299
Unicharm Corp.		1,300		34,139
				790,284
Personal Products – 0.2%
Beiersdorf AG		471		56,092
Coty, Inc. – Class A(d)		2,104		36,252
Estee Lauder Cos., Inc. (The) – Class A		855		106,730
Kao Corp.		500		33,150
Kose Corp.		300		46,103
L’Oreal SA		228		50,432
Pola Orbis Holdings, Inc.		1,400		51,170
Shiseido Co., Ltd.		900		43,999
Unilever NV		860		49,595
Unilever PLC		811		45,747
				519,270
Tobacco – 0.1%
Altria Group, Inc.		1,060		71,900
British American Tobacco PLC		579		36,820
British American Tobacco PLC (Sponsored ADR)		643		40,914
Imperial Brands PLC		987		40,910
Japan Tobacco, Inc.		1,099		36,397
Philip Morris International, Inc.		715		73,466
Swedish Match AB		1,345		50,889
				351,296
				6,637,614
Consumer Discretionary – 2.3%
Auto Components – 0.2%
Aisin Seiki Co., Ltd.		300		16,144
Autoliv, Inc.(d)		287		36,713
BorgWarner, Inc.		633		35,246
Bridgestone Corp.		500		22,850
Cie Generale des Etablissements Michelin – Class B		199		28,856
Continental AG		107		28,519
Delphi Automotive PLC		302		31,610
Denso Corp.		400		22,582
GKN PLC		5,805		24,329
Goodyear Tire & Rubber Co. (The)		816		26,414
Koito Manufacturing Co., Ltd.		300		20,849
Lear Corp.		199		35,997
Linamar Corp.		630		34,060
Magna International, Inc. (Toronto) – Class A		729		40,893
NGK Spark Plug Co., Ltd.		700		16,258

36    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
NOK Corp.		700	$	17,133
Nokian Renkaat Oyj		578		25,231
Schaeffler AG (Preference Shares)		1,288		22,474
Stanley Electric Co., Ltd.		500		20,084
Sumitomo Electric Industries Ltd.		900		15,786
Sumitomo Rubber Industries Ltd.		800		14,639
Toyoda Gosei Co., Ltd.		600		15,047
Toyota Industries Corp.		300		18,735
Valeo SA		282		20,450
Yokohama Rubber Co., Ltd. (The)		700		15,775
				606,674
Automobiles – 0.2%
Bayerische Motoren Werke AG		252		25,441
Bayerische Motoren Werke AG (Preference Shares)		288		24,942
Daimler AG (REG)		349		28,913
Ferrari NV		303		32,892
Fiat Chrysler Automobiles NV(c)		1,290		22,153
Ford Motor Co.		2,754		34,480
General Motors Co.		869		37,445
Harley-Davidson, Inc.(d)		457		22,941
Honda Motor Co., Ltd.		700		23,370
Isuzu Motors Ltd.		1,200		19,094
Mazda Motor Corp.		1,000		13,510
Mitsubishi Motors Corp.		2,200		15,510
Nissan Motor Co., Ltd.		2,100		20,421
Peugeot SA		996		20,581
Porsche Automobil Holding SE (Preference Shares)		377		31,583
Renault SA		203		20,612
Subaru Corp.		400		13,181
Suzuki Motor Corp.		300		16,238
Tesla, Inc.(c)(d)		54		16,678
Toyota Motor Corp.		300		18,944
Volkswagen AG		151		31,335
Volkswagen AG (Preference Shares)		138		29,295
Yamaha Motor Co., Ltd.		600		18,871
				538,430
Distributors – 0.0%
Genuine Parts Co.		435		40,442
Jardine Cycle & Carriage Ltd.		400		11,854
LKQ Corp.(c)		877		34,572
				86,868
Diversified Consumer Services – 0.0%
Benesse Holdings, Inc.		400		14,157
H&R Block, Inc.		830		21,729
				35,886

abfunds.com AB GLOBAL RISK ALLOCATION FUND    ^|    37

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Hotels, Restaurants & Leisure – 0.4%
Accor SA		515	$	25,793
Aramark		1,174		50,012
Aristocrat Leisure Ltd.		960		16,044
Carnival Corp.		557		36,561
Carnival PLC		409		26,506
Chipotle Mexican Grill, Inc. – Class A(c)		57		17,350
Compass Group PLC		1,758		35,654
Crown Resorts Ltd.		1,793		16,812
Darden Restaurants, Inc.		368		31,030
Domino’s Pizza Enterprises Ltd.		317		11,342
Domino’s Pizza, Inc.		151		28,110
Flight Centre Travel Group Ltd.		539		18,304
Galaxy Entertainment Group Ltd.		3,000		21,730
Genting Singapore PLC		17,400		17,221
Hilton Worldwide Holdings, Inc.		532		41,262
InterContinental Hotels Group PLC		495		29,128
Las Vegas Sands Corp.		477		33,051
Marriott International, Inc./MD – Class A		350		44,450
McDonald’s Corp.		324		55,718
McDonald’s Holdings Co. Japan Ltd.		400		17,471
Melco Resorts & Entertainment Ltd. (ADR)		460		12,011
Merlin Entertainments PLC(b)		4,383		20,859
MGM China Holdings Ltd.		6,400		16,417
MGM Resorts International		769		26,238
Norwegian Cruise Line Holdings Ltd.(c)		485		26,268
Oriental Land Co., Ltd./Japan		300		26,756
Paddy Power Betfair PLC		223		24,868
Restaurant Brands International, Inc.		668		41,489
Royal Caribbean Cruises Ltd.		277		34,315
Sands China Ltd.		3,600		17,588
Shangri-La Asia Ltd.		10,000		22,616
SJM Holdings Ltd.		16,000		12,908
Sodexo SA		224		29,224
Starbucks Corp.		666		38,508
Tabcorp Holdings Ltd.		4,110		15,153
Tatts Group Ltd.		5,221		17,148
TUI AG		1,641		30,309
Whitbread PLC		504		24,318
William Hill PLC		6,112		23,896
Wyndham Worldwide Corp.		277		31,132
Wynn Macau Ltd.		6,800		19,574
Wynn Resorts Ltd.		179		28,296
Yum! Brands, Inc.		630		52,586
				1,166,026

38    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Household Durables – 0.2%
Auto Trader Group PLC(b)		4,579	$	20,819
Barratt Developments PLC		2,559		20,989
Berkeley Group Holdings PLC		550		28,396
Casio Computer Co., Ltd.		900		13,247
DR Horton, Inc.		836		42,636
Electrolux AB – Class B		748		24,843
Garmin Ltd.		605		37,558
Husqvarna AB – Class B		2,521		23,012
Iida Group Holdings Co., Ltd.		900		16,639
Leggett & Platt, Inc.		679		32,755
Lennar Corp. – Class A		555		34,843
Lennar Corp. – Class B		11		570
Mohawk Industries, Inc.(c)		156		44,087
Newell Brands, Inc.		610		18,892
Nikon Corp.		1,200		23,864
Panasonic Corp.		1,400		20,952
Persimmon PLC		763		26,207
PulteGroup, Inc.		1,261		43,038
Rinnai Corp.		200		17,974
SEB SA		162		29,831
Sekisui Chemical Co., Ltd.		800		15,525
Sekisui House Ltd.		1,100		20,591
Sharp Corp./Japan(c)		200		6,348
Sony Corp.		500		23,402
Taylor Wimpey PLC		9,372		24,794
Techtronic Industries Co., Ltd.		3,500		20,291
Toll Brothers, Inc.		690		34,728
Whirlpool Corp.		167		28,151
				694,982
Internet & Direct Marketing Retail – 0.1%
Amazon.com, Inc.(c)		29		34,126
Expedia, Inc.		215		26,337
Liberty Interactive Corp. QVC Group – Class A(c)		1,207		29,451
Netflix, Inc.(c)		129		24,198
Priceline Group, Inc. (The)(c)		17		29,575
Rakuten, Inc.		1,299		13,330
Start Today Co., Ltd.		600		18,359
TripAdvisor, Inc.(c)		426		14,748
Zalando SE(b)(c)		491		25,145
				215,269
Leisure Products – 0.1%
Bandai Namco Holdings, Inc.		400		13,057
Hasbro, Inc.		367		34,138
Mattel, Inc.(d)		1,058		19,309
Polaris Industries, Inc.(d)		248		31,499

abfunds.com AB GLOBAL RISK ALLOCATION FUND    ^|    39

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Sankyo Co., Ltd.		400	$	12,921
Sega Sammy Holdings, Inc.		1,100		13,318
Shimano, Inc.		100		13,835
Yamaha Corp.		400		14,743
				152,820
Media – 0.4%
Altice NV – Class A(c)		704		5,549
Altice NV – Class B(c)		1,011		7,965
Axel Springer SE		600		47,400
CBS Corp. – Class B		447		25,059
Charter Communications, Inc. – Class A(c)		83		27,075
Comcast Corp. – Class A		824		30,933
Dentsu, Inc.		300		13,619
Discovery Communications, Inc. – Class A(c)(d)		1,012		19,248
Discovery Communications, Inc. – Class C(c)		997		18,026
DISH Network Corp. – Class A(c)		282		14,283
Eutelsat Communications SA		1,132		25,609
Hakuhodo DY Holdings, Inc.		1,100		14,818
I-CABLE Communications Ltd.(c)		2,936		84
Interpublic Group of Cos., Inc. (The)		1,393		27,554
ITV PLC		7,799		16,875
JCDecaux SA		889		37,019
Lagardere SCA		819		26,826
Liberty Broadband Corp.(c)		346		30,085
Liberty Global PLC – Class A(c)		813		25,821
Liberty Global PLC – Series C(c)		1,811		55,833
Liberty Global PLC LiLAC – Class C(c)		937		19,443
Liberty Media Corp.-Liberty SiriusXM – Class A(c)		944		38,487
Liberty Media Corp.-Liberty SiriusXM – Class C(c)		700		28,567
News Corp. – Class A		2,510		40,562
Omnicom Group, Inc.		460		32,862
Pearson PLC		1,740		16,648
ProSiebenSat.1 Media SE		638		20,299
Publicis Groupe SA		351		23,302
RTL Group SA (London)(c)		319		25,459
Schibsted ASA		973		26,210
Schibsted ASA – Class B		1,054		26,150
Scripps Networks Interactive, Inc. – Class A		407		33,309
SES SA		1,380		22,780
Shaw Communications, Inc. – Class B		2,404		53,571
Singapore Press Holdings Ltd.		6,100		12,506
Sirius XM Holdings, Inc.(d)		4,633		25,481
Sky PLC(c)		1,340		16,970
TEGNA, Inc.		850		11,288
Telenet Group Holding NV(c)		522		36,503
Time Warner, Inc.		454		41,546
Toho Co., Ltd./Tokyo		500		16,914

40    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares			U.S. $ Value
Twenty-First Century Fox, Inc. – Class A		1,016		$	32,451
Twenty-First Century Fox, Inc. – Class B		1,020			31,773
Viacom, Inc. – Class B		642			18,181
Vivendi SA		1,098			29,227
Walt Disney Co. (The)		397			41,614
WPP PLC		1,472			25,979
					1,217,763
Multiline Retail – 0.2%
Canadian Tire Corp., Ltd. – Class A		300	��		37,910
Dollar General Corp.		382			33,647
Dollar Tree, Inc.(c)		304			31,239
Dollarama, Inc.		452			55,253
Don Quijote Holdings Co., Ltd.		400			19,149
Harvey Norman Holdings Ltd.		3,556			10,855
Isetan Mitsukoshi Holdings Ltd.		1,500			17,439
J Front Retailing Co., Ltd.		1,000			16,959
Kohl’s Corp.		485			23,265
Macy’s, Inc.(d)		699			16,636
Marks & Spencer Group PLC		4,897			20,742
Marui Group Co., Ltd.		900			15,965
Next PLC		400			24,211
Nordstrom, Inc.		496			22,543
Ryohin Keikaku Co., Ltd.		100			31,189
Takashimaya Co., Ltd.		2,000			19,769
Target Corp.		562			33,664
					430,435
Specialty Retail – 0.3%
ABC-Mart, Inc.		300			16,487
Advance Auto Parts, Inc.		173			17,473
AutoNation, Inc.(c)(d)		587			32,502
AutoZone, Inc.(c)		47			32,278
Bed Bath & Beyond, Inc.		660			14,777
Best Buy Co., Inc.		397			23,665
CarMax, Inc.(c)		276			19,019
CECONOMY AG		963			12,642
Dick’s Sporting Goods, Inc.		553			16,291
Dixons Carphone PLC		4,868			10,458
Dufry AG (REG)(c)		127			18,278
Foot Locker, Inc.		407			17,436
Gap, Inc. (The)		852			27,528
Hennes & Mauritz AB – Class B		936			22,029
Hikari Tsushin, Inc.		100			14,451
Home Depot, Inc. (The)		245			44,056
Industria de Diseno Textil SA		757			26,777
Kingfisher PLC		6,282			28,340
L Brands, Inc.		409			22,933

abfunds.com AB GLOBAL RISK ALLOCATION FUND    ^|    41

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Lowe’s Cos., Inc.		362	$	30,180
Nitori Holdings Co., Ltd.		100		16,334
O’Reilly Automotive, Inc.(c)		119		28,109
Ross Stores, Inc.		451		34,289
Shimamura Co., Ltd.		100		12,059
Signet Jewelers Ltd.(d)		287		15,007
Tiffany & Co.		315		29,767
TJX Cos., Inc. (The)		528		39,890
Tractor Supply Co.(d)		570		38,897
Ulta Salon Cosmetics & Fragrance, Inc.(c)		91		20,176
USS Co., Ltd.		700		14,814
Yamada Denki Co., Ltd.		3,500		19,042
				715,984
Textiles, Apparel & Luxury Goods – 0.2%
adidas AG		138		28,839
Asics Corp.		900		13,351
Burberry Group PLC		981		22,775
Christian Dior SE		102		36,458
Cie Financiere Richemont SA (REG)		285		24,562
Gildan Activewear, Inc.		1,287		40,840
Hanesbrands, Inc.(d)		1,331		27,805
Hermes International		67		35,299
HUGO BOSS AG		261		21,496
Kering		75		33,259
Li & Fung Ltd.		38,000		16,787
Lululemon Athletica, Inc.(c)		362		24,240
Luxottica Group SpA		509		29,560
LVMH Moet Hennessy Louis Vuitton SE		90		26,218
Michael Kors Holdings Ltd.(c)		474		27,701
NIKE, Inc. – Class B		676		40,844
Pandora A/S		240		24,048
PVH Corp.		229		30,812
Ralph Lauren Corp.		379		36,062
Swatch Group AG (The)		56		20,464
Swatch Group AG (The) (REG)		301		21,324
Tapestry, Inc.		597		24,889
Under Armour, Inc. – Class A(c)(d)		1,122		14,911
Under Armour, Inc. – Class C(c)(d)		1,242		14,817
VF Corp.		576		42,025
Yue Yuen Industrial Holdings Ltd.		3,500		12,523
				691,909
				6,553,046
Health Care – 2.3%
Biotechnology – 0.2%
AbbVie, Inc.		784		75,985
Alexion Pharmaceuticals, Inc.(c)		232		25,476

42    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Alkermes PLC(c)		331	$	17,308
Amgen, Inc.		320		56,211
Biogen, Inc.(c)		169		54,447
BioMarin Pharmaceutical, Inc.(c)		341		29,258
Celgene Corp.(c)		350		35,291
CSL Ltd.		450		48,940
Genmab A/S(c)		279		54,880
Gilead Sciences, Inc.		703		52,570
Grifols SA		2,271		66,226
Idorsia Ltd.(c)		213		4,579
Incyte Corp.(c)		189		18,709
Regeneron Pharmaceuticals, Inc.(c)		66		23,883
Seattle Genetics, Inc.(c)		303		18,462
United Therapeutics Corp.(c)		217		28,208
Vertex Pharmaceuticals, Inc.(c)		246		35,495
				645,928
Health Care Equipment & Supplies – 0.7%
Abbott Laboratories		1,269		71,534
Align Technology, Inc.(c)		301		78,525
Baxter International, Inc.		1,040		68,151
Becton Dickinson and Co.		309		70,517
Boston Scientific Corp.(c)		1,769		46,489
Cochlear Ltd.		378		51,671
Coloplast A/S – Class B		742		58,069
Cooper Cos., Inc. (The)		246		59,330
CR Bard, Inc.		106		35,610
CYBERDYNE, Inc.(c)		3,000		39,902
Danaher Corp.		776		73,223
DENTSPLY SIRONA, Inc.		989		66,273
DexCom, Inc.(c)		430		25,125
Edwards Lifesciences Corp.(c)		320		37,504
Essilor International Cie Generale d’Optique SA		493		63,403
Getinge AB – Class B		2,759		49,702
Hologic, Inc.(c)		1,129		47,102
Hoya Corp.		800		39,118
IDEXX Laboratories, Inc.(c)		330		51,615
Intuitive Surgical, Inc.(c)		183		73,160
Koninklijke Philips NV		479		18,572
Medtronic PLC		683		56,095
Olympus Corp.		900		37,089
ResMed, Inc.		778		66,441
Smith & Nephew PLC		4,175		73,894
Sonova Holding AG (REG)		433		68,972
Stryker Corp.		486		75,816
Sysmex Corp.		700		53,256
Teleflex, Inc.		270		71,690
Terumo Corp.		1,000		47,953

abfunds.com AB GLOBAL RISK ALLOCATION FUND    ^|    43

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Varian Medical Systems, Inc.(c)		475	$	53,081
William Demant Holding A/S(c)		2,432		66,939
Zimmer Biomet Holdings, Inc.		375		43,912
				1,839,733
Health Care Providers & Services – 0.5%
Aetna, Inc.		367		66,126
Alfresa Holdings Corp.		2,100		45,138
AmerisourceBergen Corp. – Class A		482		40,883
Anthem, Inc.		274		64,379
Cardinal Health, Inc.		702		41,551
Centene Corp.(c)		478		48,799
Cigna Corp.		335		70,930
DaVita, Inc.(c)		632		38,590
Envision Healthcare Corp.(c)		549		17,530
Express Scripts Holding Co.(c)		647		42,171
Fresenius Medical Care AG & Co. KGaA		755		75,280
Fresenius SE & Co. KGaA		693	��	50,060
HCA Healthcare, Inc.(c)		514		43,690
Healthscope Ltd.		25,489		38,546
Henry Schein, Inc.(c)		702		50,158
Humana, Inc.		169		44,085
Laboratory Corp. of America Holdings(c)		407		64,416
McKesson Corp.		241		35,605
Mediclinic International PLC		5,230		39,998
Medipal Holdings Corp.		2,200		42,820
MEDNAX, Inc.(c)		637		31,716
Miraca Holdings, Inc.		900		39,222
Patterson Cos., Inc.(d)		1,039		37,975
Quest Diagnostics, Inc.		556		54,744
Ramsay Health Care Ltd.		768		40,773
Ryman Healthcare Ltd.		6,840		49,109
Sonic Healthcare Ltd.		2,611		44,227
Suzuken Co., Ltd./Aichi Japan		1,300		51,516
UnitedHealth Group, Inc.		310		70,733
Universal Health Services, Inc. – Class B		362		39,223
				1,419,993
Health Care Technology – 0.0%
Cerner Corp.(c)		701		49,554
M3, Inc.		1,500		49,666
				99,220
Life Sciences Tools & Services – 0.2%
Agilent Technologies, Inc.		816		56,500
Eurofins Scientific SE		116		70,241
Illumina, Inc.(c)		183		42,095
IQVIA Holdings, Inc.(c)		646		65,898
Lonza Group AG (REG)(c)		278		72,879

