Edgar Filing: ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND INC

AllianceBernstein Global High Income Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07732

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, 2016

Date of reporting period: March 31, 2016

ITEM 1.

REPORTS TO STOCKHOLDERS.

MAR^03.31.16

LOGO

ANNUAL REPORT

ALLIANCEBERNSTEIN

GLOBAL HIGH INCOME FUND

(NYSE: AWF)

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.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.

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.

May 12, 2016

Annual Report

This report provides management’s discussion of fund performance for AllianceBernstein Global High Income Fund (the “Fund”) for the annual reporting period ended March 31, 2016. The Fund is a closed-end fund and its shares of common stock trade on the New York Stock Exchange.

Investment Objective and Policies

The Fund seeks high current income, and secondarily, capital appreciation. 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 3-4 and “Note E—Risks Involved in Investing in the Fund” of the Notes to Financial Statements on pages 96-99.

Investment Results

The table on page 5 shows the Fund’s performance compared with its blended benchmark and its components for the six- and 12-month periods ended March 31, 2016. 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 Barclays US Corporate High Yield (“HY”) 2% Issuer Capped Index.

The Fund underperformed the blended benchmark for both periods. Sector positioning detracted for both

periods, mainly from an underweight to quasi-sovereigns and emerging-market sovereigns, relative to the benchmark. Security selection detracted for both periods, specifically within investment-grade corporates and emerging-market sovereigns. Currency positioning detracted for the six-month period, yet contributed for the 12-month period. For the six-month period, an overweight US dollar position, as well as underweight positions in the Brazilian real and Malaysian ringgit, detracted. During the 12-month period an overweight US dollar position along with underweights in the Mexican peso and South African rand contributed. Yield-curve positioning detracted for the six-month period, mainly from positioning on the long end of the US yield curve, yet was immaterial to performance for the 12-month period.

The Fund utilized derivatives including variance swaps and written options for investment purposes, and credit default swaps for hedging and investment purposes, which added to performance for both periods, in absolute terms. Futures for hedging purposes had an immaterial impact for the six-month period and detracted during the 12-month period; currency forwards for hedging and investment purposes detracted during the six-month period and added during the 12-month period; purchased options for investment purposes detracted during both periods; interest-rate swaps for hedging purposes added during the six-month period and detracted during the 12-month period; total return swaps for investment purposes had an immaterial impact for both periods.


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			1

Market Review and Investment Strategy

Bond markets were volatile for the six- and 12-month periods ended March 31, 2016, 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. In February oil prices reached $26 per barrel, their lowest level since May 2003, ultimately ending the period at $38 per barrel. These dynamics caused volatility within government bond yields, with the yield on the US 10-Year Treasury ranging from 2.5% to 1.7%, ultimately ending the period at 1.8%. Adding to the volatility, the US Federal Reserve raised the target on official rates by 25 basis points in December, lifting the range to 0.25%-0.50%, which was the first rate hike in nine years.

In other markets, including Europe and Japan, further accommodative monetary policy measures were introduced. The European Central Bank delivered further quantitative easing measures by cutting the deposit rate and increasing monthly bond purchases. Additionally, the Bank of Japan decreased its deposit rate early in 2016.

In emerging markets, political and economic instability across regions

negatively affected the investment environment, as slower growth in China, Brazil and other emerging-market economies caused further pressure on credit markets throughout most of the reporting period. However, in mid-February, many risk assets rallied on the back of oil prices moving higher. March 2016 was the strongest month for high-yield securities in almost five years.

For the 12-month period, investment-grade bonds outperformed US high-yield bonds. Emerging-market hard currency government bonds (US dollar-denominated debt instruments issued by emerging-market sovereign and quasi-sovereign entities) outperformed the US 10-Year Treasury. However, emerging-market local currency government bonds (local emerging-market bonds denominated in domestic currency of issuing country) underperformed the US 10-Year Treasury. Since fixed-income markets were volatile during both the six- and 12-month periods, the Fund was positioned at the lower end of its risk range, with underweights to emerging-market sovereigns and emerging-market currencies. However, towards the end of the reporting period, mainly during March, the risk budget of the Fund was slightly raised by increasing exposure to emerging-market sovereigns and emerging-market currencies.


2		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

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.abglobal.com and www.nyse.com. For additional shareholder information regarding this Fund, please see page 120.

Benchmark Disclosure

The JPM^® GBI-EM (local currency-denominated), the JPM^® EMBI Global, and the Barclays US Corporate HY 2% Issuer Capped Index are unmanaged and do not reflect fees and expenses associated with the active management of a fund portfolio. 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 Barclays 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 value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market.

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 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.

Below Investment Grade Securities: 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 perceptions of the junk bond market generally and less secondary market liquidity.

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 if the Fund invests a significant portion of its assets in fixed-income securities with longer maturities.

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


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			3

Disclosures and Risks

DISCLOSURES AND RISKS

(continued from previous page)

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.

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.

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

Leverage Risk: To the extent the Fund uses 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.

Diversification Risk: The Fund 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 Fund’s NAV.

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

Management Risk: The Fund is subject to management risk because it is an actively managed investment fund. AllianceBernstein L.P. 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. 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-backed 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.

These risks are fully discussed in the Fund’s prospectus. As with all investments, you may lose money by investing in the Fund.

An Important Note About Historical Performance

The performance on the following page 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.


4		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Disclosures and Risks

HISTORICAL PERFORMANCE



THE FUND VS. ITS BENCHMARKS PERIODS ENDED MARCH 31, 2016 (unaudited)	Returns
	6 Months		12 Months
AllianceBernstein Global High Income Fund (NAV)		3.17%		-0.59%

Blended Benchmark: 33% JPM GBI-EM / 33% JPM EMBI Global / 33% Barclays US Corporate HY 2% Issuer Capped Index		6.03%		-0.58%

JPM GBI-EM (local currency-denominated)		10.04%		-2.54%

JPM EMBI Global		6.85%		4.36%

Barclays US Corporate HY 2% Issuer Capped Index		1.23%		-3.66%

The Fund’s market price per share on March 31, 2016 was $11.66. The Fund’s NAV per share on March 31, 2016 was $12.64. For additional financial highlights, please see pages 101-102.

See Disclosures, Risks and Note about Historical Performance on pages 3-4.


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			5

Historical Performance

PORTFOLIO SUMMARY

March 31, 2016 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $1,090.3

LOGO

All data are as of March 31, 2016. The Fund’s security type 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” securities type weightings represent 0.9% or less in the following security types: Common Stocks, Inflation-Linked Securities, Investment Companies, Local Governments – Municipal Bonds, Local Governments – Regional Bonds, Options Purchased – Puts, Quasi-Sovereigns, Warrants and Whole Loan Trusts.


6		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio Summary

PORTFOLIO SUMMARY

March 31, 2016 (unaudited)

LOGO

All data are as of March 31, 2016. 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 countries: Angola, Argentina, Australia, Barbados, Bermuda, Cayman Islands, Chile, Colombia, Croatia, Denmark, El Salvador, Finland, Ghana, Guatemala, India, Indonesia, Ivory Coast, Jamaica, Kenya, Macau, New Zealand, Norway, Pakistan, Peru, Portugal, Serbia, South Africa, Spain, Sri Lanka, Sweden, Trinidad & Tobago, Turkey, United Arab Emirates, Uruguay, Venezuela and Zambia.


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			7

Portfolio Summary

PORTFOLIO OF INVESTMENTS

March 31, 2016


		Principal Amount (000)		U.S. $ Value


CORPORATES – NON-INVESTMENT GRADE – 49.7%
Industrial – 41.6%
Basic – 2.6%
AK Steel Corp. 7.625%, 10/01/21	U.S.$		556	$	316,920
Aleris International, Inc. 7.875%, 11/01/20			664		561,080
ArcelorMittal 6.125%, 6/01/18-6/01/25			1,342		1,292,350
8.00%, 10/15/39			1,099		956,130
Ashland, Inc. 4.75%, 8/15/22			501		508,515
Cliffs Natural Resources, Inc. 8.25%, 3/31/20^(a)			1,111		958,237
Consolidated Energy Finance SA 6.75%, 10/15/19^(a)			2,100		2,000,250
Constellium NV 5.75%, 5/15/24^(a)			400		287,000
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc. 6.50%, 11/15/20			867		693,600
6.75%, 2/01/22			1,197		921,690
Freeport-McMoRan, Inc. 2.375%, 3/15/18			647		572,595
5.40%, 11/14/34			629		385,263
5.45%, 3/15/43			1,217		745,412
Ineos Finance PLC 4.00%, 5/01/23^(a)	EUR		790		872,737
INEOS Group Holdings SA 5.75%, 2/15/19^(a)			322		373,915
5.875%, 2/15/19^(a)	U.S.$		538		542,035
Joseph T. Ryerson & Son, Inc. 9.00%, 10/15/17			2,034		1,749,240
Lundin Mining Corp. 7.50%, 11/01/20^(a)			396		378,180
7.875%, 11/01/22^(a)			837		795,150
Magnetation LLC/Mag Finance Corp. 11.00%, 5/15/18^(b)(c)			2,857		142,850
Momentive Performance Materials, Inc. 3.88%, 10/24/21			1,772		1,280,270
8.875%, 10/15/20^(d)(e)(f)			1,772		– 0	–^{^}
Novacap International SAS 4.84% (EURIBOR 3 Month + 5.00%), 5/01/19^(a)(g)	EUR		329		372,508
Novelis, Inc. 8.75%, 12/15/20^(h)	U.S.$		1,663		1,678,466
Peabody Energy Corp. 6.00%, 11/15/18			3,891		272,370


8		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Smurfit Kappa Acquisitions 4.875%, 9/15/18^(a)	U.S.$		2,064	$	2,133,660
Smurfit Kappa Treasury Funding Ltd. 7.50%, 11/20/25			238		264,775
SPCM SA 6.00%, 1/15/22^(a)			400		407,500
Steel Dynamics, Inc.
5.25%, 4/15/23			587		588,467
5.50%, 10/01/24			353		357,413
6.125%, 8/15/19			225		232,313
6.375%, 8/15/22			1,266		1,303,980
Synlab Unsecured Bondco PLC 8.25%, 7/01/23^(a)	EUR		400		457,436
Teck Resources Ltd. 2.50%, 2/01/18	U.S.$		40		35,000
3.00%, 3/01/19			953		762,400
3.75%, 2/01/23			650		428,597
3.85%, 8/15/17			418		395,010
5.20%, 3/01/42			307		168,850
5.40%, 2/01/43			394		216,700
6.25%, 7/15/41			238		136,850
Thompson Creek Metals Co., Inc. 7.375%, 6/01/18			2,579		709,225
9.75%, 12/01/17			876		821,250
W.R. Grace & Co.-Conn 5.625%, 10/01/24^(a)			386		402,405

