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: 811-21673

THE AB POOLING PORTFOLIOS

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas, New York, New York 10105

(Address of principal executive offices) (Zip code)

Joseph J. Mantineo

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

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

Date of fiscal year end: August 31, 2016

Date of reporting period: February 29, 2016

ITEM 1.    REPORTS TO STOCKHOLDERS.

FEB    ^02.29.16

SEMI-ANNUAL REPORT

AB POOLING PORTFOLIOS

+ AB U.S. VALUE

+ AB U.S. LARGE CAP GROWTH

+ AB INTERNATIONAL VALUE

+ AB INTERNATIONAL GROWTH

+ AB SHORT DURATION BOND

+ AB GLOBAL CORE BOND

+ AB BOND INFLATION PROTECTION

+ AB HIGH-YIELD

+ AB SMALL-MID CAP VALUE

+ AB SMALL-MID CAP GROWTH

+ AB MULTI-ASSET REAL RETURN

+ AB VOLATILITY MANAGEMENT

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abglobal.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.abglobal.com, or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227-4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. AB publishes full portfolio holdings for the Fund monthly at www.abglobal.com.

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

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

April 15, 2016

Semi-Annual Report

This report provides management’s discussion of fund performance for the AB Pooling Portfolios (collectively, the “Portfolios”; individually, the “Portfolio”) for the semi-annual reporting period ended February 29, 2016.

The tables on pages 20-22 show each Portfolio’s performance for the six- and 12-month periods ended February 29, 2016, compared to their respective benchmarks. Additional performance can be found on pages 23-26.

Market Review

Global equities charted a rocky path over the six-month period. Markets mainly rallied through the first half, recovering losses from August’s sharp sell-off. However, 2016 ushered in another dramatic pullback that punished stocks worldwide. The steep decline led to losses for the period, with international and emerging-market equities hit hardest. US dollar-based investors also saw a strong US dollar dampen their returns.

As 2015 drew to a close, markets fluctuated as concerns over uneven global growth gave way to hopes for central bank intervention. A US interest rate hike, the first in nine years, helped offset negative sentiment due to inaction from the European Central Bank and a further retrenchment in commodities and oil. However, uncertainty spilled over into the new year, which began on a sour note as concerns about China’s fiscal policy, slowing growth and oversupply in oil sparked a fresh bout of turmoil in financial markets worldwide. While

February offered a modest respite, investors remained cautious by the end of the reporting period.

Bond markets were volatile for the six-month period, as growth trends and monetary policies in the world’s biggest economies headed in different directions. Inflation continued to fall throughout the developed world, driven primarily by decreasing commodity prices. Oil prices reached their lowest level since 2003, causing volatility within government bond yields. Adding to the volatility was the rate hike by the US Federal Reserve. Fixed-income returns diverged between regions and sectors: credit securities generally underperformed developed-market Treasuries; developed-market Treasuries generally outperformed emerging-market local currency Treasuries; and investment-grade securities generally outperformed high-yield, which posted some of the worst returns across the fixed-income markets, specifically within the energy and commodities sectors.

U.S. Value Portfolio

Investment Objective and Policies

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a diversified portfolio of equity securities of US companies emphasizing investments in companies that AllianceBernstein L.P. (the “Adviser”) believes are undervalued. The Portfolio uses the fundamental value approach of the Adviser. This fundamental value approach seeks to identify investments that are considered to be undervalued because they are attractively priced relative to future earnings power and dividend-paying capability. The

AB POOLING PORTFOLIOS  • 1

Adviser relies heavily on the fundamental analysis and research of the Adviser’s large internal research staff in making investment decisions for the Portfolio. Under normal circumstances, the Portfolio invests at least 80% of its net assets in equity securities of US companies.

The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”). These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges.

The Portfolio may, at times, invest in shares of ETFs in lieu of making direct investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Portfolio seeks to invest than direct investments.

Investment Results

The Portfolio underperformed its benchmark, the Russell 1000 Value Index, for the six- and 12-month periods ended February 29, 2016.

For the six-month period, security selection was the main source of underperformance, particularly within the consumer cyclicals, financials and industrial resources sectors, relative to the benchmark. Sector selection was positive, due to an underweight in energy and utilities. For the 12-month period, security selection drove the underperformance, with weakness in the consumer cyclicals, consumer growth and financials sectors. Sector allocation also detracted, due to an overweight in consumer cyclicals and an underweight in consumer staples. In contrast, security selection in airlines and energy, and an underweight in energy were beneficial to returns.

The Portfolio did not utilize derivatives during the six- or 12-month periods.

U.S. Large Cap Growth Portfolio

Investment Objective and Policies

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in equity securities of a limited number of large, carefully selected, high quality US companies. The Portfolio invests primarily in the domestic equity securities of companies selected by the Adviser for their growth potential within various market sectors. The Portfolio emphasizes investments in large, seasoned companies. Under normal circumstances, the Portfolio invests at least 80% of its net assets in equity securities of large-capitalization US companies. For these purposes, “large-capitalization companies” are those that, at the time of investment, have market capitalizations within the range of market capitalizations of

2 •  AB POOLING PORTFOLIOS

companies appearing in the Russell 1000 Growth Index. The Adviser expects that normally the Portfolio’s portfolio will tend to emphasize investments in securities issued by US companies, although it may invest in foreign securities.

The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges.

The Portfolio may, at times, invest in shares of ETFs in lieu of making direct investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Portfolio seeks to invest than direct investments.

Investment Results

The Portfolio declined in absolute terms but outperformed its benchmark, the Russell 1000 Growth Index, for the six- and 12-month periods ended February 29, 2016.

During the six-month period, security selection was the main source of

outperformance, as stock selection in the health care and consumer discretionary sectors contributed to returns, relative to the benchmark. Stock selection in the consumer staples and technology sectors had a negative impact on performance. Sector selection was negative, due to an overweight in health care and an underweight in telecommunications. For the 12-month period, security selection was positive, as stocks within the consumer discretionary, industrials, health care and technology sectors contributed to performance. Security selection in the consumer staples and financials sectors had a negative impact on returns. Sector selection was positive, due to an underweight in energy and materials.

The Portfolio did not utilize derivatives during the six- or 12-month periods.

International Value Portfolio

Investment Objective and Policies

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a diversified portfolio of equity securities of established companies selected from more than 40 industries and from more than 40 developed and emerging-market countries. These countries currently include the developed nations in Europe and the Far East, Canada, Australia and emerging-market countries worldwide. Under normal market conditions, the Portfolio invests significantly (at least 40%, unless market conditions are not deemed favorable by the Adviser) in securities of non-US companies. In addition, the Portfolio invests, under normal market conditions, in companies in at least three countries other than the United States.

AB POOLING PORTFOLIOS  • 3

The Portfolio invests in companies that the Adviser determines are undervalued, using a fundamental value approach. In selecting securities for the Portfolio, the Adviser uses its fundamental and quantitative research to identify companies whose stocks are priced low in relation to their perceived long-term earnings power.

Currencies can have a dramatic impact on equity returns, significantly adding to returns in some years and greatly diminishing them in others. The Adviser evaluates currency and equity positions separately and may seek to hedge the currency exposure resulting from securities positions when it finds the currency positions unattractive. To hedge a portion of its currency risk, the Portfolio may from time to time invest in currency-related derivatives, including forward currency exchange contracts, futures contracts and options on futures contracts, swaps and options. The Adviser may also seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives.

The Portfolio may invest in depositary receipts, instruments of supranational entities denominated in the currency of any country, securities of multi-national companies and “semi-governmental securities”, and enter into forward commitments.

The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing

of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges.

The Portfolio may, at times, invest in shares of ETFs in lieu of making direct investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Portfolio seeks to invest than direct investments.

Investment Results

The Portfolio declined in absolute terms but outperformed its benchmark, the Morgan Stanley Capital International All Country World Index (“MSCI ACWI”) ex-US, for the six- and 12-month periods ended February 29, 2016.

For the six-month period, security selection was the main source of outperformance, relative to the benchmark, particularly within the finance, telecommunications and health care sectors. Security selection in utilities detracted. Sector selection did not have a meaningful impact on performance. A positive overweight in transport was offset by a negative underweight in consumer staples. Country allocation contributed, driven by an overweight to Argentina; an

4 •  AB POOLING PORTFOLIOS

overweight position to Japan detracted. For the 12-month period, security selection in the financials, capital equipment and industrial commodities sectors drove the outperformance. Sector selection was negative, due to underweights in consumer staples and health care, and an overweight in capital equipment. Country allocation contributed, particularly an overweight to Korea. In contrast, an underweight to Switzerland detracted.

The Portfolio utilized derivatives including futures for investment purposes and currency forwards for hedging and investment purposes, which detracted from returns during the six-month period and added during the 12-month period, in absolute terms.

International Growth Portfolio

Investment Objective and Policies

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in an international portfolio of companies selected by the Adviser whose growth potential appears likely to outpace market expectations. The Adviser’s growth analysts use proprietary research to seek to identify companies that grow while creating a significant amount of “economic value”. These companies typically exhibit solid, durable growth; strong, sustainable competitive advantages; high return on invested capital and robust free cash flow.

The Portfolio invests, under normal circumstances, in the equity securities of companies located in at least three countries (and normally substantially

more) other than the United States. The Portfolio invests in securities of companies in both developed and emerging-market countries. Geographic distribution of the Portfolio’s investments among countries or regions also will be a product of the stock selection process rather than a pre-determined allocation. The Portfolio may also invest in synthetic foreign equity securities, which are types of warrants used internationally that entitle a holder to buy or sell underlying securities. The Adviser expects that normally the Portfolio’s portfolio will tend to emphasize investments in larger capitalization companies.

Currencies can have a dramatic impact on equity returns, significantly adding to returns in some years and greatly diminishing them in others. Currency and equity positions are evaluated separately. The Adviser may seek to hedge the currency exposure resulting from securities positions when it finds the currency exposure unattractive. To hedge a portion of its currency risk, the Portfolio may from time to time invest in currency-related derivatives, including forward currency exchange contracts, futures contracts, options on futures contracts, swaps and options. The Adviser may also seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives.

The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing

AB POOLING PORTFOLIOS  • 5

of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges.

The Portfolio may, at times, invest in shares of ETFs in lieu of making direct investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Portfolio seeks to invest than direct investments.

Investment Results

The Portfolio declined in absolute terms but outperformed its benchmark, the MSCI ACWI ex-US, for the six- and 12-month periods ended February 29, 2016.

For the six-month period, security selection was the main source of outperformance, with strength in the health care, technology and financials sectors. An overweight in technology also helped relative performance. An underweight to the consumer staples sector and selections in the consumer staples, utilities and consumer discretionary sectors detracted. Country allocation contributed to returns, due to an underweight to Japan; an overweight position to India detracted. For the 12-month period, security selection drove

the outperformance, with strength in the health care, technology and financials sectors. Sector selection also added value, due to positive underweights in energy and materials. Security selection in utilities and consumer staples detracted. Country allocation helped returns, due to an overweight to the UK; while an overweight position to India detracted.

The Portfolio utilized derivatives in the form of currency forwards for hedging purposes, which added to returns during both periods, in absolute terms.

Short Duration Bond Portfolio

Investment Objective and Policies

The Portfolio’s investment objective is to provide a moderate rate of income that is subject to taxes. The Portfolio may invest in many types of fixed-income securities, including corporate bonds, notes, US government and agency securities, asset-backed securities, mortgage-related securities, and inflation-indexed securities, as well as other securities of US and non-US issuers. Under normal circumstances, the Portfolio invests at least 80% of its net assets in fixed-income securities. The Portfolio may also invest up to 20% of its total assets in debt securities denominated in currencies other than the US dollar. The Portfolio may also invest up to 20% of its assets in hybrid instruments, which have characteristics of futures contracts, options, currencies and securities.

The Portfolio seeks to maintain a relatively short duration of one to three years under normal market conditions.

6 •  AB POOLING PORTFOLIOS

The Adviser may use interest rate forecasting to determine the best level of interest rate risk at a given time. The Adviser may moderately shorten the average duration of the Portfolio when it expects interest rates to rise and modestly lengthen the average duration when it anticipates that rates will fall.

The Portfolio may invest in investment-grade quality securities rated A or Baa (including Baa1, Baa2 and Baa3) by Moody’s Investors Service, Inc. (“Moody’s”), or A or BBB (including BBB+ and BBB-) by Standard & Poor’s Ratings Services (“S&P”) or Fitch Ratings (“Fitch”). The Portfolio may invest in variable, floating, and inverse floating-rate investments. The Portfolio may also invest in zero-coupon and interest-only or principal-only securities. The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps.

Investment Results

The Portfolio underperformed its benchmark, the Bank of America Merrill Lynch (“BofA ML”) 1-3 Year US Treasury Index, for the six-month period, yet outperformed for the 12-month period ended February 29, 2016.

Exposure to asset-backed securities and commercial mortgage-backed securities (“CMBS”) contributed to returns for both periods, relative to the benchmark. For both periods, exposure to inflation-linked securities detracted modestly, while yield-curve positioning detracted from performance, mainly from a slight underweight to the two-year part of the yield curve.

During both periods, the Portfolio utilized derivatives including Treasury futures and interest rate swaps to manage duration and yield-curve positioning. Currency forwards were also utilized during both periods to establish currency positioning. Cross currency swaps for hedging purposes had an immaterial impact during both periods, in absolute terms.

Global Core Bond Portfolio

Investment Objective and Policies

The Portfolio’s investment objective is to provide a moderate to high rate of income that is subject to taxes. The Portfolio invests, under normal circumstances, at least 80% of its net assets in fixed-income securities. Fixed-income securities include, among other things, bonds. Under normal market conditions, the Portfolio invests at least 40% of its assets in fixed-income securities of non-US issuers. In addition, the Portfolio invests, under normal circumstances, in the fixed-income securities of issuers located in at least three countries.

The Portfolio may invest in medium-quality securities rated A or Baa (including Baa1, Baa2 and Baa3) by Moody’s, or A or BBB (including BBB+ and BBB-) by S&P or Fitch. The Portfolio may invest in mortgage-related and other asset-backed securities, loan participations, inflation-indexed securities, structured securities, variable, floating, and inverse floating-rate instruments and preferred stock, and may use other investment techniques. To reduce volatility, the Adviser may hedge a significant portion of the currency exposure resulting from securities

AB POOLING PORTFOLIOS  • 7

positions when it finds the currency exposure unattractive. To hedge its currency exposure, the Portfolio intends to use currency-related derivatives, including forward currency exchange contracts and futures contracts. The Adviser may also seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives. The Portfolio may also invest in other derivatives, including, without limitation, credit default swaps and interest rate swaps. The Portfolio may, among other things, enter into transactions such as reverse repurchase agreements and dollar rolls.

Investment Results

The Portfolio underperformed its benchmark, the Barclays Global Aggregate Bond Index (US dollar hedged), for the six- and 12-month periods ended February 29, 2016.

Currency positioning contributed for both periods, relative to the benchmark. For the six-month period, a long position in the US dollar and Japanese yen as well as short positions in the euro and British pound contributed. For the 12-month period, a long US dollar position as well as short positions in the euro, Australian dollar and South Korean won contributed. Sector positioning detracted for both periods, mainly from an overweight to investment-grade corporates and mortgage pass-throughs. Country positioning detracted for both periods, specifically an underweight to Japan, and an overweight to the United States. Security selection within the energy and basic materials sectors detracted for both periods. Yield-curve positioning

detracted for the 12-month period, mainly from an underweight to the long end of the US curve. For the six-month period, yield-curve positioning contributed modestly due to positioning on the long end of the euro and Japan curves.

During both periods, the Portfolio utilized derivatives including Treasury futures to manage duration and yield-curve positioning; currency forwards and purchased and written options for hedging and investment purposes had an immaterial impact on performance, in absolute terms.

Bond Inflation Protection Portfolio

Investment Objective and Policies

The Portfolio’s investment objective is to maximize real return without assuming what the Adviser considers to be undue risk. Real return equals total return less the estimated effect of inflation. The Portfolio pursues its objective by investing principally in Treasury inflation-protected securities (“TIPS”) directly or by gaining indirect exposure to TIPS through derivatives transactions such as Consumer Price Index (“CPI”) swaps and total return swaps linked to TIPS. In deciding whether to take direct or indirect exposure, the Adviser will consider the relative costs and efficiency of each method. In addition, in seeking to maximize real return, the Portfolio may invest in other fixed-income investments such as US and non-US government securities, corporate fixed-income securities and mortgage-related securities, as well as derivatives linked to such securities. Under normal circumstances, the

8 •  AB POOLING PORTFOLIOS

Portfolio invests at least 80% of its net assets in fixed-income securities. While the Portfolio expects to invest principally in investment-grade securities, it may invest up to 15% of its total assets in fixed-income securities rated BB or B or the equivalent by at least one national ratings agency (or deemed by the Adviser to be of comparable credit quality), which are not investment-grade (“junk bonds”).

The Portfolio may also invest in other inflation-indexed securities, issued by both US and non-US issuers, and in derivative instruments linked to these securities. As noted above, the Portfolio may invest in derivatives, such as options, futures contracts, forwards or swap agreements. The Portfolio intends to use leverage for investment purposes. The Portfolio may also invest in loan participations, structured securities, asset-backed securities, variable, floating, and inverse floating-rate instruments, and preferred stock, and may use other investment techniques. The Portfolio may invest in fixed-income securities of any maturity and duration. If the rating of a fixed-income security falls below investment-grade, the Portfolio will not be obligated to sell the security and may continue to hold it if, in the Adviser’s opinion, the investment is appropriate under the circumstances.

Investment Results

The Portfolio underperformed its benchmark, the Barclays 1-10 Year TIPS Index, for the six- and 12-month periods ended February 29, 2016, and declined in absolute terms for the 12-month period.

During the six-month period TIPS returns were positive as US Treasury yields fell, and for the 12-month period returns were flat as rates ended the period close to where they started coupled with low levels of inflation. During both periods, the continued downward pressure on oil prices as well as other commodity prices caused TIPS to underperform relative to US Treasuries. For both periods, sector allocation detracted from returns while currency allocation contributed to returns, relative to the benchmark. Sector allocation to corporates detracted for both periods. Within currency allocation, the Portfolio’s short positions in the euro and Singapore dollar contributed to returns for the six-month period; a long US dollar position against its short euro, Australian dollar, Canadian dollar and British pound positions contributed to returns for the 12-month period.

The Portfolio utilized derivatives including interest rate swaps and Treasury futures during both periods to manage duration and yield-curve positioning. Overall duration and yield-curve positioning had a modest contribution to returns for the six- and 12-month periods in absolute terms. Credit default swaps, inflation swaps and written options were utilized for hedging and investment purposes, which had an immaterial impact during both periods. Currency forwards were utilized to establish currency positioning.

High-Yield Portfolio

Investment Objective and Policies

The Portfolio’s investment objective is to achieve high total return by maximizing

AB POOLING PORTFOLIOS  • 9

current income and, to the extent consistent with that objective, capital appreciation. The Portfolio invests, under normal circumstances, at least 80% of its net assets in high-yield debt securities. The Portfolio invests in a diversified mix of high-yield, below investment-grade debt securities, known as “junk bonds.” These securities involve greater volatility of price and risk of principal and income than higher quality debt securities. The Portfolio is managed to maximize current income by taking advantage of market developments, yield disparities, and variations in the creditworthiness of issuers. The Portfolio uses various strategies in attempting to achieve its objective. The Portfolio may invest in debt securities with a range of maturities from short- to long-term. The Portfolio may invest in US dollar-denominated and non-US dollar-denominated foreign fixed-income securities. The Portfolio also may invest in mortgage-related and other asset-backed securities, loan participations, inflation-indexed securities, structured securities and preferred stocks. The Portfolio may use leverage for investment purposes by entering into transactions such as reverse repurchase agreements and dollar rolls.

The Portfolio may invest in variable, floating and inverse floating-rate investments. The Portfolio may also invest in zero-coupon and interest-only or principal-only securities. The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps.

Investment Results

The Portfolio declined in absolute terms and underperformed its benchmark, the Barclays US High Yield 2% Issuer Capped Index, for the six- and 12-month periods ended February 29, 2016.

For both periods, an underweight to the energy and basic materials sectors as well as an overweight to the banking sector contributed to performance, relative to the benchmark. An allocation to collateralized mortgage obligations and CMBS also contributed to returns for both periods. Security selection within the energy, technology and industrials sectors was the main detractor from performance for both periods. Underweights to the telecommunications sector as well as an underweight to a number of consumer cyclical stocks also detracted for both periods.

During both periods, the Portfolio utilized derivatives including credit default swaps for hedging and investment purposes, and purchased options and interest rate swaps for hedging purposes, which detracted from performance in absolute terms; futures for hedging purposes added. Currency forwards for hedging and investment purposes and written options for hedging purposes had an immaterial impact during the six-month period and added during the 12-month period. During both periods, written swaptions for hedging purposes had an immaterial impact and total return swaps for investment purposes detracted.

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Small-Mid Cap Value Portfolio

Investment Objective and Policies

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a diversified portfolio of equity securities of small- to mid-capitalization US companies. Under normal circumstances, the Portfolio invests at least 80% of its net assets in small- to mid-capitalization companies. For purposes of this policy, small- to mid-capitalization companies are those that, at the time of investment, fall within the capitalization range between the smallest company appearing in the Russell 2500 Value Index and the greater of $5 billion or the market capitalization of the largest company in the Russell 2500 Value Index. The Portfolio may invest in securities issued by non-US companies and enter into forward commitments.

The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges.

The Portfolio may, at times, invest in shares of ETFs in lieu of making direct

investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Portfolio seeks to invest than direct investments.

Investment Results

The Portfolio declined in absolute terms and underperformed its benchmark, the Russell 2500 Value Index, for the six-month period, but outperformed its benchmark for the 12-month period ended February 29, 2016.

During the six-month period, security selection in the financials sector and an underweight in the utilities sector were the primary causes of the underperformance, relative to the benchmark. Stock selection in the consumer staples and energy sectors, as well as an overweight position in technology mitigated some of the losses. For the 12-month period, security selection drove the outperformance, strongest in the financials sector. Stock selection in the consumer staples, energy and health care sectors, as well as an underweight position in the energy sector, also significantly contributed to relative performance. The leading detractors from performance for the period were stock selection in the consumer discretionary and technology sectors and underweight positions in utilities and financials.

The Portfolio did not utilize derivatives during the six- or 12-month periods.

AB POOLING PORTFOLIOS  • 11

Small-Mid Cap Growth Portfolio

Investment Objective and Policies

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a diversified portfolio of equity securities with relatively smaller capitalizations as compared to the overall market. Under normal circumstances, the Portfolio invests at least 80% of its net assets in the equity securities of small- and mid-capitalization US companies. For these purposes, “small- and mid-capitalization companies” are generally those companies that, at the time of investment, fall within the lowest 25% of the total US equity market capitalization (excluding, for purposes of this calculation, companies with market capitalizations of less than $10 million). In the future, the Portfolio may define small- and mid-capitalization companies using a different classification system.

The Portfolio may invest in any company and industry and in any type of equity security with potential for capital appreciation. It invests in well-known and established companies and in new and less-seasoned companies. The Portfolio’s investment policies emphasize investments in companies that are demonstrating improving financial results and a favorable earnings outlook. The Portfolio may invest in foreign securities. The Portfolio invests principally in equity securities but may also invest in other types of securities, such as preferred stocks. The Portfolio may also invest up to 20% of its total assets in rights and warrants.

The Portfolio may enter into derivatives transactions, such as options, futures

contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges.

The Portfolio may, at times, invest in shares of ETFs in lieu of making direct investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and locations in which the Portfolio seeks to invest than direct investments.

Investment Results

The Portfolio declined in absolute terms and underperformed its benchmark, the Russell 2500 Growth Index, for the six- and 12-month periods ended February 29, 2016.

Stock selection in the industrials and financial sectors detracted most from returns for both periods. Selection in the health care sector, particularly an underweight to biopharmaceuticals, contributed for both periods. Consistent with the Senior Investment Management Team’s (the “Team’s”) investment discipline, the Portfolio’s holdings—regardless of their absolute level of growth or degree of economic sensitivity—are, in the Team’s opinion,

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well positioned as many of their purchases have unique secular growth drivers or company-specific initiatives that should help drive earnings.

The Portfolio did not utilize derivatives during the six- or 12-month periods.

Multi-Asset Real Return Portfolio

Investment Objective and Policies

The Portfolio’s investment objective is to maximize real return over inflation. Real return is the rate of total return (including income and capital appreciation) after adjusting for inflation. The Portfolio pursues an aggressive investment strategy involving a variety of asset classes. The Portfolio invests primarily in instruments that the Adviser expects to outperform broad equity indices during periods of rising inflation. Under normal circumstances, the Portfolio expects to invest its assets principally in the following instruments that, in the judgment of the Adviser, are affected directly or indirectly by the level and change in rate of inflation: inflation-indexed fixed-income securities, such as TIPS and similar bonds issued by governments outside of the United States, commodities, equity securities, such as commodity-related stocks, real estate securities, utility securities, infrastructure-related securities, securities and derivatives linked to the price of other assets (such as commodities, stock indices and real estate) and currencies. The Portfolio expects its investments in fixed-income securities to have a broad range of any maturity and quality level.

The Portfolio may invest in derivatives, such as options, futures

contracts, forwards, swap agreements or structured notes. The Portfolio intends to use leverage for investment purposes through the use of cash made available by derivatives transactions to make other investments in accordance with its investment policies.

The Portfolio may seek to gain exposure to physical commodities traded in the commodities markets through investments in a variety of derivative instruments, including investments in commodity index-linked notes. The Adviser expects that the Portfolio will seek to gain exposure to commodities and commodities-related instruments and derivatives primarily through investments in AllianceBernstein Cayman Inflation Pooling Subsidiary, Ltd., a wholly-owned subsidiary of the Portfolio organized under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary is advised by the Adviser and has the same investment objective and substantially similar investment policies and restrictions as the Portfolio. The Subsidiary, unlike the Portfolio, may invest, without limitation, in commodities and commodities-related instruments. The Portfolio will be subject to the risks associated with the commodities, derivatives and other instruments in which the Subsidiary invests, to the extent of its investment in the Subsidiary. The Portfolio limits its investment in the Subsidiary to no more than 25% of its net assets.

The Portfolio is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund.

AB POOLING PORTFOLIOS  • 13

Investment Results

The Portfolio declined and underperformed its primary benchmark, the MSCI AC World Commodity Producers Index, for the six-month period ended February 29, 2016, but outperformed for the 12-month period. The Portfolio underperformed its secondary benchmark, the All Market Real Return Portfolio Benchmark, for both periods.

Over the six-month period, strategic exposure to commodity futures detracted while strategic exposure to global real estate was positive, albeit to a smaller degree. The outperformance during the 12-month period versus the primary benchmark was driven by a strategic exposure to global real estate, which strongly outperformed the primary benchmark (which has no real estate exposure or commodity futures exposure and has only commodity equity exposure). The strategic allocation to commodity futures also boosted performance for both periods, although to a smaller degree for the 12-month period. Further, overlay positions such as an overweight to the US dollar, CPI swaps, and security selection outperformed relative to the primary benchmark, which helped returns; long-dated oil futures detracted for both periods.

The underperformance versus the secondary benchmark during both periods was driven by an overweight to energy stocks, energy futures and CPI swaps. An underweight to mining equities, as well as security selection and the foreign exchange market, contributed to performance.

The Portfolio utilized derivatives for hedging and investment purposes in the form of currency forwards, futures, total return swaps, interest rate swaps and written options, which detracted from returns during both periods in absolute terms; inflation swaps were utilized, which detracted during the six-month period and added during the 12-month period, and purchased options had an immaterial impact during the six-month period and added during the 12-month period.

Volatility Management Portfolio

Investment Objective and Policies

The Portfolio’s investment objective is long-term growth of capital and income. The Portfolio is designed to reduce the overall portfolio volatility and the effects of adverse equity market conditions for a blended-style investor (an “investing Fund”). The Portfolio will not pursue its investment objective of long-term growth of capital and income in isolation, but always with the goal of reducing an investing Fund’s overall equity exposure when appropriate to mitigate equity risk. In other words, in making investment decisions for the Portfolio, the Adviser will consider the blended investing style of the investing Fund and not necessarily the goal of achieving the Portfolio’s investment objective.

The Portfolio will invest directly in equity securities, but it will also be able to invest without limit in derivative instruments, including futures contracts, forwards, options, swaps and other financially linked investments. The Portfolio will also have the ability to invest in a wide array of asset classes, including US,

14 •  AB POOLING PORTFOLIOS

non-US and emerging-market equity and fixed-income securities, commodities, real estate investment trusts (“REITs”) and other real estate-related securities, currencies and inflation-indexed securities.

To effectuate the Portfolio’s dynamic, opportunistic asset allocation approach, the Adviser may invest in derivatives or ETFs rather than investing directly in equity securities. The Portfolio may use index futures or ETFs, for example, to gain broad exposure to a particular segment of the market, while buying representative equity securities to achieve exposure to another. The Adviser will choose investments, in each case, based on concerns of cost and efficiency of access. The Portfolio’s holdings may be frequently adjusted to reflect the Adviser’s assessment of changing risks. The Adviser believes that these adjustments can also frequently be made efficiently and economically through the use of derivatives strategies and/or ETFs. Similarly, when the Adviser decides to reduce (or eliminate) the Portfolio’s exposure to the equity markets, the Adviser may choose to gain this alternative exposure directly through securities purchases or indirectly through derivatives transactions and/or ETFs. The asset classes selected may or may not be represented by the holdings of other of the Pooling Portfolios, because investment decisions for the Portfolio will be driven by risk mitigation concerns that may be best facilitated through exposure to asset classes not represented elsewhere in the investing Fund’s overall exposure.

The Portfolio has the risk that it may not accomplish its purpose if the Adviser does not correctly assess the risk in equity markets and, consequently, its performance could be affected adversely.

Investment Results

The Portfolio declined and underperformed its benchmark, the MSCI ACWI, for the six- and 12-month periods ended February 29, 2016.

Throughout the first half of the 12-month period, the Portfolio was fully allocated to growth-sensitive assets until late August, when the Portfolio moved to underweight equity and added to cash in response to rising volatility caused by Chinese currency devaluation and emerging-market growth concerns. Throughout both periods, the Portfolio was more diversified than the benchmark through holdings of global REITs and made modest tilts across equity regions.

Regional shifts in equities (an overweight to Japan) detracted from performance for both periods. Strategic allocations to underweight international developed- and emerging-market equities contributed to performance in the six-month period. Decisions to underweight REITs detracted from performance in the six-month period and contributed to performance in the 12-month period.

The Portfolio utilized derivatives for hedging and investment purposes including currency forwards, which added to returns during both periods, in absolute terms; futures, total return swaps and purchased and written options detracted during both periods.

AB POOLING PORTFOLIOS  • 15

DISCLOSURES AND RISKS

Benchmark Disclosures

None of the indices listed below reflect fees and expenses associated with the active management of a mutual fund portfolio; all indices are unmanaged. The Russell 1000^® Value Index represents the performance of 1,000 large-cap value companies within the US. The Russell 1000^® Growth Index represents the performance of 1,000 large-cap growth companies within the US. The MSCI ACWI ex-US (free float-adjusted, market capitalization weighted) represents the equity market performance of developed and emerging markets, excluding the United States. The BofA ML^® 1-3 Year US Treasury Index represents the performance of US dollar-denominated sovereign debt publicly issued by the US government in its domestic market with a remaining term to final maturity of one to three years. The Barclays Global Aggregate Bond Index (US dollar hedged) represents the performance of the global investment-grade developed fixed-income markets. The Barclays 1-10 Year TIPS Index represents the performance of inflation-protected securities issued by the US Treasury. The Barclays US High Yield 2% Issuer Capped Index is the 2% issuer capped component of the US Corporate High Yield Index, which represents the performance of fixed-income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million, and at least one year to maturity. The Russell 2500™ Value Index represents the performance of 2,500 small- to mid-cap value companies within the US. The Russell 2500™ Growth Index represents the performance of 2,500 small- to mid-cap growth companies within the US. The All Market Real Return Portfolio Benchmark is an equally-weighted blend of the MSCI AC World Commodity Producers Index, the FTSE EPRA/NAREIT Global Index and the Dow Jones-UBS Commodity Index. The MSCI AC World Commodity Producers Index is a free float-adjusted, market capitalization index designed to track the performance of global listed commodity producers, including emerging markets. The FTSE EPRA/NAREIT Global Index (market-value-weighted index based upon the last closing price of the month) represents the performance of tax-qualified REITs listed on the NYSE, AMEX and the NASDAQ. The Dow Jones-UBS Commodity Index measures price movements of the commodities included in the appropriate sub index. It does not account for effects of rolling futures contracts or costs associated with holding the physical commodity. Commodities sectors include: energy, grains, industrial metals, petroleum, precious metals and softs. The MSCI ACWI (free float-adjusted, market capitalization weighted) represents the equity market performance of developed and emerging markets. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolios.

A Word About Risk

All Portfolios

While the equity Portfolios invest principally in common stocks and other equity securities and the fixed-income Portfolios invest principally in bonds and fixed-income securities, in order to achieve their investment objectives, the Portfolios may at times use certain types of investment derivatives, such as options, futures, forwards and swaps. These instruments involve risks different from, and in certain cases, greater than, the risks presented by more traditional investments. These risks are fully discussed in the Portfolios’ prospectus.

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

16 •  AB POOLING PORTFOLIOS

Disclosures and Risks

DISCLOSURES AND RISKS

(continued from previous page)

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

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

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

U.S. Large Cap Growth Portfolio

Focused Portfolio Risk: This is the risk that investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Portfolio’s net asset value (“NAV”).

International Value Portfolio, International Growth Portfolio, Short Duration Bond Portfolio, Global Core Bond Portfolio, Bond Inflation Protection Portfolio, High-Yield Portfolio, Small-Mid Cap Value Portfolio, Small-Mid Cap Growth Portfolio, Multi-Asset Real Return Portfolio, Volatility Management Portfolio

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

International Value Portfolio, International Growth Portfolio, Short Duration Bond Portfolio, Global Core Bond Portfolio, Bond Inflation Protection Portfolio, High-Yield Portfolio, Small-Mid Cap Value Portfolio, Multi-Asset Real Return Portfolio, Volatility Management Portfolio

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

International Value Portfolio, International Growth Portfolio, Global Core Bond Portfolio, Volatility Management Portfolio

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.

Short Duration Bond Portfolio, Global Core Bond Portfolio, Bond Inflation Protection Portfolio, High-Yield Portfolio, Multi-Asset Real Return Portfolio, Volatility Management Portfolio

Interest Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations.

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

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

AB POOLING PORTFOLIOS  • 17

Disclosures and Risks

DISCLOSURES AND RISKS

(continued from previous page)

guarantor may default, causing a loss of the full principal amount of a security. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations.

Short Duration Bond Portfolio, Global Core Bond Portfolio, Bond Inflation Protection Portfolio, High-Yield Portfolio, Volatility Management Portfolio

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 each Portfolio’s assets can decline as can the value of each Portfolio’s distributions.

Short Duration Bond Portfolio, Global Core Bond Portfolio, Bond Inflation Protection Portfolio

Duration Risk: Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise. For example, a fixed-income security with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%.

Global Core Bond Portfolio, Bond Inflation Protection Portfolio, High-Yield Portfolio, Multi-Asset Real Return Portfolio

Leverage Risk: To the extent the Portfolios use leveraging techniques, their NAVs may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Portfolios’ investments.

Bond Inflation Protection Portfolio, Multi-Asset Real Return Portfolio

Liquidity Risk: Liquidity risk occurs when certain investments become difficult to purchase or sell. Difficulty in selling less liquid securities may result in sales at disadvantageous prices affecting the value of your investment in the Portfolios. Causes of liquidity risk may include low trading volumes and large positions. Foreign fixed-income securities may have more liquidity risk because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less frequently. Liquidity risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally go down.

High-Yield Portfolio

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

Small-Mid Cap Value Portfolio, Small-Mid Cap Growth Portfolio

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

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

18 •  AB POOLING PORTFOLIOS

Disclosures and Risks

DISCLOSURES AND RISKS

(continued from previous page)

Multi-Asset Real Return Portfolio, Volatility Management Portfolio

Commodity Risk: Investments in commodities and commodity-linked derivative instruments, either directly or through the Subsidiary, may subject the Portfolios 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.

Multi-Asset Real Return Portfolio

Subsidiary Risk: By investing in the Subsidiary, the Portfolio is indirectly exposed to the risks associated with the Subsidiary’s investments, including its investments in commodities. There is no guarantee that the investment objective of the Subsidiary will be achieved.

Real Estate Risk: The Portfolio’s investments in real estate securities have many of the same risks as direct ownership of real estate, including the risk that the value of real estate could decline due to a variety of factors that affect the real estate market generally. Investments in REITs may have additional risks. REITs are dependent on the capability of their managers, may have limited diversification, and could be significantly affected by changes in taxes.

Diversification Risk: The Portfolio may have more risk because it is “non-diversified”, meaning that it can invest more of its assets in a smaller number of issuers and that adverse changes in the value of one security could have a more significant effect on the Portfolio’s NAV.

An Important Note About Historical Performance

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

Please note: Shares of the Portfolios are offered exclusively to mutual funds advised by, and certain institutional clients of, AB that seek a blend of asset classes for investment. These share classes are not currently offered for direct investment from the general public. The Pooling Portfolios can be purchased at the relevant NAV without a sales charge or other fee. However, there are sales charges in connection to purchases of other AB share classes invested in these Portfolios. For additional information regarding other retail share classes and their sales charges and fees, please visit www.abglobal.com. All fees and expenses related to the operation of the Portfolios have been deducted. Performance assumes reinvestment of distributions and does not account for taxes.

AB POOLING PORTFOLIOS  • 19

Disclosures and Risks

HISTORICAL PERFORMANCE

THE PORTFOLIOS VS. THEIR BENCHMARKS PERIODS ENDED FEBRUARY 29, 2016 (unaudited)

	Returns
U.S. VALUE PORTFOLIO	6 Months		12 Months
AB U.S. Value Portfolio*		-4.72%		-10.67%
Russell 1000 Value Index		-2.87%		-9.41%
*    Includes the impact of proceeds received and credited to the Portfolio resulting from class-action settlements, which enhanced the performance of the Portfolio for the six- and 12-month periods ended February 29, 2016, by 0.03% and 0.32%, respectively.

	Returns
U.S. LARGE CAP GROWTH PORTFOLIO	6 Months		12 Months
AB U.S. Large Cap Growth Portfolio*		-0.68%		-1.70%
Russell 1000 Growth Index		-1.22%		-5.05%
*    Includes the impact of proceeds received and credited to the Portfolio resulting from class-action settlements, which enhanced the performance of the Portfolio for the six- and 12-month periods ended February 29, 2016, by 0.17% and 0.17%, respectively.

	Returns
INTERNATIONAL VALUE PORTFOLIO	6 Months		12 Months
AB International Value Portfolio		-7.36%		-14.73%
MSCI ACWI ex-US		-9.29%		-17.37%

	Returns
INTERNATIONAL GROWTH PORTFOLIO	6 Months		12 Months
AB International Growth Portfolio		-7.34%		-14.24%
MSCI ACWI ex-US		-9.29%		-17.37%

See Disclosures, Risks and Note about Historical Performance on pages 16-19.

(Historical Performance continued on next page)

20 •  AB POOLING PORTFOLIOS

Historical Performance

HISTORICAL PERFORMANCE

(continued from previous page)

THE PORTFOLIOS VS. THEIR BENCHMARKS PERIODS ENDED FEBRUARY 29, 2016 (unaudited)

	Returns
SHORT DURATION BOND PORTFOLIO	6 Months		12 Months
AB Short Duration Bond Portfolio*		0.51%		0.99%
BofA ML 1-3 Year US Treasury Index		0.59%		0.98%
*    Includes the impact of proceeds received and credited to the Portfolio resulting from class-action settlements, which enhanced the performance of the Portfolio for the six- and 12-month periods ended February 29, 2016, by 0.01% and 0.01%, respectively.

	Returns
GLOBAL CORE BOND PORTFOLIO	6 Months		12 Months
AB Global Core Bond Portfolio		3.13%		2.07%
Barclays Global Aggregate Bond Index (US dollar hedged)		3.15%		2.19%

	Returns
BOND INFLATION PROTECTION PORTFOLIO	6 Months		12 Months
AB Bond Inflation Protection Portfolio		0.85%		-0.80%
Barclays 1-10 Year TIPS Index		1.16%		0.00%

	Returns
HIGH-YIELD PORTFOLIO	6 Months		12 Months
AB High-Yield Portfolio*		-6.61%		-8.69%
Barclays US High Yield 2% Issuer Capped Index		-5.57%		-8.26%
*    Includes the impact of proceeds received and credited to the Portfolio resulting from class-action settlements, which enhanced the performance of the Portfolio for the six- and 12-month periods ended February 29, 2016, by 0.00% and 0.05%, respectively.

See Disclosures, Risks and Note about Historical Performance on pages 16-19.

(Historical Performance continued on next page)

AB POOLING PORTFOLIOS  • 21

Historical Performance

HISTORICAL PERFORMANCE

(continued from previous page)

THE PORTFOLIOS VS. THEIR BENCHMARKS

PERIODS ENDED FEBRUARY 29, 2016 (unaudited)

	Returns
SMALL-MID CAP VALUE PORTFOLIO	6 Months		12 Months
AB Small-Mid Cap Value Portfolio*		-6.73%		-10.86%
Russell 2500 Value Index		-5.93%		-12.06%
*    Includes the impact of proceeds received and credited to the Portfolio resulting from class-action settlements, which enhanced the performance of the Portfolio for the six- and 12-month periods ended February 29, 2016, by 0.01% and 0.01%, respectively.

	Returns
SMALL-MID CAP GROWTH PORTFOLIO	6 Months		12 Months
AB Small-Mid Cap Growth Portfolio*		-13.20%		-15.45%
Russell 2500 Growth Index		-11.30%		-14.65%
*    Includes the impact of proceeds received and credited to the Portfolio resulting from class-action settlements, which enhanced the performance of the Portfolio for the six- and 12-month periods ended February 29, 2016, by 0.02% and 0.02%, respectively.

	Returns
MULTI-ASSET REAL RETURN PORTFOLIO	6 Months		12 Months
AB Multi-Asset Real Return Portfolio		-11.47%		-24.07%
Primary benchmark: MSCI AC World Commodity Producers Index		-10.18%		-28.15%
Secondary Benchmark: All Market Real Return Portfolio Benchmark		-8.59%		-21.27%

	Returns
VOLATILITY MANAGEMENT PORTFOLIO	6 Months		12 Months
AB Volatility Management Portfolio		-6.22%		-12.54%
MSCI ACWI		-5.54%		-12.32%

See Disclosures, Risks and Note about Historical Performance on pages 16-19.

(Historical Performance continued on next page)

22 •  AB POOLING PORTFOLIOS

Historical Performance

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 29, 2016 (unaudited)
	NAV/SEC Returns*
AB U.S. Value Portfolio
1 Year		-10.67	%
5 Years		8.08	%
10 Years		4.01	%
AB U.S. Large Cap Growth Portfolio
1 Year		-1.70	%
5 Years		12.19	%
10 Years		6.88	%
AB International Value Portfolio
1 Year		-14.73	%
5 Years		-1.62	%
10 Years		-0.81	%
AB International Growth Portfolio
1 Year		-14.24	%
5 Years		-1.80	%
10 Years		-1.33	%
AB Short Duration Bond Portfolio
1 Year		0.99	%
5 Years		1.08	%
10 Years		2.24	%
AB Global Core Bond Portfolio
1 Year		2.07	%
5 Years		4.64	%
10 Years		5.57	%
AB Bond Inflation Protection Portfolio
1 Year		-0.80	%
5 Years		2.41	%
10 Years		4.33	%
AB High-Yield Portfolio
1 Year		-8.69	%
5 Years		4.58	%
10 Years		7.11	%

* These Portfolios are offered at NAV, and their SEC returns are the same as their NAV returns.

See Disclosures, Risks and Note about Historical Performance on pages 16-19.

(Historical Performance continued on next page)

AB POOLING PORTFOLIOS  • 23

Historical Performance

HISTORICAL PERFORMANCE

(continued from previous page)

AVERAGE ANNUAL RETURNS AS OF FEBRUARY 29, 2016 (unaudited)
	NAV/SEC Returns*
AB Small-Mid Cap Value Portfolio
1 Year		-10.86	%
5 Years		7.84	%
10 Years		7.57	%
AB Small-Mid Cap Growth Portfolio
1 Year		-15.45	%
5 Years		7.53	%
10 Years		8.53	%
AB Multi-Asset Real Return Portfolio
1 Year		-24.07	%
5 Years		-7.94	%
10 Years		-2.28	%
AB Volatility Management Portfolio
1 Year		-12.54	%
5 Years		3.49	%
Since Inception†		5.58	%

* These Portfolios are offered at NAV, and their SEC returns are the same as their NAV returns.

^† Inception date: 4/16/2010.

See Disclosures, Risks and Note about Historical Performance on pages 16-19.

(Historical Performance continued on next page)

24 •  AB POOLING PORTFOLIOS

Historical Performance

HISTORICAL PERFORMANCE

(continued from previous page)

SEC AVERAGE ANNUAL RETURNS AS OF THE MOST RECENT CALENDAR QUARTER-END MARCH 31, 2016 (unaudited)
	SEC Returns*
AB U.S. Value Portfolio
1 Year		-3.34	%
5 Years		9.51	%
10 Years		4.60	%
AB U.S. Large Cap Growth Portfolio
1 Year		4.12	%
5 Years		13.52	%
10 Years		7.51	%
AB International Value Portfolio
1 Year		-5.97	%
5 Years		0.91	%
10 Years		-0.45	%
AB International Growth Portfolio
1 Year		-6.64	%
5 Years		-0.40	%
10 Years		-0.99	%
AB Short Duration Bond Portfolio
1 Year		1.03	%
5 Years		1.13	%
10 Years		2.26	%
AB Global Core Bond Portfolio
1 Year		2.62	%
5 Years		4.85	%
10 Years		5.78	%
AB Bond Inflation Protection Portfolio
1 Year		1.92	%
5 Years		2.71	%
10 Years		4.67	%
AB High-Yield Portfolio
1 Year		-4.50	%
5 Years		5.38	%
10 Years		7.55	%

* These Portfolios are offered at NAV, and their SEC returns are the same as their NAV returns.

See Disclosures, Risks and Note about Historical Performance on pages 16-19.

(Historical Performance continued on next page)

AB POOLING PORTFOLIOS  • 25

Historical Performance

HISTORICAL PERFORMANCE

(continued from previous page)

SEC AVERAGE ANNUAL RETURNS AS OF THE MOST RECENT CALENDAR QUARTER-END MARCH 31, 2016 (unaudited)
	SEC Returns*
AB Small-Mid Cap Value Portfolio
1 Year		-3.78	%
5 Years		9.45	%
10 Years		8.26	%
AB Small-Mid Cap Growth Portfolio
1 Year		-9.91	%
5 Years		8.04	%
10 Years		8.79	%
AB Multi-Asset Real Return Portfolio
1 Year		-14.16	%
5 Years		-6.69	%
10 Years		-1.94	%
AB Volatility Management Portfolio
1 Year		-6.83	%
5 Years		4.95	%
Since Inception†		6.63	%

* These Portfolios are offered at NAV, and their SEC returns are the same as their NAV returns.

^†  Inception date: 4/16/2010.

See Disclosures, Risks and Note about Historical Performance on pages 16-19.

26 •  AB POOLING PORTFOLIOS

Historical Performance

EXPENSE EXAMPLE

(unaudited)

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value September 1, 2015		Ending Account Value February 29, 2016		Expenses Paid During Period*		Annualized Expense Ratio*
AB U.S. Value
Actual	$	1,000	$	952.80	$	0.34		0.07	%
Hypothetical**	$	1,000	$	1,024.52	$	0.35		0.07	%
AB U.S. Large Cap Growth
Actual	$	1,000	$	993.20	$	0.35		0.07	%
Hypothetical**	$	1,000	$	1,024.52	$	0.35		0.07	%
AB International Value
Actual	$	1,000	$	926.40	$	0.62		0.13	%
Hypothetical**	$	1,000	$	1,024.22	$	0.65		0.13	%
AB International Growth
Actual	$	1,000	$	926.60	$	0.53		0.11	%
Hypothetical**	$	1,000	$	1,024.32	$	0.55		0.11	%
AB Short Duration Bond
Actual	$	1,000	$	1,005.10	$	0.20		0.04	%
Hypothetical**	$	1,000	$	1,024.66	$	0.20		0.04	%

AB POOLING PORTFOLIOS  • 27

Expense Example

EXPENSE EXAMPLE

(unaudited)

(continued from previous page)

	Beginning Account Value September 1, 2015		Ending Account Value February 29, 2016		Expenses Paid During Period*		Annualized Expense Ratio*
AB Global Core Bond
Actual	$	1,000	$	1,031.30	$	0.25		0.05	%
Hypothetical**	$	1,000	$	1,024.61	$	0.25		0.05	%
AB Bond Inflation Protection
Actual	$	1,000	$	1,008.50	$	1.15		0.23	%
Hypothetical**	$	1,000	$	1,023.72	$	1.16		0.23	%
AB High-Yield
Actual	$	1,000	$	933.90	$	0.82		0.17	%
Hypothetical**	$	1,000	$	1,024.02	$	0.86		0.17	%
AB Small-Mid Cap Value
Actual	$	1,000	$	932.70	$	0.48		0.10	%
Hypothetical**	$	1,000	$	1,024.37	$	0.50		0.10	%
AB Small-Mid Cap Growth
Actual	$	1,000	$	868.00	$	0.51		0.11	%
Hypothetical**	$	1,000	$	1,024.32	$	0.55		0.11	%
AB Multi-Asset Real Return***
Actual	$	1,000	$	885.30	$	0.42		0.09	%
Hypothetical**	$	1,000	$	1,024.42	$	0.45		0.09	%
AB Volatility Management
Actual	$	1,000	$	937.80	$	0.29		0.06	%
Hypothetical**	$	1,000	$	1,024.57	$	0.30		0.06	%

* Expenses are equal to the Portfolio’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

*** Consolidated (see Note A).

28 •  AB POOLING PORTFOLIOS

Expense Example

AB U.S. VALUE PORTFOLIO

PORTFOLIO SUMMARY

February 29, 2016 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $307.3

* All data are as of February 29, 2016. The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by MSCI and S&P. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

AB POOLING PORTFOLIOS  • 29

Portfolio Summary

AB U.S. LARGE CAP GROWTH PORTFOLIO

PORTFOLIO SUMMARY

February 29, 2016 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $306.7

* All data are as of February 29, 2016. The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

Please note: The sector classifications presented herein are based on the GICS which was developed by MSCI and S&P. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

30 •  AB POOLING PORTFOLIOS

Portfolio Summary

AB INTERNATIONAL VALUE PORTFOLIO

PORTFOLIO SUMMARY

February 29, 2016 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $253.0

* All data are as of February 29, 2016. The Portfolio’s sector and country breakdowns are expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 2.4% or less in the following countries: Argentina, Belgium, Hong Kong, Hungary, India, Israel, Norway, Portugal, Russia, South Africa, Taiwan and Turkey.

Please note: The industry classifications presented herein are based on the GICS which was developed by MSCI and S&P. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

AB POOLING PORTFOLIOS  • 31

Portfolio Summary

AB INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO SUMMARY

February 29, 2016 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $253.4

* All data are as of February 29, 2016. The Portfolio’s sector and country breakdowns are expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 1.6% or less in the following countries: Australia, Indonesia, Netherlands, Philippines, Russia, South Korea, Taiwan and Thailand.

Please note: The industry classifications presented herein are based on the GICS which was developed by MSCI and S&P. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

32 •  AB POOLING PORTFOLIOS

Portfolio Summary

AB SHORT DURATION BOND PORTFOLIO

PORTFOLIO SUMMARY

February 29, 2016 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $838.0

* All data are as of February 29, 2016. The Portfolio’s security type breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

AB POOLING PORTFOLIOS  • 33

Portfolio Summary

AB GLOBAL CORE BOND PORTFOLIO

PORTFOLIO SUMMARY

February 29, 2016 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $792.6

* All data are as of February 29, 2016. The Portfolio’s security type breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” security type weightings represent 0.4% or less in the following types: Asset-Backed Securities, Emerging Markets – Corporate Bonds and Local Governments – Municipal Bonds.

34 •  AB POOLING PORTFOLIOS

Portfolio Summary

AB GLOBAL CORE BOND PORTFOLIO

PORTFOLIO SUMMARY

February 29, 2016 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $792.6

* All data are as of February 29, 2016. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 1.2% or less in the following countries or regions: Belgium, Brazil, Chile, China, Colombia, Denmark, India, Indonesia, Morocco, Norway, Peru, Poland, Portugal, Singapore, South Africa, Supranational, Switzerland and United Arab Emirates.

AB POOLING PORTFOLIOS  • 35

Portfolio Summary

AB BOND INFLATION PROTECTION PORTFOLIO

PORTFOLIO SUMMARY

February 29, 2016 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $635.9

Total Investments ($mil): $906.2

INFLATION PROTECTION BREAKDOWN*
U.S. Inflation-Protected Exposure	101.3	%
Non-U.S.	—
Non-Inflation Exposure	(1.3	)%
	100	%

SECTOR BREAKDOWN OF NET PORTFOLIO ASSETS, EXCLUDING TREASURY SECURITIES, TIPS, INTEREST RATE DERIVATIVES AND NET CASH EQUIVALENTS*
Corporates – Investment Grade	16.1	%
Commercial Mortgage-Backed Securities	10.4	%
Asset-Backed Securities	9.7	%
Collateralized Mortgage Obligations	3.4	%
Governments – Sovereign Agencies	0.6	%
Quasi-Sovereigns	0.4	%
Common Stocks	0.2	%
Emerging Markets – Corporate Bonds	0.1	%
Preferred Stocks	0.1	%
Governments – Sovereign Bonds	0.1	%
Corporates – Non-Investment Grade	(0.9	)%

* All data are as of February 29, 2016. The Portfolio’s sector and inflation protection exposure breakdowns are expressed as an approximate percentage of the Portfolio’s total net assets (and may vary over time) inclusive of derivative exposure except as noted, based on the Adviser’s internal classification.

36 •  AB POOLING PORTFOLIOS

Portfolio Summary

AB BOND INFLATION PROTECTION PORTFOLIO

PORTFOLIO SUMMARY

February 29, 2016 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $635.9

Total Investments ($mil): $906.2

SECTOR BREAKDOWN OF TOTAL PORTFOLIO INVESTMENTS, EXCLUDING DERIVATIVES*
Inflation-Linked Securities	62.7	%
Corporates – Investment Grade	13.5	%
Commercial Mortgage-Backed Securities	7.3	%
Asset-Backed Securities	6.8	%
Collateralized Mortgage Obligations	2.4	%
Corporates – Non-Investment Grade	2.0	%
Governments – Sovereign Agencies	0.4	%
Quasi-Sovereigns	0.3	%
Emerging Markets – Treasuries	0.3	%
Common Stocks	0.1	%
Emerging Markets – Corporate Bonds	0.1	%
Preferred Stocks	0.1	%
Short-Term	4.0	%

* The Portfolio’s sector breakdown is expressed, based on the Adviser’s internal classification, as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions (not reflected in the table), which may be used for hedging or investment purposes or to adjust the risk profile or exposures of the Portfolio (see “Portfolio of Investments” section of the report for additional details). Derivative transactions may result in a form of leverage for the Portfolio. The Portfolio uses leverage for investment purposes by entering into reverse repurchase agreements. As a result, the Portfolio’s total investments will generally exceed its net assets.

AB POOLING PORTFOLIOS  • 37

Portfolio Summary

AB HIGH-YIELD PORTFOLIO

PORTFOLIO SUMMARY

February 29, 2016 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $252.2

* All data are as of February 29, 2016. The Portfolio’s security type breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” securities type weightings represent 0.1% or less in the following security types: Agencies, Emerging Markets – Sovereigns, Options Purchased – Calls, Options Purchased – Puts and Warrants.

38 •  AB POOLING PORTFOLIOS

Portfolio Summary

AB SMALL-MID CAP VALUE PORTFOLIO

PORTFOLIO SUMMARY

February 29, 2016 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $226.3

* All data are as of February 29, 2016. The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

Please note: The sector classifications presented herein are based on the GICS which was developed by MSCI and S&P. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

AB POOLING PORTFOLIOS  • 39

Portfolio Summary

AB SMALL-MID CAP GROWTH PORTFOLIO

PORTFOLIO SUMMARY

February 29, 2016 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $212.2

* All data are as of February 29, 2016. The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

Please note: The sector classifications presented herein are based on the GICS which was developed by MSCI and S&P. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

40 •  AB POOLING PORTFOLIOS

Portfolio Summary

AB MULTI-ASSET REAL RETURN PORTFOLIO

PORTFOLIO SUMMARY

February 29, 2016 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $443.3

PORTFOLIO BREAKDOWN^*

Commodity Related Stocks	40.1	%
Commodity Related Derivatives	37.2
Real Estate Stocks	27.6
Other	(4.9	)

SECURITY TYPE BREAKDOWN^†

Common Stocks	61.6	%
Investment Companies	5.2
Inflation-Linked Securities	1.4
Short-Term	31.8

* All data are as of February 29, 2016. The Portfolio’s portfolio type breakdown is expressed as an approximate percentage of the Portfolio’s net assets inclusive of derivative exposure, based on the Adviser’s internal classification guidelines.

^†  The Portfolio’s security type breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

AB POOLING PORTFOLIOS  • 41

Portfolio Summary

AB MULTI-ASSET REAL RETURN PORTFOLIO

PORTFOLIO SUMMARY

February 29, 2016 (unaudited)

* All data are as of February 29, 2016. The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 0.4% or less in the following countries: Austria, Belgium, Brazil, Chile, Finland, India, Indonesia, Ireland, Israel, Italy, Jersey (Channel Islands), Malaysia, Mexico, New Zealand, Norway, Philippines, Poland, Portugal, South Africa, South Korea, Spain, Switzerland, Taiwan, Thailand, Turkey and United Arab Emirates.

42 •  AB POOLING PORTFOLIOS

Portfolio Summary

AB VOLATILITY MANAGEMENT PORTFOLIO

PORTFOLIO SUMMARY

February 29, 2016 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $1,059.3

TEN LARGEST HOLDINGS^†

February 29, 2016 (unaudited)

Company	U.S. $ Value		Percent of Net Assets
Apple, Inc.	$	12,262,903		1.1	%
Alphabet, Inc. — Class A & Class C		9,367,637		0.9
Microsoft Corp.		9,141,610		0.9
Exxon Mobil Corp.		7,510,295		0.7
Johnson & Johnson		6,544,062		0.6
General Electric Co.		6,185,810		0.6
Nestle SA (REG)		5,918,606		0.6
Berkshire Hathaway, Inc. — Class B		5,653,253		0.5
Facebook, Inc. — Class A		5,428,542		0.5
AT&T, Inc.		5,106,194		0.5
	$	73,118,912		6.9	%

* All data are as of February 29, 2016. The Portfolio’s security type breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

^†  Long-term investments.

AB POOLING PORTFOLIOS  • 43

Portfolio Summary and Ten Largest Holdings

AB U.S. VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 29, 2016 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 99.3%
Financials – 26.7%
Banks – 11.3%
Bank of America Corp.		730,070	$	9,140,476
Citizens Financial Group, Inc.		113,764		2,187,682
Fifth Third Bancorp		26,911		410,662
JPMorgan Chase & Co.		124,209		6,992,967
PNC Financial Services Group, Inc. (The)		35,306		2,870,731
SunTrust Banks, Inc.		17,152		569,103
US Bancorp		55,940		2,154,809
Wells Fargo & Co.		223,725		10,497,177
				34,823,607
Capital Markets – 1.6%
Bank of New York Mellon Corp. (The)		43,900		1,553,621
Goldman Sachs Group, Inc. (The)		14,508		2,169,381
Morgan Stanley		45,873		1,133,063
				4,856,065
Consumer Finance – 5.0%
Capital One Financial Corp.		89,901		5,909,193
Discover Financial Services		65,261		3,029,416
OneMain Holdings, Inc.(a)		107,304		2,421,851
Synchrony Financial(a)		148,802		4,010,214
				15,370,674
Diversified Financial Services – 0.9%
Berkshire Hathaway, Inc. – Class B(a)		21,137		2,835,951
Insurance – 7.4%
Aflac, Inc.		14,417		858,100
Allstate Corp. (The)		83,635		5,307,477
American Financial Group, Inc./OH		26,608		1,784,865
American International Group, Inc.		68,845		3,456,019
First American Financial Corp.		45,616		1,689,160
FNF Group		85,175		2,809,071
Hartford Financial Services Group, Inc. (The)		15,614		657,662
Progressive Corp. (The)		19,603		625,728
Reinsurance Group of America, Inc. – Class A		21,393		1,927,509
Travelers Cos., Inc. (The)		32,461		3,490,207
				22,605,798
Real Estate Investment Trusts (REITs) – 0.5%
RLJ Lodging Trust		78,364		1,643,293
				82,135,388
Information Technology – 13.4%
Communications Equipment – 1.6%
Cisco Systems, Inc.		185,322		4,851,730

44 •  AB POOLING PORTFOLIOS

AB U.S. Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Electronic Equipment, Instruments & Components – 1.1%
Keysight Technologies, Inc.(a)		126,193	$	3,292,375
Internet Software & Services – 0.3%
Alphabet, Inc. – Class C(a)		1,320		921,057
IT Services – 1.0%
Xerox Corp.		308,753		2,967,116
Semiconductors & Semiconductor Equipment – 3.2%
Applied Materials, Inc.		261,866		4,941,411
Intel Corp.		153,580		4,544,432
Xilinx, Inc.		6,643		313,683
				9,799,526
Software – 4.2%
Microsoft Corp.		159,893		8,135,356
Oracle Corp.		132,652		4,878,941
				13,014,297
Technology Hardware, Storage & Peripherals – 2.0%
Hewlett Packard Enterprise Co.		245,865		3,262,628
HP, Inc.		277,159		2,962,830
				6,225,458
				41,071,559
Health Care – 11.4%
Biotechnology – 0.7%
Gilead Sciences, Inc.		26,463		2,308,897
Health Care Providers & Services – 3.6%
Aetna, Inc.		53,087		5,766,841
Quest Diagnostics, Inc.		31,468		2,093,566
UnitedHealth Group, Inc.		27,177		3,236,780
				11,097,187
Pharmaceuticals – 7.1%
Johnson & Johnson		90,848		9,558,118
Merck & Co., Inc.		73,832		3,707,105
Pfizer, Inc.		286,506		8,500,633
				21,765,856
				35,171,940
Energy – 10.2%
Energy Equipment & Services – 1.7%
Schlumberger Ltd.		72,414		5,193,532

AB POOLING PORTFOLIOS  • 45

AB U.S. Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Oil, Gas & Consumable Fuels – 8.5%
California Resources Corp.		1,249	$	702
Chevron Corp.		11,455		955,805
EOG Resources, Inc.		61,419		3,976,266
Exxon Mobil Corp.		142,927		11,455,599
HollyFrontier Corp.		79,036		2,672,998
Occidental Petroleum Corp.		13,337		917,852
Phillips 66		18,294		1,452,361
QEP Resources, Inc.		164,003		1,600,669
Valero Energy Corp.		53,151		3,193,312
				26,225,564
				31,419,096
Consumer Discretionary – 9.9%
Auto Components – 2.9%
Goodyear Tire & Rubber Co. (The)		85,982		2,589,778
Lear Corp.		29,952		3,035,635
Magna International, Inc. (New York) – Class A		87,258		3,389,973
				9,015,386
Automobiles – 0.6%
General Motors Co.		59,274		1,745,027
Leisure Products – 0.1%
Mattel, Inc.		11,324		368,256
Media – 2.3%
Comcast Corp. – Class A		64,980		3,751,295
Interpublic Group of Cos., Inc. (The)		26,798		573,209
Thomson Reuters Corp.		17,294		632,960
Time Warner Cable, Inc. – Class A		8,925		1,703,426
Twenty-First Century Fox, Inc. – Class A		12,772		345,100
				7,005,990
Multiline Retail – 1.0%
Dollar General Corp.		41,731		3,098,527
Specialty Retail – 2.5%
Foot Locker, Inc.		39,269		2,454,312
GameStop Corp. – Class A(b)		79,560		2,452,039
Ross Stores, Inc.		25,063		1,377,964
TJX Cos., Inc. (The)		18,399		1,363,366
				7,647,681
Textiles, Apparel & Luxury Goods – 0.5%
NIKE, Inc. – Class B		23,511		1,448,043
				30,328,910

46 •  AB POOLING PORTFOLIOS

AB U.S. Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Industrials – 8.9%
Aerospace & Defense – 2.2%
L-3 Communications Holdings, Inc.		31,964	$	3,749,697
Northrop Grumman Corp.		6,215		1,194,647
United Technologies Corp.		18,390		1,776,842
				6,721,186
Airlines – 2.2%
Delta Air Lines, Inc.		70,095		3,381,383
JetBlue Airways Corp.(a)		150,350		3,307,700
				6,689,083
Construction & Engineering – 0.4%
Quanta Services, Inc.(a)		53,627		1,088,092
Electrical Equipment – 1.5%
Eaton Corp. PLC		81,165		4,602,867
Industrial Conglomerates – 1.4%
General Electric Co.		153,240		4,465,414
Machinery – 0.8%
ITT Corp.		70,027		2,469,152
Trading Companies & Distributors – 0.4%
WESCO International, Inc.(a)(b)		30,070		1,324,583
				27,360,377
Utilities – 7.8%
Electric Utilities – 5.4%
American Electric Power Co., Inc.		54,285		3,352,099
Edison International		47,525		3,239,304
Exelon Corp.		86,218		2,715,005
FirstEnergy Corp.		20,437		684,026
PPL Corp.		123,973		4,337,815
Westar Energy, Inc.		56,200		2,442,452
				16,770,701
Multi-Utilities – 2.4%
NiSource, Inc.		143,787		3,088,545
PG&E Corp.		53,815		3,052,925
Public Service Enterprise Group, Inc.		26,100		1,113,426
				7,254,896
				24,025,597
Consumer Staples – 5.5%
Food Products – 2.6%
Archer-Daniels-Midland Co.		20,764		725,909
Bunge Ltd.		7,309		363,404
ConAgra Foods, Inc.		17,001		715,062

AB POOLING PORTFOLIOS  • 47

AB U.S. Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Ingredion, Inc.		14,532	$	1,470,929
Mondelez International, Inc. – Class A		55,649		2,255,454
Tyson Foods, Inc. – Class A		38,772		2,510,487
				8,041,245
Household Products – 1.1%
Kimberly-Clark Corp.		2,507		326,662
Procter & Gamble Co. (The)		37,394		3,002,364
				3,329,026
Tobacco – 1.8%
Altria Group, Inc.		67,241		4,140,028
Philip Morris International, Inc.		14,120		1,285,344
				5,425,372
				16,795,643
Materials – 4.0%
Chemicals – 4.0%
CF Industries Holdings, Inc.		139,754		5,095,431
Dow Chemical Co. (The)		49,246		2,393,848
LyondellBasell Industries NV – Class A		58,571		4,697,980
				12,187,259
Telecommunication Services – 1.5%
Diversified Telecommunication Services – 1.5%
AT&T, Inc.		21,457		792,836
Verizon Communications, Inc.		75,675		3,838,993
				4,631,829
Total Common Stocks (cost $277,721,104)				305,127,598
SHORT-TERM INVESTMENTS – 1.9%
Investment Companies – 1.9%
AB Fixed Income Shares, Inc. – Government STIF Portfolio, 0.40%(c)(d) (cost $5,675,116)		5,675,116		5,675,116
Total Investments Before Security Lending Collateral for Securities Loaned – 101.2% (cost $283,396,220)				310,802,714

48 •  AB POOLING PORTFOLIOS

AB U.S. Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 1.2%
Investment Companies – 1.2%
AB Exchange Reserves – Class I, 0.41%(c)(d) (cost $3,846,918)		3,846,918	$	3,846,918
Total Investments – 102.4% (cost $287,243,138)				314,649,632
Other assets less liabilities – (2.4)%				(7,397,760	)
Net Assets – 100.0%			$	307,251,872

(a) Non-income producing security.

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

(c) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

(d) To obtain a copy of the fund’s financial statements, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

See notes to financial statements.

AB POOLING PORTFOLIOS  • 49

AB U.S. Value Portfolio—Portfolio of Investments

AB U.S. LARGE CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 29, 2016 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 95.6%
Information Technology – 35.6%
Communications Equipment – 2.1%
Arista Networks, Inc.(a)(b)		49,852	$	3,416,856
Palo Alto Networks, Inc.(a)		20,780		3,008,736
				6,425,592
Electronic Equipment, Instruments & Components – 1.6%
Amphenol Corp. – Class A		93,681		4,971,651
Internet Software & Services – 13.3%
Alphabet, Inc. – Class A(a)		5,645		4,048,707
Alphabet, Inc. – Class C(a)		24,478		17,080,014
Facebook, Inc. – Class A(a)		168,310		17,995,705
Twitter, Inc.(a)		94,720		1,716,327
				40,840,753
IT Services – 6.1%
Cognizant Technology Solutions Corp. – Class A(a)		77,440		4,412,531
Vantiv, Inc. – Class A(a)		52,000		2,706,080
Visa, Inc. – Class A		159,668		11,558,367
				18,676,978
Semiconductors & Semiconductor Equipment – 3.3%
NVIDIA Corp.		197,452		6,192,095
Xilinx, Inc.		83,719		3,953,211
				10,145,306
Software – 4.7%
Adobe Systems, Inc.(a)		30,960		2,636,244
ANSYS, Inc.(a)		32,470		2,695,659
Aspen Technology, Inc.(a)		83,274		2,745,544
Mobileye NV(a)(b)		72,113		2,340,788
ServiceNow, Inc.(a)		49,458		2,719,695
Tableau Software, Inc. – Class A(a)		27,190		1,241,224
				14,379,154
Technology Hardware, Storage & Peripherals – 4.5%
Apple, Inc.		143,121		13,838,369
				109,277,803
Consumer Discretionary – 23.7%
Hotels, Restaurants & Leisure – 2.0%
Starbucks Corp.		107,840		6,277,366
Internet & Catalog Retail – 2.8%
Priceline Group, Inc. (The)(a)		6,780		8,578,124

50 •  AB POOLING PORTFOLIOS

AB U.S. Large Cap Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Media – 6.6%
AMC Networks, Inc. – Class A(a)		63,894	$	4,187,613
Comcast Corp. – Class A		151,150		8,725,889
Walt Disney Co. (The)		75,936		7,253,407
				20,166,909
Multiline Retail – 2.4%
Dollar Tree, Inc.(a)		91,180		7,317,195
Specialty Retail – 7.6%
Home Depot, Inc. (The)		100,601		12,486,596
L Brands, Inc.		34,540		2,928,647
O’Reilly Automotive, Inc.(a)		10,630		2,767,202
Ulta Salon Cosmetics & Fragrance, Inc.(a)		30,770		5,082,896
				23,265,341
Textiles, Apparel & Luxury Goods – 2.3%
NIKE, Inc. – Class B		117,422		7,232,021
				72,836,956
Health Care – 21.6%
Biotechnology – 8.0%
Alexion Pharmaceuticals, Inc.(a)		39,067		5,500,633
Biogen, Inc.(a)		51,514		13,363,762
Gilead Sciences, Inc.		64,880		5,660,780
				24,525,175
Health Care Equipment & Supplies – 6.9%
Align Technology, Inc.(a)		70,996		4,687,866
Edwards Lifesciences Corp.(a)		26,950		2,344,650
Intuitive Surgical, Inc.(a)		25,321		14,257,242
				21,289,758
Health Care Providers & Services – 4.8%
Premier, Inc. – Class A(a)		79,864		2,597,177
UnitedHealth Group, Inc.		100,865		12,013,022
				14,610,199
Life Sciences Tools & Services – 1.9%
Illumina, Inc.(a)		18,827		2,828,569
Mettler-Toledo International, Inc.(a)		9,163		2,885,520
				5,714,089
				66,139,221
Consumer Staples – 8.7%
Beverages – 1.8%
Monster Beverage Corp.(a)		43,678		5,481,589
Food & Staples Retailing – 4.7%
Costco Wholesale Corp.		27,580		4,137,828
CVS Health Corp.		106,661		10,364,249
				14,502,077

AB POOLING PORTFOLIOS  • 51

AB U.S. Large Cap Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Food Products – 0.3%
WhiteWave Foods Co. (The)(a)		25,034	$	969,317
Personal Products – 1.9%
Estee Lauder Cos., Inc. (The) – Class A		62,880		5,742,830
				26,695,813
Industrials – 5.2%
Aerospace & Defense – 0.9%
Rockwell Collins, Inc.		30,750		2,692,777
Airlines – 0.6%
Alaska Air Group, Inc.		24,325		1,797,618
Building Products – 0.4%
AO Smith Corp.		18,260		1,285,139
Electrical Equipment – 1.0%
Acuity Brands, Inc.		14,519		3,040,714
Industrial Conglomerates – 2.0%
Danaher Corp.		47,919		4,277,729
Roper Technologies, Inc.		10,330		1,734,717
				6,012,446
Professional Services – 0.3%
Robert Half International, Inc.		27,060		1,065,893
				15,894,587
Financials – 0.8%
Capital Markets – 0.8%
BlackRock, Inc. – Class A		7,450		2,324,102
Total Common Stocks (cost $230,777,038)				293,168,482
SHORT-TERM INVESTMENTS – 3.2%
Investment Companies – 3.2%
AB Fixed Income Shares, Inc. – Government STIF Portfolio, 0.40%(c)(d) (cost $9,714,991)		9,714,991		9,714,991
Total Investments Before Security Lending Collateral for Securities Loaned – 98.8% (cost $240,492,029)				302,883,473

52 •  AB POOLING PORTFOLIOS

AB U.S. Large Cap Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 1.4%
Investment Companies – 1.4%
AB Exchange Reserves – Class I, 0.41%(c)(d) (cost $4,407,349)		4,407,349	$	4,407,349
Total Investments – 100.2% (cost $244,899,378)				307,290,822
Other assets less liabilities – (0.2)%				(594,633	)
Net Assets – 100.0%			$	306,696,189

(a) Non-income producing security.

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

(c) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

(d) To obtain a copy of the fund’s financial statements, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

See notes to financial statements.

AB POOLING PORTFOLIOS  • 53

AB U.S. Large Cap Growth Portfolio—Portfolio of Investments

AB INTERNATIONAL VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 29, 2016 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 97.6%
Financials – 25.5%
Banks – 14.8%
Banco Macro SA (ADR)(a)		32,930	$	2,212,896
Bank Hapoalim BM		192,313		939,444
Bank of Baroda		689,970		1,335,453
Bank of Montreal		24,760		1,366,100
Bank of Queensland Ltd.		484,083		3,636,171
CYBG PLC(a)		620,484		1,632,244
Danske Bank A/S		184,600		5,038,165
ING Groep NV		411,810		4,909,325
Intesa Sanpaolo SpA		676,740		1,709,357
KB Financial Group, Inc.		66,050		1,581,410
Mitsubishi UFJ Financial Group, Inc.		1,572,000		6,783,660
OTP Bank PLC		60,180		1,251,962
Shinhan Financial Group Co., Ltd.		37,810		1,165,586
Toronto-Dominion Bank (The)		62,140		2,407,982
UniCredit SpA		414,920		1,541,259
				37,511,014
Capital Markets – 1.1%
Amundi SA(a)(b)		30,570		1,273,689
Azimut Holding SpA		77,390		1,484,971
				2,758,660
Diversified Financial Services – 1.4%
BM&FBovespa SA – Bolsa de Valores Mercadorias e Futuros		435,600		1,260,518
Challenger Ltd./Australia		427,190		2,285,103
				3,545,621
Insurance – 5.8%
AIA Group Ltd.		367,600		1,869,624
Aviva PLC		264,019		1,601,961
Dongbu Insurance Co., Ltd.		27,480		1,498,898
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		14,030		2,754,031
NN Group NV		87,279		2,688,475
Ping An Insurance Group Co. of China Ltd. – Class H		249,500		1,059,046
Suncorp Group Ltd.		185,412		1,477,628
Zurich Insurance Group AG(a)		7,780		1,647,889
				14,597,552
Real Estate Investment Trusts (REITs) – 0.5%
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		1,420,530		1,232,358

54 •  AB POOLING PORTFOLIOS

AB International Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Real Estate Management & Development – 1.3%
China Overseas Land & Investment Ltd.		440,000	$	1,311,626
LendLease Group		220,073		2,040,042
				3,351,668
Thrifts & Mortgage Finance – 0.6%
LIC Housing Finance Ltd.		231,687		1,427,950
				64,424,823
Consumer Discretionary – 13.9%
Auto Components – 4.7%
Hankook Tire Co., Ltd.(a)		67,050		2,893,386
Magna International, Inc. (New York) – Class A		71,470		2,776,609
Plastic Omnium SA		52,252		1,659,418
Sumitomo Electric Industries Ltd.		206,600		2,477,481
Valeo SA		16,110		2,227,248
				12,034,142
Automobiles – 4.4%
Honda Motor Co., Ltd.		136,500		3,510,625
Isuzu Motors Ltd.(c)		170,700		1,707,789
Peugeot SA(a)		230,180		3,453,523
Tata Motors Ltd.(a)		229,503		1,005,241
Tata Motors Ltd. – Class A(a)		418,556		1,437,721
				11,114,899
Internet & Catalog Retail – 0.4%
JD.com, Inc. (ADR)(a)		37,810		972,095
Leisure Products – 0.7%
Bandai Namco Holdings, Inc.		84,100		1,676,021
Media – 2.8%
Liberty Global PLC – Series C(a)		101,245		3,640,770
Vivendi SA		164,737		3,417,179
				7,057,949
Specialty Retail – 0.5%
Kingfisher PLC		264,010		1,219,542
Textiles, Apparel & Luxury Goods – 0.4%
Kering		6,320		1,099,634
				35,174,282
Industrials – 10.6%
Aerospace & Defense – 1.2%
Airbus Group SE		44,538		2,874,337
Airlines – 3.6%
Air Canada(a)		157,410		839,986
International Consolidated Airlines Group SA		454,850		3,458,088

AB POOLING PORTFOLIOS  • 55

AB International Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Japan Airlines Co., Ltd.		80,100	$	2,866,100
Qantas Airways Ltd.(a)		694,423		1,907,495
				9,071,669
Industrial Conglomerates – 1.0%
Rheinmetall AG		36,640		2,602,329
Machinery – 2.1%
IHI Corp.		990,000		1,762,705
JTEKT Corp.		261,700		3,572,785
				5,335,490
Marine – 0.5%
AP Moeller – Maersk A/S – Class B		937		1,231,408
Road & Rail – 2.2%
Canadian National Railway Co.		18,800		1,092,151
Central Japan Railway Co.		25,200		4,508,698
				5,600,849
				26,716,082
Information Technology – 9.6%
Electronic Equipment, Instruments & Components – 0.6%
Largan Precision Co., Ltd.		20,000		1,512,139
Internet Software & Services – 0.7%
Tencent Holdings Ltd.		104,200		1,907,945
Semiconductors & Semiconductor Equipment – 5.7%
Advanced Semiconductor Engineering, Inc.		1,388,000		1,570,496
Infineon Technologies AG		205,930		2,499,459
Novatek Microelectronics Corp.		680,000		2,795,891
SCREEN Holdings Co., Ltd.		487,000		3,616,455
Sumco Corp.		330,400		2,099,005
Tokyo Electron Ltd.		30,000		1,808,323
				14,389,629
Software – 0.9%
Nintendo Co., Ltd.		15,700		2,197,592
Technology Hardware, Storage & Peripherals – 1.7%
Samsung Electronics Co., Ltd.		4,500		4,289,926
				24,297,231

56 •  AB POOLING PORTFOLIOS

AB International Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Telecommunication Services – 9.1%
Diversified Telecommunication Services – 5.9%
BT Group PLC		938,630	$	6,320,881
Nippon Telegraph & Telephone Corp.		157,400		6,665,468
Telefonica Brasil SA (Preference Shares)		200,000		1,902,604
				14,888,953
Wireless Telecommunication Services – 3.2%
Rogers Communications, Inc. – Class B		24,990		924,981
SoftBank Group Corp.		30,400		1,493,879
Turkcell Iletisim Hizmetleri AS		411,260		1,532,978
Vodafone Group PLC		1,404,222		4,258,864
				8,210,702
				23,099,655
Energy – 7.1%
Energy Equipment & Services – 0.2%
Aker Solutions ASA(b)		172,617		512,047
Oil, Gas & Consumable Fuels – 6.9%
Canadian Natural Resources Ltd.		46,740		976,945
JX Holdings, Inc.		1,109,600		4,310,070
LUKOIL PJSC (Sponsored ADR)(c)		30,680		1,088,833
Royal Dutch Shell PLC (Euronext Amsterdam) – Class A		279,892		6,385,462
TOTAL SA		59,737		2,677,440
Tupras Turkiye Petrol Rafinerileri AS(a)		76,140		1,945,471
				17,384,221
				17,896,268
Consumer Staples – 6.9%
Beverages – 0.4%
Asahi Group Holdings Ltd.		33,000		969,774
Food & Staples Retailing – 3.2%
Alimentation Couche-Tard, Inc. – Class B		30,540		1,381,861
Delhaize Group		55,180		5,580,119
X5 Retail Group NV (GDR)(a)(b)		53,395		995,817
				7,957,797
Food Products – 0.5%
JBS SA		453,700		1,288,038
Tobacco – 2.8%
British American Tobacco PLC		101,980		5,548,143
Imperial Brands PLC		31,370		1,619,189
				7,167,332
				17,382,941

AB POOLING PORTFOLIOS  • 57

AB International Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Materials – 6.0%
Chemicals – 4.2%
Agrium, Inc. (Toronto)		17,820	$	1,534,522
Arkema SA		40,872		2,495,359
Covestro AG(a)(b)		40,504		1,290,899
JSR Corp.		131,900		1,849,004
Koninklijke DSM NV		46,109		2,268,232
LG Chem Ltd.		4,740		1,152,216
				10,590,232
Metals & Mining – 1.1%
Goldcorp, Inc.		83,780		1,203,757
Novolipetsk Steel AO (GDR)(b)		160,380		1,564,600
				2,768,357
Paper & Forest Products – 0.7%
Mondi PLC		100,801		1,798,422
				15,157,011
Utilities – 5.0%
Electric Utilities – 2.7%
EDP – Energias de Portugal SA		1,050,840		3,254,440
Enel SpA		434,878		1,737,963
Korea Electric Power Corp.		40,420		1,917,575
				6,909,978
Independent Power and Renewable Electricity Producers – 1.5%
Huadian Power International Corp., Ltd. – Class H		3,268,000		1,769,054
Huaneng Power International, Inc. – Class H		2,530,000		1,983,972
				3,753,026
Water Utilities – 0.8%
Cia de Saneamento Basico do Estado de Sao Paulo		367,200		2,067,561
				12,730,565
Health Care – 3.9%
Pharmaceuticals – 3.9%
GlaxoSmithKline PLC		175,270		3,396,742
Roche Holding AG		25,370		6,505,253
				9,901,995
Total Common Stocks (cost $270,402,624)				246,780,853

58 •  AB POOLING PORTFOLIOS

AB International Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 0.1%
Investment Companies – 0.1%
AB Fixed Income Shares, Inc.– Government STIF Portfolio, 0.40%(d)(e) (cost $193,727)		193,727	$	193,727
Total Investments Before Security Lending Collateral for Securities Loaned – 97.7% (cost $270,596,351)				246,974,580
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.4%
Investment Companies – 0.4%
AB Exchange Reserves – Class I, 0.41%(d)(e) (cost $1,072,400)		1,072,400		1,072,400
Total Investments – 98.1% (cost $271,668,751)				248,046,980
Other assets less liabilities – 1.9%				4,905,166
Net Assets – 100.0%			$	252,952,146

FUTURES (see Note C)

Type	Number of Contracts		Expiration Month		Original Value		Value at February 29, 2016		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
EURO STOXX 50 Index Futures		10		March 2016	$	346,769	$	319,175	$	(27,594	)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	3,203		NOK	27,430		5/18/16	$	(51,930	)
Barclays Bank PLC		JPY	174,315		USD	1,535		5/18/16		(14,839	)
BNP Paribas SA		KRW	4,592,376		USD	3,768		5/18/16		69,709
Citibank		RUB	90,831		USD	1,167		4/07/16		(28,075	)
Citibank		EUR	1,894		USD	2,138		5/18/16		72,986
Citibank		GBP	2,398		USD	3,460		5/18/16		121,563
Citibank		USD	5,008		AUD	7,121		5/18/16		56,541
Credit Suisse International		JPY	599,063		USD	4,958		5/18/16		(367,602	)
Credit Suisse International		USD	2,543		EUR	2,277		5/18/16		(60,390	)
Credit Suisse International		USD	2,263		NOK	19,785		5/18/16		9,973
Deutsche Bank AG		BRL	16,681		USD	4,099		3/02/16		(55,172	)
Deutsche Bank AG		USD	4,192		BRL	16,681		3/02/16		(37,526	)
HSBC Bank USA		BRL	16,681		USD	4,192		3/02/16		37,526

AB POOLING PORTFOLIOS  • 59

AB International Value Portfolio—Portfolio of Investments

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
HSBC Bank USA		USD	4,223		BRL	16,681		3/02/16	$	(68,403	)
HSBC Bank USA		BRL	16,681		USD	4,185		4/04/16		66,128
HSBC Bank USA		USD	5,247		SEK	44,060		5/18/16		(85,790	)
Morgan Stanley & Co., Inc.		USD	807		CAD	1,146		5/18/16		39,802
Royal Bank of Scotland PLC		EUR	4,325		USD	4,910		5/18/16		193,744
Royal Bank of Scotland PLC		GBP	437		USD	633		5/18/16		24,134
Royal Bank of Scotland PLC		KRW	2,478,501		USD	2,065		5/18/16		68,604
Royal Bank of Scotland PLC		USD	4,890		CHF	4,741		5/18/16		(123,341	)
Standard Chartered Bank		JPY	305,422		USD	2,667		5/18/16		(48,465	)
State Street Bank & Trust Co.		GBP	1,203		USD	1,717		5/18/16		42,562
State Street Bank & Trust Co.		JPY	116,534		USD	985		5/18/16		(50,500	)
State Street Bank & Trust Co.		USD	3,714		CHF	3,590		5/18/16		(104,278	)
State Street Bank & Trust Co.		USD	2,125		EUR	1,894		5/18/16		(59,919	)
UBS AG		EUR	2,734		USD	3,021		5/18/16		39,844
UBS AG		CAD	3,943		USD	2,726		5/18/16		(188,316	)
									$	(501,430	)

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2016, the aggregate market value of these securities amounted to $5,637,051 or 2.2% of net assets.

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

(d) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

(e) To obtain a copy of the fund’s financial statements, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – Euro

GBP – Great British Pound

JPY – Japanese Yen

KRW – South Korean Won

NOK – Norwegian Krone

RUB – Russian Ruble

SEK – Swedish Krona

USD – United States Dollar

Glossary:

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

PJSC – Public Joint Stock Company

REG – Registered Shares

See notes to financial statements.

