Certified Semi-annual Shareholder Report for Management Investment Companies (n-csrs)

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: 811-07732

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND, INC.

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Joseph J. Mantineo

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

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

Date of fiscal year end: March 31, 2022

Date of reporting period: September 30, 2021

ITEM 1. REPORTS TO STOCKHOLDERS.

SEP^09.30.21

LOGO

SEMI-ANNUAL REPORT

ALLIANCEBERNSTEIN

GLOBAL HIGH INCOME FUND

(NYSE: AWF)

LOGO

As of January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, the Fund’s annual and semi-annual shareholder reports are no longer sent by mail, unless you specifically requested paper copies of the reports. Instead, the reports are made available on a website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

You may elect to receive all future reports in paper form free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call Computershare at (800) 219 4218. Your election to receive reports in paper form will apply to all funds held in your account with your financial intermediary or, if you invest directly, to all AB Closed-end Funds you hold.



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com, or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-PORT 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.

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

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


FROM THE PRESIDENT

Dear Shareholder,

We’re pleased to provide this report for the AllianceBernstein Global High Income Fund, Inc. (the “Fund”). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund’s investment strategy.

At AB, we’re striving to help our clients achieve better outcomes by:

⁺

Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

⁺

Applying differentiated investment insights through a connected global research network

⁺

Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

Whether you’re an individual investor or a multibillion-dollar institution, we’re putting our knowledge and experience to work for you every day.

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

Thank you for your investment in AB mutual funds—and for placing your trust in our firm.

Sincerely,

LOGO

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds



abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 1

SEMI-ANNUAL REPORT

November 9, 2021

This report provides management’s discussion of fund performance for the AllianceBernstein Global High Income Fund, Inc. for the semi-annual reporting period ended September 30, 2021. The Fund is a closed-end fund and its shares of common stock trade on the New York Stock Exchange.

The Fund seeks high current income and, secondarily, capital appreciation.

RETURNS AS OF SEPTEMBER 30, 2021 (unaudited)



	6 Months		12 Months

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND (NAV)		4.88%		14.07%

Primary Benchmark: Bloomberg Global High Yield Index (USD hedged)		3.08%		9.87%

Blended Benchmark: 33% JPM GBI-EM / 33% JPM EMBI Global / 33% Bloomberg US Corporate HY 2% Issuer Capped Index		3.25%		7.19%

Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

The Fund’s market price per share on September 30, 2021, was $12.27. The Fund’s NAV per share on September 30, 2021, was $12.98. For additional financial highlights, please see pages 118-119.

INVESTMENT RESULTS

The table above shows the Fund’s performance compared with its primary benchmark, the Bloomberg Global High Yield Index (USD hedged), as well as its blended benchmark for the six- and 12-month periods ended September 30, 2021. The blended benchmark is composed of equal weightings of the JPMorgan Government Bond Index-Emerging Markets (“JPM GBI-EM”) (local currency-denominated), the JPMorgan Emerging Markets Bond Index Global (“JPM EMBI Global”) and the Bloomberg US Corporate High Yield (“HY”) 2% Issuer Capped Index.

During the six-month period, the Fund outperformed its primary and blended benchmarks. Sector allocation was the main contributor, relative to the benchmark, mostly from the utilization of credit default swaps and an underweight to emerging-market corporate bonds that exceeded losses from exposures to US Treasuries and commercial-mortgage backed securities (“CMBS”). Security selection among US high-yield bonds, emerging-market corporate bonds, investment-grade corporate bonds and CMBS also contributed. Yield-curve position along the five- to 20-year parts of the yield curve in the US also added to returns. An underweight to the eurozone contributed at the country level. Currency



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decisions were a minor contributor due to a long position in the Russian ruble. There were no other noteworthy detractors in the period.

During the 12-month period, the Fund outperformed its primary and blended benchmarks. Security selection among high-yield corporate bonds, investment-grade corporate bonds, emerging-market corporate bonds and CMBS contributed most. Sector allocation also contributed, primarily from credit default swaps in the eurozone and US, as well as an underweight to emerging-market corporate bonds, while sector allocations to CMBS, agency risk-sharing transactions and investment-grade corporate bonds detracted. Yield-curve positioning detracted, mostly from positioning on the five- to 10-year parts of the US yield curve. Country allocation also detracted, as losses from emerging-market country allocations to Brazil, Colombia, Russia and Turkey were greater than a gain from an underweight in the eurozone. Currency decisions did not have a material impact on performance during the period.

During both periods, the Fund utilized interest rate swaps, futures and interest rate swaptions to manage and hedge duration risk and/or to take active yield-curve positioning. Currency forwards and currency options, both written and purchased, were used to hedge foreign currency exposure and to take active currency risk. Credit default swaps were used to hedge credit risk and as a tool to effectively gain exposure to specific sectors. Total return swaps were used to take active credit risk. The utilization of leverage on behalf of the Fund contributed positively relative to the benchmark for both time periods. As the benchmark generated positive returns in excess of borrowing rates over both periods, the utilization of leverage contributed positively to the Fund’s absolute returns as well.

MARKET REVIEW AND INVESTMENT STRATEGY

Developed-market fixed-income market returns were mostly positive during the six-month period ended September 30, 2021. Longer-term government bond yields fell during most of the period in all regions except Europe on growth concerns from the coronavirus delta variant, until August when inflation reports and central bank tapering comments started to send yields higher. Low interest rates set the stage for the continued outperformance of risk assets, led by emerging-market high-yield sovereign bonds. Developed- and emerging-market high-yield and investment-grade corporate bonds also posted strong returns. Corporate bond returns were higher in the US than in Europe, mostly because of the divergence in government yields. Emerging-market local-currency bonds had positive performance but trailed developed-market treasuries as the US dollar rose against the majority of emerging-market currencies and all major developed-market currencies except the Swiss franc. Securitized assets advanced but trailed US Treasuries. Commodity prices continued their ascent, led by the continued recovery in Brent crude oil prices.



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The Fund’s Investment Management Team (the “Team”) seeks to generate high current income and, secondarily, capital appreciation. The Fund is a globally diversified portfolio that takes full advantage of the Team’s best research ideas by pursuing high-income opportunities across all fixed-income sectors. The Fund invests primarily (and without limit) in corporate debt securities from US and non-US issuers, as well as government bonds from both developing and developed countries, including the US. Under normal market conditions, the Fund invests substantially in lower rated bonds, but may also invest in investment-grade and unrated debt securities.

INVESTMENT POLICIES

The Fund invests without limit in securities denominated in non-US currencies as well as those denominated in the US dollar. The Fund may also invest, without limit, in sovereign debt securities issued by emerging and developed nations and in debt securities of US and non-US corporate issuers. For more information regarding the Fund’s risks, please see “Disclosures and Risks” on pages 5-7 and “Note E—Risks Involved in Investing in the Fund” of the Notes to Financial Statements on pages 111-115.



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DISCLOSURES AND RISKS

AllianceBernstein Global High Income Fund

Shareholder Information

Weekly comparative net asset value (“NAV”) and market price information about the Fund is published each Saturday in Barron’s and in other newspapers in a table called “Closed-End Funds.” Daily NAV and market price information, and additional information regarding the Fund, is available at www.abfunds.com and www.nyse.com. For additional shareholder information regarding this Fund, please see pages 120-121.

Benchmark Disclosure

All indices are unmanaged and do not reflect fees and expenses associated with the active management of a fund portfolio. The Bloomberg Global High Yield Index (USD hedged) represents non-investment grade fixed-income securities of companies in the US, and developed and emerging markets, hedged to the US dollar. The JPM^® GBI-EM represents the performance of local currency government bonds issued by emerging markets. The JPM EMBI Global (market-capitalization weighted) represents the performance of US dollar-denominated Brady bonds, Eurobonds and trade loans issued by sovereign and quasi-sovereign entities. The Bloomberg US Corporate HY 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. An investor cannot invest directly in an index, and its results are not indicative of the performance of any specific investment, including the Fund.

A Word About Risk

Market Risk: The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, including fires, earthquakes and flooding, war or civil disturbance, acts of terrorism, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have had, and may in the future have, an adverse effect on the Fund’s investments and net asset value and can lead to increased market volatility. For example, the diseases



abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 5

DISCLOSURES AND RISKS (continued)

or events themselves or any preventative or protective actions that governments may take in respect of such diseases or events may result in periods of business disruption, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the Fund’s portfolio companies. The occurrence and pendency of such diseases or events could adversely affect the economies and financial markets either in specific countries or worldwide.

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

Credit Risk: An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

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

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

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 more difficult to trade due to adverse market, economic, political, regulatory or other factors.

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.



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DISCLOSURES AND RISKS (continued)

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

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

Derivatives Risk: Investments in derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk.

Management Risk: The Fund is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

Mortgage-Related and/or Other Asset-Backed Securities Risk: The Fund may invest in mortgage-backed and/or other asset-backed securities, including securities backed by mortgages and assets with an international or emerging-markets origination and securities backed by non-performing loans at the time of investment. Investments in mortgage-related and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include “extension risk”, which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and “prepayment risk”, which is the risk that, in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Fund to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by nongovernmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities.

As with all investments, you may lose money by investing in the Fund.

An Important Note About Historical Performance

The performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. All fees and expenses related to the operation of the Fund have been deducted. Performance assumes reinvestment of distributions and does not account for taxes.



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PORTFOLIO SUMMARY

September 30, 2021 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $1,119.6

LOGO

All data are as of September 30, 2021. The Fund’s security type breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” security type weightings represent 0.5% or less in the following: Governments–Sovereign Bonds, Inflation-Linked Securities, Preferred Stocks, Rights and Warrants.

All data are as of September 30, 2021. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 0.7% or less in the following: Angola, Australia, Bahrain, Belgium, Bermuda, Cayman Islands, Chile, China, Colombia, Czech Republic, Denmark, Dominican Republic, Ecuador, Egypt, El Salvador, Finland, Gabon, Ghana, Guatemala, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Ivory Coast, Jamaica, Japan, Jersey (Channel Islands), Kuwait, Macau, Morocco, Netherlands, Norway, Oman, Panama, Peru, Senegal, South Africa, Sweden, Trinidad & Tobago, Turkey, Venezuela and Zambia.



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PORTFOLIO OF INVESTMENTS

September 30, 2021 (unaudited)


		Principal Amount (000)		U.S. $ Value

CORPORATES - NON-INVESTMENT GRADE – 54.2%
Industrial – 46.2%
Basic – 3.2%
Advanced Drainage Systems, Inc. 5.00%, 09/30/2027^(a)	U.S.$		140	$	146,050
Ahlstrom-Munksjo Holding 3 Oy 3.625%, 02/04/2028^(a)	EUR		178		209,785
Alcoa Nederland Holding BV 4.125%, 03/31/2029^(a)	U.S.$		229		239,705
5.50%, 12/15/2027^(a)			200		214,513
6.125%, 05/15/2028^(a)			289		314,446
Arconic Corp. 6.125%, 02/15/2028^(a)			220		233,159
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV 4.75%, 06/15/2027^(a)			350		362,688
Berry Global, Inc. 5.625%, 07/15/2027^(a)			104		109,746
Big River Steel LLC/BRS Finance Corp. 6.625%, 01/31/2029^(a)			1,122		1,215,956
Chemours Co. (The) 5.75%, 11/15/2028^(a)			219		229,764
Cleveland-Cliffs, Inc. 4.625%, 03/01/2029^(a)			297		303,214
4.875%, 03/01/2031^(a)			199		205,481
5.875%, 06/01/2027			222		230,316
6.75%, 03/15/2026^(a)			107		114,065
9.875%, 10/17/2025^(a)			773		886,969
Constellium SE 5.625%, 06/15/2028^(a)			250		262,132
Crown Americas LLC/Crown Americas Capital Corp. VI 4.75%, 02/01/2026			751		774,734
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125%, 06/15/2028^(a)			360		377,571
Diamond BC BV 4.625%, 10/01/2029^(a)			316		321,296
Element Solutions, Inc. 3.875%, 09/01/2028^(a)			993		1,008,850
ERP Iron Ore, LLC 9.039%, 12/31/2019^{(b)(c)(d)(e)(f)}			240		204,246
FMG Resources (August 2006) Pty Ltd. 4.375%, 04/01/2031^(a)			2,029		2,101,071
4.50%, 09/15/2027^(a)			1,034		1,093,282
5.125%, 05/15/2024^(a)			92		98,393
Freeport-McMoRan, Inc. 3.875%, 03/15/2023			215		221,730
4.125%, 03/01/2028			46		47,613