					28,478,594

Capital Goods – 3.4%
Accudyne Industries Borrower/Accudyne Industries LLC 7.75%, 12/15/20^(a)			1,194		943,260
American Builders & Contractors Supply Co., Inc. 5.75%, 12/15/23^(a)			560		582,400
Apex Tool Group LLC 7.00%, 2/01/21^(a)			1,225		992,250
Ardagh Finance Holdings SA 8.625%, 6/15/19^(a)(i)			405		390,477
Ardagh Packaging Finance PLC 9.25%, 10/15/20^(a)	EUR		827		981,358
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 6.00%, 6/30/21^(a)	U.S.$		2,680		2,546,000
Ashtead Capital, Inc. 5.625%, 10/01/24^(a)			456		471,960
Berry Plastics Corp. 5.125%, 7/15/23			206		207,545
5.50%, 5/15/22			600		618,000
6.00%, 10/15/22^(a)			233		244,213


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			9

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Beverage Packaging Holdings Luxembourg II SA/Beverage Packaging Holdings II Issuer 6.00%, 6/15/17^(a)	U.S.$		354	$	351,124
Bombardier, Inc. 5.75%, 3/15/22^(a)			1,250		931,250
6.00%, 10/15/22^(a)			457		342,750
6.125%, 1/15/23^(a)			302		228,765
7.50%, 3/15/25^(a)			418		317,680
7.75%, 3/15/20^(a)			1,266		1,088,760
EnPro Industries, Inc. 5.875%, 9/15/22			970		989,400
Gardner Denver, Inc. 6.875%, 8/15/21^(a)			1,555		1,271,213
GFL Environmental, Inc. 9.875%, 2/01/21^(a)			1,040		1,081,600
HD Supply, Inc. 7.50%, 7/15/20^(h)			1,814		1,925,107
11.50%, 7/15/20			400		443,750
KLX, Inc. 5.875%, 12/01/22^(a)			1,621		1,612,895
KraussMaffei Group GmbH 8.75%, 12/15/20^(a)	EUR		182		221,175
Masco Corp. 5.95%, 3/15/22	U.S.$		405		445,500
6.125%, 10/03/16			1,825		1,869,256
Milacron LLC/Mcron Finance Corp. 7.75%, 2/15/21^(a)			794		730,480
Pactiv LLC 7.95%, 12/15/25			1,110		1,021,200
8.375%, 4/15/27			234		216,450
Plastipak Holdings, Inc. 6.50%, 10/01/21^(a)			846		824,850
Rexam PLC 6.75%, 6/29/67^(a)	EUR		1,725		1,960,773
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 8.50%, 5/15/18	U.S.$		620		620,000
9.875%, 8/15/19			1,357		1,405,343
Sealed Air Corp. 5.50%, 9/15/25^(a)			810		849,488
6.875%, 7/15/33^(a)			1,295		1,369,462
SIG Combibloc Holdings SCA 7.75%, 2/15/23^(a)	EUR		682		828,136
Standard Industries, Inc./NJ 6.00%, 10/15/25^(a)	U.S.$		977		1,031,956
Terex Corp. 6.00%, 5/15/21			105		101,588


10		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Textron Financial Corp. 6.00%, 2/15/67^(a)	U.S.$		575	$	414,000
TransDigm, Inc. 6.00%, 7/15/22			1,400		1,394,750
6.50%, 7/15/24			462		458,396
United Rentals North America, Inc. 5.50%, 7/15/25			789		784,889
5.75%, 11/15/24			2,058		2,058,000

					37,167,449

Communications - Media – 5.7%
Altice Financing SA 6.625%, 2/15/23^(a)			3,669		3,669,000
Arqiva Broadcast Finance PLC 9.50%, 3/31/20^(a)	GBP		1,550		2,387,497
CCO Holdings LLC/CCO Holdings Capital Corp.
5.375%, 5/01/25^(a)	U.S.$		128		130,240
5.75%, 1/15/24			166		172,848
5.875%, 4/01/24-5/01/27^(a)			1,144		1,177,275
6.50%, 4/30/21			195		201,924
CCOH Safari LLC 5.75%, 2/15/26^(a)			975		1,009,125
Cequel Communications Holdings I LLC/Cequel Capital Corp. 5.125%, 12/15/21^(a)			1,891		1,763,357
6.375%, 9/15/20^(a)			426		421,740
7.75%, 7/15/25^(a)			861		848,085
Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/22			555		528,638
Series B 6.50%, 11/15/22			2,499		2,486,505
CSC Holdings LLC 5.25%, 6/01/24^(h)			2,467		2,198,714
DISH DBS Corp. 5.875%, 11/15/24			3,394		3,113,995
Hughes Satellite Systems Corp. 7.625%, 6/15/21			2,323		2,590,145
iHeartCommunications, Inc. 6.875%, 6/15/18			2,299		1,218,470
9.00%, 12/15/19			407		301,180
10.00%, 1/15/18			944		297,360
14.00% (12.00% Cash and 2.00% PIK), 2/01/21⁽ⁱ⁾			601		135,179
Intelsat Jackson Holdings SA 5.50%, 8/01/23			1,330		801,325
8.00%, 2/15/24^(a)			863		888,890
LGE HoldCo VI BV 7.125%, 5/15/24^(a)	EUR		968		1,197,867


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			11

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Liberty Interactive LLC 3.75%, 2/15/30^(j)	U.S.$		884	$	494,971
McClatchy Co. (The) 9.00%, 12/15/22^(h)			958		883,755
Mediacom Broadband LLC/Mediacom Broadband Corp. 6.375%, 4/01/23			1,845		1,886,512
Neptune Finco Corp. 10.125%, 1/15/23^(a)			565		603,844
Nexstar Broadcasting, Inc. 6.875%, 11/15/20			1,099		1,140,213
Nielsen Finance LLC/Nielsen Finance Co. 5.00%, 4/15/22^(a)			883		905,075
Outfront Media Capital LLC/Outfront Media Capital Corp. 5.25%, 2/15/22			648		664,200
5.875%, 3/15/25			557		580,673
Radio One, Inc. 7.375%, 4/15/22^(a)			1,400		1,253,000
9.25%, 2/15/20^(a)			1,761		1,206,285
RR Donnelley & Sons Co. 7.25%, 5/15/18			1,268		1,329,815
Sinclair Television Group, Inc.
5.375%, 4/01/21			750		773,438
5.625%, 8/01/24^(a)			1,500		1,507,500
6.125%, 10/01/22			1,487		1,563,209
Sirius XM Radio, Inc. 6.00%, 7/15/24^(a)			2,095		2,204,987
TEGNA, Inc. 4.875%, 9/15/21^(a)			284		292,520
5.50%, 9/15/24^(a)			162		166,860
6.375%, 10/15/23			718		771,850
Time, Inc. 5.75%, 4/15/22^(a)			1,486		1,318,364
Townsquare Media, Inc. 6.50%, 4/01/23^(a)			976		927,200
Unitymedia GmbH 6.125%, 1/15/25^(a)			1,090		1,132,924
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH 5.00%, 1/15/25^(a)			1,078		1,075,305
6.25%, 1/15/29^(a)	EUR		496		623,660
Univision Communications, Inc. 5.125%, 5/15/23-2/15/25^(a)	U.S.$		1,649		1,632,775
6.75%, 9/15/22^(a)			1,561		1,654,660
8.50%, 5/15/21^(a)			700		714,000
UPCB Finance V Ltd. 7.25%, 11/15/21^(a)			432		456,840


12		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


UPCB Finance VI Ltd. 6.875%, 1/15/22^(a)	U.S.$		558	$	590,085
Virgin Media Finance PLC 4.875%, 2/15/22			1,347		1,195,462
5.25%, 2/15/22			900		814,500
Virgin Media Secured Finance PLC 5.50%, 1/15/25^(a)	GBP		423		595,383
Wave Holdco LLC/Wave Holdco Corp. 8.25% (8.25% Cash or 9.00% PIK), 7/15/19^(a)(i)	U.S.$		251		244,530
WideOpenWest Finance LLC/WideOpenWest Capital Corp. 10.25%, 7/15/19			2,329		2,329,000
13.375%, 10/15/19			426		417,480
Ziggo Bond Finance BV 5.875%, 1/15/25^(a)			634		621,320

					62,111,554

Communications - Telecommunications – 3.7%
Altice Luxembourg SA 7.25%, 5/15/22^(a)	EUR		1,332		1,497,873
7.625%, 2/15/25^(a)	U.S.$		250		239,375
7.75%, 5/15/22^(a)			1,339		1,317,683
CenturyLink, Inc. Series W 6.75%, 12/01/23			437		424,983
Cincinnati Bell, Inc. 8.375%, 10/15/20			223		226,345
Columbus International, Inc. 7.375%, 3/30/21^(a)			2,342		2,476,665
CommScope Technologies Finance LLC 6.00%, 6/15/25^(a)			518		522,856
Communications Sales & Leasing, Inc./CSL Capital LLC
6.00%, 4/15/23^(a)			1,345		1,308,012
8.25%, 10/15/23			2,912		2,693,600
Embarq Corp. 7.995%, 6/01/36			932		899,790
Frontier Communications Corp. 6.25%, 9/15/21			373		344,797
7.125%, 1/15/23			11		9,735
7.625%, 4/15/24			2,853		2,532,037
7.875%, 1/15/27			834		663,030
9.00%, 8/15/31			450		387,000
10.50%, 9/15/22^(a)			4		4,100
11.00%, 9/15/25^(a)			326		327,630
InterXion Holding NV 6.00%, 7/15/20^(a)	EUR		2,601		3,120,181