60 •  AB POOLING PORTFOLIOS

AB International Value Portfolio—Portfolio of Investments

AB INTERNATIONAL GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 29, 2016 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 97.4%
Financials – 21.8%
Banks – 1.7%
Axis Bank Ltd.		270,110	$	1,488,855
HDFC Bank Ltd.		172,230		2,809,042
				4,297,897
Capital Markets – 5.2%
Credit Suisse Group AG (REG)(a)		129,346		1,731,192
Partners Group Holding AG		11,129		4,028,263
UBS Group AG(b)		491,363		7,506,543
				13,265,998
Consumer Finance – 0.6%
Shriram Transport Finance Co., Ltd.		123,250		1,442,296
Diversified Financial Services – 0.9%
GRENKELEASING AG		11,240		2,229,018
Insurance – 8.2%
Admiral Group PLC		225,631		5,418,083
AIA Group Ltd.		1,503,400		7,646,333
Prudential PLC		436,550		7,602,161
				20,666,577
Real Estate Management & Development – 2.6%
Ayala Land, Inc.		2,840,000		1,958,030
Daito Trust Construction Co., Ltd.		3,300		446,949
Global Logistic Properties Ltd.		3,401,000		4,276,092
				6,681,071
Thrifts & Mortgage Finance – 2.6%
Housing Development Finance Corp., Ltd.		430,650		6,708,463
				55,291,320
Information Technology – 18.0%
Electronic Equipment, Instruments & Components – 1.0%
China Railway Signal & Communication Corp., Ltd. – Class H(a)(b)(c)		3,640,450		1,918,845
PAX Global Technology Ltd.(b)		529,000		556,586
				2,475,431
Internet Software & Services – 4.1%
Baidu, Inc. (Sponsored ADR)(a)		29,013		5,031,435
Tencent Holdings Ltd.		286,900		5,253,258
				10,284,693

AB POOLING PORTFOLIOS  • 61

AB International Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
IT Services – 3.6%
Tata Consultancy Services Ltd.		141,910	$	4,502,740
Wirecard AG(b)		45,460		1,793,478
Worldpay Group PLC(a)(c)		695,896		2,778,706
				9,074,924
Semiconductors & Semiconductor Equipment – 3.1%
ARM Holdings PLC		139,440		1,916,123
ASML Holding NV		30,910		2,815,834
Taiwan Semiconductor Manufacturing Co., Ltd.		719,000		3,216,760
				7,948,717
Software – 5.8%
Constellation Software, Inc./Canada		23,350		9,742,455
Dassault Systemes		66,510		5,038,006
				14,780,461
Technology Hardware, Storage & Peripherals – 0.4%
Samsung Electronics Co., Ltd.		1,200		1,143,980
				45,708,206
Consumer Discretionary – 16.1%
Auto Components – 1.4%
Continental AG		18,640		3,710,056
Automobiles – 0.5%
Toyota Motor Corp.		23,500		1,225,233
Diversified Consumer Services – 0.8%
TAL Education Group (ADR)(a)		37,710		1,951,492
Hotels, Restaurants & Leisure – 2.1%
IMAX China Holding, Inc.(a)(b)(c)		284,100		1,685,116
Melco International Development Ltd.(b)		1,686,000		1,965,254
Yum! Brands, Inc.		23,860		1,729,134
				5,379,504
Internet & Catalog Retail – 1.0%
Ctrip.com International Ltd. (ADR)(a)		8,900		364,188
Vipshop Holdings Ltd. (ADR)(a)		192,850		2,142,563
				2,506,751
Media – 3.9%
CTS Eventim AG & Co. KGaA		114,697		4,014,659
Naspers Ltd. – Class N		50,154		5,930,225
				9,944,884

62 •  AB POOLING PORTFOLIOS

AB International Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Multiline Retail – 1.8%
B&M European Value Retail SA		1,131,857	$	4,488,245
Specialty Retail – 1.3%
L’Occitane International SA		491,500		984,418
Sports Direct International PLC(a)		407,998		2,284,491
				3,268,909
Textiles, Apparel & Luxury Goods – 3.3%
Cie Financiere Richemont SA(b)		66,084		4,196,377
HUGO BOSS AG		34,655		1,971,085
Samsonite International SA		738,800		2,165,014
				8,332,476
				40,807,550
Industrials – 15.9%
Aerospace & Defense – 1.1%
Zodiac Aerospace		171,170		2,850,964
Commercial Services & Supplies – 4.2%
Babcock International Group PLC		564,365		7,140,799
Regus PLC		846,352		3,395,639
				10,536,438
Construction & Engineering – 0.1%
IRB Infrastructure Developers Ltd.		117,330		369,675
Machinery – 2.3%
Hoshizaki Electric Co., Ltd.		73,600		5,696,054
Professional Services – 6.3%
Bureau Veritas SA		269,628		5,371,321
Capita PLC		461,700		6,402,188
Teleperformance		54,870		4,236,153
				16,009,662
Road & Rail – 0.2%
CAR, Inc.(a)(b)		391,000		446,070
Trading Companies & Distributors – 1.7%
Brenntag AG		28,690		1,384,787
Bunzl PLC		108,700		2,909,173
				4,293,960
				40,202,823
Health Care – 13.0%
Health Care Equipment & Supplies – 3.1%
Essilor International SA		11,860		1,408,773
Sartorius AG (Preference Shares)		25,730		6,605,841
				8,014,614

AB POOLING PORTFOLIOS  • 63

AB International Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Health Care Providers & Services – 0.8%
Ramsay Health Care Ltd.		42,533	$	2,005,594
Life Sciences Tools & Services – 3.4%
Eurofins Scientific SE		24,221		8,615,648
Pharmaceuticals – 5.7%
Aspen Pharmacare Holdings Ltd.(a)		144,460		2,553,079
Novo Nordisk A/S – Class B		104,791		5,395,126
Shire PLC		71,310		3,720,214
Sun Pharmaceutical Industries Ltd.		218,647		2,735,001
				14,403,420
				33,039,276
Consumer Staples – 7.6%
Food & Staples Retailing – 2.8%
CP ALL PCL		1,598,400		1,940,241
Lenta Ltd. (GDR)(a)(c)		386,641		2,177,362
Magnit PJSC (Sponsored GDR)(c)		28,340		949,390
Olam International Ltd.(b)		1,847,570		2,096,434
				7,163,427
Food Products – 0.6%
First Resources Ltd.(b)		291,300		394,559
Universal Robina Corp.		238,190		991,285
				1,385,844
Personal Products – 1.0%
Hengan International Group Co., Ltd.		279,000		2,208,542
Unilever PLC		9,150		390,911
				2,599,453
Tobacco – 3.2%
British American Tobacco PLC		148,119		8,058,299
				19,207,023
Materials – 3.6%
Chemicals – 3.6%
Essentra PLC		786,856		9,091,362
Energy – 0.5%
Oil, Gas & Consumable Fuels – 0.5%
Royal Dutch Shell PLC (Euronext Amsterdam) – Class A		52,540		1,198,649
Utilities – 0.5%
Independent Power and Renewable Electricity Producers – 0.5%
TerraForm Global, Inc. – Class A(b)		355,817		1,127,940

64 •  AB POOLING PORTFOLIOS

AB International Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Telecommunication Services – 0.4%
Wireless Telecommunication Services – 0.4%
Tower Bersama Infrastructure Tbk PT(a)		2,295,000	$	989,801
Total Common Stocks (cost $257,292,232)				246,663,950
SHORT-TERM INVESTMENTS – 1.2%
Investment Companies – 1.2%
AB Fixed Income Shares, Inc. – Government STIF Portfolio, 0.40%(d)(e) (cost $3,117,070)		3,117,070		3,117,070
Total Investments Before Security Lending Collateral for Securities Loaned – 98.6% (cost $260,409,302)				249,781,020
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 2.5%
Investment Companies – 2.5%
AB Exchange Reserves – Class I, 0.41%(d)(e) (cost $6,467,227)		6,467,227		6,467,227
Total Investments – 101.1% (cost $266,876,529)				256,248,247
Other assets less liabilities – (1.1)%				(2,859,942	)
Net Assets – 100.0%			$	253,388,305

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		JPY	147,746		USD	1,298		3/18/16	$	(12,654	)
Barclays Bank PLC		USD	1,200		SEK	10,115		3/18/16		(18,150	)
BNP Paribas SA		EUR	26,587		USD	28,891		3/18/16		(44,755	)
BNP Paribas SA		JPY	346,079		USD	2,962		3/18/16		(108,944	)
BNP Paribas SA		USD	7,852		CAD	10,598		3/18/16		(19,360	)
Citibank		USD	11,163		EUR	10,328		3/18/16		77,227
Citibank		USD	3,199		GBP	2,195		3/18/16		(144,169	)
Deutsche Bank AG		GBP	10,566		USD	15,926		3/18/16		1,219,113
Deutsche Bank AG		USD	1,384		CHF	1,360		3/18/16		(21,283	)
Deutsche Bank AG		USD	2,666		EUR	2,457		3/18/16		8,266
Deutsche Bank AG		USD	1,956		JPY	239,548		3/18/16		169,881
Deutsche Bank AG		USD	4,299		SEK	36,609		3/18/16		(20,779	)
HSBC Bank USA		CAD	10,773		USD	7,472		3/18/16		(490,280	)

AB POOLING PORTFOLIOS  • 65

AB International Growth Portfolio—Portfolio of Investments

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
JPMorgan Chase Bank		USD	2,814		CHF	2,828		3/18/16	$	19,898
JPMorgan Chase Bank		USD	4,574		JPY	553,199		3/18/16		334,788
Nomura Global Financial Products, Inc.		USD	3,574		JPY	417,969		3/18/16		134,267
Royal Bank of Scotland PLC		CAD	1,603		USD	1,168		3/18/16		(16,423	)
Royal Bank of Scotland PLC		CAD	2,996		USD	2,189		6/17/16		(25,705	)
Societe Generale		EUR	2,018		USD	2,145		3/18/16		(51,744	)
Societe Generale		GBP	7,979		USD	11,256		3/18/16		149,413
State Street Bank & Trust Co.		CHF	1,360		USD	1,364		3/18/16		1,088
State Street Bank & Trust Co.		HKD	109,911		USD	14,189		3/18/16		56,667
State Street Bank & Trust Co.		USD	720		HKD	5,619		3/18/16		2,128
State Street Bank & Trust Co.		USD	15,860		JPY	1,950,653		3/18/16		1,447,724
State Street Bank & Trust Co.		USD	1,166		JPY	131,116		6/17/16		721
UBS AG		USD	4,465		EUR	4,040		3/18/16		(68,285	)
UBS AG		EUR	1,832		USD	2,000		6/17/16		395
									$	2,579,045

(a) Non-income producing security.

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

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2016, the aggregate market value of these securities amounted to $9,509,419 or 3.8% of net assets.

(d) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

(e) To obtain a copy of the fund’s financial statements, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

Currency Abbreviations:

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

JPY – Japanese Yen

SEK – Swedish Krona

USD – United States Dollar

Glossary:

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

PJSC – Public Joint Stock Company

REG – Registered Shares

See notes to financial statements.

66 •  AB POOLING PORTFOLIOS

AB International Growth Portfolio—Portfolio of Investments

AB SHORT DURATION BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 29, 2016 (unaudited)

		Principal Amount (000)		U.S. $ Value
GOVERNMENTS - TREASURIES – 34.9%
United States – 34.9%
U.S. Treasury Notes 0.375%, 5/31/16-10/31/16	U.S.$		107,680	$	107,602,368
0.50%, 4/30/17			24,365		24,300,287
0.625%, 5/31/17			33,394		33,344,443
0.75%, 10/31/17-2/28/18			56,370		56,322,062
1.375%, 6/30/18			63,207		64,014,343
1.625%, 6/30/20			6,779		6,902,134
Total Governments - Treasuries (cost $291,681,783)					292,485,637
ASSET-BACKED SECURITIES – 18.0%
Autos - Fixed Rate – 9.8%
Ally Auto Receivables Trust
Series 2012-A, Class C 2.40%, 11/15/17(a)			2,415		2,422,553
Series 2015-2, Class A3 1.49%, 11/15/19			2,235		2,242,539
Ally Master Owner Trust Series 2015-3, Class A 1.63%, 5/15/20			3,398		3,392,956
ARI Fleet Lease Trust Series 2014-A, Class A2 0.81%, 11/15/22(a)			407		406,887
Avis Budget Rental Car Funding AESOP LLC Series 2012-3A, Class A 2.10%, 3/20/19(a)			1,730		1,719,610
Series 2013-2A, Class A 2.97%, 2/20/20(a)			4,101		4,132,333
Bank of The West Auto Trust Series 2015-1, Class A3 1.31%, 10/15/19(a)			3,297		3,288,692
California Republic Auto Receivables Trust Series 2015-2, Class A3 1.31%, 8/15/19			1,507		1,508,672
CarMax Auto Owner Trust Series 2015-4, Class A3 1.56%, 11/16/20			2,225		2,231,074
Chrysler Capital Auto Receivables Trust Series 2015-BA, Class A3 1.91%, 3/16/20(a)			2,200		2,211,914
Drive Auto Receivables Trust Series 2015-AA, Class A2 1.01%, 11/15/17(a)			125		124,517
Series 2015-DA, Class A2A 1.23%, 6/15/18(a)			1,047		1,046,567

AB POOLING PORTFOLIOS  • 67

AB Short Duration Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Series 2016-AA, Class A2A 1.50%, 3/15/18(a)	U.S.$		1,545	$	1,544,775
Enterprise Fleet Financing LLC Series 2014-1, Class A2 0.87%, 9/20/19(a)			365		363,982
Series 2014-2, Class A2 1.05%, 3/20/20(a)			2,098		2,086,828
Series 2015-1, Class A2 1.30%, 9/20/20(a)			3,018		2,997,754
Fifth Third Auto Trust Series 2014-3, Class A4 1.47%, 5/17/21			2,965		2,969,285
Ford Credit Auto Lease Trust Series 2014-B, Class A3 0.89%, 9/15/17			1,753		1,753,501
Ford Credit Auto Owner Trust
Series 2013-A, Class D 1.86%, 8/15/19			2,185		2,184,424
Series 2014-2, Class A 2.31%, 4/15/26(a)			3,468		3,501,379
GM Financial Automobile Leasing Trust
Series 2015-1, Class A2 1.10%, 12/20/17			2,469		2,470,973
Series 2015-2, Class A3 1.68%, 12/20/18			3,024		3,030,117
GMF Floorplan Owner Revolving Trust Series 2015-1, Class A1 1.65%, 5/15/20(a)			1,367		1,363,817
Harley-Davidson Motorcycle Trust
Series 2014-1, Class A3 1.10%, 9/15/19			3,870		3,863,647
Series 2015-1, Class A3 1.41%, 6/15/20			1,413		1,412,545
Hertz Vehicle Financing II LP Series 2015-2A, Class A 2.02%, 9/25/19(a)			1,200		1,199,400
Hertz Vehicle Financing LLC Series 2013-1A, Class A2 1.83%, 8/25/19(a)			4,270		4,189,691
Honda Auto Receivables Owner Trust Series 2015-4, Class A3 1.23%, 9/23/19			2,342		2,339,462
Hyundai Auto Lease Securitization Trust
Series 2015-A, Class A2 1.00%, 10/16/17(a)			1,762		1,761,732
Series 2015-B, Class A3 1.40%, 11/15/18(a)			1,487		1,489,610
Hyundai Auto Receivables Trust Series 2015-A, Class A2 0.68%, 10/16/17			1,077		1,076,837

68 •  AB POOLING PORTFOLIOS

AB Short Duration Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Mercedes Benz Auto Lease Trust Series 2015-B, Class A3 1.34%, 7/16/18	U.S.$		1,674	$	1,675,845
Nissan Auto Lease Trust Series 2015-A, Class A3 1.40%, 6/15/18			2,825		2,825,802
Santander Drive Auto Receivables Trust Series 2015-3, Class A2A 1.02%, 9/17/18			1,106		1,104,524
Series 2015-4, Class A2A 1.20%, 12/17/18			1,367		1,364,832
TCF Auto Receivables Owner Trust Series 2015-1A, Class A2 1.02%, 8/15/18(a)			1,557		1,551,280
Volkswagen Auto Loan Enhanced Trust Series 2014-1, Class A3 0.91%, 10/22/18			2,822		2,819,748
Volkswagen Credit Auto Master Trust Series 2014-1A, Class A2 1.40%, 7/22/19(a)			1,359		1,343,745
Westlake Automobile Receivables Trust Series 2015-3A, Class A2A 1.42%, 5/17/21(a)			1,516		1,515,197
World Omni Auto Receivables Trust Series 2013-B, Class A3 0.83%, 8/15/18			1,489		1,488,142
					82,017,188
Credit Cards - Fixed Rate – 2.5%
American Express Credit Account Master Trust Series 2014-2, Class A 1.26%, 1/15/20			1,948		1,952,792
Barclays Dryrock Issuance Trust
Series 2014-3, Class A 2.41%, 7/15/22			2,074		2,124,212
Series 2015-4, Class A 1.72%, 8/16/21			1,689		1,699,078
Capital One Multi-Asset Execution Trust Series 2015-A5, Class A5 1.60%, 5/17/21			2,091		2,104,595
Discover Card Execution Note Trust Series 2015-A2, Class A 1.90%, 10/17/22			2,841		2,852,433
Synchrony Credit Card Master Note Trust
Series 2012-2, Class A 2.22%, 1/15/22			3,299		3,338,577
Series 2015-3, Class A 1.74%, 9/15/21			2,231		2,242,676
World Financial Network Credit Card Master Trust Series 2012-B, Class A 1.76%, 5/17/21			1,540		1,545,572

AB POOLING PORTFOLIOS  • 69

AB Short Duration Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Series 2013-A, Class A 1.61%, 12/15/21	U.S.$		950	$	952,580
Series 2015-B, Class A 2.55%, 6/17/24			2,193		2,240,486
					21,053,001
Credit Cards - Floating Rate – 2.1%
Cabela’s Credit Card Master Note Trust
Series 2013-2A, Class A2 1.081%, 8/16/21(a)(b)			3,365		3,367,888
Series 2014-1, Class A 0.781%, 3/16/20(b)			1,200		1,197,575
Chase Issuance Trust Series 2013-A6, Class A6 0.851%, 7/15/20(b)			4,632		4,626,497
Discover Card Execution Note Trust
Series 2014-A1, Class A1 0.857%, 7/15/21(b)			1,905		1,901,718
Series 2015-A1, Class A1 0.881%, 8/17/20(b)			2,907		2,907,058
First National Master Note Trust Series 2013-2, Class A 0.961%, 10/15/19(b)			2,006		2,007,951
World Financial Network Credit Card Master Trust Series 2015-A, Class A 0.911%, 2/15/22(b)			1,853		1,846,382
					17,855,069
Autos - Floating Rate – 1.8%
BMW Floorplan Master Owner Trust Series 2015-1A, Class A 0.931%, 7/15/20(a)(b)			2,788		2,783,316
Ford Credit Floorplan Master Owner Trust A Series 2015-2, Class A2 1.001%, 1/15/22(b)			2,635		2,629,196
GE Dealer Floorplan Master Note Trust
Series 2014-1, Class A 0.812%, 7/20/19(b)			1,462		1,460,493
Series 2015-1, Class A 0.932%, 1/20/20(b)			2,788		2,760,474
Hertz Fleet Lease Funding LP
Series 2013-3, Class A 0.979%, 12/10/27(a)(b)			1,316		1,316,699
Series 2014-1, Class A 0.829%, 4/10/28(a)(b)			2,024		2,025,227
Navistar Financial Dealer Note Master Trust Series 2014-1, Class A 1.186%, 10/25/19(a)(b)			2,069		2,058,953
					15,034,358

70 •  AB POOLING PORTFOLIOS

AB Short Duration Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Other ABS - Fixed Rate – 1.7%
Ascentium Equipment Receivables LLC Series 2015-2A, Class A1 1.00%, 11/10/16(a)	U.S.$		1,839	$	1,835,046
CIT Equipment Collateral Series 2014-VT1, Class A2 0.86%, 5/22/17(a)			1,313		1,312,789
CNH Equipment Trust
Series 2013-D, Class A4 1.37%, 10/15/20			4,975		4,977,990
Series 2014-B, Class A4 1.61%, 5/17/21			1,812		1,813,678
Series 2015-A, Class A4 1.85%, 4/15/21			1,728		1,739,253
Dell Equipment Finance Trust
Series 2014-1, Class A3 0.94%, 6/22/20(a)			1,498		1,496,943
Series 2015-1, Class A3 1.30%, 3/23/20(a)			981		977,162
Macquarie Equipment Funding Trust Series 2014-A, Class A2 0.80%, 11/21/16(a)			284		284,067
					14,436,928
Home Equity Loans - Fixed Rate – 0.1%
Credit-Based Asset Servicing and Securitization LLC Series 2003-CB1, Class AF 3.95%, 1/25/33			482		485,867
Nationstar NIM Ltd. Series 2007-A, Class A 9.79%, 3/25/37(c)(d)			35		– 0	–
					485,867
Total Asset-Backed Securities (cost $150,838,982)					150,882,411
CORPORATES - INVESTMENT GRADE – 18.0%
Financial Institutions – 12.8%
Banking – 12.4%
Abbey National Treasury Services PLC/London 4.00%, 4/27/16			3,145		3,160,190
ABN AMRO Bank NV 2.50%, 10/30/18(a)			4,092		4,129,123
American Express Credit Corp. 1.30%, 7/29/16			3,340		3,346,029
1.80%, 7/31/18			2,310		2,300,340
Bank of America NA 1.65%, 3/26/18			2,340		2,330,399
Bank of New York Mellon Corp. (The) 0.70%, 3/04/16			3,330		3,330,017

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AB Short Duration Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Barclays PLC 2.00%, 3/16/18	U.S.$		2,320	$	2,281,720
BNP Paribas SA 2.375%, 9/14/17-5/21/20			6,725		6,730,807
Capital One Bank USA NA 1.15%, 11/21/16			3,355		3,348,998
Citigroup, Inc. 1.136%, 5/01/17(b)			2,327		2,313,306
1.325%, 11/24/17(b)			2,374		2,354,111
Credit Agricole SA/London 3.00%, 10/01/17(a)			3,750		3,825,142
Credit Suisse AG/New York NY Series G 1.375%, 5/26/17			3,267		3,244,350
Danske Bank A/S 3.875%, 4/14/16(a)			1,612		1,618,184
Goldman Sachs Group, Inc. (The) 1.779%, 4/23/20(b)			2,308		2,284,191
2.75%, 9/15/20			2,211		2,206,089
HSBC USA, Inc. 1.70%, 3/05/18			2,336		2,318,636
Huntington National Bank (The) 1.30%, 11/20/16			3,355		3,353,769
ING Bank NV 1.375%, 3/07/16(a)			3,310		3,310,311
JPMorgan Chase & Co. 1.145%, 3/01/18(b)			2,340		2,315,037
KeyBank NA/Cleveland OH 1.70%, 6/01/18			3,690		3,679,096
Lloyds Bank PLC 1.75%, 3/16/18			4,203		4,183,317
Mizuho Bank Ltd. 1.053%, 9/25/17(a)(b)			4,785		4,764,630
Morgan Stanley 1.875%, 1/05/18			2,378		2,373,793
5.95%, 12/28/17			2,782		2,970,486
PNC Funding Corp. 2.70%, 9/19/16			3,130		3,155,334
Royal Bank of Canada 0.85%, 3/08/16			3,335		3,335,193
Societe Generale SA 2.75%, 10/12/17			3,493		3,544,386
SunTrust Bank/Atlanta GA 1.058%, 2/15/17(b)			3,330		3,318,055
UBS AG/Stamford CT Series G 1.80%, 3/26/18			3,747		3,750,799

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AB Short Duration Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
US Bank NA/Cincinnati OH 1.101%, 10/28/19(b)	U.S.$		1,851	$	1,823,594
1.45%, 1/29/18			3,000		3,003,282
Wells Fargo & Co. 2.125%, 4/22/19			3,907		3,937,205
					103,939,919
Insurance – 0.4%
MetLife, Inc. 1.756%, 12/15/17			3,400		3,401,173
					107,341,092
Industrial – 5.2%
Basic – 0.4%
Monsanto Co. 0.82%, 11/07/16(b)			3,355		3,342,258
Communications - Media – 0.4%
NBCUniversal Enterprise, Inc. 1.159%, 4/15/16(a)(b)			3,795		3,796,522
Communications - Telecommunications – 0.3%
America Movil SAB de CV 5.00%, 3/30/20			2,031		2,223,324
Consumer Cyclical - Automotive – 1.4%
Daimler Finance North America LLC 1.65%, 3/02/18(a)			2,236		2,213,897
Ford Motor Credit Co. LLC 1.461%, 3/27/17			2,806		2,786,972
Harley-Davidson Financial Services, Inc. 2.25%, 1/15/19(a)			3,440		3,463,860
Volkswagen International Finance NV 1.125%, 11/18/16(a)			3,350		3,326,751
					11,791,480
Consumer Cyclical - Retailers – 0.3%
Wal-Mart Stores, Inc. 0.60%, 4/11/16			2,375		2,375,361
Consumer Non-Cyclical – 0.8%
AbbVie, Inc. 1.75%, 11/06/17			3,280		3,277,416
Gilead Sciences, Inc. 3.05%, 12/01/16			3,085		3,130,772
					6,408,188
Energy – 0.5%
Schlumberger Holdings Corp. 2.35%, 12/21/18(a)			4,360		4,308,238
Services – 0.4%
Visa, Inc. 2.20%, 12/14/20			3,500		3,562,877

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AB Short Duration Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Technology – 0.7%
Cisco Systems, Inc. 0.913%, 3/03/17(b)	U.S.$		3,360	$	3,363,007
QUALCOMM, Inc. 1.40%, 5/18/18			2,355		2,348,995
					5,712,002
					43,520,250
Total Corporates - Investment Grade (cost $151,409,939)					150,861,342
COMMERCIAL MORTGAGE-BACKED SECURITIES – 10.7%
Non-Agency Fixed Rate CMBS – 9.9%
Banc of America Commercial Mortgage Trust Series 2007-4, Class A1A 5.774%, 2/10/51			3,935		4,088,967
Citigroup Commercial Mortgage Trust
Series 2006-C4, Class A1A 5.912%, 3/15/49			127		126,729
Series 2015-GC29, Class A2 2.674%, 4/10/48			2,900		2,964,595
Commercial Mortgage Pass Through Certificates
Series 2006-C8, Class A1A 5.292%, 12/10/46			2,892		2,933,659
Series 2012-CR4, Class A1 0.704%, 10/15/45			1,036		1,031,743
Series 2013-CR6, Class A1 0.719%, 3/10/46			2,104		2,078,907
Series 2013-LC6, Class A1 0.724%, 1/10/46			1,002		993,350
Series 2014-CR16, Class A2 3.042%, 4/10/47			3,374		3,483,207
Series 2014-CR19, Class A2 2.965%, 8/10/47			4,220		4,355,218
Series 2015-DC1, Class A2 2.87%, 2/10/48			3,205		3,295,389
Series 2015-LC21, Class A2 2.976%, 7/10/48			2,430		2,517,042
Commercial Mortgage Trust Series 2013-LC6, Class XA 1.736%, 1/10/46(e)			5,653		381,812
Credit Suisse Commercial Mortgage Trust Series 2007-C4, Class A4 5.953%, 9/15/39			1,873		1,940,561
DBUBS Mortgage Trust Series 2011-LC3A, Class A2 3.642%, 8/10/44			3,829		3,835,319

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		Principal Amount (000)		U.S. $ Value
GS Mortgage Securities Corp. II Series 2015-GC30, Class A2 2.726%, 5/10/50	U.S.$		2,965	$	3,039,834
GS Mortgage Securities Trust Series 2007-GG10, Class A4 5.794%, 8/10/45			1,417		1,455,905
Series 2013-GC14, Class A1 1.217%, 8/10/46			1,083		1,078,813
JP Morgan Chase Commercial Mortgage Securities Corp. Series 2012-LC9, Class A1 0.67%, 12/15/47			120		119,912
JP Morgan Chase Commercial Mortgage Securities Trust Series 2004-LN2, Class A1A 4.838%, 7/15/41(a)			655		652,452
Series 2007-LDPX, Class A1A 5.439%, 1/15/49			4,732		4,845,610
Series 2010-C1, Class A1 3.853%, 6/15/43(a)			90		89,675
Series 2013-C10, Class A1 0.73%, 12/15/47			957		950,294
Series 2013-C16, Class A2 3.07%, 12/15/46			3,574		3,674,164
JPMBB Commercial Mortgage Securities Trust Series 2013-C15, Class A2 2.977%, 11/15/45			3,675		3,770,375
Series 2015-C28, Class A2 2.773%, 10/15/48			3,659		3,761,453
Series 2015-C29, Class A2 2.921%, 5/15/48			1,800		1,868,623
LSTAR Commercial Mortgage Trust Series 2014-2, Class A2 2.767%, 1/20/41(a)			1,388		1,384,077
Merrill Lynch Mortgage Trust Series 2006-C2, Class A1A 5.739%, 8/12/43			1,457		1,467,528
ML-CFC Commercial Mortgage Trust Series 2006-4, Class A1A 5.166%, 12/12/49			2,445		2,475,161
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C17, Class A2 3.119%, 8/15/47			2,876		2,999,747
Series 2015-C23, Class A2 2.982%, 7/15/50			2,960		3,060,443
UBS-Barclays Commercial Mortgage Trust Series 2012-C4, Class A1 0.673%, 12/10/45			1,227		1,216,543

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AB Short Duration Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Series 2013-C5, Class A1 0.779%, 3/10/46	U.S.$		2,062	$	2,040,523
Wachovia Bank Commercial Mortgage Trust Series 2006-C26, Class A1A 6.009%, 6/15/45			793		794,259
Wells Fargo Commercial Mortgage Trust
Series 2012-LC5, Class A1 0.687%, 10/15/45			1,480		1,472,283
Series 2015-NXS1, Class A2 2.632%, 5/15/48			1,633		1,669,539
WF-RBS Commercial Mortgage Trust
Series 2012-C10, Class XA 1.74%, 12/15/45(a)(e)			4,820		391,153
Series 2012-C6, Class XA 2.36%, 4/15/45(a)(e)			3,279		279,493
Series 2012-C9, Class A1 0.673%, 11/15/45			1,645		1,634,683
Series 2013-C12, Class A1 0.735%, 3/15/48			452		451,247
Series 2014-C24, Class A2 2.863%, 11/15/47			2,150		2,213,817
					82,884,104
Non-Agency Floating Rate CMBS – 0.8%
Carefree Portfolio Trust Series 2014-CARE, Class A 1.751%, 11/15/19(a)(b)			1,340		1,331,027
JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-INN, Class A 1.351%, 6/15/29(a)(b)			3,239		3,189,970
PFP III Ltd. Series 2014-1, Class A 1.599%, 6/14/31(a)(b)			176		175,732
Resource Capital Corp., Ltd. Series 2014-CRE2, Class A 1.48%, 4/15/32(a)(b)			725		706,338
Starwood Retail Property Trust Series 2014-STAR, Class A 1.647%, 11/15/27(a)(b)			1,625		1,607,860
					7,010,927
Total Commercial Mortgage-Backed Securities (cost $91,814,905)					89,895,031
COLLATERALIZED MORTGAGE OBLIGATIONS – 6.2%
Agency Floating Rate – 2.5%
Federal Home Loan Mortgage Corp. REMICs Series 4248, Class QF 0.927%, 6/15/39(b)			2,610		2,593,483

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		Principal Amount (000)		U.S. $ Value
Series 4286, Class VF 0.877%, 12/15/43(b)	U.S.$		3,039	$	3,001,580
Federal National Mortgage Association REMICs Series 2013-57, Class FN 0.786%, 6/25/43(b)			2,902		2,862,316
Series 2014-49, Class AF 0.748%, 8/25/44(b)			5,524		5,453,629
NCUA Guaranteed Notes Trust Series 2010-R3, Class 1A 0.999%, 12/08/20(b)			7,380		7,390,697
					21,301,705
Agency Fixed Rate – 2.0%
Federal Home Loan Mortgage Corp. REMICs Series 3948, Class DA 3.00%, 12/15/24			3,302		3,394,839
Series 4461, Class EA 2.00%, 7/15/37			2,370		2,387,092
Federal National Mortgage Association REMICs Series 2010-9, Class EA 3.50%, 1/25/24			1,075		1,104,898
Series 2011-39, Class DA 3.50%, 7/25/24			547		550,260
Series 2014-54, Class LA 3.00%, 2/25/44			2,885		2,918,182
Series 2015-72, Class PC 3.00%, 10/25/43			5,797		5,939,961
					16,295,232
GSE Risk Share Floating Rate – 1.3%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2014-DN2, Class M1 1.277%, 4/25/24(b)			1,079		1,078,281
Series 2014-HQ1, Class M1 2.077%, 8/25/24(b)			1,349		1,351,900
Series 2014-HQ2, Class M1 1.877%, 9/25/24(b)			997		999,244
Series 2014-HQ3, Class M1 2.077%, 10/25/24(b)			750		750,826
Series 2015-DNA3, Class M1 1.786%, 4/25/28(b)			1,590		1,592,533
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C02, Class 1M1 1.386%, 5/25/24(b)			2,412		2,381,861
Series 2014-C04, Class 2M1 2.536%, 11/25/24(b)			1,341		1,343,710

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AB Short Duration Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Series 2015-C01, Class 1M1 1.936%, 2/25/25(b)	U.S.$		681	$	681,324
Series 2015-C03, Class 1M1 1.936%, 7/25/25(b)			861		859,834
					11,039,513
Non-Agency Floating Rate – 0.4%
JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-SGP, Class A 2.127%, 7/15/36(a)(b)			1,340		1,328,797
Mortgage Equity Conversion Asset Trust Series 2007-FF2, Class A 0.98%, 2/25/42(a)(b)			2,280		1,942,958
					3,271,755
Total Collateralized Mortgage Obligations (cost $52,545,976)					51,908,205
MORTGAGE PASS-THROUGHS – 1.7%
Agency ARMs – 0.1%
Federal National Mortgage Association Series 2007 1.941%, 1/01/37(b)			800		825,287
Agency Fixed Rate 15-Year – 0.3%
Federal Home Loan Mortgage Corp. Gold 5.00%, 7/01/25			975		1,053,742
Federal National Mortgage Association
Series 2006 6.00%, 5/01/21-1/01/22			640		694,337
Series 2007 6.00%, 2/01/22			200		217,565
Series 2001 6.00%, 11/01/16			3		3,190
Series 2005 6.00%, 6/01/19-5/01/20			16		16,967
Series 2002 6.00%, 12/01/17			10		10,516
					1,996,317
Agency Fixed Rate 30-Year – 1.3%
Federal National Mortgage Association Series 2010 5.00%, 2/01/40			6,485		7,329,497
Government National Mortgage Association 5.00%, 10/15/39			3,143		3,531,193
					10,860,690
Total Mortgage Pass-Throughs (cost $13,449,325)					13,682,294

78 •  AB POOLING PORTFOLIOS

AB Short Duration Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
AGENCIES – 1.1%
Agency Callables – 1.1%
Federal Home Loan Mortgage Corp. Series 0002 1.25%, 5/25/18 (cost $9,421,707)	U.S.$		9,427	$	9,407,546
INFLATION-LINKED SECURITIES – 1.1%
United States – 1.1%
U.S. Treasury Inflation Index 0.125%, 4/15/19 (TIPS) (cost $9,330,671)			9,205		9,305,884
COVERED BONDS – 0.4%
DNB Boligkreditt AS 1.45%, 3/21/18(a) (cost $3,331,834)			3,335		3,329,967
		Shares
SHORT-TERM INVESTMENTS – 5.0%
Investment Companies – 5.0%
AB Fixed Income Shares, Inc.— Government STIF Portfolio, 0.40%(f)(g) (cost $41,909,621)			41,909,621		41,909,621
Total Investments – 97.1% (cost $815,734,743)					813,667,938
Other assets less liabilities – 2.9%					24,370,912
Net Assets – 100.0%				$	838,038,850

FUTURES (see Note C)

Type	Number of Contracts		Expiration Month		Original Value		Value at February 29, 2016		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 2 Yr (CBT) Futures		1,459		June 2016	$	319,258,275	$	318,859,892	$	(398,383	)
Sold Contracts
U.S. T-Note 5 Yr (CBT) Futures		34		June 2016		4,115,569		4,113,469		2,100
U.S. T-Note 10 Yr (CBT) Futures		83		June 2016		10,824,358		10,832,797		(8,439	)
									$	(404,722	)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Royal Bank of Scotland PLC		JPY	5,380,000		USD	45,017		3/25/16	$	(2,732,979	)

AB POOLING PORTFOLIOS  • 79

AB Short Duration Bond Portfolio—Portfolio of Investments

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note C)

Rate Type

Clearing Broker/ (Exchange)

Notional Amount (000)

Termination Date

Payments made by the Fund

Payments received by the Fund

Unrealized Appreciation/ (Depreciation)

Morgan Stanley & Co., LLC/(CME Group)

NZD

11,260

4/29/17

3 Month BKBM

4.274

%

$

244,921

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2016, the aggregate market value of these securities amounted to $108,886,510 or 13.0% of net assets.

(b) Floating Rate Security. Stated interest rate was in effect at February 29, 2016.

(c) Fair valued by the Adviser.

(d) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security, which represents 0.00% of net assets as of February 29, 2016, is considered illiquid and restricted.

Restricted Securities	Acquisition Date		Cost		Market Value			Percentage of Net Assets
Nationstar NIM Ltd. Series 2007-A, Class A 9.79%, 3/25/37		4/04/07	$	35,213	$	– 0	–		0.00	%

(e) IO – Interest Only

(f) To obtain a copy of the fund’s financial statements, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

(g) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

Currency Abbreviations:

JPY – Japanese Yen

NZD – New Zealand Dollar

USD – United States Dollar

Glossary:

ABS – Asset-Backed Securities

ARMs – Adjustable Rate Mortgages

BKBM – Bank Bill Benchmark (New Zealand)

CBT – Chicago Board of Trade

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

GSE – Government-Sponsored Enterprise

NCUA – National Credit Union Administration

REMICs – Real Estate Mortgage Investment Conduits

TIPS – Treasury Inflation Protected Security

See notes to financial statements.

80 •  AB POOLING PORTFOLIOS

AB Short Duration Bond Portfolio—Portfolio of Investments

AB GLOBAL CORE BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 29, 2016 (unaudited)

		Principal Amount (000)		U.S. $ Value
GOVERNMENTS - TREASURIES – 47.5%
Australia – 5.5%
Australia Government Bond Series 124 5.75%, 5/15/21(a)	AUD		29,815	$	25,251,386
Series 142 4.25%, 4/21/26(a)			18,130		15,077,115
Series 144 3.75%, 4/21/37(a)			4,220		3,358,603
					43,687,104
Belgium – 1.0%
Belgium Government Bond Series 31 5.50%, 3/28/28	EUR		3,605		6,089,068
Series 75 1.00%, 6/22/31(a)			1,755		1,895,139
					7,984,207
Denmark – 0.5%
Denmark Government Bond 3.00%, 11/15/21	DKK		21,530		3,693,212
France – 1.6%
France Government Bond OAT 0.50%, 5/25/25(a)	EUR		6,633		7,292,343
2.50%, 5/25/30(a)			1,818		2,394,444
3.25%, 5/25/45(a)			1,225		1,893,289
4.50%, 4/25/41(a)			680		1,235,555
					12,815,631
Germany – 2.9%
Bundesrepublik Deutschland 0.50%, 2/15/25(a)			9,776		11,124,454
Series 00 5.50%, 1/04/31(a)			2,475		4,651,331
6.25%, 1/04/30(a)			3,545		6,947,331
Series 03 4.75%, 7/04/34(a)			325		609,994
					23,333,110
Ireland – 1.5%
Ireland Government Bond 2.40%, 5/15/30(a)			2,931		3,641,966
3.40%, 3/18/24(a)			3,820		5,055,274
5.40%, 3/13/25			2,209		3,362,715
					12,059,955

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AB Global Core Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Italy – 4.7%
Italy Buoni Poliennali Del Tesoro 1.35%, 4/15/22	EUR		14,038	$	15,825,560
3.75%, 3/01/21-5/01/21			5,702		7,220,290
4.25%, 9/01/19			2,245		2,788,932
4.50%, 5/01/23			1,905		2,579,788
5.50%, 11/01/22			6,000		8,474,529
					36,889,099
Japan – 6.7%
Japan Government Thirty Year Bond Series 36 2.00%, 3/20/42	JPY		250,050		2,832,968
Series 44 1.70%, 9/20/44			179,500		1,923,725
Series 49 1.40%, 12/20/45			490,250		4,905,152
Japan Government Twenty Year Bond Series 112 2.10%, 6/20/29			1,784,200		19,939,272
Series 143 1.60%, 3/20/33			935,050		10,004,384
Series 150 1.40%, 9/20/34			1,271,050		13,127,138
					52,732,639
Mexico – 2.7%
Mexican Bonos Series M 6.50%, 6/10/21	MXN		59,645		3,429,354
7.75%, 11/13/42			60,655		3,709,212
Series M 20 10.00%, 12/05/24			203,825		14,345,458
					21,484,024
Netherlands – 0.3%
Netherlands Government Bond 0.25%, 7/15/25(a)	EUR		2,519		2,740,221
Poland – 1.0%
Poland Government Bond Series 0725 3.25%, 7/25/25	PLN		29,353		7,644,198
Singapore – 0.1%
Singapore Government Bond 3.375%, 9/01/33	SGD		876		677,754

82 •  AB POOLING PORTFOLIOS

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		Principal Amount (000)		U.S. $ Value
South Africa – 0.1%
South Africa Government Bond Series R213 7.00%, 2/28/31	ZAR		21,030	$	1,035,563
Spain – 1.5%
Spain Government Bond 1.95%, 7/30/30(a)	EUR		1,305		1,406,016
4.20%, 1/31/37(a)			2,715		3,801,403
4.70%, 7/30/41(a)			4,246		6,437,828
					11,645,247
Sweden – 0.4%
Sweden Government Bond Series 1054 3.50%, 6/01/22	SEK		24,950		3,525,612
United Kingdom – 7.4%
United Kingdom Gilt 1.75%, 9/07/22(a)	GBP		8,210		12,013,576
2.00%, 9/07/25(a)			7,330		10,805,483
3.50%, 7/22/68(a)			440		872,119
4.25%, 12/07/40(a)			1,005		1,931,074
4.50%, 12/07/42(a)			5,671		11,433,963
4.75%, 12/07/30(a)			5,269		10,156,466
5.00%, 3/07/25(a)			6,165		11,346,843
					58,559,524
United States – 9.6%
U.S. Treasury Bonds 3.00%, 11/15/45	U.S.$		7,155		7,729,919
3.625%, 8/15/43			1,565		1,909,239
4.625%, 2/15/40			9,898		13,845,040
5.375%, 2/15/31			5,280		7,564,424
6.25%, 5/15/30			2,080		3,172,000
U.S. Treasury Notes 1.00%, 3/15/18			1,825		1,832,271
1.25%, 1/31/20			7,000		7,033,635
1.375%, 4/30/20-9/30/20			9,960		10,039,097
1.50%, 2/28/19			15		14,845
1.625%, 8/15/22			2,852		2,882,414
2.00%, 2/15/25			4,820		4,931,650
2.125%, 6/30/21			875		910,615
2.25%, 11/15/25			7,665		8,006,330
2.75%, 2/15/24			6,045		6,560,953
					76,432,432
Total Governments - Treasuries (cost $377,356,156)					376,939,532

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AB Global Core Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADE – 24.0%
Industrial – 13.3%
Basic – 0.7%
Glencore Funding LLC 2.125%, 4/16/18(a)	U.S.$		1,257	$	1,150,940
4.00%, 4/16/25(a)			1,065		766,800
4.125%, 5/30/23(a)			561		427,896
International Paper Co. 5.15%, 5/15/46			97		84,989
Minsur SA 6.25%, 2/07/24(a)			714		601,119
Mosaic Co. (The) 5.625%, 11/15/43			714		664,609
Rio Tinto Finance USA Ltd. 3.75%, 6/15/25			2,309		2,205,347
					5,901,700
Capital Goods – 0.2%
Yamana Gold, Inc. 4.95%, 7/15/24			2,097		1,624,944
Communications - Media – 2.0%
21st Century Fox America, Inc. 6.55%, 3/15/33			268		302,128
CBS Corp. 3.50%, 1/15/25			2,110		2,046,094
CCO Safari II LLC 3.579%, 7/23/20(a)			980		981,951
4.908%, 7/23/25(a)			980		1,005,383
Cox Communications, Inc. 2.95%, 6/30/23(a)			666		605,343
Discovery Communications LLC 3.45%, 3/15/25			1,001		900,681
McGraw Hill Financial, Inc. 4.40%, 2/15/26			1,677		1,760,929
Myriad International Holdings BV 6.00%, 7/18/20(a)			1,582		1,693,417
RELX Capital, Inc. 8.625%, 1/15/19			2,109		2,460,711
Time Warner, Inc. 3.55%, 6/01/24			1,386		1,364,130
3.60%, 7/15/25			990		973,092
7.625%, 4/15/31			380		461,290
Viacom, Inc. 3.875%, 4/01/24			1,511		1,414,346
					15,969,495

84 •  AB POOLING PORTFOLIOS

AB Global Core Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Communications - Telecommunications – 1.9%
America Movil SAB de CV 3.125%, 7/16/22	U.S.$		1,330	$	1,332,150
American Tower Corp. 5.05%, 9/01/20			2,750		2,950,885
AT&T, Inc. 3.40%, 5/15/25			2,235		2,195,465
Bell Canada 3.25%, 6/17/20	CAD		924		707,813
3.35%, 6/18/19			460		353,255
4.70%, 9/11/23			625		511,909
British Telecommunications PLC 9.625%, 12/15/30	U.S.$		534		764,542
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. 3.95%, 1/15/25			1,517		1,541,914
4.45%, 4/01/24			1,065		1,120,269
Rogers Communications, Inc. 4.00%, 6/06/22	CAD		1,100		866,268
Verizon Communications, Inc. 6.55%, 9/15/43	U.S.$		2,358		2,875,041
					15,219,511
Consumer Cyclical - Automotive – 0.5%
Ford Motor Credit Co. LLC 2.597%, 11/04/19			2,126		2,091,240
General Motors Financial Co., Inc. 3.10%, 1/15/19			1,825		1,805,500
3.25%, 5/15/18			133		132,653
					4,029,393
Consumer Cyclical - Restaurants – 0.1%
McDonald’s Corp. 2.10%, 12/07/18			915		926,573
Consumer Cyclical - Retailers – 0.3%
Kohl’s Corp. 4.25%, 7/17/25			1,401		1,346,472
Walgreens Boots Alliance, Inc. 3.30%, 11/18/21			1,088		1,096,620
					2,443,092
Consumer Non-Cyclical – 2.9%
AbbVie, Inc. 2.50%, 5/14/20			719		719,823
3.60%, 5/14/25			1,942		1,982,615
Actavis Funding SCS 3.00%, 3/12/20			1,469		1,493,020
3.80%, 3/15/25			1,305		1,343,424
3.85%, 6/15/24			697		719,312

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AB Global Core Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Agilent Technologies, Inc. 5.00%, 7/15/20	U.S.$		505	$	552,352
Ahold Finance USA LLC 6.875%, 5/01/29			3,078		3,789,110
Baxalta, Inc. 5.25%, 6/23/45(a)			980		938,003
Becton Dickinson and Co. 2.675%, 12/15/19			791		807,552
3.734%, 12/15/24			552		570,111
Celgene Corp. 3.875%, 8/15/25			965		994,707
Gilead Sciences, Inc. 3.65%, 3/01/26			1,845		1,931,416
Kraft Heinz Foods Co. 2.80%, 7/02/20(a)			1,465		1,482,057
3.50%, 7/15/22(a)			1,245		1,282,087
Perrigo Co. PLC 4.00%, 11/15/23			275		273,392
Perrigo Finance Unlimited Co. 3.50%, 12/15/21			262		259,617
Reynolds American, Inc. 4.45%, 6/12/25			1,955		2,122,876
5.85%, 8/15/45			788		924,780
Tyson Foods, Inc. 2.65%, 8/15/19			493		499,619
					22,685,873
Energy – 2.6%
Anadarko Petroleum Corp. 5.95%, 9/15/16			735		738,634
ConocoPhillips 5.75%, 2/01/19			796		828,093
Devon Energy Corp. 5.00%, 6/15/45			1,460		959,859
Energy Transfer Partners LP 6.70%, 7/01/18			972		969,994
7.50%, 7/01/38			1,054		940,074
EnLink Midstream Partners LP 4.15%, 6/01/25			2,460		1,698,332
Enterprise Products Operating LLC 4.90%, 5/15/46			990		872,595
Halliburton Co. 3.375%, 11/15/22			900		886,657
5.00%, 11/15/45			900		800,019
Kinder Morgan Energy Partners LP 2.65%, 2/01/19			183		171,149
3.95%, 9/01/22			495		447,467

86 •  AB POOLING PORTFOLIOS

AB Global Core Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Kinder Morgan, Inc./DE 2.25%, 3/16/27	EUR		951	$	832,664
5.00%, 2/15/21(a)	U.S.$		829		768,337
Noble Energy, Inc. 8.25%, 3/01/19			2,058		2,107,742
ONEOK Partners LP 3.20%, 9/15/18			700		635,312
Plains All American Pipeline LP/PAA Finance Corp. 3.60%, 11/01/24			1,727		1,327,673
Reliance Holding USA, Inc. 5.40%, 2/14/22(a)			554		604,903
Schlumberger Holdings Corp. 2.35%, 12/21/18(a)			2,065		2,040,484
Williams Partners LP 3.90%, 1/15/25			943		702,387
4.125%, 11/15/20			2,295		1,883,399
4.50%, 11/15/23			425		326,186
					20,541,960
Technology – 1.3%
Hewlett Packard Enterprise Co. 4.90%, 10/15/25(a)			1,830		1,736,751
HP, Inc. 3.75%, 12/01/20			211		216,076
4.375%, 9/15/21			181		182,610
4.65%, 12/09/21			460		469,294
KLA-Tencor Corp. 4.65%, 11/01/24			1,582		1,555,570
Motorola Solutions, Inc. 3.50%, 3/01/23			835		719,348
7.50%, 5/15/25			277		304,559
QUALCOMM, Inc. 3.00%, 5/20/22			2,455		2,488,567
Seagate HDD Cayman 4.75%, 1/01/25			1,234		945,492
Tencent Holdings Ltd. 3.375%, 5/02/19(a)			1,483		1,522,040
					10,140,307
Transportation - Airlines – 0.2%
Southwest Airlines Co. 5.75%, 12/15/16			1,115		1,151,116
Transportation - Services – 0.6%
Asciano Finance Ltd. 5.00%, 4/07/18(a)			1,675		1,690,361
Penske Truck Leasing Co. LP/PTL Finance Corp. 3.375%, 2/01/22(a)			2,485		2,416,819

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AB Global Core Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Ryder System, Inc. 5.85%, 11/01/16	U.S.$		930	$	958,039
					5,065,219
					105,699,183
Financial Institutions – 8.3%
Banking – 5.2%
ABN AMRO Bank NV 4.75%, 7/28/25(a)			573		556,478
Bank of America Corp. 4.20%, 8/26/24			1,340		1,341,311
4.875%, 4/01/44			2,050		2,135,686
Series L 2.60%, 1/15/19			1,280		1,286,345
Barclays Bank PLC 6.625%, 3/30/22(a)	EUR		1,003		1,283,296
Barclays PLC 3.65%, 3/16/25	U.S.$		920		845,345
BPCE SA 5.70%, 10/22/23(a)			540		555,557
Compass Bank 2.75%, 9/29/19			1,034		1,015,660
5.50%, 4/01/20			2,499		2,684,401
Cooperatieve Rabobank UA 3.95%, 11/09/22			1,486		1,479,420
4.375%, 8/04/25			1,682		1,690,815
Credit Suisse Group Funding Guernsey Ltd. 3.75%, 3/26/25			1,358		1,282,635
Fifth Third Bancorp 2.30%, 3/01/19			1,132		1,133,374
Goldman Sachs Group, Inc. (The) 3.75%, 5/22/25			1,943		1,967,482
Series G 7.50%, 2/15/19			2,855		3,249,244
ING Bank NV 3.75%, 3/07/17(a)			1,600		1,636,624
Lloyds Banking Group PLC 4.582%, 12/10/25(a)			3,158		3,110,835
Macquarie Bank Ltd. 5.00%, 2/22/17(a)			651		671,408
Mellon Capital III 6.369%, 9/05/66	GBP		850		1,177,513
Morgan Stanley Series F 3.875%, 4/29/24	U.S.$		1,280		1,315,118
Series G 5.50%, 7/24/20			723		800,379

88 •  AB POOLING PORTFOLIOS

AB Global Core Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Murray Street Investment Trust I 4.647%, 3/09/17	U.S.$		272	$	278,278
Nationwide Building Society 6.25%, 2/25/20(a)			3,415		3,919,368
Nordea Bank AB 6.125%, 9/23/24(a)(b)			385		343,613
Rabobank Capital Funding Trust III 5.254%, 10/21/16(a)(b)			605		601,975
Rabobank Capital Funding Trust IV 5.556%, 12/31/19(a)(b)	GBP		620		865,104
Santander Issuances SAU 5.179%, 11/19/25	U.S.$		2,000		1,859,948
Santander UK PLC 5.00%, 11/07/23(a)			925		933,447
UBS Group Funding Jersey Ltd. 4.125%, 9/24/25(a)			1,262		1,257,541
					41,278,200
Brokerage – 0.3%
Nomura Holdings, Inc. 2.00%, 9/13/16			2,586		2,592,843
Insurance – 2.1%
Allied World Assurance Co. Holdings Ltd. 7.50%, 8/01/16			1,820		1,864,102
Berkshire Hathaway, Inc. 1.125%, 3/16/27	EUR		160		161,074
Dai-ichi Life Insurance Co., Ltd. (The) 5.10%, 10/28/24(a)(b)	U.S.$		623		649,477
Five Corners Funding Trust 4.419%, 11/15/23(a)			1,060		1,085,603
Hartford Financial Services Group, Inc. (The) 5.125%, 4/15/22			600		664,342
5.50%, 3/30/20			922		1,020,048
Humana, Inc. 6.30%, 8/01/18			369		404,422
7.20%, 6/15/18			610		677,689
Lincoln National Corp. 8.75%, 7/01/19			791		944,887
Markel Corp. 7.125%, 9/30/19			1,105		1,273,358
Massachusetts Mutual Life Insurance Co. 8.875%, 6/01/39(a)			815		1,185,335
MetLife Capital Trust IV 7.875%, 12/15/37(a)			162		184,680
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Series E 6.25%, 5/26/42(a)	EUR		1,400		1,847,363

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AB Global Core Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Nationwide Mutual Insurance Co. 9.375%, 8/15/39(a)	U.S.$		740	$	1,068,971
Prudential Financial, Inc. 5.625%, 6/15/43			1,660		1,640,080
Swiss Re Solutions Holding Corp. 7.00%, 2/15/26			1,295		1,641,572
XLIT Ltd. 5.50%, 3/31/45			530		504,156
					16,817,159
Other Finance – 0.2%
SUAM Finance BV 4.875%, 4/17/24(a)			1,289		1,239,051
REITS – 0.5%
Healthcare Trust of America Holdings LP 3.375%, 7/15/21			568		573,825
Welltower, Inc. 4.00%, 6/01/25			2,902		2,849,839
					3,423,664
					65,350,917
Utility – 2.4%
Electric – 1.2%
Constellation Energy Group, Inc. 5.15%, 12/01/20			504		549,832
Entergy Corp. 4.00%, 7/15/22			1,706		1,791,039
Exelon Generation Co. LLC 4.25%, 6/15/22			2,463		2,499,088
RWE Finance BV Series E 6.50%, 4/20/21	GBP		1,455		2,323,012
TECO Finance, Inc. 4.00%, 3/15/16	U.S.$		745		745,688
5.15%, 3/15/20			915		995,872
Union Electric Co. 6.70%, 2/01/19			315		355,891
					9,260,422
Natural Gas – 1.1%
Centrica PLC 4.00%, 10/16/23(a)			1,865		1,914,275
Empresa de Energia de Bogota SA ESP 6.125%, 11/10/21(a)			1,515		1,534,844
NiSource Finance Corp. 6.80%, 1/15/19			3,445		3,841,620
Talent Yield Investments Ltd. 4.50%, 4/25/22(a)			1,170		1,234,145
					8,524,884

90 •  AB POOLING PORTFOLIOS

AB Global Core Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Other Utility – 0.1%
Veolia Environnement SA Series E 6.125%, 11/25/33	EUR		640	$	1,070,186
					18,855,492
Total Corporates - Investment Grade (cost $190,993,241)					189,905,592
COLLATERALIZED MORTGAGE OBLIGATIONS – 5.1%
GSE Risk Share Floating Rate – 5.0%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2014-DN1, Class M2 2.627%, 2/25/24(c)	U.S.$		2,195		2,184,444
Series 2014-DN3, Class M2 2.827%, 8/25/24(c)			1,592		1,603,183
Series 2014-HQ1, Class M2 2.927%, 8/25/24(c)			2,555		2,559,117
Series 2014-HQ2, Class M1 1.877%, 9/25/24(c)			2,478		2,482,221
Series 2014-HQ3, Class M1 2.077%, 10/25/24(c)			1,323		1,324,987
Series 2015-DNA1, Class M2 2.286%, 10/25/27(c)			1,090		1,067,918
Series 2015-DNA2, Class M2 3.036%, 12/25/27(c)			2,699		2,675,181
Series 2015-DNA3, Class M2 3.286%, 4/25/28(c)			1,111		1,108,087
Series 2015-HQ1, Class M2 2.636%, 3/25/25(c)			1,515		1,510,887
Series 2015-HQ2, Class M1 1.536%, 5/25/25(c)			1,194		1,191,821
Series 2015-HQA1, Class M2 3.086%, 3/25/28(c)			2,305		2,277,250
Series 2015-HQA2, Class M2 3.236%, 5/25/28(c)			1,586		1,572,511
Series 2016-DNA1, Class M2 3.336%, 7/25/28(c)			853		850,757
Federal National Mortgage Association Connecticut Avenue Securities Series 2013-C01, Class M1 2.436%, 10/25/23(c)			581		582,992
Series 2014-C01, Class M1 2.036%, 1/25/24(c)			1,633		1,629,282

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AB Global Core Bond Portfolio—Portfolio of Investments

			Principal Amount (000)		U.S. $ Value
Series 2014-C04, Class 1M1 2.386%, 11/25/24(c)	U.S.$			2,370	$	2,378,327
Series 2014-C04, Class 2M1 2.536%, 11/25/24(c)				1,179		1,182,183
Series 2015-C01, Class 1M1 1.936%, 2/25/25(c)				722		722,622
Series 2015-C01, Class 2M1 1.936%, 2/25/25(c)				529		529,250
Series 2015-C02, Class 2M1 1.636%, 5/25/25(c)				2,121		2,116,912
Series 2015-C03, Class 1M1 1.936%, 7/25/25(c)				812		811,260
Series 2015-C03, Class 2M1 1.936%, 7/25/25(c)				3,408		3,394,099
Series 2016-C01, Class 1M1 2.377%, 8/25/28(c)				2,679		2,682,659
Series 2016-C01, Class 2M1 2.527%, 8/25/28(c)				984		985,221
						39,423,171
Non-Agency Fixed Rate – 0.1%
Citigroup Mortgage Loan Trust, Inc. Series 2005-2, Class 1A4 2.628%, 5/25/35				749		695,205
Agency Fixed Rate – 0.0%
Federal National Mortgage Association Grantor Trust Series 2004-T5, Class AB4 0.898%, 5/28/35				392		327,249
						327,249
Total Collateralized Mortgage Obligations (cost $40,688,608)						40,445,625
COVERED BONDS – 4.4%
Abbey National Treasury Services PLC/United Kingdom Series E 1.625%, 11/26/20(a)		EUR		2,015		2,343,130
Aib Mortgage Bank Series E 4.875%, 6/29/17				665		770,091
Bank of Nova Scotia (The) 1.75%, 3/22/17(a)		U.S.$		2,900		2,915,283
Bank of Scotland PLC Series E 4.75%, 6/08/22		EUR		3,180		4,419,878
CaixaBank SA 5.125%, 4/27/16				1,250		1,370,493

92 •  AB POOLING PORTFOLIOS

AB Global Core Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Credit Suisse AG/Guernsey Series E 1.75%, 1/15/21(a)	EUR		2,000	$	2,340,891
Danske Bank A/S Series E 1.25%, 6/11/21			940		1,083,360
DNB Boligkreditt AS Series E 3.875%, 6/16/21			1,778		2,313,937
National Australia Bank Ltd. 2.00%, 2/22/19(a)	U.S.$		3,190		3,225,840
Nationwide Building Society Series E 4.375%, 2/28/22	EUR		1,700		2,296,984
Nordea Hypotek AB Series 5521 3.25%, 6/17/20	SEK		15,700		2,034,568
Santander Consumer Finance SA 3.875%, 3/23/16	EUR		1,300		1,417,280
Skandinaviska Enskilda Banken AB Series 573 1.50%, 6/17/20	SEK		17,000		2,055,364
Stadshypotek AB Series 1586 4.50%, 9/21/22			15,000		2,095,771
Swedbank Hypotek AB Series 189 1.00%, 12/16/20(a)			17,400		2,047,023
UBS AG/London Series E 1.375%, 4/16/21(a)	EUR		2,040		2,355,313
Total Covered Bonds (cost $36,777,319)					35,085,206
COMMERCIAL MORTGAGE-BACKED SECURITIES – 4.4%
Non-Agency Fixed Rate CMBS – 2.8%
Banc of America Commercial Mortgage Trust Series 2007-4, Class A1A 5.774%, 2/10/51	U.S.$		4,347		4,516,917
BHMS Mortgage Trust Series 2014-ATLS, Class AFX 3.601%, 7/05/33(a)			2,570		2,615,293
Citigroup Commercial Mortgage Trust Series 2006-C4, Class A1A 5.912%, 3/15/49			426		426,176

AB POOLING PORTFOLIOS  • 93

AB Global Core Bond Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Commercial Mortgage Loan Trust Series 2008-LS1, Class A1A 6.097%, 12/10/49	U.S.$		3,418	$	3,606,420
Commercial Mortgage Trust Series 2013-CR6, Class A2 2.122%, 3/10/46			5,420		5,436,808
GS Mortgage Securities Trust Series 2013-G1, Class A1 2.059%, 4/10/31(a)			1,339		1,319,994
Series 2013-G1, Class A2 3.557%, 4/10/31(a)			1,615		1,662,386
JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-CBX, Class E 5.22%, 6/15/45(a)			911		831,815
ML-CFC Commercial Mortgage Trust Series 2006-4, Class A1A 5.166%, 12/12/49			1,249		1,264,703
					21,680,512
Non-Agency Floating Rate CMBS – 1.0%
Commercial Mortgage Trust Series 2014-KYO, Class A 1.329%, 6/11/27(a)(c)			2,026		1,976,064
Series 2014-SAVA, Class A 1.577%, 6/15/34(a)(c)			932		919,202
JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-INN, Class A 1.351%, 6/15/29(a)(c)			2,672		2,631,553
Resource Capital Corp., Ltd. Series 2014-CRE2, Class A 1.48%, 4/15/32(a)(c)			797		776,061
Starwood Retail Property Trust Series 2014-STAR, Class A 1.647%, 11/15/27(a)(c)			1,721		1,702,254
					8,005,134
Agency CMBS – 0.6%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates Series K008, Class A2 3.531%, 6/25/20			4,653		5,009,467
Total Commercial Mortgage-Backed Securities (cost $35,446,655)					34,695,113

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		Principal Amount (000)		U.S. $ Value
MORTGAGE PASS-THROUGHS – 2.9%
Agency ARMs – 0.2%
Federal Home Loan Mortgage Corp. 2.461%, 5/01/38(d)	U.S.$		1,100	$	1,158,732
Federal National Mortgage Association Series 2003 2.685%, 12/01/33(d)			570		600,026
					1,758,758
Agency Fixed Rate 30-Year – 2.2%
Federal Home Loan Mortgage Corp. Gold Series 2007 5.50%, 7/01/35			691		782,302
Federal National Mortgage Association Series 2003 5.50%, 4/01/33			568		642,171
Series 2004 5.50%, 4/01/34-5/01/34			557		629,492
Series 2005 5.50%, 2/01/35			426		482,120
Series 2006 5.00%, 1/01/36			1		1,221
4.00%, 12/01/44			4,097		4,459,973
Government National Mortgage Association 3.50%, 3/01/46, TBA			9,400		9,925,078
					16,922,357
Other Agency Fixed Rate Programs – 0.5%
Canadian Mortgage Pools 6.125%, 12/15/24	CAD		4,231		3,990,225
Total Mortgage Pass-Throughs (cost $22,216,820)					22,671,340
AGENCIES – 2.9%
Agency Debentures – 2.6%
Residual Funding Corp. Principal Strip Zero Coupon, 7/15/20	U.S.$		22,014		20,587,185
Agency Subordinated – 0.3%
Federal National Mortgage Association Zero Coupon, 10/09/19			2,180		2,058,441
Total Agencies (cost $20,591,464)					22,645,626

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		Principal Amount (000)		U.S. $ Value
INFLATION-LINKED SECURITIES – 2.2%
United States – 2.2%
U.S. Treasury Inflation Index 0.125%, 4/15/19 (TIPS) (cost $17,276,739)	U.S.$		17,024	$	17,209,910
GOVERNMENTS - SOVEREIGN AGENCIES – 2.1%
Canada – 1.1%
Canada Housing Trust No 1 3.35%, 12/15/20(a)	CAD		11,205		9,139,321
Colombia – 0.3%
Ecopetrol SA 5.875%, 5/28/45	U.S.$		737		515,900
Oleoducto Central SA 4.00%, 5/07/21(a)			1,041		925,449
Ecopetrol SA 7.375%, 9/18/43			730		582,175
					2,023,524
France – 0.5%
Dexia Credit Local SA/New York, NY 1.25%, 10/18/16(a)			1,383		1,382,746
Dexia Credit Local SA/New York, NY 1.50%, 10/07/17(a)			2,691		2,702,025
					4,084,771
Morocco – 0.1%
OCP SA 5.625%, 4/25/24(a)			654		665,445
United Arab Emirates – 0.1%
Abu Dhabi National Energy Co. PJSC 3.625%, 1/12/23(a)			619		608,824
Total Governments - Sovereign Agencies (cost $19,653,864)					16,521,885
QUASI-SOVEREIGNS – 0.8%
Quasi-Sovereign Bonds – 0.8%
Chile – 0.3%
Empresa de Transporte de Pasajeros Metro SA 4.75%, 2/04/24(a)			2,595		2,672,606
Mexico – 0.4%
Petroleos Mexicanos 4.50%, 1/23/26(a)			3,970		3,533,300

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		Principal Amount (000)		U.S. $ Value
Peru – 0.1%
Fondo MIVIVIENDA SA 3.50%, 1/31/23(a)	U.S.$		613	$	574,688
Total Quasi-Sovereigns (cost $7,206,204)					6,780,594
SUPRANATIONALS – 0.7%
European Financial Stability Facility Series E 1.20%, 2/17/45(a)	EUR		3,085		3,320,042
International Bank for Reconstruction & Development 9.25%, 7/15/17	U.S.$		2,340		2,600,870
Total Supranationals (cost $5,625,942)					5,920,912
CORPORATES - NON-INVESTMENT GRADE – 0.6%
Financial Institutions – 0.4%
Banking – 0.4%
Societe Generale SA 5.922%, 4/05/17(a)(b)			1,515		1,488,487
UniCredit Luxembourg Finance SA 6.00%, 10/31/17(a)			1,386		1,417,666
					2,906,153
Industrial – 0.2%
Basic – 0.1%
Teck Resources Ltd. 4.50%, 1/15/21			1,960		1,274,000
Energy – 0.1%
Southwestern Energy Co. 4.10%, 3/15/22			823		460,880
					1,734,880
Total Corporates - Non-Investment Grade (cost $5,623,648)					4,641,033
GOVERNMENTS - SOVEREIGN BONDS – 0.4%
Indonesia – 0.4%
Indonesia Government International Bond 3.375%, 4/15/23(a) (cost $3,299,993)			3,326		3,202,426

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		Principal Amount (000)		U.S. $ Value
ASSET-BACKED SECURITIES – 0.4%
Other ABS - Fixed Rate – 0.4%
SBA Tower Trust Series 2014-1A, Class C 2.898%, 10/15/44(a)	U.S.$		1,248	$	1,251,836
Series 2014-2A, Class C 3.869%, 10/15/49(a)			1,031		1,028,371
TAGUS-Sociedade de Titularizacao de Creditos SA/Volta II Electricity Receivables Series 2, Class SNR 2.98%, 2/16/18(a)	EUR		590		641,988
					2,922,195
Home Equity Loans - Floating Rate – 0.0%
Asset Backed Funding Certificates Trust Series 2003-WF1, Class A2 1.561%, 12/25/32(c)	U.S.$		238		227,049
Total Asset-Backed Securities (cost $3,193,429)					3,149,244
EMERGING MARKETS - TREASURIES – 0.4%
Brazil – 0.4%
Brazil Notas do Tesouro Nacional Series F 10.00%, 1/01/17 (cost $4,967,775)	BRL		12,725		3,071,785
LOCAL GOVERNMENTS - MUNICIPAL BONDS – 0.4%
United States – 0.4%
State of California Series 2010 7.625%, 3/01/40 (cost $2,016,468)	U.S.$		1,985		2,953,402
EMERGING MARKETS - CORPORATE BONDS – 0.2%
Industrial – 0.2%
Consumer Non-Cyclical – 0.2%
Raizen Energy Finance Ltd. 7.00%, 2/01/17(a) (cost $1,954,042)			1,885		1,929,769

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	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 0.6%
Investment Companies – 0.6%
AB Fixed Income Shares, Inc. – Government STIF Portfolio, 0.40%(e)(f) (cost $5,177,379)		5,177,379	$	5,177,379
Total Investments – 100.0% (cost $800,065,746)				792,946,373
Other assets less liabilities – 0.0%				(326,162	)
Net Assets – 100.0%			$	792,620,211

FUTURES (see Note C)

Type	Number of Contracts		Expiration Month		Original Value		Value at February 29, 2016		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
UK Long Gilt Bond Futures		79		June 2016	$	13,299,288	$	13,404,758	$	105,470
Sold Contracts
10 Yr Canadian Bond Futures		64		June 2016		6,712,368		6,696,585		15,783
10 Yr Japan Bond (OSE) Futures		11		March 2016		14,786,863		14,844,220		(57,357	)
Euro BUXL 30 Yr Bond Futures		7		March 2016		1,156,593		1,293,019		(136,426	)
Euro-BUND Futures		90		March 2016		15,684,478		16,309,272		(624,794	)
U.S. Long Bond (CBT) Futures		129		June 2016		21,327,293		21,224,531		102,762
U.S. T-Note 10 Yr (CBT) Futures		188		June 2016		24,517,765		24,536,937		(19,172	)
									$	(613,734	)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		USD	8,796		EUR	8,085		3/04/16	$	103
BNP Paribas SA		USD	8,216		EUR	7,328		3/04/16		(243,745	)
BNP Paribas SA		AUD	9,262		USD	6,664		3/18/16		57,594
BNP Paribas SA		AUD	24,602		USD	17,396		3/18/16		(150,289	)
BNP Paribas SA		USD	4,118		JPY	462,000		3/23/16		(17,950	)
BNP Paribas SA		USD	8,068		NOK	69,708		4/06/16		(59,603	)
Citibank		GBP	17,716		USD	25,271		3/10/16		611,905
Citibank		USD	4,034		RUB	306,908		4/07/16		5,163
Credit Suisse International		EUR	7,472		USD	8,327		3/04/16		198,496
Credit Suisse International		EUR	1,205		USD	1,307		3/04/16		(4,200	)

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Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Credit Suisse International		USD	15,620		GBP	10,883		3/10/16	$	(472,525	)
Deutsche Bank AG		TWD	266,117		USD	8,045		3/18/16		52,550
Deutsche Bank AG		TWD	294,616		USD	8,795		3/18/16		(52,989	)
Goldman Sachs Bank USA		PLN	30,299		USD	7,341		3/11/16		(242,935	)
Goldman Sachs Bank USA		USD	3,975		TRY	11,788		3/31/16		(33,362	)
Goldman Sachs Bank USA		CAD	37,397		USD	27,311		4/08/16		(330,462	)
Goldman Sachs Bank USA		TWD	56,282		USD	1,703		6/21/16		20,407
Goldman Sachs Bank USA		BRL	12,725		USD	2,767		1/04/17		(144,566	)
HSBC Bank USA		GBP	38,753		USD	55,510		3/10/16		1,572,035
HSBC Bank USA		MXN	321,426		USD	17,650		4/14/16		(15,767	)
Morgan Stanley & Co., Inc.		EUR	4,374		USD	4,825		3/04/16		65,814
Royal Bank of Scotland PLC		AUD	17,288		USD	12,459		3/18/16		129,194
Royal Bank of Scotland PLC		USD	7,868		TWD	263,268		3/18/16		38,538
Royal Bank of Scotland PLC		ZAR	15,830		USD	998		5/11/16		14,308
Standard Chartered Bank		EUR	132,290		USD	143,382		3/04/16		(537,063	)
Standard Chartered Bank		AUD	9,251		USD	6,612		3/18/16		14,109
Standard Chartered Bank		AUD	1,546		USD	1,092		3/18/16		(10,427	)
Standard Chartered Bank		JPY	455,520		USD	4,044		3/23/16		1,816
Standard Chartered Bank		JPY	595,370		USD	5,168		3/23/16		(115,838	)
Standard Chartered Bank		SEK	101,195		USD	11,908		4/06/16		72,684
Standard Chartered Bank		SGD	12,752		USD	9,033		4/08/16		(30,760	)
Standard Chartered Bank		TWD	450,248		USD	13,658		6/21/16		199,538
State Street Bank & Trust Co.		EUR	1,593		USD	1,727		3/04/16		(5,794	)
State Street Bank & Trust Co.		USD	593		EUR	544		3/04/16		(828	)
State Street Bank & Trust Co.		JPY	5,145,020		USD	44,507		3/23/16		(1,153,040	)
State Street Bank & Trust Co.		DKK	23,949		USD	3,592		4/06/16		94,742
									$	(473,147	)

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(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2016, the aggregate market value of these securities amounted to $278,913,988 or 35.2% of net assets.

(b) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(c) Floating Rate Security. Stated interest rate was in effect at February 29, 2016.

(d) Variable rate coupon, rate shown as of February 29, 2016.

(e) To obtain a copy of the fund’s financial statements, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

(f) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

DKK – Danish Krone

EUR – Euro

GBP – Great British Pound

JPY – Japanese Yen

MXN – Mexican Peso

NOK – Norwegian Krone

PLN – Polish Zloty

RUB – Russian Ruble

SEK – Swedish Krona

SGD – Singapore Dollar

TRY – Turkish Lira

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

Glossary:

ABS – Asset-Backed Securities

ARMs – Adjustable Rate Mortgages

CBT – Chicago Board of Trade

CMBS – Commercial Mortgage-Backed Securities

GSE – Government-Sponsored Enterprise

OAT – Obligations Assimilables du Trésor

OSE – Osaka Securities Exchange

PJSC – Public Joint Stock Company

REIT – Real Estate Investment Trust

TBA – To Be Announced

TIPS – Treasury Inflation Protected Security

See notes to financial statements.

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AB BOND INFLATION PROTECTION PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 29, 2016 (unaudited)

		Principal Amount (000)		U.S. $ Value
INFLATION-LINKED SECURITIES – 89.4%
United States – 89.4%
U.S. Treasury Inflation Index
0.125%, 4/15/17-7/15/22 (TIPS)(a)	U.S.$		251,883	$	253,940,471
0.125%, 1/15/23 (TIPS)(a)(b)			40,011		39,773,825
0.125%, 7/15/24 (TIPS)			40,104		39,668,156
0.25%, 1/15/25 (TIPS)(a)(b)			40,634		40,353,383
0.375%, 7/15/23 (TIPS)(a)			36,874		37,445,189
0.375%, 7/15/25 (TIPS)			58,266		58,683,554
0.625%, 7/15/21-1/15/24 (TIPS)			77,634		80,092,880
2.00%, 1/15/26 (TIPS)			15,912		18,422,780
Total Inflation-Linked Securities (cost $566,413,779)					568,380,238
CORPORATES - INVESTMENT GRADE – 19.2%
Industrial – 12.6%
Basic – 1.3%
Barrick Gold Corp. 4.10%, 5/01/23			96		89,621
Dow Chemical Co. (The) 8.55%, 5/15/19			637		748,796
Eastman Chemical Co. 3.80%, 3/15/25			630		609,372
Glencore Funding LLC 3.125%, 4/29/19(c)			3,225		2,821,875
International Paper Co. 4.75%, 2/15/22			1,339		1,418,589
LyondellBasell Industries NV 5.75%, 4/15/24			1,087		1,216,478
Minsur SA 6.25%, 2/07/24(c)			459		386,433
Sociedad Quimica y Minera de Chile SA 3.625%, 4/03/23(c)			832		732,160
					8,023,324
Capital Goods – 0.2%
Yamana Gold, Inc. 4.95%, 7/15/24			1,566		1,213,478
Communications - Media – 1.4%
21st Century Fox America, Inc. 6.15%, 3/01/37-2/15/41			1,584		1,696,333
CBS Corp.
3.50%, 1/15/25			630		610,919
5.75%, 4/15/20			1,625		1,811,540

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		Principal Amount (000)		U.S. $ Value
Cox Communications, Inc. 2.95%, 6/30/23(c)	U.S.$		348	$	316,306
Discovery Communications LLC 3.45%, 3/15/25			677		609,152
McGraw Hill Financial, Inc. 4.40%, 2/15/26			1,281		1,345,110
NBCUniversal Enterprise, Inc. 5.25%, 3/19/21(c)(d)			906		933,180
Time Warner, Inc. 3.55%, 6/01/24			1,124		1,106,264
Viacom, Inc. 3.875%, 4/01/24			635		594,381
					9,023,185
Communications - Telecommunications – 1.6%
American Tower Corp.
2.80%, 6/01/20			911		905,680
5.05%, 9/01/20			1,355		1,453,981
AT&T, Inc. 3.40%, 5/15/25			1,715		1,684,663
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
3.80%, 3/15/22			469		481,871
4.45%, 4/01/24			1,645		1,730,369
Rogers Communications, Inc. 4.00%, 6/06/22	CAD		150		118,128
Telefonica Emisiones SAU 5.462%, 2/16/21	U.S.$		835		915,336
Verizon Communications, Inc.
4.272%, 1/15/36			2,262		2,088,568
7.35%, 4/01/39			780		945,561
					10,324,157
Consumer Cyclical - Automotive – 0.5%
Ford Motor Credit Co. LLC
2.597%, 11/04/19			919		903,974
5.00%, 5/15/18			337		352,553
5.875%, 8/02/21			1,166		1,286,193
General Motors Co. 3.50%, 10/02/18			775		776,550
					3,319,270
Consumer Cyclical - Retailers – 0.9%
CVS Health Corp. 3.875%, 7/20/25			1,490		1,593,665
Kohl’s Corp. 4.25%, 7/17/25			1,870		1,797,218
Walgreens Boots Alliance, Inc. 3.80%, 11/18/24			1,910		1,915,092
					5,305,975

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		Principal Amount (000)		U.S. $ Value
Consumer Non-Cyclical – 3.3%
AbbVie, Inc. 3.60%, 5/14/25	U.S.$		972	$	992,329
Actavis Funding SCS
3.80%, 3/15/25			1,664		1,712,995
3.85%, 6/15/24			517		533,550
Altria Group, Inc. 2.625%, 1/14/20			1,915		1,950,723
Baxalta, Inc. 3.60%, 6/23/22(c)			1,510		1,497,148
Bayer US Finance LLC 3.375%, 10/08/24(c)			611		633,927
Becton Dickinson and Co. 3.734%, 12/15/24			832		859,298
Biogen, Inc. 3.625%, 9/15/22			907		937,381
Bunge Ltd. Finance Corp. 8.50%, 6/15/19			13		15,038
Gilead Sciences, Inc. 3.65%, 3/01/26			1,415		1,481,276
Grupo Bimbo SAB de CV 3.875%, 6/27/24(c)			1,270		1,245,334
Kraft Heinz Foods Co. 2.80%, 7/02/20(c)			750		758,732
3.50%, 7/15/22(c)			956		984,478
Laboratory Corp. of America Holdings 3.60%, 2/01/25			575		569,134
Medtronic, Inc. 3.50%, 3/15/25			1,910		2,005,437
Perrigo Finance Unlimited Co. 3.50%, 12/15/21			251		248,717
3.90%, 12/15/24			650		633,883
Reynolds American, Inc. 4.00%, 6/12/22			1,323		1,425,919
Thermo Fisher Scientific, Inc. 4.15%, 2/01/24			696		726,635
Tyson Foods, Inc. 2.65%, 8/15/19			367		371,927
3.95%, 8/15/24			1,207		1,273,501
					20,857,362
Energy – 2.5%
Diamond Offshore Drilling, Inc. 4.875%, 11/01/43			654		388,918
Energy Transfer Partners LP 6.125%, 2/15/17			1,645		1,651,031
EnLink Midstream Partners LP 5.05%, 4/01/45			750		446,659
Enterprise Products Operating LLC 3.70%, 2/15/26			1,643		1,537,713
5.20%, 9/01/20			720		758,350

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		Principal Amount (000)		U.S. $ Value
Halliburton Co. 3.375%, 11/15/22	U.S.$		1,740	$	1,714,203
Kinder Morgan Energy Partners LP 3.95%, 9/01/22			1,439		1,300,817
4.15%, 3/01/22			625		560,506
Marathon Petroleum Corp. 5.125%, 3/01/21			590		590,650
Noble Energy, Inc. 3.90%, 11/15/24			996		838,063
8.25%, 3/01/19			1,370		1,403,113
Plains All American Pipeline LP/PAA Finance Corp. 3.60%, 11/01/24			1,323		1,017,088
Reliance Holding USA, Inc. 5.40%, 2/14/22(c)			434		473,877
Schlumberger Holdings Corp. 3.00%, 12/21/20(c)			1,640		1,611,162
Spectra Energy Capital LLC 8.00%, 10/01/19			450		477,947
Valero Energy Corp. 6.125%, 2/01/20			998		1,070,580
					15,840,677
Other Industrial – 0.1%
Hutchison Whampoa International 14 Ltd. 1.625%, 10/31/17(c)			636		634,262
Technology – 0.8%
KLA-Tencor Corp. 4.65%, 11/01/24			1,321		1,298,930
Motorola Solutions, Inc. 7.50%, 5/15/25			1,475		1,621,748
Seagate HDD Cayman 4.75%, 1/01/25			740		566,988
Tencent Holdings Ltd. 3.375%, 5/02/19(c)			1,230		1,262,380
Total System Services, Inc. 2.375%, 6/01/18			530		522,929
					5,272,975
					79,814,665
Financial Institutions – 5.4%
Banking – 3.5%
Bank of America Corp. 5.625%, 7/01/20			705		780,254
Series E 0.709%, 3/28/18(e)	EUR		1,850		1,976,543
Barclays Bank PLC 6.625%, 3/30/22(c)			459		587,271
Barclays PLC 3.65%, 3/16/25	U.S.$		475		436,455

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		Principal Amount (000)		U.S. $ Value
BPCE SA 5.70%, 10/22/23(c)	U.S.$		397	$	408,438
Citigroup, Inc. 3.875%, 3/26/25			1,365		1,307,939
Cooperatieve Rabobank UA 3.95%, 11/09/22			361		359,402
4.375%, 8/04/25			977		982,120
Credit Suisse Group Funding Guernsey Ltd. 3.75%, 3/26/25			1,870		1,766,221
Goldman Sachs Group, Inc. (The) 2.236%, 11/29/23(e)			1,550		1,514,358
Mizuho Financial Group Cayman 3 Ltd. 4.60%, 3/27/24(c)			1,710		1,775,761
Morgan Stanley 5.625%, 9/23/19			348		381,892
Series G 5.50%, 7/24/20-7/28/21			1,397		1,560,719
Murray Street Investment Trust I 4.647%, 3/09/17			184		188,247
PNC Bank NA 3.80%, 7/25/23			1,930		2,025,207
Rabobank Capital Funding Trust III 5.254%, 10/21/16(c)(d)			735		731,325
Santander Bank NA 1.551%, 1/12/18(e)			1,870		1,849,174
Santander Issuances SAU 5.179%, 11/19/25			1,000		929,974
Santander UK PLC 5.00%, 11/07/23(c)			1,050		1,059,589
UBS AG/Stamford CT 7.625%, 8/17/22			929		1,035,937
UBS Group Funding Jersey Ltd. 4.125%, 9/24/25(c)			970		966,573
					22,623,399
Insurance – 1.3%
American International Group, Inc. 6.40%, 12/15/20			1,165		1,329,649
Hartford Financial Services Group, Inc. (The) 5.125%, 4/15/22			1,330		1,472,624
6.10%, 10/01/41			760		891,332
Lincoln National Corp. 8.75%, 7/01/19			550		657,001
Nationwide Mutual Insurance Co. 9.375%, 8/15/39(c)			548		791,616
Prudential Financial, Inc. 5.625%, 6/15/43			762		752,856

106 •  AB POOLING PORTFOLIOS

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		Principal Amount (000)		U.S. $ Value
Swiss Re Capital I LP 6.854%, 5/25/16(c)(d)	U.S.$		1,815	$	1,806,288
XLIT Ltd. 5.50%, 3/31/45			335		318,664
					8,020,030
REITS – 0.6%
Host Hotels & Resorts LP Series D 3.75%, 10/15/23			23		22,422
Trust F/1401 5.25%, 12/15/24(c)			1,555		1,514,181
Welltower, Inc. 5.25%, 1/15/22			1,945		2,097,393
					3,633,996
					34,277,425
Utility – 1.2%
Electric – 0.9%
CMS Energy Corp. 5.05%, 3/15/22			669		740,324
Constellation Energy Group, Inc. 5.15%, 12/01/20			263		286,916
Entergy Corp. 4.00%, 7/15/22			1,308		1,373,200
Exelon Corp. 2.85%, 6/15/20			2,470		2,490,721
Exelon Generation Co. LLC 4.25%, 6/15/22			763		774,180
					5,665,341
Natural Gas – 0.3%
Talent Yield Investments Ltd. 4.50%, 4/25/22(c)			2,090		2,204,584
					7,869,925
Total Corporates - Investment Grade (cost $122,946,035)					121,962,015
COMMERCIAL MORTGAGE-BACKED SECURITIES – 10.4%
Non-Agency Fixed Rate CMBS – 8.4%
Banc of America Commercial Mortgage Trust Series 2007-4, Class A1A 5.774%, 2/10/51			3,194		3,319,274
Series 2007-5, Class AM 5.772%, 2/10/51			618		638,889
Bear Stearns Commercial Mortgage Securities Trust Series 2006-PW13, Class AJ 5.611%, 9/11/41			1,182		1,190,727

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AB Bond Inflation Protection Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
BHMS Mortgage Trust Series 2014-ATLS, Class AFX 3.601%, 7/05/33(c)	U.S.$		1,950	$	1,984,367
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class A 3.369%, 3/13/35(c)			1,970		2,026,604
Citigroup Commercial Mortgage Trust Series 2006-C4, Class A1A 5.912%, 3/15/49			102		102,039
Series 2013-GC11, Class D 4.457%, 4/10/46(c)			900		738,175
Series 2015-GC27, Class A5 3.137%, 2/10/48			1,475		1,479,558
COBALT CMBS Commercial Mortgage Trust Series 2007-C3, Class A4 5.767%, 5/15/46			1,914		1,984,304
Commercial Mortgage Trust Series 2006-C8, Class A1A 5.292%, 12/10/46			1,330		1,348,649
Series 2007-GG9, Class A4 5.444%, 3/10/39			2,851		2,911,246
Series 2007-GG9, Class AM 5.475%, 3/10/39			1,282		1,302,869
Series 2013-SFS, Class A1 1.873%, 4/12/35(c)			759		748,191
Credit Suisse Commercial Mortgage Trust Series 2007-C3, Class AM 5.699%, 6/15/39			947		963,471
CSAIL Commercial Mortgage Trust Series 2015-C3, Class A4 3.718%, 8/15/48			1,346		1,407,727
DBUBS Mortgage Trust Series 2011-LC1A, Class E 5.646%, 11/10/46(c)			763		778,466
Extended Stay America Trust Series 2013-ESH7, Class A17 2.295%, 12/05/31(c)			1,320		1,315,171
GS Mortgage Securities Corp. II Series 2013-KING, Class A 2.706%, 12/10/27(c)			1,878		1,901,851
GS Mortgage Securities Trust Series 2007-GG10, Class A4 5.794%, 8/10/45			1,138		1,169,472
Series 2013-G1, Class A1 2.059%, 4/10/31(c)			1,431		1,410,617
JP Morgan Chase Commercial Mortgage Securities Trust Series 2004-LN2, Class A1A 4.838%, 7/15/41(c)			471		468,678

