Form N-CSR - Certified Shareholder Report

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)

Stephen M. Woetzel

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, 2024

Date of reporting period: March 31, 2024

ITEM 1. REPORTS TO STOCKHOLDERS.

MAR^03.31.24

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 7, 2024

This report provides management’s discussion of fund performance for AllianceBernstein Global High Income Fund, Inc. for the annual reporting period ended March 31, 2024. 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, 2024 (unaudited)



	6 Months		12 Months

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND (NAV)		10.89%		15.06%

Primary Benchmark: Bloomberg Global High Yield Index (USD hedged)		10.57%		13.36%

Blended Benchmark: 33% JPM GBI-EM / 33% JPM EMBI Global/ 33% Bloomberg US Corporate HY 2% Issuer Capped Index		8.27%		7.90%

The Fund’s market price per share on March 31, 2024, was $10.62. The Fund’s NAV per share on March 31, 2024, was $11.21. For additional financial highlights, please see pages 105-106.

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

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, 2024. 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 both periods, the Fund outperformed its primary benchmark and the blended benchmark. Over the 12-month period, security selection was the largest contributor to relative performance, from security selection in US investment-grade and high-yield corporate bonds, eurozone high-yield corporates and emerging-market (“EM”) sovereign and corporate bonds. Yield-curve positioning also contributed, as an overweight to the six-month part of the yield curve in the US and an underweight to the six-month part of the eurozone yield-curve contributed more to performance than losses from overweights to the two- to 10-year parts of the US yield-curve. At the country level, an underweight to the eurozone contributed. From a currency perspective, a short in the euro also added to performance. Sector



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allocation detracted, mostly from an underweight to EM sovereign bonds, and off-benchmark exposure to US investment-grade corporates, US Treasuries and commercial mortgage-backed securities (“CMBS”) that were partially offset by gains from off-benchmark exposure to collateralized loan obligations and an underweight to emerging-market corporate bonds.

During the six-month period, security selection was the greatest contributor, as selections among US investment-grade and high-yield corporate bonds, eurozone high-yield corporates and emerging-market sovereign bonds contributed. An underweight to the eurozone and an overweight to the US contributed from a country allocation perspective. Yield-curve positioning also added to performance, mainly from an overweight to the six-month part of the US curve and an underweight to the six-month part of the eurozone curve that was partially offset by losses from overweights to the two- and five-year parts of the US yield-curve and underweights to the 20- and 30-year parts of the US yield-curve. Sector allocation detracted, mostly from an underweight to emerging-market sovereign bonds and off-benchmark exposure to US investment-grade corporates, US Treasuries, bank loans, agency risk-sharing transactions and CMBS that were partially offset by a gain from an overweight to US high-yield corporate bonds. Currency decisions also detracted, because of a short position in the euro.

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 to take active currency risk. Credit default swaps were also utilized to effectively gain exposure to specific sectors. Total return swaps were used to create synthetic high-yield exposure in the Fund, while written options and purchased options were used to put spread for downside protection.

During both the six-month and 12-month period, the utilization of leverage on behalf of the Fund contributed positively to performance.

MARKET REVIEW AND INVESTMENT STRATEGY

Over the 12-month period ended March 31, 2024, fixed-income government bond market yields were extremely volatile in all major developed markets, and developed-market government bond returns started to diverge based on individual country rates of growth, inflation expectations and central bank decisions. Most central banks raised interest rates substantially to combat inflation, then paused further interest-rate hikes later in the period and are on the cusp of beginning monetary easing. Government bond returns in aggregate were positive, with the highest return in Switzerland, while US Treasury returns were only slightly positive. Overall, developed-market investment-grade corporate bonds solidly outperformed government bonds, including in the US and eurozone. High-yield corporate bonds advanced and significantly outperformed government bonds—especially in the eurozone and US. Emerging-market hard-currency



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sovereign bonds outperformed developed-market treasuries by a wide margin. Emerging-market hard-currency corporate bonds had strong relative positive returns and outperformed developed-market corporates by credit quality. Among sovereigns and corporates, emerging-market high yield outperformed investment grade by a material margin during the period. Local-currency sovereign bonds exceeded developed-market treasuries yet trailed other risk sectors as the US dollar gained on most currencies during the period.

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 100-103.



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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 110-111.

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



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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)

3/31/2014 TO 3/31/2024

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AllianceBernstein Global High Income Fund based on market prices (from 3/31/2014 to 3/31/2024) 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, 2024 (unaudited)



	NAV Returns		Market Price

1 Year		15.06%		18.43%

5 Years		4.75%		5.95%

10 Years		5.05%		4.78%

AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

MARCH 31, 2024 (unaudited)



	NAV Returns		Market Price

1 Year		15.06%		18.43%

5 Years		4.75%		5.95%

10 Years		5.05%		4.78%

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, 2024 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): 966.4

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: Common Stocks, Preferred Stocks, Asset-Backed Securities 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 investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 0.7% or less in the following: Angola, Argentina, Austria, Cayman Islands, Chile, China, Czech Republic, Dominican Republic, Ecuador, Egypt, El Salvador, Finland, Ghana, Guatemala, Hong Kong, Indonesia, Ireland, Israel, Jamaica, Japan, Jersey (Channel Islands), Kazakhstan, Kuwait, Macau, Malaysia, Netherlands, Nigeria, Norway, Panama, Peru, Romania, Senegal, Slovenia, South Africa, Sweden, Switzerland, Trinidad and Tobago, Turkey, Ukraine, Venezuela and Zambia.



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PORTFOLIO OF INVESTMENTS

March 31, 2024


		Principal Amount (000)		U.S. $ Value

CORPORATES - NON-INVESTMENT GRADE – 56.7%
Industrial – 50.1%
Basic – 3.6%
Advanced Drainage Systems, Inc. 5.00%, 09/30/2027^(a)(b)	U.S.$		140	$	135,790
6.375%, 06/15/2030^(b)			364		365,701
Alcoa Nederland Holding BV 6.125%, 05/15/2028^(b)			649		649,969
7.125%, 03/15/2031^(b)			441		449,223
Arsenal AIC Parent LLC 8.00%, 10/01/2030^(b)			728		764,194
ASP Unifrax Holdings, Inc. 5.25%, 09/30/2028^(b)			1,976		1,275,289
7.50%, 09/30/2029^(b)			1,244		687,942
Baffinland Iron Mines Corp./Baffinland Iron Mines LP 8.75%, 07/15/2026^(b)			373		344,561
Cleveland-Cliffs, Inc. 7.00%, 03/15/2032^(b)			2,998		3,040,127
Constellium SE 3.125%, 07/15/2029^(b)	EUR		1,109		1,106,618
Crown Americas LLC/Crown Americas Capital Corp. VI 4.75%, 02/01/2026	U.S.$		333		327,581
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125%, 06/15/2028^(b)			360		346,140
Domtar Corp. 6.75%, 10/01/2028^(b)			140		127,489
Element Solutions, Inc. 3.875%, 09/01/2028^(b)			1,370		1,255,786
ERP Iron Ore LLC 9.04%, 12/31/2019^{(c)(d)(e)(f)(g)}			240		76,802
FMG Resources August 2006 Pty Ltd. 4.375%, 04/01/2031^(b)			2,125		1,899,334
4.50%, 09/15/2027^(b)			819		786,014
5.875%, 04/15/2030^(b)			86		84,548
6.125%, 04/15/2032^(b)			2,651		2,620,859
Glatfelter Corp. 4.75%, 11/15/2029^(b)			77		65,530
Graham Packaging Co., Inc. 7.125%, 08/15/2028^(b)			698		633,188
Graphic Packaging International LLC 3.75%, 02/01/2030^(b)			1,661		1,479,607
Hecla Mining Co. 7.25%, 02/15/2028			282		283,225



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PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Hudbay Minerals, Inc. 4.50%, 04/01/2026^(b)	U.S.$		401	$	387,489
INEOS Finance PLC 6.375%, 04/15/2029^(b)	EUR		1,160		1,253,222
7.50%, 04/15/2029^(b)	U.S.$		848		852,512
INEOS Quattro Finance 2 PLC 8.50%, 03/15/2029^(b)	EUR		1,726		1,965,427
9.625%, 03/15/2029^(b)	U.S.$		548		588,964
INEOS Styrolution Ludwigshafen GmbH 2.25%, 01/16/2027^(b)	EUR		104		103,608
Ingevity Corp. 3.875%, 11/01/2028^(b)	U.S.$		495		447,195
Intelligent Packaging Holdco Issuer LP 9.00% (9.00% Cash or 9.75% PIK), 01/15/2026^(b)(c)			611		574,809
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC 6.00%, 09/15/2028^(b)			361		344,199
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018^{(d)(e)(f)(g)(h)}			2,857		– 0	–
Mineral Resources Ltd. 8.125%, 05/01/2027^(b)			158		159,775
Olympus Water US Holding Corp. 7.125%, 10/01/2027^(b)			755		763,096
9.75%, 11/15/2028^(b)			1,750		1,865,756
Roller Bearing Co. of America, Inc. 4.375%, 10/15/2029^(b)			143		131,018
SCIL IV LLC/SCIL USA Holdings LLC 4.375%, 11/01/2026^(b)	EUR		320		341,814
5.375%, 11/01/2026^(b)	U.S.$		1,039		1,008,478
Sealed Air Corp. 6.875%, 07/15/2033^(b)			564		588,216
SNF Group SACA 3.125%, 03/15/2027^(b)			655		604,972
3.375%, 03/15/2030^(b)			951		822,619
SunCoke Energy, Inc. 4.875%, 06/30/2029^(b)			395		357,928
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 5.375%, 09/01/2025^(b)			58		46,400
Vibrantz Technologies, Inc. 9.00%, 02/15/2030^(b)			1,887		1,743,479
WR Grace Holdings LLC 4.875%, 06/15/2027^(b)			1,186		1,128,101
5.625%, 08/15/2029^(b)			61		54,603

					34,939,197



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PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Capital Goods – 4.6%
ARD Finance SA 5.00% (5.00% Cash or 5.75% PIK), 06/30/2027^(b)(c)	EUR		3,069	$	933,128
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 4.00%, 09/01/2029^(b)	U.S.$		985		794,136
6.00%, 06/15/2027^(b)			684		663,330
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 2.125%, 08/15/2026^(b)	EUR		1,442		1,333,703
4.125%, 08/15/2026^(b)	U.S.$		3,282		2,977,186
5.25%, 08/15/2027^(b)			639		401,212
Ball Corp. 6.00%, 06/15/2029			1,607		1,621,903
6.875%, 03/15/2028			553		567,281
Bombardier, Inc. 7.25%, 07/01/2031^(b)			862		864,435
7.875%, 04/15/2027^(b)			1,055		1,056,619
8.75%, 11/15/2030^(b)			1,295		1,384,031
Calderys Financing LLC 11.25%, 06/01/2028^(b)			2,089		2,247,544
Clean Harbors, Inc. 4.875%, 07/15/2027^(b)			25		24,250
6.375%, 02/01/2031^(b)			393		395,775
Crown Americas LLC 5.25%, 04/01/2030			411		396,561
Eco Material Technologies, Inc. 7.875%, 01/31/2027^(b)			3,007		3,054,090
EnerSys 4.375%, 12/15/2027^(b)			935		884,948
6.625%, 01/15/2032^(b)			1,170		1,179,803
Enviri Corp. 5.75%, 07/31/2027^(b)			1,384		1,302,685
Esab Corp. 6.25%, 04/15/2029^(b)			544		546,907
F-Brasile SpA/F-Brasile US LLC Series XR 7.375%, 08/15/2026^(b)			957		956,695
GFL Environmental, Inc. 6.75%, 01/15/2031^(b)			523		535,995
Griffon Corp. 5.75%, 03/01/2028			1,079		1,057,163
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC 9.00%, 02/15/2029^(b)			370		382,671



