N-CSR

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, 2023

Date of reporting period: March 31, 2023

ITEM 1. REPORTS TO STOCKHOLDERS.

MAR^03.31.23

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 as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. AB publishes full portfolio holdings for the Fund monthly at www.abfunds.com.

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

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


FROM THE PRESIDENT

Dear Shareholder,

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

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

⁺

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

⁺

Applying differentiated investment insights through a connected global research network

⁺

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

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

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

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

Sincerely,

LOGO

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds



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

ANNUAL REPORT

May 8, 2023

This report provides management’s discussion of fund performance for AllianceBernstein Global High Income Fund, Inc. for the annual reporting period ended March 31, 2023. 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, 2023 (unaudited)



	6 Months		12 Months

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND (NAV)¹		9.43%		-4.09%

Primary Benchmark: Bloomberg Global High Yield Index (USD hedged)		9.45%		-3.45%

Blended Benchmark: 33% JPM GBI-EM / 33% JPM EMBI Global / 33% Bloomberg US Corporate HY 2% Issuer Capped Index		8.78%		-3.93%

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the Financial Highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

The Fund’s market price per share on March 31, 2023, was $9.72. The Fund’s NAV per share on March 31, 2023, was $10.56. For additional financial highlights, please see pages 117-118.

INVESTMENT RESULTS

The table above shows the Fund’s performance compared with its primary benchmark, the Bloomberg Global High Yield Index (USD hedged), as well as its blended benchmark for the six- and 12-month periods ended March 31, 2023. The blended benchmark is composed of equal weightings of the JPMorgan Government Bond Index-Emerging Markets (“JPM GBI-EM”) (local currency-denominated), the JPMorgan Emerging Markets Bond Index Global (“JPM EMBI Global”) and the Bloomberg US Corporate High Yield (“HY”) 2% Issuer Capped Index.

During the 12-month period, the Fund underperformed its primary and blended benchmarks. Security selection was the main detractor, relative to the primary benchmark, due to selections within US and eurozone high-yield corporate bonds, along with emerging-market sovereign and corporate bonds, which were partially offset by gains from selection within commercial mortgage-backed securities (“CMBS”) and US investment-grade corporate bonds. Yield-curve positioning was the largest contributor. Sector allocation also contributed, mostly from off-benchmark exposure to agency risk-sharing transactions and emerging-market sovereign bonds that added more to performance than losses from off-benchmark exposure to bank loans and emerging-market corporate



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

bonds. An underweight to the eurozone contributed from a country perspective. Currency decisions were a minor contributor, from a short in the euro.

Over the six-month period, the Fund underperformed its primary benchmark and outperformed its blended benchmark. Security selection detracted from performance, mainly from selections within US high-yield corporate bonds and CMBS that were partially offset by gains from selection within eurozone high-yield corporates and emerging-market corporate bonds. Sector allocation was the largest contributor to performance, mostly from the utilization of credit default swaps in the eurozone, off-benchmark exposure to collateralized loan obligations and an overweight to US high-yield corporate bonds. Losses from underweights to emerging-market sovereign and corporate bonds, and off-benchmark exposure to CMBS, US Treasuries, bank loans and US investment-grade corporate bonds partially offset gains. Yield-curve positioning added to performance, mostly from an overweight on the six-month part of the curve in the US, offset by a loss on the two-year part of the US curve from an underweight. An underweight to the eurozone contributed at the country level. A currency long position in the euro was a minor contributor to performance.

During both periods, the Fund used interest rate swaps and futures to manage and hedge duration risk and/or to take active yield-curve positioning. Currency forwards were used to hedge foreign currency exposure and/or to take active currency risk. Interest rate swaptions were used to take active yield-curve positioning. Credit default swaps were used to effectively obtain high-yield credit/sector exposure. Total return swaps were used to take active credit risk. During the 12-month period, written options were used to generate income.

During the 12-month period, the utilization of leverage on behalf of the Fund detracted from performance, relative to the benchmark. As the benchmark generated negative returns in excess of the Fund’s borrowing rates, the utilization of leverage detracted from the Fund’s absolute returns. During the six-month period, the utilization of leverage on behalf of the Fund contributed to outperformance, relative to the benchmark. As the benchmark generated positive returns in excess of the Fund’s borrowing rates, the utilization of leverage contributed to the Fund’s absolute returns.

MARKET REVIEW AND INVESTMENT STRATEGY

During the 12-month period ended March 31, 2023, fixed-income government bond market yields rose sharply, and bond prices fell in all major developed markets, except in Japan and Australia, as most central banks raised interest rates significantly to combat persistent inflation. Developed-market top-line inflation peaked in October, causing bond markets to rally until February, when investors realized that sticky core inflation would be



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more difficult to contain. Stress in the global banking sector led treasury markets to rally on growth concerns. Global investment-grade corporate bonds, which typically have longer maturities and are more sensitive to changes in yields than high-yield corporates, underperformed global treasuries—trailing US Treasury bonds in the US, while outperforming eurozone treasuries in the euro bloc. Developed-market high-yield corporate bonds also fell, but they significantly outperformed global treasuries, and outperformed respective treasury markets in the US and eurozone. Emerging-market hard-currency sovereign bonds trailed global developed-market treasuries as the US dollar rose against most developed- and emerging-market currencies. Emerging-market hard-currency corporate bonds outperformed developed-market treasuries by a wide margin, with high yield posting a small positive return. Emerging-market local-currency bonds also outperformed developed-market treasuries and led risk assets. Brent crude oil prices fell significantly on reduced demand and economic growth concerns.

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

INVESTMENT POLICIES

The Fund invests without limit in securities denominated in non-US currencies as well as those denominated in the US dollar. The Fund may also invest, without limit, in sovereign debt securities issued by emerging and developed nations and in debt securities of US and non-US corporate issuers. For more information regarding the Fund’s risks, please see “Disclosures and Risks” on pages 5-8 and “Note E—Risks Involved in Investing in the Fund” of the Notes to Financial Statements on pages 110-114.



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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 122-123.

Benchmark Disclosure

All indices are unmanaged and do not reflect fees and expenses associated with the active management of a fund portfolio. The Bloomberg Global High Yield Index (USD hedged) represents non-investment grade fixed-income securities of companies in the US, and developed and emerging markets, hedged to the US dollar. The JPM^® GBI-EM represents the performance of local currency government bonds issued by emerging markets. The JPM EMBI Global (market-capitalization weighted) represents the performance of US dollar-denominated Brady bonds, Eurobonds and trade loans issued by sovereign and quasi-sovereign entities. The Bloomberg US Corporate HY 2% Issuer Capped Index is the 2% Issuer Capped component of the US Corporate High Yield Index, which represents the performance of fixed-income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million and at least one year to maturity. An investor cannot invest directly in an index, and its results are not indicative of the performance of any specific investment, including the Fund.

A Word About Risk

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



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

DISCLOSURES AND RISKS (continued)

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

Interest-Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effect of potential central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

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

Below Investment-Grade Securities Risk: Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) are subject to a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments and negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

Duration Risk: Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.



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DISCLOSURES AND RISKS (continued)

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

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

Emerging-Market Risk: Investments in emerging-market countries may have more risk because the markets are less developed and less liquid and are 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.

Derivatives Risk: Investments in derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, which could cause the Fund to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.

Illiquid Investments Risk: Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes, large positions and heavy redemptions of Fund shares. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally decline.

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



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DISCLOSURES AND RISKS (continued)

no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

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

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

An Important Note About Historical Performance

The performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. All fees and expenses related to the operation of the Fund have been deducted. Performance assumes reinvestment of distributions and does not account for taxes. Historical performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the sale of fund shares and assumes the reinvestment of dividends and capital gains distributions at prices obtained pursuant to the Fund’s dividend reinvestment plan.



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HISTORICAL PERFORMANCE

GROWTH OF A $10,000 INVESTMENT IN THE FUND (unaudited)

3/31/2013 TO 3/31/2023

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein Global High Income Fund based on market prices (from 3/31/2013 to 3/31/2023) as compared with the performance of the Fund’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions at prices obtained pursuant to the Fund’s dividend reinvestment plan.



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HISTORICAL PERFORMANCE (continued)

AVERAGE ANNUAL RETURNS AS OF MARCH 31, 2023 (unaudited)



	NAV Returns		Market Price

1 Year		-4.09%		-5.00%

5 Years		2.41%		3.41%

10 Years		4.33%		3.06%

AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

MARCH 31, 2023 (unaudited)



	NAV Returns		Market Price

1 Year		-4.09%		-5.00%

5 Years		2.41%		3.41%

10 Years		4.33%		3.06%

Performance assumes the reinvestment of dividends and capital gains distributions at prices obtained pursuant to the Fund’s dividend reinvestment plan.



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PORTFOLIO SUMMARY

March 31, 2023 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $910.9

LOGO

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 0.2% or less in the following: Governments–Sovereign Bonds, Inflation-Linked Securities, Preferred Stocks and Rights.

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 other investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 0.6% or less in the following: Angola, Argentina, Australia, Belgium, Cayman Islands, Chile, China, Colombia, Czech Republic, Ecuador, Egypt, El Salvador, Finland, Gabon, Ghana, Guatemala, Hong Kong, Indonesia, Ireland, Israel, Jamaica, Japan, Jersey (Channel Islands), Kazakhstan, Kuwait, Morocco, Netherlands, Nigeria, Norway, Panama, Peru, Slovenia, South Africa, South Korea, Sweden, Switzerland, Trinidad & Tobago, Turkey, Ukraine, Venezuela and Zambia.



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PORTFOLIO OF INVESTMENTS

March 31, 2023


		Principal Amount (000)		U.S. $ Value

CORPORATES - NON-INVESTMENT GRADE – 55.3%
Industrial – 48.9%
Basic – 3.1%
Advanced Drainage Systems, Inc. 5.00%, 09/30/2027^(a)	U.S.$		140	$	133,279
6.375%, 06/15/2030^(a)			27		26,585
Arconic Corp. 6.125%, 02/15/2028^(a)			83		81,833
ASP Unifrax Holdings, Inc. 5.25%, 09/30/2028^(a)			851		680,172
7.50%, 09/30/2029^(a)			1,244		843,751
Baffinland Iron Mines Corp./Baffinland Iron Mines LP 8.75%, 07/15/2026^(a)			215		205,330
Berry Global, Inc. 5.625%, 07/15/2027^(a)			166		163,475
Big River Steel LLC/BRS Finance Corp. 6.625%, 01/31/2029^(a)			171		171,130
Cerdia Finanz GmbH 10.50%, 02/15/2027^(a)			419		384,377
Chemours Co. (The) 5.375%, 05/15/2027			13		12,049
5.75%, 11/15/2028^(a)			232		208,428
Cleveland-Cliffs, Inc. 6.75%, 03/15/2026^(a)			107		108,863
Commercial Metals Co. 4.125%, 01/15/2030			80		71,057
4.375%, 03/15/2032			80		69,364
Constellium SE 3.125%, 07/15/2029^(a)	EUR		1,109		974,527
Crown Americas LLC/Crown Americas Capital Corp. VI 4.75%, 02/01/2026	U.S.$		439		429,711
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125%, 06/15/2028^(a)			370		328,219
Domtar Corp. 6.75%, 10/01/2028^(a)			140		124,642
Element Solutions, Inc. 3.875%, 09/01/2028^(a)			1,279		1,121,166
ERP Iron Ore, LLC 9.039%, 12/31/2019^{(b)(c)(d)(e)(f)}			240		160,109
FMG Resources (August 2006) Pty Ltd. 4.375%, 04/01/2031^(a)			2,191		1,892,327
4.50%, 09/15/2027^(a)			877		824,389
5.875%, 04/15/2030^(a)			76		72,840
6.125%, 04/15/2032^(a)			2,563		2,457,822