108 •  AB POOLING PORTFOLIOS

AB Bond Inflation Protection Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Series 2006-CB15, Class A4 5.814%, 6/12/43	U.S.$		1,246	$	1,246,336
Series 2006-LDP9, Class AM 5.372%, 5/15/47			778		781,619
Series 2007-CB19, Class AM 5.702%, 2/12/49			700		716,268
Series 2007-LD12, Class AM 6.01%, 2/15/51			598		625,821
Series 2007-LDPX, Class A1A 5.439%, 1/15/49			3,832		3,923,823
Series 2008-C2, Class A1A 5.998%, 2/12/51			1,563		1,594,137
Series 2010-C2, Class A1 2.749%, 11/15/43(c)			69		69,193
Series 2011-C5, Class D 5.323%, 8/15/46(c)			552		549,314
JPMBB Commercial Mortgage Securities Trust Series 2015-C31, Class A3 3.801%, 8/15/48			1,273		1,338,972
Series 2015-C32, Class C 4.669%, 11/15/48			1,137		931,001
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 9/15/39			611		613,008
Series 2007-C1, Class AM 5.455%, 2/15/40			620		634,604
LSTAR Commercial Mortgage Trust Series 2014-2, Class A2 2.767%, 1/20/41(c)			1,123		1,119,959
Series 2015-3, Class A2 2.729%, 4/20/48(c)			1,505		1,479,131
Merrill Lynch Mortgage Trust Series 2006-C2, Class A1A 5.739%, 8/12/43			1,173		1,181,543
ML-CFC Commercial Mortgage Trust Series 2006-4, Class A1A 5.166%, 12/12/49			1,969		1,993,405
UBS-Barclays Commercial Mortgage Trust Series 2012-C3, Class A4 3.091%, 8/10/49			317		323,733
Series 2012-C4, Class A5 2.85%, 12/10/45			637		640,787
Wachovia Bank Commercial Mortgage Trust Series 2006-C26, Class A1A 6.009%, 6/15/45			636		636,542

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AB Bond Inflation Protection Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
WF-RBS Commercial Mortgage Trust Series 2012-C9, Class D 4.802%, 11/15/45(c)	U.S.$		680	$	616,452
Series 2013-C14, Class A5 3.337%, 6/15/46			1,776		1,838,916
Series 2014-C20, Class A2 3.036%, 5/15/47			1,218		1,259,987
					53,304,896
Non-Agency Floating Rate CMBS – 1.7%
Carefree Portfolio Trust Series 2014-CARE, Class A 1.751%, 11/15/19(c)(e)			1,065		1,057,869
Commercial Mortgage Trust Series 2014-KYO, Class A 1.329%, 6/11/27(c)(e)			1,490		1,453,573
Series 2014-SAVA, Class A 1.577%, 6/15/34(c)(e)			691		681,397
H/2 Asset Funding NRE Series 2015-1A 2.084%, 6/24/49(c)(e)			1,481		1,473,507
JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-INN, Class A 1.351%, 6/15/29(c)(e)			1,987		1,956,922
Morgan Stanley Capital I Trust Series 2015-XLF2, Class AFSA 2.297%, 8/15/26(c)(e)			553		550,167
Series 2015-XLF2, Class SNMA 2.377%, 11/15/26(c)(e)			553		549,850
PFP III Ltd. Series 2014-1, Class A 1.599%, 6/14/31(c)(e)			141		141,013
Resource Capital Corp., Ltd. Series 2014-CRE2, Class A 1.48%, 4/15/32(c)(e)			595		579,505
Starwood Retail Property Trust Series 2014-STAR, Class A 1.647%, 11/15/27(c)(e)			1,299		1,285,112
Wells Fargo Commercial Mortgage Trust Series 2015-SG1, Class C 4.471%, 12/15/47(f)			1,206		1,071,610
					10,800,525

110 •  AB POOLING PORTFOLIOS

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		Principal Amount (000)		U.S. $ Value
Agency CMBS – 0.3%
FHLMC Multifamily Structured Pass Through Certificates Series K008, Class A1 2.746%, 12/25/19	U.S.$		2,316	$	2,370,774
Total Commercial Mortgage-Backed Securities (cost $68,666,963)					66,476,195
ASSET-BACKED SECURITIES – 9.7%
Autos - Fixed Rate – 5.2%
Ally Auto Receivables Trust Series 2015-2, Class A3 1.49%, 11/15/19			713		715,405
Ally Master Owner Trust Series 2015-3, Class A 1.63%, 5/15/20			1,572		1,569,667
AmeriCredit Automobile Receivables Trust Series 2013-3, Class A3 0.92%, 4/09/18			570		569,568
Series 2013-4, Class A3 0.96%, 4/09/18			284		283,441
ARI Fleet Lease Trust Series 2014-A, Class A2 0.81%, 11/15/22(c)			330		329,915
Avis Budget Rental Car Funding AESOP LLC Series 2013-2A, Class A 2.97%, 2/20/20(c)			3,140		3,163,991
Series 2014-1A, Class A 2.46%, 7/20/20(c)			1,591		1,596,405
Bank of The West Auto Trust Series 2015-1, Class A3 1.31%, 10/15/19(c)			1,506		1,502,205
California Republic Auto Receivables Trust Series 2014-2, Class A4 1.57%, 12/16/19			1,585		1,580,958
Series 2015-2, Class A3 1.31%, 8/15/19			1,210		1,211,342
Capital Auto Receivables Asset Trust Series 2014-1, Class B 2.22%, 1/22/19			400		400,281
CPS Auto Receivables Trust Series 2013-B, Class A 1.82%, 9/15/20(c)			577		575,596
Series 2014-B, Class A 1.11%, 11/15/18(c)			472		468,778

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AB Bond Inflation Protection Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Drive Auto Receivables Trust Series 2015-BA, Class A2A 0.93%, 12/15/17(c)	U.S.$		232	$	231,788
Series 2015-CA, Class A2A 1.03%, 2/15/18(c)			354		353,880
Series 2015-DA, Class A2A 1.23%, 6/15/18(c)			834		833,494
Enterprise Fleet Financing LLC Series 2014-1, Class A2 0.87%, 9/20/19(c)			307		305,555
Series 2015-1, Class A2 1.30%, 9/20/20(c)			1,376		1,366,866
Exeter Automobile Receivables Trust Series 2014-1A, Class A 1.29%, 5/15/18(c)			69		69,145
Series 2014-2A, Class A 1.06%, 8/15/18(c)			134		133,784
Flagship Credit Auto Trust Series 2013-1, Class A 1.32%, 4/16/18(c)			35		34,558
Ford Credit Auto Owner Trust Series 2012-D, Class B 1.01%, 5/15/18			645		642,691
Series 2014-2, Class A 2.31%, 4/15/26(c)			1,373		1,386,215
GM Financial Automobile Leasing Trust Series 2015-1, Class A2 1.10%, 12/20/17			1,105		1,105,786
Series 2015-2, Class A3 1.68%, 12/20/18			1,723		1,726,485
GMF Floorplan Owner Revolving Trust Series 2015-1, Class A1 1.65%, 5/15/20(c)			730		727,919
Harley-Davidson Motorcycle Trust Series 2014-1, Class A3 1.10%, 9/15/19			780		778,720
Hertz Vehicle Financing II LP Series 2015-2A, Class A 2.02%, 9/25/19(c)			900		899,550
Hertz Vehicle Financing LLC Series 2013-1A, Class B2 2.48%, 8/25/19(c)			853		822,816
Hyundai Auto Lease Securitization Trust Series 2015-A, Class A2 1.00%, 10/16/17(c)			802		801,988
Series 2015-B, Class A3 1.40%, 11/15/18(c)			1,190		1,192,088

112 •  AB POOLING PORTFOLIOS

AB Bond Inflation Protection Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Hyundai Auto Receivables Trust Series 2012-B, Class C 1.95%, 10/15/18	U.S.$		585	$	585,596
Mercedes Benz Auto Lease Trust Series 2015-B, Class A3 1.34%, 7/16/18			659		659,726
Nissan Auto Lease Trust Series 2015-A, Class A3 1.40%, 6/15/18			1,287		1,287,366
Santander Drive Auto Receivables Trust Series 2015-3, Class A2A 1.02%, 9/17/18			889		887,723
Series 2015-4,Class A2A 1.20%, 12/17/18			621		620,298
TCF Auto Receivables Owner Trust Series 2015-1A, Class A2 1.02%, 8/15/18(c)			1,246		1,241,024
Westlake Automobile Receivables Trust Series 2015-3A, Class A2A 1.42%, 5/17/21(c)			599		598,683
					33,261,296
Credit Cards - Fixed Rate – 1.7%
American Express Credit Account Master Trust Series 2014-2, Class A 1.26%, 1/15/20			901		903,216
Barclays Dryrock Issuance Trust Series 2014-3, Class A 2.41%, 7/15/22			1,685		1,725,794
Capital One Multi-Asset Execution Trust Series 2015-A5, Class A5 1.60%, 5/17/21			1,487		1,496,668
Discover Card Execution Note Trust Series 2015-A2, Class A 1.90%, 10/17/22			1,526		1,532,141
Synchrony Credit Card Master Note Trust Series 2012-2, Class A 2.22%, 1/15/22			2,269		2,296,221
World Financial Network Credit Card Master Trust Series 2012-B, Class A 1.76%, 5/17/21			1,310		1,314,740
Series 2013-A, Class A 1.61%, 12/15/21			809		811,197
Series 2015-B, Class A 2.55%, 6/17/24			1,163		1,188,183
					11,268,160

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AB Bond Inflation Protection Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Autos - Floating Rate – 1.4%
BMW Floorplan Master Owner Trust Series 2015-1A, Class A 0.931%, 7/15/20(c)(e)	U.S.$		2,227	$	2,223,259
Ford Credit Floorplan Master Owner Trust A Series 2015-2, Class A2 1.001%, 1/15/22(e)			1,429		1,425,852
GE Dealer Floorplan Master Note Trust Series 2014-1, Class A 0.812%, 7/20/19(e)			996		994,973
Series 2015-1, Class A 0.932%, 1/20/20(e)			1,290		1,277,264
Hertz Fleet Lease Funding LP Series 2013-3, Class A 0.979%, 12/10/27(c)(e)			1,046		1,046,822
Navistar Financial Dealer Note Master Trust Series 2014-1, Class A 1.186%, 10/25/19(c)(e)			1,301		1,294,683
Volkswagen Credit Auto Master Trust Series 2014-1A, Class A1 0.782%, 7/22/19(c)(e)			680		669,612
					8,932,465
Other ABS - Fixed Rate – 0.7%
CIT Equipment Collateral Series 2014-VT1, Class A2 0.86%, 5/22/17(c)			1,084		1,083,689
CNH Equipment Trust Series 2015-A, Class A4 1.85%, 4/15/21			1,021		1,027,459
Dell Equipment Finance Trust Series 2015-2, Class A2A 1.42%, 12/22/17(c)			614		612,863
SBA Tower Trust 3.156%, 10/15/20(c)			1,573		1,575,045
					4,299,056
Credit Cards - Floating Rate – 0.7%
Cabela’s Credit Card Master Note Trust Series 2014-1, Class A 0.781%, 3/16/20(e)			600		598,788
Discover Card Execution Note Trust Series 2015-A1, Class A1 0.881%, 8/17/20(e)			1,228		1,228,024
First National Master Note Trust Series 2013-2, Class A 0.961%, 10/15/19(e)			1,619		1,620,574

114 •  AB POOLING PORTFOLIOS

AB Bond Inflation Protection Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
World Financial Network Credit Card Master Trust Series 2015-A, Class A 0.911%, 2/15/22(e)	U.S.$		850	$	846,964
					4,294,350
Total Asset-Backed Securities (cost $61,970,853)					62,055,327
COLLATERALIZED MORTGAGE OBLIGATIONS – 3.4%
GSE Risk Share Floating Rate – 2.8%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2013-DN2, Class M2 4.677%, 11/25/23(e)			1,940		1,859,207
Series 2014-DN2, Class M1 1.277%, 4/25/24(e)			345		345,050
Series 2014-DN3, Class M3 4.427%, 8/25/24(e)			1,965		1,810,592
Series 2014-DN4, Class M3 4.977%, 10/25/24(e)			250		237,621
Series 2014-HQ3, Class M3 5.177%, 10/25/24(e)			1,210		1,161,691
Series 2015-DNA1, Class M3 3.736%, 10/25/27(e)			315		283,938
Series 2015-DNA2, Class M2 3.036%, 12/25/27(e)			2,100		2,081,599
Series 2015-DNA3, Class M3 5.136%, 4/25/28(e)			417		367,181
Series 2015-HQ1, Class M2 2.636%, 3/25/25(e)			535		533,548
Series 2015-HQA1, Class M2 3.086%, 3/25/28(e)			1,880		1,857,367
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C03, Class 1M1 1.636%, 7/25/24(e)			447		445,376
Series 2014-C04, Class 1M2 5.336%, 11/25/24(e)			1,111		1,064,550
Series 2014-C04, Class 2M2 5.436%, 11/25/24(e)			415		401,155
Series 2015-C01, Class 1M2 4.736%, 2/25/25(e)			835		796,802
Series 2015-C01, Class 2M2 4.986%, 2/25/25(e)			732		718,084

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AB Bond Inflation Protection Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Series 2015-C02, Class 2M2 4.436%, 5/25/25(e)	U.S.$		895	$	827,973
Series 2015-C03, Class 1M1 1.936%, 7/25/25(e)			650		648,950
Series 2015-C03, Class 1M2 5.436%, 7/25/25(e)			340		315,043
Series 2015-C03, Class 2M2 5.436%, 7/25/25(e)			1,095		1,015,672
Series 2015-C04, Class 1M2 6.136%, 4/25/28(e)			417		395,805
Series 2015-C04, Class 2M2 5.986%, 4/25/28(e)			637		601,240
					17,768,444
Non-Agency Floating Rate – 0.6%
Bellemeade Re Ltd. Series 2015-1A, Class M1 2.936%, 7/25/25(c)(e)			811		799,532
JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-SGP, Class A 2.127%, 7/15/36(c)(e)			1,779		1,764,128
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M1 3.186%, 11/25/25(c)(e)			488		488,022
Series 2015-WF1, Class 2M1 3.286%, 11/25/25(e)(g)			585		585,186
					3,636,868
Total Collateralized Mortgage Obligations (cost $22,322,695)					21,405,312
CORPORATES - NON-INVESTMENT GRADE – 2.8%
Financial Institutions – 1.3%
Banking – 1.2%
Bank of America Corp. Series Z 6.50%, 10/23/24(d)			480		489,600
Barclays Bank PLC 6.86%, 6/15/32(c)(d)			255		278,320
7.625%, 11/21/22			596		602,705
7.75%, 4/10/23			686		695,046
Credit Suisse Group AG 7.50%, 12/11/23(c)(d)			305		295,088
HBOS Capital Funding LP 4.939%, 5/23/16(d)	EUR		2,440		2,654,352

116 •  AB POOLING PORTFOLIOS

AB Bond Inflation Protection Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Intesa Sanpaolo SpA 5.017%, 6/26/24(c)	U.S.$		1,365	$	1,254,204
Royal Bank of Scotland Group PLC Series U 7.64%, 9/30/17(d)			300		291,750
Royal Bank of Scotland PLC (The) 9.50%, 3/16/22(c)			81		85,211
Societe Generale SA 5.922%, 4/05/17(c)(d)			230		225,975
8.00%, 9/29/25(c)(d)			710		646,408
					7,518,659
Finance – 0.1%
AerCap Aviation Solutions BV 6.375%, 5/30/17			453		467,722
International Lease Finance Corp. 5.875%, 4/01/19			539		569,319
					1,037,041
					8,555,700
Industrial – 1.2%
Basic – 0.2%
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc. 6.50%, 11/15/20			257		189,538
Novelis, Inc. 8.375%, 12/15/17			166		165,170
Teck Resources Ltd. 4.50%, 1/15/21			1,645		1,069,250
					1,423,958
Communications - Media – 0.0%
CSC Holdings LLC 8.625%, 2/15/19			268		288,100
Communications - Telecommunications – 0.3%
Numericable-SFR SA 5.375%, 5/15/22(c)	EUR		283		307,677
Sprint Capital Corp. 6.90%, 5/01/19	U.S.$		2,165		1,845,662
					2,153,339
Consumer Cyclical - Other – 0.2%
KB Home 4.75%, 5/15/19			632		603,560
MCE Finance Ltd. 5.00%, 2/15/21(c)			385		358,050
					961,610

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AB Bond Inflation Protection Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Consumer Non-Cyclical – 0.1%
Valeant Pharmaceuticals International, Inc. 6.125%, 4/15/25(c)	U.S.$		795	$	667,303
Energy – 0.3%
Cenovus Energy, Inc. 5.70%, 10/15/19			303		264,394
ONEOK, Inc. 4.25%, 2/01/22			1,321		980,843
SM Energy Co. 6.50%, 1/01/23			74		29,415
Transocean, Inc. 6.50%, 11/15/20			785		463,150
					1,737,802
Technology – 0.1%
Advanced Micro Devices, Inc. 6.75%, 3/01/19			605		441,650
					7,673,762
Utility – 0.2%
Electric – 0.2%
AES Corp./VA 7.375%, 7/01/21			700		729,750
NRG Energy, Inc. Series WI 6.25%, 5/01/24			532		441,560
					1,171,310
Non Corporate Sectors – 0.1%
Agencies - Not Government Guaranteed – 0.1%
NOVA Chemicals Corp. 5.25%, 8/01/23(c)			730		719,050
Total Corporates - Non-Investment Grade (cost $21,157,202)					18,119,822
GOVERNMENTS - SOVEREIGN AGENCIES – 0.6%
Brazil – 0.2%
Petrobras Global Finance BV 5.75%, 1/20/20			1,450		1,160,000
Colombia – 0.1%
Ecopetrol SA 5.875%, 5/28/45			547		382,900

118 •  AB POOLING PORTFOLIOS

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		Principal Amount (000)		U.S. $ Value
Israel – 0.2%
Israel Electric Corp. Ltd. Series 6 5.00%, 11/12/24(c)	U.S.$		1,380	$	1,410,360
United Kingdom – 0.1%
Royal Bank of Scotland Group PLC 7.50%, 8/10/20(d)			735		663,264
Total Governments - Sovereign Agencies (cost $4,123,326)					3,616,524
QUASI-SOVEREIGNS – 0.4%
Quasi-Sovereign Bonds – 0.4%
Chile – 0.3%
Corp Nacional del Cobre de Chile 4.50%, 9/16/25(c)			1,350		1,336,098
Empresa de Transporte de Pasajeros Metro SA 4.75%, 2/04/24(c)			586		603,525
					1,939,623
Mexico – 0.1%
Petroleos Mexicanos 3.50%, 7/18/18			526		522,055
Total Quasi-Sovereigns (cost $2,437,074)					2,461,678
EMERGING MARKETS - TREASURIES – 0.4%
Brazil – 0.4%
Brazil Notas do Tesouro Nacional Series F 10.00%, 1/01/17 (cost $3,907,852)	BRL		10,010		2,416,391
		Shares
COMMON STOCKS – 0.2%
Financials – 0.2%
Insurance – 0.2%
Mt Logan Re Ltd. (Preference Shares)(h)(i)(j) (cost $1,100,000)			1,100		1,108,802
		Principal Amount (000)
EMERGING MARKETS -CORPORATE BONDS – 0.1%
Industrial – 0.1%
Capital Goods – 0.0%
Odebrecht Finance Ltd. 5.25%, 6/27/29(c)	U.S.$		793		344,955

AB POOLING PORTFOLIOS  • 119

AB Bond Inflation Protection Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Communications - Telecommunications – 0.1%
Comcel Trust via Comunicaciones Celulares SA 6.875%, 2/06/24(c)	U.S.$		387	$	345,398
Consumer Non-Cyclical – 0.0%
Virgolino de Oliveira Finance SA 10.50%, 1/28/18(g)(k)			761		20,014
11.75%, 2/09/22(g)(k)			270		7,101
					27,115
Total Emerging Markets - Corporate Bonds (cost $1,727,634)					717,468
		Shares
PREFERRED STOCKS – 0.1%
Financial Institutions – 0.1%
Insurance – 0.1%
Allstate Corp. (The) 5.10%, 1/15/53 (cost $740,144)			27,700		697,763
		Principal Amount (000)
GOVERNMENTS - SOVEREIGN BONDS – 0.1%
Mexico – 0.1%
Mexico Government International Bond Series E 5.95%, 3/19/19 (cost $387,587)	U.S.$		348		387,498
		Shares
SHORT-TERM INVESTMENTS – 5.7%
Investment Companies – 4.2%
AB Fixed Income Shares, Inc. – Government STIF Portfolio, 0.40%(l)(m) (cost $26,955,334)			26,955,334		26,955,334

120 •  AB POOLING PORTFOLIOS

AB Bond Inflation Protection Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Repurchase Agreements – 1.5%
JP Morgan Term Repo 0.52%, dated 2/02/16 due 4/25/16 in the amount of $9,427,539 (collateralized by $9,000,000, U.S. Treasury Inflation Index Note, 0.125% due 4/15/17, value $9,416,250) (cost $9,416,250)	U.S.$		9,416	$	9,416,250
Total Short-Term Investments (cost $36,371,584)					36,371,584
Total Investments – 142.5% (cost $914,272,728)					906,176,617
Other assets less liabilities – (42.5)%					(270,241,733	)
Net Assets – 100.0%				$	635,934,884

FUTURES (see Note C)

Type	Number of Contracts		Expiration Month		Original Value		Value at February 29, 2016		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Canada 10 Yr Bond Futures		70		June 2016	$	7,341,877	$	7,324,390	$	(17,487	)
U.S. Ultra Bond (CBT) Futures		40		June 2016		6,956,920		6,926,250		(30,670	)
Sold Contracts
Euro-BOBL Futures		183		March 2016		26,249,690		26,542,887		(293,197	)
U.S. T-Note 2 Yr (CBT) Futures		165		June 2016		36,103,863		36,060,235		43,628
U.S. T-Note 5 Yr (CBT) Futures		393		June 2016		47,571,137		47,546,859		24,278
U.S. T-Note 10 Yr (CBT) Futures		208		June 2016		27,126,038		27,147,250		(21,212	)
									$	(294,660	)

AB POOLING PORTFOLIOS  • 121

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FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
BNP Paribas SA		USD	1,342		JPY	149,537		3/25/16	$	(14,860	)
BNP Paribas SA		USD	4,462		NOK	38,553		4/06/16		(32,964	)
Goldman Sachs Bank USA		BRL	10,511		USD	2,286		1/04/17		(119,408	)
HSBC Bank USA		TWD	172,282		USD	5,135		3/18/16		(39,162	)
HSBC Bank USA		USD	2,266		MXN	41,263		4/14/16		2,024
JPMorgan Chase Bank		JPY	1,300,000		USD	10,902		3/25/16		(635,983	)
Standard Chartered Bank		SGD	7,031		USD	4,980		4/08/16		(16,959	)
State Street Bank & Trust Co.		EUR	5,180		USD	5,614		3/04/16		(21,230	)
State Street Bank & Trust Co.		USD	4,865		JPY	558,856		3/25/16		95,101
									$	(783,441	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note C)

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at February 29, 2016			Notional Amount (000)		Market Value			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citigroup Global Markets, Inc./(INTRCONX)
CDX-NAHY Series 21, 5 Year Index, 12/20/18*		(5.00	)%		3.63	%	$	14,957	$	(683,404	)	$	(87,827	)
Morgan Stanley & Co., LLC/(INTRCONX)
CDX-NAHY Series 21, 5 Year Index, 12/20/18*		(5.00	)		3.63			5,995		(273,932	)		(138,487	)
CDX-NAIG Series 22, 5 Year Index, 6/20/19*		(1.00	)		0.95			23,810		(83,763	)		138,696
									$	(1,041,099	)	$	(87,618	)

* Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note C)

					Rate Type
Clearing Broker /(Exchange)	Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Unrealized Appreciation/ (Depreciation)
Morgan Stanley & Co., LLC/(CME Group)	CAD	35,660		3/10/17	0.973%	3 Month CDOR	$	(68,228	)
Morgan Stanley & Co., LLC/(CME Group)	AUD	47,230		3/11/17	2.140%	3 Month BBSW		7,839
Morgan Stanley & Co., LLC/(CME Group)	CAD	33,470		6/05/17	1.054%	3 Month CDOR		(92,873	)

122 •  AB POOLING PORTFOLIOS

AB Bond Inflation Protection Portfolio—Portfolio of Investments

					Rate Type
Clearing Broker /(Exchange)	Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Unrealized Appreciation/ (Depreciation)
Morgan Stanley & Co., LLC/(CME Group)	NZD	65,930		6/09/17	3.366%	3 Month BKBM	$	(567,681	)
Morgan Stanley & Co., LLC/(CME Group)	AUD	42,090		6/09/17	2.218%	3 Month BBSW		(53,432	)
Morgan Stanley & Co., LLC/(CME Group)		28,930		10/30/17	1.915%	3 Month BBSW		41,544
Morgan Stanley & Co., LLC/(CME Group)	$	43,660		5/06/19	3 Month LIBOR	1.751%		1,326,895
Morgan Stanley & Co., LLC/(CME Group)		8,240		7/02/19	3 Month LIBOR	1.701%		213,154
Morgan Stanley & Co., LLC/(CME Group)		14,230		10/31/19	3 Month LIBOR	1.747%		460,532
Morgan Stanley & Co., LLC/(CME Group)		14,575		5/18/20	3 Month LIBOR	1.663%		432,216
Morgan Stanley & Co., LLC/(CME Group)	GBP	12,180		6/05/20	6 Month LIBOR	1.651%		644,704
Morgan Stanley & Co., LLC/(CME Group)	$	12,070		8/11/20	3 Month LIBOR	1.712%		338,731
Morgan Stanley & Co., LLC/(CME Group)		4,910		1/14/24	2.980%	3 Month LIBOR		(596,600	)
Morgan Stanley & Co., LLC/(CME Group)		4,330		2/14/24	2.889%	3 Month LIBOR		(489,751	)
Morgan Stanley & Co., LLC/(CME Group)		6,120		4/28/24	2.817%	3 Month LIBOR		(716,363	)
Morgan Stanley & Co., LLC/(CME Group)		4,360		5/06/24	2.736%	3 Month LIBOR		(480,216	)
Morgan Stanley & Co., LLC/(CME Group)		3,520		5/29/24	3 Month LIBOR	2.628%		352,880
Morgan Stanley & Co., LLC/(CME Group)		8,860		7/02/24	2.632%	3 Month LIBOR		(862,959	)
Morgan Stanley & Co., LLC/(CME Group)		4,440		7/10/24	2.674%	3 Month LIBOR		(446,394	)
Morgan Stanley & Co., LLC/(CME Group)		3,550		7/18/24	3 Month LIBOR	2.668%		353,998
Morgan Stanley & Co., LLC/(CME Group)		5,140		9/24/24	3 Month LIBOR	2.691%		568,289
Morgan Stanley & Co., LLC/(CME Group)	AUD	7,190		3/11/25	6 Month BBSW	2.973%		225,798
Morgan Stanley & Co., LLC/(CME Group)	$	4,250		4/21/25	1.991%	3 Month LIBOR		(203,206	)
Morgan Stanley & Co., LLC/(CME Group)	NZD	7,685		6/09/25	3 Month BKBM	4.068%		442,727
Morgan Stanley & Co., LLC/(CME Group)	AUD	4,560		6/09/25	6 Month BBSW	3.384%		249,524
Morgan Stanley & Co., LLC/(CME Group)	$	2,500		6/09/25	2.488%	3 Month LIBOR		(224,009	)
Morgan Stanley & Co., LLC/(CME Group)		8,120		8/04/25	2.293%	3 Month LIBOR		(560,769	)
Morgan Stanley & Co., LLC/(CME Group)		3,450		11/10/35	2.631%	3 Month LIBOR		(417,163	)
Morgan Stanley & Co., LLC/(CME Group)	GBP	1,130		6/05/45	2.396%	6 Month LIBOR		(348,980	)
Morgan Stanley & Co., LLC/(CME Group)	$	1,050		8/06/45	2.692%	3 Month LIBOR		(151,319	)
							$	(621,112	)

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CREDIT DEFAULT SWAPS (see Note C)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at February 29, 2016			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citibank, NA
Advanced Micro Devices, Inc., 7.75%, 8/01/20, 3/20/19*		(5.00	)%		11.96	%	$	605	$	96,490		$	33,038		$	63,452
Sprint Communications, Inc., 8.375%, 8/15/17, 6/20/19*		(5.00	)		11.39			1,009		157,018			(40,972	)		197,990
Sprint Communications, Inc., 8.375%, 8/15/17, 6/20/19*		(5.00	)		11.39			1,156		179,894			(48,673	)		228,567
Sale Contracts
Bank of America, NA
Societe Generale, 3.75% 3/01/17, 12/20/17*		3.00			0.62		EUR	1,400		74,889			33,017			41,872
Credit Suisse International
Anadarko Petroleum Corp., 5.95%,, 9/15/16, 9/20/17*		1.00			2.47		$	2,140		(49,453	)		(23,427	)		(26,026	)
Kohl’s Corp., 6.25%, 12/15/17, 6/20/19*		1.00			0.87			227		1,109			(2,026	)		3,135
Kohl’s Corp., 6.25%, 12/15/17, 6/20/19*		1.00			0.87			92		449			(820	)		1,269
Kohl’s Corp., 6.25%, 12/15/17, 6/20/19*		1.00			0.87			92		451			(825	)		1,276
Kohl’s Corp., 6.25%, 12/15/17, 6/20/19*		1.00			0.87			134		657			(1,077	)		1,734
									$	461,504		$	(51,765	)	$	513,269

* Termination date

INFLATION (CPI) SWAPS (see Note C)

					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	$	2,520		7/15/19	1.370%	CPI#	$	(12,014	)
Barclays Bank PLC		42,130		7/15/20	1.527%	CPI#		(381,289	)

124 •  AB POOLING PORTFOLIOS

AB Bond Inflation Protection Portfolio—Portfolio of Investments

					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	$	14,120		1/15/21	1.490%	CPI#	$	(145,686	)
JPMorgan Chase Bank, NA		17,240		1/15/20	1.795%	CPI#		(349,488	)
							$	(888,477	)

# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

INTEREST RATE SWAPS (see Note C)

					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services LLC	$	5,480		2/21/42	2.813%	3 Month LIBOR	$	(889,484	)
Morgan Stanley Capital Services LLC		3,990		3/06/42	2.804%	3 Month LIBOR		(688,231	)
							$	(1,577,715	)

REVERSE REPURCHASE AGREEMENTS (see Note C)

Broker	Interest Rate			Maturity		U.S. $ Value at February 29, 2016
Barclays Capital, Inc.		0.46	%		2/16/18	$	1,776,547
HSBC		0.40	%		2/02/18		10,066,338
HSBC		0.55	%		4/06/16		15,117,462
HSBC		0.57	%		4/12/16		38,507,287
HSBC		0.57	%		4/19/16		23,073,658
HSBC		0.58	%		4/11/16		33,591,565
HSBC		0.65	%		4/27/16		16,995,233
JPMorgan Chase		0.53	%		4/13/16		24,947,601
JPMorgan Chase		0.53	%		4/14/16		11,238,546
JPMorgan Chase		0.55	%		4/05/16		51,274,267
JPMorgan Chase		0.57	%		4/25/16		51,172,902
						$	277,761,406

The type of underlying collateral and the remaining maturity of open reverse repurchase agreements in relation to the reverse repurchase agreements on the statements of assets and liabilities is as follows:

Remaining Contracted Maturity of the Agreements

Reverse Repurchase Agreements

	Overnight and Continuous			Up to 30 Days			31-90 Days		Greater than 90 Days		Total
Inflation-Linked Securities	$	– 0	–	$	– 0	–	$	265,918,521	$	11,842,885	$	277,761,406

AB POOLING PORTFOLIOS  • 125

AB Bond Inflation Protection Portfolio—Portfolio of Investments

(a) Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements.

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

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2016, the aggregate market value of these securities amounted to $90,143,484 or 14.2% of net assets.

(d) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(e) Floating Rate Security. Stated interest rate was in effect at February 29, 2016.

(f) Variable rate coupon, rate shown as of February 29, 2016.

(g) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.09% of net assets as of February 29, 2016, are considered illiquid and restricted.

Restricted Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Virgolino de Oliveira Finance SA
10.50%, 1/28/18		1/24/14	$	420,912	$	20,014		0.00	%
Virgolino de Oliveira Finance SA
11.75%, 2/09/22		1/30/14		132,510		7,101		0.00	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M1
3.286%, 11/25/25		9/28/15		585,016		585,186		0.09	%

(h) Effective prepayment date of April 2017.

(i) The security is subject to a 12 month lock-up period, after which semi-annual redemptions are permitted.

(j) Restricted and illiquid security.

Restricted Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Mt Logan Re Ltd. (Preference Shares)		12/30/14	$	1,100,000	$	1,108,802		0.17	%

(k) Security is in default and is non-income producing.

(l) To obtain a copy of the fund’s financial statements, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

(m) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

EUR – Euro

GBP – Great British Pound

JPY – Japanese Yen

MXN – Mexican Peso

NOK – Norwegian Krone

NZD – New Zealand Dollar

SGD – Singapore Dollar

TWD – New Taiwan Dollar

USD – United States Dollar

Glossary:

ABS – Asset-Backed Securities

BBSW – Bank Bill Swap Reference Rate (Australia)

126 •  AB POOLING PORTFOLIOS

AB Bond Inflation Protection Portfolio—Portfolio of Investments

BKBM – Bank Bill Benchmark (New Zealand)

BOBL – Bundesobligationen

CBT – Chicago Board of Trade

CDOR – Canadian Dealer Offered Rate

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

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

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

FHLMC – Federal Home Loan Mortgage Corporation

GSE – Government-Sponsored Enterprise

INTRCONX – Inter-Continental Exchange

LIBOR – London Interbank Offered Rates

REIT – Real Estate Investment Trust

TIPS – Treasury Inflation Protected Security

See notes to financial statements.

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AB HIGH-YIELD PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 29, 2016 (unaudited)

		Principal Amount (000)		U.S. $ Value
CORPORATES - NON-INVESTMENT GRADE – 68.7%
Industrial – 56.1%
Basic – 3.8%
AK Steel Corp. 7.625%, 5/15/20	U.S.$		445	$	269,225
Aleris International, Inc. 7.625%, 2/15/18			221		194,480
7.875%, 11/01/20			193		151,505
ArcelorMittal 5.125%, 6/01/20			180		160,650
6.125%, 6/01/18-6/01/25			1,937		1,884,272
6.50%, 3/01/21			249		224,100
8.00%, 10/15/39			374		294,151
Cliffs Natural Resources, Inc. 5.95%, 1/15/18(a)			55		11,138
8.25%, 3/31/20(b)			323		240,635
Consolidated Energy Finance SA 6.75%, 10/15/19(b)			890		769,850
Freeport-McMoRan, Inc. 2.375%, 3/15/18			559		482,137
3.875%, 3/15/23			1,442		948,115
5.40%, 11/14/34			153		89,123
5.45%, 3/15/43			338		196,040
Jefferson Smurfit Corp./US 8.25%, 10/01/49(c)(d)			630		315
Joseph T. Ryerson & Son, Inc. 9.00%, 10/15/17			479		368,830
Lundin Mining Corp. 7.875%, 11/01/22(b)			108		88,560
Magnetation LLC/Mag Finance Corp. 11.00%, 5/15/18(e)(f)			645		19,350
Momentive Performance Materials, Inc. 3.88%, 10/24/21			461		313,480
8.875%, 10/15/20(d)(g)(h)			461		– 0	–
Novelis, Inc. 8.375%, 12/15/17			164		163,180
8.75%, 12/15/20			509		472,098
Peabody Energy Corp. 6.00%, 11/15/18			1,476		40,590
10.00%, 3/15/22(b)			280		9,800
Smurfit-Stone Container Enterprises, Inc. 8.00%, 3/15/17(c)(d)			650		325
Steel Dynamics, Inc. 5.50%, 10/01/24			84		78,750
6.125%, 8/15/19			645		659,512

128 •  AB POOLING PORTFOLIOS

AB High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Teck Resources Ltd. 2.50%, 2/01/18	U.S.$		16	$	13,710
3.85%, 8/15/17			242		222,640
4.50%, 1/15/21			353		229,450
5.20%, 3/01/42			249		129,480
5.40%, 2/01/43			216		112,320
6.25%, 7/15/41			54		28,620
Thompson Creek Metals Co., Inc. 7.375%, 6/01/18			474		79,395
9.75%, 12/01/17			378		297,675
WR Grace & Co.-Conn 5.125%, 10/01/21(b)			211		219,440
					9,462,941
Capital Goods – 3.9%
Abengoa Finance SAU 7.75%, 2/01/20(b)(f)			240		25,800
Accudyne Industries Borrower/Accudyne Industries LLC 7.75%, 12/15/20(b)			328		235,340
American Builders & Contractors Supply Co., Inc. 5.75%, 12/15/23(b)			133		136,990
Apex Tool Group LLC 7.00%, 2/01/21(b)			368		276,000
Ardagh Finance Holdings SA 8.625%, 6/15/19(b)(i)			432		402,474
Ardagh Packaging Finance PLC 9.25%, 10/15/20(b)	EUR		145		163,259
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 6.00%, 6/30/21(b)	U.S.$		570		521,550
Berry Plastics Corp. 5.125%, 7/15/23			299		299,000
6.00%, 10/15/22(b)			144		149,760
Beverage Packaging Holdings Luxembourg II SA/Beverage Packaging Holdings II Issuer 6.00%, 6/15/17(b)			171		170,359
Bombardier, Inc. 6.00%, 10/15/22(b)			536		377,880
6.125%, 1/15/23(b)			72		50,400
7.50%, 3/15/25(b)			556		390,590
EnPro Industries, Inc. 5.875%, 9/15/22			266		258,685
Gardner Denver, Inc. 6.875%, 8/15/21(b)			441		293,265
GFL Escrow Corp. 9.875%, 2/01/21(b)			250		253,750

AB POOLING PORTFOLIOS  • 129

AB High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
KLX, Inc. 5.875%, 12/01/22(b)	U.S.$		238	$	226,695
Milacron LLC/Mcron Finance Corp. 7.75%, 2/15/21(b)			308		255,640
MTW Foodservice Escrow Corp. 9.50%, 2/15/24(b)			63		66,386
Pactiv LLC 7.95%, 12/15/25			597		513,420
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 8.25%, 2/15/21			569		559,043
9.00%, 4/15/19			750		752,850
9.875%, 8/15/19			400		412,000
Sealed Air Corp. 6.875%, 7/15/33(b)			581		604,240
SPX FLOW, Inc. 6.875%, 9/01/17			300		308,250
Standard Industries, Inc./NJ 6.00%, 10/15/25(b)			322		329,245
TransDigm, Inc. 6.00%, 7/15/22			530		516,750
6.50%, 7/15/24			90		87,750
United Rentals North America, Inc. 5.50%, 7/15/25			758		719,153
5.75%, 11/15/24			400		389,920
					9,746,444
Communications - Media – 8.4%
Altice Financing SA 6.625%, 2/15/23(b)			1,629		1,604,565
Arqiva Broadcast Finance PLC 9.50%, 3/31/20(b)	GBP		275		407,925
CCO Holdings LLC/CCO Holdings Capital Corp. 5.125%, 2/15/23	U.S.$		445		441,662
5.375%, 5/01/25(b)			640		633,600
5.875%, 5/01/27(b)			334		334,000
CCOH Safari LLC 5.75%, 2/15/26(b)			921		923,422
Cequel Communications Holdings I LLC/Cequel Capital Corp. 5.125%, 12/15/21(b)			855		784,462
Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/22			525		476,437
Series B 6.50%, 11/15/22			35		33,950
CSC Holdings LLC 5.25%, 6/01/24			362		309,510
7.625%, 7/15/18			559		595,335

130 •  AB POOLING PORTFOLIOS

AB High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
DISH DBS Corp. 5.00%, 3/15/23	U.S.$		150	$	132,750
5.875%, 11/15/24			1,893		1,700,955
Hughes Satellite Systems Corp. 7.625%, 6/15/21			265		286,863
iHeartCommunications, Inc. 6.875%, 6/15/18			1,231		689,360
9.00%, 12/15/19-9/15/22			754		518,795
Intelsat Jackson Holdings SA 5.50%, 8/01/23			1,484		964,600
Intelsat Luxembourg SA 7.75%, 6/01/21			495		148,500
Mediacom Broadband LLC/Mediacom Broadband Corp. 6.375%, 4/01/23			350		339,500
Neptune Finco Corp. 6.625%, 10/15/25(b)			209		221,018
10.125%, 1/15/23(b)			933		997,144
Nielsen Finance LLC/Nielsen Finance Co. 5.00%, 4/15/22(b)			562		569,025
Radio One, Inc. 7.375%, 4/15/22(b)			400		355,000
9.25%, 2/15/20(b)			511		371,753
RR Donnelley & Sons Co. 8.25%, 3/15/19			390		401,700
Sinclair Television Group, Inc. 5.625%, 8/01/24(b)			755		753,112
6.125%, 10/01/22			121		124,630
Sirius XM Radio, Inc. 6.00%, 7/15/24(b)			595		624,750
Starz LLC/Starz Finance Corp. 5.00%, 9/15/19			315		318,938
TEGNA, Inc. 4.875%, 9/15/21(b)			455		466,375
5.125%, 7/15/20			170		177,650
5.50%, 9/15/24(b)			56		57,400
Time, Inc. 5.75%, 4/15/22(b)			959		807,957
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH 5.00%, 1/15/25(b)			273		273,852
5.50%, 1/15/23(b)			307		321,583
Univision Communications, Inc. 5.125%, 2/15/25(b)			1,075		1,052,156
UPCB Finance IV Ltd. 5.375%, 1/15/25(b)			319		315,810
Videotron Ltd. 5.00%, 7/15/22			500		511,250

AB POOLING PORTFOLIOS  • 131

AB High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Virgin Media Finance PLC 4.875%, 2/15/22	U.S.$		208	$	183,560
5.75%, 1/15/25(b)			200		199,000
6.00%, 10/15/24(b)			226		226,565
Wave Holdco LLC/Wave Holdco Corp. 8.25% (8.25% Cash or 9.00% PIK), 7/15/19(b)(i)			159		150,898
Ziggo Bond Finance BV 5.875%, 1/15/25(b)			262		254,140
					21,061,457
Communications - Telecommunications – 7.9%
Altice Luxembourg SA 7.25%, 5/15/22(b)	EUR		520		538,812
7.625%, 2/15/25(b)	U.S.$		220		201,025
7.75%, 5/15/22(b)			332		321,210
CenturyLink, Inc. Series T 5.80%, 3/15/22			265		257,381
Series W 6.75%, 12/01/23			335		327,463
Columbus International, Inc. 7.375%, 3/30/21(b)			829		852,834
CommScope Technologies Finance LLC 6.00%, 6/15/25(b)			162		160,380
Communications Sales & Leasing, Inc./CSL Capital LLC 6.00%, 4/15/23(b)			388		374,905
8.25%, 10/15/23			656		585,480
Frontier Communications Corp. 6.25%, 9/15/21			655		580,494
7.125%, 3/15/19-1/15/23			812		753,547
7.625%, 4/15/24			579		506,625
7.875%, 1/15/27			127		98,425
9.00%, 8/15/31			360		293,400
10.50%, 9/15/22(b)			92		92,920
11.00%, 9/15/25(b)			596		596,745
Level 3 Financing, Inc. 5.375%, 1/15/24(b)			262		268,550
7.00%, 6/01/20			800		839,000
Numericable-SFR SA 6.00%, 5/15/22(b)			883		874,170
6.25%, 5/15/24(b)			535		521,625
Sable International Finance Ltd. 6.875%, 8/01/22(b)			344		327,660
Sprint Capital Corp. 6.875%, 11/15/28			95		68,875
8.75%, 3/15/32			1,310		1,008,700

132 •  AB POOLING PORTFOLIOS

AB High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Sprint Communications, Inc. 6.00%, 11/15/22	U.S.$		425	$	299,625
9.00%, 11/15/18(b)			945		981,004
Sprint Corp. 7.125%, 6/15/24			360		256,500
7.25%, 9/15/21			520		391,300
7.625%, 2/15/25			1,665		1,190,475
T-Mobile USA, Inc. 6.25%, 4/01/21			900		942,750
6.375%, 3/01/25			1,300		1,313,000
6.50%, 1/15/24-1/15/26			1,153		1,178,519
Telecom Italia Capital SA 6.375%, 11/15/33			420		386,400
7.20%, 7/18/36			330		306,900
7.721%, 6/04/38			360		347,400
Wind Acquisition Finance SA 4.75%, 7/15/20(b)			380		366,700
6.50%, 4/30/20(b)			510		516,375
Windstream Services LLC 6.375%, 8/01/23			460		333,500
7.50%, 4/01/23			340		256,873
Zayo Group LLC/Zayo Capital, Inc. 6.00%, 4/01/23			345		339,825
6.375%, 5/15/25			118		112,690
					19,970,062
Consumer Cyclical - Automotive – 1.8%
Affinia Group, Inc. 7.75%, 5/01/21			579		596,370
Commercial Vehicle Group, Inc. 7.875%, 4/15/19			536		447,560
Exide Technologies Series AI 7.00%, 4/30/25(c)(d)(i)(j)			1,019		774,120
11.00%, 4/30/20(g)(i)			1,381		1,104,599
Gates Global LLC/Gates Global Co. 6.00%, 7/15/22(b)			286		212,712
LKQ Corp. 4.75%, 5/15/23			284		272,640
Meritor, Inc. 7.875%, 3/01/26(a)(j)			233		259,941
Titan International, Inc. 6.875%, 10/01/20			332		242,360
ZF North America Capital, Inc. 4.00%, 4/29/20(b)			332		334,075
4.75%, 4/29/25(b)			441		421,155
					4,665,532

AB POOLING PORTFOLIOS  • 133

AB High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Entertainment – 0.5%
AMC Entertainment, Inc. 5.75%, 6/15/25	U.S.$		324	$	334,935
Carlson Travel Holdings, Inc. 7.50% (7.50% Cash or 8.25% PIK), 8/15/19(b)(i)			304		264,480
ClubCorp Club Operations, Inc. 8.25%, 12/15/23(b)			127		117,475
Regal Entertainment Group 5.75%, 3/15/22-6/15/23			645		645,431
					1,362,321
Consumer Cyclical - Other – 3.3%
Beazer Homes USA, Inc. 5.75%, 6/15/19			350		281,750
Boyd Gaming Corp. 9.00%, 7/01/20			470		495,850
Caesars Entertainment Operating Co., Inc. 9.00%, 2/15/20(f)			145		110,200
10.00%, 12/15/18(f)			825		272,250
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Prope 8.00%, 10/01/20			350		342,125
Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc. 9.375%, 5/01/22			380		298,300
CalAtlantic Group, Inc. 5.875%, 11/15/24			100		104,750
DR Horton, Inc. 4.00%, 2/15/20			500		508,750
Eldorado Resorts, Inc. 7.00%, 8/01/23			229		228,427
International Game Technology PLC 6.25%, 2/15/22(b)			558		526,961
6.50%, 2/15/25(b)			650		578,500
K. Hovnanian Enterprises, Inc. 5.00%, 11/01/21			448		244,160
KB Home 4.75%, 5/15/19			290		276,950
7.50%, 9/15/22			129		122,228
MDC Holdings, Inc. 5.50%, 1/15/24			46		44,505
6.00%, 1/15/43			379		282,355
Meritage Homes Corp. 6.00%, 6/01/25			636		623,280
7.00%, 4/01/22			45		46,688

134 •  AB POOLING PORTFOLIOS

AB High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
PulteGroup, Inc. 6.00%, 2/15/35	U.S.$		555	$	535,575
6.375%, 5/15/33			86		86,860
7.875%, 6/15/32			31		35,185
Scientific Games International, Inc. 7.00%, 1/01/22(b)			131		127,398
Shea Homes LP/Shea Homes Funding Corp. 5.875%, 4/01/23(b)			81		79,178
6.125%, 4/01/25(b)			624		611,520
Studio City Finance Ltd. 8.50%, 12/01/20(b)			325		317,687
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.625%, 3/01/24(b)			215		192,425
5.875%, 4/15/23(b)			253		231,495
Toll Brothers Finance Corp. 4.00%, 12/31/18			157		160,532
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.375%, 3/15/22			219		218,452
5.50%, 3/01/25(b)			228		217,740
Wynn Macau Ltd. 5.25%, 10/15/21(b)			200		184,500
					8,386,576
Consumer Cyclical - Restaurants – 0.5%
1011778 BC ULC/New Red Finance, Inc. 6.00%, 4/01/22(b)			414		431,595
Pizzaexpress Financing 1 PLC 8.625%, 8/01/22(b)	GBP		103		142,864
Pizzaexpress Financing 2 PLC 6.625%, 8/01/21(b)			107		150,002
Stonegate Pub Co. Financing PLC 5.75%, 4/15/19(b)			330		454,143
					1,178,604
Consumer Cyclical - Retailers – 2.5%
American Tire Distributors, Inc. 10.25%, 3/01/22(b)	U.S.$		395		339,700
Argos Merger Sub, Inc. 7.125%, 3/15/23(b)			512		523,520
Brighthouse Group PLC 7.875%, 5/15/18(b)	GBP		330		425,666
Cash America International, Inc. 5.75%, 5/15/18	U.S.$		544		534,480
Dollar Tree, Inc. 5.75%, 3/01/23(b)			384		408,480
Group 1 Automotive, Inc. 5.00%, 6/01/22			410		383,350

AB POOLING PORTFOLIOS  • 135

AB High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
L Brands, Inc. 6.875%, 11/01/35(b)	U.S.$		370	$	393,125
8.50%, 6/15/19			820		960,425
Levi Strauss & Co. 5.00%, 5/01/25			269		269,027
Neiman Marcus Group Ltd. LLC 8.75% (8.75% Cash or 9.50% PIK), 10/15/21(b)(i)			253		152,433
Party City Holdings, Inc. 6.125%, 8/15/23(b)			302		295,960
Rite Aid Corp. 6.125%, 4/01/23(b)			1,276		1,362,130
Sally Holdings LLC/Sally Capital, Inc. 5.625%, 12/01/25			225		234,000
					6,282,296
Consumer Non-Cyclical – 11.9%
Acadia Healthcare Co., Inc. 5.625%, 2/15/23			270		272,700
6.50%, 3/01/24(b)			56		57,820
Air Medical Merger Sub Corp. 6.375%, 5/15/23(b)			570		495,900
Alere, Inc. 6.375%, 7/01/23(b)			76		83,410
AMAG Pharmaceuticals, Inc. 7.875%, 9/01/23(b)			162		140,940
Amsurg Corp. 5.625%, 7/15/22			243		250,290
Aramark Services, Inc. 5.125%, 1/15/24(b)			67		70,183
BI-LO LLC/BI-LO Finance Corp. 8.625% (8.625% Cash or 9.375% PIK), 9/15/18(b)(i)			729		473,850
9.25%, 2/15/19(b)			330		292,050
Boparan Finance PLC 5.25%, 7/15/19(b)	GBP		121		154,951
5.50%, 7/15/21(b)			225		270,811
Care UK Health & Social Care PLC 5.591%, 7/15/19(b)(k)			233		274,440
Cerberus Nightingale 1 SARL 8.25%, 2/01/20(b)	EUR		520		554,595
CHS/Community Health Systems, Inc. 6.875%, 2/01/22(l)	U.S.$		1,228		1,053,010
Concordia Healthcare Corp. 7.00%, 4/15/23(b)			60		52,200
9.50%, 10/21/22(b)			250		242,500
Constellation Brands, Inc. 3.75%, 5/01/21			522		533,745

136 •  AB POOLING PORTFOLIOS

AB High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
DaVita HealthCare Partners, Inc. 5.00%, 5/01/25	U.S.$		698	$	696,255
Endo Finance LLC 5.75%, 1/15/22(b)			225		227,250
Endo Finance LLC/Endo Finco, Inc. 7.75%, 1/15/22(b)			93		96,488
Endo Ltd./Endo Finance LLC/Endo Finco, Inc. 6.00%, 7/15/23-2/01/25(b)			1,110		1,114,155
Envision Healthcare Corp. 5.125%, 7/01/22(b)			553		555,765
First Quality Finance Co., Inc. 4.625%, 5/15/21(b)			1,045		952,256
Galaxy Bidco Ltd. 6.375%, 11/15/20(b)	GBP		215		288,774
Grifols Worldwide Operations Ltd. 5.25%, 4/01/22	U.S.$		270		279,112
HCA, Inc. 4.25%, 10/15/19			1,727		1,778,810
5.375%, 2/01/25			467		475,756
5.875%, 2/15/26			1,079		1,111,370
6.50%, 2/15/20			585		648,004
Hill-Rom Holdings, Inc. 5.75%, 9/01/23(b)			75		77,063
Horizon Pharma Financing,Inc. 6.625%, 5/01/23(b)			714		628,320
HRG Group, Inc. 7.875%, 7/15/19			762		794,385
IASIS Healthcare LLC/IASIS Capital Corp. 8.375%, 5/15/19			267		253,650
Immucor, Inc. 11.125%, 8/15/19			300		225,000
Kinetic Concepts, Inc./KCI USA, Inc. 7.875%, 2/15/21(b)			110		113,300
10.50%, 11/01/18			1,015		936,337
Mallinckrodt International Finance SA 3.50%, 4/15/18			262		256,760
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 5.50%, 4/15/25(b)			354		333,645
5.625%, 10/15/23(b)			330		324,225
5.75%, 8/01/22(b)			339		334,762
MEDNAX, Inc. 5.25%, 12/01/23(b)			102		105,698
MPH Acquisition Holdings LLC 6.625%, 4/01/22(b)			185		186,388

AB POOLING PORTFOLIOS  • 137

AB High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp. 5.875%, 1/15/24(b)	U.S.$		102	$	107,610
Post Holdings, Inc. 7.375%, 2/15/22			752		797,120
7.75%, 3/15/24(b)			267		292,365
8.00%, 7/15/25(b)			244		269,010
PRA Holdings, Inc. 9.50%, 10/01/23(b)			540		599,400
R&R Ice Cream PLC 5.50%, 5/15/20(b)	GBP		358		503,265
RSI Home Products, Inc. 6.50%, 3/15/23(b)	U.S.$		916		934,320
Smithfield Foods, Inc. 5.25%, 8/01/18(b)			660		671,550
Spectrum Brands, Inc. 5.75%, 7/15/25			276		290,835
6.125%, 12/15/24			122		129,015
Sun Products Corp. (The) 7.75%, 3/15/21(b)			548		482,240
Synlab Bondco PLC 6.25%, 7/01/22(b)	EUR		264		292,218
Tenet Healthcare Corp. 5.50%, 3/01/19	U.S.$		450		433,125
6.875%, 11/15/31			1,011		758,250
8.00%, 8/01/20			1,040		1,050,400
8.125%, 4/01/22			446		438,472
Valeant Pharmaceuticals International, Inc. 5.50%, 3/01/23(b)			697		580,252
5.875%, 5/15/23(b)			1,189		1,003,219
6.125%, 4/15/25(b)			1,890		1,586,419
6.75%, 8/15/18(b)			390		376,350
Vizient, Inc. 10.375%, 3/01/24(b)			96		101,520
Voyage Care Bondco PLC 6.50%, 8/01/18(b)	GBP		100		135,719
					29,899,597
Energy – 6.5%
Antero Resources Corp. 5.125%, 12/01/22	U.S.$		892		760,430
5.375%, 11/01/21			205		177,325
5.625%, 6/01/23(b)			218		186,390
Berry Petroleum Co. LLC 6.375%, 9/15/22			241		25,908
BreitBurn Energy Partners LP/BreitBurn Finance Corp. 7.875%, 4/15/22			447		44,700

138 •  AB POOLING PORTFOLIOS

AB High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
California Resources Corp. 5.00%, 1/15/20	U.S.$		93	$	12,090
5.50%, 9/15/21			66		8,910
6.00%, 11/15/24			27		3,510
8.00%, 12/15/22(b)			491		122,750
Carrizo Oil & Gas, Inc. 7.50%, 9/15/20			48		37,200
Cenovus Energy, Inc. 4.45%, 9/15/42			292		170,520
5.70%, 10/15/19			120		104,711
Chaparral Energy, Inc. 7.625%, 11/15/22			393		27,510
CHC Helicopter SA 9.25%, 10/15/20			793		281,479
9.375%, 6/01/21			155		7,735
Chesapeake Energy Corp. 2.50%, 5/15/37(j)			376		170,140
3.872%, 4/15/19(k)			337		67,400
4.875%, 4/15/22			249		52,290
6.875%, 11/15/20			877		188,555
7.25%, 12/15/18			53		19,080
8.00%, 12/15/22(b)			206		80,340
Cobalt International Energy, Inc. 2.625%, 12/01/19(j)			430		194,575
Concho Resources, Inc. 5.50%, 4/01/23			550		511,500
Continental Resources, Inc./OK 4.90%, 6/01/44			187		114,646
5.00%, 9/15/22			187		141,933
DCP Midstream Operating LP 3.875%, 3/15/23			253		182,296
5.60%, 4/01/44			285		174,155
Denbury Resources, Inc. 4.625%, 7/15/23			171		49,590
5.50%, 5/01/22			198		61,875
Energy Transfer Equity LP 5.875%, 1/15/24			406		334,950
Energy XXI Gulf Coast, Inc. 6.875%, 3/15/24			660		19,800
7.75%, 6/15/19			135		4,388
11.00%, 3/15/20(b)			244		25,010
EP Energy LLC/Everest Acquisition Finance, Inc. 6.375%, 6/15/23			70		18,900
7.75%, 9/01/22			265		71,550
9.375%, 5/01/20			1,173		343,102

AB POOLING PORTFOLIOS  • 139

AB High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Global Partners LP/GLP Finance Corp. 6.25%, 7/15/22	U.S.$		950	$	608,000
7.00%, 6/15/23			125		81,250
Gulfport Energy Corp. 6.625%, 5/01/23			156		132,210
Halcon Resources Corp. 8.625%, 2/01/20(b)			65		35,913
13.00%, 2/15/22(b)			37		5,550
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 10/01/25(b)			114		77,520
Hornbeck Offshore Services, Inc. 5.875%, 4/01/20			543		276,930
Laredo Petroleum, Inc. 5.625%, 1/15/22			73		46,720
7.375%, 5/01/22			130		83,525
Linn Energy LLC/Linn Energy Finance Corp. 6.25%, 11/01/19			1,098		46,665
Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC 9.25%, 6/01/21			365		8,213
Newfield Exploration Co. 5.375%, 1/01/26			400		346,000
5.625%, 7/01/24			239		216,892
Northern Blizzard Resources, Inc. 7.25%, 2/01/22(b)			726		544,500
Oasis Petroleum, Inc. 6.50%, 11/01/21			32		19,440
6.875%, 3/15/22-1/15/23			530		309,683
Pacific Drilling SA 5.375%, 6/01/20(b)			441		88,200
Paragon Offshore PLC 6.75%, 7/15/22(b)(f)			266		69,160
7.25%, 8/15/24(b)(f)			873		231,345
PHI, Inc. 5.25%, 3/15/19			879		720,780
Precision Drilling Corp. 6.50%, 12/15/21			299		192,855
QEP Resources, Inc. 5.375%, 10/01/22			1,095		744,600
Range Resources Corp. 4.875%, 5/15/25(b)			675		583,875
5.00%, 3/15/23			301		251,335
Sabine Oil & Gas Corp. 7.25%, 6/15/19(f)			415		33,200
Sabine Pass Liquefaction LLC 5.625%, 2/01/21(a)			1,000		954,375
5.75%, 5/15/24			571		525,674
6.25%, 3/15/22			565		538,162

140 •  AB POOLING PORTFOLIOS

AB High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
SandRidge Energy, Inc. 7.50%, 2/15/23	U.S.$		315	$	17,719
Seven Generations Energy Ltd. 6.75%, 5/01/23(b)			93		79,980
8.25%, 5/15/20(b)			141		135,007
SM Energy Co. 5.00%, 1/15/24			150		59,625
5.625%, 6/01/25			342		137,655
6.50%, 1/01/23			239		95,003
Southern Star Central Corp. 5.125%, 7/15/22(b)			380		323,000
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.25%, 11/15/23			1,075		817,000
6.75%, 3/15/24(b)			160		135,600
Tervita Corp. 8.00%, 11/15/18(b)			541		338,125
10.875%, 2/15/18(b)			1,024		71,680
Transocean, Inc. 6.80%, 3/15/38			855		391,162
Vantage Drilling International 7.50%, 11/01/19(h)			483		– 0	–
10.00%, 12/31/20(c)			26		26,000
W&T Offshore, Inc. 8.50%, 6/15/19			290		33,350
Weatherford International Ltd./Bermuda 5.95%, 4/15/42			86		50,310
6.50%, 8/01/36			275		162,250
Whiting Petroleum Corp. 1.25%, 4/01/20(b)(j)			295		107,491
5.00%, 3/15/19			95		47,025
5.75%, 3/15/21			205		95,837
6.25%, 4/01/23			834		381,555
WPX Energy, Inc. 5.25%, 9/15/24			244		131,760
6.00%, 1/15/22			280		160,300
8.25%, 8/01/23			74		45,880
					16,413,129
Other Industrial – 1.0%
Algeco Scotsman Global Finance PLC 8.50%, 10/15/18(b)			244		186,660
B456 Systems, Inc. 3.75%, 4/15/16(c)(h)(j)			270		5,400
Belden, Inc. 5.50%, 4/15/23(b)	EUR		121		126,069

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AB High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
General Cable Corp. 4.50%, 11/15/29(j)(m)	U.S.$		319	$	118,828
5.75%, 10/01/22			387		281,542
Laureate Education, Inc. 9.25%, 9/01/19(b)			982		500,820
Modular Space Corp. 10.25%, 1/31/19(b)			309		84,975
New Enterprise Stone & Lime Co., Inc. 11.00%, 9/01/18			537		349,050
13.00% (7.00% Cash and 6.00% PIK), 3/15/18(i)			402		407,646
Safway Group Holding LLC/Safway Finance Corp. 7.00%, 5/15/18(b)			422		427,275
					2,488,265
Services – 0.6%
ADT Corp. (The) 3.50%, 7/15/22			240		201,000
4.125%, 6/15/23			789		664,732
Geo Debt Finance SCA 7.50%, 8/01/18(b)	EUR		180		177,798
IHS, Inc. 5.00%, 11/01/22	U.S.$		237		245,295
Mobile Mini, Inc. 7.875%, 12/01/20			309		314,408
					1,603,233
Technology – 3.0%
Alcatel-Lucent USA, Inc. 6.45%, 3/15/29			398		404,965
Avaya, Inc. 7.00%, 4/01/19(b)			287		176,505
10.50%, 3/01/21(b)			980		249,900
Blackboard, Inc. 7.75%, 11/15/19(b)			155		124,775
BMC Software Finance, Inc. 8.125%, 7/15/21(b)			715		454,025
Ceridian HCM Holding, Inc. 11.00%, 3/15/21(b)			250		206,250
Dell, Inc. 5.875%, 6/15/19			540		556,200
6.50%, 4/15/38			557		389,900
Energizer Holdings, Inc. 5.50%, 6/15/25(b)			361		357,390
Ensemble S Merger Sub, Inc. 9.00%, 9/30/23(b)			221		204,425

142 •  AB POOLING PORTFOLIOS

AB High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
First Data Corp. 5.00%, 1/15/24(b)	U.S.$		608	$	617,503
7.00%, 12/01/23(b)			382		382,000
Goodman Networks, Inc. 12.125%, 7/01/18			775		228,625
Infor Software Parent LLC/Infor Software Parent, Inc. 7.125% (7.125% Cash or 7.875% PIK), 5/01/21(b)(i)			319		224,098
Infor US, Inc. 5.75%, 8/15/20(b)			208		209,560
6.50%, 5/15/22(b)			850		737,375
Micron Technology, Inc. 5.50%, 2/01/25			624		524,160
Microsemi Corp. 9.125%, 4/15/23(b)			213		225,247
MSCI, Inc. 5.25%, 11/15/24(b)			140		148,050
Nokia Oyj 6.625%, 5/15/39			151		154,020
Open Text Corp. 5.625%, 1/15/23(b)			130		128,050
Sabre GLBL, Inc. 5.25%, 11/15/23(b)			37		37,555
5.375%, 4/15/23(b)			159		160,193
Sanmina Corp. 4.375%, 6/01/19(b)			666		672,660
					7,573,431
Transportation - Airlines – 0.1%
Air Canada 8.75%, 4/01/20(b)			292		300,030
Transportation - Services – 0.4%
CEVA Group PLC 9.00%, 9/01/21(b)			150		106,500
Hertz Corp. (The) 5.875%, 10/15/20			461		447,170
XPO CNW, Inc. 6.70%, 5/01/34			372		239,940
7.25%, 1/15/18			125		126,250
XPO Logistics, Inc. 6.50%, 6/15/22(b)			172		162,755
					1,082,615
					141,476,533

AB POOLING PORTFOLIOS  • 143

AB High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Financial Institutions – 9.5%
Banking – 4.8%
ABN AMRO Bank NV 4.31%, 3/10/16(n)	EUR		440	$	478,654
Ally Financial, Inc. 4.125%, 3/30/20	U.S.$		1,255		1,248,725
8.00%, 12/31/18-11/01/31			1,070		1,173,375
Bank of America Corp. Series AA 6.10%, 3/17/25(n)			206		199,820
Bank of Ireland 10.00%, 7/30/16(b)	EUR		304		336,294
Barclays Bank PLC 6.86%, 6/15/32(b)(n)	U.S.$		75		81,859
7.625%, 11/21/22			200		202,250
7.75%, 4/10/23			239		242,152
BBVA International Preferred SAU 1.519%, 6/22/16(k)(n)	EUR		79		80,360
Citigroup, Inc. 5.95%, 1/30/23(n)	U.S.$		538		508,410
Commerzbank AG 8.125%, 9/19/23(b)			342		373,635
Countrywide Capital III Series B 8.05%, 6/15/27			600		747,824
Credit Agricole SA 7.589%, 1/30/20(n)	GBP		450		652,952
Credit Suisse Group AG 7.50%, 12/11/23(b)(n)	U.S.$		882		853,335
Danske Bank A/S 5.684%, 2/15/17(n)	GBP		330		457,014
HBOS Capital Funding LP 4.939%, 5/23/16(n)	EUR		217		236,063
HT1 Funding GmbH 6.352%, 6/30/17(n)			825		888,811
ING Groep NV 6.00%, 4/16/20(n)	U.S.$		219		201,480
6.50%, 4/16/25(n)			234		218,497
LBG Capital No.1 PLC 8.00%, 6/15/20(b)(n)			273		278,323
Lloyds Banking Group PLC 6.657%, 5/21/37(b)(n)			152		164,920
RBS Capital Trust C 1.547%, 4/12/16(k)(n)	EUR		365		377,212
Royal Bank of Scotland Group PLC 8.00%, 8/10/25(n)	U.S.$		310		282,875
Series U 7.64%, 9/30/17(n)			800		778,000

144 •  AB POOLING PORTFOLIOS

AB High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Societe Generale SA 5.922%, 4/05/17(b)(n)	U.S.$		432	$	424,440
8.00%, 9/29/25(b)(n)			308		280,414
Zions Bancorporation 5.65%, 11/15/23			145		143,550
5.80%, 6/15/23(n)			61		58,182
					11,969,426
Brokerage – 0.2%
Lehman Brothers Holdings, Inc. 5.625%, 1/24/13(h)(o)			5,500		437,250
Finance – 3.4%
AerCap Aviation Solutions BV 6.375%, 5/30/17			300		309,750
Artsonig Pty Ltd. 11.50% (11.50% Cash or 12.00% PIK), 4/01/19(b)(i)			448		33,632
CIT Group, Inc. 5.50%, 2/15/19(b)			1,716		1,776,060
Creditcorp 12.00%, 7/15/18(b)			355		188,150
Enova International, Inc. 9.75%, 6/01/21			720		496,800
International Lease Finance Corp. 5.875%, 4/01/19			490		517,563
8.25%, 12/15/20			635		734,219
8.75%, 3/15/17			143		150,865
8.875%, 9/01/17			687		737,666
Navient Corp. 4.625%, 9/25/17			470		468,825
4.875%, 6/17/19			965		916,750
5.00%, 10/26/20			500		441,250
6.125%, 3/25/24			35		29,292
7.25%, 1/25/22			37		33,670
8.00%, 3/25/20			965		952,937
TMX Finance LLC/TitleMax Finance Corp. 8.50%, 9/15/18(b)			997		817,540
					8,604,969
Insurance – 0.6%
HUB International Ltd. 7.875%, 10/01/21(b)			406		363,370
Liberty Mutual Group, Inc. 7.80%, 3/15/37(b)			715		782,031
Wayne Merger Sub LLC 8.25%, 8/01/23(b)			457		411,300
					1,556,701

AB POOLING PORTFOLIOS  • 145

AB High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Other Finance – 0.4%
CNG Holdings, Inc. 9.375%, 5/15/20(b)	U.S.$		325	$	130,000
iPayment, Inc. 9.50%, 12/15/19(b)			17		16,744
Series AI 9.50%, 12/15/19			710		710,580
Speedy Group Holdings Corp. 12.00%, 11/15/17(b)			519		197,220
					1,054,544
REITS – 0.1%
FelCor Lodging LP 6.00%, 6/01/25			294		301,350
					23,924,240
Utility – 3.1%
Electric – 3.1%
AES Corp./VA 4.875%, 5/15/23			628		565,200
7.375%, 7/01/21			625		651,562
Calpine Corp. 5.75%, 1/15/25			1,040		936,000
7.875%, 1/15/23(b)			213		225,248
ContourGlobal Power Holdings SA 7.125%, 6/01/19(b)			760		638,400
DPL, Inc. 6.75%, 10/01/19			250		250,625
Dynegy, Inc. 6.75%, 11/01/19			845		783,209
7.375%, 11/01/22			615		513,525
7.625%, 11/01/24			85		70,338
FirstEnergy Corp. Series C 7.375%, 11/15/31			482		598,887
GenOn Energy, Inc. 7.875%, 6/15/17			465		387,112
NRG Energy, Inc. 6.25%, 7/15/22			135		114,075
7.875%, 5/15/21			716		675,725
Series WI 6.25%, 5/01/24			377		312,910
Talen Energy Supply LLC 4.60%, 12/15/21			726		479,160
6.50%, 5/01/18			170		159,800
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc. 11.50%, 10/01/20(b)(p)			761		222,593

146 •  AB POOLING PORTFOLIOS

AB High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Viridian Group FundCo II Ltd. 7.50%, 3/01/20(b)	EUR		314	$	355,248
					7,939,617
Total Corporates - Non-Investment Grade (cost $201,139,096)					173,340,390
CORPORATES - INVESTMENT GRADE – 5.1%
Financial Institutions – 2.7%
Banking – 1.3%
BPCE SA 5.70%, 10/22/23(b)	U.S.$		682		701,648
HSBC Capital Funding LP/Jersey 10.176%, 6/30/30(b)(n)			244		351,736
JPMorgan Chase & Co. Series Q 5.15%, 5/01/23(n)			473		442,406
Series V 5.00%, 7/01/19(n)			73		68,255
Nationwide Building Society 6.00%, 12/15/16(n)	GBP		339		464,755
Nordea Bank AB 6.125%, 9/23/24(b)(n)	U.S.$		464		414,120
Santander UK PLC 5.00%, 11/07/23(b)			500		504,566
Standard Chartered PLC 5.20%, 1/26/24(b)			269		264,974
Wells Fargo & Co. Series S 5.90%, 6/15/24(n)			127		126,365
					3,338,825
Brokerage – 0.2%
GFI Group, Inc. 8.375%, 7/19/18			374		398,310
Insurance – 1.0%
MetLife, Inc. Series C 5.25%, 6/15/20(n)			140		131,978
Mitsui Sumitomo Insurance Co., Ltd. 7.00%, 3/15/72(b)			489		561,844
Nationwide Mutual Insurance Co. 9.375%, 8/15/39(b)			325		469,480
Progressive Corp. (The) 6.70%, 6/15/37			500		476,000
Prudential Financial, Inc. 5.625%, 6/15/43			756		746,928

AB POOLING PORTFOLIOS  • 147

AB High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
XLIT Ltd. Series E 6.50%, 4/15/17(n)	U.S.$		109	$	76,300
					2,462,530
REITS – 0.2%
EPR Properties 7.75%, 7/15/20			417		492,447
					6,692,112
Industrial – 2.2%
Basic – 0.1%
Glencore Finance Canada Ltd. 6.00%, 11/15/41(b)			38		26,503
Glencore Funding LLC 2.125%, 4/16/18(b)			16		14,650
4.625%, 4/29/24(b)			83		62,864
					104,017
Capital Goods – 0.2%
General Electric Co. Series D 5.00%, 1/21/21(n)			599		607,985
Communications - Media – 0.4%
CCO Safari II LLC 4.908%, 7/23/25(b)			345		353,936
6.484%, 10/23/45(b)			510		537,753
					891,689
Communications - Telecommunications – 0.4%
Embarq Corp. 7.995%, 6/01/36			272		258,400
Qwest Corp. 6.75%, 12/01/21			600		639,000
6.875%, 9/15/33			142		132,337
					1,029,737
Consumer Cyclical - Automotive – 0.2%
General Motors Co. 6.75%, 4/01/46			66		69,040
Volkswagen Group of America Finance LLC 2.45%, 11/20/19(b)			400		387,493
					456,533
Consumer Cyclical - Other – 0.0%
Seminole Tribe of Florida, Inc. 6.535%, 10/01/20(b)			94		96,820

148 •  AB POOLING PORTFOLIOS

AB High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Energy – 0.8%
Cimarex Energy Co. 4.375%, 6/01/24	U.S.$		215	$	200,640
Devon Energy Corp. 5.00%, 6/15/45			78		51,280
5.60%, 7/15/41			66		45,028
7.95%, 4/15/32			63		50,317
Devon Financing Co. LLC 7.875%, 9/30/31			41		32,858
Kinder Morgan, Inc./DE 5.55%, 6/01/45			146		121,202
Series G 7.75%, 1/15/32			148		141,678
MPLX LP 4.875%, 6/01/25(b)			890		726,014
Regency Energy Partners LP/Regency Energy Finance Corp. 4.50%, 11/01/23			19		16,065
5.00%, 10/01/22			346		287,674
5.50%, 4/15/23			357		299,880
					1,972,636
Technology – 0.1%
Hewlett Packard Enterprise Co. 6.35%, 10/15/45(b)			415		353,905
					5,513,322
Utility – 0.2%
Electric – 0.1%
PPL Capital Funding, Inc. Series A 6.70%, 3/30/67			375		281,438
Natural Gas – 0.1%
Empresa de Energia de Bogota SA ESP 6.125%, 11/10/21(b)			350		354,584
					636,022
Total Corporates - Investment Grade (cost $13,096,852)					12,841,456
BANK LOANS – 4.9%
Industrial – 4.9%
Basic – 0.6%
FMG Resources (August 2006) Pty LTD (FMG America Finance, Inc.) 4.25%, 6/30/19(k)			585		448,514
Ineos US Finance LLC 4.25%, 3/31/22(k)			521		490,068

AB POOLING PORTFOLIOS  • 149

AB High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Magnetation LLC 12.00%, 3/07/16(c)(d)(i)	U.S.$		755	$	509,682
					1,448,264
Consumer Cyclical - Automotive – 0.3%
CS Intermediate Holdco 2 LLC 4.00%, 4/04/21(k)			330		319,525
Navistar, Inc. 6.50%, 8/07/20(k)			419		360,996
					680,521
Consumer Cyclical - Entertainment – 0.4%
ClubCorp Club Operations, Inc. 4.25%, 12/15/22(k)			516		508,731
NCL Corporation Ltd. (fka Norwegian Cruise Lines) 4.00%, 11/19/21(k)			69		68,924
Seaworld Parks & Entertainment, Inc. (fka SW Acquisitions Co., Inc.) 5/14/20(q)			105		102,297
Station Casinos LLC 4.25%, 3/02/20(k)			339		333,827
					1,013,779
Consumer Cyclical - Other – 0.5%
CityCenter Holdings LLC 4.25%, 10/16/20(k)			883		877,420
La Quinta Intermediate Holdings L.L.C. 3.75%, 4/14/21(k)			443		421,543
					1,298,963
Consumer Cyclical - Retailers – 0.8%
Dollar Tree, Inc. 3.50%, 7/06/22(k)			12		12,389
Harbor Freight Tools USA, Inc. 4.75%, 7/26/19(k)			439		438,360
J.C. Penney Corporation, Inc. 6.00%, 5/22/18(k)			510		503,497
Manitowoc Company Inc., (The) 2/05/23(q)			33		33,156
Men’s Wearhouse, Inc. (The) 5.00%, 6/18/21			141		122,077
Michaels Stores, Inc. 4.00%, 1/28/20(k)			141		140,122
PetCo Animal Supplies, Inc. 5.75% 1/26/23(k)(q)			765		749,019
					1,998,620

150 •  AB POOLING PORTFOLIOS

AB High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Consumer Non-Cyclical – 0.9%
Acadia Healthcare Company, Inc. 4.25%, 2/11/22(k)	U.S.$		26	$	25,971
4.50%-1.00%, 2/16/23(k)			115		115,169
Air Medical Group Holdings, Inc. 4.25%, 4/28/22(k)			235		223,709
Concordia Healthcare Corp. 5.25%, 10/21/21(k)			651		624,960
DJO Finance LLC 4.25% 6/08/20(k)(q)			255		245,119
Grifols Worldwide Operations Limited 3.439%, 2/27/21(k)			197		195,785
Immucor, Inc. (fka IVD Acquisition Corporation) 5.00%, 8/19/18(k)			250		225,520
Mallinckrodt International Finance S.A. 3.50%, 3/19/21(k)			299		294,754
Ortho-Clinical Diagnostics Holdings Luxembourg S.Ã.r.l. 4.75%, 6/30/21(k)			178		151,797
Vizient, Inc. 6.25%, 2/13/23(k)			128		126,703
					2,229,487
Other Industrial – 0.5%
Gardner Denver, Inc. 4.25%, 7/30/20(k)			293		241,245
Gates Global LLC 4.25%, 7/06/21(k)			202		177,558
Sedgwick Claims Management Services, Inc. 3.75%, 3/01/21(k)			250		237,970
Travelport Finance (Luxembourg) S.Ã.r.l. 5.75%-7.25%, 9/02/21(k)			416		402,450
Unifrax Holding Co. 4.50%, 11/28/18(k)	EUR		241		252,364
					1,311,587
Technology – 0.7%
Audatex Holdings, LLC (Solera) 2/28/23(q)	U.S.$		640		624,800
Avago Technologies Cayman Holdings Ltd. 2/01/23(q)			250		246,367
Avaya, Inc. 5.12%, 10/26/17(k)			257		180,582
6.50%, 3/31/18(k)			46		30,465
BMC Software Finance Inc. 5.00%, 9/10/20(k)			363		289,374
First Data Corporation 3.934%, 3/23/18(k)			350		345,275
Smart Modular Technologies (Global), Inc. 8.25%, 8/26/17(c)(k)			288		199,935
					1,916,798

AB POOLING PORTFOLIOS  • 151

AB High-Yield Portfolio—Portfolio of Investments

		Principal Amount (000)		U.S. $ Value
Transportation - Airlines – 0.2%
Delos Finance S.Ã.r.l. 3.50%, 3/06/21(k)	U.S.$		570	$	565,252
Total Bank Loans (cost $13,382,041)					12,463,271
		Shares
COMMON STOCKS – 2.1%
Consumer Discretionary – 0.9%
Auto Components – 0.0%
Exide Corp.(c)(d)(h)			586,000		1
Exide Technologies(d)(g)(h)			19,782		56,576
					56,577
Automobiles – 0.1%
General Motors Co.			11,160		328,551
Hotels, Restaurants & Leisure – 0.4%
eDreams ODIGEO SA(h)			36,590		59,112
Eldorado Resorts, Inc.(h)			19,987		200,070
International Game Technology PLC			18,000		266,040
Las Vegas Sands Corp.			8,388		404,973
					930,195
Household Durables – 0.2%
Hovnanian Enterprises, Inc. – Class A			35,347		53,374
MDC Holdings, Inc.			12,258		271,024
Taylor Morrison Home Corp. – Class A(h)			15,300		212,823
					537,221
Media – 0.2%
Clear Channel Outdoor Holdings, Inc. – Class A			32,000		115,520
DISH Network Corp. – Class A(h)			2,510		118,296
Townsquare Media, Inc. – Class A(h)			26,530		258,668
					492,484
					2,345,028
Energy – 0.1%
Energy Equipment & Services – 0.0%
Vantage Drilling International(c)(h)			862		83,898
Oil, Gas & Consumable Fuels – 0.1%
Chesapeake Energy Corp.			35,097		91,603
EP Energy Corp. – Class A(h)			38,759		66,666
Triangle Petroleum Corp.(h)			34,470		11,030
Whiting Petroleum Corp.(h)			12,578		50,438
					219,737
					303,635

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	Shares		U.S. $ Value
Financials – 0.1%
Diversified Financial Services – 0.1%
iPayment, Inc.(h)		44,784	$	282,139
Health Care – 0.2%
Health Care Providers & Services – 0.2%
Community Health Systems, Inc.(h)		8,444		127,674
LifePoint Health, Inc.(h)		4,559		284,299
				411,973
Industrials – 0.2%
Building Products – 0.1%
Nortek, Inc.(h)		6,420		264,697
Machinery – 0.1%
Navistar International Corp.(h)		24,764		208,265
Trading Companies & Distributors – 0.0%
Emeco Holdings Ltd.(h)		1,050,000		23,233
				496,195
Information Technology – 0.2%
IT Services – 0.1%
Travelport Worldwide Ltd.		18,062		234,445
Technology Hardware, Storage & Peripherals – 0.1%
EMC Corp./MA		11,388		297,568
				532,013
Materials – 0.3%
Chemicals – 0.1%
LyondellBasell Industries NV – Class A		1,996		160,099
Metals & Mining – 0.2%
Neenah Enterprises, Inc.(c)(d)(h)		58,199		522,045
				682,144
Utilities – 0.1%
Independent Power and Renewable Electricity Producers – 0.1%
Dynegy, Inc.(h)		14,605		147,218
Total Common Stocks (cost $7,116,591)				5,200,345

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			Principal Amount (000)		U.S. $ Value
EMERGING MARKETS - CORPORATE BONDS – 1.5%
Industrial – 1.5%
Capital Goods – 0.3%
CEMEX Espana SA/Luxembourg 9.875%, 4/30/19(b)	U.S.$			172	$	180,531
Cemex SAB de CV 5.70%, 1/11/25(b)				670		586,250
						766,781
Communications - Telecommunications – 0.2%
Digicel Ltd. 6.75%, 3/01/23(b)				525		447,562
Consumer Cyclical - Retailers – 0.1%
Edcon Ltd.
9.50%, 3/01/18(b)		EUR		381		194,843
9.50%, 3/01/18(b)		U.S.$		150		70,515
						265,358
Consumer Non-Cyclical – 0.8%
Arcelik AS 5.00%, 4/03/23(b)				498		459,405
Cosan Luxembourg SA 5.00%, 3/14/23(b)				570		465,975
Minerva Luxembourg SA 7.75%, 1/31/23(b)				725		685,488
Tonon Luxembourg SA 7.25%, 1/24/20(b)(f)(i)				420		41,968
USJ Acucar e Alcool SA 9.875%, 11/09/19(b)				850		244,375
Virgolino de Oliveira Finance SA 10.50%, 1/28/18(e)(f)				930		24,459
						1,921,670
Transportation - Airlines – 0.1%
Guanay Finance Ltd. 6.00%, 12/15/20(b)				283		263,190
Total Emerging Markets - Corporate Bonds (cost $6,196,843)						3,664,561
			Shares
PREFERRED STOCKS – 1.1%
Financial Institutions – 1.0%
Banking – 0.7%
GMAC Capital Trust I 6.402%				10,700		259,582

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		Shares		U.S. $ Value
Goldman Sachs Group, Inc. (The) Series J 5.50%			23,525	$	579,891
Morgan Stanley 6.875%			20,825		562,692
US Bancorp Series F 6.50%			14,000		404,740
Wells Fargo & Co. 5.85%			2,300		58,627
					1,865,532
REITS – 0.3%
Sovereign Real Estate Investment Trust 12.00%(b)			624		780,000
					2,645,532
Utility – 0.1%
Electric – 0.1%
SCE Trust III 5.75%			5,525		145,915
Industrial – 0.0%
Consumer Cyclical - Other – 0.0%
Hovnanian Enterprises, Inc. 7.625%(h)			5,130		14,877
Energy – 0.0%
Halcon Resources Corp. 5.75%			635		10,157
Sanchez Energy Corp. 4.875%			10,350		85,710
SandRidge Energy, Inc. 8.50%			4,500		4,275
					100,142
					115,019
Total Preferred Stocks (cost $3,554,061)					2,906,466
		Principal Amount (000)
ASSET-BACKED SECURITIES – 0.9%
Home Equity Loans - Floating Rate – 0.6%
GSAA Home Equity Trust Series 2006-6, Class AF5 6.241%, 3/25/36(k)	U.S.$		1,145		616,424

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		Principal Amount (000)		U.S. $ Value
Lehman XS Trust Series 2007-6, Class 3A5 5.086%, 5/25/37(a)	U.S.$		718	$	912,011
					1,528,435
Home Equity Loans - Fixed Rate – 0.3%
CWABS Asset-Backed Certificates Trust Series 2005-7, Class AF5W 5.054%, 10/25/35			737		731,457
Total Asset-Backed Securities (cost $1,849,926)					2,259,892
GOVERNMENTS - TREASURIES – 0.8%
United States – 0.8%
U.S. Treasury Bonds 3.125%, 11/15/41(r) (cost $1,748,163)			1,755		1,962,309
LOCAL GOVERNMENTS - MUNICIPAL BONDS – 0.8%
United States – 0.8%
Buckeye Tobacco Settlement Financing Authority Series 2007A-2 5.875%, 6/01/47			130		116,173
Golden State Tobacco Securitization Corp. Series 2007A-1 5.125%, 6/01/47			160		141,970
State of California Series 2010 7.60%, 11/01/40			325		490,480
7.95%, 3/01/36			700		844,137
Tobacco Settlement Financing Corp./NJ Series 2007-1A 5.00%, 6/01/41			165		141,004
Tobacco Settlement Financing Corp./VA Series 2007-B1 5.00%, 6/01/47			220		175,109
Total Local Governments - Municipal Bonds (cost $1,525,716)					1,908,873
COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.7%
Non-Agency Fixed Rate CMBS – 0.7%
Bear Stearns Commercial Mortgage Securities Trust Series 2006-PW13, Class AJ 5.611%, 9/11/41			167		168,772

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		Principal Amount (000)		U.S. $ Value
LB-UBS Commercial Mortgage Trust Series 2007-C1, Class AJ 5.484%, 2/15/40	U.S.$		1,380	$	1,366,537
ML-CFC Commercial Mortgage Trust Series 2006-4, Class AJ 5.239%, 12/12/49			246		237,774
Total Commercial Mortgage-Backed Securities (cost $1,758,789)					1,773,083
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.7%
GSE Risk Share Floating Rate – 0.6%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2013-DN2, Class M2 4.677%, 11/25/23(k)			380		364,175
Series 2014-DN1, Class M3 4.927%, 2/25/24(k)			375		351,710
Series 2014-HQ2, Class M3 4.177%, 9/25/24(k)			435		379,427
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C01, Class M2 4.836%, 1/25/24(k)			333		318,256
Series 2015-C03, Class 1M2 5.436%, 7/25/25(k)			85		78,761
Series 2015-C03, Class 2M2 5.436%, 7/25/25(k)			30		27,827
					1,520,156
Non-Agency Fixed Rate – 0.1%
CSMC Mortgage-Backed Trust Series 2006-7, Class 3A12 6.25%, 8/25/36			230		197,379
Total Collateralized Mortgage Obligations (cost $1,847,308)					1,717,535
GOVERNMENTS - SOVEREIGN AGENCIES – 0.4%
Brazil – 0.2%
Petrobras Global Finance BV 6.75%, 1/27/41			733		458,125
Colombia – 0.0%
Ecopetrol SA 5.875%, 5/28/45			159		111,300

