# EDGAR Filing Document

**Accession Number:** 0000069752
**File Stem:** 0001193125-25-173252
**Filing Date:** 2025-8
**Character Count:** 185967
**Document Hash:** a35bdf4f66871791336882b8f8661a7c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-173252.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001193125-25-173252

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**EFFECTIVENESS DATE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AB GLOBAL RISK ALLOCATION FUND, INC.
- **CENTRAL INDEX KEY:** 0000069752

**ORGANIZATION NAME:**
- **EIN:** 136020908
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00134
- **FILM NUMBER:** 251183683

**BUSINESS ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 2129691000

**MAIL ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCEBERNSTEIN GLOBAL RISK ALLOCATION FUND, INC.
- **DATE OF NAME CHANGE:** 20121005

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCEBERNSTEIN BALANCED SHARES INC
- **DATE OF NAME CHANGE:** 20030319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCE BALANCED SHARES INC/NJ
- **DATE OF NAME CHANGE:** 19990428

## Series and Classes Contracts Data

### AB GLOBAL RISK ALLOCATION FUND, INC. (Series ID: S000009974)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000027567 | Class A       | CABNX           |
| C000027569 | Class C       | CBACX           |
| C000027570 | Advisor Class | CBSYX           |
| C000027573 | Class I       | CABIX           |

?xml version='1.0' encoding='ASCII'? AB Global Risk Allocation Fund, Inc.

### 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)

#### 66 Hudson Boulevard East

#### New York, New York 10005

#### (Address of principal executive offices) (Zip code)

#### Stephen M. Woetzel

#### AllianceBernstein L.P.

#### 66 Hudson Boulevard East

#### New York, New York 10005

#### (Name and address of agent for service)

#### Registrant's telephone number, including area code: (800) 221-5672

#### Date of fiscal year end: November 30, 2025

#### Date of reporting period: May 31, 2025

------

#### ITEM 1. REPORTS TO STOCKHOLDERS.

# Advisor Class: CBSYX
May 31, 2025

![Image](g944402i5c51c529fe4702102690.jpg)

# AB Global Risk Allocation Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/CBSYX-S](g944402i190293c14849c417c35d.jpg)

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Fund Information

## 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, 2024 to May 31, 2025. 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 the 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 | 1.16%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $161619793 |
| # of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid (Net) | $470159 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Vanguard S&P 500 ETF | $24606739 | 15.2% |
| U.S. Treasury Inflation Index, 0.50%, due 01/15/28 | $19679682 | 12.2% |
| U.S. Treasury Inflation Index, 0.38%, due 07/15/25 | $15899215 | 9.9% |
| iShares Core MSCI Europe ETF | $13314762 | 8.2% |
| U.S. Treasury Inflation Index, 0.38%, due 01/15/27 | $7348103 | 4.6% |
| iShares Core MSCI Emerging Markets ETF | $5888957 | 3.6% |
| iShares MSCI Emerging Markets ex China ETF | $2215576 | 1.4% |
| Invesco S&P 500 Equal Weight ETF | $1630213 | 1.0% |
| Japan Government Thirty Year Bond, 2.40%, due 03/20/55 | $1612723 | 1.0% |
| Mexico Government International Bond, 4.13%, due 01/21/26 | $1168717 | 0.7% |
| Total | $93364687 | 57.8% |

---

**Advisor Class:** CBSYX

### **Country Breakdown (% of Net Assets)**![Credit Rating Chart](g944402i72700e74a4e9c8e250dc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 53.5% |
| Multinational | 3.7% |
| Japan | 1.0% |
| Mexico | 0.7% |
| Netherlands | 0.0% |
| Belgium | 0.0% |
| Australia | 0.0% |
| United Arab Emirates | 0.0% |
| Spain | 0.0% |
| Canada | 0.0% |
| Short-Term Investments | 37.5% |
| Other assets less liabilities | 3.6% |

---

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g944402ia824e421ad3262a5a59d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Funds and Investment Trusts | 29.5% |
| Inflation-Linked Securities | 26.6% |
| Options on Equity Indices | 1.0% |
| Governments - Treasuries | 1.0% |
| Governments - Sovereign Bonds | 0.7% |
| Financials | 0.1% |
| Communication Services | 0.0% |
| Energy | 0.0% |
| Industrials | 0.0% |
| Information Technology | 0.0% |
| Short-Term Investments | 37.5% |
| Other assets less liabilities | 3.6% |

---

## 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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

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Fund Information

**Advisor Class:** CBSYX

GRA-ADV-0154-0525

# Class A: CABNX
May 31, 2025

![Image](g944402i5c51c529fe4702102690.jpg)

# AB Global Risk Allocation Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/CABNX-S](g944402i011c77657d7f5193aabb.jpg)

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Fund Information

## 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, 2024 to May 31, 2025. 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 the 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 | 1.41%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $161619793 |
| # of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid (Net) | $470159 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Vanguard S&P 500 ETF | $24606739 | 15.2% |
| U.S. Treasury Inflation Index, 0.50%, due 01/15/28 | $19679682 | 12.2% |
| U.S. Treasury Inflation Index, 0.38%, due 07/15/25 | $15899215 | 9.9% |
| iShares Core MSCI Europe ETF | $13314762 | 8.2% |
| U.S. Treasury Inflation Index, 0.38%, due 01/15/27 | $7348103 | 4.6% |
| iShares Core MSCI Emerging Markets ETF | $5888957 | 3.6% |
| iShares MSCI Emerging Markets ex China ETF | $2215576 | 1.4% |
| Invesco S&P 500 Equal Weight ETF | $1630213 | 1.0% |
| Japan Government Thirty Year Bond, 2.40%, due 03/20/55 | $1612723 | 1.0% |
| Mexico Government International Bond, 4.13%, due 01/21/26 | $1168717 | 0.7% |
| Total | $93364687 | 57.8% |

---

**Class A:** CABNX

### **Country Breakdown (% of Net Assets)**![Credit Rating Chart](g944402ie8640922e04962f5df8f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 53.5% |
| Multinational | 3.7% |
| Japan | 1.0% |
| Mexico | 0.7% |
| Netherlands | 0.0% |
| Belgium | 0.0% |
| Australia | 0.0% |
| United Arab Emirates | 0.0% |
| Spain | 0.0% |
| Canada | 0.0% |
| Short-Term Investments | 37.5% |
| Other assets less liabilities | 3.6% |

---

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g944402ief2b9fc22afdb2e175be.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Funds and Investment Trusts | 29.5% |
| Inflation-Linked Securities | 26.6% |
| Options on Equity Indices | 1.0% |
| Governments - Treasuries | 1.0% |
| Governments - Sovereign Bonds | 0.7% |
| Financials | 0.1% |
| Communication Services | 0.0% |
| Energy | 0.0% |
| Industrials | 0.0% |
| Information Technology | 0.0% |
| Short-Term Investments | 37.5% |
| Other assets less liabilities | 3.6% |

---

## 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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

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Fund Information

**Class A:** CABNX

GRA-A-0154-0525

# Class C: CBACX
May 31, 2025

![Image](g944402i5c51c529fe4702102690.jpg)

# AB Global Risk Allocation Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/CBACX-S](g944402id38e1fbb19da20065a2d.jpg)

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Fund Information

## 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, 2024 to May 31, 2025. 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 the 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 | $109 | 2.17%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $161619793 |
| # of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid (Net) | $470159 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Vanguard S&P 500 ETF | $24606739 | 15.2% |
| U.S. Treasury Inflation Index, 0.50%, due 01/15/28 | $19679682 | 12.2% |
| U.S. Treasury Inflation Index, 0.38%, due 07/15/25 | $15899215 | 9.9% |
| iShares Core MSCI Europe ETF | $13314762 | 8.2% |
| U.S. Treasury Inflation Index, 0.38%, due 01/15/27 | $7348103 | 4.6% |
| iShares Core MSCI Emerging Markets ETF | $5888957 | 3.6% |
| iShares MSCI Emerging Markets ex China ETF | $2215576 | 1.4% |
| Invesco S&P 500 Equal Weight ETF | $1630213 | 1.0% |
| Japan Government Thirty Year Bond, 2.40%, due 03/20/55 | $1612723 | 1.0% |
| Mexico Government International Bond, 4.13%, due 01/21/26 | $1168717 | 0.7% |
| Total | $93364687 | 57.8% |

---

**Class C:** CBACX

### **Country Breakdown (% of Net Assets)**![Credit Rating Chart](g944402i8ae6cf53e6ea88bf2883.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 53.5% |
| Multinational | 3.7% |
| Japan | 1.0% |
| Mexico | 0.7% |
| Netherlands | 0.0% |
| Belgium | 0.0% |
| Australia | 0.0% |
| United Arab Emirates | 0.0% |
| Spain | 0.0% |
| Canada | 0.0% |
| Short-Term Investments | 37.5% |
| Other assets less liabilities | 3.6% |

---

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g944402i892e27ede8a77631a1ba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Funds and Investment Trusts | 29.5% |
| Inflation-Linked Securities | 26.6% |
| Options on Equity Indices | 1.0% |
| Governments - Treasuries | 1.0% |
| Governments - Sovereign Bonds | 0.7% |
| Financials | 0.1% |
| Communication Services | 0.0% |
| Energy | 0.0% |
| Industrials | 0.0% |
| Information Technology | 0.0% |
| Short-Term Investments | 37.5% |
| Other assets less liabilities | 3.6% |

---

## 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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCAN ME

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/CBACX-S](g944402id38e1fbb19da20065a2d.jpg)

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Fund Information

**Class C:** CBACX

GRA-C-0154-0525

# Class I: CABIX
May 31, 2025

![Image](g944402i5c51c529fe4702102690.jpg)

# AB Global Risk Allocation Fund
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/CABIX-S](g944402ibe631de676224b010128.jpg)

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Fund Information

## 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, 2024 to May 31, 2025. 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 the 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 | 1.13%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $161619793 |
| # of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid (Net) | $470159 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Vanguard S&P 500 ETF | $24606739 | 15.2% |
| U.S. Treasury Inflation Index, 0.50%, due 01/15/28 | $19679682 | 12.2% |
| U.S. Treasury Inflation Index, 0.38%, due 07/15/25 | $15899215 | 9.9% |
| iShares Core MSCI Europe ETF | $13314762 | 8.2% |
| U.S. Treasury Inflation Index, 0.38%, due 01/15/27 | $7348103 | 4.6% |
| iShares Core MSCI Emerging Markets ETF | $5888957 | 3.6% |
| iShares MSCI Emerging Markets ex China ETF | $2215576 | 1.4% |
| Invesco S&P 500 Equal Weight ETF | $1630213 | 1.0% |
| Japan Government Thirty Year Bond, 2.40%, due 03/20/55 | $1612723 | 1.0% |
| Mexico Government International Bond, 4.13%, due 01/21/26 | $1168717 | 0.7% |
| Total | $93364687 | 57.8% |