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PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Glatfelter Corp. 4.75%, 11/15/2029^(a)	U.S.$		77	$	51,339
Graham Packaging Co., Inc. 7.125%, 08/15/2028^(a)			420		364,915
Graphic Packaging International LLC 3.75%, 02/01/2030^(a)			1,661		1,450,851
Hecla Mining Co. 7.25%, 02/15/2028			282		284,700
Hudbay Minerals, Inc. 4.50%, 04/01/2026^(a)			215		199,995
6.125%, 04/01/2029^(a)			174		164,461
INEOS Quattro Finance 1 PLC 3.75%, 07/15/2026^(a)	EUR		101		94,949
INEOS Quattro Finance 2 PLC 3.375%, 01/15/2026^(a)	U.S.$		426		389,670
Ingevity Corp. 3.875%, 11/01/2028^(a)			643		555,753
Intelligent Packaging Holdco Issuer LP 9.00% (9.00% Cash or 9.75% PIK), 01/15/2026^(a)(f)			611		439,916
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC 6.00%, 09/15/2028^(a)			603		518,460
Kaiser Aluminum Corp. 4.50%, 06/01/2031^(a)			47		38,616
Kobe US Midco 2, Inc. 9.25% (9.25% Cash or 10.00% PIK), 11/01/2026^(a)(f)			1,300		949,251
LABL, Inc. 6.75%, 07/15/2026^(a)			222		214,240
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018^{(b)(c)(d)(e)(g)}			2,857		– 0	–
Mercer International, Inc. 5.125%, 02/01/2029			969		830,043
Methanex Corp. 5.25%, 12/15/2029			16		14,955
Mineral Resources Ltd. 8.00%, 11/01/2027^(a)			192		195,401
8.125%, 05/01/2027^(a)			158		159,087
8.50%, 05/01/2030^(a)			53		52,976
Novelis Corp. 3.25%, 11/15/2026^(a)			61		55,710
3.875%, 08/15/2031^(a)			19		15,993
4.75%, 01/30/2030^(a)			135		124,085
Olympus Water US Holding Corp. 4.25%, 10/01/2028^(a)			237		193,795
7.125%, 10/01/2027^(a)			755		708,325



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PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Rain CII Carbon LLC/CII Carbon Corp. 7.25%, 04/01/2025^(a)	U.S.$		224	$	214,788
Roller Bearing Co. of America, Inc. 4.375%, 10/15/2029^(a)			143		127,609
SCIH Salt Holdings, Inc. 4.875%, 05/01/2028^(a)			68		60,525
SCIL IV LLC/SCIL USA Holdings LLC 4.375%, 11/01/2026^(a)	EUR		320		319,663
5.375%, 11/01/2026^(a)	U.S.$		1,039		955,271
Sealed Air Corp. 4.00%, 12/01/2027^(a)			192		179,210
6.875%, 07/15/2033^(a)			726		739,126
Sealed Air Corp./Sealed Air Corp. US 6.125%, 02/01/2028^(a)			546		552,492
SPCM SA 3.125%, 03/15/2027^(a)			655		575,431
3.375%, 03/15/2030^(a)			951		787,353
SunCoke Energy, Inc. 4.875%, 06/30/2029^(a)			145		127,168
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 5.375%, 09/01/2025^(a)			256		207,054
Tronox, Inc. 4.625%, 03/15/2029^(a)			98		82,048
United States Steel Corp. 6.65%, 06/01/2037			37		35,735
6.875%, 03/01/2029			110		109,994
Vibrantz Technologies, Inc. 9.00%, 02/15/2030^(a)			3,258		2,496,594
WR Grace Holdings LLC 4.875%, 06/15/2027^(a)			1,174		1,131,239
5.625%, 08/15/2029^(a)			61		51,750

					28,365,981

Capital Goods – 3.6%
ARD Finance SA 5.00% (5.00% Cash or 5.75% PIK), 06/30/2027^(a)(f)	EUR		3,069		2,485,547
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 4.00%, 09/01/2029^(a)	U.S.$		985		772,279
6.00%, 06/15/2027^(a)			684		676,237
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 4.125%, 08/15/2026^(a)			2,663		2,480,276
5.25%, 08/15/2027^(a)			235		184,288
Artera Services LLC 9.033%, 12/04/2025^(a)			133		114,558



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PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Ball Corp. 5.25%, 07/01/2025	U.S.$		103	$	102,847
6.875%, 03/15/2028			159		164,544
Bombardier, Inc. 6.00%, 02/15/2028^(a)			77		75,017
7.125%, 06/15/2026^(a)			217		218,641
7.50%, 02/01/2029^(a)			74		75,607
7.875%, 04/15/2027^(a)			1,814		1,839,364
Camelot Return Merger Sub, Inc. 8.75%, 08/01/2028^(a)			196		181,408
Clean Harbors, Inc. 4.875%, 07/15/2027^(a)			69		66,959
6.375%, 02/01/2031^(a)			11		11,224
Covanta Holding Corp. 4.875%, 12/01/2029^(a)			66		58,314
Crown Americas LLC 5.25%, 04/01/2030			411		397,746
Eco Material Technologies, Inc. 7.875%, 01/31/2027^(a)			2,614		2,488,533
Energizer Holdings, Inc. 4.75%, 06/15/2028^(a)			348		315,181
EnerSys 4.375%, 12/15/2027^(a)			935		866,776
F-Brasile SpA/F-Brasile US LLC Series XR 7.375%, 08/15/2026^(a)			957		793,848
GrafTech Finance, Inc. 4.625%, 12/15/2028^(a)			65		54,839
Griffon Corp. 5.75%, 03/01/2028			603		558,856
Harsco Corp. 5.75%, 07/31/2027^(a)			1,384		1,083,913
JELD-WEN, Inc. 4.625%, 12/15/2025^(a)			128		119,416
Koppers, Inc. 6.00%, 02/15/2025^(a)			118		117,969
Madison IAQ LLC 5.875%, 06/30/2029^(a)			359		275,880
Masonite International Corp. 5.375%, 02/01/2028^(a)			166		158,530
MIWD Holdco II LLC/MIWD Finance Corp. 5.50%, 02/01/2030^(a)			84		70,864
Moog, Inc. 4.25%, 12/15/2027^(a)			171		160,428
Mueller Water Products, Inc. 4.00%, 06/15/2029^(a)			291		261,762



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

New Enterprise Stone & Lime Co., Inc. 5.25%, 07/15/2028^(a)	U.S.$		13	$	11,571
Oscar AcquisitionCo LLC/Oscar Finance, Inc. 9.50%, 04/15/2030^(a)			63		54,823
Owens-Brockway Glass Container, Inc. 6.625%, 05/13/2027^(a)			165		165,139
Renk AG/Frankfurt am Main 5.75%, 07/15/2025^(a)	EUR		1,560		1,653,144
Rolls-Royce PLC 3.625%, 10/14/2025^(a)	U.S.$		918		867,472
Silgan Holdings, Inc. 4.125%, 02/01/2028			213		200,531
Smyrna Ready Mix Concrete LLC 6.00%, 11/01/2028^(a)			53		49,724
Spirit AeroSystems, Inc. 4.60%, 06/15/2028			23		19,490
Stericycle, Inc. 3.875%, 01/15/2029^(a)			764		673,669
Summit Materials LLC/Summit Materials Finance Corp. 5.25%, 01/15/2029^(a)			164		155,623
Terex Corp. 5.00%, 05/15/2029^(a)			86		79,927
Titan Holdings II BV 5.125%, 07/15/2029^(a)	EUR		649		541,568
TK Elevator Holdco GmbH 7.625%, 07/15/2028^(a)	U.S.$		465		403,816
TK Elevator Midco GmbH 4.375%, 07/15/2027^(a)	EUR		885		869,118
TK Elevator US Newco, Inc. 5.25%, 07/15/2027^(a)	U.S.$		525		495,385
TransDigm, Inc. 4.625%, 01/15/2029			491		436,161
4.875%, 05/01/2029			2,049		1,813,685
5.50%, 11/15/2027			175		165,030
6.25%, 03/15/2026^(a)			332		332,261
6.375%, 06/15/2026			165		162,186
6.75%, 08/15/2028^(a)			2,508		2,533,070
Triumph Group, Inc. 7.75%, 08/15/2025			428		392,386
9.00%, 03/15/2028^(a)			2,516		2,519,254
Trivium Packaging Finance BV 3.75%, 08/15/2026^(a)	EUR		100		100,090
Tutor Perini Corp. 6.875%, 05/01/2025^(a)	U.S.$		90		63,497



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Waste Pro USA, Inc. 5.50%, 02/15/2026^(a)	U.S.$		41	$	37,721
WESCO Distribution, Inc. 7.125%, 06/15/2025^(a)			20		20,336
7.25%, 06/15/2028^(a)			308		316,517

					32,364,845

Communications - Media – 7.4%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028^(a)			393		298,172
Allen Media LLC/Allen Media Co-Issuer, Inc. 10.50%, 02/15/2028^(a)			42		22,997
Altice Financing SA 5.00%, 01/15/2028^(a)			1,456		1,173,134
5.75%, 08/15/2029^(a)			5,165		4,118,618
AMC Networks, Inc. 4.25%, 02/15/2029			1,098		672,888
4.75%, 08/01/2025			914		807,069
Arches Buyer, Inc. 6.125%, 12/01/2028^(a)			605		501,314
Banijay Entertainment SASU 3.50%, 03/01/2025^(a)	EUR		210		221,399
5.375%, 03/01/2025^(a)	U.S.$		2,324		2,260,831
CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 01/15/2034^(a)			163		126,256
4.50%, 08/15/2030^(a)			4,665		3,932,180
4.50%, 06/01/2033^(a)			2,998		2,390,728
4.75%, 02/01/2032^(a)			6,963		5,860,096
5.125%, 05/01/2027^(a)			327		308,867
6.375%, 09/01/2029^(a)			1,760		1,680,522
7.375%, 03/01/2031^(a)			2,762		2,722,304
Clear Channel Outdoor Holdings, Inc. 5.125%, 08/15/2027^(a)			512		459,371
CMG Media Corp. 8.875%, 12/15/2027^(a)			158		119,496
CSC Holdings LLC 4.50%, 11/15/2031^(a)			981		702,515
4.625%, 12/01/2030^(a)			1,461		718,995
5.375%, 02/01/2028^(a)			1,278		1,049,584
5.75%, 01/15/2030^(a)			6,396		3,234,736
7.50%, 04/01/2028^(a)			1,150		732,460
Deluxe Corp. 8.00%, 06/01/2029^(a)			17		12,409
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375%, 08/15/2026^(a)			299		16,176



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

DISH DBS Corp. 5.125%, 06/01/2029	U.S.$		2,995	$	1,580,405
5.25%, 12/01/2026^(a)			2,798		2,235,418
5.75%, 12/01/2028^(a)			2,596		1,938,284
5.875%, 11/15/2024			1,821		1,624,699
7.375%, 07/01/2028			115		65,547
7.75%, 07/01/2026			727		479,822
DISH Network Corp. 11.75%, 11/15/2027^(a)			72		69,232
Gray Escrow II, Inc. 5.375%, 11/15/2031^(a)			1,381		905,913
iHeartCommunications, Inc. 4.75%, 01/15/2028^(a)			60		47,826
5.25%, 08/15/2027^(a)			1,499		1,225,003
8.375%, 05/01/2027			178		129,298
LCPR Senior Secured Financing DAC 5.125%, 07/15/2029^(a)			2,910		2,459,861
6.75%, 10/15/2027^(a)			200		184,032
Liberty Interactive LLC 3.75%, 02/15/2030^(h)			870		134,438
McGraw-Hill Education, Inc. 5.75%, 08/01/2028^(a)			1,123		977,010
National CineMedia LLC 5.875%, 04/15/2028^(a)			623		192,995
Nexstar Media Inc. 4.75%, 11/01/2028^(a)			172		152,910
Outfront Media Capital LLC/Outfront Media Capital Corp. 4.625%, 03/15/2030^(a)			391		324,148
5.00%, 08/15/2027^(a)			113		102,899
Radiate Holdco LLC/Radiate Finance, Inc. 4.50%, 09/15/2026^(a)			1,331		1,040,699
6.50%, 09/15/2028^(a)			124		51,130
Scripps Escrow II, Inc. 3.875%, 01/15/2029^(a)			26		20,332
Sinclair Television Group, Inc. 4.125%, 12/01/2030^(a)			1,613		1,302,205
5.50%, 03/01/2030^(a)(i)			944		750,672
Sirius XM Radio, Inc. 4.00%, 07/15/2028^(a)			6,132		5,270,947
4.125%, 07/01/2030^(a)			204		166,761
5.00%, 08/01/2027^(a)			982		912,735
5.50%, 07/01/2029^(a)			186		169,122
Stagwell Global LLC 5.625%, 08/15/2029^(a)			67		58,801
Summer BC Holdco B SARL 5.75%, 10/31/2026^(a)	EUR		1,395		1,318,197



