N-CSRS 1 d496600dncsrs.htm N-CSRS N-CSRS

 

 

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: September 30, 2023

 

 

 


ITEM 1. REPORTS TO STOCKHOLDERS.


SEP 09.30.23

LOGO

SEMI-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    LOGO

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


 

SEMI-ANNUAL REPORT

 

November 6, 2023

This report provides management’s discussion of fund performance for AllianceBernstein Global High Income Fund, Inc. for the semi-annual reporting period ended September 30, 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 SEPTEMBER 30, 2023 (unaudited)

 

     6 Months      12 Months  
ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND (NAV)      3.76%        13.54%  

Primary Benchmark:

Bloomberg Global High Yield Index (USD hedged)

     2.52%        12.21%  

Blended Benchmark:

33% JPM GBI-EM / 33% JPM EMBI Global /
33% Bloomberg US Corporate HY 2% Issuer Capped Index

     -0.35%        8.40%  

The Fund’s market price per share on September 30, 2023, was $9.70. The Fund’s NAV per share on September 30, 2023, was $10.53. For additional financial highlights, please see pages 108-109.

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 September 30, 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 both periods, the Fund outperformed its primary benchmark and the blended benchmark. Over the six-month period, security selection was the largest contributor to relative performance, primarily from security selection in US and eurozone high-yield corporate bonds, US investment-grade corporates and emerging-market corporate bonds. Yield-curve positioning also contributed. Country allocation detracted, mainly due to an underweight to the eurozone. Sector allocation also detracted, as losses from off-benchmark exposure to US investment-grade corporates and US Treasuries, along with an underweight to emerging-market sovereign bonds, were greater than gains from off-benchmark exposure to collateralized loan obligations, agency risk-sharing transactions, bank loans, high-yield credit default swaps and an underweight to emerging-market corporate bonds.

 

2    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

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During the 12-month period, yield-curve positioning contributed. Security selection also added due to selection in emerging-market corporate and sovereign bonds, eurozone and US high-yield corporates, and US investment-grade corporate bonds gained more than a loss from selection among commercial mortgage-backed securities (“CMBS”). Sector allocation contributed, mostly from utilization of high-yield credit default swaps, off-benchmark exposure to collateralized loan obligations and an overweight to US high-yield corporates that added more to results than losses from an underweight to emerging-market sovereign bonds and off-benchmark exposures to US Treasury bonds, CMBS, US investment-grade corporates and bank loans. Country allocation detracted because of underweights to the eurozone and the UK.

During both periods, the Fund used interest rate swaps, futures and interest rate swaptions 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 used to effectively obtain high-yield credit/sector exposure. Total return swaps were used to take active credit risk. During the six-month period, written options and purchased options were used to put spread for downside protection.

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

MARKET REVIEW AND INVESTMENT STRATEGY

During the six-month period ended September 30, 2023, fixed-income government bond market yields were volatile as investors adjusted their expectations for inflation and economic growth. US Treasury yields jumped higher at the end of the period after the Fed adjusted its quarterly expectations of interest rates to be higher for longer. Other developed-market treasury yields rose in tandem. Most major developed-market central banks started to reduce the size of interest-rate hikes and pause future hikes. Headline inflation slowed, indicating that the end of the developed-market hiking cycle is clearly in sight. Government bond returns fell overall—with losses in all major markets except Japan. In corporate credit risk sectors, investment-grade corporate bonds outperformed the returns of global developed-market treasuries—with US and eurozone investment-grade corporates outperforming their respective treasury markets. Developed-market high-yield corporate bonds had positive returns and

 

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ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    3


outperformed government bonds by a substantial margin. High-yield corporates significantly outperformed respective treasury markets in the US and eurozone. Emerging-market local-currency bonds outperformed developed-market treasuries even as the US dollar gained on most currencies during the period. Hard-currency sovereign bonds hedged to the US dollar posted a minor decline, while emerging-market corporate bonds had positive results overall.

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 103-106.

 

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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 Fund’s investments and net asset value and can lead to increased market

 

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ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    5


 

DISCLOSURES AND RISKS (continued)

 

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.

 

6    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

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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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ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND | 7


 

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. These models may not work as intended and may not enable a Fund to achieve its investment objective. In addition, certain models may be constructed using data from external providers, and these inputs may be incorrect or incomplete, thus potentially limiting the effectiveness of the models. Finally, the Adviser may change, enhance and update its models and its usage of existing models at its discretion.

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

 

AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2023 (unaudited)

 

     NAV
Returns
     Market
Price
 
1 Year      13.54%        19.43%  
5 Years      2.89%        3.87%  
10 Years      4.65%        3.90%  

AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

SEPTEMBER 30, 2023 (unaudited)

 

     NAV
Returns
     Market
Price
 
1 Year      13.54%        19.43%  
5 Years      2.89%        3.87%  
10 Years      4.65%        3.90%  

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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ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND | 9


 

PORTFOLIO SUMMARY

September 30, 2023 (unaudited)

 

PORTFOLIO STATISTICS

Net Assets ($mil): $907.7

 

 

 

LOGO

 

 

 

LOGO

 

1

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: Asset-Backed Securities, Governments–Sovereign Bonds, Preferred Stocks, Purchased Options–Puts and Rights.

 

2

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, Cayman Islands, Chile, China, Czech Republic, Dominican Republic, Ecuador, Egypt, El Salvador, Finland, Gabon, Ghana, Guatemala, Hong Kong, Indonesia, Ireland, Israel, Jamaica, Japan, Jersey (Channel Islands), Kazakhstan, Kuwait, Macau, Netherlands, Nigeria, Norway, Panama, Peru, Senegal, Slovenia, South Africa, South Korea, Sweden, Switzerland, Trinidad & Tobago, Turkey, Ukraine, Venezuela and Zambia.

 

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PORTFOLIO OF INVESTMENTS

September 30, 2023 (unaudited)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

CORPORATES - NON-INVESTMENT GRADE – 53.3%

      

Industrial – 47.4%

      

Basic – 2.8%

      

Advanced Drainage Systems, Inc.
5.00%, 09/30/2027(a)(b)

    U.S.$       140      $ 131,459  

Arsenal AIC Parent LLC
8.00%, 10/01/2030(b)

      728        724,209  

ASP Unifrax Holdings, Inc.
5.25%, 09/30/2028(b)

      1,976        1,407,152  

7.50%, 09/30/2029(b)

      1,244        679,608  

Baffinland Iron Mines Corp./Baffinland Iron Mines LP
8.75%, 07/15/2026(b)

      223        217,778  

Cerdia Finanz GmbH
10.50%, 02/15/2027(b)

      419        415,309  

Cleveland-Cliffs, Inc.
6.75%, 03/15/2026(b)

      107        106,775  

Commercial Metals Co.
4.125%, 01/15/2030

      80        69,659  

4.375%, 03/15/2032

      80        67,087  

Constellium SE
3.125%, 07/15/2029(b)

    EUR       1,109        992,348  

Crown Americas LLC/Crown Americas Capital Corp. VI
4.75%, 02/01/2026

    U.S.$       775        745,570  

CVR Partners LP/CVR Nitrogen Finance Corp.
6.125%, 06/15/2028(b)

      370        333,029  

Domtar Corp.
6.75%, 10/01/2028(b)

      140        115,969  

Element Solutions, Inc.
3.875%, 09/01/2028(b)

      1,279        1,103,485  

ERP Iron Ore LLC
9.039%, 12/31/2019(c)(d)(e)(f)(g)

      240        76,802  

FMG Resources (August 2006) Pty Ltd.
4.375%, 04/01/2031(b)

      2,191        1,793,602  

4.50%, 09/15/2027(b)

      819        743,929  

5.875%, 04/15/2030(b)

      76        69,508  

6.125%, 04/15/2032(b)

      2,563        2,341,250  

Glatfelter Corp.
4.75%, 11/15/2029(b)

      77        50,628  

Graham Packaging Co., Inc.
7.125%, 08/15/2028(b)

      420        353,345  

Graphic Packaging International LLC
3.75%, 02/01/2030(b)

      1,661        1,387,439  

 

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ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    11


 

PORTFOLIO OF INVESTMENTS (continued)

 

        Principal
Amount
(000)
     U.S. $ Value  

 

 

Hecla Mining Co.
7.25%, 02/15/2028

  U.S.$     282      $ 272,872  

INEOS Quattro Finance 2 PLC
3.375%, 01/15/2026(b)

      426        388,943  

INEOS Styrolution Group GmbH
2.25%, 01/16/2027(b)

  EUR     104        95,521  

Ingevity Corp.
3.875%, 11/01/2028(b)

  U.S.$     495        408,027  

Intelligent Packaging Holdco Issuer LP
9.00% (9.00% Cash or 9.75% PIK),
01/15/2026(b)(g)

      611        506,860  

Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC
6.00%, 09/15/2028(b)

      361        315,370  

Magnetation LLC/Mag Finance Corp.
11.00%, 05/15/2018(c)(d)(e)(f)(h)

      2,857        – 0  – 

Mineral Resources Ltd.
8.00%, 11/01/2027(b)

      192        188,404  

8.125%, 05/01/2027(b)

      158        156,464  

Novelis Corp.
3.25%, 11/15/2026(b)

      61        54,433  

Olympus Water US Holding Corp.
4.25%, 10/01/2028(b)

      237        193,092  

7.125%, 10/01/2027(b)

      755        701,353  

9.75%, 11/15/2028(b)

      1,750        1,747,578  

Roller Bearing Co. of America, Inc.
4.375%, 10/15/2029(b)

      143        123,749  

SCIL IV LLC/SCIL USA Holdings LLC
4.375%, 11/01/2026(b)

  EUR     320        314,559  

5.375%, 11/01/2026(b)

  U.S.$     1,039        949,134  

Sealed Air Corp.
6.875%, 07/15/2033(b)

      564        547,976  

Sealed Air Corp./Sealed Air Corp. US
6.125%, 02/01/2028(b)

      546        528,579  

SNF Group SACA
3.125%, 03/15/2027(b)

      655        577,701  

3.375%, 03/15/2030(b)

      951        768,410  

SunCoke Energy, Inc.
4.875%, 06/30/2029(b)

      145        122,969  

Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.
5.375%, 09/01/2025(b)

      58        53,435  

Tronox, Inc.
4.625%, 03/15/2029(b)

      98        78,999  

United States Steel Corp.
6.65%, 06/01/2037

      37        36,162  

6.875%, 03/01/2029

      110        108,339  

 

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PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Vibrantz Technologies, Inc.
9.00%, 02/15/2030(b)

    U.S.$       1,887      $ 1,502,966  

WR Grace Holdings LLC
4.875%, 06/15/2027(b)

      1,106        1,013,222  

5.625%, 08/15/2029(b)

      61        49,201  
      

 

 

 
         25,730,258  
      

 

 

 

Capital Goods – 4.0%

      

ARD Finance SA
5.00% (5.00% Cash or 5.75% PIK), 06/30/2027(b)(g)

    EUR       3,069        2,404,782  

Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
4.00%, 09/01/2029(b)

    U.S.$       985        770,598  

6.00%, 06/15/2027(b)

      684        654,930  

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
4.125%, 08/15/2026(b)

      2,663        2,433,129  

5.25%, 08/15/2027(b)

      235        195,963  

Artera Services LLC
9.033%, 12/04/2025(b)

      375        345,878  

Ball Corp.
6.00%, 06/15/2029

      1,607        1,562,808  

Bombardier, Inc.
6.00%, 02/15/2028(b)

      183        165,814  

7.125%, 06/15/2026(b)

      217        210,272  

7.50%, 02/01/2029(b)

      303        287,599  

7.875%, 04/15/2027(b)

      1,212        1,182,404  

Calderys Financing LLC
11.25%, 06/01/2028(b)

      2,089        2,143,386  

Camelot Return Merger Sub, Inc.
8.75%, 08/01/2028(b)

      196        189,198  

Clean Harbors, Inc.

      

4.875%, 07/15/2027(b)

      187        175,875  

6.375%, 02/01/2031(b)

      11        10,693  

Crown Americas LLC
5.25%, 04/01/2030

      411        379,862  

Eco Material Technologies, Inc.
7.875%, 01/31/2027(b)

      2,622        2,504,299  

Emerald Debt Merger Sub LLC
6.625%, 12/15/2030(b)

      631        609,000  

EnerSys
4.375%, 12/15/2027(b)

      935        849,548  

Enviri Corp.
5.75%, 07/31/2027(b)

      1,384        1,216,672  

F-Brasile SpA/F-Brasile US LLC
Series XR
7.375%, 08/15/2026(b)

      957        891,695  

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    13


 

PORTFOLIO OF INVESTMENTS (continued)

 

        Principal
Amount
(000)
     U.S. $ Value  

 

 

Griffon Corp.
5.75%, 03/01/2028

  U.S.$     983      $ 891,781  

LSB Industries, Inc.
6.25%, 10/15/2028(a)(b)

      1,268        1,149,872  

Madison IAQ LLC
5.875%, 06/30/2029(b)

      359        288,936  

Masonite International Corp.
5.375%, 02/01/2028(b)

      374        347,978  

MIWD Holdco II LLC/MIWD Finance Corp.
5.50%, 02/01/2030(b)

      84        69,384  

Moog, Inc.
4.25%, 12/15/2027(b)

      353        318,697  

Mueller Water Products, Inc.
4.00%, 06/15/2029(b)

      291        254,540  

Oscar AcquisitionCo LLC/Oscar Finance, Inc.
9.50%, 04/15/2030(b)

      63        57,837  

Renk AG/Frankfurt am Main
5.75%, 07/15/2025(b)

  EUR     1,560        1,635,648  

Rolls-Royce PLC
3.625%, 10/14/2025(b)

  U.S.$     918        865,292  

Stericycle, Inc.
3.875%, 01/15/2029(b)

      696        600,073  

Summit Materials LLC/Summit Materials Finance Corp.
5.25%, 01/15/2029(b)

      164        149,533  

Terex Corp.
5.00%, 05/15/2029(b)

      360        323,584  

TK Elevator Midco GmbH
4.375%, 07/15/2027(b)

  EUR     885        847,287  

TK Elevator US Newco, Inc.
5.25%, 07/15/2027(b)

  U.S.$     306        281,345  

TransDigm, Inc.
4.625%, 01/15/2029

      290        252,927  

4.875%, 05/01/2029

      1,954        1,716,464  

6.25%, 03/15/2026(b)

      332        327,456  

6.75%, 08/15/2028(b)

      2,508        2,471,801  

Trinity Industries, Inc.
7.75%, 07/15/2028(b)

      1,073        1,079,199  

Triumph Group, Inc.
7.75%, 08/15/2025

      428        406,629  

9.00%, 03/15/2028(b)

      2,516        2,487,394  

Trivium Packaging Finance BV
3.75%, 08/15/2026(b)

  EUR     100        97,612  

Tutor Perini Corp.
6.875%, 05/01/2025(b)

  U.S.$     61        55,815  

 

14    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

WESCO Distribution, Inc.
7.125%, 06/15/2025(b)

    U.S.$       20      $ 20,057  

7.25%, 06/15/2028(b)

      271        272,862  
      

 

 

 
         36,454,408  
      

 

 

 

Communications - Media – 7.0%

      

Advantage Sales & Marketing, Inc.
6.50%, 11/15/2028(b)

      329        283,213  

Altice Financing SA
5.00%, 01/15/2028(b)

      764        651,323  

5.75%, 08/15/2029(b)

      3,323        2,724,362  

AMC Networks, Inc.
4.25%, 02/15/2029

      1,084        675,497  

4.75%, 08/01/2025

      890        820,705  

Arches Buyer, Inc.
6.125%, 12/01/2028(b)

      605        490,991  

Banijay Entertainment SASU
8.125%, 05/01/2029(b)

      805        799,937  

Series X
7.00%, 05/01/2029

    EUR       603        632,165  

CCO Holdings LLC/CCO Holdings Capital Corp.
4.50%, 08/15/2030(b)

    U.S.$       4,665        3,826,439  

4.50%, 06/01/2033(b)

      3,016        2,307,374  

4.75%, 02/01/2032(b)

      6,963        5,570,835  

5.125%, 05/01/2027(b)

      327        304,561  

6.375%, 09/01/2029(b)

      1,760        1,638,376  

7.375%, 03/01/2031(b)(i)

      2,762        2,669,101  

Cimpress PLC
7.00%, 06/15/2026

      356        332,995  

Clear Channel Outdoor Holdings, Inc.
5.125%, 08/15/2027(b)

      512        455,114  

CMG Media Corp.
8.875%, 12/15/2027(b)

      448        350,653  

CSC Holdings LLC
4.50%, 11/15/2031(b)

      981        694,339  

4.625%, 12/01/2030(b)

      1,142        607,886  

5.375%, 02/01/2028(b)

      2,721        2,220,197  

5.75%, 01/15/2030(b)

      3,862        2,162,465  

7.50%, 04/01/2028(b)

      1,150        746,283  

11.25%, 05/15/2028(b)

      1,024        1,019,659  

Deluxe Corp.
8.00%, 06/01/2029(b)

      17        14,033  

DISH DBS Corp.
5.125%, 06/01/2029

      2,900        1,601,964  

5.25%, 12/01/2026(b)

      2,798        2,377,773  

5.75%, 12/01/2028(b)

      2,596        1,995,016  

5.875%, 11/15/2024

      1,821        1,694,794  

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    15


 

PORTFOLIO OF INVESTMENTS (continued)

 

        Principal
Amount
(000)
     U.S. $ Value  

 

 

7.375%, 07/01/2028

  U.S.$     115      $ 72,661  

7.75%, 07/01/2026

      816        611,332  

Gray Escrow II, Inc.
5.375%, 11/15/2031(b)

      1,364        890,262  

Gray Television, Inc.
7.00%, 05/15/2027(b)

      36        30,884  

iHeartCommunications, Inc.
4.75%, 01/15/2028(b)

      60        45,618  

5.25%, 08/15/2027(b)

      1,499        1,188,730  

8.375%, 05/01/2027

      154        110,334  

LCPR Senior Secured Financing DAC
5.125%, 07/15/2029(b)

      2,910        2,353,522  

6.75%, 10/15/2027(b)

      200        183,605  

Lions Gate Capital Holdings LLC
5.50%, 04/15/2029(b)

      27        17,823  

McGraw-Hill Education, Inc.
5.75%, 08/01/2028(b)

      1,123        974,653  

Outfront Media Capital LLC/Outfront Media Capital Corp.
4.625%, 03/15/2030(b)

      376        295,779  

Paramount Global
6.25%, 02/28/2057

      245        184,047  

6.375%, 03/30/2062

      56        43,957  

Radiate Holdco LLC/Radiate Finance, Inc.
4.50%, 09/15/2026(b)

      1,331        1,008,704  

6.50%, 09/15/2028(b)

      124        65,482  

Scripps Escrow II, Inc.
3.875%, 01/15/2029(b)

      26        19,567  

Sinclair Television Group, Inc.
4.125%, 12/01/2030(b)

      1,613        993,140  

5.50%, 03/01/2030(b)(i)

      944        506,486  

Sirius XM Radio, Inc.
3.875%, 09/01/2031(b)

      145        109,822  

4.00%, 07/15/2028(b)

      6,092        5,200,161  

5.00%, 08/01/2027(b)

      837        764,468  

5.50%, 07/01/2029(b)

      186        164,573  

Summer BC Holdco B SARL
5.75%, 10/31/2026(b)

  EUR     1,395        1,352,697  

TEGNA, Inc.
5.00%, 09/15/2029

  U.S.$     333        279,634  

Townsquare Media, Inc.
6.875%, 02/01/2026(b)

      113        106,270  

Univision Communications, Inc.
6.625%, 06/01/2027(b)

      1,593        1,482,073  

7.375%, 06/30/2030(b)

      1,186        1,084,489  

8.00%, 08/15/2028(b)

      322        310,366  

 

16    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Urban One, Inc.
7.375%, 02/01/2028(b)

    U.S.$       2,600      $ 2,230,231  

VZ Vendor Financing II BV
2.875%, 01/15/2029(b)

    EUR       885        722,851  

Ziggo Bond Co. BV
5.125%, 02/28/2030(b)

    U.S.$       1,124        840,968  
      

 

 

 
         63,913,239  
      

 

 

 

Communications - Telecommunications – 2.6%

      

Altice France Holding SA
10.50%, 05/15/2027(b)

      2,710        1,658,401  

Altice France SA/France
3.375%, 01/15/2028(b)

    EUR       885        693,213  

5.125%, 07/15/2029(b)

    U.S.$       5,220        3,706,573  

5.50%, 01/15/2028(b)

      492        376,139  

5.50%, 10/15/2029(b)

      845        608,167  

8.125%, 02/01/2027(b)

      224        198,265  

British Telecommunications PLC
4.25%, 11/23/2081(b)

      439        385,690  

Connect Finco SARL/Connect US Finco LLC
6.75%, 10/01/2026(b)

      2,240        2,092,969  

Consolidated Communications, Inc.
6.50%, 10/01/2028(b)

      1,040        812,121  

Embarq Corp.
7.995%, 06/01/2036

      984        554,759  

Frontier Communications Holdings LLC
6.75%, 05/01/2029(b)

      321        247,317  

8.75%, 05/15/2030(b)

      893        847,655  

Hughes Satellite Systems Corp.
6.625%, 08/01/2026

      302        258,162  

Iliad Holding SASU
6.50%, 10/15/2026(b)

      519        487,771  

Intelsat Jackson Holdings SA
5.50%, 08/01/2023(c)(d)(e)(f)

      1,675        – 0  – 

Level 3 Financing, Inc.
3.75%, 07/15/2029(b)

      1,018        569,058  

4.25%, 07/01/2028(b)

      769        480,500  

4.625%, 09/15/2027(b)

      1,451        1,044,720  

Lorca Telecom Bondco SA
4.00%, 09/18/2027(b)

    EUR       952        935,103  

Lumen Technologies, Inc.
4.50%, 01/15/2029(b)

    U.S.$       68        21,072  

Telecom Italia Capital SA
7.20%, 07/18/2036

      409        363,347  

7.721%, 06/04/2038

      1,565        1,440,717  

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    17


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Telecom Italia SpA/Milano
5.303%, 05/30/2024(b)

    U.S.$       403      $ 397,240  

United Group BV
3.625%, 02/15/2028(b)

    EUR       237        208,451  

4.625%, 08/15/2028(b)

      481        432,308  

Series 2021-1A
8.60% (EURIBOR 3 Month + 4.88%), 02/01/2029(j)

      676        705,601  

Vmed O2 UK Financing I PLC
4.25%, 01/31/2031(b)

    U.S.$       530        422,741  

4.75%, 07/15/2031(b)

      3,639        2,945,314  

Windstream Escrow LLC/Windstream Escrow Finance Corp.
7.75%, 08/15/2028(b)

      434        344,984  

Zayo Group Holdings, Inc.
4.00%, 03/01/2027(b)

      58        42,988  

6.125%, 03/01/2028(b)

      128        82,192  
      

 

 

 
         23,363,538  
      

 

 

 

Consumer Cyclical - Automotive – 2.7%

      

Adient Global Holdings Ltd.
7.00%, 04/15/2028(b)

      363        360,673  

Allison Transmission, Inc.
3.75%, 01/30/2031(b)

      231        186,748  

5.875%, 06/01/2029(b)

      1,163        1,096,024  

American Axle & Manufacturing, Inc.
5.00%, 10/01/2029

      220        178,082  

Aston Martin Capital Holdings Ltd.
15.00% (8.89% Cash and 6.11% PIK), 11/30/2026(b)(g)

      1,060        1,172,164  

Clarios Global LP/Clarios US Finance Co.
4.375%, 05/15/2026(b)

    EUR       210        212,513  

Dana Financing Luxembourg SARL
5.75%, 04/15/2025(b)

    U.S.$       55        53,803  

Dana, Inc.
4.25%, 09/01/2030

      760        609,692  

5.375%, 11/15/2027

      109        101,197  

5.625%, 06/15/2028

      182        166,532  

Dealer Tire LLC/DT Issuer LLC
8.00%, 02/01/2028(b)

      1,116        1,046,372  

Exide Technologies
(Exchange Priority)
11.00%, 10/31/2024(c)(e)(f)(h)(k)

      2,940        – 0  – 

(First Lien)
11.00%, 10/31/2024(c)(e)(f)(h)(k)

      1,207        – 0  – 

Goodyear Tire & Rubber Co. (The)
5.25%, 07/15/2031

      62        50,910  

 

18    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

IHO Verwaltungs GmbH
3.75% (3.75% Cash or 4.50% PIK), 09/15/2026(b)(g)

    EUR       885      $ 879,942  

3.875% (3.875% Cash or 4.625% PIK), 05/15/2027(b)(g)

      338        322,616  

6.00% (6.00% Cash or 6.75% PIK), 05/15/2027(b)(g)

    U.S.$       1,984        1,859,384  

8.75% (8.75% Cash or 9.50% PIK), 05/15/2028(b)(g)

    EUR       306        333,882  

Jaguar Land Rover Automotive PLC
5.50%, 07/15/2029(b)

    U.S.$       1,490        1,273,341  

5.875%, 01/15/2028(b)

      705        633,357  

7.75%, 10/15/2025(b)

      1,207        1,207,533  

Mclaren Finance PLC
7.50%, 08/01/2026(b)

      1,973        1,720,994  

PM General Purchaser LLC
9.50%, 10/01/2028(b)

      1,339        1,243,786  

Real Hero Merger Sub 2, Inc.
6.25%, 02/01/2029(b)(i)

      1,530        1,193,739  

Tenneco, Inc.
8.00%, 11/17/2028(b)

