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, 2017

Date of reporting period: September 30, 2016

ITEM 1. REPORTS TO STOCKHOLDERS.

SEP^09.30.16

LOGO

SEMI-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.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 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.

November 14, 2016

Semi-Annual Report

This report provides management’s discussion of fund performance for AllianceBernstein Global High Income Fund (the “Fund”) for the semi-annual reporting period ended September 30, 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 4-6 and “Note E—Risks Involved in Investing in the Fund” of the Notes to Financial Statements on pages 104-107.

Investment Results

The table on page 7 shows the Fund’s performance compared with its blended benchmark and its components for the six- and 12-month periods ended September 30, 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 Bloomberg Barclays US Corporate High Yield (“HY”) 2% Issuer Capped Index.

The Fund outperformed the blended benchmark in the six-month period, but underperformed in the 12-month period. Sector allocation contributed to relative performance in both periods, due to an underweight in sovereign bonds and an overweight to agency risk-sharing transactions. However, an overweight to commercial mortgage-backed securities detracted in the six-month period, and an underweight in quasi-sovereigns and emerging-market sovereigns detracted in the 12-month period. Security selection did not have a meaningful impact on returns in the 12-month period, but contributed in the six-month period, primarily due to security selection in high-yield corporates. Currency investments detracted in both periods, though in the six-month period positive returns from an underweight position in the Mexican peso (a notable laggard due to increased political risk surrounding the US presidential election) were more than offset by losses from an underweight in the Brazilian real. Yield-curve positioning had a negative impact on performance in each period, primarily due to positioning along the long end of the US yield curve.

During both periods the Fund utilized currency forwards and currency options, both purchased and written, to hedge currency exposure as well as to manage active currency risk. Purchased and written equity


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			1

options were also used to hedge market exposure, and equity variance swaps were written for non-hedging purposes. Total return swaps and credit default swaps (both single name and index) were used to hedge credit risk as well as to take active credit and growth risk. Interest rate swaps and treasury futures were used to manage duration, country exposure and yield-curve positioning.

Market Review and Investment Strategy

Bond markets were volatile for the 12-month period ended September 30, 2016, as global growth trends and central bank actions in the world’s largest economies continued to move in different directions. After declining through the end of 2015 and the beginning of 2016, oil prices rebounded on the back of decreased global supply and a tentative deal struck by the Organization of Petroleum Exporting Countries to limit crude production, which contributed to a rally in emerging-market debt sectors. Emerging-market sentiment was further boosted on positive political developments in Argentina and Brazil toward the end of the period. In December 2015, the US Federal Reserve (the “Fed”) hiked rates for the first time in over nine years—a move that had been widely anticipated and was generally accepted smoothly by bond investors. After some slower-than-expected US economic data through the first

half of 2016, the Fed’s tone turned more hawkish in September (despite rates remaining unchanged) on the back of continued strengthening in the US labor market and growth in economic activity.

Central banks around the globe cut rates, with some, including the Bank of Japan and the European Central Bank, dipping into negative rate territory. Perhaps the headline of the period, volatility in Europe (and globally) spiked sharply in June after the UK voted to leave the European Union, a decision that was largely a surprise to investors. While investors initially responded by selling risk-sensitive assets, markets outside Europe quickly recovered. European markets also began to stabilize, helped by the Bank of England’s first rate cut in seven years—to an historic low—and an aggressive asset-purchase program. Elsewhere, central banks in Australia and New Zealand also moved rates to record lows, while investors were disappointed by Japan’s fiscal and monetary stimulus measures, and then in September the Bank of Japan surprised markets—and opened up a host of questions—by announcing a plan to anchor the 10-year yield near 0%.

In the 12-month period, developed-market treasury yields generally fell, with UK yields reaching historic lows in the months following the Brexit referendum in June. Trillions of dollars’ worth of government debt around the world lingered in negative territory. In the 12-month period, developed-market treasuries


2		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

generally outperformed emerging-market local-currency government bonds and investment-grade credit securities, but lagged the double-digit rally in global high-yield. Within high yield, commodity-linked sectors generally had the best performance—helped by the recent bounce in oil prices—with energy up the most in the six-month period and basic industries rising most in the 12-month period. Though consumer-related sectors mostly had positive returns as well, they generally lagged the high-yield rally.

On November 8, 2016, Donald Trump was elected as the 45th president of the United States, and the Congressional election outcome resulted in the Republican Party maintaining control of both the House of Representatives and the Senate. The Adviser believes that it will take time before the world has a clearer picture of the short- and long-term impact of the elections on the US economy and markets in general. The Adviser continues to monitor the markets, including for potential market volatility.


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			3

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 111-112.

Benchmark Disclosure

The JPM^® GBI-EM (local currency-denominated), the JPM^® EMBI Global and the Bloomberg 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 Bloomberg 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

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


4		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Disclosures and Risks

DISCLOSURES AND RISKS

(continued from previous page)

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.

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

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


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			5

Disclosures and Risks

DISCLOSURES AND RISKS

(continued from previous page)

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.


6		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Disclosures and Risks

HISTORICAL PERFORMANCE



THE FUND VS. ITS BENCHMARKS PERIODS ENDED SEPTEMBER 30, 2016 (unaudited)	Returns
	6 Months		12 Months
AllianceBernstein Global High Income Fund (NAV)		11.60%		15.15%

Blended Benchmark: 33% JPM GBI-EM / 33% JPM EMBI Global / 33% Bloomberg Barclays US Corporate HY 2% Issuer Capped Index		8.70%		15.25%

JPM GBI-EM (local currency-denominated)		5.18%		15.74%

JPM EMBI Global		9.34%		16.82%

Bloomberg Barclays US Corporate HY 2% Issuer Capped Index		11.38%		12.74%

The Fund’s market price per share on September 30, 2016 was $12.61. The Fund’s NAV per share on September 30, 2016 was $13.56. For additional financial highlights, please see pages 109-110.

See Disclosures, Risks and Note about Historical Performance on pages 4-6.


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			7

Historical Performance

PORTFOLIO SUMMARY

September 30, 2016 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $1,169.4

LOGO

All data are as of September 30, 2016. 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 0.6% or less in the following security types: Common Stocks, Inflation-Linked Securities, Investment Companies, Local Governments – Municipal Bonds, Local Governments – Regional Bonds, Options Purchased – Calls, Preferred Stocks, Quasi-Sovereigns and Warrants.


8		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio Summary

PORTFOLIO SUMMARY

September 30, 2016 (unaudited)

LOGO

All data are as of September 30, 2016. The Fund’s country 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” country weightings represent 0.8% or less in the following countries: Angola, Australia, Barbados, Cameroon, Cayman Islands, Chile, Croatia, Denmark, Ecuador, El Salvador, Ethiopia, Finland, Gabon, Germany, Guatemala, India, Iraq, Italy, Ivory Coast, Jamaica, Kenya, Lebanon, Macau, Mongolia, New Zealand, Norway, Pakistan, Peru, Portugal, Serbia, South Africa, Spain, Sri Lanka, Switzerland, Trinidad & Tobago, Turkey, United Arab Emirates, Venezuela and Zambia.


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			9

Portfolio Summary

PORTFOLIO OF INVESTMENTS

September 30, 2016 (unaudited)


		Principal Amount (000)		U.S. $ Value


CORPORATES – NON-INVESTMENT GRADE – 47.0%
Industrial – 40.6%
Basic – 3.4%
AK Steel Corp. 7.625%, 10/01/21	U.S.$		556	$	533,760
Aleris International, Inc. 7.875%, 11/01/20			664		672,300
Anglo American Capital PLC 4.125%, 4/15/21^(a)			200		200,500
4.875%, 5/14/25^(a)(b)			584		595,680
ArcelorMittal 6.125%, 6/01/25			742		808,780
7.75%, 3/01/41			170		177,225
8.00%, 10/15/39			1,286		1,388,880
Ashland, Inc. 4.75%, 8/15/22			501		521,040
Axalta Coating Systems LLC 4.875%, 8/15/24^(a)			516		528,578
Cliffs Natural Resources, Inc. 7.75%, 3/31/20^(a)			737		689,095
8.00%, 9/30/20^(a)			187		183,260
8.25%, 3/31/20^(a)			1,111		1,177,660
Consolidated Energy Finance SA 6.75%, 10/15/19^(a)			2,100		2,073,750
Constellium NV 5.75%, 5/15/24^(a)			400		370,000
FMG Resources (August 2006) Pty Ltd. 9.75%, 3/01/22^(a)			510		591,600
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc. 6.50%, 11/15/20			867		889,759
6.75%, 2/01/22			1,197		1,229,917
Freeport-McMoRan, Inc. 5.45%, 3/15/43			584		468,660
Ineos Finance PLC 4.00%, 5/01/23^(a)	EUR		790		888,689
INEOS Group Holdings SA 5.75%, 2/15/19^(a)			322		370,762
Joseph T Ryerson & Son, Inc. 11.00%, 5/15/22^(a)	U.S.$		3,215		3,536,500
Lecta SA 6.50%, 8/01/23^(a)	EUR		227		251,609
Lundin Mining Corp. 7.50%, 11/01/20^(a)	U.S.$		396		420,750
7.875%, 11/01/22^(a)			837		891,405
Magnetation LLC/Mag Finance Corp. 11.00%, 5/15/18^(c)(d)(e)			2,857		3,428


