AllianceBernstein Global High Income Fund (AWF) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07732

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND, INC.

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas, New York, New York 10105

(Address of principal executive offices) (Zip code)

Joseph J. Mantineo

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 221-5672

Date of fiscal year end: March 31, 2021

Date of reporting period: September 30, 2020

ITEM 1. REPORTS TO STOCKHOLDERS.

SEP    ^09.30.20

SEMI-ANNUAL REPORT

ALLIANCEBERNSTEIN

GLOBAL HIGH INCOME FUND

(NYSE: AWF)

Beginning January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor and your shares are held with our transfer agent, Computershare, you may log into your Investor Center account at www.computershare.com/investor and go to “Communication Preferences”. You may also call Computershare at (800) 219 4218.

You may elect to receive all future reports in paper form free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call Computershare at (800) 219 4218. Your election to receive reports in paper form will apply to all funds held in your account with your financial intermediary or, if you invest directly, to all AB Closed-end Funds you hold.

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. The Fund’s Forms N-PORT may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

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

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

FROM THE PRESIDENT

Dear Shareholder,

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

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

⁺  Transforming uncommon insights into uncommon knowledge with a global research scope

⁺  Navigating markets with seasoned investment experience and sophisticated solutions

⁺  Providing thoughtful investment insights and actionable ideas

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

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

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

Thank you for your investment in the AB Mutual Funds.

Sincerely,

Robert M. Keith

President and Chief Executive Officer, AB Mutual Funds

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SEMI-ANNUAL REPORT

November 9, 2020

This report provides management’s discussion of fund performance for AllianceBernstein Global High Income Fund for the semi-annual reporting period ended September 30, 2020. 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, 2020 (unaudited)

	6 Months		12 Months
ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND (NAV)		17.62%		-0.58%
Primary Benchmark: Bloomberg Barclays Global High Yield Index (USD hedged)		15.81%		1.99%
Blended Benchmark: 33% JPM GBI-EM / 33% JPM EMBI Global / 33% Bloomberg Barclays US Corporate HY 2% Issuer Capped Index		12.46%		0.79%

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

The Fund’s market price per share on September 30, 2020 was $10.51. The Fund’s NAV per share on September 30, 2020 was $12.16. For additional financial highlights, please see pages 118-119.

INVESTMENT RESULTS

The table above shows the Fund’s performance compared with its primary benchmark, the Bloomberg Barclays Global High Yield Index (USD hedged), as well as its blended benchmark for the six- and 12-month periods ended September 30, 2020. The blended benchmark is composed of equal weightings of the JPMorgan Government Bond Index-Emerging Markets (“JPM GBI-EM”) (local currency-denominated), the JPMorgan Emerging Markets Bond Index Global (“JPM EMBI Global”) and the Bloomberg Barclays US Corporate High Yield (“HY”) 2% Issuer Capped Index.

During the six-month period, the Fund outperformed its primary and blended benchmarks. Sector allocation was the largest contributor, relative to the benchmark, mostly from off-benchmark high-yield credit default swaps and agency risk-sharing securities that offset losses from off-benchmark sector allocations to US Treasuries and commercial mortgage-backed securities (“CMBS”) as well as an overweight to investment-grade corporate bonds. Security selection also contributed, as selections among high-yield corporate bonds in the US and eurozone, emerging-market sovereigns, asset-backed securities and investment-grade corporate bonds more than offset losses from CMBS. Yield-curve

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positioning in the five- to 30-year parts of the yield curve and being overweight duration in the US also added to returns. Currency selection was a minor contributor to performance. Country allocation detracted due to an allocation to Brazil that was only partially offset by country exposures in the eurozone and several other countries.

During the 12-month period, the Fund underperformed its primary and blended benchmarks. Security selection was the largest detractor, mostly among CMBS, investment-grade and high-yield corporate bonds and asset-backed securities that were partially offset by gains in emerging-market sovereign bonds. Sector allocation also detracted, primarily from underweights to high-yield corporate bonds, emerging-market corporate bonds and exposure to high-yield credit default swaps that were partially offset by gains from an underweight to emerging-market sovereign bonds, off-benchmark exposure to US Treasuries, CMBS, asset-backed securities and an overweight to investment-grade corporate bonds. Currency selection was a minor detractor, due to long positions in the Argentine peso and Brazilian real that were partially offset by a long position in the Egyptian pound. Duration and yield-curve positioning contributed, from an overall duration overweight in the US and yield-curve positioning mostly in the six-month and 10- to 20-year parts of the US yield curve. Country allocation also added to performance, due to an underweight to the eurozone, overweights to Brazil and Colombia, and off-benchmark exposures in Indonesia, Egypt, Argentina and Russia that offset a loss from off-benchmark exposure in Canada.

During both periods, the Fund utilized futures, interest rate swaps and interest rate swaptions to manage and hedge duration risk and/or to take active yield-curve positioning. Currency forwards and currency options, both written and purchased, were used to hedge foreign currency exposure and to take active currency risk. Credit default swaps were used to hedge credit risk and as a tool to effectively gain exposure to specific sectors. Total return swaps were used to take active credit risk. The utilization of leverage on behalf of the Fund detracted from returns, relative to the benchmark. As the benchmark generated positive returns in excess of borrowing rates over both periods, the utilization of leverage contributed positively to the Fund’s absolute returns.

MARKET REVIEW AND INVESTMENT STRATEGY

Global fixed-income market returns were strong yet volatile over the six-month period ended September 30, 2020. Central banks and governments enacted an unprecedented amount of monetary and fiscal stimulus to combat market illiquidity and cushion the negative economic impact of COVID-19, which set the stage for a rebound in risk assets. Government bonds advanced modestly. Emerging- and developed-market high-yield corporate bonds led gains, followed by developed- and emerging-market investment-grade corporates, as investors searched for higher yields in a period of falling interest rates. Emerging-market local bonds also

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rebounded, and securitized assets provided positive yet muted results. The US dollar fell against all major developed-market currencies and most emerging-market currencies. Brent crude oil prices nearly doubled as economies started to open up and rebound, and as the growth outlook improved.

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 5-7 and “Note E—Risks Involved in Investing in the Fund” of the Notes to Financial Statements on pages 112-116.

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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 120-121.

Benchmark Disclosure

All indices are unmanaged and do not reflect fees and expenses associated with the active management of a fund portfolio. The Bloomberg Barclays Global High Yield Index (USD hedged) represents non-investment grade fixed-income securities of companies in the US, and developed and emerging markets, 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 Barclays US Corporate HY 2% Issuer Capped Index is the 2% Issuer Capped component of the US Corporate High Yield Index, which represents the performance of fixed-income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million and at least one year to maturity. An investor cannot invest directly in an index, and its results are not indicative of the performance of any specific investment, including the Fund.

A Word About Risk

Market Risk: The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), that affect large portions of the market.

Interest-Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations.

Credit Risk: An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full

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DISCLOSURES AND RISKS (continued)

principal amount of a security. 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”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest-rate sensitivity, negative perceptions of the junk bond market generally and less secondary market liquidity.

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

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

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

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

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

Diversification Risk: The Fund may have more risk because it is “non-diversified”, meaning that it can invest more of its assets in a smaller number of issuers and that adverse changes in the value of one security could have a more significant effect on the Fund’s NAV.

Derivatives Risk: Investments in derivatives may be illiquid, difficult to price and leveraged so that small changes may produce disproportionate losses for the Fund, and may be subject to counterparty risk to a greater degree than more traditional investments.

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DISCLOSURES AND RISKS (continued)

Management Risk: The Fund is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. The Fund may invest in mortgage-backed and/or other asset-backed securities, including securities backed by mortgages and assets with an international or emerging-markets origination and securities backed by non-performing loans at the time of investment. Investments in mortgage-backed and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include “extension risk”, which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and “prepayment risk”, which is the risk that, in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Fund to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by nongovernmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities.

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

An Important Note About Historical Performance

The performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. All fees and expenses related to the operation of the Fund have been deducted. Performance assumes reinvestment of distributions and does not account for taxes.

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PORTFOLIO SUMMARY

September 30, 2020 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $1,047.9

1 All data are as of September 30, 2020. The Fund’s security type breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” security type weightings represent 0.5% or less in the following: Governments–Sovereign Bonds, Inflation-Linked Securities, Investment Companies, Local Governments–US Municipal Bonds, Options Purchased–Puts, Preferred Stocks, Rights, Warrants and Whole Loan Trusts.

2 All data are as of September 30, 2020. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 0.8% or less in the following: Angola, Australia, Bahrain, Bermuda, Chile, China, Costa Rica, Denmark, Ecuador, El Salvador, Finland, Gabon, Germany, Ghana, Guatemala, Honduras, Hong Kong, Indonesia, Iraq, Ireland, Israel, Ivory Coast, Jamaica, Japan, Jordan, Kazakhstan, Kenya, Kuwait, Lebanon, Luxembourg, Macau, Mongolia, Morocco, Nigeria, Norway, Oman, Pakistan, Peru, Russia, Senegal, South Africa, Spain, Sri Lanka, Sweden, Switzerland, Turkey, Ukraine, United Arab Emirates, Venezuela and Zambia.

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PORTFOLIO OF INVESTMENTS

September 30, 2020 (unaudited)

		Principal Amount (000)		U.S. $ Value
CORPORATES – NON-INVESTMENT GRADE – 36.5%
Industrial – 30.2%
Basic – 3.0%
Advanced Drainage Systems, Inc. 5.00%, 09/30/2027(a)	U.S.$		140	$	146,287
Alcoa Nederland Holding BV 6.125%, 05/15/2028(a)			289		304,333
Arconic Corp. 6.125%, 02/15/2028(a)			334		343,714
Ashland LLC 4.75%, 08/15/2022			48		50,527
Axalta Coating Systems LLC 4.875%, 08/15/2024(a)			516		526,215
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV 4.75%, 06/15/2027(a)			350		357,875
Big River Steel LLC/BRS Finance Corp. 6.625%, 01/31/2029(a)			1,403		1,419,223
CF Industries, Inc. 4.95%, 06/01/2043			620		721,477
5.375%, 03/15/2044			747		899,324
Cleveland-Cliffs, Inc. 6.75%, 03/15/2026(a)			107		108,892
9.875%, 10/17/2025(a)			1,169		1,304,680
Crown Americas LLC/Crown Americas Capital Corp. VI 4.75%, 02/01/2026			751		779,496
Element Solutions, Inc. 3.875%, 09/01/2028(a)			993		975,167
ERP Iron Ore, LLC 9.039%, 12/31/2019(b)(c)(d)(e)(f)			240		204,246
FMG Resources (August 2006) Pty Ltd. 4.50%, 09/15/2027(a)			1,028		1,093,573
5.125%, 03/15/2023(a)			69		71,820
Freeport-McMoRan, Inc. 5.45%, 03/15/2043			1,394		1,546,444
Graham Packaging Co., Inc. 7.125%, 08/15/2028(a)			297		309,067
Grinding Media, Inc./Moly-Cop AltaSteel Ltd. 7.375%, 12/15/2023(a)			1,290		1,305,981
Hecla Mining Co. 7.25%, 02/15/2028			1,328		1,437,853
Illuminate Buyer LLC/Illuminate Holdings IV, Inc. 9.00%, 07/01/2028(a)			852		915,369

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PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC 6.00%, 09/15/2028(a)	U.S.$		913	$	926,776
Joseph T Ryerson & Son, Inc. 8.50%, 08/01/2028(a)			687		722,996
Kaiser Aluminum Corp. 6.50%, 05/01/2025(a)			277		285,423
Kraton Polymers LLC/Kraton Polymers Capital Corp. 5.25%, 05/15/2026(a)	EUR		846		999,742
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018(b)(c)(d)(e)(g)	U.S.$		2,857		– 0	–
Nouryon Holding BV 6.50%, 10/01/2026(a)	EUR		1,010		1,222,660
8.00%, 10/01/2026(a)	U.S.$		171		181,518
Novelis Corp. 5.875%, 09/30/2026(a)			1,523		1,562,738
OCI NV 5.00%, 04/15/2023(a)	EUR		1,300		1,562,290
6.625%, 04/15/2023(a)	U.S.$		1,061		1,096,301
Olin Corp. 5.625%, 08/01/2029			1,187		1,166,086
Peabody Energy Corp. 6.00%, 03/31/2022(a)			438		284,906
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 5.125%, 07/15/2023(a)			717		725,948
Smurfit Kappa Treasury Funding DAC 7.50%, 11/20/2025			238		288,357
SPCM SA 4.875%, 09/15/2025(a)			975		1,005,956
United States Steel Corp. 12.00%, 06/01/2025(a)			1,376		1,465,133
Valvoline, Inc. 4.25%, 02/15/2030(a)			1,707		1,740,571
WR Grace & Co.-Conn 4.875%, 06/15/2027(a)			413		426,010
5.625%, 10/01/2024(a)			386		410,147
					30,895,121
Capital Goods – 2.5%
ARD Finance SA 5.00% (5.00% Cash or 5.75% PIK), 06/30/2027(a)(f)	EUR		939		1,072,373
6.50% (6.50% Cash or 7.25% PIK), 06/30/2027(a)(f)	U.S.$		1,039		1,033,797

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PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Bombardier, Inc. 5.75%, 03/15/2022(a)	U.S.$		932	$	902,620
7.50%, 12/01/2024-03/15/2025(a)			2,404		1,807,693
7.875%, 04/15/2027(a)			386		285,942
Clean Harbors, Inc. 4.875%, 07/15/2027(a)			25		26,169
Cleaver-Brooks, Inc. 7.875%, 03/01/2023(a)			633		615,450
Colfax Corp. 6.00%, 02/15/2024(a)			194		201,588
6.375%, 02/15/2026(a)			207		219,777
Energizer Holdings, Inc. 4.75%, 06/15/2028(a)			348		359,952
EnerSys 4.375%, 12/15/2027(a)			935		961,076
F-Brasile SpA/F-Brasile US LLC Series XR 7.375%, 08/15/2026(a)			957		793,772
Gates Global LLC/Gates Corp. 6.25%, 01/15/2026(a)			1,205		1,242,102
GFL Environmental, Inc. 7.00%, 06/01/2026(a)			651		686,042
8.50%, 05/01/2027(a)			465		506,150
Granite US Holdings Corp. 11.00%, 10/01/2027(a)			507		522,210
Griffon Corp. 5.75%, 03/01/2028			1,848		1,931,679
JELD-WEN, Inc. 4.625%, 12/15/2025(a)			128		128,792
Liberty Tire Recycling LLC 9.50%, 01/15/2023(b)(e)(g)			673		673,320
Mauser Packaging Solutions Holding Co. 5.50%, 04/15/2024(a)			1,050		1,053,691
7.25%, 04/15/2025(a)			264		248,724
Moog, Inc. 4.25%, 12/15/2027(a)			373		381,402
Rebecca Bidco GmbH 5.75%, 07/15/2025(a)	EUR		384		451,544
Signature Aviation US Holdings, Inc. 4.00%, 03/01/2028(a)	U.S.$		700		649,817
5.375%, 05/01/2026(a)			402		405,684
Stevens Holding Co., Inc. 6.125%, 10/01/2026(a)			141		150,846
Summit Materials LLC/Summit Materials Finance Corp. 5.25%, 01/15/2029(a)			367		381,967

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PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Terex Corp. 5.625%, 02/01/2025(a)	U.S.$		262	$	262,165
TransDigm, Inc. 6.25%, 03/15/2026(a)			556		580,585
6.50%, 07/15/2024			1,529		1,525,048
8.00%, 12/15/2025(a)			820		891,565
Triumph Group, Inc. 6.25%, 09/15/2024(a)			392		334,291
7.75%, 08/15/2025			812		519,982
8.875%, 06/01/2024(a)			716		762,422
Trivium Packaging Finance BV 3.75%, 08/15/2026(a)	EUR		100		116,073
5.50%, 08/15/2026(a)	U.S.$		227		234,331
8.50%, 08/15/2027(a)			382		408,891
Vertical Holdco GmbH 7.625%, 07/15/2028(a)			465		489,654
Vertical US Newco, Inc. 5.25%, 07/15/2027(a)			1,006		1,045,521
Wesco Distribution, Inc. 7.125%, 06/15/2025(a)			720		783,809
7.25%, 06/15/2028(a)			532		582,724
					26,231,240
Communications - Media – 3.3%
Altice Financing SA 7.50%, 05/15/2026(a)			1,782		1,885,615
Banijay Entertainment SASU 3.50%, 03/01/2025(a)	EUR		210		240,059
5.375%, 03/01/2025(a)	U.S.$		420		424,203
CCO Holdings LLC/CCO Holdings Capital Corp. 5.00%, 02/01/2028(a)			65		68,217
5.125%, 05/01/2027(a)			551		579,735
5.375%, 05/01/2025(a)			74		76,235
5.75%, 02/15/2026(a)			371		385,721
Clear Channel Worldwide Holdings, Inc. 5.125%, 08/15/2027(a)			908		870,744
CSC Holdings LLC 5.375%, 02/01/2028(a)			1,502		1,592,180
5.50%, 05/15/2026(a)			200		208,021
7.50%, 04/01/2028(a)			941		1,035,962
DISH DBS Corp. 5.00%, 03/15/2023			178		180,976
5.875%, 11/15/2024			2,291		2,349,197
6.75%, 06/01/2021			333		341,310
Gray Television, Inc. 5.125%, 10/15/2024(a)			987		1,009,133