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			13

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Level 3 Financing, Inc. 5.375%, 1/15/24^(a)	U.S.$		478	$	483,975
6.125%, 1/15/21			596		624,310
Numericable-SFR SA 5.375%, 5/15/22^(a)	EUR		264		305,663
5.625%, 5/15/24^(a)			386		442,414
6.00%, 5/15/22^(a)	U.S.$		1,610		1,569,750
Sable International Finance Ltd. 6.875%, 8/01/22^(a)			454		454,000
Sprint Capital Corp. 6.875%, 11/15/28			7		5,110
8.75%, 3/15/32			375		293,438
Sprint Communications, Inc. 6.00%, 11/15/22			700		511,875
Sprint Corp. 7.125%, 6/15/24			520		386,100
7.625%, 2/15/25			1,537		1,141,223
7.875%, 9/15/23			1,320		1,009,523
T-Mobile USA, Inc. 6.00%, 3/01/23			743		758,789
6.375%, 3/01/25			655		670,556
6.542%, 4/28/20			183		188,948
6.625%, 11/15/20			311		321,108
6.731%, 4/28/22			128		133,734
6.836%, 4/28/23			774		816,570
Telecom Italia Capital SA 7.20%, 7/18/36			483		492,660
7.721%, 6/04/38			1,700		1,781,787
Telecom Italia SpA 5.303%, 5/30/24^(a)			1,002		1,027,050
WaveDivision Escrow LLC/WaveDivision Escrow Corp. 8.125%, 9/01/20^(a)			1,084		1,070,450
Wind Acquisition Finance SA 4.75%, 7/15/20^(a)			1,029		972,405
7.375%, 4/23/21^(a)			2,214		2,003,670
Windstream Services LLC 6.375%, 8/01/23			982		719,315
7.75%, 10/01/21			1,715		1,398,797
Zayo Group LLC/Zayo Capital, Inc. 6.00%, 4/01/23			917		915,276
6.375%, 5/15/25			832		813,280

					40,307,468

Consumer Cyclical - Automotive – 1.9%
Affinia Group, Inc. 7.75%, 5/01/21			1,672		1,722,160
Commercial Vehicle Group, Inc. 7.875%, 4/15/19^(h)			2,285		1,919,400


14		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Dana Holding Corp. 6.00%, 9/15/23	U.S.$		833	$	820,505
6.75%, 2/15/21			326		334,965
Exide Technologies Series AI 7.00%, 4/30/25^(f)(i)(j)(k)			3,840		2,918,201
11.00%, 4/30/20^(e)(i)			4,614		3,645,133
Gates Global LLC/Gates Global Co. 5.75%, 7/15/22^(a)	EUR		125		115,360
6.00%, 7/15/22^(a)	U.S.$		1,357		1,160,235
Goodyear Tire & Rubber Co. (The) 7.00%, 3/15/28			400		428,000
8.75%, 8/15/20			343		402,168
Meritor, Inc. 6.25%, 2/15/24			446		393,038
6.75%, 6/15/21			925		857,938
Navistar International Corp. 8.25%, 11/01/21			1,836		1,340,280
Schaeffler Holding Finance BV 6.75%, 11/15/22^(a)(i)			1,019		1,108,162
6.875%, 8/15/18^(a)(i)	EUR		711		837,889
Titan International, Inc. 6.875%, 10/01/20^(h)	U.S.$		1,926		1,560,060
ZF North America Capital, Inc. 4.75%, 4/29/25^(a)			1,153		1,147,235

					20,710,729

Consumer Cyclical - Entertainment – 0.6%
AMC Entertainment, Inc. 5.75%, 6/15/25			1,115		1,140,087
Carlson Travel Holdings, Inc. 7.50% (7.50% Cash or 8.25% PIK), 8/15/19^(a)(i)			1,107		1,040,580
Carlson Wagonlit BV 6.875%, 6/15/19^(a)			1,026		1,060,628
ClubCorp Club Operations, Inc. 8.25%, 12/15/23^(a)			546		521,430
Live Nation Entertainment, Inc. 7.00%, 9/01/20^(a)			740		775,150
Pinnacle Entertainment, Inc. 8.75%, 5/15/20			271		280,824
Regal Entertainment Group 5.75%, 6/15/23-2/01/25			1,624		1,648,080

					6,466,779

Consumer Cyclical - Other – 3.3%
Beazer Homes USA, Inc. 5.75%, 6/15/19^(h)			975		862,875
7.50%, 9/15/21			761		622,118
Boyd Gaming Corp. 6.375%, 4/01/26^(a)			388		402,550


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			15

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Caesars Entertainment Operating Co., Inc. 10.00%, 12/15/18^(b)	U.S.$		700	$	287,000
11.25%, 6/01/17^(b)			435		365,944
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Prope 8.00%, 10/01/20			1,260		1,233,540
Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc. 9.375%, 5/01/22			1,017		795,294
CalAtlantic Group, Inc. 6.625%, 5/01/20			1,800		1,957,500
8.375%, 5/15/18			500		556,250
10.75%, 9/15/16			528		542,520
Eldorado Resorts, Inc. 7.00%, 8/01/23			798		825,930
International Game Technology PLC 6.25%, 2/15/22^(a)			2,050		2,085,465
6.50%, 2/15/25^(a)			2,165		2,143,350
Isle of Capri Casinos, Inc. 5.875%, 3/15/21			41		42,230
K. Hovnanian Enterprises, Inc. 5.00%, 11/01/21			2,257		1,546,045
7.25%, 10/15/20^(a)			528		435,600
KB Home 4.75%, 5/15/19			1,121		1,116,796
7.00%, 12/15/21			200		200,000
7.50%, 9/15/22			494		496,470
9.10%, 9/15/17			700		754,250
Lennar Corp. Series B 6.50%, 4/15/16			2,600		2,600,000
MDC Holdings, Inc. 5.50%, 1/15/24			150		143,625
6.00%, 1/15/43			2,326		1,779,390
Meritage Homes Corp. 6.00%, 6/01/25			1,895		1,895,000
7.00%, 4/01/22			1,012		1,077,780
New Cotai LLC/New Cotai Capital Corp. 10.625%, 5/01/19^(a)(i)			1,379		978,778
PulteGroup, Inc. 6.00%, 2/15/35			500		486,250
6.375%, 5/15/33			385		392,700
7.875%, 6/15/32			1,400		1,585,500
Safari Holding Verwaltungs GmbH 8.25%, 2/15/21^(a)	EUR		368		438,026
Shea Homes LP/Shea Homes Funding Corp. 5.875%, 4/01/23^(a)	U.S.$		420		414,225
6.125%, 4/01/25^(a)			830		813,400
Studio City Finance Ltd. 8.50%, 12/01/20^(a)(h)			1,150		1,154,651


16		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.625%, 3/01/24^(a)	U.S.$		2,266	$	2,169,695
5.875%, 4/15/23^(a)			875		840,000
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.50%, 3/01/25^(a)(h)			785		739,862
Wynn Macau Ltd. 5.25%, 10/15/21^(a)			1,265		1,192,262

					35,972,871

Consumer Cyclical - Restaurants – 0.3%
1011778 BC ULC/New Red Finance, Inc. 6.00%, 4/01/22^(a)			1,991		2,070,640
Pizzaexpress Financing 1 PLC 8.625%, 8/01/22^(a)	GBP		198		288,685
Pizzaexpress Financing 2 PLC 6.625%, 8/01/21^(a)			692		1,013,326

					3,372,651

Consumer Cyclical - Retailers – 2.5%
American Tire Distributors, Inc. 10.25%, 3/01/22^(a)	U.S.$		1,663		1,496,700
Argos Merger Sub, Inc. 7.125%, 3/15/23^(a)			2,675		2,843,525
Asbury Automotive Group, Inc. 6.00%, 12/15/24^(a)			285		287,850
Brighthouse Group PLC 7.875%, 5/15/18^(a)	GBP		762		1,023,285
Cash America International, Inc. 5.75%, 5/15/18	U.S.$		1,651		1,634,490
Dollar Tree, Inc. 5.75%, 3/01/23^(a)			1,886		1,999,160
Dufry Finance SCA 4.50%, 8/01/23^(a)	EUR		1,208		1,441,594
Group 1 Automotive, Inc. 5.00%, 6/01/22	U.S.$		372		368,280
JC Penney Corp., Inc. 6.375%, 10/15/36			421		346,273
7.40%, 4/01/37			600		508,500
L Brands, Inc. 6.875%, 11/01/35			230		249,596
6.90%, 7/15/17			893		945,464
6.95%, 3/01/33			500		515,000
7.60%, 7/15/37			1,000		1,040,000
Levi Strauss & Co. 5.00%, 5/01/25			1,380		1,393,800
Murphy Oil USA, Inc. 6.00%, 8/15/23			716		741,060


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			17

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Neiman Marcus Group Ltd. LLC 8.75% (8.75% Cash or 9.50% PIK), 10/15/21^(a)(i)	U.S.$		2,504	$	1,929,632
New Look Secured Issuer PLC 6.50%, 7/01/22^(a)	GBP		418		589,546
Party City Holdings, Inc. 6.125%, 8/15/23^(a)(h)	U.S.$		531		542,948
Rite Aid Corp. 6.125%, 4/01/23^(a)			2,029		2,150,740
Sally Holdings LLC/Sally Capital, Inc. 5.75%, 6/01/22			1,779		1,861,279
Serta Simmons Bedding LLC 8.125%, 10/01/20^(a)			1,053		1,092,487
Sonic Automotive, Inc. 5.00%, 5/15/23			2,015		1,984,775
Wolverine World Wide, Inc. 6.125%, 10/15/20			501		521,040

					27,507,024

Consumer Non-Cyclical – 7.1%
Acadia Healthcare Co., Inc. 5.625%, 2/15/23			1,096		1,112,440
6.50%, 3/01/24^(a)			232		241,280
Air Medical Merger Sub Corp. 6.375%, 5/15/23^(a)			1,985		1,860,937
Alere, Inc. 6.375%, 7/01/23^(a)			392		411,600
7.25%, 7/01/18			765		797,513
Amsurg Corp. 5.625%, 7/15/22			1,009		1,039,270
Aramark Services, Inc. 5.125%, 1/15/24^(a)			274		288,728
BI-LO LLC/BI-LO Finance Corp. 8.625% (8.625% Cash or 9.375% PIK), 9/15/18^(a)(i)			2,117		1,611,566
9.25%, 2/15/19^(a)			1,171		1,118,305
Boparan Finance PLC 5.25%, 7/15/19^(a)(h)	GBP		588		823,402
5.50%, 7/15/21^(a)			1,725		2,291,717
Care UK Health & Social Care PLC 5.591% (LIBOR 3 Month + 5.00%), 7/15/19^(a)(g)			268		329,391
8.091% (LIBOR 3 Month + 7.50%), 1/15/20^(a)(g)			400		486,889
Cerba European Lab SAS 7.00%, 2/01/20^(a)	EUR		959		1,137,541
Cerberus Nightingale 1 SARL 8.25%, 2/01/20^(a)			200		228,058
CHS/Community Health Systems, Inc. 6.875%, 2/01/22^(h)	U.S.$		1,486		1,341,115
7.125%, 7/15/20			781		738,045