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PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

4.375%, 08/01/2028	U.S.$		223	$	233,043
4.625%, 08/01/2030			203		219,071
5.00%, 09/01/2027			93		97,107
5.25%, 09/01/2029			42		45,655
5.45%, 03/15/2043			719		884,748
Graham Packaging Co., Inc. 7.125%, 08/15/2028^(a)			297		312,174
Grinding Media, Inc./Moly-Cop AltaSteel Ltd. 7.375%, 12/15/2023^(a)			1,290		1,315,081
Hecla Mining Co. 7.25%, 02/15/2028			1,328		1,430,095
Illuminate Buyer LLC/Illuminate Holdings IV, Inc. 9.00%, 07/01/2028^(a)			852		938,549
INEOS Quattro Finance 1 PLC 3.75%, 07/15/2026^(a)	EUR		101		120,234
INEOS Quattro Finance 2 PLC 3.375%, 01/15/2026^(a)	U.S.$		226		228,239
INEOS Styrolution Group GmbH 2.25%, 01/16/2027^(a)	EUR		1,008		1,155,095
Ingevity Corp. 3.875%, 11/01/2028^(a)	U.S.$		995		992,306
Intelligent Packaging Holdco Issuer LP 9.00% (9.00% Cash or 9.75% PIK), 01/15/2026^(a)(f)			611		639,023
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC 6.00%, 09/15/2028^(a)			1,444		1,513,400
Joseph T Ryerson & Son, Inc. 8.50%, 08/01/2028^(a)			413		459,055
Kleopatra Finco SARL 4.25%, 03/01/2026^(a)	EUR		1,061		1,203,298
Kraton Polymers LLC/Kraton Polymers Capital Corp. 5.25%, 05/15/2026^(a)			846		1,008,553
LABL Escrow Issuer LLC 6.75%, 07/15/2026^(a)	U.S.$		209		219,450
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018^{(b)(c)(d)(e)(g)}			2,857		– 0	–
Mercer International, Inc. 5.125%, 02/01/2029			1,033		1,053,356
Natural Resource Partners LP/NRP Finance Corp. 9.125%, 06/30/2025^(a)			80		80,960
Novelis Corp. 4.75%, 01/30/2030^(a)			210		220,898
Olin Corp. 5.625%, 08/01/2029			480		524,892



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PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Pactiv Evergreen Group Issuer Inc/Pactiv Evergreen Group Issuer LLC/Reynolds Gro 4.00%, 10/15/2027^(a)	U.S.$		1,887	$	1,870,545
Pactiv Evergreen Group Issuer LLC/activ Evergreen Group Issuer, Inc. 4.375%, 10/15/2028^(a)			238		238,737
Peabody Energy Corp. 8.50% (6.00% Cash and 2.50% PIK), 12/31/2024^(a)(f)			191		168,611
PIC AU Holdings LLC/PIC AU Holdings Corp. 10.00%, 12/31/2024^(a)			213		215,002
Rain CII Carbon LLC/CII Carbon Corp. 7.25%, 04/01/2025^(a)			228		233,993
Roller Bearing Co. of America, Inc. 4.375%, 10/15/2029^(a)			211		216,244
SpA Holdings 3 Oy 4.875%, 02/04/2028^(a)			972		980,971
SPCM SA 3.125%, 03/15/2027^(a)			655		655,208
3.375%, 03/15/2030^(a)			951		950,527
TPC Group, Inc. 10.50%, 08/01/2024^(a)			223		206,275
Unifrax Escrow Issuer Corp. 5.25%, 09/30/2028^(a)			159		161,029
7.50%, 09/30/2029^(a)			246		252,223
United States Steel Corp. 6.25%, 03/15/2026			250		257,709
6.65%, 06/01/2037			37		39,591
Valvoline, Inc. 4.25%, 02/15/2030^(a)			1,707		1,768,970
WR Grace Holdings LLC 4.875%, 06/15/2027^(a)			413		424,887
5.625%, 10/01/2024-08/15/2029^(a)			1,065		1,122,278

					36,183,857

Capital Goods – 2.7%
ARD Finance SA 5.00% (5.00% Cash or 5.75% PIK), 06/30/2027^(a)(f)	EUR		939		1,129,203
6.50% (6.50% Cash or 7.25% PIK), 06/30/2027^(a)(f)	U.S.$		1,039		1,101,329
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 3.25%, 09/01/2028^(a)			1,107		1,107,000
4.00%, 09/01/2029^(a)			985		996,081
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 5.25%, 04/30/2025^(a)			212		221,387



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PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Ball Corp. 2.875%, 08/15/2030	U.S.$		225	$	218,601
4.00%, 11/15/2023			226		238,355
Bombardier, Inc. 7.50%, 12/01/2024-03/15/2025^(a)			2,404		2,461,404
7.875%, 04/15/2027^(a)			386		400,214
Clean Harbors, Inc. 4.875%, 07/15/2027^(a)			25		25,988
Cleaver-Brooks, Inc. 7.875%, 03/01/2023^(a)			633		624,985
Colfax Corp. 6.375%, 02/15/2026^(a)			157		164,792
Cornerstone Building Brands, Inc. 6.125%, 01/15/2029^(a)			211		224,295
Energizer Holdings, Inc. 4.375%, 03/31/2029^(a)			164		162,803
4.75%, 06/15/2028^(a)			348		354,250
EnerSys 4.375%, 12/15/2027^(a)			935		986,916
F-Brasile SpA/F-Brasile US LLC Series XR 7.375%, 08/15/2026^(a)			957		984,322
FXI Holdings, Inc. 12.25%, 11/15/2026^(a)			146		165,359
Gates Global LLC/Gates Corp. 6.25%, 01/15/2026 ^(a)			1,205		1,250,187
GFL Environmental, Inc. 4.75%, 06/15/2029^(a)			1,200		1,233,379
Granite US Holdings Corp. 11.00%, 10/01/2027^(a)			507		556,435
Griffon Corp. 5.75%, 03/01/2028			1,487		1,570,406
JELD-WEN, Inc. 4.625%, 12/15/2025^(a)			128		129,933
LSB Industries, Inc. 6.25%, 10/15/2028^(a)			456		461,262
Madison IAQ LLC 5.875%, 06/30/2029^(a)			1,095		1,107,145
Mauser Packaging Solutions Holding Co. 5.50%, 04/15/2024^(a)			224		225,819
Moog, Inc. 4.25%, 12/15/2027^(a)			373		385,430
Mueller Water Products, Inc. 4.00%, 06/15/2029^(a)			491		508,034
Renk AG/Frankfurt am Main 5.75%, 07/15/2025^(a)	EUR		1,560		1,881,335
Rolls-Royce PLC 3.625%, 10/14/2025^(a)	U.S.$		223		226,525



12 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Stevens Holding Co., Inc. 6.125%, 10/01/2026^(a)	U.S.$		141	$	152,257
Summit Materials LLC/Summit Materials Finance Corp. 5.25%, 01/15/2029^(a)			367		386,175
Tervita Corp. 11.00%, 12/01/2025^(a)			1,326		1,501,490
Titan Holdings II BV 5.125%, 07/15/2029^(a)	EUR		649		764,364
TK Vertical US Newco, Inc. 5.25%, 07/15/2027^(a)	U.S.$		306		321,466
TransDigm, Inc. 4.625%, 01/15/2029			474		472,815
4.875%, 05/01/2029			1,954		1,957,004
6.25%, 03/15/2026^(a)			556		581,426
8.00%, 12/15/2025^(a)			217		231,117
Triumph Group, Inc. 6.25%, 09/15/2024^(a)			392		392,318
7.75%, 08/15/2025			428		422,875
8.875%, 06/01/2024^(a)			600		659,779
Trivium Packaging Finance BV 3.75%, 08/15/2026^(a)	EUR		100		118,557
5.50%, 08/15/2026^(a)	U.S.$		227		238,083
Vertical Holdco GmbH 7.625%, 07/15/2028^(a)			465		496,386
Wesco Distribution, Inc. 7.125%, 06/15/2025^(a)			188		200,786
7.25%, 06/15/2028^(a)			518		573,732

					30,573,804

Communications - Media – 5.8%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028^(a)			1,332		1,387,666
Allen Media LLC/Allen Media Co-Issuer, Inc. 10.50%, 02/15/2028^(a)			42		43,110
Altice Financing SA 5.75%, 08/15/2029^(a)			5,665		5,573,861
AMC Networks, Inc. 4.25%, 02/15/2029			1,665		1,657,031
4.75%, 08/01/2025			218		223,607
5.00%, 04/01/2024			88		89,320
Arches Buyer, Inc. 6.125%, 12/01/2028^(a)			516		525,846
Banijay Entertainment SASU 3.50%, 03/01/2025^(a)	EUR		210		246,034
5.375%, 03/01/2025^(a)	U.S.$		2,124		2,191,686
CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 01/15/2034^(a)			236		234,496



abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 13

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

4.50%, 08/15/2030-06/01/2033^(a)	U.S.$		7,629	$	7,829,634
4.75%, 03/01/2030^(a)			211		220,570
5.00%, 02/01/2028^(a)			212		221,300
5.125%, 05/01/2027^(a)			551		573,802
5.375%, 06/01/2029^(a)			206		222,591
Clear Channel Worldwide Holdings, Inc. 5.125%, 08/15/2027^(a)			908		939,357
CSC Holdings LLC 3.375%, 02/15/2031^(a)			231		214,707
4.125%, 12/01/2030^(a)			217		212,703
4.50%, 11/15/2031^(a)			981		969,392
5.00%, 11/15/2031^(a)			588		564,000
5.375%, 02/01/2028^(a)			1,278		1,335,185
5.75%, 01/15/2030^(a)			393		399,594
7.50%, 04/01/2028^(a)			941		1,017,533
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375%, 08/15/2026^(a)			354		234,515
DISH DBS Corp. 5.00%, 03/15/2023			240		248,906
5.125%, 06/01/2029			2,162		2,121,023
5.875%, 11/15/2024			2,398		2,577,838
7.375%, 07/01/2028			165		174,990
7.75%, 07/01/2026			203		229,375
Gray Television, Inc. 4.75%, 10/15/2030^(a)			163		160,264
7.00%, 05/15/2027^(a)			204		218,679
iHeartCommunications, Inc. 4.75%, 01/15/2028^(a)			60		61,809
5.25%, 08/15/2027^(a)			285		296,394
6.375%, 05/01/2026			207		218,365
8.375%, 05/01/2027			202		215,689
Lamar Media Corp. 4.875%, 01/15/2029			147		156,004
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027^(a)			2,489		2,649,574
Liberty Interactive LLC 3.75%, 02/15/2030^(h)			873		674,358
Mav Acquisition Corp. 5.75%, 08/01/2028^(a)			1,123		1,103,347
8.00%, 08/01/2029^(a)			986		941,906
Meredith Corp. 6.875%, 02/01/2026			2,149		2,223,038
National CineMedia LLC 5.875%, 04/15/2028^(a)			623		572,830
Netflix, Inc. 4.875%, 04/15/2028			247		284,304
Nexstar Broadcasting, Inc. 4.75%, 11/01/2028^(a)			172		178,407