---

**Class I:** CABIX

### **Country Breakdown (% of Net Assets)**![Credit Rating Chart](g944402i8236d853ea8214acfaf1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 53.5% |
| Multinational | 3.7% |
| Japan | 1.0% |
| Mexico | 0.7% |
| Netherlands | 0.0% |
| Belgium | 0.0% |
| Australia | 0.0% |
| United Arab Emirates | 0.0% |
| Spain | 0.0% |
| Canada | 0.0% |
| Short-Term Investments | 37.5% |
| Other assets less liabilities | 3.6% |

---

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g944402i91c105d79450aba5ff2b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Funds and Investment Trusts | 29.5% |
| Inflation-Linked Securities | 26.6% |
| Options on Equity Indices | 1.0% |
| Governments - Treasuries | 1.0% |
| Governments - Sovereign Bonds | 0.7% |
| Financials | 0.1% |
| Communication Services | 0.0% |
| Energy | 0.0% |
| Industrials | 0.0% |
| Information Technology | 0.0% |
| Short-Term Investments | 37.5% |
| Other assets less liabilities | 3.6% |

---

## 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.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

SCAN ME

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/CABIX-S](g944402ibe631de676224b010128.jpg)

Please scan QR code for

Fund Information

**Class I:** CABIX

GRA-I-0154-0525

------

#### 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 when filing a semi-annual report to shareholders.

#### 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 31, 2025**![LOGO](g944402g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB Global Risk Allocation Fund

![LOGO](g944402g50e50.jpg)

------

 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

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 and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

#### CONSOLIDATED PORTFOLIO OF INVESTMENTS
**May 31, 2025** (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | | **Shares** | **U.S. $ Value** |
|  INVESTMENT COMPANIES – 29.5% |  |  |  |
|  **Funds and Investment Trusts – 29.5%<sup>(a)</sup>** | **Funds and Investment Trusts – 29.5%<sup>(a)</sup>** | **Funds and Investment Trusts – 29.5%<sup>(a)</sup>** | **Funds and Investment Trusts – 29.5%<sup>(a)</sup>** |
|  Altegrity, Inc.<sup>(b)(c)(d)(e)</sup> |  | 1120 | $– 0 |
|  Invesco S&P 500 Equal Weight ETF<sup>(f)</sup> |  | 9240 | 1630213 |
|  iShares Core MSCI Emerging Markets ETF |  | 103880 | 5888957 |
|  iShares Core MSCI Europe ETF<sup>(f)</sup> |  | 202660 | 13314762 |
|  iShares MSCI Emerging Markets ex China ETF |  | 37400 | 2215576 |
|  VanEck Morningstar Wide Moat ETF |  | 60 | 5378 |
|  Vanguard S&P 500 ETF |  | 45420 | 24606739 |
|  Total Investment Companies <br>(cost $41,621,729) |  |  | 47661625 |
|  |  | **Principal<br>Amount<br>(000)** |  |
|  INFLATION-LINKED SECURITIES – 26.6% |  |  |  |
|  **United States – 26.6%** |  |  |  |
|  U.S. Treasury Inflation Index<br>0.375%, 07/15/2025 (TIPS) | U.S.$| 15913 | 15899215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 01/15/2027 (TIPS) |  | 7454 | 7348103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/15/2028 (TIPS) |  | 20109 | 19679682 |
|  Total Inflation-Linked Securities <br>(cost $43,010,350) |  |  | 42927000 |
|  GOVERNMENTS - TREASURIES – 1.0% | GOVERNMENTS - TREASURIES – 1.0% | GOVERNMENTS - TREASURIES – 1.0% | GOVERNMENTS - TREASURIES – 1.0% |
|  **Japan – 1.0%** | **Japan – 1.0%** | **Japan – 1.0%** | **Japan – 1.0%** |
|  Japan Government Thirty Year Bond <br>Series 86 <br>2.40%, 03/20/2055 <br>(cost $1,618,057) | JPY | 255000 | 1612723 |
|  |  | **Notional<br>Amount** |  |
|  PURCHASED OPTIONS - PUTS – 0.9% |  |  |  |
|  **Options on Equity Indices – 0.9%** |  |  |  |
|  S&P 500 Index <br>Expiration: Mar 2026; Contracts: 14; <br>Exercise Price: USD 6,500.00; <br>Counterparty: Morgan Stanley & Co., Inc.<sup>(c)</sup> | USD | 9100000 | 785890 |
|  S&P 500 Index <br>Expiration: Mar 2026; Contracts: 14; <br>Exercise Price: USD 6,400.00; <br>Counterparty: Morgan Stanley & Co., Inc.<sup>(c)</sup> | USD | 8960000 | 707770 |
|  Total Purchased Options - Puts <br>(premiums paid $1,247,457) |  |  | 1493660 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Global Risk Allocation Fund 1 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  GOVERNMENTS - SOVEREIGN BONDS – 0.7% |  |  |  |
|  **Mexico – 0.7%** |  |  |  |
|  Mexico Government International Bond <br>4.125%, 01/21/2026 <br>(cost $1,173,709) | U.S.$| 1174 | $1168717 |
|  |  | **Notional<br>Amount** |  |
|  PURCHASED OPTIONS - CALLS – 0.1% |  |  |  |
|  **Options on Equity Indices – 0.1%** |  |  |  |
|  S&P 500 Index <br>Expiration: Mar 2026; Contracts: 14; <br>Exercise Price: USD 6,500.00; <br>Counterparty: Morgan Stanley & Co., Inc.<sup>(c)</sup> <sup></sup>(premiums paid $483,028) | USD | 9100000 | 208950 |
|  |  | **Shares** |  |
|  COMMON STOCKS – 0.1% |  |  |  |
|  Financials – 0.1% |  |  |  |
|  **Financial Services – 0.1%** |  |  |  |
|  EXOR NV<sup>(b)(c)(e)</sup> |  | 480 | 46217 |
|  Communication Services – 0.0% |  |  |  |
|  **Diversified Telecommunication Services – 0.0%** |  |  |  |
|  Telenet Group Holding NV<sup>(b)(e)</sup> |  | 522 | 12447 |
|  Energy – 0.0% |  |  |  |
|  **Oil, Gas & Consumable Fuels – 0.0%** |  |  |  |
|  Woodside Energy Group Ltd.<sup>(b)(e)</sup> |  | 261 | 3735 |
|  Industrials – 0.0% |  |  |  |
|  **Construction & Engineering – 0.0%** |  |  |  |
|  ACS Actividades de Construccion y Servicios SA |  | 5 | 328 |
|  Orascom Construction PLC |  | 173 | 951 |
|  |  |  | 1279 |
|  Total Common Stocks <br>(cost $53,269) |  |  | 63678 |
|  WARRANTS – 0.0% |  |  |  |
|  Information Technology – 0.0% |  |  |  |
|  **Software – 0.0%** |  |  |  |
|  Constellation Software, Inc./Canada, expiring 03/31/2040<sup>(b)(c)(e)</sup> <sup></sup>(cost $0) |  | 53 | – 0 |

---

---

| | |
|:---|:---|
| 2 AB Global Risk Allocation Fund | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  SHORT-TERM INVESTMENTS – 37.5% |  |  |  |
|  Treasury Bills – 19.6% |  |  |  |
|  **Japan – 19.6%** |  |  |  |
|  Japan Treasury Discount Bill <br>Series 1290 <br>Zero Coupon, 06/02/2025 <br>(cost $30,516,573) | JPY | 4560000 | $31689774 |
|  |  | **Shares** |  |
|  **Investment Companies – 12.1%** |  |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 4.14%<sup>(a)(g)(h)</sup> <br>(cost $19,582,372) |  | 19582372 | 19582372 |
|  |  | **Principal<br>Amount<br>(000)** |  |
|  **U.S. Treasury Bills – 5.8%** |  |  |  |
|  U.S. Treasury Bill <br>Zero Coupon, 07/31/2025 <br>(cost $9,335,289) | U.S.$| 9400 | 9334835 |
|  Total Investments – 96.4% <br>(cost $148,641,833) |  |  | 155743334 |
|  Other assets less liabilities – 3.6% |  |  | 5876459 |
|  **Net Assets – 100.0%** |  |  | $**161619793** |

---

#### FUTURES (see Note D)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration**<br> **Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
|  Australian 10 Yr Bond Futures | 21 | June 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545018 | $29236 |
|  Brent Crude Oil Futures | 17 | September 2025 | 1043800 | (91647) |
|  Canadian 5 Yr Bond Futures | 75 | September 2025 | 6240573 | 29728 |
|  Canadian 10 Yr Bond Futures | 68 | September 2025 | 6060466 | 52402 |
|  Coffee 'C' Futures | 4 | December 2025 | 503475 | (58508) |
|  Copper Futures | 28 | July 2025 | 3274250 | (97649) |
|  Corn Futures | 38 | December 2025 | 833150 | (7037) |
|  Cotton No. 2 Futures | 7 | December 2025 | 237125 | (1289) |
|  E-Mini S&P 500 Equal Weight Futures | 4 | June 2025 | 571600 | 14351 |
|  Euro-BOBL Futures | 65 | September 2025 | 8718497 | 5812 |
|  Euro-BTP Futures | 20 | June 2025 | 2751196 | 28849 |
|  Euro-Bund Futures | 77 | June 2025 | 11471646 | (22841) |
|  Euro-OAT Futures | 23 | June 2025 | 3284006 | 16159 |
|  FTSE 100 Index Futures | 13 | June 2025 | 1538127 | 47616 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Global Risk Allocation Fund 3 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration**<br> **Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  FTSE/MIB Index Futures | 3 | June 2025 | $683586 | $85423 |
|  Gasoline RBOB Futures | 4 | August 2025 | 327649 | (11656) |
|  Gold 100 OZ Futures | 11 | August 2025 | 3646940 | 59371 |
|  Hang Seng Index Futures | 2 | June 2025 | 295698 | 1167 |
|  IBEX 35 Index Futures | 4 | June 2025 | 642747 | 17654 |
|  KC HRW Wheat Futures | 10 | December 2025 | 284375 | (19040) |
|  Lean Hogs Futures | 5 | August 2025 | 210050 | 17908 |
|  Live Cattle Futures | 9 | October 2025 | 746640 | 48558 |
|  LME Lead Futures | 3 | July 2025 | 146432 | (143) |
|  LME Nickel Futures | 3 | July 2025 | 272508 | (6657) |
|  LME Primary Aluminum Futures | 12 | July 2025 | 731502 | 17475 |
|  LME Zinc Futures | 4 | July 2025 | 261180 | 240 |
|  Long Gilt Futures | 131 | September 2025 | 16146473 | 165678 |
|  Low SU Gasoil Futures | 6 | September 2025 | 353400 | (28211) |
|  MSCI Emerging Markets Index Futures | 8 | June 2025 | 459720 | 45862 |
|  MSCI Singapore ETS Index Futures | 8 | June 2025 | 254716 | 1503 |
|  Natural Gas Futures | 41 | August 2025 | 1438280 | (391526) |
|  NY Harbor ULSD Futures | 2 | August 2025 | 168437 | (10399) |
|  OMXS 30 Index Futures | 4 | June 2025 | 104058 | (1664) |
|  S&P 500 E-Mini Futures | 68 | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20114400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003999 |
|  S&P/TSX 60 Index Futures | 11 | June 2025 | 2513643 | 177716 |
|  Silver Futures | 6 | July 2025 | 990870 | 6767 |
|  Soybean Futures | 21 | January 2026 | 1092788 | 4361 |
|  Soybean Meal Futures | 16 | December 2025 | 493920 | (9661) |
|  Soybean Oil Futures | 22 | December 2025 | 628980 | 61977 |
|  SPI 200 Futures | 9 | June 2025 | 1226561 | 90228 |
|  Sugar 11 (World) Futures | 28 | September 2025 | 540333 | (22221) |
|  TOPIX Index Futures | 22 | June 2025 | 4277077 | 209164 |
|  U.S. T-Note 5 Yr (CBT) Futures | 101 | September 2025 | 10926938 | 70886 |
|  U.S. T-Note 10 Yr (CBT) Futures | 244 | September 2025 | 27023000 | 85242 |
|  Wheat (CBT) Futures | 16 | December 2025 | 456800 | (20331) |
|  WTI Crude Futures | 15 | August 2025 | 885000 | (76769) |
|  **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** |
|  Bloomberg Commodity Index Futures | 372 | June 2025 | 3719628 | (87451) |
|  Euro STOXX 50 Index Futures | 17 | June 2025 | 1036166 | (1022) |
|  FTSE 100 Index Futures | 5 | June 2025 | 591588 | (7202) |
|  LME Primary Aluminum Futures | 1 | July 2025 | 60959 | 363 |
|  U.S. T-Note 5 Yr (CBT) Futures | 62 | September 2025 | 6707625 | (43198) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379573 |