18		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Concordia Healthcare Corp. 7.00%, 4/15/23^(a)	U.S.$		186	$	159,495
9.50%, 10/21/22^(a)			890		861,075
DaVita HealthCare Partners, Inc. 5.00%, 5/01/25			1,835		1,816,650
Elior Finance & Co. SCA 6.50%, 5/01/20^(a)	EUR		137		164,049
Endo Finance LLC 5.75%, 1/15/22^(a)	U.S.$		126		119,385
Endo Finance LLC/Endo Finco, Inc. 7.75%, 1/15/22^(a)			332		338,643
Endo Ltd./Endo Finance LLC/Endo Finco, Inc. 6.00%, 7/15/23-2/01/25^(a)			3,488		3,275,280
Envision Healthcare Corp. 5.125%, 7/01/22^(a)			1,595		1,618,925
First Quality Finance Co., Inc. 4.625%, 5/15/21^(a)			3,247		3,133,355
Galaxy Bidco Ltd. 6.375%, 11/15/20^(a)	GBP		133		191,021
Grifols Worldwide Operations Ltd. 5.25%, 4/01/22	U.S.$		745		765,488
HCA, Inc. 4.25%, 10/15/19^(h)			1,475		1,520,172
5.375%, 2/01/25			209		211,286
5.875%, 2/15/26			226		232,780
Hill-Rom Holdings, Inc. 5.75%, 9/01/23^(a)			265		274,275
Holding Medi-Partenaires SAS 7.00%, 5/15/20^(a)	EUR		1,401		1,678,987
Horizon Pharma Financing, Inc. 6.625%, 5/01/23^(a)(h)	U.S.$		1,682		1,484,365
HRG Group, Inc. 7.875%, 7/15/19			2,084		2,197,786
IASIS Healthcare LLC/IASIS Capital Corp. 8.375%, 5/15/19			2,644		2,607,645
IDH Finance PLC 6.00%, 12/01/18^(a)	GBP		355		506,300
Immucor, Inc. 11.125%, 8/15/19	U.S.$		315		289,800
Kinetic Concepts, Inc./KCI USA, Inc. 7.875%, 2/15/21^(a)			950		1,004,625
10.50%, 11/01/18			1,500		1,503,750
LifePoint Health, Inc. 5.875%, 12/01/23			1,448		1,513,160
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 5.50%, 4/15/25^(a)			2,087		1,841,777
5.625%, 10/15/23^(a)			270		245,025
5.75%, 8/01/22^(a)			1,181		1,087,996


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			19

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Manitowoc Foodservice, Inc. 9.50%, 2/15/24^(a)	U.S.$		662	$	721,580
MEDNAX, Inc. 5.25%, 12/01/23^(a)			422		438,880
MPH Acquisition Holdings LLC 6.625%, 4/01/22^(a)			653		679,120
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp. 5.875%, 1/15/24^(a)			424		443,801
Post Holdings, Inc. 7.375%, 2/15/22			964		1,019,430
7.75%, 3/15/24^(a)			605		663,988
8.00%, 7/15/25^(a)			862		956,820
R&R Ice Cream PLC 8.25%, 5/15/20^(a)	AUD		720		568,866
R&R PIK PLC 9.25%, 5/15/18^(a)(i)	EUR		1,668		1,917,016
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp. 9.50%, 6/15/19^(a)	U.S.$		473		487,190
RSI Home Products, Inc. 6.50%, 3/15/23^(a)			1,785		1,860,862
Smithfield Foods, Inc. 5.25%, 8/01/18^(a)			814		826,210
5.875%, 8/01/21^(a)			1,318		1,364,130
6.625%, 8/15/22			346		367,625
Spectrum Brands, Inc. 6.125%, 12/15/24			437		466,498
6.375%, 11/15/20			338		355,914
6.625%, 11/15/22			560		605,494
Sun Products Corp. (The) 7.75%, 3/15/21^(a)			3,407		3,134,440
Surgical Care Affiliates, Inc. 6.00%, 4/01/23^(a)			480		483,600
Synlab Bondco PLC 6.25%, 7/01/22^(a)	EUR		1,525		1,834,209
TeamSystem Holding SpA 7.375%, 5/15/20^(a)			1,330		1,572,611
Tenet Healthcare Corp. 6.00%, 10/01/20	U.S.$		95		101,175
6.75%, 6/15/23			1,130		1,081,975
6.875%, 11/15/31			3,384		2,728,350
8.125%, 4/01/22			752		773,620
Valeant Pharmaceuticals International, Inc. 5.50%, 3/01/23^(a)			230		180,838
5.875%, 5/15/23^(a)			396		308,880
6.125%, 4/15/25^(a)			3,104		2,397,840
7.25%, 7/15/22^(a)			635		508,000
Vizient, Inc. 10.375%, 3/01/24^(a)			404		433,290
Voyage Care Bondco PLC 6.50%, 8/01/18^(a)	GBP		1,200		1,689,030

					77,472,174


20		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Energy – 5.0%
Antero Resources Corp. 5.375%, 11/01/21	U.S.$		1,750	$	1,618,750
5.625%, 6/01/23			231		212,520
6.00%, 12/01/20			239		227,050
Berry Petroleum Co. LLC 6.375%, 9/15/22			3,241		583,380
BreitBurn Energy Partners LP/BreitBurn Finance Corp. 7.875%, 4/15/22			703		70,300
California Resources Corp. 6.00%, 11/15/24			475		106,875
8.00%, 12/15/22^(a)			1,271		489,335
Carrizo Oil & Gas, Inc. 7.50%, 9/15/20			246		229,395
Cenovus Energy, Inc. 4.45%, 9/15/42			822		636,063
6.75%, 11/15/39			67		64,149
Chaparral Energy, Inc. 7.625%, 11/15/22			2,278		432,820
CHC Helicopter SA 9.25%, 10/15/20			6,269		2,648,821
9.375%, 6/01/21			326		19,578
Chesapeake Energy Corp. 3.872% (LIBOR 3 Month + 3.25%), 4/15/19^(g)			1,829		708,737
6.125%, 2/15/21			349		134,365
7.25%, 12/15/18			382		208,190
Cobalt International Energy, Inc. 2.625%, 12/01/19^(j)			796		397,005
Continental Resources, Inc./OK 3.80%, 6/01/24			96		75,840
4.50%, 4/15/23			232		194,010
4.90%, 6/01/44			897		668,265
5.00%, 9/15/22			973		838,604
DCP Midstream Operating LP 3.875%, 3/15/23			1,619		1,329,584
4.95%, 4/01/22			245		215,295
5.60%, 4/01/44			1,848		1,360,045
Denbury Resources, Inc. 4.625%, 7/15/23			439		183,283
5.50%, 5/01/22			406		182,700
Energy Transfer Equity LP 5.875%, 1/15/24			2,828		2,417,940
7.50%, 10/15/20			309		297,413
Energy XXI Gulf Coast, Inc. 7.75%, 6/15/19			1,100		38,500
11.00%, 3/15/20^(a)			840		117,600


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			21

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


EP Energy LLC/Everest Acquisition Finance, Inc. 6.375%, 6/15/23	U.S.$		467	$	214,820
7.75%, 9/01/22			449		208,785
9.375%, 5/01/20			4,563		2,301,463
Global Partners LP/GLP Finance Corp. 6.25%, 7/15/22			2,976		2,217,120
Golden Energy Offshore Services AS 8.31% (NIBOR 3 Month + 7.25%), 5/29/17^(c)(g)	NOK		9,162		221,449
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 10/01/25^(a)	U.S.$		462		397,320
Holly Energy Partners LP/Holly Energy Finance Corp. 6.50%, 3/01/20			1,317		1,303,830
Hornbeck Offshore Services, Inc. 5.875%, 4/01/20			1,570		949,850
Laredo Petroleum, Inc. 5.625%, 1/15/22			198		165,330
7.375%, 5/01/22^(h)			1,333		1,133,050
Linn Energy LLC/Linn Energy Finance Corp. 6.25%, 11/01/19			766		84,260
8.625%, 4/15/20			802		92,230
Newfield Exploration Co. 5.625%, 7/01/24			646		605,625
Northern Oil and Gas, Inc. 8.00%, 6/01/20			819		518,017
Oasis Petroleum, Inc. 6.50%, 11/01/21			128		94,720
6.875%, 3/15/22-1/15/23			2,203		1,629,775
Pacific Drilling SA 5.375%, 6/01/20^(a)			2,442		769,230
Paragon Offshore PLC 6.75%, 7/15/22^(a)(b)			933		244,913
7.25%, 8/15/24^(a)(b)			3,719		994,832
PHI, Inc. 5.25%, 3/15/19			1,567		1,386,795
Precision Drilling Corp. 6.50%, 12/15/21			738		560,880
QEP Resources, Inc. 5.25%, 5/01/23			1,248		1,085,760
6.875%, 3/01/21			1,225		1,123,937
Range Resources Corp. 4.875%, 5/15/25^(a)			500		437,500
5.00%, 3/15/23			1,178		998,355
Sabine Pass Liquefaction LLC 5.625%, 3/01/25			597		569,389
5.75%, 5/15/24			1,528		1,459,240
6.25%, 3/15/22			675		660,656


22		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Sabine Pass LNG LP 6.50%, 11/01/20	U.S.$		757	$	793,904
Sanchez Energy Corp. 6.125%, 1/15/23			851		459,540
SandRidge Energy, Inc. 7.50%, 2/15/23			865		42,169
Seitel, Inc. 9.50%, 4/15/19			597		392,528
SM Energy Co. 5.00%, 1/15/24			635		439,541
5.625%, 6/01/25			638		443,212
6.125%, 11/15/22			475		346,275
6.50%, 1/01/23			474		334,170
Southern Star Central Corp. 5.125%, 7/15/22^(a)			1,200		1,104,000
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 6.75%, 3/15/24^(a)			991		973,657
6.875%, 2/01/21			960		940,800
Tervita Corp. 8.00%, 11/15/18^(a)			2,086		1,481,060
9.75%, 11/01/19^(a)			1,039		155,850
10.875%, 2/15/18^(a)			4,607		737,120
Transocean, Inc. 6.80%, 3/15/38			1,700		850,000
Vantage Drilling International 7.125%, 4/01/23^(d)(f)(k)			1,283		– 0	–^{^}
7.50%, 11/01/19^(d)(f)(k)			2,176		– 0	–^{^}
10.00%, 12/31/20^(k)			192		188,160
Weatherford International Ltd./Bermuda 5.95%, 4/15/42			594		412,830
6.50%, 8/01/36			577		421,210
6.75%, 9/15/40			359		254,890
Whiting Petroleum Corp. 1.25%, 4/01/20^(a)(j)			542		315,376
5.00%, 3/15/19			339		234,758
5.75%, 3/15/21			1,146		762,090
6.25%, 4/01/23			402		270,345
Series D 6.25%, 4/01/23^(j)			1,842		1,523,104
WPX Energy, Inc. 5.25%, 9/15/24			1,428		992,460
8.25%, 8/01/23			187		144,925