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Summer BidCo BV 9.00% (9.00% Cash or 9.75% PIK), 11/15/2025^(a)(f)	EUR		877	$	735,053
TEGNA, Inc. 5.00%, 09/15/2029	U.S.$		333		288,035
Townsquare Media, Inc. 6.875%, 02/01/2026^(a)			113		106,410
Univision Communications, Inc. 6.625%, 06/01/2027^(a)			1,593		1,513,347
7.375%, 06/30/2030^(a)			1,186		1,118,940
Urban One, Inc. 7.375%, 02/01/2028^(a)			2,221		2,015,773
VZ Vendor Financing II BV 2.875%, 01/15/2029^(a)	EUR		885		764,201
Ziggo Bond Co. BV 5.125%, 02/28/2030^(a)	U.S.$		1,124		903,845

					67,480,062

Communications - Telecommunications – 2.9%
Altice France SA/France 3.375%, 01/15/2028^(a)	EUR		885		749,401
5.125%, 07/15/2029^(a)	U.S.$		6,254		4,713,356
5.50%, 10/15/2029^(a)			431		330,270
8.125%, 02/01/2027^(a)			224		205,827
British Telecommunications PLC 4.25%, 11/23/2081^(a)			214		185,866
Connect Finco SARL/Connect US Finco LLC 6.75%, 10/01/2026^(a)			2,440		2,290,550
Consolidated Communications, Inc. 5.00%, 10/01/2028^(a)			795		540,116
6.50%, 10/01/2028^(a)			2,067		1,506,880
Embarq Corp. 7.995%, 06/01/2036			2,128		891,989
Frontier Communications Holdings LLC 5.875%, 11/01/2029			132		100,567
6.75%, 05/01/2029^(a)			524		415,270
8.625%, 03/15/2031^(a)			73		71,472
8.75%, 05/15/2030^(a)			893		888,993
Hughes Satellite Systems Corp. 6.625%, 08/01/2026			465		439,181
Iliad Holding SASU 6.50%, 10/15/2026^(a)			719		687,691
Intelsat Jackson Holdings SA 5.50%, 08/01/2023^(b)(c)(e)			1,675		– 0	–
Level 3 Financing, Inc. 3.625%, 01/15/2029^(a)			64		35,324
3.75%, 07/15/2029^(a)			1,018		543,478



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

4.25%, 07/01/2028^(a)	U.S.$		791	$	445,749
4.625%, 09/15/2027^(a)			1,691		1,015,801
Lorca Telecom Bondco SA 4.00%, 09/18/2027^(a)	EUR		952		948,969
Lumen Technologies, Inc. Series P 7.60%, 09/15/2039	U.S.$		73		27,919
Series U 7.65%, 03/15/2042			68		25,876
Telecom Italia Capital SA 6.00%, 09/30/2034			50		42,711
7.20%, 07/18/2036			451		409,025
7.721%, 06/04/2038			1,596		1,480,143
Telecom Italia SpA/Milano 5.303%, 05/30/2024^(a)			403		394,844
Telesat Canada/Telesat LLC 5.625%, 12/06/2026^(a)			14		7,343
6.50%, 10/15/2027^(a)			132		39,898
United Group BV 3.625%, 02/15/2028^(a)	EUR		237		183,228
4.625%, 08/15/2028^(a)			481		384,880
7.357% (EURIBOR 3 Month + 4.88%), 02/01/2029^(j)			896		811,698
Vmed O2 UK Financing I PLC 4.25%, 01/31/2031^(a)	U.S.$		530		439,842
4.75%, 07/15/2031^(a)			3,880		3,307,086
Vodafone Group PLC 4.125%, 06/04/2081			208		162,240
5.125%, 06/04/2081			48		33,600
Windstream Escrow LLC/Windstream Escrow Finance Corp. 7.75%, 08/15/2028^(a)			235		189,803
Zayo Group Holdings, Inc. 4.00%, 03/01/2027^(a)			1,515		1,149,111
6.125%, 03/01/2028^(a)			128		77,609

					26,173,606

Consumer Cyclical - Automotive – 4.0%
Adient Global Holdings Ltd. 4.875%, 08/15/2026^(a)			400		385,318
Allison Transmission, Inc. 3.75%, 01/30/2031^(a)			213		181,495
5.875%, 06/01/2029^(a)			1,163		1,132,434
American Axle & Manufacturing, Inc. 5.00%, 10/01/2029			220		186,075
Aston Martin Capital Holdings Ltd. 15.00% (8.89% Cash and 6.11% PIK), 11/30/2026^(a)(f)			1,028		1,099,052



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Clarios Global LP/Clarios US Finance Co. 4.375%, 05/15/2026^(a)	EUR		210	$	216,904
Dana Financing Luxembourg SARL 5.75%, 04/15/2025^(a)	U.S.$		109		107,701
Dana, Inc. 4.25%, 09/01/2030			760		619,835
5.375%, 11/15/2027			109		103,021
5.625%, 06/15/2028			182		170,918
Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028^(a)			1,116		1,002,947
Exide Technologies (Exchange Priority) 11.00%, 10/31/2024^(b)(c)(e)(g)			2,940		– 0	–
(First Lien) 11.00%, 10/31/2024^(b)(c)(e)(g)			1,207		– 0	–
Ford Motor Co. 3.25%, 02/12/2032			3,020		2,364,403
4.75%, 01/15/2043			107		81,455
5.291%, 12/08/2046			249		201,996
6.10%, 08/19/2032			4,663		4,504,965
Ford Motor Credit Co. LLC 2.70%, 08/10/2026			793		705,863
3.664%, 09/08/2024			200		192,565
4.271%, 01/09/2027			220		204,951
4.95%, 05/28/2027			1,160		1,106,379
7.35%, 11/04/2027			4,412		4,551,223
Series G 4.389%, 01/08/2026			200		189,727
Goodyear Tire & Rubber Co. (The) 5.25%, 04/30/2031			49		43,088
IHO Verwaltungs GmbH 3.625% (3.625% Cash or 4.375% PIK), 05/15/2025^(a)(f)	EUR		284		306,951
3.75% (3.75% Cash or 4.50% PIK), 09/15/2026^(a)(f)			885		862,858
3.875% (3.875% Cash or 4.625% PIK), 05/15/2027^(a)(f)			338		322,112
4.75% (4.75% Cash or 5.50% PIK), 09/15/2026^(a)(f)	U.S.$		433		386,428
6.00% (6.00% Cash or 6.75% PIK), 05/15/2027^(a)(f)			1,984		1,823,562
8.75% (8.75% Cash or 9.50% PIK), 05/15/2028^(a)(f)	EUR		306		339,438
Jaguar Land Rover Automotive PLC 5.50%, 07/15/2029^(a)	U.S.$		1,490		1,168,278
5.875%, 01/15/2028^(a)			1,295		1,091,733
7.75%, 10/15/2025^(a)			1,417		1,374,421



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

JB Poindexter & Co., Inc. 7.125%, 04/15/2026^(a)	U.S.$		146	$	136,901
Mclaren Finance PLC 7.50%, 08/01/2026^(a)			1,973		1,612,429
PM General Purchaser LLC 9.50%, 10/01/2028^(a)			1,339		1,229,722
Real Hero Merger Sub 2, Inc. 6.25%, 02/01/2029^(a)(i)			1,777		1,318,005
Titan International, Inc. 7.00%, 04/30/2028			1,465		1,319,856
ZF Europe Finance BV 2.00%, 02/23/2026^(a)	EUR		200		197,138
ZF Finance GmbH 2.00%, 05/06/2027^(a)			200		186,728
2.75%, 05/25/2027^(a)			900		868,736
ZF North America Capital, Inc. 4.75%, 04/29/2025^(a)	U.S.$		2,528		2,484,957

					36,382,568

Consumer Cyclical - Entertainment – 2.9%
AMC Entertainment Holdings, Inc. 7.50%, 02/15/2029^(a)			142		98,140
Carnival Corp. 4.00%, 08/01/2028^(a)			1,739		1,492,279
5.75%, 03/01/2027^(a)			1,336		1,092,180
6.00%, 05/01/2029^(a)			43		34,185
7.625%, 03/01/2026^(a)	EUR		311		300,128
7.625%, 03/01/2026^(a)	U.S.$		246		224,475
9.875%, 08/01/2027^(a)			437		448,917
10.125%, 02/01/2026^(a)	EUR		310		353,127
10.50%, 06/01/2030^(a)	U.S.$		212		203,520
Carnival Holdings Bermuda Ltd. 10.375%, 05/01/2028^(a)			3,714		3,993,623
Carnival PLC 1.00%, 10/28/2029	EUR		202		111,371
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.50%, 05/01/2025^(a)	U.S.$		2,191		2,189,234
Cinemark USA, Inc. 5.25%, 07/15/2028^(a)			521		452,179
Lindblad Expeditions LLC 6.75%, 02/15/2027^(a)			365		353,487
Motion Bondco DAC 4.50%, 11/15/2027^(a)	EUR		670		641,078
NCL Corp., Ltd. 5.875%, 03/15/2026^(a)	U.S.$		2,072		1,763,376



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

7.75%, 02/15/2029^(a)	U.S.$		93	$	79,900
8.375%, 02/01/2028^(a)			637		639,600
NCL Finance Ltd. 6.125%, 03/15/2028^(a)			39		31,639
Royal Caribbean Cruises Ltd. 5.375%, 07/15/2027^(a)			1,159		1,030,061
5.50%, 08/31/2026^(a)			1,118		1,045,945
5.50%, 04/01/2028^(a)			4,222		3,716,415
11.50%, 06/01/2025^(a)			1,409		1,502,403
11.625%, 08/15/2027^(a)			74		79,318
Viking Cruises Ltd. 5.875%, 09/15/2027^(a)			1,558		1,341,860
7.00%, 02/15/2029^(a)			1,837		1,575,601
13.00%, 05/15/2025^(a)			65		68,675
VOC Escrow Ltd. 5.00%, 02/15/2028^(a)			1,822		1,614,751

					26,477,467

Consumer Cyclical - Other – 3.4%
Adams Homes, Inc. 7.50%, 02/15/2025^(a)			598		531,169
Affinity Gaming 6.875%, 12/15/2027^(a)			199		177,819
Allwyn Entertainment Financing UK PLC 6.779% (EURIBOR 3 Month + 4.12%), 02/15/2028^(j)	EUR		650		697,090
Beazer Homes USA, Inc. 6.75%, 03/15/2025	U.S.$		355		349,675
Brookfield Residential Properties, Inc./Brookfield Residential US LLC 4.875%, 02/15/2030^(a)			1,097		827,338
5.00%, 06/15/2029^(a)			167		127,751
6.25%, 09/15/2027^(a)			1,233		1,093,658
Builders FirstSource, Inc. 4.25%, 02/01/2032^(a)			244		210,958
6.375%, 06/15/2032^(a)			1,070		1,074,084
Caesars Entertainment, Inc. 6.25%, 07/01/2025^(a)			897		897,281
7.00%, 02/15/2030^(a)			1,275		1,297,064
Castle UK Finco PLC 7.00%, 05/15/2029	GBP		679		663,301
7.904% (EURIBOR 3 Month + 5.25%), 05/15/2028^(j)	EUR		514		463,930
Century Communities, Inc. 3.875%, 08/15/2029^(a)	U.S.$		75		64,277
Churchill Downs, Inc. 4.75%, 01/15/2028^(a)			520		486,910
5.50%, 04/01/2027^(a)			169		165,436