10		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Momentive Performance Materials, Inc. 3.88%, 10/24/21	U.S.$		3,472	$	2,894,780
8.875%, 10/15/20^(c)(f)(g)			3,472		– 0	–^{^}
Novelis Corp. 5.875%, 9/30/26^(a)			1,573		1,610,359
6.25%, 8/15/24^(a)			987		1,047,454
Peabody Energy Corp. 6.00%, 11/15/18^(c)(d)			3,891		943,567
PQ Corp. 6.75%, 11/15/22^(a)			753		798,180
Smurfit Kappa Acquisitions 4.875%, 9/15/18^(a)			2,064		2,146,560
Smurfit Kappa Treasury Funding Ltd. 7.50%, 11/20/25			238		285,600
SPCM SA 6.00%, 1/15/22^(a)			400		417,000
Steel Dynamics, Inc. 6.125%, 8/15/19			225		232,031
6.375%, 8/15/22			423		445,208
Teck Resources Ltd. 3.75%, 2/01/23			650		595,562
4.50%, 1/15/21			386		380,210
5.20%, 3/01/42			827		707,085
5.40%, 2/01/43			3,158		2,731,670
6.25%, 7/15/41			238		227,885
8.00%, 6/01/21^(a)			50		54,375
8.50%, 6/01/24^(a)			71		81,295
Thompson Creek Metals Co., Inc. 7.375%, 6/01/18			2,579		2,617,685
9.75%, 12/01/17			876		885,220
United States Steel Corp. 8.375%, 7/01/21^(a)			932		1,019,375
W.R. Grace & Co.-Conn 5.625%, 10/01/24^(a)			386		419,775

					40,004,463

Capital Goods – 3.2%
Accudyne Industries Borrower/Accudyne Industries LLC 7.75%, 12/15/20^(a)			1,194		946,245
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)			1,329		1,270,856
ARD Finance SA 6.625% (6.625% Cash or 7.375% PIK), 9/15/23^(a)(h)	EUR		522		563,666
7.125% (7.125% Cash or 7.875% PIK), 9/15/23^(a)(h)	U.S.$		587		584,065


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			11

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 6.00%, 6/30/21^(a)(b)	U.S.$		2,680	$	2,753,700
7.25%, 5/15/24^(a)			2,150		2,289,750
Ashtead Capital, Inc. 5.625%, 10/01/24^(a)			456		479,940
Berry Plastics Corp. 5.50%, 5/15/22			409		423,315
Bombardier, Inc. 5.75%, 3/15/22^(a)			1,250		1,118,750
6.125%, 1/15/23^(a)			359		318,613
7.50%, 3/15/25^(a)			418		385,083
7.75%, 3/15/20^(a)			552		563,040
EnPro Industries, Inc. 5.875%, 9/15/22			970		999,100
FBM Finance, Inc. 8.25%, 8/15/21^(a)			1,159		1,211,155
Gardner Denver, Inc. 6.875%, 8/15/21^(a)			973		912,187
GFL Environmental, Inc. 7.875%, 4/01/20^(a)			309		325,995
9.875%, 2/01/21^(a)			2,485		2,721,075
Herc Rentals, Inc. 7.75%, 6/01/24^(a)			2,642		2,714,655
KLX, Inc. 5.875%, 12/01/22^(a)			1,108		1,146,780
Masco Corp. 5.95%, 3/15/22			405		461,700
Pactiv LLC 7.95%, 12/15/25			1,110		1,209,900
Plastipak Holdings, Inc. 6.50%, 10/01/21^(a)			846		877,725
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 5.125%, 7/15/23^(a)			1,012		1,044,890
7.00%, 7/15/24^(a)			1,040		1,115,400
9.875%, 8/15/19			281		289,430
Sealed Air Corp. 6.875%, 7/15/33^(a)			1,295		1,388,887
SIG Combibloc Holdings SCA 7.75%, 2/15/23^(a)	EUR		682		803,665
SPX FLOW, Inc. 5.625%, 8/15/24^(a)	U.S.$		339		344,085
5.875%, 8/15/26^(a)			367		371,129
Standard Industries, Inc./NJ 6.00%, 10/15/25^(a)			977		1,047,832
Terex Corp. 6.00%, 5/15/21			105		107,363


12		• 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	$	408,969
TransDigm, Inc. 6.375%, 6/15/26^(a)			2,335		2,410,887
6.50%, 7/15/24			462		486,255
United Rentals North America, Inc. 5.75%, 11/15/24			2,058		2,135,175
5.875%, 9/15/26			225		231,750

					37,045,412

Communications - Media – 5.1%
Altice Financing SA 6.625%, 2/15/23^(a)			2,892		2,960,685
7.50%, 5/15/26^(a)			1,582		1,647,257
Arqiva Broadcast Finance PLC 9.50%, 3/31/20^(a)	GBP		1,086		1,516,357
CCO Holdings LLC/CCO Holdings Capital Corp. 5.375%, 5/01/25^(a)	U.S.$		128		134,240
5.75%, 1/15/24			166		176,375
5.875%, 4/01/24-5/01/27^(a)			877		934,723
Cequel Communications Holdings I LLC/Cequel Capital Corp. 5.125%, 12/15/21^(a)			948		948,000
6.375%, 9/15/20^(a)			426		438,780
7.75%, 7/15/25^(a)			861		929,880
Clear Channel Worldwide Holdings, Inc. Series A 6.50%, 11/15/22			555		559,163
Series B 6.50%, 11/15/22			2,499		2,602,084
CSC Holdings LLC 5.25%, 6/01/24			2,467		2,343,650
5.50%, 4/15/27^(a)			397		405,933
10.125%, 1/15/23^(a)			565		649,750
DISH DBS Corp. 5.875%, 11/15/24			3,394		3,351,575
Gray Television, Inc. 5.125%, 10/15/24^(a)			1,037		1,017,556
5.875%, 7/15/26^(a)			993		1,000,448
Hughes Satellite Systems Corp. 7.625%, 6/15/21			2,129		2,270,046
iHeartCommunications, Inc. 6.875%, 6/15/18			2,299		1,862,190
9.00%, 12/15/19-3/01/21			1,247		947,839
10.625%, 3/15/23			142		105,790
14.00% (12.00% Cash and 2.00% PIK), 2/01/21^(h)			607		236,652


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			13

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Intelsat Jackson Holdings SA 5.50%, 8/01/23	U.S.$		1,330	$	921,025
8.00%, 2/15/24^(a)			216		216,540
9.50%, 9/30/22^(a)			516		572,760
Intelsat Luxembourg SA 7.75%, 6/01/21			1,788		598,980
LGE HoldCo VI BV 7.125%, 5/15/24^(a)	EUR		968		1,210,823
Liberty Interactive LLC 3.75%, 2/15/30⁽ⁱ⁾	U.S.$		883		530,348
McClatchy Co. (The) 9.00%, 12/15/22			958		986,740
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance 7.875%, 5/15/24^(a)			1,700		1,836,000
Mediacom Broadband LLC/Mediacom Broadband Corp. 6.375%, 4/01/23			2,168		2,287,240
Nexstar Broadcasting, Inc. 6.875%, 11/15/20			1,099		1,141,586
Nielsen Finance LLC/Nielsen Finance Co. 5.00%, 4/15/22^(a)			599		618,468
Outfront Media Capital LLC/Outfront Media Capital Corp. 5.25%, 2/15/22			648		673,920
Radio One, Inc. 7.375%, 4/15/22^(a)			1,400		1,410,500
9.25%, 2/15/20^(a)			1,761		1,642,132
Sinclair Television Group, Inc. 5.625%, 8/01/24^(a)			1,500		1,533,750
6.125%, 10/01/22			1,487		1,568,785
TEGNA, Inc. 4.875%, 9/15/21^(a)			284		295,360
5.50%, 9/15/24^(a)			162		167,265
6.375%, 10/15/23			718		771,850
Time, Inc. 5.75%, 4/15/22^(a)			1,486		1,459,066
Townsquare Media, Inc. 6.50%, 4/01/23^(a)			976		990,640
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH 5.00%, 1/15/25^(a)			1,078		1,091,475
6.25%, 1/15/29^(a)	EUR		496		620,505
Univision Communications, Inc. 5.125%, 2/15/25^(a)	U.S.$		1,064		1,070,650
8.50%, 5/15/21^(a)			342		353,970
UPCB Finance VI Ltd. 6.875%, 1/15/22^(a)			496		519,560


14		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Virgin Media Finance PLC 4.875%, 2/15/22	U.S.$		1,347	$	1,143,266
5.25%, 2/15/22			900		778,500
Virgin Media Secured Finance PLC 5.50%, 1/15/25^(a)	GBP		423		564,720
Wave Holdco LLC/Wave Holdco Corp. 8.25% (8.25% Cash or 9.00% PIK), 7/15/19^(a)(h)	U.S.$		262		263,396
WideOpenWest Finance LLC/WideOpenWest Capital Corp. 10.25%, 7/15/19			3,201		3,369,309
13.375%, 10/15/19			127		135,255
Ziggo Bond Finance BV 5.875%, 1/15/25^(a)			634		634,000
Ziggo Secured Finance BV 5.50%, 1/15/27^(a)			1,013		1,011,734

					60,029,091

Communications - Telecommunications – 3.7%
Altice Luxembourg SA 7.25%, 5/15/22^(a)	EUR		1,332		1,577,102
7.75%, 5/15/22^(a)	U.S.$		1,339		1,429,382
CenturyLink, Inc. Series W 6.75%, 12/01/23			437		454,480
Cincinnati Bell, Inc. 7.00%, 7/15/24^(a)			1,151		1,179,775
Columbus Cable Barbados Ltd. 7.375%, 3/30/21^(a)			2,342		2,483,925
Communications Sales & Leasing, Inc./CSL Capital LLC 6.00%, 4/15/23^(a)			1,345		1,393,756
8.25%, 10/15/23			2,912		3,056,115
Embarq Corp. 7.995%, 6/01/36			1,600		1,619,168
Frontier Communications Corp. 6.25%, 9/15/21			373		358,546
7.125%, 1/15/23			11		10,258
7.625%, 4/15/24			1,768		1,653,080
7.875%, 1/15/27			834		746,430
9.00%, 8/15/31			450		414,000
10.50%, 9/15/22			4		4,240
11.00%, 9/15/25			326		340,263
InterXion Holding NV 6.00%, 7/15/20^(a)	EUR		2,601		3,054,660
Level 3 Financing, Inc. 5.375%, 1/15/24	U.S.$		478		498,016
6.125%, 1/15/21			596		618,350


