Ab Global Risk Allocation Fund N-CSRS Certified semi-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)

Stephen M. Woetzel

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, 2024

Date of reporting period: May 31, 2024

ITEM 1. REPORTS TO STOCKHOLDERS.

1

Advisor Class: CBSYX

May 31, 2024 

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Fund Information

AB Global Risk Allocation Fund 

Semi-Annual Shareholder Report 

This semi-annual shareholder report contains important information about the AB Global Risk Allocation Fund (the “Fund”) for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/CBSYX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor Class	$58	1.12%

Fund Performance

The following graph shows the performance of hypothetical $10,000 investments in the Fund and a broad-based securities market index over the most recently completed 10 fiscal years of the Fund. The Fund's performance reflects sales charges and assumes the reinvestment of dividends.

	Advisor Class	MSCI World Index	Blended Benchmark: 60% MSCI World Index / 40% Bloomberg Global Aggregate Bond Index
05/14	$10,000	$10,000	$10,000
11/14	$10,126	$10,045	$10,022
11/15	$9,897	$9,972	$9,825
11/16	$10,235	$10,287	$10,149
11/17	$11,517	$12,720	$11,829
11/18	$11,105	$12,737	$11,718
11/19	$12,023	$14,588	$13,171
11/20	$13,187	$16,706	$14,844
11/21	$14,991	$20,345	$16,509
11/22	$14,318	$18,136	$14,353
11/23	$14,183	$20,490	$15,588
05/24	$15,151	$23,963	$17,002

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years
Advisor Class (without sales charge)	6.83%	9.08%	5.58%	4.24%
Advisor Class (with sales charge)	6.83%	9.08%	5.58%	4.24%
MSCI World Index	14.89%	24.92%	12.76%	9.13%
Blended Benchmark: 60% MSCI World Index / 40% Bloomberg Global Aggregate Bond Index	9.07%	14.80%	7.04%	5.45%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.abfunds.com/link/AB/CBSYX-S for the most recent performance information.

Advisor Class: CBSYX

2

Key Fund Statistics

Net Assets	$175,391,926
# of Portfolio Holdings	454
Portfolio Turnover Rate	24%
Total Advisory Fees Paid	$533,337

Graphical Representation of Holdings

Sector Allocation

Value	Value
Inflation-Linked Securities	31.8%
Short-Term Investments	20.3%
Governments - Treasuries	17.4%
Funds and Investment Trusts	15.1%
Financials	1.9%
Health Care	1.2%
Industrials	1.2%
Consumer Staples	1.0%
Materials	0.9%
Utilities	0.9%
Consumer Discretionary	0.8%
Governments - Sovereign Bonds	0.7%
Others	1.9%
Securities Lending Collateral	0.2%
Other assets less liabilities	4.7%

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
U.S. Treasury Inflation Index, 0.38%, due 07/15/25	$30,520,576	17.4%
Vanguard S&P 500 ETF	$22,011,440	12.5%
U.S. Treasury Inflation Index, 0.50%, due 01/15/28	$18,417,026	10.5%
U.S. Treasury Inflation Index, 0.38%, due 01/15/27	$6,900,487	3.9%
VanEck JPMorgan EM Local Currency Bond ETF	$2,376,985	1.4%
iShares MSCI Emerging Markets ex China ETF	$2,128,060	1.2%
Mexico Government International Bond, 4.13%, due 01/21/26	$1,147,585	0.7%
State Street SecLending Cash Collateral	$366,822	0.2%
Novo Nordisk A/S - Class B	$347,933	0.2%
ASML Holding NV	$257,371	0.2%
Total	$84,474,285	48.2%

Country Breakdown

Value	Value
United States	47.6%
Short-Term Investments	37.7%
United Kingdom	1.6%
France	1.3%
Switzerland	1.6%
Germany	1.1%
Mexico	0.7%
Denmark	1.0%
Netherlands	0.6%
Sweden	0.3%
Italy	0.5%
Spain	0.2%
Finland	0.3%
Norway	0.1%
Others	5.4%

Advisor Class: CBSYX

3

Availability of Additional Information 

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/CBSYX-S, including the Fund's:

•   Prospectus

•   Financial information

•   Fund holdings

•   Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

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

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/CBSYX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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.

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Fund Information

GRA-ADV-0154-0524

Advisor Class: CBSYX

1

Class A: CABNX

May 31, 2024 

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Fund Information

AB Global Risk Allocation Fund 

Semi-Annual Shareholder Report 

This semi-annual shareholder report contains important information about the AB Global Risk Allocation Fund (the “Fund”) for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/CABNX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$71	1.38%

Fund Performance

The following graph shows the performance of hypothetical $10,000 investments in the Fund and a broad-based securities market index over the most recently completed 10 fiscal years of the Fund. The Fund's performance reflects sales charges and assumes the reinvestment of dividends.

	Class A	MSCI World Index	Blended Benchmark: 60% MSCI World Index / 40% Bloomberg Global Aggregate Bond Index
05/14	$9,575	$10,000	$10,000
11/14	$9,680	$10,045	$10,022
11/15	$9,432	$9,972	$9,825
11/16	$9,735	$10,287	$10,149
11/17	$10,923	$12,720	$11,829
11/18	$10,507	$12,737	$11,718
11/19	$11,346	$14,588	$13,171
11/20	$12,412	$16,706	$14,844
11/21	$14,081	$20,345	$16,509
11/22	$13,407	$18,136	$14,353
11/23	$13,247	$20,490	$15,588
05/24	$14,137	$23,963	$17,002

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years
Class A (without sales charge)	6.72%	8.80%	5.33%	3.97%
Class A (with sales charge)	2.18%	4.15%	4.41%	3.52%
MSCI World Index	14.89%	24.92%	12.76%	9.13%
Blended Benchmark: 60% MSCI World Index / 40% Bloomberg Global Aggregate Bond Index	9.07%	14.80%	7.04%	5.45%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.abfunds.com/link/AB/CABNX-S for the most recent performance information.

Class A: CABNX

2

Key Fund Statistics

Net Assets	$175,391,926
# of Portfolio Holdings	454
Portfolio Turnover Rate	24%
Total Advisory Fees Paid	$533,337

Graphical Representation of Holdings

Sector Allocation

Value	Value
Inflation-Linked Securities	31.8%
Short-Term Investments	20.3%
Governments - Treasuries	17.4%
Funds and Investment Trusts	15.1%
Financials	1.9%
Health Care	1.2%
Industrials	1.2%
Consumer Staples	1.0%
Materials	0.9%
Utilities	0.9%
Consumer Discretionary	0.8%
Governments - Sovereign Bonds	0.7%
Others	1.9%
Securities Lending Collateral	0.2%
Other assets less liabilities	4.7%

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
U.S. Treasury Inflation Index, 0.38%, due 07/15/25	$30,520,576	17.4%
Vanguard S&P 500 ETF	$22,011,440	12.5%
U.S. Treasury Inflation Index, 0.50%, due 01/15/28	$18,417,026	10.5%
U.S. Treasury Inflation Index, 0.38%, due 01/15/27	$6,900,487	3.9%
VanEck JPMorgan EM Local Currency Bond ETF	$2,376,985	1.4%
iShares MSCI Emerging Markets ex China ETF	$2,128,060	1.2%
Mexico Government International Bond, 4.13%, due 01/21/26	$1,147,585	0.7%
State Street SecLending Cash Collateral	$366,822	0.2%
Novo Nordisk A/S - Class B	$347,933	0.2%
ASML Holding NV	$257,371	0.2%
Total	$84,474,285	48.2%

Country Breakdown

Value	Value
United States	47.6%
Short-Term Investments	37.7%
United Kingdom	1.6%
France	1.3%
Switzerland	1.6%
Germany	1.1%
Mexico	0.7%
Denmark	1.0%
Netherlands	0.6%
Sweden	0.3%
Italy	0.5%
Spain	0.2%
Finland	0.3%
Norway	0.1%
Others	5.4%

Class A: CABNX

3

Availability of Additional Information 

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/CABNX-S, including the Fund's:

•   Prospectus

•   Financial information

•   Fund holdings

•   Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

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

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/CABNX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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.

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Fund Information

GRA-A-0154-0524

Class A: CABNX

1

Class C: CBACX

May 31, 2024 

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Fund Information

AB Global Risk Allocation Fund 

Semi-Annual Shareholder Report 

This semi-annual shareholder report contains important information about the AB Global Risk Allocation Fund (the “Fund”) for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/CBACX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$110	2.14%

Fund Performance

The following graph shows the performance of hypothetical $10,000 investments in the Fund and a broad-based securities market index over the most recently completed 10 fiscal years of the Fund. The Fund's performance reflects sales charges and assumes the reinvestment of dividends.

	Class C	MSCI World Index	Blended Benchmark: 60% MSCI World Index / 40% Bloomberg Global Aggregate Bond Index
05/14	$10,000	$10,000	$10,000
11/14	$10,075	$10,045	$10,022
11/15	$9,745	$9,972	$9,825
11/16	$9,981	$10,287	$10,149
11/17	$11,113	$12,720	$11,829
11/18	$10,613	$12,737	$11,718
11/19	$11,373	$14,588	$13,171
11/20	$12,348	$16,706	$14,844
11/21	$13,899	$20,345	$16,509
11/22	$13,139	$18,136	$14,353
11/23	$12,890	$20,490	$15,588
05/24	$13,698	$23,963	$17,002

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years
Class C (without sales charge)	6.26%	7.94%	4.53%	3.20%
Class C (with sales charge)	5.26%	6.94%	4.53%	3.20%
MSCI World Index	14.89%	24.92%	12.76%	9.13%
Blended Benchmark: 60% MSCI World Index / 40% Bloomberg Global Aggregate Bond Index	9.07%	14.80%	7.04%	5.45%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.abfunds.com/link/AB/CBACX-S for the most recent performance information.

Class C: CBACX

2

Key Fund Statistics

Net Assets	$175,391,926
# of Portfolio Holdings	454
Portfolio Turnover Rate	24%
Total Advisory Fees Paid	$533,337

Graphical Representation of Holdings

Sector Allocation

Value	Value
Inflation-Linked Securities	31.8%
Short-Term Investments	20.3%
Governments - Treasuries	17.4%
Funds and Investment Trusts	15.1%
Financials	1.9%
Health Care	1.2%
Industrials	1.2%
Consumer Staples	1.0%
Materials	0.9%
Utilities	0.9%
Consumer Discretionary	0.8%
Governments - Sovereign Bonds	0.7%
Others	1.9%
Securities Lending Collateral	0.2%
Other assets less liabilities	4.7%

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
U.S. Treasury Inflation Index, 0.38%, due 07/15/25	$30,520,576	17.4%
Vanguard S&P 500 ETF	$22,011,440	12.5%
U.S. Treasury Inflation Index, 0.50%, due 01/15/28	$18,417,026	10.5%
U.S. Treasury Inflation Index, 0.38%, due 01/15/27	$6,900,487	3.9%
VanEck JPMorgan EM Local Currency Bond ETF	$2,376,985	1.4%
iShares MSCI Emerging Markets ex China ETF	$2,128,060	1.2%
Mexico Government International Bond, 4.13%, due 01/21/26	$1,147,585	0.7%
State Street SecLending Cash Collateral	$366,822	0.2%
Novo Nordisk A/S - Class B	$347,933	0.2%
ASML Holding NV	$257,371	0.2%
Total	$84,474,285	48.2%

Country Breakdown

Value	Value
United States	47.6%
Short-Term Investments	37.7%
United Kingdom	1.6%
France	1.3%
Switzerland	1.6%
Germany	1.1%
Mexico	0.7%
Denmark	1.0%
Netherlands	0.6%
Sweden	0.3%
Italy	0.5%
Spain	0.2%
Finland	0.3%
Norway	0.1%
Others	5.4%

Class C: CBACX

3

Availability of Additional Information 

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/CBACX-S, including the Fund's:

•   Prospectus

•   Financial information

•   Fund holdings

•   Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

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

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/CBACX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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.

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Fund Information

GRA-C-0154-0524

Class C: CBACX

1

Class I: CABIX

May 31, 2024 

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Fund Information

AB Global Risk Allocation Fund 

Semi-Annual Shareholder Report 

This semi-annual shareholder report contains important information about the AB Global Risk Allocation Fund (the “Fund”) for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at https://www.abfunds.com/link/AB/CABIX-S. You can also request this information by contacting us at (800) 227 4618.

What were the Fund costs for last six months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$57	1.10%

Fund Performance

The following graph shows the performance of hypothetical $10,000 investments in the Fund and a broad-based securities market index over the most recently completed 10 fiscal years of the Fund. The Fund's performance reflects sales charges and assumes the reinvestment of dividends.