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

CP Atlas Buyer, Inc. 7.00%, 12/01/2028^(a)	U.S.$		126	$	93,484
Everi Holdings, Inc. 5.00%, 07/15/2029^(a)			240		215,208
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, 11/15/2025^(a)			1,969		1,765,922
Forestar Group, Inc. 3.85%, 05/15/2026^(a)			385		349,139
Hilton Domestic Operating Co., Inc. 3.625%, 02/15/2032^(a)			1,728		1,456,778
3.75%, 05/01/2029^(a)			62		55,489
4.00%, 05/01/2031^(a)			54		47,279
5.375%, 05/01/2025^(a)			229		228,497
5.75%, 05/01/2028^(a)			450		449,707
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc 4.875%, 07/01/2031^(a)			597		510,066
5.00%, 06/01/2029^(a)			1,598		1,417,503
Installed Building Products, Inc. 5.75%, 02/01/2028^(a)			291		269,350
Jacobs Entertainment, Inc. 6.75%, 02/15/2029^(a)			131		114,452
Marriott Ownership Resorts, Inc. 4.50%, 06/15/2029^(a)			255		217,089
Mattamy Group Corp. 4.625%, 03/01/2030^(a)			170		149,925
5.25%, 12/15/2027^(a)			178		167,488
MGM Resorts International 4.75%, 10/15/2028			1,047		976,300
5.50%, 04/15/2027			1,163		1,126,921
5.75%, 06/15/2025			30		29,939
Mohegan Tribal Gaming Authority 8.00%, 02/01/2026^(a)			223		204,045
New Home Co., Inc. (The) 7.25%, 10/15/2025^(a)			211		195,203
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. 5.625%, 09/01/2029^(a)			69		51,046
5.875%, 09/01/2031^(a)			39		28,025
Scientific Games Holdings LP/Scientific Games US FinCo, Inc. 6.625%, 03/01/2030^(a)			112		99,495
Scientific Games International, Inc. 8.625%, 07/01/2025^(a)			135		138,178
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 02/15/2028			549		490,647
4.75%, 04/01/2029			911		796,348



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Standard Industries, Inc./NJ 4.375%, 07/15/2030^(a)	U.S.$		929	$	806,606
4.75%, 01/15/2028^(a)			163		152,168
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875%, 05/15/2025^(a)			1,785		1,696,294
Taylor Morrison Communities, Inc. 5.75%, 01/15/2028^(a)			292		286,874
Thor Industries, Inc. 4.00%, 10/15/2029^(a)			230		190,002
TopBuild Corp. 4.125%, 02/15/2032^(a)			69		58,516
Travel + Leisure Co. 4.50%, 12/01/2029^(a)			976		850,400
4.625%, 03/01/2030^(a)			2,415		2,078,237
6.00%, 04/01/2027			112		110,976
6.625%, 07/31/2026^(a)			637		639,527
Universal Entertainment Corp. 8.50%, 12/11/2024^(a)			410		381,833
Wyndham Hotels & Resorts, Inc. 4.375%, 08/15/2028^(a)			727		670,009
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25%, 05/15/2027^(a)			781		738,045
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, 10/01/2029^(a)			1,988		1,804,303

					31,235,054

Consumer Cyclical - Restaurants – 0.5%
1011778 BC ULC/New Red Finance, Inc. 3.875%, 01/15/2028^(a)			1,524		1,417,939
4.375%, 01/15/2028^(a)			315		290,706
CEC Entertainment LLC 6.75%, 05/01/2026^(a)			210		199,389
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC 4.75%, 06/01/2027^(a)			168		164,629
Stonegate Pub Co. Financing 2019 PLC 8.00%, 07/13/2025^(a)	GBP		192		217,780
8.25%, 07/31/2025^(a)			1,245		1,431,353
Yum! Brands, Inc. 3.625%, 03/15/2031	U.S.$		49		42,981
4.625%, 01/31/2032			1,114		1,035,116
4.75%, 01/15/2030^(a)			85		81,211

					4,881,104



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Consumer Cyclical - Retailers – 2.5%
Arko Corp. 5.125%, 11/15/2029^(a)	U.S.$		1,035	$	864,592
Asbury Automotive Group, Inc. 4.625%, 11/15/2029^(a)			852		762,333
5.00%, 02/15/2032^(a)			826		724,071
At Home Group, Inc. 7.125%, 07/15/2029^(a)			63		36,045
Bath & Body Works, Inc. 6.625%, 10/01/2030^(a)			1,916		1,866,639
6.75%, 07/01/2036			299		267,020
6.875%, 11/01/2035			587		530,880
7.50%, 06/15/2029			107		109,153
7.60%, 07/15/2037			261		226,368
9.375%, 07/01/2025^(a)			41		43,997
BCPE Ulysses Intermediate, Inc. 7.75% (7.75% Cash or 8.50% PIK), 04/01/2027^(a)(f)			518		405,728
Bed Bath & Beyond, Inc. 5.165%, 08/01/2044			58		3,108
Carvana Co. 5.50%, 04/15/2027^(a)			415		185,620
5.875%, 10/01/2028^(a)			1,298		572,418
eG Global Finance PLC 6.75%, 02/07/2025^(a)			428		402,575
8.50%, 10/30/2025^(a)			408		378,973
Foundation Building Materials, Inc. 6.00%, 03/01/2029^(a)			246		195,584
Gap, Inc. (The) 3.875%, 10/01/2031^(a)			56		38,003
Group 1 Automotive, Inc. 4.00%, 08/15/2028^(a)			276		242,833
Guitar Center, Inc. 8.50%, 01/15/2026^(a)			145		127,201
Kontoor Brands, Inc. 4.125%, 11/15/2029^(a)			894		763,788
LBM Acquisition LLC 6.25%, 01/15/2029^(a)			81		62,261
LCM Investments Holdings II LLC 4.875%, 05/01/2029^(a)			52		43,469
Levi Strauss & Co. 3.50%, 03/01/2031^(a)			746		636,498
Lithia Motors, Inc. 3.875%, 06/01/2029^(a)			65		56,207
4.375%, 01/15/2031^(a)			60		51,737



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

LSF9 Atlantis Holdings LLC/Victra Finance Corp. 7.75%, 02/15/2026^(a)	U.S.$		154	$	140,154
Michaels Cos, Inc. (The) 5.25%, 05/01/2028^(a)			1,475		1,229,006
7.875%, 05/01/2029^(a)			1,378		964,282
Murphy Oil USA, Inc. 3.75%, 02/15/2031^(a)			246		207,315
4.75%, 09/15/2029			201		185,531
5.625%, 05/01/2027			69		66,927
NMG Holding Co., Inc./Neiman Marcus Group LLC 7.125%, 04/01/2026^(a)			1,720		1,614,838
Nordstrom, Inc. 4.25%, 08/01/2031			159		113,517
4.375%, 04/01/2030			47		36,059
5.00%, 01/15/2044			4		2,515
Penske Automotive Group, Inc. 3.75%, 06/15/2029			1,029		887,726
QVC, Inc. 4.375%, 09/01/2028			5		2,025
4.75%, 02/15/2027			213		89,393
4.85%, 04/01/2024			133		106,425
Rite Aid Corp. 7.50%, 07/01/2025^(a)			992		593,524
Sonic Automotive, Inc. 4.625%, 11/15/2029^(a)			1,864		1,581,396
4.875%, 11/15/2031^(a)			221		180,926
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.375%, 09/30/2026^(a)			508		466,961
Staples, Inc. 7.50%, 04/15/2026^(a)			2,323		2,035,037
10.75%, 04/15/2027^(a)			1,271		921,702
TPro Acquisition Corp. 11.00%, 10/15/2024^(a)			1,062		1,062,570
Victoria’s Secret & Co. 4.625%, 07/15/2029^(a)			58		46,934
White Cap Buyer LLC 6.875%, 10/15/2028^(a)			226		196,357
White Cap Parent LLC 8.25% (8.25% Cash or 9.00% PIK), 03/15/2026^(a)(f)			329		300,316

					22,628,537

Consumer Non-Cyclical – 7.2%
AdaptHealth LLC 6.125%, 08/01/2028^(a)			288		263,759



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

AHP Health Partners, Inc. 5.75%, 07/15/2029^(a)	U.S.$		988	$	830,003
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 4.625%, 01/15/2027^(a)			615		594,426
4.875%, 02/15/2030^(a)			200		186,687
6.50%, 02/15/2028^(a)			2,469		2,489,223
B&G Foods, Inc. 5.25%, 04/01/2025			193		179,577
Bausch Health Americas, Inc. 8.50%, 01/31/2027^(a)			543		246,447
Bausch Health Cos., Inc. 4.875%, 06/01/2028^(a)			2,835		1,684,730
5.00%, 02/15/2029^(a)			1,338		520,917
5.25%, 01/30/2030^(a)			8		2,978
5.50%, 11/01/2025^(a)			196		163,472
6.125%, 02/01/2027^(a)			303		196,319
6.25%, 02/15/2029^(a)			911		362,211
7.00%, 01/15/2028^(a)			204		81,920
7.25%, 05/30/2029^(a)			254		97,893
11.00%, 09/30/2028^(a)			236		173,569
Cab Selas 3.375%, 02/01/2028^(a)	EUR		1,880		1,672,351
CD&R Smokey Buyer, Inc. 6.75%, 07/15/2025^(a)	U.S.$		203		174,143
Cheplapharm Arzneimittel GmbH 5.50%, 01/15/2028^(a)			436		388,419
CHS/Community Health Systems, Inc. 4.75%, 02/15/2031^(a)			493		364,607
5.25%, 05/15/2030^(a)			66		51,435
5.625%, 03/15/2027^(a)			416		360,926
6.125%, 04/01/2030^(a)			3,702		2,230,486
6.875%, 04/01/2028^(a)(i)			577		357,724
6.875%, 04/15/2029^(a)			1,537		951,080
8.00%, 03/15/2026^(a)			807		780,281
Coty, Inc. 5.00%, 04/15/2026^(a)			133		128,828
DaVita, Inc. 3.75%, 02/15/2031^(a)			687		541,328
4.625%, 06/01/2030^(a)			3,556		3,034,337
Edgewell Personal Care Co. 4.125%, 04/01/2029^(a)			164		145,137
5.50%, 06/01/2028^(a)			81		77,563
Elanco Animal Health, Inc. 6.65%, 08/28/2028			1,416		1,336,442
Embecta Corp. 5.00%, 02/15/2030^(a)			2,581		2,222,002



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Emergent BioSolutions, Inc. 3.875%, 08/15/2028^(a)	U.S.$		1,516	$	736,212
Garden Spinco Corp. 8.625%, 07/20/2030^(a)			883		954,841
Global Medical Response, Inc. 6.50%, 10/01/2025^(a)			431		318,012
Grifols Escrow Issuer SA 3.875%, 10/15/2028^(a)	EUR		2,222		1,878,790
Gruenenthal GmbH 3.625%, 11/15/2026^(a)			885		901,183
4.125%, 05/15/2028^(a)			1,141		1,122,954
Herbalife Nutrition Ltd./HLF Financing, Inc. 7.875%, 09/01/2025^(a)	U.S.$		59		55,165
Hologic, Inc. 3.25%, 02/15/2029^(a)			246		218,963
IQVIA, Inc. 2.25%, 03/15/2029^(a)	EUR		862		796,017
Jazz Securities DAC 4.375%, 01/15/2029^(a)	U.S.$		954		875,237
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. 7.00%, 12/31/2027^(a)			1,951		1,698,204
Lamb Weston Holdings, Inc. 4.125%, 01/31/2030^(a)			1,209		1,106,791
4.875%, 05/15/2028^(a)			204		198,496
Legacy LifePoint Health LLC 4.375%, 02/15/2027^(a)			2,831		2,316,402
6.75%, 04/15/2025^(a)			89		84,385
LifePoint Health, Inc. 5.375%, 01/15/2029^(a)			41		25,066
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 10.00%, 06/15/2029^(a)			109		63,421
11.50%, 12/15/2028^(a)			201		164,457
Medline Borrower LP 3.875%, 04/01/2029^(a)			1,738		1,507,973
5.25%, 10/01/2029^(a)			3,373		2,926,386
Newell Brands, Inc. 4.70%, 04/01/2026			687		661,409
4.875%, 06/01/2025			170		166,469
5.875%, 04/01/2036			88		77,955
6.00%, 04/01/2046			41		33,572
6.375%, 09/15/2027			1,500		1,513,676
6.625%, 09/15/2029			1,500		1,511,863
Organon & Co./Organon Foreign Debt Co-Issuer BV 2.875%, 04/30/2028^(a)	EUR		885		844,609



