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

SEMI-ANNUAL REPORT

ALLIANCEBERNSTEIN

GLOBAL HIGH INCOME FUND

(NYSE: AWF)

Investment Products Offered •  Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com, or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. AB publishes full portfolio holdings for the Fund monthly at www.abfunds.com.

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

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

FROM THE PRESIDENT

Dear Shareholder,

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

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

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

⁺  Applying differentiated investment insights through a connected global research network

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

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

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

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

Sincerely,

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.

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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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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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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.

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DISCLOSURES AND RISKS (continued)

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

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

Emerging-Market Risk: Investments in emerging-market countries may have more risk because the markets are less developed and less liquid and are subject to increased economic, political, regulatory or other uncertainties.

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.

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

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

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

Management Risk: The Fund is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is

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DISCLOSURES AND RISKS (continued)

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

September 30, 2023 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $907.7

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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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

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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

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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

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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	)

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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.

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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 abfunds.com

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 abfunds.com

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.

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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

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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

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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.

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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

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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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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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.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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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

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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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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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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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	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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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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NOTES TO FINANCIAL STATEMENTS (continued)

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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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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NOTES TO FINANCIAL STATEMENTS (continued)

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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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.

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

GHI-0152-0923    

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:

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
12(b)(1)	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12(b)(2)	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12(c)	Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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