44    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Mettler-Toledo International, Inc.(c)		105	$	66,067
QIAGEN NV(c)		1,521		48,209
Thermo Fisher Scientific, Inc.		346		66,695
Waters Corp.(c)		286		56,391
				544,975
Pharmaceuticals – 0.7%
Allergan PLC		688		119,595
Astellas Pharma, Inc.		3,100		39,408
AstraZeneca PLC		729		47,048
Bayer AG (REG)		484		61,779
Bristol-Myers Squibb Co.		870		54,975
Chugai Pharmaceutical Co., Ltd.		1,000		51,700
Daiichi Sankyo Co., Ltd.		2,000		48,202
Eisai Co., Ltd.		700		39,699
Eli Lilly & Co.		693		58,656
GlaxoSmithKline PLC		3,649		63,137
Hikma Pharmaceuticals PLC		2,641		36,788
Hisamitsu Pharmaceutical Co., Inc.		800		45,115
Jazz Pharmaceuticals PLC(c)		223		31,162
Johnson & Johnson		554		77,189
Kyowa Hakko Kirin Co., Ltd.		2,200		41,868
Mallinckrodt PLC(c)		476		10,386
Merck & Co., Inc.		863		47,698
Merck KGaA		536		57,107
Mitsubishi Tanabe Pharma Corp.		1,800		38,918
Mylan NV(c)		1,027		37,516
Novartis AG (REG)		923		79,190
Novo Nordisk A/S – Class B		1,284		66,369
Ono Pharmaceutical Co., Ltd.		1,900		43,379
Orion Oyj – Class B		948		35,016
Otsuka Holdings Co., Ltd.		900		39,908
Perrigo Co. PLC		428		37,326
Pfizer, Inc.		2,016		73,100
Roche Holding AG		268		67,728
Sanofi		604		55,097
Santen Pharmaceutical Co., Ltd.		3,000		45,728
Shionogi & Co., Ltd.		700		39,016
Shire PLC		706		35,000
Sumitomo Dainippon Pharma Co., Ltd.		2,600		37,804
Taisho Pharmaceutical Holdings Co., Ltd.		500		39,738
Takeda Pharmaceutical Co., Ltd.		1,000		55,166
UCB SA		558		41,716
Valeant Pharmaceuticals International, Inc.(c)		834		14,047
Vifor Pharma AG		380		47,943
Zoetis, Inc.		996		72,001
				1,933,218
				6,483,067

abfunds.com AB GLOBAL RISK ALLOCATION FUND    ^|    45

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Materials – 2.0%
Chemicals – 1.1%
Agrium, Inc. (Toronto)		771	$	84,716
Air Liquide SA		407		50,824
Air Products & Chemicals, Inc.		522		85,107
Air Water, Inc.		1,200		25,845
Akzo Nobel NV		460		41,447
Albemarle Corp.		546		73,339
Arkema SA		294		35,973
Asahi Kasei Corp.		3,000		37,660
Axalta Coating Systems Ltd.(c)		2,149		68,037
BASF SE		444		49,787
Celanese Corp. – Class A		722		77,427
CF Industries Holdings, Inc.		1,192		44,664
Chr Hansen Holding A/S		469		42,563
Covestro AG(b)		458		47,699
Croda International PLC		648		37,469
Daicel Corp.		1,800		21,430
DowDuPont, Inc.		2,104		151,404
Eastman Chemical Co.		794		73,342
Ecolab, Inc.		833		113,221
EMS-Chemie Holding AG (REG)		47		31,374
Evonik Industries AG		1,232		46,009
FMC Corp.		742		70,045
FUCHS PETROLUB SE (Preference Shares)		915		48,108
Givaudan SA (REG)		25		56,912
Hitachi Chemical Co., Ltd.		800		21,162
Incitec Pivot Ltd.		7,237		21,957
International Flavors & Fragrances, Inc.		533		82,850
Johnson Matthey PLC		1,127		46,195
JSR Corp.		1,300		25,001
K&S AG (REG)		1,009		23,661
Kaneka Corp.		3,000		26,593
Kansai Paint Co., Ltd.		1,000		26,270
Koninklijke DSM NV		642		60,048
Kuraray Co., Ltd.		1,400		27,044
LANXESS AG		442		33,601
Linde AG		192		42,210
LyondellBasell Industries NV – Class A		645		67,531
Methanex Corp.		1,103		58,786
Mitsubishi Chemical Holdings Corp.		3,200		34,796
Mitsubishi Gas Chemical Co., Inc.		1,100		30,883
Mitsui Chemicals, Inc.		800		25,971
Monsanto Co.		797		94,317
Mosaic Co. (The)		2,007		48,750
Nippon Paint Holdings Co., Ltd.		600		18,443
Nissan Chemical Industries Ltd.		600		24,079

46    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Nitto Denko Corp.		300	$	29,714
Novozymes A/S – Class B		559		30,278
Orica Ltd.		1,553		20,108
Potash Corp. of Saskatchewan, Inc.		3,664		71,908
PPG Industries, Inc.		660		77,121
Praxair, Inc.		436		67,109
Sherwin-Williams Co. (The)		231		92,266
Shin-Etsu Chemical Co., Ltd.		300		31,611
Sika AG		6		46,425
Solvay SA		330		46,450
Sumitomo Chemical Co., Ltd.		4,000		28,052
Symrise AG		710		60,359
Syngenta AG (REG)		75		34,714
Taiyo Nippon Sanso Corp.		2,100		28,976
Teijin Ltd.		1,100		23,811
Toray Industries, Inc.		2,500		23,582
Umicore SA		1,130		52,760
WR Grace & Co.		870		63,780
Yara International ASA		866		38,491
				3,122,065
Construction Materials – 0.1%
Boral Ltd.		4,494		25,718
CRH PLC		1,075		37,127
Fletcher Building Ltd.		5,162		24,575
HeidelbergCement AG		356		37,952
Imerys SA		563		51,578
James Hardie Industries PLC		1,450		23,768
LafargeHolcim Ltd. (REG)(c)		595		32,641
Martin Marietta Materials, Inc.		237		49,388
Taiheiyo Cement Corp.		700		28,876
Vulcan Materials Co.		393		49,380
				361,003
Containers & Packaging – 0.3%
Amcor Ltd./Australia		2,606		30,561
Avery Dennison Corp.		978		111,609
Ball Corp.		1,802		71,918
CCL Industries, Inc. – Class B		1,790		82,955
Crown Holdings, Inc.(c)		1,332		79,560
International Paper Co.		1,270		71,895
Packaging Corp. of America		678		80,411
Sealed Air Corp.		1,509		72,507
Toyo Seikan Group Holdings Ltd.		2,000		33,119
WestRock Co.		1,050		65,531
				700,066

abfunds.com AB GLOBAL RISK ALLOCATION FUND    ^|    47

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Metals & Mining – 0.4%
Agnico Eagle Mines Ltd.		888	$	38,923
Alumina Ltd.		11,360		19,256
Anglo American PLC		1,415		26,017
Antofagasta PLC		2,036		25,075
ArcelorMittal(c)		987		29,714
Barrick Gold Corp. (Toronto)		2,364		32,653
BHP Billiton Ltd.		1,146		23,906
BHP Billiton PLC		1,449		26,354
Boliden AB		977		30,927
Eldorado Gold Corp.		7,136		8,186
First Quantum Minerals Ltd.		3,202		36,806
Fortescue Metals Group Ltd.		2,635		9,210
Franco-Nevada Corp.		739		60,207
Freeport-McMoRan, Inc.(c)		2,604		36,248
Fresnillo PLC		1,276		22,295
Glencore PLC		5,705		26,245
Goldcorp, Inc.		3,213		40,619
Hitachi Metals Ltd.		1,600		21,369
JFE Holdings, Inc.		1,300		30,855
Kinross Gold Corp.(c)		6,730		28,117
Kobe Steel Ltd.(c)		2,300		21,841
Maruichi Steel Tube Ltd.		700		19,801
Mitsubishi Materials Corp.		800		26,936
Newcrest Mining Ltd.		981		17,220
Newmont Mining Corp.		1,386		51,268
Nippon Steel & Sumitomo Metal Corp.		1,200		29,316
Norsk Hydro ASA		4,362		29,668
Nucor Corp.		910		52,325
Randgold Resources Ltd.		312		28,617
Rio Tinto Ltd.		439		23,723
Rio Tinto PLC		669		31,674
South32 Ltd.		7,874		19,270
Sumitomo Metal Mining Co., Ltd.		1,000		39,093
Teck Resources Ltd. – Class B		2,652		60,927
thyssenkrupp AG		1,007		27,566
Turquoise Hill Resources Ltd.(c)		6,412		18,985
voestalpine AG		636		36,949
Wheaton Precious Metals Corp.		1,870		39,121
Yamana Gold, Inc.		7,199		18,414
				1,165,696
Paper & Forest Products – 0.1%
Mondi PLC		1,889		45,134
Oji Holdings Corp.		5,000		30,583
Stora Enso Oyj – Class R		2,477		37,865
Svenska Cellulosa AB SCA – Class B		1,288		12,563

48    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
UPM-Kymmene Oyj		1,348	$	40,564
West Fraser Timber Co., Ltd.		1,065		67,310
				234,019
				5,582,849
Energy – 1.7%
Energy Equipment & Services – 0.1%
Baker Hughes a GE Co. – Class A		758		22,535
Core Laboratories NV(d)		280		28,210
Halliburton Co.		747		31,210
Helmerich & Payne, Inc.(d)		490		28,704
National Oilwell Varco, Inc.		851		28,551
Petrofac Ltd.		6,919		39,436
Saipem SpA(c)		858		3,446
Schlumberger Ltd.		606		38,087
TechnipFMC PLC		994		28,468
Tenaris SA		3,797		55,336
Weatherford International PLC(c)(d)		2,627		8,669
				312,652
Oil, Gas & Consumable Fuels – 1.6%
AltaGas Ltd.		3,076		69,929
Anadarko Petroleum Corp.		586		28,181
Andeavor		483		50,942
Antero Resources Corp.(c)		1,271		24,149
Apache Corp.		607		25,391
ARC Resources Ltd.		2,540		31,126
BP PLC		13,599		90,572
Cabot Oil & Gas Corp.		1,013		29,326
Caltex Australia Ltd.		2,288		59,264
Cameco Corp.		2,728		25,585
Canadian Natural Resources Ltd. (Toronto)		1,035		35,106
Cenovus Energy, Inc.		2,621		24,988
Cheniere Energy, Inc.(c)		609		29,427
Chevron Corp.		461		54,854
China Petroleum & Chemical Corp. – Class H		470,000		337,355
China Shenhua Energy Co., Ltd. – Class H		199,000		492,067
Cimarex Energy Co.		268		31,118
Concho Resources, Inc.(c)		241		33,706
ConocoPhillips		716		36,430
Continental Resources, Inc./OK(c)		603		28,540
Crescent Point Energy Corp.		2,365		17,250
Devon Energy Corp.		669		25,777
Diamondback Energy, Inc.(c)		286		31,263
Enagas SA		3,496		102,598
Enbridge, Inc. (Toronto)		1,314		49,549
Encana Corp.		2,016		23,861
Eni SpA		4,936		81,201

abfunds.com AB GLOBAL RISK ALLOCATION FUND    ^|    49

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
EOG Resources, Inc.		364	$	37,245
EQT Corp.		539		32,124
Exxon Mobil Corp.		713		59,386
Galp Energia SGPS SA		4,711		88,959
Hess Corp.		565		25,922
HollyFrontier Corp.		1,019		45,325
Husky Energy, Inc.(c)		3,080		37,314
Idemitsu Kosan Co., Ltd.		1,300		43,862
Imperial Oil Ltd.		1,534		47,323
Inpex Corp.		4,500		51,181
Inter Pipeline Ltd.		3,237		67,994
JXTG Holdings, Inc.		10,100		57,065
Keyera Corp.		1,731		48,784
Kinder Morgan, Inc./DE		1,880		32,392
Koninklijke Vopak NV		1,705		71,944
Lundin Petroleum AB(c)		2,787		64,191
Marathon Oil Corp.		1,390		20,628
Marathon Petroleum Corp.		622		38,956
Murphy Oil Corp.		914		25,546
Neste Oyj		1,560		96,819
Newfield Exploration Co.(c)		746		23,074
Noble Energy, Inc.		924		24,301
Occidental Petroleum Corp.		693		48,857
Oil Search Ltd.		7,596		40,700
OMV AG		1,553		96,698
ONEOK, Inc.		703		36,486
Origin Energy Ltd.(c)		6,206		42,108
Parsley Energy, Inc. – Class A(c)		749		20,118
Pembina Pipeline Corp.		2,130		74,178
Peyto Exploration & Development Corp.		1,639		19,450
Phillips 66		607		59,219
Pioneer Natural Resources Co.		178		27,775
PrairieSky Royalty Ltd.		1,883		49,273
Range Resources Corp.		940		16,939
Repsol SA		4,690		86,015
Royal Dutch Shell PLC – Class A		3,106		99,321
Royal Dutch Shell PLC – Class B		3,120		101,090
Santos Ltd.(c)		11,768		45,573
Seven Generations Energy Ltd.(c)		1,456		19,908
Showa Shell Sekiyu KK		4,200		53,858
Snam SpA		22,765		114,707
Southwestern Energy Co.(c)		2,381		15,143
Statoil ASA		4,590		92,301
Suncor Energy, Inc. (Toronto)		1,483		51,439
Targa Resources Corp.		621		26,951
TOTAL SA		1,632		92,249
Tourmaline Oil Corp.(c)		1,532		27,525

50    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
TransCanada Corp.		1,444	$	69,259
Valero Energy Corp.		618		52,913
Vermilion Energy, Inc.		920		32,446
Williams Cos., Inc. (The)		1,051		30,532
Woodside Petroleum Ltd.		1,843		43,525
				4,496,446
				4,809,098
Utilities – 1.7%
Electric Utilities – 0.9%
Alliant Energy Corp.		1,649		74,386
American Electric Power Co., Inc.		1,054		81,822
AusNet Services		25,318		36,025
Chubu Electric Power Co., Inc.		2,200		27,891
Chugoku Electric Power Co., Inc. (The)		2,700		29,841
CK Infrastructure Holdings Ltd.		4,000		34,036
CLP Holdings Ltd.		5,000		50,991
Contact Energy Ltd.		9,286		34,376
Duke Energy Corp.		865		77,141
Edison International		797		64,772
EDP – Energias de Portugal SA		18,050		63,270
Electricite de France SA		3,570		46,784
Emera, Inc.		2,500		94,098
Endesa SA		3,408		75,992
Enel SpA		10,639		69,122
Entergy Corp.		880		76,102
Eversource Energy		1,141		73,994
Exelon Corp.		1,491		62,190
FirstEnergy Corp.		1,915		65,378
Fortis, Inc./Canada		2,662		98,008
Fortum Oyj		4,004		84,147
HK Electric Investments & HK Electric Investments Ltd. – Class SS(b)		35,797		32,909
Hokuriku Electric Power Co.		3,500		30,881
Hydro One Ltd.(b)		3,582		63,136
Iberdrola SA		7,327		58,202
Kansai Electric Power Co., Inc. (The)		1,900		25,179
Kyushu Electric Power Co., Inc.		2,000		22,874
Mercury NZ Ltd.		14,799		33,279
NextEra Energy, Inc.		539		85,184
OGE Energy Corp.		1,973		70,554
Orsted A/S(b)		1,497		87,195
PG&E Corp.		922		50,009
Pinnacle West Capital Corp.		753		69,133
Power Assets Holdings Ltd.		5,500		47,033
PPL Corp.		1,790		65,639
Red Electrica Corp. SA		3,748		84,662

abfunds.com AB GLOBAL RISK ALLOCATION FUND    ^|    51

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Southern Co. (The)		1,397	$	71,526
SSE PLC		3,489		64,468
Terna Rete Elettrica Nazionale SpA		13,636		84,268
Tohoku Electric Power Co., Inc.		2,300		30,425
Tokyo Electric Power Co. Holdings, Inc.(c)		6,500		26,195
Westar Energy, Inc.		973		55,665
Xcel Energy, Inc.		1,190		61,416
				2,540,198
Gas Utilities – 0.1%
APA Group		4,738		33,594
Atmos Energy Corp.		860		79,369
Gas Natural SDG SA		2,625		58,718
Hong Kong & China Gas Co., Ltd.		30,346		59,345
Osaka Gas Co., Ltd.		2,000		38,496
Toho Gas Co., Ltd.		800		22,774
Tokyo Gas Co., Ltd.		1,200		28,244
UGI Corp.		1,317		64,546
				385,086
Independent Power and Renewable Electricity Producers – 0.1%
AES Corp./VA		4,046		42,807
Calpine Corp.(c)		1,855		27,862
Electric Power Development Co., Ltd.		1,303		36,260
Meridian Energy Ltd.		16,289		32,287
				139,216
Multi-Utilities – 0.5%
AGL Energy Ltd.		1,749		33,163
Ameren Corp.		1,162		74,321
Atco Ltd./Canada – Class I		1,665		59,468
Canadian Utilities Ltd. – Class A		2,932		88,722
CenterPoint Energy, Inc.		2,121		63,651
Centrica PLC		23,244		45,444
CMS Energy Corp.		1,535		76,596
Consolidated Edison, Inc.		866		77,109
Dominion Energy, Inc.		792		66,631
DTE Energy Co.		687		79,397
E.ON SE		6,694		77,543
Engie SA		3,398		59,474
Innogy SE(b)		2,098		97,054
National Grid PLC		4,604		55,130
NiSource, Inc.		2,608		71,798
Public Service Enterprise Group, Inc.		1,187		62,982
RWE AG(c)		2,734		62,670
SCANA Corp.		783		33,802
Sempra Energy		547		66,182
Suez		3,280		60,429