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			15

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Sable International Finance Ltd. 6.875%, 8/01/22^(a)	U.S.$		454	$	471,025
SFR Group SA 5.375%, 5/15/22^(a)	EUR		264		306,203
5.625%, 5/15/24^(a)			386		447,489
6.00%, 5/15/22^(a)	U.S.$		1,610		1,642,200
7.375%, 5/01/26^(a)			330		337,323
Sprint Communications, Inc. 6.00%, 11/15/22^(j)			700		649,250
Sprint Corp. 7.125%, 6/15/24^(j)			520		507,000
7.625%, 2/15/25^(j)			1,537		1,521,630
7.875%, 9/15/23^(j)			1,320		1,328,250
T-Mobile USA, Inc. 6.00%, 3/01/23			743		793,754
6.375%, 3/01/25			655		712,313
6.625%, 11/15/20			311		319,553
6.731%, 4/28/22			128		134,400
6.836%, 4/28/23			774		833,985
Telecom Italia Capital SA 7.20%, 7/18/36			483		514,395
7.721%, 6/04/38			1,700		1,861,500
Telecom Italia SpA/Milano 5.303%, 5/30/24^(a)			1,002		1,024,415
WaveDivision Escrow LLC/WaveDivision Escrow Corp. 8.125%, 9/01/20^(a)			1,084		1,124,650
Wind Acquisition Finance SA 4.75%, 7/15/20^(a)			1,029		1,036,717
7.375%, 4/23/21^(a)			2,214		2,313,630
Windstream Services LLC 6.375%, 8/01/23			982		891,165
7.75%, 10/01/21			1,715		1,710,712
Zayo Group LLC/Zayo Capital, Inc. 6.00%, 4/01/23			917		962,850
6.375%, 5/15/25			1,187		1,258,220

					43,594,175

Consumer Cyclical - Automotive – 2.0%
Adient Global Holdings Ltd. 4.875%, 8/15/26^(a)			537		537,671
Allison Transmission, Inc. 5.00%, 10/01/24^(a)			369		378,225
BCD Acquisition, Inc. 9.625%, 9/15/23^(a)			2,184		2,282,280
Commercial Vehicle Group, Inc. 7.875%, 4/15/19^(b)			2,285		2,279,287


16		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Dana Financing Luxembourg Sarl 6.50%, 6/01/26^(a)	U.S.$		1,430	$	1,498,640
Dana, Inc. 6.00%, 9/15/23			833		866,320
Exide Technologies Series AI 7.00%, 4/30/25^(h)(i)(j)			3,974		1,987,064
11.00%, 4/30/20^(g)(h)			4,776		3,820,469
Gates Global LLC/Gates Global Co. 5.75%, 7/15/22^(a)	EUR		125		130,589
6.00%, 7/15/22^(a)	U.S.$		1,631		1,549,450
Goodyear Tire & Rubber Co. (The) 7.00%, 3/15/28			400		437,000
8.75%, 8/15/20			112		133,840
IHO Verwaltungs GmbH 4.125% (4.125% Cash or 4.875% PIK), 9/15/21^(a)(h)			889		897,857
Meritor, Inc. 6.25%, 2/15/24			1,553		1,486,997
6.75%, 6/15/21			925		931,938
Navistar International Corp. 8.25%, 11/01/21			2,125		2,103,750
Schaeffler Holding Finance BV 6.75%, 11/15/22^(a)(h)			611		698,525
ZF North America Capital, Inc. 4.75%, 4/29/25^(a)			1,153		1,210,650

					23,230,552

Consumer Cyclical - Entertainment – 0.6%
AMC Entertainment, Inc. 5.75%, 6/15/25			1,115		1,126,150
Carlson Travel Holdings, Inc. 7.50% (7.50% Cash or 8.25% PIK), 8/15/19^(a)(h)			1,107		1,095,930
Carlson Wagonlit BV 6.875%, 6/15/19^(a)			1,026		1,061,910
ClubCorp Club Operations, Inc. 8.25%, 12/15/23^(a)			546		586,950
Live Nation Entertainment, Inc. 7.00%, 9/01/20^(a)			740		767,750
Pinnacle Entertainment, Inc. 5.625%, 5/01/24^(a)			829		833,145
Regal Entertainment Group 5.75%, 6/15/23-2/01/25			1,010		1,020,950

					6,492,785


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			17

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Consumer Cyclical - Other – 3.2%
Beazer Homes USA, Inc. 5.75%, 6/15/19	U.S.$		879	$	914,160
7.50%, 9/15/21			1,307		1,320,070
8.75%, 3/15/22^(a)			99		104,445
Caesars Entertainment Operating Co., Inc. 10.00%, 12/15/18^(c)(d)			700		441,000
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Prope 8.00%, 10/01/20			1,260		1,302,525
Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc. 9.375%, 5/01/22			1,017		1,085,647
CalAtlantic Group, Inc. 6.625%, 5/01/20			1,332		1,490,175
8.375%, 5/15/18			2,362		2,586,390
Cirsa Funding Luxembourg SA 5.75%, 5/15/21^(a)	EUR		396		466,199
Dakota Merger Sub, Inc. 7.75%, 9/01/23^(a)	U.S.$		1,139		1,140,424
Eldorado Resorts, Inc. 7.00%, 8/01/23			642		681,323
GLP Capital LP/GLP Financing II, Inc. 5.375%, 4/15/26			404		434,300
International Game Technology PLC 6.25%, 2/15/22^(a)			2,050		2,173,000
6.50%, 2/15/25^(a)			1,745		1,880,237
Isle of Capri Casinos, Inc. 5.875%, 3/15/21			41		42,794
K. Hovnanian Enterprises, Inc. 5.00%, 11/01/21			2,257		1,579,900
7.25%, 10/15/20^(a)			778		684,640
KB Home 4.75%, 5/15/19			1,121		1,144,821
7.00%, 12/15/21			536		576,200
7.50%, 9/15/22			494		535,990
9.10%, 9/15/17			700		741,125
MDC Holdings, Inc. 5.50%, 1/15/24			150		156,750
6.00%, 1/15/43			3,220		2,922,150
Meritage Homes Corp. 6.00%, 6/01/25			1,895		2,013,437
7.00%, 4/01/22			1,012		1,128,380
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 5.625%, 5/01/24^(a)			311		337,342


18		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


PulteGroup, Inc. 5.00%, 1/15/27	U.S.$		115	$	115,506
6.00%, 2/15/35			500		505,000
7.875%, 6/15/32			1,400		1,617,000
Safari Holding Verwaltungs GmbH 8.25%, 2/15/21^(a)	EUR		368		434,889
Shea Homes LP/Shea Homes Funding Corp. 5.875%, 4/01/23^(a)	U.S.$		420		420,000
6.125%, 4/01/25^(a)			830		825,850
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.625%, 3/01/24^(a)			2,266		2,333,980
5.875%, 4/15/23^(a)			875		916,563
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.50%, 3/01/25^(a)(b)			785		794,813
Wynn Macau Ltd. 5.25%, 10/15/21^(a)			1,265		1,277,650

					37,124,675

Consumer Cyclical - Restaurants – 0.3%
1011778 BC ULC/New Red Finance, Inc. 6.00%, 4/01/22^(a)			1,991		2,085,573
Landry’s, Inc. 6.75%, 10/15/24^(a)			390		396,825
Pizzaexpress Financing 1 PLC 8.625%, 8/01/22^(a)	GBP		198		236,974
Pizzaexpress Financing 2 PLC 6.625%, 8/01/21^(a)			692		873,390

					3,592,762

Consumer Cyclical - Retailers – 1.7%
American Tire Distributors, Inc. 10.25%, 3/01/22^(a)	U.S.$		1,663		1,513,330
Brighthouse Group PLC 7.875%, 5/15/18^(a)	GBP		762		602,555
Dufry Finance SCA 4.50%, 8/01/23^(a)	EUR		1,208		1,425,875
Group 1 Automotive, Inc. 5.00%, 6/01/22	U.S.$		372		373,161
JC Penney Corp., Inc. 5.875%, 7/01/23^(a)			26		27,073
6.375%, 10/15/36			421		362,060
7.40%, 4/01/37			600		555,000
L Brands, Inc. 6.875%, 11/01/35			230		250,700
6.95%, 3/01/33			500		523,750
7.60%, 7/15/37			1,000		1,075,000


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			19

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Levi Strauss & Co. 5.00%, 5/01/25	U.S.$		1,380	$	1,438,650
Murphy Oil USA, Inc. 6.00%, 8/15/23			716		752,695
Neiman Marcus Group Ltd. LLC 8.75% (8.75% Cash or 9.50% PIK), 10/15/21^(a)(h)			2,504		1,965,640
New Look Secured Issuer PLC 6.50%, 7/01/22^(a)	GBP		418		499,282
PetSmart, Inc. 7.125%, 3/15/23^(a)	U.S.$		2,676		2,803,110
Rite Aid Corp. 6.125%, 4/01/23^(a)			1,608		1,735,305
Sally Holdings LLC/Sally Capital, Inc. 5.75%, 6/01/22			1,779		1,854,607
Serta Simmons Bedding LLC 8.125%, 10/01/20^(a)			898		938,410
Sonic Automotive, Inc. 5.00%, 5/15/23			1,133		1,116,005

