AB Global Risk Allocation Fund, Inc.
Consolidated Portfolio of Investments
February 28, 2026 (unaudited)
| Company | Shares | U.S. $ Value | ||||||||||
| INVESTMENT COMPANIES – 33.8% |
| |||||||||||
| Funds and Investment Trusts – 33.8%(a) |
| |||||||||||
| Altegrity, Inc.(b) (c) (d) (e) |
1,120 | $ | 0 | |||||||||
| Invesco S&P 500 Equal Weight ETF(f) |
9,240 | 1,893,923 | ||||||||||
| iShares Core MSCI Emerging Markets ETF |
103,880 | 7,973,829 | ||||||||||
| iShares Core MSCI Europe ETF(f) |
202,660 | 15,505,516 | ||||||||||
| iShares MSCI Emerging Markets ex China ETF(f) |
37,400 | 3,279,232 | ||||||||||
| VanEck Morningstar Wide Moat ETF |
60 | 6,416 | ||||||||||
| Vanguard S&P 500 ETF |
45,420 | 28,661,837 | ||||||||||
|
|
|
|||||||||||
| Total Investment Companies |
57,320,753 | |||||||||||
|
|
|
|||||||||||
| Principal Amount (000) |
||||||||||||
| GOVERNMENTS - TREASURIES – 8.3% |
| |||||||||||
| United Kingdom – 8.3% |
| |||||||||||
| United Kingdom Gilt |
GBP | 9,930 | 14,012,472 | |||||||||
|
|
|
|||||||||||
| INFLATION-LINKED SECURITIES – 7.0% |
| |||||||||||
| United States – 7.0% |
| |||||||||||
| U.S. Treasury Inflation Index |
U.S.$ | 7,553 | 7,533,820 | |||||||||
| 0.50%, 01/15/2028 (TIPS) |
4,302 | 4,273,423 | ||||||||||
|
|
|
|||||||||||
| Total Inflation-Linked Securities |
11,807,243 | |||||||||||
|
|
|
|||||||||||
| EMERGING MARKETS - TREASURIES – 1.6% |
| |||||||||||
| Brazil – 1.6% |
| |||||||||||
| Brazil Notas do Tesouro Nacional |
BRL | 16,522 | 2,691,853 | |||||||||
|
|
|
|||||||||||
| Notional Amount |
||||||||||||
| PURCHASED OPTIONS - PUTS – 0.3% |
| |||||||||||
| Options on Equity Indices – 0.3% |
| |||||||||||
| S&P 500 Index |
USD | 11,200,000 | 568,800 | |||||||||
|
|
|
|||||||||||
| PURCHASED OPTIONS - CALLS – 0.3% |
| |||||||||||
| Options on Equity Indices – 0.3% |
| |||||||||||
| S&P 500 Index |
USD | 11,200,000 | 537,600 | |||||||||
|
|
|
|||||||||||
1
| Company | Shares | U.S. $ Value | ||||||||||
| COMMON STOCKS – 0.0% |
| |||||||||||
| Financials – 0.0% |
| |||||||||||
| Financial Services – 0.0% |
| |||||||||||
| EXOR NV(b) (c) (e) |
|
480 | $ | 42,169 | ||||||||
|
|
|
|||||||||||
| Energy – 0.0% |
| |||||||||||
| Oil, Gas & Consumable Fuels – 0.0% |
| |||||||||||
| Woodside Energy Group Ltd. |
|
261 | 5,329 | |||||||||
|
|
|
|||||||||||
| Total Common Stocks |
|
47,498 | ||||||||||
|
|
|
|||||||||||
| WARRANTS – 0.0% |
| |||||||||||
| Information Technology – 0.0% |
| |||||||||||
| Software – 0.0% |
| |||||||||||
| Constellation Software, Inc./Canada, expiring 03/31/2040(b) (c) (e) |
|
53 | 0 | |||||||||
|
|
|
|||||||||||
| SHORT-TERM INVESTMENTS – 43.5% |
| |||||||||||
| Investment Companies – 24.4% |
| |||||||||||
| AB Fixed Income Shares, Inc. - Government Money Market Portfolio - |
|
41,381,355 | 41,381,355 | |||||||||
|
|
|
|||||||||||
| Principal Amount (000) |
||||||||||||
| U.S. Treasury Bills – 9.9% |
| |||||||||||
| U.S. Treasury Bill |
U.S.$ | 17,000 | 16,864,736 | |||||||||
|
|
|
|||||||||||
| Treasury Bills – 9.2% |
| |||||||||||
| Japan – 9.2% |
| |||||||||||
| Japan Treasury Discount Bill |
JPY | 2,450,000 | 15,681,004 | |||||||||
|
|
|
|||||||||||
| Total Investments Before Security Lending Collateral for |
|
160,913,314 | ||||||||||
|
|
|
|||||||||||
| Shares | ||||||||||||
| INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 9.1% |
| |||||||||||
| Investment Companies – 9.1% |
| |||||||||||
| AB Fixed Income Shares, Inc. - Government |
|
15,537,633 | 15,537,633 | |||||||||
|
|
|
|||||||||||
| Total Investments – 103.9% |
|
176,450,947 | ||||||||||
| Other assets less liabilities – (3.9)% |
|
(6,660,769 | ) | |||||||||
|
|
|
|||||||||||
| Net Assets – 100.0% |
|
$ | 169,790,178 | |||||||||
|
|
|
|||||||||||
FUTURES
| Description | Number of |
