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, 2018

Date of reporting period: March 31, 2018

ITEM 1.

REPORTS TO STOCKHOLDERS.

MAR^03.31.18

LOGO

ANNUAL REPORT

ALLIANCEBERNSTEIN

GLOBAL HIGH INCOME FUND

(NYSE: AWF)

LOGO



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.


FROM THE PRESIDENT

Dear Shareholder,

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

As always, AB strives to keep clients ahead of what’s next by:

⁺

Transforming uncommon insights into uncommon knowledge with a global research scope

⁺

Navigating markets with seasoned investment experience and sophisticated solutions

⁺

Providing thoughtful investment insights and actionable ideas

Whether you’re an individual investor or a multi-billion-dollar institution, we put knowledge and experience to work for you.

AB’s global research organization connects and collaborates across platforms and teams to deliver impactful insights and innovative products. Better insights lead to better opportunities—anywhere in the world.

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

Thank you for your investment in the AB Mutual Funds.

Sincerely,

LOGO

Robert M. Keith

President and Chief Executive Officer, AB Mutual Funds


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ANNUAL REPORT

May 10, 2018

This report provides management’s discussion of fund performance for AllianceBernstein Global High Income Fund for the annual reporting period ended March 31, 2018. The Fund is a closed-end fund and its shares of common stock trade on the New York Stock Exchange.

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

RETURNS AS OF MARCH 31, 2018 (unaudited)


	6 Months		12 Months
ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND (NAV)		-0.27%		4.42%
Primary Benchmark: Bloomberg Barclays Global High Yield Index (USD hedged)		-0.02%		4.51%
Blended Benchmark: 33% JPM GBI-EM / 33% JPM EMBI Global / 33% Bloomberg Barclays US Corporate HY 2% Issuer Capped Index		0.98%		6.66%

The Fund’s market price per share on March 31, 2018 was $11.89. The Fund’s NAV per share on March 31, 2018 was $13.56. For additional financial highlights, please see pages 120-121.

INVESTMENT RESULTS

The table above shows the Fund’s performance compared with its primary benchmark, the Bloomberg Barclays Global High Yield Index (USD hedged), as well as its blended benchmark for the six- and 12-month periods ended March 31, 2018. 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.

During the 12-month period, the Fund underperformed its primary benchmark. Yield-curve positioning detracted from performance relative to the benchmark, primarily because of positioning along the UK yield curve, where an overweight in 10-year maturities detracted. Sector allocation was positive, as gains from the Fund’s out-of-benchmark positions in US agency risk-sharing transactions and non-agency mortgages more than offset negative returns from exposures to treasuries and commercial mortgage-backed securities (“CMBS”). Security selection also contributed, benefiting most from US high-yield corporate selections in the US and—to a lesser extent—the eurozone. Selections in emerging-market corporate bonds detracted. A long position in the Polish zloty contributed, while a short position in the Singapore dollar was negative.

During the six-month period, the Fund underperformed its primary benchmark. Yield-curve positioning detracted from performance, mostly as a


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result of positioning along the US curve; the Fund was overweight the intermediate portion of the curve (two-, five- and 10-year maturities) where yields rose the most. Currency investments were also negative, primarily because of long positions in the Turkish lira, Norwegian krone and Mexican peso. A long position in the Polish zloty was positive. Sector allocation contributed due to the Fund’s exposure to US agency risk-sharing transactions and non-agency mortgages. Security selection also added to performance, the result of selections within investment-grade corporates and CMBS, both in the US.

During both periods the Fund utilized currency forwards and currency options, both written and purchased, to hedge currency exposure as well as to manage active currency risk. Credit default swaps, both single name and index, were used to hedge investment-grade and high-yield credit risk through cash bonds, as well as to take active credit risk. Treasury futures and interest rate swaps were used to manage duration, country exposure and yield-curve positioning. Variance swaps and swaptions were used to take active risk in an effort to add alpha (a measure of how the Fund is performing on a risk-adjusted basis versus its benchmark) by capturing risk premiums that are similar to high-yield exposure elsewhere in the Fund, while swaptions were also used to manage Fund performance versus the benchmark. Total return swaps were used to create synthetic high-yield exposure in the Fund.

MARKET REVIEW AND INVESTMENT STRATEGY

Fixed-income markets performed well over the 12-month period. Emerging-market debt rallied over the period, helped by increasing oil prices and an improving global growth story. Global high yield also performed well, followed by emerging-market local-currency government bonds, developed-market treasuries and investment-grade corporates. Within high yield, sector performance was almost uniformly positive. Transportation had the strongest absolute returns, while communications fell furthest. Outside of the eurozone, developed-market treasury yields generally flattened, with shorter maturities rising as long ends fell. Eurozone treasury yields moved in different directions.

After some initial uncertainty regarding the US government’s ability to implement meaningful changes, markets reacted with enthusiasm when the Tax Cuts and Jobs Act was passed in December. In Europe, despite some formal progress on Brexit, investor anxiety increased around a bifurcated outlook for the negotiation process. The US Federal Reserve (the “Fed”) raised interest rates in June, December and March, and began to formally reduce its balance sheet, as universally anticipated by markets. The European Central Bank confirmed that its newly reduced pace of asset purchases would continue through September 2018 and further, if necessary.


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At the end of the reporting period, a severe spike in volatility shook a broad swath of capital markets. US yields rose dramatically, with the 10-year Treasury yield reaching a four-year peak. In the US, higher-than-expected wage gains and inflation numbers fueled concerns regarding the risk of the Fed tightening monetary policy faster than anticipated and pushed bond yields higher. Additionally, President Trump’s early-March announcement of import tariffs on Chinese steel and aluminum weighed on capital markets worldwide, as investors feared the possible onset of a global trade war. Nervous sentiment from the US reverberated across markets around the globe. Elsewhere, the Bank of England said that it too could increase rates faster than previously expected, depending on the strength of its economy.

INVESTMENT POLICIES

The Fund invests without limit in securities denominated in non-US currencies as well as those denominated in the US dollar. The Fund may also invest, without limit, in sovereign debt securities issued by emerging and developed nations and in debt securities of US and non-US corporate issuers. For more information regarding the Fund’s risks, please see “Disclosures and Risks” on pages 5-7 and “Note E—Risks Involved in Investing in the Fund” of the Notes to Financial Statements on pages 115-118.


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DISCLOSURES AND RISKS

AllianceBernstein Global High Income Fund Shareholder Information

Weekly comparative net asset value (“NAV”) and market price information about the Fund is published each Saturday in Barron’s and in other newspapers in a table called “Closed End Funds”. Daily NAV and market price information, and additional information regarding the Fund, is available at www.abfunds.com and www.nyse.com. For additional shareholder information regarding this Fund, please see pages 125-126.

Benchmark Disclosure

All indices are unmanaged and do not reflect fees and expenses associated with the active management of a fund portfolio. The Bloomberg Barclays Global High Yield Index (USD hedged) represents non-investment grade fixed-income securities of companies in the US, and developed and emerging markets. 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


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DISCLOSURES AND RISKS (continued)

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.

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

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.


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DISCLOSURES AND RISKS (continued)

Management Risk: The Fund is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. 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 shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. All fees and expenses related to the operation of the Fund have been deducted. Performance assumes reinvestment of distributions and does not account for taxes.


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PORTFOLIO SUMMARY

March 31, 2018 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $1,169.2

LOGO

All data are as of March 31, 2018. The Fund’s security type breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” security type weightings represent 0.5% or less in the following security types: Collateralized Loan Obligations, Governments–Sovereign Bonds, Local Governments–Regional Bonds, Local Governments–US Municipal Bonds, Options Purchased–Puts, Quasi-Sovereigns, Warrants and Whole Loan Trusts.


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PORTFOLIO SUMMARY (continued)

March 31, 2018 (unaudited)

LOGO

All data are as of March 31, 2018. 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, Bahrain, Belarus, Cameroon, Cayman Islands, Chile, China, Colombia, Costa Rica, Denmark, Ecuador, Egypt, El Salvador, Finland, Gabon, Germany, Guatemala, Honduras, Hong Kong, India, Iraq, Israel, Ivory Coast, Jamaica, Jersey (Channel Islands), Jordan, Kenya, Macau, Malaysia, Mexico, Mongolia, Nigeria, Norway, Pakistan, Peru, Russia, Senegal, Serbia, South Africa, Spain, Sri Lanka, Sweden, Switzerland, Trinidad & Tobago, Ukraine, United Arab Emirates, Uruguay, Venezuela and Zambia.