14 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Outfront Media Capital LLC/Outfront Media Capital Corp. 4.25%, 01/15/2029^(a)	U.S.$		137	$	135,757
4.625%, 03/15/2030^(a)			746		748,050
Scripps Escrow II, Inc. 5.375%, 01/15/2031^(a)			501		492,569
Scripps Escrow, Inc. 5.875%, 07/15/2027^(a)			871		892,747
Sinclair Television Group, Inc. 4.125%, 12/01/2030^(a)			1,446		1,417,369
5.50%, 03/01/2030^(a)			926		918,226
Sirius XM Radio, Inc. 4.00%, 07/15/2028^(a)			6,510		6,625,327
4.125%, 07/01/2030^(a)			56		56,291
5.50%, 07/01/2029^(a)			204		221,115
Summer BC Holdco B SARL 5.75%, 10/31/2026^(a)	EUR		1,395		1,692,925
TEGNA, Inc. 4.625%, 03/15/2028	U.S.$		136		139,072
4.75%, 03/15/2026^(a)			346		361,570
5.00%, 09/15/2029			830		854,674
5.50%, 09/15/2024^(a)			68		68,766
Telenet Finance Luxembourg Notes SARL 5.50%, 03/01/2028^(a)			200		210,269
Terrier Media Buyer, Inc. 8.875%, 12/15/2027^(a)			158		167,301
Univision Communications, Inc. 4.50%, 05/01/2029^(a)			623		634,392
6.625%, 06/01/2027^(a)			1,593		1,727,730
9.50%, 05/01/2025^(a)			309		335,311
UPC Holding BV 5.50%, 01/15/2028^(a)			223		233,997
Urban One, Inc. 7.375%, 02/01/2028^(a)			2,436		2,612,918
Virgin Media Secured Finance PLC 4.50%, 08/15/2030^(a)			992		1,007,174
Ziggo Bond Co. BV 5.125%, 02/28/2030^(a)			299		306,535
6.00%, 01/15/2027^(a)			224		232,383
Ziggo BV 5.50%, 01/15/2027^(a)			224		231,501

					64,758,609

Communications - Telecommunications – 3.0%
Altice France SA/France 5.125%, 07/15/2029^(a)			6,254		6,134,523
5.50%, 10/15/2029^(a)			231		230,472
8.125%, 02/01/2027^(a)			465		500,878



abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 15

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Connect Finco SARL/Connect US Finco LLC 6.75%, 10/01/2026^(a)	U.S.$		1,754	$	1,837,315
Consolidated Communications, Inc. 5.00%, 10/01/2028^(a)			795		820,512
6.50%, 10/01/2028^(a)			1,916		2,088,698
DKT Finance ApS 7.00%, 06/17/2023^(a)	EUR		506		597,889
9.375%, 06/17/2023^(a)	U.S.$		895		912,397
Embarq Corp. 7.995%, 06/01/2036			3,475		3,726,797
Frontier Communications Holdings LLC 5.875%, 10/15/2027^(a)			225		239,068
5.875%, 11/01/2029			235		238,734
6.75%, 05/01/2029^(a)			478		503,722
Hughes Satellite Systems Corp. 6.625%, 08/01/2026			730		830,517
Intelsat Jackson Holdings SA 5.50%, 08/01/2023^(c)(i)			1,675		931,053
Level 3 Financing, Inc. 5.25%, 03/15/2026			164		169,207
Ligado Networks LLC 15.50%, 11/01/2023^(a)(f)			233		226,373
Lumen Technologies, Inc. 4.50%, 01/15/2029^(a)			1,007		976,149
5.125%, 12/15/2026^(a)			214		221,895
5.375%, 06/15/2029^(a)			169		171,894
Series P 7.60%, 09/15/2039			73		82,154
Series T 5.80%, 03/15/2022			78		79,475
Sprint Capital Corp. 8.75%, 03/15/2032			83		124,063
Switch Ltd. 4.125%, 06/15/2029^(a)			1,180		1,213,686
Telecom Italia Capital SA 6.00%, 09/30/2034			138		155,271
6.375%, 11/15/2033			42		48,841
7.20%, 07/18/2036			451		552,794
7.721%, 06/04/2038			1,664		2,133,293
Telesat Canada/Telesat LLC 5.625%, 12/06/2026^(a)			124		119,570
6.50%, 10/15/2027^(a)			132		114,448
Vmed O2 UK Financing I PLC 4.25%, 01/31/2031^(a)			530		530,065
4.75%, 07/15/2031^(a)			4,101		4,192,228
Vodafone Group PLC 5.125%, 06/04/2081			154		158,991



16 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Windstream Escrow LLC/Windstream Escrow Finance Corp. 7.75%, 08/15/2028^(a)	U.S.$		223	$	232,760
Zayo Group Holdings, Inc. 6.125%, 03/01/2028^(a)			2,472		2,506,053

					33,601,785

Consumer Cyclical - Automotive – 2.9%
Adient Global Holdings Ltd. 4.875%, 08/15/2026^(a)			200		204,980
Adient US LLC 9.00%, 04/15/2025^(a)			975		1,057,129
Allison Transmission, Inc. 3.75%, 01/30/2031^(a)			221		215,107
5.875%, 06/01/2029^(a)			489		531,996
Aston Martin Capital Holdings Ltd. 10.50%, 11/30/2025^(a)			1,095		1,218,321
15.00% (8.89% Cash and 6.11% PIK), 11/30/2026^(a)(f)			1,905		2,197,344
Clarios Global LP/Clarios US Finance Co. 4.375%, 05/15/2026^(a)	EUR		210		251,767
6.25%, 05/15/2026^(a)	U.S.$		188		197,610
Dana Financing Luxembourg SARL 5.75%, 04/15/2025^(a)			109		112,366
Dana, Inc. 4.25%, 09/01/2030			760		780,828
5.375%, 11/15/2027			109		114,952
5.625%, 06/15/2028			182		195,993
Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028^(a)			1,116		1,169,193
Exide Technologies (Exchange Priority) 11.00%, 10/31/2024^(c)(d)(e)(g)			2,940		– 0	–
(First Lien) 11.00%, 10/31/2024^(c)(d)(e)(g)			1,207		– 0	–
Ford Motor Co. 5.291%, 12/08/2046			212		236,275
8.50%, 04/21/2023			1,877		2,063,210
9.00%, 04/22/2025			688		827,503
9.625%, 04/22/2030			49		69,493
Ford Motor Credit Co. LLC 2.70%, 08/10/2026			793		794,536
3.35%, 11/01/2022			221		224,870
3.37%, 11/17/2023			220		225,129
3.81%, 01/09/2024			200		206,334
4.14%, 02/15/2023			217		223,061
4.271%, 01/09/2027			215		228,751
5.584%, 03/18/2024			207		222,523



abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 17

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Goodyear Tire & Rubber Co. (The)
5.00%, 07/15/2029^(a)	U.S.$		765	$	812,508
5.25%, 04/30/2031			60		64,490
5.25%, 07/15/2031^(a)			830		887,813
IHO Verwaltungs GmbH
3.625% (3.625% Cash or 4.375% PIK), 05/15/2025^{(a) (f)}	EUR		284		334,381
3.875% (3.875% Cash or 4.625% PIK), 05/15/2027^{(a) (f)}			338		401,826
4.75% (4.75% Cash or 5.50% PIK), 09/15/2026^{(a) (f)}	U.S.$		200		204,955
Jaguar Land Rover Automotive PLC
4.50%, 10/01/2027^(a)			239		231,695
5.50%, 07/15/2029^(a)			1,206		1,174,536
5.875%, 11/15/2024^(a)	EUR		269		332,284
5.875%, 01/15/2028^(a)	U.S.$		1,495		1,507,944
7.75%, 10/15/2025^(a)			1,207		1,307,799
Mclaren Finance PLC 7.50%, 08/01/2026^(a)			1,973		1,994,861
Meritor, Inc.
4.50%, 12/15/2028^(a)			1,539		1,543,837
6.25%, 06/01/2025^(a)			409		430,289
PM General Purchaser LLC 9.50%, 10/01/2028^(a)			1,250		1,319,093
Real Hero Merger Sub 2, Inc. 6.25%, 02/01/2029^(a)			480		497,912
Tenneco, Inc.
5.00%, 07/15/2026			1,709		1,685,725
7.875%, 01/15/2029^(a)			948		1,058,734
Titan International, Inc. 7.00%, 04/30/2028^(a)			1,465		1,541,180
ZF Europe Finance BV 2.00%, 02/23/2026^(a)	EUR		200		233,736
ZF North America Capital, Inc. 4.75%, 04/29/2025^(a)	U.S.$		721		778,976

					31,913,845

Consumer Cyclical - Entertainment – 2.5%
Boyne USA, Inc. 4.75%, 05/15/2029^(a)			440		454,378
Carnival Corp.
4.00%, 08/01/2028^(a)			986		995,860
5.75%, 03/01/2027^(a)			1,013		1,047,189
9.875%, 08/01/2027^(a)			640		737,031
10.125%, 02/01/2026^(a)	EUR		621		825,865
11.50%, 04/01/2023^(a)	U.S.$		1,470		1,641,168
Carnival PLC 1.00%, 10/28/2029	EUR		202		181,952



18 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.50%, 05/01/2025^(a)	U.S.$		2,191	$	2,285,462
Cinemark USA, Inc. 5.25%, 07/15/2028^(a)			492		484,508
Mattel, Inc.
3.375%, 04/01/2026^(a)			1,152		1,187,964
3.75%, 04/01/2029^(a)			1,637		1,706,671
5.875%, 12/15/2027^(a)			578		626,089
Motion Bondco DAC 4.50%, 11/15/2027^(a)	EUR		670		741,830
NCL Corp., Ltd. 5.875%, 03/15/2026^(a)	U.S.$		2,055		2,106,963
NCL Finance Ltd. 6.125%, 03/15/2028^(a)			39		40,529
Royal Caribbean Cruises Ltd.
5.50%, 08/31/2026-04/01/2028^(a)			5,373		5,489,538
10.875%, 06/01/2023^(a)			1,315		1,472,800
11.50%, 06/01/2025^(a)			1,476		1,680,426
SeaWorld Parks & Entertainment, Inc. 8.75%, 05/01/2025^(a)			991		1,065,152
Six Flags Theme Parks, Inc. 7.00%, 07/01/2025^(a)			419		446,339
Vail Resorts, Inc. 6.25%, 05/15/2025^(a)			302		319,172
Viking Cruises Ltd.
5.875%, 09/15/2027^(a)			791		768,550
7.00%, 02/15/2029^(a)			364		369,460
13.00%, 05/15/2025^(a)			65		74,898
VOC Escrow Ltd. 5.00%, 02/15/2028^(a)			1,214		1,197,534

					27,947,328

Consumer Cyclical - Other – 3.0%
Adams Homes, Inc. 7.50%, 02/15/2025^(a)			800		838,590
Bally’s Corp. 6.75%, 06/01/2027^(a)			656		715,644
Beazer Homes USA, Inc. 6.75%, 03/15/2025			1,228		1,265,605
Brookfield Residential Properties, Inc./Brookfield Residential US LLC
4.875%, 02/15/2030^(a)			1,097		1,119,464
5.00%, 06/15/2029^(a)			195		199,310
6.25%, 09/15/2027^(a)			1,222		1,284,920
Caesars Entertainment, Inc.
4.625%, 10/15/2029^(a)			1,354		1,373,019
6.25%, 07/01/2025^(a)			1,201		1,265,397



abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 19

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Churchill Downs, Inc. 4.75%, 01/15/2028^(a)	U.S.$		680	$	710,294
CP Atlas Buyer, Inc. 7.00%, 12/01/2028^(a)			553		557,248
Empire Communities Corp. 7.00%, 12/15/2025^(a)			303		316,536
Everi Holdings, Inc. 5.00%, 07/15/2029^(a)			240		246,113
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, 11/15/2025^(a)			1,969		2,060,509
Forestar Group, Inc. 3.85%, 05/15/2026^(a)			586		586,441
Forterra Finance LLC/FRTA Finance Corp. 6.50%, 07/15/2025^(a)			284		303,995
Hilton Domestic Operating Co., Inc.
3.625%, 02/15/2032^(a)			1,065		1,049,781
5.375%, 05/01/2025^(a)			229		239,600
5.75%, 05/01/2028^(a)			246		264,941
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc
4.875%, 07/01/2031^(a)			719		723,125
5.00%, 06/01/2029^(a)			709		723,470
Installed Building Products, Inc. 5.75%, 02/01/2028^(a)			291		305,733
International Game Technology PLC
3.50%, 06/15/2026^(a)	EUR		214		254,377
4.125%, 04/15/2026^(a)	U.S.$		1,581		1,643,258
KB Home 7.50%, 09/15/2022			494		522,804
Marriott Ownership Resorts, Inc. 6.125%, 09/15/2025^(a)			895		947,487
Mattamy Group Corp. 4.625%, 03/01/2030^(a)			224		229,169
MGM Resorts International
4.75%, 10/15/2028			126		132,773
5.75%, 06/15/2025			30		32,743
Mohegan Gaming & Entertainment 8.00%, 02/01/2026^(a)			151		157,634
New Home Co., Inc. (The) 7.25%, 10/15/2025^(a)			211		221,810
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance In 8.50%, 11/15/2027^(a)			169		181,515
Picasso Finance Sub, Inc. 6.125%, 06/15/2025^(a)			172		181,893
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.625%, 09/01/2029^(a)			496		501,502