12    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
iHeartCommunications, Inc. 4.75%, 01/15/2028(a)	U.S.$		60	$	56,654
5.25%, 08/15/2027(a)			285		278,751
6.375%, 05/01/2026			111		116,101
8.375%, 05/01/2027			202		199,342
Lamar Media Corp. 4.875%, 01/15/2029(a)			147		153,169
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027(a)			2,489		2,541,513
Liberty Interactive LLC 3.75%, 02/15/2030(h)			875		647,201
Meredith Corp. 6.875%, 02/01/2026			2,472		2,061,515
National CineMedia LLC 5.875%, 04/15/2028(a)			623		521,520
Netflix, Inc. 4.375%, 11/15/2026			1,502		1,637,156
4.875%, 04/15/2028			1,171		1,315,393
Outfront Media Capital LLC/Outfront Media Capital Corp. 4.625%, 03/15/2030(a)			580		559,241
Scripps Escrow, Inc. 5.875%, 07/15/2027(a)			639		619,852
Sinclair Television Group, Inc. 5.50%, 03/01/2030(a)			810		753,351
Sirius XM Radio, Inc. 5.50%, 07/01/2029(a)			25		26,821
Summer BC Holdco B SARL 5.75%, 10/31/2026(a)	EUR		1,395		1,610,443
TEGNA, Inc. 4.75%, 03/15/2026(a)	U.S.$		346		352,976
5.00%, 09/15/2029(a)			830		818,745
5.50%, 09/15/2024(a)			162		165,059
Univision Communications, Inc. 5.125%, 02/15/2025(a)			254		239,644
6.625%, 06/01/2027(a)			1,593		1,562,659
9.50%, 05/01/2025(a)			309		331,985
UPC Holding BV 5.50%, 01/15/2028(a)			2,223		2,304,530
Virgin Media Secured Finance PLC 4.50%, 08/15/2030(a)			992		1,019,163
Ziggo Bond Co. BV 5.125%, 02/28/2030(a)			299		302,457
6.00%, 01/15/2027(a)			815		846,293
Ziggo BV 5.50%, 01/15/2027(a)			1,644		1,710,391
					33,999,233

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    13

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Communications - Telecommunications – 2.0%
Altice France SA/France 7.375%, 05/01/2026(a)	U.S.$		1,421	$	1,488,566
8.125%, 02/01/2027(a)			465		506,777
C&W Senior Financing DAC 6.875%, 09/15/2027(a)			1,501		1,551,897
7.50%, 10/15/2026(a)			395		413,940
CenturyLink, Inc. Series T 5.80%, 03/15/2022			78		80,478
Connect Finco SARL/Connect US Finco LLC 6.75%, 10/01/2026(a)			1,321		1,327,446
Consolidated Communications, Inc. 6.50%, 10/01/2028(a)			694		708,609
DKT Finance ApS 7.00%, 06/17/2023(a)	EUR		506		598,326
9.375%, 06/17/2023(a)	U.S.$		895		922,348
Hughes Satellite Systems Corp. 6.625%, 08/01/2026			730		789,720
7.625%, 06/15/2021			1,383		1,435,876
Intelsat Jackson Holdings SA 5.50%, 08/01/2023(d)(i)			1,675		1,050,168
Intrado Corp. 8.50%, 10/15/2025(a)			748		651,044
Level 3 Financing, Inc. 5.25%, 03/15/2026			164		169,767
5.375%, 01/15/2024			837		843,417
Nexstar Broadcasting, Inc. 5.625%, 07/15/2027(a)			596		625,431
Sprint Capital Corp. 8.75%, 03/15/2032			83		121,542
Sprint Corp. 7.625%, 03/01/2026			184		222,345
7.875%, 09/15/2023			536		615,700
T-Mobile USA, Inc. 4.75%, 02/01/2028			39		41,715
6.00%, 03/01/2023			743		744,822
Telecom Italia Capital SA 7.20%, 07/18/2036			483		608,047
7.721%, 06/04/2038			1,784		2,370,491
Vmed O2 UK Financing I PLC 4.25%, 01/31/2031(a)			530		538,882
Zayo Group Holdings, Inc. 4.00%, 03/01/2027(a)			499		491,170
6.125%, 03/01/2028(a)			2,125		2,192,917
					21,111,441

14    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Automotive – 2.1%
Adient US LLC 9.00%, 04/15/2025(a)	U.S.$		989	$	1,095,294
Allison Transmission, Inc. 5.875%, 06/01/2029(a)			489		528,779
American Axle & Manufacturing, Inc. 6.25%, 04/01/2025			974		963,650
6.875%, 07/01/2028			1,414		1,371,782
Clarios Global LP/Clarios US Finance Co. 6.25%, 05/15/2026(a)			210		220,216
8.50%, 05/15/2027(a)			1,939		2,006,242
Dana Financing Luxembourg SARL 5.75%, 04/15/2025(a)			109		111,293
Dana, Inc. 5.375%, 11/15/2027			109		111,786
5.625%, 06/15/2028			182		188,164
Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028(a)			688		704,360
Exide Technologies (Exchange Priority) 11.00%, 10/31/2024(b)(d)(e)(g)(i)			3,583		179,160
(First Lien) 11.00%, 10/31/2024(b)(d)(e)(g)(i)			1,207		– 0	–
Ford Motor Co. 8.50%, 04/21/2023			2,591		2,824,531
9.00%, 04/22/2025			720		825,095
Garrett LX I SARL/Garrett Borrowing LLC 5.125%, 10/15/2026(a)(d)(i)	EUR		1,083		1,199,654
IHO Verwaltungs GmbH 3.625% (3.625% Cash or 4.375% PIK), 05/15/2025(a)(f)			284		333,933
3.875% (3.875% Cash or 4.625% PIK), 05/15/2027(a)(f)			338		396,748
Meritor, Inc. 6.25%, 02/15/2024	U.S.$		305		310,163
6.25%, 06/01/2025(a)			409		427,576
Navistar International Corp. 6.625%, 11/01/2025(a)			718		732,827
9.50%, 05/01/2025(a)			309		347,735
PM General Purchaser LLC 9.50%, 10/01/2028(a)			573		594,261
Tenneco, Inc. 4.875%, 04/15/2022(a)	EUR		541		606,876
5.00%, 07/15/2024(a)			300		325,698
5.00%, 07/15/2026	U.S.$		2,174		1,548,488

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    15

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Tesla, Inc. 5.30%, 08/15/2025(a)	U.S.$		599	$	622,010
Titan International, Inc. 6.50%, 11/30/2023			862		647,207
Truck Hero, Inc. 8.50%, 04/21/2024(a)			792		839,509
ZF North America Capital, Inc. 4.75%, 04/29/2025(a)			1,421		1,455,724
					21,518,761
Consumer Cyclical - Entertainment – 1.5%
AMC Entertainment Holdings, Inc. 5.75%, 06/15/2025			180		40,644
5.875%, 11/15/2026			1,540		331,945
Carnival Corp. 9.875%, 08/01/2027(a)			661		700,389
11.50%, 04/01/2023(a)			1,841		2,062,053
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.50%, 05/01/2025(a)			2,191		2,246,466
Mattel, Inc. 5.875%, 12/15/2027(a)			802		862,069
6.75%, 12/31/2025(a)			114		120,250
Royal Caribbean Cruises Ltd. 10.875%, 06/01/2023(a)			1,315		1,464,581
11.50%, 06/01/2025(a)			2,370		2,749,200
SeaWorld Parks & Entertainment, Inc. 8.75%, 05/01/2025(a)			991		1,046,468
9.50%, 08/01/2025(a)			855		888,311
Silversea Cruise Finance Ltd. 7.25%, 02/01/2025(a)			1,409		1,427,625
Six Flags Theme Parks, Inc. 7.00%, 07/01/2025(a)			419		446,107
Vail Resorts, Inc. 6.25%, 05/15/2025(a)			302		320,440
VOC Escrow Ltd. 5.00%, 02/15/2028(a)			1,061		940,857
					15,647,405
Consumer Cyclical - Other – 2.8%
Adams Homes, Inc. 7.50%, 02/15/2025(a)			800		806,229
Beazer Homes USA, Inc. 5.875%, 10/15/2027			419		424,556
6.75%, 03/15/2025			1,228		1,267,705
Boyd Gaming Corp. 4.75%, 12/01/2027			390		382,263
8.625%, 06/01/2025(a)			539		590,867

16    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. 4.875%, 02/15/2030(a)	U.S.$		1,097	$	1,026,376
6.25%, 09/15/2027(a)			995		1,004,212
Caesars Entertainment Corp. 5.00%, 10/01/2024(h)			121		236,588
Colt Merger Sub, Inc. 6.25%, 07/01/2025(a)			1,201		1,254,965
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, 11/15/2025(a)			1,969		1,966,211
Forestar Group, Inc. 5.00%, 03/01/2028(a)			411		414,197
8.00%, 04/15/2024(a)			590		625,197
Forterra Finance LLC/FRTA Finance Corp. 6.50%, 07/15/2025(a)			284		300,062
Hilton Domestic Operating Co., Inc. 4.875%, 01/15/2030			17		17,521
5.375%, 05/01/2025(a)			229		238,885
5.75%, 05/01/2028(a)			246		259,255
Installed Building Products, Inc. 5.75%, 02/01/2028(a)			291		307,362
International Game Technology PLC 5.25%, 01/15/2029(a)			1,499		1,517,267
6.25%, 02/15/2022(a)			562		573,793
K. Hovnanian Enterprises, Inc. 10.00%, 07/15/2022(a)			352		327,735
KB Home 7.00%, 12/15/2021			536		562,221
7.50%, 09/15/2022			494		542,267
Marriott Ownership Resorts, Inc. 6.125%, 09/15/2025(a)			773		796,946
Marriott Ownership Resorts, Inc./ILG LLC 6.50%, 09/15/2026			1,250		1,276,603
Mattamy Group Corp. 4.625%, 03/01/2030(a)			1,244		1,257,160
5.25%, 12/15/2027(a)			471		485,090
MGM Resorts International 5.75%, 06/15/2025			30		31,442
Scientific Games International, Inc. 5.00%, 10/15/2025(a)			426		428,224
7.00%, 05/15/2028(a)			172		172,526
7.25%, 11/15/2029(a)			172		174,551
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 02/15/2028-04/01/2029(a)			1,460		1,456,943
6.125%, 04/01/2025(a)			794		819,013

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    17

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Stars Group Holdings BV/Stars Group US Co-Borrower LLC 7.00%, 07/15/2026(a)	U.S.$		941	$	996,257
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875%, 05/15/2025(a)			1,785		1,739,668
Taylor Morrison Communities, Inc. 5.75%, 01/15/2028(a)			510		555,294
5.875%, 06/15/2027(a)			628		694,089
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc. 5.875%, 04/15/2023(a)			875		918,750
Twin River Worldwide Holdings, Inc. 6.75%, 06/01/2027(a)			657		655,077
Wyndham Destinations, Inc. 4.625%, 03/01/2030(a)			839		800,365
6.625%, 07/31/2026(a)			637		671,948
Wyndham Hotels & Resorts, Inc. 5.375%, 04/15/2026(a)			25		25,415
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25%, 05/15/2027(a)			45		41,838
5.50%, 03/01/2025(a)			736		695,549
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, 10/01/2029(a)			279		266,328
					29,604,810
Consumer Cyclical - Restaurants – 0.3%
1011778 BC ULC/New Red Finance, Inc. 4.375%, 01/15/2028(a)			520		532,334
Golden Nugget, Inc. 6.75%, 10/15/2024(a)			1,356		1,131,002
IRB Holding Corp. 6.75%, 02/15/2026(a)			453		453,326
7.00%, 06/15/2025(a)			601		641,428
Yum! Brands, Inc. 7.75%, 04/01/2025(a)			465		515,563
					3,273,653
Consumer Cyclical - Retailers – 1.6%
Burlington Coat Factory Warehouse Corp. 6.25%, 04/15/2025(a)			142		149,504
Dufry One BV 2.50%, 10/15/2024(a)	EUR		1,260		1,279,525

18    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
FirstCash, Inc. 4.625%, 09/01/2028(a)	U.S.$		262	$	266,708
L Brands, Inc. 5.25%, 02/01/2028			116		112,227
5.625%, 10/15/2023			419		437,482
6.625%, 10/01/2030(a)			607		619,467
6.75%, 07/01/2036			322		316,038
6.875%, 07/01/2025(a)			158		170,439
6.875%, 11/01/2035			743		732,399
7.50%, 06/15/2029			107		112,292
7.60%, 07/15/2037			1,000		921,502
9.375%, 07/01/2025(a)			272		312,148
Levi Strauss & Co. 5.00%, 05/01/2025			1,150		1,179,287
Murphy Oil USA, Inc. 5.625%, 05/01/2027			69		73,299
Penske Automotive Group, Inc. 3.50%, 09/01/2025			795		792,311
5.50%, 05/15/2026			165		170,129
5.75%, 10/01/2022			89		89,000
PetSmart, Inc. 7.125%, 03/15/2023(a)			2,360		2,382,217
Rite Aid Corp. 7.50%, 07/01/2025(a)			1,462		1,444,002
Sonic Automotive, Inc. 6.125%, 03/15/2027			817		847,754
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.375%, 09/30/2026(a)			1,515		1,542,428
Staples, Inc. 7.50%, 04/15/2026(a)			842		777,920
10.75%, 04/15/2027(a)			1,431		1,142,939
TPro Acquisition Corp. 11.00%, 10/15/2024(a)			639		642,794
William Carter Co. (The) 5.50%, 05/15/2025(a)			438		460,943
					16,974,754
Consumer Non-Cyclical – 3.1%
Acadia Healthcare Co., Inc. 5.50%, 07/01/2028(a)			881		906,753
AdaptHealth LLC 6.125%, 08/01/2028(a)			288		298,233
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 4.625%, 01/15/2027(a)			615		629,071
4.875%, 02/15/2030(a)			424		443,374
5.75%, 03/15/2025			561		579,790

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    19

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Bausch Health Americas, Inc. 8.50%, 01/31/2027(a)	U.S.$		767	$	842,761
Bausch Health Cos., Inc. 5.50%, 03/01/2023(a)			296		295,448
6.125%, 04/15/2025(a)			507		518,964
7.25%, 05/30/2029(a)			254		273,678
9.00%, 12/15/2025(a)			336		366,152
Catalent Pharma Solutions, Inc. 4.875%, 01/15/2026(a)			416		425,294
CD&R Smokey Buyer, Inc. 6.75%, 07/15/2025(a)			72		76,041
CHS/Community Health Systems, Inc. 6.25%, 03/31/2023			1,368		1,336,901
8.125%, 06/30/2024(a)			635		462,731
Coty, Inc. 4.00%, 04/15/2023(a)	EUR		136		134,435
6.50%, 04/15/2026(a)	U.S.$		953		748,310
DaVita, Inc. 3.75%, 02/15/2031(a)			1,000		963,440
Emergent BioSolutions, Inc. 3.875%, 08/15/2028(a)			135		135,021
Endo Dac/Endo Finance LLC/Endo Finco, Inc. 6.00%, 06/30/2028(a)			920		679,740
9.50%, 07/31/2027(a)			812		844,480
Envision Healthcare Corp. 8.75%, 10/15/2026(a)			1,208		579,015
Global Medical Response, Inc. 6.50%, 10/01/2025(a)			495		491,199
Hadrian Merger Sub, Inc. 8.50%, 05/01/2026(a)			461		459,088
HCA, Inc. 5.875%, 02/15/2026			110		123,185
IQVIA, Inc. 3.25%, 03/15/2025(a)	EUR		782		923,732
Kronos Acquisition Holdings, Inc. 9.00%, 08/15/2023(a)	U.S.$		704		713,926
Lamb Weston Holdings, Inc. 4.625%, 11/01/2024(a)			407		424,273
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 5.50%, 04/15/2025(a)			125		26,547
5.625%, 10/15/2023(a)			311		74,619
MEDNAX, Inc. 5.25%, 12/01/2023(a)			221		223,602
6.25%, 01/15/2027(a)			345		358,054

20    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
MPH Acquisition Holdings LLC 7.125%, 06/01/2024(a)	U.S.$		1,118	$	1,147,452
Par Pharmaceutical, Inc. 7.50%, 04/01/2027(a)			297		310,878
Post Holdings, Inc. 4.625%, 04/15/2030(a)			821		844,465
5.00%, 08/15/2026(a)			410		420,389
5.625%, 01/15/2028(a)			798		842,732
Radiology Partners, Inc. 9.25%, 02/01/2028(a)			1,599		1,662,981
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. 9.75%, 12/01/2026(a)			2,775		2,953,663
Spectrum Brands, Inc. 4.00%, 10/01/2026(a)	EUR		530		633,236
6.125%, 12/15/2024	U.S.$		361		371,229
Sunshine Mid BV 6.50%, 05/15/2026(a)	EUR		823		984,636
Synlab Unsecured Bondco PLC 8.25%, 07/01/2023(a)			700		841,568
Tenet Healthcare Corp. 6.125%, 10/01/2028(a)	U.S.$		505		491,109
6.75%, 06/15/2023			1,903		2,002,290
7.00%, 08/01/2025			119		122,458
8.125%, 04/01/2022			682		758,214
US Renal Care, Inc. 10.625%, 07/15/2027(a)			791		841,974
Vizient, Inc. 6.25%, 05/15/2027(a)			222		233,091
West Street Merger Sub, Inc. 6.375%, 09/01/2025(a)			1,660		1,694,677
					32,514,899
Energy – 3.3%
Antero Resources Corp. 5.125%, 12/01/2022			484		400,707
Apache Corp. 4.625%, 11/15/2025			93		88,632
4.875%, 11/15/2027			171		161,699
Berry Petroleum Co. LLC 7.00%, 02/15/2026(a)			140		108,809
Blue Racer Midstream LLC/Blue Racer Finance Corp. 6.625%, 07/15/2026(a)			284		251,484
Callon Petroleum, Co. 6.25%, 04/15/2023			296		95,916
8.25%, 07/15/2025			301		82,024