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PORTFOLIO OF INVESTMENTS

March 31, 2018


		Principal Amount (000)		U.S. $ Value

CORPORATES – NON-INVESTMENT GRADE – 43.8%
Industrial – 34.5%
Basic – 3.9%
AK Steel Corp. 7.00%, 3/15/27	U.S.$		1,164	$	1,140,987
7.625%, 10/01/21			278		285,476
Aleris International, Inc. 7.875%, 11/01/20			517		509,523
ArcelorMittal 7.00%, 3/01/41			734		847,060
7.25%, 10/15/39			1,938		2,291,759
Ashland LLC 4.75%, 8/15/22			501		508,573
Axalta Coating Systems LLC 4.875%, 8/15/24^(a)			516		517,788
Berry Global, Inc. 5.50%, 5/15/22			409		419,712
CF Industries, Inc. 4.95%, 6/01/43			595		519,687
5.375%, 3/15/44			545		495,593
Cleveland-Cliffs, Inc. 5.75%, 3/01/25^(a)(b)			1,628		1,555,557
Constellium NV 5.75%, 5/15/24^(a)			400		393,740
5.875%, 2/15/26^(a)			1,310		1,299,948
Crown Americas LLC/Crown Americas Capital Corp. VI 4.75%, 2/01/26^(a)			815		786,687
ERP Iron Ore, LLC 9.039%, 12/31/19^(c)(d)(e)(f)			382		381,853
Freeport-McMoRan, Inc. 5.45%, 3/15/43			3,414		3,157,977
6.75%, 2/01/22^(b)			1,197		1,237,399
Grinding Media, Inc./Moly-Cop AltaSteel Ltd. 7.375%, 12/15/23^(a)			1,296		1,363,734
INEOS Finance PLC 4.00%, 5/01/23^(a)	EUR		790		993,267
Joseph T Ryerson & Son, Inc. 11.00%, 5/15/22^(a)	U.S.$		3,215		3,545,267
Lecta SA 6.50%, 8/01/23^(a)	EUR		227		288,031
Lundin Mining Corp. 7.875%, 11/01/22^(a)	U.S.$		837		884,902
Magnetation LLC/Mag Finance Corp. 11.00%, 5/15/18^(c)(g)(h)(i)			2,857		29


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PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Momentive Performance Materials, Inc. 3.88%, 10/24/21	U.S.$		3,472	$	3,629,830
8.875%, 10/15/20^(c)(d)(i)(j)			3,472		– 0	–
Multi-Color Corp. 4.875%, 11/01/25^(a)			980		920,221
NOVA Chemicals Corp. 5.25%, 8/01/23^(a)			207		208,186
Novelis Corp. 5.875%, 9/30/26^(a)			1,573		1,547,124
Pactiv LLC 7.95%, 12/15/25			1,110		1,237,650
Peabody Energy Corp. 6.00%, 11/15/18^(c)(d)(e)(i)			4,310		– 0	–
6.00%, 3/31/22^(a)			295		302,184
6.375%, 3/31/25^(a)			400		417,018
Plastipak Holdings, Inc. 6.25%, 10/15/25^(a)			774		772,866
PQ Corp. 5.75%, 12/15/25^(a)			277		274,920
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 5.125%, 7/15/23^(a)			781		788,384
Sealed Air Corp. 6.875%, 7/15/33^(a)			1,295		1,450,625
SIG Combibloc Holdings SCA 7.75%, 2/15/23^(a)	EUR		682		872,059
Smurfit Kappa Acquisitions ULC 4.875%, 9/15/18^(a)	U.S.$		2,064		2,067,164
Smurfit Kappa Treasury Funding Ltd. 7.50%, 11/20/25			238		285,926
SPCM SA 4.875%, 9/15/25^(a)			975		947,136
Teck Resources Ltd. 5.20%, 3/01/42			2,374		2,222,235
5.40%, 2/01/43			1,454		1,393,829
6.00%, 8/15/40			470		486,690
6.25%, 7/15/41			238		252,806
United States Steel Corp. 6.25%, 3/15/26			295		295,290
6.875%, 8/15/25^(b)			775		797,217
Valvoline, Inc. 5.50%, 7/15/24			278		285,061
W.R. Grace & Co.-Conn 5.625%, 10/01/24^(a)			386		397,084

					45,276,054


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PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Capital Goods – 1.7%
ARD Finance SA 6.625% (6.625% Cash or 7.375% PIK), 9/15/23^(f)	EUR		1,126	$	1,462,110
ARD Securities Finance SARL 8.75%, 1/31/23^(a)(f)	U.S.$		279		293,888
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 6.75%, 5/15/24^(a)	EUR		2,004		2,678,373
B456 Systems, Inc. 3.75%, 4/15/16^(c)(e)(i)(k)	U.S.$		955		74,013
Bombardier, Inc. 5.75%, 3/15/22^(a)			975		965,163
6.00%, 10/15/22^(a)			261		258,357
6.125%, 1/15/23^(a)			738		736,037
7.50%, 3/15/25^(a)			1,124		1,154,326
BWAY Holding Co. 5.50%, 4/15/24^(a)			1,073		1,079,273
Cleaver-Brooks, Inc. 7.875%, 3/01/23^(a)			505		524,252
Energizer Holdings, Inc. 5.50%, 6/15/25^(a)			1,311		1,321,321
EnPro Industries, Inc. 5.875%, 9/15/22			970		1,003,137
Gates Global LLC/Gates Global Co. 6.00%, 7/15/22^(a)			352		357,741
GFL Environmental, Inc. 5.625%, 5/01/22^(a)			497		498,997
9.875%, 2/01/21^(a)			852		898,562
Jeld-Wen, Inc. 4.625%, 12/15/25^(a)			128		122,096
4.875%, 12/15/27^(a)			182		171,357
KLX, Inc. 5.875%, 12/01/22^(a)			877		903,769
Liberty Tire Recycling LLC 9.50%, 1/15/23^(c)(d)(h)			536		535,781
Textron Financial Corp. 3.574% (LIBOR 3 Month + 1.74%), 2/15/42^(a)(l)			575		525,011
TransDigm, Inc. 6.375%, 6/15/26			2,335		2,354,964
6.50%, 7/15/24			1,572		1,610,811
Waste Pro USA, Inc. 5.50%, 2/15/26^(a)			762		752,426

					20,281,765


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PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Communications - Media – 4.9%
Altice Financing SA 6.625%, 2/15/23^(a)	U.S.$		2,892	$	2,861,724
7.50%, 5/15/26^(a)			1,782		1,748,812
Altice France SA 5.375%, 5/15/22^(a)	EUR		264		330,930
5.625%, 5/15/24^(a)			386		482,078
6.00%, 5/15/22^(a)	U.S.$		707		689,553
6.25%, 5/15/24^(a)			200		188,137
Altice France SA/France 7.375%, 5/01/26^(a)			2,923		2,782,468
Altice Luxembourg SA 7.25%, 5/15/22^(a)(b)	EUR		1,332		1,593,888
7.75%, 5/15/22^(a)(b)	U.S.$		1,770		1,646,100
CCO Holdings LLC/CCO Holdings Capital Corp. 5.125%, 5/01/27^(a)			160		151,663
5.375%, 5/01/25^(a)			128		126,148
5.75%, 1/15/24			166		168,802
5.75%, 2/15/26^(a)			400		397,931
5.875%, 5/01/27^(a)			499		498,075
Cequel Communications Holdings I LLC/Cequel Capital Corp. 6.375%, 9/15/20^(a)			298		303,286
7.50%, 4/01/28^(a)			1,192		1,222,030
7.75%, 7/15/25^(a)			861		912,371
Clear Channel Worldwide Holdings, Inc. Series A 6.50%, 11/15/22			555		565,441
Series B 6.50%, 11/15/22			2,654		2,705,737
CSC Holdings LLC 5.375%, 2/01/28^(a)			1,302		1,230,390
6.625%, 10/15/25^(a)			274		282,562
10.125%, 1/15/23^(a)			765		849,150
DISH DBS Corp. 5.00%, 3/15/23			100		90,061
5.875%, 11/15/24^(b)			2,345		2,093,761
6.75%, 6/01/21			820		826,553
7.75%, 7/01/26			160		150,012
Gray Television, Inc. 5.125%, 10/15/24^(a)			1,037		1,006,567
iHeartCommunications, Inc. 6.875%, 6/15/18^(g)(i)			2,016		373,908
9.00%, 12/15/19^(g)(i)			927		731,474
10.625%, 3/15/23^(g)(i)			142		112,042
11.25%, 3/01/21^(a)(g)(i)			254		199,159
11.25%, 3/01/21^(g)(i)			535		421,103


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PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Liberty Interactive LLC 3.75%, 2/15/30^(k)	U.S.$		880	$	602,966
McClatchy Co. (The) 9.00%, 12/15/22^(b)			958		997,261
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance 7.875%, 5/15/24^(a)			1,216		1,161,162
Mediacom Broadband LLC/Mediacom Broadband Corp. 6.375%, 4/01/23			2,168		2,237,116
Meredith Corp. 6.875%, 2/01/26^(a)			1,627		1,669,318
Netflix, Inc. 4.375%, 11/15/26^(b)			1,552		1,466,938
4.875%, 4/15/28^(a)			1,221		1,172,664
Outfront Media Capital LLC/Outfront Media Capital Corp. 5.25%, 2/15/22			648		659,802
Radiate Holdco LLC/Radiate Finance, Inc. 6.625%, 2/15/25^(a)			1,057		977,952
6.875%, 2/15/23^(a)			451		435,232
Sinclair Television Group, Inc. 6.125%, 10/01/22			1,487		1,526,034
TEGNA, Inc. 4.875%, 9/15/21^(a)			284		286,882
5.50%, 9/15/24^(a)			162		165,377
6.375%, 10/15/23			718		746,091
Townsquare Media, Inc. 6.50%, 4/01/23^(a)			1,781		1,678,826
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH 5.00%, 1/15/25^(a)			1,078		1,098,428
6.25%, 1/15/29^(a)	EUR		496		687,002
Univision Communications, Inc. 5.125%, 2/15/25^(a)	U.S.$		1,064		991,299
UPC Holding BV 5.50%, 1/15/28^(a)			2,223		2,054,763
Urban One, Inc. 7.375%, 4/15/22^(a)			1,400		1,386,000
9.25%, 2/15/20^(a)(b)			1,451		1,407,470
Virgin Media Finance PLC 4.875%, 2/15/22			1,347		1,337,377
5.25%, 2/15/22			900		889,738
Virgin Media Receivables Financing Notes I DAC 5.50%, 9/15/24^(a)	GBP		128		176,042