20 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

5.875%, 09/01/2031^(a)	U.S.$		535	$	540,363
Scientific Games International, Inc.
3.375%, 02/15/2026^(a)	EUR		120		140,212
5.00%, 10/15/2025^(a)	U.S.$		426		438,031
7.00%, 05/15/2028^(a)			172		185,729
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 02/15/2028-04/01/2029^(a)			1,460		1,500,787
Standard Industries, Inc./NJ
4.375%, 07/15/2030^(a)			929		947,461
4.75%, 01/15/2028^(a)			211		219,850
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875%, 05/15/2025^(a)			1,785		1,784,668
Taylor Morrison Communities, Inc.
5.125%, 08/01/2030^(a)			29		31,220
5.75%, 01/15/2028^(a)			510		567,829
5.875%, 06/15/2027^(a)			628		716,201
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc. 5.875%, 04/15/2023^(a)			875		916,563
Travel + Leisure Co.
4.625%, 03/01/2030^(a)			2,415		2,503,011
6.625%, 07/31/2026^(a)			637		725,480
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.25%, 05/15/2027^(a)			45		45,447
5.50%, 03/01/2025^(a)			736		750,976
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, 10/01/2029^(a)			279		281,075

					33,451,603

Consumer Cyclical - Restaurants – 0.7%
1011778 BC ULC/New Red Finance, Inc. 3.50%, 02/15/2029^(a)			224		221,817
3.875%, 01/15/2028^(a)			1,506		1,517,927
4.00%, 10/15/2030^(a)			2,061		2,039,434
4.375%, 01/15/2028^(a)			520		527,828
IRB Holding Corp. 6.75%, 02/15/2026 ^(a)			453		465,983
Yum! Brands, Inc. 3.625%, 03/15/2031			223		224,853
4.625%, 01/31/2032			1,952		2,082,557
4.75%, 01/15/2030^(a)			207		224,438

					7,304,837



abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 21

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Consumer Cyclical - Retailers – 2.2%
Bath & Body Works, Inc. 5.25%, 02/01/2028	U.S.$		11	$	12,131
6.75%, 07/01/2036			285		354,831
6.875%, 11/01/2035			664		833,417
7.50%, 06/15/2029			107		121,595
7.60%, 07/15/2037			261		328,015
9.375%, 07/01/2025^(a)			41		52,076
BCPE Ulysses Intermediate, Inc. 7.75% (7.75% Cash or 8.50% PIK), 04/01/2027^(a)(f)			518		516,310
Bed Bath & Beyond, Inc. 5.165%, 08/01/2044			121		104,116
Dufry One BV 2.50%, 10/15/2024^(a)	EUR		1,260		1,443,331
eG Global Finance PLC 6.75%, 02/07/2025^(a)	U.S.$		218		223,375
FirstCash, Inc. 4.625%, 09/01/2028^(a)			262		271,932
Foundation Building Materials, Inc. 6.00%, 03/01/2029^(a)			246		241,528
Gap, Inc. (The) 3.625%, 10/01/2029^(a)			526		527,266
3.875%, 10/01/2031^(a)			526		526,049
Group 1 Automotive, Inc. 4.00%, 08/15/2028^(a)			165		167,929
Hanesbrands, Inc. 4.875%, 05/15/2026^(a)			208		225,212
5.375%, 05/15/2025^(a)			57		59,700
LBM Acquisition LLC 6.25%, 01/15/2029^(a)			222		221,968
Levi Strauss & Co. 3.50%, 03/01/2031^(a)			602		608,131
Macy’s Retail Holdings LLC 2.875%, 02/15/2023			123		124,998
3.625%, 06/01/2024			57		59,389
5.875%, 04/01/2029^(a)			75		81,671
Michaels Cos, Inc. (The) 5.25%, 05/01/2028^(a)			1,417		1,459,418
7.875%, 05/01/2029^(a)			1,356		1,406,192
Murphy Oil USA, Inc. 3.75%, 02/15/2031^(a)			108		108,700
5.625%, 05/01/2027			69		72,198
NMG Holding Co., Inc./Neiman Marcus Group LLC 7.125%, 04/01/2026^(a)			433		460,026
Party City Holdings, Inc. 8.75%, 02/15/2026^(a)			126		131,791



22 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Penske Automotive Group, Inc. 3.50%, 09/01/2025	U.S.$		795	$	817,886
PetSmart, Inc./PetSmart Finance Corp. 4.75%, 02/15/2028^(a)			625		645,618
7.75%, 02/15/2029^(a)			1,219		1,329,396
Rite Aid Corp. 7.50%, 07/01/2025^(a)			1,382		1,382,210
8.00%, 11/15/2026^(a)			214		215,659
Sonic Automotive, Inc. 6.125%, 03/15/2027			817		849,719
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.375%, 09/30/2026^(a)			1,375		1,444,849
SRS Distribution, Inc. 6.125%, 07/01/2029^(a)			329		338,919
Staples, Inc. 7.50%, 04/15/2026^(a)			842		853,900
10.75%, 04/15/2027^(a)			1,441		1,402,062
TPro Acquisition Corp. 11.00%, 10/15/2024^(a)			1,062		1,154,664
White Cap Buyer LLC 6.875%, 10/15/2028^(a)			1,613		1,706,533
White Cap Parent LLC 8.25%, 03/15/2026^(a) (f)			329		339,677
William Carter Co. (The) 5.50%, 05/15/2025^(a)			438		460,078
Wolverine World Wide, Inc. 4.00%, 08/15/2029^(a)			1,040		1,050,293

					24,734,758

Consumer Non-Cyclical – 6.0%
180 Medical, Inc. 3.875%, 10/15/2029			1,040		1,040,000
Acadia Healthcare Co., Inc. 5.50%, 07/01/2028^(a)			881		926,201
AdaptHealth LLC 4.625%, 08/01/2029^(a)			1,369		1,368,923
6.125%, 08/01/2028^(a)			288		305,969
AHP Health Partners, Inc. 5.75%, 07/15/2029^(a)			988		999,863
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 4.625%, 01/15/2027^(a)			615		645,299
4.875%, 02/15/2030^(a)			200		215,987
5.75%, 03/15/2025			113		115,246
5.875%, 02/15/2028^(a)			99		105,400
7.50%, 03/15/2026^(a)			201		217,391



abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 23

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Avantor Funding, Inc. 4.625%, 07/15/2028^(a)	U.S.$		212	$	223,341
B&G Foods, Inc. 5.25%, 04/01/2025			217		222,321
Bausch Health Americas, Inc. 8.50%, 01/31/2027^(a)			543		579,174
Bausch Health Cos., Inc. 4.875%, 06/01/2028^(a)			3,130		3,245,617
5.00%, 02/15/2029^(a)			177		164,820
5.25%, 01/30/2030-02/15/2031^(a)			172		159,751
6.125%, 04/15/2025^(a)			417		425,927
6.25%, 02/15/2029^(a)			116		114,760
7.25%, 05/30/2029^(a)			365		373,729
CD&R Smokey Buyer, Inc. 6.75%, 07/15/2025^(a)			72		76,224
Charles River Laboratories International, Inc. 3.75%, 03/15/2029^(a)			932		955,380
4.00%, 03/15/2031^(a)			731		765,566
4.25%, 05/01/2028^(a)			221		229,742
CHS/Community Health Systems, Inc. 4.75%, 02/15/2031^(a)			493		496,087
5.625%, 03/15/2027^(a)			631		661,208
6.00%, 01/15/2029^(a)			326		345,533
6.125%, 04/01/2030^(a)			3,702		3,593,778
6.625%, 02/15/2025^(a)			215		225,030
6.875%, 04/01/2028-04/15/2029^(a)			2,114		2,093,385
Cidron Aida Finco SARL 5.00%, 04/01/2028^(a)	EUR		236		275,117
DaVita, Inc. 3.75%, 02/15/2031^(a)	U.S.$		1,000		973,793
4.625%, 06/01/2030^(a)			2,143		2,205,912
Edgewell Personal Care Co. 5.50%, 06/01/2028^(a)			209		220,659
Elanco Animal Health, Inc. 5.272%, 08/28/2023			92		98,027
5.90%, 08/28/2028			190		222,509
Emergent BioSolutions, Inc. 3.875%, 08/15/2028^(a)			1,516		1,474,261
Encompass Health Corp. 4.50%, 02/01/2028			213		220,962
4.75%, 02/01/2030			211		222,026
Endo Luxembourg Finance Co. I SARL/Endo US, Inc. 6.125%, 04/01/2029^(a)			514		513,966
Global Medical Response, Inc. 6.50%, 10/01/2025^(a)			495		512,166
Grifols Escrow Issuer SA 4.75%, 10/15/2028^(a)			1,236		1,261,900



24 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Gruenenthal GmbH 4.125%, 05/15/2028^(a)	EUR		205	$	249,047
HCRX Investments Holdco LP 4.50%, 08/01/2029^(a)	U.S.$		297		299,580
HLF Financing SARL LLC/ Herbalife International, Inc. 4.875%, 06/01/2029^(a)			94		93,725
IQVIA, Inc. 2.25%, 03/15/2029^(a)	EUR		862		1,003,490
5.00%, 10/15/2026-05/15/2027^(a)	U.S.$		427		441,344
Jazz Securities DAC 4.375%, 01/15/2029^(a)			1,142		1,186,862
Kronos Acquisition Holdings, Inc./ KIK Custom Products, Inc. 7.00%, 12/31/2027^(a)			2,451		2,348,300
Lamb Weston Holdings, Inc. 4.625%, 11/01/2024^(a)			407		417,649
4.875%, 11/01/2026^(a)			216		221,458
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 5.50%, 04/15/2025^(a)(c)(i)			125		60,841
5.625%, 10/15/2023^(a)(c)(i)			311		153,126
ModivCare Escrow Issuer, Inc. 5.00%, 10/01/2029^(a)			627		650,169
ModivCare, Inc. 5.875%, 11/15/2025^(a)			413		437,043
Mozart Debt Merger Sub, Inc. 3.875%, 04/01/2029			1,566		1,566,000
5.25%, 10/01/2029			3,167		3,201,542
Newell Brands, Inc. 4.70%, 04/01/2026			687		757,181
4.875%, 06/01/2025			170		187,663
6.00%, 04/01/2046			55		70,675
Nidda Healthcare Holding GmbH 3.50%, 09/30/2024^(a)	EUR		1,470		1,692,095
Organon & Co./Organon Foreign Debt Co-Issuer BV 5.125%, 04/30/2031^(a)	U.S.$		2,234		2,345,978
Par Pharmaceutical, Inc. 7.50%, 04/01/2027^(a)			981		997,582
Paysafe Finance PLC/ Paysafe Holdings US Corp. 4.00%, 06/15/2029^(a)			990		950,400
Performance Food Group, Inc. 4.25%, 08/01/2029^(a)			995		997,311
Post Holdings, Inc. 4.50%, 09/15/2031^(a)			1,870		1,853,798
4.625%, 04/15/2030^(a)			821		827,672



abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 25

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

5.50%, 12/15/2029^(a)	U.S.$		205	$	217,394
5.625%, 01/15/2028^(a)			798		838,465
Primo Water Holdings, Inc. 4.375%, 04/30/2029^(a)			1,471		1,463,879
Radiology Partners, Inc. 9.25%, 02/01/2028^(a)			1,599		1,717,890
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. 9.75%, 12/01/2026^(a)			775		819,546
RP Escrow Issuer LLC 5.25%, 12/15/2025^(a)			399		410,116
Select Medical Corp. 6.25%, 08/15/2026^(a)			159		167,294
Spectrum Brands, Inc. 3.875%, 03/15/2031^(a)			1,369		1,384,020
4.00%, 10/01/2026^(a)	EUR		530		625,535
Sunshine Mid BV 6.50%, 05/15/2026^(a)			823		983,953
Teleflex, Inc. 4.25%, 06/01/2028^(a)	U.S.$		212		220,213
Tempur Sealy International, Inc. 3.875%, 10/15/2031^(a)			1,264		1,266,372
Tenet Healthcare Corp. 4.625%, 07/15/2024			43		43,703
4.625%, 09/01/2024-06/15/2028^(a)			288		296,114
6.125%, 10/01/2028^(a)			505		529,946
7.50%, 04/01/2025^(a)			205		217,663
Triton Water Holdings, Inc. 6.25%, 04/01/2029^(a)			696		708,292
US Acute Care Solutions LLC 6.375%, 03/01/2026^(a)			269		283,754
US Foods, Inc. 4.75%, 02/15/2029^(a)			2,051		2,106,201
US Renal Care, Inc. 10.625%, 07/15/2027^(a)			791		843,383
Vector Group Ltd. 5.75%, 02/01/2029^(a)			235		235,114
Vizient, Inc. 6.25%, 05/15/2027^(a)			222		232,315