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

4.125%, 04/30/2028^(a)	U.S.$		1,837	$	1,690,695
5.125%, 04/30/2031^(a)			420		372,819
Oriflame Investment Holding PLC 5.125%, 05/04/2026^(a)			347		207,459
Owens & Minor, Inc. 4.50%, 03/31/2029^(a)			47		37,304
6.625%, 04/01/2030^(a)			19		16,313
Performance Food Group, Inc. 4.25%, 08/01/2029^(a)			187		168,911
5.50%, 10/15/2027^(a)			190		185,756
Perrigo Finance Unlimited Co. 4.40%, 06/15/2030			691		619,563
Post Holdings, Inc. 4.50%, 09/15/2031^(a)			1,564		1,376,383
4.625%, 04/15/2030^(a)			870		779,891
5.50%, 12/15/2029^(a)			529		500,813
Prime Healthcare Services, Inc. 7.25%, 11/01/2025^(a)			225		199,907
Primo Water Holdings, Inc. 4.375%, 04/30/2029^(a)			1,227		1,077,699
Radiology Partners, Inc. 9.25%, 02/01/2028^(a)			1,599		883,611
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. 9.75%, 12/01/2026^(a)			990		800,233
RP Escrow Issuer LLC 5.25%, 12/15/2025^(a)			638		483,351
Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed 4.625%, 03/01/2029^(a)			10		8,124
Spectrum Brands, Inc. 3.875%, 03/15/2031^(a)			2,079		1,720,319
4.00%, 10/01/2026^(a)	EUR		530		537,320
Tenet Healthcare Corp. 4.375%, 01/15/2030	U.S.$		2,307		2,071,123
6.125%, 10/01/2028			872		831,403
6.125%, 06/15/2030^(a)			1,017		1,004,628
Triton Water Holdings, Inc. 6.25%, 04/01/2029^(a)			884		696,694
United Natural Foods, Inc. 6.75%, 10/15/2028^(a)			187		173,533
US Acute Care Solutions LLC 6.375%, 03/01/2026^(a)			3,003		2,676,705
US Renal Care, Inc. 10.625%, 07/15/2027^(a)			616		164,568



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Vector Group Ltd. 5.75%, 02/01/2029^(a)	U.S.$		188	$	167,237
10.50%, 11/01/2026^(a)			188		189,120
Vista Outdoor, Inc. 4.50%, 03/15/2029^(a)			202		162,904

					65,454,114

Energy – 4.0%
Aethon United BR LP/Aethon United Finance Corp. 8.25%, 02/15/2026^(a)			68		66,694
Ascent Resources Utica Holdings LLC/ARU Finance Corp. 7.00%, 11/01/2026^(a)			18		17,394
Berry Petroleum Co. LLC 7.00%, 02/15/2026^(a)			245		229,482
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.625%, 12/15/2025^(a)			421		417,852
Buckeye Partners LP 3.95%, 12/01/2026			6		5,429
4.125%, 03/01/2025^(a)			171		162,744
4.125%, 12/01/2027			214		189,888
4.50%, 03/01/2028^(a)			17		15,336
Callon Petroleum Co. 8.25%, 07/15/2025			301		299,748
Calumet Specialty Products Partners LP/Calumet Finance Corp. 11.00%, 04/15/2025^(a)			33		33,956
CGG SA 8.75%, 04/01/2027^(a)			422		356,988
Chesapeake Energy Corp. 5.875%, 02/01/2029^(a)			135		128,479
6.75%, 04/15/2029^(a)			158		156,729
Citgo Holding, Inc. 9.25%, 08/01/2024^(a)			478		479,107
CITGO Petroleum Corp. 6.375%, 06/15/2026^(a)			471		461,788
7.00%, 06/15/2025^(a)			1,781		1,761,312
Civitas Resources, Inc. 5.00%, 10/15/2026^(a)			682		643,357
CNX Resources Corp. 6.00%, 01/15/2029^(a)			423		397,515
7.375%, 01/15/2031^(a)			72		70,915
Comstock Resources, Inc. 5.875%, 01/15/2030^(a)			30		25,868
6.75%, 03/01/2029^(a)			294		267,674



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Crescent Energy Finance LLC 7.25%, 05/01/2026^(a)	U.S.$		1,005	$	944,724
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 5.625%, 05/01/2027^(a)			182		175,415
6.00%, 02/01/2029^(a)			54		51,286
8.00%, 04/01/2029^(a)			101		102,958
CVR Energy, Inc. 5.25%, 02/15/2025^(a)			223		215,127
Earthstone Energy Holdings LLC 8.00%, 04/15/2027^(a)			151		148,134
Encino Acquisition Partners Holdings LLC 8.50%, 05/01/2028^(a)			1,352		1,181,992
Enerflex Ltd. 9.00%, 10/15/2027^(a)			174		169,236
EnLink Midstream Partners LP Series C 8.976% (LIBOR 3 Month + 4.11%), 05/01/2023^(j)(k)			2,734		2,318,888
EQM Midstream Partners LP 4.50%, 01/15/2029^(a)			811		689,560
4.75%, 01/15/2031^(a)			859		713,296
6.50%, 07/15/2048			137		105,645
FTAI Infra Escrow Holdings LLC 10.50%, 06/01/2027^(a)			157		155,781
Genesis Energy LP/Genesis Energy Finance Corp. 6.25%, 05/15/2026			92		87,864
6.50%, 10/01/2025			411		399,295
7.75%, 02/01/2028			440		431,272
8.00%, 01/15/2027			738		728,218
8.875%, 04/15/2030			74		75,240
Global Partners LP/GLP Finance Corp. 6.875%, 01/15/2029			439		405,283
7.00%, 08/01/2027			403		387,356
Gulfport Energy Corp. 6.00%, 10/15/2024^(c)			589		371
6.375%, 05/15/2025^(c)			1,547		975
6.375%, 01/15/2026^(c)			1,710		1,077
6.625%, 05/01/2023^(c)			161		101
8.00%, 05/17/2026^(a)			610		603,871
Harbour Energy PLC 5.50%, 10/15/2026^(a)			200		177,667
Harvest Midstream I LP 7.50%, 09/01/2028^(a)			69		68,797
Hess Midstream Operations LP 5.625%, 02/15/2026^(a)			481		475,555



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 02/01/2029^(a)	U.S.$		233	$	216,773
6.00%, 02/01/2031^(a)			340		314,262
6.25%, 04/15/2032^(a)			96		88,755
Ithaca Energy North Sea PLC 9.00%, 07/15/2026^(a)			1,188		1,137,105
ITT Holdings LLC 6.50%, 08/01/2029^(a)			2,299		1,939,185
KLX Energy Services Holdings, Inc. 11.50%, 11/01/2025^(a)			64		60,160
MEG Energy Corp. 5.875%, 02/01/2029^(a)			231		222,572
Moss Creek Resources Holdings, Inc. 7.50%, 01/15/2026^(a)			713		661,396
10.50%, 05/15/2027^(a)			202		192,225
Murphy Oil Corp. 5.875%, 12/01/2027			211		206,348
Nabors Industries Ltd. 7.25%, 01/15/2026^(a)			403		384,279
7.50%, 01/15/2028^(a)			2,085		1,915,563
Nabors Industries, Inc. 7.375%, 05/15/2027^(a)			319		312,381
New Fortress Energy, Inc. 6.75%, 09/15/2025^(a)			1,126		1,083,052
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.50%, 02/01/2026^(a)			1,614		1,557,965
Northern Oil and Gas, Inc. 8.125%, 03/01/2028^(a)			97		96,064
NuStar Logistics LP 6.00%, 06/01/2026			144		140,678
6.375%, 10/01/2030			278		266,644
Parkland Corp. 4.50%, 10/01/2029^(a)			220		195,517
4.625%, 05/01/2030^(a)			220		195,474
5.875%, 07/15/2027^(a)			90		87,290
PBF Holding Co. LLC/PBF Finance Corp. 6.00%, 02/15/2028			216		207,686
7.25%, 06/15/2025			212		211,140
PDC Energy, Inc. 5.75%, 05/15/2026			1,575		1,533,184
6.125%, 09/15/2024			593		590,740
Permian Resources Operating LLC 5.875%, 07/01/2029^(a)			42		39,779
Petrofac Ltd. 9.75%, 11/15/2026^(a)			200		149,284



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Rockies Express Pipeline LLC 3.60%, 05/15/2025^(a)	U.S.$		174	$	163,551
6.875%, 04/15/2040^(a)			77		64,662
SM Energy Co. 6.75%, 09/15/2026			26		25,466
Southwestern Energy Co. 5.375%, 02/01/2029			187		176,512
8.375%, 09/15/2028			120		126,175
Strathcona Resources Ltd. 6.875%, 08/01/2026^(a)			227		180,018
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. 8.50%, 10/15/2026^(a)			1,086		1,043,204
Sunnova Energy Corp. 5.875%, 09/01/2026^(a)			503		426,591
Sunoco LP/Sunoco Finance Corp. 4.50%, 05/15/2029			114		104,456
5.875%, 03/15/2028			774		755,078
6.00%, 04/15/2027			192		190,268
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 6.00%, 03/01/2027^(a)			9		8,560
6.00%, 12/31/2030^(a)			160		142,891
6.00%, 09/01/2031^(a)			151		133,635
Topaz Solar Farms LLC 5.75%, 09/30/2039^(a)			143		135,792
Transocean Poseidon Ltd. 6.875%, 02/01/2027^(a)			18		17,489
Transocean, Inc. 8.75%, 02/15/2030^(a)			82		83,640
11.50%, 01/30/2027^(a)			211		218,123
USA Compression Partners LP/USA Compression Finance Corp. 6.875%, 09/01/2027			225		215,061
Venture Global Calcasieu Pass LLC 4.125%, 08/15/2031^(a)			890		781,525
Weatherford International Ltd. 8.625%, 04/30/2030^(a)			175		177,224
11.00%, 12/01/2024^(a)			9		9,243

					36,187,904

Other Industrial – 0.2%
AECOM 5.125%, 03/15/2027			221		216,764
American Builders & Contractors Supply Co., Inc. 4.00%, 01/15/2028^(a)			100		91,339



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Grand Canyon University 4.125%, 10/01/2024	U.S.$		207	$	195,553
Ritchie Bros Holdings, Inc. 6.75%, 03/15/2028^(a)			768		790,823
7.75%, 03/15/2031^(a)			703		736,649