---

#### FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Bank of America NA | BRL | 15753 | USD | 2759 | 06/03/2025 | $5211 |
|  Bank of America NA | BRL | 12637 | USD | 2206 | 06/03/2025 | (3779) |
|  Bank of America NA | USD | 2750 | BRL | 15753 | 06/03/2025 | 4711 |
|  Bank of America NA | USD | 2213 | BRL | 12637 | 06/03/2025 | (4180) |
|  Bank of America NA | CNH | 13164 | USD | 1816 | 06/05/2025 | (11683) |

---

---

| | |
|:---|:---|
| 4 AB Global Risk Allocation Fund | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Bank of America NA | USD | 561 | CNH | 4037 | 06/05/2025 | $(1077) |
|  Bank of America NA | USD | 526 | ZAR | 10290 | 06/05/2025 | 45946 |
|  Bank of America NA | ZAR | 13714 | USD | 744 | 06/05/2025 | (18891) |
|  Bank of America NA | USD | 567 | AUD | 878 | 06/12/2025 | (1116) |
|  Bank of America NA | USD | 1047 | NZD | 1804 | 06/12/2025 | 31304 |
|  Bank of America NA | CAD | 4346 | USD | 3109 | 06/18/2025 | (60285) |
|  Bank of America NA | USD | 1329 | JPY | 193314 | 06/25/2025 | 17951 |
|  Bank of America NA | NOK | 6847 | USD | 664 | 06/26/2025 | (6317) |
|  Bank of America NA | USD | 1844 | NOK | 19163 | 06/26/2025 | 32514 |
|  Bank of America NA | CHF | 3070 | USD | 3763 | 07/09/2025 | 15785 |
|  Bank of America NA | USD | 1175 | CHF | 959 | 07/09/2025 | (4930) |
|  Bank of America NA | PEN | 654 | USD | 179 | 07/15/2025 | (1900) |
|  Bank of America NA | GBP | 715 | USD | 944 | 07/16/2025 | (18618) |
|  Bank of America NA | USD | 1135 | KRW | &nbsp;&nbsp;&nbsp;&nbsp;1560931 | 07/17/2025 | (2054) |
|  Bank of America NA | CZK | 50213 | USD | 2292 | 07/18/2025 | 1504 |
|  Bank of New York (The) | USD | 579 | CAD | 803 | 06/18/2025 | 5996 |
|  Barclays Capital, Inc. | AUD | 816 | USD | 528 | 06/12/2025 | 2374 |
|  Barclays Capital, Inc. | AUD | 1994 | USD | 1281 | 06/12/2025 | (4787) |
|  Barclays Capital, Inc. | NZD | 3015 | USD | 1784 | 06/12/2025 | (18591) |
|  Barclays Capital, Inc. | USD | 580 | AUD | 896 | 06/12/2025 | (2367) |
|  Barclays Capital, Inc. | CNY | 24114 | USD | 3373 | 06/18/2025 | 15045 |
|  Barclays Capital, Inc. | MYR | 2493 | USD | 594 | 06/18/2025 | 7418 |
|  Barclays Capital, Inc. | MYR | 10889 | USD | 2490 | 06/18/2025 | (73681) |
|  Barclays Capital, Inc. | USD | 1002 | CAD | 1384 | 06/18/2025 | 7602 |
|  Barclays Capital, Inc. | USD | 1602 | MYR | 7080 | 06/18/2025 | 63321 |
|  Barclays Capital, Inc. | USD | 833 | MYR | 3508 | 06/18/2025 | (8158) |
|  Barclays Capital, Inc. | COP | &nbsp;&nbsp;&nbsp;&nbsp;1735901 | USD | 408 | 07/15/2025 | (7117) |
|  Barclays Capital, Inc. | KRW | 843921 | USD | 588 | 07/17/2025 | (24353) |
|  Barclays Capital, Inc. | USD | 698 | KRW | 962315 | 07/17/2025 | 74 |
|  Barclays Capital, Inc. | USD | 595 | KRW | 815061 | 07/17/2025 | (2871) |
|  Barclays Capital, Inc. | USD | 1783 | PHP | 101129 | 07/29/2025 | 27197 |
|  Barclays Capital, Inc. | INR | 294508 | USD | 3423 | 08/14/2025 | (5505) |
|  Barclays Capital, Inc. | USD | 3809 | INR | 327719 | 08/14/2025 | 6126 |
|  BNP Paribas SA | USD | 1723 | CNH | 12408 | 06/05/2025 | (791) |
|  BNP Paribas SA | USD | 660 | NZD | 1104 | 06/12/2025 | (198) |
|  Citibank NA | CNH | 23203 | USD | 3210 | 06/05/2025 | (10822) |
|  Citibank NA | USD | 757 | NZD | 1285 | 06/12/2025 | 11149 |
|  Citibank NA | CAD | 1991 | USD | 1444 | 06/18/2025 | (7972) |
|  Citibank NA | USD | 1286 | CAD | 1783 | 06/18/2025 | 14177 |
|  Citibank NA | USD | 3353 | CNY | 24114 | 06/18/2025 | 4417 |
|  Citibank NA | JPY | 199439 | USD | 1376 | 06/25/2025 | (13138) |
|  Citibank NA | NOK | 8224 | USD | 812 | 06/26/2025 | 6195 |
|  Citibank NA | SEK | 21455 | USD | 2196 | 06/26/2025 | (45182) |
|  Citibank NA | USD | 1068 | EUR | 963 | 06/26/2025 | 26836 |
|  Citibank NA | USD | 1720 | SEK | 16742 | 06/26/2025 | 28918 |
|  Citibank NA | USD | 812 | SEK | 7731 | 06/26/2025 | (4410) |
|  Citibank NA | PEN | 1587 | USD | 435 | 07/15/2025 | (2683) |
|  Citibank NA | USD | 1017 | PEN | 3705 | 07/15/2025 | 6263 |
|  Citibank NA | GBP | 622 | USD | 821 | 07/16/2025 | (16639) |
|  Citibank NA | USD | 2420 | GBP | 1820 | 07/16/2025 | 32312 |
|  Citibank NA | KRW | 4004154 | USD | 2815 | 07/17/2025 | (91673) |
|  Citibank NA | USD | 1605 | KRW | 2284938 | 07/17/2025 | 53970 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Global Risk Allocation Fund 5 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Citibank NA | IDR | 14679716 | USD | 870 | 07/24/2025 | $(25649) |
|  Citibank NA | USD | 1618 | IDR | 27210322 | 07/24/2025 | 42588 |
|  Citibank NA | PHP | 37857 | USD | 676 | 07/29/2025 | (1305) |
|  Citibank NA | TWD | 32984 | USD | 1107 | 08/22/2025 | (18649) |
|  Citibank NA | USD | 1648 | TWD | 48865 | 08/22/2025 | 20131 |
|  Deutsche Bank AG | CNH | 6593 | USD | 916 | 06/05/2025 | 922 |
|  Deutsche Bank AG | CNH | 6540 | USD | 905 | 06/05/2025 | (2622) |
|  Deutsche Bank AG | USD | 689 | CNH | 4950 | 06/05/2025 | (1697) |
|  Deutsche Bank AG | USD | 695 | ZAR | 12543 | 06/05/2025 | 2504 |
|  Deutsche Bank AG | NZD | 3235 | USD | 1942 | 06/12/2025 | 8332 |
|  Deutsche Bank AG | USD | 1311 | AUD | 2049 | 06/12/2025 | 10258 |
|  Deutsche Bank AG | USD | 1958 | AUD | 3034 | 06/12/2025 | (1531) |
|  Deutsche Bank AG | USD | 1797 | NZD | 3137 | 06/12/2025 | 77874 |
|  Deutsche Bank AG | USD | 1326 | CAD | 1827 | 06/18/2025 | 6389 |
|  Deutsche Bank AG | USD | 8132 | JPY | 1144676 | 06/25/2025 | (157686) |
|  Deutsche Bank AG | USD | 550 | NOK | 5723 | 06/26/2025 | 10333 |
|  Deutsche Bank AG | EUR | 1212 | USD | 1353 | 07/09/2025 | (26216) |
|  Deutsche Bank AG | CLP | 489480 | USD | 523 | 07/15/2025 | 6120 |
|  Deutsche Bank AG | USD | 558 | CLP | 520915 | 07/15/2025 | (7826) |
|  Deutsche Bank AG | CZK | 11093 | USD | 504 | 07/18/2025 | (2397) |
|  Goldman Sachs Bank USA | BRL | 6370 | USD | 1118 | 06/03/2025 | 4687 |
|  Goldman Sachs Bank USA | USD | 1118 | BRL | 6370 | 06/03/2025 | (3721) |
|  Goldman Sachs Bank USA | JPY | 4800000 | USD | 32104 | 06/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1257542) |
|  Goldman Sachs Bank USA | USD | 3335 | CNH | 24172 | 06/05/2025 | 19549 |
|  Goldman Sachs Bank USA | AUD | 3160 | USD | 2026 | 06/12/2025 | (11571) |
|  Goldman Sachs Bank USA | USD | 704 | AUD | 1103 | 06/12/2025 | 6709 |
|  Goldman Sachs Bank USA | CAD | 2647 | USD | 1921 | 06/18/2025 | (8936) |
|  Goldman Sachs Bank USA | MYR | 645 | USD | 152 | 06/18/2025 | 171 |
|  Goldman Sachs Bank USA | USD | 1746 | CAD | 2414 | 06/18/2025 | 13767 |
|  Goldman Sachs Bank USA | JPY | 217287 | USD | 1518 | 06/25/2025 | 4208 |
|  Goldman Sachs Bank USA | EUR | 558 | USD | 620 | 06/26/2025 | (14070) |
|  Goldman Sachs Bank USA | USD | 620 | NOK | 6477 | 06/26/2025 | 14521 |
|  Goldman Sachs Bank USA | USD | 488 | BRL | 2777 | 07/02/2025 | (6135) |
|  Goldman Sachs Bank USA | USD | 1212 | EUR | 1075 | 07/09/2025 | 11039 |
|  Goldman Sachs Bank USA | USD | 669 | EUR | 587 | 07/09/2025 | (1435) |
|  Goldman Sachs Bank USA | PEN | 1189 | USD | 322 | 07/15/2025 | (6252) |
|  Goldman Sachs Bank USA | GBP | 992 | USD | 1326 | 07/16/2025 | (11073) |
|  Goldman Sachs Bank USA | PLN | 1895 | USD | 503 | 07/18/2025 | (2614) |
|  Goldman Sachs Bank USA | IDR | 10866067 | USD | 657 | 07/24/2025 | (5822) |
|  HSBC Bank USA | NOK | 13683 | USD | 1316 | 06/26/2025 | (24029) |
|  HSBC Bank USA | EUR | 1824 | USD | 2074 | 07/09/2025 | (1782) |
|  HSBC Bank USA | KRW | 1249460 | USD | 913 | 07/17/2025 | 6480 |
|  HSBC Bank USA | USD | 1078 | PLN | 4043 | 07/18/2025 | 759 |
|  JPMorgan Chase Bank | BRL | 9860 | USD | 1727 | 06/03/2025 | 3261 |
|  JPMorgan Chase Bank | USD | 1733 | BRL | 9860 | 06/03/2025 | (9456) |
|  JPMorgan Chase Bank | CNH | 7532 | USD | 1045 | 06/05/2025 | (538) |
|  JPMorgan Chase Bank | USD | 1324 | CNH | 9520 | 06/05/2025 | (2924) |
|  JPMorgan Chase Bank | AUD | 3233 | USD | 1988 | 06/12/2025 | (96280) |
|  JPMorgan Chase Bank | USD | 544 | AUD | 870 | 06/12/2025 | 16987 |
|  JPMorgan Chase Bank | CAD | 1818 | USD | 1314 | 06/18/2025 | (11515) |
|  JPMorgan Chase Bank | JPY | 147394 | USD | 1002 | 06/25/2025 | (25319) |
|  JPMorgan Chase Bank | USD | 579 | SEK | 5554 | 06/26/2025 | 891 |