					67,714,643

Energy – 6.8%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375%, 06/15/2029^(a)			72		74,332
7.875%, 05/15/2026^(a)			189		206,873
Antero Resources Corp. 7.625%, 02/01/2029^(a)			370		413,461
8.375%, 07/15/2026^(a)			577		653,554



26 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Apache Corp. 4.875%, 11/15/2027	U.S.$		171	$	186,496
Ascent Resources Utica Holdings LLC/ARU Finance Corp. 7.00%, 11/01/2026^(a)			203		209,622
Baytex Energy Corp. 8.75%, 04/01/2027^(a)			133		137,662
Berry Petroleum Co. LLC 7.00%, 02/15/2026^(a)			471		480,117
Blue Racer Midstream LLC/Blue Racer Finance Corp. 6.625%, 07/15/2026^(a)			284		296,071
7.625%, 12/15/2025^(a)			472		510,242
Bonanza Creek Energy, Inc. 7.50%, 04/30/2026			36		36,666
Buckeye Partners LP 6.375%, 01/22/2078			69		62,982
Callon Petroleum, Co. 8.25%, 07/15/2025			301		293,999
9.00%, 04/01/2025^(a)			1,361		1,472,435
Calumet Specialty Products Partners LP/Calumet Finance Corp. 11.00%, 04/15/2025^(a)			216		235,928
Cheniere Energy Partners LP 4.50%, 10/01/2029			603		641,471
Chesapeake Energy Corp. 5.50%, 02/01/2026^(a)			156		163,431
5.875%, 02/01/2029^(a)			135		144,228
Citgo Holding, Inc. 9.25%, 08/01/2024^(a)			478		481,627
CITGO Petroleum Corp. 6.375%, 06/15/2026^(a)			471		478,784
7.00%, 06/15/2025^(a)			1,781		1,821,815
CNX Resources Corp. 6.00%, 01/15/2029^(a)			903		955,310
7.25%, 03/14/2027^(a)			218		232,048
Comstock Resources, Inc. 5.875%, 01/15/2030^(a)			895		930,924
6.75%, 03/01/2029^(a)			794		858,062
7.50%, 05/15/2025^(a)			348		361,683
CQP Holdco LP/BIP-V Chinook Holdco LLC 5.50%, 06/15/2031^(a)			1,467		1,559,529
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 5.625%, 05/01/2027^(a)			235		241,817
6.00%, 02/01/2029^(a)			47		49,208
CVR Energy, Inc. 5.25%, 02/15/2025^(a)			238		237,256



abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 27

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

DCP Midstream LLC 5.85%, 05/21/2043^(a)	U.S.$		206	$	191,456
DCP Midstream Operating LP 5.375%, 07/15/2025			206		227,775
Diamond Foreign Asset Co./Diamond Finance LLC 9.00% (9.00% Cash or 13.00 % PIK), 04/22/2027^(f)			79		78,653
9.00% (9.00% Cash or 13.00 % PIK), 04/22/2027^(a)(f)			90		90,023
Encino Acquisition Partners Holdings LLC 8.50%, 05/01/2028^(a)			1,848		1,897,072
EnLink Midstream LLC 5.625%, 01/15/2028^(a)			1,162		1,237,496
EnLink Midstream Partners LP 4.40%, 04/01/2024			127		131,996
5.05%, 04/01/2045			807		738,487
5.45%, 06/01/2047			626		600,982
5.60%, 04/01/2044			104		99,687
Series C 6.00%, 12/15/2022^(j)			2,734		2,092,495
EQM Midstream Partners LP 4.50%, 01/15/2029^(a)			742		770,751
4.75%, 01/15/2031^(a)			707		735,288
6.50%, 07/15/2048			156		178,836
EQT Corp. 3.90%, 10/01/2027			291		315,523
7.50%, 02/01/2030			180		231,638
Genesis Energy LP/Genesis Energy Finance Corp. 5.625%, 06/15/2024			412		410,669
6.25%, 05/15/2026			222		217,882
6.50%, 10/01/2025			650		646,909
7.75%, 02/01/2028			666		665,612
8.00%, 01/15/2027			1,121		1,134,798
Global Partners LP/GLP Finance Corp. 6.875%, 01/15/2029			439		455,447
7.00%, 08/01/2027			485		504,544
Gulfport Energy Corp. 6.00%, 10/15/2024^(c)			589		32,395
6.375%, 05/15/2025-01/15/2026^(c)			3,257		179,135
6.625%, 05/01/2023^(c)			161		8,855
Gulfport Energy Operating Corp. 8.00%, 05/17/2026^(a)			1,173		1,277,588
Harvest Midstream I LP 7.50%, 09/01/2028^(a)			49		52,230



28 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Hess Midstream Operations LP 4.25%, 02/15/2030^(a)	U.S.$		649	$	656,320
5.125%, 06/15/2028^(a)			226		236,175
5.625%, 02/15/2026^(a)			1,707		1,771,961
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 02/01/2029^(a)			420		432,825
6.00%, 02/01/2031^(a)			420		433,209
6.25%, 11/01/2028^(a)			220		228,246
Independence Energy Finance LLC 7.25%, 05/01/2026^(a)			1,479		1,529,868
Ithaca Energy North Sea PLC 9.00%, 07/15/2026^(a)			1,574		1,608,022
ITT Holdings LLC 6.50%, 08/01/2029^(a)			2,660		2,684,725
KLX Energy Services Holdings, Inc. 11.50%, 11/01/2025^(a)			64		38,207
Laredo Petroleum, Inc. 9.50%, 01/15/2025			228		238,150
10.125%, 01/15/2028			56		60,580
Matador Resources Co. 5.875%, 09/15/2026			225		232,151
MEG Energy Corp. 5.875%, 02/01/2029^(a)			93		95,116
7.125%, 02/01/2027^(a)			221		232,112
Moss Creek Resources Holdings, Inc. 7.50%, 01/15/2026^(a)			1,638		1,519,004
10.50%, 05/15/2027^(a)			124		122,999
Murphy Oil Corp. 5.75%, 08/15/2025			227		234,313
5.875%, 12/01/2027			225		234,362
6.375%, 07/15/2028			53		56,080
Nabors Industries Ltd. 7.25%, 01/15/2026^(a)			500		486,141
7.50%, 01/15/2028^(a)			2,085		1,975,346
Neptune Energy Bondco PLC 6.625%, 05/15/2025^(a)			200		205,354
New Fortress Energy, Inc. 6.50%, 09/30/2026^(a)			113		108,141
6.75%, 09/15/2025^(a)			1,805		1,736,622
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.50%, 02/01/2026^(a)			2,003		2,041,250
NGL Energy Partners LP/NGL Energy Finance Corp. 7.50%, 11/01/2023			1,291		1,253,995
Occidental Petroleum Corp. 3.40%, 04/15/2026			109		111,887



abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 29

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

3.50%, 06/15/2025	U.S.$		599	$	622,429
5.50%, 12/01/2025			158		175,035
5.875%, 09/01/2025			21		23,543
6.125%, 01/01/2031			365		437,368
6.375%, 09/01/2028			202		236,934
6.45%, 09/15/2036			184		231,621
6.60%, 03/15/2046			90		113,478
6.625%, 09/01/2030			191		235,724
7.50%, 05/01/2031			179		232,476
8.00%, 07/15/2025			387		461,881
8.50%, 07/15/2027			184		230,471
8.875%, 07/15/2030			173		235,026
PBF Holding Co. LLC/PBF Finance Corp. 7.25%, 06/15/2025			62		41,726
9.25%, 05/15/2025^(a)			1,091		1,033,722
PBF Logistics LP/PBF Logistics Finance Corp. 6.875%, 05/15/2023			112		109,234
PDC Energy, Inc. 5.75%, 05/15/2026			2,013		2,095,142
6.125%, 09/15/2024			1,185		1,202,777
Range Resources Corp. 4.875%, 05/15/2025			97		102,395
5.00%, 03/15/2023			230		238,697
8.25%, 01/15/2029^(a)			652		733,492
Renewable Energy Group, Inc. 5.875%, 06/01/2028^(a)			573		592,547
Rockies Express Pipeline LLC 6.875%, 04/15/2040^(a)			154		171,021
SM Energy Co. 5.625%, 06/01/2025			991		996,723
6.50%, 07/15/2028			171		176,749
Southwestern Energy Co. 5.375%, 02/01/2029^(a)			758		811,552
6.45%, 01/23/2025			117		128,772
8.375%, 09/15/2028			429		486,098
Sunnova Energy Corp. 5.875%, 09/01/2026^(a)			647		658,791
Sunoco LP/Sunoco Finance Corp. 4.50%, 05/15/2029			114		115,664
5.50%, 02/15/2026			79		80,624
5.875%, 03/15/2028			964		1,017,908
6.00%, 04/15/2027			152		158,462
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 6.00%, 09/01/2031^(a)			95		95,928
Talos Production, Inc. 12.00%, 01/15/2026			1,533		1,642,586



30 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.00%, 01/15/2032^(a)	U.S.$		1,480	$	1,529,170
5.50%, 03/01/2030			198		216,548
5.875%, 04/15/2026			212		221,707
TerraForm Power Operating LLC 4.75%, 01/15/2030^(a)			207		216,696
Transocean Guardian Ltd. 5.875%, 01/15/2024^(a)			134		133,468
Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024^(a)			1,192		1,221,613
Transocean Pontus Ltd. 6.125%, 08/01/2025^(a)			187		187,060
Transocean Poseidon Ltd. 6.875%, 02/01/2027^(a)			237		236,482
Transocean, Inc. 7.25%, 11/01/2025^(a)			359		299,546
7.50%, 01/15/2026^(a)			762		616,991
11.50%, 01/30/2027^(a)			445		457,978
USA Compression Partners LP/USA Compression Finance Corp. 6.875%, 09/01/2027			225		237,698
Vantage Drilling International 7.125%, 04/01/2023^(c)(d)(e)			1,283		– 0	–
7.50%, 11/01/2019^(b)(c)(d)(e)			2,176		– 0	–
Venture Global Calcasieu Pass LLC 4.125%, 08/15/2031^(a)			1,376		1,437,995
W&T Offshore, Inc. 9.75%, 11/01/2023^(a)			1,099		1,043,745
Weatherford International Ltd. 11.00%, 12/01/2024^(a)			156		164,319
Western Midstream Operating LP 3.95%, 06/01/2025			264		278,827
4.50%, 03/01/2028			216		233,628
4.75%, 08/15/2028			453		494,646
5.30%, 02/01/2030-03/01/2048			651		721,463
5.45%, 04/01/2044			302		347,262
6.50%, 02/01/2050			111		130,554