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Virgin Media Secured Finance PLC 5.50%, 1/15/25^(a)	GBP		423	$	607,494
Ziggo Bond Co. BV 7.125%, 5/15/24^(a)	EUR		968		1,287,599
Ziggo Bond Finance BV 5.875%, 1/15/25^(a)	U.S.$		1,034		977,181
6.00%, 1/15/27^(a)			150		139,987
Ziggo Secured Finance BV 5.50%, 1/15/27^(a)			1,163		1,091,710

					57,657,627

Communications - Telecommunications – 2.6%
Arqiva Broadcast Finance PLC 9.50%, 3/31/20^(a)	GBP		1,086		1,604,365
C&W Senior Financing DAC 6.875%, 9/15/27^(a)	U.S.$		847		848,920
CenturyLink, Inc. Series W 6.75%, 12/01/23			314		305,455
Cincinnati Bell, Inc. 7.00%, 7/15/24^(a)			1,151		1,035,945
Clear Channel Communications, Inc. 12.00%, 8/01/21^(c)(d)(e)(i)			607		1,092
Embarq Corp. 7.995%, 6/01/36			928		874,515
Frontier Communications Corp. 6.875%, 1/15/25			45		26,648
7.125%, 1/15/23			662		447,531
7.625%, 4/15/24			1,118		698,408
7.875%, 1/15/27			834		442,052
Hughes Satellite Systems Corp. 7.625%, 6/15/21			1,437		1,541,678
Intelsat Jackson Holdings SA
5.50%, 8/01/23			1,675		1,348,375
7.25%, 10/15/20			443		409,740
7.50%, 4/01/21			980		880,760
8.00%, 2/15/24^(a)			216		226,560
9.50%, 9/30/22^(a)			516		588,541
9.75%, 7/15/25^(a)			1,262		1,176,950
Iridium Communications, Inc. 10.25%, 4/15/23^(a)			484		498,784
Level 3 Financing, Inc. 5.25%, 3/15/26			86		81,135
5.375%, 8/15/22-1/15/24			1,278		1,256,060
6.125%, 1/15/21			596		603,681
Level 3 Parent LLC 5.75%, 12/01/22			160		159,873


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Qwest Corp. 6.875%, 9/15/33	U.S.$		1,335	$	1,269,154
Sable International Finance Ltd. 6.875%, 8/01/22^(a)			454		479,673
Sprint Capital Corp.
6.875%, 11/15/28			1,210		1,130,547
8.75%, 3/15/32			215		224,922
Sprint Corp. 7.875%, 9/15/23			707		721,589
T-Mobile USA, Inc. 6.00%, 3/01/23			743		772,649
6.375%, 3/01/25			655		687,183
6.836%, 4/28/23			543		562,684
Telecom Italia Capital SA 7.20%, 7/18/36			483		570,264
7.721%, 6/04/38			1,759		2,159,714
Telecom Italia SpA/Milano 5.303%, 5/30/24^(a)			1,002		1,025,875
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC 6.00%, 4/15/23^(a)			1,113		1,070,713
Wind Tre SpA 5.00%, 1/20/26^(a)			1,600		1,357,056
Windstream Services LLC/Windstream Finance Corp. 6.375%, 8/01/23			232		133,349
8.75%, 12/15/24^(a)			1,526		905,049
Zayo Group LLC/Zayo Capital, Inc. 5.75%, 1/15/27^(a)			300		293,245
6.00%, 4/01/23			488		501,491
6.375%, 5/15/25			1,187		1,228,571

					30,150,796

Consumer Cyclical - Automotive – 1.4%
Adient Global Holdings Ltd. 4.875%, 8/15/26^(a)			1,323		1,249,994
BCD Acquisition, Inc. 9.625%, 9/15/23^(a)			2,264		2,445,657
Cooper-Standard Automotive, Inc. 5.625%, 11/15/26^(a)			1,101		1,098,319
Dana Financing Luxembourg SARL 5.75%, 4/15/25^(a)			215		218,257
6.50%, 6/01/26^(a)			602		626,080
Exide Technologies 7.00%, 4/30/25^(c)(f)(h)(k)			162		102,264
11.00% (11.00% Cash or 4.125% PIK), 4/30/22^(a)(c)(f)(j)			4,154		3,717,857


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series AI 7.00%, 4/30/25^(c)(e)(f)(k)	U.S.$		4,406	$	2,775,896
Goodyear Tire & Rubber Co. (The) 7.00%, 3/15/28			400		434,106
IHO Verwaltungs GmbH 4.125% (4.125% Cash or 4.875% PIK), 9/15/21^(a)(f)			889		874,093
Meritor, Inc. 6.25%, 2/15/24			305		316,094
Navistar International Corp. 6.625%, 11/01/25^(a)			1,190		1,190,714
Titan International, Inc. 6.50%, 11/30/23^(a)			1,093		1,124,495

					16,173,826

Consumer Cyclical - Entertainment – 0.4%
AMC Entertainment Holdings, Inc. 5.875%, 11/15/26^(b)			1,580		1,555,820
Silversea Cruise Finance Ltd. 7.25%, 2/01/25^(a)			1,409		1,494,457
VOC Escrow Ltd. 5.00%, 2/15/28^(a)			1,076		1,022,039

					4,072,316

Consumer Cyclical - Other – 2.2%
Beazer Homes USA, Inc. 5.875%, 10/15/27			682		631,495
6.75%, 3/15/25^(b)			1,400		1,392,990
8.75%, 3/15/22			99		106,619
Caesars Entertainment Corp. 5.00%, 10/01/24^(c)(k)			121		207,191
Cirsa Funding Luxembourg SA 5.75%, 5/15/21^(a)	EUR		396		502,002
Cooperativa Muratori & Cementisti-CMC di Ravenna SC 6.00%, 2/15/23^(a)			276		323,616
Diamond Resorts International, Inc. 7.75%, 9/01/23^(a)(b)	U.S.$		1,139		1,238,745
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, 11/15/25^(a)			1,304		1,304,987
GLP Capital LP/GLP Financing II, Inc. 5.375%, 4/15/26			674		686,453
International Game Technology PLC 6.25%, 2/15/22^(a)			977		1,023,537
James Hardie International Finance DAC 4.75%, 1/15/25^(a)			285		279,619
5.00%, 1/15/28^(a)			273		265,334


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

K. Hovnanian Enterprises, Inc. 5.00%, 11/01/21	U.S.$		2,257	$	2,040,646
10.00%, 7/15/22^(a)			389		413,343
10.50%, 7/15/24^(a)			389		403,297
KB Home 7.00%, 12/15/21			536		575,888
7.50%, 9/15/22			494		542,337
Lennar Corp. 6.625%, 5/01/20^(a)			1,332		1,403,556
MDC Holdings, Inc. 5.50%, 1/15/24			150		152,395
6.00%, 1/15/43			2,908		2,713,481
Pinnacle Entertainment, Inc. 5.625%, 5/01/24			829		868,641
PulteGroup, Inc. 5.00%, 1/15/27			115		112,178
6.00%, 2/15/35			500		505,194
7.875%, 6/15/32			1,400		1,655,655
Shea Homes LP/Shea Homes Funding Corp. 5.875%, 4/01/23^(a)			420		423,458
6.125%, 4/01/25^(a)			830		836,541
Standard Industries, Inc./NJ 6.00%, 10/15/25^(a)			977		1,003,868
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875%, 5/15/25^(a)			1,785		1,704,652
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc. 5.875%, 4/15/23^(a)			875		894,688
Toll Brothers Finance Corp. 4.875%, 3/15/27			1,124		1,099,717
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.50%, 3/01/25^(a)			785		785,739

					26,097,862

Consumer Cyclical - Restaurants – 0.1%
Golden Nugget, Inc. 6.75%, 10/15/24^(a)			933		937,779
IRB Holding Corp. 6.75%, 2/15/26^(a)			453		444,420

					1,382,199

Consumer Cyclical - Retailers – 1.0%
Dufry Finance SCA 4.50%, 8/01/23^(a)	EUR		1,208		1,548,470


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

FirstCash, Inc. 5.375%, 6/01/24^(a)	U.S.$		1,312	$	1,333,655
JC Penney Corp., Inc. 6.375%, 10/15/36			421		265,410
7.40%, 4/01/37			600		405,008
L Brands, Inc. 5.25%, 2/01/28			917		860,897
6.875%, 11/01/35			230		222,697
6.95%, 3/01/33			500		483,786
7.60%, 7/15/37			1,000		997,159
Levi Strauss & Co. 5.00%, 5/01/25			1,150		1,162,613
Neiman Marcus Group Ltd. LLC 8.00%, 10/15/21^(a)			2,115		1,338,309
8.75% (8.75% Cash or 9.50% PIK), 10/15/21^(a)(f)			404		257,735
Penske Automotive Group, Inc. 5.50%, 5/15/26			1,037		1,018,935
PetSmart, Inc. 7.125%, 3/15/23^(a)			1,140		647,749
Sonic Automotive, Inc. 5.00%, 5/15/23			534		510,937
6.125%, 3/15/27			817		790,100