      2,853        2,320,268  

Titan International, Inc.
7.00%, 04/30/2028

      1,465        1,370,018  

ZF Europe Finance BV
2.00%, 02/23/2026(a)(b)

    EUR       200        193,500  

ZF Finance GmbH
Series E
2.00%, 05/06/2027(b)

      200        185,283  

2.75%, 05/25/2027(b)

      900        850,110  

ZF North America Capital, Inc.
4.75%, 04/29/2025(b)

    U.S.$       2,357        2,268,144  

6.875%, 04/14/2028(b)

      504        493,440  

7.125%, 04/14/2030(b)

      504        494,223  
      

 

 

 
         24,078,270  
      

 

 

 

Consumer Cyclical - Entertainment – 2.9%

      

AMC Entertainment Holdings, Inc.
7.50%, 02/15/2029(b)

      142        98,672  

Carnival Corp.
4.00%, 08/01/2028(b)

      1,739        1,505,185  

5.75%, 03/01/2027(b)

      1,171        1,059,220  

6.00%, 05/01/2029(b)

      43        36,604  

7.00%, 08/15/2029(b)

      243        238,748  

7.625%, 03/01/2026(b)

    EUR       311        322,603  

9.875%, 08/01/2027(b)

    U.S.$       437        455,999  

10.50%, 06/01/2030(b)

      388        398,185  

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    19


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Carnival Holdings Bermuda Ltd.
10.375%, 05/01/2028(b)

    U.S.$       3,714      $ 3,980,849  

Carnival PLC
1.00%, 10/28/2029

    EUR       202        136,586  

Cedar Fair LP/Canada’s Wonderland Co./Magnum
Management Corp./Millennium Op
5.375%, 04/15/2027

    U.S.$       117        109,659  

5.50%, 05/01/2025(b)

      2,191        2,146,888  

Cinemark USA, Inc.
5.25%, 07/15/2028(b)

      492        436,829  

Lindblad Expeditions LLC
6.75%, 02/15/2027(b)

      365        341,691  

Live Nation Entertainment, Inc.
3.75%, 01/15/2028(b)

      566        501,207  

Motion Bondco DAC
4.50%, 11/15/2027(b)

    EUR       670        613,549  

NCL Corp., Ltd.
5.875%, 03/15/2026(b)

    U.S.$       562        520,161  

7.75%, 02/15/2029(b)

      153        142,024  

8.375%, 02/01/2028(b)

      637        646,264  

NCL Finance Ltd.
6.125%, 03/15/2028(b)

      39        34,740  

Royal Caribbean Cruises Ltd.
5.375%, 07/15/2027(b)

      1,321        1,220,663  

5.50%, 08/31/2026(b)

      1,165        1,099,399  

5.50%, 04/01/2028(b)

      4,238        3,886,956  

8.25%, 01/15/2029(b)

      336        346,728  

11.50%, 06/01/2025(b)

      504        531,991  

11.625%, 08/15/2027(b)

      158        170,936  

Six Flags Entertainment Corp.
7.25%, 05/15/2031(b)

      1,082        1,016,646  

Viking Cruises Ltd.
5.875%, 09/15/2027(b)

      715        652,028  

7.00%, 02/15/2029(b)

      1,752        1,617,096  

9.125%, 07/15/2031(b)

      83        83,135  

VOC Escrow Ltd.
5.00%, 02/15/2028(b)

      1,669        1,519,201  
      

 

 

 
         25,870,442  
      

 

 

 

Consumer Cyclical - Other – 3.4%

      

Adams Homes, Inc.
7.50%, 02/15/2025(b)

      598        593,730  

Affinity Interactive
6.875%, 12/15/2027(b)

      199        168,609  

Brookfield Residential Properties, Inc./Brookfield Residential US LLC
4.875%, 02/15/2030(b)

      1,097        892,530  

 

20    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

        Principal
Amount
(000)
     U.S. $ Value  

 

 

5.00%, 06/15/2029(b)

  U.S.$     167      $ 137,654  

6.25%, 09/15/2027(b)

      1,233        1,109,742  

Builders FirstSource, Inc.
4.25%, 02/01/2032(b)

      270        221,464  

5.00%, 03/01/2030(b)

      56        49,883  

6.375%, 06/15/2032(b)

      1,070        1,006,892  

Caesars Entertainment, Inc.
6.25%, 07/01/2025(b)

      897        885,506  

7.00%, 02/15/2030(b)

      1,275        1,239,977  

Castle UK Finco PLC
7.00%, 05/15/2029

  GBP     679        641,176  

Series U
9.031% (EURIBOR 3 Month + 5.25%), 05/15/2028(j)

  EUR     514        469,225  

Century Communities, Inc.
3.875%, 08/15/2029(b)

  U.S.$     406        335,498  

Churchill Downs, Inc.
4.75%, 01/15/2028(b)

      491        442,996  

Everi Holdings, Inc.
5.00%, 07/15/2029(b)

      240        206,583  

Five Point Operating Co. LP/Five Point Capital Corp.
7.875%, 11/15/2025(b)

      1,969        1,857,352  

Forestar Group, Inc.
3.85%, 05/15/2026(b)

      385        350,820  

Hilton Domestic Operating Co., Inc.
3.625%, 02/15/2032(b)

      1,728        1,392,780  

3.75%, 05/01/2029(b)

      399        344,758  

5.375%, 05/01/2025(b)

      229        224,931  

5.75%, 05/01/2028(b)

      246        237,385  

Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc
4.875%, 07/01/2031(b)

      989        805,832  

5.00%, 06/01/2029(b)

      1,598        1,387,997  

Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
4.875%, 04/01/2027

      16        15,220  

Installed Building Products, Inc.
5.75%, 02/01/2028(b)

      291        267,929  

Jacobs Entertainment, Inc.
6.75%, 02/15/2029(b)

      2        1,773  

Marriott Ownership Resorts, Inc.
4.50%, 06/15/2029(b)

      401        336,058  

MGM Resorts International
4.75%, 10/15/2028

      1,047        921,957  

5.50%, 04/15/2027

      1,163        1,084,715  

5.75%, 06/15/2025

      30        29,318  

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    21


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Mohegan Tribal Gaming Authority
8.00%, 02/01/2026(b)

    U.S.$       420      $ 386,487  

New Home Co., Inc. (The)
8.25%, 10/15/2027(a)(b)

      211        197,401  

Playtech PLC
4.25%, 03/07/2026(b)

    EUR       101        103,147  

Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.625%, 09/01/2029(b)

    U.S.$       69        53,056  

Scientific Games Holdings LP/Scientific Games US FinCo, Inc.
6.625%, 03/01/2030(b)

      112        96,653  

Shea Homes LP/Shea Homes Funding Corp.
4.75%, 02/15/2028

      549        491,861  

4.75%, 04/01/2029

      911        791,573  

Standard Industries, Inc./NJ
4.375%, 07/15/2030(b)

      929        769,456  

4.75%, 01/15/2028(b)

      163        147,022  

Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.
5.875%, 05/15/2025(b)

      1,785        1,720,902  

Taylor Morrison Communities, Inc.
5.75%, 01/15/2028(b)

      292        271,858  

Thor Industries, Inc.
4.00%, 10/15/2029(b)

      230        189,535  

TopBuild Corp.
4.125%, 02/15/2032(b)

      418        340,069  

Travel + Leisure Co.
4.50%, 12/01/2029(b)

      976        820,691  

4.625%, 03/01/2030(b)

      2,415        2,040,675  

6.00%, 04/01/2027(a)

      112        106,481  

6.625%, 07/31/2026(b)

      637        619,133  

Universal Entertainment Corp.
8.75%, 12/11/2024(a)(b)

      410        437,429  

Wyndham Hotels & Resorts, Inc.
4.375%, 08/15/2028(b)

      727        652,702  

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.25%, 05/15/2027(b)

      781        726,141  

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.125%, 10/01/2029(b)

      1,988        1,737,868  
      

 

 

 
         30,360,430  
      

 

 

 

Consumer Cyclical - Restaurants – 0.4%

      

1011778 BC ULC/New Red Finance, Inc.
3.875%, 01/15/2028(b)

      1,524        1,368,413  

4.375%, 01/15/2028(b)

      315        283,862  

 

22    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

CEC Entertainment LLC
6.75%, 05/01/2026(b)

    U.S.$       350      $ 331,468  

Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.
4.625%, 01/15/2029(b)

      166        140,787  

Stonegate Pub Co. Financing 2019 PLC
8.00%, 07/13/2025(b)

    GBP       192        218,777  

Yum! Brands, Inc.
4.625%, 01/31/2032

    U.S.$       1,114        966,322  

4.75%, 01/15/2030(b)

      85        76,308  
      

 

 

 
         3,385,937  
      

 

 

 

Consumer Cyclical - Retailers – 2.5%

      

Arko Corp.
5.125%, 11/15/2029(b)

      1,035        835,076  

Asbury Automotive Group, Inc.
4.625%, 11/15/2029(b)

      1,152        988,815  

4.75%, 03/01/2030

      17        14,457  

5.00%, 02/15/2032(b)

      826        684,699  

Bath & Body Works, Inc.
6.625%, 10/01/2030(b)

      1,916        1,794,409  

6.75%, 07/01/2036

      98        85,333  

6.875%, 11/01/2035

      519        462,965  

7.50%, 06/15/2029

      107        105,488  

7.60%, 07/15/2037

      261        227,819  

9.375%, 07/01/2025(b)

      41        42,573  

BCPE Ulysses Intermediate, Inc.
7.75% (7.75% Cash or 8.50% PIK), 04/01/2027(b)(g)

      518        453,986  

Beacon Roofing Supply, Inc.
6.50%, 08/01/2030(b)

      674        653,828  

Carvana Co.
5.50%, 04/15/2027(b)

      415        304,005  

12.00%, 12/01/2028(a)(b)(g)

      329        256,925  

Foundation Building Materials, Inc.
6.00%, 03/01/2029(b)

      246        204,084  

Gap, Inc. (The)
3.625%, 10/01/2029(b)

      27        19,997  

3.875%, 10/01/2031(b)

      56        39,338  

Group 1 Automotive, Inc.
4.00%, 08/15/2028(b)

      417        361,561  

Guitar Center, Inc.
8.50%, 01/15/2026(b)

      161        139,832  

Kontoor Brands, Inc.
4.125%, 11/15/2029(b)

      894        744,020  

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    23


 

PORTFOLIO OF INVESTMENTS (continued)

 

        Principal
Amount
(000)
     U.S. $ Value  

 

 

LBM Acquisition LLC
6.25%, 01/15/2029(b)

  U.S.$     81      $ 66,442  

LCM Investments Holdings II LLC
8.25%, 08/01/2031(b)

      431        419,421  

Levi Strauss & Co.
3.50%, 03/01/2031(b)

      746        593,645  

Lithia Motors, Inc.
4.375%, 01/15/2031(b)

      464        383,462  

LSF9 Atlantis Holdings LLC/Victra Finance Corp.
7.75%, 02/15/2026(b)

      154        139,453  

Michaels Cos., Inc. (The)
5.25%, 05/01/2028(b)

      1,475        1,177,845  

7.875%, 05/01/2029(b)

      1,356        889,019  

Murphy Oil USA, Inc.
3.75%, 02/15/2031(b)

      442        360,882  

5.625%, 05/01/2027

      69        66,899  

NMG Holding Co., Inc./Neiman Marcus Group LLC
7.125%, 04/01/2026(b)

      2,103        1,973,876  

Nordstrom, Inc.
5.00%, 01/15/2044

      4        2,360  

Penske Automotive Group, Inc.
3.75%, 06/15/2029

      1,230        1,034,318  

QVC, Inc.
4.375%, 09/01/2028

      5        2,622  

4.45%, 02/15/2025

      296        258,809  

4.75%, 02/15/2027

      213        130,899  

Sonic Automotive, Inc.
4.625%, 11/15/2029(b)

      1,674        1,384,216  

4.875%, 11/15/2031(b)

      144        114,522  

Specialty Building Products Holdings LLC/SBP Finance Corp.
6.375%, 09/30/2026(b)

      418        392,027  

Staples, Inc.
7.50%, 04/15/2026(b)

      2,851        2,345,135  

10.75%, 04/15/2027(b)

      1,207        706,701  

TPro Acquisition Corp.
11.00%, 10/15/2024(b)

      1,062        1,062,026  

Victoria’s Secret & Co.
4.625%, 07/15/2029(b)

      58        42,035  

White Cap Buyer LLC
6.875%, 10/15/2028(b)

      226        199,364  

 

24    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

White Cap Parent LLC
8.25% (8.25% Cash or 9.00% PIK), 03/15/2026(b)(g)

    U.S.$       329      $ 317,746  
      

 

 

 
         22,482,934  
      

 

 

 

Consumer Non-Cyclical – 6.7%

      

AdaptHealth LLC
6.125%, 08/01/2028(b)

      288        249,114  

AHP Health Partners, Inc.
5.75%, 07/15/2029(b)

      162        137,407  

Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
4.625%, 01/15/2027(b)

      615        581,020  

4.875%, 02/15/2030(b)

      200        180,316  

6.50%, 02/15/2028(b)

      2,469        2,439,173  

Bausch & Lomb Escrow Corp.
8.375%, 10/01/2028(b)

      2,040        2,044,645  

Bausch Health Americas, Inc.
8.50%, 01/31/2027(b)

      543        275,677  

Bausch Health Cos., Inc.
4.875%, 06/01/2028(b)

      2,835        1,613,337  

5.25%, 01/30/2030(b)

      8        3,053  

5.50%, 11/01/2025(b)

      226        200,406  

5.75%, 08/15/2027(b)

      70        41,699  

6.125%, 02/01/2027(b)

      359        224,728  

6.25%, 02/15/2029(b)

      911        360,376  

7.25%, 05/30/2029(b)

      254        105,529  

11.00%, 09/30/2028(b)

      403        272,835  

CAB SELAS
3.375%, 02/01/2028(b)

    EUR       1,880        1,659,232  

CD&R Smokey Buyer, Inc.
6.75%, 07/15/2025(b)

    U.S.$       72        69,338  

CHS/Community Health Systems, Inc.
4.75%, 02/15/2031(b)

      493        349,961  

5.625%, 03/15/2027(b)

      573        490,829  

6.00%, 01/15/2029(b)

      133        107,777  

6.125%, 04/01/2030(b)

      3,702        1,897,820  

6.875%, 04/01/2028(b)

      577        307,856  

6.875%, 04/15/2029(b)

      1,497        797,530  

8.00%, 03/15/2026(b)

      599        571,017  

Coty, Inc.
5.00%, 04/15/2026(b)

      133        127,730  

DaVita, Inc.
3.75%, 02/15/2031(b)

      687        522,826  

4.625%, 06/01/2030(b)

      3,878        3,182,346  

Edgewell Personal Care Co.
4.125%, 04/01/2029(b)

      164        139,387  

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    25


 

PORTFOLIO OF INVESTMENTS (continued)

 

        Principal
Amount
(000)
     U.S. $ Value  

 

 

Elanco Animal Health, Inc.
6.65%, 08/28/2028(a)(i)

  U.S.$     1,416      $ 1,374,111  

Embecta Corp.
5.00%, 02/15/2030(b)

      2,581        2,030,635  

Emergent BioSolutions, Inc.
3.875%, 08/15/2028(b)

      1,516        636,294  

Fortrea Holdings, Inc.
7.50%, 07/01/2030(b)

      328        320,227  

Garden Spinco Corp.
8.625%, 07/20/2030(b)

      883        922,583  

Global Medical Response, Inc.
6.50%, 10/01/2025(b)

      309        209,313  

Grifols SA
3.875%, 10/15/2028(b)

  EUR     2,222        1,992,348  

Gruenenthal GmbH
3.625%, 11/15/2026(b)

      885        887,671  

4.125%, 05/15/2028(b)

      1,141        1,111,178  

Heartland Dental LLC/Heartland Dental Finance Corp.
10.50%, 04/30/2028(b)

  U.S.$     76        76,277  

Herbalife Nutrition Ltd./HLF Financing, Inc.
7.875%, 09/01/2025(b)

      382        362,938  

Hologic, Inc.
3.25%, 02/15/2029(b)

      246        207,882  

Iceland Bondco PLC
9.254% (EURIBOR 3 Month + 5.50%), 12/15/2027(j)

  EUR     385        404,826  

10.875%, 12/15/2027(b)

  GBP     162        201,930  

IQVIA, Inc.
2.25%, 03/15/2029(b)

  EUR     862        763,316  

5.00%, 10/15/2026(b)

  U.S.$     239        227,950  

6.50%, 05/15/2030(b)

      329        323,012  

Jazz Securities DAC
4.375%, 01/15/2029(b)

      954        831,746  

Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.
7.00%, 12/31/2027(b)

      1,929        1,663,728  

Lamb Weston Holdings, Inc.
4.125%, 01/31/2030(b)

      1,062        907,859  

Legacy LifePoint Health LLC
4.375%, 02/15/2027(b)

      3,165        2,721,978  

Medline Borrower LP
3.875%, 04/01/2029(b)

      1,738        1,468,501  

5.25%, 10/01/2029(b)

      3,167        2,737,801  

 

26    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

        Principal
Amount
(000)
     U.S. $ Value  

 

 

Newell Brands, Inc.
4.875%, 06/01/2025

  U.S.$     170      $ 163,067  

5.20%, 04/01/2026(a)

      452        425,922  

6.375%, 09/15/2027

      407        388,155  

Organon & Co./Organon Foreign Debt Co-Issuer BV
2.875%, 04/30/2028(b)

  EUR     885        806,439  

4.125%, 04/30/2028(b)

  U.S.$     915        796,093  

5.125%, 04/30/2031(b)

      1,160        930,238  

Oriflame Investment Holding PLC
5.125%, 05/04/2026(b)

      347        125,515  

Performance Food Group, Inc.
4.25%, 08/01/2029(b)

      187        161,506  

Perrigo Finance Unlimited Co.
4.65%, 06/15/2030(a)

      691        589,617  

Post Holdings, Inc.
4.50%, 09/15/2031(b)

      1,564        1,302,438  

4.625%, 04/15/2030(b)

      821        703,211  

5.50%, 12/15/2029(b)

      529        479,399  

Prime Healthcare Services, Inc.
7.25%, 11/01/2025(b)

      225        207,644  

Primo Water Holdings, Inc.
4.375%, 04/30/2029(b)

      1,227        1,048,795  

RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.
9.75%, 12/01/2026(b)

      775        751,903  

RP Escrow Issuer LLC
5.25%, 12/15/2025(b)

      471        346,119  

Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed
4.625%, 03/01/2029(b)

      27        22,158  

Spectrum Brands, Inc.
3.875%, 03/15/2031(b)

      2,079        1,685,013  

4.00%, 10/01/2026(b)

  EUR     530        537,744  

Tempur Sealy International, Inc.
3.875%, 10/15/2031(b)

  U.S.$     473        364,568  

Tenet Healthcare Corp.
4.375%, 01/15/2030

      2,307        1,987,070  

6.125%, 10/01/2028

      648        608,135  

6.125%, 06/15/2030

      1,017        955,341  

Triton Water Holdings, Inc.
6.25%, 04/01/2029(b)

      884        723,246  

United Natural Foods, Inc.
6.75%, 10/15/2028(b)

      187        142,627  

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    27


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

US Acute Care Solutions LLC
6.375%, 03/01/2026(b)

    U.S.$       3,192      $ 2,745,363  

US Foods, Inc.
7.25%, 01/15/2032(b)

      77        76,922  

Vector Group Ltd.
5.75%, 02/01/2029(b)

      213        180,938  

10.50%, 11/01/2026(b)

      188        188,284  

Vista Outdoor, Inc.
4.50%, 03/15/2029(b)

      388        324,702  
      

 

 

 
         61,105,240  
      

 

 

 

Energy – 4.6%

      

Ascent Resources Utica Holdings LLC/ARU Finance Corp.
7.00%, 11/01/2026(b)

      3        2,933  

Berry Petroleum Co., LLC
7.00%, 02/15/2026(b)

      245        234,479  

Blue Racer Midstream LLC/Blue Racer Finance Corp.
7.625%, 12/15/2025(b)

      421        422,403  

Buckeye Partners LP
3.95%, 12/01/2026

      6        5,394  

California Resources Corp.
7.125%, 02/01/2026(b)

      333        335,158  

Callon Petroleum Co.
7.50%, 06/15/2030(b)

      1,004        973,467  

Calumet Specialty Products Partners LP/Calumet Finance Corp.
11.00%, 04/15/2025(b)

      16        16,294  

CGG SA
8.75%, 04/01/2027(b)

      422        376,273  

Chesapeake Energy Corp.
5.50%, 02/01/2026(b)

      432        418,566  

CITGO Petroleum Corp.
6.375%, 06/15/2026(b)

      471        464,538  

7.00%, 06/15/2025(b)

      1,781        1,754,702  

8.375%, 01/15/2029(b)

      844        842,945  

Civitas Resources, Inc.
5.00%, 10/15/2026(b)

      682        639,600  

8.375%, 07/01/2028(b)

      1,587        1,614,595  

8.75%, 07/01/2031(b)

      1,067        1,092,221  

CNX Resources Corp.

      

6.00%, 01/15/2029(b)

      625        583,062  

7.375%, 01/15/2031(b)

      7        6,866  

Comstock Resources, Inc.
5.875%, 01/15/2030(b)

      30        25,939  

6.75%, 03/01/2029(b)

      294        270,519  

 

28    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

        Principal
Amount
(000)
     U.S. $ Value  

 

 

Crescent Energy Finance LLC
7.25%, 05/01/2026(b)

  U.S.$     832      $ 815,416  

9.25%, 02/15/2028(b)

      364        371,621  

CVR Energy, Inc.
5.25%, 02/15/2025(b)

      223        217,372  

Earthstone Energy Holdings LLC
9.875%, 07/15/2031(b)

      116        126,645  

Encino Acquisition Partners Holdings LLC
8.50%, 05/01/2028(b)

      1,676        1,610,559  

Enerflex Ltd.
9.00%, 10/15/2027(b)

      337        332,852  

EnLink Midstream Partners LP
Series C
9.78% (SOFR + 4.37%), 10/30/2023(j)(l)

      2,734        2,472,401  

EQM Midstream Partners LP
4.50%, 01/15/2029(b)

      811        722,044  

4.75%, 01/15/2031(b)

      859        739,392  

FTAI Infra Escrow Holdings LLC
10.50%, 06/01/2027(b)

      336        334,267  

Genesis Energy LP/Genesis Energy Finance Corp.
6.25%, 05/15/2026

      92        88,312  

6.50%, 10/01/2025

      411        404,277  

7.75%, 02/01/2028

      440        416,607  

8.00%, 01/15/2027

      522        503,255  

Global Partners LP/GLP Finance Corp.
6.875%, 01/15/2029

      439        408,250  

7.00%, 08/01/2027

      403        393,142  

Gulfport Energy Corp.
6.00%, 10/15/2024(e)(k)

      589        371  

6.375%, 05/15/2025(e)(k)

      1,547        975  

6.375%, 01/15/2026(e)(k)

      1,710        1,077  

6.625%, 05/01/2023(d)(e)

      161        101  

8.00%, 05/17/2026(b)

      610        611,110  

Harbour Energy PLC
5.50%, 10/15/2026(b)

      200        187,515  

Hess Midstream Operations LP
5.625%, 02/15/2026(b)

      481        464,688  

Hilcorp Energy I LP/Hilcorp Finance Co.
5.75%, 02/01/2029(b)

      233        210,769  

6.00%, 02/01/2031(b)

      340        299,092  

6.25%, 04/15/2032(b)

      96        85,212  

Howard Midstream Energy Partners LLC
8.875%, 07/15/2028(b)

      627        632,897  

Ithaca Energy North Sea PLC
9.00%, 07/15/2026(b)

      200        194,496  

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    29


 

PORTFOLIO OF INVESTMENTS (continued)

 

        Principal
Amount
(000)
     U.S. $ Value  

 

 

ITT Holdings LLC
6.50%, 08/01/2029(b)

  U.S.$     2,299      $ 1,965,651  

KCA Deutag UK Finance PLC
9.875%, 12/01/2025(b)

      331        333,175  

MEG Energy Corp.
5.875%, 02/01/2029(b)

      231        215,685  

Moss Creek Resources Holdings, Inc.
7.50%, 01/15/2026(b)

      867        839,615  

10.50%, 05/15/2027(b)

      202        202,773  

Nabors Industries Ltd.
7.25%, 01/15/2026(b)

      403        388,152  

7.50%, 01/15/2028(b)

      2,085        1,925,059  

Nabors Industries, Inc.
7.375%, 05/15/2027(b)

      319        309,429  

New Fortress Energy, Inc.
6.75%, 09/15/2025(b)

      1,126        1,075,356  

NGL Energy Operating LLC/NGL Energy Finance Corp.
7.50%, 02/01/2026(b)

      1,683        1,663,700  

NuStar Logistics LP
6.375%, 10/01/2030

      225        213,245  

Oceaneering International, Inc.
6.00%, 02/01/2028(b)

      85        79,983  

Parkland Corp.
4.50%, 10/01/2029(b)

      220        189,081  

4.625%, 05/01/2030(b)

      220        187,781  

5.875%, 07/15/2027(b)

      31        29,437  

PBF Holding Co., LLC/PBF Finance Corp.
6.00%, 02/15/2028

      216        203,548  

7.875%, 09/15/2030(b)

      77        76,736  

PDC Energy, Inc.
5.75%, 05/15/2026

      1,351        1,347,444  

Petrofac Ltd.
9.75%, 11/15/2026(b)