					54,149,517

Other Industrial – 1.2%
Algeco Scotsman Global Finance PLC 8.50%, 10/15/18^(a)			945		727,650
9.00%, 10/15/18^(a)	EUR		633		538,777


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			23

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


B456 Systems, Inc. 3.75%, 4/15/16^(d)(k)	U.S.$		955	$	19,100
Belden, Inc. 5.25%, 7/15/24^(a)			793		757,315
Briggs & Stratton Corp. 6.875%, 12/15/20			398		432,825
General Cable Corp. 4.50%, 11/15/29^(j)(l)			1,158		632,558
5.75%, 10/01/22			1,460		1,153,400
Laureate Education, Inc. 9.25%, 9/01/19^(a)			3,330		2,447,550
Liberty Tire Recycling LLC 11.00%, 3/31/21^(c)(f)(i)			1,383		938,931
Modular Space Corp. 10.25%, 1/31/19^(a)			1,068		592,740
New Enterprise Stone & Lime Co., Inc. 11.00%, 9/01/18			1,358		1,120,350
12.00% (7.00% Cash and 6.00% PIK), 3/15/18⁽ⁱ⁾			1,405		1,454,434
Safway Group Holding LLC/Safway Finance Corp. 7.00%, 5/15/18^(a)			2,063		2,068,157

					12,883,787

Services – 0.3%
Geo Debt Finance SCA 7.50%, 8/01/18^(a)(h)	EUR		416		441,547
Mobile Mini, Inc. 7.875%, 12/01/20	U.S.$		1,175		1,213,187
Service Corp. International/US 7.50%, 4/01/27			1,500		1,725,000

					3,379,734

Technology – 2.8%
Alcatel-Lucent USA, Inc. 6.45%, 3/15/29			835		887,187
Amkor Technology, Inc. 6.375%, 10/01/22			2,681		2,560,355
Avaya, Inc. 7.00%, 4/01/19^(a)			2,378		1,605,150
10.50%, 3/01/21^(a)			831		257,610
Blackboard, Inc. 7.75%, 11/15/19^(a)			544		437,920
BMC Software Finance, Inc. 8.125%, 7/15/21^(a)			1,759		1,266,480
BMC Software, Inc. 7.25%, 6/01/18			66		58,740
CDW LLC/CDW Finance Corp. 5.00%, 9/01/23			740		747,400
5.50%, 12/01/24			816		840,480


24		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Ceridian HCM Holding, Inc. 11.00%, 3/15/21^(a)	U.S.$		897	$	843,180
Compiler Finance Sub, Inc. 7.00%, 5/01/21^(a)			411		172,620
CPI International, Inc. 8.75%, 2/15/18			1,768		1,726,010
Dell, Inc. 6.50%, 4/15/38			1,345		1,102,900
Energizer Holdings, Inc. 5.50%, 6/15/25^(a)			1,311		1,317,555
Ensemble S Merger Sub, Inc. 9.00%, 9/30/23^(a)			1,702		1,667,960
First Data Corp. 6.75%, 11/01/20^(a)			273		287,333
7.00%, 12/01/23^(a)			1,583		1,598,830
Goodman Networks, Inc. 12.125%, 7/01/18			2,020		727,200
Infor Software Parent LLC/Infor Software Parent, Inc. 7.125% (7.125% Cash or 8.875% PIK), 5/01/21^(a)(i)			1,358		1,015,105
Infor US, Inc. 6.50%, 5/15/22			2,653		2,414,230
Micron Technology, Inc. 5.25%, 8/01/23-1/15/24^(a)			950		770,838
5.50%, 2/01/25			2,844		2,305,417
Nokia Oyj 6.625%, 5/15/39			527		548,080
NXP BV/NXP Funding LLC 5.75%, 3/15/23^(a)			924		977,130
Open Text Corp. 5.625%, 1/15/23^(a)			477		486,540
Sabre GLBL, Inc. 5.25%, 11/15/23^(a)			342		347,951
5.375%, 4/15/23^(a)			720		738,900
Solera LLC/Solera Finance 10.50%, 3/01/24^(a)			294		295,470
Syniverse Holdings, Inc. 9.125%, 1/15/19			813		365,850
Western Digital Corp. 10.50%, 4/01/24^(a)(m)			1,072		1,074,680
Zayo Group LLC/Zayo Capital, Inc. 6.37%, 5/15/25^(a)			738		721,469

					30,166,570

Transportation - Airlines – 0.4%
Air Canada 6.75%, 10/01/19^(a)			1,300		1,345,500
8.75%, 4/01/20^(a)			2,074		2,198,440
UAL Pass-Through Trust Series 2007-1A 6.636%, 7/02/22			1,244		1,303,150

					4,847,090


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			25

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Transportation - Services – 0.8%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.50%, 4/01/23	U.S.$		297	$	287,347
6.375%, 4/01/24^(a)			414		413,462
Avis Budget Finance PLC 6.00%, 3/01/21^(a)	EUR		1,113		1,310,810
CEVA Group PLC 9.00%, 9/01/21^(a)	U.S.$		1,836		1,220,940
EC Finance PLC 5.125%, 7/15/21^(a)	EUR		836		996,470
Europcar Groupe SA 5.75%, 6/15/22^(a)			670		796,701
Hapag-Lloyd AG 9.75%, 10/15/17^(a)	U.S.$		156		157,950
Hertz Corp. (The) 5.875%, 10/15/20			2,191		2,216,416
XPO CNW, Inc. 6.70%, 5/01/34			1,371		959,700
7.25%, 1/15/18			620		627,750
XPO Logistics, Inc. 6.50%, 6/15/22^(a)			206		200,077

					9,187,623

					454,181,614

Financial Institutions – 6.6%
Banking – 4.1%
Ally Financial, Inc. 8.00%, 11/01/31^(h)			1,151		1,329,405
Banco Bilbao Vizcaya Argentaria SA 6.75%, 2/18/20^(a)(n)	EUR		800		832,488
Banco Santander SA 6.25%, 3/12/19^(a)(n)			1,600		1,631,432
Bank of America Corp. Series AA 6.10%, 3/17/25⁽ⁿ⁾	U.S.$		3,319		3,265,232
Series X 6.25%, 9/05/24⁽ⁿ⁾			98		96,040
Series Z 6.50%, 10/23/24⁽ⁿ⁾			1,402		1,447,144
Bank of Ireland 10.00%, 7/30/16^(a)	EUR		349		406,830
10.00%, 2/12/20^(a)(h)			1,130		1,523,830
Barclays Bank PLC 6.86%, 6/15/32^(a)(n)	U.S.$		166		190,900
7.625%, 11/21/22			1,479		1,589,925
7.70%, 4/25/18^(a)(n)			974		1,029,146
7.75%, 4/10/23			1,437		1,508,850
Barclays PLC 8.00%, 12/15/20⁽ⁿ⁾	EUR		263		288,793


26		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


BBVA International Preferred SAU 1.415% (EURIBOR 3 Month + 1.65%), 6/22/16^(g)(n)	EUR		609	$	640,003
4.952%, 9/20/16^(a)(h)(n)			1,650		1,783,658
Citigroup, Inc. 5.95%, 1/30/23⁽ⁿ⁾	U.S.$		2,689		2,590,682
Credit Agricole SA 6.625%, 9/23/19^(a)(h)(n)			638		599,567
7.589%, 1/30/20⁽ⁿ⁾	GBP		1,000		1,515,588
8.125%, 12/23/25^(a)(n)	U.S.$		1,461		1,469,839
Credit Suisse Group AG 7.50%, 12/11/23^(a)(n)			3,647		3,583,177
Danske Bank A/S 5.684%, 2/15/17⁽ⁿ⁾	GBP		720		1,039,881
HBOS Capital Funding LP 4.939%, 5/23/16⁽ⁿ⁾	EUR		418		475,642
HT1 Funding GmbH 6.352%, 6/30/17^(h)(n)			1,550		1,763,039
ING Groep NV 6.00%, 4/16/20⁽ⁿ⁾	U.S.$		688		646,720
6.50%, 4/16/25⁽ⁿ⁾			1,143		1,048,703
Intesa Sanpaolo SpA 5.71%, 1/15/26^(a)			2,690		2,610,642
Lloyds Banking Group PLC 6.413%, 10/01/35^(a)(n)			235		253,213
6.657%, 5/21/37^(a)(n)			98		106,820
7.50%, 6/27/24⁽ⁿ⁾			528		522,667
RBS Capital Trust C Series 385 1.547% (EURIBOR 3 Month + 1.69%), 7/12/16^(g)(n)	EUR		1,250		1,350,710
Royal Bank of Scotland Group PLC 8.00%, 8/10/25⁽ⁿ⁾	U.S.$		1,310		1,249,085
SNS Bank NV 11.25%, 12/31/49^(d)(f)(k)	EUR		620		– 0	–^{^}
Societe Generale SA 8.00%, 9/29/25^(a)(n)	U.S.$		1,778		1,724,660
UBS Group AG 7.00%, 2/19/25^(a)(n)			2,065		2,109,501
UT2 Funding PLC 5.321%, 6/30/16	EUR		1,293		1,480,500
Zions Bancorporation 5.65%, 11/15/23	U.S.$		508		502,920
5.80%, 6/15/23⁽ⁿ⁾			310		294,500

					44,501,732

Brokerage – 0.0%
Lehman Brothers Holdings, Inc. 6.875%, 5/02/18^(d)			1,690		126,412