					11,843,460

Consumer Non-Cyclical – 3.9%
Acadia Healthcare Co., Inc. 6.50%, 3/01/24			684		712,784
Air Medical Group Holdings, Inc. 6.375%, 5/15/23^(a)			820		779,225
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC 5.75%, 3/15/25			274		233,770
6.625%, 6/15/24^(b)			1,712		1,535,287
Aveta, Inc. 10.50%, 3/01/21^(c)(d)(h)(i)			13,116		– 0	–
BI-LO LLC/BI-LO Finance Corp. 8.625%, 9/15/18^(a)(c)(g)(i)			1,983		1,128,360
9.25%, 2/15/19^(a)(c)(g)(i)			1,553		1,556,268
Catalent Pharma Solutions, Inc. 4.75%, 12/15/24^(a)	EUR		400		514,637
4.875%, 1/15/26^(a)	U.S.$		416		405,378
Charles River Laboratories International, Inc. 5.50%, 4/01/26^(a)			242		245,792
CHS/Community Health Systems, Inc. 6.875%, 2/01/22			2,543		1,471,761
7.125%, 7/15/20^(b)			828		675,624
8.00%, 11/15/19^(b)			408		367,390


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

DaVita, Inc. 5.00%, 5/01/25	U.S.$		1,314	$	1,270,512
Diamond BC BV 5.625%, 8/15/25^(a)(b)	EUR		362		426,830
Eagle Holding Co. II LLC 7.625% (7.625% Cash or 8.375% PIK), 5/15/22^(a)(f)	U.S.$		179		180,593
Endo Dac/Endo Finance LLC/Endo Finco, Inc. 6.00%, 7/15/23-2/01/25^(a)			4,260		3,150,500
Endo Finance LLC 5.75%, 1/15/22^(a)			1,228		1,011,434
Endo Finance LLC/Endo Finco, Inc. 5.375%, 1/15/23^(a)			200		151,109
Envision Healthcare Corp. 5.625%, 7/15/22			1,009		1,013,998
6.25%, 12/01/24^(a)			694		716,555
First Quality Finance Co., Inc. 4.625%, 5/15/21^(a)			3,247		3,230,765
HCA, Inc. 4.25%, 10/15/19			1,475		1,490,712
4.50%, 2/15/27			135		130,373
5.00%, 3/15/24			400		404,320
5.25%, 6/15/26			235		237,932
5.875%, 2/15/26			180		183,234
Kinetic Concepts, Inc./KCI USA, Inc. 7.875%, 2/15/21^(a)			506		521,516
Lamb Weston Holdings, Inc. 4.625%, 11/01/24^(a)			439		435,615
LifePoint Health, Inc. 5.375%, 5/01/24^(b)			1,518		1,483,845
5.875%, 12/01/23^(b)			1,448		1,460,544
Mallinckrodt International Finance SA 4.75%, 4/15/23			2,770		2,141,362
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 5.50%, 4/15/25^(a)			772		597,848
5.625%, 10/15/23^(a)			394		319,832
5.75%, 8/01/22^(a)			1,281		1,111,296
MEDNAX, Inc. 5.25%, 12/01/23^(a)			422		424,983
MPH Acquisition Holdings LLC 7.125%, 6/01/24^(a)			1,563		1,615,509
Post Holdings, Inc. 5.00%, 8/15/26^(a)			442		417,446
5.50%, 3/01/25^(a)			642		638,355
5.625%, 1/15/28^(a)			830		793,684
5.75%, 3/01/27^(a)			90		89,344


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Spectrum Brands, Inc. 4.00%, 10/01/26^(a)	EUR		530	$	681,772
6.125%, 12/15/24	U.S.$		361		374,541
6.625%, 11/15/22			560		579,808
Synlab Unsecured Bondco PLC 8.25%, 7/01/23^(a)	EUR		700		921,142
Tenet Healthcare Corp. 6.00%, 10/01/20	U.S.$		95		98,285
6.75%, 6/15/23^(b)			1,308		1,282,958
6.875%, 11/15/31			239		217,490
8.125%, 4/01/22			752		784,109
Valeant Pharmaceuticals International 6.75%, 8/15/21^(a)			34		34,077
7.25%, 7/15/22^(a)			635		636,967
Valeant Pharmaceuticals International, Inc. 5.50%, 3/01/23^(a)			230		201,700
5.625%, 12/01/21^(a)			26		24,855
5.875%, 5/15/23^(a)			1,146		1,014,210
6.50%, 3/15/22^(a)			287		296,598
7.50%, 7/15/21^(a)			1,146		1,153,408
Vizient, Inc. 10.375%, 3/01/24^(a)			774		857,635
Voyage Care BondCo PLC 5.875%, 5/01/23^(a)	GBP		891		1,255,511

					45,691,388

Energy – 7.3%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp. 7.875%, 12/15/24	U.S.$		897		937,085
Antero Resources Corp. 5.125%, 12/01/22			789		796,224
Berry Petroleum Co. LLC 6.375%, 9/15/22^(c)(d)(e)(i)			2,383		– 0	–
7.00%, 2/15/26^(a)			580		584,654
Bill Barrett Corp. 7.00%, 10/15/22			534		539,854
8.75%, 6/15/25			637		688,249
Bristow Group, Inc. 8.75%, 3/01/23^(a)			1,000		1,010,159
California Resources Corp. 5.50%, 9/15/21			299		230,471
6.00%, 11/15/24			232		141,748
8.00%, 12/15/22^(a)			3,539		2,774,410
Carrizo Oil & Gas, Inc. 6.25%, 4/15/23			642		643,943
7.50%, 9/15/20			54		54,894
8.25%, 7/15/25			301		316,161


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Cheniere Corpus Christi Holdings LLC 7.00%, 6/30/24	U.S.$		783	$	865,776
Cheniere Energy Partners LP 5.25%, 10/01/25^(a)			1,055		1,040,477
Cheniere Energy, Inc. 4.875%, 5/28/21^(a)(c)(f)(k)			1,064		1,054,520
Chesapeake Energy Corp. 4.875%, 4/15/22^(b)			1,528		1,425,830
5.75%, 3/15/23			610		550,061
6.125%, 2/15/21			335		336,827
8.00%, 1/15/25-6/15/27^(a)			851		815,560
Continental Resources, Inc./OK 3.80%, 6/01/24			96		92,564
4.90%, 6/01/44			212		202,912
5.00%, 9/15/22			1,119		1,137,312
Denbury Resources, Inc. 3.50%, 3/31/24^(a)(c)(k)			134		168,148
9.25%, 3/31/22^(a)			604		616,609
Diamond Offshore Drilling, Inc. 7.875%, 8/15/25			2,575		2,586,459
Energy Transfer Equity LP 4.25%, 3/15/23			2,203		2,135,284
7.50%, 10/15/20			309		332,287
Ensco PLC 4.50%, 10/01/24^(b)			290		231,251
5.20%, 3/15/25			1,066		860,788
7.75%, 2/01/26			970		888,250
EP Energy LLC/Everest Acquisition Finance, Inc. 6.375%, 6/15/23			467		246,572
7.75%, 9/01/22			1,366		902,243
8.00%, 2/15/25^(a)			1,792		1,196,466
9.375%, 5/01/20			538		501,667
9.375%, 5/01/24^(a)			1,076		764,324
Genesis Energy LP/Genesis Energy Finance Corp. 5.625%, 6/15/24			412		391,777
6.25%, 5/15/26			1,327		1,266,421
6.50%, 10/01/25^(c)			481		473,132
6.75%, 8/01/22			173		178,150
Gulfport Energy Corp. 6.00%, 10/15/24			515		489,168
6.375%, 5/15/25^(b)			1,054		1,013,679
6.375%, 1/15/26			1,718		1,653,635
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp. 5.625%, 2/15/26^(a)			1,587		1,563,625


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Hilcorp Energy I LP/Hilcorp Finance Co. 5.00%, 12/01/24^(a)	U.S.$		593	$	584,091
5.75%, 10/01/25^(a)			1,610		1,592,841
Indigo Natural Resources LLC 6.875%, 2/15/26^(a)			1,095		1,040,309
Laredo Petroleum, Inc. 6.25%, 3/15/23^(c)			787		789,224
Murphy Oil Corp. 6.875%, 8/15/24			852		891,408
Murphy Oil USA, Inc. 5.625%, 5/01/27			69		69,517
6.00%, 8/15/23			716		737,842
Nabors Industries, Inc. 4.625%, 9/15/21			996		961,090
5.50%, 1/15/23			1,784		1,740,123
5.75%, 2/01/25^(a)			470		442,314
Noble Holding International Ltd. 5.25%, 3/15/42			191		119,112
6.20%, 8/01/40			276		182,840
7.75%, 1/15/24			2,261		2,097,077
7.95%, 4/01/25			375		329,533
Oasis Petroleum, Inc. 6.50%, 11/01/21			226		229,563
6.875%, 3/15/22			376		381,709
Parkland Fuel Corp. 6.00%, 4/01/26^(a)			1,147		1,151,158
PDC Energy, Inc. 5.75%, 5/15/26^(a)			1,447		1,425,298
6.125%, 9/15/24			490		500,577
PHI, Inc. 5.25%, 3/15/19			1,567		1,531,742
Precision Drilling Corp. 7.125%, 1/15/26^(a)			787		784,182
QEP Resources, Inc. 5.25%, 5/01/23			1,248		1,202,479
5.625%, 3/01/26			31		29,298
6.875%, 3/01/21^(b)			1,225		1,290,226
Range Resources Corp. 4.875%, 5/15/25^(b)			948		878,494
5.00%, 8/15/22			396		383,438
5.00%, 3/15/23^(b)			995		954,236
5.875%, 7/01/22			97		97,399
Rowan Cos., Inc. 5.40%, 12/01/42			536		377,580
7.375%, 6/15/25^(b)			1,285		1,203,636
Sanchez Energy Corp. 6.125%, 1/15/23^(b)			3,602		2,628,037
7.25%, 2/15/23^(a)			790		798,184