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PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

LSB Industries, Inc. 6.25%, 10/15/2028^(a)(b)	U.S.$		1,348	$	1,297,920
Madison IAQ LLC 5.875%, 06/30/2029^(b)			359		329,116
Maxim Crane Works Holdings Capital LLC 11.50%, 09/01/2028^(b)			340		368,638
Moog, Inc. 4.25%, 12/15/2027^(b)			379		356,969
Mueller Water Products, Inc. 4.00%, 06/15/2029^(b)			291		263,989
Oscar AcquisitionCo LLC/Oscar Finance, Inc. 9.50%, 04/15/2030^(b)			372		366,942
Paprec Holding SA 7.25%, 11/17/2029^(b)	EUR		569		654,237
Stericycle, Inc. 3.875%, 01/15/2029^(b)	U.S.$		1,076		975,810
TK Elevator Midco GmbH 4.375%, 07/15/2027^(b)	EUR		585		607,591
TK Elevator US Newco, Inc. 5.25%, 07/15/2027^(b)	U.S.$		306		295,675
TransDigm, Inc. 4.625%, 01/15/2029			1,595		1,480,536
4.875%, 05/01/2029			1,954		1,816,156
6.375%, 03/01/2029^(b)			83		83,254
6.75%, 08/15/2028^(b)			2,508		2,544,765
7.125%, 12/01/2031^(b)			3,137		3,235,838
7.50%, 03/15/2027			118		118,105
Trinity Industries, Inc. 7.75%, 07/15/2028^(b)			1,073		1,101,743
Triumph Group, Inc. 9.00%, 03/15/2028^(b)			2,265		2,388,079
Tutor Perini Corp. 6.875%, 05/01/2025^(b)			61		60,528
WESCO Distribution, Inc. 6.375%, 03/15/2029^(b)			371		374,898
6.625%, 03/15/2032^(b)			375		381,218
7.125%, 06/15/2025^(b)			20		20,026
7.25%, 06/15/2028^(b)			271		276,697

					44,960,781

Communications - Media – 6.9%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028^(b)			723		680,873
Altice Financing SA 5.00%, 01/15/2028^(b)			516		424,302
5.75%, 08/15/2029^(b)			2,724		2,178,035



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

AMC Networks, Inc. 4.25%, 02/15/2029	U.S.$		1,084	$	768,531
4.75%, 08/01/2025			890		889,145
10.25%, 01/15/2029^(b)			1,083		1,090,862
Arches Buyer, Inc. 6.125%, 12/01/2028^(b)			907		760,999
Banijay Entertainment SASU 7.00%, 05/01/2029^(b)	EUR		603		683,178
8.125%, 05/01/2029^(b)	U.S.$		805		831,586
Cable One, Inc. 4.00%, 11/15/2030^(b)			139		108,453
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030^(b)			4,665		3,918,662
4.50%, 06/01/2033^(b)			2,851		2,224,988
4.75%, 02/01/2032^(b)			7,063		5,771,285
6.375%, 09/01/2029^(b)			1,760		1,670,817
7.375%, 03/01/2031^(b)			2,762		2,708,210
Clear Channel Outdoor Holdings, Inc. 5.125%, 08/15/2027^(b)			512		483,258
CMG Media Corp. 8.875%, 12/15/2027^(b)			478		314,131
CSC Holdings LLC 4.50%, 11/15/2031^(b)			981		694,236
4.625%, 12/01/2030^(b)			1,142		580,159
5.375%, 02/01/2028^(b)			2,721		2,340,418
5.75%, 01/15/2030^(b)			2,178		1,152,284
7.50%, 04/01/2028^(b)			1,032		694,115
11.25%, 05/15/2028^(b)			824		817,242
11.75%, 01/31/2029^(b)			581		581,157
Deluxe Corp. 8.00%, 06/01/2029^(b)			17		15,655
DISH DBS Corp. 5.125%, 06/01/2029			2,807		1,176,208
5.25%, 12/01/2026^(b)			3,571		2,816,398
5.75%, 12/01/2028^(b)			2,596		1,785,009
5.875%, 11/15/2024⁽ⁱ⁾			1,821		1,740,225
7.75%, 07/01/2026			274		183,138
Gray Television, Inc. 5.375%, 11/15/2031^(b)			1,364		895,356
iHeartCommunications, Inc. 4.75%, 01/15/2028^(b)			60		42,092
5.25%, 08/15/2027^(b)			1,499		1,075,025
6.375%, 05/01/2026			547		465,728
LCPR Senior Secured Financing DAC 5.125%, 07/15/2029^(b)			2,910		2,429,916
6.75%, 10/15/2027^(b)			1,098		1,029,180



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Lions Gate Capital Holdings LLC 5.50%, 04/15/2029^(b)	U.S.$		461	$	352,481
McGraw-Hill Education, Inc. 5.75%, 08/01/2028^(b)			1,123		1,056,111
Outfront Media Capital LLC/Outfront Media Capital Corp. 4.625%, 03/15/2030^(b)			376		337,277
Paramount Global 6.25%, 02/28/2057			245		214,923
6.375%, 03/30/2062			343		316,376
Radiate Holdco LLC/Radiate Finance, Inc. 4.50%, 09/15/2026^(b)			1,849		1,470,659
Sinclair Television Group, Inc. 4.125%, 12/01/2030^(b)			1,613		1,172,855
5.50%, 03/01/2030^(b)			382		275,231
Sirius XM Radio, Inc. 3.875%, 09/01/2031^(b)			40		33,338
4.00%, 07/15/2028^(b)			4,573		4,184,291
5.00%, 08/01/2027^(b)			837		805,831
Summer BC Holdco B SARL 5.75%, 10/31/2026^(b)	EUR		1,395		1,477,601
TEGNA, Inc. 5.00%, 09/15/2029	U.S.$		333		298,698
Townsquare Media, Inc. 6.875%, 02/01/2026^(b)			113		110,243
Univision Communications, Inc. 6.625%, 06/01/2027^(b)			1,593		1,559,285
7.375%, 06/30/2030^(b)			1,186		1,173,562
8.00%, 08/15/2028^(b)			1,261		1,285,080
Urban One, Inc. 7.375%, 02/01/2028^(b)			2,526		2,150,632
VZ Vendor Financing II BV 2.875%, 01/15/2029^(b)	EUR		885		824,070
Ziggo Bond Co. BV 5.125%, 02/28/2030^(b)	U.S.$		1,770		1,513,762

					66,633,162

Communications - Telecommunications – 2.6%
Altice France Holding SA 4.00%, 02/15/2028^(b)	EUR		332		86,261
6.00%, 02/15/2028^(b)	U.S.$		359		101,950
10.50%, 05/15/2027^(b)			2,710		1,009,475
Altice France SA/France 3.375%, 01/15/2028^(b)	EUR		885		685,696
5.125%, 01/15/2029^(b)	U.S.$		391		268,813
5.125%, 07/15/2029^(b)			5,220		3,537,131
5.50%, 01/15/2028^(b)			492		350,887
5.50%, 10/15/2029^(b)			1,761		1,210,696
8.125%, 02/01/2027^(b)			526		406,335



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Consolidated Communications, Inc. 6.50%, 10/01/2028^(b)	U.S.$		1,486	$	1,304,140
Embarq Corp. 7.995%, 06/01/2036			984		534,970
Frontier Communications Holdings LLC 6.75%, 05/01/2029^(b)			1,209		1,077,291
Hughes Satellite Systems Corp. 6.625%, 08/01/2026			302		177,976
Iliad Holding SASU 6.50%, 10/15/2026^(b)			519		513,794
Level 3 Financing, Inc. 3.40%, 03/01/2027^(b)			584		450,884
3.75%, 07/15/2029^(b)			1,018		459,540
4.25%, 07/01/2028^(b)			769		361,863
4.625%, 09/15/2027^(b)			1,451		962,423
Lorca Telecom Bondco SA 4.00%, 09/18/2027^(b)	EUR		952		997,251
Telecom Italia Capital SA 7.20%, 07/18/2036	U.S.$		259		252,956
7.72%, 06/04/2038			1,565		1,565,119
United Group BV 3.625%, 02/15/2028^(b)	EUR		237		240,485
4.625%, 08/15/2028^(b)			481		496,891
6.75%, 02/15/2031^(b)			616		681,157
8.13% (EURIBOR 3 Month + 4.25%), 02/01/2029^(b)(i)			539		583,397
Vmed O2 UK Financing I PLC 4.25%, 01/31/2031^(b)	U.S.$		530		448,436
4.75%, 07/15/2031^(b)			3,639		3,136,895
7.75%, 04/15/2032^(b)			1,918		1,926,148
Windstream Escrow LLC/Windstream Escrow Finance Corp. 7.75%, 08/15/2028^(b)			453		419,765
Zayo Group Holdings, Inc. 4.00%, 03/01/2027^(b)			443		364,386
6.125%, 03/01/2028^(b)			128		88,895

					24,701,906

Consumer Cyclical - Automotive – 2.4%
Adient Global Holdings Ltd. 4.875%, 08/15/2026^(b)			438		427,083
American Axle & Manufacturing, Inc. 5.00%, 10/01/2029			220		197,579
6.875%, 07/01/2028			866		861,699
Aston Martin Capital Holdings Ltd. 10.00%, 03/31/2029^(b)			639		651,934
Dana Financing Luxembourg SARL 5.75%, 04/15/2025^(b)			55		54,773