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			Principal Amount (000)		U.S. $ Value
Dominican Republic – 0.2%
Banco de Reservas de la Republica Dominicana 7.00%, 2/01/23(b)		U.S.$		460	$	437,559
Total Governments - Sovereign Agencies (cost $1,063,293)						1,006,984
EMERGING MARKETS - TREASURIES – 0.1%
Brazil – 0.1%
Brazil Notas do Tesouro Nacional Series B 6.00%, 8/15/50 (cost $521,082)		BRL		600		354,503
			Shares
WARRANTS – 0.1%
FairPoint Communications, Inc., expiring 1/24/18(c)(h)				12,643		127
iPayment Holdings, Inc., expiring 12/29/22(c)(h)				234,094		234,094
Total Warrants (cost $82,754)						234,221
			Principal Amount (000)
EMERGING MARKETS - SOVEREIGNS – 0.1%
Venezuela – 0.1%
Venezuela Government International Bond 9.25%, 9/15/27 (cost $381,848)	U.S.$			430		173,075
AGENCIES – 0.0%
Agency Subordinated – 0.0%
CITGO Petroleum Corp. 6.25%, 8/15/22(b) (cost $116,000)				116		107,300
			Contracts
OPTIONS PURCHASED - PUTS – 0.0%
Options on Funds and Investment Trusts – 0.0%
SPDR S&P 500 ETF Trust Expiration: Mar 2016, Exercise Price: $ 180.00(h)(s)				257		15,163

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		Contracts		U.S. $ Value
Options on Equities – 0.0%
Boardwalk Real Estate Investment Trust Expiration: Mar 2016, Exercise Price: CAD 26.61(h)(t)			34,300	$	264
Total Options Purchased - Puts (premiums paid $64,961)					15,427
OPTIONS PURCHASED - CALLS – 0.0%
Options on Funds and Investment Trusts – 0.0%
SPDR S&P Oil & Gas Exploration ETF Expiration: Mar 2016, Exercise Price: $ 36.00(h)(s)			783		2,349
Options on Equities – 0.0%
Chesapeake Energy Corp. Expiration: Apr 2016, Exercise Price: $ 6.00(h)(s)			432		1,945
Total Options Purchased – Calls (premiums paid $70,125)					4,294
		Shares
SHORT-TERM INVESTMENTS – 12.6%
Investment Companies – 12.2%
AB Fixed Income Shares, Inc. – Government STIF Portfolio, 0.40%(u)(v) (cost $30,705,070)			30,705,070		30,705,070
		Principal Amount (000)
U.S. Treasury Bills – 0.4%
U.S. Treasury Bill Zero Coupon, 3/17/16(r) (cost $999,917)	U.S.$		1,000		999,917
Total Short-Term Investments (cost $31,704,987)					31,704,987
Total Investments – 100.6% (cost $287,220,436)					253,638,972
Other assets less liabilities – (0.6)%					(1,403,487	)
Net Assets – 100.0%				$	252,235,485

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FUTURES (see Note C)

Type	Number of Contracts		Expiration Month	Original Value		Value at February 29, 2016		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Russell 2000 Mini Futures		16	March 2016	$	1,711,322	$	1,650,720	$	(60,602	)
U.S. T-Note 10 Yr (CBT) Futures		97	June 2016		12,650,318		12,660,016		9,698
Sold Contracts
S&P 500 E-Mini Index Futures		13	March 2016		1,253,414		1,254,175		(761	)
								$	(51,665	)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
BNP Paribas SA		AUD	749		USD	529		3/18/16	$	(4,573	)
Citibank		USD	636		RUB	48,395		4/07/16		814
Goldman Sachs Bank USA		KRW	1,530,247		USD	1,272		4/08/16		38,894
HSBC Bank USA		GBP	3,908		USD	5,597		3/10/16		158,515
HSBC Bank USA		TWD	42,080		USD	1,255		3/18/16		(8,817	)
HSBC Bank USA		USD	1,273		MXN	23,189		4/14/16		1,138
Royal Bank of Scotland PLC		USD	772		PEN	2,718		3/18/16		(824	)
Standard Chartered Bank		CNY	8,254		USD	1,258		4/08/16		1,180
State Street Bank & Trust Co.		EUR	6,306		USD	6,840		3/04/16		(19,836	)
State Street Bank & Trust Co.		USD	1,076		EUR	963		3/04/16		(29,133	)
State Street Bank & Trust Co.		USD	508		AUD	707		3/18/16		(4,020	)
State Street Bank & Trust Co.		USD	621		JPY	71,754		3/23/16		16,081
State Street Bank & Trust Co.		USD	1,258		NOK	10,828		4/06/16		(14,343	)
State Street Bank & Trust Co.		USD	732		SEK	6,198		4/06/16		(7,030	)
State Street Bank & Trust Co.		SGD	1,787		USD	1,266		4/08/16		(4,177	)
									$	123,869

CALL OPTIONS WRITTEN (see Note C)

Description	Contracts		Exercise Price		Expiration Month		Premiums Received		U.S. $ Value
Chesapeake Energy Corp.(s)		432	$	8.00		April 2016	$	7,174	$	(1,512	)

PUT OPTIONS WRITTEN (see Note C)

Description	Contracts		Exercise Price		Expiration Month		Premiums Received		U.S. $ Value
SPDR S&P 500 ETF Trust(s)		257	$	170.00		March 2016	$	14,894	$	(3,598	)

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AB High-Yield Portfolio—Portfolio of Investments

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note C)

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at February 29, 2016			Notional Amount (000)			Market Value			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Morgan Stanley & Co., LLC/(INTRCONX)
CDX-NAHY Series 25, 5 Year Index, 12/20/20*		(5.00	)%		5.22	%	$	13,530		$	(16,691	)	$	371,866
CDX-NAHY Series 25, 5 Year Index, 12/20/20*		(5.00	)		5.22			10,210			(12,596	)		(64,303	)
CDX-NAIG Series 23, 5 Year Index, 12/20/19*		(1.00	)		1.08			12,410			10,959			152,111
iTraxx-XOVER Series 21, 5 Year Index, 6/20/19*		(5.00	)		2.74		EUR	– 0	–^^		(11	)		(37	)
Sale Contracts
Morgan Stanley & Co., LLC/(INTRCONX)
CDX-NAHY Series 25, 5 Year Index, 12/20/20*		5.00			5.22		$	2,837			3,500			31,537
CDX-NAHY Series 25, 5 Year Index, 12/20/20*		5.00			5.22			3,860			4,763			4,388
CDX-NAHY Series 25, 5 Year Index, 12/20/20*		5.00			5.22			180			222			(1,621	)
CDX-NAHY Series 25, 5 Year Index, 12/20/20*		5.00			5.22			223			275			(1,954	)
CDX-NAHY Series 25, 5 Year Index, 12/20/20*		5.00			5.22			287			354			(2,307	)
CDX-NAHY Series 25, 5 Year Index, 12/20/20*		5.00			5.22			1,030			1,270			(4,596	)
CDX-NAHY Series 25, 5 Year Index, 12/20/20*		5.00			5.22			15,450			19,060			(509,048	)
CDX-NAIG Series 20, 5 Year Index, 6/20/18*		1.00			0.71			5,980			51,256			24,164
										$	62,361		$	200

* Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note C)

								Rate Type
Clearing Broker /(Exchange)	Notional Amount (000)		Termination Date		Payments made by the Fund			Payments received by the Fund		Unrealized Appreciation/ (Depreciation)
Morgan Stanley & Co., LLC/(CME)	$	10,730		9/02/25		2.248	%		3 Month LIBOR	$	(792,604	)
Morgan Stanley & Co., LLC/(CME)		2,500		1/15/26		1.978	%		3 Month LIBOR		(99,490	)
Morgan Stanley & Co., LLC/(CME)		1,820		2/16/26		1.625	%		3 Month LIBOR		(8,907	)
										$	(901,001	)

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CREDIT DEFAULT SWAPS (see Note C)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at February 29, 2016			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Bank of America, NA
CDX-NAHY Series 20, 5 Year Index, 6/20/18*		(5.00	)%		3.20	%	$	1,546	$	(76,214	)	$	(21,132	)	$	(55,082	)
Barclays Bank PLC
Beazer Homes USA, Inc., 9.125%, 6/15/18, 3/20/17*		(5.00	)		2.45			1,085		(39,790	)		(33,073	)		(6,717	)
K. Hovnanian Enterprises, Inc., 8.625%, 1/15/17, 3/20/17*		(5.00	)		10.40			1,018		44,921			(22,178	)		67,099
Tenet Healthcare Corp., 6.875%, 11/15/31, 6/20/17*		(5.00	)		1.42			1,132		(61,891	)		(49,393	)		(12,498	)
Citibank, NA
Bombardier, Inc., 7.450%, 5/01/34, 3/20/17*		(5.00	)		5.66			568		(1,846	)		(21,413	)		19,567
Bombardier, Inc., 7.450%, 5/01/34, 3/20/17*		(5.00	)		5.66			572		(1,859	)		(20,884	)		19,025
United States Steel Corp., 6.650%, 6/01/37, 3/20/17*		(5.00	)		8.35			1,052		24,982			(29,858	)		54,840
Credit Suisse International
Western Union Co., 3.650%, 8/22/18, 3/20/17*		(1.00	)		0.22			570		(5,862	)		(766	)		(5,096	)
Western Union Co., 3.650%, 8/22/18, 9/20/17*		(1.00	)		0.31			550		(6,635	)		(3,799	)		(2,836	)
Deutsche Bank AG
iHeartCommunications, Inc., 6.875%, 6/15/18, 6/20/18*		(5.00	)		59.25			56		38,158			3,612			34,546
Goldman Sachs Bank USA
Community Health Systems, Inc., 8.000%, 11/15/19, 3/20/17*		(5.00	)		1.58			1,130		(51,971	)		(38,351	)		(13,620	)
Dell, Inc., 7.100%, 4/15/28, 3/20/17*		(1.00	)		1.35			1,027		1,772			8,597			(6,825	)
First Data Corp., 12.625%, 1/15/21, 3/20/17*		(5.00	)		0.86			1,058		(56,828	)		(27,915	)		(28,913	)
Newmont Mining Corp., 5.875%, 4/01/35, 3/20/17*		(1.00	)		0.23			1,140		(11,592	)		(2,241	)		(9,351	)

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AB High-Yield Portfolio—Portfolio of Investments

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at February 29, 2016			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Nine West Holdings, Inc., 6.875%, 3/15/19, 3/20/17*		(5.00	)%		32.05	%	$	1,050	$	245,769		$	(32,090	)	$	277,859
Goldman Sachs International
British Telecommunications PLC, 5.750% 12/07/28, 6/20/20*		(1.00	)		0.75		EUR	3,330		(44,582	)		(76,310	)		31,728
iHeartCommunications, Inc., 6.875%, 6/15/18, 12/20/16*		(5.00	)		38.00		$	388		101,744			110,981			(9,237	)
Morgan Stanley Capital Services LLC
CDX-NAIG Series 20, 5 Year Index, 6/20/18*		(1.00	)		0.71			6,840		(58,627	)		(43,934	)		(14,693	)
iHeartCommunications, Inc., 6.875%, 6/15/18, 6/20/18*		(5.00	)		59.25			64		42,932			4,064			38,868
Sale Contracts
Barclays Bank PLC
Beazer Homes USA, Inc., 9.125%, 6/15/18, 3/20/19*		5.00			7.45			739		(41,835	)		23,887			(65,722	)
CCO Holdings, LLC, 7.250%, 10/30/17, 6/20/19*		5.00			0.94			582		81,724			43,242			38,482
iHeartCommunications, Inc., 6.875%, 6/15/18, 12/20/20*		5.00			59.95			240		(193,054	)		(182,535	)		(10,519	)
K. Hovnanian Enterprises, Inc., 8.625%, 1/15/17, 12/20/18*		5.00			19.53			739		(227,028	)		10,388			(237,416	)
K. Hovnanian Enterprises, Inc., 8.625%, 1/15/17, 9/20/20*		5.00			19.08			177		(68,091	)		(45,995	)		(22,096	)
K. Hovnanian Enterprises, Inc., 8.625%, 1/15/17, 9/20/20*		5.00			19.08			443		(170,420	)		(114,932	)		(55,488	)
MGM Resorts International, 7.625%, 1/15/17, 6/20/17*		5.00			0.72			470		30,368			(6,839	)		37,207
MGM Resorts International, 7.625%, 1/15/17, 6/20/18*		5.00			1.26			689		64,601			20,499			44,102

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Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at February 29, 2016			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Tenet Healthcare Corp., 6.875%, 11/15/31, 6/20/19*		5.00	%		4.16	%	$	760	$	23,739		$	42,887		$	(19,148	)
Citibank, NA
Advanced Micro Devices, Inc., 7.750%, 8/01/20, 9/20/20*		5.00			12.74			270		(61,419	)		(59,986	)		(1,433	)
Bombardier, Inc., 7.450%, 5/01/34, 3/20/19*		5.00			10.20			380		(45,588	)		23,562			(69,150	)
Bombardier, Inc., 7.450%, 5/01/34, 3/20/19*		5.00			10.20			380		(45,587	)		24,060			(69,647	)
United States Steel Corp., 6.650%, 6/01/37, 3/20/19*		5.00			17.09			760		(202,842	)		15,447			(218,289	)
Credit Suisse International
Dell, Inc., 7.100%, 4/15/28, 12/20/18*		1.00			2.80			380		(18,740	)		(28,325	)		9,585
Western Union Co., 3.650%, 8/22/18, 3/20/19*		1.00			0.71			380		4,072			(7,983	)		12,055
Western Union Co., 3.650%, 8/22/18, 9/20/19*		1.00			0.87			360		1,752			(3,565	)		5,317
Goldman Sachs Bank USA
Community Health Systems, Inc., 8.000%, 11/15/19, 3/20/19*		5.00			5.06			760		6,355			38,726			(32,371	)
ConvaTec Healthcare E S.A., 10.875%, 12/15/18, 6/20/17*		5.00			0.54			EUR    590		43,435			(35,542	)		78,977
Dell, Inc., 7.100%, 4/15/28, 3/20/19*		1.00			3.10			760		(44,603	)		(52,256	)		7,653
First Data Corp., 12.625%, 1/15/21, 3/20/19*		5.00			2.30			760		67,816			11,488			56,328
iHeartCommunications, Inc., 6.875%, 6/15/18, 12/20/20*		5.00			59.95		$	250		(201,125	)		(201,250	)		125
Newmont Mining Corp., 5.875%, 4/01/35, 3/20/19*		1.00			0.73			760		7,759			(17,603	)		25,362
Nine West Holdings, Inc., 6.875%, 3/15/19, 3/20/19*		5.00			49.62			760		(525,290	)		15,438			(540,728	)

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Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at February 29, 2016			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Goldman Sachs International
K. Hovnanian Enterprises, Inc., 8.625%, 1/15/17, 9/20/20*		5.00	%		19.08	%	$	160	$	(61,551	)	$	(39,110	)	$	(22,441	)
Morgan Stanley Capital Services LLC
AK Steel Corp., 7.625%, 5/15/20, 3/20/16*		5.00			12.34			550		3,173			92			3,081
United States Steel Corp., 6.650%, 6/01/37, 9/20/19*		5.00			17.15			141		(41,509	)		5,371			(46,880	)
United States Steel Corp., 6.650%, 6/01/37, 9/20/19*		5.00			17.15			212		(62,499	)		8,550			(71,049	)
									$	(1,593,806	)	$	(808,367	)	$	(785,439	)

* Termination date

TOTAL RETURN SWAPS (see Note C)

Counterparty & Referenced Obligation	# of Shares or Units		Rate Paid/ Received		Notional Amount (000)		Maturity Date		Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Obligation
Goldman Sachs International
iBoxx $ Liquid High Yield Total Return Index		8,321		LIBOR	$	1,814		3/21/16	$	21,601
iBoxx $ Liquid High Yield Total Return Index		1,182		LIBOR		260		3/21/16		739
JPMorgan Chase Bank, NA
iBoxx $ Liquid High Yield Total Return Index		9,229		LIBOR		2,012		3/21/16		23,974
iBoxx $ Liquid High Yield Total Return Index		9,228		LIBOR		2,014		3/21/16		21,661
Morgan Stanley Capital Services LLC
iBoxx $ Liquid High Yield Total Return Index		11,850		LIBOR		2,530		3/21/16		85,672
iBoxx $ Liquid High Yield Total Return Index		3,391		LIBOR		730		3/21/16		18,178
iBoxx $ Liquid High Yield Total Return Index		4,359		LIBOR		946		3/21/16		15,728
iBoxx $ Liquid High Yield Total Return Index		684		LIBOR		151		3/21/16		(116	)
iBoxx $ Liquid High Yield Total Return Index		805		LIBOR		178		3/21/16		(379	)
Pay Total Return on Reference Obligation
Citibank, NA
iBoxx $ Liquid High Yield Total Return Index		27,664		LIBOR		5,920		3/21/16		(189,142	)
									$	(2,084	)

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AB High-Yield Portfolio—Portfolio of Investments

REVERSE REPURCHASE AGREEMENTS (see Note C)

Broker	Interest Rate			Maturity		U.S. $ Value at February 29, 2016
Credit Suisse Securities (USA) LLC†		0.00	%		—	$	992,525

† The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on February 29, 2016

The type of underlying collateral and the remaining maturity of open reverse repurchase agreements in relation to the reverse repurchase agreements on the statements of assets and liabilities is as follows:

Remaining Contracted Maturity of the Agreements

Reverse Repurchase Agreements

Overnight and Continuous

Up to 30 Days

31-90 Days

Greater than 90 Days

Total

Corporates - Non-Investment Grade

$

992,525

$

– 0

–

$

– 0

–

$

– 0

–

$

992,525

^^ Notional amount less than 500.

(a) Variable rate coupon, rate shown as of February 29, 2016.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2016, the aggregate market value of these securities amounted to $82,620,936 or 32.8% of net assets.

(c) Illiquid security.

(d) Fair valued by the Adviser.

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.02% of net assets as of February 29, 2016, are considered illiquid and restricted.

Restricted Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Magnetation LLC/Mag Finance Corp. 11.00%, 5/15/18		5/15/13-2/19/15	$	507,900	$	19,350		0.01	%
Virgolino de Oliveira Finance SA 10.50%, 1/28/18		2/13/13		951,445		24,459		0.01	%

(f) Security is in default and is non-income producing.

(g) Restricted and illiquid security.

Restricted Securities	Acquisition Date		Cost			Market Value			Percentage of Net Assets
Exide Technologies Series AI 11.00%, 4/30/20		4/30/15	$	1,285,795		$	1,104,599			0.44	%
Exide Technologies		4/30/15		37,522			56,576			0.02	%
Momentive Performance Materials, Inc.		10/24/14		– 0	–		– 0	–		0.00	%

(h) Non-income producing security.

(i) Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at February 29, 2016.

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(j) Convertible security.

(k) Floating Rate Security. Stated interest rate was in effect at February 29, 2016.

(l) Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements.

(m) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at February 29, 2016.

(n) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(o) Defaulted matured security.

(p) Defaulted.

(q) This position or a portion of this position represents an unsettled loan purchase. The coupon rate will be determined at the time of settlement and will be based upon the London-Interbank Offered Rate (“LIBOR”) plus a premium which was determined at the time of purchase.

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

(s) One contract relates to 100 shares.

(t) One contract relates to 1 share.

(u) To obtain a copy of the fund’s financial statements, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

(v) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CNY – Chinese Yuan Renminbi

EUR – Euro

GBP – Great British Pound

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

NOK – Norwegian Krone

PEN – Peruvian Nuevo Sol

RUB – Russian Ruble

SEK – Swedish Krona

SGD – Singapore Dollar

TWD – New Taiwan Dollar

USD – United States Dollar

Glossary:

CBT – Chicago Board of Trade

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

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

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

ETF – Exchange Traded Fund

GSE – Government-Sponsored Enterprise

INTRCONX – Inter-Continental Exchange

LIBOR – London Interbank Offered Rates

REIT – Real Estate Investment Trust

SPDR – Standard & Poor’s Depository Receipt

See notes to financial statements.

AB POOLING PORTFOLIOS  • 167

AB High-Yield Portfolio—Portfolio of Investments

AB SMALL-MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 29, 2016 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 96.4%
Financials – 26.5%
Banks – 8.9%
Associated Banc-Corp.		100,660	$	1,731,352
Comerica, Inc.		79,300		2,678,754
First Niagara Financial Group, Inc.		213,058		1,968,656
Fulton Financial Corp.		181,410		2,287,580
Huntington Bancshares, Inc./OH		371,940		3,254,475
Synovus Financial Corp.		72,880		1,937,879
Texas Capital Bancshares, Inc.(a)		39,430		1,274,772
Webster Financial Corp.		67,682		2,274,792
Zions Bancorporation		122,640		2,614,685
				20,022,945
Capital Markets – 1.1%
E*TRADE Financial Corp.(a)		109,950		2,579,427
Consumer Finance – 0.6%
SLM Corp.(a)		246,750		1,441,020
Insurance – 9.1%
American Financial Group, Inc./OH		42,200		2,830,776
Aspen Insurance Holdings Ltd.		70,800		3,164,052
CNO Financial Group, Inc.		113,919		1,985,608
First American Financial Corp.		89,220		3,303,817
Hanover Insurance Group, Inc. (The)		35,920		2,979,564
Reinsurance Group of America, Inc. – Class A		32,020		2,885,002
Validus Holdings Ltd.		77,660		3,487,710
				20,636,529
Real Estate Investment Trusts (REITs) – 5.7%
DDR Corp.		131,690		2,203,173
Gramercy Property Trust		469,698		3,546,220
LTC Properties, Inc.		64,470		2,865,047
Mid-America Apartment Communities, Inc.		28,300		2,545,302
RLJ Lodging Trust		87,000		1,824,390
				12,984,132
Thrifts & Mortgage Finance – 1.1%
Essent Group Ltd.(a)		126,150		2,428,388
				60,092,441
Consumer Discretionary – 20.1%
Auto Components – 3.2%
Dana Holding Corp.		191,790		2,385,868
Lear Corp.		27,850		2,822,598
Tenneco, Inc.(a)		45,620		2,076,622
				7,285,088

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AB Small-Mid Cap Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Hotels, Restaurants & Leisure – 1.4%
Bloomin’ Brands, Inc.		188,330	$	3,256,226
Household Durables – 3.5%
Helen of Troy Ltd.(a)		24,980		2,382,093
Meritage Homes Corp.(a)		70,200		2,279,394
PulteGroup, Inc.		189,240		3,253,035
				7,914,522
Internet & Catalog Retail – 1.0%
Shutterfly, Inc.(a)		49,030		2,178,893
Media – 2.0%
Cable One, Inc.		5,197		2,227,278
Scholastic Corp.		62,310		2,182,720
				4,409,998
Multiline Retail – 1.4%
Big Lots, Inc.		77,480		3,134,066
Specialty Retail – 6.5%
Caleres, Inc.		82,203		2,329,633
Children’s Place, Inc. (The)		48,790		3,324,550
GameStop Corp. – Class A(b)		46,690		1,438,986
Michaels Cos., Inc. (The)(a)		131,930		3,073,969
Murphy USA, Inc.(a)		40,090		2,553,332
Office Depot, Inc.(a)		388,320		1,972,666
				14,693,136
Textiles, Apparel & Luxury Goods – 1.1%
Crocs, Inc.(a)		262,360		2,568,504
				45,440,433
Information Technology – 17.4%
Communications Equipment – 2.5%
Finisar Corp.(a)		222,910		3,250,028
Polycom, Inc.(a)		236,315		2,460,039
				5,710,067
Electronic Equipment, Instruments & Components – 6.4%
Avnet, Inc.		70,750		2,911,363
CDW Corp./DE		74,280		2,940,002
Celestica, Inc. (Toronto)(a)		128,020		1,314,765
Keysight Technologies, Inc.(a)		106,870		2,788,238
TTM Technologies, Inc.(a)		260,798		1,710,835
Vishay Intertechnology, Inc.		248,150		2,938,096
				14,603,299

AB POOLING PORTFOLIOS  • 169

AB Small-Mid Cap Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
IT Services – 3.3%
Amdocs Ltd.		51,380	$	2,916,329
Booz Allen Hamilton Holding Corp.		104,200		2,875,920
Genpact Ltd.(a)		60,730		1,605,094
				7,397,343
Semiconductors & Semiconductor Equipment – 2.3%
Advanced Micro Devices, Inc.(a)(b)		331,400		709,196
Cypress Semiconductor Corp.(a)(b)		347,350		2,771,853
Lam Research Corp.		24,480		1,794,384
				5,275,433
Software – 1.3%
Verint Systems, Inc.(a)		82,960		2,947,569
Technology Hardware, Storage & Peripherals – 1.6%
NCR Corp.(a)		151,110		3,529,929
				39,463,640
Industrials – 13.8%
Aerospace & Defense – 0.7%
Spirit AeroSystems Holdings, Inc. – Class A(a)		36,450		1,676,700
Commercial Services & Supplies – 0.8%
ABM Industries, Inc.		58,680		1,842,552
Construction & Engineering – 5.3%
AECOM(a)		120,504		3,309,040
EMCOR Group, Inc.		69,220		3,175,121
Granite Construction, Inc.		74,760		3,098,802
Quanta Services, Inc.(a)		113,420		2,301,292
				11,884,255
Electrical Equipment – 1.1%
Regal Beloit Corp.		46,290		2,526,508
Machinery – 2.5%
ITT Corp.		89,670		3,161,764
Oshkosh Corp.		71,850		2,478,825
				5,640,589
Road & Rail – 1.2%
Ryder System, Inc.		46,010		2,609,687
Trading Companies & Distributors – 2.2%
MRC Global, Inc.(a)		246,670		2,947,707
WESCO International, Inc.(a)(b)		45,460		2,002,513
				4,950,220
				31,130,511

170 •  AB POOLING PORTFOLIOS

AB Small-Mid Cap Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Materials – 5.9%
Chemicals – 3.1%
A. Schulman, Inc.		77,602	$	1,915,993
Huntsman Corp.		189,700		2,060,142
Westlake Chemical Corp.		67,320		2,902,839
				6,878,974
Containers & Packaging – 2.0%
Avery Dennison Corp.		34,490		2,245,989
Graphic Packaging Holding Co.		187,960		2,317,547
				4,563,536
Metals & Mining – 0.8%
Steel Dynamics, Inc.		103,670		1,885,757
				13,328,267
Utilities – 4.4%
Electric Utilities – 2.9%
PNM Resources, Inc.		105,050		3,353,196
Westar Energy, Inc.		75,281		3,271,712
				6,624,908
Gas Utilities – 1.5%
Southwest Gas Corp.		56,520		3,447,720
				10,072,628
Health Care – 3.6%
Health Care Providers & Services – 3.6%
LifePoint Health, Inc.(a)		48,058		2,996,897
Molina Healthcare, Inc.(a)		45,520		2,824,061
WellCare Health Plans, Inc.(a)		26,360		2,368,973
				8,189,931
Energy – 3.2%
Energy Equipment & Services – 1.2%
RPC, Inc.(b)		192,540		2,612,768
Oil, Gas & Consumable Fuels – 2.0%
HollyFrontier Corp.		70,250		2,375,855
QEP Resources, Inc.		221,550		2,162,328
				4,538,183
				7,150,951
Consumer Staples – 1.5%
Food Products – 1.5%
Ingredion, Inc.		32,840		3,324,065
Total Common Stocks (cost $205,732,924)				218,192,867

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AB Small-Mid Cap Value Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 3.2%
Investment Companies – 3.2%
AB Fixed Income Shares, Inc. – Government STIF Portfolio, 0.40%(c)(d) (cost $7,230,961)		7,230,961	$	7,230,961
Total Investments Before Security Lending Collateral for Securities Loaned – 99.6% (cost $212,963,885)				225,423,828
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 4.4%
Investment Companies – 4.4%
AB Exchange Reserves – Class I, 0.41%(c)(d) (cost $9,874,133)		9,874,133		9,874,133
Total Investments – 104.0% (cost $222,838,018)				235,297,961
Other assets less liabilities – (4.0)%				(9,032,532	)
Net Assets – 100.0%			$	226,265,429

(a) Non-income producing security.

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

(c) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

(d) To obtain a copy of the fund’s financial statements, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

See notes to financial statements.

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AB Small-Mid Cap Value Portfolio—Portfolio of Investments

AB SMALL-MID CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS

February 29, 2016 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 97.6%
Information Technology – 23.3%
Communications Equipment – 3.1%
Ciena Corp.(a)		129,050	$	2,645,525
CommScope Holding Co., Inc.(a)		64,410		1,622,488
Harris Corp.		18,350		1,431,667
Palo Alto Networks, Inc.(a)		6,190		896,250
				6,595,930
Electronic Equipment, Instruments & Components – 0.7%
VeriFone Systems, Inc.(a)		64,034		1,529,772
Internet Software & Services – 2.6%
CoStar Group, Inc.(a)		23,118		4,093,273
Pandora Media, Inc.(a)(b)		139,083		1,421,428
				5,514,701
IT Services – 1.9%
Vantiv, Inc. – Class A(a)		79,174		4,120,215
Semiconductors & Semiconductor Equipment – 4.0%
Cavium, Inc.(a)		25,006		1,487,607
Mellanox Technologies Ltd.(a)		32,677		1,660,318
Microsemi Corp.(a)		73,460		2,543,920
ON Semiconductor Corp.(a)		321,089		2,693,937
				8,385,782
Software – 11.0%
Aspen Technology, Inc.(a)		65,239		2,150,930
Atlassian Corp. PLC – Class A(a)		66,988		1,592,305
Cadence Design Systems, Inc.(a)		170,755		3,679,770
Fortinet, Inc.(a)		49,230		1,398,132
Guidewire Software, Inc.(a)		50,138		2,468,294
HubSpot, Inc.(a)		68,100		2,837,046
Qlik Technologies, Inc.(a)		62,780		1,457,751
ServiceNow, Inc.(a)		5,488		301,785
Tableau Software, Inc. – Class A(a)		24,752		1,129,929
Take-Two Interactive Software, Inc.(a)		86,412		3,109,968
Ultimate Software Group, Inc. (The)(a)		18,258		3,135,994
				23,261,904
				49,408,304
Consumer Discretionary – 23.1%
Diversified Consumer Services – 3.4%
Bright Horizons Family Solutions, Inc.(a)		57,165		3,622,546
Grand Canyon Education, Inc.(a)		90,576		3,530,653
				7,153,199

AB POOLING PORTFOLIOS  • 173

AB Small-Mid Cap Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Hotels, Restaurants & Leisure – 7.3%
Buffalo Wild Wings, Inc.(a)		14,491	$	2,298,997
Dave & Buster’s Entertainment, Inc.(a)		79,165		2,921,980
Habit Restaurants, Inc. (The) – Class A(a)(b)		75,791		1,574,937
Norwegian Cruise Line Holdings Ltd.(a)		64,137		3,151,051
Texas Roadhouse, Inc. – Class A		49,110		2,048,378
Wyndham Worldwide Corp.		49,123		3,578,119
				15,573,462
Household Durables – 1.9%
Tempur Sealy International, Inc.(a)		68,247		3,935,804
Internet & Catalog Retail – 0.9%
Expedia, Inc.		18,723		1,949,252
Media – 1.6%
AMC Networks, Inc. – Class A(a)		53,390		3,499,181
Specialty Retail – 8.0%
Five Below, Inc.(a)(b)		99,396		3,811,837
Lithia Motors, Inc. – Class A		37,144		3,443,992
Select Comfort Corp.(a)		117,420		2,101,818
Tractor Supply Co.		41,688		3,525,554
Ulta Salon Cosmetics & Fragrance, Inc.(a)		24,482		4,044,181
				16,927,382
				49,038,280
Industrials – 19.6%
Aerospace & Defense – 3.2%
Hexcel Corp.		93,577		3,867,537
TransDigm Group, Inc.(a)		13,544		2,892,728
				6,760,265
Air Freight & Logistics – 1.2%
Expeditors International of Washington, Inc.		57,647		2,639,080
Building Products – 1.4%
Lennox International, Inc.		23,660		3,057,109
Electrical Equipment – 1.2%
AMETEK, Inc.		53,058		2,462,422
Industrial Conglomerates – 1.7%
Carlisle Cos., Inc.		38,827		3,500,642
Machinery – 4.4%
IDEX Corp.		53,771		4,041,428
Lincoln Electric Holdings, Inc.		51,101		2,788,582
Middleby Corp. (The)(a)		26,320		2,437,232
				9,267,242

174 •  AB POOLING PORTFOLIOS

AB Small-Mid Cap Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Marine – 1.6%
Kirby Corp.(a)		59,835	$	3,387,259
Professional Services – 1.3%
Robert Half International, Inc.		68,306		2,690,573
Road & Rail – 1.4%
Genesee & Wyoming, Inc. – Class A(a)		54,124		3,069,913
Trading Companies & Distributors – 2.2%
United Rentals, Inc.(a)		23,378		1,205,603
Watsco, Inc.		27,390		3,493,595
				4,699,198
				41,533,703
Health Care – 17.5%
Biotechnology – 1.6%
Alder Biopharmaceuticals, Inc.(a)		36,075		685,064
Anacor Pharmaceuticals, Inc.(a)		12,040		767,911
DBV Technologies SA (Sponsored ADR)(a)		16,503		415,051
Sage Therapeutics, Inc.(a)		24,805		729,267
TESARO, Inc.(a)(b)		22,622		915,286
				3,512,579
Health Care Equipment & Supplies – 7.0%
Align Technology, Inc.(a)		60,635		4,003,729
DexCom, Inc.(a)		50,914		3,312,465
Nevro Corp.(a)(b)		50,312		2,897,971
Penumbra, Inc.(a)(b)		17,106		797,482
Sirona Dental Systems, Inc.(a)		34,786		3,821,242
				14,832,889
Health Care Providers & Services – 5.6%
Acadia Healthcare Co., Inc.(a)		60,461		3,350,144
Amsurg Corp.(a)		42,530		2,894,167
Diplomat Pharmacy, Inc.(a)(b)		83,621		2,978,580
Premier, Inc. – Class A(a)		83,906		2,728,623
				11,951,514
Life Sciences Tools & Services – 1.5%
ICON PLC(a)		43,978		3,129,474
Pharmaceuticals – 1.8%
Akorn, Inc.(a)		84,145		2,237,415
GW Pharmaceuticals PLC (ADR)(a)(b)		11,606		477,007
Medicines Co. (The)(a)		33,211		1,068,066
				3,782,488
				37,208,944

AB POOLING PORTFOLIOS  • 175

AB Small-Mid Cap Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
Financials – 8.3%
Banks – 5.0%
First Republic Bank/CA		48,785	$	3,002,229
IBERIABANK Corp.		23,504		1,120,671
Signature Bank/New York NY(a)		28,551		3,698,782
SVB Financial Group(a)		32,196		2,860,614
				10,682,296
Capital Markets – 3.3%
Affiliated Managers Group, Inc.(a)		19,135		2,653,833
Lazard Ltd. – Class A		81,172		2,855,631
Stifel Financial Corp.(a)		49,269		1,426,831
				6,936,295
				17,618,591
Materials – 2.7%
Chemicals – 1.4%
PolyOne Corp.		112,371		3,023,904
Construction Materials – 1.3%
Martin Marietta Materials, Inc.		18,565		2,647,740
				5,671,644
Energy – 2.3%
Energy Equipment & Services – 1.0%
Oceaneering International, Inc.		57,610		1,591,188
Superior Energy Services, Inc.		43,700		449,236
				2,040,424
Oil, Gas & Consumable Fuels – 1.3%
Concho Resources, Inc.(a)		21,844		1,971,203
Laredo Petroleum, Inc.(a)(b)		85,390		436,343
Oasis Petroleum, Inc.(a)		68,390		368,622
				2,776,168
				4,816,592
Consumer Staples – 0.8%
Food Products – 0.8%
Blue Buffalo Pet Products, Inc.(a)(b)		100,106		1,831,940
Total Common Stocks (cost $180,611,541)				207,127,998
SHORT-TERM INVESTMENTS – 2.4%
Investment Companies – 2.4%
AB Fixed Income Shares, Inc. – Government STIF Portfolio, 0.40%(c)(d) (cost $5,064,950)		5,064,950		5,064,950
Total Investments Before Security Lending Collateral for Securities Loaned – 100.0% (cost $185,676,491)				212,192,948

176 •  AB POOLING PORTFOLIOS

AB Small-Mid Cap Growth Portfolio—Portfolio of Investments

Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 5.7%
Investment Companies – 5.7%
AB Exchange Reserves – Class I, 0.41%(c)(d) (cost $12,124,562)		12,124,562	$	12,124,562
Total Investments – 105.7% (cost $197,801,053)				224,317,510
Other assets less liabilities – (5.7)%				(12,133,825	)
Net Assets – 100.0%			$	212,183,685

(a) Non-income producing security.

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

(c) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

(d) To obtain a copy of the fund’s financial statements, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

Glossary:

ADR – American Depositary Receipt

See notes to financial statements.

AB POOLING PORTFOLIOS  • 177

AB Small-Mid Cap Growth Portfolio—Portfolio of Investments

AB MULTI-ASSET REAL RETURN PORTFOLIO

CONSOLIDATED PORTFOLIO OF INVESTMENTS

February 29, 2016 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 61.1%
Energy – 25.4%
Integrated Oil & Gas – 17.7%
BP PLC		1,579,954	$	7,667,824
Chevron Corp.		128,440		10,717,033
China Petroleum & Chemical Corp. – Class H		1,514,000		858,939
Eni SpA		8,206		114,763
Exxon Mobil Corp.		295,927		23,718,549
Galp Energia SGPS SA		77,210		846,810
LUKOIL PJSC (Sponsored ADR)(a)		49,010		1,739,033
Petroleo Brasileiro SA (Preference Shares)(b)		132,700		169,859
Petroleo Brasileiro SA (Sponsored ADR)(b)		187,858		475,281
Royal Dutch Shell PLC (Euronext Amsterdam) – Class A		371,723		8,480,497
Royal Dutch Shell PLC – Class A		400,300		9,118,925
Royal Dutch Shell PLC – Class B		114,000		2,588,434
Statoil ASA(a)		7,380		107,432
TOTAL SA		263,478		11,809,204
				78,412,583
Oil & Gas Equipment & Services – 0.8%
Aker Solutions ASA(c)		205,030		608,196
Deep Sea Supply PLC(b)		863,126		70,944
Helix Energy Solutions Group, Inc.(b)		74,740		291,486
Petrofac Ltd.(a)		80,830		1,011,503
RPC, Inc.(a)		30,960		420,127
Schlumberger Ltd.		12,520		897,935
				3,300,191
Oil & Gas Exploration & Production – 6.3%
Anadarko Petroleum Corp.		80,326		3,048,372
California Resources Corp.		6,606		3,713
Canadian Natural Resources Ltd.		140,756		2,942,040
CNOOC Ltd.		2,416,800		2,514,394
ConocoPhillips		99,542		3,367,505
Det Norske Oljeselskap ASA(a)(b)		159,264		1,114,336
EOG Resources, Inc.		69,127		4,475,282
Hess Corp.		59,914		2,612,250
Inpex Corp.		96,900		698,589
Murphy Oil Corp.(a)		58,640		1,007,435
Occidental Petroleum Corp.		70,560		4,855,939
Pioneer Natural Resources Co.		6,871		828,162
Woodside Petroleum Ltd.		32,254		579,592
				28,047,609
Oil & Gas Refining & Marketing – 0.6%
Cosan SA Industria e Comercio		73,600		490,294
JX Holdings, Inc.		336,300		1,306,305

178 •  AB POOLING PORTFOLIOS

AB Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

Company	Shares		U.S. $ Value
Tupras Turkiye Petrol Rafinerileri AS(b)		34,020	$	869,253
				2,665,852
				112,426,235
Equity: Other – 9.1%
Diversified/Specialty – 6.9%
Activia Properties, Inc.		52		279,313
Alexandria Real Estate Equities, Inc.		4,405		348,700
Armada Hoffler Properties, Inc.		30,140		320,388
Ayala Land, Inc.		653,782		450,748
Azrieli Group Ltd.		2,183		79,190
Beni Stabili SpA SIIQ		63,521		40,671
British Land Co. PLC (The)		59,836		545,989
Bumi Serpong Damai Tbk PT		460,000		57,878
Buzzi Unicem SpA		21,690		330,000
CA Immobilien Anlagen AG(b)		36,215		614,787
Canadian Real Estate Investment Trust		4,350		133,554
CapitaLand Ltd.(a)		152,200		322,336
CBRE Group, Inc. – Class A(b)		14,570		370,224
Central Pattana PCL		80,400		104,928
Cheung Kong Property Holdings Ltd.		270,500		1,379,448
Ciputra Development Tbk PT		1,326,159		126,821
Cofinimmo SA		1,199		131,487
Country Garden Holdings Co., Ltd.		430,000		156,420
Dalian Wanda Commercial Properties Co., Ltd. – Class H(a)(c)		40,300		165,539
Digital Realty Trust, Inc.		8,213		649,402
East Japan Railway Co.		3,600		315,250
Emira Property Fund Ltd.		136,860		129,311
Evergrande Real Estate Group Ltd.(a)		317,750		208,998
Fastighets AB Balder – Class B(b)		5,428		125,221
Fibra Uno Administracion SA de CV		138,956		290,022
Fonciere Des Regions		7,614		624,074
Forest City Realty Trust, Inc. – Class A(b)		15,793		294,539
Fortress Income Fund Ltd. – Class A		50,972		48,331
Fortress Income Fund Ltd. – Class B		50,972		105,912
Fukuoka REIT Corp.(a)		95		163,508
Gecina SA		2,218		274,356
Globe Trade Centre SA(b)		19,961		33,665
Goldin Properties Holdings Ltd.(a)(b)		76,000		34,377
GPT Group (The)		276,554		968,475
Gramercy Property Trust		127,061		959,311
Great Portland Estates PLC		20,226		195,670
Growthpoint Properties Ltd.		149,427		227,394
H&R Real Estate Investment Trust		16,678		231,495
Hemfosa Fastigheter AB		48,096		532,015
Henderson Land Development Co., Ltd.		59,920		323,528
Hufvudstaden AB – Class A		6,529		95,092
Hulic Co., Ltd.		21,450		190,211

AB POOLING PORTFOLIOS  • 179

AB Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

Company	Shares		U.S. $ Value
Hung Poo Real Estate Development Corp.		21,000	$	14,002
IMMOFINANZ AG(b)		386,220		785,533
IOI Properties Group Bhd		115,400		56,228
Kaisa Group Holdings Ltd.(a)(b)(d)(e)		1,057,000		105,998
Kennedy Wilson Europe Real Estate PLC		38,829		606,329
Kiwi Property Group Ltd.		75,692		68,037
KLCCP Stapled Group		27,000		44,947
Land Securities Group PLC		46,392		648,251
Leopalace21 Corp.(b)		30,900		179,285
Lippo Karawaci Tbk PT		1,133,100		86,823
Longfor Properties Co., Ltd.		86,950		106,723
Mah Sing Group Bhd		93,275		29,062
Mapletree Greater China Commercial Trust(c)		111,900		72,383
Merlin Properties Socimi SA		109,714		1,145,422
Mitsubishi Estate Co., Ltd.		114,000		2,117,704
Mitsui Fudosan Co., Ltd.		100,000		2,323,735
New World China Land Ltd.		156,000		149,376
New World Development Co., Ltd.		535,759		449,690
Nomura Real Estate Master Fund, Inc.		211		293,077
Oberoi Realty Ltd.		5,124		17,265
Orix JREIT, Inc.(a)		137		208,261
Pakuwon Jati Tbk PT		1,388,500		47,491
Premier Investment Corp.		262		329,483
Pruksa Real Estate PCL		40,100		29,262
Quality Houses PCL		258,383		16,679
Redefine Properties Ltd.		240,022		155,091
Resilient REIT Ltd.		17,014		131,816
SA Corporate Real Estate Fund Nominees Pty Ltd.		463,578		133,430
SM Prime Holdings, Inc.		463,250		201,489
SP Setia Bhd Group		53,650		38,276
Sponda Oyj		14,079		57,236
Sumitomo Realty & Development Co., Ltd.		58,000		1,594,905
Summarecon Agung Tbk PT		646,400		76,952
Sun Hung Kai Properties Ltd.		164,663		1,841,674
Sunac China Holdings Ltd.		104,400		67,374
Suntec Real Estate Investment Trust		144,400		171,384
Supalai PCL		36,300		17,931
Swiss Prime Site AG (REG)(b)		3,730		311,120
TLG Immobilien AG		9,490		182,298
United Urban Investment Corp.		375		589,592
UOL Group Ltd.(a)		190,348		766,017
VEREIT, Inc.		55,129		442,135
Wallenstam AB – Class B		11,798		90,795
WHA Corp. PCL(b)		198,630		16,055
Wharf Holdings Ltd. (The)		80,000		399,754
WP Carey, Inc.(a)		5,346		303,065
				30,498,013

180 •  AB POOLING PORTFOLIOS

AB Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

Company	Shares		U.S. $ Value
Health Care – 1.5%
Assura PLC		232,940	$	162,271
Chartwell Retirement Residences		10,348		99,121
HCP, Inc.		27,879		824,661
LTC Properties, Inc.		14,510		644,824
Omega Healthcare Investors, Inc.		9,989		320,247
Ventas, Inc.		47,273		2,631,688
Welltower, Inc.		35,474		2,262,532
				6,945,344
Triple Net – 0.7%
National Retail Properties, Inc.		25,528		1,122,722
Realty Income Corp.(a)		31,486		1,843,190
				2,965,912
				40,409,269
Materials – 7.3%
Commodity Chemicals – 0.4%
LyondellBasell Industries NV – Class A		12,470		1,000,219
Westlake Chemical Corp.		13,980		602,817
				1,603,036
Diversified Chemicals – 0.2%
Arkema SA		13,446		820,919
Diversified Metals & Mining – 2.7%
Antofagasta PLC(a)		159,830		1,091,094
Aurubis AG		12,960		584,776
Boliden AB		60,790		910,460
First Quantum Minerals Ltd.(a)		209,000		761,545
Glencore PLC(b)		1,533,650		2,815,390
Korea Zinc Co., Ltd.		2,320		839,393
Lundin Mining Corp.(b)		179,720		499,444
Rio Tinto PLC		153,330		4,033,015
South32 Ltd.(b)		339,000		301,647
				11,836,764
Fertilizers & Agricultural Chemicals – 1.5%
Agrium, Inc. (Toronto)		4,392		378,205
CF Industries Holdings, Inc.		39,391		1,436,196
Monsanto Co.		26,542		2,388,514
Potash Corp. of Saskatchewan, Inc.		27,203		461,024
Syngenta AG (REG)		2,926		1,171,804
UPL Ltd.		144,850		810,369
				6,646,112
Forest Products – 0.0%
West Fraser Timber Co., Ltd.		2,212		68,387

AB POOLING PORTFOLIOS  • 181

AB Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

Company	Shares		U.S. $ Value
Gold – 1.3%
Agnico Eagle Mines Ltd.		29,559	$	1,040,136
Barrick Gold Corp. (New York)		33,980		471,982
Barrick Gold Corp. (Toronto)		41,607		578,131
Franco-Nevada Corp.		5,236		312,496
Goldcorp, Inc.		100,922		1,450,054
Newcrest Mining Ltd.(b)		24,673		309,751
Newmont Mining Corp.		18,089		467,239
Randgold Resources Ltd.		11,265		1,023,305
Real Gold Mining Ltd.(b)(d)(e)		686,500		– 0	–^
				5,653,094
Paper Packaging – 0.2%
International Paper Co.		12,949		462,279
Smurfit Kappa Group PLC		26,230		605,798
				1,068,077
Paper Products – 0.2%
Mondi PLC		35,059		625,498
Oji Holdings Corp.		25,000		94,465
Stora Enso Oyj – Class R		17,353		142,873
UPM-Kymmene Oyj		16,977		287,178
				1,150,014
Precious Metals & Minerals – 0.2%
Fresnillo PLC		7,251		100,532
Industrias Penoles SAB de CV		4,653		54,538
Silver Wheaton Corp.		51,703		815,478
				970,548
Specialty Chemicals – 0.1%
Johnson Matthey PLC		11,755		415,080
Steel – 0.5%
Novolipetsk Steel AO (GDR)(c)		84,710		826,395
Severstal PAO (GDR)(c)		50,960		414,943
Vale SA (Sponsored ADR) (Local Preference Shares)(a)		208,670		448,641
voestalpine AG		15,410		444,865
				2,134,844
				32,366,875
Retail – 6.4%
Regional Mall – 2.6%
BR Malls Participacoes SA		24,910		83,497
CapitaLand Mall Trust		154,600		240,597
General Growth Properties, Inc.		40,468		1,113,679
Macerich Co. (The)		9,507		751,814
Multiplan Empreendimentos Imobiliarios SA		4,450		52,096
Pennsylvania Real Estate Investment Trust(a)		21,130		404,851

182 •  AB POOLING PORTFOLIOS

AB Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

Company	Shares		U.S. $ Value
Simon Property Group, Inc.		37,075	$	7,034,240
Westfield Corp.		225,138		1,601,190
				11,281,964
Shopping Center/Other Retail – 3.8%
Aeon Mall Co., Ltd.		26,500		375,620
Brixmor Property Group, Inc.		27,290		639,405
Capital & Counties Properties PLC		42,108		188,361
Capitaland Malaysia Mall Trust		65,200		22,793
Citycon Oyj(b)		23,005		53,334
DDR Corp.		42,183		705,722
Federal Realty Investment Trust		4,139		612,820
Fibra Shop Portafolios Inmobiliarios SAPI de CV		363,614		349,976
Hammerson PLC		45,564		346,460
Hyprop Investments Ltd.		14,270		93,305
IGB Real Estate Investment Trust		98,600		35,641
Intu Properties PLC(a)		54,706		227,258
Japan Retail Fund Investment Corp.(a)		145		330,531
Kimco Realty Corp.		24,878		665,487
Kite Realty Group Trust		27,470		739,492
Klepierre		28,898		1,203,234
Link REIT		287,878		1,624,214
Mercialys SA		26,040		572,519
Ramco-Gershenson Properties Trust		39,474		663,163
Regency Centers Corp.		20,603		1,454,160
Retail Opportunity Investments Corp.		39,674		729,208
RioCan Real Estate Investment Trust (Toronto)		19,239		364,588
Scentre Group		538,395		1,673,966
Shaftesbury PLC		16,275		193,840
Smart Real Estate Investment Trust		6,659		158,379
Unibail-Rodamco SE		5,748		1,430,115
Vastned Retail NV		12,298		525,602
Vicinity Centres		442,572		979,836
				16,959,029
				28,240,993
Residential – 6.2%
Multi-Family – 4.7%
Advance Residence Investment Corp.		77		185,559
Apartment Investment & Management Co. – Class A		9,446		345,818
AvalonBay Communities, Inc.		19,667		3,375,644
BUWOG AG(b)		3,540		73,008
Camden Property Trust		5,223		390,367
Canadian Apartment Properties REIT		6,609		140,044
China Overseas Land & Investment Ltd.		750,650		2,237,665

AB POOLING PORTFOLIOS  • 183

AB Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

Company	Shares		U.S. $ Value
China Resources Land Ltd.		642,966	$	1,531,760
China Vanke Co., Ltd. – Class H		213,075		482,030
CIFI Holdings Group Co., Ltd.		1,412,000		286,757
Comforia Residential REIT, Inc.		133		268,666
Corp. GEO SAB de CV Series B(a)(b)		1,085		393
Cyrela Brazil Realty SA Empreendimentos e Participacoes		16,120		32,918
Desarrolladora Homex SAB de CV(a)(b)		130		28
Deutsche Wohnen AG		20,221		533,819
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		442,984		384,304
Equity LifeStyle Properties, Inc.		3,250		228,020
Equity Residential		30,043		2,237,904
Essex Property Trust, Inc.		6,960		1,456,589
Greentown China Holdings Ltd.(b)		237,500		190,092
Independence Realty Trust, Inc.(a)		46,620		299,767
Kenedix Residential Investment Corp.(a)		102		269,177
Land & Houses PCL		209,900		48,846
LEG Immobilien AG(b)		3,456		282,470
Mid-America Apartment Communities, Inc.		13,847		1,245,399
Mirvac Group		164,820		214,553
MRV Engenharia e Participacoes SA		16,500		43,556
Shenzhen Investment Ltd.		172,000		62,355
Shimao Property Holdings Ltd.		73,500		95,177
Sino-Ocean Land Holdings Ltd.		214,350		93,647
Stockland		135,871		403,232
Sun Communities, Inc.		12,481		842,842
UDR, Inc.		15,721		539,702
UNITE Group PLC (The)		33,830		286,669
Urbi Desarrollos Urbanos SAB de CV(b)(d)(e)		52,560		– 0	–
Vonovia SE		36,784		1,142,469
Wing Tai Holdings Ltd.		590,300		654,661
				20,905,907
Self Storage – 1.5%
Big Yellow Group PLC		40,940		416,442
CubeSmart		35,437		1,059,566
Extra Space Storage, Inc.		12,578		1,033,283
National Storage Affiliates Trust		30,451		550,858
Public Storage		10,912		2,722,435
Safestore Holdings PLC		63,110		286,915
Sovran Self Storage, Inc.		6,000		638,640
				6,708,139
				27,614,046
Office – 2.9%
Office – 2.9%
Allied Properties Real Estate Investment Trust		23,688		552,545
alstria office REIT-AG(a)(b)		67,645		855,089
Ascendas India Trust		41,100		25,724

184 •  AB POOLING PORTFOLIOS

AB Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

Company	Shares		U.S. $ Value
Befimmo SA		995	$	55,545
Boston Properties, Inc.		22,160		2,529,343
Castellum AB		9,657		145,811
Cominar Real Estate Investment Trust		10,160		114,741
Derwent London PLC		5,814		244,259
Dream Office Real Estate Investment Trust		34,097		497,972
Entra ASA(c)		3,699		32,085
Fabege AB		7,830		121,107
Green REIT PLC		39,444		57,072
Highwoods Properties, Inc.		15,510		675,461
Hongkong Land Holdings Ltd.		194,300		1,140,179
ICADE		7,290		507,591
Inmobiliaria Colonial SA(b)		123,319		80,068
Investa Office Fund		140,620		397,268
Japan Prime Realty Investment Corp.		79		324,471
Japan Real Estate Investment Corp.		72		434,540
Kenedix Office Investment Corp. – Class A		112		650,343
Kilroy Realty Corp.		5,600		303,912
Liberty Property Trust		9,073		262,028
Mori Hills REIT Investment Corp.		246		370,478
Nippon Building Fund, Inc.		80		474,475
Norwegian Property ASA(b)		15,072		14,808
PSP Swiss Property AG (REG)(b)		2,375		202,223
SL Green Realty Corp.		6,019		530,755
Vornado Realty Trust		10,351		893,912
Workspace Group PLC		29,090		292,234
				12,786,039
Industrials – 1.9%
Industrial Warehouse Distribution – 1.5%
Ascendas Real Estate Investment Trust		116,600		200,614
Daiwa House REIT Investment Corp.		63		254,041
DCT Industrial Trust, Inc.		20,970		758,904
Duke Realty Corp.		66,991		1,385,374
Global Logistic Properties Ltd.		184,200		231,596
GLP J-Reit(a)		308		328,134
Granite Real Estate Investment Trust		22,489		637,788
Macquarie Mexico Real Estate Management SA de CV(b)		251,715		317,802
PLA Administradora Industrial S de RL de CV(b)		93,630		155,964
Prologis, Inc.		44,692		1,718,854
Segro PLC		43,263		249,224
Warehouses De Pauw CVA		4,829		408,544
				6,646,839

AB POOLING PORTFOLIOS  • 185

AB Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

Company	Shares		U.S. $ Value
Mixed Office Industrial – 0.4%
BR Properties SA		11,320	$	22,327
Goodman Group		283,691		1,308,926
Kungsleden AB		67,783		453,894
				1,785,147
				8,431,986
Lodging – 0.8%
Lodging – 0.8%
Ashford Hospitality Trust, Inc.		67,798		374,923
Chesapeake Lodging Trust		28,320		719,611
Host Hotels & Resorts, Inc.		46,807		716,615
Pebblebrook Hotel Trust		16,730		454,387
RLJ Lodging Trust		21,992		461,172
Summit Hotel Properties, Inc.		66,840		722,541
Wyndham Worldwide Corp.		4,360		317,582
				3,766,831
Food Beverage & Tobacco – 0.6%
Agricultural Products – 0.5%
Archer-Daniels-Midland Co.		45,835		1,602,391
Bunge Ltd.		4,784		237,861
Wilmar International Ltd.(a)		62,000		137,060
				1,977,312
Packaged Foods & Meats – 0.1%
Tyson Foods, Inc. – Class A		7,930		513,468
				2,490,780
Real Estate – 0.3%
Developers – 0.0%
Daelim Industrial Co., Ltd.		3,130		203,357
Diversified Real Estate Activities – 0.3%
MMC Norilsk Nickel PJSC (ADR)		110,330		1,330,630
				1,533,987
Mortgage – 0.2%
Mortgage – 0.2%
Blackstone Mortgage Trust, Inc. – Class A		12,360		305,786
Concentradora Hipotecaria SAPI de CV		216,470		295,393
First American Financial Corp.		8,650		320,309
				921,488
Financial:Other – 0.0%
Financial:Other – 0.0%
DLF Ltd.		25,226		32,624
Total Common Stocks (cost $305,343,102)				271,021,153

186 •  AB POOLING PORTFOLIOS

AB Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

Company	Shares		U.S. $ Value
INVESTMENT COMPANIES – 5.2%
Funds and Investment Trusts – 5.2%
iShares US Real Estate ETF(a)		18,015	$	1,287,532
SPDR S&P Dividend ETF(a)		176,000		13,097,920
Vanguard Dividend Appreciation ETF(a)		111,190		8,543,840
Total Investment Companies (cost $23,534,901)				22,929,292
	Principal Amount (000)
INFLATION-LINKED SECURITIES – 1.4%
United States – 1.4%
U.S. Treasury Inflation Index 0.625%, 7/15/21 (TIPS) (cost $6,083,343)	$	5,812		6,015,371
	Shares
WARRANTS – 0.0%
Equity: Other – 0.0%
Health Care – 0.0%
Emaar Properties PJSC, Merrill Lynch Intl & Co., expiring 9/06/18(b) (cost $186,443)		109,109		173,797
SHORT-TERM INVESTMENTS – 31.6%
Investment Companies – 6.3%
AB Fixed Income Shares, Inc. – Government STIF Portfolio, 0.40%(f)(g) (cost $27,721,043)		27,721,043		27,721,043
	Principal Amount (000)
U.S. Treasury Bills – 25.3%
U.S. Treasury Bill Zero Coupon, 4/28/16(h) (cost $111,958,860)	$	112,013		111,958,860
Total Short-Term Investments (cost $139,679,903)				139,679,903
Total Investments Before Security Lending Collateral for Securities Loaned – 99.2% (cost $474,827,692)				439,819,516

AB POOLING PORTFOLIOS  • 187

AB Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 2.7%
Investment Companies – 2.7%
AB Exchange Reserves – Class I, 0.41%(f)(g) (cost $12,199,865)		12,199,865	$	12,199,865
Total Investments – 102.0% (cost $487,027,557)				452,019,381
Other assets less liabilities – (2.0)%				(8,672,673	)
Net Assets – 100.0%			$	443,346,708

FUTURES (see Note C)

Type	Number of Contracts		Expiration Month		Original Value		Value at February 29, 2016		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Corn Futures		62		May 2016	$	1,144,859	$	1,106,700	$	(38,159	)
Gasoline RBOB Futures		122		May 2016		6,529,532		6,951,731		422,199
Gasoline RBOB Futures		42		June 2016		2,285,212		2,383,517		98,305
Gold 100 OZ Futures		160		April 2016		18,825,750		19,750,400		924,650
KC HRW Wheat Futures		13		May 2016		297,466		297,375		(91	)
Live Cattle Futures		12		June 2016		593,618		605,640		12,022
LME Nickel Futures		18		March 2016		920,964		917,568		(3,396	)
LME PRI Aluminum Futures		26		March 2016		962,069		1,021,962		59,893
LME Zinc Futures		45		March 2016		1,796,913		1,983,094		186,181
Palladium Futures		8		June 2016		399,541		396,520		(3,021	)
Platinum Futures		5		April 2016		211,333		233,575		22,242
Silver Futures		9		May 2016		695,670		671,310		(24,360	)
Soybean Futures		28		May 2016		1,232,929		1,205,400		(27,529	)
Sugar 11 (World) Futures		18		April 2016		256,734		289,498		32,764
Sold Contracts
Cattle Feeder Futures		8		April 2016		620,830		636,300		(15,470	)
LME Nickel Futures		18		March 2016		934,466		917,568		16,898
LME PRI Aluminum Futures		63		March 2016		2,316,408		2,476,294		(159,886	)
LME Zinc Futures		12		March 2016		455,068		528,825		(73,757	)
									$	1,429,485

188 •  AB POOLING PORTFOLIOS

AB Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	8,770		NOK	76,038		3/18/16	$	(33,995	)
Bank of America, NA		USD	2,012		RUB	157,087		6/17/16		9,655
Barclays Bank PLC		CNY	78,890		USD	12,087		3/18/16		49,334
Barclays Bank PLC		USD	1,149		INR	78,331		3/18/16		(4,468	)
Barclays Bank PLC		USD	2,516		KRW	3,020,812		3/18/16		(79,307	)
Barclays Bank PLC		USD	5,000		MYR	20,768		3/18/16		(47,767	)
Barclays Bank PLC		GBP	4,699		USD	6,549		6/17/16		5,835
BNP Paribas SA		CAD	24,500		USD	18,153		3/18/16		44,755
BNP Paribas SA		EUR	6,142		USD	6,682		3/18/16		(2,456	)
BNP Paribas SA		NOK	36,609		USD	4,276		3/18/16		70,257
BNP Paribas SA		USD	2,164		AUD	3,041		3/18/16		5,136
BNP Paribas SA		USD	3,185		EUR	2,903		3/18/16		(25,398	)
BNP Paribas SA		USD	1,984		JPY	230,526		3/18/16		61,703
Citibank		RUB	280,424		USD	3,566		3/18/16		(143,061	)
Citibank		USD	2,454		GBP	1,680		3/18/16		(115,138	)
Citibank		USD	15,506		RUB	1,205,039		3/18/16		431,878
Citibank		USD	3,413		ZAR	50,519		3/18/16		(238,831	)
Deutsche Bank AG		GBP	1,364		USD	2,056		3/18/16		157,379
Deutsche Bank AG		SEK	16,720		USD	1,963		3/18/16		9,490
Deutsche Bank AG		USD	1,384		EUR	1,242		3/18/16		(32,429	)
Goldman Sachs Bank USA		BRL	6,192		USD	1,556		3/02/16		13,930
Goldman Sachs Bank USA		USD	1,509		BRL	6,192		3/02/16		32,792
Goldman Sachs Bank USA		INR	83,602		USD	1,232		3/18/16		11,092
Goldman Sachs Bank USA		JPY	310,414		USD	2,647		3/18/16		(107,559	)
Goldman Sachs Bank USA		RUB	516,754		USD	7,275		3/18/16		440,389
Goldman Sachs Bank USA		USD	445		MYR	1,893		3/18/16		6,777
HSBC Bank USA		USD	2,159		AUD	3,011		3/18/16		(11,593	)
HSBC Bank USA		USD	6,210		CAD	8,582		3/18/16		132,593
HSBC Bank USA		USD	985		SGD	1,405		3/18/16		14,508
JPMorgan Chase Bank		EUR	2,439		USD	2,585		3/18/16		(69,930	)
JPMorgan Chase Bank		USD	5,558		JPY	653,792		3/18/16		242,961
Morgan Stanley & Co., Inc.		BRL	5,647		USD	1,430		3/02/16		24,061
Morgan Stanley & Co., Inc.		USD	1,419		BRL	5,647		3/02/16		(12,704	)
Morgan Stanley & Co., Inc.		USD	6,853		HKD	53,103		3/18/16		(24,840	)
Morgan Stanley & Co., Inc.		EUR	1,372		USD	1,518		6/17/16		20,363
Nomura Global Financial Products, Inc.		KRW	8,017,179		USD	6,589		3/18/16		122,960
Nomura Global Financial Products, Inc.		MYR	55,118		USD	12,449		3/18/16		(692,873	)
Nomura Global Financial Products, Inc.		USD	4,132		MYR	17,468		3/18/16		32,445
Royal Bank of Scotland PLC		AUD	10,398		USD	7,521		3/18/16		104,865
Royal Bank of Scotland PLC		GBP	919		USD	1,389		3/18/16		110,233
Royal Bank of Scotland PLC		JPY	370,467		USD	3,258		3/18/16		(28,867	)
Royal Bank of Scotland PLC		TWD	195,750		USD	5,781		3/18/16		(97,914	)
Royal Bank of Scotland PLC		USD	4,638		CNY	30,644		3/18/16		37,334
Royal Bank of Scotland PLC		USD	3,701		CNY	24,243		3/18/16		(2,118	)
Royal Bank of Scotland PLC		USD	5,568		JPY	682,767		3/18/16		489,908
Royal Bank of Scotland PLC		USD	2,133		TWD	71,141		3/18/16		4,094
Royal Bank of Scotland PLC		CAD	2,108		USD	1,539		6/17/16		(19,236	)
Royal Bank of Scotland PLC		GBP	1,707		USD	2,441		6/17/16		63,930
Standard Chartered Bank		USD	1,444		IDR	20,453,303		3/18/16		82,660

AB POOLING PORTFOLIOS  • 189

AB Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		EUR	6,575		USD	7,130		3/18/16	$	(26,263	)
State Street Bank & Trust Co.		HKD	20,455		USD	2,624		3/18/16		(6,164	)
State Street Bank & Trust Co.		HKD	17,665		USD	2,280		3/18/16		8,414
State Street Bank & Trust Co.		JPY	434,857		USD	3,674		3/18/16		(184,893	)
State Street Bank & Trust Co.		NZD	186		USD	123		3/18/16		480
State Street Bank & Trust Co.		USD	3,023		CHF	3,013		3/18/16		(3,047	)
State Street Bank & Trust Co.		USD	6,279		EUR	5,786		3/18/16		17,867
State Street Bank & Trust Co.		USD	3,590		EUR	3,287		3/18/16		(12,778	)
State Street Bank & Trust Co.		USD	3,765		JPY	434,857		3/18/16		93,431
State Street Bank & Trust Co.		USD	1,637		SEK	13,788		3/18/16		(25,993	)
State Street Bank & Trust Co.		USD	136		BRL	545		5/03/16		(2,112	)
State Street Bank & Trust Co.		USD	4,184		JPY	471,318		6/17/16		10,206
UBS AG		CHF	1,079		USD	1,080		3/18/16		(1,693	)
UBS AG		EUR	16,942		USD	18,532		3/18/16		93,115
									$	1,003,403

PUT OPTIONS WRITTEN (see Note C)

Description	Contracts		Exercise Price		Expiration Month		Premiums Received		U.S. $ Value
United States Oil Fund (i)		5,681,400	$	6.50		March 2016	$	572,685	$	(81,449	)

INFLATION (CPI) SWAPS (see Note C)

					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Fund			Payments received by the Fund			Unrealized Appreciation/ (Depreciation)
Citibank, NA	$	12,400		2/24/25		1.770	%		CPI	#	$	25,802
Citibank, NA		14,780		2/11/26		1.805	%		CPI	#		102,039
Deutsche Bank AG		102,000		7/30/25		2.278	%		CPI	#		(2,040,278	)
JPMorgan Chase Bank, NA		116,340		3/30/25		2.170	%		CPI	#		(1,930,361	)
JPMorgan Chase Bank, NA		81,117		4/01/25		2.170	%		CPI	#		(1,345,311	)
											$	(5,188,109	)

# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

TOTAL RETURN SWAPS (see Note C)

Counterparty & Referenced Obligation	# of Shares or Units		Rate Paid/ Received			Notional Amount (000)		Maturity Date		Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Obligation
JPMorgan Chase Bank, NA
Bloomberg Commodity Index 2 Months Forwards		817,520		0.11	%	$	135,059		3/15/16	$	2,333,111
Pay Total Return on Reference Obligation
Goldman Sachs International
BBG WTI Crude Oil Index		90,267		0.06	%		5,385		5/16/16		(484,905	)
										$	1,848,206

190 •  AB POOLING PORTFOLIOS

AB Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

^ Less than $0.50.

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

(b) Non-income producing security.

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2016, the aggregate market value of these securities amounted to $2,119,541 or 0.5% of net assets.

(d) Fair valued by the Adviser.

(e) Illiquid security.

(f) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

(g) To obtain a copy of the fund’s financial statements, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

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

(i) One contract relates to 1 share.

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CNY – Chinese Yuan Renminbi

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

IDR – Indonesian Rupiah

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MYR – Malaysian Ringgit

NOK – Norwegian Krone

NZD – New Zealand Dollar

RUB – Russian Ruble

SEK – Swedish Krona

SGD – Singapore Dollar

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

Glossary:

ADR – American Depositary Receipt

ETF – Exchange Traded Fund

GDR – Global Depositary Receipt

KC HRW – Kansas City Hard Red Winter

LME – London Metal Exchange

PJSC – Public Joint Stock Company

REG – Registered Shares

REIT – Real Estate Investment Trust

SPDR – Standard & Poor’s Depository Receipt

TIPS – Treasury Inflation Protected Security

WTI – West Texas Intermediate

See notes to financial statements.

AB POOLING PORTFOLIOS  • 191

AB Multi-Asset Real Return Portfolio—Consolidated Portfolio of Investments

AB VOLATILITY MANAGEMENT

PORTFOLIO OF INVESTMENTS

February 29, 2016 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 66.6%
Financials – 10.5%
Banks – 5.1%
Aozora Bank Ltd.(a)		29,000	$	94,483
Australia & New Zealand Banking Group Ltd.		76,328		1,217,682
Banco Bilbao Vizcaya Argentaria SA		169,189		1,069,575
Banco Comercial Portugues SA(a)(b)		1,009,163		37,518
Banco de Sabadell SA		134,107		212,379
Banco Espirito Santo SA (REG)(b)(c)(d)		54,936		– 0	–^
Banco Popolare SC(b)		9,614		78,491
Banco Popular Espanol SA		45,119		107,650
Banco Santander SA		383,719		1,552,140
Bank Hapoalim BM		27,220		132,969
Bank Leumi Le-Israel BM(b)		35,870		119,665
Bank of America Corp.		235,202		2,944,729
Bank of East Asia Ltd. (The)(a)		31,200		98,759
Bank of Ireland(b)		727,800		206,385
Bank of Kyoto Ltd. (The)		9,000		56,310
Bank of Queensland Ltd.		9,550		71,734
Bank of Yokohama Ltd. (The)		29,000		131,491
Bankia SA		119,352		101,218
Bankinter SA		17,836		117,546
Barclays PLC		445,372		1,058,077
BB&T Corp.		17,500		562,800
Bendigo & Adelaide Bank Ltd.(a)		11,979		72,961
BNP Paribas SA		28,178		1,314,139
BOC Hong Kong Holdings Ltd.		98,000		254,624
CaixaBank SA		69,627		198,666
Chiba Bank Ltd. (The)		18,000		84,413
Chugoku Bank Ltd. (The)		4,000		42,219
Citigroup, Inc.		67,599		2,626,221
Citizens Financial Group, Inc.		12,033		231,395
Comerica, Inc.		3,950		133,431
Commerzbank AG(b)		28,317		228,803
Commonwealth Bank of Australia		45,091		2,249,457
Credit Agricole SA		28,018		292,816
Danske Bank A/S		18,782		512,605
DBS Group Holdings Ltd.(a)		47,000		452,682
DNB ASA		25,942		299,037
Erste Group Bank AG(b)		7,416		190,895
Fifth Third Bancorp		18,050		275,443
Fukuoka Financial Group, Inc.		20,000		63,380
Gunma Bank Ltd. (The)		9,000		39,546
Hachijuni Bank Ltd. (The)		10,000		45,866
Hang Seng Bank Ltd.		20,300		342,409
Hiroshima Bank Ltd. (The)		13,000		48,445
Hokuhoku Financial Group, Inc.		32,000		47,629

192 •  AB POOLING PORTFOLIOS

AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
HSBC Holdings PLC		519,260	$	3,302,149
Huntington Bancshares, Inc./OH		18,000		157,500
ING Groep NV		102,638		1,223,582
Intesa Sanpaolo SpA		335,769		848,109
Intesa Sanpaolo SpA – RSP		23,208		54,603
Iyo Bank Ltd. (The)		6,000		41,506
Japan Post Bank Co., Ltd.(b)		10,650		116,001
Joyo Bank Ltd. (The)		16,000		55,419
JPMorgan Chase & Co.		83,050		4,675,715
KBC Groep NV		6,723		356,022
KeyCorp		18,850		198,867
Kyushu Financial Group, Inc.(b)		8,641		50,221
Lloyds Banking Group PLC		1,514,473		1,519,810
M&T Bank Corp.		3,650		374,307
Mitsubishi UFJ Financial Group, Inc.		338,400		1,460,299
Mizrahi Tefahot Bank Ltd.		3,655		40,351
Mizuho Financial Group, Inc.		625,100		922,171
National Australia Bank Ltd.		69,786		1,200,336
Natixis SA		24,606		131,676
Nordea Bank AB(a)		80,351		799,186
Oversea-Chinese Banking Corp., Ltd.		80,000		459,064
People’s United Financial, Inc.(a)		6,950		101,539
PNC Financial Services Group, Inc. (The)		11,500		935,065
Raiffeisen Bank International AG(a)(b)		3,111		41,214
Regions Financial Corp.		29,700		223,344
Resona Holdings, Inc.		58,600		205,516
Royal Bank of Scotland Group PLC(b)		92,167		285,626
Seven Bank Ltd.(a)		15,807		67,638
Shinsei Bank Ltd.		47,000		55,812
Shizuoka Bank Ltd. (The)(a)		14,000		102,334
Skandinaviska Enskilda Banken AB – Class A		40,323		393,975
Societe Generale SA		19,293		677,589
Standard Chartered PLC		86,919		517,103
Sumitomo Mitsui Financial Group, Inc.		33,800		948,434
Sumitomo Mitsui Trust Holdings, Inc.		88,000		256,408
SunTrust Banks, Inc.		11,550		383,229
Suruga Bank Ltd.		5,152		82,527
Svenska Handelsbanken AB – Class A		39,750		508,318
Swedbank AB – Class A		24,040		485,603
UniCredit SpA		126,420		469,599
Unione di Banche Italiane SpA		23,248		89,234
United Overseas Bank Ltd.(a)		34,000		413,884
US Bancorp		37,150		1,431,018
Wells Fargo & Co.		104,950		4,924,254
Westpac Banking Corp.		88,190		1,803,727
Yamaguchi Financial Group, Inc.		5,000		47,071
Zions Bancorporation		4,500		95,940
				53,551,578

AB POOLING PORTFOLIOS  • 193

AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Capital Markets – 1.1%
3i Group PLC		25,205	$	152,634
Aberdeen Asset Management PLC		24,311		81,090
Affiliated Managers Group, Inc.(b)		1,287		178,494
Ameriprise Financial, Inc.		4,000		335,800
Bank of New York Mellon Corp. (The)		24,800		877,672
BlackRock, Inc. – Class A		2,890		901,564
Charles Schwab Corp. (The)		26,900		673,845
Credit Suisse Group AG (REG)(b)		46,881		627,464
Daiwa Securities Group, Inc.		44,000		259,723
Deutsche Bank AG (REG)		36,691		630,809
E*TRADE Financial Corp.(b)		6,450		151,317
Franklin Resources, Inc.		8,650		310,103
Goldman Sachs Group, Inc. (The)		9,100		1,360,723
Hargreaves Lansdown PLC		6,940		118,975
ICAP PLC		14,678		88,370
Invesco Ltd.		9,550		255,367
Investec PLC		14,543		95,232
Julius Baer Group Ltd.(b)		5,941		237,044
Legg Mason, Inc.		2,400		68,544
Macquarie Group Ltd.		7,969		364,063
Mediobanca SpA		14,934		100,919
Morgan Stanley		34,150		843,505
Nomura Holdings, Inc.		96,300		406,941
Northern Trust Corp.		4,950		293,931
Partners Group Holding AG		427		154,557
Platinum Asset Management Ltd.(a)		6,174		26,091
SBI Holdings, Inc./Japan		5,663		51,646
Schroders PLC		3,300		119,386
State Street Corp.		9,150		501,237
T Rowe Price Group, Inc.		5,750		397,383
UBS Group AG		97,147		1,484,113
				12,148,542
Consumer Finance – 0.3%
Acom Co., Ltd.(a)(b)		10,590		47,182
AEON Financial Service Co., Ltd.(a)		2,800		62,566
American Express Co.		19,100		1,061,578
Capital One Financial Corp.		12,185		800,920
Credit Saison Co., Ltd.		4,000		67,727
Discover Financial Services		9,750		452,595
Navient Corp.		8,400		90,972
Provident Financial PLC		3,902		175,585
Synchrony Financial(b)		18,706		504,127
				3,263,252
Diversified Financial Services – 1.1%
ASX Ltd.		5,139		153,791
Berkshire Hathaway, Inc. – Class B(b)		42,135		5,653,253

194 •  AB POOLING PORTFOLIOS

AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Challenger Ltd./Australia		15,123	$	80,895
CME Group, Inc./IL – Class A		7,550		690,372
Deutsche Boerse AG		5,124		421,290
Eurazeo SA		1,125		65,895
EXOR SpA		2,615		86,196
First Pacific Co., Ltd./Hong Kong		57,900		39,606
Groupe Bruxelles Lambert SA		2,142		163,422
Hong Kong Exchanges and Clearing Ltd.		30,200		655,759
Industrivarden AB – Class C		4,334		66,693
Intercontinental Exchange, Inc.		2,545		606,881
Investment AB Kinnevik – Class B		6,249		155,048
Investor AB – Class B		12,091		400,539
Japan Exchange Group, Inc.		14,600		226,147
Leucadia National Corp.		7,550		109,098
London Stock Exchange Group PLC		8,307		307,763
McGraw Hill Financial, Inc.		6,100		547,414
Mitsubishi UFJ Lease & Finance Co., Ltd.		13,070		56,375
Moody’s Corp.		3,950		350,760
Nasdaq, Inc.		2,650		167,719
ORIX Corp.		35,150		460,145
Pargesa Holding SA		820		48,228
Singapore Exchange Ltd.		21,000		108,412
Wendel SA		763		72,565
				11,694,266
Insurance – 2.5%
Admiral Group PLC		5,560		133,512
Aegon NV		47,281		236,731
Aflac, Inc.		9,650		574,368
Ageas		5,346		197,245
AIA Group Ltd.		319,500		1,624,986
Allianz SE (REG)		12,157		1,803,211
Allstate Corp. (The)		9,000		571,140
American International Group, Inc.		29,040		1,457,808
AMP Ltd.		77,523		293,430
Aon PLC		6,300		600,327
Assicurazioni Generali SpA		30,996		429,639
Assurant, Inc.		1,500		106,650
Aviva PLC		107,394		651,624
AXA SA		51,975		1,142,749
Baloise Holding AG (REG)		1,331		167,425
Chubb Ltd.		10,369		1,197,931
Cincinnati Financial Corp.		3,250		205,205
CNP Assurances		4,557		67,391
Dai-ichi Life Insurance Co., Ltd. (The)		28,657		346,869
Direct Line Insurance Group PLC		35,774		192,662
Gjensidige Forsikring ASA		5,309		83,363
Hannover Rueck SE (REG)		1,601		164,310

AB POOLING PORTFOLIOS  • 195

AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Hartford Financial Services Group, Inc. (The)		9,250	$	389,610
Insurance Australia Group Ltd.		64,540		237,362
Japan Post Holdings Co., Ltd.(b)		12,000		152,822
Legal & General Group PLC		157,078		494,061
Lincoln National Corp.		5,600		204,568
Loews Corp.		6,350		230,822
Mapfre SA		26,863		52,301
Marsh & McLennan Cos., Inc.		11,900		678,895
Medibank Pvt Ltd.		70,276		126,148
MetLife, Inc.		25,050		990,978
MS&AD Insurance Group Holdings, Inc.		13,500		367,279
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		4,429		869,394
NN Group NV		6,341		195,323
Old Mutual PLC		129,447		304,677
Principal Financial Group, Inc.		6,100		230,641
Progressive Corp. (The)		13,100		418,152
Prudential Financial, Inc.		10,100		667,509
Prudential PLC		68,311		1,189,580
QBE Insurance Group Ltd.		36,309		272,848
RSA Insurance Group PLC		26,271		158,596
Sampo Oyj – Class A		11,867		533,815
SCOR SE		4,077		142,592
Sompo Japan Nipponkoa Holdings, Inc.		9,000		258,917
Sony Financial Holdings, Inc.(a)		4,619		64,395
St James’s Place PLC		13,973		165,992
Standard Life PLC		51,619		238,268
Suncorp Group Ltd.		34,153		272,180
Swiss Life Holding AG(b)		852		207,475
Swiss Re AG		9,349		828,657
T&D Holdings, Inc.		15,400		151,922
Tokio Marine Holdings, Inc.		18,111		631,385
Torchmark Corp.		2,575		131,892
Travelers Cos., Inc. (The)		7,000		752,640
Tryg A/S		3,176		57,956
UnipolSai SpA		29,523		60,617
Unum Group		5,450		155,489
Willis Towers Watson PLC		3,126		354,238
XL Group PLC		6,700		230,346
Zurich Insurance Group AG(b)		4,002		847,667
				26,566,585
Real Estate Investment Trusts (REITs) – 0.3%
American Tower Corp.		9,520		877,744
CBRE Group, Inc. – Class A(b)		6,490		164,911
Crown Castle International Corp.		7,530		651,345

196 •  AB POOLING PORTFOLIOS

AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Duke Realty Corp.		7,358	$	152,164
Equinix, Inc.		1,374		417,270
Iron Mountain, Inc.		4,280		125,746
Weyerhaeuser Co.		17,710		460,106
				2,849,286
Real Estate Management & Development – 0.1%
City Developments Ltd.		10,000		50,604
Daito Trust Construction Co., Ltd.		1,900		257,334
Daiwa House Industry Co., Ltd.		16,000		437,866
Global Logistic Properties Ltd.		82,100		103,225
LendLease Group		14,543		134,811
Swire Pacific Ltd. – Class A		15,500		151,388
Tokyu Fudosan Holdings Corp.		12,909		81,613
Wheelock & Co., Ltd.		24,000		94,873
				1,311,714
				111,385,223
Information Technology – 8.9%
Communications Equipment – 0.7%
Cisco Systems, Inc.		114,190		2,989,494
F5 Networks, Inc.(b)		1,590		152,910
Harris Corp.		2,740		213,775
Juniper Networks, Inc.		7,880		194,636
Motorola Solutions, Inc.		3,640		267,504
Nokia Oyj		145,682		882,418
QUALCOMM, Inc.		35,260		1,790,855
Telefonaktiebolaget LM Ericsson – Class B		80,431		738,701
				7,230,293
Electronic Equipment, Instruments & Components – 0.5%
Alps Electric Co., Ltd.		4,806		78,869
Amphenol Corp. – Class A		6,920		367,244
Citizen Holdings Co., Ltd.		7,000		38,439
Corning, Inc.		27,530		503,799
FLIR Systems, Inc.		3,060		94,738
Hamamatsu Photonics KK		3,800		93,267
Hexagon AB – Class B		6,890		233,925
Hirose Electric Co., Ltd.		800		90,250
Hitachi High-Technologies Corp.		1,900		50,476
Hitachi Ltd.		128,000		541,460
Ingenico Group SA		1,465		147,974
Keyence Corp.(a)		1,300		671,895
Kyocera Corp.		8,600		378,651
Murata Manufacturing Co., Ltd.		5,400		647,992
Nippon Electric Glass Co., Ltd.		10,000		47,560
Omron Corp.		5,200		137,337
Shimadzu Corp.		7,000		109,002

AB POOLING PORTFOLIOS  • 197

AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
TDK Corp.		3,300	$	172,026
TE Connectivity Ltd.		9,050		515,126
Yaskawa Electric Corp.(a)		6,000		71,959
Yokogawa Electric Corp.(a)		6,100		58,867
				5,050,856
Internet Software & Services – 1.6%
Akamai Technologies, Inc.(b)		4,010		216,420
Alphabet, Inc. – Class A(b)		6,569		4,711,418
Alphabet, Inc. – Class C(b)		6,673		4,656,219
eBay, Inc.(b)		25,130		598,094
Facebook, Inc. – Class A(b)		50,772		5,428,542
Kakaku.com, Inc.(a)		3,827		67,271
Mixi, Inc.(a)		1,108		37,143
United Internet AG		3,255		158,506
VeriSign, Inc.(a)(b)		2,190		185,033
Yahoo Japan Corp.(a)		37,793		148,908
Yahoo!, Inc.(b)		19,450		618,316
				16,825,870
IT Services – 1.5%
Accenture PLC – Class A		14,070		1,410,658
Alliance Data Systems Corp.(b)		1,410		296,283
Amadeus IT Holding SA – Class A		11,649		467,598
Atos SE		2,353		171,390
Automatic Data Processing, Inc.		10,500		889,245
Cap Gemini SA		4,342		360,744
Cognizant Technology Solutions Corp. – Class A(b)		13,670		778,917
Computershare Ltd.		12,550		81,275
CSRA, Inc.		3,880		100,686
Fidelity National Information Services, Inc.		6,290		366,393
Fiserv, Inc.(b)		5,300		506,839
Fujitsu Ltd.		49,000		179,268
International Business Machines Corp.		20,269		2,655,847
Itochu Techno-Solutions Corp.		1,300		25,992
MasterCard, Inc. – Class A		22,450		1,951,354
Nomura Research Institute Ltd.		3,300		112,621
NTT Data Corp.		3,351		167,700
Obic Co., Ltd.		1,720		85,463
Otsuka Corp.		1,400		69,149
Paychex, Inc.		7,170		368,466
PayPal Holdings, Inc.(b)		24,830		947,016
Teradata Corp.(b)		3,120		77,844
Total System Services, Inc.		3,730		162,554
Visa, Inc. – Class A		43,880		3,176,473
Western Union Co. (The) – Class W		11,420		208,529
Worldpay Group PLC(b)(e)		29,214		116,651
Xerox Corp.		21,360		205,270
				15,940,225

198 •  AB POOLING PORTFOLIOS

AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Semiconductors & Semiconductor Equipment – 1.1%
Analog Devices, Inc.		7,050	$	373,579
Applied Materials, Inc.		26,900		507,603
ARM Holdings PLC		37,253		511,914
ASM Pacific Technology Ltd.(a)		6,400		51,155
ASML Holding NV		9,203		838,373
Broadcom Ltd.		8,871		1,188,448
Infineon Technologies AG		29,929		363,261
Intel Corp.		106,800		3,160,212
KLA-Tencor Corp.		3,550		240,477
Lam Research Corp.		3,538		259,335
Linear Technology Corp.		5,300		231,186
Microchip Technology, Inc.(a)		4,750		211,328
Micron Technology, Inc.(b)		24,150		256,715
NVIDIA Corp.		11,500		360,640
NXP Semiconductors NV(b)		3,175		226,187
Qorvo, Inc.(b)		3,355		151,243
Rohm Co., Ltd.		2,600		110,948
Skyworks Solutions, Inc.		4,295		285,403
STMicroelectronics NV		16,270		93,115
Texas Instruments, Inc.		23,050		1,222,111
Tokyo Electron Ltd.		4,600		277,276
Xilinx, Inc.		5,800		273,876
				11,194,385
Software – 1.9%
Activision Blizzard, Inc.		11,230		355,654
Adobe Systems, Inc.(b)		11,220		955,383
Autodesk, Inc.(b)		5,030		260,252
CA, Inc.		6,970		204,151
Check Point Software Technologies Ltd.(a)(b)		3,602		299,218
Citrix Systems, Inc.(b)		3,620		255,753
Dassault Systemes		3,426		259,513
Electronic Arts, Inc.(b)		7,000		449,680
Gemalto NV		2,160		136,887
GungHo Online Entertainment, Inc.(a)		11,232		26,778
Intuit, Inc.		6,260		604,966
Konami Holdings Corp.		2,500		60,669
Microsoft Corp.		179,670		9,141,610
Mobileye NV(a)(b)		2,157		70,016
Nexon Co., Ltd.		3,483		52,318
NICE-Systems Ltd.		1,556		93,321
Nintendo Co., Ltd.		2,900		405,925
Oracle Corp.		72,980		2,684,204
Oracle Corp. Japan		1,000		48,909
Red Hat, Inc.(b)		4,070		265,975