Expiration Month |
Current Notional |
Value and Unrealized (Depreciation) | ||||||||||||||||
| Purchased Contracts |
| |||||||||||||||||||
| Australian 10 Yr Bond Futures | 98 | March 2026 | $ | 7,711,502 | $ | 43,803 | ||||||||||||||
| Brent Crude Oil Futures | 25 | July 2026 | 1,755,000 | 11,285 | ||||||||||||||||
| Canadian 5 Yr Bond Futures | 62 | June 2026 | 5,241,626 | 11,707 | ||||||||||||||||
| Canadian 10 Yr Bond Futures | 39 | June 2026 | 3,512,159 | 11,939 | ||||||||||||||||
| Cocoa Futures | 6 | July 2026 | 176,520 | (10,421 | ) | |||||||||||||||
| Coffee ‘C’ Futures | 4 | May 2026 | 421,125 | (73,828 | ) | |||||||||||||||
| Copper Futures | 10 | July 2026 | 1,529,500 | 61,272 | ||||||||||||||||
| Corn Futures | 37 | July 2026 | 843,600 | 21,392 | ||||||||||||||||
| Cotton No. 2 Futures | 7 | May 2026 | 229,635 | 5,295 | ||||||||||||||||
| Euro-BOBL Futures | 73 | March 2026 | 10,131,725 | 68,873 | ||||||||||||||||
| Euro-BTP Futures | 19 | March 2026 | 2,758,032 | 55,871 | ||||||||||||||||
| Euro-Bund Futures | 52 | March 2026 | 8,001,749 | 92,701 | ||||||||||||||||
| Euro-OAT Futures | 23 | March 2026 | 3,367,749 | 74,159 | ||||||||||||||||
| FTSE/MIB Index Futures | 3 | March 2026 | 837,831 | 54,393 | ||||||||||||||||
| Gasoline RBOB Futures | 5 | April 2026 | 481,530 | 68,708 | ||||||||||||||||
| Gold 100 OZ Futures | 18 | April 2026 | 9,446,220 | 810,123 | ||||||||||||||||
| Hang Seng Index Futures | 2 | March 2026 | 340,108 | (3,510 | ) | |||||||||||||||
| IBEX 35 Index Futures | 4 | March 2026 | 870,187 | 24,174 | ||||||||||||||||
| KC HRW Wheat Futures | 13 | July 2026 | 385,775 | 5,279 | ||||||||||||||||
| Lean Hogs Futures | 11 | June 2026 | 482,020 | 40,341 | ||||||||||||||||
| Live Cattle Futures | 8 | April 2026 | 743,120 | 43,753 | ||||||||||||||||
| LME Lead Futures | 3 | March 2026 | 144,590 | (8,623 | ) | |||||||||||||||
| LME Nickel Futures | 4 | March 2026 | 424,387 | 485 | ||||||||||||||||
| LME Primary Aluminum Futures | 12 | March 2026 | 941,805 | 1,438 | ||||||||||||||||
| LME Zinc Futures | 6 | March 2026 | 496,449 | 24,255 | ||||||||||||||||
| Long Gilt Futures | 71 | June 2026 | 8,963,603 | 102,252 | ||||||||||||||||
| Low SU Gasoil Futures | 9 | May 2026 | 654,750 | 97,466 | ||||||||||||||||
| MSCI Emerging Markets Index Futures | 18 | March 2026 | 1,443,330 | 191,113 | ||||||||||||||||
| MSCI Singapore ETS Index Futures | 8 | March 2026 | 291,912 | (3,519 | ) | |||||||||||||||
| Natural Gas Futures | 49 | April 2026 | 1,411,690 | (105,357 | ) | |||||||||||||||
| NY Harbor ULSD Futures | 5 | April 2026 | 531,594 | 100,072 | ||||||||||||||||
| S&P 500 E-Mini Futures | 47 | March 2026 | 16,189,150 | (183,692 | ) | |||||||||||||||
| S&P Mid 400 E-Mini Futures | 4 | March 2026 | 1,431,160 | 62,141 | ||||||||||||||||
| S&P/TSX 60 Index Futures | 10 | March 2026 | 2,890,657 | 168,034 | ||||||||||||||||
| Silver Futures | 2 | May 2026 | 932,910 | 146,316 | ||||||||||||||||
| Soybean Futures | 19 | May 2026 | 1,112,213 | 86,427 | ||||||||||||||||
| Soybean Meal Futures | 17 | July 2026 | 548,760 | 16,993 | ||||||||||||||||
| Soybean Oil Futures | 20 | May 2026 | 742,200 | 147,565 | ||||||||||||||||
| SPI 200 Futures | 9 | March 2026 | 1,468,312 | 86,506 | ||||||||||||||||
| Sugar 11 (World) Futures | 31 | June 2026 | 481,566 | 8,003 | ||||||||||||||||
| TOPIX Index Futures | 20 | March 2026 | 5,064,515 | 729,635 | ||||||||||||||||
| U.S. T-Note 5 Yr (CBT) Futures | 139 | June 2026 | 15,309,547 | 84,786 | ||||||||||||||||
| U.S. T-Note 10 Yr (CBT) Futures | 496 | June 2026 | 56,451,000 | 295,519 | ||||||||||||||||
| U.S. Ultra Bond (CBT) Futures | 12 | June 2026 | 1,459,125 | 14,978 | ||||||||||||||||
| Wheat (CBT) Futures | 20 | July 2026 | 598,750 | 25,573 | ||||||||||||||||