52    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
United Utilities Group PLC		6,181	$	68,620
Veolia Environnement SA		2,624		66,320
WEC Energy Group, Inc.		1,055		73,312
				1,519,818
Water Utilities – 0.1%
American Water Works Co., Inc.		869		79,566
Severn Trent PLC		2,353		66,820
				146,386
				4,730,704
Real Estate – 1.2%
Equity Real Estate Investment Trusts (REITs) – 0.9%
Alexandria Real Estate Equities, Inc.		370		47,012
American Tower Corp.		354		50,951
Ascendas Real Estate Investment Trust		9,200		18,044
AvalonBay Communities, Inc.		234		42,431
Boston Properties, Inc.		360		45,137
British Land Co. PLC (The)		5,156		43,895
Brixmor Property Group, Inc.		1,101		19,895
Camden Property Trust		472		43,084
CapitaLand Commercial Trust		14,000		19,644
CapitaLand Mall Trust		12,000		18,264
Colony NorthStar, Inc. – Class A		3,138		38,252
Crown Castle International Corp.		494		55,822
Daiwa House REIT Investment Corp.		6		14,362
Dexus		2,267		17,834
Digital Realty Trust, Inc.		378		44,113
Duke Realty Corp.		1,323		37,216
Equinix, Inc.		91		42,269
Equity Residential		641		42,832
Essex Property Trust, Inc.		185		45,693
Extra Space Storage, Inc.		489		41,741
Federal Realty Investment Trust		282		37,283
Fonciere Des Regions		424		45,326
Gecina SA		296		49,324
GGP, Inc.		1,214		28,529
Goodman Group		2,849		18,825
GPT Group (The)		4,611		18,950
H&R Real Estate Investment Trust		3,643		59,693
Hammerson PLC		5,647		39,690
HCP, Inc.		1,144		30,247
Host Hotels & Resorts, Inc.		1,706		33,762
ICADE		547		50,809
Intu Properties PLC		9,375		24,933
Iron Mountain, Inc.		1,144		46,755
Japan Prime Realty Investment Corp.		6		20,125

abfunds.com AB GLOBAL RISK ALLOCATION FUND    ^|    53

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Japan Real Estate Investment Corp.		4	$	19,406
Japan Retail Fund Investment Corp.		8		14,167
JBG SMITH Properties		232		7,728
Kimco Realty Corp.		1,471		27,243
Klepierre SA		1,062		43,824
Land Securities Group PLC		3,092		39,060
Liberty Property Trust		1,003		45,015
Link REIT		3,000		26,856
Macerich Co. (The)		493		31,922
Mid-America Apartment Communities, Inc.		487		49,888
Mirvac Group		10,349		19,235
National Retail Properties, Inc.		864		35,484
Nippon Building Fund, Inc.		4		20,010
Nippon Prologis REIT, Inc.		7		14,996
Nomura Real Estate Master Fund, Inc.		12		15,109
Prologis, Inc.		721		47,752
Public Storage		203		43,263
Realty Income Corp.		678		37,493
Regency Centers Corp.		664		45,026
RioCan Real Estate Investment Trust (Toronto)		3,105		59,927
SBA Communications Corp.(c)		280		47,530
Scentre Group		5,795		18,629
Segro PLC		5,086		37,729
Simon Property Group, Inc.		199		32,188
SL Green Realty Corp.		359		36,701
SmartCentres Real Estate Investment Trust		1,619		36,543
Stockland		5,177		18,492
Suntec Real Estate Investment Trust		13,300		20,176
UDR, Inc.		1,200		47,196
Unibail-Rodamco SE		156		39,870
United Urban Investment Corp.		12		16,985
Ventas, Inc.		613		39,238
VEREIT, Inc.		3,437		26,809
Vicinity Centres		8,394		17,845
Vornado Realty Trust		465		36,093
Welltower, Inc.		621		41,893
Westfield Corp.		2,599		16,543
Weyerhaeuser Co.		1,110		39,272
				2,445,878
Real Estate Management & Development – 0.3%
Aeon Mall Co., Ltd.		900		16,505
CapitaLand Ltd.		6,700		17,624
CBRE Group, Inc. – Class A(c)		938		40,672
City Developments Ltd.		2,300		20,744
CK Asset Holdings Ltd.		2,684		22,709
Daito Trust Construction Co., Ltd.		100		18,306

54    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Daiwa House Industry Co., Ltd.		500	$	18,364
Deutsche Wohnen SE		1,099		48,640
First Capital Realty, Inc.		2,575		41,994
Global Logistic Properties Ltd.		8,000		19,872
Hang Lung Group Ltd.		4,000		14,391
Hang Lung Properties Ltd.		7,000		16,558
Henderson Land Development Co., Ltd.		3,465		22,713
Hongkong Land Holdings Ltd.		2,200		16,090
Hulic Co., Ltd.		1,800		19,783
Hysan Development Co., Ltd.		4,000		21,434
Jones Lang LaSalle, Inc.		249		37,970
Kerry Properties Ltd.		4,500		19,923
LendLease Group		1,330		16,102
Mitsubishi Estate Co., Ltd.		900		16,110
Mitsui Fudosan Co., Ltd.		700		15,875
New World Development Co., Ltd.		16,287		23,667
Nomura Real Estate Holdings, Inc.		800		18,546
Sino Land Co., Ltd.		10,000		18,139
Sumitomo Realty & Development Co., Ltd.		1,000		33,042
Sun Hung Kai Properties Ltd.		1,000		16,394
Swire Pacific Ltd. – Class A		2,500		24,046
Swire Properties Ltd.		5,200		17,667
Swiss Prime Site AG (REG)(c)		732		63,136
Tokyo Tatemono Co., Ltd.		1,300		18,079
Tokyu Fudosan Holdings Corp.		2,900		21,006
UOL Group Ltd.		3,428		22,681
Vonovia SE		1,235		58,195
Wharf Holdings Ltd. (The)		2,000		6,327
Wharf Real Estate Investment Co., Ltd.(c)		2,000		12,087
Wheelock & Co., Ltd.		2,000		13,764
				849,155
				3,295,033
Telecommunication Services – 0.6%
Diversified Telecommunication Services – 0.5%
AT&T, Inc.		2,120		77,126
BCE, Inc.		3,032		145,096
BT Group PLC		7,665		26,927
CenturyLink, Inc.		3,838		55,996
Deutsche Telekom AG (REG)		2,256		40,289
Elisa Oyj		1,116		45,384
Frontier Communications Corp.(d)		2,474		21,029
HKT Trust & HKT Ltd. – Class SS		15,000		18,803
Iliad SA		138		32,268
Inmarsat PLC		3,662		23,933
Koninklijke KPN NV		12,242		44,880

abfunds.com AB GLOBAL RISK ALLOCATION FUND    ^|    55

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Nippon Telegraph & Telephone Corp.		600	$	31,322
Orange SA		2,176		37,447
PCCW Ltd.		34,000		20,242
Proximus SADP		1,770		60,703
Singapore Telecommunications Ltd.		7,300		20,185
Spark New Zealand Ltd.		7,582		18,760
Swisscom AG (REG)		114		60,226
TDC A/S		5,676		34,547
Telecom Italia SpA/Milano (ordinary shares)(c)		31,583		26,427
Telecom Italia SpA/Milano (savings shares)		39,625		26,838
Telefonica Deutschland Holding AG		7,772		37,033
Telefonica SA		3,229		33,107
Telenor ASA		2,325		52,210
Telia Co. AB		12,753		56,002
Telstra Corp., Ltd.		7,921		20,609
TELUS Corp.		3,342		123,510
TPG Telecom Ltd.		4,421		19,963
Verizon Communications, Inc.		1,696		86,309
Vocus Group Ltd.		10,099		24,156
Zayo Group Holdings, Inc.(c)		1,513		53,469
				1,374,796
Wireless Telecommunication Services – 0.1%
KDDI Corp.		800		22,829
Millicom International Cellular SA		591		38,654
NTT DOCOMO, Inc.		1,000		25,822
Rogers Communications, Inc. – Class B		2,193		113,819
SoftBank Group Corp.		200		16,978
Sprint Corp.(c)		2,737		16,394
StarHub Ltd.		10,000		21,161
T-Mobile US, Inc.(c)		690		42,138
Tele2 AB – Class B		4,849		62,024
Vodafone Group PLC		17,886		54,232
				414,051
				1,788,847
Total Common Stocks (cost $54,050,950)				68,002,104

56    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 3.6%
Risk Share Floating Rate – 3.6%
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C03, Class 1M2 6.329% (LIBOR 1 Month + 5.00%), 7/25/25(e)	U.S.$		1,253	$	1,398,655
Series 2015-C03, Class 2M2 6.329% (LIBOR 1 Month + 5.00%), 7/25/25(e)			8,000		8,754,954
Total Collateralized Mortgage Obligations (cost $9,278,942)					10,153,609
		Shares
PREFERRED STOCKS – 1.5%
Financials – 1.5%
Equity Real Estate Investment Trusts (REITs) – 1.5%
Apartment Investment & Management Co. 6.875%			42,000		1,130,640
Hersha Hospitality Trust 6.875%			60,000		1,516,500
Pebblebrook Hotel Trust 6.50%(d)			58,525		1,486,535
Total Preferred Stocks (cost $4,013,125)					4,133,675
		Principal Amount (000)
GOVERNMENTS – SOVEREIGN BONDS – 0.4%
Mexico – 0.4%
Mexico Government International Bond 4.125%, 1/21/26 (cost $1,170,791)	U.S.$		1,174		1,233,287
EMERGING MARKETS – CORPORATE BONDS – 0.2%
Industrial – 0.2%
Energy – 0.2%
Petrobras Global Finance BV 5.625%, 5/20/43 (cost $510,530)			768		687,590

abfunds.com AB GLOBAL RISK ALLOCATION FUND    ^|    57

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

		Notional Amount		U.S. $ Value
OPTIONS PURCHASED – CALLS – 0.2%
Options on Funds and Investment Trusts – 0.1%
SPDR S&P 500 ETF Trust Expiration: Dec 2017; Contracts: 1,116; Exercise Price: USD 263.00; Counterparty: Morgan Stanley & Co., Inc.(c)	USD		111,600	$	314,154
Options on Forward Contracts – 0.1%
SEK/EUR Expiration: Feb 2018; Contracts: 23,474,000; Exercise Price: SEK 9.70; Counterparty: UBS AG(c)	SEK		23,474,000		8,685
TRY/EUR Expiration: Jan 2018; Contracts: 20,213,829; Exercise Price: TRY 4.24; Counterparty: Goldman Sachs Bank USA(c)	TRY		20,213,829		1,714
TRY/USD Expiration: Jan 2018; Contracts: 20,792,000; Exercise Price: TRY 3.68; Counterparty: Citibank, NA(c)	TRY		20,792,000		4,789
ZAR/USD Expiration: Jan 2018; Contracts: 75,428,600; Exercise Price: ZAR 13.40; Counterparty: Goldman Sachs Bank USA(c)	ZAR		75,428,600		84,228
					99,416
Total Options Purchased – Calls (premiums paid $319,097)					413,570
OPTIONS PURCHASED – PUTS – 0.1%
Swaptions – 0.1%
IRS Swaption Expiration: Dec 2017; Contracts: 42,216,000; Exercise Rate: 2.43%; Counterparty: Citibank, NA(c)	USD		42,216,000		152,047
Options on Forward Contracts – 0.0%
USD/MXN Expiration: Aug 2018; Contracts: 2,800,000; Exercise Price: USD 17.50; Counterparty: Credit Suisse International(c)	USD		2,800,000		24,715
Total Options Purchased – Puts (premiums paid $183,067)					176,762

58    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company		Shares		U.S. $ Value
INVESTMENT COMPANIES – 0.0%
Funds and Investment Trusts – 0.0%
Altaba, Inc.(c)(f) (cost $40,415)			1,120	$	78,467
RIGHTS – 0.0%
Consumer Staples – 0.0%
Food & Staples Retailing – 0.0%
Safeway, Inc., expiring 2/02/19(c)(d)(g)			620		629
Safeway, Inc., expiring 2/02/17(c)(d)(g)			620		31
					660
Industrials – 0.0%
Aerospace & Defense – 0.0%
Rolls-Royce Holdings PLC, expiring 12/01/17(c)(g)			58,466		79
Total Rights (cost $724)					739
		Principal Amount (000)
SHORT-TERM INVESTMENTS – 9.9%
Governments – Treasuries – 7.3%
Japan – 7.3%
Japan Treasury Discount Bill Series 707 Zero Coupon, 12/11/17 (cost $21,285,582)	JPY		2,309,000		20,517,386
		Shares
Investment Companies – 2.6%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 0.91%(f)(h)(i) (cost $7,373,236)			7,373,236		7,373,236
Total Short-Term Investments (cost $28,658,818)					27,890,622
Total Investments Before Security Lending Collateral for Securities Loaned – 96.1% (cost $260,356,187)					270,978,230

abfunds.com AB GLOBAL RISK ALLOCATION FUND    ^|    59

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.5%
Investment Companies – 0.5%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 0.91%(f)(h)(i) (cost $1,332,435)		1,332,435	$	1,332,435
Total Investments – 96.6% (cost $261,688,622)				272,310,665
Other assets less liabilities – 3.4%				9,496,397
Net Assets – 100.0%			$	281,807,062

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Notional (000)				Original Value		Value at November 30, 2017		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Australian Bond Futures		35		December 2017		AUD	3,500		$	3,420,102	$	3,458,666	$	38,564
Brent Crude Futures		28		March 2018		USD	28			1,753,131		1,745,520		(7,611	)
Canadian 10 Yr Bond Futures		191		March 2018		CAD	19,100			20,120,331		20,237,724		117,393
Cattle Feeder Futures		18		January 2018		USD	900			1,365,668		1,387,575		21,907
Cocoa Futures		94		March 2018		USD	1			1,952,255		1,926,060		(26,195	)
Coffee Robusta Futures		70		January 2018		USD	1			1,381,520		1,208,200		(173,320	)
Coffee ‘C’ Futures		19		March 2018		USD	713			914,199		915,562		1,363
Copper Futures		40		March 2018		USD	1,000			3,112,249		3,064,000		(48,249	)
Corn Futures		151		March 2018		USD	755			2,680,277		2,685,913		5,636
Cotton No.2 Futures		94		March 2018		USD	4,700			3,230,417		3,422,070		191,653
Euro STOXX 50 Index Futures		469		December 2017		EUR	5			19,548,517		19,945,451		396,934
Euro-Bund Futures		34		December 2017		EUR	3,400			6,590,771		6,585,031		(5,740	)
FTSE 100 Index Futures		32		December 2017		GBP	– 0	–**		3,216,696		3,171,758		(44,938	)