AB POOLING PORTFOLIOS  • 199

AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Sage Group PLC (The)		28,333	$	233,794
salesforce.com, Inc.(b)		13,890		941,048
SAP SE		26,144		1,971,344
Symantec Corp.		15,320		295,829
Trend Micro, Inc./Japan		2,800		101,897
				20,175,094
Technology Hardware, Storage & Peripherals – 1.6%
Apple, Inc.		126,827		12,262,903
Brother Industries Ltd.		6,300		68,812
Canon, Inc.		28,300		797,623
EMC Corp./MA		43,190		1,128,555
FUJIFILM Holdings Corp.(a)		12,300		461,006
Hewlett Packard Enterprise Co.		50,530		670,533
HP, Inc.		50,530		540,166
Konica Minolta, Inc.		12,000		100,612
NEC Corp.		69,000		174,738
NetApp, Inc.		6,650		165,186
Ricoh Co., Ltd.		19,000		187,637
SanDisk Corp.		4,570		330,228
Seagate Technology PLC(a)		6,700		210,112
Seiko Epson Corp.(a)		7,400		118,977
Western Digital Corp.		5,130		223,309
				17,440,397
				93,857,120
Health Care – 8.6%
Biotechnology – 1.4%
AbbVie, Inc.		37,207		2,031,874
Actelion Ltd. (REG)(b)		2,759		382,175
Alexion Pharmaceuticals, Inc.(b)		5,090		716,672
Amgen, Inc.		17,100		2,432,988
Baxalta, Inc.		12,150		468,018
Biogen, Inc.(b)		5,050		1,310,071
Celgene Corp.(b)		17,750		1,789,733
CSL Ltd.		12,340		902,364
Genmab A/S(b)		1,423		173,965
Gilead Sciences, Inc.		33,000		2,879,250
Grifols SA		7,918		172,612
Regeneron Pharmaceuticals, Inc.(b)		1,800		691,236
Vertex Pharmaceuticals, Inc.(b)		5,505		470,622
				14,421,580
Health Care Equipment & Supplies – 1.1%
Abbott Laboratories		33,400		1,293,916
Baxter International, Inc.		12,250		483,997
Becton Dickinson and Co.		4,778		704,516

200 •  AB POOLING PORTFOLIOS

AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Boston Scientific Corp.(b)		30,200	$	512,796
Cochlear Ltd.		1,515		110,588
Coloplast A/S – Class B		2,950		222,919
CR Bard, Inc.		1,700		327,046
DENTSPLY International, Inc.		5,505		335,585
Edwards Lifesciences Corp.(b)		4,800		417,600
Essilor International SA		5,456		648,083
Getinge AB – Class B		5,313		117,625
Hoya Corp.		11,100		401,118
Intuitive Surgical, Inc.(b)		830		467,340
Medtronic PLC		31,731		2,455,662
Olympus Corp.(a)		7,300		266,169
Smith & Nephew PLC		23,727		385,039
Sonova Holding AG (REG)		1,461		174,959
St Jude Medical, Inc.		6,300		338,247
Stryker Corp.		7,150		714,142
Sysmex Corp.(a)		3,900		240,552
Terumo Corp.(a)		8,100		276,729
Varian Medical Systems, Inc.(b)		2,200		172,084
William Demant Holding A/S(b)		679		58,981
Zimmer Biomet Holdings, Inc.		3,800		367,878
				11,493,571
Health Care Providers & Services – 1.2%
Aetna, Inc.		7,859		853,723
Alfresa Holdings Corp.		4,700		85,028
AmerisourceBergen Corp. – Class A		4,600		398,452
Anthem, Inc.		5,850		764,536
Cardinal Health, Inc.		7,350		600,495
Cigna Corp.		5,800		809,738
DaVita HealthCare Partners, Inc.(b)		3,800		250,686
Express Scripts Holding Co.(b)		15,183		1,068,580
Fresenius Medical Care AG & Co. KGaA		5,803		487,224
Fresenius SE & Co. KGaA		10,174		668,243
HCA Holdings, Inc.(b)		7,218		499,558
Healthscope Ltd.		46,057		81,340
Henry Schein, Inc.(b)		1,870		309,391
Humana, Inc.		3,400		601,698
Laboratory Corp. of America Holdings(b)		2,250		247,140
McKesson Corp.		5,200		809,224
Mediclinic International PLC		10,709		131,916
Medipal Holdings Corp.		3,600		55,171
Miraca Holdings, Inc.		1,500		64,627
Patterson Cos., Inc.		1,900		82,536
Quest Diagnostics, Inc.		3,250		216,223
Ramsay Health Care Ltd.		3,763		177,440
Ryman Healthcare Ltd.		9,906		52,289

AB POOLING PORTFOLIOS  • 201

AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Sonic Healthcare Ltd.		10,107	$	132,781
Suzuken Co., Ltd./Aichi Japan		2,100		68,243
Tenet Healthcare Corp.(b)		2,200		54,604
UnitedHealth Group, Inc.		21,400		2,548,740
Universal Health Services, Inc. – Class B		2,100		231,777
				12,351,403
Health Care Technology – 0.0%
Cerner Corp.(b)		6,900		352,314
M3, Inc.		5,154		122,686
				475,000
Life Sciences Tools & Services – 0.2%
Agilent Technologies, Inc.		7,400		276,390
Illumina, Inc.(b)		3,262		490,083
Lonza Group AG (REG)(b)		1,405		212,745
PerkinElmer, Inc.		2,500		118,150
QIAGEN NV(b)		5,864		124,313
Thermo Fisher Scientific, Inc.		8,950		1,156,250
Waters Corp.(b)		1,850		222,574
				2,600,505
Pharmaceuticals – 4.7%
Allergan PLC(b)		8,900		2,581,979
Astellas Pharma, Inc.		56,000		805,721
AstraZeneca PLC		33,606		1,910,725
Bayer AG		21,951		2,275,616
Bristol-Myers Squibb Co.		37,500		2,322,375
Chugai Pharmaceutical Co., Ltd.		6,000		177,727
Daiichi Sankyo Co., Ltd.		17,000		354,936
Eisai Co., Ltd.		6,700		412,969
Eli Lilly & Co.		21,900		1,576,800
Endo International PLC(b)		4,626		193,413
Galenica AG		104		155,868
GlaxoSmithKline PLC		129,166		2,503,244
Hisamitsu Pharmaceutical Co., Inc.		1,500		65,491
Johnson & Johnson		62,200		6,544,062
Kyowa Hakko Kirin Co., Ltd.		6,000		89,306
Mallinckrodt PLC(b)		2,605		169,403
Merck & Co., Inc.		63,250		3,175,783
Merck KGaA		3,477		294,700
Mitsubishi Tanabe Pharma Corp.		6,000		107,748
Mylan NV(b)		9,200		414,644
Novartis AG (REG)		60,401		4,302,268
Novo Nordisk A/S – Class B		52,013		2,677,870
Ono Pharmaceutical Co., Ltd.		2,200		407,351
Orion Oyj – Class B		2,784		94,062
Otsuka Holdings Co., Ltd.		10,366		366,380
Perrigo Co. PLC		3,339		421,549

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Company	Shares		U.S. $ Value
Pfizer, Inc.		138,507	$	4,109,503
Roche Holding AG		18,650		4,782,144
Sanofi		31,350		2,484,119
Santen Pharmaceutical Co., Ltd.		9,900		152,005
Shionogi & Co., Ltd.		8,000		343,025
Shire PLC		15,774		822,923
Sumitomo Dainippon Pharma Co., Ltd.(a)		4,200		47,636
Taisho Pharmaceutical Holdings Co., Ltd.(a)		838		66,123
Takeda Pharmaceutical Co., Ltd.		21,000		999,641
Taro Pharmaceutical Industries Ltd.(b)		199		28,833
Teva Pharmaceutical Industries Ltd.		22,979		1,289,321
UCB SA		3,356		248,347
Zoetis, Inc.		10,264		421,440
				50,197,050
				91,539,109
Consumer Discretionary – 8.4%
Auto Components – 0.5%
Aisin Seiki Co., Ltd.(a)		5,100		204,084
BorgWarner, Inc.		5,000		163,400
Bridgestone Corp.		17,300		605,701
Cie Generale des Etablissements Michelin – Class B		4,977		448,955
Continental AG		2,920		581,189
Delphi Automotive PLC		6,371		424,818
Denso Corp.		12,900		478,263
GKN PLC		45,488		172,927
Goodyear Tire & Rubber Co. (The)		6,050		182,226
Johnson Controls, Inc.		14,600		532,316
Koito Manufacturing Co., Ltd.		3,000		132,151
NGK Spark Plug Co., Ltd.		5,000		93,326
NHK Spring Co., Ltd.		4,000		36,511
NOK Corp.		2,600		41,906
Nokian Renkaat Oyj		3,138		102,858
Stanley Electric Co., Ltd.(a)		3,800		84,330
Sumitomo Electric Industries Ltd.		20,000		239,834
Sumitomo Rubber Industries Ltd.		4,500		64,314
Toyoda Gosei Co., Ltd.		1,700		32,493
Toyota Industries Corp.		4,400		185,021
Valeo SA		2,114		292,266
Yokohama Rubber Co., Ltd. (The)		2,500		39,862
				5,138,751
Automobiles – 1.3%
Bayerische Motoren Werke AG		8,788		713,920
Bayerische Motoren Werke AG (Preference Shares)		1,500		101,149
Daihatsu Motor Co., Ltd.(a)		5,000		69,429

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Company	Shares		U.S. $ Value
Daimler AG (REG)		25,557	$	1,738,826
Ferrari NV(b)		2,392		92,610
Fiat Chrysler Automobiles NV		23,926		163,642
Ford Motor Co.		87,500		1,094,625
Fuji Heavy Industries Ltd.		16,000		523,469
General Motors Co.		32,365		952,825
Harley-Davidson, Inc.(a)		4,600		198,582
Honda Motor Co., Ltd.		43,300		1,113,627
Isuzu Motors Ltd.		15,500		155,072
Mazda Motor Corp.		14,400		200,401
Mitsubishi Motors Corp.		16,300		116,113
Nissan Motor Co., Ltd.		66,000		598,598
Peugeot SA(b)		11,791		176,907
Porsche Automobil Holding SE (Preference Shares)		4,120		186,333
Renault SA		5,100		465,039
Suzuki Motor Corp.		9,700		242,728
Toyota Motor Corp.		72,600		3,785,188
Volkswagen AG		942		130,924
Volkswagen AG (Preference Shares)		4,927		572,946
Yamaha Motor Co., Ltd.		7,000		104,192
				13,497,145
Distributors – 0.0%
Genuine Parts Co.		3,440		310,116
Jardine Cycle & Carriage Ltd.		3,000		82,239
				392,355
Diversified Consumer Services – 0.0%
Benesse Holdings, Inc.(a)		1,800		54,758
H&R Block, Inc.		5,250		172,620
				227,378
Hotels, Restaurants & Leisure – 1.1%
Accor SA		5,581		236,558
Aristocrat Leisure Ltd.		13,621		96,880
Carnival Corp.		10,350		496,386
Carnival PLC		4,885		241,325
Chipotle Mexican Grill, Inc. – Class A(b)		750		381,870
Compass Group PLC		43,739		766,850
Crown Resorts Ltd.		9,668		79,873
Darden Restaurants, Inc.		3,450		220,386
Flight Centre Travel Group Ltd.(a)		1,468		43,189
Galaxy Entertainment Group Ltd.		61,700		206,573
Genting Singapore PLC		160,000		85,828
InterContinental Hotels Group PLC		6,337		238,027
Marriott International, Inc./MD – Class A(a)		4,450		303,268
McDonald’s Corp.		21,150		2,478,568
McDonald’s Holdings Co. Japan Ltd.(a)		1,800		41,923
Melco Crown Entertainment Ltd. (ADR)(a)		2,525		39,870

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Company	Shares		U.S. $ Value
Merlin Entertainments PLC(e)		18,076	$	114,750
MGM China Holdings Ltd.		23,500		26,859
Oriental Land Co., Ltd./Japan		5,300		362,787
Paddy Power Betfair PLC		2,177		331,200
Royal Caribbean Cruises Ltd.		3,824		284,391
Sands China Ltd.		63,300		224,886
Shangri-La Asia Ltd.		32,000		30,200
SJM Holdings Ltd.		51,500		31,329
Sodexo SA		2,503		253,882
Starbucks Corp.		33,300		1,938,393
Starwood Hotels & Resorts Worldwide, Inc.		3,800		262,618
Tabcorp Holdings Ltd.		21,691		66,267
Tatts Group Ltd.		37,618		104,100
TUI AG		13,236		196,172
Whitbread PLC		4,880		264,872
William Hill PLC		23,023		130,940
Wyndham Worldwide Corp.		2,600		189,384
Wynn Macau Ltd.(a)		39,800		45,608
Wynn Resorts Ltd.(a)		1,850		152,588
Yum! Brands, Inc.		9,700		702,959
				11,671,559
Household Durables – 0.4%
Auto Trader Group PLC(e)		19,929		100,204
Barratt Developments PLC		26,388		215,577
Casio Computer Co., Ltd.(a)		5,400		99,463
DR Horton, Inc.		7,250		193,720
Electrolux AB – Class B		6,386		149,685
Garmin Ltd.(a)		2,580		104,516
Harman International Industries, Inc.		1,600		122,688
Husqvarna AB – Class B		10,962		69,454
Iida Group Holdings Co., Ltd.		3,916		71,676
Leggett & Platt, Inc.		3,000		133,980
Lennar Corp. – Class A		3,850		161,469
Mohawk Industries, Inc.(b)		1,500		269,595
Newell Rubbermaid, Inc.(a)		6,000		228,060
Nikon Corp.(a)		9,000		136,965
Panasonic Corp.		58,600		493,198
Persimmon PLC(b)		8,256		249,508
PulteGroup, Inc.		7,150		122,908
Rinnai Corp.		1,000		86,002
Sekisui Chemical Co., Ltd.		11,000		121,833
Sekisui House Ltd.		16,000		260,398
Sony Corp.		33,500		703,986
Taylor Wimpey PLC		84,856		218,623
Techtronic Industries Co., Ltd.		35,200		134,027
Whirlpool Corp.		1,750		271,810
				4,719,345

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Company	Shares		U.S. $ Value
Internet & Catalog Retail – 0.8%
Amazon.com, Inc.(b)		8,670	$	4,790,349
Expedia, Inc.		2,240		233,206
Netflix, Inc.(b)		9,620		898,604
Priceline Group, Inc. (The)(b)		1,210		1,530,904
Rakuten, Inc.		24,674		234,732
TripAdvisor, Inc.(b)		2,550		159,630
Zalando SE(b)(e)		2,293		71,471
				7,918,896
Leisure Products – 0.1%
Bandai Namco Holdings, Inc.		4,700		93,666
Hasbro, Inc.		2,550		193,468
Mattel, Inc.(a)		7,550		245,526
Sankyo Co., Ltd.		1,300		47,731
Sega Sammy Holdings, Inc.		4,900		51,817
Shimano, Inc.		2,100		328,398
Yamaha Corp.(a)		4,500		125,444
				1,086,050
Media – 1.7%
Altice NV – Class A(b)		9,789		140,418
Altice NV – Class B(b)		2,900		42,420
Axel Springer SE		1,185		59,886
Cablevision Systems Corp. – Class A		4,900		159,397
CBS Corp. – Class B		9,900		478,962
Comcast Corp. – Class A		55,293		3,192,065
Dentsu, Inc.		5,800		269,581
Discovery Communications, Inc. – Class A(a)(b)		3,350		83,750
Discovery Communications, Inc. – Class C(b)		5,700		140,505
Eutelsat Communications SA		4,529		137,161
Hakuhodo DY Holdings, Inc.		6,190		69,942
Interpublic Group of Cos., Inc. (The)		9,150		195,719
ITV PLC		100,673		346,714
JCDecaux SA		1,952		76,565
Kabel Deutschland Holding AG		588		72,762
Lagardere SCA		3,133		90,342
News Corp. – Class A		8,475		91,700
News Corp. – Class B(a)		2,352		26,836
Numericable-SFR SA		2,909		106,140
Omnicom Group, Inc.		5,450		424,064
Pearson PLC		21,742		258,256
ProSiebenSat.1 Media SE		5,808		296,864
Publicis Groupe SA		5,079		314,756
REA Group Ltd.(a)		1,399		51,690
RELX NV		26,408		433,798
RELX PLC		29,647		510,115

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AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
RTL Group SA (Germany)		989	$	82,760
RTL Group SA (London)(b)		39		3,261
Schibsted ASA		2,007		55,091
Schibsted ASA – Class B(b)		2,365		62,163
Scripps Networks Interactive, Inc. – Class A		2,100		124,404
SES SA		8,710		228,387
Singapore Press Holdings Ltd.(a)		42,000		111,064
Sky PLC		27,524		397,508
TEGNA, Inc.		5,050		124,432
Telenet Group Holding NV(b)		1,473		77,267
Time Warner Cable, Inc. – Class A		6,400		1,221,504
Time Warner, Inc.		18,300		1,211,460
Toho Co., Ltd./Tokyo		3,000		73,413
Twenty-First Century Fox, Inc. – Class A		27,364		739,375
Twenty-First Century Fox, Inc. – Class B		9,607		260,926
Viacom, Inc. – Class B		7,800		287,430
Vivendi SA		30,859		640,116
Walt Disney Co. (The)		34,888		3,332,502
Wolters Kluwer NV		8,014		301,950
WPP PLC		34,383		724,189
				18,129,610
Multiline Retail – 0.4%
Dollar General Corp.		6,630		492,278
Dollar Tree, Inc.(b)		5,217		418,664
Don Quijote Holdings Co., Ltd.		3,200		106,964
Harvey Norman Holdings Ltd.		13,121		44,633
Isetan Mitsukoshi Holdings Ltd.		9,400		109,275
J Front Retailing Co., Ltd.		6,000		70,004
Kohl’s Corp.		4,360		203,481
Macy’s, Inc.		7,360		318,026
Marks & Spencer Group PLC		43,158		253,807
Marui Group Co., Ltd.(a)		5,900		80,869
Next PLC		3,864		362,037
Nordstrom, Inc.(a)		3,070		157,552
Ryohin Keikaku Co., Ltd.		637		129,762
Takashimaya Co., Ltd.		7,392		59,148
Target Corp.		14,120		1,107,714
				3,914,214
Specialty Retail – 1.3%
ABC-Mart, Inc.		800		45,983
Advance Auto Parts, Inc.		1,658		246,113
AutoNation, Inc.(b)		1,730		89,043
AutoZone, Inc.(b)		710		549,945
Bed Bath & Beyond, Inc.(b)		3,800		182,210
Best Buy Co., Inc.		6,840		221,548
CarMax, Inc.(a)(b)		4,670		216,034

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AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Dixons Carphone PLC		25,354	$	152,944
Dufry AG (REG)(b)		1,073		111,955
Fast Retailing Co., Ltd.		1,500		416,169
GameStop Corp. – Class A(a)		2,360		72,735
Gap, Inc. (The)(a)		5,290		146,268
Hennes & Mauritz AB – Class B		25,195		816,480
Hikari Tsushin, Inc.		500		35,308
Home Depot, Inc. (The)		28,840		3,579,621
Industria de Diseno Textil SA		28,956		893,436
Kingfisher PLC		61,099		282,235
L Brands, Inc.		5,750		487,542
Lowe’s Cos., Inc.		20,740		1,400,572
Nitori Holdings Co., Ltd.		2,000		153,611
O’Reilly Automotive, Inc.(b)		2,230		580,514
Ross Stores, Inc.		9,220		506,916
Sanrio Co., Ltd.(a)		1,300		25,453
Shimamura Co., Ltd.(a)		600		66,377
Signet Jewelers Ltd.		1,856		201,190
Sports Direct International PLC(b)		7,149		40,029
Staples, Inc.		14,440		136,458
Tiffany & Co.		2,470		160,501
TJX Cos., Inc. (The)		15,120		1,120,392
Tractor Supply Co.		3,023		255,655
Urban Outfitters, Inc.(b)		2,130		56,424
USS Co., Ltd.(a)		5,820		91,603
Yamada Denki Co., Ltd.		17,950		88,160
				13,429,424
Textiles, Apparel & Luxury Goods – 0.8%
adidas AG		5,554		591,938
Asics Corp.		4,000		72,783
Burberry Group PLC		11,776		215,014
Christian Dior SE		1,473		259,032
Cie Financiere Richemont SA		13,914		883,548
Coach, Inc.		6,200		241,428
Hanesbrands, Inc.		8,995		256,268
Hermes International(a)		703		239,881
HUGO BOSS AG		1,780		101,242
Kering		2,010		349,725
Li & Fung Ltd.		156,000		88,437
Luxottica Group SpA		4,513		257,623
LVMH Moet Hennessy Louis Vuitton SE		7,440		1,236,062
Michael Kors Holdings Ltd.(b)		4,310		244,161
NIKE, Inc. – Class B		30,400		1,872,336
Pandora A/S		2,922		368,867
PVH Corp.		1,861		147,298
Ralph Lauren Corp.		1,350		122,526
Swatch Group AG (The)(a)		832		288,107

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AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Swatch Group AG (The) (REG)		1,318	$	91,537
Under Armour, Inc. – Class A(a)(b)		4,075		341,037
VF Corp.		7,600		494,836
Yue Yuen Industrial Holdings Ltd.		19,500		69,074
				8,832,760
				88,957,487
Industrials – 7.5%
Aerospace & Defense – 1.2%
Airbus Group SE		15,736		1,015,550
BAE Systems PLC		83,502		591,975
Boeing Co. (The)		14,400		1,701,792
Cobham PLC		29,193		104,371
Finmeccanica SpA(b)		10,743		110,557
General Dynamics Corp.		6,800		926,636
Honeywell International, Inc.		17,550		1,778,692
L-3 Communications Holdings, Inc.		1,800		211,158
Lockheed Martin Corp.		6,000		1,294,740
Meggitt PLC		20,309		117,488
Northrop Grumman Corp.		4,200		807,324
Raytheon Co.		6,850		848,372
Rockwell Collins, Inc.		2,950		258,332
Rolls-Royce Holdings PLC(b)		48,806		458,142
Safran SA		7,766		481,168
Singapore Technologies Engineering Ltd.		41,000		87,139
Textron, Inc.		6,200		211,730
Thales SA		2,819		223,836
United Technologies Corp.		18,650		1,801,963
Zodiac Aerospace		5,366		89,375
				13,120,340
Air Freight & Logistics – 0.4%
Bollore SA		21,942		84,580
CH Robinson Worldwide, Inc.		3,150		219,964
Deutsche Post AG (REG)		25,833		612,453
Expeditors International of Washington, Inc.		4,250		194,565
FedEx Corp.		5,950		814,436
Kuehne & Nagel International AG (REG)		1,432		185,736
Royal Mail PLC		23,890		150,480
TNT Express NV		13,124		112,236
United Parcel Service, Inc. – Class B		15,700		1,515,835
Yamato Holdings Co., Ltd.(a)		9,000		182,536
				4,072,821
Airlines – 0.3%
American Airlines Group, Inc.		14,108		578,428
ANA Holdings, Inc.		30,000		84,852
Cathay Pacific Airways Ltd.		31,000		49,306

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AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Delta Air Lines, Inc.		17,883	$	862,676
Deutsche Lufthansa AG (REG)(b)		6,120		91,139
easyJet PLC		4,213		88,008
International Consolidated Airlines Group SA		21,132		160,689
Japan Airlines Co., Ltd.		3,278		117,292
Qantas Airways Ltd.(b)		13,640		37,467
Ryanair Holdings PLC (Sponsored ADR)		799		66,453
Singapore Airlines Ltd.		14,000		115,798
Southwest Airlines Co.		14,750		618,762
United Continental Holdings, Inc.(b)		8,475		485,278
				3,356,148
Building Products – 0.2%
Allegion PLC		2,100		132,300
Asahi Glass Co., Ltd.(a)		25,000		121,011
Assa Abloy AB – Class B		26,607		510,104
Cie de Saint-Gobain		12,942		499,992
Daikin Industries Ltd.		6,300		422,323
Geberit AG (REG)		1,018		366,481
LIXIL Group Corp.		7,100		145,809
Masco Corp.		7,700		217,140
TOTO Ltd.		4,500		129,467
				2,544,627
Commercial Services & Supplies – 0.3%
ADT Corp. (The)		3,750		151,388
Aggreko PLC		6,798		83,200
Babcock International Group PLC		6,668		84,369
Brambles Ltd.		41,051		364,848
Cintas Corp.		2,050		172,179
Dai Nippon Printing Co., Ltd.		14,000		120,403
Edenred		5,573		97,570
G4S PLC		39,842		114,708
ISS A/S		3,951		137,550
Park24 Co., Ltd.		2,500		65,480
Pitney Bowes, Inc.		4,450		80,634
Republic Services, Inc. – Class A		5,400		246,780
Secom Co., Ltd.		5,600		399,288
Securitas AB – Class B		8,312		124,251
Societe BIC SA		790		109,571
Sohgo Security Services Co., Ltd.		1,700		88,177
Stericycle, Inc.(b)		1,950		222,163
Toppan Printing Co., Ltd.		14,000		118,225
Tyco International PLC		9,400		330,692
Waste Management, Inc.		9,400		524,990
				3,636,466

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Company	Shares		U.S. $ Value
Construction & Engineering – 0.3%
ACS Actividades de Construccion y Servicios SA		5,023	$	129,848
Boskalis Westminster		2,414		87,820
Bouygues SA		5,365		209,454
CIMIC Group Ltd.		2,696		60,543
Ferrovial SA		12,078		232,693
Fluor Corp.		3,200		147,328
Jacobs Engineering Group, Inc.(b)		2,750		106,288
JGC Corp.(a)		5,864		92,280
Kajima Corp.		22,000		126,371
Obayashi Corp.		17,000		154,905
Quanta Services, Inc.(b)		3,600		73,044
Shimizu Corp.		15,000		114,013
Skanska AB – Class B		10,087		214,411
Taisei Corp.		27,000		163,652
Vinci SA		12,701		877,274
				2,789,924
Electrical Equipment – 0.6%
ABB Ltd. (REG)(b)		58,497		1,043,237
AMETEK, Inc.		5,439		252,424
Eaton Corp. PLC		10,509		595,965
Emerson Electric Co.		14,700		717,801
First Solar, Inc.(b)		1,650		118,585
Fuji Electric Co., Ltd.		14,000		47,958
Legrand SA		7,051		350,514
Mabuchi Motor Co., Ltd.		1,400		61,393
Mitsubishi Electric Corp.		51,000		516,317
Nidec Corp.(a)		5,900		395,185
OSRAM Licht AG		2,362		110,349
Prysmian SpA		5,189		105,325
Rockwell Automation, Inc.		3,050		317,474
Schneider Electric SE (Paris)		14,854		885,380
Vestas Wind Systems A/S		5,948		401,097
				5,919,004
Industrial Conglomerates – 1.4%
3M Co.		14,050		2,204,024
CK Hutchison Holdings Ltd.		71,304		861,075
Danaher Corp.		13,350		1,191,755
General Electric Co.		212,279		6,185,810
Jardine Matheson Holdings Ltd.		6,500		378,430
Keihan Electric Railway Co., Ltd.		13,000		90,023
Keppel Corp., Ltd.(a)		38,000		139,687
Koninklijke Philips NV		25,284		641,955
NWS Holdings Ltd.		40,000		56,623
Roper Technologies, Inc.		2,300		386,239
Seibu Holdings, Inc.		3,175		62,462

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Company	Shares		U.S. $ Value
Sembcorp Industries Ltd.(a)		26,000	$	49,435
Siemens AG (REG)		21,044		1,945,406
Smiths Group PLC		10,470		144,981
Toshiba Corp.(a)(b)		106,000		163,973
				14,501,878
Industrial Warehouse Distribution – 0.2%
Ascendas Real Estate Investment Trust		97,350		167,494
Daiwa House REIT Investment Corp.(a)		7		28,227
DCT Industrial Trust, Inc.		1,890		68,399
EastGroup Properties, Inc.		713		38,666
First Industrial Realty Trust, Inc.		2,300		49,496
GLP J-Reit(a)		47		50,072
Hansteen Holdings PLC(a)		15,363		23,008
Industrial & Infrastructure Fund Investment Corp.		7		32,879
Japan Logistics Fund, Inc.		18		39,054
Mapletree Industrial Trust		26,462		29,067
Mapletree Logistics Trust		31,155		21,592
Nippon Prologis REIT, Inc.		71		150,630
Prologis, Inc.		22,875		879,772
Pure Industrial Real Estate Trust		4,000		13,452
Rexford Industrial Realty, Inc.		1,150		19,377
Segro PLC		35,572		204,919
STAG Industrial, Inc.		1,435		25,199
Terreno Realty Corp.		900		19,926
Tritax Big Box REIT PLC		15,777		28,767
Warehouses De Pauw CVA		311		26,311
				1,916,307
Machinery – 1.1%
Alfa Laval AB		7,811		122,414
Alstom SA(b)		5,736		125,308
Amada Holdings Co., Ltd.		9,000		83,437
ANDRITZ AG		2,075		98,938
Atlas Copco AB – Class A		17,826		401,721
Atlas Copco AB – Class B		10,359		217,664
Caterpillar, Inc.		13,550		917,335
CNH Industrial NV		25,062		166,381
Cummins, Inc.		3,750		365,887
Deere & Co.(a)		6,950		557,251
Dover Corp.		3,500		212,730
FANUC Corp.		5,200		763,569
Flowserve Corp.		3,000		126,060
GEA Group AG		4,855		213,631
Hino Motors Ltd.		7,000		70,655
Hitachi Construction Machinery Co., Ltd.(a)		2,900		40,293
Hoshizaki Electric Co., Ltd.		1,100		85,131
IHI Corp.		36,000		64,098
Illinois Tool Works, Inc.		7,400		697,450

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Company	Shares		U.S. $ Value
IMI PLC		7,238	$	85,224
Ingersoll-Rand PLC		5,900		327,804
JTEKT Corp.		5,500		75,087
Kawasaki Heavy Industries Ltd.		37,000		100,229
Komatsu Ltd.(a)		24,500		374,478
Kone Oyj – Class B		8,943		395,944
Kubota Corp.		30,000		384,038
Kurita Water Industries Ltd.		2,900		63,189
Makita Corp.		3,200		187,963
MAN SE		936		96,016
Metso Oyj		2,994		66,118
Minebea Co., Ltd.(a)		8,000		58,739
Mitsubishi Heavy Industries Ltd.		80,000		284,631
Nabtesco Corp.		3,000		57,332
NGK Insulators Ltd.		7,000		124,511
NSK Ltd.		12,000		109,503
PACCAR, Inc.		7,950		409,425
Parker-Hannifin Corp.		3,100		313,720
Pentair PLC		3,984		190,077
Sandvik AB		28,303		257,265
Schindler Holding AG		1,175		196,267
Schindler Holding AG (REG)		565		95,971
Sembcorp Marine Ltd.(a)		22,000		23,866
SKF AB – Class B		10,511		173,192
SMC Corp./Japan(a)		1,500		346,866
Snap-on, Inc.		1,350		195,305
Stanley Black & Decker, Inc.		3,450		324,335
Sulzer AG (REG)(a)		637		60,023
Sumitomo Heavy Industries Ltd.		14,000		57,741
THK Co., Ltd.		3,200		54,470
Volvo AB – Class B		40,835		409,042
Wartsila Oyj Abp		3,927		157,879
Weir Group PLC (The)		5,659		74,855
Xylem, Inc./NY		4,050		151,511
Yangzijiang Shipbuilding Holdings Ltd.		44,600		28,684
Zardoya Otis SA		4,618		49,174
				11,690,427
Marine – 0.0%
AP Moeller – Maersk A/S – Class A		105		134,484
AP Moeller – Maersk A/S – Class B		184		241,813
Mitsui OSK Lines Ltd.(a)		30,000		56,051
Nippon Yusen KK(a)		42,000		77,403
				509,751
Mixed Office Industrial – 0.0%
Goodman Group		84,408		389,452
Intervest Offices & Warehouses NV(b)		250		6,428
Kungsleden AB		3,874		25,941
				421,821

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AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Professional Services – 0.3%
Adecco SA (REG)(b)		4,400	$	254,837
Bureau Veritas SA		7,055		140,544
Capita PLC		17,756		246,215
Dun & Bradstreet Corp. (The)		850		81,422
Equifax, Inc.		2,700		283,176
Experian PLC		25,828		422,702
Intertek Group PLC		4,284		173,146
Nielsen Holdings PLC		8,238		414,701
Randstad Holding NV		3,402		175,418
Recruit Holdings Co., Ltd.		3,821		113,494
Robert Half International, Inc.		3,000		118,170
SEEK Ltd.		8,583		94,742
SGS SA (REG)		146		293,710
Verisk Analytics, Inc. – Class A(b)		3,490		254,212
				3,066,489
Road & Rail – 0.6%
Asciano Ltd.		25,946		163,942
Aurizon Holdings Ltd.		55,491		160,734
Central Japan Railway Co.		3,828		684,893
ComfortDelGro Corp., Ltd.		57,000		121,904
CSX Corp.		22,050		532,287
DSV A/S		5,110		208,963
Hankyu Hanshin Holdings, Inc.		30,000		192,018
JB Hunt Transport Services, Inc.		2,082		158,836
Kansas City Southern		2,500		204,275
Keikyu Corp.		12,000		106,372
Keio Corp.(a)		15,000		137,762
Keisei Electric Railway Co., Ltd.		7,000		96,198
Kintetsu Group Holdings Co., Ltd.		48,000		205,766
MTR Corp., Ltd.		38,500		177,484
Nagoya Railroad Co., Ltd.		23,000		110,045
Nippon Express Co., Ltd.		22,000		97,471
Norfolk Southern Corp.		6,750		493,897
Odakyu Electric Railway Co., Ltd.		16,000		184,188
Ryder System, Inc.		1,200		68,064
Tobu Railway Co., Ltd.		27,000		140,565
Tokyu Corp.		29,000		242,642
Union Pacific Corp.		19,450		1,533,827
West Japan Railway Co.		4,372		255,773
				6,277,906
Trading Companies & Distributors – 0.4%
AerCap Holdings NV(b)		2,358		84,251
Ashtead Group PLC		13,317		170,023
Brenntag AG		4,102		197,992
Bunzl PLC		8,855		236,989

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AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Fastenal Co.(a)		6,450	$	292,120
ITOCHU Corp.		42,000		495,146
Marubeni Corp.		43,000		215,438
Mitsubishi Corp.		35,900		574,527
Mitsui & Co., Ltd.		45,300		522,214
Noble Group Ltd.(a)		125,000		30,617
Rexel SA		8,134		99,580
Sumitomo Corp.		29,900		294,348
Toyota Tsusho Corp.		5,700		115,029
Travis Perkins PLC		6,701		166,079
United Rentals, Inc.(b)		2,150		110,876
Wolseley PLC		6,918		354,771
WW Grainger, Inc.(a)		1,350		292,815
				4,252,815
Transportation Infrastructure – 0.2%
Abertis Infraestructuras SA		13,771		206,368
Aena SA(b)(e)		1,796		203,386
Aeroports de Paris		789		92,565
Atlantia SpA		10,961		270,603
Auckland International Airport Ltd.		23,920		95,927
Fraport AG Frankfurt Airport Services Worldwide		1,106		63,838
Groupe Eurotunnel SE (REG)		12,410		124,539
Hutchison Port Holdings Trust – Class U		143,000		67,195
Japan Airport Terminal Co., Ltd.(a)		1,200		42,173
Kamigumi Co., Ltd.(a)		6,000		56,197
Mitsubishi Logistics Corp.		3,000		38,755
Sydney Airport		28,887		132,690
Transurban Group		53,757		434,613
				1,828,849
				79,905,573
Consumer Staples – 7.4%
Beverages – 1.6%
Anheuser-Busch InBev SA/NV		21,346		2,388,119
Asahi Group Holdings Ltd.		10,300		302,687
Brown-Forman Corp. – Class B		2,400		236,328
Carlsberg A/S – Class B		2,893		249,479
Coca-Cola Amatil Ltd.		14,486		87,729
Coca-Cola Co. (The)		87,900		3,791,127
Coca-Cola Enterprises, Inc.		4,700		227,997
Coca-Cola HBC AG(b)		5,318		101,114
Constellation Brands, Inc. – Class A		3,850		544,506
Diageo PLC		66,747		1,715,422
Dr Pepper Snapple Group, Inc.		4,250		389,003
Heineken Holding NV		2,676		193,809
Heineken NV		6,116		490,828
Kirin Holdings Co., Ltd.		22,000		289,803

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AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Molson Coors Brewing Co. – Class B		3,550	$	302,709
Monster Beverage Corp.(b)		3,460		434,230
PepsiCo, Inc.		33,050		3,232,951
Pernod Ricard SA		5,634		599,311
Remy Cointreau SA		644		44,446
SABMiller PLC (London)		25,789		1,492,526
Suntory Beverage & Food Ltd.(a)		3,691		156,383
Treasury Wine Estates Ltd.		19,471		133,661
				17,404,168
Food & Staples Retailing – 1.4%
Aeon Co., Ltd.(a)		17,400		228,178
Carrefour SA		14,663		387,858
Casino Guichard Perrachon SA(a)		1,502		67,623
Colruyt SA		1,860		99,712
Costco Wholesale Corp.		9,850		1,477,795
CVS Health Corp.		25,000		2,429,250
Delhaize Group		2,776		280,725
Distribuidora Internacional de Alimentacion SA(a)(b)		15,661		78,493
FamilyMart Co., Ltd.		1,600		76,833
ICA Gruppen AB		2,048		60,916
J Sainsbury PLC(a)		35,651		125,482
Jeronimo Martins SGPS SA		6,682		94,314
Koninklijke Ahold NV		22,148		484,983
Kroger Co. (The)		21,800		870,038
Lawson, Inc.(a)		1,800		138,788
METRO AG		4,732		115,800
Seven & i Holdings Co., Ltd.		20,000		797,423
Sysco Corp.		12,350		545,005
Tesco PLC(b)		214,101		534,399
Wal-Mart Stores, Inc.		35,450		2,351,753
Walgreens Boots Alliance, Inc.		19,650		1,551,171
Wesfarmers Ltd.		29,797		829,241
Whole Foods Market, Inc.		7,950		248,914
Wm Morrison Supermarkets PLC(a)		56,814		156,443
Woolworths Ltd.(a)		33,602		547,569
				14,578,706
Food Products – 1.6%
Ajinomoto Co., Inc.		15,000		367,570
Archer-Daniels-Midland Co.		13,600		475,456
Aryzta AG(a)(b)		2,316		110,077
Associated British Foods PLC		9,457		445,486
Barry Callebaut AG (REG)(b)		59		61,845
Calbee, Inc.		1,933		78,241
Campbell Soup Co.		4,000		247,000
Chocoladefabriken Lindt & Spruengli AG(a)		26		148,504
Chocoladefabriken Lindt & Spruengli AG (REG)		3		206,184

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AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
ConAgra Foods, Inc.		9,700	$	407,982
Danone SA		15,647		1,088,217
General Mills, Inc.		13,400		788,590
Golden Agri-Resources Ltd.		187,000		49,207
Hershey Co. (The)		3,250		295,392
Hormel Foods Corp.		6,000		255,060
JM Smucker Co. (The)		2,750		350,817
Kellogg Co.		5,700		421,914
Kerry Group PLC – Class A		4,202		366,500
Keurig Green Mountain, Inc.		2,694		247,686
Kikkoman Corp.		4,000		131,620
Kraft Heinz Co. (The)		13,300		1,024,366
McCormick & Co., Inc./MD		2,650		247,139
Mead Johnson Nutrition Co. – Class A		4,600		339,296
MEIJI Holdings Co., Ltd.		3,300		264,747
Mondelez International, Inc. – Class A		36,150		1,465,159
Nestle SA (REG)		84,635		5,918,606
NH Foods Ltd.(a)		5,000		105,202
Nisshin Seifun Group, Inc.(a)		5,500		89,880
Nissin Foods Holdings Co., Ltd.(a)		1,800		82,616
Orkla ASA		21,684		178,875
Tate & Lyle PLC		12,363		100,457
Toyo Suisan Kaisha Ltd.		3,000		107,482
Tyson Foods, Inc. – Class A		6,750		437,062
WH Group Ltd.(b)(e)		146,200		85,076
Wilmar International Ltd.(a)		50,000		110,532
Yakult Honsha Co., Ltd.		2,400		114,566
Yamazaki Baking Co., Ltd.		3,000		56,806
				17,271,215
Household Products – 1.0%
Church & Dwight Co., Inc.		2,984		270,828
Clorox Co. (The)		2,950		372,939
Colgate-Palmolive Co.		20,200		1,325,928
Henkel AG & Co. KGaA		2,765		244,095
Henkel AG & Co. KGaA (Preference Shares)		4,728		475,118
Kimberly-Clark Corp.		8,200		1,068,460
Procter & Gamble Co. (The)		60,900		4,889,661
Reckitt Benckiser Group PLC		16,985		1,547,159
Svenska Cellulosa AB SCA – Class B		15,764		469,978
Unicharm Corp.		9,900		215,232
				10,879,398
Personal Products – 0.6%
Beiersdorf AG		2,676		231,939
Estee Lauder Cos., Inc. (The) – Class A		5,050		461,217
Kao Corp.		13,400		676,061
Kose Corp.(a)		809		69,552

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AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
L’Oreal SA		6,686	$	1,125,321
Shiseido Co., Ltd.		9,600		208,723
Unilever NV		43,334		1,868,901
Unilever PLC		34,142		1,458,633
				6,100,347
Tobacco – 1.2%
Altria Group, Inc.		44,050		2,712,159
British American Tobacco PLC		49,485		2,692,193
Imperial Brands PLC		25,460		1,314,139
Japan Tobacco, Inc.		29,199		1,161,096
Philip Morris International, Inc.		34,800		3,167,844
Reynolds American, Inc.		18,538		934,871
Swedish Match AB		5,216		167,893
				12,150,195
				78,384,029
Energy – 3.7%
Energy Equipment & Services – 0.4%
Baker Hughes, Inc.		9,750		417,982
Cameron International Corp.(b)		4,250		278,630
Diamond Offshore Drilling, Inc.(a)		1,350		27,014
Ensco PLC – Class A(a)		5,250		45,517
FMC Technologies, Inc.(b)		5,100		125,103
Halliburton Co.		19,150		618,162
Helmerich & Payne, Inc.(a)		2,350		124,479
National Oilwell Varco, Inc.(a)		8,600		251,722
Petrofac Ltd.		6,887		86,184
Saipem SpA(a)(b)		7,029		2,889
Schlumberger Ltd.		28,450		2,040,434
Technip SA		2,791		138,277
Tenaris SA(a)		12,535		136,026
Transocean Ltd.(a)		7,665		66,302
Transocean Ltd. (Zurich)(a)		9,584		82,722
				4,441,443
Oil, Gas & Consumable Fuels – 3.3%
Anadarko Petroleum Corp.		11,450		434,527
Apache Corp.		8,500		325,380
BP PLC		485,288		2,355,197
Cabot Oil & Gas Corp.		9,250		186,202
California Resources Corp.		1,606		902
Caltex Australia Ltd.		7,183		186,570
Chesapeake Energy Corp.(a)		11,550		30,146
Chevron Corp.		42,250		3,525,340
Cimarex Energy Co.		2,133		179,236
Columbia Pipeline Group, Inc.		7,100		128,865
Concho Resources, Inc.(b)		2,947		265,937
ConocoPhillips		27,700		937,091

218 •  AB POOLING PORTFOLIOS

AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
CONSOL Energy, Inc.(a)		5,050	$	43,581
Delek Group Ltd.		125		20,036
Devon Energy Corp.		8,650		170,232
Eni SpA		67,672		946,408
EOG Resources, Inc.		12,350		799,539
EQT Corp.		3,400		189,516
Exxon Mobil Corp.		93,703		7,510,295
Galp Energia SGPS SA		10,235		112,254
Hess Corp.		5,400		235,440
Idemitsu Kosan Co., Ltd.(a)		2,300		34,816
Inpex Corp.		25,231		181,900
JX Holdings, Inc.		59,000		229,176
Kinder Morgan, Inc./DE		40,313		729,262
Koninklijke Vopak NV		1,867		84,981
Lundin Petroleum AB(a)(b)		5,907		91,801
Marathon Oil Corp.		15,200		124,792
Marathon Petroleum Corp.		12,000		411,000
Murphy Oil Corp.(a)		3,600		61,848
Neste Oyj		3,403		106,534
Newfield Exploration Co.(b)		3,600		98,028
Noble Energy, Inc.		9,550		281,725
Occidental Petroleum Corp.		17,150		1,180,263
Oil Search Ltd.		36,377		172,047
OMV AG		3,910		102,604
ONEOK, Inc.		4,700		112,800
Origin Energy Ltd.		45,936		144,315
Phillips 66		10,800		857,412
Pioneer Natural Resources Co.		3,350		403,775
Range Resources Corp.(a)		3,800		90,174
Repsol SA		27,879		286,872
Royal Dutch Shell PLC – Class A		104,002		2,369,191
Royal Dutch Shell PLC – Class B		105,374		2,392,571
Santos Ltd.		58,939		137,784
Showa Shell Sekiyu KK		5,000		39,092
Southwestern Energy Co.(a)(b)		8,550		49,419
Spectra Energy Corp.		15,050		439,460
Statoil ASA		29,626		431,273
Tesoro Corp.		2,800		225,904
TonenGeneral Sekiyu KK		7,000		53,128
TOTAL SA		57,680		2,585,244
Valero Energy Corp.		11,150		669,892
Williams Cos., Inc. (The)		15,250		243,847
Woodside Petroleum Ltd.		19,796		355,727
				34,361,351
				38,802,794

AB POOLING PORTFOLIOS  • 219

AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Materials – 2.8%
Chemicals – 1.7%
Air Liquide SA		9,132	$	950,679
Air Products & Chemicals, Inc.		4,350		576,245
Air Water, Inc.		4,000		56,636
Airgas, Inc.		1,550		219,356
Akzo Nobel NV		6,601		387,583
Arkema SA		1,794		109,529
Asahi Kasei Corp.		33,000		186,744
BASF SE		24,433		1,584,186
CF Industries Holdings, Inc.		5,200		189,592
Chr Hansen Holding A/S		2,625		161,993
Croda International PLC		3,605		148,305
Daicel Corp.		8,000		102,079
Dow Chemical Co. (The)		26,000		1,263,860
Eastman Chemical Co.		3,300		211,695
Ecolab, Inc.		6,000		615,300
EI du Pont de Nemours & Co.		20,300		1,235,661
EMS-Chemie Holding AG (REG)		218		101,088
Evonik Industries AG		3,711		111,485
FMC Corp.		3,000		112,920
FUCHS PETROLUB SE (Preference Shares)		1,884		76,997
Givaudan SA (REG)		246		459,361
Hitachi Chemical Co., Ltd.(a)		2,800		45,567
Incitec Pivot Ltd.		43,665		90,373
International Flavors & Fragrances, Inc.		1,850		191,087
Israel Chemicals Ltd.		13,528		52,030
Johnson Matthey PLC		5,137		181,392
JSR Corp.		5,100		71,493
K&S AG (REG)		5,092		106,439
Kaneka Corp.		7,000		52,422
Kansai Paint Co., Ltd.		6,000		82,338
Koninklijke DSM NV		4,827		237,454
Kuraray Co., Ltd.		9,500		103,878
LANXESS AG		2,430		100,580
Linde AG		4,955		686,006
LyondellBasell Industries NV – Class A		8,340		668,951
Mitsubishi Chemical Holdings Corp.		35,500		179,124
Mitsubishi Gas Chemical Co., Inc.		10,000		46,666
Mitsui Chemicals, Inc.		21,000		68,615
Monsanto Co.		9,850		886,401
Mosaic Co. (The)		7,500		199,875
Nippon Paint Holdings Co., Ltd.(a)		4,000		80,068
Nitto Denko Corp.		4,400		233,065
Novozymes A/S – Class B(a)		6,194		265,540
OCI NV(b)		2,238		40,615
Orica Ltd.(a)		9,846		99,869

220 •  AB POOLING PORTFOLIOS

AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
PPG Industries, Inc.		6,100	$	588,833
Praxair, Inc.		6,450		656,545
Sherwin-Williams Co. (The)		1,800		486,900
Shin-Etsu Chemical Co., Ltd.		10,900		547,306
Sika AG		58		220,250
Solvay SA		1,610		148,701
Sumitomo Chemical Co., Ltd.(a)		39,000		170,776
Symrise AG		3,266		208,257
Syngenta AG (REG)		2,473		990,387
Taiyo Nippon Sanso Corp.(a)		4,000		36,376
Teijin Ltd.		24,000		77,318
Toray Industries, Inc.		39,000		311,594
Umicore SA		2,533		114,277
Yara International ASA		4,806		186,241
				18,374,903
Construction Materials – 0.2%
Boral Ltd.		19,487		80,981
CRH PLC		21,850		560,464
Fletcher Building Ltd.		17,504		82,235
HeidelbergCement AG		3,740		273,592
Imerys SA		985		59,596
James Hardie Industries PLC		11,774		149,677
LafargeHolcim Ltd. (REG)(b)		11,266		443,262
Martin Marietta Materials, Inc.		1,498		213,645
Taiheiyo Cement Corp.		31,000		65,879
Vulcan Materials Co.		3,000		295,590
				2,224,921
Containers & Packaging – 0.1%
Amcor Ltd./Australia		31,314		312,236
Avery Dennison Corp.		2,050		133,496
Ball Corp.		3,050		202,001
International Paper Co.		9,350		333,795
Owens-Illinois, Inc.(b)		3,550		53,108
Rexam PLC		18,752		158,779
Sealed Air Corp.		4,600		210,358
Toyo Seikan Group Holdings Ltd.(a)		4,300		73,084
WestRock Co.		5,810		196,204
				1,673,061
Metals & Mining – 0.7%
Alcoa, Inc.(a)		29,400		262,542
Alumina Ltd.(a)		63,695		60,977
Anglo American PLC(a)		37,012		245,589
Antofagasta PLC(a)		10,468		71,461
ArcelorMittal (Euronext Amsterdam)(a)		25,503		98,939
BHP Billiton Ltd.		85,338		962,226
BHP Billiton PLC		55,874		562,009
Boliden AB		7,260		108,734

AB POOLING PORTFOLIOS  • 221

AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Fortescue Metals Group Ltd.(a)		39,187	$	56,873
Freeport-McMoRan, Inc.(a)		25,450		194,184
Fresnillo PLC		5,868		81,358
Glencore PLC(b)		324,787		596,226
Hitachi Metals Ltd.		6,000		63,839
Iluka Resources Ltd.		9,957		47,635
JFE Holdings, Inc.		13,100		156,775
Kobe Steel Ltd.		82,000		63,076
Maruichi Steel Tube Ltd.		1,300		35,359
Mitsubishi Materials Corp.		29,000		81,635
Newcrest Mining Ltd.(b)		20,390		255,981
Newmont Mining Corp.		11,850		306,085
Nippon Steel & Sumitomo Metal Corp.		20,200		348,597
Norsk Hydro ASA		34,867		138,437
Nucor Corp.		7,150		281,281
Randgold Resources Ltd.		2,470		224,373
Rio Tinto Ltd.		11,260		323,069
Rio Tinto PLC		33,275		875,227
South32 Ltd.(b)		140,846		125,327
Sumitomo Metal Mining Co., Ltd.		13,000		139,711
ThyssenKrupp AG		9,786		165,330
voestalpine AG		3,131		90,388
				7,023,243
Paper & Forest Products – 0.1%
Mondi PLC		9,769		174,292
Oji Holdings Corp.		21,000		79,350
Stora Enso Oyj – Class R		14,610		120,289
UPM-Kymmene Oyj		14,324		242,300
				616,231
				29,912,359
Telecommunication Services – 2.5%
Diversified Telecommunication Services – 1.9%
AT&T, Inc.		138,192		5,106,194
Bezeq The Israeli Telecommunication Corp., Ltd.		51,093		114,544
BT Group PLC		221,959		1,494,707
CenturyLink, Inc.		12,600		385,434
Deutsche Telekom AG (REG)		85,597		1,431,781
Elisa Oyj		3,776		134,549
Frontier Communications Corp.(a)		26,240		141,958
HKT Trust & HKT Ltd. – Class SS		68,200		94,522
Iliad SA		714		174,906
Inmarsat PLC		11,926		161,719
Koninklijke KPN NV		83,880		309,102
Level 3 Communications, Inc.(b)		6,389		310,186
Nippon Telegraph & Telephone Corp.		19,900		842,712

222 •  AB POOLING PORTFOLIOS

AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Orange SA		52,735	$	913,393
PCCW Ltd.		110,000		69,574
Proximus SADP		4,038		127,065
Singapore Telecommunications Ltd.		211,000		553,114
Spark New Zealand Ltd.		46,441		104,863
Swisscom AG (REG)		689		335,728
TDC A/S		20,937		88,832
Telecom Italia SpA (ordinary shares)(b)		304,597		295,976
Telecom Italia SpA (savings shares)		155,918		120,268
Telefonica Deutschland Holding AG		15,739		76,058
Telefonica SA		119,628		1,192,831
Telenor ASA		20,084		299,832
TeliaSonera AB		68,102		312,720
Telstra Corp., Ltd.		113,543		424,435
TPG Telecom Ltd.		7,390		55,222
Verizon Communications, Inc.		91,270		4,630,127
Vocus Communications Ltd.(a)		12,047		70,352
				20,372,704
Wireless Telecommunication Services – 0.6%
KDDI Corp.(a)		46,429		1,186,167
Millicom International Cellular SA		1,670		79,991
NTT DOCOMO, Inc.		37,959		883,560
SoftBank Group Corp.		25,500		1,253,090
StarHub Ltd.		16,000		38,788
Tele2 AB – Class B		8,468		69,930
Vodafone Group PLC		703,743		2,134,381
				5,645,907
				26,018,611
Utilities – 2.3%
Electric Utilities – 1.2%
American Electric Power Co., Inc.		10,950		676,162
AusNet Services		44,949		46,899
Cheung Kong Infrastructure Holdings Ltd.		16,000		163,379
Chubu Electric Power Co., Inc.		17,100		225,421
Chugoku Electric Power Co., Inc. (The)		7,900		105,594
CLP Holdings Ltd.		50,000		435,552
Contact Energy Ltd.		19,541		57,603
Duke Energy Corp.		15,408		1,144,506
Edison International		7,250		494,160
EDP – Energias de Portugal SA		60,094		186,110
Electricite de France SA		6,419		67,627
Endesa SA		8,422		151,799
Enel SpA		186,472		745,224
Entergy Corp.		4,050		292,451
Eversource Energy		7,100		385,530
Exelon Corp.		19,332		608,765

AB POOLING PORTFOLIOS  • 223

AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
FirstEnergy Corp.		9,450	$	316,292
Fortum Oyj		11,791		156,231
HK Electric Investments & HK Electric Investments Ltd.(a)(e)		70,300		58,658
Hokuriku Electric Power Co.		4,500		67,080
Iberdrola SA		142,978		921,094
Kansai Electric Power Co., Inc. (The)(b)		18,700		205,465
Kyushu Electric Power Co., Inc.(a)(b)		11,300		113,627
Mighty River Power Ltd.		18,520		32,184
NextEra Energy, Inc.		10,300		1,162,046
Pepco Holdings, Inc.		5,650		147,917
Pinnacle West Capital Corp.		2,500		172,075
Power Assets Holdings Ltd.		36,500		345,455
PPL Corp.		15,050		526,600
Red Electrica Corp. SA		2,873		227,205
Shikoku Electric Power Co., Inc.(a)		4,700		67,477
Southern Co. (The)		20,350		980,463
SSE PLC		26,502		507,615
Terna Rete Elettrica Nazionale SpA		39,087		203,379
Tohoku Electric Power Co., Inc.		12,000		153,381
Tokyo Electric Power Co., Inc.(b)		38,300		194,005
Xcel Energy, Inc.		11,300		446,802
				12,791,833
Gas Utilities – 0.2%
AGL Resources, Inc.		2,700		174,555
APA Group		28,866		178,950
Enagas SA		5,716		160,448
Gas Natural SDG SA		9,297		161,900
Hong Kong & China Gas Co., Ltd.		183,898		323,192
Osaka Gas Co., Ltd.		49,000		186,743
Snam SpA		54,890		295,803
Toho Gas Co., Ltd.(a)		10,000		69,707
Tokyo Gas Co., Ltd.		60,000		276,944
				1,828,242
Independent Power and Renewable Electricity Producers – 0.1%
AES Corp./VA		15,300		149,940
Electric Power Development Co., Ltd.		3,900		120,400
Enel Green Power SpA		44,329		85,871
Meridian Energy Ltd.		33,214		54,130
NRG Energy, Inc.		7,350		79,233
				489,574
Multi-Utilities – 0.8%
AGL Energy Ltd.		17,909		233,745
Ameren Corp.		5,450		255,878
CenterPoint Energy, Inc.		9,650		179,780
Centrica PLC		134,120		385,677

224 •  AB POOLING PORTFOLIOS

AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
CMS Energy Corp.		6,150	$	243,294
Consolidated Edison, Inc.		6,550		458,565
Dominion Resources, Inc./VA		13,300		929,936
DTE Energy Co.		4,050		340,686
DUET Group		61,615		99,724
E.ON SE		53,230		480,947
Engie SA		38,869		601,552
National Grid PLC		99,421		1,327,846
NiSource, Inc.		7,100		152,508
PG&E Corp.		10,950		621,193
Public Service Enterprise Group, Inc.		11,300		482,058
RWE AG		12,991		147,209
SCANA Corp.		3,150		204,813
Sempra Energy		5,300		511,503
Suez Environnement Co.		7,861		135,790
TECO Energy, Inc.		5,200		142,844
United Utilities Group PLC		18,101		232,102
Veolia Environnement SA		11,967		270,246
WEC Energy Group, Inc.		7,095		399,803
				8,837,699
Water Utilities – 0.0%
Severn Trent PLC		6,343		187,612
				24,134,960
Equity: Other – 1.5%
Diversified/Specialty – 1.1%
Activia Properties, Inc.		11		59,085
Aedifica SA		277		18,053
Affine SA		100		1,600
Alexander’s, Inc.		55		21,166
Alexandria Real Estate Equities, Inc.		1,560		123,490
American Assets Trust, Inc.		800		29,672
American Homes 4 Rent – Class A		3,165		44,310
ANF Immobilier		122		2,648
Artis Real Estate Investment Trust		2,850		26,120
Azrieli Group Ltd.		1,718		62,322
Beni Stabili SpA SIIQ		22,757		14,571
British Land Co. PLC (The)		47,651		434,804
CA Immobilien Anlagen AG(b)		1,553		26,364
Canadian Real Estate Investment Trust		1,550		47,588
CapitaLand Ltd.		122,450		259,330
Champion REIT		50,400		24,360
Cheung Kong Property Holdings Ltd.		131,854		672,406
Cofinimmo SA		420		46,059
Colony Starwood Homes		1,050		23,058
Conwert Immobilien Invest SE(b)		1,444		20,179
Daejan Holdings PLC		105		7,892
Dexus Property Group		46,307		248,147

AB POOLING PORTFOLIOS  • 225

AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
DIC Asset AG		700	$	5,862
Digital Realty Trust, Inc.		2,910		230,094
Dios Fastigheter AB		989		6,706
DuPont Fabros Technology, Inc.		1,390		49,554
East Japan Railway Co.		8,900		779,369
F&C Commercial Property Trust Ltd.		11,233		20,340
Fastighets AB Balder – Class B(b)		1,950		44,985
Fonciere Des Regions		1,584		129,831
Forest City Realty Trust, Inc. – Class A(b)		5,010		93,437
Fukuoka REIT Corp.(a)		14		24,096
Gaming and Leisure Properties, Inc.(a)		1,850		48,452
Gecina SA		1,803		223,022
GPT Group (The)		85,263		298,585
Gramercy Property Trust		8,912		67,286
Granite Real Estate Investment Trust (Toronto)		1,000		28,271
Great Portland Estates PLC		7,331		70,921
Grivalia Properties REIC AE		806		6,655
H&R Real Estate Investment Trust		5,906		81,977
Hamborner REIT AG		1,250		12,737
Hang Lung Properties Ltd.		105,900		185,271
Helical Bar PLC		2,050		10,821
Hemfosa Fastigheter AB		1,668		18,451
Henderson Land Development Co., Ltd.		51,902		280,236
Hispania Activos Inmobiliarios SA(b)		1,450		18,129
Hufvudstaden AB – Class A		2,380		34,664
Hulic Co., Ltd.		15,448		136,988
Hysan Development Co., Ltd.		29,250		116,168
Investors Real Estate Trust		2,667		16,375
Invincible Investment Corp.		50		32,878
Kerry Properties Ltd.		30,550		71,654
Kiwi Property Group Ltd.		27,031		24,297
Klovern AB – Class B		8,000		8,165
Land Securities Group PLC		37,754		527,550
Lar Espana Real Estate Socimi SA(a)		1,100		9,645
Lexington Realty Trust		5,030		38,932
LondonMetric Property PLC		12,458		27,171
Mapletree Commercial Trust		27,950		28,022
Merlin Properties Socimi SA(b)		6,871		71,734
Mitsubishi Estate Co., Ltd.		59,440		1,104,178
Mitsui Fudosan Co., Ltd.		45,040		1,046,611
Mobimo Holding AG(b)		126		27,813
Mori Trust Sogo Reit, Inc.		22		39,339
New World Development Co., Ltd.		258,200		216,720
Nomura Real Estate Holdings, Inc.		5,830		104,352
Nomura Real Estate Master Fund, Inc.		171		237,517
NSI NV		2,912		12,245
Orix JREIT, Inc.(a)		50		76,008

226 •  AB POOLING PORTFOLIOS

AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Premier Investment Corp.		27	$	33,954
QTS Realty Trust, Inc. – Class A		800		35,616
Redefine International PLC/Isle of Man		21,050		12,449
Schroder Real Estate Investment Trust Ltd.		11,069		8,782
Select Income REIT		1,405		28,971
Silver Bay Realty Trust Corp.		700		9,625
Sino Land Co., Ltd.		144,810		201,684
Spirit Realty Capital, Inc.		8,976		95,953
Sponda Oyj		5,158		20,969
St. Modwen Properties PLC		3,723		16,934
STORE Capital Corp.		1,710		41,297
Sumitomo Realty & Development Co., Ltd.		18,990		522,194
Sun Hung Kai Properties Ltd.		82,150		918,807
Suntec Real Estate Investment Trust		114,500		135,897
Swire Properties Ltd.		54,350		140,003
Swiss Prime Site AG(b)		3,107		259,156
TLG Immobilien AG		1,176		22,590
Tokyu REIT, Inc.		20		28,852
Top REIT, Inc.		4		15,442
United Urban Investment Corp.		130		204,391
UOL Group Ltd.		22,350		89,943
VEREIT, Inc.		19,300		154,786
Wallenstam AB – Class B(a)		4,200		32,322
Washington Real Estate Investment Trust		1,434		37,098
Wharf Holdings Ltd. (The)		64,650		323,051
Wihlborgs Fastigheter AB		1,420		27,974
Winthrop Realty Trust(b)		650		8,554
WP Carey, Inc.(a)		1,859		105,387
				12,490,019
Health Care – 0.3%
Assura PLC		34,850		24,277
Care Capital Properties, Inc.		1,766		46,817
Chartwell Retirement Residences		3,650		34,962
Extendicare, Inc.(a)		1,850		12,402
HCP, Inc.		20,250		598,995
Healthcare Realty Trust, Inc.		2,110		61,211
Healthcare Trust of America, Inc. – Class A		2,675		74,392
LTC Properties, Inc.		750		33,330
Medical Properties Trust, Inc.		5,050		58,428
National Health Investors, Inc.		734		46,176
New Senior Investment Group, Inc.		1,750		16,958
Omega Healthcare Investors, Inc.		3,518		112,787
Physicians Realty Trust		2,317		39,806
Primary Health Properties PLC		9,030		13,260
Sabra Health Care REIT, Inc.		1,350		26,885
Senior Housing Properties Trust		5,030		78,518

AB POOLING PORTFOLIOS  • 227

AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Target Healthcare REIT Ltd.		3,650	$	5,724
Universal Health Realty Income Trust		279		14,463
Ventas, Inc.		14,547		809,832
Welltower, Inc.		15,370		980,299
				3,089,522
Triple Net – 0.1%
Agree Realty Corp.		378		14,005
EPR Properties		1,257		78,223
Getty Realty Corp.		506		9,204
National Retail Properties, Inc.		2,885		126,883
Realty Income Corp.(a)		10,910		638,671
				866,986
				16,446,527
Retail – 1.1%
Regional Mall – 0.5%
CapitaLand Mall Trust		120,550		187,606
CBL & Associates Properties, Inc.		3,590		41,393
General Growth Properties, Inc.		23,870		656,902
Macerich Co. (The)		6,390		505,322
Pennsylvania Real Estate Investment Trust(a)		1,410		27,016
Rouse Properties, Inc.(a)		750		13,680
Simon Property Group, Inc.		13,603		2,580,897
Taubman Centers, Inc.		1,300		92,066
Westfield Corp.		93,079		661,981
WP Glimcher, Inc.		3,908		33,765
				4,800,628
Shopping Center/Other Retail – 0.6%
Acadia Realty Trust		1,440		47,592
Aeon Mall Co., Ltd.		5,432		76,995
AEON REIT Investment Corp.		22		24,971
Brixmor Property Group, Inc.		3,727		87,324
BWP Trust		10,408		24,012
Capital & Counties Properties PLC		15,491		69,296
Cedar Realty Trust, Inc.		1,750		11,953
Charter Hall Retail REIT		7,030		21,573
Citycon Oyj(b)		8,330		19,312
Crombie Real Estate Investment Trust		1,650		16,305
DDR Corp.		6,470		108,243
Deutsche EuroShop AG		965		40,676
Equity One, Inc.		1,956		53,614
Eurocommercial Properties NV		948		39,669
Federal Realty Investment Trust		3,106		459,874
First Capital Realty, Inc.		1,930		27,959
Fortune Real Estate Investment Trust		28,050		29,499
Frontier Real Estate Investment Corp.		11		50,303

228 •  AB POOLING PORTFOLIOS

AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Hammerson PLC		37,477	$	284,968
Immobiliare Grande Distribuzione SIIQ SpA		6,484		5,171
Inland Real Estate Corp.		1,800		19,080
Intu Properties PLC(a)		44,264		183,880
Japan Retail Fund Investment Corp.(a)		117		266,704
Kimco Realty Corp.		17,956		480,323
Kite Realty Group Trust		1,712		46,087
Klepierre		10,206		424,950
Link REIT		107,300		605,389
Mercialys SA		840		18,468
Ramco-Gershenson Properties Trust		1,629		27,367
Regency Centers Corp.		2,012		142,007
Retail Opportunity Investments Corp.		2,085		38,322
Retail Properties of America, Inc. – Class A		5,050		74,185
RioCan Real Estate Investment Trust (Toronto)		6,762		128,143
Saul Centers, Inc.		297		14,547
Scentre Group		249,136		774,608
Shaftesbury PLC		5,933		70,664
Shopping Centres Australasia Property Group		15,400		24,884
Smart Real Estate Investment Trust		2,400		57,082
Tanger Factory Outlet Centers, Inc.		2,040		65,443
U & I Group PLC		2,663		7,506
Unibail-Rodamco SE		4,753		1,182,557
Urban Edge Properties		1,860		45,235
Urstadt Biddle Properties, Inc. – Class A		550		10,874
Vastned Retail NV		360		15,386
Vicinity Centres		159,464		353,046
Weingarten Realty Investors		2,378		83,777
Wereldhave Belgium NV		50		5,567
Wereldhave NV		820		41,562
				6,706,952
				11,507,580
Residential – 0.8%
Multi-Family – 0.6%
ADLER Real Estate AG(b)		500		5,752
ADO Properties SA(b)(e)		478		14,321
Advance Residence Investment Corp.		28		67,476
Apartment Investment & Management Co. – Class A		6,820		249,680
AvalonBay Communities, Inc.		5,981		1,026,579
Berkeley Group Holdings PLC		3,448		155,274
Boardwalk Real Estate Investment Trust		850		31,098
BUWOG AG(b)		1,308		26,976
Camden Property Trust		1,850		138,269

AB POOLING PORTFOLIOS  • 229

AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Canadian Apartment Properties REIT		2,700	$	57,213
Daiwa House Residential Investment Corp.(a)		14		29,160
Deutsche Wohnen AG		16,152		426,400
Equity LifeStyle Properties, Inc.		1,649		115,694
Equity Residential		15,850		1,180,666
Essex Property Trust, Inc.		2,898		606,493
Grainger PLC		8,765		26,340
Grand City Properties SA		1,950		40,489
Killam Apartment Real Estate Investment Trust		1,150		9,307
LEG Immobilien AG(a)(b)		1,350		110,340
Mid-America Apartment Communities, Inc.		1,612		144,983
Mirvac Group		173,758		226,188
Nippon Accommodations Fund, Inc.		10		36,643
Northview Apartment Real Estate Investment Trust		950		12,393
Post Properties, Inc.		1,150		64,090
Stockland		112,217		333,032
Sun Communities, Inc.		1,186		80,091
TAG Immobilien AG(a)		2,520		29,766
UDR, Inc.		5,580		191,561
UNITE Group PLC (The)		4,723		40,022
Vonovia SE		22,337		693,762
				6,170,058
Self Storage – 0.2%
Big Yellow Group PLC		3,054		31,065
CubeSmart		3,678		109,972
Extra Space Storage, Inc.		5,310		436,217
Public Storage		6,405		1,597,983
Safestore Holdings PLC		4,400		20,004
Sovran Self Storage, Inc.		798		84,939
				2,280,180
Student Housing – 0.0%
American Campus Communities, Inc.		2,770		121,243
Education Realty Trust, Inc.		1,343		53,250
				174,493
				8,624,731
Office – 0.5%
Office – 0.5%
Allied Properties Real Estate Investment Trust		1,637		38,185
Allreal Holding AG(b)		230		30,659
alstria office REIT-AG(b)		2,220		28,063
Befimmo SA		370		20,655
Boston Properties, Inc.		6,750		770,445

230 •  AB POOLING PORTFOLIOS

AB Volatility Management—Portfolio of Investments

Company	Shares		U.S. $ Value
Brandywine Realty Trust		3,691	$	45,436
CapitaLand Commercial Trust Ltd.		96,050		97,649
Castellum AB		3,510		52,998
Columbia Property Trust, Inc.		2,650		53,716
Cominar Real Estate Investment Trust		3,605		40,713
Corporate Office Properties Trust		2,000		46,800
Cousins Properties, Inc.		4,489		38,875
Cromwell Property Group		31,126		22,516
Daiwa Office Investment Corp.		6		38,507
Derwent London PLC		2,170		91,167
Douglas Emmett, Inc.		2,880		77,299
Dream Global Real Estate Investment Trust		2,000		12,018
Dream Office Real Estate Investment Trust		2,300		33,591
Empire State Realty Trust, Inc. – Class A		1,979		31,031
Entra ASA(e)		1,318		11,432
Equity Commonwealth(b)		2,674		71,209
Fabege AB		2,840		43,926
First Potomac Realty Trust		1,200		10,152
Franklin Street Properties Corp.		1,870		17,784
Government Properties Income Trust(a)		1,508		22,379
Green REIT PLC		14,100		20,402
Hibernia REIT PLC		14,550		19,785
Highwoods Properties, Inc.		2,030		88,406
Hongkong Land Holdings Ltd.		39,750		233,258
Hudson Pacific Properties, Inc.		1,550		39,525
ICADE		1,635		113,842
Inmobiliaria Colonial SA(b)		44,559		28,931
Investa Office Fund		12,060		34,071
Japan Excellent, Inc.		24		33,007
Japan Prime Realty Investment Corp.		40		164,289
Japan Real Estate Investment Corp.		62		374,186
Kenedix Office Investment Corp. – Class A		8		46,453
Keppel REIT		39,800		26,586
Kilroy Realty Corp.		1,954		106,044
Liberty Property Trust		3,130		90,394
Mack-Cali Realty Corp.		1,877		37,352
Mori Hills REIT Investment Corp.		31		46,686
New York REIT, Inc.		3,450		33,120
Nippon Building Fund, Inc.		67		397,373
Norwegian Property ASA(b)		5,267		5,175
NTT Urban Development Corp.(a)		5,375		52,428
Paramount Group, Inc.		3,071		46,434
Parkway Properties, Inc./Md		1,700		22,763
Piedmont Office Realty Trust, Inc. – Class A		3,100		56,947
PS Business Parks, Inc.		440		40,396
PSP Swiss Property AG (REG)(b)		830		70,672

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Company	Shares		U.S. $ Value
SL Green Realty Corp.		4,400	$	387,992
Technopolis Oyj		2,027		7,921
Tier REIT, Inc.(a)		1,000		13,000
Tokyo Tatemono Co., Ltd.		9,100		105,038
Vornado Realty Trust		7,610		657,199
Workspace Group PLC		2,497		25,085
				5,171,965
Lodging – 0.1%
Lodging – 0.1%
Apple Hospitality REIT, Inc.(a)		3,550		67,485
Ashford Hospitality Trust, Inc.		1,910		10,562
CDL Hospitality Trusts		13,588		12,371
Chatham Lodging Trust		750		15,045
Chesapeake Lodging Trust		1,234		31,356
DiamondRock Hospitality Co.		4,270		38,003
FelCor Lodging Trust, Inc.		3,040		22,496
Hersha Hospitality Trust		835		16,809
Hospitality Properties Trust		3,210		77,939
Host Hotels & Resorts, Inc.		32,890		503,546
InnVest Real Estate Investment Trust		2,051		7,549
Japan Hotel REIT Investment Corp.		71		61,969
LaSalle Hotel Properties		2,400		58,440
Pandox AB(b)		1,126		18,422
Pebblebrook Hotel Trust		1,500		40,740
RLJ Lodging Trust		2,650		55,570
Ryman Hospitality Properties, Inc.		1,060		50,742
Summit Hotel Properties, Inc.		1,750		18,918
Sunstone Hotel Investors, Inc.		4,453		57,444
Xenia Hotels & Resorts, Inc.		2,350		36,002
				1,201,408
Total Common Stocks (cost $598,722,453)				705,849,476
INVESTMENT COMPANIES – 0.0%
Funds and Investment Trusts – 0.0%
F&C UK Real Estate Investment Ltd.		4,960		6,595
MedicX Fund Ltd.		7,675		9,000
Picton Property Income Ltd.		11,492		10,741
Standard Life Investment Property Income Trust Ltd.		8,112		9,371
UK Commercial Property Trust Ltd.(a)		13,003		14,189
Total Investment Companies (cost $53,183)				49,896

232 •  AB POOLING PORTFOLIOS

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Company	Shares		U.S. $ Value
RIGHTS – 0.0%
Financials – 0.0%
Banks – 0.0%
Banco Popular Espanol SA, expiring 3/10/16(b)		45,119	$	1,031
Utilities – 0.0%
Independent Power and Renewable Electricity Producers – 0.0%
Enel Green Power SpA, expiring 3/21/16(b)		44,329		2
Total Rights (cost $993)				1,033
SHORT-TERM INVESTMENTS – 29.9%
Investment Companies – 25.0%
AB Fixed Income Shares, Inc. – Government STIF Portfolio, 0.40%(f)(g) (cost $264,729,182)		264,729,182		264,729,182
	Principal Amount (000)
U.S. TREASURY BILLS – 4.9%
U.S. Treasury Bill Zero Coupon, 5/19/16(h)	$	29,000		28,981,863
Zero Coupon, 3/24/16-3/31/16		22,500		22,497,169
Total U.S. Treasury Bills (cost $51,479,032)				51,479,032
Total Short-Term Investments (cost $316,208,214)				316,208,214
Total Investments Before Security Lending Collateral for Securities Loaned – 96.5% (cost $914,984,843)				1,022,108,619

AB POOLING PORTFOLIOS  • 233

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Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 1.5%
Investment Companies – 1.5%
AB Exchange Reserves – Class I, 0.41%(f)(g) (cost $15,986,391)		15,986,391	$	15,986,391
Total Investments – 98.0% (cost $930,971,234)				1,038,095,010
Other assets less liabilities – 2.0%				21,216,571
Net Assets – 100.0%			$	1,059,311,581

FUTURES (see Note C)

Type	Number of Contracts		Expiration Month		Original Value		Value at February 29, 2016		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
DAX Index Futures		4		March 2016	$	969,374	$	1,029,542	$	60,168
Mini MSCI EAFE Futures		2		March 2016		156,802		154,500		(2,302	)
Mini MSCI Emerging Market Futures		486		March 2016		17,953,595		18,033,030		79,435
S&P 500 E Mini Futures		255		March 2016		24,181,877		24,601,125		419,248
TOPIX Index Futures		388		March 2016		53,613,572		44,321,227		(9,292,345	)
U.S. T-Note 5 Yr (CBT) Futures		60		June 2016		7,262,893		7,259,062		(3,831	)
U.S. T-Note 10 Yr (CBT) Futures		321		June 2016		41,877,718		41,895,516		17,798
U.S. Ultra Bond (CBT) Futures		82		June 2016		14,261,723		14,198,812		(62,911	)
Sold Contracts
EURO STOXX 50 Index Futures		1,114		March 2016		33,128,323		35,556,131		(2,427,808	)
FTSE 100 Index Futures		678		March 2016		55,625,766		57,172,525		(1,546,759	)
Hang Seng Index Futures		91		March 2016		11,347,783		11,147,955		199,828
S&P Mid 400 E Mini Futures		19		March 2016		2,655,444		2,532,130		123,314
SPI 200 Futures		260		March 2016		22,877,914		22,612,310		265,604
									$	(12,170,561	)

234 •  AB POOLING PORTFOLIOS

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FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		GBP	1,760		USD	2,682		3/18/16	$	232,532
Barclays Bank PLC		CHF	2,223		USD	2,235		3/18/16		6,552
Barclays Bank PLC		USD	914		CHF	933		3/18/16		21,319
BNP Paribas SA		EUR	35,158		USD	38,250		3/18/16		(14,061	)
BNP Paribas SA		JPY	3,025,558		USD	25,893		3/18/16		(952,433	)
BNP Paribas SA		USD	29,208		AUD	40,578		3/18/16		(266,634	)
BNP Paribas SA		USD	19,733		CAD	26,633		3/18/16		(48,651	)
BNP Paribas SA		USD	7,091		GBP	4,901		3/18/16		(268,799	)
Brown Brothers Harriman & Co.		USD	1,235		CHF	1,213		6/17/16		(13,723	)
Citibank		CAD	27,344		USD	19,867		3/18/16		(343,146	)
Citibank		USD	4,148		GBP	2,980		3/18/16		397
Citibank		USD	3,643		GBP	2,548		3/18/16		(96,630	)
Citibank		CAD	9,361		USD	6,817		6/17/16		(103,702	)
Citibank		CHF	1,213		USD	1,249		6/17/16		27,511
Credit Suisse International		AUD	14,267		USD	9,962		3/18/16		(213,771	)
Credit Suisse International		CHF	933		USD	920		3/18/16		(15,340	)
Credit Suisse International		EUR	1,004		USD	1,085		3/18/16		(7,917	)
Credit Suisse International		JPY	3,233,314		USD	26,713		3/18/16		(1,975,920	)
Credit Suisse International		USD	30,530		EUR	28,144		3/18/16		99,889
Deutsche Bank AG		GBP	24,611		USD	37,096		3/18/16		2,839,635
Deutsche Bank AG		USD	966		SEK	8,227		3/18/16		(4,670	)
HSBC Bank USA		AUD	15,428		USD	10,808		3/18/16		(196,385	)
HSBC Bank USA		USD	4,038		CAD	5,856		3/18/16		290,498
JPMorgan Chase Bank		AUD	3,721		USD	2,628		3/18/16		(26,043	)
JPMorgan Chase Bank		EUR	5,806		USD	6,553		6/17/16		215,054
Morgan Stanley & Co., Inc.		AUD	7,900		USD	5,387		3/18/16		(247,112	)
Morgan Stanley & Co., Inc.		GBP	2,410		USD	3,424		3/18/16		69,971
Morgan Stanley & Co., Inc.		USD	4,553		AUD	6,423		3/18/16		28,062
Morgan Stanley & Co., Inc.		USD	1,993		JPY	224,540		6/17/16		5,209
Royal Bank of Canada		USD	27,518		JPY	3,237,867		3/18/16		1,211,744
Royal Bank of Scotland PLC		EUR	5,928		USD	6,460		3/18/16		8,712
Royal Bank of Scotland PLC		USD	71,919		JPY	8,841,302		3/18/16		6,530,151
Royal Bank of Scotland PLC		USD	6,731		CAD	9,361		6/17/16		189,110
Societe Generale		AUD	36,934		USD	25,802		3/18/16		(540,597	)
Societe Generale		USD	2,034		GBP	1,425		3/18/16		(50,550	)
State Street Bank & Trust Co.		CAD	5,145		USD	3,665		3/18/16		(137,372	)
State Street Bank & Trust Co.		CHF	72		USD	71		3/18/16		(1,178	)
State Street Bank & Trust Co.		SEK	8,227		USD	969		3/18/16		7,882
State Street Bank & Trust Co.		USD	2,302		CHF	2,295		3/18/16		(2,321	)
State Street Bank & Trust Co.		EUR	1,422		USD	1,571		6/17/16		19,171
UBS AG		EUR	1,151		USD	1,262		3/18/16		9,512
									$	6,285,956

AB POOLING PORTFOLIOS  • 235

AB Volatility Management—Portfolio of Investments

TOTAL RETURN SWAPS (see Note C)

Counterparty & Referenced Obligation	# of Shares or Units		Rate Paid/ Received	Notional Amount (000)		Maturity Date		Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Obligation
Bank of America, NA
Russell 2000 Total Return Index	$	5,334	LIBOR Minus 0.76%	$	25,712		1/17/17	$	714,345
Citibank, NA
S&P Midcap 400 Index		23,310	LIBOR Minus 0.23%		43,379		2/15/17		1,287,307
Goldman Sachs International
MSCI Emerging Markets Index		190,657	LIBOR Minus 0.25%		58,175		10/17/16		2,609,732
Russell 2000 Total Return Index		559	LIBOR Minus 0.49%		2,695		4/15/16		73,994
Russell 2000 Total Return Index		192	LIBOR Minus 0.57%		926		4/15/16		25,497
Russell 2000 Total Return Index		1,210	LIBOR Minus 0.65%		6,540		9/15/16		(544,539	)
S&P Midcap 400 Index		5,333	LIBOR Minus 0.05%		10,661		9/15/16		(451,854	)
								$	3,714,482

^ Less than $0.50.

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

(b) Non-income producing security.

(c) Fair valued by the Adviser.

(d) Illiquid security.

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At February 29, 2016, the aggregate market value of these securities amounted to $775,949 or 0.1% of net assets.

(f) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

(g) To obtain a copy of the fund’s financial statements, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

(h) Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

Currency Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – Euro

GBP – Great British Pound

JPY – Japanese Yen

SEK – Swedish Krona

USD – United States Dollar

236 •  AB POOLING PORTFOLIOS

AB Volatility Management—Portfolio of Investments

Glossary:

ADR – American Depositary Receipt

CBT – Chicago Board of Trade

DAX – Deutscher Aktien Index (German Stock Index)

EAFE – Europe, Australia, and Far East

FTSE – Financial Times Stock Exchange

LIBOR – London Interbank Offered Rates

MSCI – Morgan Stanley Capital International

REG – Registered Shares

REIT – Real Estate Investment Trust

SPI – Share Price Index

TOPIX – Tokyo Price Index

See notes to financial statements.

AB POOLING PORTFOLIOS  • 237

AB Volatility Management—Portfolio of Investments

STATEMENT OF ASSETS & LIABILITIES

February 29, 2016 (unaudited)

	AB U.S. Value			AB U.S. Large Cap Growth			AB International Value
Assets
Investments in securities, at value
Unaffiliated issuers (cost $277,721,104, $230,777,038 and $270,402,624, respectively)(a)	$	305,127,598		$	293,168,482		$	246,780,853
Affiliated issuers (cost $9,522,034, $14,122,340 and $1,266,127,—including investment of cash collateral for securities loaned of $3,846,918, $4,407,349 and $1,072,400, respectively)		9,522,034			14,122,340			1,266,127
Cash collateral due from broker		– 0	–		– 0	–		33,903
Foreign currencies, at value (cost $0, $0 and $5,303,931, respectively)		– 0	–		– 0	–		5,288,311
Receivable for investment securities sold		2,315,476			3,669,310			– 0	–
Dividends and interest receivable		997,142			207,755			1,309,366
Unrealized appreciation of forward currency exchange contracts		– 0	–		– 0	–		843,116
Receivable for variation margin on exchange-traded derivatives		– 0	–		– 0	–		585
Total assets		317,962,250			311,167,887			255,522,261
Liabilities
Due to custodian		– 0	–		– 0	–		537
Payable for collateral received on securities loaned		3,846,918			4,407,349			1,072,400
Payable for investment securities purchased		6,179,405			– 0	–		– 0	–
Payable for shares of beneficial interest redeemed		613,751			– 0	–		– 0	–
Unrealized depreciation of forward currency exchange contracts		– 0	–		– 0	–		1,344,546
Administrative fee payable		35			35			2,534
Accrued expenses		70,269			64,314			150,098
Total liabilities		10,710,378			4,471,698			2,570,115
Net Assets	$	307,251,872		$	306,696,189		$	252,952,146

See notes to financial statements.

238 •  AB POOLING PORTFOLIOS

Statement of Assets & Liabilities

	AB U.S. Value			AB U.S. Large Cap Growth		AB International Value
Composition of Net Assets
Paid-in capital	$	579,145,843		$	208,798,192	$	725,498,431
Undistributed net investment income		1,154,374			309,579		1,673,440
Accumulated net realized gain (loss) on investment and foreign currency transactions		(300,454,839	)		35,196,974		(449,976,445	)
Net unrealized appreciation/ (depreciation) on investments and foreign currency denominated assets and liabilities		27,406,494			62,391,444		(24,243,280	)
Net Assets	$	307,251,872		$	306,696,189	$	252,952,146
Shares of beneficial interest outstanding—unlimited shares authorized, without par value		25,908,062			33,108,107		40,968,563
Net Asset Value	$	11.86		$	9.26	$	6.17

(a) Includes securities on loan with a value of $3,776,623, $4,347,091 and $1,094,836, respectively (see Note D).

See notes to financial statements.