---

---

| | |
|:---|:---|
| 6 AB Global Risk Allocation Fund | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  JPMorgan Chase Bank | EUR | 3658 | USD | 4121 | 07/09/2025 | $(42817) |
|  JPMorgan Chase Bank | USD | 659 | CHF | 551 | 07/09/2025 | 13667 |
|  JPMorgan Chase Bank | USD | 1106 | EUR | 973 | 07/09/2025 | 1147 |
|  JPMorgan Chase Bank | USD | 2770 | GBP | 2084 | 07/16/2025 | 38835 |
|  JPMorgan Chase Bank | USD | 842 | KRW | 1192383 | 07/17/2025 | 23564 |
|  JPMorgan Chase Bank | USD | 548 | IDR | 9242849 | 07/24/2025 | 15597 |
|  JPMorgan Chase Bank | TWD | 16023 | USD | 548 | 08/22/2025 | 1481 |
|  Morgan Stanley Capital Services, Inc. | BRL | 15137 | USD | 2671 | 06/03/2025 | 24988 |
|  Morgan Stanley Capital Services, Inc. | USD | 2656 | BRL | 15137 | 06/03/2025 | (9496) |
|  Morgan Stanley Capital Services, Inc. | AUD | 2682 | USD | 1735 | 06/12/2025 | 5857 |
|  Morgan Stanley Capital Services, Inc. | MYR | 350 | USD | 82 | 06/18/2025 | (717) |
|  Morgan Stanley Capital Services, Inc. | USD | 1321 | CAD | 1831 | 06/18/2025 | 14297 |
|  Morgan Stanley Capital Services, Inc. | USD | 857 | MYR | 3789 | 06/18/2025 | 34742 |
|  Morgan Stanley Capital Services, Inc. | JPY | 303835 | USD | 2137 | 06/25/2025 | 20063 |
|  Morgan Stanley Capital Services, Inc. | JPY | 199503 | USD | 1370 | 06/25/2025 | (19527) |
|  Morgan Stanley Capital Services, Inc. | USD | 912 | JPY | 130609 | 06/25/2025 | (1625) |
|  Morgan Stanley Capital Services, Inc. | NOK | 14397 | USD | 1358 | 06/26/2025 | (52527) |
|  Morgan Stanley Capital Services, Inc. | USD | 1902 | NOK | 20006 | 06/26/2025 | 58546 |
|  Morgan Stanley Capital Services, Inc. | BRL | 2777 | USD | 488 | 07/02/2025 | 5445 |
|  Morgan Stanley Capital Services, Inc. | USD | 2171 | BRL | 12360 | 07/02/2025 | (24234) |
|  Morgan Stanley Capital Services, Inc. | CHF | 693 | USD | 829 | 07/09/2025 | (17298) |
|  Morgan Stanley Capital Services, Inc. | EUR | 1552 | USD | 1770 | 07/09/2025 | 3792 |
|  Morgan Stanley Capital Services, Inc. | EUR | 485 | USD | 550 | 07/09/2025 | (2621) |
|  Morgan Stanley Capital Services, Inc. | USD | 1055 | CHF | 871 | 07/09/2025 | 8822 |
|  Morgan Stanley Capital Services, Inc. | USD | 710 | EUR | 636 | 07/09/2025 | 13805 |
|  Morgan Stanley Capital Services, Inc. | USD | 4154 | EUR | 3642 | 07/09/2025 | (8898) |
|  Morgan Stanley Capital Services, Inc. | CLP | 2585844 | USD | 2740 | 07/15/2025 | 6925 |
|  Morgan Stanley Capital Services, Inc. | COP | 5025829 | USD | 1173 | 07/15/2025 | (31254) |
|  Morgan Stanley Capital Services, Inc. | USD | 1300 | CLP | 1227150 | 07/15/2025 | (3286) |
|  Morgan Stanley Capital Services, Inc. | GBP | 492 | USD | 664 | 07/16/2025 | 1011 |
|  Morgan Stanley Capital Services, Inc. | USD | 912 | KRW | 1283802 | 07/17/2025 | 20308 |
|  Morgan Stanley Capital Services, Inc. | USD | 1348 | HUF | 479634 | 07/18/2025 | (2507) |
|  Standard Chartered Bank | PHP | 43666 | USD | 769 | 07/29/2025 | (12987) |
|  State Street Bank & Trust Co. | CNH | 1184 | USD | 165 | 06/05/2025 | 260 |
|  State Street Bank & Trust Co. | CNH | 21561 | USD | 2986 | 06/05/2025 | (7665) |
|  State Street Bank & Trust Co. | USD | 219 | CNH | 1590 | 06/05/2025 | 1919 |
|  State Street Bank & Trust Co. | USD | 1752 | ZAR | 33153 | 06/05/2025 | 92552 |
|  State Street Bank & Trust Co. | USD | 288 | ZAR | 5170 | 06/05/2025 | (971) |
|  State Street Bank & Trust Co. | ZAR | 30957 | USD | 1632 | 06/05/2025 | (90171) |
|  State Street Bank & Trust Co. | AUD | 1442 | USD | 932 | 06/12/2025 | 2217 |
|  State Street Bank & Trust Co. | AUD | 1221 | USD | 769 | 06/12/2025 | (17995) |
|  State Street Bank & Trust Co. | NZD | 950 | USD | 570 | 06/12/2025 | 2332 |
|  State Street Bank & Trust Co. | NZD | 3357 | USD | 1954 | 06/12/2025 | (51823) |
|  State Street Bank & Trust Co. | USD | 2849 | AUD | 4541 | 06/12/2025 | 77762 |
|  State Street Bank & Trust Co. | USD | 219 | AUD | 340 | 06/12/2025 | (76) |
|  State Street Bank & Trust Co. | USD | 1227 | NZD | 2063 | 06/12/2025 | 5546 |
|  State Street Bank & Trust Co. | MXN | 1773 | USD | 92 | 06/13/2025 | 311 |
|  State Street Bank & Trust Co. | MXN | 13224 | USD | 659 | 06/13/2025 | (21943) |
|  State Street Bank & Trust Co. | USD | 1771 | MXN | 35304 | 06/13/2025 | 46253 |
|  State Street Bank & Trust Co. | CAD | 2646 | USD | 1897 | 06/18/2025 | (33475) |
|  State Street Bank & Trust Co. | USD | 3729 | CAD | 5207 | 06/18/2025 | 67854 |
|  State Street Bank & Trust Co. | JPY | 116872 | USD | 834 | 06/25/2025 | 19655 |
|  State Street Bank & Trust Co. | JPY | 60052 | USD | 414 | 06/25/2025 | (4780) |
|  State Street Bank & Trust Co. | USD | 882 | JPY | 128959 | 06/25/2025 | 17269 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Global Risk Allocation Fund 7 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  State Street Bank & Trust Co. | USD | 1097 | JPY | 156055 | 06/25/2025 | $(9440) |
|  State Street Bank & Trust Co. | NOK | 878 | USD | 87 | 06/26/2025 | 792 |
|  State Street Bank & Trust Co. | NOK | 1821 | USD | 175 | 06/26/2025 | (3584) |
|  State Street Bank & Trust Co. | SEK | 2212 | USD | 233 | 06/26/2025 | 1536 |
|  State Street Bank & Trust Co. | SEK | 12686 | USD | 1308 | 06/26/2025 | (17526) |
|  State Street Bank & Trust Co. | USD | 1956 | NOK | 20274 | 06/26/2025 | 29704 |
|  State Street Bank & Trust Co. | USD | 949 | SEK | 9167 | 06/26/2025 | 8278 |
|  State Street Bank & Trust Co. | USD | 452 | SEK | 4311 | 06/26/2025 | (1156) |
|  State Street Bank & Trust Co. | CHF | 5 | USD | 6 | 07/09/2025 | 25 |
|  State Street Bank & Trust Co. | CHF | 313 | USD | 379 | 07/09/2025 | (2930) |
|  State Street Bank & Trust Co. | EUR | 719 | USD | 820 | 07/09/2025 | 1497 |
|  State Street Bank & Trust Co. | EUR | 864 | USD | 978 | 07/09/2025 | (4922) |
|  State Street Bank & Trust Co. | USD | 778 | CHF | 641 | 07/09/2025 | 4655 |
|  State Street Bank & Trust Co. | USD | 259 | EUR | 229 | 07/09/2025 | 2500 |
|  State Street Bank & Trust Co. | GBP | 354 | USD | 478 | 07/16/2025 | 409 |
|  State Street Bank & Trust Co. | GBP | 286 | USD | 382 | 07/16/2025 | (4252) |
|  State Street Bank & Trust Co. | USD | 1714 | GBP | 1284 | 07/16/2025 | 16672 |
|  State Street Bank & Trust Co. | HUF | 170913 | USD | 480 | 07/18/2025 | 915 |
|  State Street Bank & Trust Co. | HUF | 106142 | USD | 298 | 07/18/2025 | (114) |
|  State Street Bank & Trust Co. | USD | 180 | HUF | 64236 | 07/18/2025 | 170 |
|  State Street Bank & Trust Co. | THB | 40799 | USD | 1235 | 07/24/2025 | (12167) |
|  State Street Bank & Trust Co. | USD | 550 | THB | 17972 | 07/24/2025 | (49) |
|  UBS | BRL | 3121 | USD | 548 | 06/03/2025 | 2035 |
|  UBS | USD | 547 | BRL | 3121 | 06/03/2025 | (1032) |
|  UBS | AUD | 3259 | USD | 1962 | 06/12/2025 | (139017) |
|  UBS | NZD | 2639 | USD | 1543 | 06/12/2025 | (34350) |
|  UBS | USD | 4259 | AUD | 7075 | 06/12/2025 | 301751 |
|  UBS | USD | 984 | NZD | 1645 | 06/12/2025 | (426) |
|  UBS | MXN | 12523 | USD | 608 | 06/13/2025 | (36473) |
|  UBS | USD | 776 | MXN | 15833 | 06/13/2025 | 39397 |
|  UBS | CAD | 998 | USD | 715 | 06/18/2025 | (12727) |
|  UBS | JPY | 159061 | USD | 1116 | 06/25/2025 | 7940 |
|  UBS | NOK | 6477 | USD | 622 | 06/26/2025 | (12645) |
|  UBS | USD | 622 | EUR | 557 | 06/26/2025 | 11343 |
|  UBS | CHF | 1886 | USD | 2258 | 07/09/2025 | (44837) |
|  UBS | USD | 509 | CLP | 478088 | 07/15/2025 | (3353) |
|  UBS | KRW | 765257 | USD | 537 | 07/17/2025 | (18908) |
|  UBS | PLN | 4036 | USD | 1078 | 07/18/2025 | 820 |
|  UBS | USD | 364 | IDR | 6156463 | 07/24/2025 | 11128 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1189776) |