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

SandRidge Energy, Inc. 7.50%, 2/15/23^(c)(d)(e)(i)	U.S.$		865	$	– 0	–
8.125%, 10/15/22^(c)(d)(e)(i)			2,076		– 0	–
Seitel, Inc. 9.50%, 4/15/19			597		597,000
SemGroup Corp. 6.375%, 3/15/25			594		567,323
7.25%, 3/15/26			540		539,071
SemGroup Corp./Rose Rock Finance Corp. 5.625%, 11/15/23			438		414,080
SM Energy Co. 5.00%, 1/15/24			1,341		1,246,442
5.625%, 6/01/25^(b)			1,150		1,089,480
6.50%, 1/01/23			1,000		995,811
Southern Star Central Corp. 5.125%, 7/15/22^(a)			1,200		1,223,498
SRC Energy, Inc. 6.25%, 12/01/25^(a)			800		805,913
Sunoco LP/Sunoco Finance Corp. 5.50%, 2/15/26^(a)			1,355		1,307,465
5.875%, 3/15/28^(a)			1,026		997,897
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 5.125%, 2/01/25			215		213,656
Transocean Phoenix 2 Ltd. 7.75%, 10/15/24^(a)			1,094		1,170,207
Transocean, Inc. 5.80%, 10/15/22			1,252		1,205,119
6.80%, 3/15/38			2,543		1,992,207
7.50%, 1/15/26^(a)			791		778,700
9.00%, 7/15/23^(a)			712		756,961
Vantage Drilling International 7.125%, 4/01/23^(c)(d)(e)(i)			1,283		– 0	–
7.50%, 11/01/19^(c)(d)(e)(i)			2,176		– 0	–
10.00%, 12/31/20^(c)(e)			105		102,900
10.00%, 12/31/20^(c)(h)			87		85,260
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp. 8.75%, 4/15/23^(a)			1,741		1,633,147
Weatherford International LLC 9.875%, 3/01/25^(a)			614		552,279
Weatherford International Ltd. 5.875%, 7/01/21^(k)			154		137,640
6.50%, 8/01/36			752		538,585
6.75%, 9/15/40			849		618,532
7.00%, 3/15/38			409		299,316


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

7.75%, 6/15/21	U.S.$		297	$	280,114
9.875%, 2/15/24^(b)			901		821,121
Whiting Petroleum Corp. 1.25%, 4/01/20^(k)			542		510,150
5.75%, 3/15/21			211		213,197
6.25%, 4/01/23			483		487,889
6.625%, 1/15/26^(a)			771		776,994
WPX Energy, Inc. 8.25%, 8/01/23			187		209,988

					85,292,125

Other Industrial – 0.7%
Algeco Global Finance PLC 8.00%, 2/15/23^(a)			956		958,385
American Tire Distributors, Inc. 10.25%, 3/01/22^(a)			1,793		1,825,536
Global Partners LP/GLP Finance Corp. 6.25%, 7/15/22			2,976		2,963,328
H&E Equipment Services, Inc. 5.625%, 9/01/25			437		441,370
KAR Auction Services, Inc. 5.125%, 6/01/25^(a)			458		455,891
Laureate Education, Inc. 8.25%, 5/01/25^(a)(b)			1,085		1,163,526

					7,808,036

Services – 1.5%
APTIM Corp. 7.75%, 6/15/25^(a)			1,311		1,139,150
APX Group, Inc. 7.875%, 12/01/22			1,746		1,816,767
8.75%, 12/01/20			1,328		1,334,785
Aramark Services, Inc. 5.00%, 2/01/28^(a)			686		670,780
5.125%, 1/15/24			274		279,480
Carlson Travel, Inc. 6.75%, 12/15/23^(a)			1,128		1,125,185
eDreams ODIGEO SA 8.50%, 8/01/21^(a)	EUR		1,560		2,033,204
Gartner, Inc. 5.125%, 4/01/25^(a)	U.S.$		482		481,570
GEO Group, Inc. (The) 5.125%, 4/01/23			162		160,258
5.875%, 1/15/22-10/15/24			670		683,744
6.00%, 4/15/26			677		663,467
Monitronics International, Inc. 9.125%, 4/01/20			807		618,946
Nielsen Finance LLC/Nielsen Finance Co. 5.00%, 4/15/22^(a)			599		598,902


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Prime Security Services Borrower LLC/Prime Finance, Inc. 9.25%, 5/15/23^(a)	U.S.$		2,327	$	2,520,774
Ritchie Bros Auctioneers, Inc. 5.375%, 1/15/25^(a)			366		366,281
Sabre GLBL, Inc. 5.25%, 11/15/23^(a)			607		613,798
5.375%, 4/15/23^(a)			720		726,287
Service Corp. International/US 7.50%, 4/01/27			1,209		1,389,922
Team Health Holdings, Inc. 6.375%, 2/01/25^(a)(b)			861		738,924

					17,962,224

Technology – 1.6%
Amkor Technology, Inc. 6.375%, 10/01/22			2,681		2,741,784
Ascend Learning LLC 6.875%, 8/01/25^(a)			302		310,305
BMC Software Finance, Inc. 8.125%, 7/15/21^(a)			1,649		1,644,284
Boxer Parent Co., Inc. 9.00% (9.00% Cash or 9.75% PIK), 10/15/19^(a)(f)			411		410,444
Conduent Finance, Inc./Conduent Business Services LLC 10.50%, 12/15/24^(a)			1,610		1,895,123
CURO Financial Technologies Corp. 12.00%, 3/01/22^(a)			819		906,356
Dell International LLC/EMC Corp. 7.125%, 6/15/24^(a)			251		268,160
Dell, Inc. 6.50%, 4/15/38			1,671		1,664,102
Goodman Networks, Inc. 8.00%, 5/11/22^(c)			664		425,154
Infor Software Parent LLC/Infor Software Parent, Inc. 7.125% (7.125% Cash or 7.875% PIK), 5/01/21^(a)(f)			160		161,610
Infor US, Inc. 6.50%, 5/15/22			1,286		1,307,561
Micron Technology, Inc. 5.50%, 2/01/25			686		712,455
Nokia Oyj 6.625%, 5/15/39			527		561,884
Quintiles IMS, Inc. 3.25%, 3/15/25^(a)	EUR		782		965,454


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Solera LLC/Solera Finance, Inc. 10.50%, 3/01/24^(a)	U.S.$		2,005	$	2,230,430
Veritas US, Inc./Veritas Bermuda Ltd. 10.50%, 2/01/24^(a)(c)			1,462		1,369,632
Western Digital Corp. 4.75%, 2/15/26			1,087		1,085,800

					18,660,538

Transportation - Airlines – 0.1%
UAL Pass-Through Trust Series 2007-1A 6.636%, 7/02/22			1,017		1,067,422


Transportation - Services – 1.2%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.25%, 3/15/25^(a)			264		252,400
5.50%, 4/01/23			524		521,650
CEVA Group PLC 9.00%, 9/01/21^(a)			1,836		1,808,460
Europcar Groupe SA 5.75%, 6/15/22^(a)	EUR		670		853,928
Herc Rentals, Inc. 7.75%, 6/01/24^(a)	U.S.$		1,521		1,647,094
Hertz Corp. (The) 5.50%, 10/15/24^(a)(b)			2,807		2,384,067
5.875%, 10/15/20			1,419		1,408,166
Hertz Holdings Netherlands BV 5.50%, 3/30/23	EUR		1,117		1,373,703
Loxam SAS 3.50%, 4/15/22^(a)			186		237,051
4.25%, 4/15/24^(a)			138		178,938
United Rentals North America, Inc. 5.50%, 5/15/27	U.S.$		477		482,707
5.75%, 11/15/24			1,005		1,045,823
XPO CNW, Inc. 6.70%, 5/01/34			1,371		1,427,395
XPO Logistics, Inc. 6.125%, 9/01/23^(a)			522		538,159

					14,159,541

					403,577,179

Financial Institutions – 7.8%
Banking – 5.2%
Allied Irish Banks PLC Series E 7.375%, 12/03/20^(a)(m)	EUR		871		1,198,777
Ally Financial, Inc. 8.00%, 11/01/31	U.S.$		2,251		2,750,074