| WTI Crude Futures | 23 | April 2026 | 1,538,470 | 189,541 | ||||||||||||||||
| Sold Contracts |
| |||||||||||||||||||
| Bloomberg Commodity Index Futures | 228 | March 2026 | 2,774,375 | (289,599 | ) | |||||||||||||||
| DAX Index Futures | 2 | March 2026 | 1,497,501 | (62,568 | ) | |||||||||||||||
| E-mini S&P 500 Equal Weight Futures | 11 | March 2026 | 1,824,680 | (94,071 | ) | |||||||||||||||
| Euro STOXX 50 Index Futures | 5 | March 2026 | 363,519 | (17,345 | ) | |||||||||||||||
| FTSE 100 Index Futures | 2 | March 2026 | 293,950 | (32,147 | ) | |||||||||||||||
| LME Primary Aluminum Futures | 2 | March 2026 | 156,967 | 3,025 | ||||||||||||||||
| OMXS 30 Index Futures | 3 | March 2026 | 107,213 | (3,129 | ) | |||||||||||||||
|
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|
|||||||||||||||||||
| $ | 3,199,382 | |||||||||||||||||||
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3
FORWARD CURRENCY EXCHANGE CONTRACTS
| Counterparty | Contracts to Deliver (000) |
In Exchange For (000) |
Settlement Date |
Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||
| Australia and New Zealand Banking Group Ltd. | USD | 618 | EUR | 523 | 04/16/2026 | $ | 1,527 | |||||||||||||||||||||||
| Bank of America NA | PEN | 448 | USD | 133 | 03/13/2026 | (136 | ) | |||||||||||||||||||||||
| Bank of America NA | USD | 2,037 | CNH | 14,059 | 03/26/2026 | 15,394 | ||||||||||||||||||||||||
| Bank of America NA | PLN | 4,023 | USD | 1,123 | 03/27/2026 | (2,356 | ) | |||||||||||||||||||||||
| Bank of America NA | USD | 516 | HUF | 167,426 | 03/27/2026 | 8,120 | ||||||||||||||||||||||||
| Bank of America NA | USD | 5,359 | JPY | 841,441 | 04/10/2026 | 46,373 | ||||||||||||||||||||||||
| Bank of America NA | USD | 398 | KRW | 575,573 | 04/14/2026 | 2,201 | ||||||||||||||||||||||||
| Bank of America NA | USD | 1,395 | EUR | 1,177 | 04/16/2026 | (1,047 | ) | |||||||||||||||||||||||
| Bank of America NA | USD | 782 | AUD | 1,115 | 04/22/2026 | 11,325 | ||||||||||||||||||||||||
| Bank of America NA | USD | 1,096 | ZAR | 17,570 | 04/24/2026 | 3,033 | ||||||||||||||||||||||||
| Barclays Capital, Inc. | BRL | 524 | USD | 102 | 03/03/2026 | (457 | ) | |||||||||||||||||||||||
| Barclays Capital, Inc. | USD | 100 | BRL | 524 | 03/03/2026 | 2,541 | ||||||||||||||||||||||||
| Barclays Capital, Inc. | USD | 1,335 | COP | 5,149,478 | 03/13/2026 | 34,530 | ||||||||||||||||||||||||
| Barclays Capital, Inc. | USD | 92 | MYR | 361 | 03/18/2026 | 668 | ||||||||||||||||||||||||
| Barclays Capital, Inc. | PLN | 7,968 | USD | 2,211 | 03/27/2026 | (18,465 | ) | |||||||||||||||||||||||
| Barclays Capital, Inc. | USD | 1,730 | JPY | 265,624 | 04/10/2026 | (23,243 | ) | |||||||||||||||||||||||
| Barclays Capital, Inc. | EUR | 6,646 | USD | 7,982 | 04/16/2026 | 113,197 | ||||||||||||||||||||||||
| Barclays Capital, Inc. | USD | 2,378 | EUR | 1,978 | 04/16/2026 | (35,920 | ) | |||||||||||||||||||||||
| Barclays Capital, Inc. | CAD | 995 | USD | 728 | 04/17/2026 | (2,455 | ) | |||||||||||||||||||||||
| Barclays Capital, Inc. | NZD | 919 | USD | 556 | 04/22/2026 | 3,701 | ||||||||||||||||||||||||
| Barclays Capital, Inc. | USD | 606 | NZD | 1,005 | 04/22/2026 | (2,101 | ) | |||||||||||||||||||||||
| BNP Paribas SA | USD | 2,236 | CLP | 1,932,923 | 03/13/2026 | (21,598 | ) | |||||||||||||||||||||||
| Citibank NA | USD | 1,028 | CNH | 7,088 | 03/26/2026 | 6,720 | ||||||||||||||||||||||||
| Citibank NA | JPY | 2,450,000 | USD | 15,708 | 04/01/2026 | (19,671 | ) | |||||||||||||||||||||||
| Citibank NA | JPY | 266,590 | USD | 1,711 | 04/10/2026 | (1,538 | ) | |||||||||||||||||||||||
| Citibank NA | CAD | 1,396 | USD | 1,025 | 04/17/2026 | 19 | ||||||||||||||||||||||||
| Citibank NA | CAD | 1,481 | USD | 1,083 | 04/17/2026 | (5,068 | ) | |||||||||||||||||||||||