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Dana, Inc. 4.25%, 09/01/2030	U.S.$		760	$	671,514
5.375%, 11/15/2027			109		106,727
5.625%, 06/15/2028			182		177,589
Exide Technologies 11.00%, 10/31/2024^{(d)(e)(f)(g)(h)(k)}			4,147		– 0	–
Goodyear Tire & Rubber Co. (The) 5.625%, 04/30/2033			636		580,771
IHO Verwaltungs GmbH 3.75% (3.75% Cash or 4.50% PIK), 09/15/2026^(b)(c)	EUR		885		942,294
3.875% (3.875% Cash or 4.625% PIK), 05/15/2027^(b)(c)			338		357,542
6.00% (6.00% Cash or 6.75% PIK), 05/15/2027^(b)(c)	U.S.$		1,984		1,981,818
8.75% (8.75% Cash or 9.50% PIK), 05/15/2028^(b)(c)	EUR		306		357,628
Jaguar Land Rover Automotive PLC 5.50%, 07/15/2029^(b)	U.S.$		1,206		1,154,276
5.875%, 01/15/2028^(b)			705		694,348
7.75%, 10/15/2025^(b)			1,207		1,219,065
Mclaren Finance PLC 7.50%, 08/01/2026^(b)			1,973		1,733,961
PM General Purchaser LLC 9.50%, 10/01/2028^(b)			1,250		1,277,498
Real Hero Merger Sub 2, Inc. 6.25%, 02/01/2029^(b)			1,530		1,339,295
Tenneco, Inc. 8.00%, 11/17/2028^(b)			2,794		2,549,030
Titan International, Inc. 7.00%, 04/30/2028			1,465		1,446,040
ZF Europe Finance BV 2.00%, 02/23/2026^(a)(b)	EUR		200		206,468
ZF Finance GmbH Series E 2.00%, 05/06/2027^(b)			200		200,774
2.75%, 05/25/2027^(b)			900		923,787
ZF North America Capital, Inc. 4.75%, 04/29/2025^(b)	U.S.$		2,357		2,328,418
6.875%, 04/14/2028^(b)			504		522,985
7.125%, 04/14/2030^(b)			504		531,117

					23,496,013

Consumer Cyclical - Entertainment – 2.3%
AMC Entertainment Holdings, Inc. 7.50%, 02/15/2029^(b)			142		95,865



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Carnival Corp. 4.00%, 08/01/2028^(b)	U.S.$		1,739	$	1,619,878
7.00%, 08/15/2029^(b)			243		252,920
7.625%, 03/01/2026^(b)	EUR		311		341,971
Carnival Holdings Bermuda Ltd. 10.375%, 05/01/2028^(b)	U.S.$		3,548		3,871,277
Cedar Fair LP 5.25%, 07/15/2029			85		80,479
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.375%, 04/15/2027			85		83,615
Cinemark USA, Inc. 5.25%, 07/15/2028^(b)			492		465,845
Lindblad Expeditions LLC 6.75%, 02/15/2027^(b)			365		367,236
Merlin Entertainments Group US Holdings, Inc. 7.375%, 02/15/2031^(b)			1,076		1,084,869
Motion Bondco DAC 4.50%, 11/15/2027^(b)	EUR		670		694,315
NCL Corp., Ltd. 5.875%, 03/15/2026^(b)	U.S.$		545		538,160
5.875%, 02/15/2027^(b)			80		78,919
8.125%, 01/15/2029^(b)			922		976,375
Royal Caribbean Cruises Ltd. 5.375%, 07/15/2027^(b)			1,159		1,142,289
5.50%, 08/31/2026^(b)			948		938,842
5.50%, 04/01/2028^(b)			4,222		4,170,334
Six Flags Entertainment Corp. 7.25%, 05/15/2031^(b)			1,082		1,095,550
Viking Cruises Ltd. 5.875%, 09/15/2027^(b)			715		701,842
7.00%, 02/15/2029^(b)			1,752		1,759,392
9.125%, 07/15/2031^(b)			83		90,752
VOC Escrow Ltd. 5.00%, 02/15/2028^(b)			1,749		1,684,324

					22,135,049

Consumer Cyclical - Other – 3.2%
Adams Homes, Inc. 7.50%, 02/15/2025^(b)			194		194,258
Affinity Interactive 6.875%, 12/15/2027^(b)			396		370,582
Brookfield Residential Properties, Inc./Brookfield Residential US LLC 4.875%, 02/15/2030^(b)			1,097		983,266
6.25%, 09/15/2027^(b)			1,411		1,380,512



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Builders FirstSource, Inc. 5.00%, 03/01/2030^(b)	U.S.$		466	$	444,433
6.375%, 03/01/2034^(b)			1,119		1,123,295
Century Communities, Inc. 3.875%, 08/15/2029^(b)			406		365,583
6.75%, 06/01/2027			31		31,144
Churchill Downs, Inc. 4.75%, 01/15/2028^(b)			491		467,380
Cirsa Finance International SARL 6.50%, 03/15/2029^(b)	EUR		559		617,056
Five Point Operating Co. LP/Five Point Capital Corp. 10.50%, 01/15/2028⁽ⁱ⁾	U.S.$		1,306		1,346,314
Forestar Group, Inc. 3.85%, 05/15/2026^(b)			385		367,705
Hilton Domestic Operating Co., Inc. 3.625%, 02/15/2032^(b)			1,593		1,372,607
3.75%, 05/01/2029^(b)			699		640,896
5.875%, 04/01/2029^(b)			1,286		1,287,941
6.125%, 04/01/2032^(b)			738		740,785
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc 4.875%, 07/01/2031^(b)			560		501,655
5.00%, 06/01/2029^(b)			1,598		1,491,009
6.625%, 01/15/2032^(b)			500		501,482
Installed Building Products, Inc. 5.75%, 02/01/2028^(b)			291		283,895
Jacobs Entertainment, Inc. 6.75%, 02/15/2029^(b)			2		1,939
Marriott Ownership Resorts, Inc. 4.50%, 06/15/2029^(b)			514		469,876
Mattamy Group Corp. 4.625%, 03/01/2030^(b)			95		86,430
MGM Resorts International 4.625%, 09/01/2026			549		536,693
4.75%, 10/15/2028			1,047		995,542
5.50%, 04/15/2027			1,163		1,153,379
5.75%, 06/15/2025			30		29,967
Miller Homes Group Finco PLC 7.00%, 05/15/2029^(b)	GBP		679		798,252
9.15% (EURIBOR 3 Month + 5.25%), 05/15/2028^(b)(j)	EUR		514		551,500
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC 6.75%, 04/01/2032^(b)	U.S.$		361		362,234
Mohegan Tribal Gaming Authority 8.00%, 02/01/2026^(b)			442		431,168



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

New Home Co., Inc. (The) 8.25%, 10/15/2027^(a)(b)	U.S.$		211	$	214,839
Playtech PLC 4.25%, 03/07/2026^(b)	EUR		101		106,277
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 04/01/2029	U.S.$		911		855,510
Standard Industries, Inc./NJ 4.375%, 07/15/2030^(b)			705		633,128
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875%, 05/15/2025^(b)			1,785		1,776,817
Taylor Morrison Communities, Inc. 5.125%, 08/01/2030^(b)			92		87,931
5.75%, 01/15/2028^(b)			376		373,856
5.875%, 06/15/2027^(b)			83		82,989
Thor Industries, Inc. 4.00%, 10/15/2029^(b)			387		346,581
TopBuild Corp. 4.125%, 02/15/2032^(b)			418		370,070
Travel & Leisure Co. 4.50%, 12/01/2029^(b)			911		836,291
4.625%, 03/01/2030^(b)			2,415		2,205,118
6.625%, 07/31/2026^(b)			637		641,604
Wyndham Hotels & Resorts, Inc. 4.375%, 08/15/2028^(b)			378		351,168
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25%, 05/15/2027^(b)			781		764,274
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, 10/01/2029^(b)			1,988		1,884,389

					31,459,622

Consumer Cyclical - Restaurants – 0.2%
1011778 BC ULC/New Red Finance, Inc. 3.875%, 01/15/2028^(b)			1,286		1,208,674
4.375%, 01/15/2028^(b)			118		111,545
CEC Entertainment LLC 6.75%, 05/01/2026^(b)			365		361,848

					1,682,067

Consumer Cyclical - Retailers – 2.7%
Arko Corp. 5.125%, 11/15/2029^(b)			1,035		858,009
Asbury Automotive Group, Inc. 4.625%, 11/15/2029^(b)			858		793,825
5.00%, 02/15/2032^(b)			827		749,168



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Bath & Body Works, Inc. 5.25%, 02/01/2028	U.S.$		89	$	87,091
6.75%, 07/01/2036			631		637,096
6.875%, 11/01/2035			519		530,182
7.50%, 06/15/2029			107		111,454
7.60%, 07/15/2037			261		260,303
9.375%, 07/01/2025^(b)			41		42,762
BCPE Ulysses Intermediate, Inc. 7.75% (7.75% Cash or 8.50% PIK), 04/01/2027^(b)(c)			518		512,795
Beacon Roofing Supply, Inc. 6.50%, 08/01/2030^(b)			674		684,298
Carvana Co. 5.50%, 04/15/2027^(b)			415		323,310
12.00% (12.00% PIK), 12/01/2028^(a)(b)(c)			992		969,961
CT Investment GmbH 6.375%, 04/15/2030^(b)	EUR		516		558,889
FirstCash, Inc. 6.875%, 03/01/2032^(b)	U.S.$		1,871		1,872,268
Foundation Building Materials, Inc. 6.00%, 03/01/2029^(b)			246		226,385
Gap, Inc. (The) 3.625%, 10/01/2029^(b)			371		325,008
3.875%, 10/01/2031^(b)			95		80,351
Global Auto Holdings Ltd/AAG FH UK Ltd. 8.375%, 01/15/2029^(b)			1,363		1,332,460
8.75%, 01/15/2032^(b)			835		808,264
Group 1 Automotive, Inc. 4.00%, 08/15/2028^(b)			507		467,266
Guitar Center, Inc. 8.50%, 01/15/2026^(b)			396		349,504
Kontoor Brands, Inc. 4.125%, 11/15/2029^(b)			894		804,230
LBM Acquisition LLC 6.25%, 01/15/2029^(b)			81		75,960
LCM Investments Holdings II LLC 4.875%, 05/01/2029^(b)			92		84,545
8.25%, 08/01/2031^(b)			727		759,961
LSF9 Atlantis Holdings LLC/Victra Finance Corp. 7.75%, 02/15/2026^(b)			378		375,202
Michaels Cos., Inc. (The) 5.25%, 05/01/2028^(b)			1,475		1,252,868
7.875%, 05/01/2029^(b)			1,248		935,931
Murphy Oil USA, Inc. 3.75%, 02/15/2031^(b)			460		401,781
4.75%, 09/15/2029			16		15,181
5.625%, 05/01/2027			69		68,330



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

NMG Holding Co., Inc./Neiman Marcus Group LLC 7.125%, 04/01/2026^(b)	U.S.$		724	$	709,733
Nordstrom, Inc. 5.00%, 01/15/2044			4		3,089
Penske Automotive Group, Inc. 3.75%, 06/15/2029			903		809,373
QVC, Inc. 4.375%, 09/01/2028			5		4,006
4.45%, 02/15/2025			253		245,063
4.75%, 02/15/2027			193		171,667
Sonic Automotive, Inc. 4.625%, 11/15/2029^(b)			1,674		1,503,124
4.875%, 11/15/2031^(b)			144		125,968
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.375%, 09/30/2026^(b)			418		414,804
Staples, Inc. 7.50%, 04/15/2026^(b)			2,851		2,782,285
10.75%, 04/15/2027^(b)			1,207		1,148,150
White Cap Buyer LLC 6.875%, 10/15/2028^(b)			161		157,961
White Cap Parent LLC 8.25% (8.25% Cash or 9.00% PIK), 03/15/2026^(b)(c)			329		328,662
William Carter Co. (The) 5.625%, 03/15/2027^(b)			80		79,392