	Class I	MSCI World Index	Blended Benchmark: 60% MSCI World Index / 40% Bloomberg Global Aggregate Bond Index
05/14	$10,000	$10,000	$10,000
11/14	$10,126	$10,045	$10,022
11/15	$9,911	$9,972	$9,825
11/16	$10,277	$10,287	$10,149
11/17	$11,572	$12,720	$11,829
11/18	$11,165	$12,737	$11,718
11/19	$12,089	$14,588	$13,171
11/20	$13,263	$16,706	$14,844
11/21	$15,090	$20,345	$16,509
11/22	$14,416	$18,136	$14,353
11/23	$14,281	$20,490	$15,588
05/24	$15,263	$23,963	$17,002

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years
Class I (without sales charge)	6.88%	9.07%	5.62%	4.32%
Class I (with sales charge)	6.88%	9.07%	5.62%	4.32%
MSCI World Index	14.89%	24.92%	12.76%	9.13%
Blended Benchmark: 60% MSCI World Index / 40% Bloomberg Global Aggregate Bond Index	9.07%	14.80%	7.04%	5.45%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.abfunds.com/link/AB/CABIX-S for the most recent performance information.

Class I: CABIX

2

Key Fund Statistics

Net Assets	$175,391,926
# of Portfolio Holdings	454
Portfolio Turnover Rate	24%
Total Advisory Fees Paid	$533,337

Graphical Representation of Holdings

Sector Allocation

Value	Value
Inflation-Linked Securities	31.8%
Short-Term Investments	20.3%
Governments - Treasuries	17.4%
Funds and Investment Trusts	15.1%
Financials	1.9%
Health Care	1.2%
Industrials	1.2%
Consumer Staples	1.0%
Materials	0.9%
Utilities	0.9%
Consumer Discretionary	0.8%
Governments - Sovereign Bonds	0.7%
Others	1.9%
Securities Lending Collateral	0.2%
Other assets less liabilities	4.7%

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
U.S. Treasury Inflation Index, 0.38%, due 07/15/25	$30,520,576	17.4%
Vanguard S&P 500 ETF	$22,011,440	12.5%
U.S. Treasury Inflation Index, 0.50%, due 01/15/28	$18,417,026	10.5%
U.S. Treasury Inflation Index, 0.38%, due 01/15/27	$6,900,487	3.9%
VanEck JPMorgan EM Local Currency Bond ETF	$2,376,985	1.4%
iShares MSCI Emerging Markets ex China ETF	$2,128,060	1.2%
Mexico Government International Bond, 4.13%, due 01/21/26	$1,147,585	0.7%
State Street SecLending Cash Collateral	$366,822	0.2%
Novo Nordisk A/S - Class B	$347,933	0.2%
ASML Holding NV	$257,371	0.2%
Total	$84,474,285	48.2%

Country Breakdown

Value	Value
United States	47.6%
Short-Term Investments	37.7%
United Kingdom	1.6%
France	1.3%
Switzerland	1.6%
Germany	1.1%
Mexico	0.7%
Denmark	1.0%
Netherlands	0.6%
Sweden	0.3%
Italy	0.5%
Spain	0.2%
Finland	0.3%
Norway	0.1%
Others	5.4%

Class I: CABIX

3

Availability of Additional Information 

You can find additional information on the Fund’s website at https://www.abfunds.com/link/AB/CABIX-S, including the Fund's:

•   Prospectus

•   Financial information

•   Fund holdings

•   Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

Householding

Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

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

Information regarding the Fund’s Board of Directors’/Trustees’ review of the advisory agreement is available on the Fund’s website https://www.abfunds.com/link/AB/CABIX-S. You can request this information, free of charge, by contacting us at (800) 227 4618 or by scanning the QR code below.

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.

SCAN ME

Please scan QR code for

Fund Information

GRA-I-0154-0524

Class I: CABIX

ITEM 2. CODE OF ETHICS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable when filing a semi-annual report to shareholders.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the registrant.

ITEM 6. INVESTMENTS.

Please see Schedule of Investments contained in the Financial Statements included under Item 7 of this Form N-CSR.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

MAY^05.31.24

SEMI-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 as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. 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.

CONSOLIDATED PORTFOLIO OF INVESTMENTS

May 31, 2024 (unaudited)

		Principal Amount (000)		U.S. $ Value
INFLATION-LINKED SECURITIES – 31.8%
United States – 31.8%
U.S. Treasury Inflation Index
0.375%, 07/15/2025 (TIPS)	U.S.$		31,313	$	30,520,576
0.375%, 01/15/2027 (TIPS)			7,280		6,900,487
0.50%, 01/15/2028 (TIPS)			19,642		18,417,026
Total Inflation-Linked Securities (cost $57,578,964)					55,838,089
GOVERNMENTS - TREASURIES – 17.4%
Japan – 17.4%
Japan Treasury Discount Bill
Series 1232 Zero Coupon, 08/19/2024 (cost $30,732,438)	JPY		4,800,000		30,519,289
		Shares
INVESTMENT COMPANIES – 15.1%
Funds and Investment Trusts – 15.1%(a)
Altaba, Inc.(b)(c)(d)			1,120		– 0	–
iShares MSCI Emerging Markets ex China ETF(e)			37,400		2,128,060
VanEck JPMorgan EM Local Currency Bond ETF – Class E(e)			98,020		2,376,985
Vanguard S&P 500 ETF			45,420		22,011,440
Total Investment Companies (cost $25,260,031)					26,516,485
COMMON STOCKS – 9.8%
Financials – 1.9%
Banks – 0.5%
ABN AMRO Bank NV (CVA)			1,125		19,244
Banco Bilbao Vizcaya Argentaria SA			3,189		34,605
Banco de Sabadell SA			16,277		34,382
Banco Santander SA			3,967		20,921
Bank of Ireland Group PLC			2,334		26,825
Bankinter SA			3,395		29,989
Barclays PLC			10,110		28,554
BNP Paribas SA			331		24,433
CaixaBank SA			8,772		50,238
Commerzbank AG			2,045		34,723
Credit Agricole SA			1,641		26,700
Danske Bank A/S			858		26,376
DNB Bank ASA			1,818		35,541
Erste Group Bank AG			821		40,344

abfunds.com AB GLOBAL RISK ALLOCATION FUND ^| 1

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
HSBC Holdings PLC		5,317	$	47,390
ING Groep NV		1,574		28,120
Intesa Sanpaolo SpA		18,206		71,718
KBC Group NV		411		30,015
Lloyds Banking Group PLC		36,308		25,919
NatWest Group PLC		6,427		25,999
Nedbank Group Ltd.		441		5,364
Nordea Bank Abp (Helsinki)		88		1,082
Nordea Bank Abp (Stockholm)		3,090		37,999
Raiffeisen Bank International AG		1,044		19,309
Skandinaviska Enskilda Banken AB – Class A		3,315		47,228
Societe Generale SA		422		12,640
Standard Chartered PLC		2,940		29,284
Svenska Handelsbanken AB – Class A		2,923		27,507
Swedbank AB – Class A		1,696		35,313
UniCredit SpA		1,079		42,958
				920,720
Capital Markets – 0.4%
3i Group PLC		4,463		164,448
abrdn PLC		11,793		23,466
Deutsche Bank AG (REG)		1,113		18,521
Deutsche Boerse AG		355		70,743
Hargreaves Lansdown PLC		1,868		25,359
Investec PLC		4,737		31,698
Julius Baer Group Ltd.		634		38,085
London Stock Exchange Group PLC		1,249		146,403
Ninety One PLC		3,019		6,620
Partners Group Holding AG		68		91,516
Quilter PLC(f)		2,789		4,187
Schroders PLC		5,552		28,007
St. James’s Place PLC		2,130		13,724
UBS Group AG (REG)		1,888		60,064
				722,841
Consumer Finance – 0.0%
Vanquis Banking Group PLC		1,368		947
Financial Services – 0.3%
Edenred SE		463		21,604
Eurazeo SE		635		53,601
EXOR NV(b)(c)		480		53,593
Groupe Bruxelles Lambert NV		600		46,012
Industrivarden AB – Class A		44		1,566
Industrivarden AB – Class C		1,828		64,212
Investor AB – Class B		3,608		97,904
Jackson Financial, Inc. – Class A		38		927
Kinnevik AB – Class B(d)		1,368		15,940
L E Lundbergforetagen AB – Class B		856		43,551

2 ^| AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
M&G PLC		1,555	$	3,976
Wendel SE		294		29,165
Worldline SA/France(d)		725		9,691
				441,742
Insurance – 0.7%
Admiral Group PLC		1,243		43,126
Aegon Ltd.		4,545		29,480
Ageas SA/NV		832		41,507
Allianz SE (REG)		222		64,988
Assicurazioni Generali SpA		1,915		49,289
Aviva PLC		3,940		24,200
Baloise Holding AG (REG)		288		49,759
Direct Line Insurance Group PLC		8,791		24,144
Gjensidige Forsikring ASA		2,409		42,275
Hannover Rueck SE		383		95,217
Legal & General Group PLC		13,473		43,210
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros(d)		3,395		4,266
Mandatum Oyj		886		3,982
Mapfre SA		8,898		21,426
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		212		105,724
NN Group NV		985		45,959
Old Mutual Ltd.		9,763		5,592
Poste Italiane SpA		5,111		70,210
Prudential PLC		1,555		14,895
Sampo Oyj – Class A		886		37,925
SCOR SE		791		22,862
Swiss Life Holding AG (REG)		132		92,284
Swiss Re AG		469		59,811
Tryg A/S		4,038		83,134
UnipolSai Assicurazioni SpA		12,165		33,509
Zurich Insurance Group AG		154		81,051
				1,189,825
				3,276,075
Health Care – 1.2%
Biotechnology – 0.1%
Genmab A/S(d)		279		78,750
Grifols SA(d)		2,271		23,083
Idorsia Ltd.(d)		213		607
				102,440
Health Care Equipment & Supplies – 0.3%
Alcon, Inc.		184		16,528
Arjo AB – Class B		2,759		12,174
Coloplast A/S – Class B		742		89,246
Demant A/S(d)		2,432		116,887

abfunds.com AB GLOBAL RISK ALLOCATION FUND ^| 3

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
EssilorLuxottica SA		493	$	110,557
Getinge AB – Class B		2,759		49,367
Koninklijke Philips NV(d)		526		14,368
Smith & Nephew PLC		4,175		52,828
Sonova Holding AG (REG)		435		138,208
				600,163
Health Care Providers & Services – 0.0%
Fresenius Medical Care AG		755		32,204
Fresenius SE & Co. KGaA(d)		693		22,111
				54,315
Life Sciences Tools & Services – 0.2%
Eurofins Scientific SE		1,160		70,021
Lonza Group AG (REG)		278		150,912
QIAGEN NV(d)		1,475		63,151
				284,084
Pharmaceuticals – 0.6%
AstraZeneca PLC		729		113,322
Bayer AG (REG)		526		16,183
Euroapi SA(d)		26		102
GSK PLC		2,919		65,497
Hikma Pharmaceuticals PLC		2,641		65,295
Merck KGaA		536		97,418
Novartis AG (REG)		923		95,529
Novo Nordisk A/S – Class B		2,568		347,933
Orion Oyj – Class B		948		38,553
Roche Holding AG (Genusschein)		268		68,425
Sandoz Group AG		184		6,509
Sanofi SA		604		59,133
Takeda Pharmaceutical Co., Ltd. (Sponsored ADR)(e)		1,184		15,806
UCB SA		558		78,271
				1,067,976
				2,108,978
Industrials – 1.2%
Aerospace & Defense – 0.2%
Airbus SE		181		30,788
Babcock International Group PLC		1,434		10,353
BAE Systems PLC		2,639		46,990
Dassault Aviation SA		110		23,874
Leonardo SpA(d)		684		17,594
Melrose Industries PLC		2,943		23,288
Rolls-Royce Holdings PLC(d)		5,507		32,166
Safran SA		174		40,752
Thales SA		192		34,869
				260,674