60    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Description	Number of Contracts		Expiration Month		Notional (000)				Original Value		Value at November 30, 2017		Unrealized Appreciation/ (Depreciation)
Gasoline RBOB Futures		28		January 2018		USD	1,176		$	1,860,311	$	2,034,480	$	174,169
Gold 100 OZ Futures		31		February 2018		USD	3			3,986,058		3,957,770		(28,288	)
Hang Seng Index Futures		3		December 2017		HKD	– 0	–**		575,345		563,094		(12,251	)
KC HRW Wheat Futures		73		March 2018		USD	365			1,621,710		1,574,975		(46,735	)
Lean Hogs Futures		57		February 2018		USD	2,280			1,598,563		1,590,870		(7,693	)
Live Cattle Futures		27		February 2018		USD	1,080			1,363,042		1,349,730		(13,312	)
LME Lead Futures		37		December 2017		USD	1			2,162,516		2,287,987		125,471
LME Nickel Futures		15		December 2017		USD	– 0	–**		1,089,250		995,130		(94,120	)
LME Nickel Futures		28		January 2018		USD	– 0	–**		1,992,853		1,861,272		(131,581	)
LME Primary Aluminum Futures		119		December 2017		USD	3			6,266,775		6,048,175		(218,600	)
LME Primary Aluminum Futures		85		January 2018		USD	2			4,470,397		4,333,938		(136,459	)
LME Zinc Futures		27		January 2018		USD	1			2,120,024		2,131,144		11,120
Long Gilt Futures		65		March 2018		GBP	6,500			10,910,090		10,865,185		(44,905	)
Low SU Gasoil Futures		41		December 2017		USD	4			2,157,700		2,283,700		126,000
Mini MSCI Emerging Markets Futures		208		December 2017		USD	10			11,486,507		11,648,000		161,493
Natural Gas Futures		97		January 2018		USD	970			3,177,329		2,934,250		(243,079	)
Nikkei 225 (CME) Futures		112		December 2017		USD	1			10,976,326		12,812,800		1,836,474
NY Harbor ULSD Futures		57		January 2018		USD	2,394			4,506,548		4,542,854		36,306
Palladium Futures		26		March 2018		USD	3			2,570,029		2,609,230		39,201
Platinum Futures		78		January 2018		USD	4			3,703,612		3,675,750		(27,862	)
Russell 2000 Mini Futures		136		December 2017		USD	7			9,728,627		10,508,720		780,093
S&P Mid 400 E-Mini Futures		16		December 2017		USD	2			2,822,753		3,040,000		217,247
S&P TSX 60 Index Futures		11		December 2017		CAD	2			1,496,223		1,622,013		125,790
Silver Futures		26		March 2018		USD	130			2,214,485		2,141,620		(72,865	)

abfunds.com AB GLOBAL RISK ALLOCATION FUND    ^|    61

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Description	Number of Contracts		Expiration Month		Notional (000)				Original Value		Value at November 30, 2017		Unrealized Appreciation/ (Depreciation)
Soybean Futures		68		January 2018		USD	340		$	3,397,127	$	3,351,550	$	(45,577	)
Soybean Meal Futures		120		January 2018		USD	12			3,763,084		3,918,000		154,916
Soybean Oil Futures		128		January 2018		USD	7,680			2,648,443		2,599,680		(48,763	)
SPI 200 Futures		4		December 2017		AUD	– 0	–**		431,308		452,781		21,473
Sugar 11 (World) Futures		83		March 2018		USD	9,296			1,389,106		1,401,837		12,731
TOPIX Index Futures		12		December 2017		JPY	120			1,706,701		1,916,034		209,333
U.S. T-Note 5 Yr (CBT) Futures		96		March 2018		USD	9,600			11,212,200		11,169,000		(43,200	)
Wheat (CBT) Futures		73		March 2018		USD	365			1,614,429		1,580,450		(33,979	)
WTI Crude Futures		32		January 2018		USD	32			1,762,000		1,836,800		74,800
Sold Contracts
10 Yr Japan Bond (OSE) Futures		14		December 2017		JPY	1,400,000			18,791,868		18,774,890		16,978
Gasoline RBOB Futures		30		December 2017		USD	1,260			2,201,220		2,179,800		21,420
Gold 100 OZ Futures		4		February 2018		USD	– 0	–**		510,952		510,680		272
Live Cattle Futures		10		February 2018		USD	400			500,300		499,900		400
LME Lead Futures		16		December 2017		USD	– 0	–**		997,510		989,400		8,110
LME Nickel Futures		15		December 2017		USD	– 0	–**		995,558		995,130		428
LME Nickel Futures		10		January 2018		USD	– 0	–**		699,694		664,740		34,954
LME Primary Aluminum Futures		119		December 2017		USD	3			6,273,942		6,048,175		225,767
LME Primary Aluminum Futures		4		January 2018		USD	– 0	–**		210,914		203,950		6,964
LME Zinc Futures		3		January 2018		USD	– 0	–**		236,636		236,794		(158	)

62    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Description	Number of Contracts		Expiration Month		Notional (000)				Original Value		Value at November 30, 2017		Unrealized Appreciation/ (Depreciation)
Palladium Futures		4		March 2018		USD	– 0	–**	$	395,489	$	401,420	$	(5,931	)
S&P 500 E-Mini Futures		82		December 2017		USD	4			10,319,913		10,856,390		(536,477	)
WTI Crude Futures		7		December 2017		USD	7			393,983		401,800		(7,817	)
													$	3,089,655

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Australia and New Zealand Banking Group Ltd.	CNY	18,555	USD	2,827		12/13/17	$	19,625
Australia and New Zealand Banking Group Ltd.	CNY	18,650	USD	2,816		12/13/17		(5,721	)
Australia and New Zealand Banking Group Ltd.	CNY	69,432	USD	10,564		12/18/17		63,605
Australia and New Zealand Banking Group Ltd.	AUD	2,184	JPY	191,117		1/16/18		51,094
Australia and New Zealand Banking Group Ltd.	JPY	126,918	GBP	842		3/14/18		8,593
Bank of America, NA	BRL	10,678	USD	3,274		12/04/17		11,852
Bank of America, NA	BRL	15,019	USD	4,553		12/04/17		(35,485	)
Bank of America, NA	USD	7,916	BRL	25,697		12/04/17		(65,996	)
Bank of America, NA	COP	5,225,385	USD	1,718		12/07/17		(13,735	)
Bank of America, NA	NOK	8,825	USD	1,142		12/18/17		80,701
Bank of America, NA	USD	2,394	PLN	8,524		12/18/17		21,263
Bank of America, NA	JPY	2,310,175	USD	21,465		12/22/17		917,706
Bank of America, NA	AUD	3,557	USD	2,819		1/16/18		129,372
Bank of America, NA	USD	2,158	JPY	242,295		1/16/18		772
Bank of America, NA	USD	2,774	MXN	50,532		1/16/18		(83,214	)
Bank of America, NA	USD	1,714	SEK	13,853		1/16/18		(53,515	)
Bank of America, NA	RUB	66,853	USD	1,135		1/25/18		(291	)
Bank of America, NA	USD	1,131	RUB	67,081		1/25/18		8,360
Barclays Bank PLC	USD	673	ZAR	9,538		12/07/17		21,885
Barclays Bank PLC	CNY	37,320	USD	5,672		12/13/17		25,336
Barclays Bank PLC	USD	1,138	CNY	7,520		12/13/17		(604	)
Barclays Bank PLC	INR	182,401	USD	2,776		12/14/17		(44,524	)
Barclays Bank PLC	USD	2,826	INR	182,401		12/14/17		(6,227	)
Barclays Bank PLC	CNY	18,652	USD	2,834		12/15/17		12,321
Barclays Bank PLC	CAD	11,884	USD	9,593		12/18/17		379,592
Barclays Bank PLC	JPY	3,832,399	USD	35,366		12/18/17		1,288,907
Barclays Bank PLC	SEK	14,223	EUR	1,462		12/18/17		41,179
Barclays Bank PLC	TWD	85,689	USD	2,832		12/20/17		(25,780	)
Barclays Bank PLC	USD	2,854	TWD	85,689		12/20/17		3,141

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CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	AUD	4,405	USD	3,396		1/16/18	$	65,021
Barclays Bank PLC	CAD	2,893	USD	2,284		1/16/18		40,488
Barclays Bank PLC	CHF	2,234	USD	2,288		1/16/18		8,584
Barclays Bank PLC	CHF	1,146	USD	1,151		1/16/18		(17,888	)
Barclays Bank PLC	EUR	1,448	USD	1,685		1/16/18		(44,020	)
Barclays Bank PLC	GBP	1,893	EUR	2,108		1/16/18		(47,938	)
Barclays Bank PLC	GBP	1,287	PLN	6,198		1/16/18		13,917
Barclays Bank PLC	GBP	1,926	USD	2,565		1/16/18		(44,089	)
Barclays Bank PLC	HUF	446,219	USD	1,666		1/16/18		(36,111	)
Barclays Bank PLC	JPY	319,062	USD	2,854		1/16/18		12,193
Barclays Bank PLC	MXN	32,980	USD	1,704		1/16/18		(52,109	)
Barclays Bank PLC	NOK	11,494	EUR	1,179		1/16/18		23,399
Barclays Bank PLC	SEK	19,003	USD	2,281		1/16/18		2,603
Barclays Bank PLC	TRY	6,728	EUR	1,436		1/16/18		20,605
Barclays Bank PLC	TRY	8,646	USD	2,267		1/16/18		90,546
Barclays Bank PLC	USD	2,779	AUD	3,547		1/16/18		(96,699	)
Barclays Bank PLC	USD	2,666	CAD	3,339		1/16/18		(75,681	)
Barclays Bank PLC	USD	5,139	CHF	5,104		1/16/18		69,258
Barclays Bank PLC	USD	1,727	JPY	195,053		1/16/18		10,860
Barclays Bank PLC	USD	1,697	SEK	13,682		1/16/18		(56,877	)
Barclays Bank PLC	KRW	753,627	USD	672		1/18/18		(20,657	)
Barclays Bank PLC	USD	2,968	KRW	3,250,169		1/18/18		20,394
Barclays Bank PLC	USD	1,884	ZAR	27,068		1/25/18		72,879
Barclays Bank PLC	CNY	15,085	USD	2,273		2/07/18		2,969
Barclays Bank PLC	CNY	15,047	USD	2,264		2/07/18		(621	)
Barclays Bank PLC	TWD	170,525	USD	5,739		2/07/18		35,786
Barclays Bank PLC	USD	5,661	CNY	37,643		2/07/18		3,256
Barclays Bank PLC	JPY	127,022	USD	1,136		3/14/18		1,023
Barclays Bank PLC	USD	1,147	HUF	297,086		3/14/18		(10,421	)
BNP Paribas SA	COP	6,713,646	USD	2,236		12/07/17		10,642
BNP Paribas SA	HKD	7,454	USD	955		12/18/17		499
BNP Paribas SA	USD	2,974	CZK	64,510		12/18/17		38,359
BNP Paribas SA	CAD	4,046	USD	3,247		1/16/18		108,315
BNP Paribas SA	MXN	83,765	USD	4,505		1/16/18		43,321
BNP Paribas SA	NZD	2,320	USD	1,682		1/16/18		97,107
BNP Paribas SA	USD	570	CZK	12,445		1/16/18		12,984
BNP Paribas SA	USD	1,135	GBP	835		1/16/18		(4,192	)
BNP Paribas SA	USD	2,225	COP	6,713,646		2/07/18		(11,119	)
Brown Brothers Harriman & Co.	GBP	515	USD	674		12/18/17		(22,730	)
Citibank, NA	COP	5,207,925	USD	1,707		12/07/17		(19,159	)
Citibank, NA	USD	2,849	COP	8,616,030		12/07/17		6,884
Citibank, NA	USD	2,849	COP	8,549,997		12/07/17		(15,309	)
Citibank, NA	USD	9,991	CNY	66,500		12/13/17		71,653
Citibank, NA	USD	2,838	CNY	18,716		12/15/17		(6,887	)
Citibank, NA	EUR	2,386	USD	2,813		12/18/17		(29,466	)
Citibank, NA	PLN	4,156	USD	1,139		12/18/17		(38,640	)
Citibank, NA	SEK	13,851	USD	1,712		12/18/17		55,113
Citibank, NA	USD	6,165	NOK	47,874		12/18/17		(407,556	)
Citibank, NA	TRY	4,353	EUR	960		1/03/18		44,101
Citibank, NA	TRY	9,825	USD	2,574		1/10/18		95,653
Citibank, NA	CNY	37,731	USD	5,632		1/16/18		(57,600	)

64    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Citibank, NA	EUR	957	TRY	4,446		1/16/18	$	(23,510	)
Citibank, NA	EUR	2,410	USD	2,828		1/16/18		(49,264	)
Citibank, NA	SEK	9,508	CHF	1,113		1/16/18		(4,226	)
Citibank, NA	SEK	15,920	USD	1,911		1/16/18		2,713
Citibank, NA	TRY	8,747	USD	2,248		1/16/18		46,016
Citibank, NA	USD	1,701	AUD	2,172		1/16/18		(58,953	)
Citibank, NA	USD	2,260	CAD	2,840		1/16/18		(57,556	)
Citibank, NA	USD	1,148	CHF	1,137		1/16/18		11,987
Citibank, NA	USD	1,721	CZK	37,737		1/16/18		47,650
Citibank, NA	USD	2,855	GBP	2,171		1/16/18		85,817
Citibank, NA	USD	1,704	MXN	32,920		1/16/18		48,770
Citibank, NA	USD	2,254	NZD	3,165		1/16/18		(91,740	)
Citibank, NA	USD	6,312	TRY	24,470		1/16/18		(151,660	)
Citibank, NA	USD	1,685	ZAR	23,424		1/16/18		10,942
Citibank, NA	ZAR	24,293	USD	1,692		1/16/18		(67,048	)
Citibank, NA	USD	2,277	RUB	138,392		1/25/18		73,690
Citibank, NA	USD	1,152	ZAR	16,255		1/25/18		23,664
Citibank, NA	ZAR	24,533	USD	1,704		1/25/18		(70,106	)
Citibank, NA	COP	3,406,740	USD	1,128		2/07/18		4,521
Citibank, NA	CHF	1,966	USD	2,016		3/14/18		2,143
Citibank, NA	NOK	9,233	EUR	947		3/14/18		20,989
Citibank, NA	SEK	9,233	EUR	934		3/14/18		8,429
Citibank, NA	TRY	9,010	USD	2,196		3/14/18		(29,958	)
Citibank, NA	USD	1,118	MXN	21,347		3/14/18		7,615
Citibank, NA	USD	1,140	NOK	9,239		3/14/18		(26,473	)
Citibank, NA	USD	556	TRY	2,279		3/14/18		6,636
Citibank, NA	ZAR	7,911	USD	557		3/14/18		(10,125	)
Credit Suisse International	BRL	1,304	USD	407		12/04/17		8,914
Credit Suisse International	USD	400	BRL	1,304		12/04/17		(1,447	)
Credit Suisse International	USD	1,156	COP	3,491,979		12/07/17		1,489
Credit Suisse International	EUR	7,330	USD	8,512		12/15/17		(218,588	)
Credit Suisse International	NOK	4,677	USD	568		12/18/17		5,791
Credit Suisse International	CAD	3,628	MXN	54,982		1/16/18		113,944
Credit Suisse International	CHF	2,836	USD	2,865		1/16/18		(28,968	)
Credit Suisse International	ILS	13,928	USD	3,959		1/16/18		(31,938	)
Credit Suisse International	JPY	126,611	NZD	1,641		1/16/18		(6,880	)
Credit Suisse International	JPY	196,355	USD	1,728		1/16/18		(21,086	)
Credit Suisse International	USD	1,717	HUF	446,219		1/16/18		(15,311	)
Credit Suisse International	USD	1,556	MYR	6,573		1/26/18		51,547

abfunds.com AB GLOBAL RISK ALLOCATION FUND    ^|    65

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Credit Suisse International	CHF	1,393	GBP	1,066		3/14/18	$	19,437
Deutsche Bank AG	BRL	24,367	USD	7,510		12/04/17		65,931
Deutsche Bank AG	USD	4,137	BRL	13,702		12/04/17		48,658
Deutsche Bank AG	USD	3,275	BRL	10,665		12/04/17		(17,254	)
Deutsche Bank AG	COP	3,511,050	USD	1,161		12/07/17		(2,937	)
Deutsche Bank AG	USD	5,705	CNY	37,604		12/18/17		(17,645	)
Deutsche Bank AG	USD	571	HUF	146,000		12/18/17		(15,339	)
Deutsche Bank AG	BRL	1,304	USD	404		1/03/18		6,782
Deutsche Bank AG	USD	2,899	BRL	9,361		1/03/18		(48,690	)
Deutsche Bank AG	ILS	6,042	EUR	1,459		1/16/18		10,659
Deutsche Bank AG	USD	3,987	CHF	3,934		1/16/18		26,596
Deutsche Bank AG	GBP	1,071	USD	1,427		3/14/18		(26,094	)
Goldman Sachs Bank USA	NZD	8,939	USD	6,432		12/18/17		323,433
Goldman Sachs Bank USA	TRY	11,099	EUR	2,552		1/04/18		239,167
Goldman Sachs Bank USA	EUR	2,417	AUD	3,647		1/16/18		(127,282	)
Goldman Sachs Bank USA	MXN	31,542	EUR	1,402		1/16/18		(6,679	)
Goldman Sachs Bank USA	MXN	15,897	USD	860		1/16/18		13,647
Goldman Sachs Bank USA	MXN	33,151	USD	1,757		1/16/18		(8,650	)
Goldman Sachs Bank USA	NOK	4,353	USD	537		1/16/18		13,037
Goldman Sachs Bank USA	SEK	9,297	EUR	963		1/16/18		35,071
Goldman Sachs Bank USA	USD	1,713	TRY	6,399		1/16/18		(102,011	)
Goldman Sachs Bank USA	USD	1,136	ZAR	15,338		1/16/18		(25,069	)
Goldman Sachs Bank USA	ZAR	44,819	USD	3,220		1/25/18		(20,707	)
JPMorgan Chase Bank, NA	ZAR	9,537	USD	675		12/07/17		(20,025	)
JPMorgan Chase Bank, NA	USD	77	CNY	505		12/13/17		(216	)
JPMorgan Chase Bank, NA	USD	3,906	CNY	25,749		12/18/17		(11,976	)
JPMorgan Chase Bank, NA	JPY	254,687	USD	2,260		1/16/18		(8,407	)
JPMorgan Chase Bank, NA	MXN	22,249	USD	1,148		1/16/18		(36,626	)
JPMorgan Chase Bank, NA	USD	2,282	JPY	257,845		1/16/18		15,036
JPMorgan Chase Bank, NA	USD	4,439	MXN	82,281		1/16/18		(57,318	)
JPMorgan Chase Bank, NA	ZAR	14,395	USD	1,009		1/16/18		(33,510	)