| Citibank NA | USD | 5,138 | CAD | 6,994 | 04/17/2026 | (96 | ) | |||||||||||||||||||||||
| Citibank NA | AUD | 891 | USD | 629 | 04/22/2026 | (5,410 | ) | |||||||||||||||||||||||
| Citibank NA | EUR | 849 | USD | 1,008 | 04/23/2026 | 2,905 | ||||||||||||||||||||||||
| Citibank NA | SEK | 32,767 | USD | 3,677 | 04/23/2026 | 37,895 | ||||||||||||||||||||||||
| Citibank NA | USD | 1,008 | NOK | 9,567 | 04/23/2026 | (2,204 | ) | |||||||||||||||||||||||
| Citibank NA | USD | 3,262 | SEK | 29,017 | 04/23/2026 | (39,272 | ) | |||||||||||||||||||||||
| Citibank NA | USD | 2,242 | TWD | 70,750 | 04/24/2026 | 16,022 | ||||||||||||||||||||||||
| Citibank NA | USD | 1,959 | INR | 178,151 | 05/13/2026 | (12,540 | ) | |||||||||||||||||||||||
| Deutsche Bank AG | BRL | 12,579 | USD | 2,443 | 03/03/2026 | (10,961 | ) | |||||||||||||||||||||||
| Deutsche Bank AG | USD | 2,410 | BRL | 12,579 | 03/03/2026 | 43,518 | ||||||||||||||||||||||||
| Deutsche Bank AG | PEN | 688 | USD | 205 | 03/13/2026 | 310 | ||||||||||||||||||||||||
| Deutsche Bank AG | PEN | 3,288 | USD | 977 | 03/13/2026 | (2,620 | ) | |||||||||||||||||||||||
| Deutsche Bank AG | USD | 290 | COP | 1,101,813 | 03/13/2026 | 2,453 | ||||||||||||||||||||||||
| Deutsche Bank AG | USD | 887 | COP | 3,259,887 | 03/13/2026 | (20,514 | ) | |||||||||||||||||||||||
| Deutsche Bank AG | KRW | 274,984 | USD | 192 | 04/14/2026 | 650 | ||||||||||||||||||||||||
| Deutsche Bank AG | USD | 214 | KRW | 310,237 | 04/14/2026 | 1,673 | ||||||||||||||||||||||||
| Deutsche Bank AG | USD | 1,301 | EUR | 1,083 | 04/16/2026 | (18,564 | ) | |||||||||||||||||||||||
| Deutsche Bank AG | CAD | 3,736 | USD | 2,739 | 04/17/2026 | (4,796 | ) | |||||||||||||||||||||||
| Deutsche Bank AG | NZD | 3,340 | USD | 2,015 | 04/22/2026 | 7,871 | ||||||||||||||||||||||||
| Deutsche Bank AG | TWD | 35,675 | USD | 1,126 | 04/24/2026 | (12,719 | ) | |||||||||||||||||||||||
| Deutsche Bank AG | USD | 1,136 | TWD | 35,960 | 04/24/2026 | 12,211 | ||||||||||||||||||||||||
| Goldman Sachs Bank USA | BRL | 22,051 | USD | 4,285 | 03/03/2026 | (16,137 | ) | |||||||||||||||||||||||
| Goldman Sachs Bank USA | USD | 4,284 | BRL | 22,051 | 03/03/2026 | 17,707 | ||||||||||||||||||||||||
| Goldman Sachs Bank USA | MXN | 9,489 | USD | 525 | 03/12/2026 | (25,040 | ) | |||||||||||||||||||||||
| Goldman Sachs Bank USA | COP | 9,840,070 | USD | 2,613 | 03/13/2026 | (3,499 | ) | |||||||||||||||||||||||
| Goldman Sachs Bank USA | PEN | 631 | USD | 188 | 03/13/2026 | 234 | ||||||||||||||||||||||||
| Goldman Sachs Bank USA | USD | 186 | COP | 683,355 | 03/13/2026 | (4,226 | ) | |||||||||||||||||||||||
| Goldman Sachs Bank USA | MYR | 4,838 | USD | 1,232 | 03/18/2026 | (12,513 | ) | |||||||||||||||||||||||
| Goldman Sachs Bank USA | USD | 1,135 | MYR | 4,477 | 03/18/2026 | 15,959 | ||||||||||||||||||||||||
| Goldman Sachs Bank USA | BRL | 7,243 | USD | 1,397 | 04/02/2026 | (5,776 | ) | |||||||||||||||||||||||
| Goldman Sachs Bank USA | USD | 2,856 | BRL | 14,808 | 04/02/2026 | 11,810 | ||||||||||||||||||||||||
| Goldman Sachs Bank USA | KRW | 181,336 | USD | 127 | 04/14/2026 | 1,101 | ||||||||||||||||||||||||
| Goldman Sachs Bank USA | KRW | 512,733 | USD | 351 | 04/14/2026 | (5,757 | ) | |||||||||||||||||||||||
| Goldman Sachs Bank USA | USD | 861 | AUD | 1,238 | 04/22/2026 | 19,442 | ||||||||||||||||||||||||
| Goldman Sachs Bank USA | USD | 551 | NZD | 921 | 04/22/2026 | 2,384 | ||||||||||||||||||||||||
| Goldman Sachs Bank USA | IDR | 1,670,991 | USD | 99 | 04/23/2026 | 79 | ||||||||||||||||||||||||
| Goldman Sachs Bank USA | IDR | 1,682,669 | USD | 100 | 04/23/2026 | (193 | ) | |||||||||||||||||||||||
| Goldman Sachs Bank USA | GBP | 13,078 | USD | 17,683 | 04/24/2026 | 55,003 | ||||||||||||||||||||||||
4
| Counterparty | Contracts to Deliver (000) |