					2,031,128

Services – 3.5%
ADT Security Corp. (The) 4.125%, 06/15/2023			11		10,958
4.875%, 07/15/2032^(a)			1,097		958,806
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.00%, 06/01/2029^(a)			327		243,764
6.625%, 07/15/2026^(a)			312		299,655
9.75%, 07/15/2027^(a)			1,363		1,212,121
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 3.625%, 06/01/2028^(a)	EUR		255		226,775
4.625%, 06/01/2028^(a)	U.S.$		1,727		1,450,099
4.875%, 06/01/2028^(a)	GBP		1,010		1,019,873
AMN Healthcare, Inc. 4.625%, 10/01/2027^(a)	U.S.$		205		190,902
ANGI Group LLC 3.875%, 08/15/2028^(a)			2,420		1,893,326
Aptim Corp. 7.75%, 06/15/2025^(a)			627		429,495
APX Group, Inc. 5.75%, 07/15/2029^(a)			1,504		1,347,476
6.75%, 02/15/2027^(a)			676		672,245
Aramark Services, Inc. 5.00%, 02/01/2028^(a)			1,064		1,006,777
Block, Inc. 2.75%, 06/01/2026			463		422,245
3.50%, 06/01/2031			1,474		1,209,531
Brink’s Co. (The) 4.625%, 10/15/2027^(a)			176		166,205
Cars.com, Inc. 6.375%, 11/01/2028^(a)			830		784,635
CoreLogic, Inc. 4.50%, 05/01/2028^(a)			119		92,212
Garda World Security Corp. 4.625%, 02/15/2027^(a)			102		92,553
6.00%, 06/01/2029^(a)			99		78,705
7.75%, 02/15/2028^(a)			1,355		1,335,643
9.50%, 11/01/2027^(a)			479		455,403



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Gartner, Inc. 3.625%, 06/15/2029^(a)	U.S.$		237	$	211,695
4.50%, 07/01/2028^(a)			210		199,311
GrubHub Holdings, Inc. 5.50%, 07/01/2027^(a)			234		176,241
IHS Markit Ltd. 4.125%, 08/01/2023			202		200,788
4.75%, 08/01/2028			104		102,427
ION Trading Technologies SARL 5.75%, 05/15/2028^(a)			1,067		854,558
Korn Ferry 4.625%, 12/15/2027^(a)			402		379,890
Millennium Escrow Corp. 6.625%, 08/01/2026^(a)			1,828		1,187,064
Monitronics International, Inc. 0.00%, 04/01/2020^(b)(c)(d)(e)			958		– 0	–
MPH Acquisition Holdings LLC 5.50%, 09/01/2028^(a)			1,922		1,548,460
5.75%, 11/01/2028^(a)(i)			3,593		2,588,739
Neptune Bidco US, Inc. 9.29%, 04/15/2029^(a)			2,157		1,999,062
Photo Holdings Merger Sub, Inc. 8.50%, 10/01/2026^(a)			64		28,110
Prime Security Services Borrower LLC/Prime Finance, Inc. 3.375%, 08/31/2027^(a)			618		554,035
5.25%, 04/15/2024^(a)			25		24,798
6.25%, 01/15/2028^(a)			1,619		1,520,153
Q-Park Holding I BV 1.50%, 03/01/2025^(a)	EUR		184		183,477
2.00%, 03/01/2027^(a)			579		521,798
Rakuten Group, Inc. 10.25%, 11/30/2024^(a)	U.S.$		200		191,649
Sabre GLBL, Inc. 9.25%, 04/15/2025^(a)			378		355,918
11.25%, 12/15/2027^(a)			2,483		2,308,057
Service Corp. International/US 3.375%, 08/15/2030			259		220,807
4.00%, 05/15/2031			166		145,973
Sotheby’s/Bidfair Holdings, Inc. 5.875%, 06/01/2029^(a)			205		169,576
TriNet Group, Inc. 3.50%, 03/01/2029^(a)			238		204,375
Verscend Escrow Corp. 9.75%, 08/15/2026^(a)			551		551,555



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

ZipRecruiter, Inc. 5.00%, 01/15/2030^(a)	U.S.$		25	$	21,476

					32,049,396

Technology – 2.3%
Ahead DB Holdings LLC 6.625%, 05/01/2028^(a)			725		607,030
Amkor Technology, Inc. 6.625%, 09/15/2027^(a)			128		128,192
AthenaHealth Group, Inc. 6.50%, 02/15/2030^(a)			1,754		1,422,153
Cablevision Lightpath LLC 5.625%, 09/15/2028^(a)			1,060		731,228
Central Parent, Inc./CDK Global, Inc. 7.25%, 06/15/2029^(a)			164		161,185
Cloud Software Group Holdings, Inc. 6.50%, 03/31/2029^(a)			216		188,602
CommScope Technologies LLC 5.00%, 03/15/2027^(a)			255		186,275
CommScope, Inc. 4.75%, 09/01/2029^(a)			637		530,774
6.00%, 03/01/2026^(a)			276		266,076
8.25%, 03/01/2027^(a)			86		70,453
Consensus Cloud Solutions, Inc. 6.50%, 10/15/2028^(a)			51		42,533
CWT Travel Group, Inc. 8.50%, 11/19/2026^(a)			131		102,184
Diebold Nixdorf, Inc. 9.375%, 07/15/2025^(a)			51		26,237
Entegris Escrow Corp. 5.95%, 06/15/2030^(a)			1,146		1,110,520
Fair Isaac Corp. 4.00%, 06/15/2028^(a)			228		211,538
Gen Digital, Inc. 6.75%, 09/30/2027^(a)			1,271		1,278,201
7.125%, 09/30/2030^(a)			771		767,197
GoTo Group, Inc. 5.50%, 09/01/2027^(a)			1,677		864,759
Imola Merger Corp. 4.75%, 05/15/2029^(a)			968		865,495
MicroStrategy, Inc. 6.125%, 06/15/2028^(a)			40		35,516
NCR Corp. 5.125%, 04/15/2029^(a)			1,001		868,104
5.75%, 09/01/2027^(a)			89		87,374
ON Semiconductor Corp. 3.875%, 09/01/2028^(a)			231		209,811



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Open Text Corp. 3.875%, 02/15/2028^(a)	U.S.$		64	$	57,148
Playtech PLC 4.25%, 03/07/2026^(a)	EUR		101		105,173
Playtika Holding Corp. 4.25%, 03/15/2029^(a)	U.S.$		1,104		925,529
Presidio Holdings, Inc. 4.875%, 02/01/2027^(a)			98		93,699
8.25%, 02/01/2028^(a)			1,588		1,510,963
PTC, Inc. 3.625%, 02/15/2025^(a)			98		94,493
Rackspace Technology Global, Inc. 3.50%, 02/15/2028^(a)			3,885		2,016,969
5.375%, 12/01/2028^(a)			82		30,719
Science Applications International Corp. 4.875%, 04/01/2028^(a)			105		98,193
Seagate HDD Cayman 3.375%, 07/15/2031			45		33,567
4.091%, 06/01/2029			1,214		1,084,847
4.125%, 01/15/2031			38		32,003
5.75%, 12/01/2034			194		176,968
Sensata Technologies BV 5.00%, 10/01/2025^(a)			219		217,359
5.625%, 11/01/2024^(a)			53		52,902
5.875%, 09/01/2030^(a)			200		196,832
Sensata Technologies, Inc. 3.75%, 02/15/2031^(a)			474		414,488
Vericast Corp. 11.00%, 09/15/2026^(a)			130		137,343
Veritas US, Inc./Veritas Bermuda Ltd. 7.50%, 09/01/2025^(a)			2,757		2,079,498
Viasat, Inc. 5.625%, 09/15/2025^(a)			161		152,718
Virtusa Corp. 7.125%, 12/15/2028^(a)			717		567,691
Xerox Corp. 6.75%, 12/15/2039			42		30,542
Xerox Holdings Corp. 5.50%, 08/15/2028^(a)			248		214,595

					21,085,676

Transportation - Airlines – 0.6%
Allegiant Travel Co. 7.25%, 08/15/2027^(a)			127		125,275
American Airlines Pass Through Trust Series 2015-1, Class A 3.375%, 05/01/2027			257		222,515



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

American Airlines, Inc. 11.75%, 07/15/2025^(a)	U.S.$		113	$	123,448
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%, 04/20/2026^(a)			1,007		992,286
5.75%, 04/20/2029^(a)			1,242		1,191,818
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. 5.75%, 01/20/2026^(a)			1,242		1,179,855
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 09/20/2025^(a)			1,590		1,600,217

					5,435,414

Transportation - Railroads – 0.0%
Watco Cos. LLC/Watco Finance Corp. 6.50%, 06/15/2027^(a)			12		11,305


Transportation - Services – 0.8%
Albion Financing 1 SARL/Aggreko Holdings, Inc. 5.25%, 10/15/2026^(a)	EUR		625		614,509
6.125%, 10/15/2026^(a)	U.S.$		657		589,365
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 4.75%, 04/01/2028^(a)			660		600,374
5.75%, 07/15/2027^(a)			1,031		986,914
BCP V Modular Services Finance II PLC 4.75%, 11/30/2028^(a)	EUR		132		121,732
BCP V Modular Services Finance PLC 6.75%, 11/30/2029			1,214		1,047,540
Hertz Corp. (The) 4.625%, 12/01/2026^(a)	U.S.$		1,307		1,174,381
5.00%, 12/01/2029^(a)			752		622,422
Loxam SAS 2.875%, 04/15/2026^(a)	EUR		301		297,194
4.50%, 02/15/2027			629		640,901
PROG Holdings, Inc. 6.00%, 11/15/2029^(a)	U.S.$		19		16,278
United Rentals North America, Inc. 3.875%, 02/15/2031			178		157,045
4.00%, 07/15/2030			206		185,208
4.875%, 01/15/2028			93		88,930
5.50%, 05/15/2027			200		198,208
Williams Scotsman International, Inc. 4.625%, 08/15/2028^(a)			132		121,107
6.125%, 06/15/2025^(a)			88		87,463

					7,549,571

					445,793,732



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Financial Institutions – 5.4%
Banking – 0.6%
Ally Financial, Inc. Series B 4.70%, 05/15/2026^(k)	U.S.$		2,950	$	2,093,210
Series C 4.70%, 05/15/2028^(k)			256		170,752
Bread Financial Holdings, Inc. 4.75%, 12/15/2024^(a)			1,253		1,124,236
7.00%, 01/15/2026^(a)			600		530,562
CaixaBank SA 5.875%, 10/09/2027^(a)(k)	EUR		1,000		955,956
Freedom Mortgage Corp. 7.625%, 05/01/2026^(a)	U.S.$		35		28,459
8.125%, 11/15/2024^(a)			56		53,912
8.25%, 04/15/2025^(a)			222		205,058
Intesa Sanpaolo SpA 4.198%, 06/01/2032^(a)			200		143,392

					5,305,537

Brokerage – 0.8%
Advisor Group Holdings, Inc. 10.75%, 08/01/2027^(a)			1,425		1,446,356
AG Issuer LLC 6.25%, 03/01/2028^(a)			406		367,250
AG TTMT Escrow Issuer LLC 8.625%, 09/30/2027^(a)			787		791,914
Hightower Holding LLC 6.75%, 04/15/2029^(a)			2,936		2,487,198
NFP Corp. 4.875%, 08/15/2028^(a)			14		12,622
6.875%, 08/15/2028^(a)			1,494		1,283,243
7.50%, 10/01/2030^(a)			1,323		1,277,995

					7,666,578

Finance – 1.9%
Aircastle Ltd. 5.25%, 06/15/2026^(a)(k)			1,374		1,016,299
Castlelake Aviation Finance DAC 5.00%, 04/15/2027^(a)			1,036		920,867
CNG Holdings, Inc. 12.50%, 06/15/2024^(a)			861		718,540
Compass Group Diversified Holdings LLC 5.25%, 04/15/2029^(a)			1,277		1,129,662
Curo Group Holdings Corp. 7.50%, 08/01/2028^(a)			3,717		1,480,855
Enova International, Inc. 8.50%, 09/01/2024^(a)			343		337,887
8.50%, 09/15/2025^(a)			1,996		1,891,720