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			27

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Finance – 1.3%
Artsonig Pty Ltd. 11.50% (11.50% Cash or 12.00% PIK), 4/01/19^(a)(i)	U.S.$		1,557	$	155,721
Creditcorp 12.00%, 7/15/18^(a)			1,300		689,000
Enova International, Inc. 9.75%, 6/01/21			2,216		1,573,360
ILFC E-Capital Trust II 4.49% (LIBOR 3 Month + 1.80%), 12/21/65^(a)(g)			2,000		1,620,000
International Lease Finance Corp. 8.25%, 12/15/20			2,170		2,533,475
8.75%, 3/15/17			282		297,059
8.875%, 9/01/17			280		301,140
Navient Corp. 5.50%, 1/15/19			2,496		2,452,320
5.875%, 3/25/21			572		517,660
6.125%, 3/25/24			250		215,000
7.25%, 1/25/22			377		352,495
8.00%, 3/25/20			233		231,835
Peninsula Gaming LLC/Peninsula Gaming Corp. 8.375%, 2/15/18^(a)			996		1,013,430
TMX Finance LLC/TitleMax Finance Corp. 8.50%, 9/15/18^(a)			2,901		2,320,800

					14,273,295

Insurance – 0.6%
Genworth Holdings, Inc. 6.15%, 11/15/66			750		238,125
7.625%, 9/24/21			1,216		1,037,248
HUB International Ltd. 7.875%, 10/01/21^(a)			1,061		1,045,085
Liberty Mutual Group, Inc. 7.80%, 3/15/37^(a)			1,250		1,362,500
USI, Inc./NY 7.75%, 1/15/21^(a)			1,029		1,029,000
Wayne Merger Sub LLC 8.25%, 8/01/23^(a)			1,685		1,676,575

					6,388,533

Other Finance – 0.6%
CNG Holdings, Inc. 9.375%, 5/15/20^(a)			962		418,470
iPayment, Inc. 9.50%, 12/15/19^(a)			56		58,110
Series AI 9.50%, 12/15/19			2,259		2,354,923


28		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Lincoln Finance Ltd. 6.875%, 4/15/21^(a)	EUR		1,688	$	1,992,805
7.375%, 4/15/21^(a)	U.S.$		311		323,440
Speedy Cash Intermediate Holdings Corp. 10.75%, 5/15/18^(a)			778		466,800
Speedy Group Holdings Corp. 12.00%, 11/15/17^(a)			1,711		684,400

					6,298,948

					71,588,920

Utility – 1.5%
Electric – 1.5%
AES Corp./VA 4.875%, 5/15/23			1,840		1,771,000
7.375%, 7/01/21			634		710,080
Calpine Corp. 5.50%, 2/01/24			985		945,600
5.75%, 1/15/25			2,535		2,433,600
7.875%, 1/15/23^(a)			152		161,120
ContourGlobal Power Holdings SA 7.125%, 6/01/19^(a)			1,703		1,654,039
DPL, Inc. 6.75%, 10/01/19			465		471,975
Dynegy, Inc. 7.375%, 11/01/22			1,355		1,253,375
7.625%, 11/01/24			981		890,257
FirstEnergy Corp. Series C 7.375%, 11/15/31			857		1,040,884
GenOn Energy, Inc. 9.50%, 10/15/18			1,450		1,058,500
NRG Energy, Inc. 6.25%, 7/15/22			319		296,670
NRG Yield Operating LLC 5.375%, 8/15/24			843		783,990
Talen Energy Supply LLC 4.60%, 12/15/21			1,475		1,180,000
Texas Competitive/TCEH 11.50%, 10/01/20^(o)			626		181,540
Viridian Group FundCo II Ltd. 7.50%, 3/01/20^(a)	EUR		1,311		1,558,917

					16,391,547

Total Corporates – Non-Investment Grade (cost $599,181,091)					542,162,081


COLLATERALIZED MORTGAGE OBLIGATIONS – 11.4%
Risk Share Floating Rate – 6.8%
Bellemeade Re Ltd. Series 2015-1A, Class M2 4.733% (LIBOR 1 Month + 4.30%), 7/25/25^(a)(g)	U.S.$		1,220		1,184,557


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			29

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2013-DN1, Class M2 7.583% (LIBOR 1 Month + 7.15%), 7/25/23^(g)	U.S.$		2,350	$	2,669,426
Series 2013-DN2, Class M2 4.683% (LIBOR 1 Month + 4.25%), 11/25/23^(g)			1,925		1,901,658
Series 2014-DN1, Class M3 4.933% (LIBOR 1 Month + 4.50%), 2/25/24^(g)			1,939		1,907,992
Series 2014-DN2, Class M3 4.033% (LIBOR 1 Month + 3.60%), 4/25/24^(g)			514		481,253
Series 2014-DN3, Class M3 4.433% (LIBOR 1 Month + 4.00%), 8/25/24^(g)			800		779,935
Series 2014-DN4, Class M3 4.983% (LIBOR 1 Month + 4.55%), 10/25/24^(g)			500		496,729
Series 2014-HQ1, Class M3 4.533% (LIBOR 1 Month + 4.10%), 8/25/24^(g)			1,686		1,643,024
Series 2014-HQ2, Class M3 4.183% (LIBOR 1 Month + 3.75%), 9/25/24^(g)			3,710		3,447,375
Series 2014-HQ3, Class M3 5.183% (LIBOR 1 Month + 4.75%), 10/25/24^(g)			5,055		5,084,707
Series 2015-DN1, Class M3 4.583% (LIBOR 1 Month + 4.15%), 1/25/25^(g)			1,000		997,205
Series 2015-DNA1, Class B 9.633% (LIBOR 1 Month + 9.20%), 10/25/27^(g)			600		627,815
Series 2015-DNA1, Class M3 3.733% (LIBOR 1 Month + 3.30%), 10/25/27^(g)			480		452,735
Series 2015-DNA2, Class B 7.983% (LIBOR 1 Month + 7.55%), 12/25/27^(g)			965		861,812
Series 2015-DNA3, Class B 9.783% (LIBOR 1 Month + 9.35%), 4/25/28^(g)			1,032		958,297
Series 2015-DNA3, Class M3 5.133% (LIBOR 1 Month + 4.70%), 4/25/28^(g)			1,184		1,127,789


30		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Series 2015-HQ1, Class B 11.183% (LIBOR 1 Month + 10.75%), 3/25/25^(g)	U.S.$		3,986	$	3,831,163
Series 2015-HQ1, Class M3 4.233% (LIBOR 1 Month + 3.80%), 3/25/25^(g)			530		511,556
Series 2015-HQA1, Class B 9.233% (LIBOR 1 Month + 8.80%), 3/25/28^(g)			1,015		828,284
Series 2015-HQA1, Class M3 5.133% (LIBOR 1 Month + 4.70%), 3/25/28^(g)			1,455		1,386,829
Series 2015-HQA2, Class M3 5.233% (LIBOR 1 Month + 4.80%), 5/25/28^(g)			490		466,649
Series 2016-DNA1, Class M3 5.983% (LIBOR 1 Month + 5.55%), 7/25/28^(g)			1,555		1,559,489
Series 2016-HQA1, Class M3 6.791% (LIBOR 1 Month + 6.35%), 9/25/28^(g)			1,158		1,197,687
Federal National Mortgage Association Connecticut Avenue Securities Series 2013-C01, Class M2 5.683% (LIBOR 1 Month + 5.25%), 10/25/23^(g)			1,451		1,504,380
Series 2014-C01, Class M2 4.833% (LIBOR 1 Month + 4.40%), 1/25/24^(g)			3,991		3,980,116
Series 2014-C02, Class 1M2 3.033% (LIBOR 1 Month + 2.60%), 5/25/24^(g)			490		432,968
Series 2014-C03, Class 1M2 3.433% (LIBOR 1 Month + 3.00%), 7/25/24^(g)			1,147		1,053,415
Series 2014-C04, Class 1M2 5.333% (LIBOR 1 Month + 4.90%), 11/25/24^(g)			3,900		3,919,320
Series 2014-C04, Class 2M2 5.433% (LIBOR 1 Month + 5.00%), 11/25/24^(g)			672		684,869
Series 2015-C01, Class 1M2 4.733% (LIBOR 1 Month + 4.30%), 2/25/25^(g)			3,936		3,906,119
Series 2015-C01, Class 2M2 4.983% (LIBOR 1 Month + 4.55%), 2/25/25^(g)			3,000		3,034,654
Series 2015-C02, Class 1M2 4.433% (LIBOR 1 Month + 4.00%), 5/25/25^(g)			1,119		1,088,523


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			31

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Series 2015-C02, Class 2M2 4.433% (LIBOR 1 Month + 4.00%), 5/25/25^(g)	U.S.$		2,095	$	2,038,300
Series 2015-C03, Class 1M2 5.433% (LIBOR 1 Month + 5.00%), 7/25/25^(g)			3,190		3,172,055
Series 2015-C03, Class 2M2 5.433% (LIBOR 1 Month + 5.00%), 7/25/25^(g)			2,748		2,732,657
Series 2015-C04, Class 1M2 6.133% (LIBOR 1 Month + 5.70%), 4/25/28^(g)			3,342		3,364,248
Series 2015-C04, Class 2M2 5.983% (LIBOR 1 Month + 5.55%), 4/25/28^(g)			1,298		1,293,954
Series 2016-C01, Class 1M2 7.183% (LIBOR 1 Month + 6.75%), 8/25/28^(g)			2,077		2,218,047
Series 2016-C01, Class 2M2 7.383% (LIBOR 1 Month + 6.95%), 8/25/28^(g)			761		811,401
Series 2016-C02, Class 1B 12.685% (LIBOR 1 Month + 12.25%), 9/25/28^(g)			450		451,301
Series 2016-C02, Class 1M2 6.435% (LIBOR 1 Month + 6.00%), 9/25/28^(g)			2,375		2,423,209
JP Morgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 5.933% (LIBOR 1 Month + 5.50%), 10/25/25^(a)(g)			1,435		1,388,169
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 5.933% (LIBOR 1 Month + 5.50%), 11/25/25^(c)(g)			621		607,380

					74,509,051

Non-Agency Fixed Rate – 3.2%
Alternative Loan Trust Series 2006-24CB, Class A15 5.75%, 6/25/36			1,264		1,056,293
Series 2006-41CB, Class 2A13 5.75%, 1/25/37			1,074		884,122
Series 2006-42, Class 1A6 6.00%, 1/25/47			964		851,031
Series 2006-J5, Class 1A1 6.50%, 9/25/36			1,232		1,083,605