4 ^| AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Air Freight & Logistics – 0.1%
DHL Group		500	$	21,050
DSV A/S		295		45,421
International Distributions Services PLC(d)		3,581		15,449
				81,920
Building Products – 0.1%
Assa Abloy AB – Class B		848		24,920
Cie de Saint-Gobain SA		254		22,426
Geberit AG (REG)		50		30,754
				78,100
Commercial Services & Supplies – 0.0%
G4S PLC(b)(c)(d)		3,969		12,391
ISS A/S		413		8,011
Pluxee NV(d)		224		6,987
Securitas AB – Class B		2,207		22,713
Societe BIC SA(d)		160		11,972
				62,074
Construction & Engineering – 0.1%
ACS Actividades de Construccion y Servicios SA		601		26,908
Bouygues SA		319		12,501
Eiffage SA		192		21,243
Epiroc AB – Class A		436		9,152
Epiroc AB – Class B		520		9,767
Ferrovial SE		1,093		43,196
HOCHTIEF AG		79		8,623
Orascom Construction PLC		173		977
Skanska AB – Class B		763		13,477
Vinci SA		175		21,838
				167,682
Electrical Equipment – 0.1%
ABB Ltd. (REG)		788		43,447
Accelleron Industries AG		39		1,580
Legrand SA		296		32,141
Prysmian SpA		537		35,318
Schneider Electric SE		198		49,397
Siemens Energy AG(d)		59		1,607
Vestas Wind Systems A/S(d)		760		21,324
				184,814
Industrial Conglomerates – 0.0%
DCC PLC		173		12,634
Siemens AG (REG)		118		22,744
Smiths Group PLC		1,381		30,558
				65,936

abfunds.com AB GLOBAL RISK ALLOCATION FUND ^| 5

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Machinery – 0.2%
Alfa Laval AB		849	$	39,456
Alstom SA		671		13,208
ANDRITZ AG		354		21,261
Atlas Copco AB – Class A		1,744		33,597
Atlas Copco AB – Class B		2,080		34,533
CNH Industrial NV		1,193		12,537
Daimler Truck Holding AG		174		7,445
Electrolux Professional AB – Class B		748		4,966
GEA Group AG		378		15,824
Husqvarna AB – Class B		2,521		20,992
IMI PLC		1,187		28,371
Iveco Group NV		238		2,854
Kone Oyj – Class B		326		16,632
Metso Oyj		1,685		20,606
Sandvik AB		907		20,027
Schindler Holding AG		78		20,291
Schindler Holding AG (REG)		81		20,539
SKF AB – Class B		706		15,511
Valmet Oyj		128		3,445
Volvo AB – Class B		910		24,493
Wartsila OYJ Abp		732		15,348
Weir Group PLC (The)		503		13,746
				405,682
Marine Transportation – 0.0%
AP Moller – Maersk A/S – Class A		10		17,548
AP Moller – Maersk A/S – Class B		9		16,363
Kuehne + Nagel International AG (REG)		139		39,421
				73,332
Passenger Airlines – 0.0%
Deutsche Lufthansa AG (REG)		1,312		9,189
easyJet PLC		1,301		7,695
International Consolidated Airlines Group SA – Class DI(d)		4,711		10,346
				27,230
Professional Services – 0.2%
Adecco Group AG (REG)		233		8,842
Bureau Veritas SA		963		29,003
Capita PLC(d)		1,612		293
Experian PLC		1,125		52,130
Intertek Group PLC		254		15,589
Randstad NV		258		13,636
RELX PLC (Amsterdam)		1,139		49,968
RELX PLC (London)		1,122		49,219
SGS SA (REG)		250		23,281
Wolters Kluwer NV		490		78,150
				320,111

6 ^| AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Trading Companies & Distributors – 0.1%
AerCap Holdings NV		317	$	29,389
Ashtead Group PLC		560		41,016
Brenntag SE		322		23,196
Bunzl PLC		677		25,452
Ferguson PLC		296		60,583
Rexel SA		970		29,478
Travis Perkins PLC		697		7,690
				216,804
Transportation Infrastructure – 0.1%
Aena SME SA		131		25,619
Aeroports de Paris SA		132		18,915
Fraport AG Frankfurt Airport Services Worldwide(d)		264		15,315
Getlink SE		1,705		30,046
Svitzer A/S(d)		38		1,490
				91,385
				2,035,744
Consumer Staples – 1.0%
Beverages – 0.2%
Anheuser-Busch InBev SA/NV		336		21,199
Carlsberg AS – Class B		434		58,881
Coca-Cola Europacific Partners PLC		1,012		73,791
Coca-Cola HBC AG – Class DI		1,304		44,251
Diageo PLC		1,525		51,343
Heineken Holding NV		450		36,933
Heineken NV		502		50,370
Pernod Ricard SA		347		51,964
Remy Cointreau SA		337		31,554
				420,286
Consumer Staples Distribution & Retail – 0.2%
Carrefour SA		1,249		20,368
Casino Guichard Perrachon SA(d)		448		19
Colruyt Group NV		915		46,798
Distribuidora Internacional de Alimentacion SA(d)		54,700		789
J Sainsbury PLC		10,711		37,975
Jeronimo Martins SGPS SA		2,095		47,001
Koninklijke Ahold Delhaize NV		1,925		59,700
Marks & Spencer Group PLC		4,897		18,945
METRO AG		963		5,140
Tesco PLC		11,257		44,779
				281,514
Food Products – 0.3%
Aryzta AG(d)		6,292		12,609
Associated British Foods PLC		933		30,483

abfunds.com AB GLOBAL RISK ALLOCATION FUND ^| 7

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Barry Callebaut AG (REG)		33	$	57,360
Chocoladefabriken Lindt & Spruengli AG		9		104,747
Chocoladefabriken Lindt & Spruengli AG (REG)		1		118,749
Danone SA		580		37,404
Kerry Group PLC – Class A		503		42,615
Mowi ASA		1,945		34,976
Nestle SA (REG)		608		64,537
Orkla ASA		3,826		30,633
Tate & Lyle PLC		4,015		35,717
				569,830
Household Products – 0.1%
Essity AB – Class B		1,288		33,092
Henkel AG & Co. KGaA		338		27,084
Henkel AG & Co. KGaA (Preference Shares)		356		32,229
Reckitt Benckiser Group PLC		499		28,559
				120,964
Personal Care Products – 0.2%
Beiersdorf AG		471		73,842
Haleon PLC		3,649		15,163
L’Oreal SA		228		112,541
Unilever PLC (Amsterdam)		860		47,053
Unilever PLC (London)		811		44,413
				293,012
Tobacco – 0.0%
British American Tobacco PLC		579		17,905
Imperial Brands PLC		987		24,526
				42,431
				1,728,037
Materials – 0.9%
Chemicals – 0.5%
Air Liquide SA		491		96,665
Akzo Nobel NV		408		28,618
Arkema SA		294		30,128
BASF SE		444		23,499
Covestro AG(d)		458		24,677
Croda International PLC		632		36,920
DSM BV(b)(c)(d)		642		63,718
EMS-Chemie Holding AG (REG)		47		38,949
Evonik Industries AG		1,232		27,139
FUCHS SE (Preference Shares)		915		44,433
Givaudan SA (REG)		25		117,857
Johnson Matthey PLC		1,127		25,246
K+S AG (REG)		1,009		14,859
LANXESS AG		442		11,975
Novonesis (Novozymes) B		1,277		76,162

8 ^| AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Sika AG (REG)		360	$	109,745
Solvay SA		330		12,110
Syensqo SA		330		33,028
Symrise AG		710		84,810
Umicore SA		1,130		22,381
Yara International ASA		866		26,929
				949,848
Construction Materials – 0.1%
CRH PLC (London)		1,075		84,835
Heidelberg Materials AG		356		37,335
Holcim AG		595		52,271
Imerys SA		563		22,064
				196,505
Metals & Mining – 0.2%
Alleima AB		181		1,237
Anglo American PLC		1,415		45,811
Antofagasta PLC		2,036		57,752
ArcelorMittal SA		987		26,040
BHP Group Ltd.		1,449		43,248
Boliden AB		977		34,247
Fresnillo PLC		1,276		10,200
Glencore PLC		5,705		35,164
Norsk Hydro ASA		4,362		29,538
Rio Tinto PLC		669		47,096
thyssenkrupp AG		1,007		4,991
voestalpine AG		636		18,615
				353,939
Paper & Forest Products – 0.1%
Mondi PLC		1,717		34,153
Stora Enso Oyj – Class R		2,477		36,287
Svenska Cellulosa AB SCA – Class B		1,288		19,764
UPM-Kymmene Oyj		1,348		51,530
				141,734
				1,642,026
Utilities – 0.9%
Electric Utilities – 0.4%
EDP – Energias de Portugal SA		19,584		79,688
Endesa SA		3,408		67,877
Enel SpA		10,639		77,247
Fortum Oyj		4,004		61,177
Iberdrola SA		9,470		124,992
Orsted AS(d)		1,497		91,821
Redeia Corp. SA		3,748		67,545
SSE PLC		3,489		78,489
Terna – Rete Elettrica Nazionale		13,636		114,767
				763,603

abfunds.com AB GLOBAL RISK ALLOCATION FUND ^| 9

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Gas Utilities – 0.1%
Enagas SA		3,496	$	53,764
Naturgy Energy Group SA		2,625		70,400
Snam SpA		22,765		108,014
				232,178
Independent Power and Renewable Electricity Producers – 0.1%
Orron Energy AB(d)		2,787		2,441
RWE AG		2,734		103,903
				106,344
Multi-Utilities – 0.2%
Centrica PLC		23,244		42,190
E.ON SE		6,694		89,647
Engie SA		3,398		57,568
National Grid PLC		4,604		52,163
Veolia Environnement SA		3,120		104,448
				346,016
Water Utilities – 0.1%
Severn Trent PLC		2,353		71,900
United Utilities Group PLC		6,181		80,513
				152,413
				1,600,554
Consumer Discretionary – 0.8%
Automobile Components – 0.0%
Cie Generale des Etablissements Michelin SCA		796		32,282
Continental AG		107		7,293
Dowlais Group PLC		2,943		2,615
Forvia SE (Milan)(d)		27		443
Forvia SE (Paris)(d)		35		575
Nokian Renkaat Oyj		578		5,312
Schaeffler AG (Preference Shares)		1,288		8,330
Valeo SE		282		3,488
Vitesco Technologies Group AG – Class A		21		1,467
				61,805
Automobiles – 0.2%
Bayerische Motoren Werke AG		252		25,705
Bayerische Motoren Werke AG (Preference Shares)		288		27,843
Ferrari NV		303		124,861
Mercedes-Benz Group AG		349		25,330
Porsche Automobil Holding SE (Preference Shares)		377		20,802
Renault SA		203		11,924
Stellantis NV (France)		1,735		38,473
Stellantis NV (Milan)		1,290		28,581

10 ^| AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Volkswagen AG		151	$	21,651
Volkswagen AG (Preference Shares)		138		17,341
				342,511
Broadline Retail – 0.1%
Cie Financiere Richemont SA (REG)		285		45,861
Next PLC		400		47,908
				93,769
Diversified Consumer Services – 0.0%
Pearson PLC		1,740		21,155
Hotels, Restaurants & Leisure – 0.1%
Accor SA(d)		515		22,468
Amadeus IT Group SA		787		56,178
Carnival PLC(d)		409		5,617
Compass Group PLC		1,758		49,358
Flutter Entertainment PLC(d)		226		43,490
InterContinental Hotels Group PLC		470		47,728
Sodexo SA		224		20,863
TUI AG(d)		1,650		11,421
Whitbread PLC		756		28,669
				285,792
Household Durables – 0.1%
Barratt Developments PLC		2,559		16,594
Berkeley Group Holdings PLC		507		34,213
Electrolux AB – Class B(d)		748		7,168
Persimmon PLC		763		14,254
SEB SA		178		22,064
Taylor Wimpey PLC		9,372		17,743
				112,036
Leisure Products – 0.0%
Viaplay Group AB – Class B(d)		65		6
Specialty Retail – 0.1%
Avolta AG		127		5,157
CECONOMY AG(d)		963		3,270
Currys PLC(d)		4,868		4,804
H & M Hennes & Mauritz AB – Class B		936		16,551
Industria de Diseno Textil SA		757		35,996
Kingfisher PLC		6,282		21,267
Wickes Group PLC		782		1,392
Zalando SE(d)		758		20,132
				108,569
Textiles, Apparel & Luxury Goods – 0.2%
adidas AG		138		34,951
Burberry Group PLC		981		13,012
Christian Dior SE		102		78,055
Hermes International SCA		67		159,032
HUGO BOSS AG		261		13,816
Kering SA		75		25,929

abfunds.com AB GLOBAL RISK ALLOCATION FUND ^| 11

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
LVMH Moet Hennessy Louis Vuitton SE		90	$	71,977
Pandora A/S		240		39,422
Puma SE		60		3,116
Swatch Group AG (The) (BR)		56		11,996
Swatch Group AG (The) (REG)		301		12,532
				463,838
				1,489,481
Energy – 0.6%
Energy Equipment & Services – 0.0%
Petrofac Ltd.(b)(c)(d)		6,919		926
Saipem SpA(d)		1,728		4,316
Tenaris SA		3,797		62,735
				67,977
Oil, Gas & Consumable Fuels – 0.6%
Aker BP ASA		2,650		68,416
BP PLC		13,599		85,068
Eni SpA		4,936		77,961
Equinor ASA		4,590		133,237
Galp Energia SGPS SA		4,711		99,068
Koninklijke Vopak NV		1,705		70,089
Neste Oyj		4,680		98,253
OMV AG		1,553		78,486
Shell PLC		6,226		224,726
Thungela Resources Ltd.		141		1,013
TotalEnergies SE		1,632		119,568
Woodside Energy Group Ltd.		261		4,809
				1,060,694
				1,128,671
Information Technology – 0.6%
Communications Equipment – 0.0%
Nokia Oyj		5,115		20,007
Telefonaktiebolaget LM Ericsson – Class B		4,594		28,306
				48,313
Electronic Equipment, Instruments & Components – 0.0%
Hexagon AB – Class B		5,852		64,459
IT Services – 0.1%
Atos SE(d)		247		452
Capgemini SE		360		72,937
				73,389
Semiconductors & Semiconductor Equipment – 0.3%
ASML Holding NV		269		257,371
Infineon Technologies AG		1,599		64,693
NXP Semiconductors NV		516		140,404