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Banco Bilbao Vizcaya Argentaria SA 5.875%, 5/24/22^(a)(m)	EUR		1,200	$	1,602,264
6.125%, 11/16/27^(b)(m)	U.S.$		800		777,036
6.75%, 2/18/20^(a)(m)	EUR		800		1,065,463
8.875%, 4/14/21^(a)(m)			1,000		1,457,100
Banco Santander SA 6.25%, 3/12/19-9/11/21^(a)(m)			1,200		1,597,739
6.75%, 4/25/22^(a)(m)			900		1,247,215
Bank of America Corp. Series FF 5.875%, 3/15/28^(m)	U.S.$		3,194		3,215,071
Bank of Ireland 7.375%, 6/18/20^(a)(m)	EUR		1,455		1,982,836
Barclays Bank PLC 6.86%, 6/15/32^(a)(m)	U.S.$		166		194,939
7.70%, 4/25/18^(a)(m)			1,815		1,819,886
Barclays PLC 7.25%, 3/15/23^(a)(m)	GBP		219		328,322
8.00%, 12/15/20^(m)	EUR		1,732		2,424,299
CIT Group, Inc. 6.125%, 3/09/28	U.S.$		588		612,812
Citigroup, Inc. 5.95%, 1/30/23^(m)			2,689		2,762,746
Credit Agricole SA 7.589%, 1/30/20^(a)(m)	GBP		1,000		1,518,749
8.125%, 12/23/25^(a)(m)	U.S.$		1,909		2,174,544
Credit Suisse Group AG 6.25%, 12/18/24^(a)(m)			1,404		1,437,283
7.50%, 12/11/23^(a)(m)			3,043		3,290,244
Goldman Sachs Group, Inc. (The) Series P 5.00%, 11/10/22^(m)			1,599		1,551,598
Intesa Sanpaolo SpA 3.928%, 9/15/26^(a)	EUR		331		438,352
5.71%, 1/15/26^(a)	U.S.$		1,232		1,237,373
7.75%, 1/11/27^(a)(m)	EUR		1,366		2,052,010
Lloyds Banking Group PLC 6.413%, 10/01/35^(a)(m)	U.S.$		235		259,315
6.657%, 5/21/37^(a)(m)			98		109,118
7.50%, 6/27/24^(m)			528		571,691
7.625%, 6/27/23^(a)(m)	GBP		1,760		2,757,413
Macquarie Bank Ltd./London 6.125%, 3/08/27^(a)(m)	U.S.$		200		195,710
Royal Bank of Scotland Group PLC 2.001% (EURIBOR 3 Month + 2.33%), 6/30/18^(a)(l)(m)	EUR		150		183,067
8.625%, 8/15/21^(m)	U.S.$		3,518		3,841,403


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series U 4.622% (LIBOR 3 Month + 2.32%), 9/30/27^(b)(l)(m)	U.S.$		1,100	$	1,112,816
SNS Bank NV Series E 11.25%, 12/31/49^(c)(e)(i)	EUR		620		8,839
Societe Generale SA 7.375%, 9/13/21^(a)(m)	U.S.$		1,485		1,577,812
7.875%, 12/18/23^(a)			778		843,157
8.00%, 9/29/25^(a)(b)(m)			1,124		1,254,665
Standard Chartered PLC 7.50%, 4/02/22^(a)(m)			1,269		1,344,131
7.75%, 4/02/23^(a)(m)			440		470,458
SunTrust Banks, Inc. Series G 5.05%, 6/15/22^(m)			853		848,052
Series H 5.125%, 12/15/27^(b)(m)			1,016		971,346
UBS Group AG 6.875%, 3/22/21^(a)(m)			200		209,788
7.00%, 2/19/25^(a)(m)			2,492		2,680,796
UniCredit SpA 9.25%, 6/03/22^(a)(m)	EUR		1,554		2,289,447
Zions Bancorporation 5.65%, 11/15/23	U.S.$		508		515,304

					60,781,060

Brokerage – 0.1%
Lehman Brothers Holdings, Inc. 6.875%, 5/02/18^(c)(i)			1,690		70,135
LPL Holdings, Inc. 5.75%, 9/15/25^(a)			1,517		1,498,144

					1,568,279

Finance – 1.1%
Enova International, Inc. 8.50%, 9/01/24^(a)			770		812,350
9.75%, 6/01/21			960		1,012,091
goeasy Ltd. 7.875%, 11/01/22^(a)			466		499,249
ILFC E-Capital Trust II 4.89% (H15T 30 Year + 1.80%), 12/21/65^(a)(l)			2,000		1,953,754
Lincoln Finance Ltd. 6.875%, 4/15/21^(a)	EUR		1,139		1,450,534
Navient Corp. 5.50%, 1/15/19	U.S.$		2,496		2,528,318
5.875%, 3/25/21			324		331,523


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

6.50%, 6/15/22	U.S.$		406	$	419,695
6.625%, 7/26/21			231		240,002
7.25%, 1/25/22			377		399,167
8.00%, 3/25/20			233		247,736
SLM Corp. 5.125%, 4/05/22			605		606,473
TMX Finance LLC/TitleMax Finance Corp. 8.50%, 9/15/18^(a)			1,801		1,722,275

					12,223,167

Insurance – 0.6%
Ambac Assurance Corp. 5.10%, 6/07/20^(a)(c)			20		26,193
Galaxy Bidco Ltd. 6.375%, 11/15/20^(a)	GBP		133		186,143
Genworth Holdings, Inc. 3.841% (LIBOR 3 Month + 2.00%), 11/15/66	U.S.$		240		110,256
7.625%, 9/24/21			1,616		1,548,795
Liberty Mutual Group, Inc. 7.80%, 3/15/37^(a)			2,559		3,177,541
Polaris Intermediate Corp. 8.50%, 12/01/22^(a)(f)			2,108		2,151,441

					7,200,369

Other Finance – 0.6%
Creditcorp 12.00%, 7/15/18^(h)			1,300		1,215,500
Intrum Justitia AB 2.75%, 7/15/22^(a)	EUR		977		1,175,425
3.125%, 7/15/24^(a)(b)			489		582,135
LHC3 PLC 4.125%, 8/15/24^(a)(f)			239		296,033
NVA Holdings, Inc. 6.875%, 4/01/26^(a)	U.S.$		599		603,667
Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. 6.375%, 12/15/22^(a)			199		203,310
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. 6.75%, 6/01/25^(a)			1,680		1,677,248
Travelport Corporate Finance PLC 6.00%, 3/15/26^(a)			595		597,348

					6,350,666

REITS – 0.2%
Iron Mountain, Inc. 5.25%, 3/15/28^(a)			1,640		1,543,650


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

MPT Operating Partnership LP/MPT Finance Corp. 5.00%, 10/15/27	U.S.$		218	$	213,532
5.25%, 8/01/26			155		154,404
5.50%, 5/01/24			264		269,020

					2,180,606

					90,304,147

Utility – 1.5%
Electric – 1.4%
AES Corp./VA 4.875%, 5/15/23			1,013		1,028,502
Calpine Corp. 5.375%, 1/15/23			1,918		1,841,288
5.50%, 2/01/24			1,205		1,099,588
5.75%, 1/15/25			168		153,691
ContourGlobal Power Holdings SA 5.125%, 6/15/21^(a)	EUR		1,501		1,901,574
DPL, Inc. 6.75%, 10/01/19	U.S.$		343		356,658
Dynegy, Inc. 7.375%, 11/01/22^(b)			1,604		1,689,676
7.625%, 11/01/24			981		1,060,423
NRG Energy, Inc. 5.75%, 1/15/28^(a)			740		726,053
7.25%, 5/15/26			1,791		1,897,373
NRG Yield Operating LLC 5.375%, 8/15/24			843		845,719
Talen Energy Supply LLC 4.60%, 12/15/21			1,945		1,682,279
6.50%, 6/01/25			794		559,437
10.50%, 1/15/26^(a)			1,489		1,280,721
Texas Competitive/TCEH 11.50%, 10/01/20^(c)(d)(h)(i)			626		– 0	–

					16,122,982

Natural Gas – 0.1%
NGL Energy Partners LP/NGL Energy Finance Corp. 7.50%, 11/01/23			1,691		1,694,122

					17,817,104

Total Corporates – Non-Investment Grade (cost $513,485,597)					511,698,430


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

COLLATERALIZED MORTGAGE OBLIGATIONS – 11.5%
Risk Share Floating Rate – 9.4%
Bellemeade Re II Ltd. Series 2016-1A, Class B1 13.872% (LIBOR 1 Month + 12.00%), 4/25/26^(h)(l)	U.S.$		283	$	300,461
Series 2016-1A, Class M2B 8.372% (LIBOR 1 Month + 6.50%), 4/25/26^(h)(l)			1,986		2,022,526
Bellemeade Re Ltd. Series 2015-1A, Class M2 6.172% (LIBOR 1 Month + 4.30%), 7/25/25^(h)(l)			586		594,127
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2013-DN1, Class M2 9.022% (LIBOR 1 Month + 7.15%), 7/25/23^(l)			2,350		2,859,424
Series 2013-DN2, Class M2 6.122% (LIBOR 1 Month + 4.25%), 11/25/23^(l)			1,911		2,126,525
Series 2014-DN1, Class M3 6.372% (LIBOR 1 Month + 4.50%), 2/25/24^(l)			1,939		2,252,782
Series 2014-DN2, Class M3 5.472% (LIBOR 1 Month + 3.60%), 4/25/24^(l)			514		575,397
Series 2014-DN3, Class M3 5.872% (LIBOR 1 Month + 4.00%), 8/25/24^(l)			712		777,379
Series 2014-DN4, Class M3 6.422% (LIBOR 1 Month + 4.55%), 10/25/24^(l)			422		470,802
Series 2014-HQ1, Class M3 5.972% (LIBOR 1 Month + 4.10%), 8/25/24^(l)			1,686		1,883,757
Series 2014-HQ2, Class M3 5.622% (LIBOR 1 Month + 3.75%), 9/25/24^(l)			3,710		4,286,366
Series 2014-HQ3, Class M3 6.622% (LIBOR 1 Month + 4.75%), 10/25/24^(l)			4,905		5,468,727
Series 2015-DN1, Class B 13.372% (LIBOR 1 Month + 11.50%), 1/25/25^(l)			2,230		3,219,613