In Exchange For (000) |
Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| Goldman Sachs Bank USA | USD | 2,265 | GBP | 1,675 | 04/24/2026 | $ | (7,045 | ) | ||||||||||||||||
| Goldman Sachs Bank USA | INR | 24,871 | USD | 273 | 05/13/2026 | 1,093 | ||||||||||||||||||
| HSBC Bank USA | BRL | 23,260 | USD | 4,471 | 03/03/2026 | (65,837 | ) | |||||||||||||||||
| HSBC Bank USA | USD | 4,489 | BRL | 23,260 | 03/03/2026 | 48,311 | ||||||||||||||||||
| HSBC Bank USA | CLP | 975,723 | USD | 1,122 | 03/13/2026 | 4,500 | ||||||||||||||||||
| HSBC Bank USA | CLP | 2,025,291 | USD | 2,247 | 03/13/2026 | (73,636 | ) | |||||||||||||||||
| HSBC Bank USA | USD | 86 | CLP | 73,911 | 03/13/2026 | (1,217 | ) | |||||||||||||||||
| HSBC Bank USA | USD | 377 | COP | 1,394,967 | 03/13/2026 | (5,796 | ) | |||||||||||||||||
| HSBC Bank USA | USD | 825 | PEN | 2,784 | 03/13/2026 | 4,190 | ||||||||||||||||||
| HSBC Bank USA | USD | 2,212 | HUF | 729,805 | 03/27/2026 | 73,106 | ||||||||||||||||||
| HSBC Bank USA | KRW | 575,573 | USD | 399 | 04/14/2026 | (1,457 | ) | |||||||||||||||||
| HSBC Bank USA | USD | 2,249 | KRW | 3,250,141 | 04/14/2026 | 10,168 | ||||||||||||||||||
| HSBC Bank USA | USD | 3,144 | NZD | 5,232 | 04/22/2026 | 226 | ||||||||||||||||||
| HSBC Bank USA | USD | 594 | NZD | 985 | 04/22/2026 | (2,416 | ) | |||||||||||||||||
| HSBC Bank USA | IDR | 6,461,487 | USD | 383 | 04/23/2026 | (1,440 | ) | |||||||||||||||||
| HSBC Bank USA | PHP | 2,347 | USD | 40 | 04/23/2026 | (936 | ) | |||||||||||||||||
| HSBC Bank USA | USD | 471 | PHP | 27,851 | 04/23/2026 | 11,103 | ||||||||||||||||||
| HSBC Bank USA | INR | 117,598 | USD | 1,294 | 05/13/2026 | 9,231 | ||||||||||||||||||
| JPMorgan Chase Bank | JPY | 265,624 | USD | 1,687 | 04/10/2026 | (19,288 | ) | |||||||||||||||||
| JPMorgan Chase Bank | CAD | 1,461 | USD | 1,079 | 04/17/2026 | 5,516 | ||||||||||||||||||
| JPMorgan Chase Bank | AUD | 1,535 | USD | 1,089 | 04/22/2026 | (3,717 | ) | |||||||||||||||||
| JPMorgan Chase Bank | SEK | 7,763 | USD | 863 | 04/23/2026 | 271 | ||||||||||||||||||
| JPMorgan Chase Bank | USD | 863 | NOK | 8,222 | 04/23/2026 | 1,932 | ||||||||||||||||||
| Morgan Stanley Capital Services, Inc. | USD | 1,426 | MXN | 25,873 | 03/12/2026 | 75,040 | ||||||||||||||||||
| Morgan Stanley Capital Services, Inc. | PEN | 804 | USD | 241 | 03/13/2026 | 1,016 | ||||||||||||||||||
| Morgan Stanley Capital Services, Inc. | JPY | 314,085 | USD | 1,995 | 04/10/2026 | (23,236 | ) | |||||||||||||||||
| Morgan Stanley Capital Services, Inc. | USD | 1,227 | JPY | 188,834 | 04/10/2026 | (13,366 | ) | |||||||||||||||||
| Morgan Stanley Capital Services, Inc. | USD | 119 | KRW | 170,330 | 04/14/2026 | (441 | ) | |||||||||||||||||
| Morgan Stanley Capital Services, Inc. | CHF | 3,554 | USD | 4,678 | 04/16/2026 | 33,039 | ||||||||||||||||||
| Morgan Stanley Capital Services, Inc. | AUD | 3,978 | USD | 2,785 | 04/22/2026 | (44,951 | ) | |||||||||||||||||
| Morgan Stanley Capital Services, Inc. | USD | 2,353 | AUD | 3,392 | 04/22/2026 | 60,614 | ||||||||||||||||||
| Morgan Stanley Capital Services, Inc. | NOK | 24,921 | USD | 2,610 | 04/23/2026 | (10,628 | ) | |||||||||||||||||
| Morgan Stanley Capital Services, Inc. | INR | 35,682 | USD | 392 | 05/13/2026 | 1,740 | ||||||||||||||||||
| Standard Chartered Bank | EUR | 1,275 | USD | 1,517 | 04/16/2026 | 8,015 | ||||||||||||||||||
| State Street Bank & Trust Co. | MXN | 2,265 | USD | 132 | 03/12/2026 | 524 | ||||||||||||||||||
| State Street Bank & Trust Co. | MXN | 31,621 | USD | 1,762 | 03/12/2026 | (72,548 | ) | |||||||||||||||||
| State Street Bank & Trust Co. | THB | 96,421 | USD | 3,068 | 03/13/2026 | (35,559 | ) | |||||||||||||||||
| State Street Bank & Trust Co. | USD | 185 | THB | 5,763 | 03/13/2026 | 743 | ||||||||||||||||||