AB POOLING PORTFOLIOS  • 239

Statement of Assets & Liabilities

	AB International Growth			AB Short Duration Bond			AB Global Core Bond
Assets
Investments in securities, at value
Unaffiliated issuers (cost $257,292,232, $773,825,122 and $794,888,367, respectively)(a)	$	246,663,950		$	771,758,317		$	787,768,994
Affiliated issuers (cost $9,584,297, $41,909,621 and $5,177,379,—including investment of cash collateral for securities loaned of $6,467,227, $0 and $0, respectively)		9,584,297			41,909,621			5,177,379
Cash		– 0	–		2,340,343			154,129
Cash collateral due from broker		– 0	–		975,646			1,626,820
Foreign currencies, at value (cost $379,097, $44,530,894 and $390,194, respectively)		380,099			47,714,070			386,400
Unrealized appreciation of forward currency exchange contracts		3,621,576			– 0	–		3,148,996
Dividends and interest receivable		631,546			1,731,454			7,281,915
Receivable for investment securities sold		110,674			28,650,145			9,412,281
Receivable for variation margin on exchange-traded derivatives		– 0	–		30,985			– 0	–
Total assets		260,992,142			895,110,581			814,956,914

See notes to financial statements.

240 •  AB POOLING PORTFOLIOS

Statement of Assets & Liabilities

	AB International Growth			AB Short Duration Bond			AB Global Core Bond
Liabilities
Payable for collateral received on securities loaned	$	6,467,227		$	– 0	–	$	– 0	–
Unrealized depreciation of forward currency exchange contracts		1,042,531			2,732,979			3,622,143
Payable for investment securities purchased and foreign currency transactions		– 0	–		54,250,293			18,114,655
Payable for variation margin on exchange-traded derivatives		– 0	–		– 0	–		59,185
Payable for shares of beneficial interest redeemed		– 0	–		22,207			462,527
Accrued expenses		94,079			66,252			78,193
Total liabilities		7,603,837			57,071,731			22,336,703
Net Assets	$	253,388,305		$	838,038,850		$	792,620,211
Composition of Net Assets
Paid-in capital	$	601,455,136		$	911,064,955		$	801,727,274
Undistributed net investment income		787,728			81,541			(2,139,468	)
Accumulated net realized gain (loss) on investment and foreign currency transactions		(340,766,384	)		(71,330,462	)		1,360,378
Net unrealized depreciation on investments and foreign currency denominated assets and liabilities		(8,088,175	)		(1,777,184	)		(8,327,973	)
Net Assets	$	253,388,305		$	838,038,850		$	792,620,211
Shares of beneficial interest outstanding—unlimited shares authorized, without par value		33,430,435			88,968,591			79,681,618
Net Asset Value	$	7.58		$	9.42		$	9.95

(a) Includes securities on loan with a value of $6,063,912, $0 and $0, respectively, (see Note D).

See notes to financial statements.

AB POOLING PORTFOLIOS  • 241

Statement of Assets & Liabilities

	AB Bond Inflation Protection			AB High-Yield		AB Small-Mid Cap Value
Assets
Investments in securities, at value
Unaffiliated issuers (cost $887,317,394, $256,515,366 and $205,732,924, respectively)(a)	$	879,221,283		$	222,933,902	$	218,192,867
Affiliated issuers (cost $26,955,334, $30,705,070 and $17,105,094, respectively)		26,955,334			30,705,070		17,105,094
Cash		– 0	–		94,531		– 0	–
Cash collateral due from broker		2,785,755			865,074		– 0	–
Foreign currencies, at value (cost $6,268,290, $635,192 and $0, respectively)		6,731,455			618,878		– 0	–
Dividends and interest receivable		2,609,933			4,367,601		227,052
Receivable for investment securities sold		1,431,981			1,082,127		2,672,510
Unrealized appreciation on credit default swaps		539,295			861,806		– 0	–
Unrealized appreciation of forward currency exchange contracts		97,125			216,622		– 0	–
Upfront premium paid on credit default swaps		66,055			410,891		– 0	–
Receivable for variation margin on exchange-traded derivatives		– 0	–		7,929		– 0	–
Unrealized appreciation on total return swaps		– 0	–		187,553		– 0	–
Total assets		920,438,216			262,351,984		238,197,523

See notes to financial statements.

242 •  AB POOLING PORTFOLIOS

Statement of Assets & Liabilities

	AB Bond Inflation Protection			AB High-Yield			AB Small-Mid Cap Value
Liabilities
Due to custodian	$	1,752,596		$	– 0	–	$	– 0	–
Payable reverse repurchase agreements		277,763,068			992,525			– 0	–
Unrealized depreciation on interest rate swaps		1,577,715			– 0	–		– 0	–
Payable for shares of beneficial interest redeemed		928,748			1,272,390			16,885
Unrealized depreciation on inflation swaps		888,477			– 0	–		– 0	–
Unrealized depreciation of forward currency exchange contracts		880,566			92,753			– 0	–
Payable for investment securities purchased		270,419			4,540,396			1,988,986
Payable for variation margin on exchange-traded derivatives		211,012			49,003			– 0	–
Upfront premium received on credit default swaps		117,820			1,219,258			– 0	–
Unrealized depreciation on credit default swaps		26,026			1,647,245			– 0	–
Unrealized depreciation on total return swaps		– 0	–		189,637			– 0	–
Options written, at value (premiums received $0, $22,068 and $0, respectively)		– 0	–		5,110			– 0	–
Payable for collateral received on securities loaned		– 0	–		– 0	–		9,874,133
Accrued expenses		86,885			108,182			52,090
Total liabilities		284,503,332			10,116,499			11,932,094
Net Assets	$	635,934,884		$	252,235,485		$	226,265,429

See notes to financial statements.

AB POOLING PORTFOLIOS  • 243

Statement of Assets & Liabilities

	AB Bond Inflation Protection			AB High-Yield			AB Small-Mid Cap Value
Composition of Net Assets
Paid-in capital	$	658,673,882		$	305,347,777		$	215,795,013
Distributions in excess of net investment income		(75,692	)		4,132,914			491,990
Accumulated net realized loss on investment and foreign currency transactions		(11,274,795	)		(22,042,190	)		(2,481,517	)
Net unrealized appreciation/ (depreciation) on investments and foreign currency denominated assets and liabilities		(11,388,511	)		(35,203,016	)		12,459,943
Net Assets	$	635,934,884		$	252,235,485		$	226,265,429
Shares of beneficial interest outstanding—unlimited shares authorized, without par value		67,051,685			28,278,650			24,813,785
Net Asset Value	$	9.48		$	8.92		$	9.12

(a) Includes securities on loan with a value of $0, $0 and $9,006,545, respectively (see Note D).

See notes to financial statements.

244 •  AB POOLING PORTFOLIOS

Statement of Assets & Liabilities

	AB Small-Mid Cap Growth			AB Multi-Asset Real Return*			AB Volatility Management
Assets
Investments in securities, at value
Unaffiliated issuers (cost $180,611,541, $447,106,649 and $650,255,661, respectively)(a)	$	207,127,998		$	412,098,473		$	757,379,437
Affiliated issuers (cost $17,189,512, $39,920,908 and $280,715,573,—including investment of cash collateral for securities loaned of $12,124,562, $12,199,865 and $15,986,391, respectively)		17,189,512			39,920,908			280,715,573
Cash		– 0	–		– 0	–		247,343
Cash collateral due from broker		– 0	–		2,066,206			14,294,553
Foreign currencies, at value (cost $0, $2,458,941 and $7,892,370, respectively)		– 0	–		2,453,655			7,799,671
Receivable for investment securities sold		1,210,786			2,315,248			21,287,296
Dividends and interest receivable		73,262			1,428,882			2,370,744
Unrealized appreciation of forward currency exchange contracts		– 0	–		3,056,830			11,812,911
Unrealized appreciation on total return swaps		– 0	–		2,333,111			4,710,875
Receivable for variation margin on exchange-traded derivatives		– 0	–		435,070			– 0	–
Unrealized appreciation on inflation swaps		– 0	–		127,841			– 0	–
Receivable for shares of beneficial interest sold		– 0	–		29,126			14,629
Collateral due from Securities Lending Agent		– 0	–		4,362			– 0	–
Other asset (see Note E)		– 0	–		308			– 0	–
Total assets		225,601,558			466,270,020			1,100,633,032

See notes to financial statements.

AB POOLING PORTFOLIOS  • 245

Statement of Assets & Liabilities

	AB Small-Mid Cap Growth			AB Multi-Asset Real Return*			AB Volatility Management
Liabilities
Payable for collateral received on securities loaned	$	12,124,562		$	12,204,227		$	15,964,009
Payable for investment securities purchased and foreign currency transactions		1,228,467			2,220,364			1,157,719
Payable for variation margin on exchange-traded derivatives		– 0	–		– 0	–		14,910,708
Payable for shares of beneficial interest redeemed		7,211			– 0	–		14,660
Options written, at value (premiums received $0, $572,685 and $0, respectively)		– 0	–		81,449			– 0	–
Collateral due to Securities Lending Agent		– 0	–		– 0	–		22,382
Unrealized depreciation on inflation swaps		– 0	–		5,315,950			– 0	–
Unrealized depreciation of forward currency exchange contracts		– 0	–		2,053,427			5,526,955
Unrealized depreciation on total return swaps		– 0	–		484,905			996,393
Payable for newly entered total return swaps		– 0	–		383,149			– 0	–
Transfer Agent fee payable		– 0	–		3,019			– 0	–
Payable for terminated total return swaps		– 0	–		42			– 0	–
Cash collateral due to broker		– 0	–		– 0	–		2,450,000
Administrative fee payable		– 0	–		– 0	–		4,369
Accrued expenses and other liabilities		57,633			176,780			274,256
Total liabilities		13,417,873			22,923,312			41,321,451
Net Assets	$	212,183,685		$	443,346,708		$	1,059,311,581

See notes to financial statements.

246 •  AB POOLING PORTFOLIOS

Statement of Assets & Liabilities

	AB Small-Mid Cap Growth		AB Multi-Asset Real Return*			AB Volatility Management
Composition of Net Assets
Paid-in capital	$	182,654,870	$	966,603,423		$	981,553,124
Undistributed net investment income		469,729		367,548			10,198,863
Accumulated net realized gain (loss) on investment and foreign currency transactions		2,542,629		(488,190,413	)		(37,353,979	)
Net unrealized appreciation/ (depreciation) on investments and foreign currency denominated assets and liabilities		26,516,457		(35,433,850	)		104,913,573
Net Assets	$	212,183,685	$	443,346,708		$	1,059,311,581
Shares of beneficial interest outstanding—unlimited shares authorized, without par value		26,029,280		82,633,098			106,367,282
Net Asset Value	$	8.15	$	5.37		$	9.96

* Consolidated (see Note A).

(a) Includes securities on loan with a value of $11,850,113, $11,865,980 and $15,338,733, respectively (see Note D).

See notes to financial statements.

AB POOLING PORTFOLIOS  • 247

Statement of Assets & Liabilities

STATEMENT OF OPERATIONS

Six Months Ended February 29, 2016 (unaudited)

	AB U.S. Value			AB U.S. Large Cap Growth			AB International Value
Investment Income
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $4,322, $0 and $293,405, respectively)	$	4,345,273		$	1,625,978		$	2,798,555
Affiliated issuers		8,237			13,703			6,804
Securities lending income		47,504			16,037			84,707
Total income		4,401,014			1,655,718			2,890,066
Expenses
Custodian		53,180			53,931			96,100
Audit and tax		21,181			21,181			28,155
Legal		17,365			17,365			17,365
Administrative		16,447			16,447			18,498
Trustees’ fees		10,910			10,910			10,509
Printing		917			917			494
Registration fees		249			377			249
Miscellaneous		7,010			5,577			30,763
Total expenses		127,259			126,705			202,133
Net investment income		4,273,755			1,529,013			2,687,933
Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		5,409,790			46,159,432			(19,503,667	)
Futures		– 0	–		– 0	–		(48,428	)
Foreign currency transactions		– 0	–		– 0	–		(666,327	)
Net change in unrealized appreciation/depreciation of:
Investments		(19,851,157	)		(40,789,627	)		2,420,081
Futures		– 0	–		– 0	–		110,351
Foreign currency denominated assets and liabilities		– 0	–		– 0	–		(962,944	)
Net gain (loss) on investment and foreign currency transactions		(14,441,367	)		5,369,805			(18,650,934	)
Net Increase (Decrease) in Net Assets from Operations	$	(10,167,612	)	$	6,898,818		$	(15,963,001	)

See notes to financial statements.

248 •  AB POOLING PORTFOLIOS

Statement of Operations

	AB International Growth			AB Short Duration Bond			AB Global Core Bond
Investment Income
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $75,553, $0 and $0, respectively)	$	1,480,292		$	– 0	–	$	– 0	–
Affiliated issuers		12,042			15,209			18,175
Interest (net of foreign taxes withheld of $0, $0 and $603, respectively)		– 0	–		5,191,623			11,225,353
Securities lending income		84,455			– 0	–		– 0	–
Total income		1,576,789			5,206,832			11,243,528
Expenses
Custodian		79,504			88,513			126,595
Audit and tax		28,919			24,282			27,780
Legal		17,365			17,371			17,371
Administrative		15,136			19,827			16,599
Trustees’ fees		9,810			9,810			9,810
Printing		917			2,353			2,989
Registration fees		249			249			577
Miscellaneous		18,809			8,151			8,963
Total expenses		170,709			170,556			210,684
Net investment income		1,406,080			5,036,276			11,032,844
Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		3,041,760	(a)		(189,806	)		5,750,671
Futures		– 0	–		243,169			(3,346,019	)
Options written		– 0	–		– 0	–		230,277
Swaps		– 0	–		62,630			– 0	–
Foreign currency transactions		(859,702	)		(295,706	)		4,933,616
Net change in unrealized appreciation/depreciation of:
Investments		(22,932,524	)(b)		(275,168	)		8,302,871
Futures		– 0	–		(584,709	)		(1,119,796	)
Swaps		– 0	–		(21,696	)		– 0	–
Foreign currency denominated assets and liabilities		4,355,897			457,142			(816,970	)
Net gain (loss) on investment and foreign currency transactions		(16,394,569	)		(604,144	)		13,934,650
Net Increase (Decrease) in Net Assets from Operations	$	(14,988,489	)	$	4,432,132		$	24,967,494

(a) Net of foreign capital gains taxes of $2,582.

(b) Net of increase in accrued foreign capital gains taxes of $25,008.

See notes to financial statements.

AB POOLING PORTFOLIOS  • 249

Statement of Operations

	AB Bond Inflation Protection			AB High-Yield			AB Small-Mid Cap Value
Investment Income
Interest	$	831,209		$	9,393,102		$	– 0	–
Dividends
Unaffiliated issuers		97,983			302,868			1,928,145
Affiliated issuers		14,355			21,820			16,715
Securities lending income		– 0	–		– 0	–		51,365
Other income		1,087			8,184			– 0	–
Total income		944,634			9,725,974			1,996,225
Expenses
Custodian		96,084			113,370			44,495
Audit and tax		36,284			64,845			23,136
Administrative		16,592			19,854			16,209
Legal		17,371			17,371			17,371
Trustees’ fees		9,810			9,810			9,810
Printing		2,608			2,495			3,180
Registration fees		578			578			249
Miscellaneous		24,178			6,654			3,167
Total expenses before interest expense		203,505			234,977			117,617
Interest expense		550,046			2,662			– 0	–
Total expenses		753,551			237,639			117,617
Net investment income		191,083			9,488,335			1,878,608
Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		(3,176,660	)		(7,109,715	)		1,435,307
Futures		(1,878,935	)		311,203			– 0	–
Options written		46,316			307,513			– 0	–
Swaptions written		– 0	–		94,969			– 0	–
Swaps		(861,555	)		(576,266	)		– 0	–
Foreign currency transactions		1,652,536			(907,888	)		– 0	–
Net change in unrealized appreciation/depreciation of:
Investments		10,508,461			(18,216,322	)		(18,728,919	)
Futures		(228,660	)		24,608			– 0	–
Options written		– 0	–		(160,320	)		– 0	–
Swaptions written		– 0	–		(7,539	)		– 0	–
Swaps		(667,427	)		(1,635,974	)		– 0	–
Foreign currency denominated assets and liabilities		(478,374	)		98,743			– 0	–
Net gain (loss) on investment and foreign currency transactions		4,915,702			(27,776,988	)		(17,293,612	)
Net Increase (Decrease) in Net Assets from Operations	$	5,106,785		$	(18,288,653	)	$	(15,415,004	)

See notes to financial statements.

250 •  AB POOLING PORTFOLIOS

Statement of Operations

	AB Small-Mid Cap Growth			AB Multi-Asset Real Return*			AB Volatility Management
Investment Income
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $0, $364,200 and $254,097, respectively)	$	555,316		$	8,476,365		$	8,772,242
Affiliated issuers		16,511			74,093			352,481
Interest		– 0	–		(1,688,311	)**		11,020
Securities lending income		26,766			203,217			127,831
Total income		598,593			7,065,364			9,263,574
Expenses
Custodian		63,741			158,603			171,606
Audit and tax		21,181			46,834			44,530
Administrative		16,209			16,602			21,063
Legal		17,371			17,425			17,022
Trustees’ fees		9,865			9,810			10,509
Printing		3,180			3,525			2,926
Transfer agency		– 0	–		5,975			– 0	–
Registration fees		577			249			269
Miscellaneous		3,131			60,391			82,366
Total expenses		135,255			319,414			350,291
Net investment income		463,338			6,745,950			8,913,283

See notes to financial statements.

AB POOLING PORTFOLIOS  • 251

Statement of Operations

	AB Small-Mid Cap Growth			AB Multi-Asset Real Return*			AB Volatility Management
Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions	$	5,771,182		$	(86,951,607	)(a)	$	6,015,456
Futures		– 0	–		(40,313,458	)		(29,347,387	)
Options written		– 0	–		(2,129,588	)		(177,162	)
Swaps		– 0	–		(40,391,444	)		(20,640,071	)
Foreign currency transactions		– 0	–		(3,275,164	)		2,103,346
Net change in unrealized appreciation/depreciation of:
Investments		(37,956,506	)		52,481,794	(b)		(46,845,581	)
Futures		– 0	–		20,617,726			393,551
Options written		– 0	–		(1,252,829	)		– 0	–
Swaps		– 0	–		(5,788,413	)		9,825,604
Foreign currency denominated assets and liabilities		– 0	–		28,747			4,255,828
Net loss on investment and foreign currency transactions		(32,185,324	)		(106,974,236	)		(74,416,416	)
Contributions from Affiliates (see Note B)		– 0	–		308			– 0	–
Net Decrease in Net Assets from Operations	$	(31,721,986	)	$	(100,227,978	)	$	(65,503,133	)

* Consolidated (see Note A).

** The negative interest income reflects interest income adjusted for fluctuation in the inflation index related to TIPS and amortization of premiums.

(a) Net of foreign capital gains taxes of $302.

(b) Net of increase in accrued foreign capital gains taxes of $364.

See notes to financial statements.

252 •  AB POOLING PORTFOLIOS

Statement of Operations

STATEMENT OF CHANGES IN NET ASSETS

	AB U.S. Value
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31, 2015
Increase (Decrease) in Net Assets from Operations
Net investment income	$	4,273,755		$	10,423,306
Net realized gain on investment transactions		5,409,790			64,316,719
Net change in unrealized appreciation/depreciation of investments		(19,851,157	)		(93,484,850	)
Net decrease in net assets from operations		(10,167,612	)		(18,744,825	)
Dividends to Shareholders from
Net investment income		(5,546,217	)		(10,546,202	)
Transactions in Shares of Beneficial Interest
Net decrease		(126,507,384	)		(59,954,975	)
Total decrease		(142,221,213	)		(89,246,002	)
Net Assets
Beginning of period		449,473,085			538,719,087
End of period (including undistributed net investment income of $1,154,374 and $2,426,836, respectively)	$	307,251,872		$	449,473,085

See notes to financial statements.

AB POOLING PORTFOLIOS  • 253

Statement of Changes in Net Assets

	AB U.S. Large Cap Growth
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31, 2015
Increase (Decrease) in Net Assets from Operations
Net investment income	$	1,529,013		$	4,272,576
Net realized gain on investment transactions		46,159,432			95,323,469
Net change in unrealized appreciation/depreciation of investments		(40,789,627	)		(42,723,450	)
Net increase in net assets from operations		6,898,818			56,872,595
Dividends and Distributions to Shareholders from
Net investment income		(2,018,368	)		(4,419,633	)
Net realized gain on investment transactions		(87,350,839	)		(164,984,584	)
Transactions in Shares of Beneficial Interest
Net increase (decrease)		(64,418,592	)		28,602,127
Total decrease		(146,888,981	)		(83,929,495	)
Net Assets
Beginning of period		453,585,170			537,514,665
End of period (including undistributed net investment income of $309,579 and $798,934, respectively)	$	306,696,189		$	453,585,170

See notes to financial statements.

254 •  AB POOLING PORTFOLIOS

Statement of Changes in Net Assets

	AB International Value
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31, 2015
Increase (Decrease) in Net Assets from Operations
Net investment income	$	2,687,933		$	11,010,164
Net realized gain (loss) on investment transactions and foreign currency transactions		(20,218,422	)		28,419,103
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		1,567,488			(74,564,639	)
Net decrease in net assets from operations		(15,963,001	)		(35,135,372	)
Dividends to Shareholders from
Net investment income		(15,426,120	)		(31,500,480	)
Transactions in Shares of Beneficial Interest
Net decrease		(88,048,009	)		(10,898,240	)
Total decrease		(119,437,130	)		(77,534,092	)
Net Assets
Beginning of period		372,389,276			449,923,368
End of period (including undistributed net investment income of $1,673,440 and $14,411,627, respectively)	$	252,952,146		$	372,389,276

See notes to financial statements.

AB POOLING PORTFOLIOS  • 255

Statement of Changes in Net Assets

	AB International Growth
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31, 2015
Increase (Decrease) in Net Assets from Operations
Net investment income	$	1,406,080		$	7,243,119
Net realized gain on investment transactions and foreign currency transactions		2,182,058			311,614
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(18,576,627	)		(53,827,273	)
Net decrease in net assets from operations		(14,988,489	)		(46,272,540	)
Dividends to Shareholders from
Net investment income		(5,100,976	)		(6,877,393	)
Transactions in Shares of Beneficial Interest
Net decrease		(101,772,404	)		(19,038,027	)
Total decrease		(121,861,869	)		(72,187,960	)
Net Assets
Beginning of period		375,250,174			447,438,134
End of period (including undistributed net investment income of $787,728 and $4,482,624, respectively)	$	253,388,305		$	375,250,174

See notes to financial statements.

256 •  AB POOLING PORTFOLIOS

Statement of Changes in Net Assets

	AB Short Duration Bond
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31, 2015
Increase (Decrease) in Net Assets from Operations
Net investment income	$	5,036,276		$	8,482,411
Net realized gain (loss) on investment transactions and foreign currency transactions		(179,713	)		252,215
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(424,431	)		(638,886	)
Net increase in net assets from operations		4,432,132			8,095,740
Dividends and Distributions to Shareholders from
Net investment income		(5,377,259	)		(9,366,087	)
Transactions in Shares of Beneficial Interest
Net decrease		(59,421,460	)		(62,286,298	)
Total decrease		(60,366,587	)		(63,556,645	)
Net Assets
Beginning of period		898,405,437			961,962,082
End of period (including undistributed net investment income of $81,541 and $422,524, respectively)	$	838,038,850		$	898,405,437

See notes to financial statements.

AB POOLING PORTFOLIOS  • 257

Statement of Changes in Net Assets

	AB Global Core Bond
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31, 2015
Increase (Decrease) in Net Assets from Operations
Net investment income	$	11,032,844		$	25,345,727
Net realized gain on investment transactions and foreign currency transactions		7,568,545			40,807,503
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		6,366,105			(44,771,880	)
Net increase in net assets from operations		24,967,494			21,381,350
Dividends and Distributions to Shareholders from
Net investment income		(32,925,992	)		(49,923,999	)
Net realized gain on investment transactions		– 0	–		(17,075,288	)
Transactions in Shares of Beneficial Interest
Net decrease		(130,416,654	)		(55,051,244	)
Total decrease		(138,375,152	)		(100,669,181	)
Net Assets
Beginning of period		930,995,363			1,031,664,544
End of period (including distributions in excess of net investment income of ($2,139,468) and undistributed net investment income of $19,753,680, respectively)	$	792,620,211		$	930,995,363

See notes to financial statements.

258 •  AB POOLING PORTFOLIOS

Statement of Changes in Net Assets

	AB Bond Inflation Protection
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31, 2015
Increase (Decrease) in Net Assets from Operations
Net investment income	$	191,083		$	9,328,243
Net realized gain (loss) on investment transactions and foreign currency transactions		(4,218,298	)		2,526,143
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		9,134,000			(32,330,401	)
Net increase (decrease) in net assets from operations		5,106,785			(20,476,015	)
Dividends and Distributions to Shareholders from
Net investment income		(16,335,075	)		(25,002,844	)
Transactions in Shares of Beneficial Interest
Net decrease		(69,855,094	)		(13,881,235	)
Total decrease		(81,083,384	)		(59,360,094	)
Net Assets
Beginning of period		717,018,268			776,378,362
End of period (including distributions in excess of net investment income of ($75,692) and undistributed net investment income of $16,068,300, respectively)	$	635,934,884		$	717,018,268

See notes to financial statements.

AB POOLING PORTFOLIOS  • 259

Statement of Changes in Net Assets

	AB High-Yield
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31, 2015
Increase (Decrease) in Net Assets from Operations
Net investment income	$	9,488,335		$	22,450,149
Net realized gain (loss) on investment transactions and foreign currency transactions		(7,880,184	)		3,015,460
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(19,896,804	)		(33,458,218	)
Net decrease in net assets from operations		(18,288,653	)		(7,992,609	)
Dividends to Shareholders from
Net investment income		(10,334,061	)		(24,694,123	)
Transactions in Shares of Beneficial Interest
Net decrease		(41,981,050	)		(9,408,030	)
Total decrease		(70,603,764	)		(42,094,762	)
Net Assets
Beginning of period		322,839,249			364,934,011
End of period (including undistributed net investment income of $4,132,914 and $4,978,640, respectively)	$	252,235,485		$	322,839,249

See notes to financial statements.

260 •  AB POOLING PORTFOLIOS

Statement of Changes in Net Assets

	AB Small-Mid Cap Value
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31, 2015
Increase (Decrease) in Net Assets from Operations
Net investment income	$	1,878,608		$	3,793,061
Net realized gain on investment transactions		1,435,307			31,868,252
Net change in unrealized appreciation/depreciation of investments		(18,728,919	)		(38,624,613	)
Net decrease in net assets from operations		(15,415,004	)		(2,963,300	)
Dividends and Distributions to Shareholders from
Net investment income		(2,294,681	)		(4,014,970	)
Net realized gain on investment transactions		(30,013,388	)		(59,227,347	)
Transactions in Shares of Beneficial Interest
Net increase (decrease)		(7,735,270	)		24,794,977
Total decrease		(55,458,343	)		(41,410,640	)
Net Assets
Beginning of period		281,723,772			323,134,412
End of period (including undistributed net investment income of $491,990 and $908,063, respectively)	$	226,265,429		$	281,723,772

See notes to financial statements.

AB POOLING PORTFOLIOS  • 261

Statement of Changes in Net Assets

	AB Small-Mid Cap Growth
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31, 2015
Increase (Decrease) in Net Assets from Operations
Net investment income	$	463,338		$	23,206
Net realized gain on investment transactions		5,771,182			40,108,039
Net change in unrealized appreciation/depreciation of investments		(37,956,506	)		(26,241,212	)
Net increase (decrease) in net assets from operations		(31,721,986	)		13,890,033
Dividends and Distributions to Shareholders from
Net investment income		(186,379	)		(1,742,103	)
Net realized gain on investment transactions		(34,385,309	)		(49,602,665	)
Transactions in Shares of Beneficial Interest
Net decrease		(1,395,777	)		(4,871,959	)
Total decrease		(67,689,451	)		(42,326,694	)
Net Assets
Beginning of period		279,873,136			322,199,830
End of period (including undistributed net investment income of $469,729 and $192,770, respectively)	$	212,183,685		$	279,873,136

See notes to financial statements.

262 •  AB POOLING PORTFOLIOS

Statement of Changes in Net Assets

	AB Multi-Asset Real Return*
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31, 2015
Increase (Decrease) in Net Assets from Operations
Net investment income	$	6,745,950		$	18,865,955
Net realized loss on investment transactions and foreign currency transactions		(173,061,261	)		(153,651,203	)
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		66,087,025			(135,438,305	)
Contributions from Affiliates (see Note B)		308			394
Net decrease in net assets from operations		(100,227,978	)		(270,223,159	)
Dividends to Shareholders from
Net investment income		(24,008,166	)		(28,954,469	)
Transactions in Shares of Beneficial Interest
Net increase (decrease)		(265,243,780	)		331,826,656
Total increase (decrease)		(389,479,924	)		32,649,028
Net Assets
Beginning of period		832,826,632			800,177,604
End of period (including undistributed net investment income of $367,548 and $17,629,764, respectively)	$	443,346,708		$	832,826,632

* Consolidated (see Note A).

See notes to financial statements.

AB POOLING PORTFOLIOS  • 263

Statement of Changes in Net Assets

	AB Volatility Management
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31, 2015
Increase (Decrease) in Net Assets from Operations
Net investment income	$	8,913,283		$	28,757,977
Net realized gain (loss) on investment transactions and foreign currency transactions		(42,045,818	)		63,672,000
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(32,370,598	)		(132,331,118	)
Net decrease in net assets from operations		(65,503,133	)		(39,901,141	)
Dividends and Distributions to Shareholders from
Net investment income		(27,908,683	)		(42,440,599	)
Net realized gain on investment transactions		(34,208,680	)		(64,224,989	)
Transactions in Shares of Beneficial Interest
Net decrease		(91,051,980	)		(69,727,247	)
Total decrease		(218,672,476	)		(216,293,976	)
Net Assets
Beginning of period		1,277,984,057			1,494,278,033
End of period (including undistributed net investment income of $10,198,863 and $29,194,263, respectively)	$	1,059,311,581		$	1,277,984,057

See notes to financial statements.

264 •  AB POOLING PORTFOLIOS

Statement of Changes in Net Assets

STATEMENT OF CASH FLOWS

For the Six Months Ended February 29, 2016 (unaudited)

	AB Bond Inflation Protection*
Cash flows from operating activities
Net increase in net assets from operations				$	5,106,785
Reconciliation of Net Increase in Net Assets from Operations to Net Increase in Cash from Operating Activities:
Increase in interest and dividends receivable	$	(131,324	)
Decrease in receivable for investments sold		65,146,174
Net accretion of bond discount and amortization of bond premium		1,123,394
Inflation index adjustment		4,840,266
Decrease in payable for investments purchased		(16,049,694	)
Decrease in accrued expenses		(36,588	)
Increase in cash collateral due from broker		(479,849	)
Purchases of long-term investments		(147,252,802	)
Purchases of short-term investments		(243,841,680	)
Proceeds from disposition of long-term investments		190,389,204
Proceeds from disposition of short-term investments		210,982,349
Payments from options written, net		45,534
Payments on swaps, net		(888,656	)
Payments for exchange-traded derivatives settlements		(1,451,074	)
Net realized loss on investment transactions		4,218,298
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(9,134,000	)
Total adjustments					57,479,552
Net increase in cash from operating activities				$	62,586,337
Financing Activities:
Redemptions of beneficial interest stock, net		(86,826,484	)
Increase in due to custodian		741,788
Cash dividends paid (net of dividend reinvestments)**		– 0	–
Increase in reverse repurchase agreements		28,118,152
Net decrease in cash from financing activities					(57,966,544	)
Effect of exchange rate on cash					2,111,662
Net increase in cash					6,731,455
Net change in cash
Cash at beginning of period					– 0	–
Cash at end of period				$	6,731,455
** Reinvestment of dividends	$	16,335,075
Supplemental disclosure of cash flow information:
Interest expense paid during the period	$	448,295

* In accordance with U.S. GAAP, the Portfolio has included a Statement of Cash Flows as a result of its significant investments in reverse repurchase agreements throughout the period.

See notes to financial statements.

AB POOLING PORTFOLIOS  • 265

Statement of Cash Flows

NOTES TO FINANCIAL STATEMENTS

February 29, 2016 (unaudited)

NOTE A

Significant Accounting Policies

The AB Pooling Portfolios (the “Trust”) was organized as a Massachusetts business trust on November 11, 2004 and is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company. The Trust is currently comprised of 12 separate series: AB U.S. Value Portfolio, AB U.S. Large Cap Growth Portfolio, AB International Value Portfolio, AB International Growth Portfolio, AB Short Duration Bond Portfolio, AB Global Core Bond Portfolio, AB Bond Inflation Protection Portfolio, AB High-Yield Portfolio, AB Small-Mid Cap Value Portfolio, AB Small-Mid Cap Growth Portfolio, AB Multi-Asset Real Return Portfolio and AB Volatility Management Portfolio (collectively, the “Portfolios”). As part of AB Multi-Asset Real Return Portfolio’s investment strategy, the Portfolio seeks to gain exposure to commodities and commodities-related instruments and derivatives primarily through investments in AllianceBernstein Cayman Inflation Pooling Subsidiary, Ltd., a wholly-owned subsidiary of the Portfolio organized under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary was incorporated and commenced operations on October 18, 2010. The AB Multi-Asset Real Return Portfolio is the sole shareholder of the Subsidiary and it is intended that the Portfolio 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 February 29, 2016, net assets of the AB Multi-Asset Real Return Portfolio amounted to $443,346,708, of which $87,260,982, or 20%, represented the Portfolio’s ownership of all issued shares and voting rights of the Subsidiary. This report presents the consolidated financial statements and consolidated portfolio of investments of AB Multi-Asset Real Return Portfolio and the Subsidiary. All intercompany transactions and balances have been eliminated in consolidation. Each Portfolio is considered to be a separate entity for financial reporting and tax purposes. Shares of the Portfolios are offered exclusively to mutual funds advised by and certain other institutional clients of AllianceBernstein L.P. (the “Adviser”). A Portfolio’s shares may be purchased at the relevant net asset value without a sales charge or other fee. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Trust 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 Portfolios.

266 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

1. Security Valuation

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

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, 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. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Investment companies are valued at their net asset value each day.

AB POOLING PORTFOLIOS  • 267

Notes to Financial Statements

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value. 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 Portfolios may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolios value their 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 Portfolios may frequently value 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 Portfolios 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 Portfolios. Unobservable inputs reflect the Portfolios’ 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 investment

• 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 Portfolios’ own assumptions in determining the fair value of investments)

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

268 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

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

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options generally will be classified as Level 2. For options that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

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

AB POOLING PORTFOLIOS  • 269

Notes to Financial Statements

Bank loan prices are provided by third party pricing services and consist of a composite of the quotes received by the vendor into a consensus price. Bank loans are classified as Level 3, as significant input used in the fair value measurement of these instruments is the market quotes that are received by the vendor and these inputs are not observable.

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

The following table summarizes the valuation of the Portfolios’ investments by the above fair value hierarchy levels as of February 29, 2016:

AB U.S. Value Portfolio

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks(a)

$

305,127,598

$

– 0

–

$

– 0

–

$

305,127,598

Short-Term Investments

5,675,116

– 0

–

– 0

–

5,675,116

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

3,846,918

– 0

–

– 0

–

3,846,918

Total Investments in Securities

314,649,632

– 0

–

– 0

–

314,649,632

Other Financial Instruments(b)

– 0

–

– 0

–

– 0

–

– 0

–

Total(c)

$

314,649,632

$

– 0

–

$

– 0

–

$

314,649,632

AB U.S. Large Cap Growth Portfolio

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks(a)

$

293,168,482

$

– 0

–

– 0

–

$

293,168,482

Short-Term Investments

9,714,991

– 0

–

– 0

–

9,714,991

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

4,407,349

– 0

–

– 0

–

4,407,349

Total Investments in Securities

307,290,822

– 0

–

– 0

–

307,290,822

270 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

Investments in Securities:	Level 1			Level 2			Level 3			Total
Other Financial Instruments(b)	$	– 0	–	$	– 0	–	$	– 0	–	$	– 0	–
Total(c)	$	307,290,822		$	– 0	–	$	– 0	–	$	307,290,822
AB International Value Portfolio
Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Financials	$	10,153,429		$	54,271,394		$	– 0	–	$	64,424,823
Consumer Discretionary		7,389,474			27,784,808			– 0	–		35,174,282
Industrials		1,932,137			24,783,945			– 0	–		26,716,082
Information Technology		– 0	–		24,297,231			– 0	–		24,297,231
Telecommunication Services		2,827,585			20,272,070			– 0	–		23,099,655
Energy		2,065,778			15,830,490			– 0	–		17,896,268
Consumer Staples		3,665,716			13,717,225			– 0	–		17,382,941
Materials		2,738,279			12,418,732			– 0	–		15,157,011
Utilities		2,067,561			10,663,004			– 0	–		12,730,565
Health Care		– 0	–		9,901,995			– 0	–		9,901,995
Short-Term Investments		193,727			– 0	–		– 0	–		193,727
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		1,072,400			– 0	–		– 0	–		1,072,400
Total Investments in Securities		34,106,086			213,940,894	(d)		– 0	–		248,046,980
Other Financial Instruments(b)
Assets:
Forward Currency Exchange Contracts		– 0	–		843,116			– 0	–		843,116
Liabilities:
Futures		– 0	–		(27,594	)		– 0	–		(27,594	)(e)
Forward Currency Exchange Contracts		– 0	–		(1,344,546	)		– 0	–		(1,344,546	)
Total(c)	$	34,106,086		$	213,411,870		$	– 0	–	$	247,517,956

AB POOLING PORTFOLIOS  • 271

Notes to Financial Statements

AB International Growth Portfolio

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Financials

$

– 0

–

$

55,291,320

$

– 0

–

$

55,291,320

Information Technology

14,773,890

30,934,316

– 0

–

45,708,206

Consumer Discretionary

10,675,622

30,131,928

– 0

–

40,807,550

Industrials

– 0

–

40,202,823

– 0

–

40,202,823

Health Care

– 0

–

33,039,276

– 0

–

33,039,276

Consumer Staples

949,390

18,257,633

– 0

–

19,207,023

Materials

– 0

–

9,091,362

– 0

–

9,091,362

Energy

– 0

–

1,198,649

– 0

–

1,198,649

Utilities

1,127,940

– 0

–

– 0

–

1,127,940

Telecommunication Services

– 0

–

989,801

– 0

–

989,801

Short-Term Investments

3,117,070

– 0

–

– 0

–

3,117,070

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

6,467,227

– 0

–

– 0

–

6,467,227

Total Investments in Securities

37,111,139

219,137,108

(d)

– 0

–

256,248,247

Other Financial Instruments(b)

Assets:

Forward Currency Exchange Contracts

– 0

–

3,621,576

– 0

–

3,621,576

Liabilities:

Forward Currency Exchange Contracts

– 0

–

(1,042,531

)

– 0

–

(1,042,531

)

Total(f),(g)

$

37,111,139

$

221,716,153

$

– 0

–

$

258,827,292

AB Short Duration Bond Portfolio

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Governments – Treasuries

$

– 0

–

$

292,485,637

$

– 0

–

$

292,485,637

Asset-Backed Securities

– 0

–

135,959,616

14,922,795

(h)

150,882,411

272 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

Investments in Securities:

Level 1

Level 2

Level 3

Total

Corporates – Investment Grade

$

– 0

–

$

150,861,342

$

– 0

–

$

150,861,342

Commercial Mortgage-Backed Securities

– 0

–

88,439,126

1,455,905

89,895,031

Collateralized Mortgage Obligations

– 0

–

38,925,734

12,982,471

51,908,205

Mortgage Pass-Throughs

– 0

–

13,682,294

– 0

–

13,682,294

Agencies

– 0

–

9,407,546

– 0

–

9,407,546

Inflation-Linked Securities

– 0

–

9,305,884

– 0

–

9,305,884

Covered Bonds

– 0

–

3,329,967

– 0

–

3,329,967

Short-Term Investments

41,909,621

– 0

–

– 0

–

41,909,621

Total Investments in Securities

41,909,621

742,397,146

29,361,171

813,667,938

Other Financial Instruments(b):

Assets:

Futures

2,100

– 0

–

– 0

–

2,100

(e)

Centrally Cleared Interest Rate Swaps

– 0

–

244,921

– 0

–

244,921

(e)

Liabilities:

Futures

(406,822

)

– 0

–

– 0

–

(406,822

)(e)

Forward Currency Exchange Contracts

– 0

–

(2,732,979

)

– 0

–

(2,732,979

)

Total(c)

$

41,504,899

$

739,909,088

$

29,361,171

$

810,775,158

AB Global Core Bond Portfolio

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Governments – Treasuries

$

– 0

–

$

376,939,532

$

– 0

–

$

376,939,532

Corporates – Investment Grade

– 0

–

189,905,592

– 0

–

189,905,592

Collateralized Mortgage Obligations

– 0

–

327,249

40,118,376

40,445,625

Covered Bonds

– 0

–

35,085,206

– 0

–

35,085,206

AB POOLING PORTFOLIOS  • 273

Notes to Financial Statements

Investments in Securities:

Level 1

Level 2

Level 3

Total

Commercial Mortgage-Backed Securities

$

– 0

–

$

30,256,878

$

4,438,235

$

34,695,113

Mortgage Pass-Throughs

– 0

–

22,671,340

– 0

–

22,671,340

Agencies

– 0

–

22,645,626

– 0

–

22,645,626

Inflation-Linked Securities

– 0

–

17,209,910

– 0

–

17,209,910

Governments – Sovereign Agencies

– 0

–

16,521,885

– 0

–

16,521,885

Quasi-Sovereigns

– 0

–

6,780,594

– 0

–

6,780,594

Supranationals

– 0

–

5,920,912

– 0

–

5,920,912

Corporates – Non-Investment Grade

– 0

–

4,641,033

– 0

–

4,641,033

Governments – Sovereign Bonds

– 0

–

3,202,426

– 0

–

3,202,426

Asset-Backed Securities

– 0

–

– 0

–

3,149,244

3,149,244

Emerging Markets – Treasuries

– 0

–

3,071,785

– 0

–

3,071,785

Local Governments – Municipal Bonds

– 0

–

2,953,402

– 0

–

2,953,402

Emerging Markets – Corporate Bonds

– 0

–

1,929,769

– 0

–

1,929,769

Short-Term Investments

5,177,379

– 0

–

– 0

–

5,177,379

Total Investments in Securities

5,177,379

740,063,139

47,705,855

792,946,373

Other Financial Instruments(b):

Assets:

Futures

224,015

– 0

–

– 0

–

224,015

(e)

Forward Currency Exchange Contracts

– 0

–

3,148,996

– 0

–

3,148,996

Liabilities:

Futures

(837,749

)

– 0

–

– 0

–

(837,749

)(e)

Forward Currency Exchange Contracts

– 0

–

(3,622,143

)

– 0

–

(3,622,143

)

Total(c)

$

4,563,645

$

739,589,992

$

47,705,855

$

791,859,492

274 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

AB Bond Inflation Protection Portfolio

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Inflation-Linked Securities

$

– 0

–

$

568,380,238

$

– 0

–

$

568,380,238

Corporates – Investment Grade

– 0

–

121,962,015

– 0

–

121,962,015

Commercial Mortgage-Backed Securities

– 0

–

50,313,956

16,162,239

66,476,195

Asset-Backed Securities

– 0

–

57,756,271

4,299,056

62,055,327

Collateralized Mortgage Obligations

– 0

–

1,764,128

19,641,184

21,405,312

Corporates – Non-Investment Grade

– 0

–

18,119,822

– 0

–

18,119,822

Governments – Sovereign Agencies

– 0

–

3,616,524

– 0

–

3,616,524

Quasi-Sovereigns

– 0

–

2,461,678

– 0

–

2,461,678

Emerging Markets – Treasuries

– 0

–

2,416,391

– 0

–

2,416,391

Common Stocks

– 0

–

– 0

–

1,108,802

1,108,802

Emerging Markets – Corporate Bonds

– 0

–

717,468

– 0

–

717,468

Preferred Stocks

697,763

– 0

–

– 0

–

697,763

Governments – Sovereign Bonds

– 0

–

387,498

– 0

–

387,498

Short-Term Investments:

Investment Companies

26,955,334

– 0

–

– 0

–

26,955,334

Repurchase Agreements

9,416,250

– 0

–

– 0

–

9,416,250

Total Investments in Securities

37,069,347

827,895,989

41,211,281

906,176,617

Other Financial Instruments(b):

Assets:

Futures

67,906

– 0

–

– 0

–

67,906

(e)

Forward Currency Exchange Contracts

– 0

–

97,125

– 0

–

97,125

Centrally Cleared Credit Default Swaps

– 0

–

138,696

– 0

–

138,696

(e)

AB POOLING PORTFOLIOS  • 275

Notes to Financial Statements

Investments in Securities:	Level 1			Level 2			Level 3			Total
Centrally Cleared Interest Rate Swaps	$	– 0	–	$	5,658,831		$	– 0	–	$	5,658,831	(e)
Credit Default Swaps		– 0	–		539,295			– 0	–		539,295
Liabilities:
Futures		(362,566	)		– 0	–		– 0	–		(362,566	)(e)
Forward Currency Exchange Contracts		– 0	–		(880,566	)		– 0	–		(880,566	)
Centrally Cleared Credit Default Swaps		– 0	–		(226,314	)		– 0	–		(226,314	)(e)
Centrally Cleared Interest Rate Swaps		– 0	–		(6,279,943	)		– 0	–		(6,279,943	)(e)
Credit Default Swaps		– 0	–		(26,026	)		– 0	–		(26,026	)
Inflation (CPI) Swaps		– 0	–		(888,477	)		– 0	–		(888,477	)
Interest Rate Swaps		– 0	–		(1,577,715	)		– 0	–		(1,577,715	)
Total(c)	$	36,774,687		$	824,450,895		$	41,211,281		$	902,436,863
AB High-Yield Portfolio
Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Corporates – Non-Investment Grade	$	– 0	–	$	170,336,264		$	3,004,126	(h)	$	173,340,390
Corporates – Investment Grade		– 0	–		12,841,456			– 0	–		12,841,456
Bank Loans		– 0	–		– 0	–		12,463,271			12,463,271
Common Stocks		4,196,574			59,112			944,659			5,200,345
Emerging Markets – Corporate Bonds		– 0	–		3,664,561			– 0	–		3,664,561
Preferred Stocks		2,026,324			880,142			– 0	–		2,906,466

276 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

Investments in Securities:

Level 1

Level 2

Level 3

Total

Asset-Backed Securities

$

– 0

–

$

– 0

–

$

2,259,892

$

2,259,892

Governments – Treasuries

– 0

–

1,962,309

– 0

–

1,962,309

Local Governments – Municipal Bonds

– 0

–

1,908,873

– 0

–

1,908,873

Commercial Mortgage-Backed Securities

– 0

–

– 0

–

1,773,083

1,773,083

Collateralized Mortgage Obligations

– 0

–

– 0

–

1,717,535

1,717,535

Governments – Sovereign Agencies

– 0

–

1,006,984

– 0

–

1,006,984

Emerging Markets – Treasuries

– 0

–

354,503

– 0

–

354,503

Warrants

127

– 0

–

234,094

234,221

Emerging Markets – Sovereigns

– 0

–

173,075

– 0

–

173,075

Agencies

– 0

–

107,300

– 0

–

107,300

Options Purchased – Puts

– 0

–

15,427

– 0

–

15,427

Options Purchased – Calls

– 0

–

4,294

– 0

–

4,294

Short-Term Investments:

Investment Companies

30,705,070

– 0

–

– 0

–

30,705,070

U.S. Treasury Bills

– 0

–

999,917

– 0

–

999,917

Total Investments in Securities

36,928,095

194,314,217

22,396,660

253,638,972

Other Financial Instruments(b):

Assets:

Futures

9,698

– 0

–

– 0

–

9,698

(e)

Forward Currency Exchange Contracts

– 0

–

216,622

– 0

–

216,622

Centrally Cleared Credit Default Swaps

– 0

–

584,066

– 0

–

584,066

(e)

AB POOLING PORTFOLIOS  • 277

Notes to Financial Statements

Investments in Securities:

Level 1

Level 2

Level 3

Total

Credit Default Swaps

$

– 0

–

$

861,806

$

– 0

–

$

861,806

Total Return Swaps

– 0

–

187,553

– 0

–

187,553

Liabilities:

Futures

(61,363

)

– 0

–

– 0

–

(61,363

)(e)

Forward Currency Exchange Contracts

– 0

–

(92,753

)

– 0

–

(92,753

)

Call Options Written

– 0

–

(1,512

)

– 0

–

(1,512

)

Put Options Written

– 0

–

(3,598

)

– 0

–

(3,598

)

Centrally Cleared Credit Default Swaps

– 0

–

(583,866

)

– 0

–

(583,866

)(e)

Centrally Cleared Interest Rate Swaps

– 0

–

(901,001

)

– 0

–

(901,001

)(e)

Credit Default Swaps

– 0

–

(1,647,245

)

– 0

–

(1,647,245

)

Total Return Swaps

– 0

–

(189,637

)

– 0

–

(189,637

)

Total(i)

$

36,876,430

$

192,744,652

$

22,396,660

$

252,017,742

AB Small-Mid Cap Value Portfolio

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks(a)

$

218,192,867

$

– 0

–

$

– 0

–

$

218,192,867

Short-Term Investments

7,230,961

– 0

–

– 0

–

7,230,961

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

9,874,133

– 0

–

– 0

–

9,874,133

Total Investments in Securities

235,297,961

– 0

–

– 0

–

235,297,961

Other Financial Instruments(b)

– 0

–

– 0

–

– 0

–

– 0

–

Total(c)

$

235,297,961

$

– 0

–

$

– 0

–

$

235,297,961

278 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

AB Small-Mid Cap Growth Portfolio

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks(a)

$

207,127,998

$

– 0

–

$

– 0

–

$

207,127,998

Short-Term Investments

5,064,950

– 0

–

– 0

–

5,064,950

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

12,124,562

– 0

–

– 0

–

12,124,562

Total Investments in Securities

224,317,510

– 0

–

– 0

–

224,317,510

Other Financial Instruments(b)

– 0

–

– 0

–

– 0

–

– 0

–

Total(c)

$

224,317,510

$

– 0

–

$

– 0

–

$

224,317,510

AB Multi-Asset Real Return Portfolio(j)

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Energy

$

61,991,067

$

50,435,168

$

– 0

–

$

112,426,235

Equity: Other

14,337,314

25,965,957

105,998

40,409,269

Materials

13,697,325

18,669,550

– 0

–(k)

32,366,875

Retail

16,581,011

11,659,982

– 0

–

28,240,993

Residential

17,183,773

10,430,273

– 0

–(h)

27,614,046

Office

7,256,290

5,529,749

– 0

–

12,786,039

Industrials

4,997,013

3,434,973

– 0

–

8,431,986

Lodging

3,766,831

– 0

–

– 0

–

3,766,831

Food Beverage & Tobacco

2,353,720

137,060

– 0

–

2,490,780

Real Estate

884,721

649,266

– 0

–

1,533,987

Mortgage

921,488

– 0

–

– 0

–

921,488

Financial:Other

– 0

–

32,624

– 0

–

32,624

Investment Companies

22,929,292

– 0

–

– 0

–

22,929,292

Inflation-Linked Securities

– 0

–

6,015,371

– 0

–

6,015,371

Warrants

– 0

–

173,797

– 0

–

173,797

Short-Term Investments:

Investment Companies

27,721,043

– 0

–

– 0

–

27,721,043

Treasury Bills

– 0

–

111,958,860

– 0

–

111,958,860

AB POOLING PORTFOLIOS  • 279

Notes to Financial Statements

Investments in Securities:	Level 1			Level 2			Level 3			Total
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund	$	12,199,865		$	– 0	–	$	– 0	–	$	12,199,865
Total Investments in Securities		206,820,753			245,092,630			105,998			452,019,381
Other Financial Instruments(b):
Assets:
Futures		1,775,154			– 0	–		– 0	–		1,775,154	(e)
Forward Currency Exchange Contracts		– 0	–		3,056,830			– 0	–		3,056,830
Inflation (CPI) Swaps		– 0	–		127,841			– 0	–		127,841
Total Return Swaps		– 0	–		2,333,111			– 0	–		2,333,111
Liabilities:
Futures		(345,669	)		– 0	–		– 0	–		(345,669	)(e)
Forward Currency Exchange Contracts		– 0	–		(2,053,427	)		– 0	–		(2,053,427	)
Put Options Written		– 0	–		(81,449	)		– 0	–		(81,449	)
Inflation (CPI) Swaps		– 0	–		(5,315,950	)		– 0	–		(5,315,950	)
Total Return Swaps		– 0	–		(484,905	)		– 0	–		(484,905	)
Total(i)	$	208,250,238		$	242,674,681		$	105,998		$	451,030,917
AB Volatility Management Portfolio
Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Common Stocks:
Financials	$	51,458,466		$	59,926,757		$	– 0	–(k)		$    111,385,223
Information Technology		78,869,571			14,987,549			– 0	–		93,857,120
Health Care		56,303,919			35,235,190			– 0	–		91,539,109
Consumer Discretionary		50,288,769			38,668,718			– 0	–		88,957,487
Industrials		40,834,878			39,070,695			– 0	–		79,905,573
Consumer Staples		42,914,688			35,469,341			– 0	–		78,384,029
Energy		24,937,175			13,865,619			– 0	–		38,802,794
Materials		10,785,510			19,126,849			– 0	–		29,912,359

280 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

Investments in Securities:	Level 1			Level 2			Level 3			Total
Telecommunication Services	$	10,668,421		$	15,350,190		$	– 0	–	$	26,018,611
Utilities		12,680,358			11,454,602			– 0	–		24,134,960
Equity: Other		5,546,069			10,900,458			– 0	–		16,446,527
Retail		6,009,450			5,498,130			– 0	–		11,507,580
Residential		6,326,042			2,298,689			– 0	–		8,624,731
Office		3,012,887			2,159,078			– 0	–		5,171,965
Lodging		1,108,646			92,762			– 0	–		1,201,408
Investment Companies		18,371			31,525			– 0	–		49,896
Rights		1,031			– 0	–		2			1,033
Short-Term Investments:
Investment Companies		264,729,182			– 0	–		– 0	–		264,729,182
U.S. Treasury Bills					51,479,032			– 0	–		51,479,032
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		15,986,391			– 0	–		– 0	–		15,986,391
Total Investments in Securities		682,479,824			355,615,184			2			1,038,095,010
Other Financial Instruments(b):
Assets:
Futures		639,795			525,600			– 0	–		1,165,395	(e)
Forward Currency Exchange Contracts		– 0	–		11,812,911			– 0	–		11,812,911
Total Return Swaps		– 0	–		4,710,875			– 0	–		4,710,875
Liabilities:
Futures		(69,044	)		(13,266,912	)		– 0	–		(13,335,956	)(e)
Forward Currency Exchange Contracts		– 0	–		(5,526,955	)		– 0	–		(5,526,955	)
Total Return Swaps		– 0	–		(996,393	)		– 0	–		(996,393	)
Total(i)	$	683,050,575		$	352,874,310		$	2		$	1,035,924,887

^(a)  See Portfolio of Investments for sector classifications.

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

^(c)  There were no transfers between any levels during the reporting period.

^(d)  A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available, see Note A.1.

AB POOLING PORTFOLIOS  • 281

Notes to Financial Statements

^(e)  Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative appreciation/(depreciation) of exchange-traded derivatives as reported in the portfolio of investments.

^(f)  An amount of $5,792,524 was transferred from Level 1 to Level 2 due to the above mentioned foreign equity fair valuation using third party vendor modeling tools during the reporting period.

^(g)  There were no transfers from Level 2 to Level 1 during the reporting period.

^(h)  The Portfolio held securities with zero market value at period end.

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

^(j)  Consolidated (see Note A).

^(k)  Less than $0.50.

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

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

AB Short Duration Bond Portfolio	Asset- Backed Securities(a)			Commercial Mortgage-Backed Securities			Collateralized Mortgage Obligations
Balance as of 8/31/15	$	16,368,735		$	1,524,633		$	14,275,300
Accrued discounts/(premiums)		410			(1,828	)		3,200
Realized gain (loss)		460			(2,095	)		11,470
Change in unrealized appreciation/depreciation		21,078			(37,141	)		(38,862	)
Purchases/Payups		2,834,000			– 0	–		2,511,913
Sales/Paydowns		(4,301,888	)		(27,664	)		(3,780,550	)
Settlements		– 0	–		– 0	–		– 0	–
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 2/29/16	$	14,922,795		$	1,455,905		$	12,982,471
Net change in unrealized appreciation/depreciation from investments held as of 2/29/16(b)	$	20,791		$	(37,141	)	$	(38,862	)

282 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

	Total
Balance as of 8/31/15	$	32,168,668
Accrued discounts/(premiums)		1,782
Realized gain (loss)		9,835
Change in unrealized appreciation/depreciation		(54,925	)
Purchases/Payups		5,345,913
Sales/Paydowns		(8,110,102	)
Settlements		– 0	–
Transfers in to Level 3		– 0	–
Transfers out of Level 3		– 0	–
Balance as of 2/29/16	$	29,361,171
Net change in unrealized appreciation/depreciation from investments held as of 2/29/16(b)	$	(55,212	)
AB Global Core Bond Portfolio	Collateralized Mortgage Obligations			Commercial Mortgage-Backed Securities			Asset-Backed Securities
Balance as of 8/31/15	$	36,919,073		$	3,931,061		$	3,365,165
Accrued discounts/(premiums)		(2,637	)		(6,803	)		(2,411	)
Realized gain (loss)		(10,078	)		(30,238	)		(6,112	)
Change in unrealized appreciation/depreciation		(198,848	)		(137,980	)		(19,427	)
Purchases/Payups		10,335,236			912,725			– 0	–
Sales/Paydowns		(6,924,370	)		(230,530	)		(187,971	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 2/29/16	$	40,118,376		$	4,438,235		$	3,149,244
Net change in unrealized appreciation/depreciation from investments held as of 2/29/16(b)	$	(198,848	)	$	(137,980	)	$	(19,427	)

AB POOLING PORTFOLIOS  • 283

Notes to Financial Statements

	Total
Balance as of 8/31/15	$	44,215,299
Accrued discounts/(premiums)		(11,851	)
Realized gain (loss)		(46,428	)
Change in unrealized appreciation/depreciation		(356,255	)
Purchases/Payups		11,247,961
Sales/Paydowns		(7,342,871	)
Transfers in to Level 3		– 0	–
Transfers out of Level 3		– 0	–
Balance as of 2/29/16	$	47,705,855
Net change in unrealized appreciation/depreciation from investments held as of 2/29/16(b)	$	(356,255	)
AB Bond Inflation Protection Portfolio	Commercial Mortgage-Backed Securities			Asset-Backed Securities			Collateralized Mortgage Obligations
Balance as of 8/31/15	$	14,375,830		$	5,163,427		$	16,470,297
Accrued discounts/(premiums)		(16,853	)		41			(7,524	)
Realized gain (loss)		(4,263	)		(259	)		2,422
Change in unrealized appreciation/depreciation		(685,161	)		17,843			(633,922	)
Purchases/Payups		3,182,338			2,186,973			5,131,618
Sales/Paydowns		(689,652	)		(3,068,969	)		(1,321,707	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 2/29/16	$	16,162,239		$	4,299,056		$	19,641,184
Net change in unrealized appreciation/depreciation from investments held as of 2/29/16(b)	$	(685,161	)	$	9,829		$	(633,922	)

284 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

	Common Stocks			Total
Balance as of 8/31/15	$	1,139,080		$	37,148,634
Accrued discounts/(premiums)		– 0	–		(24,336	)
Realized gain (loss)		– 0	–		(2,100	)
Change in unrealized appreciation/depreciation		(30,278	)		(1,331,518	)
Purchases/Payups		– 0	–		10,500,929
Sales/Paydowns		– 0	–		(5,080,328	)
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–
Balance as of 2/29/16	$	1,108,802		$	41,211,281
Net change in unrealized appreciation/depreciation from investments held as of 2/29/16(b)	$	(30,278	)	$	(1,339,532	)
AB High-Yield Portfolio	Corporates - Non-Investment Grade(a)			Bank Loans			Common Stocks
Balance as of 8/31/15	$	3,400,139		$	14,141,504		$	270,252
Accrued discounts/(premiums)		10,309			16,773			– 0	–
Realized gain (loss)		(318,234	)		(172,183	)		(244,731	)
Change in unrealized appreciation/depreciation		(23,734	)		(510,113	)		(29,454	)
Purchases		120,167			4,403,219			483,000
Sales		(184,521	)		(5,415,929	)		– 0	–
Transfers in to Level 3		– 0	–		– 0	–		465,592
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 2/29/16	$	3,004,126		$	12,463,271		$	944,659
Net change in unrealized appreciation/depreciation from investments held as of 2/29/16(b)	$	(329,018	)	$	(665,357	)	$	(273,809	)

AB POOLING PORTFOLIOS  • 285

Notes to Financial Statements

	Asset-Backed Securities			Commercial Mortgage- Backed Securities			Collateralized Mortgage Obligations
Balance as of 8/31/15	$	2,403,731		$	4,488,395		$	5,008,319
Accrued discounts/(premiums)		18,823			1,855			6,641
Realized gain (loss)		34,089			133,649			136,541
Change in unrealized appreciation/depreciation		(72,094	)		(216,399	)		(303,060	)
Purchases/Payups		– 0	–		– 0	–		– 0	–
Sales/Paydowns		(124,657	)		(2,634,417	)		(3,130,906	)
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 2/29/16	$	2,259,892		$	1,773,083		$	1,717,535
Net change in unrealized appreciation/depreciation from investments held as of 2/29/16(b)	$	(72,094	)	$	(68,448	)	$	(94,371	)
	Warrants			Total
Balance as of 8/31/15	$	187,275		$	29,899,615
Accrued discounts/(premiums)		– 0	–		54,401
Realized gain (loss)		– 0	–		(430,869	)
Change in unrealized appreciation/depreciation		46,819			(1,108,035	)
Purchases/Payups		– 0	–		5,006,386
Sales/Paydowns		– 0	–		(11,490,430	)
Transfers in to Level 3		– 0	–		465,592
Transfers out of Level 3		– 0	–		– 0	–
Balance as of 2/29/16	$	234,094		$	22,396,660	(c)
Net change in unrealized appreciation/depreciation from investments held as of 2/29/16(b)	$	46,819		$	(1,456,278	)

286 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

AB Multi-Asset Real Return Portfolio(d)	Common Stocks - Equity: Other			Common Stocks - Materials			Common Stocks - Residential(a)
Balance as of 8/31/15	$	185,499		$	– 0	–(e)	$	31
Accrued discounts/(premiums)		– 0	–		– 0	–		– 0	–
Realized gain (loss)		– 0	–		– 0	–		– 0	–
Change in unrealized appreciation/depreciation		(79,501	)		– 0	–		– 0	–
Purchases		– 0	–		– 0	–		– 0	–
Sales		– 0	–		– 0	–		– 0	–
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		(31	)
Balance as of 2/29/16	$	105,998		$	– 0	–(e)	$	– 0	–
Net change in unrealized appreciation/depreciation from investments held as of 2/29/16(b)	$	(79,501	)	$	– 0	–	$	– 0	–
	Total
Balance as of 8/31/15	$	185,530
Accrued discounts/(premiums)		– 0	–
Realized gain (loss)		– 0	–
Change in unrealized appreciation/depreciation		(79,501	)
Purchases		– 0	–
Sales		– 0	–
Transfers in to Level 3		– 0	–
Transfers out of Level 3		(31	)
Balance as of 2/29/16	$	105,998	(c)
Net change in unrealized appreciation/depreciation from investments held as of 2/29/16(b)	$	(79,501	)

AB POOLING PORTFOLIOS  • 287

Notes to Financial Statements

AB Volatility Management Portfolio	Common Stocks			Rights			Total
Balance as of 8/31/15	$	– 0	–(e)	$	– 0	–	$	– 0	–(e)
Accrued discounts/(premiums)		– 0	–		– 0	–		– 0	–
Realized gain (loss)		– 0	–		– 0	–		– 0	–
Change in unrealized appreciation/depreciation		– 0	–(e)		2			2
Purchases		– 0	–		– 0	–		– 0	–
Sales		– 0	–		– 0	–		– 0	–
Transfers in to Level 3		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–
Balance as of 2/29/16	$	– 0	–(e)	$	2		$	2
Net change in unrealized appreciation/depreciation from investments held as of 2/29/16(b)	$	– 0	–(e)	$	2		$	2

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

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

^(c)  There were de minimis transfers under 1% of net assets during the reporting period.

^(d)  Consolidated (see Note A).

^(e)  Less than $0.50.

The following presents information about significant unobservable inputs related to the Portfolio’s Level 3 investments at February 29, 2016. Securities priced (i) at net asset value, (ii) by third party vendors, or (iii) using prior transaction prices, which approximate fair value, are excluded from the following table.

AB Short Duration Bond Portfolio
Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at 2/29/16			Valuation Technique		Unobservable Input	Range/ Weighted Average
Asset-Backed Securities		$    – 0	–		Qualitative Assessment			$    0.00/N/A

288 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

AB High-Yield Portfolio
Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at 2/29/16		Valuation Technique	Unobservable Input	Range/ Weighted Average
Corporates – Non-Investment Grade		$    774,120	Discounted Cashflow	Clean Debt Value Convertible Feature Value		51.50%-76.0%/63.8% 22.2%-2.2%/12.2%
Bank Loans		509,682	Market Approach	EBITDA* EBITDA Multiple Scrap Value		$28mil-$70mil 6X $154mil
Common Stocks		56,576	Option Pricing Model	Enterprise Value Exercise Price Years to Expiration EV Volatility % Risk Free Rate		$519.2mil-$603.2Mil/NA $730.4mil-$830.5mil/NA 2.5yr-4.5yr/NA 22.6%-26.5%/NA 1.09%-1.55%/NA
		522,045	Market Approach	EBITDA Projection* EBITDA Multiples		$49.1MM/NA 4.7X-6.7X/4.7X

* Earnings before Interest, Taxes, Depreciation and Amortization.

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

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a third party which performs certain pricing functions in accordance with the pricing policies.

AB POOLING PORTFOLIOS  • 289

Notes to Financial Statements

The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

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

3. Currency Translation

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

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, foreign currency exchange contracts, 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 Portfolios’ 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 each Portfolio’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 Portfolios may be subject to taxes imposed by countries in which they invest. 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.

290 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

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 Portfolio 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 Portfolio 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 Portfolios’ 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, as applicable) and has concluded that no provision for income tax is required in the Portfolios’ financial statements.

5. Investment Income and Investment Transactions

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

6. Expenses

Expenses of the Trust are charged proportionately to each Portfolio or based on other appropriate methods.

7. Dividends and Distributions

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

NOTE B

Advisory Fee and Other Transactions with Affiliates

The Trust has entered into an advisory agreement (the “Advisory Agreement”) with the Adviser. Under the terms of the Advisory Agreement, the Portfolios pay no advisory fees to the Adviser. The Adviser serves as investment manager and adviser of each of the Portfolios and continuously furnishes an investment program for each Portfolio and manages, supervises and conducts the affairs of each Portfolio, subject to the supervision of the Trust’s Board of Trustees. The

AB POOLING PORTFOLIOS  • 291

Notes to Financial Statements

Advisory Agreement provides that the Adviser or an affiliate will furnish, or pay the expenses of the Trust for, office space, facilities and equipment, services of executive and other personnel of the Trust and certain administrative services. The Adviser has agreed to bear certain expenses to the extent necessary to limit the total operating expenses on an annual basis (the “Expense Cap”) to .15% of average daily net assets for the Volatility Management Portfolio. The Expense Cap may not be terminated before December 31, 2015 and then may be extended by the Adviser for additional one-year terms. For the six months ended February 29, 2016, there was no such reimbursement.

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.

The Adviser reimbursed the AB Multi-Asset Real Return Portfolio $308 and $394 for trading losses incurred due to a trade entry error for the six months ended February 29, 2016 and year ended August 31, 2015, respectively.

The Trust has entered into a distribution agreement (the “Distribution Agreement”) on behalf of each Portfolio with AllianceBernstein Investments, Inc., a wholly-owned subsidiary of the Adviser, the Portfolios’ principal underwriter (the “Underwriter”), to permit the Underwriter to distribute the Portfolios’ shares, which are sold at the net asset value without any sales charge.

Under the Distribution Agreement, the Trust is responsible for all expenses of the Portfolios, including, for example, certain administrative services, costs of printing Portfolio prospectuses and other reports to shareholders, any taxes levied against the Portfolios and brokerage fees and commissions in connection with the purchase and sale of portfolio securities, but not expenses incurred in promoting the sale of the Portfolios’ shares, which are borne by the Underwriter.

Effective January 1st, 2015, the Portfolios may reimburse the Adviser for certain legal and accounting services provided to the Portfolios by the Adviser. For the six months ended February 29, 2016, such fees amounted to:

Portfolio	Administrative Fees
AB U.S. Value	$	16,447
AB U.S. Large Cap Growth		16,447
AB International Value		18,498
AB International Growth		15,136
AB Short Duration Bond		19,827
AB Global Core Bond		16,599
AB Bond Inflation Protection		16,592
AB High-Yield		19,854
AB Small-Mid Cap Value		16,209
AB Small-Mid Cap Growth		16,209
AB Multi-Asset Real Return		16,602
AB Volatility Management		21,063

292 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, acts as the Portfolios’ registrar, transfer agent and dividend-disbursing agent. ABIS did not receive any fees for such services.

The Portfolios may invest in the AB Fixed-Income Shares, Inc.—Government STIF Portfolio (“Government STIF Portfolio”), an open-end management investment company managed by the Adviser. The Government STIF Portfolio is offered as a cash management option to mutual funds and other institutional accounts of the Adviser, and is not currently available for direct purchase by members of the public. The Government STIF Portfolio currently pays no investment management fees but does bear its own expenses. A summary of the Portfolios’ transactions in shares of the Government STIF Portfolio for the six months ended February 29, 2016 is as follows:

Portfolio	Market Value August 31, 2015 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value February 29, 2016 (000)		Dividend Income (000)
AB U.S. Value	$	9,313		$	72,870	$	76,508	$	5,675	$	5
AB U.S. Large Cap Growth		32,430			66,752		89,467		9,715		9
AB International Value		– 0	–		70,067		69,873		194		2
AB International Growth		– 0	–		89,024		85,907		3,117		2
AB Short Duration Bond		3,756			171,900		133,746		41,910		15
AB Global Core Bond		4,459			227,831		227,113		5,177		18
AB Bond Inflation Protection		3,467			216,593		193,105		26,955		14
AB High-Yield		5,978			103,943		79,216		30,705		22
AB Small-Mid Cap Value		6,867			28,529		28,165		7,231		7
AB Small-Mid Cap Growth		6,308			28,255		29,498		5,065		5
AB Multi-Asset Real Return		103,525			300,549		376,353		27,721		49
AB Volatility Management		258,901			386,876		381,048		264,729		323

AB POOLING PORTFOLIOS  • 293

Notes to Financial Statements

Brokerage commissions paid on investment transactions and brokerage commissions paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser, for the six months ended February 29, 2016 were as follows:

Portfolio	Total Commissions		Sanford C. Bernstein & Co. LLC			Sanford C. Bernstein Limited
AB U.S. Value	$	204,741	$	– 0	–	$	– 0	–
AB U.S. Large Cap Growth		103,912		27			– 0	–
AB International Value		235,820		– 0	–		– 0	–
AB International Growth		175,348		– 0	–		– 0	–
AB Short Duration Bond		12,322		– 0	–		– 0	–
AB Global Core Bond		4,873		– 0	–		– 0	–
AB Bond Inflation Protection		6,904		– 0	–		– 0	–
AB High-Yield		33,314		– 0	–		– 0	–
AB Small-Mid Cap Value		151,157		– 0	–		– 0	–
AB Small-Mid Cap Growth		111,716		– 0	–		– 0	–
AB Multi-Asset Real Return		374,640		– 0	–		– 0	–
AB Volatility Management		193,323		– 0	–		– 0	–

NOTE C

Investment Transactions

Purchases and sales of investment securities (excluding U.S. government securities and short-term investments) for the six months ended February 29, 2016, were as follows:

Portfolio	Purchases		Sales
AB U.S. Value	$	112,209,418	$	233,973,042
AB U.S. Large Cap Growth		96,231,448		234,015,961
AB International Value		82,055,653		185,080,427
AB International Growth		59,754,102		162,629,364
AB Short Duration Bond		61,423,988		196,888,437
AB Global Core Bond		204,808,357		265,007,187
AB Bond Inflation Protection		29,990,824		42,870,787
AB High-Yield		50,873,504		117,061,103
AB Small-Mid Cap Value		59,794,452		96,972,700
AB Small-Mid Cap Growth		74,561,496		109,523,213
AB Multi-Asset Real Return		175,920,483		347,406,035
AB Volatility Management		70,534,592		297,768,081

Purchases and sales of U.S. government securities for the six months ended February 29, 2016, were as follows:

Portfolio	Purchases			Sales
AB U.S. Value	$	– 0	–	$	– 0	–
AB U.S. Large Cap Growth		– 0	–		– 0	–
AB International Value		– 0	–		– 0	–
AB International Growth		– 0	–		– 0	–
AB Short Duration Bond		54,246,973			63,820,202
AB Global Core Bond		269,689,078			330,008,806

294 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

Portfolio	Purchases			Sales
AB Bond Inflation Protection	$	117,261,978		$	136,512,796
AB High-Yield		– 0	–		– 0	–
AB Small-Mid Cap Value		– 0	–		– 0	–
AB Small-Mid Cap Growth		– 0	–		– 0	–
AB Multi-Asset Real Return		– 0	–		212,014,501
AB Volatility Management		– 0	–		– 0	–

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 (excluding futures, foreign currency, written options and swap transactions) are as follows:

	Gross Unrealized					Net Unrealized Appreciation/ (Depreciation)
Portfolio	Appreciation		(Depreciation)
AB U.S. Value	$	41,209,232	$	(13,802,738	)	$	27,406,494
AB U.S. Large Cap Growth		67,450,735		(5,059,291	)		62,391,444
AB International Value		12,238,415		(35,860,186	)		(23,621,771	)
AB International Growth		26,875,429		(37,503,711	)		(10,628,282	)
AB Short Duration Bond		1,670,083		(3,736,888	)		(2,066,805	)
AB Global Core Bond		23,709,297		(30,828,670	)		(7,119,373	)
AB Bond Inflation Protection		8,318,911		(16,415,022	)		(8,096,111	)
AB High-Yield		5,553,245		(39,134,709	)		(33,581,464	)
AB Small-Mid Cap Value		32,459,979		(20,000,036	)		12,459,943
AB Small-Mid Cap Growth		38,561,452		(12,044,995	)		26,516,457
AB Multi-Asset Real Return		16,448,345		(51,456,521	)		(35,008,176	)
AB Volatility Management		169,948,269		(62,824,493	)		107,123,776

1. Derivative Financial Instruments

Certain Portfolios 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 Portfolios, as well as the methods in which they may be used are:

• Futures

Certain Portfolios may buy or sell futures for investment purposes or for the purpose of hedging their Portfolios against adverse effects of potential movements in the market or for investment purposes. The Portfolio 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 Portfolio may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under “Currency Transactions”.

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At the time the Portfolio enters into futures, the Portfolio deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Portfolio 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 Portfolio 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 Portfolio to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Portfolio 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 February 29, 2016, AB Short Duration Bond Portfolio, AB Bond Inflation Protection Portfolio, AB Global Core Bond Portfolio, AB Multi-Asset Real Return Portfolio and AB Volatility Management Portfolio held futures for hedging and non-hedging purposes; the AB High Yield Portfolio held futures for hedging purposes; the AB International Value Portfolio held futures for non-hedging purposes

• Forward Currency Exchange Contracts

Certain Portfolios may enter into forward currency exchange contracts in order to hedge their exposure to changes in foreign currency exchange rates on their 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 foreign currency transactions. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes

296 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

as unrealized appreciation and/or depreciation by the Portfolio. 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 February 29, 2016, the AB International Value Portfolio, AB Global Core Bond Portfolio, AB Bond Inflation Protection Portfolio, AB High-Yield Portfolio, AB Multi-Asset Real Return Portfolio and AB Volatility Management Portfolio held forward currency exchange contracts for hedging and non-hedging purposes; the AB Short Duration Bond Portfolio and AB International Growth Portfolio held forward currency exchange contracts for hedging purposes.

• Option Transactions

For hedging and investment purposes, certain Portfolios may purchase and write (sell) put and call options on U.S. and foreign securities, including government securities, and foreign currencies that are traded on U.S. and foreign securities exchanges and over-the-counter markets. Among other things, the Portfolio 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 Portfolio pays a premium whether or not the option is exercised. Additionally, the Portfolio bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

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

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unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Portfolio could result in the Portfolio selling or buying a security or currency at a price different from the current market value.

At February 29, 2016, the AB High-Yield Portfolio had maximum payments for written put options amounted to $4,369,000. 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.

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

During the six months ended February 29, 2016, the AB High-Yield Portfolio held purchased options, written options and written swaptions for hedging purposes; the AB Global Core Bond Portfolio, AB Multi-Asset Real Return Portfolio and AB Volatility Management Portfolio held purchased options and written options for hedging and non-hedging purposes; the AB Bond Inflation Protection Portfolio held written options for hedging and non-hedging purposes.

For the six months ended February 29, 2016, the Portfolios had the following transactions in written options:

AB Global Core Bond Portfolio	Number of Contracts			Premiums Received
Options written outstanding as of 08/31/15		– 0	–	$	– 0	–
Options written		31,877,125			233,333
Options expired		(31,877,125	)		(233,333	)
Options bought back		– 0	–		– 0	–
Options exercised		– 0	–		– 0	–
Options written outstanding as of 02/29/16		– 0	–	$	– 0	–
AB High-Yield Portfolio	Number of Contracts			Premiums Received
Options written outstanding as of 08/31/15		4,949		$	455,785
Options written		3,600			185,576
Options assigned		(146	)		(39,139	)
Options expired		(4,453	)		(433,824	)
Options bought back		(3,261	)		(146,330	)
Options exercised		– 0	–		– 0	–
Options written outstanding as of 02/29/16		689		$	22,068

298 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

	Notional Amount			Premiums Received
Swaptions written outstanding as of 08/31/15		13,930,000		$	47,331
Swaptions written		40,740,000			48,345
Swaptions expired		(47,600,000	)		(82,950	)
Swaptions bought back		(7,070,000	)		(12,726	)
Swaptions exercised		– 0	–		– 0	–
Swaptions written outstanding as of 02/29/16		– 0	–	$	– 0	–
AB Multi-Asset Real Return Portfolio*	Number of Contracts			Premiums Received
Options written outstanding as of 08/31/15		10,054,776		$	3,317,932
Options written		27,281,400			2,916,285
Options expired		(10,054,776	)		(3,317,932	)
Options bought back		(21,600,000	)		(2,343,600	)
Options exercised		– 0	–		– 0	–
Options written outstanding as of 02/29/16		5,681,400		$	572,685

* Consolidated (see Note A).

AB Volatility Management Portfolio	Number of Contracts			Premiums Received
Options written outstanding as of 08/31/15		– 0	–	$	– 0	–
Options written		184,700			3,793,738
Options expired		– 0	–		– 0	–
Options bought back		(184,700	)		(3,793,738	)
Options exercised		– 0	–		– 0	–
Options written outstanding as of 02/29/16		– 0	–	$	– 0	–

• Swaps

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

AB POOLING PORTFOLIOS  • 299

Notes to Financial Statements

counterparty is generally limited to the net interim payment to be received by the Portfolio, and/or the termination value at the end of the contract. Therefore, the Portfolio 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 Portfolio and the counterparty and by the posting of collateral by the counterparty to the Portfolio to cover the Portfolio’s exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Portfolio accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation/depreciation of swaps on the 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 statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swap. Upfront premiums paid or received are recognized as cost or proceeds on the 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 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 statement of operations.

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

At the time the Portfolio enters into a centrally cleared swap, the Portfolio deposits and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Portfolio 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

300 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

closed, the Portfolio 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 Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio 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 Portfolio may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Portfolio 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, a Portfolio 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 Portfolio anticipates purchasing at a later date. Interest rate swaps involve the exchange by a Portfolio 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 Portfolio receiving or paying, as the case may be, only the net amount of the two payments).

During the six months ended February 29, 2016, the AB Short Duration Bond Portfolio held interest rate swaps for non-hedging purposes; the AB Bond Inflation Protection Portfolio and AB Multi-Asset Real Return Portfolio held interest rate swaps for hedging and non-hedging purposes; the AB High-Yield Portfolio held interest rate swaps for hedging purposes.

Inflation (CPI) Swaps:

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the net asset value, or NAV, of a Portfolio against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if unexpected inflation increases.

During the six months ended February 29, 2016, the AB Bond Inflation Protection Portfolio and AB Multi-Asset Real Return Portfolio held inflation (CPI) swaps for hedging and non-hedging purposes.

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Notes to Financial Statements

Currency Swaps:

The Portfolio may invest in currency swaps for hedging purposes to protect against adverse changes in exchange rates between the U.S. dollar and other currencies or for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”. Currency swaps involve the individually negotiated exchange by a Portfolio with another party of a series of payments in specified currencies. Actual principal amounts of currencies may be exchanged by the counterparties at the initiation, and again upon the termination, of the transaction. Therefore, the entire principal value of a currency swap is subject to the risk that the swap counterparty will default on its contractual delivery obligations.

During the six months ended February 29, 2016, the AB Short Duration Bond Portfolio held currency swaps for hedging purposes.

Credit Default Swaps:

The Portfolio 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 Portfolio, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Portfolio 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 Portfolio receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Portfolio is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Portfolio 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 Portfolio for the same reference obligation with the same counterparty. As of February 29, 2016, the High-Yield Portfolio had Buy Contracts outstanding with respect to the same referenced obligation and counterparty as certain Sale Contracts which may partially offset the Maximum Payout Amount in the amount of $23,867,000.

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

302 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Portfolio is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Portfolio is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Portfolio 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 Portfolio.

Implied credit spreads over U.S. Treasuries of comparable maturity 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 February 29, 2016, the AB Bond Inflation Protection Portfolio and AB High-Yield Portfolio held credit default swaps for hedging and non-hedging purposes.

Total Return Swaps:

The Portfolio may enter into total return swaps in order to take a “long” or “short” position with respect to an underlying referenced asset. The Portfolio 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 Portfolio will receive a payment from or make a payment to the counterparty.

During the six months ended February 29, 2016, the AB Multi-Asset Real Return Portfolio and AB Volatility Management Portfolio held total return swaps for hedging and non-hedging purposes; the AB High Yield Portfolio held total return swaps for non-hedging purposes.

The Portfolios typically enter into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) or similar master agreements (collectively, “Master Agreements”) with its derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties.

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Notes to Financial Statements

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolios typically may offset with the counterparty certain derivative financial instrument’s 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.

Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as derivative transactions, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Portfolio and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party. In the event of a default by a Master Agreements counterparty, the return of collateral with market value in excess of the Portfolios’ net liability, held by the defaulting party, may be delayed or denied.

The Portfolio Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolio decline below specific levels (“net asset contingent features”). If these levels are triggered, the Portfolio counterparty has the right to terminate such transaction and require the Portfolio to pay or receive a settlement amount in connection with the terminated transaction. For additional details, please refer to netting arrangements by counterparty tables below.

At February 29, 2016, the Portfolios had entered into the following derivatives:

AB International Value Portfolio
	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Equity contracts				Receivable/Payable for variation margin on exchange-traded derivatives	$	27,594	*
Foreign exchange contracts	Unrealized appreciation on forward currency exchange contracts	$	843,116	Unrealized depreciation on forward currency exchange contracts		1,344,546
Total		$	843,116		$	1,372,140

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative appreciation/(depreciation) of exchange-traded derivatives as reported in the portfolio of investments.

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The effect of derivative instruments on the statement of operations for the six months ended February 29, 2016:

Derivative Type	Location of Gain or (Loss) on Derivatives	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	(48,428	)	$	110,351
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities		(240,526	)		(1,005,931	)
Total		$	(288,954	)	$	(895,580	)

AB International Growth Portfolio
	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on forward currency exchange contracts	$	3,621,576	Unrealized depreciation on forward currency exchange contracts	$	1,042,531
Total		$	3,621,576		$	1,042,531

The effect of derivative instruments on the statement of operations for the six months ended February 29, 2016:

Derivative Type	Location of Gain or (Loss) on Derivatives	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities	$	(669,768	)	$	4,331,309
Total		$	(669,768	)	$	4,331,309

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AB Short Duration Bond Portfolio
	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on exchange-traded derivatives	$	247,021	*	Receivable/Payable for variation margin on exchange-traded derivatives	$	406,822	*
Foreign exchange contracts					Unrealized depreciation on forward currency exchange contracts		2,732,979
Total		$	247,021			$	3,139,801

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative appreciation/(depreciation) of exchange-traded derivatives as reported in the portfolio of investments.

The effect of derivative instruments on the statement of operations for the six months ended February 29, 2016:

Derivative Type	Location of Gain or (Loss) on Derivatives	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	243,169		$	(584,709	)
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities		– 0	–		(2,732,979	)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		62,630			(21,696	)
Total		$	305,799		$	(3,339,384	)

306 •  AB POOLING PORTFOLIOS

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AB Global Core Bond Portfolio
	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on exchange-traded derivatives	$	224,015	*	Receivable/Payable for variation margin on exchange-traded derivatives	$	837,749	*
Foreign exchange contracts	Unrealized appreciation on forward currency exchange contracts		3,148,996		Unrealized depreciation on forward currency exchange contracts		3,622,143
Total		$	3,373,011			$	4,459,892

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative appreciation/(depreciation) of exchange-traded derivatives as reported in the portfolio of investments.

The effect of derivative instruments on the statement of operations for the six months ended February 29, 2016:

Derivative Type	Location of Gain or (Loss) on Derivatives	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	(3,346,019	)	$	(1,119,796	)
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities		(148,359	)		(812,506	)
Foreign exchange contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(38,080	)		– 0	–

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Derivative Type	Location of Gain or (Loss) on Derivatives	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Foreign exchange contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written	$	230,277		$	– 0	–
Total		$	(3,302,181	)	$	(1,932,302	)

AB Bond Inflation Protection Portfolio
	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on exchange-traded derivatives	$	5,726,737	*	Receivable/Payable for variation margin on exchange-traded derivatives	$	6,642,509	*
Credit contracts	Receivable/Payable for variation margin on exchange-traded derivatives		138,696	*	Receivable/Payable for variation margin on exchange-traded derivatives		226,314	*
Foreign exchange contracts	Unrealized appreciation on forward currency exchange contracts		97,125		Unrealized depreciation on forward currency exchange contracts		880,566
Interest rate contracts					Unrealized depreciation on interest rate swaps		1,577,715
Interest rate contracts					Unrealized depreciation on inflation swaps		888,477
Credit contracts	Unrealized appreciation on credit default swaps		539,295		Unrealized depreciation on credit default swaps		26,026
Total		$	6,501,853			$	10,241,607

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative appreciation/(depreciation) of exchange-traded derivatives as reported in the portfolio of investments.

308 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

The effect of derivative instruments on the statement of operations for the six months ended February 29, 2016:

Derivative Type	Location of Gain or (Loss) on Derivatives	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	(1,878,935	)	$	(228,660	)
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities		534,157			(937,500	)
Foreign exchange contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		46,316			– 0	–
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(350,189	)		(1,593,695	)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(511,366	)		926,268
Total		$	(2,160,017	)	$	(1,833,587	)

AB High-Yield Portfolio
	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on exchange-traded derivatives	$	9,698	*	Receivable/Payable for variation margin on exchange-traded derivatives	$	901,001	*

AB POOLING PORTFOLIOS  • 309

Notes to Financial Statements

AB High-Yield Portfolio
	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	Receivable/Payable for variation margin on exchange-traded derivatives	$	584,066	*	Receivable/Payable for variation margin on exchange-traded derivatives	$	583,866	*
Equity contracts					Receivable/Payable for variation margin on exchange-traded derivatives		61,363	*
Foreign exchange contracts	Unrealized appreciation on forward currency exchange contracts		216,622		Unrealized depreciation on forward currency exchange contracts		92,753
Equity contracts	Investments in securities, at value		19,721
Equity contracts					Options written, at value		5,110
Credit contracts	Unrealized appreciation on credit default swaps		861,806		Unrealized depreciation on credit default swaps		1,647,245
Equity contracts	Unrealized appreciation on total return swaps		187,553		Unrealized depreciation on total return swaps		189,637
Total		$	1,879,466			$	3,480,975

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative appreciation/(depreciation) of exchange-traded derivatives as reported in the portfolio of investments.