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2015-DN1, Class M3 6.022% (LIBOR 1 Month + 4.15%), 1/25/25^(l)	U.S.$		1,588	$	1,713,568
Series 2015-DNA1, Class B 11.072% (LIBOR 1 Month + 9.20%), 10/25/27^(l)			598		806,493
Series 2015-DNA1, Class M3 5.172% (LIBOR 1 Month + 3.30%), 10/25/27^(l)			480		534,326
Series 2015-DNA2, Class B 9.422% (LIBOR 1 Month + 7.55%), 12/25/27^(l)			1,461		1,806,165
Series 2015-DNA3, Class B 11.222% (LIBOR 1 Month + 9.35%), 4/25/28^(l)			1,030		1,369,174
Series 2015-HQ1, Class B 12.622% (LIBOR 1 Month + 10.75%), 3/25/25^(l)			3,902		5,341,176
Series 2015-HQ1, Class M3 5.672% (LIBOR 1 Month + 3.80%), 3/25/25^(l)			530		572,114
Series 2015-HQA1, Class B 10.672% (LIBOR 1 Month + 8.80%), 3/25/28^(l)			1,013		1,275,720
Series 2015-HQA1, Class M3 6.572% (LIBOR 1 Month + 4.70%), 3/25/28^(l)			1,455		1,668,880
Series 2016-DNA2, Class B 12.372% (LIBOR 1 Month + 10.50%), 10/25/28^(l)			862		1,191,793
Series 2016-DNA2, Class M3 6.522% (LIBOR 1 Month + 4.65%), 10/25/28^(l)			811		931,023
Series 2016-DNA3, Class B 13.122% (LIBOR 1 Month + 11.25%), 12/25/28^(l)			2,780		3,924,155
Series 2016-DNA3, Class M3 6.872% (LIBOR 1 Month + 5.00%), 12/25/28^(l)			1,113		1,296,340
Series 2016-DNA4, Class B 10.472% (LIBOR 1 Month + 8.60%), 3/25/29^(l)			396		481,713
Series 2016-HQA2, Class B 13.372% (LIBOR 1 Month + 11.50%), 11/25/28^(l)			423		586,541
Series 2017-DNA2, Class B1 7.022% (LIBOR 1 Month + 5.15%), 10/25/29^(l)			415		467,953


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2017-DNA2, Class M2 5.322% (LIBOR 1 Month + 3.45%), 10/25/29^(l)	U.S.$		599	$	650,929
Series 2017-DNA3, Class B1 6.322% (LIBOR 1 Month + 4.45%), 3/25/30^(l)			615		656,918
Federal National Mortgage Association Connecticut Avenue Securities Series 2013-C01, Class M2 7.122% (LIBOR 1 Month + 5.25%), 10/25/23^(l)			1,451		1,688,718
Series 2014-C01, Class M2 6.272% (LIBOR 1 Month + 4.40%), 1/25/24^(l)			3,991		4,556,371
Series 2014-C03, Class 1M2 4.872% (LIBOR 1 Month + 3.00%), 7/25/24^(l)			1,100		1,176,575
Series 2014-C04, Class 1M2 6.772% (LIBOR 1 Month + 4.90%), 11/25/24^(l)			2,883		3,300,069
Series 2015-C01, Class 1M2 6.172% (LIBOR 1 Month + 4.30%), 2/25/25^(l)			2,863		3,153,303
Series 2015-C01, Class 2M2 6.422% (LIBOR 1 Month + 4.55%), 2/25/25^(l)			1,370		1,486,616
Series 2015-C02, Class 1M2 5.872% (LIBOR 1 Month + 4.00%), 5/25/25^(l)			846		928,178
Series 2015-C02, Class 2M2 5.872% (LIBOR 1 Month + 4.00%), 5/25/25^(l)			2,393		2,582,641
Series 2015-C03, Class 1M2 6.872% (LIBOR 1 Month + 5.00%), 7/25/25^(l)			2,611		2,970,758
Series 2015-C03, Class 2M2 6.872% (LIBOR 1 Month + 5.00%), 7/25/25^(l)			2,288		2,558,441
Series 2015-C04, Class 1M2 7.572% (LIBOR 1 Month + 5.70%), 4/25/28^(l)			3,012		3,493,603
Series 2015-C04, Class 2M2 7.422% (LIBOR 1 Month + 5.55%), 4/25/28^(l)			1,135		1,278,923
Series 2016-C01, Class 1B 13.622% (LIBOR 1 Month + 11.75%), 8/25/28^(l)			684		1,009,804


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Series 2016-C01, Class 1M2 8.622% (LIBOR 1 Month + 6.75%), 8/25/28^(l)	U.S.$		2,077	$	2,510,987
Series 2016-C01, Class 2M2 8.822% (LIBOR 1 Month + 6.95%), 8/25/28^(l)			761		915,485
Series 2016-C02, Class 1B 14.122% (LIBOR 1 Month + 12.25%), 9/25/28^(l)			450		673,491
Series 2016-C02, Class 1M2 7.872% (LIBOR 1 Month + 6.00%), 9/25/28^(l)			2,375		2,842,996
Series 2016-C03, Class 1B 13.622% (LIBOR 1 Month + 11.75%), 10/25/28^(l)			374		546,664
Series 2016-C03, Class 2B 14.622% (LIBOR 1 Month + 12.75%), 10/25/28^(l)			634		945,070
Series 2016-C03, Class 2M2 7.772% (LIBOR 1 Month + 5.90%), 10/25/28^(l)			3,707		4,353,999
Series 2016-C04, Class 1B 12.122% (LIBOR 1 Month + 10.25%), 1/25/29^(l)			1,493		2,034,704
Series 2016-C05, Class 2B 12.622% (LIBOR 1 Month + 10.75%), 1/25/29^(l)			1,823		2,449,830
Series 2016-C05, Class 2M2 6.322% (LIBOR 1 Month + 4.45%), 1/25/29^(l)			1,486		1,661,397
Series 2016-C06, Class 1B 11.122% (LIBOR 1 Month + 9.25%), 4/25/29^(l)			1,288		1,645,510
Series 2016-C07, Class 2B 11.372% (LIBOR 1 Month + 9.50%), 5/25/29^(l)			1,561		2,035,416
Series 2016-C07, Class 2M2 6.222% (LIBOR 1 Month + 4.35%), 5/25/29^(l)			918		1,019,435
Series 2017-C01, Class 1B1 7.622% (LIBOR 1 Month + 5.75%), 7/25/29^(l)			148		172,834
Series 2017-C02, Class 2M2 5.522% (LIBOR 1 Month + 3.65%), 9/25/29^(l)			1,152		1,250,396


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

JP Morgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 7.372% (LIBOR 1 Month + 5.50%), 10/25/25^(a)(l)	U.S.$		1,431	$	1,601,020
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 7.372% (LIBOR 1 Month + 5.50%), 11/25/25^(h)(l)			616		721,761

					109,677,862

Non-Agency Fixed Rate – 1.1%
Alternative Loan Trust Series 2006-24CB, Class A15 5.75%, 6/25/36			898		778,825
Series 2006-42, Class 1A6 6.00%, 1/25/47			742		625,679
Series 2006-HY12, Class A5 3.411%, 8/25/36			1,529		1,565,348
Series 2006-J1, Class 1A10 5.50%, 2/25/36			1,310		1,195,760
Series 2006-J5, Class 1A1 6.50%, 9/25/36			954		782,190
Series 2007-13, Class A2 6.00%, 6/25/47			1,184		1,019,093
Bear Stearns ARM Trust Series 2007-3, Class 1A1 3.765%, 5/25/47			244		234,533
Series 2007-4, Class 22A1 3.577%, 6/25/47			898		883,221
BNPP Mortgage Securities LLC Trust Series 2009-1, Class B1 6.00%, 8/27/37^(a)			809		652,601
ChaseFlex Trust Series 2007-1, Class 1A3 6.50%, 2/25/37			583		445,765
Citigroup Mortgage Loan Trust Series 2007-AR4, Class 1A1A 3.804%, 3/25/37			189		183,218
Series 2010-3, Class 2A2 6.00%, 8/25/37^(a)			391		334,218
CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A4 5.75%, 3/25/37			1,045		981,904


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Countrywide Home Loan Mortgage Pass-Through Trust Series 2007-HY4, Class 1A1 3.474%, 9/25/47	U.S.$		297	$	277,796
Credit Suisse Mortgage Trust Series 2009-8R, Class 6A2 6.00%, 1/26/38^(a)			117		94,134
CSMC Mortgage-Backed Trust Series 2006-7, Class 3A12 6.25%, 8/25/36			378		312,586
Residential Accredit Loans, Inc. Trust Series 2005-QS14, Class 3A1 6.00%, 9/25/35			543		519,208
Residential Asset Securitization Trust Series 2006-A8, Class 3A4 6.00%, 8/25/36			214		187,667
Washington Mutual Mortgage Pass-Through Certificates Trust Series 2006-9, Class A4 4.815%, 10/25/36			1,649		833,081
Wells Fargo Mortgage Backed Securities Trust Series 2007-AR7, Class A1 3.714%, 12/28/37			1,338		1,299,146

					13,205,973

Non-Agency Floating Rate – 1.0%
Alternative Loan Trust Series 2007-7T2, Class A3 2.472% (LIBOR 1 Month + 0.60%), 4/25/37^(l)			2,831		1,322,808
Citigroup Mortgage Loan Trust Series 2005-8, Class 2A2 2.929% (4.80% – LIBOR 1 Month), 9/25/35^(l)(n)			483		20,927
Countrywide Home Loan Mortgage Pass-Through Trust Series 2007-13, Class A7 2.472% (LIBOR 1 Month + 0.60%), 8/25/37^(l)			631		462,085
First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A6 3.679% (4.80% – LIBOR 1 Month), 4/25/37^(l)(n)			126		16,530
Series 2007-FA2, Class 1A10 2.122% (LIBOR 1 Month + 0.25%), 4/25/37^(l)			372		208,058