66    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services, Inc.	USD	1,704	EUR	1,427		12/15/17	$	(3,982	)
Morgan Stanley Capital Services, Inc.	CNY	18,689	USD	2,827		12/27/17		3,581
Morgan Stanley Capital Services, Inc.	AUD	2,978	USD	2,283		1/16/18		31,050
Morgan Stanley Capital Services, Inc.	EUR	998	SEK	9,700		1/16/18		(28,206	)
Morgan Stanley Capital Services, Inc.	NZD	1,655	AUD	1,494		1/16/18		(931	)
Royal Bank of Scotland PLC	CHF	1,426	USD	1,501		12/18/17		49,488
Royal Bank of Scotland PLC	CZK	24,546	USD	1,128		12/18/17		(18,201	)
Royal Bank of Scotland PLC	SEK	13,816	USD	1,706		12/18/17		54,044
Royal Bank of Scotland PLC	CAD	1,471	USD	1,141		1/16/18		(423	)
Royal Bank of Scotland PLC	NZD	3,165	USD	2,277		1/16/18		114,569
Royal Bank of Scotland PLC	USD	1,696	NZD	2,320		1/16/18		(111,548	)
Royal Bank of Scotland PLC	EUR	1,436	ILS	5,947		3/14/18		(11,344	)
Royal Bank of Scotland PLC	GBP	852	EUR	950		3/14/18		(17,968	)
Standard Chartered Bank	CNY	64	USD	10		12/15/17		(60	)
Standard Chartered Bank	HUF	146,000	USD	547		12/18/17		(8,956	)
Standard Chartered Bank	USD	914	CNY	6,079		12/18/17		5,534
Standard Chartered Bank	USD	2,803	CNY	18,689		12/27/17		20,447
Standard Chartered Bank	TRY	4,453	EUR	950		1/04/18		7,503
Standard Chartered Bank	USD	4,506	CNY	30,069		1/10/18		30,893
Standard Chartered Bank	CHF	2,773	USD	2,840		1/16/18		10,289
Standard Chartered Bank	GBP	878	USD	1,150		1/16/18		(39,585	)
Standard Chartered Bank	JPY	318,658	USD	2,842		1/16/18		3,950
Standard Chartered Bank	JPY	65,270	USD	573		1/16/18		(8,006	)

abfunds.com AB GLOBAL RISK ALLOCATION FUND    ^|    67

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Standard Chartered Bank	MXN	10,906	USD	569		1/16/18	$	(12,248	)
Standard Chartered Bank	NOK	9,285	EUR	951		1/16/18		17,801
Standard Chartered Bank	TRY	4,211	EUR	937		1/16/18		58,692
Standard Chartered Bank	USD	5,661	CNY	37,731		1/16/18		29,107
Standard Chartered Bank	USD	1,716	JPY	194,221		1/16/18		13,898
Standard Chartered Bank	USD	3,406	JPY	381,298		1/16/18		(9,014	)
Standard Chartered Bank	USD	842	MXN	16,348		1/16/18		29,166
Standard Chartered Bank	USD	2,800	INR	182,457		3/12/18		(3,285	)
State Street Bank & Trust Co.	CAD	492	USD	394		12/18/17		12,409
State Street Bank & Trust Co.	CHF	136	USD	143		12/18/17		4,859
State Street Bank & Trust Co.	DKK	3,313	USD	535		12/18/17		4,400
State Street Bank & Trust Co.	DKK	1,037	USD	166		12/18/17		(229	)
State Street Bank & Trust Co.	EUR	11,422	USD	13,718		12/18/17		110,093
State Street Bank & Trust Co.	EUR	310	USD	364		12/18/17		(5,021	)
State Street Bank & Trust Co.	HKD	822	USD	105		12/18/17		214
State Street Bank & Trust Co.	JPY	101,810	USD	926		12/18/17		20,740
State Street Bank & Trust Co.	JPY	29,467	USD	259		12/18/17		(3,134	)
State Street Bank & Trust Co.	NOK	2,818	USD	363		12/18/17		24,392
State Street Bank & Trust Co.	NZD	510	USD	367		12/18/17		18,648
State Street Bank & Trust Co.	SEK	11,379	USD	1,428		12/18/17		66,748
State Street Bank & Trust Co.	SGD	767	USD	568		12/18/17		(1,019	)
State Street Bank & Trust Co.	USD	207	EUR	176		12/18/17		2,956
State Street Bank & Trust Co.	USD	6,286	EUR	5,234		12/18/17		(50,446	)
State Street Bank & Trust Co.	USD	91	JPY	9,813		12/18/17		(3,273	)
State Street Bank & Trust Co.	USD	181	NZD	248		12/18/17		(11,367	)
State Street Bank & Trust Co.	USD	9,007	SEK	71,323		12/18/17		(477,848	)

68    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.	USD	27	TRY	97		12/18/17	$	(2,745	)
State Street Bank & Trust Co.	CNY	30,069	USD	4,494		1/10/18		(42,568	)
State Street Bank & Trust Co.	AUD	718	USD	550		1/16/18		6,796
State Street Bank & Trust Co.	CZK	30,681	EUR	1,198		1/16/18		(7,631	)
State Street Bank & Trust Co.	EUR	2,366	USD	2,769		1/16/18		(55,614	)
State Street Bank & Trust Co.	JPY	181,186	USD	1,601		1/16/18		(12,700	)
State Street Bank & Trust Co.	NZD	1,641	EUR	952		1/16/18		15,223
State Street Bank & Trust Co.	PLN	5,093	EUR	1,195		1/16/18		(17,441	)
State Street Bank & Trust Co.	AUD	144	USD	109		3/14/18		142
State Street Bank & Trust Co.	EUR	966	GBP	856		3/14/18		4,298
UBS AG	AUD	6,967	USD	5,543		12/18/17		274,248
UBS AG	GBP	5,751	USD	7,532		12/18/17		(250,230	)
UBS AG	USD	1,760	GBP	1,339		12/18/17		51,746
UBS AG	CHF	1,657	USD	1,711		1/16/18		20,533
UBS AG	EUR	3,551	USD	4,179		1/16/18		(59,740	)
UBS AG	USD	3,995	GBP	2,978		1/16/18		39,922
							$	2,445,920

PUT OPTIONS WRITTEN (see Note D)

Description

Counterparty

Contracts

Exercise Price

Expiration Month

Notional (000)

Premiums Received

U.S. $ Value

SPDR S&P 500 ETF Trust

Morgan Stanley & Co., Inc.

1,116

USD

246.00

December 2017

USD

112

$

84,768

$

(16,740

)

abfunds.com AB GLOBAL RISK ALLOCATION FUND    ^|    69

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

CURRENCY OPTIONS WRITTEN (see Note D)

Description/ Counterparty	Exercise Price			Expiration Month		Contracts		Notional Amount (000)			Premiums Received		U.S. $ Value
Call
USD vs. MXN/Credit Suisse International		USD	22.00		08/2018		2,800,000		USD	2,800	$	54,516	$	(37,016	)
Put
SEK vs. EUR/ UBS AG		SEK	10.100		02/2018		24,442,000		SEK	24,442		15,760		(19,543	)
TRY vs. EUR/ Goldman Sachs Bank USA		TRY	4.550		01/2018		21,704,000		TRY	21,704		51,924		(233,091	)
TRY vs. USD/ Citibank, NA		TRY	4.050		01/2018		22,883,000		TRY	22,883		54,530		(64,050	)
ZAR vs. USD/ Goldman Sachs Bank USA		ZAR	14.800		01/2018		83,309,000		ZAR	83,309		91,128		(52,628	)
											$	267,858	$	(406,328	)

INTEREST RATE SWAPTIONS WRITTEN (see Note D)

Description	Index		Counter- Party		Strike Rate			Expiration Date		Notional Amount (000)		Premiums Received		Market Value
Put
OTC – 1 Year Interest Rate Swap		3 Month LIBOR		Citibank, NA		2.56	%		12/18/17	$	42,216	$	37,572	$	(25,878	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at November 30, 2017			Notional Amount (000)		Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Sale Contracts
CDX-NAHY Series 26, 5 Year Index, 6/20/21*		5.00	%		Quarterly		2.37	%	USD	12,250	$	1,118,833	$	250,395	$	868,438
CDX-NAIG Series 26, 5 Year Index, 6/20/21*		1.00			Quarterly		0.35		USD	18,750		454,422		144,241		310,181
											$	1,573,255	$	394,636	$	1,178,619

* Termination date

70    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)

				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/Received	Unrealized Appreciation/ (Depreciation)
AUD	15,000		7/09/25	6 Month BBSW	3.168%	Semi-Annual/ Semi-Annual	$	530,981
AUD	4,740		2/23/27	6 Month BBSW	3.040%	Semi-Annual/ Semi-Annual		118,000
NZD	20,260		2/24/27	3 Month BKBM	3.508%	Quarterly/ Semi-Annual		673,648
AUD	9,490		2/27/27	6 Month BBSW	2.975%	Semi-Annual/ Semi-Annual		193,953
NZD	10,120		2/28/27	3 Month BKBM	3.445%	Quarterly/ Semi-Annual		298,573
							$	1,815,155

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at November 30, 2017			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Goldman Sachs International iTraxx Australia Series 24, 5 Year Index, 12/20/20*		(1.00	)%		Quarterly		0.28	%	USD	1,110	$	(26,203	)	$	7,405		$	(33,608	)
Goldman Sachs International iTraxx Australia Series 24, 5 Year Index, 12/20/20*		(1.00	)		Quarterly		0.28		USD	1,490		(35,173	)		9,943			(45,116	)
Sale Contracts
Deutsche Bank AG iTraxx Australia Series 24, 5 Year Index, 12/20/20*		1.00			Quarterly		0.28		USD	2,600		61,375			(19,020	)		80,395
											$	(1	)	$	(1,672	)	$	1,671

* Termination date

abfunds.com AB GLOBAL RISK ALLOCATION FUND    ^|    71

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

** Notional amount less than 500.

(a) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2017, the aggregate market value of these securities amounted to $586,283 or 0.2% of net assets.

(c) Non-income producing security.

(d) Represents entire or partial securities out on loan. See Note E for securities lending information.

(e) Floating Rate Security. Stated interest/floor rate was in effect at November 30, 2017.

(f) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(g) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(h) Affiliated investments.

(i) 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

CNY – Chinese Yuan Renminbi

COP – Colombian Peso

CZK – Czech Koruna

DKK – Danish Krone

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

HUF – Hungarian Forint

ILS – Israeli Shekel

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

MYR – Malaysian Ringgit

NOK – Norwegian Krone

NZD – New Zealand Dollar

PLN – Polish Zloty

RUB – Russian Ruble

SEK – Swedish Krona

SGD – Singapore Dollar

TRY – Turkish Lira

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

Glossary:

ADR – American Depositary Receipt

BBSW – Bank Bill Swap Reference Rate (Australia)

BKBM – Bank Bill Benchmark (New Zealand)

CBT – Chicago Board of Trade

CDX-NAHY – North American High Yield Credit Default Swap Index

CDX-NAIG – North American Investment Grade Credit Default Swap Index

CME – Chicago Mercantile Exchange

CPI – Consumer Price Index

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CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

ETF – Exchange Traded Fund

FTSE – Financial Times Stock Exchange

GDR – Global Depositary Receipt

IRS – Interest Rate Swaption

KC HRW – Kansas City Hard Red Winter

LIBOR – London Interbank Offered Rates

LME – London Metal Exchange

MSCI – Morgan Stanley Capital International

OSE – Osaka Securities Exchange

RBOB – Reformulated Gasoline Blend-Stock for Oxygen Blending (Unleaded Gas)

REG – Registered Shares

REIT – Real Estate Investment Trust

RSP – Risparmio (Convertible Savings Shares)

SPDR – Standard & Poor’s Depository Receipt

SPI – Share Price Index

TIPS – Treasury Inflation Protected Security

TOPIX – Tokyo Price Index

TSX – Toronto Stock Exchange

ULSD – Ultra-Low Sulfur Diesel

WTI – West Texas Intermediate

See notes to financial statements.

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CONSOLIDATED STATEMENT OF ASSETS & LIABILITIES

November 30, 2017

Assets
Investments in securities, at value
Unaffiliated issuers (cost $252,982,951)	$	263,604,994	(a)
Affiliated issuers (cost $8,705,671—including investment of cash collateral for securities loaned of $1,332,435)		8,705,671
Cash		45,515
Cash collateral due from broker		7,546,264
Foreign currencies, at value (cost $4,100,705)		3,196,078
Unrealized appreciation on forward currency exchange contracts		6,722,816
Unaffiliated interest and dividends receivable		362,465
Unrealized appreciation on credit default swaps		80,395
Receivable from third party regulatory settlement		43,921
Receivable for capital stock sold		28,162
Upfront premiums paid on credit default swaps		17,348
Affiliated dividends receivable		4,546
Total assets		290,358,175
Liabilities
Options written, at value (premiums received $352,626)		423,068
Swaptions written, at value (premiums received $37,572)		25,878
Unrealized depreciation on forward currency exchange contracts		4,276,896
Payable for collateral received on securities loaned		1,306,312
Payable for variation margin on futures		750,083
Cash collateral due to broker		520,000
Payable for capital stock redeemed		263,118
Payable for variation margin on exchange traded swaps		136,688
Advisory fee payable		129,482
Unrealized depreciation on credit default swaps		78,724
Distribution fee payable		64,254
Transfer Agent fee payable		38,565
Collateral due to Securities Lending Agent		26,123
Upfront premiums received on credit default swaps		19,020
Administrative fee payable		16,060
Directors’ fees payable		76
Accrued expenses		476,766
Total liabilities		8,551,113
Net Assets	$	281,807,062
Composition of Net Assets
Capital stock, at par	$	169,042
Additional paid-in capital		273,140,068
Distributions in excess of net investment income		(2,925,727	)
Accumulated net realized loss on investment and foreign currency transactions		(6,955,452	)
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		18,379,131
	$	281,807,062

See notes to consolidated financial statements.

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CONSOLIDATED STATEMENT OF ASSETS & LIABILITIES (continued)

Net Asset Value Per Share—24 billion shares of capital stock authorized, $.01 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	243,518,028		14,535,460	$	16.75	*
B	$	2,643,311		174,676	$	15.13
C	$	12,187,658		803,369	$	15.17
Advisor	$	17,199,626		1,016,797	$	16.92
R	$	2,525,576		152,232	$	16.59
K	$	1,265,438		75,718	$	16.71
I	$	2,467,425		145,967	$	16.90

(a) Includes securities on loan with a value of $1,278,886 (see Note E).

* The maximum offering price per share for Class A shares was $17.49 which reflects a sales charge of 4.25%.

See notes to consolidated financial statements.

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CONSOLIDATED STATEMENT OF OPERATIONS

Year Ended November 30, 2017

Investment Income
Interest (net of foreign taxes withheld of $225)	$	3,742,738
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $128,256)		1,989,717
Affiliated issuers		117,052
Other income		3,423		$	5,852,930
Expenses
Advisory fee (see Note B)		1,634,353
Distribution fee—Class A		594,428
Distribution fee—Class B		30,961
Distribution fee—Class C		246,485
Distribution fee—Class R		13,430
Distribution fee—Class K		3,294
Transfer agency—Class A		421,855
Transfer agency—Class B		6,905
Transfer agency—Class C		46,347
Transfer agency—Advisor Class		26,470
Transfer agency—Class R		7,096
Transfer agency—Class K		2,690
Transfer agency—Class I		1,670
Custodian		362,015
Audit and tax		153,058
Registration fees		113,644
Printing		74,755
Administrative		70,426
Legal		45,723
Directors’ fees		28,619
Miscellaneous		32,188
Total expenses		3,916,412
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(41,856	)
Net expenses					3,874,556
Net investment income					1,978,374

See notes to consolidated financial statements.

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CONSOLIDATED STATEMENT OF OPERATIONS (continued)

Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain on:
Investment transactions	$	4,454,800
Forward currency exchange contracts		(3,185,798	)
Futures		5,358,868
Options written		5,494,469
Swaps		389,109
Swaptions written		319,582
Foreign currency transactions		2,240,698
Net change in unrealized appreciation/depreciation of:
Investments		10,471,210
Forward currency exchange contracts		2,265,086
Futures		2,188,007
Options written		(1,615,117	)
Swaps		2,252,483
Swaptions written		28,218
Foreign currency denominated assets and liabilities		(230,159	)
Net gain on investment and foreign currency transactions		30,431,456
Contributions from Adviser (see Note B)		3,108
Net Increase in Net Assets from Operations	$	32,412,938

See notes to consolidated financial statements.