12 ^| AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
STMicroelectronics NV		1,365	$	57,642
				520,110
Software – 0.2%
Dassault Systemes SE		3,230		131,273
Sage Group PLC (The)		5,404		70,985
SAP SE		466		84,979
				287,237
				993,508
Communication Services – 0.5%
Diversified Telecommunication Services – 0.2%
Altice USA, Inc. – Class A(d)		713		1,768
BT Group PLC		7,665		12,833
Deutsche Telekom AG (REG)		2,256		54,853
Elisa Oyj		1,116		52,001
Eutelsat Communications SACA(d)		1,132		5,729
Koninklijke KPN NV		12,242		45,899
Orange SA		2,176		25,408
Proximus SADP		1,770		13,954
Swisscom AG (REG)		114		63,243
Telecom Italia SpA/Milano(d)		31,583		8,326
Telecom Italia SpA/Milano (Savings Shares)(d)		39,625		11,342
Telefonica SA		3,993		18,661
Telenet Group Holding NV(b)(c)(d)		522		11,894
Telenor ASA		2,325		27,112
Telia Co. AB		12,753		33,183
United Internet AG (REG)		623		14,767
				400,973
Entertainment – 0.0%
Bollore SE		3,319		22,354
Modern Times Group MTG AB – Class B(d)		90		804
Universal Music Group NV		1,098		34,218
				57,376
Interactive Media & Services – 0.1%
Adevinta ASA(d)		2,027		22,054
Auto Trader Group PLC		4,579		48,169
				70,223
Media – 0.1%
ITV PLC		7,799		7,944
JCDecaux SE(d)		889		21,078
Lagardere SA		819		19,461
ProSiebenSat.1 Media SE		638		5,303
Publicis Groupe SA		351		39,426
RTL Group SA		319		10,687
Schibsted ASA – Class A		973		28,181
Schibsted ASA – Class B		1,054		28,478

abfunds.com AB GLOBAL RISK ALLOCATION FUND ^| 13

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company		Shares		U.S. $ Value
SES SA (GDR)			1,380	$	7,892
Vivendi SE			1,098		12,091
WPP PLC			1,472		15,407
					195,948
Wireless Telecommunication Services – 0.1%
Millicom International Cellular SA (SDR)(d)			591		14,845
Tele2 AB – Class B			4,849		47,423
Vodafone Group PLC			17,886		17,292
					79,560
					804,080
Real Estate – 0.2%
Diversified REITs – 0.1%
British Land Co. PLC (The)			5,156		28,999
Covivio SA/France			424		22,068
ICADE			547		16,869
Land Securities Group PLC			3,092		25,956
					93,892
Industrial REITs – 0.0%
Segro PLC			5,086		59,727
Office REITs – 0.0%
Gecina SA			296		31,949
Real Estate Management & Development – 0.1%
Deutsche Wohnen SE			1,099		21,470
Swiss Prime Site AG (REG)			732		67,798
Unibail-Rodamco-Westfield			156		13,745
Vonovia SE			1,666		52,372
					155,385
Retail REITs – 0.0%
Hammerson PLC			28,225		10,042
Klepierre SA			1,062		30,825
					40,867
					381,820
Total Common Stocks (cost $12,753,504)					17,188,974
		Principal Amount (000)
GOVERNMENTS – SOVEREIGN BONDS – 0.7%
Mexico – 0.7%
Mexico Government International Bond
4.125%, 01/21/2026 (cost $1,173,268)	U.S.$		1,174		1,147,585

14 ^| AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Company		Shares		U.S. $ Value
RIGHTS – 0.0%
Industrials – 0.0%
Machinery – 0.0%
Alstom SA, expiring 06/06/2024(d) (cost $0)			671	$	720
WARRANTS – 0.0%
Software – 0.0%
Constellation Software, Inc., expiring 03/31/2040(b)(c)(d) (cost $0)			53		– 0	–
		Principal Amount (000)
SHORT-TERM INVESTMENTS – 20.3%
U.S. Treasury Bills – 12.7%
United States – 12.7%
U.S. Treasury Bill
Zero Coupon, 06/13/2024 (cost $22,267,526)	U.S.$		22,300		22,267,448
Investment Companies – 7.6%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 5.22%(a)(g)(h) (cost $13,309,575)			13,309,575		13,309,575
Total Investments Before Security Lending Collateral for Securities Loaned – 95.1% (cost $163,075,306)					166,788,165
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.2%
Investment Companies – 0.2%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 5.22%(a)(g)(h) (cost $366,822)			366,822		366,822
Total Investments – 95.3% (cost $163,442,128)					167,154,987
Other assets less liabilities – 4.7%					8,236,939
Net Assets – 100.0%				$	175,391,926

abfunds.com AB GLOBAL RISK ALLOCATION FUND ^| 15

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
Brent Crude Futures		18		July 2024	$	1,455,660	$	(74,914	)
Canadian 5 Yr Bond Futures		93		September 2024		7,518,060		(6,525	)
Canadian 10 Yr Bond Futures		113		September 2024		9,856,150		(29,200	)
Coffee Robusta Futures		3		July 2024		123,600		8,667
Coffee ‘C’ Futures		7		September 2024		580,781		67,349
Copper Futures		40		September 2024		4,610,500		(164,811	)
Corn Futures		36		December 2024		840,600		614
Cotton No. 2 Futures		9		December 2024		337,995		(10,734	)
E-Mini Russell 1000 Futures		62		June 2024		5,400,820		45,724
Euro STOXX 50 Index Futures		6		June 2024		324,473		(2,602	)
Euro-Bund Futures		42		June 2024		5,894,292		(174,131	)
Euro-OAT Futures		17		June 2024		2,300,934		(53,142	)
Gasoline RBOB Futures		5		August 2024		496,839		(34,659	)
Gold 100 OZ Futures		19		August 2024		4,457,020		(214,369	)
Hang Seng Index Futures		3		June 2024		345,424		(13,609	)
KC HRW Wheat Futures		9		December 2024		333,787		69,075
Lean Hogs Futures		13		August 2024		501,800		(48,330	)
Live Cattle Futures		8		October 2024		578,560		18,604
LME Lead Futures		3		September 2024		171,155		4,756
LME Nickel Futures		3		September 2024		355,796		8,997
LME Primary Aluminum Futures		15		September 2024		999,364		24,142
LME Zinc Futures		6		September 2024		446,632		15,136
Long Gilt Futures		152		September 2024		18,655,844		(95,077	)
Low SU Gasoil Futures		7		September 2024		518,350		(32,767	)
MSCI Emerging Markets Futures		108		June 2024		5,705,100		50,873
MSCI Singapore IX ETS Futures		11		June 2024		251,473		(2,619	)
NASDAQ 100 E-Mini Futures		6		June 2024		2,230,920		2,657
Natural Gas Futures		46		August 2024		1,219,460		73,988
NY Harbor ULSD Futures		4		August 2024		406,896		(27,449	)
S&P 500 E-Mini Futures		93		June 2024		24,624,075		306,200
S&P Mid 400 E-Mini Futures		1		June 2024		299,190		(1,169	)
S&P/TSX 60 Index Futures		6		June 2024		1,174,863		11,920
Silver Futures		7		July 2024		1,065,400		62,842
Soybean Futures		18		November 2024		1,066,050		4,522
Soybean Meal Futures		19		December 2024		682,860		35,270
Soybean Oil Futures		21		December 2024		580,356		(35,145	)
SPI 200 Futures		7		June 2024		898,772		(1,527	)
Sugar 11 (World) Futures		25		September 2024		512,120		(37,167	)
TOPIX Index Futures		26		June 2024		4,582,838		141,810
U.S. T-Note 2 Yr (CBT) Futures		48		September 2024		9,777,750		1,790

16 ^| AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
U.S. T-Note 5 Yr (CBT) Futures		283		September 2024	$	29,940,516	$	(48,628	)
U.S. T-Note 10 Yr (CBT) Futures		207		September 2024		22,520,953		(45,538	)
Wheat (CBT) Futures		14		December 2024		506,450		84,546
WTI Crude Futures		19		August 2024		1,451,600		(72,274	)
Sold Contracts
10 Yr Japan Bond (OSE) Futures		21		June 2024		19,093,823		359,385
Bloomberg Commodity Index Futures		170		June 2024		1,750,830		1,751
MSCI China (USD) Index Futures		26		June 2024		592,020		(37,678	)
OMXS 30 Index Futures		11		June 2024		272,754		2,490
							$	139,044

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America, NA	BRL	34,496	USD	6,605		06/04/2024	$	35,292
Bank of America, NA	USD	6,627	BRL	34,496		06/04/2024		(57,292	)
Bank of America, NA	EUR	1,283	USD	1,399		06/12/2024		6,945
Bank of America, NA	USD	8,139	EUR	7,457		06/12/2024		(45,296	)
Bank of America, NA	CAD	3,675	USD	2,718		06/13/2024		20,811
Bank of America, NA	INR	54,220	USD	651		06/14/2024		1,723
Bank of America, NA	INR	298,712	USD	3,573		06/14/2024		(5,920	)
Bank of America, NA	USD	1,154	INR	96,443		06/14/2024		1,677
Bank of America, NA	USD	1,277	INR	106,041		06/14/2024		(5,931	)
Bank of America, NA	USD	704	ZAR	13,035		06/14/2024		(11,148	)
Bank of America, NA	CNY	12,662	USD	1,778		06/20/2024		(2,062	)
Bank of America, NA	USD	390	BRL	2,051		07/02/2024		(728	)
Bank of America, NA	COP	586,383	USD	152		07/19/2024		910
Bank of America, NA	IDR	10,849,654	USD	668		07/19/2024		1,653
Bank of America, NA	IDR	28,370,703	USD	1,740		07/19/2024		(3,046	)
Bank of America, NA	NOK	56,513	USD	5,146		07/19/2024		(244,188	)
Bank of America, NA	SEK	37,803	USD	3,478		07/19/2024		(122,286	)
Bank of America, NA	USD	261	CLP	232,511		07/19/2024		(7,922	)
Bank of America, NA	USD	1,690	IDR	27,122,427		07/19/2024		(24,090	)
Bank of America, NA	USD	4,069	NOK	44,109		07/19/2024		137,704
Bank of America, NA	USD	3,627	SEK	39,429		07/19/2024		127,544
Bank of America, NA	CNH	42,204	USD	5,847		07/23/2024		16,064
Bank of America, NA	NZD	8,553	USD	5,220		07/25/2024		(37,691	)
Bank of America, NA	PHP	129,863	USD	2,240		07/25/2024		22,420
Bank of America, NA	USD	2,573	NZD	4,217		07/25/2024		18,583
Bank of America, NA	USD	414	PHP	23,690		07/25/2024		(9,406	)
Barclays Bank PLC	BRL	28,527	USD	5,493		06/04/2024		60,072
Barclays Bank PLC	USD	5,503	BRL	28,527		06/04/2024		(70,682	)
Barclays Bank PLC	USD	1,839	EUR	1,708		06/12/2024		15,181