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Lehman XS Trust Series 2007-10H, Class 2AIO 5.336% (4.80% – LIBOR 1 Month), 7/25/37^(l)(n)	U.S.$		403	$	68,090
Residential Accredit Loans, Inc. Trust Series 2006-QS18, Class 2A2 4.679% (4.80% – LIBOR 1 Month), 12/25/36^(l)(n)			4,444		786,464
Structured Asset Mortgage Investments II Trust Series 2007-AR6, Class A1 2.783% (12MTA + 1.50%), 8/25/47^(l)			1,685		1,583,370
Wachovia Mortgage Loan Trust Series Series 2006-ALT1, Class A2 2.052% (LIBOR 1 Month + 0.18%), 1/25/37^(l)			10,897		7,685,993

					12,154,325

Total Collateralized Mortgage Obligations (cost $118,733,957)					135,038,160


GOVERNMENTS – TREASURIES – 10.1%
Colombia – 0.4%
Colombian TES Series B 7.00%, 5/04/22	COP		3,621,500		1,357,928
10.00%, 7/24/24			8,000,000		3,436,342

					4,794,270

Indonesia – 1.2%
Indonesia Treasury Bond Series FR53 8.25%, 7/15/21	IDR		15,727,000		1,214,009
Series FR56 8.375%, 9/15/26			58,563,000		4,717,368
Series FR59 7.00%, 5/15/27			70,459,000		5,202,221
Series FR73 8.75%, 5/15/31			37,753,000		3,107,622

					14,241,220

Malaysia – 0.5%
Malaysia Government Bond Series 511 3.58%, 9/28/18	MYR		23,700		6,136,983

					6,136,983


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Russia – 0.9%
Russian Federal Bond – OFZ Series 6209 7.60%, 7/20/22	RUB		37,074	$	675,991
Series 6212 7.05%, 1/19/28			185,020		3,253,526
Series 6217 7.50%, 8/18/21			360,108		6,492,033

					10,421,550

United States – 7.0%
U.S. Treasury Bonds 2.75%, 11/15/42^(p)	U.S.$		2,600		2,509,812
4.50%, 2/15/36^(o)			2,400		2,965,500
5.00%, 5/15/37^(o)(p)			3,500		4,613,437
5.25%, 2/15/29^(o)			5,350		6,595,547
6.125%, 11/15/27^(o)			1,900		2,442,688
6.25%, 5/15/30^(o)			7,800		10,582,407
8.125%, 5/15/21^(o)			5,250		6,147,422
U.S. Treasury Notes 0.875%, 4/15/19^(b)(o)			42,074		41,521,779
2.25%, 2/15/27^(b)(o)			3,873		3,722,921

					81,101,513

Uruguay – 0.1%
Uruguay Government International Bond 8.50%, 3/15/28^(a)	UYU		23,821		771,611
9.875%, 6/20/22^(a)			18,660		665,340

					1,436,951

Total Governments – Treasuries (cost $116,241,906)					118,132,487


EMERGING MARKETS – TREASURIES – 8.6%
Argentina – 1.2%
Argentina POM Politica Monetaria Series POM 27.935% (ARPP7DRR), 6/21/20^(l)	ARS		13,054		685,711
Argentine Bonos del Tesoro 15.50%, 10/17/26			34,006		1,662,181
16.00%, 10/17/23			85,595		4,127,230
18.20%, 10/03/21			110,859		5,514,482
21.20%, 9/19/18			51,130		2,504,402

					14,494,006

Brazil – 4.7%
Brazil Notas do Tesouro Nacional Series F 10.00%, 1/01/21-1/01/27	BRL		174,098		54,572,580


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Dominican Republic – 0.5%
Dominican Republic International Bond 16.00%, 7/10/20^(h)	DOP		229,800	$	5,369,793


South Africa – 0.1%
Republic of South Africa Government Bond Series R204 8.00%, 12/21/18	ZAR		10,750		915,671


Sri Lanka – 0.5%
Sri Lanka Government Bonds 10.25%, 3/15/25	LKR		113,000		722,413
Series A 11.50%, 12/15/21-5/15/23			603,000		4,050,792
11.75%, 6/15/27			105,000		714,744

					5,487,949

Turkey – 1.6%
Turkey Government Bond 10.60%, 2/11/26	TRY		4,718		1,088,769
11.00%, 2/24/27			44,572		10,484,177
11.10%, 5/15/19			31,033		7,642,991

					19,215,937

Total Emerging Markets – Treasuries (cost $105,751,087)					100,055,936


EMERGING MARKETS – SOVEREIGNS – 7.0%
Angola – 0.1%
Angolan Government International Bond 9.50%, 11/12/25^(a)	U.S.$		232		261,580
Republic of Angola Via Northern Lights III BV 7.00%, 8/17/19^(a)			513		521,596

					783,176

Argentina – 1.2%
Argentine Republic Government International Bond 6.875%, 4/22/21-1/26/27			8,638		8,882,947
7.50%, 4/22/26			150		160,275
7.82%, 12/31/33	EUR		3,829		5,305,919

					14,349,141

Bahrain – 0.1%
Bahrain Government International Bond 6.75%, 9/20/29^(a)	U.S.$		528		492,360
7.00%, 10/12/28^(a)			1,253		1,204,446

					1,696,806


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Belarus – 0.0%
Republic of Belarus International Bond 6.875%, 2/28/23^(a)	U.S.$		245	$	259,333


Cameroon – 0.1%
Republic of Cameroon International Bond 9.50%, 11/19/25^(a)			1,222		1,402,245


Costa Rica – 0.1%
Costa Rica Government International Bond 4.37%, 5/22/19^(a)			858		856,038


Dominican Republic – 0.8%
Dominican Republic International Bond 5.95%, 1/25/27^(a)			1,553		1,632,591
7.45%, 4/30/44^(a)			1,283		1,459,413
8.625%, 4/20/27^(a)			5,719		6,741,271

					9,833,275

Ecuador – 0.3%
Ecuador Government International Bond 7.95%, 6/20/24^(a)			667		670,335
9.65%, 12/13/26^(a)			385		411,565
10.50%, 3/24/20^(a)			1,069		1,160,123
10.75%, 3/28/22^(a)			1,032		1,142,940

					3,384,963

Egypt – 0.3%
Egypt Government International Bond 6.125%, 1/31/22^(a)			3,009		3,118,076


El Salvador – 0.1%
El Salvador Government International Bond 5.875%, 1/30/25^(a)			592		579,420
7.625%, 9/21/34^(a)			762		816,293
7.75%, 1/24/23^(a)			339		369,086

					1,764,799

Gabon – 0.3%
Gabon Government International Bond 6.375%, 12/12/24^(a)			2,052		2,031,890
6.95%, 6/16/25^(a)			1,050		1,063,125

					3,095,015

Honduras – 0.1%
Honduras Government International Bond 6.25%, 1/19/27^(a)			1,018		1,075,263


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Iraq – 0.1%
Iraq International Bond 5.80%, 1/15/28^(a)	U.S.$		264	$	252,780
6.752%, 3/09/23^(a)			402		408,533

					661,313

Ivory Coast – 0.5%
Ivory Coast Government International Bond 5.125%, 6/15/25^(a)	EUR		168		216,038
5.75%, 12/31/32^(a)	U.S.$		2,391		2,301,193
6.125%, 6/15/33^(a)			1,322		1,255,900
6.375%, 3/03/28^(a)			2,678		2,698,086

					6,471,217

Jamaica – 0.2%
Jamaica Government International Bond 7.625%, 7/09/25			506		592,020
7.875%, 7/28/45			1,240		1,478,700

					2,070,720

Jordan – 0.1%
Jordan Government International Bond 5.75%, 1/31/27^(a)			634		616,565


Kenya – 0.1%
Kenya Government International Bond 5.875%, 6/24/19^(a)			702		719,550
7.25%, 2/28/28^(a)			649		679,016

					1,398,566

Mongolia – 0.2%
Mongolia Government International Bond 5.125%, 12/05/22^(a)			2,426		2,366,320


Nigeria – 0.1%
Nigeria Government International Bond 6.50%, 11/28/27^(a)			388		393,820
7.875%, 2/16/32^(a)			489		531,788

					925,608

Pakistan – 0.1%
Pakistan Government International Bond 7.25%, 4/15/19^(a)			1,498		1,525,713


Senegal – 0.1%
Senegal Government International Bond 6.25%, 5/23/33^(a)			593		584,846
8.75%, 5/13/21^(a)			310		348,750

					933,596


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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Serbia – 0.0%
Serbia International Bond 6.75%, 11/01/24^(a)	U.S.$		177	$	178,154


Sri Lanka – 0.2%
Sri Lanka Government International Bond 6.00%, 1/14/19^(a)			799		812,902
6.125%, 6/03/25^(a)			350		348,747
6.20%, 5/11/27^(a)			685		673,869

					1,835,518

Turkey – 0.8%
Turkey Government International Bond 4.875%, 10/09/26-4/16/43			4,986		4,348,678
5.625%, 3/30/21			2,600		2,691,000
6.00%, 3/25/27			2,182		2,217,457

					9,257,135

Ukraine – 0.5%
Ukraine Government International Bond 7.75%, 9/01/22-9/01/24^(a)			5,627		5,832,559


Venezuela – 0.2%
Venezuela Government International Bond 9.25%, 9/15/27^(g)(i)			7,978		2,572,905
9.25%, 5/07/28^(a)(g)(i)			300		88,500

					2,661,405

Zambia – 0.3%
Zambia Government International Bond 8.50%, 4/14/24^(a)(b)			1,846		1,933,685
8.97%, 7/30/27^(a)			1,190		1,256,937