      200        152,507  

Range Resources Corp.
4.875%, 05/15/2025

      418        405,249  

Rockies Express Pipeline LLC
3.60%, 05/15/2025(b)

      442        416,760  

Southwestern Energy Co.
5.375%, 02/01/2029

      187        172,128  

8.375%, 09/15/2028

      120        123,935  

Strathcona Resources Ltd./Alberta
6.875%, 08/01/2026(b)

      357        336,566  

Summit Midstream Holdings LLC/Summit Midstream Finance Corp.
9.00%, 10/15/2026(a)(b)

      1,086        1,043,630  

 

30    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Sunoco LP/Sunoco Finance Corp.
4.50%, 05/15/2029

    U.S.$       114      $ 100,013  

5.875%, 03/15/2028

      774        740,655  

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
6.00%, 12/31/2030(b)

      160        141,233  

6.00%, 09/01/2031(b)

      72        62,710  

Transocean Aquila Ltd.
8.00%, 09/30/2028(b)

      743        743,003  

Transocean, Inc.
11.50%, 01/30/2027(b)

      211        221,233  

USA Compression Partners LP/USA Compression Finance Corp.
6.875%, 09/01/2027

      4        3,865  

Venture Global Calcasieu Pass LLC
4.125%, 08/15/2031(b)

      890        730,475  

Venture Global LNG, Inc.
8.125%, 06/01/2028(b)

      1,108        1,097,219  

8.375%, 06/01/2031(b)

      1,107        1,091,333  

Weatherford International Ltd.
8.625%, 04/30/2030(b)

      175        176,118  
      

 

 

 
         41,729,151  
      

 

 

 

Other Industrial – 0.2%

 

AECOM
5.125%, 03/15/2027

      374        353,453  

American Builders & Contractors Supply Co., Inc.
4.00%, 01/15/2028(b)

      100        88,634  

Grand Canyon University
4.125%, 10/01/2024

      223        212,914  

Ritchie Bros Holdings, Inc.
6.75%, 03/15/2028(b)

      768        766,101  

7.75%, 03/15/2031(b)

      703        713,625  
      

 

 

 
         2,134,727  
      

 

 

 

Services – 3.3%

 

ADT Security Corp. (The)
4.875%, 07/15/2032(b)

      1,012        843,281  

Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.00%, 06/01/2029(b)

      327        245,062  

6.625%, 07/15/2026(b)

      312        295,906  

9.75%, 07/15/2027(b)

      1,601        1,431,212  

Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL
3.625%, 06/01/2028(b)

    EUR       255        221,083  

4.625%, 06/01/2028(b)

    U.S.$       1,727        1,434,458  

4.875%, 06/01/2028(b)

    GBP       1,010        980,688  

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    31


 

PORTFOLIO OF INVESTMENTS (continued)

 

        Principal
Amount
(000)
     U.S. $ Value  

 

 

AMN Healthcare, Inc.
4.625%, 10/01/2027(b)

  U.S.$     4      $ 3,631  

ANGI Group LLC
3.875%, 08/15/2028(b)

      2,420        1,893,999  

APX Group, Inc.
5.75%, 07/15/2029(b)

      1,504        1,268,907  

6.75%, 02/15/2027(b)

      676        651,105  

Aramark Services, Inc.
5.00%, 02/01/2028(b)

      1,064        982,989  

Block, Inc.
2.75%, 06/01/2026

      623        559,650  

3.50%, 06/01/2031

      1,474        1,158,414  

Brink’s Co. (The)
4.625%, 10/15/2027(b)

      176        160,636  

Cars.com, Inc.
6.375%, 11/01/2028(b)

      830        754,677  

CoreLogic, Inc.
4.50%, 05/01/2028(b)

      119        90,396  

Garda World Security Corp.
4.625%, 02/15/2027(b)

      102        93,224  

6.00%, 06/01/2029(b)

      179        146,413  

7.75%, 02/15/2028(b)

      1,333        1,308,510  

9.50%, 11/01/2027(b)

      479        457,606  

GrubHub Holdings, Inc.
5.50%, 07/01/2027(b)

      234        181,722  

IHS Markit Ltd.
4.75%, 08/01/2028

      104        98,273  

ION Trading Technologies SARL
5.75%, 05/15/2028(b)

      1,067        928,999  

Korn Ferry
4.625%, 12/15/2027(b)

      402        369,840  

Millennium Escrow Corp.
6.625%, 08/01/2026(b)

      1,950        1,547,495  

Mobius Merger Sub, Inc.
9.00%, 06/01/2030(b)

      367        341,225  

Monitronics International, Inc.
9.125%, 04/01/2020(c)(d)(e)(f)

      958        – 0  –

MPH Acquisition Holdings LLC
5.50%, 09/01/2028(b)

      1,922        1,634,736  

5.75%, 11/01/2028(b)(i)

      3,593        2,692,082  

Neptune Bidco US, Inc.
9.29%, 04/15/2029(b)

      2,563        2,322,869  

Prime Security Services Borrower LLC/Prime Finance, Inc.
3.375%, 08/31/2027(b)

      423        370,321  

5.25%, 04/15/2024(b)

      19        18,892  

6.25%, 01/15/2028(b)

      1,515        1,402,911  

 

32    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Q-Park Holding I BV
2.00%, 03/01/2027(b)

    EUR       579      $ 527,390  

Rakuten Group, Inc.
10.25%, 11/30/2024(b)

    U.S.$       402        404,096  

Shutterfly Finance LLC
8.50% (4.25% Cash and 4.25% PIK), 10/01/2027(b)(g)

      58        38,558  

9.75%, 10/01/2027(b)

      7        6,955  

Sotheby’s
7.375%, 10/15/2027(b)

      212        195,269  

Sotheby’s/Bidfair Holdings, Inc.
5.875%, 06/01/2029(b)

      205        164,535  

TriNet Group, Inc.
3.50%, 03/01/2029(b)

      413        347,821  

Verscend Escrow Corp.
9.75%, 08/15/2026(b)

      551        551,046  

WASH Multifamily Acquisition, Inc.
5.75%, 04/15/2026(b)

      26        24,272  

WW International, Inc.
4.50%, 04/15/2029(b)

      468        324,885  

ZipRecruiter, Inc.
5.00%, 01/15/2030(b)

      25        19,762  
      

 

 

 
         29,495,801  
      

 

 

 

Technology – 2.6%

      

Ahead DB Holdings LLC
6.625%, 05/01/2028(b)

      725        614,974  

AthenaHealth Group, Inc.
6.50%, 02/15/2030(b)(i)

      1,754        1,464,747  

Central Parent, Inc./CDK Global, Inc.
7.25%, 06/15/2029(b)

      33        31,985  

Cloud Software Group, Inc.
6.50%, 03/31/2029(b)

      216        189,902  

CommScope Technologies LLC
5.00%, 03/15/2027(b)

      255        147,279  

CommScope, Inc.
4.75%, 09/01/2029(b)

      637        468,916  

6.00%, 03/01/2026(b)

      276        257,461  

8.25%, 03/01/2027(b)

      86        56,469  

Conduent Business Services LLC/Conduent State & Local Solutions, Inc.
6.00%, 11/01/2029(b)

      18        15,365  

Consensus Cloud Solutions, Inc.
6.50%, 10/15/2028(b)

      51        43,761  

CWT Travel Group, Inc.
8.50%, 11/19/2026(b)

      321        175,064  

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    33


 

PORTFOLIO OF INVESTMENTS (continued)

 

        Principal
Amount
(000)
     U.S. $ Value  

 

 

Entegris Escrow Corp.
5.95%, 06/15/2030(b)

  U.S.$     1,146      $ 1,059,785  

Fair Isaac Corp.
4.00%, 06/15/2028(b)

      407        363,690  

Gen Digital, Inc.
6.75%, 09/30/2027(b)

      1,271        1,245,289  

7.125%, 09/30/2030(b)

      586        577,865  

GoTo Group, Inc.
5.50%, 09/01/2027(b)

      2,165        1,186,322  

Imola Merger Corp.
4.75%, 05/15/2029(b)

      968        847,297  

MicroStrategy, Inc.
6.125%, 06/15/2028(b)

      363        322,573  

NCR Corp.
5.125%, 04/15/2029(b)

      963        849,246  

5.75%, 09/01/2027(b)

      89        89,684  

ON Semiconductor Corp.
3.875%, 09/01/2028(b)

      383        338,314  

Open Text Corp.
3.875%, 02/15/2028(b)

      369        322,301  

Playtika Holding Corp.
4.25%, 03/15/2029(b)

      1,104        924,330  

Presidio Holdings, Inc.
4.875%, 02/01/2027(b)

      98        90,578  

8.25%, 02/01/2028(b)

      1,740        1,661,610  

Rackspace Technology Global, Inc.
3.50%, 02/15/2028(b)

      3,885        1,818,261  

Science Applications International Corp.
4.875%, 04/01/2028(b)

      105        95,344  

Seagate HDD Cayman
3.375%, 07/15/2031

      45        31,487  

4.091%, 06/01/2029

      1,214        1,046,859  

4.125%, 01/15/2031

      38        30,200  

4.75%, 01/01/2025

      292        284,968  

5.75%, 12/01/2034

      231        195,348  

8.25%, 12/15/2029(b)

      956        980,472  

8.50%, 07/15/2031(b)

      1,012        1,037,125  

Sensata Technologies BV
5.00%, 10/01/2025(b)

      219        212,393  

Sensata Technologies, Inc.
3.75%, 02/15/2031(b)

      474        383,054  

TTM Technologies, Inc.
4.00%, 03/01/2029(b)

      375        313,984  

Vericast Corp.
11.00%, 09/15/2026(b)

      130        135,860  

Veritas US, Inc./Veritas Bermuda Ltd.
7.50%, 09/01/2025(b)

      3,229        2,701,397  

 

34    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Viasat, Inc.
5.625%, 04/15/2027(b)

    U.S.$       435      $ 377,120  

Virtusa Corp.
7.125%, 12/15/2028(b)

      717        579,096  

Xerox Corp.
6.75%, 12/15/2039

      42        31,612  

Xerox Holdings Corp.
5.50%, 08/15/2028(b)

      442        371,198  
      

 

 

 
         23,970,585  
      

 

 

 

Transportation - Airlines – 0.8%

      

Air Canada
3.875%, 08/15/2026(b)

      417        378,595  

Allegiant Travel Co.
7.25%, 08/15/2027(b)

      127        119,432  

American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.50%, 04/20/2026(b)

      1,487        1,453,936  

5.75%, 04/20/2029(b)

      1,125        1,045,777  

Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.
5.75%, 01/20/2026(b)

      2,103        1,892,810  

Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.
8.00%, 09/20/2025(b)

      1,590        1,589,701  

United Airlines, Inc.
4.375%, 04/15/2026(b)

      601        556,137  

VistaJet Malta Finance PLC/Vista Management Holding, Inc.
6.375%, 02/01/2030(b)

      15        11,532  

7.875%, 05/01/2027(b)

      428        368,615  
      

 

 

 
         7,416,535  
      

 

 

 

Transportation - Services – 0.9%

      

Albion Financing 1 SARL/Aggreko Holdings, Inc.
5.25%, 10/15/2026(b)

    EUR       625        624,829  

6.125%, 10/15/2026(b)

    U.S.$       657        621,571  

Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
4.75%, 04/01/2028(b)

      660        578,249  

5.375%, 03/01/2029(b)

      434        386,080  

5.75%, 07/15/2027(b)

      1,031        973,039  

BCP V Modular Services Finance II PLC
4.75%, 11/30/2028(b)

    EUR       132        116,646  

BCP V Modular Services Finance PLC
6.75%, 11/30/2029

      1,214        925,351  

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    35


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Hertz Corp. (The)
4.625%, 12/01/2026(b)

    U.S.$       1,153      $ 1,022,075  

5.00%, 12/01/2029(b)

      1,308        1,025,450  

Loxam SAS
2.875%, 04/15/2026(b)

    EUR       301        293,598  

4.50%, 02/15/2027(b)

      629        628,672  

Rand Parent LLC
8.50%, 02/15/2030(b)

    U.S.$       372        344,045  

United Rentals North America, Inc.
3.875%, 02/15/2031

      178        148,082  

4.00%, 07/15/2030

      206        175,684  

4.875%, 01/15/2028

      112        104,834  

5.50%, 05/15/2027

      222        215,775  

Williams Scotsman International, Inc.
4.625%, 08/15/2028(b)

      76        68,020  
      

 

 

 
         8,252,000  
      

 

 

 
         429,743,495  
      

 

 

 

Financial Institutions – 5.0%

      

Banking – 0.1%

      

Ally Financial, Inc.
Series C
4.70%, 05/15/2028(l)

      256        158,720  

Bread Financial Holdings, Inc.
7.00%, 01/15/2026(b)

      1,157        1,089,031  

Freedom Mortgage Corp.
7.625%, 05/01/2026(b)

      35        32,623  

12.00%, 10/01/2028(b)

      77        78,156  
      

 

 

 
         1,358,530  
      

 

 

 

Brokerage – 0.8%

      

AG Issuer LLC
6.25%, 03/01/2028(b)

      376        351,297  

AG TTMT Escrow Issuer LLC
8.625%, 09/30/2027(b)

      714        719,157  

Hightower Holding LLC
6.75%, 04/15/2029(b)

      2,936        2,522,612  

NFP Corp.
6.875%, 08/15/2028(b)

      1,494        1,280,436  

7.50%, 10/01/2030(b)

      1,323        1,268,466  

Osaic Holdings, Inc.
10.75%, 08/01/2027(b)

      1,425        1,432,069  
      

 

 

 
         7,574,037  
      

 

 

 

Finance – 2.0%

      

Aircastle Ltd.
5.25%, 06/15/2026(b)(l)

      1,374        1,085,009  

Castlelake Aviation Finance DAC
5.00%, 04/15/2027(b)

      1,036        945,432  

 

36    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

CNG Holdings, Inc.
14.50%, 06/30/2026(b)

    U.S.$       794      $ 678,870  

Compass Group Diversified Holdings LLC
5.25%, 04/15/2029(b)

      1,277        1,116,523  

Curo Group Holdings Corp.
7.50%, 08/01/2028(b)

      3,647        1,457,379  

Enova International, Inc.
8.50%, 09/01/2024(b)

      343        341,204  

8.50%, 09/15/2025(b)

      1,996        1,951,019  

GGAM Finance Ltd.
7.75%, 05/15/2026(b)

      662        656,588  

8.00%, 06/15/2028(b)

      993        993,138  

Jefferies Finance LLC/JFIN Co-Issuer Corp.
5.00%, 08/15/2028(b)

      2,234        1,880,548  

LD Holdings Group LLC
6.125%, 04/01/2028(b)

      421        265,217  

6.50%, 11/01/2025(b)

      85        70,547  

Midcap Financial Issuer Trust
5.625%, 01/15/2030(b)

      216        168,398  

6.50%, 05/01/2028(b)

      231        200,392  

Navient Corp.
4.875%, 03/15/2028

      1,706        1,450,100  

5.00%, 03/15/2027

      792        711,910  

5.50%, 03/15/2029

      79        66,366  

5.625%, 08/01/2033

      40        29,248  

6.75%, 06/25/2025

      954        939,579  

6.75%, 06/15/2026

      835        807,203  

OneMain Finance Corp.
3.50%, 01/15/2027

      174        149,000  

7.125%, 03/15/2026

      180        176,011  

9.00%, 01/15/2029

      76        75,698  

PennyMac Financial Services, Inc.
4.25%, 02/15/2029(b)

      174        140,630  

5.75%, 09/15/2031(b)

      67        54,684  

SLM Corp.
3.125%, 11/02/2026

      188        163,457  

Synchrony Financial
7.25%, 02/02/2033

      1,795        1,581,220  
      

 

 

 
         18,155,370  
      

 

 

 

Insurance – 0.5%

      

Acrisure LLC/Acrisure Finance, Inc.
4.25%, 02/15/2029(b)

      53        44,417  

10.125%, 08/01/2026(b)

      559        571,550  

Ardonagh Midco 2 PLC
11.50% (11.50% Cash or 12.75% PIK), 01/15/2027(b)(g)(i)

      1,926        1,885,178  

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    37


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

HUB International Ltd.
7.00%, 05/01/2026(b)

    U.S.$       292      $ 291,350  

7.25%, 06/15/2030(b)

      1,476        1,468,951  
      

 

 

 
         4,261,446  
      

 

 

 

Other Finance – 0.5%

      

Armor Holdco, Inc.
8.50%, 11/15/2029(b)

      1,967        1,709,301  

Coinbase Global, Inc.
3.375%, 10/01/2028(b)

      1,281        922,681  

3.625%, 10/01/2031(b)

      818        544,608  

CURO Group Holdings Corp.
18.00%, 08/02/2027(c)

      1,526        1,464,919  
      

 

 

 
         4,641,509  
      

 

 

 

REITs – 1.1%

      

Aedas Homes Opco SLU
Series 2022-1A
4.00%, 08/15/2026

    EUR       1,580        1,549,936  

Agps Bondco PLC
5.50%, 11/13/2026(a)(b)

      200        84,943  

Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp.
7.00%, 04/15/2030(b)

    U.S.$       134        120,574  

Apollo Commercial Real Estate Finance, Inc.
4.625%, 06/15/2029(b)

      16        12,087  

Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL
4.50%, 04/01/2027(b)

      2,519        2,100,133  

5.75%, 05/15/2026(b)

      350        321,048  

Diversified Healthcare Trust
4.75%, 02/15/2028

      23        16,701  

Howard Hughes Corp. (The)
4.125%, 02/01/2029(b)

      128        102,354  

Hunt Cos., Inc.
5.25%, 04/15/2029(b)

      32        25,120  

Iron Mountain, Inc.
5.25%, 03/15/2028(b)

      1,943        1,787,827  

5.625%, 07/15/2032(b)

      169        145,725  

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.75%, 06/15/2029(b)

      99        80,099  

MPT Operating Partnership LP/MPT Finance Corp.
5.00%, 10/15/2027

      257        199,026  

 

38    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Office Properties Income Trust
3.45%, 10/15/2031

    U.S.$       863      $ 437,027  

Realogy Group LLC/Realogy Co-Issuer Corp.
5.75%, 01/15/2029(b)

      9        6,494  

Rithm Capital Corp.
6.25%, 10/15/2025(b)

      333        315,769  

Service Properties Trust
4.75%, 10/01/2026

      89        76,417  

4.95%, 10/01/2029

      85        64,292  

Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC
10.50%, 02/15/2028(b)

      43        42,143  

Via Celere Desarrollos Inmobiliarios SA
Series 2020-1A
5.25%, 04/01/2026

    EUR       771        766,327  

Vivion Investments SARL
3.00%, 08/08/2024(b)

      1,000        962,850  

Series E
7.90%, 02/28/2029(a)(b)(g)

      400        312,940  
      

 

 

 
         9,529,832  
      

 

 

 
         45,520,724  
      

 

 

 

Utility – 0.9%

      

Electric – 0.6%

      

Algonquin Power & Utilities Corp.
4.75%, 01/18/2082

    U.S.$       184        149,943  

Calpine Corp.
5.125%, 03/15/2028(b)

      304        270,720  

ContourGlobal Power Holdings SA
3.125%, 01/01/2028(b)

    EUR       167        144,793  

NextEra Energy Operating Partners LP
3.875%, 10/15/2026(b)

    U.S.$       27        24,464  

4.50%, 09/15/2027(b)

      108        97,811  

NRG Energy, Inc.
3.375%, 02/15/2029(b)

      158        127,522  

3.875%, 02/15/2032(b)

      2,090        1,567,548  

6.625%, 01/15/2027

      7        6,858  

10.25%, 03/15/2028(b)(l)

      842        824,563  

PG&E Corp.
5.25%, 07/01/2030

      163        141,884  

Vistra Corp.
7.00%, 12/15/2026(b)(l)

      835        768,059  

8.00%, 10/15/2026(b)(l)

      1,003        962,569  

Vistra Operations Co., LLC
5.50%, 09/01/2026(b)

      445        423,845  

5.625%, 02/15/2027(b)

      163        154,422  

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    39


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

7.75%, 10/15/2031(b)

    U.S.$       77      $ 75,858  
      

 

 

 
         5,740,859  
      

 

 

 

Natural Gas – 0.2%

      

AmeriGas Partners LP/AmeriGas Finance Corp.
5.75%, 05/20/2027

      230        215,592  

5.875%, 08/20/2026

      140        134,494  

UGI International LLC
2.50%, 12/01/2029(b)

    EUR       1,169        1,021,951  
      

 

 

 
         1,372,037  
      

 

 

 

Other Utility – 0.1%

      

Solaris Midstream Holdings LLC
7.625%, 04/01/2026(b)

    U.S.$       1,376        1,328,214  
      

 

 

 
         8,441,110  
      

 

 

 

Total Corporates – Non-Investment Grade
(cost $542,264,433)

         483,705,329  
      

 

 

 
      

CORPORATES - INVESTMENT GRADE – 19.7%

      

Industrial – 10.4%

      

Basic – 1.0%

      

Braskem Netherlands Finance BV
4.50%, 01/31/2030(b)

      1,515        1,227,529  

8.50%, 01/12/2031(b)

      915        908,250  

Celanese US Holdings LLC
6.05%, 03/15/2025

      170        169,345  

6.35%, 11/15/2028

      389        384,020  

6.55%, 11/15/2030

      940        919,726  

Freeport Indonesia PT
4.763%, 04/14/2027(b)

      281        266,571  

Georgia-Pacific LLC
8.875%, 05/15/2031

      1        1,189  

Glencore Funding LLC
6.50%, 10/06/2033(b)

      1,173        1,170,745  

Industrias Penoles SAB de CV
5.65%, 09/12/2049(b)

      386        321,345  

INEOS Finance PLC
3.375%, 03/31/2026(b)

    EUR       351        348,980  

MEGlobal Canada ULC
5.875%, 05/18/2030(b)

    U.S.$       343        339,556  

Nexa Resources SA
6.50%, 01/18/2028(b)

      773        731,884  

Olin Corp.
5.00%, 02/01/2030

      85        75,572  

5.625%, 08/01/2029

      735        691,545  

 

40    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Smurfit Kappa Treasury Funding DAC
7.50%, 11/20/2025

    U.S.$       238      $ 243,633  

Suzano Austria GmbH
3.75%, 01/15/2031

      262        215,822  

5.00%, 01/15/2030

      218        197,800  

Series DM3N
3.125%, 01/15/2032

      331        253,711  

UPL Corp., Ltd.
4.50%, 03/08/2028(b)

      272        234,894  

4.625%, 06/16/2030(b)

      673        538,400  
      

 

 

 
         9,240,517  
      

 

 

 

Capital Goods – 0.1%

      

Howmet Aerospace, Inc.
3.00%, 01/15/2029

      22        18,630  

5.90%, 02/01/2027

      119        116,928  

6.875%, 05/01/2025

      499        500,672  

Regal Rexnord Corp.
6.30%, 02/15/2030(b)

      235        227,730  

6.40%, 04/15/2033(b)

      277        266,659  

Weir Group PLC (The)
2.20%, 05/13/2026(b)

      200        179,797  
      

 

 

 
         1,310,416  
      

 

 

 

Communications - Media – 0.7%

      

Cox Communications, Inc.
5.70%, 06/15/2033(b)

      442        425,287  

DirecTV Financing LLC/DirecTV Financing Co-Obligor, Inc.
5.875%, 08/15/2027(b)

      2,634        2,329,853  

Discovery Communications LLC
4.125%, 05/15/2029

      179        159,664  

Prosus NV
3.061%, 07/13/2031(b)

      857        636,280  

4.027%, 08/03/2050(b)

      331        188,703  

Telecomunicaciones Digitales SA
4.50%, 01/30/2030(b)

      505        409,050  

Warnermedia Holdings, Inc.
3.755%, 03/15/2027

      745        687,678  

4.279%, 03/15/2032

      1,034        877,537  

Weibo Corp.
3.375%, 07/08/2030

      513        398,827  
      

 

 

 
         6,112,879  
      

 

 

 

Communications - Telecommunications – 0.2%

      

Hughes Satellite Systems Corp.
5.25%, 08/01/2026

      118        106,532  

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    41


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Sprint Capital Corp.
8.75%, 03/15/2032

    U.S.$       666      $ 771,028  

Sprint LLC
7.625%, 03/01/2026

      186        191,367  

Xiaomi Best Time International Ltd.
3.375%, 04/29/2030(b)

      718        574,486  
      

 

 

 
         1,643,413  
      

 

 

 

Consumer Cyclical - Automotive – 3.1%

      

Ford Motor Co.
3.25%, 02/12/2032

      3,020        2,322,630  

6.10%, 08/19/2032

      4,493        4,233,973  

Ford Motor Credit Co., LLC
2.70%, 08/10/2026

      793        706,023  

4.063%, 11/01/2024

      469        453,842  

4.271%, 01/09/2027

      220        203,365  

4.687%, 06/09/2025

      200        191,893  

4.95%, 05/28/2027

      1,160        1,088,874  

6.80%, 05/12/2028

      2,512        2,508,393  

7.35%, 11/04/2027

      4,412        4,500,857  

Series G
4.389%, 01/08/2026

      200        188,780  

General Motors Co.
5.20%, 04/01/2045

      19        14,790  

General Motors Financial Co., Inc.
2.70%, 06/10/2031

      130        99,498  

5.65%, 01/17/2029

      30        29,062  

5.85%, 04/06/2030

      1,927        1,844,770  

6.40%, 01/09/2033(i)

      1,708        1,664,287  

Harley-Davidson Financial Services, Inc.
6.50%, 03/10/2028(b)

      3,503        3,462,359  

Hyundai Capital America
6.10%, 09/21/2028(b)