abfunds.com AB GLOBAL RISK ALLOCATION FUND ^| 17

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	USD	2,699	CAD	3,672		06/13/2024	$	(4,761	)
Barclays Bank PLC	GBP	3,510	USD	4,364		06/20/2024		(108,518	)
Barclays Bank PLC	USD	4,209	GBP	3,385		06/20/2024		104,665
Barclays Bank PLC	BRL	7,672	USD	1,487		07/02/2024		30,031
Barclays Bank PLC	USD	2,522	BRL	13,013		07/02/2024		(50,938	)
Barclays Bank PLC	KRW	1,386,808	USD	1,020		07/18/2024		14,740
Barclays Bank PLC	IDR	39,329,595	USD	2,451		07/19/2024		35,638
Barclays Bank PLC	PEN	954	USD	256		07/19/2024		6
Barclays Bank PLC	PEN	993	USD	265		07/19/2024		(2,000	)
Barclays Bank PLC	SEK	8,587	USD	791		07/19/2024		(26,923	)
Barclays Bank PLC	USD	142	CLP	130,052		07/19/2024		(49	)
Barclays Bank PLC	USD	211	COP	827,849		07/19/2024		1,211
Barclays Bank PLC	USD	2,374	IDR	37,999,679		07/19/2024		(40,070	)
Barclays Bank PLC	PHP	299,937	USD	5,239		07/25/2024		117,155
Barclays Bank PLC	USD	5,674	PHP	323,895		07/25/2024		(143,294	)
Barclays Bank PLC	JPY	4,806,976	USD	31,202		08/16/2024		298,131
Barclays Bank PLC	USD	651	JPY	100,722		08/16/2024		(3,154	)
Barclays Bank PLC	MYR	15,728	USD	3,375		08/21/2024		15,411
Barclays Bank PLC	MYR	27,650	USD	5,866		08/21/2024		(40,228	)
Barclays Bank PLC	USD	12,842	MYR	60,612		08/21/2024		103,553
Barclays Bank PLC	USD	1,136	TWD	36,542		08/23/2024		(8,312	)
BNP Paribas SA	USD	2,467	ZAR	46,540		06/14/2024		8,206
BNP Paribas SA	EUR	774	HUF	298,318		07/11/2024		(11,786	)
BNP Paribas SA	COP	1,628,007	USD	422		07/19/2024		4,060
Citibank, NA	CAD	4,971	USD	3,695		06/13/2024		46,894
Citibank, NA	USD	1,961	CAD	2,687		06/13/2024		11,624
Citibank, NA	USD	4,989	CAD	6,712		06/13/2024		(63,320	)
Citibank, NA	GBP	887	EUR	1,041		06/20/2024		231
Deutsche Bank AG	BRL	3,055	USD	583		06/04/2024		1,032
Deutsche Bank AG	USD	597	BRL	3,055		06/04/2024		(15,030	)
Deutsche Bank AG	EUR	7,793	USD	8,543		06/12/2024		84,148
Deutsche Bank AG	EUR	1,697	USD	1,810		06/12/2024		(32,773	)
Deutsche Bank AG	USD	737	EUR	687		06/12/2024		8,916
Deutsche Bank AG	INR	325,905	USD	3,902		06/14/2024		(3,063	)
Deutsche Bank AG	USD	5,673	INR	471,890		06/14/2024		(18,115	)
Deutsche Bank AG	USD	693	ZAR	12,689		06/14/2024		(17,983	)
Deutsche Bank AG	ZAR	11,233	USD	603		06/14/2024		5,327
Deutsche Bank AG	USD	686	GBP	550		06/20/2024		15,194
Deutsche Bank AG	USD	3,100	AUD	4,636		06/27/2024		(13,537	)
Deutsche Bank AG	COP	1,299,567	USD	329		07/19/2024		(4,760	)
Deutsche Bank AG	IDR	41,748,717	USD	2,612		07/19/2024		47,816
Deutsche Bank AG	SEK	7,521	USD	705		07/19/2024		(10,886	)
Deutsche Bank AG	USD	1,923	COP	7,594,064		07/19/2024		27,816
Deutsche Bank AG	USD	2,167	IDR	34,602,321		07/19/2024		(41,293	)
Deutsche Bank AG	USD	871	SEK	9,300		07/19/2024		14,859
Deutsche Bank AG	USD	1,202	CHF	1,077		08/08/2024		94
Deutsche Bank AG	JPY	600,604	USD	3,889		08/16/2024		27,640
Deutsche Bank AG	USD	3,340	JPY	516,266		08/16/2024		(21,405	)
Deutsche Bank AG	TWD	43,805	USD	1,366		08/23/2024		13,446
Deutsche Bank AG	USD	113	TWD	3,618		08/23/2024		(1,079	)
Goldman Sachs Bank USA	USD	1,110	CAD	1,524		06/13/2024		8,402
Goldman Sachs Bank USA	USD	3,535	ZAR	67,963		06/14/2024		79,975

18 ^| 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)
Goldman Sachs Bank USA	USD	1,273	GBP	1,002		06/20/2024	$	4,319
Goldman Sachs Bank USA	PEN	757	USD	203		07/19/2024		(591	)
Goldman Sachs Bank USA	USD	148	COP	576,980		07/19/2024		405
Goldman Sachs Bank USA	MXN	31,769	USD	1,898		07/25/2024		40,499
Goldman Sachs Bank USA	PHP	25,866	USD	458		07/25/2024		16,686
Goldman Sachs Bank USA	USD	3,579	MXN	59,906		07/25/2024		(76,367	)
Goldman Sachs Bank USA	USD	825	PHP	47,018		07/25/2024		(21,978	)
Goldman Sachs Bank USA	CHF	3,228	USD	3,606		08/08/2024		1,577
Goldman Sachs Bank USA	JPY	211,897	USD	1,381		08/16/2024		18,635
Goldman Sachs Bank USA	USD	1,271	JPY	197,430		08/16/2024		(1,278	)
Goldman Sachs Bank USA	MYR	1,326	USD	280		08/21/2024		(3,636	)
HSBC Bank USA	EUR	841	USD	897		06/12/2024		(16,234	)
HSBC Bank USA	USD	1,759	EUR	1,629		06/12/2024		8,399
HSBC Bank USA	USD	2,930	AUD	4,562		06/27/2024		108,120
HSBC Bank USA	CLP	767,603	USD	847		07/19/2024		10,958
HSBC Bank USA	USD	1,047	IDR	16,658,236		07/19/2024		(23,731	)
JPMorgan Chase Bank, NA	BRL	3,335	USD	651		06/04/2024		15,789
JPMorgan Chase Bank, NA	USD	636	BRL	3,335		06/04/2024		(1,127	)
JPMorgan Chase Bank, NA	USD	3,149	EUR	2,950		06/12/2024		52,814
JPMorgan Chase Bank, NA	CAD	2,756	USD	2,008		06/13/2024		(14,946	)
JPMorgan Chase Bank, NA	INR	166,150	USD	2,000		06/14/2024		9,295
JPMorgan Chase Bank, NA	USD	1,417	INR	118,363		06/14/2024		1,141
JPMorgan Chase Bank, NA	USD	931	INR	77,326		06/14/2024		(4,381	)
JPMorgan Chase Bank, NA	USD	606	ZAR	11,188		06/14/2024		(10,770	)
JPMorgan Chase Bank, NA	ZAR	22,091	USD	1,197		06/14/2024		22,150
JPMorgan Chase Bank, NA	ZAR	25,651	USD	1,348		06/14/2024		(16,713	)
JPMorgan Chase Bank, NA	CNY	6,375	USD	893		06/20/2024		(2,845	)
JPMorgan Chase Bank, NA	GBP	1,333	USD	1,668		06/20/2024		(31,003	)
JPMorgan Chase Bank, NA	CZK	27,745	USD	1,193		07/11/2024		(26,979	)
JPMorgan Chase Bank, NA	USD	669	CZK	15,204		07/11/2024		(279	)
JPMorgan Chase Bank, NA	USD	504	PLN	2,019		07/11/2024		7,927
JPMorgan Chase Bank, NA	USD	642	PLN	2,514		07/11/2024		(3,944	)
JPMorgan Chase Bank, NA	USD	1,282	KRW	1,762,561		07/18/2024		(4,730	)
JPMorgan Chase Bank, NA	CLP	183,356	USD	203		07/19/2024		3,855
JPMorgan Chase Bank, NA	IDR	4,970,454	USD	306		07/19/2024		324
JPMorgan Chase Bank, NA	PEN	2,489	USD	666		07/19/2024		(1,637	)
JPMorgan Chase Bank, NA	SEK	24,674	USD	2,260		07/19/2024		(89,405	)
JPMorgan Chase Bank, NA	CNH	16,900	USD	2,341		07/23/2024		5,737
JPMorgan Chase Bank, NA	USD	989	CHF	896		08/08/2024		11,094
Morgan Stanley Capital Services, Inc.	BRL	5,208	USD	1,014		06/04/2024		21,695
Morgan Stanley Capital Services, Inc.	USD	994	BRL	5,208		06/04/2024		(1,760	)
Morgan Stanley Capital Services, Inc.	EUR	6,259	USD	6,691		06/12/2024		(102,833	)
Morgan Stanley Capital Services, Inc.	USD	1,437	EUR	1,340		06/12/2024		16,430
Morgan Stanley Capital Services, Inc.	USD	1,215	EUR	1,117		06/12/2024		(2,296	)
Morgan Stanley Capital Services, Inc.	CAD	2,436	USD	1,778		06/13/2024		(9,755	)

abfunds.com AB GLOBAL RISK ALLOCATION FUND ^| 19

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	3,148	CAD	4,328		06/13/2024	$	27,958
Morgan Stanley Capital Services, Inc.	USD	207	INR	17,286		06/14/2024		112
Morgan Stanley Capital Services, Inc.	USD	138	INR	11,475		06/14/2024		(589	)
Morgan Stanley Capital Services, Inc.	ZAR	79,994	USD	4,185		06/14/2024		(69,666	)
Morgan Stanley Capital Services, Inc.	GBP	538	USD	673		06/20/2024		(12,616	)
Morgan Stanley Capital Services, Inc.	USD	2,917	AUD	4,495		06/27/2024		75,643
Morgan Stanley Capital Services, Inc.	HUF	1,439,246	USD	3,868		07/11/2024		(133,977	)
Morgan Stanley Capital Services, Inc.	USD	3,528	HUF	1,312,588		07/11/2024		122,187
Morgan Stanley Capital Services, Inc.	USD	558	HUF	200,526		07/11/2024		(701	)
Morgan Stanley Capital Services, Inc.	KRW	742,576	USD	543		07/18/2024		4,594
Morgan Stanley Capital Services, Inc.	USD	2,192	KRW	2,988,639		07/18/2024		(25,551	)
Morgan Stanley Capital Services, Inc.	CLP	3,178,302	USD	3,406		07/19/2024		(53,747	)
Morgan Stanley Capital Services, Inc.	SEK	7,947	USD	749		07/19/2024		(7,932	)
Morgan Stanley Capital Services, Inc.	USD	3,846	CLP	3,588,289		07/19/2024		60,680
Morgan Stanley Capital Services, Inc.	USD	1,400	PEN	5,193		07/19/2024		(5,795	)
Morgan Stanley Capital Services, Inc.	CHF	4,004	USD	4,450		08/08/2024		(20,211	)
Morgan Stanley Capital Services, Inc.	USD	713	CHF	645		08/08/2024		7,606
Morgan Stanley Capital Services, Inc.	MYR	13,359	USD	2,832		08/21/2024		(20,890	)
Morgan Stanley Capital Services, Inc.	TWD	142,992	USD	4,487		08/23/2024		73,690
Morgan Stanley Capital Services, Inc.	USD	7,398	TWD	235,731		08/23/2024		(121,481	)
Standard Chartered Bank	AUD	7,962	USD	5,112		06/27/2024		(188,802	)
State Street Bank & Trust Co.	EUR	260	USD	284		06/12/2024		1,763
State Street Bank & Trust Co.	EUR	913	USD	973		06/12/2024		(17,666	)
State Street Bank & Trust Co.	USD	2,997	EUR	2,798		06/12/2024		39,889
State Street Bank & Trust Co.	USD	157	EUR	143		06/12/2024		(1,604	)
State Street Bank & Trust Co.	CAD	2,718	USD	2,000		06/13/2024		5,693
State Street Bank & Trust Co.	CAD	159	USD	117		06/13/2024		(14	)
State Street Bank & Trust Co.	USD	279	CAD	377		06/13/2024		(2,600	)
State Street Bank & Trust Co.	USD	887	ZAR	16,332		06/14/2024		(18,276	)
State Street Bank & Trust Co.	ZAR	3,393	USD	184		06/14/2024		3,342
State Street Bank & Trust Co.	GBP	91	USD	116		06/20/2024		76