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CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

	Year Ended November 30, 2017			Year Ended November 30, 2016
Increase (Decrease) in Net Assets from Operations
Net investment income	$	1,978,374		$	2,629,213
Net realized gain on investment and foreign currency transactions		15,071,728			7,866,079
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		15,359,728			(2,178,251	)
Contributions from Adviser (see Note B)		3,108			652
Net increase in net assets from operations		32,412,938			8,317,693
Dividends to Shareholders from
Net investment income
Class A		(12,060,264	)		(166,587	)
Class B		(176,673	)		– 0	–
Class C		(2,068,206	)		– 0	–
Advisor Class		(712,844	)		(37,257	)
Class R		(132,112	)		– 0	–
Class K		(77,414	)		(1,139	)
Class I		(132,489	)		(918	)
Capital Stock Transactions
Net decrease		(27,616,944	)		(69,922,020	)
Capital Contributions
Proceeds from third party regulatory settlement (see Note F)		43,921			– 0	–
Total decrease		(10,520,087	)		(61,810,228	)
Net Assets
Beginning of period		292,327,149			354,137,377
End of period (including distributions in excess of net investment income of ($2,925,727) and undistributed net investment income of $8,440,809, respectively)	$	281,807,062		$	292,327,149

See notes to consolidated financial statements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

November 30, 2017

NOTE A

Significant Accounting Policies

AB Global Risk Allocation Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. As part of the Fund’s investment strategy, the Fund seeks to gain exposure to commodities and commodities-related instruments and derivatives primarily through investments in AllianceBernstein Cayman Global Risk Allocation, Ltd., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The Fund is the sole shareholder of the Subsidiary and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. Under the Articles of Association of the Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary. As of November 30, 2017, net assets of the Fund were $281,807,062, of which $9,945,906, or approximately 4%, represented the Fund’s ownership of all issued shares and voting rights of the Subsidiary. This report presents the consolidated financial statements of the Fund and the Subsidiary. All intercompany transactions and balances have been eliminated in consolidation. The Fund offers Class A, Class B, Class C, Advisor Class, Class R, Class K and Class I shares. Class T shares have been authorized but currently are not offered. Class A shares are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. With respect to purchases of $1,000,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class B shares are currently sold with a contingent deferred sales charge which declines from 4% to zero depending on the period of time the shares are held. Effective January 31, 2009, sales of Class B shares of the Fund to new investors were suspended. Class B shares will only be issued (i) upon the exchange of Class B shares from another AB mutual fund, (ii) for purposes of dividend reinvestment, (iii) through the Fund’s Automatic Investment Program (the “Program”) for accounts that established the Program prior to January 31, 2009, and (iv) for purchases of additional shares by Class B shareholders as of January 31, 2009. The ability to establish a new Program for accounts containing Class B shares was suspended as of January 31, 2009. Class B shares will automatically convert to Class A shares eight years after the end of the calendar month of purchase. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Effective April 10, 2017, Class C shares will automatically convert to Class A shares ten years after the end of the calendar month of purchase. Class R and Class K shares are sold

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

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 eight classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. The consolidated 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 consolidated financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. 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 (including those valued based on their market values as described in Note A.1 above). 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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

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

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used,

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options generally will be classified as Level 2. For options that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset-backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of November 30, 2017:

Investments in Securities:	Level 1			Level 2		Level 3		Total
Assets:
Inflation-Linked Securities	$	– 0	–	$	158,207,805	$	– 0 –	$	158,207,805
Common Stocks:
Financials		4,913,004			7,949,549		– 0 –		12,862,553
Information Technology		6,482,397			1,634,662		– 0 –		8,117,059
Industrials		3,766,410			3,375,824		– 0 –		7,142,234

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Investments in Securities:	Level 1			Level 2			Level 3			Total
Consumer Staples	$	3,744,326		$	2,893,288		$	– 0	–	$	6,637,614
Consumer Discretionary		3,495,752			3,057,294			– 0	–		6,553,046
Health Care		3,866,154			2,616,913			– 0	–		6,483,067
Materials		3,017,915			2,564,934			– 0	–		5,582,849
Energy		2,165,657			2,643,441			– 0	–		4,809,098
Utilities		2,803,998			1,926,706			– 0	–		4,730,704
Real Estate		2,022,204			1,272,829			– 0	–		3,295,033
Telecommunication Services		845,650			943,197			– 0	–		1,788,847
Collateralized Mortgage Obligations		– 0	–		10,153,609			– 0	–		10,153,609
Preferred Stocks		4,133,675			– 0	–		– 0	–		4,133,675
Governments – Sovereign Bonds		– 0	–		1,233,287			– 0	–		1,233,287
Emerging Markets – Corporate Bonds		– 0	–		687,590			– 0	–		687,590
Options Purchased – Calls		– 0	–		413,570			– 0	–		413,570
Options Purchased – Puts		– 0	–		176,762			– 0	–		176,762
Investment Companies		78,467			– 0	–		– 0	–		78,467
Rights		– 0	–		– 0	–		739			739
Short-Term Investments:
Governments – Treasuries		– 0	–		20,517,386			– 0	–		20,517,386
Investment Companies		7,373,236			– 0	–		– 0	–		7,373,236
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		1,332,435			– 0	–		– 0	–		1,332,435
Total Investments in Securities		50,041,280			222,268,646			739			272,310,665
Other Financial Instruments(a):
Assets:
Futures		4,567,620			627,740			– 0	–		5,195,360	(b)
Forward Currency Exchange Contracts		– 0	–		6,722,816			– 0	–		6,722,816
Centrally Cleared Credit Default Swaps		– 0	–		1,573,255			– 0	–		1,573,255	(b)
Centrally Cleared Interest Rate Swaps		– 0	–		1,815,155			– 0	–		1,815,155	(b)
Credit Default Swaps		– 0	–		61,375			– 0	–		61,375
Liabilities:
Futures		(2,048,516	)		(57,189	)		– 0	–		(2,105,705	)(b)
Forward Currency Exchange Contracts		– 0	–		(4,276,896	)		– 0	–		(4,276,896	)
Put Options Written		– 0	–		(16,740	)		– 0	–		(16,740	)
Currency Options Written		– 0	–		(406,328	)		– 0	–		(406,328	)
Interest Rate Swaptions		– 0	–		(25,878	)		– 0	–		(25,878	)
Credit Default Swaps		– 0	–		(61,376	)		– 0	–		(61,376	)
Total(c)	$	52,560,384		$	228,224,580		$	739		$	280,785,703

(a) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

(b) Only variation margin receivable/(payable) at period end is reported within the consolidated statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) of exchange-traded derivatives as reported in the consolidated portfolio of investments. Exchange-traded swaps with upfront premiums are presented here as market value.

(c) There were de minimis transfers under 1% of net assets between Level 1 and Level 2 during the reporting period.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

The Fund recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Common Stocks(a)			Rights			Total
Balance as of 11/30/16	$	– 0	–	$	797		$	797
Accrued discounts/(premiums)		– 0	–		– 0	–		– 0	–
Realized gain (loss)		(24,324	)		4			(24,320	)
Change in unrealized appreciation/depreciation		24,324			11			24,335
Purchases		– 0	–		77			77
Sales		– 0	–		(150	)		(150	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 11/30/17	$	– 0	–	$	739		$	739
Net change in unrealized appreciation/depreciation from investments held as of 11/30/17(a)	$	– 0	–	$	14		$	14

(a) The Fund held securities with zero market value that were sold (or expired) during the reporting period.

(b) The unrealized appreciation/depreciation is included in net change in unrealized appreciation/depreciation on investments and other financial instruments in the accompanying consolidated statement of operations.

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Fund. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2)

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daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Fund’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

If, during a taxable year, the Subsidiary’s taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through

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to the Fund as a deductible amount for Federal income tax purposes. Note that the loss from the Subsidiary’s contemplated activities also cannot be carried forward to reduce future Subsidiary’s income in subsequent years. However, if the Subsidiary’s taxable gains exceed its losses and other deductible items during a taxable year, the net gain will pass through to the Fund as income for Federal income tax purposes.

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

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Fund amortizes premiums and accretes discounts as adjustments to interest income.

6. Class Allocations

All income earned and expenses incurred by the Fund are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Fund represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

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

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .60% of the first $200 million, .50% of the next $200 million and .40% in excess of $400 million of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

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The Subsidiary has entered into a separate agreement with the Adviser for the management of the Subsidiary’s portfolio. The Adviser receives no compensation from the Subsidiary for its services under the agreement.

Pursuant to the investment advisory agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser. For the year ended November 30, 2017, the reimbursement for such services amounted to $70,426.

During the year ended November 30, 2017 and the year ended November 30, 2016, the Adviser reimbursed the Fund $3,108 and $652, respectively, for trading losses incurred due to a trade entry error.

The Fund compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Fund. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. Such compensation retained by ABIS amounted to $220,299 for the year ended November 30, 2017.

AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund’s shares. The Distributor has advised the Fund that it has retained front-end sales charges of $1,910 from the sale of Class A shares and received $999, $3,245 and $510 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A, Class B and Class C shares, respectively, for the year ended November 30, 2017.

The Fund may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. In connection with the investment by the Fund in the Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund’s pro rata share of the effective advisory fees of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the year ended November 30, 2017, such waiver amounted to $38,275.

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A summary of the Fund’s transactions in AB mutual funds for the year ended November 30, 2017 is as follows:

Fund	Market Value 11/30/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 11/30/17 (000)		Dividend Income (000)
Government Money Market Portfolio	$	16,330	$	178,584	$	187,540	$	7,374	$	104
Government Money Market Portfolio*		834		37,772		37,274		1,332		13
Total							$	8,706	$	117

* Investments of cash collateral for securities lending transactions (see Note E).

Brokerage commissions paid on investment transactions for the year ended November 30, 2017 amounted to $184,654, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C

Distribution Services Agreement

The Fund has adopted a Distribution Services Agreement (the “Agreement”) pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Agreement, the Fund pays distribution and servicing fees to the Distributor at an annual rate of up to .30% of the Fund’s average daily net assets attributable to Class A shares, 1% of the Fund’s average daily net assets attributable to both Class B and Class C shares, .50% of the Fund’s average daily net assets attributable to Class R shares and .25% of the Fund’s average daily net assets attributable to Class K shares. There are no distribution and servicing fees on the Advisor Class and Class I shares. The fees are accrued daily and paid monthly. Effective February 27, 2015, payments under the Agreement in respect of Class A shares are limited to an annual rate of .25% of Class A shares’ average daily net assets. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. Since the commencement of the Fund’s operations, the Distributor has incurred expenses in excess of the distribution costs reimbursed by the Fund in the amounts of $770,253, $3,492,715, $416,294 and $251,193 for Class B, Class C, Class R and Class K shares, respectively. While such costs may be recovered from the Fund in future periods so long as the Agreement is in effect, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Fund’s shares.

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NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended November 30, 2017 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	24,388,727	$	62,648,932
U.S. government securities		43,826,239		6,032,109

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

Cost	$	279,049,029
Gross unrealized appreciation	$	33,268,538
Gross unrealized depreciation		(34,929,167	)
Net unrealized appreciation	$	(1,660,629	)

1. Derivative Financial Instruments

The Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

• Futures

The Fund may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Fund bears the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Fund may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under “Currency Transactions”.

At the time the Fund enters into futures, the Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the consolidated statement of assets and liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or

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payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Fund to risk of loss in excess of the amounts shown on the consolidated statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the year ended November 30, 2017, the Fund held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

The Fund may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Fund. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the year ended November 30, 2017, the Fund held forward currency exchange contracts for hedging and non-hedging purposes.

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• Option Transactions

For hedging and investment purposes, the Fund may purchase and write (sell) put and call options on U.S. and foreign securities, including government securities, and foreign currencies that are traded on U.S. and foreign securities exchanges and over-the-counter markets. Among other things, the Fund may use options transactions for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions” and may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, for hedging and investment purposes.

The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. If a put or call option purchased by the Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

When the Fund writes an option, the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from written options which expire unexercised are recorded by the Fund on the expiration date as realized gains from options written. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security or currency purchased by the Fund. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Fund could result in the Fund selling or buying a security or currency at a price different from the current market value.

The Fund may also invest in options on swap agreements, also called “swaptions”. A swaption is an option that gives the buyer the right,

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but not the obligation, to enter into a swap on a future date in exchange for paying a market-based “premium”. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate, or index. A payer swaption gives the owner the right to pay the total return on a specified asset, reference rate, or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties.

During the year ended November 30, 2017, the Fund held purchased options for hedging and non-hedging purposes. During the year ended November 30, 2017, the Fund held written options for hedging and non-hedging purposes.

During the year ended November 30, 2017, the Fund held written swaptions for hedging and non-hedging purposes.

At November 30, 2017, the maximum payments for written put options amounted to $168,548,999. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract.

• Swaps

The Fund may enter into swaps to hedge its exposure to interest rates, credit risk, equity markets or currencies. The Fund may also enter into swaps for non-hedging purposes as a means of gaining market exposures, making direct investments in foreign currencies, as described below under “Currency Transactions.” A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the

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counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Fund accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation/depreciation of swaps on the consolidated statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the consolidated statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received are recognized as cost or proceeds on the consolidated statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the consolidated statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the consolidated statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Fund enters into a centrally cleared swap, the Fund deposits and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the consolidated statement of assets and liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

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Interest Rate Swaps:

The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Fund may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

In addition, the Fund may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Fund anticipates purchasing at a later date. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or “notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments).

During the year ended November 30, 2017, the Fund held interest rate swaps for hedging and non-hedging purposes.

Credit Default Swaps:

The Fund may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Fund, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Fund may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Fund receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Fund is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Fund will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation.

In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same referenced obligations

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with the same counterparty. As of November 30, 2017, the Fund did not have Buy Contracts outstanding with respect to the same referenced obligations and same counterparty for its Sale Contracts outstanding.

Credit default swaps may involve greater risks than if a Fund had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Fund is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Fund coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Fund.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the year ended November 30, 2017, the Fund held credit default swaps for hedging and non-hedging purposes.

The Fund and the Subsidiary typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Fund’s and the Subsidiary net liability, held by the defaulting party, may be delayed or denied.

The Fund’s and Subsidiary’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the

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net assets of the Fund or the Subsidiary decline below specific levels (“net asset contingent features”). If these levels are triggered, the Fund’s and the Subsidiary OTC counterparty has the right to terminate such transaction and require the Fund or the Subsidiary to pay or receive a settlement amount in connection with the terminated transaction. For additional details, please refer to netting arrangements by the OTC counterparty tables below.

During the year ended November 30, 2017, the Fund had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Consolidated Statement of Assets and Liabilities Location	Fair Value			Consolidated Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on futures	$	172,935	*	Receivable/Payable for variation margin on futures	$	93,845	*
Equity contracts	Receivable/Payable for variation margin on futures		3,748,837	*	Receivable/Payable for variation margin on futures		593,666	*
Commodity contracts	Receivable/Payable for variation margin on futures		1,273,588	*	Receivable/Payable for variation margin on futures		1,418,194	*
Credit contracts	Receivable/Payable for variation margin on exchange traded swaps		1,178,619	*
Interest rate contracts	Receivable/Payable for variation margin on exchange traded swaps		1,815,155	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		6,722,816		Unrealized depreciation on forward currency exchange contracts		4,276,896
Interest rate contracts	Investments in securities, at value		152,047
Foreign exchange contracts	Investments in securities, at value		124,131
Equity contracts	Investments in securities, at value		314,154

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	Asset Derivatives			Liability Derivatives
Derivative Type	Consolidated Statement of Assets and Liabilities Location	Fair Value		Consolidated Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts				Swaptions written, at value	$	25,878
Foreign exchange contracts				Options written, at value		406,328
Equity contracts				Options written, at value		16,740
Credit contracts	Unrealized appreciation on credit default swaps	$	80,395	Unrealized depreciation on credit default swaps		78,724
Total		$	15,582,677		$	6,910,271

* Only variation margin receivable/payable at period end is reported within the consolidated statement of assets and liabilities.

This amount reflects cumulative appreciation/(depreciation) of exchange-traded derivatives as reported in the consolidated portfolio of investments.

Derivative Type	Location of Gain or (Loss) on Derivatives Within Consolidated Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	(572,958	)	$	147,787
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		3,340,286			3,406,249
Commodity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		2,591,540			(1,366,029	)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		(3,185,798	)		2,265,086

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Derivative Type	Location of Gain or (Loss) on Derivatives Within Consolidated Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments	$	210,681		$	29,988
Foreign exchange contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(944,102	)		(38,895	)
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		138,587			705,243
Foreign exchange contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		1,856,755			(381,117	)
Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		3,637,714			(1,234,000	)
Interest rate contracts	Net realized gain (loss) on swaptions written; Net change in unrealized appreciation/depreciation of swaptions written		319,582			28,218
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(139,425	)		1,707,822
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		528,534			544,661
Total		$	7,781,396		$	5,815,013

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

The following table represents the average monthly volume of the Fund’s derivative transactions during the year ended November 30, 2017:

Futures:
Average original value of buy contracts	$	189,633,077
Average original value of sale contracts	$	44,182,685
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	261,699,033
Average principal amount of sale contracts	$	411,473,379
Purchased Options:
Average monthly cost	$	724,146
Options Written:
Average notional amount	$	51,757,474
Swaptions Written:
Average notional amount	$	46,573,714	(a)
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	69,590,316
Credit Default Swaps:
Average notional amount of buy contracts	$	2,600,000
Average notional amount of sale contracts	$	2,600,000
Centrally Cleared Credit Default Swaps:
Average notional amount of sale contracts	$	31,134,615

(a) Positions were open for six months during the period.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the consolidated statement of assets and liabilities.

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements and net of the related collateral received/pledged by the Fund as of

November 30, 2017. Exchange-traded derivatives are not subject to netting arrangements and as such are excluded from the table.

AB Global Risk Allocation Fund

Counterparty	Derivative Assets Subject to a MA		Derivative Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivatives Assets
OTC Derivatives:
Australia and New Zealand Banking Group Ltd.	$	142,917	$	(5,721	)	$	– 0	–	$	– 0	–	$	137,196
Bank of America, NA		1,170,026		(252,236	)		– 0	–		– 0	–		917,790
Barclays Bank PLC		2,266,142		(580,246	)		– 0	–		– 0	–		1,685,896
BNP Paribas SA		311,227		(15,311	)		(260,000	)		– 0	–		35,916
Citibank, NA		831,822		(831,822	)		– 0	–		– 0	–		– 0	–
Credit Suisse International		225,837		(225,837	)		– 0	–		– 0	–		– 0	–
Deutsche Bank AG		220,001		(127,959	)		(92,042	)		– 0	–		– 0	–
Goldman Sachs Bank USA/Goldman Sachs International		710,297		(637,493	)		– 0	–		– 0	–		72,804

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Counterparty

Derivative Assets Subject to a MA

Derivative Available for Offset

Cash Collateral Received*

Security Collateral Received*

Net Amount of Derivatives Assets

JPMorgan Chase Bank, NA

$

15,036

$

(15,036

)

$

– 0

–

$

– 0

–

$

– 0

–

Morgan Stanley Capital Services, Inc.