					25,837,915

Consumer Non-Cyclical – 6.6%
AdaptHealth LLC 6.125%, 08/01/2028^(b)			288		270,421
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.25%, 03/15/2026^(b)			773		736,468
4.625%, 01/15/2027^(b)			615		595,327
6.50%, 02/15/2028^(b)			2,469		2,498,531
Bausch & Lomb Corp. 8.375%, 10/01/2028^(b)			2,278		2,355,834
Bausch Health Americas, Inc. 8.50%, 01/31/2027^(b)			543		321,637
Bausch Health Cos., Inc. 4.875%, 06/01/2028^(b)			2,807		1,529,572
5.25%, 01/30/2030^(b)			8		3,369
5.50%, 11/01/2025^(b)			291		274,588
5.75%, 08/15/2027^(b)			70		40,294
6.125%, 02/01/2027^(b)			359		223,942



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

6.25%, 02/15/2029^(b)	U.S.$		911	$	395,357
7.25%, 05/30/2029^(b)			254		113,727
11.00%, 09/30/2028^(b)			403		268,980
CAB SELAS 3.375%, 02/01/2028^(b)	EUR		1,880		1,835,385
Cheplapharm Arzneimittel GmbH 7.50%, 05/15/2030^(b)			770		877,245
CHS/Community Health Systems, Inc. 4.75%, 02/15/2031^(b)	U.S.$		493		380,424
5.625%, 03/15/2027^(b)			573		527,344
6.00%, 01/15/2029^(b)			1,466		1,280,802
6.125%, 04/01/2030^(b)			3,702		2,665,525
6.875%, 04/01/2028^(b)			213		149,707
6.875%, 04/15/2029^(b)			1,350		1,011,803
8.00%, 03/15/2026^(b)			296		295,455
10.875%, 01/15/2032^(b)			79		81,592
DaVita, Inc. 3.75%, 02/15/2031^(b)			816		682,721
4.625%, 06/01/2030^(b)			3,975		3,558,021
Edgewell Personal Care Co. 4.125%, 04/01/2029^(b)			2		1,836
Elanco Animal Health, Inc. 6.65%, 08/28/2028^(a)			1,496		1,521,758
Embecta Corp. 5.00%, 02/15/2030^(b)			2,586		2,109,999
Emergent BioSolutions, Inc. 3.875%, 08/15/2028^(b)			1,516		705,474
Fortrea Holdings, Inc. 7.50%, 07/01/2030^(b)			406		419,349
Global Medical Response, Inc. 6.50%, 10/01/2025^(b)			309		293,552
Grifols SA 3.20%, 05/01/2025^(b)	EUR		414		411,682
3.875%, 10/15/2028^(b)			3,256		2,777,715
4.75%, 10/15/2028^(b)(i)	U.S.$		804		665,336
Gruenenthal GmbH 4.125%, 05/15/2028^(b)	EUR		1,141		1,191,630
Heartland Dental LLC/Heartland Dental Finance Corp. 10.50%, 04/30/2028^(b)	U.S.$		76		80,764
Herbalife Nutrition Ltd./HLF Financing, Inc. 7.875%, 09/01/2025^(b)			382		382,000
Iceland Bondco PLC 9.40% (EURIBOR 3 Month + 5.50%), 12/15/2027^(b)(j)	EUR		385		418,314
10.875%, 12/15/2027^(b)	GBP		162		215,665



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

IQVIA, Inc. 2.25%, 03/15/2029^(b)	EUR		862	$	837,169
6.50%, 05/15/2030^(b)	U.S.$		329		335,801
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. 7.00%, 12/31/2027^(b)			1,929		1,914,284
Lamb Weston Holdings, Inc. 4.125%, 01/31/2030^(b)			1,062		968,935
Legacy LifePoint Health LLC 4.375%, 02/15/2027^(b)			2,626		2,500,894
Medline Borrower LP 3.875%, 04/01/2029^(b)			1,738		1,582,006
5.25%, 10/01/2029^(b)			3,167		2,993,470
Neogen Food Safety Corp. 8.625%, 07/20/2030^(b)			883		949,763
Newell Brands, Inc. 4.875%, 06/01/2025			170		167,577
5.70%, 04/01/2026^(a)			452		444,241
6.375%, 09/15/2027			1,026		1,012,670
Organon & Co./Organon Foreign Debt Co-Issuer BV 2.875%, 04/30/2028^(b)	EUR		885		887,947
4.125%, 04/30/2028^(b)	U.S.$		499		464,857
5.125%, 04/30/2031^(b)			922		816,535
Performance Food Group, Inc. 4.25%, 08/01/2029^(b)			297		272,388
5.50%, 10/15/2027^(b)			290		284,947
Post Holdings, Inc. 4.50%, 09/15/2031^(b)			131		117,849
4.625%, 04/15/2030^(b)			821		753,588
5.50%, 12/15/2029^(b)			529		511,040
6.25%, 02/15/2032^(b)			445		448,102
Primo Water Holdings, Inc. 4.375%, 04/30/2029^(b)			1,227		1,126,324
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. 9.75%, 12/01/2026^(b)			775		776,444
Spectrum Brands, Inc. 3.875%, 03/15/2031^(b)(i)			1,170		1,129,042
Surgery Center Holdings, Inc. 7.25%, 04/15/2032^(b)			837		844,341
Tempur Sealy International, Inc. 3.875%, 10/15/2031^(b)			3		2,551
4.00%, 04/15/2029^(b)			448		406,983
Tenet Healthcare Corp. 4.375%, 01/15/2030			2,307		2,133,251
6.125%, 10/01/2028			648		645,627



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Triton Water Holdings, Inc. 6.25%, 04/01/2029^(b)	U.S.$		884	$	805,042
US Acute Care Solutions LLC 6.375%, 03/01/2026^(b)			3,211		3,092,759
US Foods, Inc. 4.75%, 02/15/2029^(b)			88		83,521
6.875%, 09/15/2028^(b)			79		80,937

					63,560,030

Energy – 6.8%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375%, 06/15/2029^(b)			80		76,951
5.75%, 03/01/2027^(b)			602		593,935
5.75%, 01/15/2028^(b)			100		98,421
Ascent Resources Utica Holdings LLC/ARU Finance Corp. 7.00%, 11/01/2026^(b)			3		3,007
Berry Petroleum Co. LLC 7.00%, 02/15/2026^(b)			245		241,750
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.625%, 12/15/2025^(b)			421		424,418
Buckeye Partners LP 3.95%, 12/01/2026			91		87,005
4.125%, 03/01/2025^(b)			85		83,005
4.125%, 12/01/2027			507		477,812
Callon Petroleum Co. 7.50%, 06/15/2030^(b)			1,004		1,063,009
CGG SA 8.75%, 04/01/2027^(b)			422		382,374
Chesapeake Energy Corp. 6.75%, 04/15/2029^(b)			177		179,081
CITGO Petroleum Corp. 6.375%, 06/15/2026^(b)			471		473,655
7.00%, 06/15/2025^(b)			1,781		1,779,155
8.375%, 01/15/2029^(b)			844		884,353
Civitas Resources, Inc. 5.00%, 10/15/2026^(b)			682		666,886
8.375%, 07/01/2028^(b)			1,185		1,246,547
8.625%, 11/01/2030^(b)			521		559,313
8.75%, 07/01/2031^(b)			1,137		1,217,431
CNX Resources Corp. 6.00%, 01/15/2029^(b)			311		304,792
7.25%, 03/01/2032^(b)			876		891,295
7.375%, 01/15/2031^(b)			107		108,872



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Comstock Resources, Inc. 5.875%, 01/15/2030^(b)	U.S.$		30	$	27,170
6.75%, 03/01/2029^(b)			294		280,363
Crescent Energy Finance LLC 7.625%, 04/01/2032^(b)			347		349,880
9.25%, 02/15/2028^(b)			1,134		1,197,827
CVR Energy, Inc. 8.50%, 01/15/2029^(b)			392		396,998
Encino Acquisition Partners Holdings LLC 8.50%, 05/01/2028^(b)			1,318		1,332,097
Energy Transfer LP 8.00%, 05/15/2054			365		381,617
EnLink Midstream Partners LP Series C 9.70% (CME Term SOFR 3 Month + 4.37%), 04/29/2024^(j)(l)			2,734		2,674,359
EQM Midstream Partners LP 4.50%, 01/15/2029^(b)			898		842,388
6.375%, 04/01/2029^(b)			315		317,214
FTAI Infra Escrow Holdings LLC 10.50%, 06/01/2027^(b)			351		364,995
Genesis Energy LP/Genesis Energy Finance Corp. 6.25%, 05/15/2026			92		91,409
7.75%, 02/01/2028			440		442,240
8.00%, 01/15/2027			543		548,510
8.25%, 01/15/2029			1,359		1,395,570
Global Partners LP/GLP Finance Corp. 6.875%, 01/15/2029			1,921		1,908,845
7.00%, 08/01/2027			403		403,956
Gulfport Energy Corp. 8.00%, 05/17/2026^(b)			610		619,688
8.00%, 05/17/2026			355		360,001
Hess Midstream Operations LP 4.25%, 02/15/2030^(b)			798		733,547
5.625%, 02/15/2026^(b)			488		483,967
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 02/01/2029^(b)			313		305,280
6.00%, 02/01/2031^(b)			412		401,521
6.25%, 04/15/2032^(b)			89		87,824
8.375%, 11/01/2033^(b)			1,299		1,405,979
Howard Midstream Energy Partners LLC 8.875%, 07/15/2028^(b)			702		741,996
Ithaca Energy North Sea PLC 9.00%, 07/15/2026^(b)			200		202,054



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

ITT Holdings LLC 6.50%, 08/01/2029^(b)	U.S.$		2,506	$	2,288,289
KCA Deutag UK Finance PLC 9.875%, 12/01/2025^(b)			331		333,232
Kodiak Gas Services LLC 7.25%, 02/15/2029^(b)			333		339,462
Moss Creek Resources Holdings, Inc. 7.50%, 01/15/2026^(b)			2,788		2,784,735
Nabors Industries Ltd. 7.25%, 01/15/2026^(b)			403		400,088
7.50%, 01/15/2028^(b)			1,042		976,922
Nabors Industries, Inc. 7.375%, 05/15/2027^(b)			399		398,272
9.125%, 01/31/2030^(b)			128		133,117
New Fortress Energy, Inc. 6.50%, 09/30/2026^(b)			1,540		1,483,178
6.75%, 09/15/2025^(b)			1,011		1,004,098
8.75%, 03/15/2029^(b)			1,376		1,371,143
NGL Energy Operating LLC/NGL Energy Finance Corp. 8.125%, 02/15/2029^(b)			1,709		1,750,477
8.375%, 02/15/2032^(b)			1,242		1,273,559
NuStar Logistics LP 5.625%, 04/28/2027			80		79,221
5.75%, 10/01/2025			80		79,665
6.00%, 06/01/2026			547		545,319
6.375%, 10/01/2030			225		227,057
Parkland Corp. 4.50%, 10/01/2029^(b)			220		203,479
4.625%, 05/01/2030^(b)			220		202,820
5.875%, 07/15/2027^(b)			46		45,602
PBF Holding Co. LLC/PBF Finance Corp. 6.00%, 02/15/2028			318		312,612
7.875%, 09/15/2030^(b)			92		95,334
Petrofac Ltd. 9.75%, 11/15/2026^(b)			200		81,126
Solaris Midstream Holdings LLC 7.625%, 04/01/2026^(b)			1,376		1,391,124
Southwestern Energy Co. 5.375%, 02/01/2029			187		181,737
8.375%, 09/15/2028			120		124,494
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. 9.00%, 10/15/2026^(a)(b)			1,416		1,432,396
Sunoco LP/Sunoco Finance Corp. 4.50%, 05/15/2029			204		189,949
4.50%, 04/30/2030			399		365,979