      1,745        1,733,354  

Lear Corp.
3.50%, 05/30/2030

      3        2,548  

4.25%, 05/15/2029

      17        15,432  

Nissan Motor Acceptance Co., LLC
1.85%, 09/16/2026(b)

      310        269,656  

2.45%, 09/15/2028(b)

      575        465,359  

2.75%, 03/09/2028(b)

      1,245        1,042,273  

6.95%, 09/15/2026(b)

      77        77,518  

7.05%, 09/15/2028(b)

      77        76,945  

Nissan Motor Co., Ltd.
4.345%, 09/17/2027(b)

      1,084        989,472  

4.81%, 09/17/2030(b)

      233        201,726  
      

 

 

 
         28,387,679  
      

 

 

 

 

42    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Consumer Cyclical - Entertainment – 0.2%

      

Mattel, Inc.
3.375%, 04/01/2026(b)

    U.S.$       1,152      $ 1,066,255  

3.75%, 04/01/2029(b)

      383        333,305  

5.875%, 12/15/2027(b)

      578        560,970  
      

 

 

 
         1,960,530  
      

 

 

 

Consumer Cyclical - Other – 0.9%

      

Genting New York LLC/GENNY Capital, Inc.
3.30%, 02/15/2026(b)

      239        213,036  

International Game Technology PLC
3.50%, 06/15/2026(b)

    EUR       214        215,859  

4.125%, 04/15/2026(b)

    U.S.$       1,760        1,653,679  

Las Vegas Sands Corp.
3.50%, 08/18/2026

      74        67,328  

MDC Holdings, Inc.
6.00%, 01/15/2043

      1,881        1,575,980  

Owens Corning
7.00%, 12/01/2036(a)

      777        820,723  

Resorts World Las Vegas LLC/RWLV Capital, Inc.
4.625%, 04/16/2029(b)

      1,400        1,119,749  

4.625%, 04/06/2031(b)

      1,100        821,051  

8.45%, 07/27/2030(b)

      200        192,799  

Sands China Ltd.
3.50%, 08/08/2031(a)

      285        224,178  

4.30%, 01/08/2026(a)

      200        186,774  

4.875%, 06/18/2030(a)

      935        806,660  
      

 

 

 
         7,897,816  
      

 

 

 

Consumer Cyclical - Retailers – 0.2%

      

Macy’s Retail Holdings LLC
5.875%, 04/01/2029(b)

      316        276,396  

5.875%, 03/15/2030(b)

      1,064        901,788  

6.125%, 03/15/2032(b)

      509        420,264  
      

 

 

 
         1,598,448  
      

 

 

 

Consumer Non-Cyclical – 0.9%

      

BAT Capital Corp.
6.421%, 08/02/2033

      1,197        1,161,198  

7.079%, 08/02/2043

      77        73,836  

7.081%, 08/02/2053

      77        72,666  

7.75%, 10/19/2032

      665        702,407  

Charles River Laboratories International, Inc.
3.75%, 03/15/2029(b)

      770        662,050  

4.00%, 03/15/2031(b)

      991        837,995  

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    43


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

IQVIA, Inc.
5.70%, 05/15/2028(b)

    U.S.$       340      $ 330,334  

JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL
6.75%, 03/15/2034(b)

      1,344        1,304,766  

7.25%, 11/15/2053(b)

      77        74,149  

Pilgrim’s Pride Corp.
3.50%, 03/01/2032

      1,249        966,861  

6.875%, 05/15/2034

      1,581        1,552,339  

Reynolds American, Inc.
5.85%, 08/15/2045

      171        141,373  
      

 

 

 
         7,879,974  
      

 

 

 

Energy – 2.1%

      

Apache Corp.
4.75%, 04/15/2043

      8        5,854  

5.10%, 09/01/2040

      24        19,103  

Cenovus Energy, Inc.
6.75%, 11/15/2039

      30        29,923  

Cheniere Energy Partners LP
4.50%, 10/01/2029

      603        545,868  

Columbia Pipelines Operating Co., LLC
5.927%, 08/15/2030(b)

      228        224,552  

6.036%, 11/15/2033(b)

      320        312,623  

Continental Resources, Inc./OK
2.875%, 04/01/2032(b)

      83        62,101  

5.75%, 01/15/2031(b)

      906        850,379  

Ecopetrol SA
4.625%, 11/02/2031

      841        642,061  

6.875%, 04/29/2030

      782        710,838  

8.625%, 01/19/2029

      1,118        1,119,230  

8.875%, 01/13/2033

      531        517,313  

EnLink Midstream LLC
5.625%, 01/15/2028(b)

      23        21,760  

EnLink Midstream Partners LP
4.85%, 07/15/2026

      440        414,765  

5.05%, 04/01/2045

      807        613,649  

5.60%, 04/01/2044

      104        86,052  

Enterprise Products Operating LLC
Series E
5.25%, 08/16/2077

      345        304,433  

EQT Corp.
3.90%, 10/01/2027

      291        269,279  

Hunt Oil Co. of Peru LLC Sucursal Del Peru
8.55%, 09/18/2033(b)

      403        405,982  

KazMunayGas National Co. JSC
4.75%, 04/19/2027(b)

      543        508,150  

 

44    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

5.375%, 04/24/2030(b)

    U.S.$       1,383      $ 1,254,990  

Occidental Petroleum Corp.
4.40%, 04/15/2046

      62        45,488  

5.50%, 12/01/2025

      158        155,910  

5.55%, 03/15/2026

      18        17,775  

5.875%, 09/01/2025

      21        20,904  

6.20%, 03/15/2040

      2        1,905  

6.45%, 09/15/2036

      59        57,942  

7.50%, 05/01/2031

      2,480        2,622,588  

Oleoducto Central SA
4.00%, 07/14/2027(b)

      424        377,784  

ONEOK, Inc.
6.05%, 09/01/2033

      703        690,874  

Ovintiv, Inc.
5.65%, 05/15/2028

      777        760,041  

6.25%, 07/15/2033

      1,110        1,074,568  

Tengizchevroil Finance Co. International Ltd.
3.25%, 08/15/2030(b)

      1,212        917,848  

Var Energi ASA
7.50%, 01/15/2028(b)

      894        917,811  

8.00%, 11/15/2032(b)

      1,585        1,658,406  

Western Midstream Operating LP
3.10%, 02/01/2025(a)

      153        146,583  

3.95%, 06/01/2025

      225        216,111  

4.05%, 02/01/2030(a)

      150        130,825  

4.75%, 08/15/2028

      27        25,242  

5.45%, 04/01/2044

      193        155,703  
      

 

 

 
         18,913,213  
      

 

 

 

Other Industrial – 0.2%

      

LKQ Corp.
5.75%, 06/15/2028(b)

      1,067        1,042,476  

6.25%, 06/15/2033(b)

      945        914,054  
      

 

 

 
         1,956,530  
      

 

 

 

Services – 0.2%

 

Gartner, Inc.
3.625%, 06/15/2029(b)

      262        224,500  

4.50%, 07/01/2028(b)

      210        191,601  

GTCR W-2 Merger Sub LLC
7.50%, 01/15/2031(b)

      1,210        1,211,531  

Verisk Analytics, Inc.
5.50%, 06/15/2045

      5        4,396  
      

 

 

 
         1,632,028  
      

 

 

 

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    45


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Technology – 0.2%

 

Lenovo Group Ltd.
3.421%, 11/02/2030(b)

    U.S.$       289      $ 235,232  

5.831%, 01/27/2028(b)

      597        583,914  

SK Hynix, Inc.
2.375%, 01/19/2031(b)

      408        306,624  

6.25%, 01/17/2026(b)

      301        300,762  

6.50%, 01/17/2033(b)

      258        251,836  

Western Digital Corp.
2.85%, 02/01/2029

      59        47,287  

3.10%, 02/01/2032

      130        95,086  

Xiaomi Best Time International Ltd.
2.875%, 07/14/2031(b)

      318        235,943  
      

 

 

 
         2,056,684  
      

 

 

 

Transportation - Airlines – 0.4%

 

American Airlines Pass Through Trust
Series 2015-1, Class A
3.375%, 05/01/2027

      258        228,449  

Delta Air Lines, Inc.
2.90%, 10/28/2024

      474        455,559  

Delta Air Lines, Inc./SkyMiles IP Ltd.
4.75%, 10/20/2028(b)

      716        681,001  

Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.
6.50%, 06/20/2027(b)

      1,861        1,846,812  
      

 

 

 
         3,211,821  
      

 

 

 

Transportation - Railroads – 0.0%

 

Lima Metro Line 2 Finance Ltd.
4.35%, 04/05/2036(b)

      390        337,202  
      

 

 

 

Transportation - Services – 0.0%

 

AerCap Global Aviation Trust
6.50%, 06/15/2045(b)

      235        230,069  
      

 

 

 
         94,369,219  
      

 

 

 

Financial Institutions – 8.7%

 

Banking – 6.1%

 

AIB Group PLC
4.263%, 04/10/2025(b)

      526        518,505  

6.608%, 09/13/2029(b)

      429        427,973  

7.583%, 10/14/2026(b)

      1,117        1,137,124  

Ally Financial, Inc.
5.75%, 11/20/2025

      22        21,407  

6.70%, 02/14/2033

      1,158        1,006,963  

8.00%, 11/01/2031

      548        551,970  

 

46    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

        Principal
Amount
(000)
     U.S. $ Value  

 

 

Series B
4.70%, 05/15/2026(l)

  U.S.$     2,950      $ 2,023,088  

Banco Santander SA
3.225%, 11/22/2032

      200        151,839  

6.921%, 08/08/2033

      2,600        2,497,162  

Bank of America Corp.
Series U
8.806% (SOFR + 3.40%), 10/30/2023(j)(l)

      316        315,924  

Series X
6.25%, 09/05/2024(l)

      1,199        1,187,887  

Barclays PLC
6.125%, 12/15/2025(l)

      1,402        1,270,640  

7.119%, 06/27/2034

      361        348,322  

7.125%, 06/15/2025(l)

  GBP     404        459,560  

BNP Paribas SA
4.625%, 02/25/2031(b)(l)

  U.S.$     1,350        958,652  

7.375%, 08/19/2025(b)(l)

      755        738,364  

8.50%, 08/14/2028(b)(l)

      1,205        1,183,157  

CaixaBank SA
5.875%, 10/09/2027(b)(l)

  EUR     1,000        950,722  

6.84%, 09/13/2034(b)

  U.S.$     1,227        1,207,072  

Capital One Financial Corp.
2.359%, 07/29/2032

      423        288,236  

Citigroup, Inc.
7.625%, 11/15/2028(l)

      592        578,046  

9.699% (SOFR + 4.33%), 10/30/2023(j)(l)

      1,107        1,108,042  

Series W
4.00%, 12/10/2025(l)

      413        361,664  

Credit Agricole SA
8.125%, 12/23/2025(b)(l)

      1,461        1,451,869  

8.125%, 03/23/2172(l)

      448        445,266  

Deutsche Bank AG/New York NY
1.447%, 04/01/2025

      150        145,817  

6.72%, 01/18/2029

      1,317        1,308,788  

7.079%, 02/10/2034

      1,509        1,362,295  

7.146%, 07/13/2027

      573        576,635  

Discover Financial Services
6.70%, 11/29/2032

      286        276,234  

Goldman Sachs Group, Inc. (The)
Series P
8.501% (SOFR + 3.14%), 10/30/2023(j)(l)

      1,130        1,126,061  

Series W
7.50%, 02/10/2029(l)

      903        894,244  

HSBC Holdings PLC
4.762%, 03/29/2033

      901        769,012  

8.113%, 11/03/2033

      1,024        1,080,226  

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    47


 

PORTFOLIO OF INVESTMENTS (continued)

 

        Principal
Amount
(000)
     U.S. $ Value  

 

 

Series E
4.75%, 07/04/2029(b)(l)

  EUR     1,595      $ 1,404,232  

Intesa Sanpaolo SpA
5.017%, 06/26/2024(b)

  U.S.$     331        323,689  

5.71%, 01/15/2026(b)

      1,650        1,578,371  

6.625%, 06/20/2033(b)

      997        941,852  

7.00%, 11/21/2025(b)

      355        358,861  

JPMorgan Chase & Co.
Series Q
8.884% (SOFR + 3.51%), 11/01/2023(j)(l)

      1,212        1,213,815  

Series R
8.934% (SOFR + 3.56%), 11/01/2023(j)(l)

      89        89,312  

Lloyds Banking Group PLC
7.50%, 06/27/2024(l)

      212        207,360  

7.50%, 09/27/2025(l)

      680        635,256  

7.953%, 11/15/2033

      854        884,116  

8.00%, 09/27/2029(l)

      801        714,930  

Nordea Bank Abp
6.625%, 03/26/2026(b)(l)

      3,065        2,884,075  

PNC Financial Services Group, Inc. (The)
Series R
8.711% (SOFR + 3.30%), 12/01/2023(j)(l)

      503        501,612  

Santander Holdings USA, Inc.
6.499%, 03/09/2029

      1,967        1,919,243  

6.565%, 06/12/2029

      1,802        1,756,360  

Santander UK Group Holdings PLC
6.833%, 11/21/2026

      3,782        3,801,846  

Standard Chartered PLC
6.17%, 01/09/2027(b)

      449        446,929  

6.187%, 07/06/2027(b)

      433        431,444  

7.776%, 11/16/2025(b)

      467        475,454  

Swedbank AB
Series NC5
5.625%, 09/17/2024(b)(l)

      1,000        957,385  

Synchrony Bank
5.625%, 08/23/2027

      727        675,170  

Truist Financial Corp.
Series L
8.773% (SOFR + 3.36%), 12/15/2024(j)(l)

      1,397        1,376,142  

UBS Group AG
6.373%, 07/15/2026(b)

      712        709,670  

7.00%, 02/19/2025(b)(l)

      620        601,825  

UniCredit SpA
1.982%, 06/03/2027(b)

      915        808,242  

5.459%, 06/30/2035(b)

      243        204,145  

7.296%, 04/02/2034(b)

      200        188,570  

 

48    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Wells Fargo & Co.
7.625%, 09/15/2028(l)

    U.S.$       843      $ 853,358  
      

 

 

 
         55,672,030  
      

 

 

 

Brokerage – 0.2%

      

Abrdn PLC
4.25%, 06/30/2028(b)

      341        290,723  

Charles Schwab Corp. (The)
Series I
4.00%, 06/01/2026(l)

      1,251        1,045,246  
      

 

 

 
         1,335,969  
      

 

 

 

Finance – 1.1%

      

Air Lease Corp.
Series B
4.65%, 06/15/2026(l)

      1,229        1,080,113  

Aircastle Ltd.
5.25%, 08/11/2025(b)

      2,239        2,180,407  

Aviation Capital Group LLC
1.95%, 09/20/2026(b)

      844        735,909  

3.50%, 11/01/2027(b)

      295        259,994  

4.125%, 08/01/2025(b)

      395        375,767  

4.875%, 10/01/2025(b)

      319        306,172  

6.375%, 07/15/2030(b)

      1,098        1,062,574  

Blue Owl Capital Corp.
3.40%, 07/15/2026

      337        302,165  

Enact Holdings, Inc.
6.50%, 08/15/2025(b)

      215        211,946  

GTCR W-2 Merger Sub LLC/GTCR W Dutch Finance Sub BV
8.50%, 01/15/2031(b)

    GBP       163        203,302  

Huarong Finance 2017 Co., Ltd.
4.75%, 04/27/2027(b)

    U.S.$       200        170,492  

Huarong Finance 2019 Co., Ltd.
Series E
3.75%, 05/29/2024(b)

      343        331,153  

Huarong Finance II Co., Ltd.
Series E
4.625%, 06/03/2026(b)

      200        174,724  

4.875%, 11/22/2026(b)

      430        370,626  

5.50%, 01/16/2025(b)

      1,082        1,016,615  

ILFC E-Capital Trust II
7.459% (LIBOR 3 Month + 1.80%), 12/21/2065(b)(j)

      2,000        1,500,024  

United Wholesale Mortgage LLC
5.50%, 04/15/2029(b)

      145        122,519  
      

 

 

 
         10,404,502  
      

 

 

 

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    49


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Insurance – 1.1%

      

Aegon NV
5.50%, 04/11/2048

    U.S.$       314      $ 290,250  

Allstate Corp. (The)
6.50%, 05/15/2057

      1,657        1,550,959  

American International Group, Inc.
Series A-9
5.75%, 04/01/2048

      319        296,286  

Argentum Netherlands BV for Swiss Re Ltd.
5.625%, 08/15/2052(b)

      308        288,654  

Enstar Finance LLC
5.50%, 01/15/2042

      262        209,462  

Global Atlantic Fin Co.
4.70%, 10/15/2051(b)

      62        44,975  

Liberty Mutual Group, Inc.
4.125%, 12/15/2051(b)

      43        35,417  

7.80%, 03/15/2037(b)

      2,187        2,206,597  

MetLife, Inc.
10.75%, 08/01/2039

      2,350        3,011,082  

Prudential Financial, Inc.
5.20%, 03/15/2044

      340        334,016  

Sammons Financial Group, Inc.
3.35%, 04/16/2031(b)

      388        291,559  

Transatlantic Holdings, Inc.
8.00%, 11/30/2039

      1,261        1,478,656  
      

 

 

 
         10,037,913  
      

 

 

 

REITs – 0.2%

      

Global Net Lease, Inc./Global Net Lease Operating Partnership LP
3.75%, 12/15/2027(b)

      19        14,717  

Necessity Retail REIT, Inc. (The)/American Finance Operating Partner LP
4.50%, 09/30/2028(b)

      424        322,260  

Trust Fibra Uno
4.869%, 01/15/2030(b)

      1,480        1,251,828  

WEA Finance LLC
2.875%, 01/15/2027(b)

      117        100,404  

WEA Finance LLC/Westfield UK & Europe Finance PLC
3.75%, 09/17/2024(b)

      212        203,889  
      

 

 

 
         1,893,098  
      

 

 

 
         79,343,512  
      

 

 

 

 

50    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Utility – 0.6%

      

Electric – 0.6%

      

Alexander Funding Trust II
7.467%, 07/31/2028(b)

    U.S.$       685      $ 684,433  

Cometa Energia SA de CV
6.375%, 04/24/2035(b)

      452        419,860  

Edison International
8.125%, 06/15/2053

      319        318,958  

Electricite de France SA
9.125%, 03/15/2033(b)(l)

      427        443,673  

Enel Finance International NV
7.50%, 10/14/2032(b)

      1,190        1,269,960  

FirstEnergy Corp.
Series C
5.10%, 07/15/2047(a)

      7        5,941  

NRG Energy, Inc.
4.45%, 06/15/2029(b)

      154        133,956  

7.00%, 03/15/2033(b)

      323        310,114  

Pacific Gas and Electric Co.
6.75%, 01/15/2053

      76        71,360  

Palomino Funding Trust I
7.233%, 05/17/2028(b)

      1,703        1,707,977  
      

 

 

 
         5,366,232  
      

 

 

 

Total Corporates – Investment Grade
(cost $185,707,829)

         179,078,963  
      

 

 

 
      

EMERGING MARKETS - CORPORATE BONDS – 5.3%

      

Industrial – 4.8%

      

Basic – 1.3%

      

Braskem Idesa SAPI
6.99%, 02/20/2032(b)

      1,174        704,506  

7.45%, 11/15/2029(b)

      1,010        627,574  

Cia de Minas Buenaventura SAA
5.50%, 07/23/2026(b)

      1,072        934,334  

Consolidated Energy Finance SA
5.625%, 10/15/2028(b)

      196        162,747  

CSN Inova Ventures
6.75%, 01/28/2028(b)

      2,644        2,445,700  

Eldorado Gold Corp.
6.25%, 09/01/2029(b)

      986        850,307  

First Quantum Minerals Ltd.
6.875%, 10/15/2027(b)

      1,215        1,158,988  

7.50%, 04/01/2025(b)

      261        259,987  

8.625%, 06/01/2031(b)

      832        827,840  

Indika Energy Capital IV Pte Ltd.
8.25%, 10/22/2025(b)

      1,431        1,413,227  

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    51


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

JSW Steel Ltd.
3.95%, 04/05/2027(b)

    U.S.$       409      $ 358,178  

5.05%, 04/05/2032(b)

      658        528,900  

Sasol Financing USA LLC
8.75%, 05/03/2029(b)

      668        642,394  

Stillwater Mining Co.
4.00%, 11/16/2026(b)

      319        276,356  

4.50%, 11/16/2029(b)

      309        237,037  

Vedanta Resources Finance II PLC
13.875%, 01/21/2024(b)

      414        370,087  

Volcan Cia Minera SAA
4.375%, 02/11/2026(b)

      345        196,402  
      

 

 

 
         11,994,564  
      

 

 

 

Capital Goods – 0.4%

      

Cemex SAB de CV
5.125%, 06/08/2026(b)(l)

      1,028        955,732  

Embraer Netherlands Finance BV
5.40%, 02/01/2027

      918        892,746  

7.00%, 07/28/2030(b)

      803        796,678  

IHS Holding Ltd.
5.625%, 11/29/2026(b)

      402        330,138  

6.25%, 11/29/2028(b)

      383        289,230  

Odebrecht Holdco Finance Ltd.
Zero Coupon, 09/10/2058(e)(h)

      2,661        2,395  
      

 

 

 
         3,266,919  
      

 

 

 

Communications - Media – 0.1%

      

Globo Comunicacao e Participacoes SA
4.875%, 01/22/2030(b)

      1,130        934,906  
      

 

 

 

Communications - Telecommunications – 0.1%

      

CT Trust
5.125%, 02/03/2032(b)

      557        434,956  

Digicel Group Holdings Ltd.
7.00%, 10/16/2023(g)(h)(l)

      101        5,370  

Digicel International Finance Ltd./Digicel International Holdings Ltd.
8.75%, 05/25/2024(b)

      657        585,019  
      

 

 

 
         1,025,345  
      

 

 

 

Consumer Cyclical - Other – 1.2%

      

Allwyn Entertainment Financing UK PLC
7.875%, 04/30/2029(b)

      200        200,137  

7.906% (EURIBOR 3 Month + 4.12%),
02/15/2028(j)

    EUR       650        691,185  

Allwyn International AS
3.875%, 02/15/2027(b)

      170        167,376  

 

52    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Melco Resorts Finance Ltd.
5.375%, 12/04/2029(b)

    U.S.$       1,603      $ 1,317,201  

5.625%, 07/17/2027(b)

      965        860,433  

5.75%, 07/21/2028(b)

      1,255        1,088,336  

MGM China Holdings Ltd.
4.75%, 02/01/2027(b)

      1,322        1,188,703  

5.25%, 06/18/2025(b)

      222        212,174  

5.375%, 05/15/2024(b)

      398        391,121  

5.875%, 05/15/2026(b)

      414        392,298  

Studio City Co., Ltd.
7.00%, 02/15/2027(b)

      289        272,261  

Studio City Finance Ltd.
5.00%, 01/15/2029(b)

      609        456,129  

6.00%, 07/15/2025(b)

      648        611,842  

6.50%, 01/15/2028(b)

      457        383,674  

Wynn Macau Ltd.
4.875%, 10/01/2024(b)

      286        277,563  

5.125%, 12/15/2029(b)

      241        197,620  

5.50%, 01/15/2026(b)

      734        680,741  

5.50%, 10/01/2027(b)

      947        841,324  

5.625%, 08/26/2028(b)

      717        618,413  
      

 

 

 
         10,848,531  
      

 

 

 

Consumer Cyclical - Retailers – 0.0%

      

K201640219 South Africa Ltd.
Zero Coupon, 06/25/2024(c)(e)(f)(k)

    ZAR       45        – 0  – 

K2016470219 South Africa Ltd.
3.00%, 12/31/2022(c)(d)(e)(f)(h)

    U.S.$       1,100        – 0  – 

K2016470260 South Africa Ltd.
25.00%, 12/31/2022(b)(c)(d)(e)(f)

      771        – 0  – 
      

 

 

 
         – 0  – 
      

 

 

 

Consumer Non-Cyclical – 0.7%

      

BBFI Liquidating Trust
Zero Coupon, 12/30/2099(c)(e)(f)(h)(l)

      780        341,560  

BRF SA
4.875%, 01/24/2030(b)

      655        528,094  

Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL
5.25%, 04/27/2029(b)

      377        338,593  

MARB BondCo PLC
3.95%, 01/29/2031(b)

      1,180        870,309  

Rede D’or Finance SARL
4.50%, 01/22/2030(b)

      223        187,710  

4.95%, 01/17/2028(b)

      735        670,342  

Teva Pharmaceutical Finance Netherlands II BV
3.75%, 05/09/2027

    EUR       446        426,941  

4.375%, 05/09/2030

      1,000        902,162  

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    53


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Teva Pharmaceutical Finance Netherlands III BV
4.75%, 05/09/2027

    U.S.$       517      $ 473,319  

5.125%, 05/09/2029(i)

      517        467,451  

7.875%, 09/15/2029

      506        514,233  

8.125%, 09/15/2031

      506        522,472  

Tonon Luxembourg SA
6.50%, 10/31/2024(e)(f)(h)(k)

      621        62  

Ulker Biskuvi Sanayi AS
6.95%, 10/30/2025(b)

      327        305,866  

Virgolino de Oliveira Finance SA
10.50%, 01/28/2018(c)(d)(e)(f)(h)

      4,090        408  

10.875%, 01/13/2020(c)(d)(e)(f)(h)

      480        48  

11.75%, 02/09/2022(c)(d)(e)(f)(h)

      1,620        162  
      

 