					76,549,008

Other Industrial – 0.2%
AECOM 5.125%, 03/15/2027			210		233,230
Avient Corp. 5.75%, 05/15/2025^(a)			400		421,206
IAA, Inc. 5.50%, 06/15/2027^(a)			315		329,023
Interface, Inc. 5.50%, 12/01/2028^(a)			258		271,997



abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 31

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

KAR Auction Services, Inc. 5.125%, 06/01/2025^(a)	U.S.$		674	$	681,503

					1,936,959

Services – 3.5%
ADT Security Corp. (The) 4.125%, 06/15/2023			83		86,616
4.125%, 08/01/2029^(a)			2,069		2,057,342
4.875%, 07/15/2032^(a)			8		8,065
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.00%, 06/01/2029^(a)			527		520,657
6.625%, 07/15/2026^(a)			312		330,112
9.75%, 07/15/2027^(a)			2,083		2,265,056
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 3.625%, 06/01/2028^(a)	EUR		255		289,901
4.625%, 06/01/2028^(a)	U.S.$		804		800,460
4.875%, 06/01/2028^(a)	GBP		1,010		1,339,474
ANGI Group LLC 3.875%, 08/15/2028^(a)			2,430		2,415,880
Aptim Corp. 7.75%, 06/15/2025^(a)			1,424		1,195,962
APX Group, Inc. 5.75%, 07/15/2029^(a)			2,116		2,089,474
6.75%, 02/15/2027^(a)			265		281,541
Aramark Services, Inc. 5.00%, 02/01/2028^(a)			654		674,299
6.375%, 05/01/2025^(a)			569		598,994
Carlson Travel, Inc. 6.75%, 12/15/2025^(g)			782		664,700
10.50%, 03/31/2025^(g)			138		143,705
Cars.com, Inc. 6.375%, 11/01/2028^(a)			830		875,252
eDreams ODIGEO SA 5.50%, 09/01/2023^(a)	EUR		478		555,646
Elis SA 1.625%, 04/03/2028^(a)			300		345,556
Garda World Security Corp. 6.00%, 06/01/2029^(a)	U.S.$		99		96,797
9.50%, 11/01/2027^(a)			1,474		1,592,454
Gartner, Inc. 3.75%, 10/01/2030^(a)			215		221,446
4.50%, 07/01/2028^(a)			512		536,786
ION Trading Technologies SARL 5.75%, 05/15/2028^(a)			1,067		1,089,379



32 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Korn Ferry 4.625%, 12/15/2027^(a)	U.S.$		586	$	607,975
Millennium Escrow Corp. 6.625%, 08/01/2026^(a)			1,894		1,949,253
MoneyGram International, Inc. 5.375%, 08/01/2026^(a)			806		818,126
Monitronics International, Inc. 0.00%, 04/01/2020^(b)(c)(d)(e)			958		– 0	–
MPH Acquisition Holdings LLC 5.50%, 09/01/2028^(a)			1,020		1,019,998
5.75%, 11/01/2028^(a)			3,577		3,369,567
Nielsen Finance LLC/Nielsen Finance Co. 4.75%, 07/15/2031^(a)			137		133,359
5.625%, 10/01/2028^(a)			106		110,091
5.875%, 10/01/2030^(a)			85		89,434
Photo Holdings Merger Sub, Inc. 8.50%, 10/01/2026^(a)			103		111,309
Prime Security Services Borrower LLC/Prime Finance, Inc. 3.375%, 08/31/2027^(a)			98		94,101
5.25%, 04/15/2024^(a)			25		26,661
6.25%, 01/15/2028^(a)			1,515		1,567,007
Q-Park Holding I BV 2.00%, 03/01/2027^(a)	EUR		245		271,108
Ritchie Bros Auctioneers, Inc. 5.375%, 01/15/2025^(a)	U.S.$		366		374,810
Sabre GLBL, Inc. 9.25%, 04/15/2025^(a)			378		436,941
Service Corp. International/US 3.375%, 08/15/2030			1,114		1,113,285
4.625%, 12/15/2027			41		43,118
5.125%, 06/01/2029			91		98,971
Sotheby’s/Bidfair Holdings, Inc. 5.875%, 06/01/2029^(a)			205		210,786
Square, Inc. 2.75%, 06/01/2026^(a)			1,440		1,461,446
3.50%, 06/01/2031^(a)			1,474		1,512,699
TripAdvisor, Inc. 7.00%, 07/15/2025^(a)			422		447,400
Verisure Midholding AB 5.25%, 02/15/2029^(a)	EUR		954		1,134,111
Verscend Escrow Corp. 9.75%, 08/15/2026^(a)	U.S.$		1,075		1,134,264
WASH Multifamily Acquisition, Inc. 5.75%, 04/15/2026^(a)			268		279,706

					39,491,080



abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 33

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Technology – 2.6%
Ahead DB Holdings LLC 6.625%, 05/01/2028^(a)	U.S.$		725	$	731,208
Austin BidCo, Inc. 7.125%, 12/15/2028^(a)			717		724,719
Avaya, Inc. 6.125%, 09/15/2028^(a)			2,343		2,464,230
Cablevision Lightpath LLC 5.625%, 09/15/2028^(a)			1,060		1,063,892
Clarivate Science Holdings Corp. 4.875%, 07/01/2029^(a)			573		574,116
CommScope Technologies LLC 5.00%, 03/15/2027^(a)			220		209,271
CommScope, Inc. 4.75%, 09/01/2029^(a)			2,283		2,278,936
6.00%, 03/01/2026^(a)			500		519,408
Elastic NV 4.125%, 07/15/2029^(a)			694		695,633
Imola Merger Corp. 4.75%, 05/15/2029^(a)			968		1,001,968
LogMeIn, Inc. 5.50%, 09/01/2027^(a)			551		559,550
Microchip Technology, Inc. 4.25%, 09/01/2025			612		639,643
NCR Corp. 5.00%, 10/01/2028^(a)			52		53,436
5.125%, 04/15/2029^(a)			3,466		3,574,924
5.75%, 09/01/2027^(a)			295		311,618
6.125%, 09/01/2029^(a)			220		238,302
Open Text Holdings, Inc. 4.125%, 02/15/2030^(a)			224		231,381
Pitney Bowes, Inc. 6.875%, 03/15/2027^(a)			485		511,997
Playtech PLC 4.25%, 03/07/2026^(a)	EUR		101		119,795
Playtika Holding Corp. 4.25%, 03/15/2029^(a)	U.S.$		1,117		1,120,741
Presidio Holdings, Inc. 4.875%, 02/01/2027^(a)			98		101,521
8.25%, 02/01/2028^(a)			154		165,657
PTC, Inc. 3.625%, 02/15/2025^(a)			219		222,891
Rackspace Technology Global, Inc. 3.50%, 02/15/2028^(a)			2,555		2,466,355
5.375%, 12/01/2028^(a)			82		80,634
Science Applications International Corp. 4.875%, 04/01/2028^(a)			105		108,600



34 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Seagate HDD Cayman 3.375%, 07/15/2031^(a)	U.S.$		45	$	43,877
4.091%, 06/01/2029			1,622		1,706,766
4.125%, 01/15/2031			124		129,065
4.875%, 03/01/2024			209		225,223
Sensata Technologies BV 4.00%, 04/15/2029^(a)			390		397,217
Sensata Technologies, Inc. 3.75%, 02/15/2031^(a)			1,100		1,107,226
SS&C Technologies, Inc. 5.50%, 09/30/2027^(a)			209		221,065
TTM Technologies, Inc. 4.00%, 03/01/2029^(a)			983		978,777
Vericast Corp. 11.00%, 09/15/2026^(a)			130		136,836
Veritas US, Inc./Veritas Bermuda Ltd. 7.50%, 09/01/2025^(a)			2,981		3,102,578
Xerox Corp. 6.75%, 12/15/2039			42		46,687
Xerox Holdings Corp. 5.00%, 08/15/2025^(a)			108		113,490
5.50%, 08/15/2028^(a)			226		233,593

					29,212,826

Transportation - Airlines – 0.5%
Air Canada 3.875%, 08/15/2026^(a)			297		299,940
American Airlines Pass Through Trust 3.375%, 05/01/2027			170		169,062
American Airlines, Inc. 11.75%, 07/15/2025^(a)			190		235,039
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%, 04/20/2026^(a)			1,111		1,167,581
5.75%, 04/20/2029^(a)			975		1,050,766
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. 5.75%, 01/20/2026^(a)			507		531,475
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 09/20/2025^(a)			440		495,406
United Airlines, Inc. 4.625%, 04/15/2029^(a)			1,268		1,310,825

					5,260,094



abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 35

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Transportation - Services – 0.6%
AerCap Global Aviation Trust 6.50%, 06/15/2045^(a)	U.S.$		400	$	433,115
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 4.75%, 04/01/2028^(a)			224		230,962
5.375%, 03/01/2029^(a)			757		799,665
5.75%, 07/15/2027^(a)			1,031		1,073,419
EC Finance PLC 3.00%, 10/15/2026	EUR		302		352,266
Fortress Transportation and Infrastructure Investors LLC 6.50%, 10/01/2025^(a)	U.S.$		217		223,550
Herc Holdings, Inc. 5.50%, 07/15/2027^(a)			181		189,897
Loxam SAS 2.875%, 04/15/2026^(a)	EUR		301		348,372
Modulaire Global Finance PLC 8.00%, 02/15/2023^(a)	U.S.$		1,821		1,858,436
United Rentals North America, Inc. 3.875%, 02/15/2031			231		236,555
4.00%, 07/15/2030			224		232,809
5.50%, 05/15/2027			418		439,044

					6,418,090

					517,053,126


Financial Institutions – 6.9%
Banking – 2.3%
Alliance Data Systems Corp. 4.75%, 12/15/2024^(a)			1,253		1,284,237
7.00%, 01/15/2026^(a)			600		642,000
Ally Financial, Inc. Series B 4.70%, 05/15/2026^(j)			2,950		3,084,025
Series C 4.70%, 05/15/2028^(j)			256		267,520
Banco Bilbao Vizcaya Argentaria SA 5.875%, 05/24/2022^(a)(j)	EUR		400		475,481
Series 9 6.50%, 03/05/2025^(j)	U.S.$		1,200		1,308,266
Banco Santander SA 6.75%, 04/25/2022^(a)(j)	EUR		2,000		2,381,272
CaixaBank SA 5.875%, 10/09/2027^(a)(j)			1,000		1,333,223
Credit Suisse Group AG 6.25%, 12/18/2024^(a)(j)	U.S.$		1,404		1,514,573
6.375%, 08/21/2026^(a)(j)			1,290		1,416,739
7.50%, 07/17/2023^(a)(j)			1,820		1,945,297



36 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Discover Financial Services Series D 6.125%, 06/23/2025^(j)	U.S.$		3,470	$	3,903,813
Freedom Mortgage Corp. 6.625%, 01/15/2027^(a)			41		40,018
7.625%, 05/01/2026^(a)			234		238,601
8.25%, 04/15/2025^(a)			168		171,464
Intesa Sanpaolo SpA 4.198%, 06/01/2032^(a)			232		237,716
5.017%, 06/26/2024^(a)			331		357,710
5.71%, 01/15/2026^(a)			1,232		1,382,784
Societe Generale SA 8.00%, 09/29/2025^(a)(j)			2,608		3,058,822

					25,043,561

Brokerage – 0.4%
Advisor Group Holdings, Inc. 10.75%, 08/01/2027^(a)			950		1,048,290
Lehman Brothers Holdings, Inc. 6.87%, 05/02/2018^(b)(c)			1,690		11,492
LPL Holdings, Inc. 4.375%, 05/15/2031^(a)			209		218,092
NFP Corp. 6.875%, 08/15/2028^(a)			2,964		3,025,206