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    21

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
CHC Group LLC/CHC Finance Ltd. Series AI Zero Coupon, 10/01/2021(h)(j)	U.S.$		2,948	$	442,232
Cheniere Energy Partners LP 4.50%, 10/01/2029			603		618,114
5.25%, 10/01/2025			730		746,513
Citgo Holding, Inc. 9.25%, 08/01/2024(a)			478		455,288
CITGO Petroleum Corp. 6.25%, 08/15/2022(a)			677		672,573
7.00%, 06/15/2025(a)			1,781		1,738,650
Comstock Resources, Inc. 7.50%, 05/15/2025(a)			1,015		959,867
9.75%, 08/15/2026			352		360,785
Diamond Offshore Drilling, Inc. 7.875%, 08/15/2025(d)(i)			2,725		228,683
EnLink Midstream Partners LP 4.40%, 04/01/2024			67		60,300
EP Energy LLC/Everest Acquisition Finance, Inc. 7.75%, 09/01/2022(d)(i)			1,552		81
7.75%, 05/15/2026(a)(d)(i)			631		138,031
8.00%, 02/15/2025(a)(d)(i)			228		948
9.375%, 05/01/2024(a)(d)(i)			887		11,395
EQT Corp. 3.90%, 10/01/2027			1,215		1,117,916
Genesis Energy LP/Genesis Energy Finance Corp. 5.625%, 06/15/2024			412		351,067
6.25%, 05/15/2026			222		185,015
6.50%, 10/01/2025			820		703,384
7.75%, 02/01/2028			106		92,045
Global Partners LP/GLP Finance Corp. 6.875%, 01/15/2029(a)			439		443,448
7.00%, 08/01/2027			485		496,133
Gulfport Energy Corp. 6.00%, 10/15/2024			481		298,012
6.375%, 05/15/2025-01/15/2026			3,205		1,955,196
Hess Midstream Operations LP 5.625%, 02/15/2026(a)			1,587		1,614,606
HighPoint Operating Corp. 7.00%, 10/15/2022			227		55,315
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 10/01/2025(a)			1,041		947,724
Indigo Natural Resources LLC 6.875%, 02/15/2026(a)			547		532,034
Ithaca Energy North Sea PLC 9.375%, 07/15/2024(a)			679		633,453

22    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Nabors Industries Ltd. 7.25%, 01/15/2026(a)	U.S.$		478	$	238,722
7.50%, 01/15/2028(a)			476		230,228
New Fortress Energy, Inc. 6.75%, 09/15/2025(a)			1,305		1,364,038
NGL Energy Partners LP/NGL Energy Finance Corp. 7.50%, 11/01/2023			1,455		970,138
Occidental Petroleum Corp. 2.70%, 02/15/2023			665		608,778
2.90%, 08/15/2024			449		381,042
3.40%, 04/15/2026			109		87,172
3.50%, 06/15/2025			599		500,257
5.875%, 09/01/2025			245		225,116
8.00%, 07/15/2025			387		389,057
8.50%, 07/15/2027			184		185,329
8.875%, 07/15/2030			184		188,672
Parkland Corp./Canada 6.00%, 04/01/2026(a)			1,147		1,203,044
PDC Energy, Inc. 5.75%, 05/15/2026			633		585,797
6.125%, 09/15/2024			1,185		1,143,364
QEP Resources, Inc. 5.25%, 05/01/2023			818		594,160
Range Resources Corp. 5.00%, 03/15/2023			139		132,066
SandRidge Energy, Inc. 7.50%, 02/15/2023(b)(d)(e)			865		– 0	–
8.125%, 10/15/2022(b)(d)(e)			2,076		– 0	–
SM Energy Co. 5.00%, 01/15/2024			525		287,696
5.625%, 06/01/2025			546		253,715
Southwestern Energy Co. 8.375%, 09/15/2028			429		420,800
Sunoco LP/Sunoco Finance Corp. 5.50%, 02/15/2026			779		780,169
5.875%, 03/15/2028			964		990,347
6.00%, 04/15/2027			35		36,191
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 5.125%, 02/01/2025			157		157,079
Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024(a)			790		727,081
Transocean, Inc. 7.25%, 11/01/2025(a)			359		100,300
7.50%, 01/15/2026(a)			762		167,432
11.50%, 01/30/2027(a)			445		181,904

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    23

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Vantage Drilling International 7.125%, 04/01/2023(b)(d)(e)	U.S.$		1,283	$	– 0	–
7.50%, 11/01/2019(b)(c)(d)(e)			2,176		– 0	–
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp. 8.75%, 04/15/2023(a)			2,755		1,870,103
Western Midstream Operating LP 3.95%, 06/01/2025			264		248,951
4.00%, 07/01/2022			277		278,714
4.10%, 02/01/2025			569		541,500
4.50%, 03/01/2028			637		605,212
4.75%, 08/15/2028			453		436,230
5.05%, 02/01/2030			603		586,806
5.45%, 04/01/2044			193		165,927
					34,911,216
Other Industrial – 0.3%
American Builders & Contractors Supply Co., Inc. 4.00%, 01/15/2028(a)			903		915,672
Avient Corp. 5.75%, 05/15/2025(a)			400		423,658
H&E Equipment Services, Inc. 5.625%, 09/01/2025			437		455,440
IAA, Inc. 5.50%, 06/15/2027(a)			315		327,488
KAR Auction Services, Inc. 5.125%, 06/01/2025(a)			483		481,830
Laureate Education, Inc. 8.25%, 05/01/2025(a)			839		891,639
					3,495,727
Services – 2.1%
ADT Security Corp. (The) 4.125%, 06/15/2023			83		86,778
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.625%, 07/15/2026(a)			312		331,748
9.75%, 07/15/2027(a)			2,083		2,265,457
ANGI Group LLC 3.875%, 08/15/2028(a)			2,430		2,412,035
Aptim Corp. 7.75%, 06/15/2025(a)			944		487,080
APX Group, Inc. 6.75%, 02/15/2027(a)			265		274,672
7.875%, 12/01/2022			911		913,250
Aramark Services, Inc. 5.00%, 02/01/2028(a)			654		658,654
6.375%, 05/01/2025(a)			569		591,864

24    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Carlson Travel, Inc. 6.75%, 12/15/2025(a)	U.S.$		782	$	602,592
8.50%, 03/31/2025(j)			138		139,454
Carriage Services, Inc. 6.625%, 06/01/2026(a)			698		735,306
eDreams ODIGEO SA 5.50%, 09/01/2023(a)	EUR		478		467,037
Garda World Security Corp. 9.50%, 11/01/2027(a)	U.S.$		1,474		1,581,977
Gartner, Inc. 4.50%, 07/01/2028(a)			512		537,811
Korn Ferry 4.625%, 12/15/2027(a)			586		591,860
Monitronics International, Inc. 0.00%, 04/01/2020(b)(c)(d)(e)			958		– 0	–
Nielsen Finance LLC/Nielsen Finance Co. 5.00%, 04/15/2022(a)			549		549,692
5.625%, 10/01/2028(a)			106		109,116
5.875%, 10/01/2030(a)			85		88,366
Prime Security Services Borrower LLC/Prime Finance, Inc. 5.25%, 04/15/2024(a)			25		26,115
6.25%, 01/15/2028(a)			1,595		1,626,809
Refinitiv US Holdings, Inc. 6.25%, 05/15/2026(a)			273		292,303
8.25%, 11/15/2026(a)			1,150		1,259,395
Ritchie Bros Auctioneers, Inc. 5.375%, 01/15/2025(a)			366		377,098
Sabre GLBL, Inc. 5.25%, 11/15/2023(a)			300		292,381
7.375%, 09/01/2025(a)			820		827,220
9.25%, 04/15/2025(a)			378		415,908
Service Corp. International/US 3.375%, 08/15/2030			1,114		1,115,531
TripAdvisor, Inc. 7.00%, 07/15/2025(a)			422		440,593
Verscend Escrow Corp. 9.75%, 08/15/2026(a)			1,775		1,930,368
					22,028,470
Technology – 1.6%
Avaya, Inc. 6.125%, 09/15/2028(a)			1,455		1,480,659
Banff Merger Sub, Inc. 9.75%, 09/01/2026(a)			2,181		2,304,360
Cablevision Lightpath LLC 5.625%, 09/15/2028(a)			1,060		1,076,642

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    25

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
CDW LLC/CDW Finance Corp. 4.125%, 05/01/2025	U.S.$		681	$	702,391
CommScope, Inc. 5.50%, 03/01/2024(a)			570		584,645
6.00%, 03/01/2026(a)			500		521,169
8.25%, 03/01/2027(a)			471		489,695
Dell International LLC/EMC Corp. 7.125%, 06/15/2024(a)			187		194,377
Logan Merger Sub, Inc. 5.50%, 09/01/2027(a)			551		557,576
Microchip Technology, Inc. 4.25%, 09/01/2025(a)			612		634,726
NCR Corp. 5.75%, 09/01/2027(a)			295		308,210
6.125%, 09/01/2029(a)			227		240,469
8.125%, 04/15/2025(a)			352		389,173
Presidio Holdings, Inc. 4.875%, 02/01/2027(a)			98		99,203
8.25%, 02/01/2028(a)			154		161,261
Science Applications International Corp. 4.875%, 04/01/2028(a)			105		106,819
Sensata Technologies, Inc. 3.75%, 02/15/2031(a)			1,100		1,094,630
Solera LLC/Solera Finance, Inc. 10.50%, 03/01/2024(a)			1,941		2,028,787
Veritas US, Inc./Veritas Bermuda Ltd. 7.50%, 02/01/2023-09/01/2025(a)			2,977		3,040,329
10.50%, 02/01/2024(a)(k)			662		622,780
					16,637,901
Transportation - Airlines – 0.2%
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 09/20/2025(a)			1,692		1,791,979
Transportation - Services – 0.5%
Algeco Global Finance PLC 8.00%, 02/15/2023(a)			1,821		1,820,048
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.75%, 07/15/2027(a)			270		243,131
10.50%, 05/15/2025(a)			667		755,724
Herc Holdings, Inc. 5.50%, 07/15/2027(a)			881		910,409
United Rentals North America, Inc. 5.50%, 05/15/2027			418		444,751
XPO Logistics, Inc. 6.125%, 09/01/2023(a)			498		508,815

26    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
6.75%, 08/15/2024(a)	U.S.$		962	$	1,018,268
					5,701,146
					316,337,756
Financial Institutions – 5.7%
Banking – 2.4%
Alliance Data Systems Corp. 4.75%, 12/15/2024(a)			1,253		1,173,514
7.00%, 01/15/2026(a)			1,311		1,304,576
Allied Irish Banks PLC Series E 7.375%, 12/03/2020(a)(l)	EUR		871		1,025,103
Banco Bilbao Vizcaya Argentaria SA 5.875%, 05/24/2022-09/24/2023(a)(l)			1,800		2,078,410
Series 9 6.50%, 03/05/2025(l)	U.S.$		1,200		1,194,406
Banco Santander SA 6.75%, 04/25/2022(a)(l)	EUR		2,000		2,444,558
Citizens Financial Group, Inc. Series B 6.00%, 07/06/2023(l)	U.S.$		970		931,476
Credit Suisse Group AG 6.25%, 12/18/2024(a)(l)			1,404		1,506,422
6.375%, 08/21/2026(a)(l)			1,290		1,377,842
7.50%, 07/17/2023(a)(l)			1,820		1,914,832
Discover Financial Services Series D 6.125%, 06/23/2025(l)			3,470		3,665,443
Intesa Sanpaolo SpA 5.017%, 06/26/2024(a)			331		348,727
5.71%, 01/15/2026(a)			1,232		1,348,585
Societe Generale SA 8.00%, 09/29/2025(a)(l)			2,608		2,914,991
UniCredit SpA 9.25%, 06/03/2022(a)(l)	EUR		1,554		1,975,001
					25,203,886
Brokerage – 0.5%
Lehman Brothers Holdings, Inc. 6.88%, 05/02/2018(c)(d)	U.S.$		1,690		20,787
LPL Holdings, Inc. 5.75%, 09/15/2025(a)			1,542		1,593,837
NFP Corp. 6.875%, 08/15/2028(a)			2,964		2,999,874
7.00%, 05/15/2025(a)			502		535,382
					5,149,880

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    27

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Finance – 0.9%
CNG Holdings, Inc. 12.50%, 06/15/2024(a)	U.S.$		861	$	757,461
Curo Group Holdings Corp. 8.25%, 09/01/2025(a)			2,426		2,031,967
Enova International, Inc. 8.50%, 09/01/2024-09/15/2025(a)			1,273		1,202,321
goeasy Ltd. 5.375%, 12/01/2024(a)			869		883,959
ILFC E-Capital Trust II 3.23% (H15T 30 Year + 1.80%), 12/21/2065(a)(m)			2,000		1,055,909
Jefferies Finance LLC/JFIN Co-Issuer Corp. 6.25%, 06/03/2026(a)			718		733,622
Lincoln Financing SARL 3.625%, 04/01/2024(a)	EUR		390		439,640
Navient Corp. 6.50%, 06/15/2022	U.S.$		358		365,279
SLM Corp. 5.125%, 04/05/2022			605		620,423
Springleaf Finance Corp. 6.875%, 03/15/2025			735		816,145
TMX Finance LLC/TitleMax Finance Corp. 11.125%, 04/01/2023(a)			890		806,523
					9,713,249
Insurance – 0.7%
Acrisure LLC/Acrisure Finance, Inc. 7.00%, 11/15/2025(a)			1,488		1,458,788
10.125%, 08/01/2026(a)			1,086		1,204,014
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 6.75%, 10/15/2027(a)			1,943		2,037,138
Ardonagh Midco 2 PLC 11.50%, 01/15/2027(a)			1,504		1,521,780
Genworth Holdings, Inc. 7.625%, 09/24/2021			958		956,974
HUB International Ltd. 7.00%, 05/01/2026(a)			292		302,440
					7,481,134
Other Finance – 0.4%
Intrum AB 2.75%, 07/15/2022(a)	EUR		60		69,692
3.00%, 09/15/2027(a)			360		367,140
3.125%, 07/15/2024(a)			489		539,566
3.50%, 07/15/2026(a)			705		750,982
4.875%, 08/15/2025			683		785,401

28    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. 6.75%, 06/01/2025(a)	U.S.$		2,094	$	2,136,362
					4,649,143
REITS – 0.8%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 5.75%, 05/15/2026(a)			950		754,075
Diversified Healthcare Trust 6.75%, 12/15/2021			1,350		1,375,088
9.75%, 06/15/2025			953		1,059,756
GEO Group, Inc. (The) 6.00%, 04/15/2026			144		102,960
Iron Mountain, Inc. 4.875%, 09/15/2027(a)			255		260,266
5.25%, 03/15/2028(a)			1,576		1,640,525
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 5.75%, 02/01/2027			991		1,065,950
Realogy Group LLC/Realogy Co-Issuer Corp. 9.375%, 04/01/2027(a)			1,794		1,859,000
					8,117,620
					60,314,912
Utility – 0.6%
Electric – 0.6%
Calpine Corp. 4.625%, 02/01/2029(a)			238		238,005
5.125%, 03/15/2028(a)			1,228		1,270,367
NRG Energy, Inc. 6.625%, 01/15/2027			25		26,444
7.25%, 05/15/2026			1,754		1,865,610
Talen Energy Supply LLC 6.50%, 06/01/2025			1,741		1,141,546
7.25%, 05/15/2027(a)			339		337,179
10.50%, 01/15/2026(a)			802		608,435
Texas Competitive/TCEH 11.50%, 10/01/2020(b)(d)(e)			626		– 0	–
Vistra Operations Co. LLC 5.625%, 02/15/2027(a)			625		659,667
					6,147,253
Total Corporates – Non-Investment Grade (cost $397,239,940)					382,799,921

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    29

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
CORPORATES – INVESTMENT GRADE – 15.8%
Financial Institutions – 8.5%
Banking – 5.4%
ABN AMRO Bank NV Series E 6.25%, 04/27/2022(a)	U.S.$		292	$	314,336
Ally Financial, Inc. 8.00%, 11/01/2031			1,456		1,980,534
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 5.375%, 04/17/2025(a)			847		937,925
Banco Santander SA 2.746%, 05/28/2025			200		210,013
5.179%, 11/19/2025			800		906,052
Bank of America Corp. Series DD 6.30%, 03/10/2026(l)			3,043		3,438,836
Series Z 6.50%, 10/23/2024(l)			57		63,274
Bank of New York Mellon Corp. (The) Series G 4.70%, 09/20/2025(l)			200		212,211
Barclays Bank PLC 6.86%, 06/15/2032(a)(l)			166		210,709
Barclays PLC 7.125%, 06/15/2025(l)	GBP		404		543,767
7.25%, 03/15/2023(a)(l)			219		288,215
7.875%, 03/15/2022(a)(l)	U.S.$		243		250,326
8.00%, 12/15/2020(l)	EUR		343		405,669
BNP Paribas SA 6.75%, 03/14/2022(a)(l)	U.S.$		418		432,728
7.625%, 03/30/2021(a)(l)			93		94,625
BPCE SA 5.70%, 10/22/2023(a)			208		232,814
CIT Group, Inc. 3.929%, 06/19/2024			364		366,964
Citigroup, Inc. 3.106%, 04/08/2026			909		981,952
4.45%, 09/29/2027			399		462,810
5.95%, 01/30/2023(l)			2,689		2,758,959
Series U 5.00%, 09/12/2024(l)			105		104,766
Series V 4.70%, 01/30/2025(l)			868		840,071

30    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Comerica, Inc. 5.625%, 07/01/2025(l)	U.S.$		2,340	$	2,474,471
Credit Agricole SA 8.125%, 12/23/2025(a)(l)			1,909		2,234,564
Danske Bank A/S Series E 5.875%, 04/06/2022(a)(l)	EUR		1,096		1,323,290
DNB Bank ASA 6.50%, 03/26/2022(a)(l)	U.S.$		1,555		1,613,667
Fifth Third Bancorp Series L 4.50%, 09/30/2025(l)			235		236,732
Goldman Sachs Group, Inc. (The) 3.50%, 04/01/2025			953		1,050,862
Series O 5.30%, 11/10/2026(l)			157		166,152
Series P 5.00%, 11/10/2022(l)			1,429		1,367,851
HSBC Holdings PLC 6.00%, 09/29/2023(a)(l)	EUR		1,819		2,247,306
Series E 4.75%, 07/04/2029(a)(l)			1,595		1,841,161
ING Groep NV 6.50%, 04/16/2025(l)	U.S.$		520		551,429
6.875%, 04/16/2022(a)(l)			250		260,769
JPMorgan Chase & Co. Series V 3.545% (LIBOR 3 Month + 3.32%), 01/01/2021(l)(m)			210		195,268
Lloyds Banking Group PLC 6.413%, 10/01/2035(a)(l)			235		271,332
6.657%, 05/21/2037(a)(l)			98		116,044
7.625%, 06/27/2023(a)(l)	GBP		1,760		2,357,636
Nationwide Building Society 4.302%, 03/08/2029(a)	U.S.$		1,500		1,700,895
Natwest Group PLC 8.625%, 08/15/2021(l)			3,518		3,626,160
Series U 2.54% (LIBOR 3 Month + 2.32%), 09/30/2027(l)(m)			1,100		1,048,727
Nordea Bank Abp 6.625%, 03/26/2026(a)(l)			3,065		3,450,677
Regions Bank/Birmingham AL 6.45%, 06/26/2037			1,500		2,077,112
Santander Holdings USA, Inc. 3.244%, 10/05/2026			455		486,037
4.40%, 07/13/2027			739		810,880