| State Street Bank & Trust Co. | USD | 383 | THB | 11,872 | 03/13/2026 | (1,233 | ) | |||||||||||||||||
| State Street Bank & Trust Co. | CNH | 6,832 | USD | 983 | 03/26/2026 | (14,097 | ) | |||||||||||||||||
| State Street Bank & Trust Co. | HUF | 90,280 | USD | 283 | 03/27/2026 | (66 | ) | |||||||||||||||||
| State Street Bank & Trust Co. | USD | 378 | CZK | 7,779 | 03/27/2026 | 966 | ||||||||||||||||||
| State Street Bank & Trust Co. | USD | 409 | CZK | 8,353 | 03/27/2026 | (1,931 | ) | |||||||||||||||||
| State Street Bank & Trust Co. | USD | 440 | HUF | 141,412 | 03/27/2026 | 2,446 | ||||||||||||||||||
| State Street Bank & Trust Co. | USD | 695 | PLN | 2,507 | 03/27/2026 | 6,151 | ||||||||||||||||||
| State Street Bank & Trust Co. | JPY | 23,844 | USD | 155 | 04/10/2026 | 1,352 | ||||||||||||||||||
| State Street Bank & Trust Co. | JPY | 51,320 | USD | 329 | 04/10/2026 | (1,125 | ) | |||||||||||||||||
5
| Counterparty | Contracts to Deliver (000) |
In Exchange For (000) |
Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||||
| State Street Bank & Trust Co. |
|
USD | 630 | JPY | 96,886 | 04/10/2026 | $ | (7,903 | ) | |||||||||||||||||||
| State Street Bank & Trust Co. |
|
CHF | 179 | USD | 235 | 04/16/2026 | 1,530 | |||||||||||||||||||||
| State Street Bank & Trust Co. |
|
CHF | 66 | USD | 86 | 04/16/2026 | (540 | ) | ||||||||||||||||||||
| State Street Bank & Trust Co. |
|
EUR | 421 | USD | 499 | 04/16/2026 | 158 | |||||||||||||||||||||
| State Street Bank & Trust Co. |
|
EUR | 138 | USD | 163 | 04/16/2026 | (504 | ) | ||||||||||||||||||||
| State Street Bank & Trust Co. |
|
USD | 756 | CHF | 582 | 04/16/2026 | 4,373 | |||||||||||||||||||||
| State Street Bank & Trust Co. |
|
USD | 34 | CHF | 26 | 04/16/2026 | (35 | ) | ||||||||||||||||||||
| State Street Bank & Trust Co. |
|
USD | 489 | EUR | 414 | 04/16/2026 | 1,111 | |||||||||||||||||||||
| State Street Bank & Trust Co. |
|
USD | 422 | EUR | 353 | 04/16/2026 | (3,534 | ) | ||||||||||||||||||||
| State Street Bank & Trust Co. |
|
CAD | 381 | USD | 279 | 04/17/2026 | (1,095 | ) | ||||||||||||||||||||
| State Street Bank & Trust Co. |
|
USD | 823 | CAD | 1,121 | 04/17/2026 | 843 | |||||||||||||||||||||
| State Street Bank & Trust Co. |
|
USD | 163 | CAD | 221 | 04/17/2026 | (330 | ) | ||||||||||||||||||||
| State Street Bank & Trust Co. |
|
AUD | 548 | USD | 385 | 04/22/2026 | (4,836 | ) | ||||||||||||||||||||
| State Street Bank & Trust Co. |
|
NZD | 723 | USD | 434 | 04/22/2026 | (96 | ) | ||||||||||||||||||||
| State Street Bank & Trust Co. |
|
USD | 337 | AUD | 479 | 04/22/2026 | 3,587 | |||||||||||||||||||||
| State Street Bank & Trust Co. |
|
USD | 376 | NZD | 626 | 04/22/2026 | 537 | |||||||||||||||||||||
| State Street Bank & Trust Co. |
|
USD | 191 | NZD | 315 | 04/22/2026 | (1,457 | ) | ||||||||||||||||||||
| State Street Bank & Trust Co. |
|
NOK | 3,886 | USD | 406 | 04/23/2026 | (2,138 | ) | ||||||||||||||||||||
| State Street Bank & Trust Co. |
|
SEK | 4,682 | USD | 528 | 04/23/2026 | 7,617 | |||||||||||||||||||||
| State Street Bank & Trust Co. |
|
USD | 743 | NOK | 7,072 | 04/23/2026 | 625 | |||||||||||||||||||||
| State Street Bank & Trust Co. |
|
USD | 480 | SEK | 4,340 | 04/23/2026 | 1,615 | |||||||||||||||||||||
| State Street Bank & Trust Co. |
|
USD | 429 | SEK | 3,855 | 04/23/2026 | (1,013 | ) | ||||||||||||||||||||
| State Street Bank & Trust Co. |
|
USD | 149 | GBP | 110 | 04/24/2026 | (393 | ) | ||||||||||||||||||||
| State Street Bank & Trust Co. |
|
ZAR | 8,063 | USD | 503 | 04/24/2026 | (1,181 | ) | ||||||||||||||||||||
| UBS |
|
IDR | 21,181,262 | USD | 1,254 | 04/23/2026 | (6,020 | ) | ||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
| $ | 111,932 | |||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