					4,303,080

Finance – 1.7%
Air Lease Corp. Series B 4.65%, 06/15/2026^(j)			1,229		1,286,688
Aircastle Ltd. 5.25%, 06/15/2026^(a)(j)			591		602,789
CNG Holdings, Inc. 12.50%, 06/15/2024^(a)			861		823,881
Compass Group Diversified Holdings LLC 5.25%, 04/15/2029^(a)			884		924,359
Curo Group Holdings Corp. 7.50%, 08/01/2028^(a)			1,429		1,443,755
Enact Holdings, Inc. 6.50%, 08/15/2025^(a)			209		228,236
Enova International, Inc. 8.50%, 09/01/2024-09/15/2025^(a)			1,456		1,498,211
goeasy Ltd. 4.375%, 05/01/2026^(a)			981		1,007,672
HighTower Holding, LLC 6.75%, 04/15/2029^(a)			2,936		3,006,491
Home Point Capital, Inc. 5.00%, 02/01/2026^(a)			9		8,169



abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 37

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Icahn Enterprises LP/Icahn Enterprises Finance Corp. 4.375%, 02/01/2029	U.S.$		125	$	124,809
4.75%, 09/15/2024			221		229,947
5.25%, 05/15/2027			131		136,122
ILFC E-Capital Trust II 3.71% (H15T 30 Year + 1.80%), 12/21/2065^(a)			2,000		1,671,159
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5.00%, 08/15/2028^(a)			1,253		1,270,705
LD Holdings Group LLC 6.50%, 11/01/2025^(a)			97		96,757
Lincoln Financing SARL 3.625%, 04/01/2024^(a)	EUR		390		455,514
Midcap Financial Issuer Trust 5.625%, 01/15/2030^(a)	U.S.$		216		214,086
Navient Corp. 4.875%, 03/15/2028			1,103		1,112,115
5.00%, 03/15/2027			220		226,493
5.625%, 08/01/2033			217		205,644
6.50%, 06/15/2022			358		369,679
OneMain Finance Corp. 6.875%, 03/15/2025			35		39,324
8.875%, 06/01/2025			200		216,773
PennyMac Financial Services, Inc. 4.25%, 02/15/2029^(a)			140		133,317
5.375%, 10/15/2025^(a)			231		237,629
5.75%, 09/15/2031^(a)			223		222,786
Quicken Loans LLC 5.25%, 01/15/2028^(a)			47		50,585
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. 3.625%, 03/01/2029^(a)			225		227,515
3.875%, 03/01/2031^(a)			220		221,897
SLM Corp. 4.20%, 10/29/2025			199		213,278
5.125%, 04/05/2022			605		613,909
United Wholesale Mortgage LLC 5.50%, 11/15/2025-04/15/2029^(a)			330		323,997

					19,444,291

Insurance – 0.9%
Acrisure LLC/Acrisure Finance, Inc. 7.00%, 11/15/2025^(a)			1,488		1,516,716
10.125%, 08/01/2026^(a)			1,086		1,213,969
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 6.75%, 10/15/2027^(a)			2,055		2,132,813



38 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

AmWINS Group, Inc. 4.875%, 06/30/2029^(a)	U.S.$		426	$	431,926
Ardonagh Midco 2 PLC 11.50% (11.50% Cash or 12.75% PIK), 01/15/2027^(a)(f)			1,702		1,858,625
AssuredPartners, Inc. 5.625%, 01/15/2029^(a)			2,110		2,123,513
Global Atlantic Fin Co. 4.70%, 10/15/2051^(a)			39		40,254
HUB International Ltd. 7.00%, 05/01/2026^(a)			292		301,947
MBIA, Inc. 5.70%, 12/01/2034			16		15,807
Molina Healthcare, Inc. 3.875%, 11/15/2030^(a)			221		233,155
5.375%, 11/15/2022			158		163,397

					10,032,122

Other Finance – 0.2%
Intrum AB 3.00%, 09/15/2027^(a)	EUR		360		415,406
3.125%, 07/15/2024^(a)			489		569,379
3.50%, 07/15/2026^(a)			705		834,131
4.875%, 08/15/2025			683		828,918

					2,647,834

REITs – 1.4%
ADLER Group SA 2.75%, 11/13/2026^(a)			200		198,272
Aedas Homes Opco Sl 4.00%, 08/15/2026			1,580		1,894,739
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 4.50%, 04/01/2027^(a)	U.S.$		1,889		1,870,610
5.75%, 05/15/2026^(a)			950		987,002
Diversified Healthcare Trust 9.75%, 06/15/2025			953		1,043,471
HAT Holdings I LLC/HAT Holdings II LLC 3.375%, 06/15/2026^(a)			161		163,377
Howard Hughes Corp. (The) 5.375%, 08/01/2028^(a)			210		221,788
Iron Mountain, Inc. 4.875%, 09/15/2027^(a)			255		264,183
5.25%, 03/15/2028^(a)			1,576		1,644,170
5.625%, 07/15/2032^(a)			81		87,036
JBS USA Food Co. 4.25%, 02/01/2027^(a)			163		162,089
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.75%, 06/15/2029^(a)			99		98,454



abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 39

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 3.875%, 02/15/2029^(a)	U.S.$		56	$	59,580
4.50%, 09/01/2026			68		73,939
5.625%, 05/01/2024			207		225,067
5.75%, 02/01/2027			970		1,114,918
Neinor Homes SA 4.50%, 10/15/2026^(a)	EUR		786		941,657
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer 4.875%, 05/15/2029^(a)	U.S.$		1,163		1,193,313
7.50%, 06/01/2025^(a)			207		220,145
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75%, 01/15/2029^(a)			225		233,368
9.375%, 04/01/2027^(a)			1,794		1,977,434
RHP Hotel Properties LP/RHP Finance Corp. 4.50%, 02/15/2029^(a)			118		118,262
SBA Communications Corp. 3.875%, 02/15/2027			215		222,645
Via Celere Desarrollos 5.25%, 04/01/2026	EUR		771		937,219

					15,952,738

					77,423,626

Utility – 1.1%
Electric – 1.1%
Calpine Corp. 3.75%, 03/01/2031^(a)	U.S.$		3,523		3,399,101
5.125%, 03/15/2028^(a)			528		534,748
ContourGlobal Power Holdings SA 3.125%, 01/01/2028 ^(a)	EUR		167		196,738
NRG Energy, Inc. 6.625%, 01/15/2027	U.S.$		17		17,617
PG&E Corp. 5.25%, 07/01/2030			78		79,842
Talen Energy Supply LLC 6.50%, 06/01/2025^(k)			2,096		1,041,412
7.25%, 05/15/2027^(a)			387		365,364
10.50%, 01/15/2026^(a)			2,430		1,336,257
Vistra Operations Co. LLC 4.375%, 05/01/2029^(a)			5,124		5,160,840

					12,131,919

Total Corporates – Non-Investment Grade (cost $590,466,641)					606,608,671



40 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

CORPORATES - INVESTMENT GRADE – 10.9%
Financial Institutions – 6.3%
Banking – 3.6%
Ally Financial, Inc. 8.00%, 11/01/2031	U.S.$		39	$	55,857
Banco Santander SA 5.179%, 11/19/2025			400		454,508
Bank of America Corp. Series DD 6.30%, 03/10/2026^(j)			3,043		3,528,030
Series Z 6.50%, 10/23/2024^(j)			57		63,693
Barclays Bank PLC 6.86%, 06/15/2032^(a)(j)			166		225,000
Barclays PLC 7.125%, 06/15/2025^(j)	GBP		404		609,778
7.25%, 03/15/2023^(a)(j)			219		314,360
BNP Paribas SA 6.75%, 03/14/2022^(a)(j)	U.S.$		418		426,481
CIT Group, Inc. 3.929%, 06/19/2024			364		380,517
Citigroup, Inc. 3.875%, 02/18/2026^(j)			517		527,546
5.95%, 01/30/2023^(j)			2,689		2,805,529
Series W 4.00%, 12/10/2025^(j)			413		426,603
Comerica, Inc. 5.625%, 07/01/2025^(j)			2,340		2,628,877
Credit Agricole SA 8.125%, 12/23/2025^(a)(j)			1,909		2,307,451
Deutsche Bank AG 4.296%, 05/24/2028			200		207,315
5.882%, 07/08/2031			200		236,887
Fifth Third Bancorp Series L 4.50%, 09/30/2025^(j)			235		255,724
Goldman Sachs Group, Inc. (The) Series O 5.30%, 11/10/2026^(j)			157		174,277
Series P 5.00%, 11/10/2022^(j)			1,429		1,444,320
HSBC Holdings PLC 6.00%, 09/29/2023^(a)(j)	EUR		1,819		2,273,154
Series E 4.75%, 07/04/2029^(a)(j)			1,595		2,041,496
ING Groep NV 6.50%, 04/16/2025^(j)	U.S.$		520		572,775
6.875%, 04/16/2022^(a)(j)			250		256,749



abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 41

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

JPMorgan Chase & Co. Series V 3.451% (LIBOR 3 Month + 3.32%), 01/01/2022^(j)(l)	U.S.$		210	$	210,537
Lloyds Banking Group PLC 6.413%, 10/01/2035^(a)(j)			235		328,700
6.657%, 05/21/2037^(a)(j)			98		140,907
7.625%, 06/27/2023^(a)(j)	GBP		1,760		2,554,702
Natwest Group PLC Series U 2.452% (LIBOR 3 Month + 2.32%), 09/30/2027^(j)(l)	U.S.$		1,100		1,094,328
Nordea Bank Abp 6.625%, 03/26/2026^(a)(j)			3,065		3,531,628
Regions Bank/Birmingham AL 6.45%, 06/26/2037			1,500		2,129,727
Standard Chartered PLC 7.75%, 04/02/2023^(a)(j)			440		474,736
Swedbank AB Series NC5 5.625%, 09/17/2024^(a)(j)			1,000		1,082,659
Truist Financial Corp. Series P 4.95%, 09/01/2025^(j)			2,201		2,405,912
Series Q 5.10%, 03/01/2030^(j)			855		979,146
UBS Group AG 7.00%, 02/19/2025^(a)(j)			2,492		2,837,000
UniCredit SpA 5.459%, 06/30/2035^(a)			200		220,756
5.861%, 06/19/2032^(a)			201		223,258

					40,430,923

Brokerage – 0.1%
Charles Schwab Corp. (The) Series I 4.00%, 06/01/2026^(j)			1,251		1,304,168

Finance – 0.6%
Aircastle Ltd. 2.85%, 01/26/2028^(a)			247		250,376
4.25%, 06/15/2026			33		36,053
5.25%, 08/11/2025^(a)			2,239		2,498,295
Aviation Capital Group LLC 3.50%, 11/01/2027^(a)			295		310,879
4.125%, 08/01/2025^(a)			395		425,422
4.375%, 01/30/2024^(a)			29		30,963
4.875%, 10/01/2025^(a)			319		351,926



42 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Huarong Finance 2017 Co., Ltd. 3.75%, 04/27/2022^(a)	U.S.$		215	$	209,088
4.75%, 04/27/2027^(a)			200		188,000
Huarong Finance 2019 Co., Ltd. 3.75%, 05/29/2024^(a)			343		324,993
Huarong Finance II Co., Ltd. 4.875%, 11/22/2026^(a)			430		411,317
5.50%, 01/16/2025^(a)			1,082		1,068,475

					6,105,787

Insurance – 1.7%
Allstate Corp. (The) 6.50%, 05/15/2057			1,657		2,223,774
American International Group, Inc. 6.82%, 11/15/2037			1,425		1,999,072
Centene Corp. 2.45%, 07/15/2028			217		218,049
2.625%, 08/01/2031			2,855		2,837,342
3.375%, 02/15/2030			214		221,499
4.625%, 12/15/2029			205		223,288
Liberty Mutual Group, Inc. 7.80%, 03/15/2037^(a)			2,559		3,501,959
MetLife, Inc. 10.75%, 08/01/2039			2,350		4,119,065
Prudential Financial, Inc. 5.20%, 03/15/2044			340		366,392
5.625%, 06/15/2043			1,082		1,149,999
Radian Group, Inc. 6.625%, 03/15/2025			110		122,980
Transatlantic Holdings, Inc. 8.00%, 11/30/2039			1,261		1,944,898