					19,812,208

Consumer Non-Cyclical – 6.8%
Acadia Healthcare Co., Inc. 6.50%, 3/01/24			838		877,805
Air Medical Merger Sub Corp. 6.375%, 5/15/23^(a)			1,985		1,920,487
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC 5.75%, 3/15/25^(a)			561		559,598
6.625%, 6/15/24^(a)			1,645		1,710,800
Alere, Inc. 6.375%, 7/01/23^(a)			392		399,840
7.25%, 7/01/18			765		782,213
Amsurg Corp. 5.625%, 7/15/22			1,009		1,031,703
Aramark Services, Inc. 5.125%, 1/15/24			274		284,960
BI-LO LLC/BI-LO Finance Corp. 8.625% (8.625% Cash or 9.375% PIK), 9/15/18^(a)(h)			2,191		1,385,808
9.25%, 2/15/19^(a)			1,171		1,007,060
Boparan Finance PLC 5.25%, 7/15/19^(a)(b)	GBP		588		750,704
5.50%, 7/15/21^(a)			1,725		2,062,579
Care UK Health & Social Care PLC 5.528% (LIBOR 3 Month + 5.00%), 7/15/19^(a)(k)			268		312,631
8.028% (LIBOR 3 Month + 7.50%), 1/15/20^(a)(k)			400		425,137


20		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Cerba European Lab SAS 7.00%, 2/01/20^(a)	EUR		959	$	1,114,190
Cerberus Nightingale 1 SARL 8.25%, 2/01/20^(a)			200		229,725
CHS/Community Health Systems, Inc. 6.875%, 2/01/22^(b)	U.S.$		4,935		4,244,100
Concordia International Corp. 7.00%, 4/15/23^(a)			186		119,505
9.50%, 10/21/22^(a)			3,722		2,577,485
DaVita, Inc. 5.00%, 5/01/25			1,674		1,680,277
Endo Finance LLC 5.75%, 1/15/22^(a)			126		116,235
Endo Finance LLC/Endo Finco, Inc. 7.25%, 1/15/22^(a)			332		318,720
Endo Ltd./Endo Finance LLC/Endo Finco, Inc. 6.00%, 7/15/23^(a)			1,910		1,738,100
6.50%, 2/01/25^(a)(l)			2,080		1,838,200
First Quality Finance Co., Inc. 4.625%, 5/15/21^(a)			3,247		3,222,647
Galaxy Bidco Ltd. 6.375%, 11/15/20^(a)	GBP		133		174,801
HCA, Inc. 4.25%, 10/15/19	U.S.$		1,475		1,537,687
5.375%, 2/01/25			209		215,793
5.875%, 2/15/26			226		240,973
Hill-Rom Holdings, Inc. 5.75%, 9/01/23^(a)			265		282,835
Holding Medi-Partenaires SAS 7.00%, 5/15/20^(a)	EUR		1,401		1,651,381
Horizon Pharma, Inc. 6.625%, 5/01/23^(b)	U.S.$		1,682		1,585,285
HRG Group, Inc. 7.875%, 7/15/19			2,084		2,196,015
IASIS Healthcare LLC/IASIS Capital Corp. 8.375%, 5/15/19			2,015		1,823,575
Kinetic Concepts, Inc./KCI USA, Inc. 7.875%, 2/15/21^(a)			506		547,745
9.625%, 10/01/21^(a)			2,313		2,313,000
10.50%, 11/01/18			2,209		2,322,211
LifePoint Health, Inc. 5.875%, 12/01/23			1,448		1,502,300
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 5.50%, 4/15/25^(a)			1,963		1,864,850
5.625%, 10/15/23^(a)			394		377,255
5.75%, 8/01/22^(a)			1,181		1,164,761


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			21

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Manitowoc Foodservice, Inc. 9.50%, 2/15/24	U.S.$		662	$	757,990
MEDNAX, Inc. 5.25%, 12/01/23^(a)			422		443,628
MPH Acquisition Holdings LLC 7.125%, 6/01/24^(a)			1,043		1,121,225
NBTY, Inc. 7.625%, 5/15/21^(a)			2,770		2,831,826
Post Holdings, Inc. 5.00%, 8/15/26^(a)			442		439,790
7.75%, 3/15/24^(a)			605		677,600
8.00%, 7/15/25^(a)			1,024		1,171,840
R&R Ice Cream PLC 8.25%, 5/15/20^(a)	AUD		720		573,367
Revlon Consumer Products Corp. 6.25%, 8/01/24^(a)	U.S.$		568		586,460
RSI Home Products, Inc. 6.50%, 3/15/23^(a)			2,212		2,333,660
Smithfield Foods, Inc. 5.25%, 8/01/18^(a)			814		819,088
5.875%, 8/01/21^(a)			1,318		1,377,310
6.625%, 8/15/22			346		365,895
Spectrum Brands, Inc. 4.00%, 10/01/26^(a)	EUR		530		605,050
6.125%, 12/15/24	U.S.$		361		390,902
6.625%, 11/15/22			560		604,800
Surgical Care Affiliates, Inc. 6.00%, 4/01/23^(a)			480		502,800
Synlab Bondco PLC 6.25%, 7/01/22^(a)	EUR		1,525		1,812,469
Synlab Unsecured Bondco PLC 8.25%, 7/01/23^(a)			700		837,457
Tenet Healthcare Corp. 6.00%, 10/01/20	U.S.$		95		100,463
6.75%, 6/15/23^(b)			1,308		1,216,440
6.875%, 11/15/31			3,384		2,783,340
8.125%, 4/01/22			752		752,000
Valeant Pharmaceuticals International, Inc. 5.50%, 3/01/23^(a)			230		196,650
5.875%, 5/15/23^(a)			396		342,045
6.125%, 4/15/25^(a)			2,706		2,330,542
7.25%, 7/15/22^(a)			635		588,963
Valvoline, Inc. 5.50%, 7/15/24^(a)			278		291,205
Vizient, Inc. 10.375%, 3/01/24^(a)			404		463,590
Voyage Care Bondco PLC 6.50%, 8/01/18^(a)	GBP		1,200		1,532,671

					79,362,042


22		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Energy – 4.9%
Antero Resources Corp. 5.625%, 6/01/23	U.S.$		231	$	235,331
Berry Petroleum Co. LLC 6.50%, 9/15/22^(c)(d)			3,241		1,831,165
California Resources Corp. 5.00%, 1/15/20			291		175,328
5.50%, 9/15/21			299		158,470
6.00%, 11/15/24			232		110,780
8.00%, 12/15/22^(a)			1,271		845,215
Carrizo Oil & Gas, Inc. 7.50%, 9/15/20			246		254,610
Cenovus Energy, Inc. 4.45%, 9/15/42			822		678,295
5.70%, 10/15/19			980		1,051,954
6.75%, 11/15/39			67		72,410
CHC Helicopter SA 9.25%, 10/15/20^(c)(d)(g)			6,269		3,040,659
9.375%, 6/01/21^(c)(d)(g)			326		61,997
Cheniere Corpus Christi Holdings LLC 7.00%, 6/30/24^(a)			1,805		1,949,400
Chesapeake Energy Corp. 4.875%, 4/15/22			427		359,748
6.125%, 2/15/21			349		320,208
Cobalt International Energy, Inc. 2.625%, 12/01/19⁽ⁱ⁾			796		404,965
Continental Resources, Inc./OK 3.80%, 6/01/24			96		87,840
4.90%, 6/01/44			212		178,080
5.00%, 9/15/22			346		345,135
DCP Midstream Operating LP 5.60%, 4/01/44			1,848		1,709,400
Denbury Resources, Inc. 4.625%, 7/15/23			439		291,935
5.50%, 5/01/22			406		291,305
Energy Transfer Equity LP 5.875%, 1/15/24			2,119		2,198,462
7.50%, 10/15/20			309		339,128
Ensco PLC 4.50%, 10/01/24			290		208,800
5.20%, 3/15/25			406		296,928
EP Energy LLC/Everest Acquisition Finance, Inc. 6.375%, 6/15/23			467		279,033
7.75%, 9/01/22			449		267,155
9.375%, 5/01/20			2,034		1,439,055
Global Partners LP/GLP Finance Corp. 6.25%, 7/15/22			2,976		2,760,240


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			23

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Golden Energy Offshore Services AS 5.00%, 12/31/17^(e)(k)	NOK		9,162	$	309,430
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 10/01/25^(a)	U.S.$		462		459,690
Hornbeck Offshore Services, Inc. 5.875%, 4/01/20			1,570		949,850
Laredo Petroleum, Inc. 5.625%, 1/15/22			198		192,060
7.375%, 5/01/22^(b)			1,112		1,149,530
Linn Energy LLC/Linn Energy Finance Corp. 6.25%, 11/01/19^(c)(d)			766		192,936
8.625%, 4/15/20^(c)(d)			802		206,515
Murphy Oil Corp. 6.875%, 8/15/24			208		215,010
Newfield Exploration Co. 5.625%, 7/01/24			646		662,150
Noble Holding International Ltd. 3.95%, 3/15/22			803		598,235
5.25%, 3/15/42			191		107,915
7.20%, 4/01/25^(l)			375		296,250
8.20%, 4/01/45^(l)			743		526,601
Northern Oil and Gas, Inc. 8.00%, 6/01/20			819		630,630
Oasis Petroleum, Inc. 6.50%, 11/01/21			128		122,240
6.875%, 3/15/22-1/15/23^(b)			1,109		1,061,422
Pacific Drilling SA 5.375%, 6/01/20^(a)			2,442		674,602
Paragon Offshore PLC 6.75%, 7/15/22^(a)(c)(d)			933		258,908
7.25%, 8/15/24^(a)(c)(d)			3,719		1,032,022
PDC Energy, Inc. 6.125%, 9/15/24^(a)			490		507,150
PHI, Inc. 5.25%, 3/15/19			1,567		1,519,011
Precision Drilling Corp. 6.50%, 12/15/21			738		667,890
QEP Resources, Inc. 5.25%, 5/01/23			1,248		1,229,280
6.875%, 3/01/21			1,225		1,277,062
Range Resources Corp. 5.00%, 3/15/23^(b)			928		907,120
Sabine Pass Liquefaction LLC 5.75%, 5/15/24			424		456,330
5.875%, 6/30/26^(a)			578		628,214
6.25%, 3/15/22			675		737,437
Sabine Pass LNG LP 6.50%, 11/01/20			757		783,495