---

#### CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>May 31,<br>2025** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Sale Contracts** | **Sale Contracts** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY<br>Series 44, 5 Year Index, 06/20/2030\* | 5.00% | Quarterly | 3.51% | USD | 8680 | $623251 | $491766 | $131485 |

---

\* Termination date

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| | |
|:---|:---|
| 8 AB Global Risk Allocation Fund | **ABFunds.com** |

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------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

#### CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| AUD | 15000 | 07/09/2025 | 6 Month BBSW | 3.168% | Semi-Annual | $(59877) | $56125 | $(116002) |
| AUD | 4740 | 02/23/2027 | 6 Month BBSW | 3.040% | Semi-Annual | (34443) | 80551 | (114994) |
| NZD | 20260 | 02/24/2027 | 3 Month BKBM | 3.508% | Quarterly/<br>Semi-Annual | 153277 | 233318 | (80041) |
| AUD | 9490 | 02/27/2027 | 6 Month BBSW | 2.975% | Semi-Annual | (75029) | 153540 | (228569) |
| NZD | 7750 | 02/28/2027 | 3 Month BKBM | 3.445% | Quarterly/<br>Semi-Annual | 52454 | 83084 | (30630) |
| GBP | 3170 | 10/26/2028 | 1 Day SONIA | 4.627% | Annual | 109060 | – 0 | 109060 |
| AUD | 3130 | 11/13/2030 | 6 Month BBSW | 0.872% | Semi-Annual | (290567) | (139643) | (150924) |
| NZD | 5540 | 10/03/2033 | 3 Month BKBM | 5.128% | Quarterly/<br>Semi-Annual | 271834 | – 0 | 271834 |
|  |  |  |  |  |  | $126709 | $466975 | $(340266) |

---

(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) Non-income producing security.

(d) Escrow shares.

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

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

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

(h) Affiliated investments.

---

| | |
|:---|:---|
| Currency Abbreviations:<br>AUD – Australian Dollar<br> BRL – Brazilian Real<br> CAD – Canadian Dollar<br> CHF – Swiss Franc<br> CLP – Chilean Peso<br> CNH – Chinese Yuan Renminbi (Offshore)<br> CNY – Chinese Yuan Renminbi<br> COP – Colombian Peso<br> CZK – Czech Koruna<br> EUR – Euro<br> GBP – Great British Pound<br> HUF – Hungarian Forint<br> IDR – Indonesian Rupiah<br> INR – Indian Rupee | JPY – Japanese Yen<br> KRW – South Korean Won<br> MXN – Mexican Peso<br> MYR – Malaysian Ringgit<br> NOK – Norwegian Krone<br> NZD – New Zealand Dollar<br> PEN – Peruvian Sol<br> PHP – Philippine Peso<br> PLN – Polish Zloty<br> SEK – Swedish Krona<br> THB – Thailand Baht<br> TWD – New Taiwan Dollar<br> USD – United States Dollar<br> ZAR – South African Rand |

---

Glossary:

BBSW – Bank Bill Swap Reference Rate (Australia)

BKBM – Bank Bill Benchmark (New Zealand)

BOBL – Bundesobligationen

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| | |
|:---|:---|
| **ABFunds.com** | AB Global Risk Allocation Fund 9 |

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------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

BTP – Buoni del Tesoro Poliennali

CBT – Chicago Board of Trade

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

ETF – Exchange Traded Fund

ETS – Emission Trading Scheme

FTSE – Financial Times Stock Exchange

IBEX – International Business Exchange

KC HRW – Kansas City Hard Red Winter

LME – London Metal Exchange

MIB – Milano Italia Borsa

MSCI – Morgan Stanley Capital International

OAT – Obligations Assimilables du Trésor

OMXS – Stockholm Stock Exchange

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

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 consolidated financial statements.

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| | |
|:---|:---|
| 10 AB Global Risk Allocation Fund | **ABFunds.com** |

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------

#### CONSOLIDATED STATEMENT OF ASSETS & LIABILITIES
**May 31, 2025** (unaudited)

---

| | |
|:---|:---|
| Assets |  |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $129,059,461) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136160962 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $19,582,372) | 19582372 |
|  Cash collateral due from broker | 6503215 |
|  Foreign currencies, at value (cost $1,005,460) | 1027785 |
|  Unrealized appreciation on forward currency exchange contracts | 1851185 |
|  Unaffiliated interest and dividends receivable | 142785 |
|  Receivable for variation margin on centrally cleared swaps | 52492 |
|  Affiliated dividends receivable | 51423 |
|  Receivable due from Adviser | 3501 |
|  Receivable for capital stock sold | 3173 |
|  Total assets | 165378893 |
| Liabilities |  |
|  Unrealized depreciation on forward currency exchange contracts | 3040961 |
|  Custody and accounting fees payable | 247937 |
|  Payable for variation margin on futures | 119994 |
|  Advisory fee payable | 85016 |
|  Payable for capital stock redeemed | 52779 |
|  Administrative fee payable | 49562 |
|  Distribution fee payable | 34232 |
|  Transfer Agent fee payable | 18421 |
|  Directors' fees payable | 6374 |
|  Accrued expenses | 103824 |
|  Total liabilities | 3759100 |
|  Net Assets | $**161619793** |
| Composition of Net Assets | Composition of Net Assets |
|  Capital stock, at par | $103727 |
|  Additional paid-in capital | 187721273 |
|  Accumulated loss | (26205207) |
|  **Net Assets**  | $**161619793** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| A | $149611802 | 9596262 | $15.59 \* |
| C | $1626451 | 118885 | $13.68 |
| Advisor | $7880418 | 498686 | $15.80 |
| I | $2501122 | 158834 | $15.75 |

---

(a) Includes securities on loan with a value of $4,023,273 (see Note E).

\* The maximum offering price per share for Class A shares was $16.28 which reflects a sales charge of 4.25%. 

See notes to consolidated financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Global Risk Allocation Fund 11 |

---

------

#### CONSOLIDATED STATEMENT OF OPERATIONS
**Six Months Ended May 31, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328703 |  |
|  Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $5,537) | 415184 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 372506 |  |
|  Securities lending income, net | 5666 | $2122059 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 489850 |  |
|  Distribution fee—Class A | 188306 |  |
|  Distribution fee—Class C | 8807 |  |
|  Transfer agency—Class A | 118369 |  |
|  Transfer agency—Class C | 1454 |  |
|  Transfer agency—Advisor Class | 6567 |  |
|  Transfer agency—Class I | 1609 |  |
|  Custody and accounting | 88444 |  |
|  Administrative | 71064 |  |
|  Audit and tax | 57428 |  |
|  Registration fees | 43329 |  |
|  Printing | 25539 |  |
|  Legal | 22732 |  |
|  Directors' fees | 11375 |  |
|  Miscellaneous | 23159 |  |
|  Total expenses before bank overdraft expense | 1158032 |  |
|  Bank overdraft expense | 8146 |  |
|  Total expenses | 1166178 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (19691) |  |
|  Net expenses |  | 1146487 |
|  Net investment income |  | 975572 |
| Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | 4439825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | 187821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 662655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (307338) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | 1694488 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | (2227056) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | (1643564) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (1749343) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 518471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | 67095 |
|  Net gain on investment and foreign currency transactions |  | 1643054 |
| Net Increase in Net Assets from Operations |  | $**2618626** |

---

See notes to consolidated financial statements.