 

 
         6,549,732  
      

 

 

 

Energy – 0.7%

      

Acu Petroleo Luxembourg SARL
7.50%, 01/13/2032(b)

      539        492,428  

Canacol Energy Ltd.
5.75%, 11/24/2028(b)

      544        440,022  

Continuum Energy Aura Pte Ltd.
9.50%, 02/24/2027(b)

      401        398,494  

Cosan Luxembourg SA
5.50%, 09/20/2029(b)

      461        419,741  

Geopark Ltd.
5.50%, 01/17/2027(b)

      561        478,252  

Gran Tierra Energy, Inc.
7.75%, 05/23/2027(b)

      732        632,706  

Greenko Wind Projects Mauritius Ltd.
5.50%, 04/06/2025(b)

      957        916,749  

Kosmos Energy Ltd.
7.50%, 03/01/2028(b)

      314        279,425  

7.75%, 05/01/2027(b)

      200        184,068  

Leviathan Bond Ltd.
6.50%, 06/30/2027(b)

      1,197        1,134,293  

MV24 Capital BV
6.748%, 06/01/2034(b)

      467        409,961  

ReNew Pvt Ltd.
5.875%, 03/05/2027(b)

      202        185,876  

SEPLAT Energy PLC
7.75%, 04/01/2026(b)

      381        324,284  

SierraCol Energy Andina LLC
6.00%, 06/15/2028(b)

      558        442,427  
      

 

 

 
         6,738,726  
      

 

 

 

Services – 0.1%

      

Bidvest Group UK PLC (The)
3.625%, 09/23/2026(b)

      454        402,625  
      

 

 

 

 

54    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Technology – 0.2%

      

CA Magnum Holdings
5.375%, 10/31/2026(b)

    U.S.$       2,039      $ 1,799,091  
      

 

 

 

Transportation - Services – 0.0%

      

JSW Infrastructure Ltd.
4.95%, 01/21/2029(b)

      204        178,351  
      

 

 

 
         43,738,790  
      

 

 

 

Utility – 0.3%

      

Electric – 0.3%

      

Adani Green Energy Ltd.
4.375%, 09/08/2024(b)

      495        462,444  

AES Andes SA
6.35%, 10/07/2079(b)

      495        465,671  

Diamond II Ltd.
7.95%, 07/28/2026(b)

      597        588,170  

India Clean Energy Holdings
4.50%, 04/18/2027(b)

      511        423,011  

Investment Energy Resources Ltd.
6.25%, 04/26/2029(b)

      403        366,730  

JSW Hydro Energy Ltd.
4.125%, 05/18/2031(b)

      458        378,990  

Star Energy Geothermal Wayang Windu Ltd.
6.75%, 04/24/2033(b)

      186        178,010  

Terraform Global Operating LP
6.125%, 03/01/2026(b)

      118        115,762  
      

 

 

 
         2,978,788  
      

 

 

 

Financial Institutions – 0.2%

      

Banking – 0.2%

      

Turkiye Vakiflar Bankasi TAO
9.00%, 10/12/2028(b)

      928        916,400  

Yapi ve Kredi Bankasi AS
9.25%, 10/16/2028(b)

      400        402,000  
      

 

 

 
         1,318,400  
      

 

 

 

Finance – 0.0%

      

Global Aircraft Leasing Co., Ltd.
6.50% (6.50% Cash or 7.25% PIK),
09/15/2024(b)(g)

      188        179,443  
      

 

 

 

Other Finance – 0.0%

      

OEC Finance Ltd.
4.375%, 10/25/2029(a)(b)(g)

      207        8,288  

5.25%, 12/27/2033(a)(b)(g)

      669        26,773  

7.125%, 12/26/2046(a)(b)(g)

      1,852        128,111  
      

 

 

 
         163,172  
      

 

 

 

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    55


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

REITs – 0.0%

      

China Aoyuan Group Ltd.
5.375%, 09/13/2022(b)(d)(e)

    U.S.$       247      $ 3,705  

5.88%, 03/01/2027(b)(e)(k)

      306        4,590  

Yango Justice International Ltd.
8.25%, 11/25/2023(b)(e)(k)

      414        4,140  
      

 

 

 
         12,435  
      

 

 

 
         1,673,450  
      

 

 

 

Total Emerging Markets – Corporate Bonds
(cost $62,650,267)

         48,391,028  
      

 

 

 
      

COLLATERALIZED LOAN OBLIGATIONS – 5.0%

      

CLO - Floating Rate – 5.0%

      

AMMC CLO 25 Ltd.
Series 2022-25A, Class E
12.898% (SOFR + 7.59%), 04/15/2035(b)(j)

      5,000        4,740,230  

Ares XXXIV CLO Ltd.
Series 2015-2A, Class CR
7.57% (SOFR + 2.26%), 04/17/2033(b)(j)

      2,358        2,302,020  

Balboa Bay Loan Funding Ltd.
Series 2020-1A, Class ER
11.995% (SOFR + 6.66%), 01/20/2032(b)(j)

      3,100        2,823,644  

Series 2021-2A, Class E
12.195% (SOFR + 6.86%), 01/20/2035(b)(j)

      1,000        896,173  

Series 2022-1A, Class E
13.256% (SOFR + 7.93%), 04/20/2034(b)(j)

      3,700        3,563,711  

Ballyrock CLO 15 Ltd.
Series 2021-1A, Class D
11.79% (SOFR + 6.48%), 04/15/2034(b)(j)

      250        241,384  

Crown Point CLO 11 Ltd.
Series 2021-11A, Class E
12.38% (SOFR + 7.07%), 01/17/2034(b)(j)

      2,000        1,829,850  

Dryden 49 Senior Loan Fund
Series 2017-49A, Class E
11.872% (SOFR + 6.56%), 07/18/2030(b)(j)

      417        366,661  

Dryden 57 CLO Ltd.
Series 2018-57A, Class E
10.826% (SOFR + 5.46%), 05/15/2031(b)(j)

      275        231,859  

 

56    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

        Principal
Amount
(000)
     U.S. $ Value  

 

 

Dryden 78 CLO Ltd.
Series 2020-78A, Class C
7.52% (SOFR + 2.21%), 04/17/2033(b)(j)

  U.S.$     3,000      $ 2,965,272  

Series 2020-78A, Class D
8.57% (SOFR + 3.26%), 04/17/2033(b)(j)

      1,329        1,252,535  

Dryden 98 CLO Ltd.
Series 2022-98A, Class E
11.726% (SOFR + 6.40%), 04/20/2035(b)(j)

      541        473,681  

Elevation CLO Ltd.
Series 2020-11A, Class C
7.77% (SOFR + 2.46%), 04/15/2033(b)(j)

      648        629,042  

Series 2020-11A, Class D1
9.42% (SOFR + 4.11%), 04/15/2033(b)(j)

      1,006        963,021  

Elmwood CLO IX Ltd.
Series 2021-2A, Class E
11.538% (SOFR + 6.21%), 07/20/2034(b)(j)

      250        240,970  

Elmwood CLO VII Ltd.
Series 2020-4A, Class E
12.67% (SOFR + 7.36%), 01/17/2034(b)(j)

      402        402,658  

Elmwood CLO VIII Ltd.
Series 2021-1A, Class E1
11.588% (SOFR + 6.26%), 01/20/2034(b)(j)

      350        340,457  

Elmwood CLO XII Ltd.
Series 2021-5A, Class E
11.938% (SOFR + 6.61%), 01/20/2035(b)(j)

      650        642,311  

Flatiron CLO 21 Ltd.
Series 2021-1A, Class E
11.582% (LIBOR 3 Month + 6.00%),
07/19/2034(b)(j)

      400        384,202  

Galaxy 30 CLO Ltd.
Series 2022-30A, Class E
12.258% (SOFR + 6.95%), 04/15/2035(b)(j)

      2,000        1,872,874  

Madison Park Funding LI Ltd.
Series 2021-51A, Class E
11.852% (SOFR + 6.53%), 07/19/2034(b)(j)

      250        229,797  

OCP CLO Ltd.
Series 2021-21A, Class E
11.868% (SOFR + 6.54%), 07/20/2034(b)(j)

      250        232,803  

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    57


 

PORTFOLIO OF INVESTMENTS (continued)

 

        Principal
Amount
(000)
     U.S. $ Value  

 

 

Octagon Investment Partners 29 Ltd.
Series 2016-1A, Class DR
8.707% (SOFR + 3.36%), 01/24/2033(b)(j)

  U.S.$     1,701      $ 1,633,568  

OZLM XXII Ltd.
Series 2018-22A, Class D
10.87% (SOFR + 5.56%), 01/17/2031(b)(j)

      349        282,463  

Palmer Square CLO Ltd.
Series 2021-1A, Class D
11.588% (SOFR + 6.26%), 04/20/2034(b)(j)

      1,202        1,147,122  

Series 2021-3A, Class E
11.72% (SOFR + 6.41%), 01/15/2035(b)(j)

      4,100        3,974,872  

Rad CLO 4 Ltd.
Series 2019-4A, Class E
12.363% (SOFR + 7.01%), 04/25/2032(b)(j)

      585        566,606  

Rad CLO 10 Ltd.
Series 2021-10A, Class E
11.457% (SOFR + 6.11%), 04/23/2034(b)(j)

      750        675,289  

Rad CLO 11 Ltd.
Series 2021-11A, Class E
11.82% (SOFR + 6.51%), 04/15/2034(b)(j)

      355        331,817  

Regatta XIX Funding Ltd.
Series 2022-1A, Class E
12.206% (SOFR + 6.88%), 04/20/2035(b)(j)

      349        332,834  

Regatta XXIV Funding Ltd.
Series 2021-5A, Class E
12.388% (SOFR + 7.06%), 01/20/2035(b)(j)

      3,600        3,558,982  

Rockford Tower CLO Ltd.
Series 2019-1A, Class ER
11.908% (SOFR + 6.58%), 04/20/2034(b)(j)

      250        211,913  

Series 2021-2A, Class E
11.988% (SOFR + 6.66%), 07/20/2034(b)(j)

      250        224,188  

Series 2021-3A, Class E
12.308% (SOFR + 6.98%), 10/20/2034(b)(j)

      1,062        931,834  

Sixth Street CLO XVIII Ltd.
Series 2021-18A, Class E
12.088% (SOFR + 6.76%), 04/20/2034(b)(j)

      1,238        1,199,146  

 

58    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Sixth Street CLO XX Ltd.
Series 2021-20A, Class E
11.738% (SOFR + 6.41%), 10/20/2034(b)(j)

    U.S.$       679      $ 657,359  

Trimaran Cavu Ltd.
Series 2019-1A, Class E
12.628% (SOFR + 7.30%), 07/20/2032(b)(j)

      485        453,085  

Voya CLO Ltd.
Series 2019-1A, Class DR
8.42% (SOFR + 3.11%), 04/15/2031(b)(j)

      1,050        1,001,270  
      

 

 

 

Total Collateralized Loan Obligations
(cost $46,924,563)

         44,807,503  
      

 

 

 
      

COLLATERALIZED MORTGAGE OBLIGATIONS – 4.0%

      

Risk Share Floating Rate – 3.0%

      

Bellemeade Re Ltd.
Series 2019-3A, Class M1C
7.384% (LIBOR 1 Month + 1.95%), 07/25/2029(b)(j)

      928        930,566  

Series 2019-4A, Class M2
8.284% (LIBOR 1 Month + 2.85%), 10/25/2029(b)(j)

      475        478,789  

Eagle Re Ltd.
Series 2018-1, Class M2
8.429% (LIBOR 1 Month + 3.00%), 11/25/2028(b)(j)

      2,764        2,771,066  

Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2013-DN2, Class M2
9.679% (SOFR + 4.36%), 11/25/2023(j)

      702        704,843  

Series 2014-DN3, Class M3
9.429% (SOFR + 4.11%), 08/25/2024(j)

      33        33,214  

Series 2014-HQ2, Class M3
9.179% (SOFR + 3.86%), 09/25/2024(j)

      1,262        1,289,682  

Series 2015-DNA1, Class B
14.629% (SOFR + 9.31%), 10/25/2027(j)

      592        640,676  

Series 2015-DNA2, Class B
12.979% (SOFR + 7.66%), 12/25/2027(j)

      1,270        1,338,413  

Series 2015-DNA3, Class B
14.779% (SOFR + 9.46%), 04/25/2028(j)

      1,014        1,105,396  

Series 2015-HQA1, Class B
14.229% (SOFR + 8.91%), 03/25/2028(j)

      1,002        1,047,118  

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    59


 

PORTFOLIO OF INVESTMENTS (continued)

 

        Principal
Amount
(000)
     U.S. $ Value  

 

 

Series 2016-DNA2, Class B
15.929% (SOFR + 10.61%), 10/25/2028(j)

  U.S.$     853      $ 961,627  

Series 2016-DNA3, Class B
16.679% (SOFR + 11.36%), 12/25/2028(j)

      2,743        3,155,265  

Series 2016-DNA4, Class B
14.029% (SOFR + 8.71%), 03/25/2029(j)

      392        428,768  

Series 2016-HQA2, Class B
16.929% (SOFR + 11.61%), 11/25/2028(j)

      420        483,975  

Series 2020-HQA2, Class M2
8.529% (SOFR + 3.21%), 03/25/2050(b)(j)

      34        35,466  

Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C01, Class M2
9.829% (SOFR + 4.51%), 01/25/2024(j)

      616        622,146  

Series 2015-C04, Class 1M2
11.129% (SOFR + 5.81%), 04/25/2028(j)

      938        1,000,736  

Series 2015-C04, Class 2M2
10.979% (SOFR + 5.66%), 04/25/2028(j)

      258        268,017  

Series 2016-C01, Class 1B
17.179% (SOFR + 11.86%), 08/25/2028(j)

      674        776,292  

Series 2016-C01, Class 2M2
12.379% (SOFR + 7.06%), 08/25/2028(j)

      130        136,988  

Series 2016-C02, Class 1B
17.679% (SOFR + 12.36%), 09/25/2028(j)

      446        524,238  

Series 2016-C02, Class 1M2
11.429% (SOFR + 6.11%), 09/25/2028(j)

      351        368,272  

Series 2016-C03, Class 1B
17.179% (SOFR + 11.86%), 10/25/2028(j)

      371        432,058  

Series 2016-C03, Class 2B
18.179% (SOFR + 12.86%), 10/25/2028(j)

      630        742,645  

Series 2016-C04, Class 1B
15.679% (SOFR + 10.36%), 01/25/2029(j)

      1,476        1,669,620  

Series 2016-C05, Class 2B
16.18% (SOFR + 10.86%), 01/25/2029(j)

      1,815        2,060,843  

Series 2016-C06, Class 1B
14.679% (SOFR + 9.36%), 04/25/2029(j)

      1,276        1,420,640  

Series 2016-C07, Class 2B
14.929% (SOFR + 9.61%), 05/25/2029(j)

      1,555        1,733,211  

 

60    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

JPMorgan Madison Avenue Securities Trust
Series 2015-CH1, Class M2
10.929% (SOFR + 5.61%), 10/25/2025(h)(j)

    U.S.$       378      $ 383,324  

Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 2M2
10.929% (SOFR + 5.61%), 11/25/2025(h)(j)

      122        125,733  
      

 

 

 
         27,669,627  
      

 

 

 

Non-Agency Fixed Rate – 0.4%

      

Alternative Loan Trust
Series 2006-24CB, Class A15
5.75%, 08/25/2036

      489        258,592  

Series 2006-42, Class 1A6
6.00%, 01/25/2047

      446        238,804  

Series 2006-HY12, Class A5
4.164%, 08/25/2036

      494        448,600  

Series 2006-J1, Class 1A10
5.50%, 02/25/2036

      535        366,743  

Series 2006-J5, Class 1A1
6.50%, 09/25/2036

      480        262,746  

Bear Stearns ARM Trust
Series 2007-3, Class 1A1
3.882%, 05/25/2047

      72        63,788  

Series 2007-4, Class 22A1
4.068%, 06/25/2047

      292        259,010  

ChaseFlex Trust
Series 2007-1, Class 1A3
6.50%, 02/25/2037

      401        141,713  

CHL Mortgage Pass-Through Trust
Series 2007-HY4, Class 1A1
4.163%, 09/25/2047

      84        73,275  

Citigroup Mortgage Loan Trust
Series 2007-AR4, Class 1A1A
4.109%, 03/25/2037

      45        37,746  

CitiMortgage Alternative Loan Trust
Series 2007-A3, Class 1A4
5.75%, 03/25/2037

      422        373,383  

Residential Accredit Loans, Inc. Trust
Series 2005-QS14, Class 3A1
6.00%, 09/25/2035

      178        150,910  

Residential Asset Securitization Trust
Series 2006-A8, Class 3A4
6.00%, 08/25/2036

      126        58,140  

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    61


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Washington Mutual Mortgage Pass-Through Certificates Trust
Series 2006-9, Class A4
4.296%, 10/25/2036

    U.S.$       1,219      $ 335,307  

Wells Fargo Mortgage Backed Securities Trust
Series 2007-AR7, Class A1
4.782%, 12/28/2037

      284        243,057  
      

 

 

 
         3,311,814  
      

 

 

 

Non-Agency Floating Rate – 0.3%

      

Alternative Loan Trust
Series 2007-7T2, Class A3
6.00% (SOFR + 0.71%), 04/25/2037(j)

      1,939        632,195  

CHL Mortgage Pass-Through Trust
Series 2007-13, Class A7
6.00% (SOFR + 0.71%), 08/25/2037(j)

      285        109,205  

First Horizon Alternative Mortgage Securities Trust
Series 2007-FA2, Class 1A6
0.116% (5.44% – SOFR), 04/25/2037(j)(m)

      71        3,825  

Series 2007-FA2, Class 1A10
5.684% (SOFR + 0.36%), 04/25/2037(j)

      209        49,449  

Lehman XS Trust
Series 2007-10H, Class 2AIO
1.556% (6.89% – SOFR), 07/25/2037(j)(m)

      112        7,904  

Residential Accredit Loans, Inc. Trust
Series 2006-QS18, Class 2A2
1.116% (6.44% – SOFR), 12/25/2036(j)(m)

      1,705        140,553  

Wachovia Mortgage Loan Trust
Series 2006-ALT1, Class A2
1.502% (SOFR + 0.47%), 01/25/2037(j)

      5,034        1,852,698  
      

 

 

 
         2,795,829  
      

 

 

 

Agency Fixed Rate – 0.3%

      

Federal Home Loan Mortgage Corp.
Series 247, Class 54
5.50%, 04/15/2036(n)

      3,958        824,335  

Federal Home Loan Mortgage Corp. REMICs
Series 4767, Class KI
6.00%, 03/15/2048(n)

      8,851        1,779,185  
      

 

 

 
         2,603,520  
      

 

 

 

Total Collateralized Mortgage Obligations
(cost $39,113,807)

         36,380,790  
      

 

 

 

 

62    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

BANK LOANS – 3.8%

      

Industrial – 3.4%

      

Capital Goods – 0.3%

      

ACProducts Holdings, Inc.
9.902% (SOFR 3 Month + 4.25%), 05/17/2028(o)

    U.S.$       1,933      $ 1,588,954  

Apex Tool Group, LLC
10.674% (SOFR 1 Month + 5.25%), 02/08/2029(o)

      1,039        944,342  

Chariot Buyer, LLC
8.666% (SOFR 1 Month + 3.25%), 11/03/2028(o)

      157        154,620  

TransDigm, Inc.
8.492% (SOFR 3 Month + 3.25%), 08/24/2028(o)

      293        291,877  
      

 

 

 
     2,979,793  
      

 

 

 

Communications - Media – 0.2%

      

Advantage Sales & Marketing, Inc.
9.943% (SOFR 1 Month + 4.50%), 10/28/2027(o)

      2        2,385  

10.038% (SOFR 3 Month + 4.50%), 10/28/2027(o)

      1,699        1,633,512  

Clear Channel Outdoor Holdings, Inc.
8.931% (SOFR 1 Month + 3.50%), 08/21/2026(o)

      1        787  

9.131% (SOFR 3 Month + 3.50%), 08/21/2026(o)

      312        302,276  

iHeartCommunications, Inc. (fka Clear Channel Communications, Inc.)
8.431% (SOFR 1 Month + 3.00%), 05/01/2026(o)

      355        318,071  
      

 

 

 
     2,257,031  
      

 

 

 

Communications - Telecommunications – 0.7%

      

Crown Subsea Communications Holding, Inc.
10.444% (SOFR 1 Month + 5.00%), 04/27/2027(o)

      1,515        1,517,118  

DIRECTV Financing, LLC
10.431% (SOFR 1 Month + 5.00%), 08/02/2027(o)

      574        560,287  

Proofpoint, Inc.
11.681% (SOFR 1 Month + 6.25%), 08/31/2029(o)

      2,480        2,482,331  

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    63


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Zacapa SARL
9.242% (SOFR 3 Month + 4.00%), 03/22/2029(o)

    U.S.$       2,116      $ 2,097,032  
      

 

 

 
     6,656,768  
      

 

 

 

Consumer Cyclical - Automotive – 0.1%

      

Garret Motion SARL
9.869% (SOFR 3 Month + 4.50%), 04/30/2028(c)(o)

      340        340,000  

10.131% (SOFR 3 Month + 4.50%), 04/30/2028(c)(o)

      510        510,000  
      

 

 

 
     850,000  
      

 

 

 

Consumer Cyclical - Restaurants – 0.0%

      

IRB Holding Corp.
8.431% (SOFR 1 Month + 3.00%), 12/15/2027(o)

      159        158,057  
      

 

 

 

Consumer Cyclical - Retailers – 0.1%

      

Great Outdoors Group, LLC
9.181% (SOFR 1 Month + 3.75%), 03/06/2028(o)

      473        471,604  
      

 

 

 

Consumer Non-Cyclical – 0.7%

      

Gainwell Acquisition Corp.
9.490% (SOFR 3 Month + 4.00%), 10/01/2027(o)

      1,206        1,174,619  

LifePoint Health, Inc. (fka Regionalcare Hospital Partners Holdings, Inc.)
9.377% (SOFR 3 Month + 3.75%), 11/16/2025(o)

      743        740,844  

PetSmart, LLC
9.166% (SOFR 1 Month + 3.75%), 02/11/2028(o)

      2,185        2,176,418  

US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.)
10.740% (SOFR 3 Month + 5.25%), 12/15/2027(o)

      1,931        1,868,976  
      

 

 

 
         5,960,857  
      

 

 

 

Energy – 0.4%

      

GIP II Blue Holding, L.P.
9.946% (SOFR 1 Month + 4.50%), 09/29/2028(o)

      2,318        2,216,358  

Parkway Generation, LLC
10.180% (SOFR 1 Month + 4.75%), 02/18/2029(o)

      1,399        1,395,376  
      

 

 

 
         3,611,734  
      

 

 

 

 

64    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Other Industrial – 0.3%

      

American Tire Distributors, Inc.
11.813% (SOFR 3 Month + 6.25%), 10/20/2028(o)

    U.S.$       2,087      $ 1,818,275  

Dealer Tire Financial, LLC
9.816% (SOFR 1 Month + 4.50%), 12/14/2027(o)

      290        289,744  

FCG Acquisitions, Inc.
12.402% (SOFR 3 Month + 6.75%), 03/30/2029(c)(o)

      640        600,800  

Rockwood Service Corporation
9.431% (SOFR 1 Month + 4.00%), 01/23/2027(o)

      83        83,408  
      

 

 

 
         2,792,227  
      

 

 

 

Technology – 0.6%

      

Amentum Government Services Holdings, LLC
9.431% (SOFR 1 Month + 4.00%), 01/29/2027(o)

      310        306,634  

Ascend Learning, LLC
11.166% (SOFR 1 Month + 5.75%), 12/10/2029(o)

      840        713,647  

Banff Guarantor, Inc.
10.931% (SOFR 1 Month + 5.50%), 02/27/2026(o)

      690        685,936  

Boxer Parent Company, Inc.
9.181% (SOFR 1 Month + 3.75%), 10/02/2025(o)

      1,471        1,468,769  

FINThrive Software Intermediate Holdings, Inc.
12.196% (SOFR 1 Month + 6.75%), 12/17/2029(o)

      660        409,200  

Loyalty Ventures, Inc.
14.000% (PRIME 3 Month + 5.50%), 11/03/2027(c)(e)(k)(o)

      1,518        7,592  

Peraton Corp.
9.166% (SOFR 1 Month + 3.75%), 02/01/2028(o)

      611        608,875  

Presidio Holdings, Inc.
8.916% (SOFR 1 Month + 3.50%), 01/22/2027(c)(o)

      13        12,506  

8.969% (SOFR 3 Month + 3.50%), 01/22/2027(c)(o)

      373        371,597  

Veritas US, Inc.
10.446% (SOFR 1 Month + 5.00%), 09/01/2025(o)

      573        493,506  
      

 

 

 
         5,078,262  
      

 

 

 
         30,816,333  
      

 

 

 

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    65


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Financial Institutions – 0.2%

      

Finance – 0.0%

      

Orbit Private Holdings I Ltd.
10.087% (SOFR 6 Month + 4.50%), 12/11/2028(o)

    U.S.$       236      $ 236,488  
      

 

 

 

Insurance – 0.2%

      

Asurion, LLC
9.666% (SOFR 1 Month + 4.25%), 08/19/2028(o)

      1,652        1,602,149  
      

 

 

 
         1,838,637  
      

 

 

 

Utility – 0.2%

      

Electric – 0.2%

      

Granite Generation, LLC
9.181% (SOFR 1 Month + 3.75%), 11/09/2026(o)

      1,737        1,697,017  
      

 