24		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Sanchez Energy Corp. 6.125%, 1/15/23	U.S.$		851	$	682,927
SandRidge Energy, Inc. 7.50%, 2/15/23^(c)(d)			865		49,738
8.125%, 10/15/22^(c)(d)			2,076		119,370
8.75%, 6/01/20^(a)(c)(d)			800		288,000
Seitel, Inc. 9.50%, 4/15/19			597		496,256
SM Energy Co. 5.00%, 1/15/24			635		596,900
5.625%, 6/01/25			638		599,720
6.75%, 9/15/26			671		677,710
Southern Star Central Corp. 5.125%, 7/15/22^(a)			1,200		1,209,000
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 6.875%, 2/01/21			960		991,200
Tervita Corp. 8.00%, 11/15/18^(a)			2,086		2,065,140
9.75%, 11/01/19^(a)(c)(d)			1,364		177,320
10.875%, 2/15/18^(a)(c)(d)			5,616		730,080
Transocean, Inc. 5.05%, 10/15/22^(l)			425		333,094
6.80%, 3/15/38			2,768		1,813,040
9.00%, 7/15/23^(a)			1,931		1,870,656
Vantage Drilling International 7.125%, 4/01/23^(c)(f)(j)			1,283		– 0	–^{^}
7.50%, 11/01/19^(c)(f)(j)			2,176		– 0	–^{^}
10.00%, 12/31/20^(j)			105		96,600
10.00%, 12/31/20^(e)			87		80,040
Weatherford International Ltd. 4.50%, 4/15/22			115		97,175
5.95%, 4/15/42			594		406,890
6.50%, 8/01/36			752		533,920
6.75%, 9/15/40			849		606,712
7.00%, 3/15/38			600		441,000
Whiting Petroleum Corp. 1.25%, 4/01/20⁽ⁱ⁾			542		447,828
5.00%, 3/15/19			339		327,983
WPX Energy, Inc. 5.25%, 9/15/24^(b)			1,294		1,219,595
8.25%, 8/01/23			187		201,025

					57,760,935

Other Industrial – 0.8%
Algeco Scotsman Global Finance PLC 8.50%, 10/15/18^(a)			945		854,942
9.00%, 10/15/18^(a)	EUR		633		628,595


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			25

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


B456 Systems, Inc. 3.75%, 12/31/49^(c)(i)(j)	U.S.$		955	$	38,200
Belden, Inc. 5.25%, 7/15/24^(a)			288		292,320
Briggs & Stratton Corp. 6.875%, 12/15/20			398		443,770
General Cable Corp. 5.75%, 10/01/22			1,460		1,387,000
Laureate Education, Inc. 9.25%, 9/01/19^(a)			2,984		2,842,260
Liberty Tire Recycling LLC 11.00%, 3/31/21^(e)(f)(h)			1,459		1,069,228
Modular Space Corp. 10.25%, 1/31/19^(c)(d)(e)			1,176		493,920
New Enterprise Stone & Lime Co., Inc. 11.00%, 9/01/18			682		675,180

					8,725,415

Services – 0.9%
APX Group, Inc. 6.375%, 12/01/19			469		477,794
7.875%, 12/01/22			854		894,565
7.875%, 12/01/22^(a)(b)			592		620,120
8.75%, 12/01/20			1,250		1,225,000
eDreams ODIGEO SA 8.50%, 8/01/21^(a)	EUR		1,119		1,273,810
GEO Group, Inc. (The) 5.125%, 4/01/23	U.S.$		126		107,100
5.875%, 1/15/22			538		484,200
Prime Security Services Borrower LLC/Prime Finance, Inc. 9.25%, 5/15/23^(a)			3,221		3,510,890
Service Corp. International/US 7.50%, 4/01/27			1,500		1,762,500

					10,355,979

Technology – 2.6%
Alcatel-Lucent USA, Inc. 6.45%, 3/15/29			835		923,719
Amkor Technology, Inc. 6.375%, 10/01/22			2,681		2,768,132
Avaya, Inc. 7.00%, 4/01/19^(a)			2,558		1,886,525
10.50%, 3/01/21^(a)			831		182,820
BMC Software Finance, Inc. 8.125%, 7/15/21^(a)			3,076		2,791,470
BMC Software, Inc. 7.25%, 6/01/18			66		65,010


26		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Boxer Parent Co., Inc. 9.00% (9.00% Cash or 9.75% PIK), 10/15/19^(a)(h)	U.S.$		386	$	349,330
CDW LLC/CDW Finance Corp. 5.00%, 9/01/23			740		764,050
5.50%, 12/01/24			270		288,225
Ceridian HCM Holding, Inc. 11.00%, 3/15/21^(a)			897		948,577
Compiler Finance Sub, Inc. 7.00%, 5/01/21^(a)			411		191,115
Dell, Inc. 6.50%, 4/15/38			1,345		1,291,200
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 7.125%, 6/15/24^(a)			472		519,128
Energizer Holdings, Inc. 5.50%, 6/15/25^(a)			1,311		1,350,330
First Data Corp. 6.75%, 11/01/20^(a)			273		283,238
General Cable Corp. 4.50%, 11/15/29^(i)(l)			1,158		775,136
Goodman Networks, Inc. 12.125%, 7/01/18			2,020		979,700
Infor Software Parent LLC/Infor Software Parent, Inc. 7.125% (7.125% Cash or 7.875% PIK), 5/01/21^(a)(h)			679		658,630
Infor US, Inc. 6.50%, 5/15/22			1,286		1,302,075
Micron Technology, Inc. 5.25%, 8/01/23-1/15/24^(a)			950		925,393
5.50%, 2/01/25			2,844		2,787,120
Nokia Oyj 6.625%, 5/15/39			527		571,795
NXP BV/NXP Funding LLC 5.75%, 3/15/23^(a)			924		990,990
Sabre GLBL, Inc. 5.25%, 11/15/23^(a)			342		347,985
5.375%, 4/15/23^(a)			720		739,800
Solera LLC/Solera Finance, Inc. 10.50%, 3/01/24^(a)			1,504		1,676,960
Sophia LP/Sophia Finance, Inc. 9.00%, 9/30/23^(a)			1,702		1,787,100
Syniverse Holdings, Inc. 9.125%, 1/15/19			813		613,815
Western Digital Corp. 10.50%, 4/01/24^(a)			1,760		2,041,600

					30,800,968


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			27

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Transportation - Airlines – 0.4%
Air Canada 6.75%, 10/01/19^(a)	U.S.$		1,300	$	1,342,250
8.75%, 4/01/20^(a)			2,074		2,241,839
UAL Pass-Through Trust Series 2007-1A 6.636%, 7/02/22			1,189		1,263,131

					4,847,220

Transportation - Services – 1.0%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.25%, 3/15/25^(a)			311		298,560
5.50%, 4/01/23^(b)			806		813,052
6.375%, 4/01/24^(a)			460		471,500
Avis Budget Finance PLC 4.125%, 11/15/24^(a)	EUR		528		578,004
6.00%, 3/01/21^(a)			1,113		1,303,426
CEVA Group PLC 9.00%, 9/01/21^(a)	U.S.$		1,836		1,243,890
EC Finance PLC 5.125%, 7/15/21^(a)	EUR		836		971,990
Europcar Groupe SA 5.75%, 6/15/22^(a)(b)			670		769,579
Hertz Corp. (The) 5.50%, 10/15/24^(a)	U.S.$		3,513		3,499,826
XPO CNW, Inc. 6.70%, 5/01/34			1,371		1,076,235
7.25%, 1/15/18			620		633,950
XPO Logistics, Inc. 6.125%, 9/01/23^(a)			312		319,800
6.50%, 6/15/22^(a)			206		214,755

					12,194,567

					474,973,249

Financial Institutions – 4.9%
Banking – 3.1%
Ally Financial, Inc. 8.00%, 11/01/31			1,151		1,421,485
Banco Bilbao Vizcaya Argentaria SA 8.875%, 4/14/21^(a)(m)	EUR		600		707,710
Bank of Ireland Series E 10.00%, 2/12/20^(a)			1,130		1,549,663
Barclays Bank PLC 6.86%, 6/15/32^(a)(m)	U.S.$		166		191,896
7.625%, 11/21/22			1,479		1,641,690
7.70%, 4/25/18^(a)(m)			974		1,015,313
7.75%, 4/10/23			1,437		1,505,257