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    31

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Standard Chartered PLC 7.50%, 04/02/2022(a)(l)	U.S.$		1,269	$	1,309,665
7.75%, 04/02/2023(a)(l)			440		469,105
Swedbank AB Series NC5 5.625%, 09/17/2024(a)(l)			1,000		1,049,187
Truist Financial Corp. Series P 4.95%, 09/01/2025(l)			2,201		2,319,336
Series Q 5.10%, 03/01/2030(l)			855		919,625
UBS Group AG 7.00%, 02/19/2025(a)(l)			2,492		2,772,083
					56,385,579
Brokerage – 0.1%
Charles Schwab Corp. (The) Series G 5.375%, 06/01/2025(l)			1,317		1,424,435
Finance – 0.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 2.875%, 08/14/2024			192		184,725
3.30%, 01/23/2023			192		192,007
3.65%, 07/21/2027			546		499,657
3.875%, 01/23/2028			354		328,252
4.125%, 07/03/2023			192		195,614
4.50%, 09/15/2023			492		506,725
6.50%, 07/15/2025			297		320,374
Aircastle Ltd. 4.40%, 09/25/2023			55		54,423
5.25%, 08/11/2025(a)			1,989		1,946,585
Synchrony Financial 2.85%, 07/25/2022			603		620,462
4.25%, 08/15/2024			183		198,837
4.375%, 03/19/2024			374		405,262
4.50%, 07/23/2025			433		478,171
					5,931,094
Insurance – 2.0%
Allstate Corp. (The) 6.50%, 05/15/2057			1,657		2,120,743
American International Group, Inc. 6.82%, 11/15/2037			1,425		2,006,598
Aon Corp. 8.205%, 01/01/2027			690		888,794

32    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Assicurazioni Generali SpA Series E 5.50%, 10/27/2047(a)	EUR		1,500	$	2,066,181
Caisse Nationale de Reassurance Mutuelle Agricole Groupama 6.00%, 01/23/2027			1,400		2,004,535
Centene Corp. 4.75%, 01/15/2025	U.S.$		491		504,348
5.375%, 08/15/2026(a)			595		631,022
Liberty Mutual Group, Inc. 7.80%, 03/15/2037(a)			2,559		3,113,285
MetLife, Inc. 10.75%, 08/01/2039			2,350		3,830,954
Prudential Financial, Inc. 5.20%, 03/15/2044			340		358,803
5.625%, 06/15/2043			1,082		1,153,656
SCOR SE 3.00%, 06/08/2046(a)	EUR		200		260,075
Transatlantic Holdings, Inc. 8.00%, 11/30/2039	U.S.$		1,261		1,996,294
					20,935,288
Other Finance – 0.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.45%, 04/03/2026			235		233,631
REITS – 0.4%
GLP Capital LP/GLP Financing II, Inc. 5.25%, 06/01/2025			130		141,304
5.375%, 04/15/2026			733		812,578
MPT Operating Partnership LP/MPT Finance Corp. 4.625%, 08/01/2029			342		355,486
5.00%, 10/15/2027			344		359,229
5.25%, 08/01/2026			137		140,848
5.50%, 05/01/2024			264		267,446
Sabra Health Care LP 4.80%, 06/01/2024			710		745,125
Spirit Realty LP 4.45%, 09/15/2026			193		208,160
Trust Fibra Uno 4.869%, 01/15/2030(a)			1,228		1,236,289
6.39%, 01/15/2050(a)			395		394,013
					4,660,478
					89,570,505

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    33

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Industrial – 7.2%
Basic – 1.0%
Anglo American Capital PLC 3.625%, 09/11/2024(a)	U.S.$		200	$	214,867
4.75%, 04/10/2027(a)			637		733,795
5.375%, 04/01/2025(a)			584		671,930
ArcelorMittal SA 7.00%, 03/01/2041			362		445,746
7.25%, 10/15/2039			624		789,459
Arconic Corp. 6.00%, 05/15/2025(a)			774		826,496
Fresnillo PLC 5.50%, 11/13/2023(a)			306		338,991
Georgia-Pacific LLC 8.875%, 05/15/2031			1		1,622
Glencore Finance Canada Ltd. 6.00%, 11/15/2041(a)			272		330,432
Glencore Funding LLC 4.625%, 04/29/2024(a)			341		375,919
GUSAP III LP 4.25%, 01/21/2030(a)			616		640,409
Industrias Penoles SAB de CV 5.65%, 09/12/2049(a)			386		446,976
MEGlobal Canada ULC 5.875%, 05/18/2030(a)			343		400,508
Minsur SA 6.25%, 02/07/2024(a)			891		973,230
OCP SA 5.625%, 04/25/2024(a)			524		568,213
Suzano Austria GmbH 7.00%, 03/16/2047(a)			1,004		1,178,154
Vale Overseas Ltd. 3.75%, 07/08/2030			197		202,584
WestRock MWV LLC 7.95%, 02/15/2031			1,000		1,412,825
					10,552,156
Capital Goods – 0.2%
General Electric Co. Series D 5.00%, 01/21/2021(l)			1,681		1,332,075
Howmet Aerospace, Inc. 5.90%, 02/01/2027			119		128,221
Textron Financial Corp. 2.015% (LIBOR 3 Month + 1.74%), 02/15/2042(a)(m)			575		399,773
					1,860,069

34    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Communications - Media – 0.1%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.20%, 03/15/2028	U.S.$		392	$	444,747
Fox Corp. 3.05%, 04/07/2025			186		203,122
Omnicom Group, Inc. 4.20%, 06/01/2030			299		349,941
Prosus NV 4.027%, 08/03/2050(a)			331		335,965
					1,333,775
Communications - Telecommunications – 0.3%
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 4.738%, 03/20/2025(a)			1,340		1,452,330
5.152%, 03/20/2028(a)			1,340		1,568,096
					3,020,426
Consumer Cyclical - Automotive – 0.7%
General Motors Co. 4.875%, 10/02/2023			164		178,326
5.20%, 04/01/2045			337		362,894
6.125%, 10/01/2025			206		239,309
6.25%, 10/02/2043			116		137,221
6.75%, 04/01/2046			456		560,980
6.80%, 10/01/2027			292		355,142
General Motors Financial Co., Inc. 3.25%, 01/05/2023			90		93,071
3.50%, 11/07/2024			181		190,327
3.70%, 05/09/2023			199		208,135
3.95%, 04/13/2024			342		362,515
4.00%, 10/06/2026			30		32,250
4.15%, 06/19/2023			207		219,735
4.25%, 05/15/2023			200		212,602
4.30%, 07/13/2025			77		83,530
5.10%, 01/17/2024			117		127,834
5.20%, 03/20/2023			296		321,128
5.25%, 03/01/2026			130		146,655
5.65%, 01/17/2029			270		315,066
Harley-Davidson Financial Services, Inc. 3.35%, 06/08/2025(a)			876		915,518
Lear Corp. 3.50%, 05/30/2030			366		373,323
3.80%, 09/15/2027			391		411,542
4.25%, 05/15/2029			275		297,224

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    35

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Nissan Motor Acceptance Corp. 2.60%, 09/28/2022(a)	U.S.$		54	$	54,461
2.80%, 01/13/2022(a)			48		48,551
3.45%, 03/15/2023(a)			74		76,511
3.875%, 09/21/2023(a)			258		266,795
Nissan Motor Co., Ltd. 4.345%, 09/17/2027(a)			1,084		1,088,189
					7,678,834
Consumer Cyclical - Other – 0.9%
James Hardie International Finance DAC 4.75%, 01/15/2025(a)			285		291,762
5.00%, 01/15/2028(a)			273		285,967
Lennar Corp. 4.75%, 11/29/2027			25		28,546
Marriott International, Inc./MD Series EE 5.75%, 05/01/2025			314		349,808
MDC Holdings, Inc. 6.00%, 01/15/2043			2,105		2,554,494
Owens Corning 7.00%, 12/01/2036			777		1,034,638
PulteGroup, Inc. 5.00%, 01/15/2027			48		54,351
5.50%, 03/01/2026			52		59,300
6.00%, 02/15/2035			500		618,104
7.875%, 06/15/2032			1,400		1,932,000
Standard Industries, Inc./NJ 4.375%, 07/15/2030(a)			929		952,838
4.75%, 01/15/2028(a)			76		78,951
Toll Brothers Finance Corp. 4.875%, 03/15/2027			1,124		1,256,070
					9,496,829
Consumer Cyclical - Retailers – 0.1%
TJX Cos., Inc. (The) 3.50%, 04/15/2025			605		674,749
Consumer Non-Cyclical – 0.4%
BAT Capital Corp. 4.70%, 04/02/2027			712		817,623
CVS Health Corp. 3.625%, 04/01/2027			85		95,446
4.78%, 03/25/2038			2,140		2,598,386
HCA, Inc. 4.50%, 02/15/2027			65		72,927
5.00%, 03/15/2024			330		369,469
5.25%, 06/15/2026			165		192,193

36    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Sysco Corp. 5.95%, 04/01/2030	U.S.$		106	$	133,872
					4,279,916
Energy – 1.5%
Cenovus Energy, Inc. 5.375%, 07/15/2025			667		644,001
6.75%, 11/15/2039			67		67,195
Cheniere Corpus Christi Holdings LLC 7.00%, 06/30/2024			683		786,643
Ecopetrol SA 5.875%, 05/28/2045			117		127,457
6.875%, 04/29/2030			1,035		1,237,859
Energy Transfer Operating LP 4.75%, 01/15/2026			806		858,716
Energy Transfer Partners LP/Regency Energy Finance Corp. 4.50%, 11/01/2023			546		580,001
Kinder Morgan, Inc. Series G 7.75%, 01/15/2032			328		456,740
7.80%, 08/01/2031			1,066		1,468,330
Marathon Petroleum Corp. 4.50%, 05/01/2023			847		914,150
4.70%, 05/01/2025			731		824,985
Oleoducto Central SA 4.00%, 07/14/2027(a)			424		440,324
ONEOK, Inc. 2.20%, 09/15/2025			381		375,843
2.75%, 09/01/2024			1,340		1,372,926
5.85%, 01/15/2026			849		978,366
Parsley Energy LLC/Parsley Finance Corp. 5.625%, 10/15/2027(a)			394		392,130
PBF Holding Co. LLC/PBF Finance Corp. 9.25%, 05/15/2025(a)			1,117		1,150,477
Plains All American Pipeline LP/PAA Finance Corp. 3.60%, 11/01/2024			221		227,595
4.50%, 12/15/2026			388		413,309
4.65%, 10/15/2025			1,193		1,282,987
Raizen Fuels Finance SA 5.30%, 01/20/2027(a)			359		390,455
Southern Star Central Corp. 5.125%, 07/15/2022(a)			436		436,540
Sunoco Logistics Partners Operations LP 3.90%, 07/15/2026			121		124,432
					15,551,461

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    37

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Other Industrial – 0.2%
Alfa SAB de CV 5.25%, 03/25/2024(a)	U.S.$		1,580	$	1,663,444
6.875%, 03/25/2044(a)			214		242,288
					1,905,732
Services – 0.3%
Expedia Group, Inc. 6.25%, 05/01/2025(a)			400		440,586
7.00%, 05/01/2025(a)			1,289		1,389,495
Verisk Analytics, Inc. 5.50%, 06/15/2045			636		891,600
					2,721,681
Technology – 0.7%
Baidu, Inc. 3.075%, 04/07/2025			293		310,539
3.425%, 04/07/2030			204		224,061
Broadcom, Inc. 4.70%, 04/15/2025			759		862,220
Dell International LLC/EMC Corp. 5.85%, 07/15/2025(a)			20		23,350
6.02%, 06/15/2026(a)			1,318		1,549,935
8.35%, 07/15/2046(a)			524		691,564
Nokia Oyj 6.625%, 05/15/2039			527		654,734
Seagate HDD Cayman 4.091%, 06/01/2029(a)			1,573		1,710,145
4.875%, 06/01/2027			545		609,138
Western Digital Corp. 4.75%, 02/15/2026			1,023		1,105,781
					7,741,467
Transportation - Airlines – 0.5%
Delta Air Lines, Inc. 7.00%, 05/01/2025(a)			1,091		1,199,861
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.50%, 10/20/2025(a)			617		632,643
4.75%, 10/20/2028(a)			716		742,726
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. 6.50%, 06/20/2027(a)			2,484		2,587,231
					5,162,461
Transportation - Services – 0.3%
Aviation Capital Group LLC 2.875%, 01/20/2022(a)			918		911,516
3.50%, 11/01/2027(a)			183		163,234
3.875%, 05/01/2023(a)			617		610,887

38    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
4.125%, 08/01/2025(a)	U.S.$		395	$	378,414
4.375%, 01/30/2024(a)			297		295,359
4.875%, 10/01/2025(a)			319		313,737
5.50%, 12/15/2024(a)			831		856,168
					3,529,315
					75,508,871
Utility – 0.1%
Electric – 0.1%
NextEra Energy Capital Holdings, Inc. 2.75%, 05/01/2025			582		629,577
Total Corporates – Investment Grade (cost $147,150,488)					165,708,953
COLLATERALIZED MORTGAGE OBLIGATIONS – 10.2%
Risk Share Floating Rate – 8.4%
Bellemeade Re Ltd. Series 2018-2A, Class M1B 1.498% (LIBOR 1 Month + 1.35%), 08/25/2028(a)(m)			206		205,554
Series 2018-3A, Class M2 2.898% (LIBOR 1 Month + 2.75%), 10/25/2028(a)(m)			915		881,239
Series 2019-3A, Class M1C 2.098% (LIBOR 1 Month + 1.95%), 07/25/2029(a)(m)			1,555		1,478,402
Series 2019-4A, Class M2 3.025% (LIBOR 1 Month + 2.85%), 10/25/2029(a)(m)			475		437,704
Connecticut Avenue Securities Trust Series 2018-R07, Class 1B1 4.498% (LIBOR 1 Month + 4.35%), 04/25/2031(a)(m)			441		424,767
Series 2019-R05, Class 1M2 2.148% (LIBOR 1 Month + 2.00%), 07/25/2039(a)(m)			528		523,023
Series 2020-SBT1, Class 1M2 3.798% (LIBOR 1 Month + 3.65%), 02/25/2040(a)(m)			1,062		987,320
Series 2020-SBT1, Class 2M2 3.798% (LIBOR 1 Month + 3.65%), 02/25/2040(a)(m)			182		172,802
Eagle Re Ltd. Series 2018-1, Class M2 3.175% (LIBOR 1 Month + 3.00%), 11/25/2028(a)(m)			2,764		2,682,251

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    39

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Series 2019-1, Class M2 3.448% (LIBOR 1 Month + 3.30%), 04/25/2029(a)(m)	U.S.$		180	$	174,012
Series 2020-1, Class M2 2.148% (LIBOR 1 Month + 2.00%), 01/25/2030(a)(m)			558		500,519
Federal Home Loan Mortgage Corp. Series 2018-HQA2, Class M2 2.448% (LIBOR 1 Month + 2.30%), 10/25/2048(a)(m)			2,257		2,209,108
Series 2020-DNA1, Class M1 0.848% (LIBOR 1 Month + 0.70%), 01/25/2050(a)(m)			45		44,460
Series 2020-HQA2, Class M2 3.248% (LIBOR 1 Month + 3.10%), 03/25/2050(a)(m)			99		97,082
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2013-DN2, Class M2 4.398% (LIBOR 1 Month + 4.25%), 11/25/2023(m)			1,417		1,294,458
Series 2014-DN3, Class M3 4.148% (LIBOR 1 Month + 4.00%), 08/25/2024(m)			135		137,560
Series 2014-HQ1, Class M3 4.248% (LIBOR 1 Month + 4.10%), 08/25/2024(m)			819		825,331
Series 2014-HQ2, Class M3 3.898% (LIBOR 1 Month + 3.75%), 09/25/2024(m)			3,710		3,791,686
Series 2014-HQ3, Class M3 4.898% (LIBOR 1 Month + 4.75%), 10/25/2024(m)			1,859		1,873,486
Series 2015-DN1, Class B 11.648% (LIBOR 1 Month + 11.50%), 01/25/2025(m)			2,167		2,415,993
Series 2015-DN1, Class M3 4.298% (LIBOR 1 Month + 4.15%), 01/25/2025(m)			449		450,390
Series 2015-DNA1, Class B 9.348% (LIBOR 1 Month + 9.20%), 10/25/2027(m)			593		663,356
Series 2015-DNA1, Class M3 3.448% (LIBOR 1 Month + 3.30%), 10/25/2027(m)			244		248,647

40    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Series 2015-DNA2, Class B 7.698% (LIBOR 1 Month + 7.55%), 12/25/2027(m)	U.S.$		1,450	$	1,452,146
Series 2015-DNA3, Class B 9.498% (LIBOR 1 Month + 9.35%), 04/25/2028(m)			1,018		1,185,009
Series 2015-DNA3, Class M3 4.848% (LIBOR 1 Month + 4.70%), 04/25/2028(m)			509		529,366
Series 2015-HQ1, Class B 10.898% (LIBOR 1 Month + 10.75%), 03/25/2025(m)			3,830		4,169,991
Series 2015-HQ1, Class M3 3.948% (LIBOR 1 Month + 3.80%), 03/25/2025(m)			114		114,691
Series 2015-HQA1, Class B 8.948% (LIBOR 1 Month + 8.80%), 03/25/2028(m)			1,004		987,256
Series 2016-DNA2, Class B 10.648% (LIBOR 1 Month + 10.50%), 10/25/2028(m)			855		983,119
Series 2016-DNA3, Class B 11.398% (LIBOR 1 Month + 11.25%), 12/25/2028(m)			2,759		3,164,111
Series 2016-DNA3, Class M3 5.148% (LIBOR 1 Month + 5.00%), 12/25/2028(m)			897		924,762
Series 2016-DNA4, Class B 8.748% (LIBOR 1 Month + 8.60%), 03/25/2029(m)			394		395,360
Series 2016-DNA4, Class M3 3.948% (LIBOR 1 Month + 3.80%), 03/25/2029(m)			1,659		1,717,467
Series 2016-HQA2, Class B 11.648% (LIBOR 1 Month + 11.50%), 11/25/2028(m)			422		470,770
Series 2016-HQA2, Class M3 5.298% (LIBOR 1 Month + 5.15%), 11/25/2028(m)			954		999,453
Series 2016-HQA4, Class M3 4.048% (LIBOR 1 Month + 3.90%), 04/25/2029(m)			976		1,013,079
Series 2017-DNA1, Class B1 5.098% (LIBOR 1 Month + 4.95%), 07/25/2029(m)			310		311,332
Series 2017-DNA2, Class B1 5.298% (LIBOR 1 Month + 5.15%), 10/25/2029(m)			978		994,156