20 ^| 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.	GBP	400		USD	499		06/20/2024	$	(11,145	)
State Street Bank & Trust Co.	AUD	678		USD	446		06/27/2024		(5,692	)
State Street Bank & Trust Co.	USD	732		AUD	1,121		06/27/2024		14,625
State Street Bank & Trust Co.	USD	374		AUD	558		06/27/2024		(1,962	)
State Street Bank & Trust Co.	CZK	53,151		USD	2,263		07/11/2024		(73,981	)
State Street Bank & Trust Co.	HUF	34,003		USD	96		07/11/2024		1,072
State Street Bank & Trust Co.	HUF	216,384		USD	589		07/11/2024		(12,609	)
State Street Bank & Trust Co.	USD	916		CZK	21,622		07/11/2024		34,798
State Street Bank & Trust Co.	USD	205		HUF	76,266		07/11/2024		7,167
State Street Bank & Trust Co.	USD	2,039		PLN	8,211		07/11/2024		44,574
State Street Bank & Trust Co.	THB	125,618		USD	3,434		07/12/2024		9,384
State Street Bank & Trust Co.	USD	1,215		THB	44,265		07/12/2024		(8,020	)
State Street Bank & Trust Co.	NOK	3,337		USD	319		07/19/2024		741
State Street Bank & Trust Co.	NOK	2,868		USD	262		07/19/2024		(12,027	)
State Street Bank & Trust Co.	SEK	11,169		USD	1,034		07/19/2024		(29,371	)
State Street Bank & Trust Co.	USD	1,012		NOK	10,982		07/19/2024		35,831
State Street Bank & Trust Co.	USD	1,575		SEK	17,075		07/19/2024		51,490
State Street Bank & Trust Co.	USD	303		SEK	3,182		07/19/2024		(203	)
State Street Bank & Trust Co.	SGD	982		USD	731		07/25/2024		2,583
State Street Bank & Trust Co.	USD	105		NZD	171		07/25/2024		253
State Street Bank & Trust Co.	CHF	399		USD	446		08/08/2024		191
State Street Bank & Trust Co.	CHF	138		USD	153		08/08/2024		(788	)
State Street Bank & Trust Co.	USD	153		CHF	138		08/08/2024		643
State Street Bank & Trust Co.	USD	317		CHF	284		08/08/2024		(111	)
State Street Bank & Trust Co.	USD	432		JPY	66,157		08/16/2024		(7,138	)
UBS AG	BRL	4,037		USD	786		06/04/2024		17,230
UBS AG	USD	770		BRL	4,037		06/04/2024		(1,364	)
UBS AG	EUR	1,672		USD	1,827		06/12/2024		12,678
UBS AG	USD	565		AUD	853		06/27/2024		2,735
UBS AG	USD	1,005		NOK	11,055		07/19/2024		49,462
								$	12,627

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at May 31, 2024			Notional Amount (000)			Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Sale Contracts
CDX-NAHY Series 42, 5 Year Index, 06/20/2029*		5.00	%		Quarterly		3.34	%		USD	8,680	$	678,161	$	586,088	$	92,073

* Termination date

abfunds.com AB GLOBAL RISK ALLOCATION FUND ^| 21

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		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
AUD	15,000		07/09/2025		6 Month BBSW		3.168%		Semi- Annual	$	(194,600	)	$	209,143		$	(403,743	)
AUD	4,740		02/23/2027		6 Month BBSW		3.040%		Semi- Annual		(118,652	)		117,715			(236,367	)
NZD	20,260		02/24/2027		3 Month BKBM		3.508%		Quarterly/ Semi- Annual		(335,665	)		333,433			(669,098	)
AUD	9,490		02/27/2027		6 Month BBSW		2.975%		Semi- Annual		(248,288	)		223,984			(472,272	)
NZD	7,750		02/28/2027		3 Month BKBM		3.445%		Quarterly/ Semi- Annual		(136,971	)		118,759			(255,730	)
USD	30,190		05/13/2027		1 Day SOFR		2.682%		Annual		(1,581,535	)		– 0	–		(1,581,535	)
GBP	3,170		10/26/2028		1 Day SONIA		4.627%		Annual		42,984			– 0	–		42,984
AUD	3,130		11/13/2030		6 Month BBSW		0.872%		Semi- Annual		(421,254	)		(162,282	)		(258,972	)
USD	4,800		05/13/2032		1.603%		1 Day SOFR		Annual		834,715			373,247			461,468
NZD	5,540		10/03/2033		3 Month BKBM		5.128%		Quarterly/ Semi- Annual		122,091			– 0	–		122,091
										$	(2,037,175	)	$	1,213,999		$	(3,251,174	)

(a) 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.

(b) Fair valued by the Adviser.

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

(d) Non-income producing security.

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

(f) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration. At May 31, 2024, the market value of this security amounted to $4,187 or 0.0% of net assets.

(g) Affiliated investments.

(h) The rate shown represents the 7-day yield as of period end.

22 ^| AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

Currency Abbreviation:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CLP – Chilean Peso

CNH – Chinese Yuan Renminbi (Offshore)

CNY – Chinese Yuan Renminbi

COP – Colombian Peso

CZK – Czech Koruna

EUR – Euro

GBP – Great British Pound

HUF – Hungarian Forint

IDR – Indonesian Rupiah

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

MYR – Malaysian Ringgit

NOK – Norwegian Krone

NZD – New Zealand Dollar

PEN – Peruvian Sol

PHP – Philippine Peso

PLN – Polish Zloty

SEK – Swedish Krona

SGD – Singapore Dollar

THB – Thailand Baht

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)

BR – Bearer

CBT – Chicago Board of Trade

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

ETF – Exchange Traded Fund

ETS – Emission Trading Scheme

GDR – Global Depositary Receipt

KC HRW – Kansas City Hard Red Winter

LME – London Metal Exchange

MSCI – Morgan Stanley Capital International

NASDAQ – National Association of Securities Dealers Automated Quotations

OAT – Obligations Assimilables du Trésor

OMXS – Stockholm Stock Exchange

OSE – Osaka Securities Exchange

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

REG – Registered Shares

REIT – Real Estate Investment Trust

SDR – Swedish Depositary Receipt

SOFR – Secured Overnight Financing Rate

SONIA – Sterling Overnight Index Average

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.

abfunds.com AB GLOBAL RISK ALLOCATION FUND ^| 23

CONSOLIDATED STATEMENT OF ASSETS & LIABILITIES

May 31, 2024 (unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $149,765,731)	$	153,478,590	(a)
Affiliated issuers (cost $13,676,397 - including investment of cash collateral for securities loaned of $366,822)		13,676,397
Cash collateral due from broker		8,000,779
Foreign currencies, at value (cost $505,773)		512,559
Unrealized appreciation on forward currency exchange contracts		2,679,339
Receivable for variation margin on futures		447,035
Unaffiliated dividends and interest receivable		220,215
Receivable for variation margin on centrally cleared swaps		92,916
Affiliated dividends receivable		49,612
Receivable for capital stock sold		3,521
Receivable for investment securities sold		2,452
Receivable due from Adviser		1,684
Other assets		1,803
Total assets		179,166,902
Liabilities
Unrealized depreciation on forward currency exchange contracts		2,666,712
Custody and accounting fees payable		395,835
Payable for collateral received on securities loaned		366,822
Advisory fee payable		95,592
Payable for capital stock redeemed		51,954
Administrative fee payable		42,120
Distribution fee payable		38,447
Transfer Agent fee payable		17,222
Directors’ fees payable		5,698
Accrued expenses		94,574
Total liabilities		3,774,976
Net Assets	$	175,391,926
Composition of Net Assets
Capital stock, at par	$	105,940
Additional paid-in capital		190,287,586
Accumulated loss		(15,001,600	)
Net Assets	$	175,391,926

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	160,818,105		9,707,484	$	16.57	*
C	$	2,116,128		142,894	$	14.81
Advisor	$	11,186,933		667,665	$	16.76
I	$	1,270,760		75,996	$	16.72

(a) Includes securities on loan with a value of $390,996 (see Note E).

* The maximum offering price per share for Class A shares was $17.31 which reflects a sales charge of 4.25%.

See notes to consolidated financial statements.

24 ^| AB GLOBAL RISK ALLOCATION FUND abfunds.com

CONSOLIDATED STATEMENT OF OPERATIONS

Six Months Ended May 31, 2024 (unaudited)

Investment Income
Interest	$	1,518,689
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $56,775)		537,070
Affiliated issuers		379,951
Securities lending income		3,567		$	2,439,277
Expenses
Advisory fee (see Note B)		544,757
Distribution fee—Class A		206,057
Distribution fee—Class C		10,303
Distribution fee—Class R		417
Distribution fee—Class K		804
Transfer agency—Class A		130,299
Transfer agency—Class C		1,716
Transfer agency—Advisor Class		9,942
Transfer agency—Class R		223
Transfer agency—Class K		666
Transfer agency—Class I		816
Custody and accounting		88,036
Audit and tax		57,462
Registration fees		52,078
Administrative		51,714
Printing		26,258
Legal		21,492
Directors’ fees		11,380
Miscellaneous		31,146
Total expenses before bank overdraft expense		1,245,566
Bank overdraft expense		5,415
Total expenses		1,250,981
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(11,420	)
Net expenses					1,239,561
Net investment income					1,199,716
Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions					14,865,569
Forward currency exchange contracts					1,530,772
Futures					4,007,805
Options written					77,437
Swaps					(290,714	)
Foreign currency transactions					(1,195,683	)
Net change in unrealized appreciation (depreciation) of:
Investments					(9,809,097	)
Forward currency exchange contracts					927,458
Futures					(275,375	)
Swaps					652,671
Foreign currency denominated assets and liabilities					(32,977	)
Net gain on investment and foreign currency transactions					10,457,866
Net Increase in Net Assets from Operations				$	11,657,582

See notes to consolidated financial statements.

abfunds.com AB GLOBAL RISK ALLOCATION FUND ^| 25

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended May 31, 2024 (unaudited)			Year Ended November 30, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income	$	1,199,716		$	4,181,331
Net realized gain (loss) on investment and foreign currency transactions		18,995,186			(2,310,161	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		(8,537,320	)		(4,234,632	)
Net increase (decrease) in net assets from operations		11,657,582			(2,363,462	)
Distributions to Shareholders
Class A		(2,310,531	)		(16,389,921	)
Class C		(25,123	)		(186,826	)
Advisor Class		(214,999	)		(1,343,971	)
Class R		(2,480	)		(26,240	)
Class K		(8,873	)		(58,331	)
Class I		(20,265	)		(156,841	)
Capital Stock Transactions
Net decrease		(13,123,158	)		(38,675,085	)
Total decrease		(4,047,847	)		(59,200,677	)
Net Assets
Beginning of period		179,439,773			238,640,450
End of period	$	175,391,926		$	179,439,773

See notes to consolidated financial statements.

26 ^| AB GLOBAL RISK ALLOCATION FUND abfunds.com

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

May 31, 2024 (unaudited)

NOTE A

Significant Accounting Policies

AB Global Risk Allocation Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940 (the “1940 Act”) 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 Global Risk Allocation Fund (Cayman), 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 May 31, 2024, net assets of the Fund were $175,391,926, of which $9,394,329, or 5%, 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 inter-company transactions and balances have been eliminated in consolidation. The Fund offers Class A, Class C, Advisor Class, and Class I. Class B, Class R, Class K, and Class T shares have been authorized but currently are not offered. Effective May 20, 2024, Class R and Class K were liquidated. 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 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. Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. 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

abfunds.com AB GLOBAL RISK ALLOCATION FUND ^| 27

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

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 market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.

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, 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 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. 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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

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 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.)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

• 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.

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.