28		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Barclays PLC 8.00%, 12/15/20^(m)	EUR		263	$	296,180
BBVA International Preferred SAU 1.349% (EURIBOR 3 Month + 1.65%), 12/22/16^(k)(m)			609		595,130
1.649% (EURIBOR 3 Month + 1.95%), 12/20/16^(a)(k)(m)			1,650		1,687,637
Citigroup, Inc. 5.95%, 1/30/23^(m)	U.S.$		2,689		2,785,616
Credit Agricole SA 7.589%, 1/30/20^(m)	GBP		1,000		1,430,625
8.125%, 12/23/25^(a)(m)	U.S.$		1,461		1,554,139
Credit Suisse Group AG 7.50%, 12/11/23^(a)(m)			4,437		4,520,194
HT1 Funding GmbH 6.352%, 6/30/17^(m)	EUR		1,550		1,728,367
Intesa Sanpaolo SpA 5.71%, 1/15/26^(a)	U.S.$		2,690		2,534,709
Lloyds Banking Group PLC 6.413%, 10/01/35^(a)(m)			235		258,500
6.657%, 5/21/37^(a)(m)			98		109,184
7.50%, 6/27/24^(m)			528		545,266
Royal Bank of Scotland Group PLC 8.00%, 8/10/25^(m)			1,310		1,231,400
8.625%, 8/15/21^(m)			2,788		2,728,755
SNS Bank NV 11.25%, 12/31/99^(c)(d)(f)(j)	EUR		620		– 0	–^{^}
Societe Generale SA 7.375%, 9/13/21^(a)(m)	U.S.$		2,021		1,980,580
8.00%, 9/29/25^(a)(m)			1,124		1,118,380
UBS Group AG 7.00%, 2/19/25^(a)(m)			2,065		2,178,575
Zions Bancorporation 5.65%, 11/15/23			508		520,700

					35,836,951

Brokerage – 0.0%
Lehman Brothers Holdings, Inc. 6.875%, 5/02/18^(c)			1,690		129,792


Finance – 0.9%
Artsonig Pty Ltd. 11.50% (11.5% Cash or 12.00% PIK), 4/01/19^(a)(h)			2,540		152,379
Creditcorp 12.00%, 7/15/18^(e)			1,300		585,000
Enova International, Inc. 9.75%, 6/01/21			2,216		1,983,320


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			29

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


ILFC E-Capital Trust II 4.25% (LIBOR 3 Month + 1.80%), 12/21/65^(a)(k)	U.S.$		2,000	$	1,595,000
Navient Corp. 5.50%, 1/15/19			2,496		2,533,440
5.875%, 3/25/21			572		569,855
6.125%, 3/25/24			250		232,812
6.625%, 7/26/21			231		232,733
7.25%, 1/25/22			377		384,540
8.00%, 3/25/20			233		249,892
TMX Finance LLC/TitleMax Finance Corp. 8.50%, 9/15/18^(a)			2,901		2,161,245

					10,680,216

Insurance – 0.4%
Genworth Holdings, Inc. 6.15%, 11/15/66			750		335,625
7.625%, 9/24/21			1,216		1,161,280
Liberty Mutual Group, Inc. 7.80%, 3/15/37^(a)			2,559		2,994,030

					4,490,935

Other Finance – 0.5%
CNG Holdings, Inc. 9.375%, 5/15/20^(a)			601		366,610
iPayment, Inc. 9.50%, 12/15/19^(e)			2,315		2,323,340
Lincoln Finance Ltd. 6.875%, 4/15/21^(a)	EUR		1,139		1,375,458
7.375%, 4/15/21^(a)	U.S.$		311		335,491
Speedy Cash Intermediate Holdings Corp. 10.75%, 5/15/18^(a)			778		560,160
Speedy Group Holdings Corp. 12.00%, 11/15/17^(e)			1,711		804,170

					5,765,229

REITS – 0.0%
VEREIT Operating Partnership LP 4.875%, 6/01/26			302		318,988

					57,222,111

Utility – 1.5%
Electric – 1.5%
AES Corp./VA 4.875%, 5/15/23			1,013		1,028,195
7.375%, 7/01/21			634		727,515
Calpine Corp. 5.50%, 2/01/24			985		972,687
5.75%, 1/15/25			1,388		1,370,650
7.875%, 1/15/23^(a)			152		160,550


30		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


ContourGlobal Power Holdings SA 5.125%, 6/15/21^(a)	EUR		1,501	$	1,754,960
DPL, Inc. 6.75%, 10/01/19	U.S.$		343		355,863
Dynegy, Inc. 7.375%, 11/01/22			775		765,313
7.625%, 11/01/24			981		963,342
Emera, Inc. Series 2016-A 6.75%, 6/15/76			1,134		1,219,617
FirstEnergy Corp. Series C 7.375%, 11/15/31			857		1,113,423
GenOn Energy, Inc. 9.50%, 10/15/18			1,450		1,145,500
NRG Energy, Inc. 7.25%, 5/15/26^(a)			1,791		1,822,342
NRG Yield Operating LLC 5.375%, 8/15/24			843		866,183
Talen Energy Supply LLC 4.60%, 12/15/21			1,475		1,095,187
Texas Competitive/TCEH 11.50%, 10/01/20^(d)			626		190,930
Viridian Group FundCo II Ltd. 7.50%, 3/01/20^(a)	EUR		1,311		1,555,508

					17,107,765

Total Corporates – Non-Investment Grade (cost $565,921,643)					549,303,125


GOVERNMENTS – TREASURIES – 13.5%
Colombia – 0.5%
Colombian TES Series B 7.00%, 5/04/22	COP		7,223,500		2,547,208
7.75%, 9/18/30			326,600		119,449
10.00%, 7/24/24			8,000,000		3,297,964

					5,964,621

Mexico – 0.4%
Mexican Bonos Series M 6.50%, 6/10/21	MXN		90,000		4,782,065


South Africa – 0.1%
South Africa Government Bond Series R204 8.00%, 12/21/18	ZAR		10,750		787,897


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			31

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value



United States – 12.5%
U.S. Treasury Bonds 2.75%, 11/15/42^(n)(o)	U.S.$		3,000	$	3,265,782
3.125%, 2/15/42^(b)			4,000		4,658,592
4.50%, 2/15/36^(n)(o)			2,400		3,377,626
5.00%, 5/15/37^(n)(o)			3,500		5,243,847
5.25%, 2/15/29⁽ⁿ⁾			5,750		7,994,973
6.125%, 11/15/27^(n)(o)			2,200		3,193,436
8.125%, 5/15/21^(b)			26,250		34,498,249
U.S. Treasury Notes 0.875%, 4/15/19^(b)			63,074		63,115,881
1.25%, 1/31/20^(b)			12,500		12,615,237
2.25%, 11/15/25^(o)			8,500		8,972,813

					146,936,436

Total Governments – Treasuries (cost $153,235,503)					158,471,019


COLLATERALIZED MORTGAGE OBLIGATIONS – 13.4%
Risk Share Floating Rate – 9.4%
Bellemeade Re II Ltd. Series 2016-1A, Class B1 12.525% (LIBOR 1 Month + 12.00%), 4/25/26^(e)(k)			283		284,339
Series 2016-1A, Class M2B 7.025% (LIBOR 1 Month + 6.50%), 4/25/26^(e)(k)			3,572		3,603,422
Bellemeade Re Ltd. Series 2015-1A, Class M2 4.825% (LIBOR 1 Month + 4.30%), 7/25/25^(e)(k)			1,220		1,238,681
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2013-DN1, Class M2 7.675% (LIBOR 1 Month + 7.15%), 7/25/23^(k)			2,350		2,761,626
Series 2013-DN2, Class M2 4.775% (LIBOR 1 Month + 4.25%), 11/25/23^(k)			1,925		2,038,309
Series 2014-DN1, Class M3 5.025% (LIBOR 1 Month + 4.50%), 2/25/24^(k)			1,939		2,089,955
Series 2014-DN2, Class M3 4.125% (LIBOR 1 Month + 3.60%), 4/25/24^(k)			514		528,604


32		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Series 2014-DN3, Class M3 4.525% (LIBOR 1 Month + 4.00%), 8/25/24^(k)	U.S.$		800	$	837,229
Series 2014-DN4, Class M3 5.075% (LIBOR 1 Month + 4.55%), 10/25/24^(k)			500		530,350
Series 2014-HQ1, Class M3 4.625% (LIBOR 1 Month + 4.10%), 8/25/24^(k)			1,686		1,775,832
Series 2014-HQ2, Class M3 4.275% (LIBOR 1 Month + 3.75%), 9/25/24^(k)			3,710		3,841,793
Series 2014-HQ3, Class M3 5.275% (LIBOR 1 Month + 4.75%), 10/25/24^(k)			5,055		5,401,788
Series 2015-DN1, Class B 12.025% (LIBOR 1 Month + 11.50%), 1/25/25^(k)			523		598,344
Series 2015-DN1, Class M3 4.675% (LIBOR 1 Month + 4.15%), 1/25/25^(k)			1,700		1,795,915
Series 2015-DNA1, Class B 9.725% (LIBOR 1 Month + 9.20%), 10/25/27^(k)			599		679,090
Series 2015-DNA1, Class M3 3.825% (LIBOR 1 Month + 3.30%), 10/25/27^(k)			480		497,697
Series 2015-DNA2, Class B 8.075% (LIBOR 1 Month + 7.55%), 12/25/27^(k)			1,465		1,486,245
Series 2015-DNA3, Class B 9.875% (LIBOR 1 Month + 9.35%), 4/25/28^(k)			1,032		1,079,579
Series 2015-DNA3, Class M3 5.225% (LIBOR 1 Month + 4.70%), 4/25/28^(k)			1,184		1,261,544
Series 2015-HQ1, Class B 11.275% (LIBOR 1 Month + 10.75%), 3/25/25^(k)			3,964		4,487,531
Series 2015-HQ1, Class M3 4.325% (LIBOR 1 Month + 3.80%), 3/25/25^(k)			530		557,238
Series 2015-HQA1, Class B 9.325% (LIBOR 1 Month + 8.80%), 3/25/28^(k)			1,015		1,014,938
Series 2015-HQA1, Class M3 5.225% (LIBOR 1 Month + 4.70%), 3/25/28^(k)			1,455		1,542,440