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

5.875%, 03/15/2028	U.S.$		774	$	768,184
7.00%, 09/15/2028^(b)			79		80,731
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 6.00%, 12/31/2030^(b)			160		151,932
6.00%, 09/01/2031^(b)			72		67,122
7.375%, 02/15/2029^(b)			82		82,468
Talos Production, Inc. 9.00%, 02/01/2029^(b)			490		520,749
9.375%, 02/01/2031^(b)			582		619,505
Transocean Aquila Ltd. 8.00%, 09/30/2028^(b)			1,077		1,105,171
Transocean, Inc. 8.75%, 02/15/2030^(b)			219		228,062
11.50%, 01/30/2027^(b)			211		219,960
USA Compression Partners LP/USA Compression Finance Corp. 6.875%, 09/01/2027			4		4,005
Venture Global Calcasieu Pass LLC 3.875%, 08/15/2029^(b)			93		83,724
3.875%, 11/01/2033^(b)			879		747,394
4.125%, 08/15/2031^(b)			1,829		1,628,811
6.25%, 01/15/2030^(b)			1,818		1,830,247
Venture Global LNG, Inc. 8.125%, 06/01/2028^(b)			1,448		1,477,311
8.375%, 06/01/2031^(b)			1,107		1,142,752
9.50%, 02/01/2029^(b)			1,663		1,792,763
9.875%, 02/01/2032^(b)			2,794		3,012,104

					65,797,843

Other Industrial – 0.3%
AECOM 5.125%, 03/15/2027			390		383,427
American Builders & Contractors Supply Co., Inc. 4.00%, 01/15/2028^(b)			100		93,609
Benteler International AG 10.50%, 05/15/2028^(b)			337		364,265
Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028^(b)			1,116		1,113,082
Grand Canyon University 4.125%, 10/01/2024			223		217,869
Ritchie Bros Holdings, Inc. 6.75%, 03/15/2028^(b)			377		384,759
7.75%, 03/15/2031^(b)			14		14,647

					2,571,658



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Services – 3.3%
ADT Security Corp. (The) 4.875%, 07/15/2032^(b)	U.S.$		1,012	$	920,432
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.00%, 06/01/2029^(b)			327		281,376
6.625%, 07/15/2026^(b)			100		99,939
9.75%, 07/15/2027^(b)			1,601		1,605,179
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 3.625%, 06/01/2028^(b)	EUR		255		254,884
4.625%, 06/01/2028^(b)	U.S.$		4,455		4,060,205
4.875%, 06/01/2028^(b)	GBP		1,010		1,149,224
AMN Healthcare, Inc. 4.625%, 10/01/2027^(b)	U.S.$		4		3,804
ANGI Group LLC 3.875%, 08/15/2028^(b)			2,420		2,100,398
Aptim Corp. 7.75%, 06/15/2025^(b)			362		357,198
APX Group, Inc. 5.75%, 07/15/2029^(b)			1,604		1,542,025
6.75%, 02/15/2027^(b)			776		780,337
Aramark Services, Inc. 5.00%, 02/01/2028^(b)			1,064		1,025,778
Block, Inc. 2.75%, 06/01/2026			923		868,786
Brink’s Co. (The) 4.625%, 10/15/2027^(b)			383		365,141
Cars.com, Inc. 6.375%, 11/01/2028^(b)			830		805,755
Garda World Security Corp. 4.625%, 02/15/2027^(b)			188		180,208
6.00%, 06/01/2029^(b)			179		160,300
7.75%, 02/15/2028^(b)			1,281		1,313,992
9.50%, 11/01/2027^(b)			479		480,430
IHS Markit Ltd. 4.75%, 08/01/2028			104		100,206
Korn Ferry 4.625%, 12/15/2027^(b)			402		382,826
Millennium Escrow Corp. 6.625%, 08/01/2026^(b)			2,023		1,198,066
Mobius Merger Sub, Inc. 9.00%, 06/01/2030^(b)			351		349,003
Monitronics International, Inc. 9.125%, 04/01/2020^{(d)(e)(f)(g)(k)}			958		– 0	–
MPH Acquisition Holdings LLC 5.50%, 09/01/2028^(b)			1,922		1,634,229
5.75%, 11/01/2028^(b)			2,619		2,067,979



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Neptune Bidco US, Inc. 9.29%, 04/15/2029^(b)	U.S.$		2,588	$	2,448,577
Prime Security Services Borrower LLC/Prime Finance, Inc. 3.375%, 08/31/2027^(b)			423		388,846
5.25%, 04/15/2024^(b)			3		2,995
5.75%, 04/15/2026^(b)			540		538,382
6.25%, 01/15/2028^(b)			1,225		1,200,211
Q-Park Holding I BV 2.00%, 03/01/2027^(b)	EUR		579		586,529
Rakuten Group, Inc. 11.25%, 02/15/2027^(b)	U.S.$		441		466,977
Service Corp. International/US 3.375%, 08/15/2030			18		15,607
Shutterfly Finance LLC 8.50% (4.25% Cash and 4.25% PIK), 10/01/2027^(a)(b)(c)			59		46,906
9.75%, 10/01/2027^(b)			7		7,022
Sotheby’s 7.375%, 10/15/2027^(b)			212		197,613
TriNet Group, Inc. 3.50%, 03/01/2029^(b)			413		370,441
Verscend Escrow Corp. 9.75%, 08/15/2026^(b)			551		552,898
Wand NewCo 3, Inc. 7.625%, 01/30/2032^(b)			726		751,220

					31,661,924

Technology – 2.8%
Ahead DB Holdings LLC 6.625%, 05/01/2028^(b)			725		656,274
ASGN, Inc. 4.625%, 05/15/2028^(b)			370		349,999
AthenaHealth Group, Inc. 6.50%, 02/15/2030^(b)			1,754		1,606,032
CommScope, Inc. 6.00%, 03/01/2026^(b)			948		866,252
Consensus Cloud Solutions, Inc. 6.50%, 10/15/2028^(b)			51		45,328
Crowdstrike Holdings, Inc. 3.00%, 02/15/2029			402		356,421
Entegris, Inc. 5.95%, 06/15/2030^(b)			1,146		1,132,819
Fair Isaac Corp. 4.00%, 06/15/2028^(b)			423		395,305
Gen Digital, Inc. 6.75%, 09/30/2027^(b)			1,768		1,794,141
7.125%, 09/30/2030^(b)			586		602,076



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

GoTo Group, Inc. 5.50%, 05/01/2028^(b)	U.S.$		1,667	$	1,259,050
Imola Merger Corp. 4.75%, 05/15/2029^(b)			968		907,756
MicroStrategy, Inc. 6.125%, 06/15/2028^(b)			352		340,025
NCR Voyix Corp. 5.125%, 04/15/2029^(b)			963		892,794
Newfold Digital Holdings Group, Inc. 11.75%, 10/15/2028^(b)			7		7,575
Open Text Holdings, Inc. 4.125%, 02/15/2030^(b)			564		505,482
Playtika Holding Corp. 4.25%, 03/15/2029^(b)			1,199		1,037,839
Presidio Holdings, Inc. 4.875%, 02/01/2027^(b)			182		176,774
8.25%, 02/01/2028^(b)			1,374		1,370,189
PTC, Inc. 3.625%, 02/15/2025^(b)			396		387,473
4.00%, 02/15/2028^(b)			363		339,311
Rackspace Finance LLC 3.50%, 05/15/2028^(b)			3,030		1,521,062
Science Applications International Corp. 4.875%, 04/01/2028^(b)			105		100,275
Seagate HDD Cayman 4.09%, 06/01/2029			1,555		1,436,619
4.125%, 01/15/2031			38		33,397
4.875%, 06/01/2027			221		215,252
8.25%, 12/15/2029^(b)			956		1,026,527
8.50%, 07/15/2031^(b)			1,012		1,093,227
Sensata Technologies, Inc. 3.75%, 02/15/2031^(b)			392		339,211
TTM Technologies, Inc. 4.00%, 03/01/2029^(b)			375		340,080
Vericast Corp. 11.00%, 09/15/2026^(b)			130		138,236
Veritas US, Inc./Veritas Bermuda Ltd. 7.50%, 09/01/2025^(b)			3,230		2,960,806
Virtusa Corp. 7.125%, 12/15/2028^(b)			717		646,420
Western Digital Corp. 4.75%, 02/15/2026			1,623		1,587,819
Xerox Corp. 6.75%, 12/15/2039			42		36,091
Xerox Holdings Corp. 5.50%, 08/15/2028^(b)			451		410,601
8.875%, 11/30/2029^(b)			83		84,541

					26,999,079



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Transportation - Airlines – 0.8%
Allegiant Travel Co. 7.25%, 08/15/2027^(b)	U.S.$		127	$	126,199
American Airlines, Inc. 7.25%, 02/15/2028^(b)			81		82,213
8.50%, 05/15/2029^(b)			881		930,386
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%, 04/20/2026^(b)			1,818		1,805,576
5.75%, 04/20/2029^(b)			1,208		1,188,083
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. 5.75%, 01/20/2026^(b)			1,960		1,844,373
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 09/20/2025^(b)			1,590		1,207,124
United Airlines, Inc. 4.375%, 04/15/2026^(b)			689		666,301
VistaJet Malta Finance PLC/Vista Management Holding, Inc. 6.375%, 02/01/2030^(b)			15		11,068
7.875%, 05/01/2027^(b)			466		394,213
9.50%, 06/01/2028^(b)			19		16,157

					8,271,693

Transportation - Services – 1.0%
Albion Financing 1 SARL/Aggreko Holdings, Inc. 5.25%, 10/15/2026^(b)	EUR		625		678,588
6.125%, 10/15/2026^(b)	U.S.$		228		225,582
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 4.75%, 04/01/2028^(b)			660		610,648
5.75%, 07/15/2027^(b)			1,031		996,459
8.00%, 02/15/2031^(b)			697		695,580
BCP V Modular Services Finance PLC 6.75%, 11/30/2029^(b)	EUR		1,214		1,154,166
BCP V Modular Services Finance II PLC 4.75%, 11/30/2028^(b)			132		133,366
Boels Topholding BV 6.25%, 02/15/2029^(b)			862		958,418
GN Bondco LLC 9.50%, 10/15/2031^(b)	U.S.$		371		370,540
Hertz Corp. (The) 4.625%, 12/01/2026^(b)			1,260		1,145,083
5.00%, 12/01/2029^(b)			1,461		1,129,731