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Home Point Capital, Inc. 5.00%, 02/01/2026^(a)	U.S.$		25	$	18,799
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 4.375%, 02/01/2029			125		107,482
6.25%, 05/15/2026			116		114,119
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5.00%, 08/15/2028^(a)			2,234		1,891,727
LD Holdings Group LLC 6.50%, 11/01/2025^(a)			85		54,197
Lincoln Financing SARL 3.625%, 04/01/2024^(a)	EUR		194		208,011
Midcap Financial Issuer Trust 5.625%, 01/15/2030^(a)	U.S.$		216		164,807
Nationstar Mortgage Holdings, Inc. 5.125%, 12/15/2030^(a)			63		48,428
6.00%, 01/15/2027^(a)			176		159,991
Navient Corp. 4.875%, 03/15/2028			1,706		1,435,574
5.00%, 03/15/2027			792		701,055
5.50%, 03/15/2029			79		66,716
5.625%, 08/01/2033			40		29,689
5.875%, 10/25/2024			164		159,672
6.75%, 06/25/2025			954		934,888
6.75%, 06/15/2026			835		812,838
OneMain Finance Corp. 3.50%, 01/15/2027			174		146,182
5.375%, 11/15/2029			124		104,294
6.875%, 03/15/2025			153		148,321
PennyMac Financial Services, Inc. 5.375%, 10/15/2025^(a)			205		191,429
5.75%, 09/15/2031^(a)			67		53,991
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. 3.625%, 03/01/2029^(a)			225		193,270
SLM Corp. 3.125%, 11/02/2026			188		160,828
Springleaf Finance Corp. 7.125%, 03/15/2026			180		172,951
Synchrony Financial 7.25%, 02/02/2033			1,439		1,259,358
VistaJet Malta Finance PLC/XO Management Holding, Inc. 6.375%, 02/01/2030^(a)			15		13,369
7.875%, 05/01/2027^(a)			185		178,338

					17,026,154



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Insurance – 0.3%
Acrisure LLC/Acrisure Finance, Inc. 4.25%, 02/15/2029^(a)	U.S.$		94	$	80,207
10.125%, 08/01/2026^(a)			559		558,583
Ardonagh Midco 2 PLC 11.50% (11.50% Cash or 12.75% PIK), 01/15/2027^(a)(f)			1,926		1,757,290
HUB International Ltd. 7.00%, 05/01/2026^(a)			292		287,651
Molina Healthcare, Inc. 3.875%, 05/15/2032^(a)			206		174,935
4.375%, 06/15/2028^(a)			222		206,484

					3,065,150

Other Finance – 0.7%
ADLER Group SA 2.75%, 11/13/2026^(a)	EUR		200		84,281
Altice France Holding SA 10.50%, 05/15/2027^(a)	U.S.$		448		338,753
Armor Holdco, Inc. 8.50%, 11/15/2029^(a)			1,967		1,596,725
Coinbase Global, Inc. 3.375%, 10/01/2028^(a)			852		525,106
3.625%, 10/01/2031^(a)			818		459,710
Intrum AB 3.00%, 09/15/2027^(a)	EUR		360		303,701
3.125%, 07/15/2024^(a)			255		264,243
3.50%, 07/15/2026^(a)			705		638,027
4.875%, 08/15/2025			683		683,008
Motion Finco SARL 7.00%, 05/15/2025^(a)			885		971,158

					5,864,712

REITs – 1.1%
Aedas Homes Opco SLU 4.00%, 08/15/2026			1,580		1,500,395
Apollo Commercial Real Estate Finance, Inc. 4.625%, 06/15/2029^(a)	U.S.$		35		24,611
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 4.50%, 04/01/2027^(a)			2,519		2,022,066
5.75%, 05/15/2026^(a)			350		312,847
Diversified Healthcare Trust 4.75%, 02/15/2028			23		15,522
Howard Hughes Corp. (The) 4.125%, 02/01/2029^(a)			128		108,311
Hunt Cos., Inc. 5.25%, 04/15/2029^(a)			32		25,215



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Iron Mountain, Inc. 4.50%, 02/15/2031^(a)	U.S.$		53	$	45,530
4.875%, 09/15/2029^(a)			161		144,900
5.25%, 03/15/2028^(a)			1,576		1,499,830
5.625%, 07/15/2032^(a)			169		153,707
Kennedy-Wilson, Inc. 4.75%, 03/01/2029			17		13,513
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.75%, 06/15/2029^(a)			99		71,470
MPT Operating Partnership LP/MPT Finance Corp. 5.00%, 10/15/2027			413		339,611
Necessity Retail REIT, Inc. (The)/American Finance Operating Partner LP 4.50%, 09/30/2028^(a)			27		19,934
Neinor Homes SA 4.50%, 10/15/2026^(a)	EUR		786		784,736
Office Properties Income Trust 3.45%, 10/15/2031	U.S.$		863		479,088
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75%, 01/15/2029^(a)			156		116,697
RHP Hotel Properties LP/RHP Finance Corp. 4.50%, 02/15/2029^(a)			14		12,654
Rithm Capital Corp. 6.25%, 10/15/2025^(a)			115		102,635
Service Properties Trust 4.75%, 10/01/2026			167		140,637
4.95%, 10/01/2029			85		64,177
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC 4.75%, 04/15/2028^(a)			267		206,450
10.50%, 02/15/2028^(a)			43		41,705
Via Celere Desarrollos Inmobiliarios SA 5.25%, 04/01/2026	EUR		771		752,860
Vivion Investments SARL 3.00%, 08/08/2024^(a)			1,000		793,582
3.50%, 11/01/2025^(a)			400		286,308

					10,078,991

					49,007,122

Utility – 1.0%
Electric – 0.7%
Algonquin Power & Utilities Corp. 4.75%, 01/18/2082	U.S.$		172		137,669
Calpine Corp. 3.75%, 03/01/2031^(a)			72		61,148
5.125%, 03/15/2028^(a)			362		331,533



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

ContourGlobal Power Holdings SA 3.125%, 01/01/2028^(a)	EUR		167	$	143,939
NextEra Energy Operating Partners LP 3.875%, 10/15/2026^(a)	U.S.$		180		168,185
4.50%, 09/15/2027^(a)			108		102,961
NRG Energy, Inc. 3.375%, 02/15/2029^(a)			158		131,371
3.875%, 02/15/2032^(a)			2,090		1,673,214
5.25%, 06/15/2029^(a)			225		207,696
5.75%, 01/15/2028			207		203,215
6.625%, 01/15/2027			7		7,009
10.25%, 03/15/2028^(a)(k)			842		802,440
PG&E Corp. 5.00%, 07/01/2028			209		197,393
5.25%, 07/01/2030			38		35,212
Vistra Corp. 7.00%, 12/15/2026^(a)(k)			835		737,639
8.00%, 10/15/2026^(a)(k)			1,003		939,380
Vistra Operations Co. LLC 4.375%, 05/01/2029^(a)			207		184,307
5.625%, 02/15/2027^(a)			163		158,800

					6,223,111

Natural Gas – 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp. 5.50%, 05/20/2025			106		102,227
5.75%, 05/20/2027			230		215,949
5.875%, 08/20/2026			334		319,038
UGI International LLC 2.50%, 12/01/2029^(a)	EUR		1,169		988,515

					1,625,729

Other Utility – 0.1%
Solaris Midstream Holdings LLC 7.625%, 04/01/2026^(a)	U.S.$		1,376		1,322,081

					9,170,921

Total Corporates – Non-Investment Grade (cost $574,797,859)					503,971,775


CORPORATES - INVESTMENT GRADE – 14.5%
Financial Institutions – 7.5%
Banking – 5.1%
AIB Group PLC 7.583%, 10/14/2026^(a)			1,640		1,676,421



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Ally Financial, Inc. 5.75%, 11/20/2025	U.S.$		22	$	20,680
6.70%, 02/14/2033			755		667,800
8.00%, 11/01/2031			548		573,045
Banco Santander SA 3.225%, 11/22/2032			200		155,219
5.179%, 11/19/2025			400		391,299
Bank of America Corp. Series X 6.25%, 09/05/2024^(k)			1,199		1,170,898
Bank of Ireland Group PLC 6.253%, 09/16/2026^(a)			655		650,899
Barclays PLC 6.125%, 12/15/2025^(k)			998		849,794
7.125%, 06/15/2025^(k)	GBP		404		435,748
7.385%, 11/02/2028	U.S.$		1,696		1,791,143
8.00%, 03/15/2029^(k)			361		309,314
BNP Paribas SA 4.625%, 02/25/2031^(a)(k)			1,350		1,000,308
7.375%, 08/19/2025^(a)(k)			208		195,854
7.75%, 08/16/2029^(a)(k)			539		512,288
Citigroup, Inc. 8.87% (LIBOR 3 Month + 4.07%), 07/30/2023^(j)(k)			1,107		1,101,034
Series W 4.00%, 12/10/2025^(k)			413		361,891
Credit Agricole SA 8.125%, 12/23/2025^(a)(k)			1,461		1,417,170
8.125%, 03/23/2172^(k)			448		432,847
Credit Suisse Group AG 3.091%, 05/14/2032^(a)			1,018		811,713
6.373%, 07/15/2026^(a)			712		692,551
Deutsche Bank AG/New York NY 1.447%, 04/01/2025			150		139,819
6.72%, 01/18/2029			1,317		1,310,648
7.079%, 02/10/2034			1,185		1,093,202
Discover Financial Services 6.70%, 11/29/2032			286		295,179
Dresdner Funding Trust I 8.151%, 06/30/2031^(a)			108		110,328
Goldman Sachs Group, Inc. (The) 3.102%, 02/24/2033			213		182,554
Series P 7.733% (LIBOR 3 Month + 2.87%), 05/01/2023^(j)(k)			782		746,924
HSBC Holdings PLC 4.75%, 07/04/2029^(a)(k)	EUR		1,595		1,392,408



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

4.762%, 03/29/2033	U.S.$		901	$	811,371
6.00%, 09/29/2023^(a)(k)	EUR		1,819		1,923,539
8.00%, 03/07/2028^(k)	U.S.$		1,024		1,014,553
8.113%, 11/03/2033			200		221,498
Intesa Sanpaolo SpA 5.017%, 06/26/2024^(a)			753		720,704
5.71%, 01/15/2026^(a)			1,650		1,547,896
7.00%, 11/21/2025^(a)			355		360,300
JPMorgan Chase & Co. 4.912%, 07/25/2033			210		208,797
KBC Group NV 5.796%, 01/19/2029^(a)			414		415,371
Lloyds Banking Group PLC 7.50%, 06/27/2024^(k)			528		486,375
7.953%, 11/15/2033			854		940,333
8.00%, 09/27/2029^(k)			1,205		1,088,568
NatWest Group PLC 6.016%, 03/02/2034			304		313,150
7.472%, 11/10/2026			800		835,105
Nordea Bank Abp 6.625%, 03/26/2026^(a)(k)			3,065		2,834,519
Santander Holdings USA, Inc. 6.499%, 03/09/2029			2,272		2,270,579
Santander UK Group Holdings PLC 6.833%, 11/21/2026			3,782		3,822,177
Standard Chartered PLC 7.75%, 04/02/2023^(a)(k)			232		232,000
7.776%, 11/16/2025^(a)			1,355		1,384,567
State Street Corp. 4.821%, 01/26/2034			178		176,875
Swedbank AB Series NC5 5.625%, 09/17/2024^(a)(k)			1,000		950,747
Synchrony Bank 5.625%, 08/23/2027			727		668,099
Truist Financial Corp. 1.95%, 06/05/2030			165		133,143
5.122%, 01/26/2034			448		436,401
UBS Group AG 7.00%, 02/19/2025^(a)(k)			620		583,536
UniCredit SpA 1.982%, 06/03/2027^(a)			915		798,004
5.861%, 06/19/2032^(a)			246		217,282
7.296%, 04/02/2034^(a)			200		186,963
US Bancorp 4.839%, 02/01/2034			523		507,029

					46,578,459



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Brokerage – 0.1%
Charles Schwab Corp. (The) Series I 4.00%, 06/01/2026^(k)	U.S.$		1,251	$	1,028,234