34,631

(33,119

)

– 0

–

– 0

–

1,512

Royal Bank of Scotland PLC

218,101

(159,484

)

– 0

–

– 0

–

58,617

Standard Chartered Bank

227,280

(81,154

)

– 0

–

– 0

–

146,126

State Street Bank & Trust Co.

291,918

(291,918

)

– 0

–

– 0

–

– 0

–

UBS AG

395,134

(329,513

)

– 0

–

– 0

–

65,621

Total

$

7,060,369

$

(3,586,849

)

$

(352,042

)

$

– 0

–

$

3,121,478

^

Counterparty

Derivative Liabilities Subject to a MA

Derivative Available for Offset

Cash Collateral Pledged*

Security Collateral Pledged*

Net Amount of Derivatives Liabilities

OTC Derivatives:

Australia and New Zealand Banking Group Ltd.

$

5,721

$

(5,721

)

$

– 0

–

$

– 0

–

$

– 0

–

Bank of America, NA

252,236

(252,236

)

– 0

–

– 0

–

– 0

–

Barclays Bank PLC

580,246

(580,246

)

– 0

–

– 0

–

– 0

–

BNP Paribas SA

15,311

(15,311

)

– 0

–

– 0

–

– 0

–

Brown Brothers Harriman & Co.

22,730

– 0

–

– 0

–

– 0

–

22,730

Citibank, NA

1,305,164

(831,822

)

– 0

–

– 0

–

473,342

Credit Suisse International

361,234

(225,837

)

– 0

–

– 0

–

135,397

Deutsche Bank AG

127,959

(127,959

)

– 0

–

– 0

–

– 0

–

Goldman Sachs Bank USA/Goldman Sachs International

637,493

(637,493

)

– 0

–

– 0

–

– 0

–

JPMorgan Chase Bank, NA

168,078

(15,036

)

– 0

–

– 0

–

153,042

Morgan Stanley Capital Services, Inc.

33,119

(33,119

)

– 0

–

– 0

–

– 0

–

Royal Bank of Scotland PLC

159,484

(159,484

)

– 0

–

– 0

–

– 0

–

Standard Chartered Bank

81,154

(81,154

)

– 0

–

– 0

–

– 0

–

State Street Bank & Trust Co.

691,036

(291,918

)

– 0

–

– 0

–

399,118

UBS AG

329,513

(329,513

)

– 0

–

– 0

–

– 0

–

Total

$

4,770,478

$

(3,586,849

)

$

– 0

–

$

– 0

–

$

1,183,629

^

* The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^ Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

2. Currency Transactions

The Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Fund may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Fund may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Fund and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Fund 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).

3. TBA and Dollar Rolls

The Fund may invest in TBA mortgage-backed securities. A TBA, or “To Be Announced”, trade represents a contract for the purchase or sale of mortgage-backed securities to be delivered at a future agree-upon date; however, the specific mortgage pool numbers or the number of pools that will be delivered to fulfill the trade obligation or terms of the contract are unknown at the time of the trade. Mortgage pools (including fixed-rate or variable-rate mortgages) guaranteed by the Government National Mortgage Association, or GNMA, the Federal National Mortgage Association, or FNMA, or the Federal Home Loan Mortgage Corporation, or FHLMC, are subsequently allocated to the TBA transactions. During the year ended November 30, 2017, the Fund did not engage in TBA transactions.

The Fund may enter into dollar rolls. Dollar rolls involve sales by the Fund of securities for delivery in the current month and the Fund’s simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the securities. The Fund is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”) as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. During the year ended November 30, 2017, the Fund had no transactions in dollar rolls.

NOTE E

Securities Lending

The Fund may enter into securities lending transactions. Under the Fund’s securities lending program, all loans of securities will be collateralized continually

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

by cash. The Fund will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Fund in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Fund to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Fund will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Fund amounts equal to any income or other distributions from the securities. The Fund will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Fund, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the consolidated statement of assets and liabilities. When the Fund lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At November 30, 2017, the Fund had securities on loan with a value of $1,278,886 and had received cash collateral which has been invested into Government Money Market Portfolio of $1,332,435. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Fund earned securities lending income of $0 and $13,080 from the borrowers and Government Money Market Portfolio, respectively, for the year ended November 30, 2017; these amounts are reflected in the consolidated statement of operations. In connection with the cash collateral investment by the Fund in the Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Fund’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the year ended November 30, 2017, such waiver amounted to $3,581. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

NOTE F

Capital Stock

Each class consists of 3,000,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	Shares						Amount
	Year Ended November 30, 2017			Year Ended November 30, 2016			Year Ended November 30, 2017			Year Ended November 30, 2016
Class A
Shares sold		608,371			489,236		$	9,693,114		$	7,396,811
Shares issued in reinvestment of dividends		727,436			10,093			10,926,083			151,290
Shares converted from Class B		67,717			120,858			1,074,933			1,815,343
Shares converted from Class C		1,469,724			– 0	–		23,298,593			– 0	–
Shares redeemed		(2,779,539	)		(3,687,023	)		(44,282,607	)		(55,901,878	)
Net increase (decrease)		93,709			(3,066,836	)	$	710,116		$	(46,538,434	)
Class B
Shares sold		14,235			16,866		$	205,717		$	232,023
Shares issued in reinvestment of dividends		12,557			– 0	–		171,656			– 0	–
Shares converted to Class A		(74,654	)		(132,695	)		(1,074,933	)		(1,815,343	)
Shares redeemed		(34,173	)		(59,593	)		(492,420	)		(814,791	)
Net decrease		(82,035	)		(175,422	)	$	(1,189,980	)	$	(2,398,111	)
Class C
Shares sold		47,516			72,560		$	691,927		$	994,049
Shares issued in reinvestment of dividends		122,968			– 0	–		1,684,665			– 0	–
Shares converted to Class A		(1,616,943	)		– 0	–		(23,298,593	)		– 0	–
Shares redeemed		(595,661	)		(832,317	)		(8,546,258	)		(11,474,076	)
Net decrease		(2,042,120	)		(759,757	)	$	(29,468,259	)	$	(10,480,027	)
Advisor Class
Shares sold		600,033			238,576		$	9,643,985		$	3,688,037
Shares issued in reinvestment of dividends		40,167			2,341			607,725			35,351
Shares redeemed		(436,588	)		(940,434	)		(7,018,969	)		(14,105,621	)
Net increase (decrease)		203,612			(699,517	)	$	3,232,741		$	(10,382,233	)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

	Shares						Amount
	Year Ended November 30, 2017			Year Ended November 30, 2016			Year Ended November 30, 2017			Year Ended November 30, 2016
Class R
Shares sold		25,778			54,770		$	404,415		$	825,333
Shares issued in reinvestment of dividends		8,849			– 0	–		132,111			– 0	–
Shares redeemed		(58,117	)		(158,963	)		(919,801	)		(2,460,799	)
Net decrease		(23,490	)		(104,193	)	$	(383,275	)	$	(1,635,466	)
Class K
Shares sold		15,073			22,149		$	238,007		$	333,135
Shares issued in reinvestment of dividends		5,164			76			77,410			1,139
Shares redeemed		(59,373	)		(34,549	)		(936,549	)		(513,846	)
Net decrease		(39,136	)		(12,324	)	$	(621,132	)	$	(179,572	)
Class I
Shares sold		20,482			139,695		$	332,209		$	2,095,794
Shares issued in reinvestment of dividends		8,768			61			132,487			918
Shares redeemed		(22,449	)		(26,686	)		(361,851	)		(404,889	)
Net increase		6,801			113,070		$	102,845		$	1,691,823

For the year ended November 30, 2017, the Fund recorded $43,921 related to a third party’s settlement of regulatory proceedings. This amount is presented in the Fund’s statement of changes in net assets. Neither the Fund nor its affiliates were involved in the proceedings or the calculation of the payment.

NOTE G

Risks Involved in Investing in the Fund

Allocation Risk—The allocation of investments among asset classes may have a significant effect on the Fund’s net asset value, or NAV, when the asset classes in which the Fund’s has invested more heavily perform worse than the asset classes invested in less heavily.

Interest Rate Risk and Credit Risk—Interest rate risk is the risk that changes in interest rates will affect the value of the Fund’s investments in fixed-income debt securities such as bonds or notes. Increases in interest rates may cause the value of the Fund’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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

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.

Commodity Risk—Investing in commodities and commodity-linked derivative instruments, either directly or through the Subsidiary, may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

Below Investment Grade Securities Risk—Investments in fixed-income securities with ratings below investment grade, commonly known as “junk bonds”, tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the junk bond market generally and less secondary market liquidity.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

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

Emerging Market Risk—Investments in emerging market countries may have more risk because the markets are less developed and less liquid as well as being subject to increased economic, political, regulatory or other uncertainties.

Subsidiary Risk—By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and, unless otherwise noted in the Fund’s prospectus, is not subject to all of the investor protections of the 1940 Act. However, the Fund wholly owns and controls the Subsidiary, and the Fund and the Subsidiary are managed by the Adviser, making it unlikely the

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Subsidiary will take actions contrary to the interests of the Fund or its shareholders. In addition, changes in federal tax laws applicable to the Fund or interpretations thereof could limit the Fund’s ability to gain exposure to commodities investments through investments in the Subsidiary.

Derivatives Risk—The Fund may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Fund, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the consolidated statement of assets and liabilities.

Leverage Risk—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Fund, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

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

NOTE H

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $280 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 consolidated statement of operations. The Fund did not utilize the Facility during the year ended November 30, 2017.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

NOTE I

Distributions to Shareholders

The tax character of distributions paid during the fiscal year ended November 30, 2017 and the period ended November 30, 2016 were as follows:

	2017		2016
Distributions paid from:
Ordinary income	$	15,360,002	$	205,901
Total distributions paid	$	15,360,002	$	205,901

As of November 30, 2017, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	8,120,564
Accumulated capital and other losses		(2,796,717	)(a)
Unrealized appreciation/(depreciation)		(2,375,812	)(b)
Total accumulated earnings/(deficit)	$	2,948,035

(a) As of November 30, 2017, the Fund had a net capital loss carryforward of $2,796,717. During the fiscal year, the Fund utilized $13,912,005 of capital loss carry forwards to offset current year net realized gains.

(b) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the tax deferral of losses on wash sales, the tax treatment of swaps, passive foreign investment companies (PFICs), partnership investments, the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of earnings from the Subsidiary, and corporate restructuring.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of November 30, 2017, the Fund had a net short-term capital loss carryforward of $2,623,591 and a net long-term capital loss carryforward of $173,126, which may be carried forward for an indefinite period.

During the current fiscal year, permanent differences primarily due to the tax treatment of swaps, passive foreign investment companies (PFICs), partnership investments, foreign currency reclassifications, paydown gain/loss reclassifications, and book/tax differences associated with the treatment of earnings from the Subsidiary, resulted in a net decrease in distributions in excess of net investment income, a net increase in accumulated net realized loss on investment and foreign currency transactions, and a net increase in additional paid-in capital. These reclassifications had no effect on net assets.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

NOTE J

Recent Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the “ASU”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the consolidated financial statements.

NOTE K

Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the consolidated financial statements through the date the consolidated financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund’s consolidated financial statements through this date.

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CONSOLIDATED FINANCIAL HIGHLIGHTS

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

	Class A
	Year Ended November 30,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$  15.79			$  15.29			$  17.54			$  16.48			$  17.72
Income From Investment Operations
Net investment income(a)		.13	(b)		.15	(b)†		.16			.21			.10
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.67			.36			(.60	)		1.11			(.02	)
Contributions from Adviser		.00	(c)		.00	(c)		.01			– 0	–		.01
Capital Contributions		.00	(c)		– 0	–		– 0	–		– 0	–		– 0	–
Net increase (decrease) in net asset value from operations		1.80			.51			(.43	)		1.32			.09
Less: Dividends and Distributions
Dividends from net investment income		(.84	)		(.01	)		(1.10	)		– 0	–		(.15	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.48	)		(.26	)		(1.18	)
Tax return of capital		– 0	–		– 0	–		(.24	)		– 0	–		– 0	–
Total dividends and distributions		(.84	)		(.01	)		(1.82	)		(.26	)		(1.33	)
Net asset value, end of period		$  16.75			$  15.79			$  15.29			$  17.54			$  16.48
Total Return
Total investment return based on net asset value(d)*#		12.00	%		3.34	%†		(2.56	)%(e)		8.14	%		.57	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$243,518			$228,036			$267,703			$304,092			$330,368
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(f)(g)		1.29	%		1.28	%		1.28	%		1.28	%		1.17	%
Expenses, before waivers/reimbursements(f)(g)		1.30	%		1.30	%		1.28	%		1.28	%		1.17	%
Net investment income		.79	%(b)		.96	%(b)†		1.01	%		1.25	%		.58	%
Portfolio turnover rate		30	%		79	%		250	%		96	%		158	%**

See footnote summary on page 117.

110    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)

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

	Class B
	Year Ended November 30,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$  14.32			$  13.96			$  16.13			$  15.29			$  16.57
Income From Investment Operations
Net investment income (loss)(a)		(.02	)(b)		–  0	–(b)(c)†		.01			.08			(.03	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.54			.36			(.52	)		1.02			.00	(c)
Contributions from Adviser		.00	(c)		.00	(c)		.01			– 0	–		.01
Capital Contributions		.00	(c)		– 0	–		– 0	–		– 0	–		– 0	–
Net increase (decrease) in net asset value from operations		1.52			.36			(.50	)		1.10			(.02	)
Less: Dividends and Distributions
Dividends from net investment income		(.71	)		– 0	–		(.95	)		– 0	–		(.08	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.48	)		(.26	)		(1.18	)
Tax return of capital		– 0	–		– 0	–		(.24	)		– 0	–		– 0	–
Total dividends and distributions		(.71	)		– 0	–		(1.67	)		(.26	)		(1.26	)
Net asset value, end of period		$  15.13			$  14.32			$  13.96			$  16.13			$  15.29
Total Return
Total investment return based on net asset value(d)*#		11.12	%		2.58	%†		(3.30	)%(e)		7.32	%		(.12	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$2,643			$3,676			$6,033			$11,730			$18,652
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(f)(g)		2.08	%		2.04	%		2.05	%		2.01	%		1.89	%
Expenses, before waivers/reimbursements(f)(g)		2.10	%		2.06	%		2.05	%		2.01	%		1.89	%
Net investment income (loss)		(.16	)%(b)		.01	%(b)†		.10	%		.54	%		(.21	)%
Portfolio turnover rate		30	%		79	%		250	%		96	%		158	%**

See footnote summary on page 117.

abfunds.com AB GLOBAL RISK ALLOCATION FUND    ^|    111

CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)

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

	Class C
	Year Ended November 30,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$  14.37			$  14.01			$  16.22			$  15.37			$  16.66
Income From Investment Operations
Net investment income (loss)(a)		(.07	)(b)		.03	(b)†		.04			.08			(.02	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.60			.33			(.55	)		1.03			(.01	)
Contributions from Adviser		.00	(c)		.00	(c)		.01			– 0	–		.01
Capital Contributions		.00	(c)		– 0	–		– 0	–		– 0	–		– 0	–
Net increase (decrease) in net asset value from operations		1.53			.36			(.50	)		1.11			(.02	)
Less: Dividends and Distributions
Dividends from net investment income		(.73	)		– 0	–		(.99	)		– 0	–		(.09	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.48	)		(.26	)		(1.18	)
Tax return of capital		– 0	–		– 0	–		(.24	)		– 0	–		– 0	–
Total dividends and distributions		(.73	)		– 0	–		(1.71	)		(.26	)		(1.27	)
Net asset value, end of period		$  15.17			$  14.37			$  14.01			$  16.22			$  15.37
Total Return
Total investment return based on net asset value(d)*#		11.18	%		2.57	%†		(3.27	)%(e)		7.35	%		(.12	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$12,188			$40,885			$50,508			$57,567			$60,336
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(f)(g)		2.05	%		2.03	%		2.02	%		2.00	%		1.89	%
Expenses, before waivers/reimbursements(f)(g)		2.06	%		2.05	%		2.02	%		2.00	%		1.89	%
Net investment income (loss)		(.46	)%(b)		.18	%(b)†		.26	%		.53	%		(.14	)%
Portfolio turnover rate		30	%		79	%		250	%		96	%		158	%**

See footnote summary on page 117.