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| | |
|:---|:---|
| 12 AB Global Risk Allocation Fund | **ABFunds.com** |

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------

#### CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>May 31, 2025<br>(unaudited)** | **Year Ended<br>November 30,<br>2024** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $975572 | $2250256 |
|  Net realized gain on investment and foreign currency transactions | 6677451 | 19571660 |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | (5034397) | 2878134 |
|  Net increase in net assets from operations | 2618626 | 24700050 |
| Distributions to Shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (22926459) | (2310530) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (287967) | (25123) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (1269279) | (215000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | – 0 | (2480) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | – 0 | (8873) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (354661) | (20265) |
| Capital Stock Transactions |  |  |
|  Net increase (decrease) | 6315066 | (24033085) |
|  Total decrease | (15904674) | (1915306) |
| Net Assets |  |  |
|  Beginning of period | 177524467 | 179439773 |
|  End of period | $**161619793** | $**177524467** |

---

See notes to consolidated financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Global Risk Allocation Fund 13 |

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------

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
**May 31, 2025** (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, 2025, net assets of the Fund were $161,619,793, of which $10,750,365, or 7%, 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 reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

---

| | |
|:---|:---|
| 14 AB Global Risk Allocation Fund | **ABFunds.com** |

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------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

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 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,

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| **ABFunds.com** | AB Global Risk Allocation Fund 15 |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value ("NAV") 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.)

• 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

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| 16 AB Global Risk Allocation Fund | **ABFunds.com** |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

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, 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.

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| **ABFunds.com** | AB Global Risk Allocation Fund 17 |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of May 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  **Assets:** |  |  |  |  |  |
|  Investment Companies | $47661625 | $– 0 | $0 | <sup>(a)</sup> | $47661625 |
|  Inflation-Linked Securities | – 0 | 42927000 | – 0 |  | 42927000 |
|  Governments – Treasuries | – 0 | 1612723 | – 0 |  | 1612723 |
|  Purchased Options – Puts | – 0 | 1493660 | – 0 |  | 1493660 |
|  Governments – Sovereign Bonds | – 0 | 1168717 | – 0 |  | 1168717 |
|  Purchased Options – Calls | – 0 | 208950 | – 0 |  | 208950 |
|  Common Stocks | 951 | 328 | 62399 |  | 63678 |
|  Warrants | – 0 | – 0 | 0 | <sup>(a)</sup> | – 0 |
|  Short-Term Investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasury Bills | – 0 | 31689774 | – 0 |  | 31689774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 19582372 | – 0 | – 0 |  | 19582372 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills | – 0 | 9334835 | – 0 |  | 9334835 |
|  Total Investments in Securities | 67244948 | 88435987 | 62399 | <sup>(a)</sup> | 155743334 |
|  **Other Financial Instruments<sup>(b)</sup>:** |  |  |  |  |  |
|  **Assets:** |  |  |  |  |  |
|  Futures | 2395695 | – 0 | – 0 |  | 2395695 |
|  Forward Currency Exchange Contracts | – 0 | 1851185 | – 0 |  | 1851185 |
|  Centrally Cleared Credit Default Swaps | – 0 | 623251 | – 0 |  | 623251 |
|  Centrally Cleared Interest Rate Swaps | – 0 | 586625 | – 0 |  | 586625 |
|  **Liabilities:** |  |  |  |  |  |
|  Futures | (1016122) | – 0 | – 0 |  | (1016122) |
|  Forward Currency Exchange Contracts | – 0 | (3040961) | – 0 |  | (3040961) |
|  Centrally Cleared Interest Rate Swaps | – 0 | (459916) | – 0 |  | (459916) |
|  **Total** | $**68624521** | $**87996171** | $**62399** | **<sup>(a)</sup>** | $**156683091** |

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

(b) Other financial instruments include 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.

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| 18 AB Global Risk Allocation Fund | **ABFunds.com** |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

3. Currency Translation

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

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

4. Taxes

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

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

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| **ABFunds.com** | AB Global Risk Allocation Fund 19 |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

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.

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.

9. Segment Information

The Fund represents a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's President is the CODM. The CODM monitors the operating results of the Fund as a whole and the pre-determined Fund's long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segment's performance versus the Fund's

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| 20 AB Global Risk Allocation Fund | **ABFunds.com** |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

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, 2025, the reimbursement for such services amounted to $71,064.

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 $45,547 for the six months ended May 31, 2025.

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 $485 from the sale of Class A shares and received $31 and $16 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, 2025.

The Fund may invest in AB 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 AB 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 AB Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in AB 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

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| **ABFunds.com** | AB Global Risk Allocation Fund 21 |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

pro rata share of the effective advisory fee of AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended May 31, 2025, such waiver amounted to $17,813.

A summary of the Fund's transactions in AB mutual funds for the six months ended May 31, 2025 is as follows:

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|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>11/30/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>5/31/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19137 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115501 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19582 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373 |
|  AB Government Money Market Portfolio\* | 16 | 100840 | 100856 | – 0 | 3 |
|  Total |  |  |  | $19582 | $376 |

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\* 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 $3,521,648, $427,567 and $261,076 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, and the share class is active, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Fund's shares.

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| 22 AB Global Risk Allocation Fund | **ABFunds.com** |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended May 31, 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18358122 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26104487 |
|  U.S. government securities | – 0 | – 0 |

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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:

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|:---|:---|
|  Gross unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12302839 |
|  Gross unrealized depreciation | (5220322) |
|  Net unrealized appreciation | $7082517 |

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1. Derivative Financial Instruments

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

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

**•** **Futures** 

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

At the time the Fund enters into futures, the Fund deposits 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

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| **ABFunds.com** | AB Global Risk Allocation Fund 23 |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

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, 2025, the Fund held futures for hedging and non-hedging purposes.

**•** **Forward Currency Exchange Contracts** 

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

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

During the six months ended May 31, 2025, 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

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| 24 AB Global Risk Allocation Fund | **ABFunds.com** |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

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 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, 2025, the Fund held purchased 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, equity markets or currencies. The Fund may also enter into swaps for non-hedging purposes as a means of

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| **ABFunds.com** | AB Global Risk Allocation Fund 25 |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

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 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.

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| | |
|:---|:---|
| 26 AB Global Risk Allocation Fund | **ABFunds.com** |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

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 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, 2025, 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,

---

| | |
|:---|:---|
| **ABFunds.com** | AB Global Risk Allocation Fund 27 |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

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 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, 2025, the Fund held credit default swaps for hedging and non-hedging purposes.

---

| | |
|:---|:---|
| 28 AB Global Risk Allocation Fund | **ABFunds.com** |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

#### Total Return Swaps:
The Fund may enter into total return swaps in order to take a "long" or "short" position with respect to an underlying referenced asset. The Fund is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Fund will receive a payment from or make a payment to the counterparty.

During the six months ended May 31, 2025, the Fund held total return 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 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, 2025, the Fund had entered into the following derivatives:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Consolidated<br>Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Consolidated<br>Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Interest rate contracts | Receivable for variation margin on futures | $483992<br> \*  | Payable for variation margin on futures | $66039<br> \*  |

---

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| | |
|:---|:---|
| **ABFunds.com** | AB Global Risk Allocation Fund 29 |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Consolidated<br>Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Consolidated<br>Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Equity contracts | Receivable for variation margin on futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694683 \* | Payable for variation margin on futures | $9888 \* |
|  Commodity contracts | Receivable for variation margin on futures | 217020 \* | Payable for variation margin on futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940195 \* |
|  Credit contracts | Receivable for variation margin on centrally cleared swaps | 131485 \* |  |  |
|  Interest rate contracts | Receivable for variation margin on centrally cleared swaps | 380894<br> \*  | Payable for variation margin on centrally cleared swaps | 721160<br> \*  |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 1851185 | Unrealized depreciation on forward currency exchange contracts | 3040961 |
|  Equity contracts | Investments in securities, at value | 1702610 |  |  |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6461869 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4778243 |

---

\* 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. 

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain<br>or (Loss) on<br>Derivatives Within<br>Consolidated<br>Statement of<br>Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation<br> (depreciation) of futures | $(774119) | $(423465) |
|  Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | (646956) | (478349) |
|  Commodity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | 2083730 | (847529) |

---

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| | |
|:---|:---|
| 30 AB Global Risk Allocation Fund | **ABFunds.com** |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain<br>or (Loss) on<br>Derivatives Within<br>Consolidated<br>Statement of<br>Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | $187821 | $(1643564) |
|  Equity contracts | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments | 110487 | (93409) |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (409639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621980 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 118033 | (95248) |
|  Equity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (15732) | (8261) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653625 | $(2967845) |

---

The following table represents the average monthly volume of the Fund's derivative transactions during the six months ended May 31, 2025:

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $172942114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $19448218 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147405009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $193143709 |
|  Purchased Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $23120000 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $44154397 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $8680000 |
|  Total Return Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $262794 <sup>(a)</sup> |

---

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

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| | |
|:---|:---|
| **ABFunds.com** | AB Global Risk Allocation Fund 31 |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

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, 2025. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |
|  Bank of America NA | $154926 | $(134830) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $20096 |
|  Bank of New York (The) | 5996 | – 0 | – 0 | – 0 | 5996 |
|  Barclays Capital, Inc. | 129157 | (129157) | – 0 | – 0 | – 0 |
|  Citibank NA | 246956 | (238122) | – 0 | – 0 | 8834 |
|  Deutsche Bank AG | 122732 | (122732) | – 0 | – 0 | – 0 |
|  Goldman Sachs Bank USA | 74651 | (74651) | – 0 | – 0 | – 0 |
|  HSBC Bank USA | 7239 | (7239) | – 0 | – 0 | – 0 |
|  JPMorgan Chase Bank | 115430 | (115430) | – 0 | – 0 | – 0 |
|  Morgan Stanley Capital Services, Inc. | 218601 | (173990) | – 0 | – 0 | 44611 |
|  State Street Bank & Trust Co. | 401083 | (285039) | – 0 | – 0 | 116044 |
|  UBS | 374414 | (303768) | – 0 | – 0 | 70646 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1851185 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1584958 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $266227 |
| **Counterparty** | **Derivative<br>Liabilities<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Pledged\*** | **Security<br>Collateral<br>Pledged\*** | **Net Amount<br>of Derivative<br>Liabilities** |
|  Bank of America NA | $134830 | $(134830) | $– 0 | $– 0 | $– 0 |
|  Barclays Capital, Inc. | 147430 | (129157) | – 0 | – 0 | 18273 |
|  BNP Paribas SA | 989 | – 0 | – 0 | – 0 | 989 |
|  Citibank NA | 238122 | (238122) | – 0 | – 0 | – 0 |
|  Deutsche Bank AG | 199975 | (122732) | – 0 | – 0 | 77243 |
|  Goldman Sachs Bank USA | 1329171 | (74651) | – 0 | – 0 | 1254520 |
|  HSBC Bank USA | 25811 | (7239) | – 0 | – 0 | 18572 |
|  JPMorgan Chase Bank | 188849 | (115430) | – 0 | – 0 | 73419 |
|  Morgan Stanley Capital Services, Inc. | 173990 | (173990) | – 0 | – 0 | – 0 |
|  Standard Chartered Bank | 12987 | – 0 | – 0 | – 0 | 12987 |
|  State Street Bank & Trust Co. | 285039 | (285039) | – 0 | – 0 | – 0 |
|  UBS | 303768 | (303768) | – 0 | – 0 | – 0 |
|  Total | $3040961 | $(1584958) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456003 |