Finance – 1.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.30%, 01/30/2032			913		753,329
Air Lease Corp. Series B 4.65%, 06/15/2026^(k)			1,229		1,017,430
Aircastle Ltd. 4.25%, 06/15/2026			33		31,226
5.25%, 08/11/2025^(a)			2,239		2,187,590
Aviation Capital Group LLC 1.95%, 09/20/2026^(a)			844		730,488
3.50%, 11/01/2027^(a)			295		263,097
4.125%, 08/01/2025^(a)			395		375,707
4.875%, 10/01/2025^(a)			319		307,595
Enact Holdings, Inc. 6.50%, 08/15/2025^(a)			215		209,590
Huarong Finance 2017 Co., Ltd. 4.75%, 04/27/2027^(a)			200		160,350
Huarong Finance 2019 Co., Ltd. 3.75%, 05/29/2024^(a)			343		317,875
Huarong Finance II Co., Ltd. 4.625%, 06/03/2026^(a)			200		168,500
4.875%, 11/22/2026^(a)			430		355,099
5.50%, 01/16/2025^(a)			1,082		992,938
ILFC E-Capital Trust II 6.798% (LIBOR 3 Month + 1.80%), 12/21/2065^(a)(j)			2,000		1,322,325
United Wholesale Mortgage LLC 5.50%, 11/15/2025^(a)			179		169,518
5.50%, 04/15/2029^(a)			145		121,547
5.75%, 06/15/2027^(a)			15		13,519

					9,497,723

Insurance – 1.1%
Allstate Corp. (The) 6.50%, 05/15/2057			1,657		1,563,711
Enstar Finance LLC 5.50%, 01/15/2042			216		154,211
Global Atlantic Fin Co. 4.70%, 10/15/2051^(a)			62		49,940
Liberty Mutual Group, Inc. 4.125%, 12/15/2051^(a)			43		33,633



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

4.30%, 02/01/2061^(a)	U.S.$		54	$	31,998
7.80%, 03/15/2037^(a)			2,187		2,292,912
MetLife, Inc. 10.75%, 08/01/2039			2,350		3,017,975
MGIC Investment Corp. 5.25%, 08/15/2028			189		179,558
Prudential Financial, Inc. 5.20%, 03/15/2044			340		322,954
5.625%, 06/15/2043			1,082		1,064,275
Transatlantic Holdings, Inc. 8.00%, 11/30/2039			1,261		1,606,824

					10,317,991

REITs – 0.1%
Global Net Lease, Inc./Global Net Lease Operating Partnership LP 3.75%, 12/15/2027^(a)			135		106,685
Trust Fibra Uno 4.869%, 01/15/2030^(a)			405		340,276
VICI Properties LP/VICI Note Co., Inc. 5.75%, 02/01/2027^(a)			767		754,343

					1,201,304

					68,623,711

Industrial – 6.8%
Basic – 0.9%
ArcelorMittal SA 6.75%, 03/01/2041			362		364,406
Arconic Corp. 6.00%, 05/15/2025^(a)			903		902,843
Braskem Netherlands Finance BV 4.50%, 01/31/2030^(a)			1,515		1,277,902
Celanese US Holdings LLC 5.90%, 07/05/2024			626		626,294
6.05%, 03/15/2025			626		629,622
Freeport Indonesia PT 4.763%, 04/14/2027^(a)			281		273,501
Freeport-McMoRan, Inc. 5.45%, 03/15/2043			694		649,489
Georgia-Pacific LLC 8.875%, 05/15/2031			1		1,260
Industrias Penoles SAB de CV 5.65%, 09/12/2049^(a)			386		342,647
INEOS Finance PLC 3.375%, 03/31/2026^(a)	EUR		351		356,534
MEGlobal Canada ULC 5.875%, 05/18/2030^(a)	U.S.$		343		348,960



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Nexa Resources SA 6.50%, 01/18/2028^(a)	U.S.$		773	$	751,404
Olin Corp. 5.00%, 02/01/2030			198		185,757
5.625%, 08/01/2029			735		719,967
Smurfit Kappa Treasury Funding DAC 7.50%, 11/20/2025			238		250,672
Suzano Austria GmbH 3.75%, 01/15/2031			262		226,381
5.00%, 01/15/2030			218		207,482
Series DM3N 3.125%, 01/15/2032			331		269,765

					8,384,886

Capital Goods – 0.3%
General Electric Co. Series D 8.196% (LIBOR 3 Month + 3.33%), 06/15/2023^(j)(k)			1,681		1,678,094
Howmet Aerospace, Inc. 3.00%, 01/15/2029			198		175,255
5.90%, 02/01/2027			119		121,340
5.95%, 02/01/2037			89		89,714
6.875%, 05/01/2025			187		194,208
Regal Rexnord Corp. 6.30%, 02/15/2030^(a)			235		236,083
6.40%, 04/15/2033^(a)			277		277,463
Weir Group PLC (The) 2.20%, 05/13/2026^(a)			200		178,351

					2,950,508

Communications - Media – 0.6%
Directv Financing LLC/Directv Financing Co-Obligor, Inc. 5.875%, 08/15/2027^(a)			2,295		2,078,736
Discovery Communications LLC 4.125%, 05/15/2029			179		166,447
Netflix, Inc. 4.875%, 04/15/2028			247		248,252
Paramount Global 6.25%, 02/28/2057			245		183,751
Prosus NV 4.027%, 08/03/2050^(a)			331		215,316
Telecomunicaciones Digitales SA 4.50%, 01/30/2030^(a)			505		413,595
Warnermedia Holdings, Inc. 3.755%, 03/15/2027^(a)			745		701,849
4.279%, 03/15/2032^(a)			1,034		922,617



abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 49

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Weibo Corp. 3.375%, 07/08/2030	U.S.$		513	$	415,626

					5,346,189

Communications - Telecommunications – 0.1%
Sprint Capital Corp. 8.75%, 03/15/2032			666		810,553
Sprint LLC 7.625%, 03/01/2026			186		196,711

					1,007,264

Consumer Cyclical - Automotive – 0.7%
General Motors Co. 5.20%, 04/01/2045			19		15,939
General Motors Financial Co., Inc. 5.65%, 01/17/2029			30		30,380
Harley-Davidson Financial Services, Inc. 6.50%, 03/10/2028^(a)			3,503		3,549,008
Lear Corp. 3.50%, 05/30/2030			3		2,646
4.25%, 05/15/2029			17		16,093
Nissan Motor Acceptance Co. LLC 1.85%, 09/16/2026^(a)			83		71,789
2.45%, 09/15/2028^(a)			575		466,071
2.75%, 03/09/2028^(a)			1,112		939,432
Nissan Motor Co., Ltd. 4.345%, 09/17/2027^(a)			1,084		1,010,122
4.81%, 09/17/2030^(a)			233		209,243

					6,310,723


Consumer Cyclical - Entertainment – 0.2%
Mattel, Inc. 3.375%, 04/01/2026^(a)			1,152		1,078,289
3.75%, 04/01/2029^(a)			383		344,174
5.875%, 12/15/2027^(a)			578		575,087

					1,997,550

Consumer Cyclical - Other – 1.0%
Genting New York LLC/GENNY Capital, Inc. 3.30%, 02/15/2026^(a)			239		214,962
International Game Technology PLC 3.50%, 06/15/2026^(a)	EUR		214		223,824
4.125%, 04/15/2026^(a)	U.S.$		1,552		1,474,827
5.25%, 01/15/2029^(a)			216		207,117
6.25%, 01/15/2027^(a)			402		404,493
Las Vegas Sands Corp. 2.90%, 06/25/2025			210		199,157
3.20%, 08/08/2024			144		139,226
3.50%, 08/18/2026			293		273,094



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

MDC Holdings, Inc. 6.00%, 01/15/2043	U.S.$		1,881	$	1,633,223
Owens Corning 7.00%, 12/01/2036			777		867,297
Resorts World Las Vegas LLC/RWLV Capital, Inc. 4.625%, 04/16/2029^(a)			1,200		919,259
4.625%, 04/06/2031^(a)			1,100		809,245
Sands China Ltd. 2.80%, 03/08/2027			235		202,100
3.75%, 08/08/2031			285		229,871
4.30%, 01/08/2026			200		187,250
4.875%, 06/18/2030			935		833,991

					8,818,936

Consumer Cyclical - Retailers – 0.2%
Macy’s Retail Holdings LLC 5.875%, 04/01/2029^(a)			552		510,132
5.875%, 03/15/2030^(a)			1,064		941,677
6.125%, 03/15/2032^(a)			688		605,240

					2,057,049

Consumer Non-Cyclical – 0.4%
BAT Capital Corp. 7.75%, 10/19/2032			665		737,514
Charles River Laboratories International, Inc. 3.75%, 03/15/2029^(a)			770		684,981
4.00%, 03/15/2031^(a)			991		870,118
Pilgrim’s Pride Corp. 3.50%, 03/01/2032			1,249		1,003,257

					3,295,870

Energy – 1.5%
Antero Resources Corp. 7.625%, 02/01/2029^(a)			24		24,551
Apache Corp. 4.75%, 04/15/2043			46		34,661
5.10%, 09/01/2040			59		49,991
6.00%, 01/15/2037			214		198,725
Cenovus Energy, Inc. 6.75%, 11/15/2039			30		32,020
Cheniere Energy Partners LP 4.50%, 10/01/2029			603		562,536
Continental Resources, Inc./OK 5.75%, 01/15/2031^(a)			970		930,889
Ecopetrol SA 4.625%, 11/02/2031			588		449,614
5.875%, 11/02/2051			118		78,618
6.875%, 04/29/2030			1,035		947,066
8.875%, 01/13/2033			531		535,646



abfunds.com		ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND ^\| 51

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Energy Transfer LP 3.90%, 07/15/2026	U.S.$		32	$	30,721
4.40%, 03/15/2027			1,466		1,425,538
4.75%, 01/15/2026			25		24,711
EnLink Midstream LLC 5.625%, 01/15/2028^(a)			213		209,257
6.50%, 09/01/2030^(a)			129		130,439
EnLink Midstream Partners LP 4.15%, 06/01/2025			159		154,106
5.05%, 04/01/2045			807		620,931
5.45%, 06/01/2047			116		92,523
5.60%, 04/01/2044			104		84,931
EQT Corp. 3.90%, 10/01/2027			291		273,402
Hunt Oil Co. of Peru LLC Sucursal Del Peru 6.375%, 06/01/2028^(a)			177		165,878
Occidental Petroleum Corp. 4.40%, 04/15/2046			81		64,474
5.50%, 12/01/2025			158		158,788
5.875%, 09/01/2025			21		21,213
6.125%, 01/01/2031			166		172,274
6.20%, 03/15/2040			69		69,376
6.45%, 09/15/2036			160		168,309
6.625%, 09/01/2030			166		174,748
7.50%, 05/01/2031			187		206,360
Oleoducto Central SA 4.00%, 07/14/2027^(a)			424		364,587
Tengizchevroil Finance Co. International Ltd. 3.25%, 08/15/2030^(a)			1,212		905,970
Var Energi ASA 7.50%, 01/15/2028^(a)			894		936,959
8.00%, 11/15/2032^(a)			1,300		1,387,638
Western Midstream Operating LP 3.35%, 02/01/2025			199		190,262
3.95%, 06/01/2025			225		215,735
4.30%, 02/01/2030			801		728,560
4.50%, 03/01/2028			216		204,327
4.75%, 08/15/2028			503		479,047
5.45%, 04/01/2044			193		168,461
5.50%, 02/01/2050			96		81,540

					13,755,382

Other Industrial – 0.0%
Fluor Corp. 4.25%, 09/15/2028			227		208,078



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Services – 0.1%
Elis SA 1.625%, 04/03/2028^(a)	EUR		300	$	287,889
Expedia Group, Inc. 6.25%, 05/01/2025^(a)	U.S.$		176		178,358
Verisk Analytics, Inc. 5.50%, 06/15/2045			5		4,880

					471,127

Technology – 0.4%
Broadcom, Inc. 4.00%, 04/15/2029^(a)			211		197,583
Dell International LLC/EMC Corp. 8.35%, 07/15/2046			130		158,159
HP, Inc. 5.50%, 01/15/2033			1,353