CENTRALLY CLEARED CREDIT DEFAULT SWAPS
| Description | Fixed Rate (Pay) Receive |
Payment Frequency |
Implied Credit Spread at February 28, |
Notional Amount (000) |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||
| Sale Contracts |
|
|||||||||||||||||||||||||||
| CDX-NAHY Series 45, 5 Year Index, 12/20/2030* |
5.00 | % | Quarterly | 3.32% | USD | 8,593 | $ | 665,314 | $ | 606,969 | $ | 58,345 | ||||||||||||||||
| * | Termination date |
6
CENTRALLY CLEARED INTEREST RATE SWAPS
| Rate Type | ||||||||||||||||||||||||||||||||
| Notional Amount (000) |
Termination Date |
Payments made by the Fund |
Payments received by the Fund |
Payment Frequency Paid/ Received |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||||||
| NZD | 20,260 | 02/24/2027 | 3 Month BKBM | 3.508 | % | Quarterly/Semi-Annual | $ | 106,446 | $ | 158,825 | $ | (52,379 | ) | |||||||||||||||||||
| NZD | 4,470 | 02/28/2027 | 3 Month BKBM | 3.445 | % | Quarterly/Semi-Annual | 21,629 | 30,042 | (8,413 | ) | ||||||||||||||||||||||
| USD | 17,100 | 11/05/2027 | 1 Day SOFR | 3.391 | % | Annual | 17,159 | (262 | ) | 17,421 | ||||||||||||||||||||||
| GBP | 3,170 | 10/26/2028 | 1 Day SONIA | 4.627 | % | Annual | 144,144 | — | 144,144 | |||||||||||||||||||||||
| NZD | 5,540 | 10/03/2033 | 3 Month BKBM | 5.128 | % | Quarterly/Semi-Annual | 359,419 | — | 359,419 | |||||||||||||||||||||||
| USD | 2,930 | 10/07/2035 | 1 Day SOFR | 3.617 | % | Annual | 20,613 | — | 20,613 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | 669,410 | $ | 188,605 | $ | 480,805 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
TOTAL RETURN SWAPS
| Counterparty & Referenced Obligation |
Rate Paid/ Received |
Payment Frequency |
Current Notional (000) |
Maturity Date |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||||
| Pay Total Return on Reference Obligation |
| |||||||||||||||||||||||||||
| Morgan Stanley Capital Services LLC |
| |||||||||||||||||||||||||||
| Swiss Market Index Futures |
0.00 | % | Maturity | CHF | 140 | 03/20/2026 | $ (12,628) | |||||||||||||||||||||
| (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. |
| (g) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration. At February 28, 2026, the market value of this security amounted to $14,012,472 or 8.3% of net assets. |
| (h) | The rate shown represents the 7-day yield as of period end. |
| (i) | Affiliated investments. |
| (j) | As of February 28, 2026, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $5,568,998 and gross unrealized depreciation of investments was $(1,731,162), resulting in net unrealized appreciation of $3,837,836. |
Currency Abbreviation:
AUD – Australian Dollar
BRL – Brazilian Real
CAD – Canadian Dollar
CHF – Swiss Franc
CLP – Chilean Peso
CNH – Chinese Yuan Renminbi (Offshore)
COP – Colombian Peso
7
CZK – Czech Koruna
EUR – Euro
GBP – Great British Pound
HUF – Hungarian Forint
IDR – Indonesian Rupiah
INR – Indian Rupee
JPY – Japanese Yen
KRW – South Korean Won
MXN – Mexican Peso
MYR – Malaysian Ringgit
NOK – Norwegian Krone
NZD – New Zealand Dollar
PEN – Peruvian Sol
PHP – Philippine Peso
PLN – Polish Zloty
SEK – Swedish Krona
THB – Thailand Baht
TWD – New Taiwan Dollar
USD – United States Dollar
ZAR – South African Rand
Glossary:
BKBM – Bank Bill Benchmark (New Zealand)
BOBL – Bundesobligationen
BTP – Buoni del Tesoro Poliennali
CBT – Chicago Board of Trade
CDOR – Canadian Dealer Offered Rate
CDX-NAHY – North American High Yield Credit Default Swap Index
DAX – Deutscher Aktien Index (German Stock 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)
SOFR – Secured Overnight Financing Rate
SONIA – Sterling Overnight Index Average
SPI – Share Price Index
TIPS – Treasury Inflation Protected Security
TOPIX – Tokyo Price Index
TSX – Toronto Stock Exchange