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			33

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Series 2015-HQA2, Class M3 5.325% (LIBOR 1 Month + 4.80%), 5/25/28^(k)	U.S.$		490	$	523,645
Series 2016-DNA1, Class M3 6.075% (LIBOR 1 Month + 5.55%), 7/25/28^(k)			1,555		1,702,493
Series 2016-DNA2, Class B 11.025% (LIBOR 1 Month + 10.50%), 10/25/28^(k)			864		954,560
Series 2016-DNA2, Class M3 5.175% (LIBOR 1 Month + 4.65%), 10/25/28^(k)			811		851,983
Series 2016-DNA3, Class B 11.775% (LIBOR 1 Month + 11.25%), 12/25/28^(k)			2,785		3,184,649
Series 2016-DNA3, Class M3 5.525% (LIBOR 1 Month + 5.00%), 12/25/28^(k)			2,787		2,976,071
Series 2016-DNA4, Class B 9.124% (LIBOR 1 Month + 8.60%), 3/25/29^(k)			397		398,127
Series 2016-DNA4, Class M3 4.324% (LIBOR 1 Month + 3.80%), 3/25/29^(k)			688		691,313
Series 2016-HQA1, Class M3 6.875% (LIBOR 1 Month + 6.35%), 9/25/28^(k)			2,603		2,920,695
Series 2016-HQA2, Class B 12.025% (LIBOR 1 Month + 11.50%), 11/25/28^(k)			423		479,876
Federal National Mortgage Association Connecticut Avenue Securities Series 2013-C01, Class M2 5.775% (LIBOR 1 Month + 5.25%), 10/25/23^(k)			1,451		1,606,544
Series 2014-C01, Class M2 4.925% (LIBOR 1 Month + 4.40%), 1/25/24^(k)			3,991		4,275,839
Series 2014-C02, Class 1M2 3.125% (LIBOR 1 Month + 2.60%), 5/25/24^(k)			490		480,918
Series 2014-C03, Class 1M2 3.525% (LIBOR 1 Month + 3.00%), 7/25/24^(k)			1,147		1,148,104
Series 2014-C04, Class 1M2 5.425% (LIBOR 1 Month + 4.90%), 11/25/24^(k)			3,900		4,221,595
Series 2014-C04, Class 2M2 5.525% (LIBOR 1 Month + 5.00%), 11/25/24^(k)			672		720,976


34		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Series 2015-C01, Class 1M2 4.825% (LIBOR 1 Month + 4.30%), 2/25/25^(k)	U.S.$		3,936	$	4,131,899
Series 2015-C01, Class 2M2 5.075% (LIBOR 1 Month + 4.55%), 2/25/25^(k)			2,524		2,631,848
Series 2015-C02, Class 1M2 4.525% (LIBOR 1 Month + 4.00%), 5/25/25^(k)			1,119		1,163,964
Series 2015-C02, Class 2M2 4.525% (LIBOR 1 Month + 4.00%), 5/25/25^(k)			2,095		2,175,941
Series 2015-C03, Class 1M2 5.525% (LIBOR 1 Month + 5.00%), 7/25/25^(k)			3,190		3,391,698
Series 2015-C03, Class 2M2 5.525% (LIBOR 1 Month + 5.00%), 7/25/25^(k)			2,748		2,959,517
Series 2015-C04, Class 1M2 6.225% (LIBOR 1 Month + 5.70%), 4/25/28^(k)			3,342		3,613,003
Series 2015-C04, Class 2M2 6.075% (LIBOR 1 Month + 5.55%), 4/25/28^(k)			1,298		1,399,027
Series 2016-C01, Class 1B 12.275% (LIBOR 1 Month + 11.75%), 8/25/28^(k)			685		819,535
Series 2016-C01, Class 1M2 7.275% (LIBOR 1 Month + 6.75%), 8/25/28^(k)			2,077		2,356,037
Series 2016-C01, Class 2M2 7.475% (LIBOR 1 Month + 6.95%), 8/25/28^(k)			761		864,262
Series 2016-C02, Class 1B 12.775% (LIBOR 1 Month + 12.25%), 9/25/28^(k)			450		559,919
Series 2016-C02, Class 1M2 6.525% (LIBOR 1 Month + 6.00%), 9/25/28^(k)			2,375		2,624,707
Series 2016-C03, Class 1B 12.275% (LIBOR 1 Month + 11.75%), 10/25/28^(k)			374		439,460
Series 2016-C03, Class 1M2 5.825% (LIBOR 1 Month + 5.30%), 10/25/28^(k)			462		497,688
Series 2016-C03, Class 2B 13.275% (LIBOR 1 Month + 12.75%), 10/25/28^(k)			840		1,038,877


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			35

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Series 2016-C03, Class 2M2 6.425% (LIBOR 1 Month + 5.90%), 10/25/28^(k)	U.S.$		3,707	$	4,051,913
Series 2016-C04, Class 1B 10.775% (LIBOR 1 Month + 10.25%), 1/25/29^(k)			1,494		1,625,634
Series 2016-C04, Class 1M2 4.775% (LIBOR 1 Month + 4.25%), 1/25/29^(k)			1,089		1,114,539
Series 2016-C05, Class 2B 11.28% (LIBOR 1 Month + 10.75%), 1/25/29^(k)			1,824		1,991,232
Series 2016-C05, Class 2M2 4.975% (LIBOR 1 Month + 4.45%), 1/25/29^(k)			1,486		1,537,740
JP Morgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 6.025% (LIBOR 1 Month + 5.50%), 10/25/25^(a)(k)			1,434		1,398,483
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 6.025% (LIBOR 1 Month + 5.50%), 11/25/25^(e)(k)			621		620,109

					110,076,909

Non-Agency Fixed Rate – 2.7%
Alternative Loan Trust Series 2006-24CB, Class A15 5.75%, 6/25/36			1,148		970,186
Series 2006-41CB, Class 2A13 5.75%, 1/25/37			973		783,394
Series 2006-42, Class 1A6 6.00%, 1/25/47			901		751,273
Series 2006-HY12, Class A5 2.945%, 8/25/36			1,980		1,871,573
Series 2006-J1, Class 1A10 5.50%, 2/25/36			1,754		1,492,072
Series 2006-J5, Class 1A1 6.50%, 9/25/36			1,158		972,684
Series 2007-13, Class A2 6.00%, 6/25/47			1,464		1,192,730
BCAP LLC Trust Series 2009-RR13, Class 17A3 5.936%, 4/26/37^(a)			540		431,139
Bear Stearns ARM Trust Series 2007-3, Class 1A1 3.165%, 5/25/47			383		352,119


36		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Series 2007-4, Class 22A1 4.691%, 6/25/47	U.S.$		1,289	$	1,172,535
BNPP Mortgage Securities LLC Trust Series 2009-1, Class B1 6.00%, 8/27/37^(a)			809		618,047
ChaseFlex Trust Series 2007-1, Class 1A3 6.50%, 2/25/37			747		520,940
Citigroup Mortgage Loan Trust Series 2006-4, Class 2A1A 6.00%, 12/25/35			2,015		1,871,126
Series 2006-AR3, Class 1A2A 3.201%, 6/25/36			1,178		1,120,928
Series 2007-AR4, Class 1A1A 5.257%, 3/25/37			283		252,068
Series 2010-3, Class 2A2 7.063%, 8/25/37^(a)			474		413,901
CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A4 5.75%, 3/25/37			1,434		1,236,517
Countrywide Home Loan Mortgage Pass-Through Trust Series 2007-4, Class 1A39 6.00%, 5/25/37			589		497,600
Series 2007-HY4, Class 1A1 3.027%, 9/25/47			438		387,312
Credit Suisse Mortgage Trust Series 2009-8R, Class 6A2 6.00%, 1/26/38^(a)			121		85,808
Series 2010-9R, Class 1A5 4.00%, 8/27/37^(a)			623		610,869
CSMC Mortgage-Backed Trust Series 2006-7, Class 3A12 6.25%, 8/25/36			672		574,722
First Horizon Alternative Mortgage Securities Trust Series 2006-AA5, Class A1 2.77%, 9/25/36			877		708,730
Series 2006-FA1, Class 1A3 5.75%, 4/25/36			798		618,809
IndyMac Index Mortgage Loan Trust Series 2005-AR15, Class A1 3.03%, 9/25/35			888		754,085
Series 2006-AR37, Class 2A1 4.262%, 2/25/37			638		503,381
Morgan Stanley Mortgage Loan Trust Series 2005-10, Class 4A1 5.50%, 12/25/35			493		440,868


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			37

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Series 2007-12, Class 3A22 6.00%, 8/25/37	U.S.$		138	$	119,441
Residential Accredit Loans, Inc. Trust Series 2005-QS14, Class 3A1 6.00%, 9/25/35			754		716,437
Residential Asset Securitization Trust Series 2006-A8, Class 3A4 6.00%, 8/25/36			267		213,199
Structured Adjustable Rate Mortgage Loan Trust Series 2005-18, Class 8A1 3.169%, 9/25/35			976		901,496
Series 2006-9, Class 4A1 3.58%, 10/25/36			685		582,301
Washington Mutual Mortgage Pass-Through Certificates Trust Series 2006-7, Class A4 4.461%, 9/25/36			1,882		1,073,166
Series 2006-9, Class A4 5.99%, 10/25/36			1,889		1,004,413
Series 2007-HY3, Class 4A1 2.766%, 3/25/37			1,642		1,546,299
Wells Fargo Alternative Loan Trust Series 2007-PA3, Class 3A1 6.25%, 7/25/37			1,505		1,359,869
Wells Fargo Mortgage Backed Securities Trust Series 2007-AR7, Class A1 2.944%, 12/28/37			2,069		1,894,427
Series 2007-AR8, Class A1 3.019%, 11/25/37			823		730,711