 

 

Total Bank Loans
(cost $36,869,202)

         34,351,987  
      

 

 

 
      

EMERGING MARKETS - SOVEREIGNS – 2.3%

      

Angola – 0.3%

      

Angolan Government International Bond
8.00%, 11/26/2029(b)

      835        684,951  

8.25%, 05/09/2028(b)

      200        172,740  

9.50%, 11/12/2025(b)

      2,118        2,067,337  
      

 

 

 
         2,925,028  
      

 

 

 

Argentina – 0.1%

      

Argentine Republic Government International Bond
0.75%, 07/09/2030(a)

      199        56,875  

1.00%, 07/09/2029

      1,099        301,232  

3.50%, 07/09/2041(a)

      562        144,781  

3.625%, 07/09/2035(a)

      835        207,066  

4.25%, 01/09/2038(a)

      1,323        387,124  
      

 

 

 
         1,097,078  
      

 

 

 

Dominican Republic – 0.7%

      

Dominican Republic International Bond
8.625%, 04/20/2027(b)

      5,719        5,889,655  
      

 

 

 

Ecuador – 0.0%

      

Ecuador Government International Bond
3.50%, 07/31/2035(a)(b)

      371        137,019  
      

 

 

 

 

66    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Egypt – 0.2%

 

Egypt Government International Bond
8.50%, 01/31/2047(b)

    U.S.$       862      $ 458,774  

8.70%, 03/01/2049(b)

      611        326,836  

8.875%, 05/29/2050(b)(i)

      1,096        591,675  
      

 

 

 
         1,377,285  
      

 

 

 

El Salvador – 0.2%

 

El Salvador Government International Bond
7.625%, 09/21/2034(b)

      762        526,290  

7.625%, 02/01/2041(b)

      826        562,985  

8.625%, 02/28/2029(b)

      860        700,866  
      

 

 

 
         1,790,141  
      

 

 

 

Gabon – 0.1%

 

Gabon Government International Bond
6.625%, 02/06/2031(b)

      574        425,150  
      

 

 

 

Nigeria – 0.4%

 

Nigeria Government International Bond
6.125%, 09/28/2028(b)

      2,789        2,216,530  

6.50%, 11/28/2027(b)

      1,418        1,180,967  

7.143%, 02/23/2030(b)

      721        567,672  
      

 

 

 
         3,965,169  
      

 

 

 

Senegal – 0.0%

 

Senegal Government International Bond
4.75%, 03/13/2028(b)

    EUR       465        418,640  
      

 

 

 

Ukraine – 0.2%

 

Ukraine Government International Bond
7.253%, 03/15/2035(a)(b)

    U.S.$       1,886        493,189  

7.375%, 09/25/2034(a)(b)

      1,164        304,386  

7.75%, 09/01/2025(a)(b)

      3,507        1,148,543  
      

 

 

 
         1,946,118  
      

 

 

 

Venezuela – 0.1%

 

Venezuela Government International Bond
9.25%, 09/15/2027(e)(k)

      7,978        757,910  

9.25%, 05/07/2028(b)(e)(k)

      300        28,500  
      

 

 

 
         786,410  
      

 

 

 

Total Emerging Markets – Sovereigns
(cost $34,191,285)

         20,757,693  
  

 

 

 
      

GOVERNMENTS - TREASURIES – 2.0%

 

United States – 2.0%

 

U.S. Treasury Bonds
2.75%, 11/15/2042(p)

      2,154        1,569,727  

5.00%, 05/15/2037(p)

      1,824        1,891,830  

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    67


 

PORTFOLIO OF INVESTMENTS (continued)

 

Company         Principal
Amount
(000)
     U.S. $ Value  

 

 

5.25%, 02/15/2029(q)(r)

    U.S.$       320      $ 327,800  

6.125%, 11/15/2027(q)

      1,000        1,051,563  

U.S. Treasury Notes
2.25%, 02/15/2027(q)(r)

      10,811        9,976,249  

2.875%, 08/15/2028(q)(r)

      3,866        3,570,194  
      

 

 

 

Total Governments – Treasuries
(cost $19,867,587)

         18,387,363  
  

 

 

 
      

QUASI-SOVEREIGNS – 0.7%

 

Quasi-Sovereign Bonds – 0.7%

 

Mexico – 0.6%

 

Comision Federal de Electricidad
4.688%, 05/15/2029(b)

      650        581,750  

Petroleos Mexicanos
5.95%, 01/28/2031

      3,174        2,259,888  

6.49%, 01/23/2027

      463        408,597  

6.50%, 03/13/2027

      355        311,305  

6.70%, 02/16/2032

      465        344,332  

6.75%, 09/21/2047

      2,113        1,237,426  
      

 

 

 
         5,143,298  
      

 

 

 

South Africa – 0.1%

      

Eskom Holdings SOC Ltd.
7.125%, 02/11/2025(b)

      237        230,611  

Transnet SOC Ltd.
8.25%, 02/06/2028(b)

      1,300        1,242,241  
      

 

 

 
         1,472,852  
      

 

 

 

Total Quasi-Sovereigns
(cost $7,396,719)

         6,616,150  
      

 

 

 
          Shares         

COMMON STOCKS – 0.6%

      

Consumer Staples – 0.2%

      

Household Products – 0.2%

      

Southeastern Grocers, Inc.(c)(e)(f)

      105,865        2,673,091  
      

 

 

 

Consumer Discretionary – 0.1%

      

Broadline Retail – 0.1%

      

ATD New Holdings, Inc.(c)(e)

      20,185        726,660  

K201640219 South Africa Ltd. A Shares(c)(e)(f)

      12,695,187        13  

K201640219 South Africa Ltd. B Shares(c)(e)(f)

      2,009,762        2  
      

 

 

 
         726,675  
      

 

 

 

Diversified Consumer Services – 0.0%

      

AG Tracker Series 2021-2A(c)(e)(f)

      78,082        – 0  – 
      

 

 

 

 

68    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

Company             
    
Shares
     U.S. $ Value  

 

 

Hotels, Restaurants & Leisure – 0.0%

 

Caesars Entertainment, Inc.(e)

      1,674      $ 77,590  
      

 

 

 

Leisure Products – 0.0%

 

New Cotai LLC/New Cotai Capital Corp.(c)(e)(f)

      3        – 0  – 
      

 

 

 
         804,265  
      

 

 

 

Communication Services – 0.1%

      

Diversified Telecommunication Services – 0.0%

      

Intelsat Emergence SA(c)(e)

      15,697        331,207  

Intelsat Jackson Holdings SA(c)(e)(f)

      1,643        11,501  
      

 

 

 
         342,708  
      

 

 

 

Media – 0.1%

      

iHeartMedia, Inc. – Class A(e)

      25,545        80,722  

National CineMedia, Inc.(e)

      59,108        265,395  
      

 

 

 
         346,117  
      

 

 

 
         688,825  
      

 

 

 

Energy – 0.1%

      

Energy Equipment & Services – 0.0%

      

BIS Industries Holdings Ltd.(c)(e)(f)

      838,296        1  

CHC Group LLC(e)

      21,009        31  
      

 

 

 
         32  
      

 

 

 

Oil, Gas & Consumable Fuels – 0.1%

      

Berry Corp.

      37,000        303,400  

Civitas Resources, Inc.

      3,393        274,392  

Golden Energy Offshore Services AS(e)

      916,212        105,869  

SandRidge Energy, Inc.

      243        3,805  
      

 

 

 
         687,466  
      

 

 

 
         687,498  
      

 

 

 

Financials – 0.1%

 

Financial Services – 0.0%

 

Paysafe Ltd.(e)

      10,709        128,401  
    

 

 

 

Insurance – 0.1%

 

Mt Logan Re Ltd. Special Investment, Series 1, June 2022 – Class U-2(c)(e)(f)

      100        72,075  

Mt Logan Re Ltd. Special Investment, Series 2, June 2022 – Class U-2(c)(e)(f)

      441        317,338  
    

 

 

 
         389,413  
    

 

 

 
         517,814  
      

 

 

 

Industrials – 0.0%

 

Electrical Equipment – 0.0%

 

Exide Corp.(c)(e)(f)

      643        217,334  
    

 

 

 

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    69


 

PORTFOLIO OF INVESTMENTS (continued)

 

Company             
    
Shares
     U.S. $ Value  

 

 

Information Technology – 0.0%

 

IT Services – 0.0%

 

GOLO Mobile, Inc.(c)(e)(f)

      38,543      $ – 0  – 
    

 

 

 

Total Common Stocks
(cost $15,532,887)

         5,588,827  
  

 

 

 
          Principal
Amount
(000)
        

COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.6%

      

Non-Agency Fixed Rate CMBS – 0.6%

 

Citigroup Commercial Mortgage Trust
Series 2013-GC17, Class D
5.228%, 11/10/2046(b)

    U.S.$       902        799,046  

Commercial Mortgage Trust
Series 2012-CR3, Class F
4.75%, 10/15/2045(b)

      20        1,008  

Series 2012-CR3, Class XA
1.022%, 10/15/2045(n)

      55        3  

Series 2013-LC6, Class D
4.14%, 01/10/2046(b)

      2,016        1,853,600  

Series 2014-CR15, Class XA
0.708%, 02/10/2047(n)

      1,068        30  

Series 2014-CR20, Class XA
1.074%, 11/10/2047(n)

      8,230        47,029  

WF-RBS Commercial Mortgage Trust
Series 2011-C4, Class D
4.993%, 06/15/2044(b)

      1,022        837,777  

Series 2014-C25, Class D
3.803%, 11/15/2047(b)

      1,807        1,521,378  
      

 

 

 
         5,059,871  
      

 

 

 

Non-Agency Floating Rate CMBS – 0.0%

      

Morgan Stanley Capital I Trust
Series 2019-BPR, Class E
10.672% (SOFR + 5.34%), 05/15/2036(b)(j)

      301        264,178  
      

 

 

 

Total Commercial Mortgage-Backed Securities
(cost $5,860,694)

         5,324,049  
      

 

 

 
      

 

70    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
    U.S. $ Value  

 

 

LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.4%

     

United States – 0.4%

     

State of California
Series 2010
7.60%, 11/01/2040

    U.S.$       750     $ 885,744  

State of Illinois
Series 2010
7.35%, 07/01/2035

      1,641       1,709,706  

Wisconsin Public Finance Authority
(Catholic Bishop of Chicago (The))
Series 2021
5.75%, 07/25/2041(h)

      1,435       1,189,660  
     

 

 

 

Total Local Governments – US Municipal Bonds
(cost $3,836,729)

        3,785,110  
     

 

 

 
     

INFLATION-LINKED SECURITIES – 0.2%

     

Colombia – 0.2%

     

Fideicomiso PA Concesion Ruta al Mar
6.75%, 02/15/2044(h)

    COP       1,437,090       228,945  

Fideicomiso PA Costera
6.25%, 01/15/2034(h)

      1,230,800       279,162  

Fideicomiso PA Pacifico Tres
7.00%, 01/15/2035(h)

      6,642,880       1,355,424  
     

 

 

 

Total Inflation-Linked Securities
(cost $2,848,726)

        1,863,531  
     

 

 

 
     

ASSET-BACKED SECURITIES – 0.2%

     

Autos - Fixed Rate – 0.1%

     

Flagship Credit Auto Trust
Series 2019-4, Class E
4.11%, 03/15/2027(b)

    U.S.$       770       729,206  
     

 

 

 

Other ABS - Fixed Rate – 0.1%

     

Consumer Loan Underlying Bond Club Certificate Issuer Trust I
Series 2018-12, Class PT
0.00%, 06/15/2043(e)(h)

      0 **      348  

Series 2019-24, Class PT
10.385%, 08/15/2044(h)

      19       18,406  

Series 2019-36, Class PT
12.824%, 10/17/2044(h)

      40       38,550  

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    71


 

PORTFOLIO OF INVESTMENTS (continued)

 

          Principal
Amount
(000)
     U.S. $ Value  

 

 

Pagaya AI Debt Trust
Series 2022-6, Class A1
6.159%, 05/15/2030(b)(c)

    U.S.$       284      $ 283,995  

Series 2022-6, Class A2
6.811%, 05/15/2030(b)(c)

      142        141,872  

Series 2022-6, Class A3
7.656%, 05/15/2030(b)(c)

      176        175,207  
      

 

 

 
         658,378  
      

 

 

 

Other ABS - Floating Rate – 0.0%

      

Pagaya AI Debt Trust
Series 2022-6, Class A4
55.042%, 05/15/2030(b)(c)

      62        79,458  
      

 

 

 

Total Asset-Backed Securities
(cost $1,498,687)

         1,467,042  
      

 

 

 
          Shares         

PREFERRED STOCKS – 0.1%

      

Industrial – 0.1%

      

Other Industrial – 0.1%

      

WESCO International, Inc.
Series A
10.625%(e)
(cost $948,963)

      35,175        928,972  
      

 

 

 
          Principal
Amount
(000)
        

GOVERNMENTS - SOVEREIGN BONDS – 0.1%

      

Colombia – 0.1%

      

Colombia Government International Bond
4.125%, 05/15/2051
(cost $1,044,765)

    U.S.$       1,058        587,191  
      

 

 

 
          Notional
Amount
        

PURCHASED OPTIONS - PUTS – 0.1%

      

Options on Indices – 0.1%

      

S&P 500 Index
Expiration: Nov 2023; Contracts: 74;
Exercise Price: USD 4,220.00;
Counterparty: UBS AG(e)
(premiums paid $308,804)

    USD       31,228,000        475,820  
      

 

 

 

 

72    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

              
    
Shares
     U.S. $ Value  

 

 

RIGHTS – 0.0%

 

Intelsat Jackson Holdings SA,
Series B, expiring 12/31/2049(c)(e)(f)

      1,643      $ – 0  – 

Vistra Energy Corp.,
expiring 12/31/2049(c)(e)

      10,721        12,490  
      

 

 

 

Total Rights
(cost $0)

         12,490  
    

 

 

 
          Principal
Amount
(000)
        

SHORT-TERM INVESTMENTS – 1.5%

      

Time Deposits – 1.1%

      

BBH, Grand Cayman
6.21%, 10/02/2023

    ZAR       21        1,115  

Citibank, New York
4.68%, 10/02/2023

    U.S.$       3,424        3,423,942  

Royal Bank of Canada, Toronto
3.80%, 10/03/2023

    CAD       839        617,653  

SEB, Stockholm
2.81%, 10/02/2023

    EUR       4,279        4,524,203  

4.17%, 10/02/2023

    GBP       1,285        1,568,132  
      

 

 

 

Total Time Deposits
(cost $10,135,045)

         10,135,045  
      

 

 

 
          Shares         

Investment Companies – 0.4%

      

AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 5.25%(s)(t)(u)
(cost $3,838,235)

      3,838,235        3,838,235  
      

 

 

 

Total Short-Term Investments
(cost $13,973,280)

         13,973,280  
  

 

 

 

Total Investments – 99.9%
(cost $1,020,839,227)

         906,483,118  

Other assets less liabilities – 0.1%

         1,209,797  
  

 

 

 

Net Assets – 100.0%

       $ 907,692,915  
  

 

 

 

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    73


 

PORTFOLIO OF INVESTMENTS (continued)

 

FUTURES (see Note C)

 

Description   Number of
Contracts
    Expiration
Month
    Current
Notional
    Value and
Unrealized
Appreciation
(Depreciation)
 

Purchased Contracts

       

U.S. 10 Yr Ultra Futures

    97       December 2023     $     10,821,563     $ (304,453

U.S. Long Bond (CBT) Futures

    50       December 2023       5,689,063       (316,766

U.S. T-Note 5 Yr (CBT) Futures

    650       December 2023       68,483,594       (651,531

U.S. T-Note 10 Yr (CBT) Futures

    85       December 2023       9,185,313       (161,531
       

 

 

 
  $     (1,434,281
       

 

 

 

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

 

Counterparty   Contracts to
Deliver
(000)
    In Exchange
For
(000)
    Settlement
Date
    Unrealized
Appreciation
(Depreciation)
 

Bank of America, NA

  BRL     98     USD     20       10/03/2023     $ 175  

Bank of America, NA

  USD     20     BRL     98       10/03/2023       (74

Bank of America, NA

  USD     20     BRL     98       11/03/2023       (175

Bank of America, NA

  USD     39     INR     3,258       12/14/2023       66  

BNP Paribas SA

  EUR     974     USD     1,032       10/12/2023       1,217  

BNP Paribas SA

  IDR     627,900     USD     42       10/12/2023       1,014  

BNP Paribas SA

  USD     35     IDR     530,686       10/12/2023       (1,008

BNP Paribas SA

  KRW     41,966     USD     33       10/26/2023       1,757  

BNP Paribas SA

  USD     35     KRW     45,179       10/26/2023       (1,414

BNP Paribas SA

  COP     13,572,390     USD     3,329       11/16/2023           43,522  

BNP Paribas SA

  PEN     247     USD     66       11/16/2023       1,215  

BNP Paribas SA

  USD     84     COP     341,003       11/16/2023       (1,093

Brown Brothers Harriman & Co.

  EUR     1,066     USD     1,147       10/12/2023       19,652  

Brown Brothers Harriman & Co.

  USD     1,126     EUR     1,071       10/12/2023       6,704  

Brown Brothers Harriman & Co.

  USD     1,407     EUR     1,326       10/12/2023       (5,121

Brown Brothers Harriman & Co.

  JPY     10,218     USD     70       10/19/2023       1,442  

Brown Brothers Harriman & Co.

  USD     99     JPY     14,299       10/19/2023       (2,877

Brown Brothers Harriman & Co.

  CAD     151     USD     112       10/27/2023       622  

Brown Brothers Harriman & Co.

  NZD     23     USD     14       10/27/2023       (121

Brown Brothers Harriman & Co.

  USD     32     CAD     43       10/27/2023       221  

Brown Brothers Harriman & Co.

  USD     33     NZD     55       10/27/2023       83  

Brown Brothers Harriman & Co.

  USD     75     ZAR     1,443       11/06/2023       590  

Brown Brothers Harriman & Co.

  ZAR     596     USD     32       11/06/2023       359  

Brown Brothers Harriman & Co.

  AUD     59     USD     38       11/08/2023       (264

Brown Brothers Harriman & Co.

  USD     83     AUD     128       11/08/2023       (541

Brown Brothers Harriman & Co.

  CHF     40     USD     44       11/16/2023       920  

Brown Brothers Harriman & Co.

  SGD     93     USD     69       11/16/2023       137  

Brown Brothers Harriman & Co.

  USD     18     MXN     305       11/16/2023       (282

Brown Brothers Harriman & Co.

  GBP     46     USD     57       11/17/2023       1,206  

Brown Brothers Harriman & Co.

  USD     66     GBP     54       11/17/2023       (25

Brown Brothers Harriman & Co.

  CZK     852     USD     37       11/29/2023       583  

Brown Brothers Harriman & Co.

  HUF     8,969     USD     24       11/29/2023       (118

Brown Brothers Harriman & Co.

  PLN     88     USD     21       11/29/2023       446  

Brown Brothers Harriman & Co.

  USD     30     PLN     131       11/29/2023       (65

Brown Brothers Harriman & Co.

  USD     65     NOK     701       12/07/2023       732  

Brown Brothers Harriman & Co.

  USD     33     SEK     358       12/07/2023       103  

Brown Brothers Harriman & Co.

  CNH     249     USD     34       01/11/2024       (45

Brown Brothers Harriman & Co.

  USD     32     CNH     231       01/11/2024       19  

 

74    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

Counterparty   Contracts to
Deliver
(000)
    In Exchange
For
(000)
    Settlement
Date
    Unrealized
Appreciation
(Depreciation)
 

Citibank, NA

    USD       1,175       CAD       1,589       10/27/2023     $ (4,478

Citibank, NA

    GBP       2,985       USD       3,721       11/17/2023       79,086  

Citibank, NA

    USD       7       TWD       237       11/29/2023       (88

Citibank, NA

    INR       2,206       USD       26       12/14/2023       (16

Citibank, NA

    USD       33       CNH       237       01/11/2024       (4

HSBC Bank USA

    USD       31       KRW       39,813       10/26/2023       (1,707

Morgan Stanley Capital Services LLC

    BRL       98       USD       20       10/03/2023       74  

Morgan Stanley Capital Services LLC

    USD       20       BRL       98       10/03/2023       (408

Morgan Stanley Capital Services LLC

    EUR              43,552       USD       48,027       10/12/2023           1,965,097  

Morgan Stanley Capital Services LLC

    USD       7       IDR       105,055       10/12/2023       (201

Morgan Stanley Capital Services LLC

    KRW       45,732       USD       36       10/26/2023       2,506  

Morgan Stanley Capital Services LLC

    USD        58       CLP        51,955       11/16/2023       376  

UBS AG

    USD        31       IDR       470,512       10/12/2023       (447

UBS AG

    KRW        51,025       USD        39       10/26/2023       796  

UBS AG

    CNH        247       USD       34       01/11/2024       16  
           

 

 

 
            $     2,110,164  
           

 

 

 

PUT WRITTEN OPTIONS (see Note C)

 

Description   Counterparty   Contracts   Exercise
Price
    Expiration
Month
    Notional
(000)
    Premiums
Received
    U.S. $ Value  

S&P 500 Index(v)

  UBS AG   74     USD 3,980       November 2023       USD 29,452     $   179,004     $   (158,730

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note C)

 

Description

  Fixed
Rate
(Pay)
Receive
    Payment
Frequency
    Implied
Credit
Spread at
September 30,
2023
    Notional
Amount
(000)
    Market
Value
    Upfront
Premiums
Paid
(Received)
    Unrealized
Appreciation
(Depreciation)
 

Sale Contracts

 

           

Brazilian Government International Bond, 4.250%, 01/07/2025, 12/20/2028*

    1.00     Quarterly       1.84   USD  320     $ (11,993   $ (12,025   $ 32  

CDX-NAHY Series 40, 5 Year Index, 06/20/2028*

    5.00       Quarterly       4.58     USD  40,939       704,696       160,233         544,463  

CDX-NAHY Series 41, 5 Year Index, 12/20/2028*

    5.00       Quarterly       4.79     USD   104,981         1,014,912         1,047,610       (32,698

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    75


 

PORTFOLIO OF INVESTMENTS (continued)

 

Description

  Fixed
Rate
(Pay)
Receive
    Payment
Frequency
    Implied
Credit
Spread at
September 30,
2023
    Notional
Amount
(000)
    Market
Value
    Upfront
Premiums
Paid
(Received)
    Unrealized
Appreciation
(Depreciation)
 

iTraxx Europe Crossover Series 40, 5 Year Index, 12/20/2028*

    5.00 %       Quarterly       4.26 %     EUR   33,120     $ 1,099,908     $ 1,375,867     $ (275,959

South Africa Government International Bond, 5.875%, 09/16/2025, 12/20/2028*

    1.00       Quarterly       2.76     USD  2,380       (175,633     (173,423     (2,210
         

 

 

   

 

 

   

 

 

 
          $   2,631,890     $   2,398,262     $   233,628  
         

 

 

   

 

 

   

 

 

 

CREDIT DEFAULT SWAPS (see Note C)

 

Swap Counterparty &
Referenced Obligation
  Fixed
Rate
(Pay)
Receive
    Payment
Frequency
    Implied
Credit
Spread at
September 30,
2023
    Notional
Amount
(000)
    Market
Value
    Upfront
Premiums
Paid
(Received)
    Unrealized
Appreciation
(Depreciation)
 

Sale Contracts

             

Citigroup Global Markets, Inc.