ULSD – Ultra-Low Sulfur Diesel
WTI – West Texas Intermediate
COUNTRY BREAKDOWN1
February 28, 2026 (unaudited)
| 38.7 | % | United States | ||
| 8.7 | % | United Kingdom | ||
| 5.0 | % | Multinational | ||
| 1.7 | % | Brazil | ||
| 45.9 | % | Short-Term Investments | ||
|
|
|
|||
| 100.0 | % | Total Investments | ||
|
|
|
| 1 | The Fund’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). |
8
AB Global Risk Allocation Fund, Inc.
February 28, 2026 (unaudited)
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). 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 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 is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.
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.
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, by pricing vendors, 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.
9
Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options generally will be classified as Level 2. For options that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.
The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of February 28, 2026:
| Investments in Securities: |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Investment Companies | $ | 57,320,753 | $ | — | $ | 0 | (a) | $ | 57,320,753 | |||||||
| Governments - Treasuries | — | 14,012,472 | — | 14,012,472 | ||||||||||||
| Inflation-Linked Securities | — | 11,807,243 | — | 11,807,243 | ||||||||||||
| Emerging Markets - Treasuries | — | 2,691,853 | — | 2,691,853 | ||||||||||||
| Purchased Options - Puts | — | 568,800 | — | 568,800 | ||||||||||||
| Purchased Options - Calls | — | 537,600 | — | 537,600 | ||||||||||||
| Common Stocks | — | 5,329 | 42,169 | 47,498 | ||||||||||||
| Warrants | — | — | 0 | (a) | — | |||||||||||
| Short-Term Investments: | ||||||||||||||||
| Investment Companies |
41,381,355 | — | — | 41,381,355 | ||||||||||||
| U.S. Treasury Bills |
— | 16,864,736 | — | 16,864,736 | ||||||||||||
| Treasury Bills |
— | 15,681,004 | — | 15,681,004 | ||||||||||||
| Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | 15,537,633 | — | — | 15,537,633 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments in Securities | 114,239,741 | 62,169,037 | 42,169 | (a) | 176,450,947 | |||||||||||
| Other Financial Instruments(b): | ||||||||||||||||
| Assets: |
| |||||||||||||||
| Futures | 4,087,191 | — | — | 4,087,191 | ||||||||||||
| Forward Currency Exchange Contracts | — | 881,865 | — | 881,865 | ||||||||||||
| Centrally Cleared Credit Default Swaps | — | 665,314 | — | 665,314 | ||||||||||||
| Centrally Cleared Interest Rate Swaps | — | 669,410 | — | 669,410 | ||||||||||||
| Liabilities: |
| |||||||||||||||
| Futures | (887,809 | ) | — | — | (887,809 | ) | ||||||||||
| Forward Currency Exchange Contracts | — | (769,933 | ) | — | (769,933 | ) | ||||||||||
| Total Return Swaps | — | (12,628 | ) | — | (12,628 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total | $ | 117,439,123 | $ | 63,603,065 | $ | 42,169 | (a) | $ | 181,084,357 | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
10
| (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. |
A summary of the Fund’s transactions in AB mutual funds for the three months ended February 28, 2026 is as follows:
| Fund | Market Value 11/30/2025 (000) |
Purchases at Cost (000) |
Sales Proceeds (000) |
Market Value 02/28/2026 (000) |
Dividend Income (000) |
|||||||||||||||
| AB Government Money Market Portfolio | $ | 30,615 | $ | 71,345 | $ | 60,579 | $ | 41,381 | $ | 318 | ||||||||||
| AB Government Money Market Portfolio* | 55 | 30,280 | 14,797 | 15,538 | 56 | |||||||||||||||
| Total | $ | 30,670 | $ | 101,625 | $ | 75,376 | $ | 56,919 | $ | 374 | ||||||||||
| * | Investments of cash collateral for securities lending transactions. |
11