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Loxam SAS 4.50%, 02/15/2027^(b)	EUR		629	$	675,330
6.375%, 05/31/2029^(b)			172		192,963
PROG Holdings, Inc. 6.00%, 11/15/2029^(b)	U.S.$		374		349,736
Rand Parent LLC 8.50%, 02/15/2030^(b)			372		368,062
United Rentals North America, Inc. 4.00%, 07/15/2030			3		2,727
6.125%, 03/15/2034^(b)			83		83,123

					9,770,102

					484,478,039

Financial Institutions – 6.0%
Banking – 0.3%
Ally Financial, Inc. Series C 4.70%, 05/15/2028^(l)			256		202,890
Bread Financial Holdings, Inc. 7.00%, 01/15/2026^(b)			106		106,475
9.75%, 03/15/2029^(b)			1,804		1,875,961
Freedom Mortgage Corp. 12.00%, 10/01/2028^(b)			77		83,913
UniCredit SpA 5.46%, 06/30/2035^(b)			243		228,315
5.86%, 06/19/2032^(b)			203		198,289
7.30%, 04/02/2034^(b)			200		205,575

					2,901,418

Brokerage – 0.8%
AG Issuer LLC 6.25%, 03/01/2028^(b)			464		453,446
AG TTMT Escrow Issuer LLC 8.625%, 09/30/2027^(b)			1,181		1,222,297
Aretec Group, Inc. 10.00%, 08/15/2030^(b)			1,656		1,812,154
Hightower Holding LLC 6.75%, 04/15/2029^(b)			2,936		2,757,268
Osaic Holdings, Inc. 10.75%, 08/01/2027^(b)			1,425		1,472,000

					7,717,165

Finance – 2.3%
Castlelake Aviation Finance DAC 5.00%, 04/15/2027^(b)			1,036		999,219
CNG Holdings, Inc. 14.50%, 06/30/2026^(b)(i)			794		659,020
Compass Group Diversified Holdings LLC 5.25%, 04/15/2029^(b)			1,277		1,212,929



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Curo Group Holdings Corp. 7.50%, 08/01/2028^(g)(h)(m)	U.S.$		3,647	$	928,957
Curo SPV LLC 18.00%, 08/02/2027^(d)(f)			1,572		1,312,295
Encore Capital Group, Inc. 4.875%, 10/15/2025^(b)	EUR		880		940,660
9.25%, 04/01/2029^(b)	U.S.$		606		621,253
Enova International, Inc. 8.50%, 09/15/2025^(b)			1,996		1,995,040
11.25%, 12/15/2028^(b)			651		688,597
Freedom Mortgage Holdings LLC 9.25%, 02/01/2029^(b)			82		83,902
GGAM Finance Ltd. 7.75%, 05/15/2026^(b)			662		674,747
8.00%, 02/15/2027^(b)			1,084		1,118,391
8.00%, 06/15/2028^(b)			1,069		1,115,915
goeasy Ltd. 7.625%, 07/01/2029^(b)			439		440,366
9.25%, 12/01/2028^(b)			1,043		1,110,397
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5.00%, 08/15/2028^(b)			2,234		2,055,077
LD Holdings Group LLC 6.125%, 04/01/2028^(b)			346		286,923
6.50%, 11/01/2025^(b)			85		82,437
Midcap Financial Issuer Trust 5.625%, 01/15/2030^(b)			216		186,429
6.50%, 05/01/2028^(b)			431		397,567
Navient Corp. 4.875%, 03/15/2028			1,706		1,586,343
5.00%, 03/15/2027			585		560,245
5.50%, 03/15/2029			79		73,429
5.625%, 08/01/2033			40		33,083
6.75%, 06/25/2025			954		960,443
6.75%, 06/15/2026			835		841,866
OneMain Finance Corp. 3.50%, 01/15/2027			174		161,546
SLM Corp. 3.125%, 11/02/2026			589		547,659
Synchrony Financial 7.25%, 02/02/2033			1,004		999,025

					22,673,760

Insurance – 1.0%
Acrisure LLC/Acrisure Finance, Inc. 4.25%, 02/15/2029^(b)			152		137,257
8.25%, 02/01/2029^(b)			1,048		1,053,530
10.125%, 08/01/2026^(b)			559		580,946



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

AmWINS Group, Inc. 6.375%, 02/15/2029^(b)	U.S.$		479	$	481,165
Ardonagh Finco Ltd.
6.875%, 02/15/2031^(b)	EUR		286		304,478
7.75%, 02/15/2031^(b)	U.S.$		211		209,839
Ardonagh Group Finance Ltd. 8.875%, 02/15/2032^(b)			417		410,745
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC 7.25%, 02/15/2031^(b)			880		885,311
8.125%, 02/15/2032^(b)			238		239,949
HUB International Ltd. 7.25%, 06/15/2030^(b)			1,725		1,774,187
7.375%, 01/31/2032^(b)			753		758,836
Molina Healthcare, Inc. 4.375%, 06/15/2028^(b)			456		428,676
Panther Escrow Issuer LLC 7.125%, 06/01/2031^(b)			2,457		2,500,835

					9,765,754

Other Finance – 0.4%
Armor Holdco, Inc. 8.50%, 11/15/2029^(b)			1,967		1,857,737
Coinbase Global, Inc. 3.375%, 10/01/2028^(b)			1,281		1,094,177
3.625%, 10/01/2031^(b)			694		564,031

					3,515,945

REITs – 1.2%
Aedas Homes Opco SL 4.00%, 08/15/2026^(b)	EUR		1,580		1,677,355
Agps Bondco PLC 5.50%, 11/13/2026^(a)(b)			200		83,130
Apollo Commercial Real Estate Finance, Inc. 4.625%, 06/15/2029^(b)	U.S.$		428		360,736
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 4.50%, 04/01/2027^(b)			1,324		1,208,305
5.75%, 05/15/2026^(b)			350		344,352
Iron Mountain, Inc. 4.875%, 09/15/2027^(b)			168		162,237
5.25%, 03/15/2028^(b)			1,943		1,880,263
5.25%, 07/15/2030^(b)			80		75,678
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.75%, 06/15/2029^(b)			8		7,268



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

MPT Operating Partnership LP/MPT Finance Corp. 5.25%, 08/01/2026	U.S.$		603	$	551,774
Necessity Retail REIT, Inc. (The)/American Finance Operating Partner LP 4.50%, 09/30/2028^(b)			405		346,719
Office Properties Income Trust 3.45%, 10/15/2031			863		365,674
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75%, 01/15/2029^(b)			526		372,671
Service Properties Trust 4.95%, 02/15/2027			406		375,677
4.95%, 10/01/2029			85		69,531
8.625%, 11/15/2031^(b)			991		1,057,736
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC 10.50%, 02/15/2028^(b)			593		615,148
Via Celere Desarrollos Inmobiliarios SA 5.25%, 04/01/2026^(b)	EUR		771		818,403
Vivion Investments SARL 3.00%, 08/08/2024^(b)			1,000		1,042,440
Series E 7 .90%, 02/28/2029^(a)(b)(c)			403		357,730

					11,772,827

					58,346,869

Utility – 0.6%
Electric – 0.5%
Calpine Corp. 5.125%, 03/15/2028^(b)	U.S.$		304		291,595
ContourGlobal Power Holdings SA 3.125%, 01/01/2028^(b)	EUR		167		167,604
NRG Energy, Inc. 3.375%, 02/15/2029^(b)	U.S.$		436		387,793
3.625%, 02/15/2031^(b)			90		77,700
3.875%, 02/15/2032^(b)			188		161,307
5.25%, 06/15/2029^(b)			80		76,728
6.625%, 01/15/2027			7		7,010
10.25%, 03/15/2028^(b)(l)			842		900,364
Vistra Corp. 7.00%, 12/15/2026^(b)(l)			835		827,068
8.00%, 10/15/2026^(b)(l)			1,003		1,022,184
Vistra Operations Co. LLC 4.375%, 05/01/2029^(b)			91		84,333
5.00%, 07/31/2027^(b)			80		77,518
5.625%, 02/15/2027^(b)			809		796,537

					4,877,741



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Natural Gas – 0.1%
AmeriGas Partners LP/AmeriGas Finance Corp. 5.75%, 05/20/2027	U.S.$		183	$	179,030
5.875%, 08/20/2026			140		139,743
9.375%, 06/01/2028^(b)			469		483,320

					802,093

					5,679,834


Total Corporates – Non-Investment Grade (cost $578,799,987)					548,504,742


CORPORATES - INVESTMENT GRADE – 19.1%
Industrial – 9.4%
Basic – 0.8%
AngloGold Ashanti Holdings PLC 3.375%, 11/01/2028			647		582,546
Celulosa Arauco y Constitucion SA 4.25%, 04/30/2029^(b)			491		453,561
Freeport Indonesia PT 4.76%, 04/14/2027^(b)			281		274,115
Glencore Funding LLC 5.63%, 04/04/2034^(b)			1,675		1,679,725
6.50%, 10/06/2033^(b)			1,173		1,251,884
Industrias Penoles SAB de CV 5.65%, 09/12/2049^(b)			386		344,022
Inversiones CMPC SA 6.125%, 02/26/2034^(b)			453		459,653
MEGlobal Canada ULC 5.875%, 05/18/2030^(b)			343		346,216
Nexa Resources SA 6.50%, 01/18/2028^(b)			773		775,657
Olin Corp. 5.625%, 08/01/2029			272		268,074
Sociedad Quimica y Minera de Chile SA 6.50%, 11/07/2033^(b)			406		421,854
Suzano Austria GmbH 3.75%, 01/15/2031			262		231,379
5.00%, 01/15/2030			218		209,076
6.00%, 01/15/2029			410		411,517
Series DM3N 3.125%, 01/15/2032			331		274,627

					7,983,906



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Capital Goods – 0.2%
Embraer Netherlands Finance BV 5.40%, 02/01/2027	U.S.$		918	$	914,271
Howmet Aerospace, Inc. 5.90%, 02/01/2027			311		315,577
Regal Rexnord Corp. 6.30%, 02/15/2030^(b)			235		240,711
Rolls-Royce PLC 3.625%, 10/14/2025^(b)			202		195,828
St. Marys Cement, Inc. Canada 5.75%, 04/02/2034^(b)			222		219,897

					1,886,284

Communications - Media – 1.0%
DIRECTV Financing LLC 8.875%, 02/01/2030^(b)			1,185		1,182,089
DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc.
5.875%, 08/15/2027^(b)			2,626		2,484,532
Paramount Global 3.70%, 06/01/2028			305		274,380
4.20%, 06/01/2029			280		250,949
4.20%, 05/19/2032			569		473,214
4.95%, 01/15/2031			187		166,369
5.50%, 05/15/2033			504		446,407
6.875%, 04/30/2036			323		305,506
7.875%, 07/30/2030			540		563,712
Prosus NV 3.06%, 07/13/2031^(b)			1,998		1,613,385
4.03%, 08/03/2050^(b)			331		212,047
Warnermedia Holdings, Inc. 4.28%, 03/15/2032			1,034		924,179
Weibo Corp. 3.375%, 07/08/2030			513		445,243