             

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*

    3.00     Monthly       7.50   USD  222     $ (31,930   $ (22,764   $ (9,166

Deutsche Bank AG

             

CDX-CMBX.NA.BBB-
Series 6, 05/11/2063*

    3.00       Monthly       7.50     USD  126       (18,145     (12,780     (5,365

CDX-CMBX.NA.BBB- Series 6, 05/11/2063*

    3.00       Monthly       7.50     USD  178       (25,615     (19,041     (6,574

Goldman Sachs International

             

Avis Budget Car Rental LLC,
5.250%, 03/15/2025, 12/20/2023*

    5.00       Quarterly       0.29     USD  300       3,195       1,341       1,854  

Avis Budget Car Rental LLC,
5.250%, 03/15/2025, 12/20/2023*

    5.00       Quarterly       0.29     USD  270       2,876       771       2,105  

CDX-CMBX.NA.BBB- Series 6, 05/11/2063*

    3.00       Monthly       7.50     USD  65       (9,354     (6,408     (2,946

CDX-CMBX.NA.BBB- Series 6, 05/11/2063*

    3.00       Monthly       7.50     USD  88         (12,667     (7,199     (5,468

CDX-CMBX.NA.BBB- Series 6, 05/11/2063*

    3.00       Monthly       7.50     USD  176       (25,334       (15,868     (9,466

CDX-CMBX.NA.BBB- Series 6, 05/11/2063*

    3.00       Monthly       7.50     USD  176       (25,334     (14,664       (10,670

CDX-CMBX.NA.BBB- Series 6, 05/11/2063*

    3.00       Monthly       7.50     USD  259       (37,276     (25,350     (11,926

CDX-CMBX.NA.BBB- Series 6, 05/11/2063*

    3.00       Monthly       7.50     USD  181       (26,108     (13,979     (12,129

CDX-CMBX.NA.BBB- Series 6, 05/11/2063*

    3.00       Monthly       7.50     USD  509       (73,215     (50,124     (23,091

CDX-CMBX.NA.BBB- Series 6, 05/11/2063*

    3.00       Monthly       7.50     USD   1,055       (151,863     (83,219     (68,644

CDX-CMBX.NA.BBB- Series 6, 05/11/2063*

    3.00       Monthly       7.50     USD  351       (50,597     (34,639     (15,958

JPMorgan Securities, LLC

             

CDX-CMBX.NA.BBB- Series 6, 05/11/2063*

    3.00       Monthly       7.50     USD  5,865       (843,486     (615,152     (228,334

CDX-CMBX.NA.BBB- Series 6, 05/11/2063*

    3.00       Monthly       7.50     USD  3,128       (449,859     (343,977     (105,882

 

76    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

  abfunds.com


 

PORTFOLIO OF INVESTMENTS (continued)

 

Swap Counterparty &
Referenced Obligation
  Fixed
Rate
(Pay)
Receive
    Payment
Frequency
    Implied
Credit
Spread at
September 30,
2023
    Notional
Amount
(000)
    Market
Value
    Upfront
Premiums
Paid
(Received)
    Unrealized
Appreciation
(Depreciation)
 

Morgan Stanley Capital Services LLC

             

CDX-CMBX.NA.BBB- Series 6, 05/11/2063*

    3.00 %       Monthly       7.50 %     USD  581     $ (83,553   $ (55,691   $ (27,862

CDX-CMBX.NA.BBB- Series 6, 05/11/2063*

    3.00       Monthly       7.50     USD  622       (89,461     (62,095     (27,366

CDX-CMBX.NA.BBB- Series 6, 05/11/2063*

    3.00       Monthly       7.50     USD  1,632       (234,770     (16,501     (218,269
         

 

 

   

 

 

   

 

 

 
          $  (2,182,496   $  (1,397,339   $  (785,157
         

 

 

   

 

 

   

 

 

 

TOTAL RETURN SWAPS (see Note C)

 

Counterparty &
Referenced Obligation

  Rate
Paid/
Received
    Payment
Frequency
    Current
Notional
(000)
    Maturity
Date
    Unrealized
Appreciation
(Depreciation)
 

Pay Total Return on Reference Obligation

 

   

BNP Paribas SA

         

Markit iBoxx EUR Contingent Convertible Liquid Developed Market AT1

   
3 Month
EURIBOR
 
 
    Quarterly     EUR   8,856       03/20/2024     $   (90,096

REVERSE REPURCHASE AGREEMENTS (see Note C)

 

Broker    Currency     

Principal
Amount

(000)

     Interest
Rate
    Maturity      U.S. $
Value at
September 30,
2023
 

Barclays Capital, Inc.†

     USD        2,593        (2.00 )%*           $ 2,579,393  

Barclays Capital, Inc.†

     USD        450        0.00            451,198  

Barclays Capital, Inc.†

     USD        478        2.25            480,855  

Barclays Capital, Inc.†

     USD        1,405        3.00            1,414,359  

Barclays Capital, Inc.†

     USD        2,700        4.00            2,739,059  

Jefferies LLC†

     USD        644        1.25            644,371  

Jefferies LLC†

     USD        625        2.75            625,006  

Jefferies LLC†

     USD        1,755        3.00            1,764,319  

Jefferies LLC†

     USD        953        3.75            957,064  

Jefferies LLC†

     USD        902        4.75            909,624  
             

 

 

 
              $     12,565,248  
             

 

 

 

 

The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on September 30, 2023.

 

*

Interest payment due from counterparty.

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    77


 

PORTFOLIO OF INVESTMENTS (continued)

 

The type of underlying collateral and the remaining maturity of open reverse repurchase agreements on statements of assets and liabilities is as follows:

 

     Overnight
and
Continuous
    Up to 30 Days     31-90 Days     Greater than
90 Days
    Total  

Corporates – Investment Grade

  $ 1,764,319     $ – 0  –    $ – 0  –    $ – 0  –    $ 1,764,319  

Corporates – Non-Investment Grade

    9,695,068       – 0  –      – 0  –      – 0  –      9,695,068  

Emerging Markets – Corporate Bonds

    480,855       – 0  –      – 0  –      – 0  –      480,855  

Emerging Markets – Sovereigns

    625,006       – 0  –      – 0  –      – 0  –      625,006  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $     12,565,248     $     – 0  –    $     – 0  –    $     – 0  –    $     12,565,248  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

**

Principal amount less than 500.

 

(a)

Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2023.

 

(b)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2023, the aggregate market value of these securities amounted to $630,582,270 or 69.5% of net assets.

 

(c)

Security in which significant unobservable inputs (Level 3) were used in determining fair value.

 

(d)

Defaulted matured security.

 

(e)

Non-income producing security.

 

(f)

Fair valued by the Adviser.

 

(g)

Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at September 30, 2023.

 

(h)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.43% of net assets as of September 30, 2023, are considered illiquid and restricted. Additional information regarding such securities follows:

 

144A/Restricted &
Illiquid Securities
   Acquisition
Date
     Cost      Market
Value
     Percentage of
Net Assets
 

BBFI Liquidating Trust Zero Coupon, 12/30/2099

    
01/18/2013 -
06/17/2022
 
 
   $   666,784      $   341,560        0.04

Consumer Loan Underlying Bond Club Certificate Issuer Trust I
Series 2018-12, Class PT
0.00%, 06/15/2043

     06/26/2018        376        348        0.00

Consumer Loan Underlying Bond Club Certificate Issuer Trust I
Series 2019-24, Class PT
10.385%, 08/15/2044

     06/27/2019        18,652        18,406        0.00

Consumer Loan Underlying Bond Club Certificate Issuer Trust I
Series 2019-36, Class PT
12.824%, 10/17/2044

     09/04/2019        39,609        38,550        0.00

Digicel Group Holdings Ltd. 7.00%, 10/16/2023

    
11/28/2016 -
04/03/2023
 
 
     156,350        5,370        0.00

 

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PORTFOLIO OF INVESTMENTS (continued)

 

144A/Restricted &
Illiquid Securities
   Acquisition
Date
     Cost      Market
Value
     Percentage of
Net Assets
 

Exide Technologies (Exchange Priority) 11.00%, 10/31/2024

     10/29/2020      $ 0      $ 0        0.00

Exide Technologies (First Lien) 11.00%, 10/31/2024

     10/29/2020        0        0        0.00

Fideicomiso PA Concesion Ruta al Mar 6.75%, 02/15/2044

     12/14/2017        476,819        228,945        0.03

Fideicomiso PA Costera
6.25%, 01/15/2034

     06/30/2016        396,605        279,162        0.03

Fideicomiso PA Pacifico Tres
7.00%, 01/15/2035

     03/04/2016          1,975,302          1,355,424        0.15

JPMorgan Madison Avenue Securities Trust
Series 2015-CH1, Class M2
10.929%, 10/25/2025

     09/18/2015        377,624        383,324        0.04

K2016470219 South Africa Ltd.
3.00%, 12/31/2022

    
01/31/2017 -
06/30/2022
 
 
     1,100,178        0        0.00

Magnetation LLC/Mag Finance Corp.
11.00%, 05/15/2018

    
05/15/2013 -
02/19/2015
 
 
     2,295,760        0        0.00

Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058

     01/22/2021        668,115        2,395        0.00

Tonon Luxembourg SA 6.50%, 10/31/2024

    
05/03/2019 -
10/31/2021
 
 
     1,209,003        62        0.00

Virgolino de Oliveira Finance SA
10.50%, 01/28/2018

    
01/23/2014 -
02/27/2014
 
 
     2,401,854        408        0.00

Virgolino de Oliveira Finance SA
10.875%, 01/13/2020

     06/09/2014        477,418        48        0.00

Virgolino de Oliveira Finance SA
11.75%, 02/09/2022

    
01/29/2014 -
02/05/2014
 
 
     838,866        162        0.00

Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 2M2
10.929%, 11/25/2025

    
09/28/2015 -
02/26/2018
 
 
     121,993        125,733        0.01

Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The)) Series 2021 5.75%, 07/25/2041

     08/03/2021        1,435,000        1,189,660        0.13

 

(i)

Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements.

 

(j)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2023.

 

(k)

Defaulted.

 

(l)

Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    79


 

PORTFOLIO OF INVESTMENTS (continued)

 

(m)

Inverse interest only security.

 

(n)

IO – Interest Only.

 

(o)

The stated coupon rate represents the greater of the SOFR or an alternate base rate such as the PRIME or the SOFR/PRIME floor rate plus a spread at September 30, 2023.

 

(p)

Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

 

(q)

Position, or a portion thereof, has been segregated to collateralize margin requirements for open centrally cleared swaps.

 

(r)

Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

 

(s)

To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

 

(t)

Affiliated investments.

 

(u)

The rate shown represents the 7-day yield as of period end.

 

(v)

One contract relates to 100 shares.

 

Currency Abbreviations:

 

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CLP – Chilean Peso

CNH – Chinese Yuan Renminbi (Offshore)

COP – Colombian Peso

CZK – Czech Koruna

EUR – Euro

GBP – Great British Pound

HUF – Hungarian Forint

IDR – Indonesian Rupiah

 

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

NOK – Norwegian Krone

NZD – New Zealand Dollar

PEN – Peruvian Sol

PLN – Polish Zloty

SEK – Swedish Krona

SGD – Singapore Dollar

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

CDX-CMBX.NA – North American Commercial Mortgage-Backed Index

CDX-NAHY – North American High Yield Credit Default Swap Index

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

EURIBOR – Euro Interbank Offered Rate

JSC – Joint Stock Company

LIBOR – London Interbank Offered Rate

OTC – Over-the-Counter

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

 

80    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

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STATEMENT OF ASSETS & LIABILITIES

September 30, 2023 (unaudited)

 

Assets   

Investments in securities, at value

  

Unaffiliated issuers (cost $1,017,000,992)

   $ 902,644,883  

Affiliated issuers (cost $3,838,235)

     3,838,235  

Cash collateral due from broker

     6,948,554  

Foreign currencies, at value (cost $400,128)

     41,330  

Unaffiliated dividends and interest receivable

     15,206,074  

Unrealized appreciation on forward currency exchange contracts

     2,130,736  

Receivable for investment securities sold and foreign currency transactions

     1,253,797  

Receivable for variation margin on futures

     155,622  

Affiliated dividends receivable

     46,404  

Market value of credit default swaps (net premiums paid $2,112)

     6,071  
  

 

 

 

Total assets

     932,271,706  
  

 

 

 
Liabilities   

Written options, at value (premiums received $179,004)

     158,730  

Due to Custodian

     89,725  

Payable for reverse repurchase agreements

     12,565,248  

Payable for investment securities purchased

     7,541,362  

Market value of credit default swaps (net premiums received $1,399,451)

     2,188,567  

Advisory fee payable

     833,322  

Payable for capital gains taxes

     425,789  

Payable for variation margin on centrally cleared swaps

     169,573  

Unrealized depreciation on total return swaps

     90,096  

Administrative fee payable

     28,562  

Unrealized depreciation on forward currency exchange contracts

     20,572  

Transfer Agent fee payable

     5,487  

Directors’ fee payable

     435  

Accrued expenses

     461,323  
  

 

 

 

Total liabilities

     24,578,791  
  

 

 

 

Net Assets

   $ 907,692,915  
  

 

 

 
Composition of Net Assets   

Capital stock, at par

   $ 862,297  

Additional paid-in capital

         1,154,458,535  

Accumulated loss

     (247,627,917
  

 

 

 
   $ 907,692,915  
  

 

 

 

Net Asset Value Per Share—100 million shares of capital stock authorized, $0.01 par value (based on 86,229,677 shares outstanding)

   $ 10.53  
  

 

 

 

See notes to financial statements.

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    81


 

STATEMENT OF OPERATIONS

Six Months Ended September 30, 2023 (unaudited)

 

Investment Income     

Interest

   $     35,221,909    

Dividends

    

Affiliated issuers

     223,907    

Unaffiliated issuers

     199,780     $ 35,645,596  
  

 

 

   
Expenses     

Advisory fee (see Note B)

     4,129,479    

Transfer agency

     15,994    

Custody and accounting

     172,462    

Printing

     95,624    

Audit and tax

     90,334    

Administrative

     49,040    

Registration fees

     45,155    

Legal

     26,337    

Directors’ fees

     14,473    

Miscellaneous

     36,717    
  

 

 

   

Total expenses before interest expense

     4,675,615    

Interest expense

     213,795    
  

 

 

   

Total expenses

     4,889,410    

Less: expenses waived and reimbursed by the Adviser (see Note B)

     (4,841  
  

 

 

   

Net expenses

       4,884,569  
    

 

 

 

Net investment income

       30,761,027  
    

 

 

 
Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions     

Net realized gain (loss) on:

    

Investment transactions(a)

       (11,314,174

Forward currency exchange contracts

       (1,994,823

Futures

       (2,351,300

Swaps

       6,779,848  

Foreign currency transactions

       (615,651

Net change in unrealized appreciation (depreciation) on:

    

Investments(b)

           10,691,847  

Forward currency exchange contracts

       3,269,607  

Futures

       (3,881,499

Written options

       20,274  

Swaps

       (669,526

Foreign currency denominated assets and liabilities

       (63,386
    

 

 

 

Net loss on investment and foreign currency transactions

       (128,783
    

 

 

 

Net Increase in Net Assets from Operations

     $ 30,632,244  
    

 

 

 

 

(a)

Net of foreign realized capital gains taxes of $32,095.

 

(b)

Net of increase in accrued foreign capital gains taxes on unrealized gains of $24,593.

See notes to financial statements.

 

82    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

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STATEMENT OF CHANGES IN NET ASSETS

 

     Six Months Ended
September 30, 2023
(unaudited)
    Year Ended
March 31, 2023
 
Increase (Decrease) in Net Assets from Operations     

Net investment income

   $ 30,761,027     $ 59,434,784  

Net realized loss on investment and foreign currency transactions

     (9,496,100     (59,646,186

Net change in unrealized appreciation (depreciation) on investments and foreign currency denominated assets and liabilities

     9,367,317       (49,324,368
  

 

 

   

 

 

 

Net increase (decrease) in net assets from operations

     30,632,244       (49,535,770

Distributions to Shareholders

     (33,888,263     (76,201,166
  

 

 

   

 

 

 

Total decrease

     (3,256,019     (125,736,936
Net Assets     

Beginning of period

     910,948,934           1,036,685,870  
  

 

 

   

 

 

 

End of period

   $     907,692,915     $     910,948,934  
  

 

 

   

 

 

 

See notes to financial statements.

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    83


 

NOTES TO FINANCIAL STATEMENTS

September 30, 2023 (unaudited)

 

NOTE A

Significant Accounting Policies

AllianceBernstein Global High Income Fund, Inc. (the “Fund”) is incorporated under the laws of the State of Maryland and is registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days

 

84    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

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NOTES TO FINANCIAL STATEMENTS (continued)

 

or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    85


 

NOTES TO FINANCIAL STATEMENTS (continued)

 

liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

 

   

Level 1—quoted prices in active markets for identical investments

   

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

   

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

 

86    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

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NOTES TO FINANCIAL STATEMENTS (continued)

 

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively, the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options generally will be classified as Level 2. For options that do not trade on an exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset-backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

Bank loan prices are provided by third party pricing services and consist of a composite of the quotes received by the vendor into a consensus price. Certain bank loans are classified as Level 3, as a significant input used in the fair value measurement of these instruments is the market quotes that are received by the vendor and these inputs are not observable.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments

 

abfunds.com  

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    87


 

NOTES TO FINANCIAL STATEMENTS (continued)

 

for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of September 30, 2023:

 

Investments in
Securities

  Level 1     Level 2     Level 3     Total  

Assets:

       

Corporates – Non-Investment Grade

  $ – 0  –    $ 482,163,608     $ 1,541,721 #    $ 483,705,329  

Corporates – Investment Grade

    – 0  –      179,078,963       – 0  –      179,078,963  

Emerging Markets – Corporate Bonds

    – 0  –      48,048,850       342,178 #      48,391,028  

Collateralized Loan Obligations

    – 0  –      44,807,503       – 0  –      44,807,503  

Collateralized Mortgage Obligations

    – 0  –      36,380,790       – 0  –      36,380,790  

Bank Loans

    – 0  –      32,509,492       1,842,495       34,351,987  

Emerging Markets – Sovereigns

    – 0  –      20,757,693       – 0  –      20,757,693  

Governments – Treasuries

    – 0  –      18,387,363       – 0  –      18,387,363  

Quasi-Sovereigns

    – 0  –      6,616,150       – 0  –      6,616,150  

Common Stocks

        1,239,574       31       4,349,222 #      5,588,827  

Commercial Mortgage-Backed Securities

    – 0  –      5,324,049       – 0  –      5,324,049  

Local Governments – US Municipal Bonds

    – 0  –      3,785,110       – 0  –      3,785,110  

Inflation-Linked Securities

    – 0  –      1,863,531       – 0  –      1,863,531  

Asset-Backed Securities

    – 0  –      786,510       680,532       1,467,042  

Preferred Stocks

    928,972       – 0  –      – 0  –      928,972  

Governments – Sovereign Bonds

    – 0  –      587,191       – 0  –      587,191  

Purchased Options – Puts

    – 0  –      475,820       – 0  –      475,820  

Rights

    – 0  –      – 0  –      12,490 #      12,490  

Short-Term Investments:

       

Time Deposits

    – 0  –      10,135,045       – 0  –      10,135,045  

Investment Companies

    3,838,235       – 0  –      – 0  –      3,838,235  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments in Securities

    6,006,781           891,707,699           8,768,638           906,483,118  

Other Financial Instruments*:

       

Assets

       

Forward Currency Exchange Contracts

    – 0  –      2,130,736       – 0  –      2,130,736  

Centrally Cleared Credit Default Swaps

    – 0  –      2,819,516       – 0  –       2,819,516  

Credit Default Swaps

    – 0  –      6,071       – 0  –      6,071  

 

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NOTES TO FINANCIAL STATEMENTS (continued)

 

Investments in
Securities

  Level 1     Level 2     Level 3     Total  

Liabilities

       

Futures

  $ (1,434,281   $ – 0 –    $ – 0 –    $   (1,434,281 ) 

Forward Currency Exchange Contracts

    – 0  –      (20,572     – 0  –      (20,572

Put Written Options

    – 0  –      (158,730     – 0  –      (158,730

Centrally Cleared Credit Default Swaps

    – 0  –      (187,626     – 0  –       (187,626 ) 

Credit Default Swaps

    – 0  –      (2,188,567     – 0  –      (2,188,567

Total Return Swaps

    – 0  –      (90,096     – 0  –      (90,096

Reverse Repurchase Agreements

       (12,565,248     – 0  –      – 0  –      (12,565,248
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ (7,992,748   $    894,018,431     $    8,768,638     $    894,794,321  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

#

The Fund held securities with zero market value at period end.

 

*

Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.

 

Only variation margin receivable (payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at the rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Fund’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to

 

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NOTES TO FINANCIAL STATEMENTS (continued)

 

shareholders. Therefore, no provisions for federal income or excise taxes are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Fund amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .90% of the Fund’s average weekly net assets. Such fee is accrued daily and paid monthly.

Pursuant to the administration agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser, provided, however, that the reimbursement may not exceed

 

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NOTES TO FINANCIAL STATEMENTS (continued)

 

.15% annualized of average weekly net assets. For the six months ended September 30, 2023, the reimbursement for such services amounted to $49,040.

Under the terms of a Shareholder Inquiry Agency Agreement with AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly owned subsidiary of the Adviser, the Fund reimburses ABIS for costs relating to servicing phone inquiries on behalf of the Fund. During the six months ended September 30, 2023, there was no such reimbursement paid to ABIS.

The Fund may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended September 30, 2023, such waiver amounted to $4,841.

A summary of the Fund’s transactions in AB mutual funds for the six months ended September 30, 2023 is as follows:

 

Fund

  Market Value
3/31/23
(000)
    Purchases
at Cost
(000)
    Sales
Proceeds
(000)
    Market Value
9/30/23
(000)
    Dividend
Income
(000)
 

Government Money Market Portfolio

  $     10,074     $     94,007     $     100,243     $     3,838     $     224  

NOTE C

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended September 30, 2023, were as follows:

 

     Purchases     Sales  

Investment securities (excluding U.S. government securities)

   $     163,943,575     $     151,847,254  

U.S. government securities

     – 0  –      4,251,406  

 

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NOTES TO FINANCIAL STATEMENTS (continued)

 

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

 

Gross unrealized appreciation

   $ 14,174,434  

Gross unrealized depreciation

     (128,476,011
  

 

 

 

Net unrealized depreciation

   $     (114,301,577
  

 

 

 

1. Derivative Financial Instruments

The Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

 

   

Forward Currency Exchange Contracts

The Fund may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Fund. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the six months ended September 30, 2023, the Fund held forward currency exchange contracts for hedging purposes.

 

   

Futures

The Fund may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Fund bears the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Fund may purchase

 

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NOTES TO FINANCIAL STATEMENTS (continued)

 

or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under “Currency Transactions”.

At the time the Fund enters into futures, the Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the six months ended September 30, 2023, the Fund held futures for hedging and non-hedging purposes.

 

   

Option Transactions

For hedging and investment purposes, the Fund may purchase and write (sell) put and call options on U.S. and foreign securities, including government securities, and foreign currencies that are traded on U.S. and foreign securities exchanges and over-the-counter markets. Among other things, the Fund may use options transactions for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions” and may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, for hedging and investment purposes.

The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund

 

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bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. If a put or call purchased option by the Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund. Put and call purchased options are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

When the Fund writes an option, the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the written option. The Fund’s maximum payment for written put options equates to the number of shares multiplied by the strike price. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract. Premiums received from written options which expire unexercised are recorded by the Fund on the expiration date as realized gains from written options. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security or currency purchased by the Fund. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of a written option by the Fund could result in the Fund selling or buying a security or currency at a price different from the current market value.

The Fund may also invest in options on swap agreements, also called “swaptions”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based “premium”. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate, or index. A payer swaption gives the owner the right to pay the total return of a specified asset, reference rate, or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties. The Fund’s maximum payment for written put swaptions equates to the notional amount of the underlying swap. In certain circumstances maximum

 

94    |    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

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NOTES TO FINANCIAL STATEMENTS (continued)

 

payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract.

During the six months ended September 30, 2023, the Fund held purchased options for non-hedging purposes.

During the six months ended September 30, 2023, the Fund held written options for non-hedging purposes.

 

   

Swaps

The Fund may enter into swaps to hedge its exposure to interest rates, credit risk or currencies. The Fund may also enter into swaps for non-hedging purposes as a means of gaining market exposures including by making direct investments in foreign currencies, as described below under “Currency Transactions” or in order to take a “long” or “short” position with respect to an underlying referenced asset described below under “Total Return Swaps”. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Fund accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation/depreciation of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized

 

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on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Fund enters into a centrally cleared swap, the Fund deposits and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Credit Default Swaps:

The Fund may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Fund, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Fund may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Fund receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Fund is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of

 

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NOTES TO FINANCIAL STATEMENTS (continued)

 

the swap, the Fund will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same referenced obligation with the same counterparty.

Credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Fund is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Fund coupled with the periodic payments previously received may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Fund.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the six months ended September 30, 2023, the Fund held credit default swaps for non-hedging purposes.

Total Return Swaps:

The Fund may enter into total return swaps in order to take a “long” or “short” position with respect to an underlying referenced asset. The Fund is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or

 

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NOTES TO FINANCIAL STATEMENTS (continued)

 

index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Fund will receive a payment from or make a payment to the counterparty.

During the six months ended September 30, 2023, the Fund held total return swaps for non-hedging purposes.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Fund’s net liability, held by the defaulting party, may be delayed or denied.

The Fund’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Fund decline below specific levels (“net asset contingent features”). If these levels are triggered, the Fund’s OTC counterparty has the right to terminate such transaction and require the Fund to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty tables below for additional details.

During the six months ended September 30, 2023, the Fund had entered into the following derivatives:

 

   

Asset Derivatives

   

Liability Derivatives

 

Derivative Type

 

Statement of
Assets and
Liabilities
Location

  Fair Value    

Statement of
Assets and
Liabilities
Location

  Fair Value  

Interest rate
contracts

     
Payable
for variation margin
on futures
   
$

  1,434,281

Foreign currency
contracts

 

    

Unrealized
appreciation on
forward currency
exchange contracts

   

$

    

  2,130,736

 

 

 

    

Unrealized
depreciation on
forward currency
exchange contracts

 

 

20,572

 

Credit contracts

  Market value of
credit default
swaps
    6,071     Market value of
credit default
swaps
    2,188,567  

 

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NOTES TO FINANCIAL STATEMENTS (continued)

 

   

Asset Derivatives

   

Liability Derivatives

 

Derivative Type

 

Statement of
Assets and
Liabilities
Location

  Fair Value    

Statement of
Assets and
Liabilities
Location

  Fair Value  

Credit contracts

  Receivable for variation margin on centrally cleared swaps   $ 544,495   Payable for variation margin on centrally cleared swaps   $ 310,867

Credit contracts

      Unrealized depreciation on
total return swaps
    90,096  

Equity contracts

  Investment in
securities, at value
    475,820     Written options, at value     158,730  
   

 

 

     

 

 

 

Total

    $   3,157,122       $   4,203,113  
   

 

 

     

 

 

 

 

*

Only variation margin receivable (payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.