---

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

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

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| | |
|:---|:---|
| 32 AB Global Risk Allocation Fund | **ABFunds.com** |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

2. Currency Transactions

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

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 AB 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

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| | |
|:---|:---|
| **ABFunds.com** | AB Global Risk Allocation Fund 33 |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

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 AB Government Money Market Portfolio are reflected in the consolidated statement of operations. When the Fund earns net securities lending income from AB 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 AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Fund's share of the advisory fees of AB 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, 2025 is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **AB Government<br>Money Market<br>Portfolio** | **AB Government<br>Money Market<br>Portfolio** |
| <br>**Market Value of<br>Securities**<br>**on Loan\*** | <br>**Cash<br>Collateral\*** | <br>**Market Value of<br>Non-Cash<br>Collateral\*** | <br>**Income<br>from<br>Borrowers** | **Income<br>Earned** | **Advisory Fee<br>Waived** |
| $4023273 | $– 0 – | $4109996 | $2300 | $3366 | $1878 |

---

\* As of May 31, 2025.

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 | Shares | Amount | Amount |
|  | Six Months Ended<br>May 31, 2025<br>(unaudited) | Year Ended<br>November 30,<br>2024 | Six Months Ended<br>May 31, 2025<br>(unaudited) | Year Ended<br>November 30,<br>2024 |
| **Class A** | **Class A** |  |  |  |
|  Shares sold | 131874 | 147704 | $1997954 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2449188 |
|  Shares issued in reinvestment of dividends and distributions | 1289880 | 133902 | 19760960 | 2092894 |
|  Shares converted from Class C | 5770 | 9512 | 88632 | 160965 |
|  Shares redeemed | (1029630) | (1394445) | (15758012) | (23244138) |
|  **Net increase (decrease)** | **397894** | **(1103327)** | $**6089534** | $**(18541091)** |

---

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| | |
|:---|:---|
| 34 AB Global Risk Allocation Fund | **ABFunds.com** |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>May 31, 2025<br>(unaudited) | Year Ended<br>November 30,<br>2024 | Six Months Ended<br>May 31, 2025<br>(unaudited) | Year Ended<br>November 30,<br>2024 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  Shares sold | 1814 | 23021 | $24645 | $336012 |
|  Shares issued in reinvestment of dividends and distributions | 20408 | 1656 | 275306 | 23215 |
|  Shares converted to Class A | (6559) | (10650) | (88632) | (160965) |
|  Shares redeemed | (18888) | (28993) | (253539) | (438170) |
|  **Net decrease** | **(3225** | **(14966)** | $**(42220** | $**(239908)** |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  Shares sold | 31283 | 61428 | $484994 | $1034118 |
|  Shares issued in reinvestment of dividends and distributions | 68051 | 10931 | 1055475 | 172498 |
|  Shares redeemed | (102881) | (387540) | (1596691) | (6527397) |
|  **Net decrease** | **(3547** | **(315181)** | $**(56222** | $**(5320781)** |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  Shares sold | – 0 | 63 | $– 0 | $1048 |
|  Shares issued in reinvestment of dividends and distributions | – 0 | 154 | – 0 | 2480 |
|  Shares redeemed | – 0 | (13715) | – 0 | (235106) |
|  **Net increase (decrease)** | **– 0** | **(13498)** | $**– 0** | $**(231578)** |
| **Class K** | **Class K** | **Class K** | **Class K** | **Class K** |
|  Shares sold | – 0 | 871 | $– 0 | $14203 |
|  Shares issued in reinvestment of dividends and distributions | – 0 | 567 | – 0 | 8872 |
|  Shares redeemed | – 0 | (49703) | – 0 | (822852) |
|  **Net increase (decrease)** | **– 0** | **(48265)** | $**– 0** | $**(799777)** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  Shares sold | 14100 | 74326 | $217509 | $1302102 |
|  Shares issued in reinvestment of dividends and distributions | 22955 | 1287 | 354654 | 20264 |
|  Shares redeemed | (16069) | (13392) | (248189) | (222316) |
|  **Net increase** | **20986** | **62221** | $**323974** | $**1100050** |

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| | |
|:---|:---|
| **ABFunds.com** | AB Global Risk Allocation Fund 35 |

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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 fluctuate. 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), terrorism, war, tariffs and trade disputes, 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. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates.

**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.

**Below Investment-Grade Securities Risk**—Investments in fixed-income securities with ratings below investment grade, commonly known as "junk

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|:---|:---|
| 36 AB Global Risk Allocation Fund | **ABFunds.com** |

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------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

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. In addition, the value of the Fund's investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction in government or central bank support, economic sanctions and tariffs and potential responses to those sanctions and tariffs.

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

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|:---|:---|
| **ABFunds.com** | AB Global Risk Allocation Fund 37 |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

**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.

**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 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, 2025.

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|:---|:---|
| 38 AB Global Risk Allocation Fund | **ABFunds.com** |

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------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

NOTE I

Distributions to Shareholders

The tax character of distributions to be paid for the year ending November 30, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended November 30, 2024 and November 30, 2023 were as follows:

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $500265 | $12986910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long-term capital gains | 2082006 | 5175220 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2582271 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18162130 |

---

As of November 30, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $7349715 |
|  Undistributed capital gains | 16421221 |
|  Other losses | (1055108)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21308842)<sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $1406986 |

---

(a) As of November 30, 2024, the cumulative deferred loss on straddles was $1,055,108.

(b) 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, 2024, the Fund the Fund did not have any capital loss carryforwards.

NOTE J

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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| | |
|:---|:---|
| **ABFunds.com** | AB Global Risk Allocation Fund 39 |

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#### CONSOLIDATED FINANCIAL HIGHLIGHTS

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months<br>Ended<br>May 31,<br>2025**<br> (unaudited) | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **Six Months<br>Ended<br>May 31,<br>2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $17.83 | $15.75 | $17.25 | $19.91 | $18.11 | $16.77 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income (loss)<sup>(a)(b)</sup> | .09 | .21 | .34 | .47 | .29 | (.01) |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | .18 | 2.10 | (.53 | (1.33) | 2.06 | 1.58 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | – 0 | – 0 | .00 <sup>(c)</sup> |
|  Net increase (decrease) in net asset value from operations | .27 | 2.31 | (.19 | (.86 | 2.35 | 1.57 |
|  Less: Dividends and Distributions | Less: Dividends and Distributions | Less: Dividends and Distributions | Less: Dividends and Distributions | Less: Dividends and Distributions | Less: Dividends and Distributions | Less: Dividends and Distributions |
|  Dividends from net investment income | (.33 | (.05 | (1.05) | (1.80) | (.55 | (.21) |
|  Distributions from net realized gain on investment transactions | (2.18) | (.18 | (.26 | – 0 | – 0 | (.02) |
|  Total dividends and distributions | (2.51) | (.23 | (1.31) | (1.80) | (.55 | (.23) |
|  Net asset value, end of period | **$15.59** | **$17.83** | **$15.75** | **$17.25** | **$19.91** | **$18.11** |
|  Total Return | Total Return | Total Return | Total Return | Total Return | Total Return | Total Return |
|  Total investment return based on net asset value<sup>(d)</sup>\* | 1.69 | 14.84 | (1.19) | (4.90) | 13.45 | 9.39% |
|  Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data |
|  Net assets, end of period<br>(000's omitted) | $149613 | $164031 | $162288 | $215597 | $207089 | $190591 |
|  Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of<br>waivers/reimbursements<sup>(e)(f)</sup> | 1.41 | 1.39 | 1.39 | 1.29 | 1.27 | 1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before<br>waivers/reimbursements<sup>(e)(f)</sup> | 1.44 | 1.40 | 1.40 | 1.30 | 1.27 | 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | 1.19 | 1.25 | 2.17 | 2.66 | 1.50 | (.06)% |
|  Portfolio turnover rate | 19 | 38 | 13 | 1 | 7 | 20% |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; portfolios | .03 | .03 | .03 | .03 | .02 | .02% |

---

See footnote summary on page 44.

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|:---|:---|
| 40 AB Global Risk Allocation Fund | **ABFunds.com** |

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------

**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months<br>Ended<br>May 31,<br>2025**<br> (unaudited) | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **Six Months<br>Ended<br>May 31,<br>2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $15.88 | $14.12 | $15.57 | $18.09 | $16.50 | $15.26 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income (loss)<sup>(a)(b)</sup> | .03 | .08 | .20 | .31 | .12 | (.15) |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | .15 | 1.86 | (.47 | (1.20) | 1.89 | 1.46 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | – 0 | – 0 | .00 <sup>(c)</sup> |
|  Net increase (decrease) in net asset value from operations | .18 | 1.94 | (.27 | (.89 | 2.01 | 1.31 |
|  Less: Dividends and Distributions | Less: Dividends and Distributions | Less: Dividends and Distributions | Less: Dividends and Distributions | Less: Dividends and Distributions | Less: Dividends and Distributions | Less: Dividends and Distributions |
|  Dividends from net investment income | (.20 | – 0 | (.92 | (1.63) | (.42 | (.05) |
|  Distributions from net realized gain on investment transactions | (2.18) | (.18 | (.26 | – 0 | – 0 | (.02) |
|  Total dividends and distributions | (2.38) | (.18 | (1.18) | (1.63) | (.42 | (.07) |
|  Net asset value, end of period | **$13.68** | **$15.88** | **$14.12** | **$15.57** | **$18.09** | **$16.50** |
|  Total Return | Total Return | Total Return | Total Return | Total Return | Total Return | Total Return |
|  Total investment return based on net asset value<sup>(d)</sup>\* | 1.29 | 13.94 | (1.89) | (5.59) | 12.57 | 8.57% |
|  Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data |
|  Net assets, end of period<br>(000's omitted) | $1626 | $1939 | $1935 | $2382 | $2669 | $3382 |
|  Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of<br>waivers/reimbursements<sup>(e)(f)</sup> | 2.17 | 2.15 | 2.15 | 2.05 | 2.03 | 2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before<br>waivers/reimbursements<sup>(e)(f)</sup> | 2.19 | 2.16 | 2.16 | 2.06 | 2.03 | 2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | .43 | .54 | 1.43 | 1.92 | .69 | (1.02)% |
|  Portfolio turnover rate | 19 | 38 | 13 | 1 | 7 | 20% |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; portfolios | .03 | .03 | .03 | .03 | .02 | .02% |

---

See footnote summary on page 44.