					31,347,175

Non-Agency Floating Rate – 1.2%
Alternative Loan Trust Series 2007-7T2, Class A3 1.125% (LIBOR 1 Month + 0.60%), 4/25/37^(k)			3,262		1,275,181
Citigroup Mortgage Loan Trust Series 2005-8, Class 2A2 4.275% (LIBOR 1 Month + 4.80%), 9/25/35^{(k)^^}			749		61,858
Countrywide Home Loan Mortgage Pass-Through Trust Series 2007-13, Class A7 1.125% (LIBOR 1 Month + 0.60%), 8/25/37^(k)			880		625,098


38		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A6 5.025% (LIBOR 1 Month + 5.55%), 4/25/37^{(k)^^}	U.S.$		170	$	33,949
Series 2007-FA2, Class 1A10 0.775% (LIBOR 1 Month + 0.25%), 4/25/37^(k)			503		229,890
Lehman XS Trust Series 2007-10H, Class 2AIO 6.477% (LIBOR 1 Month + 7.00%), 7/25/37^{(k)^^}			567		154,958
Residential Accredit Loans, Inc. Trust Series 2006-QS18, Class 2A2 6.025% (LIBOR 1 Month + 6.55%), 12/25/36^{(k)^^}			5,805		1,325,128
Structured Asset Mortgage Investments II Trust Series 2007-AR6, Class A1 2.007% (12MTA + 1.50%), 8/25/47^(k)			1,990		1,630,285
Wachovia Mortgage Loan Trust Series Series 2006-ALT1, Class A2 0.705% (LIBOR 1 Month + 0.18%), 1/25/37^(k)			13,611		9,445,071

					14,781,418

Agency Floating Rate – 0.1%
Government National Mortgage Association Series 2016-120, Class NS 5.572% (LIBOR 1 Month + 6.10%), 9/20/46^{(k)^^}			2,624		741,280


Total Collateralized Mortgage Obligations (cost $150,704,722)					156,946,782


CORPORATES – INVESTMENT GRADE – 7.3%
Industrial – 3.8%
Basic – 1.1%
Braskem Finance Ltd. 6.45%, 2/03/24			1,972		2,134,690
CF Industries, Inc. 7.125%, 5/01/20			900		1,036,185
Georgia-Pacific LLC 8.875%, 5/15/31			1		1,582
Glencore Finance Canada Ltd. 6.00%, 11/15/41^(a)			272		268,940


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			39

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Glencore Funding LLC 2.125%, 4/16/18^(a)	U.S.$		104	$	103,272
4.00%, 4/16/25^(a)			164		160,341
4.625%, 4/29/24^(a)			341		347,479
Minsur SA 6.25%, 2/07/24^(a)			891		930,471
Southern Copper Corp. 7.50%, 7/27/35			3,300		3,885,226
Vale Overseas Ltd. 6.875%, 11/21/36			639		621,108
WestRock MWV LLC 7.95%, 2/15/31			1,000		1,348,293
Weyerhaeuser Co. 7.375%, 3/15/32			1,790		2,423,393

					13,260,980

Capital Goods – 0.4%
General Electric Co. Series D 5.00%, 1/21/21^(m)			1,681		1,787,659
Lafarge SA 7.125%, 7/15/36			800		996,361
Owens Corning 7.00%, 12/01/36^(q)			1,340		1,691,592

					4,475,612

Communications - Media – 0.4%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.464%, 7/23/22^(a)			1,039		1,121,145
4.908%, 7/23/25^(a)			1,195		1,318,151
Cox Communications, Inc. 4.50%, 6/30/43^(a)			135		121,630
4.70%, 12/15/42^(a)			259		241,658
NBCUniversal Enterprise, Inc. 5.25%, 3/19/21^(a)(m)			1,401		1,495,568
Sirius XM Radio, Inc. 5.25%, 8/15/22^(a)			286		302,445

					4,600,597

Communications - Telecommunications – 0.2%
Qwest Corp. 6.50%, 6/01/17			610		628,299
6.875%, 9/15/33			1,335		1,330,859

					1,959,158


40		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Consumer Cyclical - Automotive – 0.2%
General Motors Financial Co., Inc. 3.20%, 7/06/21	U.S.$		1,150	$	1,164,123
3.45%, 4/10/22			622		630,899

					1,795,022

Consumer Cyclical - Other – 0.0%
Seminole Tribe of Florida, Inc. 6.535%, 10/01/20^(a)			215		216,075


Consumer Non-Cyclical – 0.1%
BRF SA 4.75%, 5/22/24^(a)			428		437,630
Forest Laboratories LLC 5.00%, 12/15/21^(a)			803		898,695

					1,336,325

Energy – 0.6%
Enterprise Products Operating LLC Series A 4.465% (LIBOR 3 Month + 3.71%), 8/01/66^(k)			1,208		1,138,661
Kinder Morgan, Inc./DE Series G 7.75%, 1/15/32			328		396,562
7.80%, 8/01/31^(b)			1,066		1,299,114
Marathon Petroleum Corp. 4.75%, 9/15/44			69		61,777
Regency Energy Partners LP/Regency Energy Finance Corp. 4.50%, 11/01/23			546		549,677
5.50%, 4/15/23			1,193		1,231,640
Williams Partners LP 3.35%, 8/15/22			1,391		1,376,939
5.10%, 9/15/45			876		854,645
Williams Partners LP/ACMP Finance Corp. 4.875%, 5/15/23			681		689,000

					7,598,015

Other Industrial – 0.0%
Fresnillo PLC 5.50%, 11/13/23^(a)			306		337,748


Technology – 0.6%
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 6.02%, 6/15/26^(a)			1,120		1,227,859
8.35%, 7/15/46^(a)			524		627,412
Hewlett Packard Enterprise Co. 6.35%, 10/15/45^(a)			215		221,868


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			41

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Micron Technology, Inc. 7.50%, 9/15/23^(a)	U.S.$		497	$	552,038
Seagate HDD Cayman 4.75%, 1/01/25			1,948		1,840,860
4.875%, 6/01/27			1,320		1,167,796
Verisk Analytics, Inc. 5.50%, 6/15/45			636		682,231
Western Digital Corp. 7.375%, 4/01/23^(a)			1,058		1,163,800

					7,483,864

Transportation - Airlines – 0.2%
America West Airlines Pass-Through Trust Series 1999-1G, Class G 7.93%, 1/02/19			728		782,304
Delta Air Lines Pass-Through Trust Series 2007-1A 6.821%, 8/10/22			679		803,265
Northwest Airlines Pass-Through Trust Series 2000-1, Class G 7.15%, 10/01/19			369		392,169

					1,977,738

					45,041,134

Financial Institutions – 3.0%
Banking – 0.9%
ABN AMRO Bank NV 6.25%, 4/27/22^(a)			292		332,039
BPCE SA 5.70%, 10/22/23^(a)			208		226,381
Citigroup, Inc. 3.50%, 5/15/23			105		107,871
Danske Bank A/S Series E 5.684%, 2/15/17^(m)	GBP		720		944,334
HSBC Holdings PLC 3.60%, 5/25/23	U.S.$		622		642,399
ICICI Bank Ltd./Dubai 4.80%, 5/22/19^(a)			1,337		1,421,989
JPMorgan Chase & Co. Series V 5.00%, 7/01/19^(m)			210		207,060
Morgan Stanley 4.10%, 5/22/23			1,648		1,742,366
Nationwide Building Society 4.00%, 9/14/26^(a)			2,348		2,346,711
Regions Bank/Birmingham AL 6.45%, 6/26/37			1,500		1,792,626
Standard Chartered PLC 3.95%, 1/11/23^(a)			1,301		1,297,542

					11,061,318


42		• ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Brokerage – 0.2%
E*TRADE Financial Corp. 5.375%, 11/15/22	U.S.$		810	$	863,425
GFI Group, Inc. 8.375%, 7/19/18			991		1,070,280

					1,933,705

Finance – 0.1%
International Lease Finance Corp. 8.25%, 12/15/20			665		789,687
8.75%, 3/15/17			282		290,108
8.875%, 9/01/17			280		296,800

					1,376,595

Insurance – 1.3%
Allstate Corp. (The) 6.50%, 5/15/57			1,150		1,336,875
American International Group, Inc. 6.82%, 11/15/37			1,425		1,841,207
Aon Corp. 8.205%, 1/01/27			690		910,800
Assured Guaranty Municipal Holdings, Inc. 6.40%, 12/15/66^(a)			656		521,520
Lincoln National Corp. 8.75%, 7/01/19			604		710,948
MetLife, Inc. 10.75%, 8/01/39			2,350		3,766,110
Pacific Life Insurance Co. 9.25%, 6/15/39^(a)			475		739,275
Transatlantic Holdings, Inc. 8.00%, 11/30/39			1,261		1,736,508
XLIT Ltd. 5.50%, 3/31/45			630		616,330
Series E 6.50%, 4/15/17^(m)			2,309		1,731,427
ZFS Finance USA Trust V 6.50%, 5/09/37^(a)			1,240		1,251,718

					15,162,718

REITS – 0.5%
DDR Corp. 7.875%, 9/01/20			746		895,948
EPR Properties 5.75%, 8/15/22			915		1,015,021
7.75%, 7/15/20			1,722		2,010,077
Senior Housing Properties Trust 6.75%, 12/15/21			1,350		1,549,207

					5,470,253

					35,004,589


ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND •			43

Portfolio of Investments


		Principal Amount (000)		U.S. $ Value


Utility – 0.5%
Electric – 0.4%
EDP Finance BV 4.90%, 10/01/19^(a)	U.S.$		148	$	157,296
6.00%, 2/02/18^(a)			2,055		2,148,215
PPL Capital Funding, Inc. Series A 6.70%, 3/30/67			2,405		2,122,412

					4,427,923

Natural Gas – 0.1%
Empresa de Energia de Bogota SA ESP 6.125%, 11/10/21^(a)			1,235		1,280,984