					9,342,012

Communications - Telecommunications – 0.1%
Sprint LLC 7.625%, 03/01/2026			186		192,075
Xiaomi Best Time International Ltd. 3.375%, 04/29/2030^(b)			718		632,513

					824,588

Consumer Cyclical - Automotive – 2.2%
Ford Motor Co. 3.25%, 02/12/2032			3,259		2,712,620
4.75%, 01/15/2043			29		24,025
6.10%, 08/19/2032			709		717,977



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Ford Motor Credit Co. LLC 2.70%, 08/10/2026	U.S.$		793	$	739,527
4.95%, 05/28/2027			1,160		1,132,039
6.80%, 05/12/2028			756		784,939
7.35%, 11/04/2027			2,541		2,665,618
General Motors Financial Co., Inc. 2.35%, 01/08/2031			525		433,994
2.70%, 06/10/2031			1,721		1,434,608
3.60%, 06/21/2030			264		238,371
5.75%, 02/08/2031			253		255,700
6.40%, 01/09/2033			1,708		1,791,391
Harley-Davidson Financial Services, Inc. 6.50%, 03/10/2028^(b)			3,503		3,595,518
Hyundai Capital America 6.10%, 09/21/2028^(b)			1,745		1,798,668
Nissan Motor Acceptance Co. LLC 1.85%, 09/16/2026^(b)			126		114,012
2.45%, 09/15/2028^(b)			575		495,586
2.75%, 03/09/2028^(b)			1,245		1,106,430
6.95%, 09/15/2026^(b)			77		79,052
7.05%, 09/15/2028^(b)			77		80,533
Nissan Motor Co., Ltd. 4.345%, 09/17/2027^(b)			1,084		1,030,971
4.81%, 09/17/2030^(b)			233		217,637

					21,449,216

Consumer Cyclical - Entertainment – 0.1%
Mattel, Inc. 3.375%, 04/01/2026^(b)			1,152		1,101,399


Consumer Cyclical - Other – 0.9%
GENM Capital Labuan Ltd. 3.88%, 04/19/2031^(b)			234		205,043
Genting New York LLC/GENNY Capital, Inc. 3.30%, 02/15/2026^(b)			239		223,545
International Game Technology PLC 3.50%, 06/15/2026^(b)	EUR		100		106,578
4.125%, 04/15/2026^(b)	U.S.$		1,352		1,310,505
Las Vegas Sands Corp. 2.90%, 06/25/2025			4		3,848
3.50%, 08/18/2026			74		70,074
MDC Holdings, Inc. 6.00%, 01/15/2043			1,881		1,911,183
Owens Corning 7.00%, 12/01/2036^(a)			777		875,322



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Resorts World Las Vegas LLC/RWLV Capital, Inc. 4.625%, 04/16/2029^(b)	U.S.$		1,200	$	1,095,040
4.625%, 04/06/2031^(b)			1,100		959,847
8.45%, 07/27/2030^(b)			200		215,420
Sands China Ltd. 2.85%, 03/08/2029^(a)			206		179,141
3.25%, 08/08/2031^(a)			285		238,331
4.625%, 06/18/2030^(a)			935		856,990
5.40%, 08/08/2028^(a)			481		471,856

					8,722,723

Consumer Cyclical - Retailers – 0.3%
Macy’s Retail Holdings LLC 5.875%, 03/15/2030^(b)			1,064		1,034,778
6.125%, 03/15/2032^(b)			509		493,513
Tapestry, Inc. 7.70%, 11/27/2030			867		925,059
7.85%, 11/27/2033			309		335,465

					2,788,815

Consumer Non-Cyclical – 1.2%
Altria Group, Inc. 6.875%, 11/01/2033			1,024		1,113,688
BAT Capital Corp. 6.00%, 02/20/2034			454		459,538
6.42%, 08/02/2033			1,197		1,251,766
7.08%, 08/02/2043			77		82,225
7.75%, 10/19/2032			665		751,054
Bayer US Finance LLC 6.375%, 11/21/2030^(b)			1,601		1,636,220
Charles River Laboratories International, Inc. 3.75%, 03/15/2029^(b)			770		702,703
4.00%, 03/15/2031^(b)			45		40,198
IQVIA, Inc. 5.70%, 05/15/2028			340		345,017
Jazz Securities DAC 4.375%, 01/15/2029^(b)			954		888,649
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL 6.75%, 03/15/2034^(b)			1,344		1,407,587
Pilgrim’s Pride Corp. 3.50%, 03/01/2032			1,249		1,059,288
6.875%, 05/15/2034			1,581		1,685,261
PRA Health Sciences, Inc. 2.875%, 07/15/2026^(b)			363		338,230
Reynolds American, Inc. 5.85%, 08/15/2045			171		159,045

					11,920,469



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Energy – 1.9%
Apache Corp. 4.75%, 04/15/2043	U.S.$		8	$	6,315
5.10%, 09/01/2040			24		20,590
Continental Resources, Inc./OK 2.875%, 04/01/2032^(b)			343		279,926
5.75%, 01/15/2031^(b)			692		687,951
Ecopetrol SA 4.625%, 11/02/2031			841		694,624
6.875%, 04/29/2030			782		758,141
8.625%, 01/19/2029			2,054		2,168,315
EnLink Midstream Partners LP 4.85%, 07/15/2026			440		431,327
5.05%, 04/01/2045			807		666,861
5.60%, 04/01/2044			104		92,508
Enterprise Products Operating LLC Series E 5.25%, 08/16/2077			353		335,419
EQT Corp. 3.90%, 10/01/2027			291		276,529
5.75%, 02/01/2034			512		510,254
HF Sinclair Corp. 5.00%, 02/01/2028^(b)			327		317,836
Hunt Oil Co. of Peru LLC Sucursal Del Peru 8.55%, 09/18/2033^(b)			403		429,532
KazMunayGas National Co. JSC 4.75%, 04/19/2027^(b)			543		527,796
5.375%, 04/24/2030^(b)			1,383		1,357,501
Occidental Petroleum Corp. 6.20%, 03/15/2040			2		2,054
7.50%, 05/01/2031			1,673		1,862,715
Oleoducto Central SA 4.00%, 07/14/2027^(b)			424		395,513
Ovintiv, Inc. 6.25%, 07/15/2033			782		812,588
6.50%, 02/01/2038			350		363,726
Raizen Fuels Finance SA 6.45%, 03/05/2034^(b)			915		938,891
Tengizchevroil Finance Co. International Ltd. 3.25%, 08/15/2030^(b)			1,902		1,545,969
Var Energi ASA 7.50%, 01/15/2028^(b)			894		948,078
8.00%, 11/15/2032^(b)			1,300		1,460,906
Western Midstream Operating LP 3.95%, 06/01/2025			225		220,498

					18,112,363



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Services – 0.1%
Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV 8.50%, 01/15/2031^(b)	GBP		163	$	221,804
Gartner, Inc. 3.625%, 06/15/2029^(b)	U.S.$		262		237,341
4.50%, 07/01/2028^(b)			86		82,010

					541,155

Technology – 0.1%
Lenovo Group Ltd. 3.42%, 11/02/2030^(b)			289		253,417
5.83%, 01/27/2028^(b)			597		603,903
Western Digital Corp. 2.85%, 02/01/2029			59		51,401
3.10%, 02/01/2032			130		104,581
Xiaomi Best Time International Ltd. 2.875%, 07/14/2031^(b)			318		264,636

					1,277,938

Transportation - Airlines – 0.3%
Delta Air Lines, Inc. 2.90%, 10/28/2024			427		419,554
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.75%, 10/20/2028^(b)			716		700,297
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. 6.50%, 06/20/2027^(b)			1,615		1,626,348

					2,746,199

Transportation - Railroads – 0.1%
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/2036^(b)			378		348,615


Transportation - Services – 0.1%
AerCap Global Aviation Trust 6.50%, 06/15/2045^(b)			588		585,368
United Rentals North America, Inc. 3.875%, 11/15/2027			737		697,425

					1,282,793

					90,328,475

Financial Institutions – 8.8%
Banking – 6.8%
Ally Financial, Inc. 6.70%, 02/14/2033			421		425,522
6.85%, 01/03/2030			759		781,536
8.00%, 11/01/2031			548		611,077
Series B 4.70%, 05/15/2026^(l)			2,950		2,532,947



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Banco Bilbao Vizcaya Argentaria SA 6.03%, 03/13/2035	U.S.$		1,200	$	1,217,120
Banco de Credito del Peru SA 5.85%, 01/11/2029^(b)			664		671,217
Banco Santander SA 3.225%, 11/22/2032			200		165,876
6.92%, 08/08/2033			2,600		2,721,678
9.625%, 05/21/2033^(l)			1,400		1,544,706
Bank of America Corp. 2.97%, 02/04/2033			838		710,975
Series U 8.74% (CME Term SOFR 3 Month + 3.40%), 04/29/2024^(j)(l)			316		316,271
Series X 6.25%, 09/05/2024^(l)			1,199		1,201,694
Bank of Ireland Group PLC 5.60%, 03/20/2030^(b)			903		902,915
Barclays PLC 5.69%, 03/12/2030			301		302,572
6.125%, 12/15/2025^(l)			3,088		2,981,484
7.12%, 06/27/2034			664		707,254
7.125%, 06/15/2025^(l)	GBP		404		501,612
BNP Paribas SA 4.625%, 02/25/2031^(b)(l)	U.S.$		2,924		2,405,742
BPCE SA 6.51%, 01/18/2035^(b)			1,245		1,263,386
CaixaBank SA 5.875%, 10/09/2027^(b)(l)	EUR		1,000		1,061,626
6.04%, 06/15/2035^(b)	U.S.$		1,257		1,268,246
6.84%, 09/13/2034^(b)			1,227		1,313,461
Capital One Financial Corp. 2.36%, 07/29/2032			423		325,307
6.05%, 02/01/2035			654		666,303
7.62%, 10/30/2031			1,234		1,363,061
Citigroup, Inc. 2.56%, 05/01/2032			1,009		840,511
5.83%, 02/13/2035			1,663		1,645,203
Series AA 7.625%, 11/15/2028^(l)			592		620,934
Series W 4.00%, 12/10/2025^(l)			413		395,813
Deutsche Bank AG/New York NY 7.08%, 02/10/2034			1,509		1,552,104
7.15%, 07/13/2027			573		589,072
Discover Financial Services 7.96%, 11/02/2034			270		305,838