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| | |
|:---|:---|
| **ABFunds.com** | AB Global Risk Allocation Fund 41 |

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**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Six Months<br>Ended<br>May 31,<br>2025**<br> (unaudited) | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **Six Months<br>Ended<br>May 31,<br>2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $18.06 | $15.95 | $17.45 | $20.12 | $18.29 | $16.93 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .11 | .25 | .39 | .52 | .35 | .01 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | .18 | 2.12 | (.54 | (1.34) | 2.07 | 1.62 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | – 0 | – 0 | .00 <sup>(c)</sup> |
|  Net increase (decrease) in net asset value from operations | .29 | 2.37 | (.15 | (.82 | 2.42 | 1.63 |
|  Less: Dividends and Distributions | Less: Dividends and Distributions | Less: Dividends and Distributions | Less: Dividends and Distributions | Less: Dividends and Distributions | Less: Dividends and Distributions | Less: Dividends and Distributions |
|  Dividends from net investment income | (.37 | (.08 | (1.09) | (1.85) | (.59 | (.25) |
|  Distributions from net realized gain on investment transactions | (2.18) | (.18 | (.26 | – 0 | – 0 | (.02) |
|  Total dividends and distributions | (2.55) | (.26 | (1.35) | (1.85) | (.59 | (.27) |
|  Net asset value, end of period | **$15.80** | **$18.06** | **$15.95** | **$17.45** | **$20.12** | **$18.29** |
|  Total Return | Total Return | Total Return | Total Return | Total Return | Total Return | Total Return |
|  Total investment return based on net asset value<sup>(d)</sup>\* | 1.85 | 15.12 | (.95 | (4.65) | 13.69 | 9.68% |
|  Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data |
|  Net assets, end of period<br>(000's omitted) | $7880 | $9070 | $13036 | $17477 | $13604 | $12153 |
|  Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of<br>waivers/reimbursements<sup>(e)(f)</sup> | 1.16 | 1.13 | 1.14 | 1.04 | 1.02 | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before<br>waivers/reimbursements<sup>(e)(f)</sup> | 1.19 | 1.15 | 1.15 | 1.05 | 1.02 | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.43 | 1.50 | 2.47 | 2.90 | 1.78 | .06% |
|  Portfolio turnover rate | 19 | 38 | 13 | 1 | 7 | 20% |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; portfolios | .03 | .03 | .03 | .03 | .02 | .02% |

---

See footnote summary on page 44.

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|:---|:---|
| 42 AB Global Risk Allocation Fund | **ABFunds.com** |

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**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months<br>Ended<br>May 31,<br>2025**<br> (unaudited) | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **Six Months<br>Ended<br>May 31,<br>2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $18.02 | $15.92 | $17.41 | $20.09 | $18.27 | $16.91 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .11 | .25 | .39 | .53 | .35 | .04 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | .19 | 2.12 | (.53 | (1.35) | 2.07 | 1.60 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | – 0 | – 0 | .00 <sup>(c)</sup> |
|  Net increase (decrease) in net asset value from operations | .30 | 2.37 | (.14 | (.82 | 2.42 | 1.64 |
|  Less: Dividends and Distributions | Less: Dividends and Distributions | Less: Dividends and Distributions | Less: Dividends and Distributions | Less: Dividends and Distributions | Less: Dividends and Distributions | Less: Dividends and Distributions |
|  Dividends from net investment income | (.39 | (.09 | (1.09) | (1.86) | (.60 | (.26) |
|  Distributions from net realized gain on investment transactions | (2.18) | (.18 | (.26 | – 0 | – 0 | (.02) |
|  Total dividends and distributions | (2.57) | (.27 | (1.35) | (1.86) | (.60 | (.28) |
|  Net asset value, end of period | **$15.75** | **$18.02** | **$15.92** | **$17.41** | **$20.09** | **$18.27** |
|  Total Return | Total Return | Total Return | Total Return | Total Return | Total Return | Total Return |
|  Total investment return based on net asset value<sup>(d)</sup>\* | 1.85 | 15.12 | (.94 | (4.63) | 13.78 | 9.72% |
|  Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data | Ratios/Supplemental Data |
|  Net assets, end of period<br>(000's omitted) | $2501 | $2484 | $1204 | $2021 | $2390 | $2063 |
|  Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of<br>waivers/reimbursements<sup>(e)(f)</sup> | 1.13 | 1.14 | 1.13 | 1.02 | .99 | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, before<br>waivers/reimbursements<sup>(e)(f)</sup> | 1.16 | 1.16 | 1.14 | 1.03 | 1.00 | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.46 | 1.48 | 2.46 | 2.95 | 1.77 | .21% |
|  Portfolio turnover rate | 19 | 38 | 13 | 1 | 7 | 20% |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; portfolios | .03 | .03 | .03 | .03 | .02 | .02% |

---

See footnote summary on page 44.

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|:---|:---|
| **ABFunds.com** | AB Global Risk Allocation Fund 43 |

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**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

(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 investment 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, 2025 and the year ended November 30, 2024, November 30, 2023, November 30, 2022, November 30, 2021 and November 30, 2020, such waiver amounted to .02% (annualized), .02%, .04%, .01%, .02% and .01%, respectively.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>May 31,<br>2025**<br> (unaudited) | | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
|  | **Six Months<br>Ended<br>May 31,<br>2025**<br> (unaudited) | | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.40 | %<sup>^</sup> | 1.39% | 1.38% | 1.29% | 1.27% | 1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.42 | %<sup>^</sup> | 1.40% | 1.39% | 1.30% | 1.27% | 1.37% |
|  **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 2.15 | %<sup>^</sup> | 2.15% | 2.14% | 2.05% | 2.03% | 2.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 2.17 | %<sup>^</sup> | 2.16% | 2.15% | 2.06% | 2.03% | 2.13% |
|  **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.15 | %<sup>^</sup> | 1.13% | 1.13% | 1.04% | 1.02% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.17 | %<sup>^</sup> | 1.15% | 1.14% | 1.05% | 1.02% | 1.12% |
|  **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.12 | %<sup>^</sup> | 1.14% | 1.12% | 1.02% | .99% | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.14 | %<sup>^</sup> | 1.16% | 1.14% | 1.03% | 1.00% | 1.07% |

---

\* Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund's performance for the six months ended May 31, 2025 and for the year ended November 30, 2024 and November 30, 2020 by .05%, .02% and .01%, 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.

---

| | |
|:---|:---|
| 44 AB Global Risk Allocation Fund | **ABFunds.com** |

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------

#### Information Regarding the Review and Approval of the Fund's Advisory Agreement
The disinterested directors (the "directors") of AB Global Risk Allocation Fund, Inc. (the "Fund") unanimously approved the continuance of the Advisory Agreement with the Adviser at a meeting held in-person on November 5-7, 2024 (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 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

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| | |
|:---|:---|
| **ABFunds.com** | AB Global Risk Allocation Fund 45 |

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------

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 2022 and 2023 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 expenses. The directors noted that the Fund was not profitable to the Adviser in 2022. The directors concluded that the Adviser's level of profitability from its relationship with the Fund in 2023 was not unreasonable.

#### 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

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| | |
|:---|:---|
| 46 AB Global Risk Allocation Fund | **ABFunds.com** |

---

------

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 Adviser's recent profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

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

At the 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, 2024. 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.

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.

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| | |
|:---|:---|
| **ABFunds.com** | AB Global Risk Allocation Fund 47 |

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The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In 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. The directors noted that the Fund's expense ratio was above the medians. After reviewing and discussing the Adviser's explanations of the reasons for this, the directors concluded that the Fund's expense ratio was acceptable.

#### Economies of Scale
The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels and that the Fund's net assets were close to a breakpoint level. Accordingly, the Fund's current effective advisory fee rate would be reduced if the net assets of the Fund exceed a breakpoint in the future. 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

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| | |
|:---|:---|
| 48 AB Global Risk Allocation Fund | **ABFunds.com** |

---

------

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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| | |
|:---|:---|
| **ABFunds.com** | AB Global Risk Allocation Fund 49 |

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#### NOTES

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| | |
|:---|:---|
| 50 AB Global Risk Allocation Fund | **ABFunds.com** |

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| | |
|:---|:---|
| **ABFunds.com** | AB Global Risk Allocation Fund 51 |

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| | |
|:---|:---|
| 52 AB Global Risk Allocation Fund | **ABFunds.com** |

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![LOGO](g944402g28a43.jpg)

AB GLOBAL RISK ALLOCATION FUND

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

GRA-0152-0525 ![LOGO](g944402g22c48.jpg)

------

#### 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](d944402dex99cert.htm) |
| 19(b)(2) | [Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d944402dex99cert.htm#SIG) |
| 19(c) | [Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](d944402dex99906cert.htm) |

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------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): AB Global Risk Allocation Fund, Inc.

---

| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |
| Date: | July 25, 2025 |

---

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.

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| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |
| Date: | July 25, 2025 |
| By: | /s/ Stephen M. Woetzel |
|  | Stephen M. Woetzel |
|  | Treasurer and Chief Financial Officer |
| Date: | July 25, 2025 |

---

## Ex-99.Cert

**Exhibit 19(b)(1)** 

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER** 

I, Onur Erzan, President of AB Global Risk Allocation Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of AB Global Risk Allocation Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control 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; and

------

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 25, 2025

---

| |
|:---|
| /s/ Onur Erzan |
| Onur Erzan |
| President |

---

------

**Exhibit 19(b)(2)** 

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER** 

I, Stephen M. Woetzel, Treasurer and Chief Financial Officer of AB Global Risk Allocation Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of AB Global Risk Allocation Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control 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; and

------

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 25, 2025

---

| |
|:---|
| /s/ Stephen M. Woetzel |
| Stephen M. Woetzel |
| Treasurer and Chief Financial Officer |

---

## Exhibit 99.906

**EXHIBIT 19(c)** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE** 

**SARBANES-OXLEY ACT** 

Pursuant to 18 U.S.C. 1350, each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of AB Global Risk Allocation Fund, Inc. (the "Registrant"), hereby certifies that the Registrant's report on Form N-CSR for the period ended May 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: July 25, 2025

---

| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |
| By: | /s/ Stephen M. Woetzel |
|  | Stephen M. Woetzel |
|  | Treasurer and Chief Financial Officer |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the Report or as a separate disclosure document.

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.