112    ^|    AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)

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

	Advisor Class
	Year Ended November 30,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$  15.94			$  15.41			$  17.67			$  16.55			$  17.77
Income From Investment Operations
Net investment income(a)		.19	(b)		.16	(b)†		.21			.21			.14
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.67			.40			(.61	)		1.17			(.02	)
Contributions from Adviser		.00	(c)		.00	(c)		.01			– 0	–		.02
Capital Contributions		.00	(c)		– 0	–		– 0	–		– 0	–		– 0	–
Net increase (decrease) in net asset value from operations		1.86			.56			(.39	)		1.38			.14
Less: Dividends and Distributions
Dividends from net investment income		(.88	)		(.03	)		(1.15	)		– 0	–		(.18	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.48	)		(.26	)		(1.18	)
Tax return of capital		– 0	–		– 0	–		(.24	)		– 0	–		– 0	–
Total dividends and distributions		(.88	)		(.03	)		(1.87	)		(.26	)		(1.36	)
Net asset value, end of period		$  16.92			$  15.94			$  15.41			$  17.67			$  16.55
Total Return
Total investment return based on net asset value(d)*#		12.38	%		3.55	%†		(2.27	)%(e)		8.41	%		.86	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$17,200			$12,960			$23,311			$20,893			$22,933
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(f)(g)		1.04	%		1.03	%		1.02	%		1.00	%		.88	%
Expenses, before waivers/reimbursements(f)(g)		1.05	%		1.05	%		1.02	%		1.00	%		.88	%
Net investment income		1.19	%(b)		1.06	%(b)†		1.34	%		1.25	%		.85	%
Portfolio turnover rate		30	%		79	%		250	%		96	%		158	%**

See footnote summary on page 117.

abfunds.com AB GLOBAL RISK ALLOCATION FUND    ^|    113

CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)

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

	Class R
	Year Ended November 30,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$  15.61			$  15.15			$  17.40			$  16.40			$  17.66
Income From Investment Operations
Net investment income(a)		.06	(b)		.06	(b)†		.11			.16			.04
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.67			.40			(.60	)		1.10			(.02	)
Contributions from Adviser		.00	(c)		.00	(c)		.01			– 0	–		.02
Capital Contributions		.00	(c)		– 0	–		– 0	–		– 0	–		– 0	–
Net increase (decrease) in net asset value from operations		1.73			.46			(.48	)		1.26			.04
Less: Dividends and Distributions
Dividends from net investment income		(.75	)		– 0	–		(1.05	)		– 0	–		(.12	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.48	)		(.26	)		(1.18	)
Tax return of capital		– 0	–		– 0	–		(.24	)		– 0	–		– 0	–
Total dividends and distributions		(.75	)		– 0	–		(1.77	)		(.26	)		(1.30	)
Net asset value, end of period		$  16.59			$  15.61			$  15.15			$  17.40			$  16.40
Total Return
Total investment return based on net asset value(d)*#		11.63	%		3.04	%†		(2.84	)%(e)		7.75	%		.29	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$2,526			$2,743			$4,241			$4,523			$3,676
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(f)(g)		1.63	%		1.61	%		1.61	%		1.59	%		1.46	%
Expenses, before waivers/reimbursements(f)(g)		1.64	%		1.62	%		1.61	%		1.59	%		1.46	%
Net investment income		.36	%(b)		.41	%(b)†		.69	%		.95	%		.23	%
Portfolio turnover rate		30	%		79	%		250	%		96	%		158	%**

See footnote summary on page 117.

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CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)

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

	Class K
	Year Ended November 30,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$  15.75			$  15.25			$  17.50			$  16.45			$  17.68
Income From Investment Operations
Net investment income(a)		.10	(b)		.15	(b)†		.16			.21			.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.68			.36			(.59	)		1.10			.00	(c)
Contributions from Adviser		.00	(c)		.00	(c)		.01			– 0	–		.01
Capital Contributions		.00	(c)		– 0	–		– 0	–		– 0	–		– 0	–
Net increase (decrease) in net asset value from operations		1.78			.51			(.42	)		1.31			.10
Less: Dividends and Distributions
Dividends from net investment income		(.82	)		(.01	)		(1.11	)		– 0	–		(.15	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.48	)		(.26	)		(1.18	)
Tax return of capital		– 0	–		– 0	–		(.24	)		– 0	–		– 0	–
Total dividends and distributions		(.82	)		(.01	)		(1.83	)		(.26	)		(1.33	)
Net asset value, end of period		$  16.71			$  15.75			$  15.25			$  17.50			$  16.45
Total Return
Total investment return based on net asset value(d)*#		12.00	%		3.27	%†		(2.55	)%(e)		8.09	%		.64	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,265			$1,809			$1,939			$2,098			$2,033
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(f)(g)		1.31	%		1.30	%		1.30	%		1.27	%		1.16	%
Expenses, before waivers/reimbursements(f)(g)		1.33	%		1.31	%		1.30	%		1.27	%		1.16	%
Net investment income		.66	%(b)		1.00	%(b)†		.99	%		1.26	%		.57	%
Portfolio turnover rate		30	%		79	%		250	%		96	%		158	%**

See footnote summary on page 117.

abfunds.com AB GLOBAL RISK ALLOCATION FUND    ^|    115

CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)

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

	Class I
	Year Ended November 30,
	2017			2016				2015			2014			2013
Net asset value, beginning of period		$  15.94			$  15.39				$  17.66			$  16.52			$  17.72
Income From Investment Operations
Net investment income(a)		.18	(b)		.29	(b)†			.22			.27			.10
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.69			.30				(.60	)		1.13			.05	‡
Contributions from Adviser		.00	(c)		.00	(c)			.01			– 0	–		.01
Capital Contributions		.00	(c)		– 0	–			– 0	–		– 0	–		– 0	–
Net increase (decrease) in net asset value from operations		1.87			.59				(.37	)		1.40			.16
Less: Dividends and Distributions
Dividends from net investment income		(.91	)		(.04	)			(1.18	)		– 0	–		(.18	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–			(.48	)		(.26	)		(1.18	)
Tax return of capital		– 0	–		– 0	–			(.24	)		– 0	–		– 0	–
Total dividends and distributions		(.91	)		(.04	)			(1.90	)		(.26	)		(1.36	)
Net asset value, end of period		$  16.90			$  15.94				$  15.39			$  17.66			$  16.52
Total Return
Total investment return based on net asset value(d)*#		12.39	%		3.81	%†			(2.12	)%(e)		8.55	%		1.02	%
Ratios/Supplemental Data							��
Net assets, end of period (000’s omitted)		$2,467			$2,218				$402			$49			$84
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(f)(g)		.93	%		.86	%			.91	%		.83	%		.71	%
Expenses, before waivers/reimbursements(f)(g)		.95	%		.87	%			.91	%		.83	%		.71	%
Net investment income		1.14	%(b)		1.88	%(b)†			1.45	%		1.59	%		.98	%
Portfolio turnover rate		30	%		79	%			250	%		96	%		158	%**

See footnote summary on page 117.

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CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)

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

(a) Based on average shares outstanding.

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

(c) Amount is less than $.005.

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

(e) Includes the impact of a voluntary reimbursement from the Adviser for trading losses incurred due to a trade entry error; absent of such payment, the Fund’s performance would have been reduced by 0.07% for the year ended November 30, 2015.

(f) In connection with the Fund’s investments in affiliated underlying portfolios, the Fund incurs no direct expenses, but bear proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund’s pro rata share of certain acquired fund fees and expenses, and for the years ended November 30, 2017 and November 30, 2016 (annualized) such waiver amounted to 0.01% and 0.02%, respectively.

(g) The expense ratios presented below exclude interest expense:

	Year Ended November 30,
	2017			2016			2015		2014		2013
Class A
Net of waivers/reimbursements		1.29	%		1.28	%		N/A		N/A		1.17	%
Before waivers/reimbursements		1.30	%		1.29	%		N/A		N/A		1.17	%
Class B
Net of waivers/reimbursements		2.08	%		2.04	%		N/A		N/A		1.89	%
Before waivers/reimbursements		2.10	%		2.06	%		N/A		N/A		1.89	%
Class C
Net of waivers/reimbursements		2.05	%		2.03	%		N/A		N/A		1.88	%
Before waivers/reimbursements		2.06	%		2.05	%		N/A		N/A		1.88	%
Advisor Class
Net of waivers/reimbursements		1.04	%		1.03	%		N/A		N/A		.87	%
Before waivers/reimbursements		1.05	%		1.05	%		N/A		N/A		.87	%
Class R
Net of waivers/reimbursements		1.63	%		1.61	%		N/A		N/A		1.46	%
Before waivers/reimbursements		1.64	%		1.62	%		N/A		N/A		1.46	%
Class K
Net of waivers/reimbursements		1.31	%		1.29	%		N/A		N/A		1.15	%
Before waivers/reimbursements		1.33	%		1.31	%		N/A		N/A		1.15	%
Class I
Net of waivers/reimbursements		.93	%		.85	%		N/A		N/A		.71	%
Before waivers/reimbursements		.95	%		.87	%		N/A		N/A		.71	%

† For the year ended November 30, 2016 the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income Ratio			Total Return
$.001		.06	%		.06	%

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CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)

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

* Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the years ended November 30, 2017, November 30, 2016, November 30, 2015, November 30, 2014 and November 30, 2013 by 0.81%, 0.01%, 0.08%, 0.06% and 0.04%, respectively.

Includes the impact of proceeds received and credited to the Fund resulting from a third party regulatory settlement, which enhanced the Fund’s performance for the year ended November 30, 2017 by .02%.

# The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.

** The Fund accounts for dollar roll transactions as purchases and sales.

‡ Due to timing of sales and repurchase of capital shares, the net realized and unrealized gain (loss) per share is not in accord with the Fund’s change in net realized and unrealized gain (loss) on investment transactions for the period.

^ Annualized

See notes to consolidated financial statements.

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REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of

AB Global Risk Allocation Fund, Inc.

We have audited the accompanying consolidated statement of assets and liabilities of AB Global Risk Allocation Fund, Inc. (the “Fund”), including the consolidated portfolio of investments, as of November 30, 2017, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the five 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.

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 audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the 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 November 30, 2017, by correspondence with the custodian and others, or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the consolidated financial position of AB Global Risk Allocation Fund, Inc. at November 30, 2017, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York

January 26, 2018

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2017 FEDERAL TAX INFORMATION

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable period ended November 30, 2017. For individual shareholders, the Fund designates 15.96% of dividends paid as qualified dividend income. For corporate shareholders, 5.20% of dividends paid qualify for the dividends received deduction. For foreign shareholders, 17% of ordinary dividends paid may be considered to be qualifying to be taxed as interest-related dividends.

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 2018.

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BOARD OF DIRECTORS

Marshall C. Turner, Jr.⁽¹⁾, Chairman Michael J. Downey⁽¹⁾ William H. Foulk, Jr.⁽¹⁾ Nancy P. Jacklin⁽¹⁾ Robert M. Keith, President and Chief Executive Officer Carol C. McMullen⁽¹⁾ Garry L. Moody⁽¹⁾ Earl D. Weiner⁽¹⁾

OFFICERS

Daniel J. Loewy⁽²⁾, Vice President Leon Zhu⁽²⁾ , Vice President Emilie D. Wrapp, Secretary Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer

Custodian and Accounting Agent State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210   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.

2 The management of, and investment decisions for, the Fund’s portfolio are made by the Adviser’s Quantitative Investment Team. Messrs. Loewy and Zhu are the investment professionals with the most significant responsibilities for the day-to-day management of the Fund’s portfolio.

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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, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith, # 1345 Avenue of the Americas New York, NY 10105 57 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB 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.		96	None

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MANAGEMENT OF THE FUND (continued)

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr., ## Chairman of the Board 76 (2005)	Private Investor since prior to 2013. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such Funds since February 2014.		96	Xilinx, Inc. (programmable logic semi-conductors) since 2007
Michael J. Downey## 74 (2005)	Private Investor since prior to 2013. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. 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 AB Funds since 2005 and is a director and Chairman of one other registered investment company.		96	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2013

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MANAGEMENT OF THE FUND (continued)

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
William H. Foulk, Jr.## 85 (1992)	Investment Adviser and an Independent Consultant since prior to 2013. 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 AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		96	None

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MANAGEMENT OF THE FUND (continued)

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Nancy P. Jacklin## 69 (2006)	Private Investor since prior to 2013. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (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 AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		96	None

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MANAGEMENT OF THE FUND (continued)

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Carol C. McMullen## 62 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) since 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 to 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		96	None

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MANAGEMENT OF THE FUND (continued)

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Garry L. Moody## 65 (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), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		96	None
Earl D. Weiner## 78 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the 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 AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		96	None

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MANAGEMENT OF THE FUND (continued)

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

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

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

# 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.

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MANAGEMENT OF THE FUND (continued)

Officer Information

Certain information concerning the Fund’s Officers is set forth below.

NAME, ADDRESS* AND AGE	POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 57	President and Chief Executive Officer	See biography above.
Daniel J. Loewy 43	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013.
Leon Zhu 50	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013.
Emilie D. Wrapp 62	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2013.
Joseph J. Mantineo 58	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2013.
Phyllis J. Clarke 57	Controller	Vice President of ABIS**, with which she has been associated since prior to 2013.
Vincent S. Noto 53	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2013.

* 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 AB at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

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Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Global Risk Allocation Fund, Inc. (the “Fund”) unanimously approved the continuance of the Advisory Agreement with the Adviser at a meeting held on May 2-4, 2017 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, 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 Fund’s Senior Officer (who is also the Fund’s Independent Compliance Officer), who acted as their independent fee consultant, of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Fund’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. 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 the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

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Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund 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. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Fund’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2015 and 2016 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Fund’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood 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 relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of 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 relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in the periods reviewed.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive

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brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Fund’s shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Fund’s unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

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

At the Meeting, the directors reviewed information prepared by an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a peer group and a peer universe, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2017. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates paid by other funds in the same category as the Fund at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Fund’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

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The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors noted that the Fund invests in shares of exchange-traded funds (“ETFs”), subject to the restrictions and limitations of the Investment Company Act of 1940 as these may be varied as a result of exemptive orders issued by the SEC. The directors noted that ETFs pay advisory fees pursuant to their advisory contracts, and that the Adviser had provided, and they had reviewed, information about the expense ratios of the relevant ETFs. The directors concluded, based on the Adviser’s explanation of how it uses ETFs when they are the most cost-effective way to obtain desired exposures for a fund or to temporarily “equitize” cash inflows pending purchases of underlying securities, that the advisory fee for the Fund is paid for services that are in addition to, rather than duplicative of, the services provided under the advisory contracts of the ETFs.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the peer group median. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints and that the net assets of the Fund were higher than a breakpoint level. Accordingly, the Fund’s current effective advisory fee rate reflected a reduction due to the breakpoint and would be further reduced to the extent the net assets of the Fund increase. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB 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 in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser

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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 Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s breakpoint arrangements were acceptable and provide a means for sharing of any economies of scale.

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This page is not part of the Shareholder Report or the Financial Statements.

AB FAMILY OF FUNDS

US EQUITY

US CORE

Core Opportunities Fund

FlexFee^™ US Thematic Portfolio

Select US Equity Portfolio

US GROWTH

Concentrated Growth Fund

Discovery Growth Fund

FlexFee^™ Large Cap Growth Portfolio

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

US VALUE

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

INTERNATIONAL/ GLOBAL EQUITY

INTERNATIONAL/ GLOBAL CORE

Global Core Equity Portfolio

International Portfolio

International Strategic Core Portfolio

Sustainable Global Thematic Fund

Tax-Managed International Portfolio

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

INTERNATIONAL/ GLOBAL GROWTH

Concentrated International Growth Portfolio

Sustainable International Thematic Fund¹

INTERNATIONAL/ GLOBAL EQUITY (continued)

INTERNATIONAL/ GLOBAL VALUE

Asia ex-Japan Equity Portfolio

International Value Fund

FIXED INCOME

MUNICIPAL

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

TAXABLE

Bond Inflation Strategy

FlexFee^™ International Bond Portfolio

Global Bond Fund

High Income Fund

High Yield Portfolio

Income Fund

Intermediate Bond Portfolio

Limited Duration High Income Portfolio

Short Duration Portfolio

ALTERNATIVES

All Market Real Return Portfolio

Credit Long/Short Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

Unconstrained Bond Fund

MULTI-ASSET

All Market Income Portfolio

All Market Total Return Portfolio¹

Conservative Wealth Strategy

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Tax-Managed All Market Income Portfolio¹

TARGET-DATE

Multi-Manager Select Retirement Allocation Fund

Multi-Manager Select 2010 Fund

Multi-Manager Select 2015 Fund

Multi-Manager Select 2020 Fund

Multi-Manager Select 2025 Fund

Multi-Manager Select 2030 Fund

Multi-Manager Select 2035 Fund

Multi-Manager Select 2040 Fund

Multi-Manager Select 2045 Fund

Multi-Manager Select 2050 Fund

Multi-Manager Select 2055 Fund

CLOSED-END FUNDS

Alliance California Municipal Income Fund

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

We also offer Government Money Market Portfolio¹, which serves as the money market fund exchange vehicle for the AB mutual funds. An investment in Government Money Market Portfolio 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.

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.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

1 Prior to April 17, 2017, Tax-Managed All Market Income Portfolio was named Tax-Managed Balanced Wealth Strategy; prior to April 24, 2017, All Market Total Return Portfolio was named Balanced Wealth Strategy; prior to November 10, 2017, Government Money Market Portfolio was named Government Exchange Reserves; prior to January 8, 2018, Sustainable International Thematic Fund was named International Growth Fund.

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NOTES

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NOTES

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NOTES

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NOTES

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NOTES

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AB GLOBAL RISK ALLOCATION FUND

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

GRA-0151-1117                 

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 Garry L. Moody, William H. Foulk, Jr. and Marshall C. Turner, Jr. 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, 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
AB Global Risk Allocation	2016		$	99,392		$	15		$	46,007
	2017		$	99,392		$	38		$	51,990

(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			Total Amount of Foregoing Column Pre- approved by the Audit Committee (Portion Comprised of Audit Related Fees) (Portion Comprised of Tax Fees)
AB Global Risk Allocation	2016		$	452,472		$	46,022
						$	(15	)
						$	(46,007	)
	2017		$	775,143		$	52,028
						$	(38	)
						$	(51,990	)

(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-3 (c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the second fiscal quarter of the period that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

The following exhibits are attached to this Form N-CSR:

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
12 (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): AB Global Risk Allocation Fund, Inc.

By:	/s/ Robert M. Keith
	Robert M. Keith
	President
Date:	January 29, 2018

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:	January 29, 2018
By:	/s/ Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer
Date:	January 29, 2018