 

Derivative Type

 

Location of Gain
or (Loss) on
Derivatives Within
Statement of
Operations

  Realized Gain
or (Loss) on
Derivatives
    Change in
Unrealized
Appreciation or
(Depreciation)
 

Interest rate contracts

  Net realized gain/(loss) on futures; Net change in unrealized appreciation (depreciation) on futures   $   (2,351,300   $ (3,881,499

Foreign currency
contracts

 

Net realized gain/(loss) on forward currency exchange contracts;

Net change in unrealized appreciation (depreciation)

on forward currency exchange contracts

    (1,994,823     3,269,607  

Credit contracts

  Net realized gain/(loss) on swaps; Net change in unrealized appreciation (depreciation) on swaps     6,779,848       (669,526

Equity contracts

  Net realized gain/(loss) on written options; Net change in unrealized appreciation (depreciation) on purchased options     – 0  –      167,016  

Equity contracts

  Net realized gain/(loss) on written options; Net change in unrealized appreciation (depreciation) on written options     – 0  –      20,274  
   

 

 

   

 

 

 

Total

    $ 2,433,725     $   (1,094,128
   

 

 

   

 

 

 

 

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NOTES TO FINANCIAL STATEMENTS (continued)

 

The following table represents the average monthly volume of the Fund’s derivative transactions during the six months ended September 30, 2023:

 

Centrally Cleared Credit Default Swaps:

 

Average notional amount of sale contracts

  $ 185,091,708  
 

Credit Default Swaps:

 

Average notional amount of sale contracts

  $ 17,602,768  
 

Forward Currency Exchange Contracts:

 

Average principal amount of buy contracts

  $ 11,161,247  

Average principal amount of sale contracts

  $ 64,665,134  
 

Futures:

 

Average notional amount of buy contracts

  $ 100,047,032  
 

Total Return Swaps:

 

Average notional amount

  $ 9,679,610  
 

Written Options:

 

Average notional amount

  $     29,452,000 (a) 
 

Purchased Options:

 

Average notional amount

  $ 31,228,000 (a) 

 

(a)

Positions were open for two months during the reporting period.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Fund as of September 30, 2023. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.

 

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NOTES TO FINANCIAL STATEMENTS (continued)

 

Counterparty

   Derivative
Assets
Subject to a
MA
     Derivatives
Available
for Offset
    Cash
Collateral
Received*
    Security
Collateral
Received*
    Net Amount
of Derivative
Assets
 

Bank of America, NA

   $ 241      $ (241   $ – 0  –    $ – 0  –    $ – 0  – 

BNP Paribas SA

         48,725            (48,725         – 0  –          – 0  –          – 0  – 

Brown Brothers Harriman & Co.

     33,819        (9,459     – 0  –      – 0  –          24,360  

Citibank, NA/ Citigroup Global Markets, Inc.

     79,086        (36,516       – 0  –        – 0  –      42,570  

Goldman Sachs International

     6,071        (6,071     – 0  –      – 0  –      – 0  – 

Morgan Stanley Capital Services LLC

     1,968,053        (408,393     – 0  –      – 0  –      1,559,660  

UBS AG

     812        (447     – 0  –      – 0  –      365  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $     2,136,807      $     (509,852   $     – 0  –    $     – 0  –    $     1,626,955 ^ 
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

 

Counterparty

  Derivative
Liabilities
Subject to a
MA
    Derivatives
Available
for Offset
    Cash
Collateral
Pledged*
    Security
Collateral
Pledged*
    Net Amount
of Derivative
Liabilities
 

Bank of America, NA

  $ 249     $ (241   $ – 0  –    $ – 0  –    $ 8  

BNP Paribas SA

    93,611       (48,725     – 0  –      – 0  –      44,886  

Brown Brothers Harriman & Co.

    9,459       (9,459     – 0  –      – 0  –      – 0  – 

Citibank, NA/ Citigroup Global Markets, Inc.

    36,516       (36,516     – 0  –      – 0  –      – 0  – 

Deutsche Bank AG

    43,760       – 0  –      – 0  –      – 0  –      43,760  

Goldman Sachs International

    411,748       (6,071     (390,000     – 0  –      15,677  

HSBC Bank USA

    1,707       – 0  –      – 0  –      – 0  –      1,707  

JPMorgan Securities, LLC

    1,293,345       – 0  –      – 0  –      (1,293,345     – 0  – 

Morgan Stanley Capital Services LLC

    408,393       (408,393     – 0  –      – 0  –      – 0  – 

UBS AG

    447       (447     – 0  –      – 0  –      – 0  – 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $     2,299,235     $     (509,852   $     (390,000   $     (1,293,345   $     106,038 ^ 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

*

The actual collateral received/pledged may be more than the amount reported due to overcollateralization.

 

^

Net amount represents the net receivable (payable) that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

 

 

See Note C.3 for additional disclosure of netting arrangements regarding reverse repurchase agreements.

2. Currency Transactions

The Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Fund may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange con-

 

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tracts, futures and options on futures, swaps, and other options. The Fund may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Fund and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Fund may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

3. Reverse Repurchase Agreements

The Fund may enter into reverse repurchase transactions (“RVP”) in accordance with the terms of a Master Repurchase Agreement (“MRA”), under which the Fund sells securities and agrees to repurchase them at a mutually agreed upon date and price. At the time the Fund enters into a reverse repurchase agreement, it will establish a segregated account with the custodian containing liquid assets having a value comparable to the repurchase price. Under the MRA and other Master Agreements, the Fund is permitted to offset payables and/or receivables with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund in the event of a default. In the event of a default by a MRA counterparty, the Fund may be considered an unsecured creditor with respect to any excess collateral (collateral with a market value in excess of the repurchase price) held by and/or posted to the counterparty, and as such the return of such excess collateral may be delayed or denied. For the six months ended September 30, 2023, the average amount of reverse repurchase agreements outstanding was $11,404,374 and the daily weighted average interest rate was 2.44%. At September 30, 2023, the Fund had reverse repurchase agreements outstanding in the amount of $12,565,248 as reported in the statement of assets and liabilities.

The following table presents the Fund’s RVP liabilities by counterparty net of the related collateral pledged by the Fund as of September 30, 2023:

 

Counterparty

   RVP Liabilities
Subject to a
MRA
     Securities
Collateral
Pledged*
    Net Amount of
RVP Liabilities
 

Barclays Capital, Inc

   $ 7,664,864      $ (7,626,663   $ 38,201  

Jefferies LLC

     4,900,384        (4,793,073     107,311  
  

 

 

    

 

 

   

 

 

 
   $     12,565,248      $     (12,419,736   $     145,512  
  

 

 

    

 

 

   

 

 

 

 

Including accrued interest.

 

*

The actual collateral pledged may be more than the amount reported due to overcollateralization.

 

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NOTES TO FINANCIAL STATEMENTS (continued)

 

NOTE D

Capital Stock

During the six months ended September 30, 2023 and the year ended March 31, 2023, the Fund issued no shares in connection with the Fund’s dividend reinvestment plan.

NOTE E

Risks Involved in Investing in the Fund

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 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.

 

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NOTES TO FINANCIAL STATEMENTS (continued)

 

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.

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.

 

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NOTES TO FINANCIAL STATEMENTS (continued)

 

Derivatives Risk—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 instrument, 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 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.

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.

LIBOR Replacement Risk—The Fund may be exposed to debt securities, derivatives or other financial instruments that recently transitioned from the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. LIBOR’s administrator, ICE Benchmark Administration, ceased publishing most LIBOR settings (including some U.S. LIBOR settings) by the end of 2021 and the remaining (and most widely used) U.S. Dollar LIBOR settings after June 30, 2023. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will permit the use of synthetic U.S. Dollar LIBOR rates

 

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for non-U.S. contracts through September 30, 2024, but any such rates would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the Secured Overnight Financing Rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There is no assurance that the composition or characteristics of SOFR or any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that the market for SOFR-linked financial instruments will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability. Neither the long-term effects of the LIBOR transition process nor its ultimate success can yet be known.

Indemnification Risk—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. 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. These models may not work as intended and may not enable a Fund to achieve its investment objective. In addition, certain models may be constructed using data from external providers, and these inputs may be incorrect or incomplete, thus potentially limiting the effectiveness of the models. Finally, the Adviser may change, enhance and update its models and its usage of existing models at its discretion.

 

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NOTES TO FINANCIAL STATEMENTS (continued)

 

NOTE F

Distributions to Shareholders

The tax character of distributions paid for the year ending March 31, 2024 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended March 31, 2023 and March 31, 2022 were as follows:

 

     2023     2022  

Distributions paid from:

    

Ordinary income

   $ 76,201,166     $ 67,035,667  
  

 

 

   

 

 

 

Total taxable distributions paid

   $ 76,201,166     $ 67,035,667  

Return of Capital

     – 0  –      740,859  
  

 

 

   

 

 

 

Total distributions paid

   $     76,201,166     $     67,776,526  
  

 

 

   

 

 

 

As of March 31, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:

 

Accumulated capital losses

   $ (105,586,035 )(a) 

Other losses

     (3,106,003 )(b) 

Unrealized appreciation (depreciation)

     (126,210,243 )(c) 
  

 

 

 

Total accumulated earnings (deficit)

   $     (234,902,281 )(d) 
  

 

 

 

 

(a)

As of March 31, 2023, the Fund had a net capital loss carryforward of $105,586,035.

 

(b)

As of March 31, 2023, the Fund had a qualified late-year ordinary loss deferral of $3,106,003.

 

(c)

The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of passive foreign investment companies (PFICs), the tax treatment of hyper-inflationary currency contracts, the tax treatment of swaps, the tax deferral of losses on wash sales, the tax treatment of partnership investments, and the tax treatment of callable bonds.

 

(d)

The differences between book-basis and tax-basis components of accumulated earnings (deficit) are attributable primarily to the accrual of foreign capital gains tax and the tax treatment of defaulted securities.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of March 31, 2023, the Fund had a net short-term capital loss carryforward of $29,826,191 and a net long-term capital loss carryforward of $75,759,844, which may be carried forward for an indefinite period.

NOTE G

Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the

 

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NOTES TO FINANCIAL STATEMENTS (continued)

 

LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

NOTE H

Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund’s financial statements through this date.

 

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FINANCIAL HIGHLIGHTS

Selected Data For A Share of Capital Stock Outstanding Throughout Each Period

 

    Six Months
Ended
September 30,
2023
(unaudited)
    Year Ended March 31,  
    2023     2022     2021     2020     2019  
 

 

 

 

Net asset value, beginning of period

    $  10.56       $  12.02       $  12.78       $  10.74       $  12.95       $  13.56  
 

 

 

 

Income From Investment Operations

           

Net investment income(a)

    .36       .69       .61       .59       .67       .75  

Net realized and unrealized gain (loss) on investment and foreign currency transactions

    (.00 )(b)      (1.27     (.58     2.24       (2.09     (.52

Contributions from Affiliates

    – 0  –      – 0  –      – 0  –      .00 (b)      .00 (b)      .00 (b) 
 

 

 

 

Net increase (decrease) in net asset value from operations

    .36       (.58     .03       2.83       (1.42     .23  
 

 

 

 

Less: Dividends and Distributions

           

Dividends from net investment income

    (.39     (.88     (.78     (.69     (.75     (.75

Return of capital

    – 0  –      – 0  –      (.01     (.10     (.04     (.09
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total dividends and distributions

    (.39     (.88     (.79     (.79     (.79     (.84
 

 

 

 

Net asset value, end of period

    $  10.53       $  10.56       $  12.02       $  12.78       $  10.74       $  12.95  
 

 

 

 

Market value, end of period

    $  9.70       $  9.72       $  11.18       $  11.85       $  9.26       $  11.59  
 

 

 

 

(Discount), end of period

    (7.88 )%      (7.95 )%      (6.99 )%      (7.28 )%      (13.78 )%      (10.50 )% 

Total Return

           

Total investment return
based on:(c)

           

Market value

    3.84     (5.00 )%      .79     37.57     (14.43 )%      4.91

Net asset value

    3.76     (4.01 )%^      .48 %^      27.92     (11.18 )%      2.78

Ratios/Supplemental Data

           

Net assets, end of period (000’s omitted)

    $907,693       $910,949       $1,036,686       $1,102,273       $926,184       $1,116,970  

Ratio to average net assets of:

           

Expenses, net of waivers/ reimbursements(d)(e)

    1.06 %(f)      1.04     1.00     1.02     1.00     1.04

Expenses, before waivers/ reimbursements(d)(e)

    1.06 %(f)      1.04     1.00     1.02     1.01     1.05

Net investment income

    6.70 %(f)      6.39     4.77     4.88     5.16     5.72

Portfolio turnover rate

    17     40     40     51     32     40
           
 

†  Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying

   

portfolios

    .00 %(f)      .00     .00     .00     .01     .01

See footnote summary on page 109.

 

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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share of Capital Stock Outstanding Throughout Each Period

 

(a)

Based on average shares outstanding.

 

(b)

Amount is less than $0.005.

 

(c)

Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s Dividend Reinvestment Plan. Generally, Total investment return based on net asset value will be higher than total investment return based on market value to the net asset value from the beginning to the end of such periods. Conversely, total investment return based on net asset value will be lower than total investment return based on market value in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from the beginning to the end of such periods. Total investment return calculated for a period of less than one year is not annualized.

 

(d)

The expense ratios presented below exclude interest expense:

 

    Six Months
Ended
September 30,
2023

(unaudited)(f)
    Year Ended March 31,  
  2023     2022     2021     2020     2019  

Net of waivers/reimbursements

    1.02     1.02     .99     1.02     .99     .99

Before waivers/reimbursements

    1.02     1.02     .99     1.02     1.00     1.00

 

(e)

In connection with the Fund’s investments in affiliated underlying portfolios, the Fund incurs no direct expenses but bears proportionate shares of the acquired fund fees and expenses (i.e. operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund’s pro rata share of certain acquired fund fees and expenses, and for the years ended March 31, 2020 and March 31, 2019, such waiver amounted to 0.01% and 0.01%, respectively.

 

(f)

Annualized.

 

^

The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.

See notes to financial statements.

 

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ADDITIONAL INFORMATION

(unaudited)

 

AllianceBernstein Global High Income Fund

Shareholders whose shares are registered in their own names will automatically be participants in the Dividend Reinvestment Plan (the “Plan”), pursuant to which distributions to shareholders will be paid in or reinvested in additional shares of the Fund, unless they elect to receive cash. Computershare Trust Company N.A. (the “Agent”) will act as agent for participants under the Plan. Shareholders whose shares are held in the name of a broker or nominee should contact such broker or nominee to determine whether or how they may participate in the Plan.

If the Board declares a distribution payable either in shares or in cash, as holders of the Common Stock may have elected, non-participants in the Plan will receive cash and participants in the Plan will receive the equivalent in shares of Common Stock of the Fund valued as follows:

 

  (i)

If the shares of Common Stock are trading at net asset value or at a premium above net asset value at the time of valuation, the Fund will issue new shares at the greater of net asset value or 95% of the then current market price.

 

  (ii)

If the shares of Common Stock are trading at a discount from net asset value at the time of valuation, the Agent will receive the distribution in cash and apply it to the purchase of the Fund’s shares of Common Stock in the open market on the New York Stock Exchange or elsewhere, for the participants’ accounts. Such purchases will be made on or shortly after the payment date for such distribution and in no event more than 30 days after such date except where temporary curtailment or suspension of purchase is necessary to comply with Federal securities laws. If, before the Agent has completed its purchases, the market price exceeds the net asset value of a share of Common Stock, the average purchase price per share paid by the Agent may exceed the net asset value of the Fund’s shares of Common Stock, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund.

The Agent will maintain all shareholders’ accounts in the Plan and furnish written confirmation of all transactions in the account, including information needed by shareholders for tax records. Shares in the account of each Plan participant will be held by the Agent in non-certificate form in the name of the participant, and each shareholder’s proxy will include those shares purchased or received pursuant to the Plan.

There will be no charges with respect to shares issued directly by the Fund to satisfy the dividend reinvestment requirements. However, each participant

 

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ADDITIONAL INFORMATION (continued)

 

will pay a pro rata share of brokerage commissions incurred with respect to the Agent’s open market purchases of shares.

The automatic reinvestment of distributions will not relieve participants of any income taxes that may be payable (or required to be withheld) on distributions.

Experience under the Plan may indicate that changes are desirable. Accordingly, the Fund reserves the right to amend or terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to written notice of the change sent to participants in the Plan at least 90 days before the record date for such dividend or distribution. The Plan may also be amended or terminated by the Agent on at least 90 days written notice to participants in the Plan. All correspondence concerning the Plan should be directed to the Agent at Computershare Trust Company N.A., P.O. Box 30170 College Point, TX 77842-3170.

 

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BOARD OF DIRECTORS

 

Garry L. Moody(1),
Chairman

Jorge A. Bermudez(1)

Michael J. Downey(1)

Onur Erzan, President and Chief Executive Officer

  

Nancy P. Jacklin(1)

Jeanette W. Loeb(1)

Carol C. McMullen(1)

Marshall C. Turner, Jr.(1)

OFFICERS

Christian DiClementi(2), Vice President

Gershon M. Distenfeld(2), Vice President

Fahd Malik(2), Vice President

Matthew S. Sheridan(2), Vice President

William Smith(2), Vice President

  

Nancy E. Hay, Secretary

Michael B. Reyes, Senior Vice President

Stephen M. Woetzel, Treasurer and Chief Financial Officer

Phyllis J. Clarke, Controller

Jennifer Friedland, Chief Compliance Officer

 

Administrator

AllianceBernstein, L.P.

501 Commerce Street

Nashville, TN 37203

 

Custodian and Accounting Agent

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

 

Dividend Paying Agent,

Transfer Agent and Registrar

Computershare Trust Company, N.A.

P.O. Box 505000

Louisville, KY 40233

  

Independent Registered Public Accounting Firm

Ernst & Young LLP

One Manhattan West

New York, NY 10001

 

Legal Counsel

Seward & Kissel LLP

One Battery Park Plaza

New York, NY 10004

 

1

Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

 

2

The day-to-day management of, and investment decisions for, the Fund’s portfolio are made by the Adviser’s Global High Income Investment Team. While all members of the team work jointly to determine the majority of the investment strategy including stock selection for the Fund, Messrs. DiClementi, Distenfeld, Malik, Sheridan and Smith, members of the Global High Income Investment Team, are primarily responsible for the day-to-day management of the Fund’s portfolio.

 

  

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that the Fund may purchase from time to time at market prices shares of its Common Stock in the open market.

 

  

This report, including the financial statements herein, is transmitted to the shareholders of AllianceBernstein Global High Income Fund for their information. The financial information included herein is taken from the records of the Fund. This is not a prospectus, circular or representation intended for use in the purchase of shares of the Fund or any securities mentioned in this report.

 

  

Annual Certifications—As required, on April 19, 2023, the Fund submitted to the New York Stock Exchange (“NYSE”) the annual certification of the Fund’s Chief Executive Officer certifying that he is not aware of any violation of the NYSE’s Corporate Governance listing standards. The Fund also has included the certifications of the Fund’s Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act of 2002 as exhibits to the Fund’s Form N-CSR filed with the Securities and Exchange Commission for the reporting period.

 

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Information Regarding the Review and Approval of the Fund’s Advisory and Administration Agreements

The disinterested directors (the “directors”) of AllianceBernstein Global High Income Fund, Inc. (the “Fund”) unanimously approved the continuance of the Fund’s Advisory Agreement with the Adviser and the continuance of the Fund’s Administration Agreement with the Adviser (in such capacity, the “Administrator”) at a meeting held in-person on August 1-2, 2023 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement and the Administration Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement and Administration Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the Administrator to provide administrative services to the Fund and the overall arrangements (i) between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee and (ii) between the Fund and the Administrator, as provided in the Administration Agreement, including the administration fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors

 

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considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement and by the Administrator under the Administration Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund and the resources the Administrator has devoted to providing services to the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors noted that the Adviser receives reimbursements for certain clerical, accounting, administrative and other services provided to the Fund by the Adviser pursuant to the Administration Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement and the Administration Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser (including in its capacity as Administrator) for calendar years 2021 and 2022 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiary that provides shareholder services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

 

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Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised by the Adviser in which the Fund invests, including, but not limited to, benefits relating to shareholder servicing fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the Fund’s performance against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2023. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the management fee rate payable by the Fund (the combined advisory fee payable to the Adviser and administration fee payable to the Administrator) and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. They compared the combined advisory and administration fees payable by the Fund to the advisory fees of other funds where there is no separate administrator. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds. The directors compared the Fund’s contractual total management fee rate (the combined advisory fee payable to the Adviser plus the administration fee payable to the Administrator) with a peer group median and noted that it was lower than the median. The directors noted that the total management fee rate was expressed as a percentage of net assets and would have been somewhat lower if expressed as a percentage of average total assets (i.e., net assets plus assets supported by leverage).

The directors also compared the Fund’s contractual advisory fee rate with the fee rate charged by the Adviser for advising an open-end high income fund that also invested globally, and noted historical differences in their fee structures.

 

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The Adviser informed the directors that there were no institutional products managed by the Adviser that utilize investment strategies similar to those of the Fund.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Fund in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The advisory fee schedule for the Fund does not contain breakpoints that reduce the fee rates on assets above specified levels. The directors considered that the Fund is a closed-end fixed-income fund and was not expected to have meaningful asset growth (absent a rights offering or an acquisition). In such circumstances, the directors did not view the potential for realization of economies of scale as the Fund’s assets grow to be a material factor in their deliberations. They noted that, if the Fund’s net assets were to increase materially, they would review whether potential economies of scale were being realized.

 

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ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    |    117


This page is not part of the Shareholder Report or the Financial Statements.

 

 

AB FAMILY OF FUNDS

 

US EQUITY

CORE

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

GROWTH

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

VALUE

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

INTERNATIONAL/GLOBAL EQUITY

CORE

Global Core Equity Portfolio

International Low Volatility Equity Portfolio1

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

GROWTH

Concentrated International Growth Portfolio

VALUE

All China Equity Portfolio

International Value Fund

FIXED INCOME

MUNICIPAL

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

TAXABLE

Bond Inflation Strategy

Global Bond Fund

High Income Fund

Income Fund

Intermediate Duration Portfolio

Short Duration High Yield Portfolio1

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

ALTERNATIVES

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

MULTI-ASSET

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

CLOSED-END FUNDS

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

EXCHANGE-TRADED FUNDS

Disruptors ETF

High Yield ETF

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

US High Dividend ETF

US Large Cap Strategic Equities ETF

US Low Volatility Equity ETF

 

We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

 

1

Prior to July 5, 2023, International Low Volatility Equity Portfolio was named International Strategic Core Portfolio and Short Duration High Yield Portfolio was named Limited Duration High Income Portfolio.

 

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NOTES

 

 

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NOTES

 

 

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Privacy Notice

AllianceBernstein and its affiliates (collectively referred to as “AllianceBernstein”, “we”, “our”, and similar pronouns) understand the importance of maintaining the confidentiality and security of our clients’ nonpublic personal information. Nonpublic personal information is personally identifiable financial information about our clients who are natural persons. To provide financial products and services to our clients, we collect nonpublic personal information from a variety of sources, including: (1) information we receive from clients, such as through applications or other forms, which can include a client’s name, address, phone number, social security number, assets, income and other household information, (2) information about client transactions with us, our affiliates and non-affiliated third parties, which can include account balances and transactions history, and (3) information from visitors to our websites provided through online forms, site visitorship data and online information-collecting devices known as “cookies.”

We may disclose all of the nonpublic personal information that we collect about our current and former clients, as described above, to non-affiliated third parties to manage our business and as otherwise required or permitted by law, including those that perform transaction processing or servicing functions, marketing services providers that provide marketing services on our behalf pursuant to a joint marketing agreement, and professional services firms that provide knowledge-based services such as accountants, consultants, lawyers and auditors to help manage client accounts. We require all the third-party providers to adhere to our privacy policy or a functional equivalent.

We may also disclose the nonpublic personal information that we collect about current and former clients, as described above, to our affiliated investment, brokerage, service and insurance companies for the purpose of marketing their products or services to clients under circumstances that are permitted by law, such as if our affiliate has its own relationship with you. We have policies and procedures to ensure that certain conditions are met before an AllianceBernstein affiliated company may use information obtained from another affiliate to solicit clients for marketing purposes.

We will also use nonpublic personal information about our clients for our own internal analysis, analytics, research and development, and to improve and add to our client offerings.

We have policies and procedures designed to safeguard the confidentiality and security of nonpublic personal information about our clients that include restricting access to nonpublic personal information to personnel that have been screened and undergone security and privacy training; to personnel who need it to perform their work functions such as our operations, customer service, account management, finance, quality, vendor management and compliance teams as required to provide services, communicate with you and fulfill our legal obligations.

We employ reasonably designed physical, electronic and procedural safeguards to secure and protect client nonpublic personal information.

If you are in the European Economic Area (“EEA”) or Switzerland, we will comply with applicable legal requirements providing adequate protection for the transfer of personal information to recipients in countries outside of the EEA and Switzerland.

For more information, our Privacy Policy statement can be viewed here: https://www.alliancebernstein.com/abcom/Privacy_Terms/PrivacyPolicy.htm.


LOGO

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

GHI-0152-0923     LOGO


ITEM 2. CODE OF ETHICS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable when filing a semi-annual report to shareholders.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 6. INVESTMENTS.

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable when filing a semi-annual report to shareholders.


ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

The registrant did not engage in securities lending during its most recent fiscal year.

ITEM 13. EXHIBITS.

The following exhibits are attached to this Form N-CSR:

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): AllianceBernstein Global High Income Fund, Inc.

 

By:  

/s/ Onur Erzan

  Onur Erzan
  President
Date:   November 24, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:  

/s/ Onur Erzan

  Onur Erzan
  President
Date:   November 24, 2023
By:  

/s/ Stephen M. Woetzel

  Stephen M. Woetzel
  Treasurer and Chief Financial Officer
Date:   November 24, 2023