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    41

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Series 2017-DNA2, Class M2 3.598% (LIBOR 1 Month + 3.45%), 10/25/2029(m)	U.S.$		1,374	$	1,413,774
Series 2017-DNA3, Class B1 4.598% (LIBOR 1 Month + 4.45%), 03/25/2030(m)			615		598,062
Series 2017-HQA1, Class M2 3.698% (LIBOR 1 Month + 3.55%), 08/25/2029(m)			1,831		1,884,004
Series 2018-HQA1, Class M2 2.448% (LIBOR 1 Month + 2.30%), 09/25/2030(m)			384		378,116
Series 2019-DNA1, Class M2 2.798% (LIBOR 1 Month + 2.65%), 01/25/2049(a) (m)			409		404,939
Series 2019-DNA3, Class M2 2.198% (LIBOR 1 Month + 2.05%), 07/25/2049(a)(m)			444		434,975
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C01, Class M2 4.548% (LIBOR 1 Month + 4.40%), 01/25/2024(m)			1,695		1,584,377
Series 2014-C03, Class 2M2 3.048% (LIBOR 1 Month + 2.90%), 07/25/2024(m)			84		82,943
Series 2014-C04, Class 1M2 5.048% (LIBOR 1 Month + 4.90%), 11/25/2024(m)			2,437		2,526,856
Series 2015-C01, Class 1M2 4.448% (LIBOR 1 Month + 4.30%), 02/25/2025(m)			1,452		1,475,703
Series 2015-C01, Class 2M2 4.698% (LIBOR 1 Month + 4.55%), 02/25/2025(m)			389		392,720
Series 2015-C02, Class 1M2 4.148% (LIBOR 1 Month + 4.00%), 05/25/2025(m)			445		450,639
Series 2015-C03, Class 1M2 5.148% (LIBOR 1 Month + 5.00%), 07/25/2025(m)			1,358		1,388,993
Series 2015-C04, Class 1M2 5.848% (LIBOR 1 Month + 5.70%), 04/25/2028(m)			1,556		1,610,648
Series 2015-C04, Class 2M2 5.698% (LIBOR 1 Month + 5.55%), 04/25/2028(m)			477		490,096

42    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Series 2016-C01, Class 1B 11.898% (LIBOR 1 Month + 11.75%), 08/25/2028(m)	U.S.$		677	$	800,165
Series 2016-C01, Class 1M2 6.898% (LIBOR 1 Month + 6.75%), 08/25/2028(m)			1,796		1,863,378
Series 2016-C01, Class 2M2 7.098% (LIBOR 1 Month + 6.95%), 08/25/2028(m)			302		321,078
Series 2016-C02, Class 1B 12.398% (LIBOR 1 Month + 12.25%), 09/25/2028(m)			448		540,298
Series 2016-C02, Class 1M2 6.148% (LIBOR 1 Month + 6.00%), 09/25/2028(m)			1,240		1,312,120
Series 2016-C03, Class 1B 11.898% (LIBOR 1 Month + 11.75%), 10/25/2028(m)			372		440,144
Series 2016-C03, Class 2B 12.898% (LIBOR 1 Month + 12.75%), 10/25/2028(m)			631		766,611
Series 2016-C03, Class 2M2 6.048% (LIBOR 1 Month + 5.90%), 10/25/2028(m)			2,274		2,401,985
Series 2016-C04, Class 1B 10.398% (LIBOR 1 Month + 10.25%), 01/25/2029(m)			1,485		1,679,734
Series 2016-C05, Class 2B 11.244% (LIBOR 1 Month + 10.75%), 01/25/2029(m)			1,818		2,057,793
Series 2016-C06, Class 1B 9.398% (LIBOR 1 Month + 9.25%), 04/25/2029(m)			1,283		1,375,329
Series 2016-C07, Class 2B 9.648% (LIBOR 1 Month + 9.50%), 05/25/2029(m)			1,559		1,667,473
Series 2016-C07, Class 2M2 4.498% (LIBOR 1 Month + 4.35%), 05/25/2029(m)			155		160,647
Series 2017-C01, Class 1B1 5.898% (LIBOR 1 Month + 5.75%), 07/25/2029(m)			460		470,050
Series 2017-C01, Class 1M2 3.698% (LIBOR 1 Month + 3.55%), 07/25/2029(m)			956		983,102
Series 2017-C02, Class 2M2 3.798% (LIBOR 1 Month + 3.65%), 09/25/2029(m)			1,063		1,074,353

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    43

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Series 2017-C03, Class 1B1 4.998% (LIBOR 1 Month + 4.85%), 10/25/2029(m)	U.S.$		312	$	311,087
Series 2017-C03, Class 1M2 3.148% (LIBOR 1 Month + 3.00%), 10/25/2029(m)			166		165,046
Series 2017-C05, Class 1B1 3.748% (LIBOR 1 Month + 3.60%), 01/25/2030(m)			319		298,253
Series 2017-C06, Class 2M2 2.948% (LIBOR 1 Month + 2.80%), 02/25/2030(m)			26		25,971
Series 2018-C01, Class 1B1 3.698% (LIBOR 1 Month + 3.55%), 07/25/2030(m)			1,102		1,021,551
Series 2018-C04, Class 2M2 2.698% (LIBOR 1 Month + 2.55%), 12/25/2030(m)			365		358,280
Home Re Ltd. Series 2018-1, Class M2 3.148% (LIBOR 1 Month + 3.00%), 10/25/2028(a)(m)			988		906,091
JP Morgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 5.648% (LIBOR 1 Month + 5.50%), 10/25/2025(g)(m)			1,086		970,082
Mortgage Insurance-Linked Notes Series 2019-1, Class M2 3.048% (LIBOR 1 Month + 2.90%), 11/26/2029(a)(m)			2,683		2,338,925
Oaktown Re III Ltd. Series 2019-1A, Class M2 2.698% (LIBOR 1 Month + 2.55%), 07/25/2029(a)(m)			3,150		2,977,736
Oaktown Re Ltd. Series 2017-1A, Class M2 4.148% (LIBOR 1 Month + 4.00%), 04/25/2027(a)(m)			278		278,030
Radnor Re Ltd. Series 2018-1, Class M2 2.848% (LIBOR 1 Month + 2.70%), 03/25/2028(a)(m)			150		142,888
Series 2019-1, Class M2 3.348% (LIBOR 1 Month + 3.20%), 02/25/2029(a)(m)			1,500		1,439,808

44    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
STACR Trust Series 2018-DNA3, Class M2 2.248% (LIBOR 1 Month + 2.10%), 09/25/2048(a)(m)	U.S.$		1,631	$	1,591,412
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 5.648% (LIBOR 1 Month + 5.50%), 11/25/2025(g)(m)			429		395,618
					88,183,101
Non-Agency Fixed Rate – 0.7%
Alternative Loan Trust Series 2006-24CB, Class A15 5.75%, 08/25/2036			675		535,246
Series 2006-42, Class 1A6 6.00%, 01/25/2047			567		456,496
Series 2006-HY12, Class A5 3.228%, 08/25/2036			930		961,252
Series 2006-J1, Class 1A10 5.50%, 02/25/2036			872		792,095
Series 2006-J5, Class 1A1 6.50%, 09/25/2036			734		611,330
Bear Stearns ARM Trust Series 2007-3, Class 1A1 3.874%, 05/25/2047			145		139,293
Series 2007-4, Class 22A1 3.594%, 06/25/2047			605		581,684
ChaseFlex Trust Series 2007-1, Class 1A3 6.50%, 02/25/2037			470		254,365
CHL Mortgage Pass-Through Trust Series 2007-HY4, Class 1A1 3.231%, 09/25/2047			150		138,784
Citigroup Mortgage Loan Trust Series 2007-AR4, Class 1A1A 3.921%, 03/25/2037			98		94,186
CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A4 5.75%, 03/25/2037			737		736,088
CSMC Mortgage-Backed Trust Series 2006-7, Class 3A12 6.25%, 08/25/2036			260		177,330
Residential Accredit Loans, Inc. Trust Series 2005-QS14, Class 3A1 6.00%, 09/25/2035			341		334,319
Residential Asset Securitization Trust Series 2006-A8, Class 3A4 6.00%, 08/25/2036			163		117,625

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    45

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Washington Mutual Mortgage Pass-Through Certificates Trust Series 2006-9, Class A4 4.521%, 10/25/2036	U.S.$		1,387	$	548,158
Wells Fargo Mortgage Backed Securities Trust Series 2007-AR7, Class A1 3.93%, 12/28/2037			600		560,357
					7,038,608
Non-Agency Floating Rate – 0.6%
Alternative Loan Trust Series 2007-7T2, Class A3 0.748% (LIBOR 1 Month + 0.60%), 04/25/2037(m)			2,333		704,078
Citigroup Mortgage Loan Trust Series 2005-8, Class 2A2 4.652% (4.80% – LIBOR 1 Month), 09/25/2035(m)(n)			141		5,639
Countrywide Home Loan Mortgage Pass-Through Trust Series 2007-13, Class A7 0.748% (LIBOR 1 Month + 0.60%), 08/25/2037(m)			420		193,439
First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A10 0.398% (LIBOR 1 Month + 0.25%), 04/25/2037(m)			273		78,417
Series 2007-FA2, Class 1A6 5.402% (5.55% – LIBOR 1 Month), 04/25/2037(m)(n)			92		19,302
Lehman XS Trust Series 2007-10H, Class 2AIO 6.843% (7.00% – LIBOR 1 Month), 07/25/2037(m)(n)			223		43,974
Residential Accredit Loans, Inc. Trust Series 2006-QS18, Class 2A2 6.402% (6.55% – LIBOR 1 Month), 12/25/2036(m)(n)			2,925		670,309
Wachovia Mortgage Loan Trust Series 2006-ALT1, Class A2 0.328% (LIBOR 1 Month + 0.18%), 01/25/2037(m)			7,466		4,161,619
					5,876,777

46    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Agency Fixed Rate – 0.5%
Federal Home Loan Mortgage Corp. REMICs Series 4767, Class KI 6.00%, 03/15/2048	U.S.$		17,094	$	3,853,486
Freddie Mac Strips Series 247, Class 54 5.50%, 04/15/2036(o)			8,159		1,631,702
					5,485,188
Total Collateralized Mortgage Obligations (cost $104,398,117)					106,583,674
EMERGING MARKETS – SOVEREIGNS – 10.2%
Angola – 0.4%
Angolan Government International Bond 8.00%, 11/26/2029(a)			835		659,650
8.25%, 05/09/2028(a)			400		317,250
9.125%, 11/26/2049(a)			399		309,848
9.375%, 05/08/2048(a)			222		172,744
9.50%, 11/12/2025(a)			2,756		2,395,998
					3,855,490
Argentina – 1.0%
Argentine Republic Government International Bond 0.125%, 07/09/2030-07/09/2041			25,911		10,017,387
1.00%, 07/09/2029			1,218		552,320
					10,569,707
Bahrain – 0.5%
Bahrain Government International Bond 5.45%, 09/16/2032(a)			1,146		1,094,430
5.625%, 09/30/2031(a)			1,193		1,163,175
6.75%, 09/20/2029(a)			528		564,960
7.00%, 10/12/2028(a)			1,253		1,367,728
CBB International Sukuk Programme Co. SPC 6.25%, 11/14/2024(a)			1,547		1,657,224
					5,847,517
Brazil – 0.6%
Brazilian Government International Bond 3.875%, 06/12/2030			2,191		2,191,000
4.625%, 01/13/2028			3,530		3,821,225
					6,012,225

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    47

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Costa Rica – 0.3%
Costa Rica Government International Bond 6.125%, 02/19/2031(a)	U.S.$		3,310	$	3,105,194
Dominican Republic – 1.0%
Dominican Republic International Bond 5.50%, 01/27/2025(a)			149		158,312
5.95%, 01/25/2027(a)			1,553		1,666,078
6.40%, 06/05/2049(a)			605		606,702
7.45%, 04/30/2044(a)			1,283		1,440,568
8.625%, 04/20/2027(a)			5,719		6,669,784
					10,541,444
Ecuador – 0.3%
Ecuador Government International Bond Zero Coupon, 07/31/2030(a)			371		172,525
0.50%, 07/31/2030-07/31/2040(a)			5,017		2,920,439
					3,092,964
Egypt – 1.0%
Egypt Government International Bond 6.125%, 01/31/2022(a)			3,559		3,640,190
6.20%, 03/01/2024(a)			2,743		2,846,719
7.625%, 05/29/2032(a)			1,075		1,048,125
8.50%, 01/31/2047(a)			1,378		1,329,770
8.70%, 03/01/2049(a)			998		971,179
8.875%, 05/29/2050(a)			1,096		1,086,410
					10,922,393
El Salvador – 0.3%
El Salvador Government International Bond 5.875%, 01/30/2025(a)			146		127,567
7.125%, 01/20/2050(a)			2,402		1,872,810
7.625%, 09/21/2034(a)			762		642,938
7.65%, 06/15/2035(a)			16		13,735
7.75%, 01/24/2023(a)			339		326,923
					2,983,973
Gabon – 0.3%
Gabon Government International Bond 6.375%, 12/12/2024(a)			789		742,599
6.625%, 02/06/2031(a)			1,870		1,666,053
6.95%, 06/16/2025(a)			1,050		984,375
					3,393,027
Ghana – 0.3%
Ghana Government International Bond 6.375%, 02/11/2027(a)			2,087		1,880,909
10.75%, 10/14/2030(a)			780		945,750
					2,826,659

48    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Guatemala – 0.1%
Guatemala Government Bond 5.375%, 04/24/2032(a)	U.S.$		200	$	229,750
6.125%, 06/01/2050(a)			357		426,838
					656,588
Honduras – 0.3%
Honduras Government International Bond 6.25%, 01/19/2027(a)			1,748		1,893,848
7.50%, 03/15/2024(a)			730		793,191
8.75%, 12/16/2020(a)			320		322,500
					3,009,539
Iraq – 0.1%
Iraq International Bond 5.80%, 01/15/2028(a)			248		219,811
6.752%, 03/09/2023(a)			402		382,151
					601,962
Ivory Coast – 0.5%
Ivory Coast Government International Bond 5.125%, 06/15/2025(a)	EUR		168		200,788
5.875%, 10/17/2031(a)			1,880		1,990,674
6.375%, 03/03/2028(a)	U.S.$		2,678		2,672,142
6.625%, 03/22/2048(a)	EUR		331		327,928
					5,191,532
Jamaica – 0.1%
Jamaica Government International Bond 7.625%, 07/09/2025	U.S.$		506		576,207
Jordan – 0.1%
Jordan Government International Bond 5.75%, 01/31/2027(a)			634		634,396
Kenya – 0.5%
Kenya Government International Bond 6.875%, 06/24/2024(a)			3,550		3,609,906
7.00%, 05/22/2027(a)			837		821,830
7.25%, 02/28/2028(a)			649		637,845
					5,069,581
Lebanon – 0.0%
Lebanon Government International Bond 6.65%, 04/22/2024(a)(d)(i)			427		65,117
6.85%, 03/23/2027(a)(d)(i)			454		68,100
Series G 1.00%, 11/27/2026(a)(d)(i)			1,654		248,100
					381,317

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    49

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Mongolia – 0.2%
Mongolia Government International Bond 5.125%, 12/05/2022(a)	U.S.$		2,426	$	2,472,246
10.875%, 04/06/2021(a)			200		208,000
					2,680,246
Nigeria – 0.5%
Nigeria Government International Bond 6.375%, 07/12/2023(a)			740		754,800
6.50%, 11/28/2027(a)			388		369,327
6.75%, 01/28/2021(a)			288		288,810
7.625%, 11/21/2025(a)			3,385		3,527,285
7.875%, 02/16/2032(a)			489		466,231
					5,406,453
Oman – 0.4%
Oman Government International Bond 4.125%, 01/17/2023(a)			4,265		4,173,036
4.75%, 06/15/2026(a)			550		502,562
6.00%, 08/01/2029(a)			210		192,938
					4,868,536
Pakistan – 0.0%
Pakistan Government International Bond 6.875%, 12/05/2027(a)			215		213,186
Senegal – 0.2%
Senegal Government International Bond 6.25%, 05/23/2033(a)			593		583,920
6.75%, 03/13/2048(a)			1,928		1,823,767
8.75%, 05/13/2021(a)			310		318,719
					2,726,406
South Africa – 0.2%
Republic of South Africa Government International Bond 5.75%, 09/30/2049			2,151		1,820,956
Sri Lanka – 0.1%
Sri Lanka Government International Bond 6.125%, 06/03/2025(a)			350		245,328
6.20%, 05/11/2027(a)			685		463,231
					708,559
Ukraine – 0.8%
Ukraine Government International Bond 7.253%, 03/15/2033(a)			1,886		1,730,405
7.375%, 09/25/2032(a)			1,400		1,315,125
7.75%, 09/01/2022-09/01/2024(a)			5,067		5,156,456
					8,201,986