32		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Series 2007-13, Class A2 6.00%, 6/25/47	U.S.$		1,540	$	1,218,313
BCAP LLC Trust Series 2009-RR13, Class 17A3 6.004%, 4/26/37^(a)			516		432,182
Bear Stearns ARM Trust Series 2007-3, Class 1A1 3.004%, 5/25/47			421		368,818
Series 2007-4, Class 22A1 4.694%, 6/25/47			1,403		1,235,345
BNPP Mortgage Securities LLC Trust Series 2009-1, Class B1 6.00%, 8/27/37^(a)			809		652,878
ChaseFlex Trust Series 2007-1, Class 1A3 6.50%, 2/25/37			797		541,553
CHL Mortgage Pass-Through Trust Series 2007-4, Class 1A39 6.00%, 5/25/37			657		581,816
Citigroup Mortgage Loan Trust Series 2006-4, Class 2A1A 6.00%, 12/25/35			2,249		2,060,392
Series 2006-AR3, Class 1A2A 4.869%, 6/25/36			1,386		1,305,226
Series 2007-AR4, Class 1A1A 5.346%, 3/25/37			323		286,327
Series 2010-3, Class 2A2 7.063%, 8/25/37^(a)			477		416,137
CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A4 5.75%, 3/25/37			1,575		1,347,513
Countrywide Alternative Loan Trust Series 2006-HY12, Class A5 3.548%, 8/25/36			2,384		2,190,486
Series 2006-J1, Class 1A10 5.50%, 2/25/36			1,996		1,769,243
Countrywide Home Loan Mortgage Pass-Through Trust Series 2007-HY4, Class 1A1 2.746%, 9/25/47			471		420,492
Credit Suisse Mortgage Trust Series 2009-8R, Class 6A2 6.00%, 1/26/38^(a)			111		81,934
Series 2010-13R, Class 1A2 5.50%, 12/26/35^(a)			41		38,991
Series 2010-9R, Class 1A5 4.00%, 8/27/37^(a)			623		607,579
CSMC Mortgage-Backed Trust Series 2006-7, Class 3A12 6.25%, 8/25/36			792		678,317


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			33

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


First Horizon Alternative Mortgage Securities Trust Series 2006-AA5, Class A1 2.439%, 9/25/36	U.S.$		960	$	733,908
Series 2006-FA1, Class 1A3 5.75%, 4/25/36			889		684,282
IndyMac Index Mortgage Loan Trust Series 2005-AR15, Class A1 2.786%, 9/25/35			998		820,670
Series 2006-AR37, Class 2A1 4.275%, 2/25/37			682		534,323
Morgan Stanley Mortgage Loan Trust Series 2005-10, Class 4A1 5.50%, 12/25/35			533		477,729
Series 2007-12, Class 3A22 6.00%, 8/25/37			148		131,153
Residential Accredit Loans, Inc. Trust Series 2005-QS14, Class 3A1 6.00%, 9/25/35			818		734,227
Residential Asset Securitization Trust Series 2006-A8, Class 3A4 6.00%, 8/25/36			288		230,513
Structured Adjustable Rate Mortgage Loan Trust Series 2005-18, Class 8A1 2.837%, 9/25/35			1,042		956,734
Series 2006-9, Class 4A1 4.915%, 10/25/36			807		685,075
Washington Mutual Mortgage Pass-Through Certificates Trust Series 2006-7, Class A4 4.495%, 9/25/36			1,975		1,003,259
Series 2006-9, Class A4 4.965%, 10/25/36			1,964		1,054,910
Series 2007-HY3, Class 4A1 2.543%, 3/25/37			1,844		1,724,257
Wells Fargo Alternative Loan Trust Series 2007-PA3, Class 3A1 6.25%, 7/25/37			1,696		1,520,901
Wells Fargo Mortgage Backed Securities Trust Series 2007-AR7, Class A1 2.771%, 12/28/37			2,288		2,042,049
Series 2007-AR8, Class A1 2.813%, 11/25/37			897		787,770

					34,230,353


34		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Non-Agency Floating Rate – 1.4%
Citigroup Mortgage Loan Trust Series 2005-8, Class 2A2 4.367% (LIBOR 1 Month + 4.80%), 9/25/35^(g)(p)	U.S.$		865	$	78,803
Countrywide Alternative Loan Trust Series 2007-7T2, Class A3 1.033% (LIBOR 1 Month + 0.60%), 4/25/37^(g)			3,498		1,576,667
Countrywide Home Loan Mortgage Pass-Through Trust Series 2007-13, Class A7 1.033% (LIBOR 1 Month + 0.60%), 8/25/37^(g)			982		732,872
First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A10 0.683% (LIBOR 1 Month + 0.25%), 4/25/37^(g)			543		244,842
Series 2007-FA2, Class 1A6 5.117% (LIBOR 1 Month + 5.55%), 4/25/37^(g)(p)			184		46,365
Lehman XS Trust Series 2007-10H, Class 2AIO 6.562% (LIBOR 1 Month + 7.00%), 7/25/37^(g)(p)			656		203,258
Residential Accredit Loans, Inc. Trust Series 2006-QS18, Class 2A2 6.117% (LIBOR 1 Month + 6.55%), 12/25/36^(g)(p)			6,254		1,568,914
Structured Asset Mortgage Investments II Trust Series 2007-AR6, Class A1 1.851% (12MTA + 1.50%), 8/25/47^(g)			2,076		1,683,895
Wachovia Mortgage Loan Trust Series Series 2006-ALT1, Class A2 0.613% (LIBOR 1 Month + 0.18%), 1/25/37^(g)			14,577		9,498,857

					15,634,473

Total Collateralized Mortgage Obligations (cost $126,316,781)					124,373,877


GOVERNMENTS – TREASURIES – 9.3%
Colombia – 0.3%
Colombian TES Series B 7.75%, 9/18/30	COP		1,920,400		603,409
10.00%, 7/24/24			8,000,000		2,990,860

					3,594,269


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			35

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Mexico – 0.5%
Mexican Bonos Series M 6.50%, 6/10/21	MXN		90,000	$	5,470,564


South Africa – 0.3%
South Africa Government Bond Series R204 8.00%, 12/21/18	ZAR		10,750		720,315
Series R207 7.25%, 1/15/20			43,372		2,813,308
Series R208 6.75%, 3/31/21			490		30,610

					3,564,233

Turkey – 0.5%
Turkey Government Bond 8.30%, 6/20/18	TRY		16,200		5,593,938


United States – 7.7%
U.S. Treasury Bonds 2.75%, 11/15/42^(q)	U.S.$		3,000		3,092,931
3.125%, 2/15/42^(h)			4,000		4,448,592
4.50%, 2/15/36^(h)			2,400		3,292,968
5.00%, 5/15/37^(r)			3,500		5,120,528
5.25%, 2/15/29^(h)			5,750		7,894,572
6.125%, 11/15/27^(h)(r)			2,200		3,170,578
8.125%, 5/15/21^(h)			26,250		35,119,639
U.S. Treasury Notes 1.25%, 1/31/20^(h)			12,500		12,585,937
2.25%, 11/15/25^(r)			8,500		8,846,307

					83,572,052

Total Governments – Treasuries (cost $100,593,304)					101,795,056


CORPORATES – INVESTMENT GRADE – 7.5%
Industrial – 3.9%
Basic – 1.5%
Braskem Finance Ltd. 6.45%, 2/03/24			2,254		2,113,125
7.00%, 5/07/20^(a)			191		194,343
CF Industries, Inc. 7.125%, 5/01/20			900		1,024,503
Georgia-Pacific LLC 8.875%, 5/15/31			1		1,476
Glencore Finance Canada Ltd. 6.00%, 11/15/41^(a)			272		212,160
Glencore Funding LLC 2.125%, 4/16/18^(a)			104		97,110
4.625%, 4/29/24^(a)			341		283,201


36		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


GTL Trade Finance, Inc. 5.893%, 4/29/24^(a)	U.S.$		2,863	$	2,336,065
7.25%, 4/16/44^(a)			234		183,105
Minsur SA 6.25%, 2/07/24^(a)			891		841,141
Southern Copper Corp. 7.50%, 7/27/35			3,300		3,448,952
Vale Overseas Ltd. 6.875%, 11/21/36			2,806		2,215,898
WestRock MWV LLC 7.95%, 2/15/31			1,000		1,246,617
Weyerhaeuser Co. 7.375%, 3/15/32			1,790		2,186,410

					16,384,106

Capital Goods – 0.4%
General Electric Co. Series D 5.00%, 1/21/21⁽ⁿ⁾			1,681		1,731,430
Lafarge SA 7.125%, 7/15/36			800		967,408
Owens Corning 7.00%, 12/01/36^(s)			1,340		1,480,364

					4,179,202

Communications - Media – 0.3%
CCO Safari II LLC 4.908%, 7/23/25^(a)			1,195		1,260,505
NBCUniversal Enterprise, Inc. 5.25%, 3/19/21^(a)(n)			1,401		1,443,030
Sirius XM Radio, Inc. 5.25%, 8/15/22^(a)			286		301,015

					3,004,550

Communications - Telecommunications – 0.2%
Qwest Corp. 6.50%, 6/01/17			610		635,163
6.875%, 9/15/33			1,335		1,301,678

					1,936,841

Consumer Cyclical - Automotive – 0.0%
General Motors Co. 6.75%, 4/01/46			454		516,093


Consumer Cyclical - Other – 0.0%
Seminole Tribe of Florida, Inc. 6.535%, 10/01/20^(a)			215		223,600


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			37

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Consumer Non-Cyclical – 0.1%
BRF SA 4.75%, 5/22/24^(a)	U.S.$		428	$	404,460
Forest Laboratories LLC 5.00%, 12/15/21^(a)			803		896,488

					1,300,948

Energy – 0.8%
Devon Energy Corp. 5.00%, 6/15/45			563		420,205
5.60%, 7/15/41			285		223,212
7.95%, 4/15/32			248		252,215
Devon Financing Co. LLC 7.875%, 9/30/31			164		160,815
Enterprise Products Operating LLC Series A 8.375%, 8/01/66			1,208		954,320
Kinder Morgan, Inc./DE 5.55%, 6/01/45			402		357,269
Series G 7.75%, 1/15/32			328		343,085
7.80%, 8/01/31^(h)			1,066		1,178,146
Marathon Oil Corp. 2.70%, 6/01/20			99		84,012
5.20%, 6/01/45			367		256,275
6.60%, 10/01/37			508		418,553
Regency Energy Partners LP/Regency Energy Finance Corp. 4.50%, 11/01/23			546		481,756
5.50%, 4/15/23			1,193		1,063,473
Williams Partners LP 3.35%, 8/15/22			1,391		1,135,206
5.10%, 9/15/45			1,565		1,126,088