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Goldman Sachs Group, Inc. (The) Series P 8.44% (SOFR + 3.14%), 04/29/2024^(j)(l)	U.S.$		1,130	$	1,131,418
HSBC Holdings PLC 4.76%, 03/29/2033			901		836,918
5.55%, 03/04/2030			518		521,135
8.11%, 11/03/2033			1,024		1,171,295
Series** 6.50%, 09/15/2037			309		322,207
Series E 4.75%, 07/04/2029^(b)(l)	EUR		1,595		1,611,067
Intesa Sanpaolo SpA 5.02%, 06/26/2024^(b)	U.S.$		331		329,822
5.71%, 01/15/2026^(b)			1,650		1,636,734
6.625%, 06/20/2033^(b)			997		1,035,831
7.20%, 11/28/2033^(b)			832		899,407
7.80%, 11/28/2053^(b)			201		227,865
JPMorgan Chase & Co. Series Q 8.82% (SOFR + 3.51%), 05/01/2024^(j)(l)			1,212		1,213,098
Series R 8.87% (SOFR + 3.56%), 05/01/2024^(j)(l)			89		89,098
KeyBank NA/Cleveland OH 5.85%, 11/15/2027			254		251,646
KeyCorp 6.40%, 03/06/2035			82		83,820
Lloyds Banking Group PLC 7.50%, 09/27/2025^(l)			1,737		1,728,920
7.95%, 11/15/2033			854		962,614
M&T Bank Corp. 5.05%, 01/27/2034			343		318,907
NatWest Group PLC 6.475%, 06/01/2034			672		683,369
Nordea Bank Abp 6.625%, 03/26/2026^(b)(l)			3,065		3,034,370
PNC Financial Services Group, Inc. (The) Series R 8.64% (CME Term SOFR 3 Month + 3.30%), 06/01/2024^(j)(l)			503		503,784
Santander Holdings USA, Inc. 6.17%, 01/09/2030			1,473		1,487,320
6.50%, 03/09/2029			1,434		1,467,875
6.565%, 06/12/2029			724		745,930
7.66%, 11/09/2031			183		199,171
Societe Generale SA 5.52%, 01/19/2028^(b)			3,340		3,319,312
7.37%, 01/10/2053^(b)			203		210,394



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Standard Chartered PLC 6.19%, 07/06/2027^(b)	U.S.$		433	$	437,449
Swedbank AB Series NC5 5.625%, 09/17/2024^(b)(l)			1,000		995,243
Truist Financial Corp. Series L 8.69% (CME Term SOFR 3 Month + 3.36%), 12/15/2024^(j)(l)			1,397		1,408,811
UBS Group AG 6.37%, 07/15/2026^(b)			712		717,212
7.00%, 02/19/2025^(b)(l)			620		619,361
9.25%, 11/13/2028^(b)(i)(l)			448		485,231
9.25%, 11/13/2033^(b)(l)			380		428,476
UniCredit SpA 1.98%, 06/03/2027^(b)			915		844,840
Wells Fargo & Co. 7.625%, 09/15/2028^(l)			120		128,185

					66,001,198

Brokerage – 0.2%
Charles Schwab Corp. (The) Series I 4.00%, 06/01/2026^(l)			1,251		1,170,085
CI Financial Corp. 3.20%, 12/17/2030			411		336,601

					1,506,686

Finance – 0.7%
Air Lease Corp. Series B 4.65%, 06/15/2026^(l)			1,229		1,158,540
Aircastle Ltd. 5.95%, 02/15/2029^(b)			534		534,381
Aviation Capital Group LLC 3.50%, 11/01/2027^(b)			295		274,583
4.125%, 08/01/2025^(b)			395		384,858
4.875%, 10/01/2025^(b)			319		313,148
Blackstone Private Credit Fund 7.30%, 11/27/2028^(b)			78		81,364
Blue Owl Credit Income Corp. 7.75%, 01/15/2029^(b)			78		80,301
Enact Holdings, Inc. 6.50%, 08/15/2025^(b)			8		7,998
Golub Capital BDC, Inc. 7.05%, 12/05/2028			79		80,918



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Huarong Finance 2017 Co., Ltd. 4.75%, 04/27/2027^(b)	U.S.$		200	$	189,944
Huarong Finance 2019 Co., Ltd. Series E 3.75%, 05/29/2024^(b)			343		341,230
Huarong Finance II Co., Ltd. Series E 4.625%, 06/03/2026^(b)			200		192,125
4.875%, 11/22/2026^(b)			430		412,531
5.50%, 01/16/2025^(b)			1,082		1,070,098
ILFC E-Capital Trust II 7.395% (CME Term SOFR 3 Month + 2.06%), 12/21/2065^(b)(j)			2,000		1,591,035
Synchrony Financial 4.875%, 06/13/2025			6		5,912

					6,718,966

Insurance – 1.0%
Allstate Corp. (The) 6.50%, 05/15/2057			1,657		1,685,116
American International Group, Inc. Series A-9 5.75%, 04/01/2048			319		312,846
Argentum Netherlands BV for Swiss Re Ltd. 5.625%, 08/15/2052^(b)			308		303,931
Global Atlantic Fin Co. 4.70%, 10/15/2051^(b)			62		56,180
Liberty Mutual Group, Inc. 4.125%, 12/15/2051^(b)			470		424,506
7.80%, 03/15/2037^(b)			2,187		2,278,573
MetLife, Inc. 10.75%, 08/01/2039			2,350		3,198,390
Prudential Financial, Inc. 5.70%, 09/15/2048			337		332,859
Sagicor Financial Co., Ltd. 5.30%, 05/13/2028^(b)			357		344,675
Sammons Financial Group, Inc. 3.35%, 04/16/2031^(b)			388		316,675
6.875%, 04/15/2034^(b)			83		83,627
Swiss RE Subordinated Finance PLC 5.70%, 04/05/2035^(b)			400		399,334

					9,736,712

REITs – 0.1%
Trust Fibra Uno 4.87%, 01/15/2030^(b)			1,480		1,314,888



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

WEA Finance LLC 2.875%, 01/15/2027^(b)	U.S.$		117	$	107,126

					1,422,014

					85,385,576

Utility – 0.9%
Electric – 0.8%
AES Andes SA 6.30%, 03/15/2029^(b)			482		486,656
Alexander Funding Trust II 7.47%, 07/31/2028^(b)			685		724,256
Cometa Energia SA de CV 6.375%, 04/24/2035^(b)			441		441,238
Edison International 8.125%, 06/15/2053			380		393,678
Electricite de France SA 9.125%, 03/15/2033^(b)(l)			427		470,444
FirstEnergy Corp. Series C 5.10%, 07/15/2047^(a)			7		6,154
Israel Electric Corp., Ltd. Series G 4.25%, 08/14/2028^(b)			451		419,571
Kallpa Generacion SA 4.125%, 08/16/2027^(b)			488		462,990
Minejesa Capital BV 4.625%, 08/10/2030^(b)			1,095		1,039,170
Niagara Mohawk Power Corp. 5.29%, 01/17/2034^(b)			757		744,719
NRG Energy, Inc. 4.45%, 06/15/2029^(b)			154		145,749
7.00%, 03/15/2033^(b)			323		344,696
Pacific Gas & Electric Co. 5.55%, 05/15/2029			485		489,246
Palomino Funding Trust I 7.23%, 05/17/2028^(b)			1,703		1,785,661

					7,954,228

Other Utility – 0.1%
Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy 7.875%, 02/15/2039^(b)			470		505,616

					8,459,844


Total Corporates – Investment Grade (cost $179,892,213)					184,173,895



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

EMERGING MARKETS - CORPORATE BONDS – 5.4%
Industrial – 4.9%
Basic – 1.6%
Braskem Idesa SAPI 6.99%, 02/20/2032^(b)	U.S.$		904	$	697,526
7.45%, 11/15/2029^(b)			1,393		1,144,872
Braskem Netherlands Finance BV 4.50%, 01/10/2028^(b)			1,265		1,130,695
4.50%, 01/31/2030^(b)			966		829,600
Cia de Minas Buenaventura SAA 5.50%, 07/23/2026^(b)			1,072		1,031,465
Consolidated Energy Finance SA 5.625%, 10/15/2028^(b)			418		351,279
CSN Inova Ventures 6.75%, 01/28/2028^(b)			1,694		1,644,874
Eldorado Gold Corp. 6.25%, 09/01/2029^(b)			986		939,165
First Quantum Minerals Ltd. 6.875%, 10/15/2027^(b)			1,215		1,156,680
8.625%, 06/01/2031^(b)			832		807,044
9.375%, 03/01/2029^(b)			438		453,615
Indika Energy Capital IV Pte Ltd. 8.25%, 10/22/2025^(b)			905		911,222
JSW Steel Ltd. 3.95%, 04/05/2027^(b)			409		380,370
5.05%, 04/05/2032^(b)			658		578,834
Sasol Financing USA LLC 8.75%, 05/03/2029^(b)			1,399		1,422,387
Stillwater Mining Co. 4.00%, 11/16/2026^(b)			783		699,806
4.50%, 11/16/2029^(b)			309		243,820
UPL Corp., Ltd. 4.50%, 03/08/2028^(b)			616		526,873
4.625%, 06/16/2030^(b)			673		536,928
Vedanta Resources Finance II PLC 13.875%, 01/21/2027^(b)			195		183,270
Volcan Cia Minera SAA 4.375%, 02/11/2026^(b)			345		212,930

					15,883,255

Capital Goods – 0.1%
Cemex SAB de CV 5.125%, 06/08/2026^(b)(l)			1,028		992,663
IHS Holding Ltd. 6.25%, 11/29/2028^(b)			383		336,441



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

PORTFOLIO OF INVESTMENTS (continued)


		Principal Amount (000)		U.S. $ Value

Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058^(h)	U.S.$		2,661	$	665

					1,329,769

Communications - Media – 0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030^(b)			1,130		985,925
Telecomunicaciones Digitales SA 4.50%, 01/30/2030^(b)			505		450,397

					1,436,322

Communications - Telecommunications – 0.0%
Digicel Group Holdings Ltd. Zero Coupon, 12/31/2030^(d)(h)			98		1,461
Millicom International Cellular SA 7.375%, 04/02/2032^(b)			343		343,597

					345,058

Consumer Cyclical - Other – 1.1%
Allwyn Entertainment Financing UK PLC 7.875%, 04/30/2029^(b)			200		207,653
8.03% (EURIBOR 3 Month + 4.13%), 02/15/2028^(b)(j)	EUR		650		706,929
Allwyn International AS 3.875%, 02/15/2027^(b)			170		177,444
Melco Resorts Finance Ltd. 5.375%, 12/04/2029^(b)	U.S.$		1,356		1,234,218
5.625%, 07/17/2027^(b)			965		922,480
5.75%, 07/21/2028^(b)			1,255		1,186,981
MGM China Holdings Ltd. 4.75%, 02/01/2027^(b)			1,122		1,066,523
5.25%, 06/18/2025^(b)			222		218,878
5.375%, 05/15/2024^(b)			174		173,565
5.875%, 05/15/2026^(b)			414		408,307
Studio City Co., Ltd. 7.00%, 02/15/2027^(b)			289		289,271
Studio City Finance Ltd. 5.00%, 01/15/2029^(b)			207		181,901
6.00%, 07/15/2025^(b)			448		440,720
6.50%, 01/15/2028^(b)			199		189,299
Wynn Macau Ltd. 4.875%, 10/01/2024^(b)			286		283,497
5.125%, 12/15/2029^(b)			241

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