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PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Venezuela – 0.1%
Venezuela Government International Bond 9.25%, 09/15/2027(d)(i)	U.S.$		7,978	$	618,295
9.25%, 05/07/2028(a)(d)(i)			300		23,250
					641,545
Total Emerging Markets – Sovereigns (cost $113,618,943)					106,539,588
GOVERNMENTS - TREASURIES – 7.4%
Colombia – 0.6%
Colombian TES Series B 10.00%, 07/24/2024	COP		18,165,600		5,817,834
Indonesia – 0.7%
Indonesia Treasury Bond Series FR78 8.25%, 05/15/2029	IDR		100,018,000		7,316,505
Mexico – 0.2%
Mexican Bonos Series M 20 7.50%, 06/03/2027	MXN		46,433		2,333,567
Russia – 0.7%
Russian Federal Bond – OFZ Series 6209 7.60%, 07/20/2022	RUB		37,074		500,996
Series 6212 7.05%, 01/19/2028			220,100		3,018,037
Series 6217 7.50%, 08/18/2021			274,943		3,634,534
					7,153,567
United States – 5.2%
U.S. Treasury Bonds 2.75%, 11/15/2042(p)	U.S.$		2,200		2,821,156
5.00%, 05/15/2037(p)			1,900		3,080,969
5.25%, 02/15/2029(q)			3,350		4,637,656
6.125%, 11/15/2027(r)			1,000		1,398,125
U.S. Treasury Notes 2.25%, 02/15/2027(q)(r)(s)			23,373		26,093,762
2.875%, 08/15/2028(q)			13,970		16,502,063
					54,533,731
Total Governments – Treasuries (cost $70,766,397)					77,155,204

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    51

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
BANK LOANS – 5.0%
Industrial – 4.6%
Basic – 0.1%
Illuminate Buyer, LLC 4.147% (LIBOR 1 Month + 4.00%), 06/30/2027(t)	U.S.$		560	$	554,753
Capital Goods – 0.5%
Apex Tool Group, LLC 6.50% (LIBOR 1 Month + 5.25%), 08/01/2024(t)			2,232		2,111,253
Brookfield WEC Holdings Inc. (fka Westinghouse Electric Company LLC) 3.75% (LIBOR 1 Month + 3.00%), 08/01/2025(t)			867		844,200
BWay Holding Company 3.523% (LIBOR 3 Month + 3.25%), 04/03/2024(t)			994		931,662
Granite US Holdings Corporation 6.322% (LIBOR 3 Month + 5.25%), 09/30/2026(b)(t)			1,542		1,457,587
TransDigm Inc. 2.397% (LIBOR 1 Month + 2.25%), 12/09/2025(t)			350		330,437
Welbilt, Inc. (fka Manitowoc Foodservice, Inc.) 2.647% (LIBOR 1 Month + 2.50%), 10/23/2025(t)			110		99,434
					5,774,573
Communications - Media – 0.2%
Clear Channel Outdoor Holdings, Inc. 3.761% (LIBOR 3 Month + 3.50%), 08/21/2026(t)			322		291,844
iHeartCommunications, Inc. (fka Clear Channel Communications, Inc.) 3.147% (LIBOR 1 Month + 3.00%), 05/01/2026(t)			397		375,848
LCPR Loan Financing LLC 5.152% (LIBOR 1 Month + 5.00%), 10/15/2026(t)			578		577,197
Nielsen Finance LLC 4.75% (LIBOR 1 Month + 3.75%), 06/04/2025(t)			449		447,977
					1,692,866

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PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Communications - Telecommunications – 0.1%
Intrado Corporation 5.00% (LIBOR 1 Month + 4.00%), 10/10/2024(t)	U.S.$		1,102	$	997,057
Consumer Cyclical - Automotive – 0.1%
Clarios Global LP 3.647% (LIBOR 1 Month + 3.50%), 04/30/2026(t)			505		491,172
Navistar, Inc. 3.66% (LIBOR 1 Month + 3.50%), 11/06/2024(t)			346		342,454
					833,626
Consumer Cyclical - Entertainment – 0.1%
Seaworld Parks & Entertainment, Inc. (fka SW Acquisitions Co., Inc.) 3.75% (LIBOR 1 Month + 3.00%), 04/01/2024(t)			954		885,720
Consumer Cyclical - Other – 0.5%
Caesars Resort Collection, LLC 2.897% (LIBOR 1 Month + 2.75%), 12/23/2024(t)			1,391		1,299,556
Flutter Entertainment PLC 3.72% (LIBOR 3 Month + 3.50%), 07/10/2025(t)			153		152,162
Golden Nugget Online Gaming, Inc. 13.00% (LIBOR 3 Month + 12.00%), 10/04/2023(b)(t)			22		24,742
13.00% (LIBOR 1 Month + 12.00%), 10/04/2023(b)(t)			268		308,321
Playtika Holding Corp. 7.00% (LIBOR 3 Month + 6.00%), 12/10/2024(t)			2,980		2,978,797
Scientific Games International, Inc. 2.897% (LIBOR 1 Month + 2.75%), 08/14/2024(t)			169		159,079
3.612% (LIBOR 3 Month + 2.75%), 08/14/2024(t)			693		650,274
					5,572,931

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PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Restaurants – 0.1%
IRB Holding Corp. (fka Arby’s/Buffalo Wild Wings) 3.75% (LIBOR 3 Month + 2.75%), 02/05/2025(t)	U.S.$		846	$	806,560
Whatabrands LLC 2.906% (LIBOR 1 Month + 2.75%), 07/31/2026(t)			396		386,789
					1,193,349
Consumer Cyclical - Retailers – 0.2%
Bass Pro Group, LLC 5.75% (LIBOR 3 Month + 5.00%), 09/25/2024(t)			488		482,591
PetSmart, Inc. 4.50% (LIBOR 3 Month + 3.50%), 03/11/2022(t)			796		793,891
Serta Simmons Bedding, LLC 9.00% (LIBOR 3 Month + 8.00%), 11/08/2024(b)(t)			1,270		368,317
					1,644,799
Consumer Non-Cyclical – 1.1%
Acadia Healthcare Company, Inc. 2.647% (LIBOR 1 Month + 2.50%), 02/16/2023(t)			444		439,666
Aldevron, L.L.C. 5.25% (LIBOR 1 Month + 4.25%), 10/12/2026(t)			814		813,426
Alphabet Holding Company, Inc. (fka Nature’s Bounty) 7.897% (LIBOR 1 Month + 7.75%), 09/26/2025(t)			1,866		1,798,002
Arbor Pharmaceuticals, LLC 6.00% (LIBOR 3 Month + 5.00%), 07/05/2023(t)			1,087		1,003,212
BI-LO, LLC 9.00% (LIBOR 1 Month + 8.00%), 05/31/2024(t)			1,208		1,206,066
Froneri International Limited 5.897% (LIBOR 1 Month + 5.75%), 01/31/2028(b)(t)			160		158,800
Global Medical Response, Inc. (fka Air Medical) 4.250% (LIBOR 3 Month + 3.25%), 04/28/2022(t)			1,195		1,190,323
5.250% (LIBOR 3 Month + 4.25%), 03/14/2025(t)			910		879,434

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PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
LifePoint Health, Inc. (fka Regionalcare Hospital Partners Holdings, Inc.) 3.897% (LIBOR 1 Month + 3.75%), 11/16/2025(t)	U.S.$		916	$	888,448
Mallinckrodt International Finance S.A. 3.50% (LIBOR 3 Month + 2.75%), 09/24/2024(t)			934		781,809
Milano Acquisition Corp. 08/17/2027(b)(u)			1,240		1,224,500
U.S. Renal Care, Inc. 5.147% (LIBOR 1 Month + 5.00%), 06/26/2026(t)			1,554		1,511,945
					11,895,631
Energy – 0.2%
CITGO Petroleum Corporation 6.00% (LIBOR 3 Month + 5.00%), 03/28/2024(t)			521		492,720
Triton Solar US Acquisition Co. 6.22% (LIBOR 3 Month + 6.00%), 10/29/2024(t)			1,911		1,633,735
					2,126,455
Other Industrial – 0.1%
American Tire Distributors, Inc. 7.00% (LIBOR 3 Month + 6.00%), 09/01/2023(b)(t)			221		216,921
8.500% (LIBOR 3 Month + 7.50%), 09/02/2024(t)			77		64,883
8.500% (LIBOR 1 Month + 7.50%), 09/02/2024(t)			635		538,355
Core & Main LP 3.75% (LIBOR 3 Month + 2.75%), 08/01/2024(t)			196		191,481
Dealer Tire, LLC 4.399% (LIBOR 1 Month + 4.25%), 12/12/2025(b)(t)			298		290,306
Rockwood Service Corporation 4.397% (LIBOR 1 Month + 4.25%), 01/23/2027(b)(t)			88		87,287
					1,389,233
Services – 0.5%
Allied Universal Holdco LLC (fka USAGM Holdco, LLC) 4.397% (LIBOR 1 Month + 4.25%), 07/10/2026(t)			287		283,440

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    55

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Amentum Government Services Holdings LLC 3.647% (LIBOR 1 Month + 3.50%), 01/29/2027(t)	U.S.$		319	$	313,748
Garda World Security Corporation 4.90% (LIBOR 1 Month + 4.75%), 10/30/2026(t)			104		102,801
Parexel International Corporation 2.897% (LIBOR 1 Month + 2.75%), 09/27/2024(t)			231		221,506
Pi Lux Finco SARL 8.322% (LIBOR 6 Month + 7.25%), 01/01/2026(b)(t)			3,100		2,790,000
Refinitiv US Holdings Inc. (fka Financial & Risk US Holdings, Inc.) 3.397% (LIBOR 1 Month + 3.25%), 10/01/2025(t)			383		379,002
Team Health Holdings, Inc. 3.75% (LIBOR 1 Month + 2.75%), 02/06/2024(t)			739		617,484
Verscend Holding Corp. 4.647% (LIBOR 1 Month + 4.50%), 08/27/2025(t)			759		750,747
					5,458,728
Technology – 0.8%
athenahealth, Inc. 4.75% (LIBOR 3 Month + 4.50%), 02/11/2026(t)			2,021		1,985,558
Avaya Inc. 4.401% (LIBOR 1 Month + 4.25%), 12/15/2024(t)			46		45,815
Boxer Parent Company Inc. (fka BMC Software, Inc.) 4.397% (LIBOR 1 Month + 4.25%), 10/02/2025(t)			1,534		1,485,617
Pitney Bowes Inc. 5.65% (LIBOR 1 Month + 5.50%), 01/07/2025(t)			1,103		1,070,195
Presidio Holdings Inc. 3.77% (LIBOR 3 Month + 3.50%), 01/22/2027(b)(t)			397		391,300
Solera, LLC (Solera Finance, Inc.) 2.938% (LIBOR 2 Month + 2.75%), 03/03/2023(t)			2,516		2,461,215
Veritas Us Inc. 6.50% (LIBOR 3 Month + 5.50%), 09/01/2025(t)			589		575,730
					8,015,430

56    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Transportation - Airlines – 0.0%
Delta Air Lines, Inc. 5.75% (LIBOR 3 Month + 4.75%), 04/29/2023(t)	U.S.$		170	$	169,151
					48,204,302
Utility – 0.2%
Electric – 0.2%
Granite Generation LLC 4.750% (LIBOR 1 Month + 3.75%), 11/09/2026(t)			1,703		1,690,996
4.750% (LIBOR 3 Month + 3.75%), 11/09/2026(t)			313		310,899
					2,001,895
Financial Institutions – 0.2%
Finance – 0.0%
Jefferies Finance LLC 3.438% (LIBOR 1 Month + 3.25%), 06/03/2026(b)(t)			300		287,441
Insurance – 0.2%
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) 4.147% (LIBOR 1 Month + 4.00%), 09/03/2026(t)			1,395		1,372,156
					1,659,597
Total Bank Loans (cost $54,245,205)					51,865,794
EMERGING MARKETS – CORPORATE BONDS – 3.9%
Industrial – 3.4%
Basic – 1.2%
Braskem America Finance Co. 7.125%, 07/22/2041(a)			944		999,165
Braskem Netherlands Finance BV 4.50%, 01/31/2030(a)			1,942		1,806,946
Consolidated Energy Finance SA 6.875%, 06/15/2025(a)			949		867,090
CSN Islands XI Corp. 6.75%, 01/28/2028(a)			305		294,966
CSN Resources SA 7.625%, 02/13/2023-04/17/2026(a)			3,080		3,134,620
Eldorado Gold Corp. 9.50%, 06/01/2024(a)			1,553		1,659,693

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    57

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
First Quantum Minerals Ltd. 6.875%, 10/15/2027(a)	U.S.$		1,215	$	1,174,766
7.25%, 05/15/2022-04/01/2023(a)			2,473		2,454,343
7.50%, 04/01/2025(a)			261		258,390
					12,649,979
Capital Goods – 0.2%
Cemex SAB de CV 5.20%, 09/17/2030(a)			200		200,730
7.375%, 06/05/2027(a)			424		456,860
Embraer Netherlands Finance BV 5.40%, 02/01/2027			918		866,936
6.95%, 01/17/2028(a)			724		732,459
Odebrecht Finance Ltd. 4.375%, 04/25/2025(a)(d)(i)			349		18,868
5.25%, 06/27/2029(a)(d)(i)			1,070		42,800
7.125%, 06/26/2042(a)(d)(i)			2,665		137,414
					2,456,067
Communications - Media – 0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(a)			481		472,282
VTR Finance NV 6.375%, 07/15/2028(a)			322		338,640
					810,922
Communications - Telecommunications – 0.3%
Comunicaciones Celulares SA Via Comcel Trust 6.875%, 02/06/2024(a)			535		541,029
Digicel Group 0.5 Ltd. 7.00%, 10/15/2020(f)(g)(l)			84		10,047
8.00% (5.00% Cash and 3.00% PIK), 04/01/2025(a)(f)			137		47,983
10.00% (8.00% Cash and 2.00% PIK), 04/01/2024(f)			246		188,612
Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd. 8.75%, 05/25/2024(a)			657		661,682
MTN Mauritius Investments Ltd. 6.50%, 10/13/2026(a)			380		421,800
Sable International Finance Ltd. 5.75%, 09/07/2027(a)			615		643,617
VTR Comunicaciones SpA 5.125%, 01/15/2028(a)			423		435,941
					2,950,711

58    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Other – 0.5%
Melco Resorts Finance Ltd. 5.625%, 07/17/2027(a)	U.S.$		965	$	998,153
MGM China Holdings Ltd. 5.25%, 06/18/2025(a)			222		226,330
5.375%, 05/15/2024(a)			398		409,770
5.875%, 05/15/2026(a)			414		428,490
Studio City Finance Ltd. 6.00%, 07/15/2025(a)			448		457,990
6.50%, 01/15/2028(a)			423		433,575
Wynn Macau Ltd. 4.875%, 10/01/2024(a)			286		281,353
5.50%, 01/15/2026-10/01/2027(a)			1,481		1,452,697
5.625%, 08/26/2028(a)			367		356,404
					5,044,762
Consumer Cyclical - Retailers – 0.0%
K2016470219 (South Africa) Ltd. 3.00%, 12/31/2022(f)(g)			1,037		517
K2016470260 (South Africa) Ltd. 25.00%, 12/31/2022(f)(g)			481		434
					951
Consumer Non-Cyclical – 0.4%
BRF GmbH 4.35%, 09/29/2026(a)			798		825,429
BRF SA 4.875%, 01/24/2030(a)			1,018		1,043,026
Cosan Ltd. 5.50%, 09/20/2029(a)			461		474,830
Minerva Luxembourg SA 6.50%, 09/20/2026(a)			449		466,399
Teva Pharmaceutical Finance Netherlands III BV 7.125%, 01/31/2025			1,040		1,084,317
Tonon Luxembourg SA 6.50% (0.50% Cash and 6.00% PIK), 10/31/2024(b)(e)(f)(g)			615		18,514
USJ Acucar e Alcool SA 9.875%, 11/09/2023(a)			670		214,267
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018(c)(d)(g)			4,090		36,931
10.875%, 01/13/2020(c)(d)(g)			480		96,000
11.75%, 02/09/2022(d)(g)(i)			1,620		15,187
					4,274,900
Energy – 0.7%
Geopark Ltd. 5.50%, 01/17/2027(a)			214		188,521

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    59

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Leviathan Bond Ltd. 6.50%, 06/30/2027(a)	U.S.$		1,197	$	1,240,983
Medco Platinum Road Pte Ltd. 6.75%, 01/30/2025(a)			503		480,365
MV24 Capital BV 6.748%, 06/01/2034(a)			541		545,515
Peru LNG Srl 5.375%, 03/22/2030(a)			237		182,416
Petrobras Global Finance BV 5.093%, 01/15/2030			1,195		1,255,766
5.60%, 01/03/2031			3,345		3,578,596
					7,472,162
Transportation - Services – 0.0%
Rumo Luxembourg SARL 7.375%, 02/09/2024(a)			468		489,645
					36,150,099
Utility – 0.4%
Electric – 0.4%
AES Gener SA 6.35%, 10/07/2079(a)			495		495,000
Cemig Geracao e Transmissao SA 9.25%, 12/05/2024(a)			1,927		2,121,808
Light Servicos de Eletricidade SA/Light Energia SA 7.25%, 05/03/2023(a)			1,120		1,166,900
Star Energy Geothermal Wayang Windu Ltd. 6.75%, 04/24/2033(a)			208		228,213
Terraform Global Operating LLC 6.125%, 03/01/2026(g)			118		119,941
					4,131,862
Financial Institutions – 0.1%
Banking – 0.1%
Fidelity Bank PLC 10.50%, 10/16/2022(a)			550		573,832
Insurance – 0.0%
Ambac LSNI LLC 6.00% (LIBOR 3 Month + 5.00%), 02/12/2023(a)(m)			54		53,824
					627,656
Total Emerging Markets – Corporate Bonds (cost $48,179,302)					40,909,617