The effect of derivative instruments on the statement of operations for the six months ended February 29, 2016:

Derivative Type	Location of Gain or (Loss) on Derivatives	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	263,839	$	9,698

310 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

Derivative Type	Location of Gain or (Loss) on Derivatives	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	47,364		$	14,910
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities		52,762			132,727
Credit contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(243,750	)		24,147
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(152,618	)		(272,517	)
Credit contracts	Net realized gain (loss) on swaptions written; Net change in unrealized appreciation/depreciation of swaptions written		94,969			(7,539	)
Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		307,513			(160,320	)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(63,937	)		(915,331	)

AB POOLING PORTFOLIOS  • 311

Notes to Financial Statements

Derivative Type	Location of Gain or (Loss) on Derivatives	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps	$	386,765		$	(1,220,125	)
Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(899,094	)		499,482
Total		$	(206,187	)	$	(1,894,868	)

Multi-Asset Real Return Portfolio**
	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Commodity contracts	Receivable/Payable for variation margin on exchange-traded derivatives	$	1,775,154	*	Receivable/Payable for variation margin on exchange-traded derivatives	$	345,669	*
Foreign exchange contracts	Unrealized appreciation on forward currency exchange contracts		3,056,830		Unrealized depreciation on forward currency exchange contracts		2,053,427
Equity contracts					Options written, at value		81,449
Interest rate contracts	Unrealized appreciation on inflation swaps		127,841		Unrealized depreciation on inflation swaps		5,315,950
Equity contracts	Unrealized appreciation on total return swaps		2,333,111		Unrealized depreciation on total return swaps		484,905
Total		$	7,292,936			$	8,281,400

* Only variation margin receivable/payable at period end is reported within the consolidated statement of assets and liabilities. This amount reflects cumulative appreciation/(depreciation) of exchange-traded derivatives as reported in the consolidated portfolio of investments.

** Consolidated (see Note A).

312 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

The effect of derivative instruments on the consolidated statement of operations for the six months ended February 29, 2016:

Derivative Type	Location of Gain or (Loss) on Derivatives	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities	$	(2,450,366	)	$	10,085
Commodity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		(40,313,458	)		20,617,726
Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		(2,129,588	)		(1,252,829	)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(4,067,609	)		(6,103,360	)
Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(36,323,835	)		314,947
Total		$	(85,284,856	)	$	13,586,569

AB Volatility Management Portfolio
	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on exchange-traded derivatives	$	17,798	*	Receivable/Payable for variation margin on exchange-traded derivatives	$	66,742	*
Equity contracts	Receivable/Payable for variation margin on exchange-traded derivatives		1,147,597	*	Receivable/Payable for variation margin on exchange-traded derivatives		13,269,214	*

AB POOLING PORTFOLIOS  • 313

Notes to Financial Statements

AB Volatility Management Portfolio
	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on forward currency exchange contracts	$	11,812,911	Unrealized depreciation on forward currency exchange contracts	$	5,526,955
Equity contracts	Unrealized appreciation on total return swaps		4,710,875	Unrealized depreciation on total return swaps		996,393
Total		$	17,689,181		$	19,859,304

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative appreciation/(depreciation) of exchange-traded derivatives as reported in the portfolio of investments.

The effect of derivative instruments on the statement of operations for the six months ended February 29, 2016:

Derivative Type	Location of Gain or (Loss) on Derivatives	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	(303,911	)	$	(48,944	)
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		(29,043,476	)		442,495
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities		1,956,683			4,204,848

314 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

Derivative Type	Location of Gain or (Loss) on Derivatives	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments	$	(701,903	)	$	– 0	–
Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		(177,162	)		– 0	–
Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(20,640,071	)		9,825,604
Total		$	(48,909,840	)	$	14,424,003

The following tables represent the average monthly volume of the Portfolio’s derivative transactions during the six months ended February 29, 2016:

AB International Value Portfolio
Futures:
Average original value of buy contracts	$	1,049,729
Forward Currency Exchange Contracts:
Average principal amount of sale contracts	$	62,203,017
Average principal amount of sale contracts	$	74,554,490
AB International Growth Portfolio
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	54,466,487
Average principal amount of sale contracts	$	93,136,090
Short Duration Bond Portfolio
Futures:
Average original value of buy contracts	$	313,152,139
Average original value of sale contracts	$	50,313,164
Forward Currency Exchange Contracts:
Average principal amount of sale contracts	$	45,016,588
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	7,397,659

AB POOLING PORTFOLIOS  • 315

Notes to Financial Statements

AB Global Core Bond Portfolio
Futures:
Average original value of buy contracts	$	13,601,155	(a)
Average original value of sale contracts	$	77,844,747
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	74,826,286
Average principal amount of sale contracts	$	474,184,027
Purchased Options:
Average monthly cost	$	180,559	(b)
(a)    Positions were open for less than one month during the period.
(b)     Positions were open for four months during the period.
AB Bond Inflation Protection Portfolio
Futures:
Average original value of buy contracts	$	15,065,679
Average original value of sale contracts	$	109,898,630
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	14,840,673
Average principal amount of sale contracts	$	63,566,551
Interest Rate Swaps:
Average notional amount	$	9,470,000
Inflation Swaps:
Average notional amount	$	137,531,429
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	362,364,931
Credit Default Swaps:
Average notional amount of buy contracts	$	2,770,000
Average notional amount of sale contracts	$	4,183,346
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	44,762,000
AB High-Yield Portfolio
Futures:
Average original value of buy contracts	$	8,239,196
Average original value of sale contracts	$	2,241,711	(a)
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	5,601,675
Average principal amount of sale contracts	$	22,530,142
Purchased Options:
Average monthly cost	$	303,380
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	15,304,286
Credit Default Swaps:
Average notional amount of buy contracts	$	28,311,740
Average notional amount of sale contracts	$	14,346,086

316 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	38,989,209
Average notional amount of sale contracts	$	20,820,791
Total Return Swaps:
Average notional amount	$	24,665,714
(a)    Positions were open for four months during the period.
AB Multi-Asset Real Return Portfolio*
Futures:
Average original value of buy contracts	$	104,199,627
Average original value of sale contracts	$	11,886,543
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	101,411,531
Average principal amount of sale contracts	$	169,580,942
Inflation Swaps:
Average notional amount	$	484,267,714
Total Return Swaps:
Average notional amount	$	242,390,998
*    Consolidated (see Note A).
AB Volatility Management Portfolio
Futures:
Average original value of buy contracts	$	141,082,689
Average original value of sale contracts	$	141,464,939
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	162,176,575
Average principal amount of sale contracts	$	160,224,041
Total Return Swaps:
Average notional amount	$	193,897,319

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

AB POOLING PORTFOLIOS  • 317

Notes to Financial Statements

All derivatives held at period end were subject to netting arrangements. The following tables present the Portfolios’ derivative assets and liabilities by counterparty net of amounts available for offset under Master Agreements (“MA”) and net of the related collateral received/ pledged by the Portfolios as of February 29, 2016:

AB International Value Portfolio

Counterparty

Derivative Assets Subject to a MA

Derivative Available for Offset

Cash Collateral Received

Security Collateral Received

Net Amount of Derivatives Assets

Exchange-Traded Derivatives:

Goldman Sachs & Co.**

$

585

$

– 0

–

$

– 0

–

$

– 0

–

$

585

Total

$

585

$

– 0

–

$

– 0

–

$

– 0

–

$

585

OTC Derivatives:

BNP Paribas SA

$

69,709

$

– 0

–

$

– 0

–

$

– 0

–

$

69,709

Citibank

251,090

(28,075

)

– 0

–

– 0

–

223,015

Credit Suisse International

9,973

(9,973

)

– 0

–

– 0

–

– 0

–

HSBC Bank USA

103,654

(103,654

)

– 0

–

– 0

–

– 0

–

Morgan Stanley & Co., Inc.

39,802

– 0

–

– 0

–

– 0

–

39,802

Royal Bank of Scotland PLC

286,482

(123,341

)

– 0

–

– 0

–

163,141

State Street Bank & Trust Co.

42,562

(42,562

)

– 0

–

– 0

–

– 0

–

UBS AG

39,844

(39,844

)

– 0

–

– 0

–

– 0

–

Total

$

843,116

$

(347,449

)

$

– 0

–

$

– 0

–

$

495,667

^

Counterparty

Derivative Liabilities Subject to a MA

Derivative Available for Offset

Cash Collateral Pledged

Security Collateral Pledged

Net Amount of Derivatives Liabilities

OTC Derivatives:

Bank of America, NA

$

51,930

$

– 0

–

$

– 0

–

$

– 0

–

$

51,930

Barclays Bank PLC

14,839

– 0

–

– 0

–

– 0

–

14,839

Citibank

28,075

(28,075

)

– 0

–

– 0

–

– 0

–

Credit Suisse International

427,992

(9,973

)

– 0

–

– 0

–

418,019

Deutsche Bank AG

92,698

– 0

–

– 0

–

– 0

–

92,698

HSBC Bank USA

154,193

(103,654

)

– 0

–

– 0

–

50,539

Royal Bank of Scotland PLC

123,341

(123,341

)

– 0

–

– 0

–

– 0

–

Standard Chartered Bank

48,465

– 0

–

– 0

–

– 0

–

48,465

State Street Bank & Trust Co.

214,697

(42,562

)

– 0

–

– 0

–

172,135

UBS AG

188,316

(39,844

)

– 0

–

– 0

–

148,472

Total

$

1,344,546

$

(347,449

)

$

– 0

–

$

– 0

–

$

997,097

^

** Cash has been posted for initial margin requirements for exchange traded derivatives outstanding at February 29, 2016.

^ 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.

318 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

AB International Growth Portfolio

Counterparty

Derivative Assets Subject to a MA

Derivative Available for Offset

Cash Collateral Received

Security Collateral Received

Net Amount of Derivatives Assets

OTC Derivatives:

Citibank

$

77,227

$

(77,227

)

$

– 0

–

$

– 0

–

$

– 0

–

Deutsche Bank AG

1,397,260

(42,062

)

– 0

–

– 0

–

1,355,198

JPMorgan Chase Bank

354,686

– 0

–

– 0

–

– 0

–

354,686

Nomura Global Financial Products, Inc.

134,267

– 0

–

– 0

–

– 0

–

134,267

Societe Generale

149,413

(51,744

)

– 0

–

– 0

–

97,669

State Street Bank & Trust Co.

1,508,328

– 0

–

– 0

–

– 0

–

1,508,328

UBS AG

395

(395

)

– 0

–

– 0

–

– 0

–

Total

$

3,621,576

$

(171,428

)

$

– 0

–

$

– 0

–

$

3,450,148

^

Counterparty

Derivative Liabilities Subject to a MA

Derivative Available for Offset

Cash Collateral Pledged

Security Collateral Pledged

Net Amount of Derivatives Liabilities

OTC Derivatives:

BNP Paribas SA

$

173,059

$

– 0

–

$

– 0

–

$

– 0

–

$

173,059

Barclays Bank PLC

30,804

– 0

–

– 0

–

– 0

–

30,804

Citibank

144,169

(77,227

)

– 0

–

– 0

–

66,942

Deutsche Bank AG

42,062

(42,062

)

– 0

–

– 0

–

– 0

–

HSBC Bank USA

490,280

– 0

–

– 0

–

– 0

–

490,280

Royal Bank of Scotland PLC

42,128

– 0

–

– 0

–

– 0

–

42,128

Societe Generale

51,744

(51,744

)

– 0

–

– 0

–

– 0

–

UBS AG

68,285

(395

)

– 0

–

– 0

–

67,890

Total

$

1,042,531

$

(171,428

)

$

– 0

–

$

– 0

–

$

871,103

^

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

AB Short Duration Bond Portfolio
Counterparty	Derivative Assets Subject to a MA		Derivative Available for Offset			Cash Collateral Received*			Security Collateral Received			Net Amount of Derivatives Assets
Exchange-Traded Derivatives:
Morgan Stanley & Co., Inc.**	$	30,985	$	– 0	–	$	(30,985	)	$	– 0	–	$	– 0	–
Total	$	30,985	$	– 0	–	$	(30,985	)	$	– 0	–	$	– 0	–

AB POOLING PORTFOLIOS  • 319

Notes to Financial Statements

Counterparty

Derivative Liabilities Subject to a MA

Derivative Available for Offset

Cash Collateral Pledged

Security Collateral Pledged

Net Amount of Derivatives Liabilities

OTC Derivatives:

Royal Bank of Scotland PLC

$

2,732,979

$

– 0

–

$

– 0

–

$

– 0

–

$

2,732,979

Total

$

2,732,979

$

– 0

–

$

– 0

–

$

– 0

–

$

2,732,979

^

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

** Cash has been posted for initial margin requirements for exchange traded derivatives outstanding at February 29, 2016.

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

AB Global Core Bond Portfolio

Counterparty

Derivative Assets Subject to a MA

Derivative Available for Offset

Cash Collateral Received

Security Collateral Received

Net Amount of Derivatives Assets

OTC Derivatives:

Barclays Bank PLC

$

103

$

– 0

–

$

– 0

–

$

– 0

–

$

103

BNP Paribas SA

57,594

(57,594

)

– 0

–

– 0

–

– 0

–

Citibank

617,068

– 0

–

– 0

–

– 0

–

617,068

Credit Suisse International

198,496

(198,496

)

– 0

–

– 0

–

– 0

–

Deutsche Bank AG

52,550

(52,550

)

– 0

–

– 0

–

– 0

–

Goldman Sachs Bank USA

20,407

(20,407

)

– 0

–

– 0

–

– 0

–

HSBC Bank USA

1,572,035

(15,767

)

– 0

–

– 0

–

1,556,268

Morgan Stanley & Co., Inc.

65,814

– 0

–

– 0

–

– 0

–

65,814

Royal Bank of Scotland PLC

182,040

– 0

–

– 0

–

– 0

–

182,040

Standard Chartered Bank

288,147

(288,147

)

– 0

–

– 0

–

– 0

–

State Street Bank & Trust Co.

94,742

(94,742

)

– 0

–

– 0

–

– 0

–

Total

$

3,148,996

$

(727,703

)

$

– 0

–

$

– 0

–

$

2,421,293

^

320 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

Counterparty	Derivative Liabilities Subject to a MA		Derivative Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged			Net Amount of Derivatives Liabilities
Exchange-Traded Derivatives:
Morgan Stanley & Co., Inc.**	$	59,185	$	– 0	–	$	(59,185	)	$	– 0	–	$	– 0	–
Total	$	59,185	$	– 0	–	$	(59,185	)	$	– 0	–	$	– 0	–
OTC Derivatives:
BNP Paribas SA	$	471,587	$	(57,594	)	$	– 0	–	$	– 0	–	$	413,993
Credit Suisse International		476,725		(198,496	)		– 0	–		– 0	–		278,229
Deutsche Bank AG		52,989		(52,550	)		– 0	–		– 0	–		439
Goldman Sachs Bank USA		751,325		(20,407	)		– 0	–		– 0	–		730,917
HSBC Bank USA		15,767		(15,767	)		– 0	–		– 0	–		– 0	–
Standard Chartered Bank		694,088		(288,147	)		– 0	–		– 0	–		405,941
State Street Bank & Trust Co.		1,159,662		(94,742	)		– 0	–		– 0	–		1,064,920
Total	$	3,622,143	$	(727,703	)	$	– 0	–	$	– 0	–	$	2,894,440	^

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

** Cash has been posted for initial margin requirements for exchange traded derivatives outstanding at February 29, 2016.

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

AB Bond Inflation Protection Portfolio

Counterparty

Derivative Assets Subject to a MA

Derivative Available for Offset

Cash Collateral Received

Security Collateral Received

Net Amount of Derivatives Assets

OTC Derivatives:

Bank of America, NA

$

74,889

$

– 0

–

$

– 0

–

$

– 0

–

$

74,889

Citibank, NA

433,402

– 0

–

– 0

–

– 0

–

433,402

Credit Suisse International

2,666

(2,666

)

– 0

–

– 0

–

– 0

–

HSBC Bank USA

2,024

(2,024

)

– 0

–

– 0

–

– 0

–

State Street Bank & Trust Co.

95,101

(21,230

)

– 0

–

– 0

–

73,871

Total

$

608,082

$

(25,920

)

$

– 0

–

$

– 0

–

$

582,162

^

AB POOLING PORTFOLIOS  • 321

Notes to Financial Statements

Counterparty

Derivative Liabilities Subject to a MA

Derivative Available for Offset

Cash Collateral Pledged*

Security Collateral Pledged

Net Amount of Derivatives Liabilities

Exchange-Traded Derivatives:

Citigroup Global Markets, Inc.**

$

33,176

$

– 0

–

$

(33,176

)

$

– 0

–

$

– 0

–

Goldman Sachs & Co.**

211,012

– 0

–

(211,012

)

– 0

–

– 0

–

Morgan Stanley & Co., LLC**

83,016

– 0

–

(83,016

)

– 0

–

– 0

–

Total

$

327,204

$

– 0

–

$

(327,204

)

$

– 0

–

$

– 0

–

OTC Derivatives:

BNP Paribas SA

$

47,824

$

– 0

–

$

– 0

–

$

– 0

–

$

47,824

Barclays Bank PLC

538,989

– 0

–

– 0

–

– 0

–

538,989

Credit Suisse International

49,453

(2,666

)

– 0

–

– 0

–

46,787

Goldman Sachs Bank USA

119,408

– 0

–

– 0

–

– 0

–

119,408

HSBC Bank USA

39,162

(2,024

)

– 0

–

– 0

–

37,138

JPMorgan Chase Bank

985,471

– 0

–

– 0

–

– 0

–

985,471

Morgan Stanley Capital Services LLC

1,577,715

– 0

–

– 0

–

– 0

–

1,577,715

Standard Chartered Bank

16,959

– 0

–

– 0

–

– 0

–

16,959

State Street Bank & Trust Co.

21,230

(21,230

)

– 0

–

– 0

–

– 0

–

Total

$

3,396,211

$

(25,920

)

$

– 0

–

$

– 0

–

$

3,370,291

^

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

** Cash has been posted for initial margin requirements for exchange traded derivatives outstanding at February 29, 2016.

^ 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.

322 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

AB High-Yield Portfolio

Counterparty

Derivative Assets Subject to a MA

Derivative Available for Offset

Cash Collateral Received

Security Collateral Received

Net Amount of Derivatives Assets

Exchange-Traded Derivatives:

Deutsche Bank AG

$

264

$

– 0

–

$

– 0

–

$

– 0

–

$

264

Goldman Sachs & Co.**

9,873

– 0

–

– 0

–

– 0

–

9,873

Morgan Stanley & Co., Inc.

17,512

(17,512

)

– 0

–

– 0

–

– 0

–

Total

$

27,649

$

(17,512

)

$

– 0

–

$

– 0

–

$

10,137

OTC Derivatives:

Barclays Bank PLC

$

245,353

$

(245,353

)

$

– 0

–

$

– 0

–

$

– 0

–

Citibank/Citibank, NA

25,796

(25,796

)

– 0

–

– 0

–

– 0

–

Credit Suisse International

5,824

(5,824

)

– 0

–

– 0

–

– 0

–

Deutsche Bank AG

38,158

– 0

–

– 0

–

– 0

–

38,158

Goldman Sachs Bank USA/Goldman Sachs International

535,884

(535,884

)

– 0

–

– 0

–

– 0

–

HSBC Bank USA

159,653

(8,817

)

– 0

–

– 0

–

150,836

JPMorgan Chase Bank, NA

45,635

– 0

–

– 0

–

– 0

–

45,635

Morgan Stanley Capital Services LLC

165,683

(163,130

)

– 0

–

– 0

–

2,553

Standard Chartered Bank

1,180

– 0

–

– 0

–

– 0

–

1,180

State Street Bank & Trust Co.

16,081

(16,081

)

– 0

–

– 0

–

– 0

–

Total

$

1,239,247

$

(1,000,885

)

$

– 0

–

$

– 0

–

$

238,362

^

AB POOLING PORTFOLIOS  • 323

Notes to Financial Statements

Counterparty	Derivative Liabilities Subject to a MA		Derivative Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged			Net Amount of Derivatives Liabilities
Exchange-Traded Derivatives:
Morgan Stanley & Co., Inc.**	$	54,113	$	(17,512	)	$	(36,601	)	$	– 0	–	$	– 0	–
Total	$	54,113	$	(17,512	)	$	(36,601	)	$	– 0	–	$	– 0	–
OTC Derivatives:
BNP Paribas SA	$	4,573	$	– 0	–	$	– 0	–	$	– 0	–	$	4,573
Bank of America, NA		76,214		– 0	–		– 0	–		– 0	–		76,214
Barclays Bank PLC		802,109		(245,353	)		– 0	–		– 0	–		556,756
Citibank/Citibank, NA		548,283		(25,796	)		– 0	–		– 0	–		522,487
Credit Suisse International		31,237		(5,824	)		– 0	–		– 0	–		25,413
Goldman Sachs Bank USA/Goldman Sachs International		997,542		(535,884	)		– 0	–		– 0	–		461,658
HSBC Bank USA		8,817		(8,817	)		– 0	–		– 0	–		– 0	–
Morgan Stanley Capital Services LLC		163,130		(163,130	)		– 0	–		– 0	–		– 0	–
Royal Bank of Scotland PLC		824		– 0	–		– 0	–		– 0	–		824
State Street Bank & Trust Co.		78,539		(16,081	)		– 0	–		– 0	–		62,458
Total	$	2,711,268	$	(1,000,885	)	$	– 0	–	$	– 0	–	$	1,710,383	^

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

** Cash has been posted for initial margin requirements for exchange traded derivatives outstanding at February 29, 2016.

^ 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.

324 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

AB Multi-Asset Real Return Portfolio

Counterparty

Derivative Assets Subject to a MA

Derivative Available for Offset

Cash Collateral Received

Security Collateral Received

Net Amount of Derivatives Assets

OTC Derivatives:

BNP Paribas SA

$

181,851

$

(27,854

)

$

– 0

–

$

– 0

–

$

153,997

Bank of America, NA

9,655

(9,655

)

– 0

–

– 0

–

– 0

–

Barclays Bank PLC

55,169

(55,169

)

– 0

–

– 0

–

– 0

–

Citibank

559,719

(431,878

)

– 0

–

– 0

–

127,841

Deutsche Bank AG

166,869

(166,869

)

– 0

–

– 0

–

– 0

–

Goldman Sachs Bank USA

504,980

(107,559

)

– 0

–

– 0

–

397,421

HSBC Bank USA

147,101

(11,593

)

– 0

–

– 0

–

135,508

JPMorgan Chase Bank

242,961

(69,930

)

– 0

–

– 0

–

173,031

Morgan Stanley & Co., Inc.

44,424

(37,544

)

– 0

–

– 0

–

6,880

Nomura Global Financial Products, Inc.

155,405

(155,405

)

– 0

–

– 0

–

– 0

–

Royal Bank of Scotland PLC

810,364

(148,135

)

– 0

–

– 0

–

662,229

Standard Chartered Bank

82,660

– 0

–

– 0

–

– 0

–

82,660

State Street Bank & Trust Co.

19,100

(19,100

)

– 0

–

– 0

–

– 0

–

UBS AG

93,115

(1,693

)

– 0

–

– 0

–

91,422

Total

$

3,073,373

$

(1,242,384

)

$

– 0

–

$

– 0

–

$

1,830,989

^

Counterparty

Derivative Liabilities Subject to a MA

Derivative Available for Offset

Cash Collateral Pledged

Security Collateral Pledged

Net Amount of Derivatives Liabilities

OTC Derivatives:

BNP Paribas SA

$

27,854

$

(27,854

)

$

– 0

–

$

– 0

–

$

– 0

–

Bank of America, NA

33,995

(9,655

)

– 0

–

– 0

–

24,340

Barclays Bank PLC

131,542

(55,169

)

– 0

–

– 0

–

76,373

Citibank

497,030

(431,878

)

– 0

–

– 0

–

65,152

Deutsche Bank AG

2,072,707

(166,869

)

– 0

–

– 0

–

1,905,838

Goldman Sachs Bank USA

107,559

(107,559

)

– 0

–

– 0

–

– 0

–

HSBC Bank USA

11,593

(11,593

)

– 0

–

– 0

–

– 0

–

JPMorgan Chase Bank

3,345,602

(69,930

)

– 0

–

– 0

–

3,275,672

Morgan Stanley & Co., Inc.

37,544

(37,544

)

– 0

–

– 0

–

– 0

–

Nomura Global Financial Products, Inc.

692,873

(155,405

)

– 0

–

– 0

–

537,468

Royal Bank of Scotland PLC

148,135

(148,135

)

– 0

–

– 0

–

– 0

–

State Street Bank & Trust Co.

56,939

(19,100

)

– 0

–

– 0

–

37,839

UBS AG

1,693

(1,693

)

– 0

–

– 0

–

– 0

–

Total

$

7,165,066

$

(1,242,384

)

$

– 0

–

$

– 0

–

$

5,922,682

^

AB POOLING PORTFOLIOS  • 325

Notes to Financial Statements

^ 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.

AllianceBernstein Cayman Inflation Pooling Subsidiary, Ltd.
Counterparty	Derivative Assets Subject to a MA		Derivative Available for Offset			Cash Collateral Received*			Security Collateral Received			Net Amount of Derivatives Assets
Exchange-Traded Derivatives:
Morgan Stanley & Co., Inc.**	$	435,070	$	– 0	–	$	(435,070	)	$	– 0	–	$	– 0	–
Total	$	435,070	$	– 0	–	$	(435,070	)	$	– 0	–	$	– 0	–
OTC Derivatives:
JPMorgan Chase Bank, NA	$	2,333,111	$	– 0	–	$	– 0	–	$	– 0	–	$	2,333,111
State Street Bank & Trust Co.		111,298		(111,298	)		– 0	–		– 0	–		– 0	–
Total	$	2,444,409	$	(111,298	)	$	– 0	–	$	– 0	–	$	2,333,111	^
Counterparty	Derivative Liabilities Subject to a MA		Derivative Available for Offset			Cash Collateral Pledged			Security Collateral Pledged			Net Amount of Derivatives Liabilities
Exchange-Traded Derivatives:
Goldman Sachs & Co.	$	81,449	$	– 0	–	$	– 0	–	$	– 0	–	$	81,449
Total	$	81,449	$	– 0	–	$	– 0	–	$	– 0	–	$	81,449
OTC Derivatives:
Goldman Sachs International	$	484,905	$	– 0	–	$	– 0	–	$	– 0	–	$	484,905
State Street Bank & Trust Co.		204,311		(111,298	)		– 0	–		– 0	–		93,013
Total	$	689,216	$	(111,298	)	$	– 0	–	$	– 0	–	$	577,918	^

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

** Cash has been posted for initial margin requirements for exchange traded derivatives outstanding at February 29, 2016.

^ 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.

326 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

AB Volatility Management Portfolio

Counterparty

Derivative Assets Subject to a MA

Derivative Available for Offset

Cash Collateral Received

Security Collateral Received

Net Amount of Derivatives Assets

OTC Derivatives:

Bank of America, NA

$

946,877

$

– 0

–

$

– 0

–

$

– 0

–

$

946,877

Barclays Bank PLC

27,871

– 0

–

– 0

–

– 0

–

27,871

Citibank/Citibank, NA

1,315,215

(543,478

)

– 0

–

– 0

–

771,737

Credit Suisse International

99,889

(99,889

)

– 0

–

– 0

–

– 0

–

Deutsche Bank AG

2,839,635

(4,670

)

– 0

–

– 0

–

2,834,965

Goldman Sachs International

2,709,223

(996,393

)

– 0

–

– 0

–

1,712,830

HSBC Bank USA

290,498

(196,385

)

– 0

–

– 0

–

94,113

JPMorgan Chase Bank

215,054

(26,043

)

– 0

–

– 0

–

189,011

Morgan Stanley & Co., Inc.

103,242

(103,242

)

– 0

–

– 0

–

– 0

–

Royal Bank of Canada

1,211,744

– 0

–

– 0

–

– 0

–

1,211,744

Royal Bank of Scotland PLC

6,727,973

– 0

–

– 0

–

– 0

–

6,727,973

State Street Bank & Trust Co.

27,053

(27,053

)

– 0

–

– 0

–

– 0

–

UBS AG

9,512

– 0

–

– 0

–

– 0

–

9,512

Total

$

16,523,786

$

(1,997,153

)

$

– 0

–

$

– 0

–

$

14,526,633

^

AB POOLING PORTFOLIOS  • 327

Notes to Financial Statements

Counterparty

Derivative Liabilities Subject to a MA

Derivative Available for Offset

Cash Collateral Pledged

Security Collateral Pledged*

Net Amount of Derivatives Liabilities

Exchange-Traded Derivatives:

Goldman Sachs & Co.

$

14,910,708

$

$

– 0

–

$

(14,910,708

)

$

– 0

–

Total

$

14,910,708

$

$

– 0

–

$

(14,910,708

)

$

– 0

–

OTC Derivatives:

BNP Paribas SA

$

1,550,578

$

– 0

–

$

– 0

–

$

– 0

–

$

1,550,578

Brown Brothers Harriman & Co.

13,723

– 0

–

– 0

–

– 0

–

13,723

Citibank/Citibank, NA

543,478

(543,478

)

– 0

–

– 0

–

– 0

–

Credit Suisse International

2,212,948

(99,889

)

– 0

–

– 0

–

2,113,059

Deutsche Bank AG

4,670

(4,670

)

– 0

–

– 0

–

– 0

–

Goldman Sachs International

996,393

(996,393

)

– 0

–

– 0

–

– 0

–

HSBC Bank USA

196,385

(196,385

)

– 0

–

– 0

–

– 0

–

JPMorgan Chase Bank

26,043

(26,043

)

– 0

–

– 0

–

– 0

–

Morgan Stanley & Co., Inc.

247,112

(103,242

)

– 0

–

– 0

–

143,870

Societe Generale

591,147

– 0

–

– 0

–

– 0

–

591,147

State Street Bank & Trust Co.

140,871

(27,053

)

– 0

–

– 0

–

113,818

Total

$

6,523,348

$

(1,997,153

)

$

– 0

–

$

– 0

–

$

4,526,195

^

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

^ 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.

328 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

2. Currency Transactions

The Portfolios may invest in non-U.S. dollar securities on a currency hedged or unhedged basis. The Portfolios 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 Portfolios 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 Portfolios 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 Portfolios may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

3. TBA and Dollar Rolls

The Portfolio may invest in TBA mortgage-backed securities. A TBA, or “To Be Announced”, trade represents a contract for the purchase or sale of mortgage-backed securities to be delivered at a future agree-upon date; however, the specific mortgage pool numbers or the number of pools that will be delivered to fulfill the trade obligation or terms of the contract are unknown at the time of the trade. Mortgage pools (including fixed-rate or variable-rate mortgages) guaranteed by the Government National Mortgage Association, or GNMA, the Federal National Mortgage Association, or FNMA, or the Federal Home Loan Mortgage Corporation, or FHLMC, are subsequently allocated to the TBA transactions.

Certain Portfolios may enter into dollar rolls. Dollar rolls involve sales by the Portfolio of securities for delivery in the current month and the Portfolio’s simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Portfolio forgoes principal and interest paid on the securities. The Portfolio is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”) as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. For the six months ended February 29, 2016, the AB Global Core Bond Portfolio earned drop income of $406,906, which is included in interest income in the accompanying statement of operations.

4. Reverse Repurchase Agreements

The Portfolios may enter into reverse repurchase transactions (“RVP”) in accordance with the terms of a Master Repurchase Agreement (“MRA”), under which the Portfolio sells securities and agrees to repurchase them at a mutually agreed upon date and price. At the time the Portfolio enters into a reverse repurchase

AB POOLING PORTFOLIOS  • 329

Notes to Financial Statements

agreement, it will establish a segregated account with the custodian containing liquid assets having a value comparable to the repurchase price. Under the MRA and other Master Agreements, the Portfolio is permitted to offset payables and/or receivables with collateral held and/or posted to the counterparty and create one single net payment due to or from the Portfolio in the event of a default. In the event of a default by a MRA counterparty, the Portfolio may be considered an unsecured creditor with respect to any excess collateral (collateral with a market value in excess of the repurchase price) held by and/or posted to the counterparty, and as such the return of such excess collateral may be delayed or denied. For the six months ended February 29, 2016, the average amount of reverse repurchase agreements outstanding for AB Bond Inflation Protection Portfolio and AB High-Yield Portfolio were $201,707,499 and $2,507,758, respectively, and the daily weighted average interest rate were 0.56% and (0.59)%, respectively. At February 29, 2016, the AB Bond Inflation Protection Portfolio and AB High-Yield Portfolio had reverse repurchase agreements outstanding in the amount of $277,763,068 and $992,525, respectively, as reported on the statements of assets and liabilities. During the year, the High-Yield Portfolio received net interest payments from counterparties.

The following table presents the Portfolio’s RVP liabilities by counterparty net of the related collateral pledged by the Portfolios as of February 29, 2016:

AB Bond Inflation Protection Portfolio
Counterparty	RVP Asset Subject to a MRA		Securities Collateral Received†*			Net Amount of RVP Assets
Barclays Capital, Inc.	$	1,778,509	$	(1,778,509	)	$	– 0	–
HSBC		137,351,543		(137,351,543	)		– 0	–
JPMorgan Chase		138,633,316		(138,633,316	)		– 0	–
Total	$	277,763,068	$	(277,763,068	)	$	– 0	–

^†  Including accrued interest.

* The actual collateral pledged may be more than the amount reported due to overcollateralization.

AB High-Yield Portfolio
Counterparty	RVP Asset Subject to a MRA		Securities Collateral Received†			Net Amount of RVP Assets
Credit Suisse Securities (USA) LLC	$	992,525	$	(863,229	)	$	129,296
Total	$	992,525	$	(863,229	)	$	129,296

^†  Including accrued interest.

330 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

5. Loan Participations and Assignments

Certain Portfolios may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers, either in the form of participations at the time the loan is originated (“Participations”) or by buying an interest in the loan in the secondary market from a financial institution or institutional investor (“Assignments”). A loan is often administered by a bank or other financial institution (the “Lender”) that acts as agent for all holders. The agent administers the term of the loan as specified in the loan agreement. When investing in Participations, the Portfolio generally has no right to enforce compliance with the terms of the loan agreement with the borrower. In addition, when investing in Participations, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender and only upon receipt of payments by the Lender from the borrower. As a result, the Portfolio may be subject to the credit risk of both the borrower and the Lender. When the Portfolio purchases Assignments from Lenders, it will typically acquire direct rights against the borrower on the loan. These loans may include participations in “bridge loans”, which are loans taken out by borrowers for a short period (typically less than six months) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high-yield bonds issued for the purpose of acquisitions. The Portfolio may also participate in unfunded loan commitments, which are contractual obligations for investing in future Participations, and may receive a commitment fee based on the amount of the commitment. Under these arrangements, the Portfolio may receive a fixed rate commitment fee and, if the extent the borrower borrows under the facility, the Portfolio may receive an additional funding fee.

Unfunded loan commitments and funded loans are marked to market daily.

During the six months ended February 29, 2016, the High-Yield Portfolio had no commitments outstanding and had no commitment fees or additional funding fees during the period.

NOTE D

Securities Lending

Certain Portfolio’s may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio 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 Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio 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

AB POOLING PORTFOLIOS  • 331

Notes to Financial Statements

time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not have the right to vote on any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Exchange Reserves, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, 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 statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. As of February 29, 2016, the value of securities on loan and cash collateral received which has been invested into AB Exchange Reserves are as follows:

Portfolio	Market Value of Securities on Loan		Market Value of Cash Collateral
AB U.S. Value	$	3,776,623	$	3,846,918
AB U.S. Large Cap Growth		4,347,091		4,407,349
AB International Value		1,094,836		1,072,400
AB International Growth		6,063,912		6,467,227
AB Small-Mid Cap Value		9,006,545		9,874,133
AB Small-Mid Cap Growth		11,850,113		12,124,562
AB Multi-Asset Real Return		11,865,980		12,199,865
AB Volatility Management		15,338,733		15,986,391

The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The securities lending income earned for the six months ended February 29, 2016 from the borrowers and AB Exchange Reserves are as follows:

Portfolio	Borrowers		AB Exchange Reserves
AB U.S. Value	$	47,504	$	3,519
AB U.S. Large Cap Growth		16,037		4,793
AB International Value		84,707		4,888
AB International Growth		84,455		9,816
AB Small-Mid Cap Value		51,365		9,216
AB Small-Mid Cap Growth		26,766		11,833
AB Multi-Asset Real Return		203,217		24,807
AB Volatility Management		127,831		29,682

These amounts are reflected in the statement of operations. A principal risk of lending portfolio securities is that the borrower will fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace

332 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

the loaned securities. A summary of the Portfolios’ transactions in shares of AllianceBernstein Exchange Reserves for the six months ended February 29, 2016 are as follows:

Portfolio	Market Value August 31, 2015 (000)			Purchases at Cost (000)			Sales Proceeds (000)			Market Value February 29, 2016 (000)
AB U.S. Value	$	6,081		$	22,571		$	24,805		$	3,847
AB U.S. Large Cap Growth		2,930			18,148			16,671			4,407
AB International Value		211			63,929			63,068			1,072
AB International Growth		6,050			56,629			56,212			6,467
AB Short Duration Bond		– 0	–		– 0	–		– 0	–		– 0	–
AB Global Core Bond		– 0	–		– 0	–		– 0	–		– 0	–
AB Bond Inflation Protection		– 0	–		– 0	–		– 0	–		– 0	–
AB High-Yield		– 0	–		– 0	–		– 0	–		– 0	–
AB Small-Mid Cap Value		6,422			50,945			47,493			9,874
AB Small-Mid Cap Growth		7,862			83,060			78,797			12,125
AB Multi-Asset Real Return		26,857			237,506			252,163			12,200
AB Volatility Management		124,646			280,236			388,896			15,986

NOTE E

Shares of Beneficial Interest

Transactions in shares of beneficial interest for each class were as follows:

	Shares						Amount
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31, 2015			Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31, 2015
AB U.S. Value
Shares sold		45,579			899,902		$	565,398		$	11,886,481
Shares issued in reinvestment of dividends		439,954			787,294			5,546,217			10,546,202
Shares redeemed		(10,168,735	)		(6,107,627	)		(132,618,999	)		(82,387,658	)
Net decrease		(9,683,202	)		(4,420,431	)	$	(126,507,384	)	$	(59,954,975	)

AB POOLING PORTFOLIOS  • 333

Notes to Financial Statements

	Shares						Amount
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31, 2015			Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31, 2015
AB U.S. Large Cap Growth
Shares sold		19,876			569,773		$	219,903		$	7,184,060
Shares issued in reinvestment of dividends and distributions		8,829,405			14,104,875			89,369,208			169,404,217
Shares redeemed		(11,776,055	)		(10,679,388	)		(154,007,703	)		(147,986,150	)
Net increase (decrease)		(2,926,774	)		3,995,260		$	(64,418,592	)	$	28,602,127
AB International Value
Shares sold		185,142			1,595,825		$	1,270,371		$	12,087,012
Shares issued in reinvestment of dividends		2,265,216			4,256,822			15,426,120			31,500,480
Shares redeemed		(14,334,301	)		(7,057,663	)		(104,744,500	)		(54,485,732	)
Net decrease		(11,883,943	)		(1,205,016	)	$	(88,048,009	)	$	(10,898,240	)
AB International Growth
Shares sold		361,396			1,759,886		$	2,770,031		$	15,676,225
Shares issued in reinvestment of dividends		597,304			786,887			5,100,976			6,877,392
Shares redeemed		(12,594,784	)		(4,603,483	)		(109,643,411	)		(41,591,644	)
Net decrease		(11,636,084	)		(2,056,710	)	$	(101,772,404	)	$	(19,038,027	)
Short Duration Bond
Shares sold		737,447			3,241,057		$	6,939,955		$	30,610,385
Shares issued in reinvestment of dividends and distributions		571,273			992,400			5,377,259			9,366,087
Shares redeemed		(7,621,797	)		(10,835,547	)		(71,738,674	)		(102,262,770	)
Net decrease		(6,313,077	)		(6,602,090	)	$	(59,421,460	)	$	(62,286,298	)
AB Global Core Bond
Shares sold		335,146			2,922,261		$	3,333,426		$	29,955,764
Shares issued in reinvestment of dividends and distributions		3,352,923			6,610,824			32,925,992			66,999,287
Shares redeemed		(16,695,100	)		(14,877,837	)		(166,676,072	)		(152,006,295	)
Net decrease		(13,007,031	)		(5,344,752	)	$	(130,416,654	)	$	(55,051,244	)

334 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

	Shares						Amount
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31, 2015			Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31, 2015
AB Bond Inflation Protection
Shares sold		787,870			3,523,285		$	7,477,579		$	34,639,427
Shares issued in reinvestment of dividends and distributions		1,743,338			2,585,609			16,335,075			25,002,844
Shares redeemed		(9,823,973	)		(7,526,367	)		(93,667,748	)		(73,523,506	)
Net decrease		(7,292,765	)		(1,417,473	)	$	(69,855,094	)	$	(13,881,235	)
AB High-Yield
Shares sold		214,966			611,033		$	1,985,707		$	6,358,714
Shares issued in reinvestment of dividends		1,105,415			2,387,311			10,334,060			24,694,123
Shares redeemed		(5,591,545	)		(3,925,769	)		(54,300,817	)		(40,460,867	)
Net decrease		(4,271,164	)		(927,425	)	$	(41,981,050	)	$	(9,408,030	)
AB Small-Mid Cap Value
Shares sold		77,338			309,496		$	756,705		$	3,728,621
Shares issued in reinvestment of dividends and distributions		3,296,353			5,565,605			32,308,069			63,242,317
Shares redeemed		(3,552,416	)		(3,504,600	)		(40,800,044	)		(42,175,961	)
Net increase (decrease)		(178,725	)		2,370,501		$	(7,735,270	)	$	24,794,977
AB Small-Mid Cap Growth
Shares sold		196,450			252,091		$	1,707,284		$	2,782,968
Shares issued in reinvestment of dividends and distributions		3,682,989			4,851,374			34,571,688			51,344,768
Shares redeemed		(3,439,253	)		(5,164,035	)		(37,674,749	)		(58,999,695	)
Net increase (decrease)		440,186			(60,570	)	$	(1,395,777	)	$	(4,871,959	)

AB POOLING PORTFOLIOS  • 335

Notes to Financial Statements

	Shares						Amount
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31, 2015			Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31, 2015
AB Multi-Asset Real Return*
Shares sold		5,659,882			54,774,185		$	33,420,341		$	423,029,389
Shares issued in reinvestment of dividends		4,197,232			3,939,384			24,008,166			28,954,469
Shares redeemed		(60,127,000	)		(15,265,478	)		(322,672,287	)		(120,157,202	)
Net increase (decrease)		(50,269,886	)		43,448,091		$	(265,243,780	)	$	331,826,656

* Consolidated (see Note A).

AB Volatility Management
Shares sold	1,795,224		2,677,728		$	19,159,052		$	31,694,373
Shares issued in reinvestment of dividends and distributions	5,719,831		9,227,127			62,117,362			106,665,587
Shares redeemed	(15,065,583	)	(17,200,171	)		(172,328,394	)		(208,087,207	)
Net decrease	(7,550,528	)	(5,295,316	)	$	(91,051,980	)	$	(69,727,247	)

NOTE F

Risks Involved in Investing in the Portfolios

Interest Rate Risk and Credit Risk—Interest rate risk is the risk that changes in interest rates will affect the value of the Portfolios’ investments in fixed-income debt securities such as bonds or notes. Increases in interest rates may cause the value of the Portfolios’ investments to decline. Credit risk is the risk that the issuer or guarantor of a debt security, or the counterparty to a derivative contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The degree of risk for a particular security may be reflected in its credit rating. Credit risk is greater for medium quality and lower-rated securities. Lower-rated debt securities and similar unrated securities (commonly known as “junk bonds”) have speculative elements or are predominantly speculative risks.

Duration Risk—Duration is the measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise. For example, a fixed-income security with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%.

336 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

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 each Portfolios’ assets can decline as can the value of the Portfolios’ distributions.

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

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Portfolios’ 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.

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

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

Liquidity Risk—Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the Portfolio from selling out of these illiquid securities at an advantageous time or price. Derivatives and securities involving substantial market risk and credit risk tend to involve greater liquidity risk.

Capitalization Risk—Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

AB POOLING PORTFOLIOS  • 337

Notes to Financial Statements

Commodity Risk—Investments in commodities and commodity-linked derivative instruments by AllianceBernstein Multi-Asset Real Return, either directly or through its Subsidiary, may subject the Portfolio 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.

Real Estate Risk—The Portfolio’s investments in the real estate market have many of the same risks as direct ownership of real estate, including the risk that the value of real estate could decline due to a variety of factors that affect the real estate market generally. Investments in REITs may have additional risks. REITs are dependent on the capability of their managers, may have limited diversification, and could be significantly affected by changes in taxes.

Subsidiary Risk— By investing in the Subsidiary, the Portfolio is indirectly exposed to the risks associated with the Subsidiary’s investments, including its investments in commodities. There is no guarantee that the investment objective of the Subsidiary will be achieved.

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

NOTE G

Distributions to Shareholders

The tax character of distributions to be paid for the year ending August 31, 2016 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended August 31, 2015 and August 31, 2014 were as follows:

AB U.S. Value	2015		2014
Distributions paid from:
Ordinary income	$	10,546,202	$	27,508,781
Total distributions paid	$	10,546,202	$	27,508,781
AB U.S. Large Cap Growth	2015		2014
Distributions paid from:
Ordinary income	$	14,782,301	$	23,015,023
Long-term capital gains		154,621,916		102,525,998
Total distributions paid	$	169,404,217	$	125,541,021

338 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

AB International Value	2015			2014
Distributions paid from:
Ordinary income	$	31,500,480		$	56,058,549
Total distributions paid	$	31,500,480		$	56,058,549
AB International Growth	2015			2014
Distributions paid from:
Ordinary income	$	6,877,393		$	17,047,166
Total distributions paid	$	6,877,393		$	17,047,166
Short Duration Bond	2015			2014
Distributions paid from:
Ordinary income	$	9,366,087		$	11,673,217
Return of capital		– 0	–		44,216
Total distributions paid	$	9,366,087		$	11,717,433
AB Global Core Bond	2015			2014
Distributions paid from:
Ordinary income	$	55,828,805		$	35,379,162
Long-term capital gains		11,170,482			1,832,618
Total distributions paid	$	66,999,287		$	37,211,780
AB Bond Inflation Protection	2015			2014
Distributions paid from:
Ordinary income	$	25,002,844		$	12,850,585
Long-term capital gains		– 0	–		21,065,131
Total distributions paid	$	25,002,844		$	33,915,716
AB High-Yield	2015			2014
Distributions paid from:
Ordinary income	$	24,694,123		$	25,509,174
Total distributions paid	$	24,694,123		$	25,509,174
AB Small-Mid Cap Value	2015			2014
Distributions paid from:
Ordinary income	$	11,292,081		$	10,895,600
Long-term capital gains		51,950,236			33,611,794
Total distributions paid	$	63,242,317		$	44,507,394
AB Small-Mid Cap Growth	2015			2014
Distributions paid from:
Ordinary income	$	2,513,207		$	1,668,154
Long-term capital gains		48,831,561			60,077,034
Total distributions paid	$	51,344,768		$	61,745,188

AB POOLING PORTFOLIOS  • 339

Notes to Financial Statements

AB Multi-Asset Real Return	2015		2014
Distributions paid from:
Ordinary income	$	28,954,469	$	22,422,067
Total distributions paid	$	28,954,469	$	22,422,067
AB Volatility Management	2015		2014
Distributions paid from:
Ordinary income	$	69,377,411	$	110,905,951
Long-term capital gains		37,288,177		49,282,572
Total distributions paid	$	106,665,588	$	160,188,523

As of August 31, 2015, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Portfolio	Undistributed Ordinary Income		Undistributed Long-Term Gains			Accumulated Capital and Other Gains (Losses)(a)			Unrealized Appreciation/ (Depreciation)(b)			Total Accumulated Earnings/ (Deficit)(c)
AB U.S. Value	$	2,426,834	$	– 0	–	$	(304,888,572	)	$	46,281,594		$	(256,180,144	)
AB U.S. Large Cap Growth		6,180,124		71,338,903			– 0	–		102,849,359			180,368,386
AB International Value		15,412,104		– 0	–		(428,884,112	)		(27,685,156	)		(441,157,164	)
AB International Growth		3,235,297		– 0	–		(341,955,002	)		10,742,339			(327,977,366	)
Short Duration Bond		521,735		– 0	–		(70,905,940	)		(1,696,771	)		(72,080,976	)
AB Global Core Bond		23,844,568		– 0	–		(8,069,949	)		(16,923,180	)		(1,148,561	)
AB Bond Inflation Protection		16,323,558		– 0	–		(5,726,304	)		(21,974,710	)		(11,377,456	)
AB High-Yield		5,739,370		– 0	–		(14,148,980	)		(15,763,913	)		(24,173,523	)
AB Small-Mid Cap Value		1,007,473		27,468,395			– 0	–		29,717,622			58,193,490
AB Small-Mid Cap Growth		544,418		33,482,473			– 0	–		61,795,591			95,822,482
AB Multi-Asset Real Return		21,129,639		– 0	–		(290,382,766	)		(288,507,806	)		(557,760,933	)
AB Volatility Management		35,186,722		26,870,152			– 0	–		143,322,078			205,378,952

^(a)  As of August 31, 2015 certain Portfolios had capital loss carryforwards for federal income tax purposes. During the fiscal year ended August 31, 2015 AB U.S. Value Portfolio, AB International Value Portfolio, AB International Growth Portfolio and AB High Yield Portfolio utilized capital loss carryforwards of $66,186,422, $23,677,098, $5,938,664 and $2,129,413, respectively, to offset current year net realized gains. Additionally, AB Short Duration Bond Portfolio had $3,562,331 of capital loss carryforwards expire during the fiscal year. At August 31, 2015 AB Short Duration Bond Portfolio, AB Global Core Bond Portfolio, AB Bond Inflation Protection Portfolio, AB High-Yield Portfolio and AB Multi-Asset Real Return Portfolio deferred straddle losses of $610,095, $7,338,294, $6,484, $7,112 and $163,901, respectively. At August 31, 2015 AB U.S. Value Portfolio, AB International

340 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

Growth Portfolio, AB Global Core Bond Portfolio and AB High-Yield Portfolio had post-October short-term capital loss deferrals of $1,088,105, $4,426,793, $731,655 and $1,651,360, respectively. These losses are deemed to arise on September 1, 2015.

^(b)  The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the tax deferral of losses on wash sales, the tax treatment of swaps and passive foreign investment companies (PFICs), the realization for tax purposes of gains/losses on certain derivative instruments, the tax treatment of partnership investments and Treasury inflation-protected securities, return of capital distributions received from underlying securities, the tax treatment of a restructured investment, and the tax treatment of earnings from a wholly-owned subsidiary.

^(c)  The differences between book-basis and tax-basis components of accumulated earnings/(deficit) are attributable primarily to the tax treatment of defaulted securities and the tax treatment of earnings from a wholly-owned subsidiary.

For tax purposes, net capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an indefinite period. These post-December 22, 2010 capital losses must be utilized prior to the earlier capital losses, which are subject to expiration. Post-December 22, 2010 capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered short-term as under previous regulation.

As of August 31, 2015, the following Portfolios had net capital loss carryforwards which will expire as follows:

Portfolio	Short-Term Amount		Long-Term Amount		Expiration
AB U.S. Value	$	303,800,467		n/a		2018
AB International Value		51,400,581		n/a		2017
AB International Value		325,801,637		n/a		2018
AB International Value		25,033,617		26,648,277		No expiration
AB International Growth		34,597,465		n/a		2017
AB International Growth		302,930,744		n/a		2018
AB Short Duration Bond		1,756,801		n/a		2016
AB Short Duration Bond		19,308,695		n/a		2017
AB Short Duration Bond		11,669,892		n/a		2018
AB Short Duration Bond		8,417,896		n/a		2019
AB Short Duration Bond		3,740,656		25,401,905		No expiration
AB Bond Inflation Protection		5,719,820		n/a		No expiration
AB High Yield		12,490,508		n/a		2018
AB Multi-Asset Real Return		232,200,875		n/a		2018
AB Multi-Asset Real Return		37,320,905		20,697,085		No expiration

NOTE H

New Accounting Pronouncement

In May 2015, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2015-07 (the “ASU”) which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The ASU also removes the requirement to make certain disclosures for investments that are

AB POOLING PORTFOLIOS  • 341

Notes to Financial Statements

eligible to be measured at fair value using the net asset value per share practical expedient but do not utilize that practical expedient. The ASU is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. At this time, management is evaluating the implications of these changes on the financial statements.

NOTE I

Subsequent Events

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

342 •  AB POOLING PORTFOLIOS

Notes to Financial Statements

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	AB U.S. Value
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$  12.63			$  13.46			$  10.96			$  8.73			$  7.97			$  7.18
Income From Investment Operations
Net investment income(a)		.15			.28			.32			.24			.23			.18
Net realized and unrealized gain (loss) on investment transactions		(.73	)		(.83	)		2.50			2.23			.76			.77
Net increase (decrease) in net asset value from operations		(.58	)		(.55	)		2.82			2.47			.99			.95
Less: Dividends
Dividends from net investment income		(.19	)		(.28	)		(.32	)		(.24	)		(.23	)		(.16	)
Net asset value, end of period		$  11.86			$  12.63			$  13.46			$  10.96			$  8.73			$  7.97
Total Return
Total investment return based on net asset value(b)		(4.72	)%		(4.21	)%*		26.10	%*		28.67	%*		12.75	%*		13.21	%
Ratios/Supplemental Data
Net assets, end of period (000,000’s omitted)		$307			$449			$539			$1,113			$1,173			$1,943
Ratio to average net assets of:
Expenses		.07	%^		.05	%		.03	%		.02	%		.02	%		.01	%+
Net investment income		2.34	%^		2.06	%		2.65	%		2.44	%		2.75	%		2.14	%+
Portfolio turnover rate		30	%		52	%		43	%		53	%		40	%		65	%

See footnote summary on page 355.

AB POOLING PORTFOLIOS  • 343

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	AB U.S. Large Cap Growth
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$  12.59			$  16.78			$  14.53			$  12.30			$  10.66			$  8.94
Income From Investment Operations
Net investment income(a)		.05			.11			.12			.12			.12			.12
Net realized and unrealized gain on investment transactions		.16			1.46			3.91			2.20			1.67			1.70
Net increase in net asset value from operations		.21			1.57			4.03			2.32			1.79			1.82
Less: Dividends and Distributions
Dividends from net investment income		(.07	)		(.13	)		(.14	)		(.09	)		(.15	)		(.10	)
Distributions from net realized gain on investment transactions		(3.47	)		(5.63	)		(1.64	)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(3.54	)		(5.76	)		(1.78	)		(.09	)		(.15	)		(.10	)
Net asset value, end of period		$  9.26			$  12.59			$  16.78			$  14.53			$  12.30			$  10.66
Total Return
Total investment return based on net asset value(b)		(.68	)%		11.22	%*		29.19	%		18.92	%		16.99	%*		20.35	%*
Ratios/Supplemental Data
Net assets, end of period (000,000’s omitted)		$307			$454			$538			$1,123			$1,173			$1,953
Ratio to average net assets of:
Expenses		.07	%^		.05	%		.03	%		.02	%		.02	%		.02	%+
Net investment income		.83	%^		.84	%		.79	%		.87	%		1.10	%		1.09	%+
Portfolio turnover rate		27	%		56	%		59	%		57	%		85	%		91	%

See footnote summary on page 355.

344 •  AB POOLING PORTFOLIOS

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	AB International Value
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$  7.05			$  8.32			$  7.46			$  6.39			$  6.98			$  6.93
Income From Investment Operations
Net investment income(a)		.06			.20			.31			.23			.23			.24
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.54	)		(.89	)		1.01			.98			(.70	)		.13
Net increase (decrease) in net asset value from operations		(.48	)		(.69	)		1.32			1.21			(.47	)		.37
Less: Dividends
Dividends from net investment income		(.40	)		(.58	)		(.46	)		(.14	)		(.12	)		(.32	)
Net asset value, end of period		$  6.17			$  7.05			$  8.32			$  7.46			$  6.39			$  6.98
Total Return
Total investment return based on net asset value(b)		(7.36	)%		(8.59	)%		18.14	%		19.15	%		(6.69	)%		4.82	%
Ratios/Supplemental Data
Net assets, end of period (000,000’s omitted)		$253			$372			$450			$947			$986			$984
Ratio to average net assets of:
Expenses(c)		.13	%^		.08	%		.05	%		.05	%		.04	%		.04	%+
Net investment income		1.78	%^		2.60	%		3.84	%		3.16	%		3.56	%		3.00	%+
Portfolio turnover rate		27	%		69	%		65	%		58	%		61	%		58	%

See footnote summary on page 355.

AB POOLING PORTFOLIOS  • 345

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	AB International Growth
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$  8.33			$  9.50			$  8.27			$  7.54			$  8.27			$  8.18
Income From Investment Operations
Net investment income(a)		.04			.15			.19			.20			.18			.19
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.63	)		(1.18	)		1.19			.59			(.78	)		.26
Net increase (decrease) in net asset value from operations		(.59	)		(1.03	)		1.38			.79			(.60	)		.45
Less: Dividends
Dividends from net investment income		(.16	)		(.14	)		(.15	)		(.06	)		(.13	)		(.36	)
Net asset value, end of period		$  7.58			$  8.33			$  9.50			$  8.27			$  7.54			$  8.27
Total Return
Total investment return based on net asset value(b)		(7.34	)%		(10.86	)%		16.89	%		10.53	%		(7.19	)%		5.15	%
Ratios/Supplemental Data
Net assets, end of period (000,000’s omitted)		$253			$375			$447			$941			$999			$1,022
Ratio to average net assets of:
Expenses		.11	%^		.09	%		.05	%		.04	%		.04	%		.04	%+
Net investment income		.92	%^		1.72	%		2.13	%		2.40	%		2.36	%		2.15	%+
Portfolio turnover rate		19	%		52	%		61	%		55	%		93	%		73	%

See footnote summary on page 355.

346 •  AB POOLING PORTFOLIOS

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	Short Duration Bond
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$  9.43			$  9.44			$  9.42			$  9.56			$  9.59			$  9.56
Income From Investment Operations
Net investment income(a)		.05			.09			.10			.09			.12			.17
Net realized and unrealized gain (loss) on investment transactions		.00	(d)		(.01	)		.04	†		(.08	)		– 0	–		.05
Net increase in net asset value from operations		.05			.08			.14			.01			.12			.22
Less: Dividends and Distributions
Dividends from net investment income		(.06	)		(.09	)		(.12	)		(.15	)		(.15	)		(.19	)
Tax return of capital		– 0	–		– 0	–		(.00	)(d)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.06	)		(.09	)		(.12	)		(.15	)		(.15	)		(.19	)
Net asset value, end of period		$  9.42			$  9.43			$  9.44			$  9.42			$  9.56			$  9.59
Total Return
Total investment return based on net asset value(b)		.51	%		.90	%		1.45	%		.14	%*		1.24	%		2.36	%
Ratios/Supplemental Data
Net assets, end of period (000,000’s omitted)		$838			$898			$962			$936			$933			$1,286
Ratio to average net assets of:
Expenses(c)		.04	%^		.04	%		.03	%		.03	%		.03	%		.05	%+
Net investment income		1.16	%^		.90	%		1.06	%		.94	%		1.26	%		1.75	%+
Portfolio turnover rate		14	%		71	%		47	%		114	%		129	%		88	%

See footnote summary on page 355.

AB POOLING PORTFOLIOS  • 347

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	AB Global Core Bond
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$  10.04			$  10.52			$  10.18			$  11.00			$  10.88			$  10.78
Income From Investment Operations
Net investment income(a)		.13			.26			.29			.29			.33			.41
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.18			(.04	)		.41			(.38	)		.40			.15
Net increase (decrease) in net asset value from operations		.31			.22			.70			(.09	)		.73			.56
Less: Dividends and Distributions
Dividends from net investment income		(.40	)		(.52	)		(.34	)		(.37	)		(.34	)		(.43	)
Distributions from net realized gain on investment transactions		– 0	–		(.18	)		(.02	)		(.36	)		(.27	)		(.03	)
Total dividends and distributions		(.40	)		(.70	)		(.36	)		(.73	)		(.61	)		(.46	)
Net asset value, end of period		$  9.95			$  10.04			$  10.52			$  10.18			$  11.00			$  10.88
Total Return
Total investment return based on net asset value(b)		3.13	%		2.15	%		7.05	%		(.94	)%*		6.98	%††		5.38	%
Ratios/Supplemental Data
Net assets, end of period (000,000’s omitted)		$793			$931			$1,032			$1,041			$1,124			$1,307
Ratio to average net assets of:
Expenses(c)		.05	%^		.04	%		.03	%		.03	%		.03	%		.03	%+
Net investment income		2.60	%^		2.56	%		2.86	%		2.77	%		2.99	%		3.87	%+
Portfolio turnover rate		58	%		150	%		169	%		116	%		163	%		114	%

See footnote summary on page 355.

348 •  AB POOLING PORTFOLIOS

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	AB Bond Inflation Protection
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$  9.64			$  10.25			$  10.15			$  11.22			$  11.46			$  10.70
Income From Investment Operations
Net investment income(a)		.00	(d)		.12			.33			.32			.38			.68
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.08			(.40	)		.22			(.69	)		.32			.40
Net increase (decrease) in net asset value from operations		.08			(.28	)		.55			(.37	)		.70			1.08
Less: Dividends and Distributions
Dividends from net investment income		(.24	)		(.33	)		(.14	)		(.52	)		(.72	)		(.32	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.31	)		(.18	)		(.22	)		– 0	–
Total dividends and distributions		(.24	)		(.33	)		(.45	)		(.70	)		(.94	)		(.32	)
Net asset value, end of period		$  9.48			$  9.64			$  10.25			$  10.15			$  11.22			$  11.46
Total Return
Total investment return based on net asset value(b)		.85	%		(2.73	)%		5.63	%		(3.70	)%		6.59	%		10.28	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$635,935			$717,018			$776,378			$753,515			$792,721			$712,731
Ratio to average net assets of:
Expenses(c)		.23	%^		.13	%		.08	%		.13	%		.11	%		.12	%+
Net investment income		.06	%^		1.24	%		3.22	%		3.00	%		3.44	%		6.21	%+
Portfolio turnover rate		17	%		56	%		72	%		49	%		52	%		39	%

See footnote summary on page 355.

AB POOLING PORTFOLIOS  • 349

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	AB High-Yield
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$  9.92			$  10.90			$  10.38			$  10.31			$  9.71			$  9.85
Income From Investment Operations
Net investment income(a)		.32			.67			.72			.75			.76			.87
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.97	)		(.91	)		.53			.18			.53			(.08	)
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00			– 0	–		.00	(d)
Net increase (decrease) in net asset value from operations		(.65	)		(.24	)		1.25			.93			1.29			.79
Less: Dividends
Dividends from net investment income		(.35	)		(.74	)		(.73	)		(.86	)		(.69	)		(.93	)
Net asset value, end of period		$  8.92			$  9.92			$  10.90			$  10.38			$  10.31			$  9.71
Total Return
Total investment return based on net asset value(b)		(6.61	)%		(2.27	)%*		12.44	%		9.24	%		13.95	%		8.07	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$252,235			$322,839			$364,934			$366,553			$397,208			$482,423
Ratio to average net assets of:
Expenses(c)		.17	%^		.13	%		.11	%		.09	%		.07	%		.07	%+
Net investment income.		6.88	%^		6.45	%		6.68	%		7.15	%		7.87	%		8.53	%+
Portfolio turnover rate		19	%		51	%		54	%		63	%		57	%		55	%

See footnote summary on page 355.

350 •  AB POOLING PORTFOLIOS

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	AB Small-Mid Cap Value
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$  11.27			$  14.28			$  13.09			$  11.72			$  10.38			$  9.08
Income From Investment Operations
Net investment income(a)		.08			.15			.22			.18			.16			.15
Net realized and unrealized gain (loss) on investment transactions		(.74	)		(.35	)		2.89			2.94			1.30			1.30
Net increase (decrease) in net asset value from operations		(.66	)		(.20	)		3.11			3.12			1.46			1.45
Less: Dividends and Distributions
Dividends from net investment income		(.10	)		(.17	)		(.20	)		(.26	)		(.12	)		(.15	)
Distributions from net realized gain on investment transactions		(1.39	)		(2.64	)		(1.72	)		(1.49	)		– 0	–		– 0	–
Total dividends and distributions		(1.49	)		(2.81	)		(1.92	)		(1.75	)		(.12	)		(.15	)
Net asset value, end of period		$  9.12			$  11.27			$  14.28			$  13.09			$  11.72			$  10.38
Total Return
Total investment return based on net asset value(b)		(6.73	)%*		(1.38	)%		25.46	%*		29.94	%		14.21	%		15.84	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$226,265			$281,724			$323,134			$311,954			$328,749			$497,049
Ratio to average net assets of:
Expenses		.10	%^		.08	%		.06	%		.06	%		.05	%		.04	%+
Net investment income		1.52	%^		1.23	%		1.62	%		1.48	%		1.47	%		1.36	%+
Portfolio turnover rate		24	%		40	%		50	%		49	%		52	%		65	%

See footnote summary on page 355.

AB POOLING PORTFOLIOS  • 351

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	AB Small-Mid Cap Growth
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$  10.94			$  12.56			$  13.16			$  13.23			$  16.09			$  11.77
Income From Investment Operations
Net investment income(a)		.02			.00	(d)		.06			.09			.08			.07
Net realized and unrealized gain (loss) on investment transactions		(1.26	)		.42			2.03			2.62			2.15			4.32
Net increase (decrease) in net asset value from operations		(1.24	)		.42			2.09			2.71			2.23			4.39
Less: Dividends and Distributions
Dividends from net investment income		(.01	)		(.07	)		(.07	)		(.09	)		(.09	)		(.07	)
Distributions from net realized gain on investment transactions		(1.54	)		(1.97	)		(2.62	)		(2.69	)		(5.00	)		– 0	–
Total dividends and distributions		(1.55	)		(2.04	)		(2.69	)		(2.78	)		(5.09	)		(.07	)
Net asset value, end of period		$  8.15			$  10.94			$  12.56			$  13.16			$  13.23			$  16.09
Total Return
Total investment return based on net asset value(b)		(13.20	)%*		3.92	%		17.04	%*		25.85	%*		17.77	%*		37.31	%*
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$212,184			$279,873			$322,200			$316,708			$328,634			$504,936
Ratio to average net assets of:
Expenses		.11	%^		.09	%		.07	%		.06	%		.06	%		.04	%+
Net investment income		.38	%^		.01	%		.51	%		.70	%		.55	%		.43	%+
Portfolio turnover rate		31	%		55	%		65	%		72	%		68	%		75	%

See footnote summary on page 355.

352 •  AB POOLING PORTFOLIOS

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	AB Multi-Asset Real Return**
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$  6.27			$  8.95			$  8.25			$  8.67			$  9.13			$  8.57
Income From Investment Operations
Net investment income(a)		.06			.16			.19			.17			.18			.24
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.77	)		(2.58	)		.75			(.31	)		(.25	)		1.06
Contributions from Affiliates		.00	(d)		.00	(d)		.00	(d)		.00	(d)		– 0	–		– 0	–
Net increase (decrease) in net asset value from operations		(.71	)		(2.42	)		.94			(.14	)		(.07	)		1.30
Less: Dividends
Dividends from net investment income		(.19	)		(.26	)		(.24	)		(.28	)		(.39	)		(.74	)
Net asset value, end of period		$  5.37			$  6.27			$  8.95			$  8.25			$  8.67			$  9.13
Total Return
Total investment return based on net asset value(b)		(11.47	)%		(27.40	)%		11.48	%		(1.69	)%		(.45	)%*		15.42	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$443,347			$832,851			$800,178			$724,226			$547,929			$937,281
Ratio to average net assets of:
Expenses		.09	%^		.07	%		.07	%		.06	%		.06	%		.05	%+
Net investment income		1.91	%^		2.13	%		2.17	%		1.89	%		2.11	%		2.52	%+
Portfolio turnover rate		29	%		45	%		76	%		126	%		110	%		156	%

See footnote summary on page 355.

AB POOLING PORTFOLIOS  • 353

Financial Highlights

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

	AB Volatility Management
	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$  11.22			$  12.53			$  11.38			$  10.24			$  10.27			$  9.31
Income From Investment Operations
Net investment income(a)		.08			.24			.24			.15			.07			.09	(e)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.72	)		(.63	)		2.10			1.11			.24			1.36
Net increase (decrease) in net asset value from operations		(.64	)		(.39	)		2.34			1.26			.31			1.45
Less: Dividends and Distributions
Dividends from net investment income		(.28	)		(.37	)		(.37	)		(.12	)		(.06	)		(.08	)
Distributions from net realized gain on investment transactions		(.34	)		(.55	)		(.82	)		– 0	–		(.28	)		(.41	)
Total dividends and distributions		(.62	)		(.92	)		(1.19	)		(.12	)		(.34	)		(.49	)
Net asset value, end of period		$  9.96			$  11.22			$  12.53			$  11.38			$  10.24			$  10.27
Total Return
Total investment return based on net asset value(b)		(6.22	)%		(3.35	)%		21.69	%		12.40	%		3.10	%		15.61	%
Ratios/Supplemental Data
Net assets, end of period (000,000’s omitted)		$1,059			$1,278			$1,494			$1,590			$1,688			$284
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.06	%^		.05	%		.05	%		.05	%		.04	%		.15	%+
Expenses, before waivers/reimbursements		.06	%^		.05	%		.05	%		.05	%		.04	%		.16	%+
Net investment income		1.53	%^		2.01	%		2.04	%		1.40	%		.68	%		.88	%+(b)
Portfolio turnover rate		8	%		13	%		41	%		80	%		130	%		81	%

See footnote summary on page 355.

354 •  AB POOLING PORTFOLIOS

Financial Highlights

(a) Based on average shares outstanding.

(b) 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. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(c) The expense ratios presented below exclude interest expense where applicable:

	Six Months Ended February 29, 2016 (unaudited)			Year Ended August 31,
				2015			2014			2013			2012			2011
AB International Value Portfolio
Expenses		N/A			N/A			.05	%		N/A			N/A			N/A
AB Short Duration Bond Portfolio
Expenses		N/A			N/A			.03	%		N/A			N/A			N/A
AB Global Core Bond Portfolio
Expenses		N/A			N/A			.03	%		N/A			N/A			N/A
AB Bond Inflation Protection Portfolio
Expenses		.06	%^		.05	%		.04	%		.04	%		.04	%		.04	%+
AB High-Yield Portfolio
Expenses		.17	%^		N/A			N/A			.09	%		N/A			N/A

(d) Amount is less than $0.005.

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

* Includes the impact of proceeds received and credited to the Portfolio resulting from the class action settlements, which enhanced the performance for the AB U.S. Value Portfolio for the six months ended February 29, 2016 and for the years ended August 31, 2015, August 31, 2014, August 31, 2013 and August 31, 2012 by 0.03%, 0.34%, 0.04%, 0.08% and 0.01%, respectively, AB U.S. Large Cap Growth Portfolio for the six months ended February 29, 2016 and for the years ended August 31, 2015, August 31, 2012 and August 31, 2011 by 0.17%, 0.01%, 0.02%, and 0.01%, respectively, AB Short Duration Bond Portfolio for the six months ended February 29, 2016 and for the year ended August 31, 2013 by 0.01% and 0.02%, respectively, AB Global Core Bond for the year ended August 31, 2013 by 0.01%, AB Small-Mid Cap Value Portfolio for the six months ended February 29, 2016 and for the year ended August 31, 2014 by 0.01% and 0.04%%, respectively, AB Small-Mid Cap Growth Portfolio for the six months ended February 29, 2016 and for the years ended August 31, 2014, August 31, 2013, August 31, 2012 and August 31, 2011 by 0.02%, 0.08%, 0.14%, 0.01% and 0.01%, respectively, AB High Yield Portfolio for the year ended August 31, 2015 by 0.09% and AB Multi-Asset Real Return Portfolio for the year ended August 31, 2012 by 0.01%.

** Consolidated (see Note A).

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

†† Includes the Adviser’s reimbursement in respect of the Lehman Bankruptcy Claim which contributed to the Portfolio’s performance by 0.09% for the year-ended August 31, 2012.

^ Annualized.

+ The ratio includes expenses attributable to costs of proxy solicitation.

See notes to financial statements.

AB POOLING PORTFOLIOS  • 355

Financial Highlights

TRUSTEES

Marshall C. Turner, Jr.(1) , Chairman John H. Dobkin(1) Michael J. Downey(1) William H. Foulk, Jr.(1) D. James Guzy(1)	Nancy P. Jacklin(1) Robert M. Keith, President and Chief Executive Officer Garry L. Moody(1) Earl D. Weiner(1)
OFFICERS(2)
Philip L. Kirstein, Senior Vice President and Independent Compliance Officer Tawhid Ali, Vice President Bruce K. Aronow, Vice President Takeo Aso, Vice President Michael S. Canter, Vice President Frank V. Caruso, Vice President Vinod Chathlani, Vice President Sergey Davalchenko, Vice President Paul J. DeNoon, Vice President Scott A. DiMaggio, Vice President Gershon M. Distenfeld, Vice President Vincent C. DuPont, Vice President John H. Fogarty, Vice President Cem Inal, Vice President Shawn E. Keegan, Vice President N. Kumar Kirpalani, Vice President Samantha S. Lau, Vice President	Avi Lavi, Vice President Daniel J. Loewy, Vice President James W. MacGregor, Vice President Joseph G. Paul, Vice President Douglas J. Peebles, Vice President Laurent Saltiel, Vice President Ashish C. Shah, Vice President Matthew S. Sheridan, Vice President Kevin F. Simms, Vice President Shri Singhvi, Vice President Wen-Tse Tseng, Vice President Greg J. Wilensky, Vice President Vadim Zlotnikov, Vice President Emilie D. Wrapp, Secretary Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
Custodian and Accounting Agent State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210 Principal Underwriter AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105 Transfer Agent AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free (1-800) 221-5672	Legal Counsel Seward & Kissel LLP One Battery Park Plaza New York, NY 10004 Independent Registered Public Accounting Firm Ernst & Young LLP 5 Times Square New York, NY 10036

356 •  AB POOLING PORTFOLIOS

Trustees

(1) Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

(2) The management of, and investment decisions for, the AB Multi-Asset Real Return Portfolio are made by the Real Asset Strategy Team. Mr. Vinod Chatlani, Mr. Daniel Loewy and Mr. Vadim Zlotnikov are the senior most members of the Investment Management Team.

The management of, and investment decisions for, the AB U.S. Value Portfolio are made by the U.S. Value Senior Investment Management Team. Mr. Joseph G. Paul and Mr. Cem Inal are the senior most members of the Investment Management Team.

The management of, and investment decisions for, the AB Small-Mid Cap Value Portfolio are made by the Small-Mid Cap Value Senior Investment Management Team. Mr. Joseph G. Paul, Mr. James W. MacGregor and Mr. Shri Singhvi are the senior most members of the Investment Management Team.

The management of, and investment decisions for, the AB International Value Portfolio are made by the International Value Senior Investment Management Team. Mr. Kevin Simms, Mr. Takeo Aso and Mr. Avi Lavi are the senior most members of the Investment Management Team. Effective June 30, 2016, Mr. Tawhid Ali will replace Mr. Simms.

The management of, and investment decisions for, the AB U.S. Large Cap Growth Portfolio are made by the U.S. Large Cap Growth Team. Mr. Frank V. Caruso, Mr. Vincent C. DuPont and Mr. John H. Fogarty are the senior most members of the team.

The management of, and investment decisions for, the AB Small-Mid Cap Growth Portfolio are made by the Small/Mid Cap Growth Investment Team. Mr. Bruce K. Aronow, Mr. N. Kumar Kirpalani, Ms. Samantha S. Lau and Mr. Wen-Tse Tseng are the senior most members of the team.

The management of, and investment decisions for, the AB International Growth Portfolio are made by the International Growth Team. Mr. Sergey Davalchenko and Mr. Laurent Saltiel are the senior most members of the team.

The management of, and investment decisions for, the AB Short Duration Bond Portfolio are made by the U.S. Multi Sector Fixed Income Team. Mr. Michael S. Canter, Mr. Paul J. DeNoon, Mr. Shawn E. Keegan, Mr. Douglas J. Peebles and Mr. Greg J. Wilensky are the senior most members of the team.

The management of, and investment decisions for, the AB Global Core Bond Portfolio are made by the U.S. Global Fixed Income Investment Team. Mr. Paul J. DeNoon, Mr. Scott A. DiMaggio, Mr. Douglas J. Peebles and Mr. Matthew S. Sheridan are the senior most members of the team.

The management of, and investment decisions for, the AB High-Yield Portfolio are made by the Global Credit Investment Team. Mr. Gershon M. Distenfeld, Mr. Douglas J. Peebles and Mr. Ashish C. Shah are the senior most members of the team.

Mr. Shawn E. Keegan and Mr. Greg J. Wilensky are primarily responsible for the day-to-day management of the AB Bond Inflation Protection Portfolio.

The day-to-day management of, and investment decisions for, the AB Volatility Management Portfolio are made by the Adviser’s Dynamic Asset Allocation Team. Mr. Daniel J. Loewy and Mr. Vadim Zlotnikov are primarily responsible for the day-to-day management of the Portfolio.

AB POOLING PORTFOLIOS  • 357

Trustees

Information Regarding the Review and Approval of the Advisory Agreement in Respect of Each Portfolio

The disinterested trustees (the “trustees”) of The AB Pooling Portfolios (the “Trust”) unanimously approved the continuance of the Trust’s Advisory Agreement with the Adviser in respect of each of the fixed-income portfolios listed below (each, a “Portfolio” and collectively, the “Portfolios”) at a meeting held on November 3-5, 2015:

• AB Short Duration Bond Portfolio

• AB Global Core Bond Portfolio

• AB Bond Inflation Protection Portfolio

• AB High-Yield Portfolio

Prior to approval of the continuance of the Advisory Agreement in respect of each Portfolio, the trustees 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 trustees also reviewed an independent evaluation prepared by the Trust’s Senior Officer (who is also the Trust’s Independent Compliance Officer) of the reasonableness of the advisory fee in respect of each Portfolio, in which the Senior Officer concluded that the contractual fee (zero) for each Portfolio was reasonable. The trustees also discussed the proposed continuances in private sessions with counsel and the Trust’s Senior Officer.

The trustees noted that the Portfolios are designed as investment vehicles for registered investment companies sponsored by, and certain other institutional clients of, the Adviser that seek a blend of asset classes (the institutional clients, including the registered investment companies, are all referred to as the “Pooling Investors”). The trustees also noted that no advisory fee is payable by any of the Portfolios, although the Advisory Agreement provides that the Portfolios will reimburse the Adviser for the cost of certain clerical, accounting, administrative and other services provided to the Portfolios by employees of the Adviser or its affiliates, and that a similar reimbursement provision is included in the Adviser’s advisory agreements with most of the open-end AB Funds. The trustees further noted that the Trust acknowledges in the Advisory Agreement that the Adviser will receive compensation for its services to the Portfolios from third parties (e.g., the Pooling Investors). The trustees noted that the current Pooling Investors are certain registered investment companies sponsored by the Adviser and an unaffiliated institutional investor. On November 17, 2015, the Adviser announced that such unaffiliated institutional investor would transition to another manager on July 1, 2016.

The trustees considered their knowledge of the nature and quality of the services provided by the Adviser to the Portfolios gained from their experience as trustees

358 •  AB POOLING PORTFOLIOS

or directors 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 trustees and its responsiveness, frankness and attention to concerns raised by the trustees 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 trustees noted that they have four regular meetings each year, at each of which they receive presentations from the Adviser on the investment results of the Portfolios and review extensive materials and information presented by the Adviser.

The trustees also considered all other factors they believed relevant, including the specific matters discussed below. In their deliberations, the trustees did not identify any particular information that was all-important or controlling, and different trustees may have attributed different weights to the various factors. The trustees determined that the selection of the Adviser to manage each Portfolio, and the overall arrangements between each Portfolio 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 trustees considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the trustees’ determination included the following:

Nature, Extent and Quality of Services Provided

The trustees considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Portfolios. They also noted the professional experience and qualifications of each Portfolio’s portfolio management team and other senior personnel of the Adviser. The trustees also considered that the Advisory Agreement provides that each Portfolio will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to such Portfolio by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the trustees. Reimbursements, to the extent requested and paid in respect of a Portfolio, result in some compensation from such Portfolio to the Adviser. The trustees noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Trust’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of each Portfolio’s other service providers, also was considered. The trustees concluded that, overall, they were satisfied with the nature, extent and quality of services provided to each of the Portfolios under the Advisory Agreement.

AB POOLING PORTFOLIOS  • 359

Costs of Services Provided and Profitability

The trustees reviewed a schedule of the revenues, expenses and related notes indicating the profitability of each Portfolio (which, as noted above, pays no advisory fee to the Adviser but may reimburse expenses to the Adviser) to the Adviser for calendar years 2013 and 2014 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Trust’s Senior Officer. The trustees 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 trustees noted that the methodology took into account that the Adviser was indirectly compensated for its services to the Portfolios by the Pooling Investors. They also noted that the Adviser bears certain costs in providing services to the Portfolios. The trustees also noted that the profitability information reflected all revenues and expenses of the Adviser’s relationships with the Portfolios, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Portfolios, and that the profitability methodology attributed to the Portfolios revenues and expenses relating to the Pooling Investors. The trustees recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The trustees focused on the profitability of the Adviser’s relationships with the Portfolios before taxes and distribution expenses. The trustees noted that the Adviser’s relationship with AB High-Yield Portfolio was not profitable to it in 2013. The trustees concluded that they were satisfied that the Adviser’s level of profitability from its relationship with AB High-Yield Portfolio in 2014 and the other Portfolios in 2013 and 2014 was not unreasonable.

Fall-Out Benefits

The trustees considered the other benefits to the Adviser and its affiliates from their relationships with the Portfolios, including but not limited to benefits relating to 12b-1 fees and sales charges received by the Trust’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of shares of the Pooling Investors that are registered investment companies. The trustees noted that while the Adviser’s affiliated transfer agent does not receive fees for providing services to the Portfolios (although it may be reimbursed for its out-of-pocket expenses), such affiliated transfer agent receives fees for providing services to the Pooling Investors. The trustees noted that the Adviser receives fees for advisory, distribution, recordkeeping and other services provided to the institutional Pooling Investor and is compensated by the other Pooling Investors for providing advisory services to them. The trustees recognized that the Adviser’s profitability would be somewhat lower without these benefits. The trustees also understood that the Adviser also might derive reputational and other benefits from its association with the Portfolios.

360 •  AB POOLING PORTFOLIOS

Investment Results

In addition to the information reviewed by the trustees in connection with the meeting, the trustees receive detailed comparative performance information for each Portfolio at each regular Board meeting during the year. At the November 2015 meeting, the trustees reviewed information prepared by Broadridge showing the performance of each Portfolio as compared with that of a group of similar funds selected by Broadridge (the “Performance Group”) and as compared with that of a broader array of funds selected by Broadridge (the “Performance Universe”), and information prepared by the Adviser showing performance of each Portfolio as compared with one or more indices, in each case for the 1-, 3-, 5- and 10-year periods ended July 31, 2015 and (in the case of comparisons with the indices) the period since inception (May 2005 inception).

In reviewing the performance information the trustees noted that the Portfolios had a performance advantage in that the performance of virtually all of the Portfolios’ competitors was negatively affected by the fact they pay advisory fees whereas the Portfolios do not.

AB Short Duration Bond Portfolio

The trustees noted that the Portfolio was in the 4th quintile of the Performance Group and the Performance Universe for the 1-year period, and in the 5th quintile of the Performance Group and the Performance Universe for the 3-, 5- and 10-year periods. The Portfolio outperformed the Bank of America Merrill Lynch 1-3 Year U.S. Treasury Index in the 1-, 3- and 5-year periods but lagged it in the 10-year period and the period since inception. Based on their review and their discussion with the Adviser of the reasons for the Portfolio’s performance, the trustees retained confidence in the Adviser’s ability to manage the Portfolio’s assets.

AB Global Core Bond Portfolio

The trustees noted that the Portfolio was in the 1st quintile of the Performance Group and the Performance Universe for the 1-year period, in the 3rd quintile of the Performance Group and 2nd quintile of the Performance Universe for the 3-year period, in the 3rd quintile of the Performance Group and the Performance Universe for the 5-year period, and in the 2nd quintile of the Performance Group and 3rd quintile of the Performance Universe for the 10-year period. The Portfolio outperformed the Barclays Global Aggregate Bond Index (USD hedged) in all periods except the 1- and 3-year periods and the Barclays U.S. Aggregate Bond Index in all periods. The trustees noted the Adviser’s changes to the investment policies and restrictions of the Portfolio, and the related changes to the Portfolio’s name (from AllianceBernstein Intermediate Duration Bond Portfolio) and its benchmark (to the Barclays Global Aggregate Bond Index, hedged to U.S. dollars), effective December 2011. Based on their review, the trustees concluded that the Portfolio’s performance was satisfactory.

AB POOLING PORTFOLIOS  • 361

AB Bond Inflation Protection Portfolio

The trustees noted that the Portfolio was in the 3rd quintile of the Performance Group and the Performance Universe for the 1-year period, in the 1st quintile of the Performance Group and the Performance Universe for the 3-year period, and in the 2nd quintile of the Performance Group and the Performance Universe for the 5- and 10-year periods. It outperformed the Barclays 1-10 Year Treasury Inflation Protected Securities (TIPS) Index in all periods except the 1-year period. The trustees noted that in 2010 they had approved modifications to the Portfolio’s investment guidelines and a name change (from AllianceBernstein Inflation Protected Securities Portfolio). Based on their review, the trustees concluded that the Portfolio’s performance was satisfactory.

AB High-Yield Portfolio

The trustees noted that the Portfolio was in the 5th quintile of the Performance Group and 4th quintile of the Performance Universe for the 1-year period, in the 2nd quintile of the Performance Group and the Performance Universe for the 3-year period, in the 2nd quintile of the Performance Group and 3rd quintile of the Performance Universe for the 5-year period, and in the 1st quintile of the Performance Group and 2nd quintile of the Performance Universe for the 10-year period. The Portfolio outperformed the Barclays U.S. High Yield 2% Issuer Capped Index in all periods. Based on their review and their discussion with the Adviser of the reasons for the Portfolio’s recent performance, the trustees concluded that the Portfolio’s performance was acceptable.

Advisory Fees and Other Expenses

The trustees considered the advisory fee rate paid by each Portfolio to the Adviser (zero) and information prepared by Broadridge concerning advisory fee rates paid by other funds in the same Broadridge category as such Portfolio at a common asset level. The trustees also reviewed certain information showing the fees paid to the Adviser by the Pooling Investors. The trustees 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 trustees noted the unusual arrangements in the Advisory Agreement providing for no advisory fee but were cognizant that the Adviser is indirectly compensated by the Pooling Investors for its services to the Portfolios. While the fees paid by the Pooling Investors to the Adviser vary, the trustees acknowledged that a portion of those fees may reasonably be viewed as compensating the Adviser for advisory services it provides to each Portfolio (the “implied fee”) and that the Adviser had represented to the Securities and Exchange Commission’s staff and to the Trust’s former counsel that the implied fee rate is the same for all the Pooling Investors. The trustees also noted that the Adviser had undertaken to work with the trustees to develop procedures to enable the trustees to monitor the implied fee rates for the Portfolios and had provided the trustees with information concerning the fees paid by the various Pooling Investors.