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,

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

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 May 31, 2024:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Inflation-Linked Securities

$

– 0

–

$

55,838,089

$

– 0

–

$

55,838,089

Governments – Treasuries

– 0

–

30,519,289

– 0

–

30,519,289

Investment Companies

26,516,485

– 0

–

0

(a)

26,516,485

Common Stocks:

Financials

51,232

3,171,250

53,593

3,276,075

Health Care

54,359

2,054,619

– 0

–

2,108,978

Industrials

39,136

1,984,217

12,391

2,035,744

Consumer Staples

808

1,727,229

– 0

–

1,728,037

Materials

59,399

1,518,909

63,718

1,642,026

Utilities

– 0

–

1,600,554

– 0

–

1,600,554

Consumer Discretionary

6

1,489,475

– 0

–

1,489,481

Energy

1,013

1,126,732

926

1,128,671

Information Technology

140,404

853,104

– 0

–

993,508

Communication Services

139,397

652,789

11,894

804,080

Real Estate

10,042

371,778

– 0

–

381,820

Governments – Sovereign Bonds

– 0

–

1,147,585

– 0

–

1,147,585

Rights

720

– 0

–

– 0

–

720

Warrants

– 0

–

– 0

–

0

(a)

– 0

–

Short-Term Investments:

U.S. Treasury Bills

– 0

–

22,267,448

– 0

–

22,267,448

Investment Companies

13,309,575

– 0

–

– 0

–

13,309,575

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

366,822

– 0

–

– 0

–

366,822

Total Investments in Securities

40,689,398

126,323,067

142,522

(a)

167,154,987

Other Financial Instruments(b):

Assets:

Futures

1,403,108

– 0

–

– 0

–

1,403,108

(c)

Forward Currency Exchange Contracts

– 0

–

2,679,339

– 0

–

2,679,339

Centrally Cleared Credit Default Swaps

– 0

–

678,161

– 0

–

678,161

(c)

Centrally Cleared Interest Rate Swaps

– 0

–

999,790

– 0

–

999,790

(c)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Investments in Securities:	Level 1			Level 2			Level 3			Total
Liabilities:
Futures	$	(1,264,064	)	$	– 0	–	$	– 0	–	$	(1,264,064	)(c)
Forward Currency Exchange Contracts		– 0	–		(2,666,712	)		– 0	–		(2,666,712	)
Centrally Cleared Interest Rate Swaps		– 0	–		(3,036,965	)		– 0	–		(3,036,965	)(c)
Total	$	40,828,442		$	124,976,680		$	142,522	(a)	$	165,947,644

(a) The Fund held securities with zero market value at period end.

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

(c) 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) on futures and centrally cleared swaps as reported in the consolidated portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

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.

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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 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. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Fund amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from real estate investment trust (“REIT”) investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

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.

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 six months ended May 31, 2024, the reimbursement for such services amounted to $51,714.

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 $52,594 for the six months ended May 31, 2024.

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 $712 from the sale of Class A shares and received $91 and $0 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the six months ended May 31, 2024.

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. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net

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advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in 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 fee of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended May 31, 2024, such waiver amounted to $10,582.

A summary of the Fund’s transactions in AB mutual funds for the six months ended May 31, 2024 is as follows:

Fund	Market Value 11/30/23 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 5/31/24 (000)		Dividend Income (000)
Government Money Market Portfolio	$	15,016	$	66,235	$	67,942	$	13,309	$	380
Government Money Market Portfolio*		72		52,340		52,045		367		2
Total							$	13,676	$	382

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

NOTE C

Distribution Services Agreement

The Fund has adopted a Distribution Services Agreement (the “Agreement”) pursuant to Rule 12b-1 under the 1940 Act. 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 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. Payments under the Agreement in respect of Class A shares are currently 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 $3,499,876, $427,530 and $260,946 for 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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Fund’s shares.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended May 31, 2024 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	27,869,553		$	32,372,907
U.S. government securities		– 0	–		30,167,854

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

Gross unrealized appreciation	$	12,916,473
Gross unrealized depreciation		(12,211,044	)
Net unrealized appreciation	$	705,429

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”.

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At the time the Fund enters into futures, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the exchange on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, 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; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments 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 six months ended May 31, 2024, 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

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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 six months ended May 31, 2024, the Fund held forward currency exchange contracts for hedging and non-hedging purposes.

• 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 purchased option by the Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund. Put and call purchased options 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 written option. The Fund’s maximum payment for written put options equates to the number of shares multiplied by the strike price. 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. Premiums received from written options which expire unexercised are recorded by the Fund on the expiration date as realized gains from written options. 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

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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 the written option by the Fund could result in the Fund selling or buying a security or currency at a price different from the current market value.

During the six months ended May 31, 2024, the Fund held purchased options for hedging and non-hedging purposes. During the six months ended May 31, 2024, the Fund held written options for hedging and non-hedging purposes.

• Swaps

The Fund may enter into swaps for investment purposes or to hedge its exposure to interest rates, credit risk or inflation, 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, rates or indexes for a specified amount of an underlying asset or inflation. 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 counterparty. Additionally, risks may arise from unanticipated movements in interest rates, inflation 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

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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 for swaps 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 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 with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the clearinghouse on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, 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; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments 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.

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

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 the 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 six months ended May 31, 2024, 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 with the same counterparty.

Credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit default swaps are

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

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 six months ended May 31, 2024, the Fund held credit default swaps for hedging and non-hedging purposes.

The Fund 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 net liability, held by the defaulting party, may be delayed or denied.

The Fund’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Fund decline below specific levels (“net asset contingent features”). If these levels are triggered, the Fund’s OTC counterparty has the right to terminate such transaction and require the Fund to pay or receive a settlement amount in connection with the terminated transaction. If OTC

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

During the six months ended May 31, 2024, 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 for variation margin on futures	$	361,175	*	Payable for variation margin on futures	$	452,241	*
Equity contracts	Receivable for variation margin on futures		561,674	*	Payable for variation margin on futures		59,204	*
Commodity contracts	Receivable for variation margin on futures		480,259	*	Payable for variation margin on futures		752,619	*
Credit contracts	Receivable for variation margin on centrally cleared swaps		92,073	*
Interest rate contracts	Receivable for variation margin on centrally cleared swaps		626,543	*	Payable for variation margin on centrally cleared swaps		3,877,717	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		2,679,339		Unrealized depreciation on forward currency exchange contracts		2,666,712
Total		$	4,801,063			$	7,808,493

*  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) on futures and centrally cleared swaps as reported in the consolidated portfolio of investments.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

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	$	(1,097,010	)	$	(688,397	)
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		4,642,979			378,953
Commodity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		461,836			34,069
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		1,530,772			927,458
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments		(155,373	)		– 0	–
Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation (depreciation) of options written		77,437			– 0	–
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(1,734,802	)		1,252,422
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		1,444,088			(599,751	)
Total		$	5,169,927		$	1,304,754

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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 six months ended May 31, 2024:

Futures:
Average notional amount of buy contracts	$	171,028,810
Average notional amount of sale contracts	$	20,602,488
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	160,294,307
Average principal amount of sale contracts	$	207,340,842
Purchased Options:
Average notional amount	$	14,337,500	(a)
Options Written:
Average notional amount	$	13,795,000	(a)
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	83,741,531
Centrally Cleared Credit Default Swaps:
Average notional amount of sale contracts	$	14,665,257

(a) Positions were open for two 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 (“MA”) and net of the related collateral received/pledged by the Fund as of May 31, 2024. Exchange-traded derivatives and centrally cleared swaps 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

Derivatives Available for Offset

Cash Collateral Received*

Security Collateral Received*

Net Amount of Derivative Assets

Bank of America, NA

$

391,326

$

(391,326

)

$

– 0

–

$

– 0

–

$

– 0

–

Barclays Bank PLC

795,794

(498,929

)

– 0

–

– 0

–

296,865

BNP Paribas SA

12,266

(11,786

)

– 0

–

– 0

–

480

Citibank, NA

58,749

(58,749

)

– 0

–

– 0

–

– 0

–

Deutsche Bank AG

246,288

(179,924

)

– 0

–

– 0

–

66,364

Goldman Sachs Bank USA

170,498

(103,850

)

– 0

–

– 0

–

66,648

HSBC Bank USA

127,477

(39,965

)

– 0

–

– 0

–

87,512

JPMorgan Chase Bank, NA

130,126

(130,126

)

– 0

–

– 0

–

– 0

–

Morgan Stanley Capital Services, Inc.

410,595

(410,595

)

– 0

–

– 0

–

– 0

–

State Street Bank & Trust Co.

254,115

(203,207

)

– 0

–

– 0

–

50,908

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
UBS AG	$	82,105	$	(1,364	)	$	– 0	–	$	– 0	–	$	80,741
Total	$	2,679,339	$	(2,029,821	)	$	– 0	–	$	– 0	–	$	649,518	^
Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
Bank of America, NA	$	577,006	$	(391,326	)	$	– 0	–	$	– 0	–	$	185,680
Barclays Bank PLC		498,929		(498,929	)		– 0	–		– 0	–		– 0	–
BNP Paribas SA		11,786		(11,786	)		– 0	–		– 0	–		– 0	–
Citibank, NA		63,320		(58,749	)		– 0	–		– 0	–		4,571
Deutsche Bank AG		179,924		(179,924	)		– 0	–		– 0	–		– 0	–
Goldman Sachs Bank USA		103,850		(103,850	)		– 0	–		– 0	–		– 0	–
HSBC Bank USA		39,965		(39,965	)		– 0	–		– 0	–		– 0	–
JPMorgan Chase Bank, NA		205,914		(130,126	)		– 0	–		– 0	–		75,788
Morgan Stanley Capital Services, Inc.		589,800		(410,595	)		– 0	–		– 0	–		179,205
Standard Chartered Bank		188,802		– 0	–		– 0	–		– 0	–		188,802
State Street Bank & Trust Co.		203,207		(203,207	)		– 0	–		– 0	–		– 0	–
UBS AG		1,364		(1,364	)		– 0	–		– 0	–		– 0	–
Total	$	2,663,867	$	(2,029,821	)	$	– 0	–	$	– 0	–	$	634,046	^

* 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.

AB CAYMAN GLOBAL RISK ALLOCATION FUND

Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
JPMorgan Chase Bank, NA	$	2,845	$	– 0	–	$	– 0	–	$	– 0	–	$	2,845
Total	$	2,845	$	– 0	–	$	– 0	–	$	– 0	–	$	2,845	^

* 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.

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

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).

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 by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. If the Fund cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized 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. If the Fund receives non-cash collateral, the Fund will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. 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 dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. 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. 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. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and Government Money Market Portfolio are reflected in the consolidated statement of

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

operations. When the Fund earns net securities lending income from Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Fund in 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. When the Fund lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. 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. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

A summary of the Fund’s transactions surrounding securities lending for the six months ended May 31, 2024 is as follows:

								Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	390,996	$	366,822	$	34,600	$	1,787	$	1,780	$	838

* As of May 31, 2024.

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
	Six Months Ended May 31, 2024 (unaudited)			Year Ended November 30, 2023			Six Months Ended May 31, 2024 (unaudited)			Year Ended November 30, 2023
Class A
Shares sold		98,717			1,026,060		$	1,603,584		$	15,851,463
Shares issued in reinvestment of dividends and distributions		133,902			798,854			2,092,894			12,573,958
Shares converted from Class C		3,378			31,682			54,458			497,876
Shares redeemed		(830,208	)		(4,052,576	)		(13,462,807	)		(63,825,234	)
Net decrease		(594,211	)		(2,195,980	)	$	(9,711,871	)	$	(34,901,937	)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

	Shares						Amount
	Six Months Ended May 31, 2024 (unaudited)			Year Ended November 30, 2023			Six Months Ended May 31, 2024 (unaudited)			Year Ended November 30, 2023
Class C
Shares sold		19,920			37,743		$	287,984		$	540,411
Shares issued in reinvestment of dividends and distributions		1,656			12,082			23,215			171,686
Shares converted to Class A		(3,771	)		(35,244	)		(54,458	)		(497,876	)
Shares redeemed		(11,987	)		(30,446	)		(172,731	)		(428,751	)
Net increase (decrease)		5,818			(15,865	)	$	84,010		$	(214,530	)
Advisor Class
Shares sold		36,823			417,368		$	603,881		$	6,729,993
Shares issued in reinvestment of dividends and distributions		10,931			66,962			172,498			1,064,694
Shares redeemed		(197,503	)		(668,792	)		(3,245,495	)		(10,645,899	)
Net decrease		(149,749	)		(184,462	)	$	(2,469,116	)	$	(2,851,212	)
Class R
Shares sold		63			499		$	1,048		$	13,985
Shares issued in reinvestment of dividends and distributions		154			1,665			2,480			26,240
Shares redeemed		(13,715	)		(10,633	)		(235,106	)		(168,086	)
Net decrease		(13,498	)		(8,469	)	$	(231,578	)	$	(127,861	)
Class K
Shares sold		871			5,604		$	14,203		$	90,355
Shares issued in reinvestment of dividends and distributions		567			3,708			8,872			58,326
Shares redeemed		(49,703	)		(6,725	)		(822,852	)		(105,237	)
Net increase (decrease)		(48,265	)		2,587		$	(799,777	)	$	43,444
Class I
Shares sold		9,371			19,026		$	152,663		$	303,333
Shares issued in reinvestment of dividends and distributions		1,287			9,882			20,264			156,837
Shares redeemed		(10,289	)		(69,346	)		(167,753	)		(1,083,159	)
Net increase (decrease)		369			(40,438	)	$	5,174		$	(622,989	)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

NOTE G

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the market or markets in which the Fund invests fluctuates. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may be underperforming the market generally.

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 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. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and market reactions to those initiatives.

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 and accrued interest. 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.

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.