60    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
EMERGING MARKETS – TREASURIES – 1.7%
Brazil – 1.7%
Brazil Notas do Tesouro Nacional Series F 10.00%, 01/01/2021 (cost $26,097,724)	BRL		100,732	$	18,276,529
COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.4%
Non-Agency Fixed Rate CMBS – 1.3%
225 Liberty Street Trust Series 2016-225L, Class E 4.804%, 02/10/2036(a)	U.S.$		691		712,701
Citigroup Commercial Mortgage Trust Series 2013-GC11, Class XA 1.516%, 04/10/2046(o)			1,328		36,744
Series 2013-GC17, Class D 5.261%, 11/10/2046(a)			902		743,915
Series 2014-GC23, Class D 4.635%, 07/10/2047(a)			856		758,071
Commercial Mortgage Trust Series 2012-CR3, Class F 4.75%, 10/15/2045(a)			182		46,838
Series 2012-CR3, Class XA 2.008%, 10/15/2045(o)			7,163		200,042
Series 2012-CR5, Class XA 1.661%, 12/10/2045(o)			1,716		47,564
Series 2013-LC6, Class D 4.462%, 01/10/2046(a)			3,916		2,961,553
Series 2014-CR15, Class XA 1.082%, 02/10/2047(o)			1,659		40,581
Series 2014-CR20, Class XA 1.174%, 11/10/2047(o)			9,619		331,360
GS Mortgage Securities Corp. II Series 2013-GC10, Class XA 1.639%, 02/10/2046(o)			749		23,161
GS Mortgage Securities Trust Series 2012-GC6, Class D 5.839%, 01/10/2045(a)			1,765		1,392,191
Series 2012-GCJ9, Class D 4.898%, 11/10/2045(a)			700		635,142
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6, Class XA 1.762%, 11/15/2045(a)(o)			5,856		136,955

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    61

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
UBS-Barclays Commercial Mortgage Trust Series 2012-C4, Class XA 1.755%, 12/10/2045(a)(o)	U.S.$		777	$	19,663
WF-RBS Commercial Mortgage Trust Series 2011-C4, Class D 5.39%, 06/15/2044(a)			1,022		867,369
Series 2012-C7, Class XA 1.47%, 06/15/2045(a)(o)			1,288		18,712
Series 2012-C8, Class E 5.048%, 08/15/2045(a)			3,766		3,246,124
Series 2012-C10, Class XA 1.675%, 12/15/2045(a)(o)			2,967		84,948
Series 2014-C25, Class D 3.803%, 11/15/2047(a)			1,807		1,505,544
					13,809,178
Non-Agency Floating Rate CMBS – 0.1%
DBWF Mortgage Trust Series 2018-GLKS, Class E 3.175% (LIBOR 1 Month + 3.02%), 12/19/2030(a)(m)			838		753,978
Morgan Stanley Capital I Trust Series 2019-BPR, Class E 4.902% (LIBOR 1 Month + 4.75%), 05/15/2036(a)(m)			301		220,997
					974,975
Total Commercial Mortgage-Backed Securities (cost $16,874,636)					14,784,153
COLLATERALIZED LOAN OBLIGATIONS – 1.3%
CLO - Floating Rate – 1.3%
Ares XXXIV CLO Ltd. Series 2015-2A, Class CR 2.273% (LIBOR 3 Month + 2.00%), 04/17/2033(a)(m)			2,358		2,279,346
Dryden CLO Ltd. Series 2018-57A, Class E 5.48% (LIBOR 3 Month + 5.20%), 05/15/2031(a)(m)			275		235,538
Series 2020-78A, Class C 3.217% (LIBOR 3 Month + 1.95%), 04/17/2033(a)(m)			3,000		2,942,184
Series 2020-78A, Class D 4.267% (LIBOR 3 Month + 3.00%), 04/17/2033(a)(m)			1,329		1,254,562

62    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Dryden Senior Loan Fund Series 2017-49A, Class E 6.572% (LIBOR 3 Month + 6.30%), 07/18/2030(a)(m)	U.S.$		417	$	378,068
Elevation CLO Ltd. Series 2020-11A, Class C 3.523% (LIBOR 3 Month + 2.20%), 04/15/2033(a)(m)			648		613,767
Series 2020-11A, Class D1 5.173% (LIBOR 3 Month + 3.85%), 04/15/2033(a)(m)			1,006		902,236
Octagon Investment Partners 29 Ltd. Series 2016-1A, Class DR 3.364% (LIBOR 3 Month + 3.10%), 01/24/2033(a)(m)			1,701		1,524,325
OZLM Ltd. Series 2018-22A, Class D 5.573% (LIBOR 3 Month + 5.30%), 01/17/2031(a)(m)			349		274,363
THL Credit Wind River CLO Ltd. Series 2017-1A, Class AR 1.412% (LIBOR 3 Month + 1.14%), 04/18/2029(a)(m)			2,490		2,467,239
Voya CLO Ltd. Series 2019-1A, Class DR 3.125% (LIBOR 3 Month + 2.85%), 04/15/2031(a)(m)			1,050		940,740
Total Collateralized Loan Obligations (cost $14,496,863)					13,812,368
QUASI-SOVEREIGNS – 1.1%
Quasi-Sovereign Bonds – 1.1%
Bahrain – 0.1%
Oil and Gas Holding Co. BSCC (The) 7.625%, 11/07/2024(a)			469		499,339
8.375%, 11/07/2028(a)			1,346		1,490,695
					1,990,034
Indonesia – 0.0%
Indonesia Asahan Aluminium Persero PT 5.71%, 11/15/2023(a)			224		247,940
Kazakhstan – 0.1%
KazMunayGas National Co. JSC 5.375%, 04/24/2030(a)			660		770,954

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    63

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Mexico – 0.7%
Petroleos Mexicanos 5.95%, 01/28/2031(a)	U.S.$		4,130	$	3,447,053
6.49%, 01/23/2027(a)			507		474,425
6.50%, 01/23/2029			318		284,743
6.75%, 09/21/2047			767		591,165
6.84%, 01/23/2030(a)			1,144		1,021,021
7.69%, 01/23/2050(a)			1,815		1,519,155
					7,337,562
South Africa – 0.1%
Eskom Holdings SOC Ltd. 6.35%, 08/10/2028(a)			562		566,327
United Arab Emirates – 0.1%
DP World Crescent Ltd. 3.875%, 07/18/2029(a)			225		232,594
DP World PLC 5.625%, 09/25/2048(a)			332		378,272
					610,866
Total Quasi-Sovereigns (cost $10,738,498)					11,523,683
ASSET-BACKED SECURITIES – 1.1%
Other ABS - Fixed Rate – 0.5%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2018-7, Class PT 9.922%, 06/15/2043(g)			252		231,832
Series 2019-24, Class PT 10.679%, 08/15/2044(g)			366		330,511
Series 2019-36, Class PT 13.94%, 10/17/2044			469		418,018
Series 2019-43, Class PT 6.849%, 11/15/2044(g)			319		299,225
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-12, Class PT 12.086%, 06/15/2043(g)			187		171,718
Series 2018-4, Class PT 10.423%, 05/15/2043(g)			215		202,152
Consumer Loan Underlying Bond Credit Trust Series 2018-3, Class PT 10.56%, 03/16/2043(g)			47		43,521
Marlette Funding Trust Series 2018-3A, Class C 4.63%, 09/15/2028(a)			1,350		1,370,588

64    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
SoFi Consumer Loan Program LLC Series 2016-1, Class R Zero Coupon, 08/25/2025(b)(e)(g)	U.S.$		776	$	188,316
Series 2017-3, Class R Zero Coupon, 05/25/2026(b)(e)(g)			10		325,000
Series 2017-5, Class R1 Zero Coupon, 09/25/2026(b)(e)(g)			12		299,736
SoFi Consumer Loan Program Trust Series 2018-1, Class R1 Zero Coupon, 02/25/2027(b)(e)(g)			16		548,980
Taco Bell Funding LLC Series 2016-1A, Class A23 4.97%, 05/25/2046(a)			775		834,334
					5,263,931
Home Equity Loans - Fixed Rate – 0.3%
CSAB Mortgage-Backed Trust Series 2006-2, Class A6A 5.72%, 09/25/2036			602		282,365
CWABS Asset-Backed Certificates Trust Series 2005-7, Class AF5W 5.054%, 10/25/2035			676		682,935
GSAA Home Equity Trust Series 2005-12, Class AF5 6.159%, 09/25/2035			917		757,817
Series 2006-10, Class AF3 5.985%, 06/25/2036			1,026		419,804
Series 2006-6, Class AF4 6.121%, 03/25/2036			1,425		606,023
Series 2006-6, Class AF5 6.241%, 03/25/2036			528		224,490
					2,973,434
Autos - Fixed Rate – 0.3%
CPS Auto Trust Series 2018-C, Class D 4.40%, 06/17/2024(a)			1,050		1,087,150
Exeter Automobile Receivables Trust Series 2019-2A, Class E 4.68%, 05/15/2026(a)			1,050		1,085,818
Flagship Credit Auto Trust Series 2019-4, Class E 4.11%, 03/15/2027(a)			770		770,482
					2,943,450

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PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Home Equity Loans - Floating Rate – 0.0%
Lehman XS Trust Series 2007-6, Class 3A5 4.588%, 05/25/2037(m)	U.S.$		85	$	83,194
Total Asset-Backed Securities (cost $15,280,031)					11,264,009
		Shares
COMMON STOCKS – 1.1%
Financials – 0.4%
Consumer Finance – 0.0%
Paysafe Group Ltd.(b)(d)(e)			3,960		50,569
Insurance – 0.4%
Mt. Logan Re Ltd.(b)			700		754,344
Mt. Logan Re Ltd. (Preference Shares)(b)(d)(e)(j)			2,953		3,032,296
					3,786,640
					3,837,209
Consumer Staples – 0.3%
Food & Staples Retailing – 0.3%
Southeastern Grocers, Inc. Npv(b)(d)(e)			38,084		2,570,670
Energy – 0.2%
Energy Equipment & Services – 0.1%
Tervita Corp.(d)			397,910		776,964
Oil, Gas & Consumable Fuels – 0.1%
Berry Corp.			133,464		423,081
CHC Group LLC(d)(j)			51,655		517
Denbury, Inc.(d)			36,197		637,067
Golden Energy Offshore Services AS(d)			916,212		98,227
K201640219 (South Africa) Ltd. A Shares(b)(d)(e)			12,695,187		13
K201640219 (South Africa) Ltd. B Shares(b)(d)(e)			2,009,762		2
Paragon Offshore Ltd. – Class A(b)(d)			11,814		1,181
Paragon Offshore Ltd. – Class B(b)(d)			17,721		13,291
Vantage Drilling International(d)			17,833		115,914
Whiting Petroleum Corp.(d)			15,070		260,560
					1,549,853
					2,326,817
Consumer Discretionary – 0.1%
Auto Components – 0.0%
ATD New Holdings, Inc.(b)(d)			20,185		201,850

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PORTFOLIO OF INVESTMENTS (continued)

Company		Shares		U.S. $ Value
Exide Corp.(b)(e)			944,916	$	1
Exide Technologies(b)(d)(e)			59,185		– 0	–
					201,851
Automobiles – 0.1%
Liberty Tire Recycling LLC(b)(d)(e)			7,822		587,057
Hotels, Restaurants & Leisure – 0.0%
Carlson Travel, Inc.(b)			138		45,250
					834,158
Information Technology – 0.1%
Software – 0.1%
Avaya Holdings Corp.(d)			36,303		551,806
Monitronics International, Inc.(d)			17,804		58,753
Monitronics International, Inc.(b)(d)(e)			17,878		56,755
					667,314
Materials – 0.0%
Metals & Mining – 0.0%
BIS Industries Holdings Ltd.(b)(d)(e)			838,296		1
Constellium SE(d)			40,866		320,798
Neenah Enterprises, Inc.(b)(d)(e)			58,200		– 0	–
					320,799
Industrials – 0.0%
Building Products – 0.0%
New Cotai LLC/New Cotai Capital Corp.(b)(d)(e)			3		– 0	–
Construction & Engineering – 0.0%
Willscot Corp.			18,809		313,734
					313,734
Communication Services – 0.0%
Media – 0.0%
iHeartMedia, Inc. – Class A(d)			25,267		205,168
Total Common Stocks (cost $25,969,524)					11,075,869
		Principal Amount (000)
GOVERNMENTS – SOVEREIGN BONDS – 0.5%
Colombia – 0.1%
Colombia Government International Bond 4.125%, 05/15/2051	U.S.$		1,258		1,311,465

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    67

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)			U.S. $ Value
Mexico – 0.1%
Mexico Government International Bond 4.75%, 04/27/2032	U.S.$		534		$	604,588
5.00%, 04/27/2051			461			516,781
						1,121,369
Netherlands – 0.0%
SNS Bank NV Series E 11.25%, 12/31/2049(b)(d)(e)(l)	EUR		620			– 0	–
United Arab Emirates – 0.3%
Emirate of Dubai Government International Bonds 7.75%, 10/05/2020(a)	U.S.$		3,310			3,310,000
Total Governments – Sovereign Bonds (cost $6,351,542)						5,742,834
		Shares
INVESTMENT COMPANIES – 0.5%
Funds and Investment Trusts – 0.5%
iShares JP Morgan USD Emerging Markets Bond ETF(v) (cost $5,351,457)			49,000			5,433,610
		Principal Amount (000)
LOCAL GOVERNMENTS – US MUNICIPAL BONDS – 0.4%
United States – 0.4%
State of California Series 2010 7.60%, 11/01/2040	U.S.$		750			1,351,005
7.95%, 03/01/2036			0	**		187
State of Illinois Series 2010 7.35%, 07/01/2035			1,915			2,169,599
Tobacco Settlement Finance Authority Series 2007A 7.467%, 06/01/2047			370			396,063
Total Local Governments – US Municipal Bonds (cost $3,061,723)						3,916,854

68    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

Company		Shares		U.S. $ Value
PREFERRED STOCKS – 0.3%
Financial Institutions – 0.2%
Banking – 0.1%
Paysafe Holdings UK Ltd. 0.00%(b)(d)(e)			1,240,623	$	1,240,623
Insurance – 0.1%
Hartford Financial Services Group, Inc. (The) 7.875%			42,175		1,166,982
REITS – 0.0%
Hersha Hospitality Trust Series C 6.875%			4,448		65,386
					2,472,991
Industrial – 0.1%
Trading Companies & Distributors – 0.1%
WESCO International, Inc. Series A 10.625%			35,175		984,900
Utility – 0.0%
Electric – 0.0%
SCE Trust III Series H 5.75%			4,814		107,256
Total Preferred Stocks (cost $3,475,511)					3,565,147
		Principal Amount (000)
INFLATION-LINKED SECURITIES – 0.2%
Colombia – 0.2%
Fideicomiso PA Concesion Ruta al Mar 6.75%, 02/15/2044(a)	COP		1,437,090		323,914
Fideicomiso PA Costera 6.25%, 01/15/2034(a)			1,230,800		366,836
Fideicomiso PA Pacifico Tres 7.00%, 01/15/2035(g)			6,642,880		1,890,626
Total Inflation-Linked Securities (cost $2,830,942)					2,581,376

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PORTFOLIO OF INVESTMENTS (continued)

Company		Shares		U.S. $ Value
WARRANTS – 0.0%
Avaya Holdings Corp., expiring 12/15/2022(d)			53,489	$	74,350
Encore Automotive Acceptance, expiring 07/05/2031(b)(d)(e)			8		– 0	–
Flexpath Capital, Inc., expiring 04/15/2031(b)(d)(e)			10,974		– 0	–
iHeartMedia, Inc., expiring 05/01/2039(d)			278		2,043
SandRidge Energy, Inc., A-CW22, expiring 10/04/2022(d)			46,951		235
SandRidge Energy, Inc., B-CW22, expiring 10/04/2022(d)			19,772		128
Willscot Corp., expiring 11/29/2022(b)(d)(e)			29,123		127,390
Total Warrants (cost $389,758)					204,146
		Notional Amount
OPTIONS PURCHASED – PUTS – 0.0%
Swaptions – 0.0%
IRS Swaption Expiration: Nov 2020; Contracts: 1,136,000; Exercise Rate: 0.01%; Counterparty: Goldman Sachs International(d)	USD		1,136,000		12,851
IRS Swaption Expiration: Nov 2020; Contracts: 874,000; Exercise Rate: 0.01%; Counterparty: Goldman Sachs International(d)			874,000		9,023
IRS Swaption Expiration: Nov 2020; Contracts: 1,137,000; Exercise Rate: 0.01%; Counterparty: Goldman Sachs International(d)			1,137,000		12,862
IRS Swaption Expiration: Dec 2020; Contracts: 2,175,000; Exercise Rate: 0.01%; Counterparty: Deutsche Bank AG(d)			2,175,000		34,886
IRS Swaption Expiration: Nov 2020; Contracts: 2,747,000; Exercise Rate: 0.01%; Counterparty: JPMorgan Chase Bank, NA(d)			2,747,000		42,783
Total Options Purchased – Puts (premiums paid $168,291)					112,405

70    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
WHOLE LOAN TRUSTS – 0.0%
Performing Asset – 0.0%
Sheridan Auto Loan Holdings I LLC 10.00%, 12/31/2020-09/30/2021(b)(e) (cost $1,110,218)	U.S.$		1,110	$	66,997
		Shares
RIGHTS – 0.0%
Vistra Energy Corp., expiring 12/31/2049(b)(d)(l) (cost $0)			10,721		11,707
SHORT-TERM INVESTMENTS – 1.3%
Investment Companies – 0.6%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 0.05%(v)(w)(x) (cost $6,164,294)			6,164,294		6,164,294
		Principal Amount (000)
Time Deposits – 0.4%
ANZ, London 0.01%, 10/01/2020	U.S.$		3,589		3,589,365
Citibank, London (0.69)%, 10/01/2020	EUR		73		86,065
0.01%, 10/01/2020	GBP		34		43,291
Total Time Deposits (cost $3,718,721)					3,718,721
Governments - Treasuries – 0.3%
Egypt – 0.3%
Egypt Treasury Bills Zero Coupon, 11/17/2020 (cost $2,818,009)	EGP		45,650		2,847,182
Total Short-Term Investments (cost $12,701,024)					12,730,197
Total Investments – 99.9% (cost $1,080,496,134)					1,046,664,635
Other assets less liabilities – 0.1%					1,268,585
Net Assets – 100.0%				$	1,047,933,220