362 •  AB POOLING PORTFOLIOS

The trustees also considered the Adviser’s fee schedule for non-fund clients pursuing a similar investment style. For this purpose, the trustees reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Trust’s Senior Officer. The trustees recognized that this information was of limited utility in light of the Portfolios’ unusual fee arrangements. The trustees noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those on the schedules reviewed by the trustees and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The Adviser reviewed with the trustees the significantly greater scope of the services it provides to the Portfolios relative to institutional clients. The Adviser also noted that because mutual funds are constantly issuing and redeeming shares, they are more difficult to manage than an institutional account, where the assets tend to be relatively stable. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to funds such as the Portfolios, and the unusual fee structure for all the Portfolios, the trustees considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The trustees also considered the total non-advisory expense ratio of each Portfolio in comparison to the non-advisory expenses of funds within two comparison groups created by Broadridge: an Expense Group and an Expense Universe. Broadridge described an Expense Group as a representative sample of funds similar to a Portfolio and an Expense Universe as a broader group than the Expense Group, consisting of all funds in a Portfolio’s investment classification/objective. The non-advisory expense ratio of each Portfolio was based on the Portfolio’s latest fiscal year. The trustees noted that it was likely that the non-advisory expense ratios of some of the other funds in each Portfolio’s Broadridge category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The trustees view the non-advisory expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Portfolios by others.

The trustees noted that, except for AB High Yield Portfolio, each Portfolio’s total non-advisory expense ratio was lower than the Expense Group and the Expense Universe medians. AB High Yield Portfolio’s total non-advisory expense ratio was higher than the Expense Group and Expense Universe medians. After discussing with the Adviser the reasons for AB High Yield Portfolio’s non-advisory expense ratio, the trustees concluded that such Portfolio’s non-advisory expense ratio was acceptable and the non-advisory expense ratios for the other Portfolios were satisfactory.

AB POOLING PORTFOLIOS  • 363

Economies of Scale

Since the Advisory Agreement does not provide for any compensation to be paid to the Adviser by the Portfolios, the trustees did not consider the extent to which the fee levels in the Advisory Agreement reflect economies of scale. They did note, however, that the fee schedules for the Pooling Investors that are registered investment companies incorporate breakpoints.

364 •  AB POOLING PORTFOLIOS

THE FOLLOWING IS NOT PART OF THE SHAREHOLDER REPORT OR THE FINANCIAL STATEMENTS

SUMMARY OF SENIOR OFFICER’S EVALUATION OF INVESTMENT ADVISORY AGREEMENT¹

The following is a summary of the evaluation of the Investment Advisory Agreement between AllianceBernstein L.P. (the “Adviser”) and AB Pooling Portfolios (the “Trust” or the “Pooling Portfolios”) with respect to the following Portfolios:²

Short Duration Bond Portfolio

Global Core Bond Portfolio³

Bond Inflation Protected Securities Portfolio

High-Yield Portfolio

The Trust, which is designed to facilitate a “blended style” investment approach, represents a variety of asset classes and investment styles, and is available for investment only to institutional clients of the Adviser, including both registered investment companies and large managed separate accounts.

The evaluation of the Investment Advisory Agreement was prepared by Philip L. Kirstein, the Senior Officer of the Trust, for the Trustees of the Trust, as required by the September 1, 2004 Assurance of Discontinuance (“AoD”) between the Adviser and the New York State Attorney General (the “NYAG”). The Senior Officer’s evaluation of the Investment Advisory Agreement is not meant to diminish the responsibility or authority of the Board of Trustees of the Trust to perform its duties pursuant to Section 15 of the Investment Company Act of 1940 (the “40 Act”) and applicable state law. The purpose of this summary is to provide shareholders with a synopsis of the independent evaluation of the reasonableness of the advisory fees proposed to be paid by the Portfolios which was provided to the Trustees in connection with their review of the proposed approval of the continuance of the Investment Advisory Agreement. The Senior Officer’s evaluation considered the following factors:

1. Advisory fees charged to institutional and other clients of the Adviser for like services;

2. Advisory fees charged by other mutual fund companies for like services;

3. Costs to the Adviser and its affiliates of supplying services pursuant to the advisory agreements, excluding any intra-corporate profit;

1 The Senior Officer’s fee evaluation was completed on October 22, 2015 and discussed with the Board of Trustees on November 3-5, 2015.

2 Future references to the Portfolios do not include “AB.”

3 Effective December 31, 2011, Intermediate Duration Bond Portfolio changed its name to Global Core Bond Portfolio, eliminated its policy of limiting its investments in debt securities denominated in currencies other than the U.S. dollars to 20% of its total assets, and adopted non-fundamental policies to invest at least 40% of its assets in securities of non-U.S. issuers.

AB POOLING PORTFOLIOS  • 365

4. Profit margins of the Adviser and its affiliates from supplying such services;

5. Possible economies of scale as the Portfolios grow larger; and

6. Nature and quality of the Adviser’s services including the performance of the Portfolios.

These factors, with the exception of the first factor, are generally referred to as the “Gartenberg factors,” which were articulated by the United States Court of Appeals for the Second Circuit in 1982. Gartenberg v. Merrill Lynch Asset Management, Inc., 694 F. 2d 923 (2d Cir. 1982). On March 30, 2010, the Supreme Court held the Gartenberg decision was correct in its basic formulation of what Section 36(b) requires: to face liability under Section 36(b), “an investment adviser must charge a fee that is so disproportionately large that it bears no reasonable relationship to the services rendered and could not have been the product of arm’s length bargaining” Jones v. Harris Associates L.P., 130 S. Ct. 1418 (2010). In Jones, the Court stated the Gartenberg approach fully incorporates the correct understanding of fiduciary duty within the context of Section 36(b) and noted with approval that “Gartenberg insists that all relevant circumstances be taken into account” and “uses the range of fees that might result from arm’s-length bargaining as the benchmark for reviewing challenged fees.”⁴

PORTFOLIO ADVISORY FEES, NET ASSETS & EXPENSE RATIOS

Under the Investment Advisory Agreement, the Portfolios are not charged an advisory fee. The Portfolios’ Investment Advisory Agreement was amended to provide for reimbursements to the Adviser; to date, other than Volatility Management Portfolio, the Trustees have not authorized reimbursements under these provisions.

The Adviser is compensated by institutional clients of the Adviser (the “Institutional Clients”) that invest in the Pooling Portfolios. These clients include the AB Blended Style Series, Inc.—AB Retirement Strategies (“Retirement Strategies”),^5,6 certain series of The AB Portfolios—AB Wealth Strategies (“Wealth Strategies”),⁷ and the

4 Jones v. Harris at 1427.

5 Includes AB 2000 Retirement Strategy, AB 2005 Retirement Strategy, AB 2010 Retirement Strategy, AB 2015 Retirement Strategy, AB 2020 Retirement Strategy, AB 2025 Retirement Strategy, AB 2030 Retirement Strategy, AB 2035 Retirement Strategy, AB 2040 Retirement Strategy, AB 2045 Retirement Strategy, AB 2050 Retirement Strategy and AB 2055 Retirement Strategy . Future references to the Retirement Strategies do not include “AB.”

6 At the July 24, 2015 meeting, the Board approved the liquidation of the Retirement Strategies. The Retirement Strategies expect to make their liquidating distributions on or about November 20, 2015.

7 Includes AB Balanced Wealth Strategy and AB Wealth Preservation Strategy. AB Wealth Appreciation Strategy is not included since the fund is not invested in any of the fixed income Pooling Portfolios. Future references to the Wealth Strategies do not include “AB.”

366 •  AB POOLING PORTFOLIOS

Rhode Island Higher Education Savings Trust (referred to herein as “CollegeBoundfund”).⁸ Collectively, these shareholders own 100 percent of the Pooling Portfolios’ total outstanding shares. Set forth below are the advisory fee schedules of the Institutional Clients that invests in the Pooling Portfolios.

AB Blended Style Series, Inc.—AB Retirement Strategies⁶

Each of the Retirement Strategies pays an advisory fee correlated to the percentage of equity investments held by each Retirement Strategy and discounted by a certain percentage dependent on the asset level of the Retirement Strategy as indicated below:

% Invested in Equity Investments	Advisory Fee
Equal to or less than 60%		0.55	%
Greater than 60% and less than 80%		0.60	%
Equal to or greater than 80%		0.65	%

Net Asset Level	Discount
Assets equal to or less than $2.5 billion Assets greater than $2.5 billion and less than $5 billion Assets greater than $5 billion	n/a 10 basis points 15 basis points

Accordingly, under the terms of the Investment Advisory Agreement, the Retirement Strategies will pay the Adviser at the following annual rates:

	Average Daily Net Assets
Retirement Strategy	First $2.5 billion			Next $2.5 billion			In excess of $5 billion
Retirement Strategies: 2030, 2035, 2040, 2045, 2050, 2055		0.65	%		0.55	%		0.50	%
Retirement Strategies: 2015, 2020, 2025		0.60	%		0.50	%		0.45	%
Retirement Strategies: 2000, 2005, 2010		0.55	%		0.45	%		0.40	%

The AB Portfolios—Balanced Wealth Strategy, Conservative Wealth Strategy, and Wealth Appreciation Strategy

The Adviser charges Balanced Wealth Strategy, Conservative Wealth Strategy, and Wealth Appreciation Strategy an advisory fee based on a percentage of each fund’s average daily net assets:

Fund	Advisory Fee Based on % of Average Daily Net Assets
Wealth Appreciation Strategy	First $2.5 billion Next $2.5 billion Excess of $5 billion	0.65 0.55 0.50	%  %  %

8 The Overlay Portfolios of the Sanford C. Bernstein Fund, Inc. are only invested in the Multi-Asset Real Return Portfolio, and not in any of the fixed income Pooling Portfolios.

AB POOLING PORTFOLIOS  • 367

Fund	Advisory Fee Based on % of Average Daily Net Assets
Balanced Wealth Strategy	First $2.5 billion Next $2.5 billion Excess of $5 billion	0.55 0.45 0.40	%  %  %
Conservative Wealth Strategy	First $2.5 billion Next $2.5 billion Excess of $5 billion	0.55 0.45 0.40	%  %  %

CollegeBoundfund

The Adviser serves as the program manager of the CollegeBoundfund, a 529 college-savings plan.⁹ Services provided by the Adviser as program manager for CollegeBoundfund include managing the assets of each Education Strategy of the plan that may invest in a combination of the Pooling Portfolios (the “Underlying Portfolios”), performing administrative related functions, servicing shareholder accounts, providing customer service to participants, maintaining the program and developing/updating a website where participants can access their personal accounts. It should be noted that shareholder servicing is provided by AllianceBernstein Investor Services (“ABIS”) and distribution by AllianceBernstein Investments, Inc. (“ABI”), both of which are affiliates of the Adviser. As program manager, the Adviser is paid a program management fee equal to the total expense ratio (fixed) of each Education Strategy minus the weighted average of the expenses of the Underlying Portfolios in which the Strategy is invested. The weighted average of the expenses of the Underlying Portfolios may fluctuate over time, resulting in an increase or decrease in the program management fee since the total expense ratio is constant. Set forth below is a table showing the total expense ratios of the Education Strategies as of June 30, 2015:

Portfolios	Total Expense Ratio10
Age-Based Education Strategies11
Age-Based Aggressive Growth 2014-2016		0.94	%
Age-Based Aggressive Growth 2011-2013		0.94	%
Age-Based Aggressive Growth 2008-2010		0.90	%
Age-Based Aggressive Growth 2005-2007		0.86	%
Age-Based Aggressive Growth 2002-2004		0.82	%

9 On November 17, 2015, the Adviser announced that management of the CollegeBoundfund would transition to another manager on July 1, 2016.

10 The total expense ratios do not include an annual distribution fee of 1.00% payable to ABI, the program distributor, which is applied only to certain accounts that are established with the involvement of a financial adviser (“FA”). This charge is to fund compensation payable in the same amount by ABI to the FA for the FA’s services after such account is open at least one year.

11 For all Education Strategies held by Rhode Island resident accounts, which account for 6.58% of all accounts and 4.90% in terms of net assets as of September 30, 2015, the total expense ratio, which includes the blended underlying expense ratio related to the Pooling Portfolios, is capped at 0.20%.

368 •  AB POOLING PORTFOLIOS

Portfolios	Total Expense Ratio10
Growth 2002-2004		0.82	%
Age-Based Aggressive Growth 1999-2001		0.78	%
Age-Based Aggressive Growth 1996-1998		0.74	%
Age-Based Aggressive Growth 1993-1995		0.74	%
Age-Based Aggressive Growth 1990-1992		0.74	%
Age-Based Aggressive Growth 1987-1989		0.74	%
Age-Based Aggressive Growth 1984-1986		0.74	%
Age-Based Aggressive Growth Pre-1984		0.74	%
Age-Based Moderate Growth 2014-2016		0.92	%
Age-Based Moderate Growth 2011-2013		0.88	%
Age-Based Moderate Growth 2008-2010		0.84	%
Age-Based Moderate Growth 2005-2007		0.80	%
Age-Based Moderate Growth 2002-2004		0.78	%
Age-Based Moderate Growth 1999-2001		0.76	%
Age-Based Moderate Growth 1996-1998		0.72	%
Age-Based Moderate Growth 1993-1995		0.72	%
Age-Based Moderate Growth 1990-1992		0.72	%
Age-Based Moderate Growth 1987-1989		0.72	%
Age-Based Moderate Growth 1984-1986		0.72	%
Age-Based Moderate Growth Pre-1984		0.72	%
Age-Based Conservative Growth 2014-2016		0.82	%
Age-Based Conservative Growth 2011-2013		0.82	%
Age-Based Conservative Growth 2008-2010		0.79	%
Age-Based Conservative Growth 2005-2007		0.78	%
Age-Based Conservative Growth 2002-2004		0.76	%
Age-Based Conservative Growth 1999-2001		0.72	%
Age-Based Conservative Growth 1996-1998		0.72	%
Age-Based Conservative Growth Pre-1996		0.72	%
Fixed Based Education Strategies
Appreciation		0.94	%
Balanced		0.80	%
Conservative		0.72	%

The Portfolios’ net assets as of September 30, 2015 are set forth below:

Portfolio	9/30/2015 Net Assets ($MM)
Short Duration Bond Portfolio	$	891.4
Global Core Bond Portfolio	$	914.6
Bond Inflation Protected Securities Portfolio	$	706.0
High-Yield Portfolio	$	306.3

AB POOLING PORTFOLIOS  • 369

Set forth below are the most recent semi-annual total expense ratios of the Portfolios.¹² The Portfolios’ fiscal year end is August 31.

Portfolio	02/28/15 Total Expense Ratio (%)13
Short Duration Bond Portfolio		0.03	%
Global Core Bond Portfolio		0.04	%
Bond Inflation Protected Securities Portfolio		0.07	%
High-Yield Portfolio		0.12	%

I. ADVISORY FEES CHARGED TO INSTITUTIONAL AND OTHER CLIENTS

Although the Portfolios are not charged an advisory fee, their shareholders, which include other investment companies and large institutional clients managed by the Adviser, pay the Adviser an investment advisory fee for managing their assets. In this regard, it is worth considering the advisory fees charged by the Adviser to institutional and other clients. The advisory fees charged to investment companies that the Adviser manages and sponsors are normally higher than those charged to similar sized institutional accounts, including pension plans and sub-advised investment companies. The fee differential reflects, among other things, different services provided to such clients and different liabilities assumed. Services provided by the Adviser to investment companies, including the Portfolios, that are not provided to non-investment company clients and sub-advised investment companies include providing office space and personnel to serve as Fund Officers, who among other responsibilities make the certifications required under the Sarbanes–Oxley Act of 2002, and coordinating with and monitoring third party service providers such as Fund counsel, auditors, custodians, transfer agents and pricing services. The accounting, administrative, legal and compliance requirements for investment companies are more costly than those for institutional client accounts due to the greater complexities and time required for investment companies. In addition, managing the cash flow of an investment company may be more difficult than managing that of a stable pool of assets, such as an institutional account with little cash movement in either direction, particularly if the investment company experiences a net redemption and the Adviser is frequently forced to sell securities to raise cash for the redemption. However, managing an investment company with positive cash flow may be easier at times than managing a stable pool of assets. Finally, in recent years, investment advisers have been sued by institutional clients and have suffered reputational damage both by the attendant publicity and outcomes other than complete victories. Accordingly, the legal and reputational risks associated with institutional accounts are greater than previously thought, although arguably still not equal to those related to the mutual fund industry.

12 Semi-annual total expense ratios are unaudited.

13 Annualized.

370 •  AB POOLING PORTFOLIOS

Notwithstanding the Adviser’s view that managing an investment company is not comparable to managing other institutional accounts because the services provided are different, the Supreme Court has indicated consideration should be given to the advisory fees charged to institutional accounts that have a substantially similar investment style the Portfolios.¹⁴ In addition to the AB Institutional fee schedule, set forth below are what would have been the effective advisory fees of the Portfolios had the AB Institutional fee schedule been applicable to the Portfolios based on September 30, 2015 net assets, although it should be noted that the Portfolios are not charged an advisory fee by the Adviser.¹⁵

Portfolio	Portfolio Net Assets 09/30/15 ($MIL)	AB Institutional Fee Schedule	Effective AB Inst. Advisory Fee
Short Duration Bond Portfolio16	$891.4	Low Duration 30 bp on the first $20 million 20 bp on the next $80 million 15 bp on the next $150 million 12.5 bp on the next $250 million 10 bp on the balance Minimum Account Size: $25m		0.129%
Global Core Bond Portfolio	$914.6	Global Fixed Income/Global Long Duration 45 bp on the first $30 million 23 bp on the balance Minimum Account Size: $25m		0.237%
Bond Inflation Protection Portfolio	$706.0	TIPS Plus 50 bp on the first $30 million 20 bp on the balance Minimum Account Size: $25m		0.213%
High-Yield Portfolio	$306.3	U.S. High Yield 55 bp on the first $50 million 35 bp on the balance Minimum Account Size: $50m		0.381%

The Adviser manages the AB Mutual Funds (“ABMF”), which are open-end investment companies, and AB Variable Products Series Fund, Inc. (“AVPS”), which offers variable annuity and variable life contract policyholders the option to utilize certain AVPS portfolios as the investment option underlying their insurance contracts. The advisory schedules of these funds, implemented in

14 The Supreme Court stated that “courts may give such comparisons the weight that they merit in light of the similarities and differences between the services that the clients in question require, but the courts must be wary of inapt comparisons.” Among the significant differences the Supreme Court noted that may exist between services provided to mutual funds and institutional accounts are “higher marketing costs.” Jones v. Harris at 1428.

15 The Adviser has indicated that with respect to institutional accounts with assets greater than $300 million, it will negotiate a fee schedule. Discounts that are negotiated vary based upon each client relationship.

16 Compared to the low duration institutional mandates, the Portfolio has a wider opportunity set and risk budget compared to that of the institutional mandates.

AB POOLING PORTFOLIOS  • 371

January 2004 as a result of the AoD between the NYAG and the Adviser, contemplates eight categories with almost all of the AB funds in each category having the same advisory fee schedule. In addition to the fee schedules of the ABMF and AVPS funds, set forth below are what would have been the effective advisory fees of the Pooling Portfolios had the fee schedules of the ABMF/AVPS funds been applicable to the Portfolios based on the Portfolios’ September 30, 2015 net assets:

Portfolio	ABMF/AVPS Category	Fee Schedule	Effective ABMF/AVPS Adv. Fee
Short Duration Bond Portfolio	Low Risk Income	0.45% on first $2.5 billion 0.40% on next $2.5 billion 0.35% on the balance	0.450%
Global Core Bond Portfolio	Low Risk Income	0.45% on first $2.5 billion 0.40% on next $2.5 billion 0.35% on the balance	0.450%
Bond Inflation Protected Securities Portfolio	Low Risk Income	0.45% on first $2.5 billion 0.40% on next $2.5 billion 0.35% on the balance	0.450%
High-Yield Portfolio17	High Income	0.50% on first $2.5 billion 0.45% on next $2.5 billion 0.40% on the balance	0.500%

The Adviser manages the Short Duration Plus Portfolio of the Sanford C. Bernstein Fund, Inc. (“SCB Fund”), which has a somewhat similar investment style as Short Duration Bond Portfolio. The advisory fee schedule of SCB Fund—Short Duration Bond Portfolio and what would have been the effective advisory fee of the Portfolio had the SCB Fund fee schedule been applicable to the Portfolio based on September 30, 2015 net assets are set forth below:

Portfolio	SCB Fund Portfolio	Fee Schedule	SCB Fund Effective Fee
Short Duration Bond Portfolio	Short Duration Plus Portfolio	0.45% on 1st $750 million 0.40% thereafter		0.442%

The Adviser also manages and sponsors retail mutual funds, which are organized in jurisdictions outside the United States, generally Luxembourg, Japan, Taiwan, and South Korea, and sold to non-United States resident investors. The Adviser

17 The Adviser also manages AB Limited Duration High Income Portfolio, an open end mutual fund, whose advisory fee schedule does not follow the NYAG related category advisory fee schedule. AB Limited Duration High Income Portfolio’s advisory fee schedule is as follows: 0.60% on the first $2.5 billion, 0.55% on the next $2.5 billion and 0.50% on the balance.

372 •  AB POOLING PORTFOLIOS

charges the following fees for the Luxembourg funds that have a somewhat similar investment style as Global Core Bond Portfolio and High Yield Portfolio:

Portfolio	Luxembourg Fund	Fee18
Global Core Bond Portfolio	Global Bond Class A Class I (Institutional)	1.10% 0.55%
High-Yield Portfolio	High Yield Open Fund Class A2 Class I2 (Institutional)	1.20% 0.65%

The AB Investment Trust Management mutual funds (“ITM”), which are offered to investors in Japan, have an “all-in” fee to compensate the Adviser for investment advisory as well as fund accounting and administrative related services. The fee schedules of the ITM mutual funds that have a somewhat similar investment style as Global Core Bond Portfolio and High Yield Portfolio are set forth below:

Portfolio	ITM Mutual Fund	Fee
Global Core Bond Portfolio	Global Bond Fund	0.54%
	Global Bond Fund 1
	Global Bond Fund 3	0.45%
High-Yield Portfolio	High Yield Portfolio Open Fund	1.00%

The Adviser provides sub-advisory investment services to certain other investment companies managed by other fund families. The Adviser charges the fees set forth below for the following sub-advisory relationships that have a somewhat similar investment style as the Portfolios. In the table below are the advisory fee schedules of the sub-advised funds and the effective management fees of the sub-advisory relationships based on the Portfolios’ September 30, 2015 net assets.¹⁹

Portfolio	Sub-advised Fund	Sub-advised Fund Fee Schedule	Sub-Advised Management Fund Effective Fee (%)
Global Core Bond Portfolio	Client #1	AB Sub-Advisory Fee Schedule: 0.12% of average daily net assets		0.120%

18 Class A/A2 shares of the Luxembourg funds are charged an “all-in” fee, which covers investment advisory and distribution-related services, unlike Class I/I2 shares, whose fee is only for investment advisory services.

19 The Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since “these comparisons are problematic because these fees, like those challenged, may not be the product of negotiations conducted at arm’s-length.” Jones v. Harris at 1429.

AB POOLING PORTFOLIOS  • 373

The services the Adviser provides pursuant to sub-advisory agreements are generally confined to the services related to the investment process; in other words, they are not as comprehensive as the services provided to the Portfolios by the Adviser.

While it appears that the sub-advisory relationship is paying a lower fee than the Global Core Bond Portfolio, it is difficult to evaluate the relevance of such lower fees due to differences in terms of the service provided, risks involved, and other competitive factors between the Portfolio and the sub-advisory relationship. There could also be various business reasons why an investment adviser would be willing to provide a sub-advised relationship investment related service at a different fee level than an investment company it is sponsoring where the investment adviser is providing all the services, not just investment services, generally required by a registered investment company.

II. MANAGEMENT FEES CHARGED BY OTHER MUTUAL FUNDS COMPANIES FOR LIKE SERVICES.

The Trustees previously received the Senior Officer’s Evaluation of the Investment Advisory Agreement (the “Senior Officer Fee Evaluation”) for the Retirement Strategies and the Wealth Strategies dated July 23, 2015. In those Senior Officer Fee Evaluations, the Senior Officer concluded that the investment advisory agreements for those funds were reasonable and within range of what would have been negotiated at arm’s-length.

The Pooling Portfolios are not charged an advisory fee. However, as previously mentioned, the Institutional Clients that invest in the Pooling Portfolios do pay an advisory fee pursuant to their advisory agreements with the Adviser. The Adviser believes that the fee paid by the Institutional Clients includes a portion, referred by the Adviser as the “Implied Advisory Fee,” that may be reasonably viewed as compensation for services that the Adviser provides to the Pooling Portfolios. The Adviser further believes that the rate of the Implied Advisory Fee is the same for each Institutional Client invested in a series of the Pooling Portfolios.

Because of the Pooling Portfolios’ limited availability for investment, open only to certain institutional clients of the Adviser, the Pooling Portfolios have zero transfer agent (with the exception of certain transfer agent out of pocket expenses) and distribution fees, in addition to zero advisory fees. Such expense structure is rare in the industry. The UBS Relationship Funds, an open-end investment company managed by UBS Global Asset Management (Americas) Inc. (UBS), was the only other fund family that was determined by the Adviser, the Senior Officer and Broadridge Financial Solutions, Inc. (“Broadridge”) to have an expense structure comparable to the Pooling Portfolios.²⁰

20 On June 5, 2015, Broadridge acquired the Fiduciary Services and Competitive Intelligence unit, i.e., the group responsible for providing the Portfolios’ 15(c) reports, from Thomson Reuters’ Lipper division. The group that maintains Lipper’s expense and performance databases and investment classifications/objectives remains a part of Thomson Reuters’ Lipper division. Accordingly, the Portfolios’ investment classifications/objectives continue to be determined by Lipper.

374 •  AB POOLING PORTFOLIOS

Since there are not many funds of other fund families that have an expense structure similar to that of the Portfolios, Broadridge provided additional information for expense and performance comparison. Broadridge compared the total expense ratios of the Portfolios to that of funds of a similar investment classification/objective with institutional class shares; however, Broadridge excluded management, transfer agent and distribution fees from the total expense ratios of the Portfolios’ peers.²¹ Broadridge’s analysis included the Portfolios’ rankings relative to their respective EG and Broadridge Expense Universe (“EU”). It should be noted that there are limitations on expense category data because different funds categorize expenses differently.

Broadridge describes an EG as a representative sample of comparable funds. Broadridge’s standard methodology for screening funds to be included in an EG entails the consideration of several fund criteria, including fund type, Lipper investment classification/objective, load type and similar 12b-1/non-12b-1 service fees, asset (size) comparability, and expense components and attributes. An EG will typically consist of seven to twenty funds.²² An EU is a much broader group, consisting of all institutional classes of funds of the same classification/objective as the subject Portfolio. The result of Broadridge’s analysis is set forth below:

Portfolio	Total Expense Ratio (%)		Broadridge EG Median (%)23		Broadridge EG Rank	Broadridge EU Median (%)		Broadridge EU Rank
Short Duration Bond Portfolio		0.031		0.058	3/15		0.050	13/48
Global Core Bond Portfolio		0.034		0.067	1/12		0.099	1/26
Bond Inflation Protection Portfolio		0.041		0.053	6/17		0.055	9/30
High-Yield Portfolio		0.111		0.104	8/13		0.096	23/38

Based on this analysis, except for High-Yield Portfolio, which has a total expense ratio that is higher than both the EG and EU medians, the Portfolios’ total expense ratio is lower than their Portfolios’ respective EG and EU medians.

21 Because the Portfolios are offered only to other investment companies and certain institutional clients managed by the Adviser, the Portfolios are not assessed a fee for transfer agent and distribution related services although it should be noted that the transfer agent of the Portfolios is reimbursed for out of pocket expenses.

22 Except for asset (size) comparability, Broadridge uses the same criteria for selecting an EG peer when selecting an EU peers. Unlike the EG, the EU allows for the same adviser to be represented by more than just one fund.

23 With respect to the Portfolios’ peers, their total expense ratios are net of management, transfer agent and distribution fees.

AB POOLING PORTFOLIOS  • 375

III. COSTS TO THE ADVISER AND ITS AFFILIATES OF SUPPLYING SERVICES PURSUANT TO THE ADVISORY FEE ARRANGEMENT, EXCLUDING ANY INTRA-CORPORATE PROFIT.

The Adviser utilizes two profitability reporting systems, which operate independently but are aligned with each other, to estimate the Adviser’s profitability in connection with investment advisory services provided to the Portfolios. The Senior Officer has retained a consultant to provide independent advice regarding the alignment of the two profitability systems as well as the methodologies and allocations utilized by both profitability systems. See Section IV for additional discussion.

IV. PROFIT MARGINS OF THE ADVISER AND ITS AFFILIATES FOR SUPPLYING SUCH SERVICES.

The Pooling Portfolios’ profitability information, prepared by the Adviser for the Board of Trustees, was reviewed by the Senior Officer and the consultant. The Adviser’s profitability from providing investment advisory services to the Pooling Portfolios increased, during the calendar year 2014, relative to 2013.

V. POSSIBLE ECONOMIES OF SCALE

The Adviser has indicated that economies of scale are being shared with shareholders through pricing to scale, breakpoints, fee reductions/waivers and enhancement to services.

In May 2012, an independent consultant, retained by the Senior Officer, provided the Board of Trustees information on the Adviser’s firm-wide average costs from 2005 through 2011 and the potential economies of scale. The independent consultant noted that from 2005 through 2007 the Adviser experienced significant growth in assets under management (“AUM”). During this period, operating expenses increased, in part to keep up with growth, and in part reflecting market returns. However, from 2008 through the first quarter of 2009, AUM rapidly and significantly decreased due to declines in market value and client withdrawals. When AUM rapidly decreased, some operating expenses categories, including base compensation and office space, adjusted more slowly during this period, resulting in an increase in average costs. Since 2009, AUM has experienced less significant changes. The independent consultant noted that changes in operating expenses reflect changes in business composition and business practices in response to changes in financial markets. Finally, the independent consultant concluded that the increase in average cost and the decline in net operating margin across the Adviser since late 2008 are inconsistent with the view that there are currently reductions in average costs due to economies of scale that can be shared with the AllianceBernstein Mutual Funds managed by the Adviser through lower fees.

376 •  AB POOLING PORTFOLIOS

Previously, in February 2008, the independent consultant provided the Board of Trustees an update of the Deli²⁴ study on advisory fees and various fund characteristics.²⁵ The independent consultant first reiterated the results of his previous two dimensional comparison analysis (fund size and family size) with the Board of Trustees.²⁶ The independent consultant then discussed the results of the regression model that was utilized to study the effects of various factors on advisory fees. The regression model output indicated that the bulk of the variation in fees predicted were explained by various factors, but substantially by fund AUM, family AUM, index fund indicator and investment style. The independent consultant also compared the advisory fees of the AllianceBernstein Mutual Funds to similar funds managed by 19 other large asset managers, regardless of the fund size and each Adviser’s proportion of mutual fund assets to non-mutual fund assets.

VI. NATURE AND QUALITY OF THE ADVISER’S SERVICES INCLUDING THE PERFORMANCE OF THE PORTFOLIOS.

With assets under management of $463 billion as of September 30, 2015, the Adviser has the investment experience to manage the portfolio assets of the Portfolios and provide non-investment services to the Portfolios

The information in the table below shows the 1, 3, 5 and 10 year gross performance returns and rankings of the Portfolios relative to their Broadridge Performance Group (“PG”) and Broadridge Performance Universe (“PU”)²⁷ for the period ended July 31, 2015.²⁸

24 The Deli study, originally published in 2002 based on 1997 data and updated for the February 2008 Presentation, may be of diminished value due to the age of the data used in the presentation and the changes experienced in the industry since 2008.

25 The Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since the fees may not be the product of negotiations conducted at arm’s length. See Jones v. Harris at 1429.

26 The two dimensional analysis showed patterns of lower advisory fees for funds with larger asset sizes and funds from larger family sizes compared to funds with smaller asset sizes and funds from smaller family sizes, which according to the independent consultant is indicative of a sharing of economies of scale and scope. However, in less liquid and active markets, such is not the case, as the empirical analysis showed potential for diseconomies of scale in those markets. The empirical analysis also showed diminishing economies of scale and scope as funds surpassed a certain high level of assets.

27 A Portfolio’s PG/PU may not necessarily be identical to a Portfolio’s EG/EU as the criteria for including or excluding a fund in a PG/PU is somewhat different from that of an EG/EU.

28 The gross performance returns of the Portfolios were provided by Broadridge. The performance returns of the Portfolios’ peers are also adjusted for expenses (gross up).

AB POOLING PORTFOLIOS  • 377

	Portfolio Return (%)		PG Median (%)		PU Median (%)		PG Rank	PU Rank
Short Duration Bond Portfolio
1 year		1.14		1.38		1.34	12/15	34/47
3 year		0.94		1.70		1.90	11/11	34/35
5 year		1.35		2.24		2.42	11/11	29/30
10 year		2.40		3.47		3.52	6/6	17/19
Global Core Bond Portfolio29
1 year		3.69		-2.48		-2.50	2/12	2/26
3 year		2.95		1.95		2.35	5/12	8/22
5 year		4.51		3.50		3.91	5/11	9/20
10 year		5.49		5.33		5.45	2/6	5/11
Bond Inflation Protection Portfolio30
1 year		-1.77		-1.87		-1.86	7/17	12/29
3 year		0.14		-1.02		-1.02	2/14	4/24
5 year		3.54		3.29		3.30	3/12	5/21
10 year		4.56		4.29		4.36	2/7	3/11
High-Yield Portfolio
1 year		0.77		2.26		1.76	11/13	25/38
3 year		7.41		6.76		6.44	3/9	6/26
5 year		8.54		8.19		8.46	3/8	8/19
10 year		8.29		7.37		7.71	1/5	3/10

29 The Portfolio’s investment strategy changed on or about December 31, 2011. The Portfolio eliminated its policy of limiting its investments in debt securities denominated in currencies other than the U.S. dollars to 20% of its total assets, and adopted non-fundamental policies to invest at least 40% of its assets in securities of non-U.S. issuers. Also at this time, the Portfolio’s Lipper classification changed from Intermediate Investment Grade Debt Fund to Global Income Fund and the Portfolio’s benchmark changed from the Barclays U.S. Aggregate Bond Index to the Barclays Global Aggregate Bond Index (Hedged).

30 The Portfolio’s non-fundamental investment objective and investment policies changed on or about April 12, 2010. The Portfolio’s investment policy of investment 80% of its net assets in inflation-protected securities was changed to a policy of investment at least 80% of its net assets in fixed-income securities. After the change, the Portfolio was permitted to utilize reverse repurchase agreements for leverage, invest in derivatives, invest up to 15% of its total assets in below investment grade securities, and invest in any fixed-income securities of any maturity or duration.

378 •  AB POOLING PORTFOLIOS

Set forth below are the 1, 3, 5 and 10 year and since inception net performance returns of the Portfolios (in bold) versus their benchmarks.³¹ Portfolio and benchmark volatility and reward-to-variability ratio (“Sharpe Ratio”) information are also shown.³²

	Periods Ending July 31, 2015 Annualized Performance (%)
									Since Inception (%)		Annualized				Risk Period (Year)
	1 Year (%)		3 Year (%)		5 Year (%)		10 Year (%)				Volatility (%)		Sharpe Ratio (%)
Short Duration Bond Portfolio		1.11		0.91		1.31		2.34		2.33		1.49		0.66		10
Bank of America/Merrill Lynch 1-3 Yr Treasury Index		1.01		0.59		0.78		2.55		2.51		1.31		1.00		10
Inception Date: May 20, 2005
Global Core Bond Portfolio29		3.66		2.92		4.47		5.44		5.40		3.04		0.95		3
Barclays Global Aggregate Bond Index (Hedged)		3.75		3.14		3.74		4.44		4.43		2.62		1.16		3
Barclays U.S. Aggregate Bond Index		2.82		1.60		3.27		4.61		4.54		N/A		N/A		N/A
Inception Date: May 20, 2005
Bond Inflation Protection Portfolio30		-1.83		0.04		3.43		4.48		4.31		5.20		0.62		10
Barclays 1-10 Yr. TIPS Index		-1.80		-0.92		2.25		3.85		3.69		5.04		0.50		10
Inception Date: May 20, 2005
High-Yield Portfolio		0.67		7.32		8.46		8.21		8.48		10.41		0.68		10
Barclays U.S. High Yield 2% Issuer Cap Index		0.37		5.94		7.71		7.67		8.05		10.24		0.63		10
Inception Date: May 20, 2005

31 The Adviser provided Portfolio and benchmark performance return information for periods through July 31, 2015.

32 Volatility and Sharpe Ratio information for the Portfolios’ benchmarks was obtained through Lipper LANA, a database maintained by Lipper. Portfolio volatility and Sharpe Ratio information was estimated by the Mutual Fund Senior Officer Group using standard Lipper methodology. Volatility is a statistical measure of the tendency of a market price or yield to vary over time. A Sharpe Ratio is a risk adjusted measure of return that divides a fund’s return in excess of the riskless return by the fund’s standard deviation. A fund with a greater volatility would be viewed as more risky than a fund with equivalent performance but lower volatility; for that reason, a greater return would be demanded for the more risky fund. A fund with a higher Sharpe Ratio would be viewed as better performing than a fund with a lower Sharpe Ratio.

AB POOLING PORTFOLIOS  • 379

CONCLUSION:

Based on the factors discussed above the Senior Officer’s conclusion is that the proposed advisory fees for the Portfolios are reasonable and within the range of what would have been negotiated at arm’s-length in light of all the surrounding circumstances. This conclusion in respect of the Portfolios is based on an evaluation of all of these factors and no single factor was dispositive.

Dated: November 25, 2015

380 •  AB POOLING PORTFOLIOS

THE FOLLOWING IS NOT PART OF THE SHAREHOLDER REPORT OR THE FINANCIAL STATEMENTS

SUMMARY OF SENIOR OFFICER’S EVALUATION OF INVESTMENT ADVISORY AGREEMENT¹

The following is a summary of the evaluation of the Investment Advisory Agreement between AllianceBernstein L.P. (the “Adviser”) and AB Pooling Portfolios (the “Trust” or the “Pooling Portfolios”) in respect of the following Portfolios:²

- U.S. Value Portfolio

- U.S. Large Cap Growth Portfolio

- Multi-Asset Real Return Portfolio³

- International Value Portfolio

- International Growth Portfolio

- Small-Mid Cap Value Portfolio

- Small-Mid Cap Growth Portfolio

- Volatility Management Portfolio

The Trust, which is designed to facilitate a “blended style” investment approach, represents a variety of asset classes and investment styles, and is available for investment only to institutional clients of the Adviser, including both registered investment companies and large managed separate accounts.

The evaluation of the Investment Advisory Agreement was prepared by Philip L. Kirstein, the Senior Officer, for the Trustees of the Trust, as required by the September 1, 2004 Assurance of Discontinuance (“AoD”) between the Adviser and the New York State Attorney General (the “NYAG”). The Senior Officer’s evaluation of the Investment Advisory Agreement is not meant to diminish the responsibility or authority of the Board of Trustees of the Trust to perform its duties pursuant to Section 15 of the Investment Company Act of 1940 (the “40 Act”) and applicable state law. The purpose of the summary is to provide shareholders with a synopsis of the independent evaluation of the reasonableness of the advisory fees proposed to be paid by the Portfolios which was provided to

1 The information in the fee summary was completed on April 23, 2015 and discussed with the Board of Trustees on May 5-7, 2015.

2 Future references to the Portfolios do not include “AB.” The other Portfolios of the Trust that are not discussed in this evaluation are the fixed-income Pooling Portfolios: Short Duration Bond Portfolio, Global Core Bond (formerly Intermediate Duration Bond Portfolio), Bond Inflation Protected Securities Portfolio (formerly Inflation Protected Securities Portfolio) and High Yield Portfolio.

3 Effective December 31, 2010, the Portfolio changed its name from Global Real Estate Investment Portfolio and eliminated its policy of investing at least 80% of its net assets in real estate related investments. Also at this time, the Portfolio’s management team changed.

AB POOLING PORTFOLIOS  • 381

the Trustees in connection with their review of the proposed approval of the continuance of the Investment Advisory Agreement. The Senior Officer’s evaluation considered the following factors:

1. Advisory fees charged to institutional and other clients of the Adviser for like services;

2. Advisory fees charged by other mutual fund companies for like services;

3. Costs to the Adviser and its affiliates of supplying services pursuant to the advisory agreements, excluding any intra-corporate profit;

4. Profit margins of the Adviser and its affiliates from supplying such services;

5. Possible economies of scale as the Portfolios grow larger; and

6. Nature and quality of the Adviser’s services including the performance of the Portfolios.

These factors, with the exception of the first factor, are generally referred to as the “Gartenberg factors,” which were articulated by the United States Court of Appeals for the Second Circuit in 1982. Gartenberg v. Merrill Lynch Asset Management, Inc., 694 F. 2d 923 (2d Cir. 1982). On March 30, 2010, the Supreme Court held the Gartenberg decision was correct in its basic formulation of what Section 36(b) requires: to face liability under Section 36(b), “an investment adviser must charge a fee that is so disproportionately large that it bears no reasonable relationship to the services rendered and could not have been the product of arm’s length bargaining” Jones v. Harris Associates L.P., 130 S. Ct. 1418 (2010). In Jones, the Court stated the Gartenberg approach fully incorporates the correct understanding of fiduciary duty within the context of Section 36(b) and noted with approval that “Gartenberg insists that all relevant circumstances be taken into account” and “uses the range of fees that might result from arm’s-length bargaining as the benchmark for reviewing challenged fees.”⁴

PORTFOLIO ADVISORY FEES, NET ASSETS, & EXPENSE RATIOS

Under the Investment Advisory Agreement, the Portfolios are not charged an advisory fee. The Portfolios’ Investment Advisory Agreement was amended to provide for reimbursements to the Adviser for providing certain clerical, legal, administrative, and other services; to date, other than Volatility Management Portfolio, the Trustees have not authorized reimbursements under these provisions, although the adviser proposed at the March 11, 2015 meeting that the trustees authorize such reimbursements going forward and presented information on the expense ratio impact of providing such authorization. During the most recently completed fiscal year, Volatility Management Portfolio reimbursed the Adviser in the amount of $47,037 (0.003% of the Portfolio average daily net assets) for providing such services.

4 Jones v. Harris at 1427.

382 •  AB POOLING PORTFOLIOS

The Adviser is compensated by the institutional clients that invest in the Portfolios, which include AB Retirement Strategies (“Retirement Strategies”),⁵ AB Wealth Strategies (“Wealth Strategies”),⁶ Sanford C. Bernstein Fund, Inc.,—Overlay Portfolios (“SCB Overlay Portfolios”)⁷ and the Rhode Island Higher Education Savings Trust (referred to herein as “CollegeBoundfund”). Collectively, these shareholders (the “Institutional Clients”) own 100 percent of the Pooling Portfolios’ total outstanding shares. Set forth below are the advisory fee schedules of the Adviser’s Institutional Clients that invest in the Pooling Portfolios.

AB Blended Style Series, Inc.—AB Retirement Strategies

Each of the Retirement Strategies pays an advisory fee correlated to the percentage of equity investments held by the Retirement Strategy. This fee is discounted by a certain percentage depending on the asset level of the Retirement Strategy as indicated below:

% Invested in Equity Investments	Advisory Fee
Equal to or less than 60%	0.55%
Greater than 60% and less than 80%	0.60%
Equal to or greater than 80%	0.65%

Net Asset Level	Discount
Assets equal to or less than $2.5 billion Assets greater than $2.5 billion and less than $5 billion Assets greater than $5 billion	n/a 0.10% 0.15%

Accordingly, under the terms of the Investment Advisory Agreement, the Retirement Strategies will pay the Adviser at the following annual rates:

	Average Daily Net Assets
Retirement Strategy	First $2.5 billion			Next $2.5 billion			In excess of $5 billion
Retirement Strategies: 2030, 2035, 2040, 2045, 2050, 2055		0.65	%		0.55	%		0.50	%
Retirement Strategies: 2015, 2020, 2025		0.60	%		0.50	%		0.45	%
Retirement Strategies: 2000, 2005, 2010		0.55	%		0.45	%		0.40	%

5 Includes AB 2000 Retirement Strategy, AB 2005 Retirement Strategy, AB 2010 Retirement Strategy, AB 2015 Retirement Strategy, AB 2020 Retirement Strategy, AB 2025 Retirement Strategy, AB 2030 Retirement Strategy, AB 2035 Retirement Strategy, AB 2040 Retirement Strategy, AB 2045 Retirement Strategy, AB 2050 Retirement Strategy and AB 2055 Retirement Strategy. Future references to the Retirement Strategies do not include “AB.”

6 Includes AB Balanced Wealth Strategy, AB Wealth Appreciation Strategy, AB Conservative Wealth Strategy. Future references to the Wealth Strategies do not include “AB.”

7 Includes SCB Overlay A Portfolio, SCB Tax-Aware Overlay A Portfolio, SCB Overlay B Portfolio, SCB Tax-Aware Overlay B Portfolio, SCB Tax-Aware Overlay C Portfolio and SCB Tax-Aware Overlay N Portfolio.

AB POOLING PORTFOLIOS  • 383

AB Portfolios—AB Wealth Strategies

The Adviser charges the Wealth Strategies an advisory fee based on a percentage of each fund’s average daily net assets:⁸

Fund	Advisory Fee Based on % of Average Daily Net Assets
Tax-Managed Wealth Appreciation Strategy Wealth Appreciation Strategy	First $2.5 billion Next $2.5 billion Excess of $5 billion	0.65 0.55 0.50	%  %  %
Tax-Managed Balanced Wealth Strategy	First $2.5 billion	0.55	%
Tax-Managed Conservative	Next $2.5 billion	0.45	%
Balanced Wealth Strategy	Excess of $5 billion	0.40	%
Conservative Wealth Strategy

Sanford C. Bernstein Fund, Inc.—SCB Overlay Portfolios

The SCB Overlay Portfolios invest in Multi-Asset Real Return Pooling Portfolio. The Adviser charges the SCB Overlay an advisory fee based on a percentage of each fund’s average daily net assets:⁹

SCB Overlay Portfolios	Annual Percentage of Average Daily Net Assets
Overlay A Portfolio	0.90%
Tax-Aware Overlay A Portfolio	0.90%
Overlay B Portfolio	0.65%
Tax-Aware Overlay B Portfolio	0.65%
Tax-Aware Overlay C Portfolio	0.65%
Tax-Aware Overlay N Portfolio	0.65%

Rhode Island Higher Education Savings Trust—CollegeBoundfund

The Adviser serves as the program manager of the CollegeBoundfund, a 529 college-savings plan. Services provided by the Adviser as program manager for CollegeBoundfund include managing the assets of each Education Strategy of the plan that may invest in a combination of the Pooling Portfolios (the “Underlying Portfolios”), performing administrative related functions, servicing shareholder accounts, providing customer service to participants, maintaining the program and developing/updating a website where participants can access their personal

8 At the Board meetings on May 6-8, 2014, the Adviser proposed modifications to the Wealth Strategies to provide for the inclusion of AB Multi-Manager Alternative Strategies Fund as one of the underlying portfolios for each Wealth Strategy. At the time of the presentation, it was estimated that the loss of assets to the Pooling Portfolios in the aggregate would be $350-$400 million, with the largest transfers expected to come from U.S. Value Portfolio, U.S. Large Cap Growth Portfolio, International Value Portfolio and International Growth Portfolio. As of March 31, 2015, the market value of aggregate investment of the Wealth Strategies in the AB Multi-Manager Alternative Strategies Fund was $373.9 million. The difference in the Pooling Portfolios’ net assets between March 31, 2015 and March 31, 2014, including the fixed income Pooling Portfolios that are not discussed in this evaluation, was $545.0 million in the aggregate.

9 The Board of Directors of the SCB Fund approved the renewal of the investment advisory agreement of the SCB Overlay Portfolios on October 23, 2014.

384 •  AB POOLING PORTFOLIOS

accounts.¹⁰ The shareholder servicing is provided by AllianceBernstein Investor Services (“ABIS”) and distribution by AllianceBernstein Investments, Inc. (“ABI”), both of which are affiliates of the Adviser. As program manager, the Adviser is paid a program management fee equal to the total expense ratio (fixed) of each Education Strategy minus the weighted average of the expenses of the Underlying Portfolios in which the Strategy is invested. The weighted average of the expenses of the Underlying Portfolios may fluctuate over time, resulting in an increase or decrease in the program management fee since the total expense ratio is constant. Set forth below is a table showing the total expense ratios of the Education Strategies as of December 31, 2014.¹¹

Portfolios	Total Expense Ratio12
Age-Based Education Strategies
Age-Based Aggressive Growth 2014-2016		0.94	%
Age-Based Aggressive Growth 2011-2013		0.94	%
Age-Based Aggressive Growth 2008-2010		0.90	%
Age-Based Aggressive Growth 2005-2007		0.86	%
Age-Based Aggressive Growth 2002-2004		0.82	%
Age-Based Aggressive Growth 1999-2001		0.78	%
Age-Based Aggressive Growth 1996-1998		0.74	%
Age-Based Aggressive Growth 1993-1995		0.74	%
Age-Based Aggressive Growth 1990-1992		0.74	%
Age-Based Aggressive Growth 1987-1989		0.74	%
Age-Based Aggressive Growth 1984-1986		0.74	%
Age-Based Aggressive Growth Pre-1984		0.74	%
Age-Based Moderate Growth 2014-201613		0.92	%
Age-Based Moderate Growth 2011-2013		0.88	%
Age-Based Moderate Growth 2008-2010		0.84	%
Age-Based Moderate Growth 2005-2007		0.80	%
Age-Based Moderate Growth 2002-2004		0.78	%
Age-Based Moderate Growth 1999-2001		0.76	%
Age-Based Moderate Growth 1996-1998		0.72	%
Age-Based Moderate Growth 1993-1995		0.72	%
Age-Based Moderate Growth 1990-1992		0.72	%
Age-Based Moderate Growth 1987-1989		0.72	%

10 On March 24, 2014 the CBF replaced U.S. Value Portfolio and U.S. Large Cap Portfolio with AB Growth and Income Fund, Inc., as well as International Value Portfolio and International Growth Portfolio with a separate account, managed by the Adviser, called AB International Factor.

11 For all Education Strategies that invest in the Pooling Portfolios held by Rhode Island resident accounts, which account for 5.47% of all accounts and 4.12% in terms of net assets as of March 31, 2015, the total expense ratio, which includes the blended underlying expense ratio related to the Pooling Portfolios, is capped at 0.20%.

12 The total expense ratios do not include an annual distribution fee of up to1.00% payable to ABI, the program distributor and an affiliate of the Adviser, which is applied only to certain accounts that are established with the involvement of a financial adviser (“FA”). This charge is to fund compensation payable in the same amount by ABI to the FA for the FA’s services after such account is open at least one year.

13 The Education Strategy commenced operations on February 4, 2014.

AB POOLING PORTFOLIOS  • 385

Portfolios	Total Expense Ratio12
Age-Based Moderate Growth 1984-1986		0.72	%
Age-Based Moderate Growth Pre-1984		0.72	%
Age-Based Conservative Growth 2014-201614		0.82	%
Age-Based Conservative Growth 2011-2013		0.82	%
Age-Based Conservative Growth 2008-2010		0.79	%
Age-Based Conservative Growth 2005-2007		0.78	%
Age-Based Conservative Growth 2002-2004		0.76	%
Age-Based Conservative Growth 1999-2001		0.72	%
Age-Based Conservative Growth 1996-1998		0.72	%
Age-Based Conservative Growth Pre-1996		0.72	%
Fixed Based Education Strategies
Appreciation		0.94	%
Balanced		0.80	%
Conservative		0.72	%

The Portfolios’ net assets as of March 31, 2015 are as follows:

Portfolio	Net Assets 3/31/15 ($MM)
U.S. Value Portfolio	$	505.7
U.S. Large Cap Growth Portfolio	$	506.7
Multi-Asset Real Return Portfolio	$	916.9
International Value Portfolio	$	425.1
International Growth Portfolio	$	425.9
Small-Mid Cap Value Portfolio	$	317.2
Small-Mid Cap Growth Portfolio	$	317.0
Volatility Management Portfolio	$	1,438.2

Set forth below are the most recently completed fiscal year total expense ratios of the Pooling Portfolios that do not have an Expense Limitation Undertaking:

Portfolio	Fiscal Year End	Total Expense Ratio
U.S. Value Portfolio	August 31		0.03	%
U.S. Large Cap Growth Portfolio	August 31		0.03	%
Multi-Asset Real Return Portfolio15,16	August 31		0.07	%
International Value Portfolio	August 31		0.05	%
International Growth Portfolio	August 31		0.05	%
Small-Mid Cap Value Portfolio	August 31		0.06	%
Small-Mid Cap Growth Portfolio	August 31		0.07	%

14 The Education Strategy commenced operations on April 21, 2014.

15 The Portfolio has exposure to exchange traded funds (“ETF”). Like any other mutual fund, ETFs bear fund expenses. Accordingly, if a Portfolio were to hold a long position in an ETF, the ETF’s expenses would detract from the Portfolio’s total return

16 The Portfolio’s current fiscal year exposure to ETFs is 0.32% of the Fund’s average net assets. The Portfolio’s underlying expense ratio related to the ETF holdings is 0.0015%.

386 •  AB POOLING PORTFOLIOS

With respect to Volatility Management Portfolio, the Adviser agreed to reimburse the Portfolio for that portion of the Portfolio’s total operating expenses to the degree necessary to limit the Portfolio’s expense ratio to the amount set forth below for the Portfolio’s current fiscal year. The terms of the expense limitation undertaking permit modification or termination by the Adviser upon 60 days’ notice prior to the Portfolios’ prospectus update. During the Portfolio’s most completed fiscal year, the Portfolio was operating below its expense cap. Accordingly, the expense limitation undertaking was of no effect during the period. Also set forth below is the Portfolio’s gross expense ratio:

Fund	Expense Cap Pursuant to Expense Limitation Undertaking	Gross Expense Ratio			Fiscal Year End
Volatility Management Portfolio17	0.15%		0.05	%	August 31

I. ADVISORY FEES CHARGED TO INSTITUTIONAL AND OTHER CLIENTS

Although the Portfolios are not charged an advisory fee, their shareholders, which include other investment companies and large institutional clients managed by the Adviser, pay the Adviser an investment advisory fee for managing their assets. The advisory fees charged to investment companies that the Adviser manages and sponsors are normally higher than those charged to similar sized institutional accounts, including pension plans and sub-advised investment companies. The fee differential reflects, among other things, different services provided to such clients and different liabilities assumed. Services provided by the Adviser to the Portfolios that are not provided to non-investment company clients and sub-advised investment companies include providing office space and personnel to serve as Fund Officers, who among other responsibilities make the certifications required under the Sarbanes–Oxley Act of 2002, and coordinating with and monitoring third party service providers such as Fund counsel, auditors, custodians, transfer agents and pricing services. The accounting, administrative, legal and compliance requirements for the Portfolios are more costly than those for institutional accounts due to the greater complexities and time required for investment companies. While there are differences in the services provided to investment companies and institutional accounts, it is contemplated that the Adviser will recover some of the costs related to providing these administrative services by the reimbursements it receives from Volatility Management Portfolio and the Institutional Clients. In addition, managing the cash flow of an investment company may be more difficult than managing that of a stable pool of assets, such as an institutional account with little cash movement in either direction, particularly if the investment company experiences a net redemption and the Adviser is frequently forced to sell securities to raise cash for the redemption. However, managing an investment company with positive cash flow may be easier at times than managing a stable pool of assets. In recent years,

17 The Portfolio’s current fiscal year exposure to ETFs is 16.85% of the Fund’s average net assets. The Portfolio’s underlying expense ratio related to the ETF holdings is 0.0254%.

AB POOLING PORTFOLIOS  • 387

investment advisers have been sued by institutional clients and have suffered reputational damage both by the attendant publicity and outcomes other than complete victories. Accordingly, the legal and reputational risks associated with institutional accounts are greater than previously thought, although arguably still not equal to those related to the mutual fund industry.

Notwithstanding the Adviser’s view that managing an investment company is not comparable to managing other institutional accounts because the services provided are different, the Supreme Court has indicated consideration should be given to the advisory fees charged to institutional accounts that have a substantially similar investment style as the Portfolio.¹⁸ In addition to the AB Institutional fee schedule, set forth below are what would have been the effective advisory fees of the Portfolios had the AB Institutional fee schedules been applicable to the Portfolios based on March 31, 2015 net assets, although the Portfolios are not charged an advisory fee by the Adviser.¹⁹

Portfolio	Portfolio Net Assets 03/31/15 ($MIL)	AB Institutional Fee Schedule	Effective AB Inst. Advisory Fee (%)
U.S. Value Portfolio	$505.7	U.S. Diversified Value 0.65% on 1st $25 million 0.50% on next $25 million 0.40% on next $50 million 0.30% on next $100 million 0.25% on the balance Minimum Account Size: $25 m		0.307%
U.S. Large Cap Growth Portfolio	$506.7	U.S. Large Cap Growth 0.80% on 1st $25 million 0.50% on next $25 million 0.40% on next $50 million 0.30% on next $100 million 0.25% on the balance Minimum Account Size: $25 m		0.314%
Multi-Asset Real Return Portfolio	$916.9	Real Asset Strategy 0.75% on 1st $150 million 0.60% on next $150 million 0.50% on the balance Minimum Account Size: $150 m		0.557%

18 The Supreme Court stated that “courts may give such comparisons the weights that they merit in light of the similarities and differences between the services that the clients in question require, but the courts must be wary of inapt comparisons.” Among the significant differences the Supreme Court noted that may exist between services provided to mutual funds and institutional accounts are “higher marketing costs.” Jones v. Harris at 1428.

19 The Adviser has indicated that with respect to institutional accounts with assets greater than $300 million, it will negotiate a fee schedule. Discounts that are negotiated vary based upon each client relationship.

388 •  AB POOLING PORTFOLIOS

Portfolio	Portfolio Net Assets 03/31/15 ($MIL)	AB Institutional Fee Schedule	Effective AB Inst. Advisory Fee (%)
International Value Portfolio	$425.1	International Value 0.80% on 1st $25 million 0.60% on next $25 million 0.50% on next $50 million 0.40% on next the balance Minimum Account Size: $25 m		0.447%
International Growth Portfolio	$425.9	International Growth Trends 0.85% on 1st $25 million 0. % on next $25 million 0.55% on next $50 million 0.45% on the balance Minimum Account Size: $25 m		0.497%
Small-Mid Cap Value Portfolio	$317.2	Small & Mid Cap Value 0.95% on 1st $25 million 0.75% on next $25 million 0.65% on next $50 million 0.55% on the balance Minimum Account Size: $25 m		0.613%
Small-Mid Cap Growth Portfolio	$317.0	U.S. SMID Cap Growth 0.95% on 1st $25 million 0.75% on next $25 million 0.65% on next $50 million 0.55% on the balance Minimum Account Size: $25 m		0.613%
Volatility Management Portfolio	$1,438.2	Volatility Management20 0.60% on 1st $50 million 0.50% on next $100 million 0.45% on the balance Minimum Account Size: None		0.459%

The Adviser manages the AB Mutual Funds (“ABMF”), which are open-end investment companies, and AB Variable Products Series Fund, Inc. (“AVPS”), which offers variable annuity and variable life contract policyholders the option to utilize certain AVPS portfolios as the investment option underlying their insurance contracts. The advisory schedules of almost all of the ABMF and AVPS funds, implemented in January 2004 as the AoD between the NYAG and the Adviser, contemplates eight categories with almost all of the AB funds in each category having the same advisory fee schedule. In addition to the fee schedules of the ABMF and AVPS funds whose investment styles are similar to those of the Portfolios, set forth below are what would have been the effective advisory fees

20 For stand-alone investment (Collective Investment Trust) only.

AB POOLING PORTFOLIOS  • 389

of the Portfolios had the fee schedules of the ABMF/AVPS funds been applicable to the Portfolios based on the Portfolios’ March 31, 2015 net assets:

Portfolio	ABMF/AVPS Portfolio	Fee Schedule	ABMF/ AVPS Effective Fee (%)
U.S. Value Portfolio	Value Fund AVPS Value Portfolio	0.55% on first $2.5 billion 0.45% on next $2.5 billion 0.40% on the balance		0.550%
U.S. Large Cap Growth Portfolio	Large Cap Growth Fund, Inc. AVPS Large Cap Growth Portfolio	0.75% on first $2.5 billion 0.65% on next $2.5 billion 0.60% on the balance		0.750%
Multi-Asset Real Return Portfolio	AB Bond Fund, Inc.–Real Asset Strategy	0.75% (flat fee)		0.750%
International Value Portfolio	International Value Fund, Inc. AVPS International Value Portfolio	0.75% on first $2.5 billion 0.65% on next $2.5 billion 0.60% on the balance		0.750%
International Growth Portfolio	International Growth Fund, Inc. AVPS International Growth Portfolio	0.75% on first $2.5 billion 0.65% on next $2.5 billion 0.60% on the balance		0.750%
Small-Mid Cap Value Portfolio	Discovery Value Fund AVPS Small/Mid Cap Value Portfolio	0.75% on first $2.5 billion 0.65% on next $2.5 billion 0.60% on the balance		0.750%
Small-Mid Cap Growth Portfolio	Discovery Growth Fund	0.75% on first $500 million 0.65% on next $500 million 0.55% on the balance		0.750%

390 •  AB POOLING PORTFOLIOS

The Adviser manages the International Portfolio of the Sanford C. Bernstein Fund, Inc. (“SCB Fund”), which has a blend investment strategy of International Value Portfolio and International Growth Portfolio. The advisory fee schedule of SCB Fund—International Portfolio is set forth in the table below.

Portfolio21	SCB Fund Portfolio	Fee Schedule	SCB Fund Effective Fee (%)
International Value Portfolio/ International Growth Portfolio	International Portfolio	0.925% on 1st $1 billion 0.850% on next $3 billion 0.800% on next $2 billion 0.750% on next $2 billion 0.650% thereafter The Adviser is waving 5 basis points in advisory fees effective through October 31, 2015.		0.875%22

The Adviser also manages and sponsors retail mutual funds, which are organized in jurisdictions outside the United States, generally Luxembourg and Japan, and sold to non-United States resident investors. The Adviser charges the fees set forth below for the Luxembourg funds that has a somewhat similar investment style as U.S. Large Cap Portfolio and Multi-Asset Real Return Portfolio.

Portfolio	Luxembourg Fund	Fee23
U.S. Large Cap Growth Portfolio	American Growth Portfolio Class A Class I	1.50% 0.70%
Multi-Asset Real Return Portfolio	Real Asset Portfolio Class A Class I	1.55% 0.75%

The Adviser provides sub-advisory investment services to certain other investment companies managed by other fund families. The Adviser charges the fees set forth below for the following sub-advisory relationships that have a somewhat similar investment style as the Portfolios. In the table below are the advisory fee schedules

21 The investment guidelines of the Portfolios are more restrictive than the SCB Fund portfolio. The Portfolios invest primarily in either value or growth equity securities, in contrast to the SCB Fund portfolio, which invests in both value and growth equity securities.

22 The SCB Fund effective fee of 0.875% includes the five basis points advisory fee waiver.

23 Class A shares of the Luxembourg funds are charged an “all-in” fee, which includes investment advisory services and distribution related services, unlike Class I shares, whose fee is for investment advisory services only.

AB POOLING PORTFOLIOS  • 391

of the sub-advised funds and the effective management fees of the sub-advisory relationships based on the Portfolios’ March 31, 2015 net assets.²⁴

Portfolio	Sub-advised Fund	Sub-advised Fund Fee Schedule	Sub-advised Fund Eff. Mgmt. Fee (%)
U.S. Value Portfolio	Client #125,26	AB Sub-Advisory Fee Schedule: 0.49% on the first $100 million 0.30% on the next $100 million 0.25% on the balance		0.301%
U.S. Large Cap Growth Portfolio	Client #2	AB Sub-Advisory Fee Schedule: 0.35% on the first $50 million 0.30% on the next $1000 million 0.25% on the balance		0.270%
International Value Portfolio	Client #325,26	AB Sub-Advisory Fee Schedule: 0.60% on the first $1 billion 0.55% on the next $500 million 0.50% on the next $500 million 0.45% on the next $500 million 0.40% on the balance		0.600%
Small/Mid Cap Value Portfolio	Client #4	AB Sub-Advisory Fee Schedule: 0.50% on the first $250 million 0.40 % on the balance		0.489%
	Client #5	AB Sub-Advisory Fee Schedule: 0.61% on the first $150 million 0.50% on the balance		0.552%
	Client #6	AB Sub-Advisory Fee Schedule: 0.95% on the first $10 million 0.75% on the next $40 million 0.65% on the next $50 million 0.55% on the balance		0.604%
Volatility Management Portfolio	Client #7	AB Sub-Advisory Fee Schedule: 0.18% on the first $500 million 0.15% on the next $1 billion 0.13% on the balance		0.160%

The services the Adviser provides pursuant to sub-advisory agreements are generally confined to the services related to the investment process; in other words, they are not as comprehensive as the services provided to the Portfolios by the

24 The Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since “these comparisons are problematic because these fees, like those challenged, may not be the product of negotiations conducted at arm’s-length.” Jones v. Harris at 1429.

25 The client is an affiliate of the Adviser.

26 Assets are aggregated with other client portfolios for purposes of calculating the advisory fee.

392 •  AB POOLING PORTFOLIOS

Adviser. In addition, to the extent that certain of these sub-advisory relationships are with affiliates of the Adviser, the fee schedules may not reflect arm’s-length bargaining or negotiations.

II. MANAGEMENT FEES CHARGED BY OTHER MUTUAL FUNDS COMPANIES FOR LIKE SERVICES.

The Trustees previously received the Senior Officer’s Evaluation of the Investment Advisory Agreement (the “Senior Officer Fee Evaluation”) for the Retirement Strategies and the Wealth Strategies. The Senior Officer Fee Evaluation for the SCB Overlay Portfolios was reviewed by the SCB Fund Board of Directors.²⁷ In those Senior Officer Fee Evaluations, the Senior Officer concluded that the investment advisory agreements for those funds were reasonable and within range of what would have been negotiated at arm’s-length.

The Pooling Portfolios are not charged an advisory fee. However, as previously mentioned, the Institutional Clients that invest in the Pooling Portfolios do pay an advisory fee pursuant to their advisory agreements with the Adviser. The Adviser believes that the fee paid by the Institutional Clients includes a portion, referred by the Adviser as the “Implied Advisory Fee,” that may be reasonably viewed as compensation for services that the Adviser provides to the Pooling Portfolios. The Adviser further believes that the rate of the Implied Advisory Fee is the same for each Institutional Client invested in a series of the Pooling Portfolios.

Because of the Pooling Portfolios’ limited availability for investment, open only to certain institutional clients of the Adviser, the Pooling Portfolios have zero transfer agent (with the exception of certain transfer agent out of pocket expenses) and distribution fees, in addition to zero advisory fees. Such expense structure is rare in the industry. The UBS Relationship Funds, an open-end investment company managed by UBS Global Asset Management (Americas) Inc., was the only other fund family that was determined by the Adviser, the Senior Officer and Lipper, Inc. (“Lipper”) to have an expense structure comparable to the Pooling Portfolios.

Since there are not many funds of other fund families that have a similar expense structure as the Portfolios, Lipper, an analytical service not affiliated with the Adviser, compared the total expense ratios of the Portfolios to that of funds of a similar investment classification/objective with institutional class shares; however, Lipper excluded management, transfer agent and distribution fees from the

27 The Senior Officer Fee Evaluation was dated July 24, 2014 for the Retirement Strategies and the Wealth Strategies. The Senior Officer Fee Evaluation for the SCB Overlays Portfolios was dated October 7, 2014.

AB POOLING PORTFOLIOS  • 393

total expense ratios of the Portfolios’ peers.²⁸, ²⁹ Lipper’s analysis included the Portfolios’ rankings relative to their respective Lipper Expense Group (“EG”) and Lipper Expense Universe (“EU”).³⁰, ³¹

Lipper describes an EG as a representative sample of comparable funds. Lipper’s standard methodology for screening funds to be included in an EG entails the consideration of several fund criteria, including fund type, investment classification/objective, load type and similar 12b-1/non-12b-1 service fees, asset (size) comparability, expense components, operating structure, and expense attributes. An EG will typically consist of seven to twenty funds.

The original EGs of International Value Portfolio and Volatility Management Portfolio had an insufficient number of peers. Consequently, Lipper expanded the Portfolio’s EG to include peers that have a similar but not the same Lipper investment classification/objective. However, because Lipper had expanded the Portfolio’s EG to include peers that have a similar but not the same Lipper investment classification/objective, under Lipper’s standard guidelines, the Portfolio’s EU was also expanded to include the universes of those peers that have a similar but not the same investment classification/objective and load type as the Portfolio. The result of Lipper’s analysis is set forth in the table below.³²,³³

Portfolio	Expense Ratio (%)		Lipper EG Median (%)		Lipper EG Rank	Lipper EU Median (%)		Lipper EU Rank
U.S. Value Portfolio		0.027		0.047	3/15		0.068	8/50
U.S. Large Cap Growth Portfolio		0.028		0.043	3/17		0.056	26/125
Multi-Asset Real Return Portfolio		0.069		0.085	7/17		0.113	20/58
International Value Portfolio34		0.052		0.100	3/15		0.114	5/30

28 Because the Portfolios are offered only to other investment companies and certain institutional clients managed by the Adviser, the Portfolios are not assessed a fee for transfer agent and distribution related services although it should be noted that the transfer agent of the Portfolios is reimbursed for out of pocket expenses.

29 As stated previously, comparisons with fees charged to mutual funds by other advisers may be “problematic” as the fees charged by other advisers may not be the product of negotiations conducted at arm’s-length. Jones v. Harris at 1429.

30 A ranking of “1” would mean that the Portfolio had the lowest total expense ratio in the Lipper peer group.

31 There are limitations in expense category data because different funds categorize expenses differently.

32 The total expense ratios shown below were estimated by Lipper using rounded Form-NSAR data. Accordingly, there may be slight differences in the total expense ratios estimated by Lipper and that of the Adviser.

33 Except for asset (size) comparability, Lipper uses the same criteria for selecting a Lipper EG when selecting a Lipper EU. Unlike the Lipper EG, the Lipper EU allows for the same adviser to be represented by more than just one fund. In addition, multiple institutional class shares for the Portfolios’ peers are included.

34 The Portfolio’s EG includes the Portfolio, nine other International Multi-Cap Value (“IMLV”) funds and five International Large-Cap Value (“ILCV”) funds. The Portfolio’s EU includes the Portfolio, EG and all other IMLV and ILCV funds, excluding outliers.

394 •  AB POOLING PORTFOLIOS

Portfolio	Expense Ratio (%)		Lipper EG Median (%)		Lipper EG Rank	Lipper EU Median (%)		Lipper EU Rank
International Growth Portfolio		0.047		0.096	1/18		0.103	19/88
Small-Mid Cap Value Portfolio		0.064		0.086	6/16		0.060	18/30
Small-Mid Cap Growth Portfolio		0.074		0.067	12/20		0.064	51/88
Volatility Management Portfolio35		0.046		0.128	1/9		0.246	2/18

Based on this analysis, except for Small-Mid Cap Growth Portfolio, whose total expense ratio is higher than its EG and EU medians, and Small-Mid Cap Growth Value Portfolio, whose total expense ratio is lower than the EG median but higher than the EU median, the total expense ratios of the Portfolios are lower than their respective EG and EU medians.

III. COSTS TO THE ADVISER AND ITS AFFILIATES OF SUPPLYING SERVICES PURSUANT TO THE ADVISORY FEE ARRANGEMENT, EXCLUDING ANY INTRA-CORPORATE PROFIT.

The Adviser utilizes two profitability reporting systems, which operate independently but are aligned with each other, to estimate the Adviser’s profitability in connection with investment advisory services provided to the Portfolios. The Senior Officer has retained a consultant to provide independent advice regarding the alignment of the two profitability systems as well as the methodologies and allocations utilized by both profitability systems. See Section IV for additional discussion.

IV. PROFIT MARGINS OF THE ADVISER AND ITS AFFILIATES FOR SUPPLYING SUCH SERVICES.

The Pooling Portfolios’ profitability information, prepared by the Adviser for the Board of Trustees, was reviewed by the Senior Officer and the consultant. The Adviser’s profitability from providing investment advisory services to each of the Pooling Portfolios decreased with the exception Small-Mid Cap Value Portfolio, Small-Mid Cap Growth Portfolio, and Volatility Management Portfolio during calendar year 2014, relative to 2013.

Multi-Asset Real Return, International Value Portfolio, and Small-Mid Cap Growth Portfolio effected brokerage transactions and paid commissions to the Adviser’s affiliate, Sanford C. Bernstein & Co. LLC, and/or its U.K. based affiliate, Sanford C. Bernstein Ltd., collectively “SCB,” during the Portfolios’ most recently completed fiscal year. The Adviser represented that SCB’s profitability from business conducted with the Portfolios is comparable to the profitability of SCB’s dealings with other similar third party clients. In the ordinary course of

35 The Portfolio’s EG includes the Portfolio, four other Flexible Portfolio (“FX”) funds and four Alternative Global Macro (“AGM”) funds. The Portfolio’s EU includes the Portfolio, EG and all other FX and AGM funds, excluding outliers.

AB POOLING PORTFOLIOS  • 395

business, SCB receives and pays liquidity rebates from electronic communications networks (“ECNs”) derived from trading for its clients. These credits and charges are not being passed on to any SCB client.

V. POSSIBLE ECONOMIES OF SCALE

The Adviser has indicated that economies of scale are being shared with shareholders through pricing to scale, breakpoints, fee reductions/waivers and enhancement to services.

In May 2012, an independent consultant, retained by the Senior Officer, provided the Board of Trustees information on the Adviser’s firm-wide average costs from 2005 through 2011 and the potential economies of scale. The independent consultant noted that from 2005 through 2007 the Adviser experienced significant growth in assets under management (“AUM”). During this period, operating expenses increased, in part to keep up with growth, and in part reflecting market returns. However, from 2008 through the first quarter of 2009, AUM rapidly and significantly decreased due to declines in market value and client withdrawals. When AUM rapidly decreased, some operating expenses categories, including base compensation and office space, adjusted more slowly during this period, resulting in an increase in average costs. Since 2009, AUM has experienced less significant changes. The independent consultant noted that changes in operating expenses reflect changes in business composition and business practices in response to changes in financial markets. Finally, the independent consultant concluded that the increase in average cost and the decline in net operating margin across the Adviser since late 2008 are inconsistent with the view that there are currently reductions in average costs due to economies of scale that can be shared with the AB Mutual Funds managed by the Adviser through lower fees.

Previously, in February 2008, the independent consultant provided the Board of Trustees an update of the Deli³⁶ study on advisory fees and various fund characteristics.³⁷ The independent consultant first reiterated the results of his previous two dimensional comparison analysis (fund size and family size) with the Board of Trustees.³⁸ The independent consultant then discussed the results of the

36 The Deli study, originally published in 2002 based on 1997 data and updated for the February 2008 Presentation, may be of diminished value due to the age of the data used in the presentation and the changes experienced in the industry over the last four years.

37 As mentioned previously, the Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since the fees may not be the product of negotiations conducted at arm’s length. See Jones v. Harris at 1429.

38 The two dimensional analysis showed patterns of lower advisory fees for funds with larger asset sizes and funds from larger family sizes compared to funds with smaller asset sizes and funds from smaller family sizes, which according to the independent consultant is indicative of a sharing of economies of scale and scope. However, in less liquid and active markets, such is not the case, as the empirical analysis showed potential for diseconomies of scale in those markets. The empirical analysis also showed diminishing economies of scale and scope as funds surpassed a certain high level of assets.

396 •  AB POOLING PORTFOLIOS

regression model that was utilized to study the effects of various factors on advisory fees. The regression model output indicated that the bulk of the variation in fees predicted were explained by various factors, but substantially by fund AUM, family AUM, index fund indicator and investment style. The independent consultant also compared the advisory fees of the AB Mutual Funds to similar funds managed by 19 other large asset managers, regardless of the fund size and each Adviser’s proportion of mutual fund assets to non-mutual fund assets.

VI. NATURE AND QUALITY OF THE ADVISER’S SERVICES INCLUDING THE PERFORMANCE OF THE PORTFOLIOS.

With assets under management of $486 billion as of March 31, 2015, the Adviser has the investment experience to manage and provide non-investment services to the Portfolios.

The information in the table below shows the 1, 3 and 5 year (with respect to Volatility Management Portfolio, 1 and 3 year) gross performance returns and rankings of the Portfolios³⁹ relative to their Lipper Performance Group (“PG”) and Lipper Performance Universe (“PU”)⁴⁰ for the periods ended February 28, 2015.⁴¹, ⁴²

	Portfolio (%)		PG Median (%)		PU Median (%)		PG Rank	PU Rank
U.S. Value Portfolio
1 year		13.07		12.33		11.70	6/15	19/50
3 year		18.49		18.49		18.39	8/15	21/47
5 year		14.61		16.38		15.76	12/14	30/41
U.S. Large Cap Growth Portfolio
1 year		19.96		13.88		13.78	1/17	6/123
3 year		20.64		19.74		18.65	6/17	15/113
5 year		17.09		17.84		17.41	11/16	56/93
Multi-Asset Real Return Portfolio43
1 year		-10.96		7.49		5.57	16/17	55/56
3 year		-2.99		10.47		9.56	15/15	44/45
5 year		2.77		10.16		10.09	12/12	27/27

39 The performance returns of the Portfolios shown were provided by Lipper.

40 A Portfolio’s PG/PU may not be identical to its respective EG/EU as the criteria for including/excluding a fund in a PG/PU is somewhat different from that of an EG/EU.

41 The performance returns of the Portfolios’ peers are also adjusted for expenses (gross up).

42 The Lipper investment classification/objective dictates the PG/PU throughout the life of each Portfolio even if a Portfolio had a different investment classification/objective at a different point in time.

43 The Portfolio’s Lipper classification changed in 2011 from Global Real Estates to Global Flexible Funds as a result of changes to the Portfolio’s strategy. Subsequently, Lipper Classification changed in 2014 to Flexible Portfolios as a result of Lipper’s elimination of their Global Flexible Funds category in September 2014. See footnote 42 for information regarding Lipper classification changes.

AB POOLING PORTFOLIOS  • 397

	Portfolio (%)		PG Median (%)		PU Median (%)		PG Rank	PU Rank
International Value Portfolio
1 year		1.81		-1.73		-1.76	1/10	2/30
3 year		7.41		9.20		9.14	9/10	22/25
5 year		5.17		7.86		7.86	8/9	20/21
International Growth Portfolio
1 year		2.50		1.79		1.46	6/18	33/87
3 year		5.37		10.51		9.55	15/15	72/76
5 year		3.53		10.12		9.48	12/12	69/70
Small-Mid Cap Value Portfolio
1 year		11.09		11.63		13.15	11/15	22/29
3 year		19.10		18.95		18.94	7/14	11/26
5 year		16.29		16.94		17.08	7/10	13/21
Small-Mid Cap Growth Portfolio
1 year		3.32		10.07		10.05	17/19	80/87
3 year		16.04		16.85		16.85	12/19	52/81
5 year		21.30		18.10		17.79	2/17	3/73
Volatility Management Portfolio
1 year		10.74		3.41		10.83	2/5	5/8
3 year		11.34		6.70		9.34	2/4	2/6

Set forth below are the 1, 3, 5 year and since inception net performance returns of the Portfolios (in bold) versus their benchmarks.⁴⁴ Portfolio and benchmark volatility and reward-to-variability ratio (“Sharpe Ratio”) information is also shown.⁴⁵

44 The Adviser provided Portfolio and benchmark performance return information for periods through February 28, 2015.

45 Portfolio and benchmark volatility and Sharpe Ratio information was obtained through Lipper LANA, a database maintained by Lipper. Volatility is a statistical measure of the tendency of a market price or yield to vary over time. The Sharpe Ratio is a risk adjusted measure of return that divides a portfolio’s return in excess of the riskless return by the portfolio’s standard deviation. A portfolio with a greater volatility would be regarded as more risky than a portfolio with equivalent performance but lower volatility; for that reason, a greater return would be demanded for the more risky portfolio. A portfolio with a higher Sharpe Ratio would be regarded as better performing than a portfolio with a lower Sharpe Ratio.

398 •  AB POOLING PORTFOLIOS

	Periods Ended February 28, 2015 Annualized Performance
	1 Year (%)		3 Year (%)		5 Year (%)		Since Inception (%)		Annualized				Risk Period (Year)
									Volatility (%)		Sharpe Ratio
U.S. Value Portfolio		13.05		18.47		14.59		6.44		14.44		1.01		5
Russell 1000 Value Index		13.49		18.11		15.51		7.49		13.47		1.13		5
Inception Date: May 20, 2005
U.S. Large Cap Growth Portfolio		19.93		20.62		17.07		9.28		15.58		1.09		5
Russell 1000 Growth Index		16.24		18.05		17.21		9.38		13.37		1.24		5
Inception Date: May 20, 2005
Multi-Asset Real Return Portfolio		-11.39		-3.21		2.61		2.54		15.40		0.24		5
MSCI AC World Commodity Producers Index		-12.41		-6.47		-0.60		5.01		N/A		N/A		N/A
FTSE EPRA / NAREIT Developed RE Index—Gross Return		16.44		13.34		13.65		7.52		N/A		N/A		N/A
All Market Real Return Benchmark46		-7.70		-2.25		2.28		3.60		15.39		0.22		5
Inception Date: May 20, 2005
International Value Portfolio47		1.76		7.36		5.12		3.67		18.95		0.35		5
MSCI AC World Index ex U.S.		0.87		6.49		6.55		6.03		16.35		0.46		5
MSCI EAFE Net Index		-0.03		9.41		7.78		5.50		N/A		N/A		N/A
Inception Date: May 20, 2005
International Growth Portfolio47		2.45		5.33		3.49		2.31		17.47		0.28		5
MSCI AC World Index ex U.S.		0.87		6.49		6.55		6.03		16.35		0.46		5
MSCI AC World Index ex U.S. Growth		2.88		7.24		7.40		6.41		N/A		N/A		N/A
MSCI EAFE Net Index		-0.03		9.41		7.78		5.50		N/A		N/A		N/A
Inception Date: May 20, 2005

46 Multi-Asset Real Return Benchmark comprises of equally-weighted blend of the MSCI ACWI Commodity Producers Index, the FTSE EPRA/NAREIT Global Index and the Dow Jones-UBS Commodity Index. Effective October 1, 2011 the Real Estate component changed from the FTSE EPRA/NAREIT Developed index to the FTSE EPRA/NAREIT Global Index.

47 On January 1, 2012, the Portfolio’s benchmark changed from MSCI EAFE Net Index to MSCI AC World Index ex U.S.

AB POOLING PORTFOLIOS  • 399

	Periods Ended February 28, 2015 Annualized Performance
	1 Year (%)		3 Year (%)		5 Year (%)		Since Inception (%)		Annualized				Risk Period (Year)
									Volatility (%)		Sharpe Ratio
Small-Mid Cap Value Portfolio		11.02		19.03		16.24		10.38		18.10		0.92		5
Russell 2500 Value Index		6.95		16.87		15.46		8.48		16.06		0.97		5
Inception Date: May 20, 2005
Small-Mid Cap Growth Portfolio		3.25		15.97		21.23		13.37		17.77		1.17		5
Russell 2500 Growth Index		9.62		17.94		18.40		10.71		17.26		1.06		5
Inception Date: May 20, 2005
Volatility Management Portfolio48		10.69		11.29		N/A		9.74		9.39		1.18		3
MSCI AC World Index		7.55		11.57		N/A		9.14		10.32		1.10		3
Inception Date: April 16, 2010

CONCLUSION:

The Senior Officer recommended that the Trustees consider discussing with the Adviser changing Multi-Asset Real Return Portfolio’s primary benchmark from the MSCI AC World Commodity Producers Index (NDR) to the All Market Real Return Index or to add the All Market Real Return Index as a secondary benchmark in the Portfolio’s prospectus.

Based on the factors discussed above, most notably the zero advisory fees and limited total expenses of the Portfolios as well as the reasonableness of the advisory fees paid by shareholders of the Institutional Clients that invest in the Portfolios, and the information provided by the Adviser and the memorandum from your independent counsel, including the legal analysis and factors you need to consider when approving the Investment Advisory Agreement for the Portfolios, my conclusion is that the Investment Advisory Agreement is reasonable and within the range of what would have been negotiated at arm’s-length in light of all the surrounding circumstances.

Dated: June 5, 2015

48 The Portfolio’s benchmark changed from S&P 500 Index to MSCI AC World Index on January 1, 2012.

400 •  AB POOLING PORTFOLIOS

THIS PAGE IS NOT PART OF THE SHAREHOLDER REPORT OR THE FINANCIAL STATEMENTS

AB FAMILY OF FUNDS

US EQUITY

US Core

Core Opportunities Fund

Select US Equity Portfolio

US Growth

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

US Value

Discovery Value Fund

Equity Income Fund

Growth & Income Fund

Small Cap Value Portfolio

Value Fund

INTERNATIONAL/ GLOBAL EQUITY

International/Global Core

Global Core Equity Portfolio

Global Equity & Covered Call Strategy Fund

Global Thematic Growth Fund

International Portfolio

International Strategic Core Portfolio

Tax-Managed International Portfolio

International/Global Growth

International Growth Fund

International/Global Value

Asia ex-Japan Equity Portfolio

International Value Fund

FIXED INCOME

Municipal

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

FIXED INCOME (continued)

Tax-Aware Fixed Income Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Michigan Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

Taxable

Bond Inflation Strategy

Global Bond Fund

High Income Fund

High Yield Portfolio

Intermediate Bond Portfolio

Limited Duration High Income Portfolio

Short Duration Portfolio

ALTERNATIVES

All Market Real Return Portfolio

Credit Long/Short Portfolio

Global Real Estate Investment Fund

Long/Short Multi-Manager Fund

Multi-Manager Alternative Strategies Fund

Select US Long/Short Portfolio

Unconstrained Bond Fund

MULTI-ASSET

All Market Growth Portfolio

All Market Income Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

MULTI-ASSET (continued)

Target-Date

Multi-Manager Select Retirement Allocation Fund

Multi-Manager Select 2010 Fund

Multi-Manager Select 2015 Fund

Multi-Manager Select 2020 Fund

Multi-Manager Select 2025 Fund

Multi-Manager Select 2030 Fund

Multi-Manager Select 2035 Fund

Multi-Manager Select 2040 Fund

Multi-Manager Select 2045 Fund

Multi-Manager Select 2050 Fund

Multi-Manager Select 2055 Fund

Wealth Strategies

Balanced Wealth Strategy

Conservative Wealth Strategy

Wealth Appreciation Strategy

Tax-Managed Balanced Wealth Strategy

Tax-Managed Conservative Wealth Strategy

Tax-Managed Wealth Appreciation Strategy

CLOSED-END FUNDS

AB Multi-Manager Alternative Fund

Alliance California Municipal Income Fund

AllianceBernstein Global High Income Fund

AllianceBernstein Income Fund

AllianceBernstein National Municipal Income Fund

We also offer Exchange Reserves, which serves as the money market fund exchange vehicle for the AB mutual funds. An investment in Exchange Reserves is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

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

AB POOLING PORTFOLIOS  • 401

AB Family of Funds

NOTES

402 •  AB POOLING PORTFOLIOS

NOTES

AB POOLING PORTFOLIOS  • 403

NOTES

404 •  AB POOLING PORTFOLIOS

AB POOLING PORTFOLIOS

1345 Avenue of the Americas

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800.221.5672

POOL-0152-0216                

ITEM 2.    CODE OF ETHICS.

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

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Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

ITEM 7.    DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 8.     PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 9.    PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the registrant.

ITEM 10.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

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

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
12 (b) (1)	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (b) (2)	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (c)	Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

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

(Registrant): The AB Pooling Portfolios

By:	/s/ Robert M. Keith
	Robert M. Keith
	President

Date: April 26, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Robert M. Keith
	Robert M. Keith
	President

Date: April 26, 2016

By:	/s/ Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer

Date: April 26, 2016