					8,454,630

Other Industrial – 0.0%
Fresnillo PLC 5.50%, 11/13/23^(a)			306		314,032


Technology – 0.4%
Freescale Semiconductor, Inc. 6.00%, 1/15/22^(a)			776		822,560
Hewlett Packard Enterprise Co. 6.35%, 10/15/45^(a)			2,350		2,309,535
Western Digital Corp. 7.375%, 4/01/23^(a)(m)			1,058		1,079,160

					4,211,255

Transportation - Airlines – 0.2%
America West Airlines Pass-Through Trust Series 1999-1G, Class G 7.93%, 1/02/19			767		808,767


38		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Delta Air Lines Pass-Through Trust Series 2007-1A 6.821%, 8/10/22	U.S.$		714	$	821,239
Northwest Airlines Pass-Through Trust Series 2000-1, Class G 7.15%, 10/01/19			417		444,935

					2,074,941

					42,600,198

Financial Institutions – 3.1%
Banking – 0.9%
BPCE SA 5.70%, 10/22/23^(a)			208		220,316
Commerzbank AG 8.125%, 9/19/23^(a)			1,052		1,187,655
ICICI Bank Ltd./Dubai 4.80%, 5/22/19^(a)			1,337		1,424,194
JPMorgan Chase & Co. Series Q 5.15%, 5/01/23⁽ⁿ⁾			1,357		1,302,991
Series R 6.00%, 8/01/23⁽ⁿ⁾			527		530,425
Series S 6.75%, 2/01/24⁽ⁿ⁾			460		499,675
Series V 5.00%, 7/01/19⁽ⁿ⁾			353		337,115
Nordea Bank AB 6.125%, 9/23/24^(a)(n)			1,226		1,167,765
Regions Bank/Birmingham AL 6.45%, 6/26/37			1,500		1,796,160
Standard Chartered PLC 5.20%, 1/26/24^(a)(h)			1,301		1,361,281
Wells Fargo & Co. Series S 5.90%, 6/15/24⁽ⁿ⁾			435		440,438

					10,268,015

Brokerage – 0.2%
E*TRADE Financial Corp. 5.375%, 11/15/22			810		855,563
GFI Group, Inc. 8.375%, 7/19/18			991		1,050,460

					1,906,023

Insurance – 1.5%
American International Group, Inc. 6.82%, 11/15/37			1,425		1,777,093
Aon Corp. 8.205%, 1/01/27			690		872,850
Assured Guaranty Municipal Holdings, Inc. 6.40%, 12/15/66^(a)			656		446,080


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			39

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Lincoln National Corp. 8.75%, 7/01/19	U.S.$		604	$	721,798
MetLife, Inc. 10.75%, 8/01/39			2,350		3,572,000
Series C 5.25%, 6/15/20⁽ⁿ⁾			160		152,900
Pacific Life Insurance Co. 9.25%, 6/15/39^(a)			475		685,434
Swiss Re Capital I LP 6.854%, 5/25/16^(a)(n)			2,809		2,803,843
Transatlantic Holdings, Inc. 8.00%, 11/30/39			1,261		1,683,577
XLIT Ltd. 5.50%, 3/31/45			630		604,464
Series E 6.50%, 4/15/17⁽ⁿ⁾			2,309		1,598,982
ZFS Finance USA Trust V 6.50%, 5/09/37^(a)			1,240		1,218,300

					16,137,321

REITS – 0.5%
DDR Corp. 7.875%, 9/01/20			746		896,364
EPR Properties 5.75%, 8/15/22			915		986,510
7.75%, 7/15/20			1,722		1,994,388
Senior Housing Properties Trust 6.75%, 12/15/21			1,350		1,489,112

					5,366,374

					33,677,733

Utility – 0.5%
Electric – 0.4%
EDP Finance BV 4.90%, 10/01/19^(a)			148		154,334
6.00%, 2/02/18^(a)			2,055		2,173,163
PPL Capital Funding, Inc. Series A 6.70%, 3/30/67			2,405		1,827,800

					4,155,297

Natural Gas – 0.1%
Empresa de Energia de Bogota SA ESP 6.125%, 11/10/21^(a)			1,235		1,279,841

					5,435,138

Total Corporates – Investment Grade (cost $75,158,586)					81,713,069


40		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


COMMERCIAL MORTGAGE-BACKED SECURITIES – 4.3%
Non-Agency Fixed Rate CMBS – 4.1%
225 Liberty Street Trust Series 2016-225L 4.648%, 2/10/36^(a)	U.S.$		974	$	860,164
Banc of America Commercial Mortgage Trust Series 2007-3, Class AJ 5.543%, 6/10/49			1,973		1,957,815
Series 2007-5, Class AM 5.772%, 2/10/51			2,877		2,968,463
Banc of America Re-REMIC Trust Series 2009-UB1, Class A4B 5.586%, 6/24/50^(c)(f)			3,500		3,626,350
Citigroup Commercial Mortgage Trust Series 2013-GC11, Class XA 1.852%, 4/10/46^(p)			2,277		151,596
Series 2013-GC17, Class D 5.105%, 11/10/46^(a)			902		786,577
Series 2014-GC23, Class D 4.507%, 7/10/47^(a)			856		704,706
Commercial Mortgage Pass Through Certificates Series 2012-CR3, Class XA 2.104%, 10/15/45^(p)			9,384		822,833
Commercial Mortgage Trust Series 2012-CR1, Class XA 2.075%, 5/15/45^(p)			2,232		185,765
Series 2012-CR5, Class XA 1.827%, 12/10/45^(p)			2,392		180,384
Series 2012-LC4, Class XA
2.382%, 12/10/44^(a)(p)			6,381		579,567
Series 2013-LC6, Class D 4.285%, 1/10/46^(a)			3,916		3,511,814
Series 2014-CR15, Class XA 1.317%, 2/10/47^(p)			2,556		140,496
Series 2014-CR20, Class XA 1.206%, 11/10/47^(p)			11,618		798,369
Series 2014-LC15, Class D 4.944%, 4/10/47^(a)			1,500		1,176,298
Series 2014-UBS5, Class D 3.495%, 9/10/47^(a)			669		459,463
Csail Commercial Mortgage Trust Series 2015-C2, Class D 4.212%, 6/15/57			2,721		2,027,047
GS Mortgage Securities Corp. II Series 2012-GCJ9, Class D 4.854%, 11/10/45^(a)			700		639,237


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			41

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Series 2012-GCJ9, Class XA 2.312%, 11/10/45^(p)	U.S.$		1,894	$	174,507
Series 2013-GC10, Class XA 1.611%, 2/10/46^(p)			968		77,812
GS Mortgage Securities Trust Series 2011-GC5, Class C 5.316%, 8/10/44^(a)			3,152		3,370,499
Series 2012-GC6, Class D 5.631%, 1/10/45^(a)			1,765		1,728,384
Series 2012-GCJ7, Class XA 2.509%, 5/10/45^(p)			4,033		341,096
JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-C20, Class D 4.572%, 7/15/47^(a)			2,737		2,133,486
JPMBB Commercial Mortgage Securities Trust Series 2015-C32, Class C 4.669%, 11/15/48			825		704,411
LB-UBS Commercial Mortgage Trust Series 2007-C2, Class AM 5.493%, 2/15/40			1,254		1,273,256
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6, Class XA 2.071%, 11/15/45^(a)(p)			11,253		819,981
UBS-Barclays Commercial Mortgage Trust Series 2012-C4, Class XA 1.807%, 12/10/45^(a)(p)			954		80,301
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Class AM 5.818%, 5/15/46			400		416,720
Wells Fargo Commercial Mortgage Trust Series 2015-LC20, Class D 4.366%, 4/15/50^(a)			3,000		2,181,207
WF-RBS Commercial Mortgage Trust Series 2011-C4, Class D 5.263%, 6/15/44^(a)(s)			1,022		1,058,666
Series 2012-C10, Class XA 1.736%, 12/15/45^(a)(p)			3,827		306,372
Series 2012-C6, Class D 5.561%, 4/15/45^(a)			2,450		2,469,412
Series 2012-C7, Class XA 1.519%, 6/15/45^(a)(p)			1,512		104,933
Series 2012-C8, Class E 4.874%, 8/15/45^(a)			3,766		3,606,821
Series 2014-C25, Class D 3.803%, 11/15/47^(a)			3,500		2,523,428

					44,948,236


42		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Non-Agency Floating Rate CMBS – 0.2%
Morgan Stanley Capital I Trust Series 2015-MS1, Class D 4.029%, 5/15/48^(a)(s)	U.S.$		490	$	361,288
Wells Fargo Commercial Mortgage Trust Series 2015-SG1, Class D 4.471%, 12/15/47^(s)			2,500		1,930,276

					2,291,564

Total Commercial Mortgage-Backed Securities (cost $47,509,196)					47,239,800


BANK LOANS – 4.1%
Industrial – 3.9%
Basic – 0.3%
FMG Resources (August 2006) Pty LTD (FMG America Finance, Inc.) 4.25% (LIBOR 3 Month + 3.25%), 6/30/19^(g)			2,563		2,158,346
Magnetation LLC 12.00%, 7/07/16^(f)(i)(k)			3,352		1,344,265

					3,502,611

Capital Goods – 0.1%
Serta Simmons Holdings, LLC 4.25% (LIBOR 3 Month + 3.25%), 10/01/19^(g)			1,240		1,237,563


Consumer Cyclical - Automotive – 0.1%
Navistar, Inc. 6.50% (LIBOR 3 Month + 5.50%), 8/07/20^(g)			873		794,260


Consumer Cyclical - Entertainment – 0.4%
ClubCorp Club Operations, Inc. 4.25% (LIBOR 3 Month + 3.25%), 12/15/22^(g)			1,291		1,287,426
Kasima, LLC (Digital Cinema Implementation Partners, LLC) 3.25% (LIBOR 3 Month + 2.50%), 5/17/21^(g)			485		480,038
NCL Corporation Ltd. (aka Norwegian Cruise Lines) 4.00% (LIBOR 3 Month + 3.25%), 11/19/21^(g)			250		248,682
Seaworld Parks & Entertainment, Inc. (fka SW Acquisitions Co., Inc.) 4.00% (LIBOR 3 Month + 3.25%), 5/14/20^(g)			997		991,572


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			43

Portfolio of Investments



		Principal Amount (000)		U.S. $ Value


Station Casinos LLC 4.25% (LIBOR 1 Month + 3.25%), 3/02/20^(g)	U.S.$		1,748	$	1,742,451

					4,750,169

Consumer Cyclical - Other – 0.4%
Beazer Homes USA, Inc. 6.41% (LIBOR 3 Month + 5.50%), 3/11/18^(g)			650	&