					18,928,317

Other Finance – 0.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.45%, 04/03/2026			235		256,626

REITs – 0.3%
MPT Operating Partnership LP/MPT Finance Corp. 4.625%, 08/01/2029			118		126,455
5.00%, 10/15/2027			344		362,440
5.25%, 08/01/2026			137		141,274
Office Properties Income Trust 3.45%, 10/15/2031			1,582		1,553,759
Spirit Realty LP 4.45%, 09/15/2026			21		23,446
Trust Fibra Uno 4.869%, 01/15/2030^(a)			605		657,620

					2,864,994

					69,890,815



abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 43

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Industrial – 4.6%
Basic – 1.0%
ArcelorMittal SA 6.75%, 03/01/2041	U.S.$		362	$	503,088
7.00%, 10/15/2039			400		566,958
Arconic Corp. 6.00%, 05/15/2025^(a)			889		933,205
Braskem Netherlands Finance BV 4.50%, 01/31/2030^(a)			1,342		1,423,694
CF Industries, Inc. 4.95%, 06/01/2043			1,458		1,756,688
5.375%, 03/15/2044			1,092		1,386,583
Georgia-Pacific LLC 8.875%, 05/15/2031			1		1,561
Glencore Finance Canada Ltd. 6.00%, 11/15/2041^(a)			272		358,216
Industrias Penoles SAB de CV 5.65%, 09/12/2049^(a)			386		477,868
INEOS Finance PLC 2.875%, 05/01/2026^(a)	EUR		230		268,455
MEGlobal Canada ULC 5.875%, 05/18/2030^(a)	U.S.$		343		422,117
Nexa Resources SA 6.50%, 01/18/2028^(a)			973		1,072,859
Smurfit Kappa Treasury Funding DAC 7.50%, 11/20/2025			238		293,813
Suzano Austria GmbH 7.00%, 03/16/2047^(a)			231		302,333
WestRock MWV LLC 7.95%, 02/15/2031			1,000		1,419,492

					11,186,930

Capital Goods – 0.2%
General Electric Co. Series D 3.446% (LIBOR 3 Month + 3.33%), 12/15/2021^(j)(l)			1,681		1,643,803
Howmet Aerospace, Inc. 5.90%, 02/01/2027			119		139,680
5.95%, 02/01/2037			97		121,141
Textron Financial Corp. 1.86% (LIBOR 3 Month + 1.74%), 02/15/2042^(a)(l)			575		497,039

					2,401,663

Communications - Media – 0.1%
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. 5.875%, 08/15/2027^(a)			229		239,080



44 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Prosus NV 4.027%, 08/03/2050^(a)	U.S.$		331	$	310,612
ViacomCBS, Inc. 6.25%, 02/28/2057			200		229,081

					778,773

Communications - Telecommunications – 0.7%
T-Mobile USA, Inc. 2.625%, 02/15/2029			973		982,815
2.875%, 02/15/2031			117		118,048
3.375%, 04/15/2029^(a)			2,720		2,836,643
3.50%, 04/15/2031^(a)			2,220		2,344,396
3.50%, 04/15/2031			1,338		1,412,152
4.75%, 02/01/2028			39		41,406
VEON Holdings BV 3.375%, 11/25/2027^(a)			200		203,096

					7,938,556

Consumer Cyclical - Automotive – 0.1%
General Motors Co. 5.20%, 04/01/2045			19		23,087
General Motors Financial Co., Inc. 5.65%, 01/17/2029			30		36,073
Lear Corp. 3.50%, 05/30/2030			3		3,211
4.25%, 05/15/2029			17		18,999
Nissan Motor Co., Ltd. 4.345%, 09/17/2027^(a)			1,084		1,190,824

					1,272,194

Consumer Cyclical - Other – 0.5%
Builders FirstSource, Inc. 6.75%, 06/01/2027 ^(a)			186		196,524
MDC Holdings, Inc. 6.00%, 01/15/2043			1,881		2,358,055
Owens Corning 7.00%, 12/01/2036			777		1,112,729
Resorts World Las Vegas LLC/RWLV Capital, Inc. 4.625%, 04/06/2031^(a)			1,100		1,104,678
Toll Brothers Finance Corp. 4.875%, 03/15/2027			1,124		1,268,648

					6,040,634

Consumer Cyclical - Retailers – 0.1%
Nordstrom, Inc. 5.00%, 01/15/2044			98		96,562
QVC, Inc.
4.375%, 09/01/2028			226		233,552
4.75%, 02/15/2027			213		225,784

					555,898



abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 45

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Consumer Non-Cyclical – 0.5%
HCA, Inc.
5.375%, 02/01/2025-09/01/2026	U.S.$		344	$	389,771
5.625%, 09/01/2028			190		226,074
5.875%, 02/15/2026-02/01/2029			382		449,140
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
6.50%, 04/15/2029^(a)			195		216,938
7.00%, 01/15/2026^(a)			200		209,070
Kraft Heinz Foods Co.
4.25%, 03/01/2031			1,779		2,008,493
4.375%, 06/01/2046			203		231,621
4.875%, 10/01/2049			26		31,660
5.50%, 06/01/2050			178		234,580
Pilgrim’s Pride Corp.
3.50%, 03/01/2032^(a)			1,249		1,270,385
5.875%, 09/30/2027^(a)			208		220,588

					5,488,320

Energy – 0.5%
Cenovus Energy, Inc./CA 6.75%, 11/15/2039			67		91,227
Continental Resources, Inc./OK
3.80%, 06/01/2024			55		57,808
4.50%, 04/15/2023			95		98,364
4.90%, 06/01/2044			90		100,848
5.75%, 01/15/2031^(a)			970		1,172,367
Ecopetrol SA
5.875%, 05/28/2045			117		118,170
6.875%, 04/29/2030			1,035		1,208,880
Enable Midstream Partners LP
4.40%, 03/15/2027			1,466		1,624,815
4.95%, 05/15/2028			239		268,882
Endeavor Energy Resources LP/EER Finance, Inc. 5.50%, 01/30/2026^(a)			218		227,183
Energy Transfer LP
3.90%, 07/15/2026			32		35,010
4.75%, 01/15/2026			25		27,932
Hunt Oil Co. of Peru LLC Sucursal Del Peru 6.375%, 06/01/2028^(a)			202		202,669
Oleoducto Central SA 4.00%, 07/14/2027^(a)			424		434,017
Ovintiv, Inc.
6.50%, 08/15/2034			176		237,534
7.375%, 11/01/2031			35		47,385

					5,953,091

Other Industrial – 0.2%
Alfa SAB de CV 5.25%, 03/25/2024^(a)			1,580		1,703,734



46 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Services – 0.1%
Expedia Group, Inc. 6.25%, 05/01/2025^(a)	U.S.$		176	$	202,867
IHS Markit Ltd.
4.125%, 08/01/2023			225		238,474
4.75%, 02/15/2025^(a)			215		237,814
Verisk Analytics, Inc. 5.50%, 06/15/2045			5		6,681

					685,836

Technology – 0.2%
CDW LLC/CDW Finance Corp. 4.125%, 05/01/2025			457		473,777
Dell International LLC/EMC Corp. 8.35%, 07/15/2046			524		855,681
MSCI, Inc.
3.625%, 09/01/2030-11/01/2031^(a)			273		284,189
3.875%, 02/15/2031^(a)			126		132,181
Nokia Oyj 6.625%, 05/15/2039			471		645,075
Western Digital Corp. 4.75%, 02/15/2026			316		349,950

					2,740,853

Transportation - Airlines – 0.4%
American Airlines Pass Through Trust 4.95%, 01/15/2023			100		102,691
Delta Air Lines, Inc. 7.00%, 05/01/2025^(a)			1,091		1,274,313
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.75%, 10/20/2028^(a)			716		796,550
Mileage Plus Holdings LLC/ Mileage Plus Intellectual Property Assets Ltd. 6.50%, 06/20/2027^(a)			2,484		2,703,039

					4,876,593

					51,623,075

Utility – 0.0%
Electric – 0.0%
FirstEnergy Transmission LLC 4.55%, 04/01/2049^(a)			126		147,320

Total Corporates - Investment Grade (cost $105,458,642)					121,661,210


COLLATERALIZED MORTGAGE OBLIGATIONS – 7.3%
Risk Share Floating Rate – 6.0%
Bellemeade Re Ltd.
Series 2018-3A, Class M2 2.836% (LIBOR 1 Month + 2.75%), 10/25/2028^(a)(l)			915		917,280



abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 47

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2019-3A, Class M1C 2.036% (LIBOR 1 Month + 1.95%), 07/25/2029^(a)(l)	U.S.$		1,555	$	1,555,000
Series 2019-4A, Class M2 2.936% (LIBOR 1 Month + 2.85%), 10/25/2029^(a) (l)			475		477,452
Connecticut Avenue Securities Trust
Series 2018-R07, Class 1B1 4.436% (LIBOR 1 Month + 4.35%), 04/25/2031^(a)(l)			441		457,530
Series 2019-R05, Class 1M2 2.086% (LIBOR 1 Month + 2.00%), 07/25/2039^(a)(l)			110		110,537
Eagle Re Ltd. Series 2018-1, Class M2 3.086% (LIBOR 1 Month + 3.00%), 11/25/2028^(a)(l)			2,764		2,785,361
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2013-DN2, Class M2 4.336% (LIBOR 1 Month + 4.25%), 11/25/2023^(l)			976		1,005,030
Series 2014-DN3, Class M3 4.086% (LIBOR 1 Month + 4.00%), 08/25/2024^(l)			68		69,301
Series 2014-HQ1, Class M3 4.186% (LIBOR 1 Month + 4.10%), 08/25/2024^(l)			191		193,210
Series 2014-HQ2, Class M3 3.836% (LIBOR 1 Month + 3.75%), 09/25/2024^(l)			2,238		2,314,014
Series 2014-HQ3, Class M3 4.836% (LIBOR 1 Month + 4.75%), 10/25/2024^(l)			305		307,590
Series 2015-DN1, Class B 11.586% (LIBOR 1 Month + 11.50%), 01/25/2025^(l)			1,798		1,833,103
Series 2015-DNA1, Class B 9.286% (LIBOR 1 Month + 9.20%), 10/25/2027^(l)			593		679,249
Series 2015-DNA1, Class M3 3.386% (LIBOR 1 Month + 3.30%), 10/25/2027^(l)			106		107,843
Series 2015-DNA2, Class B 7.636% (LIBOR 1 Month + 7.55%), 12/25/2027^(l)			1,449		1,565,488
Series 2015-DNA3, Class B 9.436% (LIBOR 1 Month + 9.35%), 04/25/2028^(l)			1,017		1,145,129



48 ^\| ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2015-DNA3, Class M3 4.786% (LIBOR 1 Month + 4.70%), 04/25/2028^(l)	U.S.$		382	$	395,120
Series 2015-HQ1, Class B 10.836% (LIBOR 1 Month + 10.75%), 03/25/2025^(l)			2,625		2,701,577
Series 2015-HQA1, Class B 8.886% (LIBOR 1 Month + 8.80%), 03/25/2028^(l)			1,003		1,086,222
Series 2016-DNA2, Class B 10.586% (LIBOR 1 Month + 10.50%), 10/25/2028^(l)			855		988,669
Series 2016-DNA3, Class B 11.336% (LIBOR 1 Month + 11.25%), 12/25/2028^(l)			2,756		3,241,377
Series 2016-DNA3, Class M3 5.086% (LIBOR 1 Month + 5.00%), 12/25/2028^(l)			817		855,733
Series 2016-DNA4, Class B 8.686% (LIBOR 1 Month + 8.60%), 03/25/2029^(l)			393		420,582
Series 2016-DNA4, Class M3 3.886% (LIBOR 1 Month + 3.80%), 03/25/2029^(l)			1,519		1,571,225
Series 2016-HQA2, Class B 11.586% (LIBOR 1 Month + 11.50%), 11/25/2028^(l)			421		498,797
Series 2016-HQA2, Class M

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