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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 and negative perceptions of the junk bond market generally and may be more difficult to trade or dispose of than other types of securities.

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 more difficult to trade 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 thereof could limit the Fund’s ability to gain exposure to commodities investments through investments in the Subsidiary.

Derivatives Risk—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Fund to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.

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.

Inflation Risk—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund’s assets can decline as can the value of the Fund’s distributions. This risk is significantly greater for fixed-income securities with longer maturities.

LIBOR Replacement Risk—The Fund may be exposed to debt securities, derivatives or other financial instruments that recently transitioned from the London Interbank Offered Rate (“LIBOR”) as a benchmark or reference rate for various interest rate calculations. The use of LIBOR was phased out in June 2023 and transitioned to the Secured Overnight Financing Rate (“SOFR”). SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There can be no assurance that instruments linked to SOFR will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability.

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.

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, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE H

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. 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 six months ended May 31, 2024.

NOTE I

Distributions to Shareholders

The tax character of distributions to be paid for the year ending November 30, 2024 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended November 30, 2023 and November 30, 2022 were as follows:

	2023		2022
Distributions paid from:
Ordinary income	$	12,986,910	$	20,574,730
Net long-term capital gains		5,175,220		– 0	–
Total distributions paid	$	18,162,130	$	20,574,730

As of November 30, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed capital gains	$	1,701,874	(a)
Other losses		(72,332	)(b)
Unrealized appreciation (depreciation)		(18,486,377	)
Total accumulated earnings (deficit)	$	(16,856,835	)

(a) During the fiscal year, the Fund utilized $307,130 of capital loss carry forwards to offset current year net realized gains.

(b) As of November 30, 2023, the cumulative deferred loss on straddles was $72,332.

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

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, 2023, the Fund did not have any capital loss carryforwards.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

NOTE J

Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

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
	Six Months Ended May 31, 2024 (unaudited)			Year Ended November 30,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 15.75			$ 17.25			$ 19.91			$ 18.11			$ 16.77			$ 15.62
Income From Investment Operations
Net investment income (loss)(a)(b)		.11			.34			.47			.29			(.01	)		.08
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.93			(.53	)		(1.33	)		2.06			1.58			1.16
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		.00	(c)		– 0	–
Net increase (decrease) in net asset value from operations		1.04			(.19	)		(.86	)		2.35			1.57			1.24
Less: Dividends and Distributions
Dividends from net investment income		(.04	)		(1.05	)		(1.80	)		(.55	)		(.21	)		(.09	)
Distributions from net realized gain on investment transactions		(.18	)		(.26	)		– 0	–		– 0	–		(.02	)		– 0	–
Total dividends and distributions		(.22	)		(1.31	)		(1.80	)		(.55	)		(.23	)		(.09	)
Net asset value, end of period		$ 16.57			$ 15.75			$ 17.25			$ 19.91			$ 18.11			$ 16.77
Total Return
Total investment return based on net asset value(d)*		6.72	%		(1.19	)%		(4.90	)%+		13.45	%		9.39	%		7.99	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	160,818		$	162,288		$	215,597		$	207,089		$	190,591		$	194,924
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)		1.38	%^		1.39	%		1.29	%		1.27	%		1.36	%		1.37	%
Expenses, before waivers/reimbursements(e)(f)		1.39	%^		1.40	%		1.30	%		1.27	%		1.37	%		1.37	%
Net investment income (loss)(b)		1.32	%^		2.17	%		2.66	%		1.50	%		(.06	)%		.47	%
Portfolio turnover rate		24	%		13	%		1	%		7	%		20	%		3	%
‡  Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.03	%^		.03	%		.03	%		.02	%		.02	%		.00	%

See footnote summary on page 59.

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CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)

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

	Class C
	Six Months Ended May 31, 2024 (unaudited)			Year Ended November 30,
				2023			2022			2021			2020			2019
Net asset value, beginning of period	$	14.12		$	15.57		$	18.09		$	16.50		$	15.26		$	14.24
Income From Investment Operations
Net investment income (loss)(a)(b)		.05			.20			.31			.12			(.15	)		(.04	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.82			(.47	)		(1.20	)		1.89			1.46			1.06
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		00	(c)		– 0	–
Net increase (decrease) in net asset value from operations		.87			(.27	)		(.89	)		2.01			1.31			1.02
Less: Dividends and Distributions
Dividends from net investment income		– 0	–		(.92	)		(1.63	)		(.42	)		(.05	)		– 0	–
Distributions from net realized gain on investment transactions		(.18	)		(.26	)		– 0	–		– 0	–		(.02	)		– 0	–
Total dividends and distributions		(.18	)		(1.18	)		(1.63	)		(.42	)		(.07	)		– 0	–
Net asset value, end of period	$	14.81		$	14.12		$	15.57		$	18.09		$	16.50		$	15.26
Total Return
Total investment return based on net asset value(d)*		6.26	%		(1.89	)%		(5.59	)%+		12.57	%		8.57	%		7.16	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$2,116			$1,935			$2,382			$2,669			$3,382			$4,115
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)		2.14	%^		2.15	%		2.05	%		2.03	%		2.12	%		2.13	%
Expenses, before waivers/reimbursements(e)(f)		2.15	%^		2.16	%		2.06	%		2.03	%		2.13	%		2.13	%
Net investment income (loss)(b)		.65	%^		1.43	%		1.92	%		.69	%		(1.02	)%		(.30	)%
Portfolio turnover rate		24	%		13	%		1	%		7	%		20	%		3	%
‡  Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.03	%^		.03	%		.03	%		.02	%		.02	%		.00	%

See footnote summary on page 59.

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CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)

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

	Advisor Class
	Six Months Ended May 31, 2024 (unaudited)			Year Ended November 30,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 15.95			$ 17.45			$ 20.12			$ 18.29			$ 16.93			$ 15.77
Income From Investment Operations
Net investment income(a)(b)		.12			.39			.52			.35			.01			.12
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.95			(.54	)		(1.34	)		2.07			1.62			1.17
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		00	(c)		– 0	–
Net increase (decrease) in net asset value from operations		1.07			(.15	)		(.82	)		2.42			1.63			1.29
Less: Dividends and Distributions
Dividends from net investment income		(.08	)		(1.09	)		(1.85	)		(.59	)		(.25	)		(.13	)
Distributions from net realized gain on investment transactions		(.18	)		(.26	)		– 0	–		– 0	–		(.02	)		– 0	–
Total dividends and distributions		(.26	)		(1.35	)		(1.85	)		(.59	)		(.27	)		(.13	)
Net asset value, end of period		$ 16.76			$ 15.95			$ 17.45			$ 20.12			$ 18.29			$ 16.93
Total Return
Total investment return based on net asset value(d)*		6.83	%		(.95	)%		(4.65	)%+		13.69	%		9.68	%		8.27	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$11,187			$13,036			$17,477			$13,604			$12,153			$14,632
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)		1.12	%^		1.14	%		1.04	%		1.02	%		1.12	%		1.12	%
Expenses, before waivers/reimbursements(e)(f)		1.14	%^		1.15	%		1.05	%		1.02	%		1.12	%		1.12	%
Net investment income(b)		1.49	%^		2.47	%		2.90	%		1.78	%		.06	%		.72	%
Portfolio turnover rate		24	%		13	%		1	%		7	%		20	%		3	%
‡  Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.03	%^		.03	%		.03	%		.02	%		.02	%		.00	%

See footnote summary on page 59.

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CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)

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

	Class I
	Six Months Ended May 31, 2024 (unaudited)			Year Ended November 30,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 15.92			$ 17.41			$ 20.09			$ 18.27			$ 16.91			$ 15.76
Income From Investment Operations
Net investment income(a)(b)		.13			.39			.53			.35			.04			.13
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.93			(.53	)		(1.35	)		2.07			1.60			1.16
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		00	(c)		– 0	–
Net increase (decrease) in net asset value from operations		1.06			(.14	)		(.82	)		2.42			1.64			1.29
Less: Dividends and Distributions
Dividends from net investment income		(.08	)		(1.09	)		(1.86	)		(.60	)		(.26	)		(.14	)
Distributions from net realized gain on investment transactions		(.18	)		(.26	)		– 0	–		– 0	–		(.02	)		– 0	–
Total dividends and distributions		(.26	)		(1.35	)		(1.86	)		(.60	)		(.28	)		(.14	)
Net asset value, end of period		$ 16.72			$ 15.92			$ 17.41			$ 20.09			$ 18.27			$ 16.91
Total Return
Total investment return based on net asset value(d)*		6.88	%		(.94	)%		(4.63	)%+		13.78	%		9.72	%		8.27	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,271			$1,204			$2,021			$2,390			$2,063			$3,095
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)		1.10	%^		1.13	%		1.02	%		.99	%		1.06	%		1.07	%
Expenses, before waivers/reimbursements(e)(f)		1.11	%^		1.14	%		1.03	%		1.00	%		1.07	%		1.07	%
Net investment income(b)		1.62	%^		2.46	%		2.95	%		1.77	%		.21	%		.78	%
Portfolio turnover rate		24	%		13	%		1	%		7	%		20	%		3	%
‡  Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.03	%^		.03	%		.03	%		.02	%		.02	%		.00	%

See footnote summary on page 59.

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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 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) In connection with the Fund’s investments in affiliated 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 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 six months ended May 31, 2024 and the years ended November 30, 2023, November 30, 2022, November 30, 2021 and November 30, 2020, such waiver amounted to .01% (annualized), .01%, .01%, .02% and .01%, respectively.

(f) The expense ratios presented below exclude interest/bank overdraft expense:

	Six Months Ended May 31, 2024 (unaudited)			Year Ended November 30,
				2023			2022			2021			2020			2019
Class A
Net of waivers/reimbursements		1.37	%^		1.38	%		1.29	%		1.27	%		1.36	%		1.35	%
Before waivers/reimbursements		1.38	%^		1.39	%		1.30	%		1.27	%		1.37	%		1.36	%
Class C
Net of waivers/reimbursements		2.13	%^		2.14	%		2.05	%		2.03	%		2.12	%		2.11	%
Before waivers/reimbursements		2.14	%^		2.15	%		2.06	%		2.03	%		2.13	%		2.11	%
Advisor Class
Net of waivers/reimbursements		1.12	%^		1.13	%		1.04	%		1.02	%		1.12	%		1.10	%
Before waivers/reimbursements		1.13	%^		1.14	%		1.05	%		1.02	%		1.12	%		1.11	%
Class I
Net of waivers/reimbursements		1.09	%^		1.12	%		1.02	%		.99	%		1.06	%		1.05	%
Before waivers/reimbursements		1.10	%^		1.14	%		1.03	%		1.00	%		1.07	%		1.05	%

* 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, 2020 and November 30, 2019 by .01% and .31%, respectively.

+ 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.

^ Annualized.

See notes to consolidated financial statements.

abfunds.com AB GLOBAL RISK ALLOCATION FUND ^| 59

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 in-person on October 31-November 2, 2023 (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 additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

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 and the money market fund advised by the Adviser in which the Fund invests a portion of its net assets.

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

60 ^| AB GLOBAL RISK ALLOCATION FUND abfunds.com

judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. 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 at the request of the directors. 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 2021 and 2022 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. 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 fund 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

abfunds.com AB GLOBAL RISK ALLOCATION FUND ^| 61

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 and the money market fund advised by the Adviser in which the Fund invests, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive 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 performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Advisor Class shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Advisor Class shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended July 31, 2023. 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 payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. 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 noted that it was lower than the median. They also noted that the Adviser’s total rate of compensation, taking into account the impact of the administrative expense reimbursement paid to the Adviser in the latest fiscal year, was lower than the median.

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The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, 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.

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 this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Advisor Class shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Advisor Class 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. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

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Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time 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 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 shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

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AB GLOBAL RISK ALLOCATION FUND

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

GRA-0152-0524    

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

There were no disagreements with accountants during the reporting period.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

There were no shareholder meetings during the reporting period.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Aggregate remuneration paid to all Directors and advisory board members are included within the Financial Statements under Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Statement regarding basis for Approval of Investment Advisory Contract included within the Financial Statements under Item 7 of this Form N-CSR.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable to the registrant.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the registrant

ITEM 15. 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 16. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

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

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable to the registrant

ITEM 19. EXHIBITS.

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

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
19(b)(1)	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
19(b)(2)	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
19(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/ Onur Erzan
	Onur Erzan
	President
Date:	July 26, 2024

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/ Onur Erzan
	Onur Erzan
	President
Date:	July 26, 2024
By:	/s/ Stephen M. Woetzel
	Stephen M. Woetzel
	Treasurer and Chief Financial Officer
Date:	July 26, 2024