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    71

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		113		December 2020	$	18,071,172	$	48,227
U.S. Long Bond (CBT) Futures		62		December 2020		10,929,438		(87,773	)
U.S. T-Note 10 Yr (CBT) Futures		454		December 2020		63,347,188		47,203
U.S. Ultra Bond (CBT) Futures		74		December 2020		16,414,125		(174,055	)
Sold Contracts
U.S. T-Note 5 Yr (CBT) Futures		334		December 2020		42,094,438		(54,289	)
							$	(220,687	)

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	IDR	114,612	USD	8		10/15/2020	$	56
Bank of America, NA	INR	1,630	USD	22		10/15/2020		(547	)
Bank of America, NA	USD	8	INR	586		10/15/2020		112
Bank of America, NA	KRW	15,882	USD	14		11/10/2020		3
Bank of America, NA	USD	95	KRW	112,703		11/10/2020		1,517
Bank of America, NA	TWD	845	USD	29		11/18/2020		(429	)
Barclays Bank PLC	EUR	989	USD	1,172		10/15/2020		12,429
Barclays Bank PLC	INR	698	USD	9		10/15/2020		(219	)
Barclays Bank PLC	USD	10	IDR	152,838		10/15/2020		35
Barclays Bank PLC	USD	78	INR	5,915		10/15/2020		2,426
Barclays Bank PLC	KRW	15,895	USD	13		11/10/2020		(243	)
Barclays Bank PLC	USD	11	KRW	12,450		11/10/2020		148
Barclays Bank PLC	TWD	537	USD	18		11/18/2020		(236	)
Barclays Bank PLC	USD	8	TWD	244		11/18/2020		55
Barclays Bank PLC	RUB	560	USD	7		11/19/2020		238
Barclays Bank PLC	USD	13	RUB	968		11/19/2020		(399	)
BNP Paribas SA	BRL	98,620	USD	17,484		10/02/2020		(77,209	)
BNP Paribas SA	USD	17,808	BRL	98,620		10/02/2020		(247,020	)
BNP Paribas SA	BRL	98,620	USD	17,794		11/04/2020		248,970
Brown Brothers Harriman & Co.	JPY	1,234	USD	12		10/08/2020		8
Brown Brothers Harriman & Co.	JPY	1,624	USD	15		10/08/2020		(137	)
Brown Brothers Harriman & Co.	MXN	1,454	USD	66		10/08/2020		660
Brown Brothers Harriman & Co.	MXN	1,416	USD	63		10/08/2020		(1,101	)
Brown Brothers Harriman & Co.	USD	8	JPY	862		10/08/2020		54
Brown Brothers Harriman & Co.	USD	66	MXN	1,481		10/08/2020		1,303
Brown Brothers Harriman & Co.	USD	43	MXN	940		10/08/2020		(787	)
Brown Brothers Harriman & Co.	USD	86	CAD	115		10/09/2020		502
Brown Brothers Harriman & Co.	EUR	1,568	USD	1,853		10/15/2020		13,749
Brown Brothers Harriman & Co.	EUR	575	USD	670		10/15/2020		(4,462	)
Brown Brothers Harriman & Co.	USD	25	EUR	21		10/15/2020		3
Brown Brothers Harriman & Co.	USD	844	EUR	713		10/15/2020		(7,771	)
Brown Brothers Harriman & Co.	NOK	250	USD	28		10/16/2020		905
Brown Brothers Harriman & Co.	NOK	919	USD	98		10/16/2020		(351	)
Brown Brothers Harriman & Co.	SEK	217	USD	24		10/16/2020		242
Brown Brothers Harriman & Co.	SEK	97	USD	11		10/16/2020		(47	)

72    ^|    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)
Brown Brothers Harriman & Co.	USD	15	NOK	145		10/16/2020	$	124
Brown Brothers Harriman & Co.	USD	121	NOK	1,094		10/16/2020		(3,680	)
Brown Brothers Harriman & Co.	USD	45	SEK	413		10/16/2020		885
Brown Brothers Harriman & Co.	USD	86	SEK	753		10/16/2020		(1,484	)
Brown Brothers Harriman & Co.	CNH	265	USD	39		10/21/2020		68
Brown Brothers Harriman & Co.	CNH	430	USD	62		10/21/2020		(1,383	)
Brown Brothers Harriman & Co.	USD	49	CNH	337		10/21/2020		977
Brown Brothers Harriman & Co.	PLN	521	USD	138		10/22/2020		3,479
Brown Brothers Harriman & Co.	PLN	54	USD	14		10/22/2020		(244	)
Brown Brothers Harriman & Co.	USD	99	PLN	369		10/22/2020		(3,258	)
Brown Brothers Harriman & Co.	NZD	43	USD	28		10/27/2020		(100	)
Brown Brothers Harriman & Co.	SGD	34	USD	25		10/27/2020		96
Brown Brothers Harriman & Co.	SGD	15	USD	11		10/27/2020		(25	)
Brown Brothers Harriman & Co.	USD	10	NZD	16		10/27/2020		31
Brown Brothers Harriman & Co.	USD	28	NZD	42		10/27/2020		(374	)
Brown Brothers Harriman & Co.	USD	49	SGD	67		10/27/2020		234
Brown Brothers Harriman & Co.	USD	25	SGD	34		10/27/2020		(62	)
Brown Brothers Harriman & Co.	USD	9	TRY	69		10/27/2020		(64	)
Brown Brothers Harriman & Co.	AUD	53	USD	38		10/29/2020		214
Brown Brothers Harriman & Co.	AUD	22	USD	16		10/29/2020		(110	)
Brown Brothers Harriman & Co.	CHF	63	USD	69		11/19/2020		1,007
Brown Brothers Harriman & Co.	CHF	10	USD	10		11/19/2020		(70	)
Brown Brothers Harriman & Co.	GBP	31	USD	40		11/19/2020		225
Brown Brothers Harriman & Co.	USD	8	CHF	7		11/19/2020		(103	)
Brown Brothers Harriman & Co.	USD	23	GBP	18		11/19/2020		183
Brown Brothers Harriman & Co.	USD	25	ZAR	428		11/27/2020		186
Brown Brothers Harriman & Co.	USD	32	ZAR	538		11/27/2020		(258	)
Brown Brothers Harriman & Co.	ZAR	1,150	USD	68		11/27/2020		272
Brown Brothers Harriman & Co.	ZAR	192	USD	11		11/27/2020		(180	)
Citibank, NA	EUR	1,058	USD	1,254		10/15/2020		12,787
Citibank, NA	IDR	20,704,040	USD	1,393		10/15/2020		462
Citibank, NA	IDR	20,704,040	USD	1,389		10/15/2020		(3,741	)
Goldman Sachs Bank USA	BRL	107	USD	19		10/02/2020		170
Goldman Sachs Bank USA	BRL	505	USD	90		10/02/2020		(396	)
Goldman Sachs Bank USA	USD	19	BRL	107		10/02/2020		84
Goldman Sachs Bank USA	USD	93	BRL	505		10/02/2020		(3,023	)
Goldman Sachs Bank USA	MXN	39,121	USD	1,727		10/08/2020		(41,017	)
Goldman Sachs Bank USA	IDR	531,029	USD	36		10/15/2020		238
Goldman Sachs Bank USA	IDR	435,515	USD	29		10/15/2020		(106	)
Goldman Sachs Bank USA	INR	7,325	USD	98		10/15/2020		(1,773	)
Goldman Sachs Bank USA	USD	61	IDR	910,611		10/15/2020		221
Goldman Sachs Bank USA	USD	32	IDR	476,814		10/15/2020		(192	)
Goldman Sachs Bank USA	USD	3,203	INR	243,094		10/15/2020		98,200
Goldman Sachs Bank USA	USD	31	INR	2,266		10/15/2020		(121	)
Goldman Sachs Bank USA	BRL	98	USD	17		11/04/2020		(41	)
Goldman Sachs Bank USA	KRW	57,100	USD	48		11/10/2020		(574	)
Goldman Sachs Bank USA	CLP	73,319	USD	96		11/13/2020		2,299
Goldman Sachs Bank USA	CLP	8,624	USD	11		11/13/2020		(54	)
Goldman Sachs Bank USA	USD	10	CLP	7,950		11/13/2020		(157	)
Goldman Sachs Bank USA	TWD	628	USD	22		11/18/2020		(310	)
Goldman Sachs Bank USA	USD	47	TWD	1,379		11/18/2020		534
Goldman Sachs Bank USA	USD	29	TWD	819		11/18/2020		(147	)

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    73

PORTFOLIO OF INVESTMENTS (continued)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Goldman Sachs Bank USA	RUB	458,502	USD	5,956		11/19/2020	$	80,307
Goldman Sachs Bank USA	USD	13	RUB	993		11/19/2020		225
Goldman Sachs Bank USA	USD	34	RUB	2,644		11/19/2020		(478	)
Goldman Sachs Bank USA	INR	1,188	USD	16		01/15/2021		10
HSBC Bank USA	BRL	99,037	USD	17,804		10/02/2020		168,498
HSBC Bank USA	EUR	36,472	USD	42,879		10/15/2020		106,350
HSBC Bank USA	USD	17,558	BRL	99,037		10/02/2020		77,535
JPMorgan Chase Bank, NA	BRL	55	USD	10		10/02/2020		314
JPMorgan Chase Bank, NA	BRL	73	USD	13		10/02/2020		(57	)
JPMorgan Chase Bank, NA	USD	14	BRL	73		10/02/2020		(742	)
JPMorgan Chase Bank, NA	USD	10	BRL	55		10/02/2020		43
JPMorgan Chase Bank, NA	CAD	2,121	USD	1,582		10/09/2020		(11,243	)
JPMorgan Chase Bank, NA	EUR	1,082	USD	1,281		10/15/2020		11,711
JPMorgan Chase Bank, NA	IDR	74,746,936	USD	5,048		10/15/2020		21,363
JPMorgan Chase Bank, NA	INR	2,603	USD	35		10/15/2020		(261	)
JPMorgan Chase Bank, NA	USD	2,072	EUR	1,781		10/15/2020		16,071
JPMorgan Chase Bank, NA	USD	1,629	EUR	1,371		10/15/2020		(21,227	)
JPMorgan Chase Bank, NA	USD	12	IDR	175,641		10/15/2020		106
JPMorgan Chase Bank, NA	USD	45	IDR	658,634		10/15/2020		(356	)
JPMorgan Chase Bank, NA	USD	13	INR	962		10/15/2020		152
JPMorgan Chase Bank, NA	KRW	11,892	USD	10		11/10/2020		(155	)
JPMorgan Chase Bank, NA	COP	32,950,467	USD	8,863		11/13/2020		271,748
JPMorgan Chase Bank, NA	USD	24	CLP	18,390		11/13/2020		(710	)
JPMorgan Chase Bank, NA	TWD	724	USD	25		11/18/2020		(221	)
JPMorgan Chase Bank, NA	USD	14	TWD	412		11/18/2020		57
JPMorgan Chase Bank, NA	USD	14	TWD	406		11/18/2020		(44	)
Morgan Stanley Capital Services LLC	USD	7,655	JPY	807,562		10/08/2020		2,445
Morgan Stanley Capital Services LLC	IDR	250,967	USD	17		10/15/2020		(130	)
Morgan Stanley Capital Services LLC	USD	40	TWD	1,160		11/18/2020		462
Morgan Stanley Capital Services LLC	GBP	2,561	USD	3,330		11/19/2020		24,203
Royal Bank of Scotland PLC	IDR	242,243	USD	16		10/15/2020		5
Royal Bank of Scotland PLC	IDR	762,997	USD	51		10/15/2020		(448	)
Royal Bank of Scotland PLC	CNH	71	USD	10		10/21/2020		6
Royal Bank of Scotland PLC	USD	12	CNH	80		10/21/2020		(4	)
Royal Bank of Scotland PLC	USD	31	KRW	36,903		11/10/2020		548
Royal Bank of Scotland PLC	USD	33	TWD	962		11/18/2020		358
Royal Bank of Scotland PLC	USD	15	RUB	1,158		11/19/2020		273
Standard Chartered Bank	TWD	601	USD	21		11/18/2020		(259	)
UBS AG	TWD	271	USD	9		11/18/2020		(86	)
							$	748,755

74    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note C)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2020			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
CDX-NAHY Series 28, 5 Year Index, 06/20/2022*		(5.00	)%		Quarterly		2.75	%	USD	11,791	$	(462,483	)	$	(347,998	)	$	(114,485	)
CDX-NAHY Series 29, 5 Year Index, 12/20/2022*		(5.00	)		Quarterly		3.13		USD	35,322		(1,456,840	)		(1,218,009	)		(238,831	)
CDX-NAHY Series 30, 5 Year Index, 06/20/2023*		(5.00	)		Quarterly		3.36		USD	15,399		(669,662	)		(562,117	)		(107,545	)
CDX-NAHY Series 33, 5 Year Index, 12/20/2024*		5.00			Quarterly		3.66		USD	8,345		(426,772	)		(427,756	)		984
CDX-NAHY Series 33, 5 Year Index, 12/20/2024*		5.00			Quarterly		3.66		USD	8,344		(439,473	)		(408,519	)		(30,954	)
CDX-NAHY Series 33, 5 Year Index, 12/20/2024*		5.00			Quarterly		3.66		USD	8,345		(452,269	)		(408,563	)		(43,706	)
CDX-NAHY Series 33, 5 Year Index, 12/20/2024*		5.00			Quarterly		3.66		USD	41,721		(2,197,508	)		(2,163,719	)		(33,789	)
CDX-NAHY Series 34, 5 Year Index, 06/20/2025*		5.00			Quarterly		3.83		USD	4,343		(218,603	)		(219,603	)		1,000
CDX-NAHY Series 34, 5 Year Index, 06/20/2025*		5.00			Quarterly		3.83		USD	6,848		(344,644	)		(349,473	)		4,829
iTraxx Europe Crossover Series 27, 5 Year Index, 06/20/2022*		(5.00	)		Quarterly		3.35		EUR	12,376		(602,898	)		(707,434	)		104,536
Sale Contracts
Brazilian Government International Bond, 4.250%, 01/07/2025, 06/20/2025*		1.00			Quarterly		2.31		USD	2,923		(166,077	)		(213,458	)		47,381

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PORTFOLIO OF INVESTMENTS (continued)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2020			Notional Amount (000)		Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
CDX-NAHY Series 28, 5 Year Index, 06/20/2022*		5.00	%		Quarterly		2.75	%	USD	4	$	226	$	139	$	87
CDX-NAHY Series 28, 5 Year Index, 06/20/2022*		5.00			Quarterly		2.75		USD	11,791		462,483		377,418		85,065
CDX-NAHY Series 29, 5 Year Index, 12/20/2022*		5.00			Quarterly		3.13		USD	35,322		1,456,840		1,227,656		229,184
CDX-NAHY Series 30, 5 Year Index, 06/20/2023*		5.00			Quarterly		3.36		USD	15,399		669,662		450,301		219,361
CDX-NAHY Series 33, 5 Year Index, 12/20/2024*		5.00			Quarterly		3.66		USD	106,068		5,571,995		4,693,425		878,570
CDX-NAHY Series 33, 5 Year Index, 12/20/2025*		5.00			Quarterly		4.09		USD	8,374		357,703		326,586		31,117
CDX-NAHY Series 34, 5 Year Index, 06/20/2025*		5.00			Quarterly		3.83		USD	78,028		3,916,381		1,841,151		2,075,230
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*		5.00			Quarterly		4.09		USD	48,890		2,088,379		2,030,389		57,990
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*		5.00			Quarterly		4.09		USD	6,849		292,561		294,507		(1,946	)
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*		5.00			Quarterly		4.09		USD	4,316		184,362		183,646		716
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*		5.00			Quarterly		4.09		USD	7,025		300,079		291,538		8,541
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*		5.00			Quarterly		4.09		USD	2,342		100,041		95,319		4,722
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*		5.00			Quarterly		4.09		USD	3,488		148,993		140,566		8,427

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PORTFOLIO OF INVESTMENTS (continued)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2020			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*		5.00	%		Quarterly		4.09	%	USD	1,070	$	45,179		$	43,692		$	1,487
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*		5.00			Quarterly		4.09		USD	8,374		357,703			326,586			31,117
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*		5.00			Quarterly		4.09		USD	35,358		1,510,348			1,492,108			18,240
Ford Motor Company, 4.346% 12/08/2026, 06/20/2023*		5.00			Quarterly		3.34		USD	760		41,986			(60,875	)		102,861
iTraxx Europe Crossover Series 27, 5 Year Index, 06/20/2022*		5.00			Quarterly		3.35		EUR	12,375		602,852			728,558			(125,706	)
iTraxx Europe Crossover Series 34, 5 Year Index, 12/20/2025*		5.00			Quarterly		3.45		EUR	45,460		3,880,417			4,189,859			(309,442	)
South Africa Government International Bond, 5.875%, 09/16/2025, 06/20/2025*		1.00			Quarterly		3.01		USD	2,376		(205,122	)		(297,418	)		92,296
											$	14,345,839		$	11,348,502		$	2,997,337

* Termination date

CREDIT DEFAULT SWAPS (see Note C)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2020			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citibank, NA
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00	%		Monthly		25.00	%	USD	293	$	(147,275	)	$	(145,316	)	$	(1,959	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		25.00		USD	454		(151,447	)		(50,101	)		(101,346	)

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PORTFOLIO OF INVESTMENTS (continued)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2020			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Credit Suisse International
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00	%		Monthly		25.00	%	USD	5,000	$	(2,511,833	)	$	(764,061	)	$	(1,747,772	)
International Game Technology, 4.750%, 02/15/2023, 06/20/2022*		5.00			Quarterly		1.62		EUR	310		20,384			12,109			8,275
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		25.00		USD	258		(86,065	)		(28,129	)		(57,936	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		25.00		USD	364		(121,455	)		(41,909	)		(79,546	)
Goldman Sachs International
Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023*		5.00			Quarterly		5.86		USD	300		(6,941	)		19,465			(26,406	)
Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023*		5.00			Quarterly		5.86		USD	270		(6,246	)		11,194			(17,440	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00		USD	59		(29,656	)		(29,223	)		(433	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00		USD	59		(29,656	)		(29,223	)		(433	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00		USD	5,000		(2,513,917	)		(844,483	)		(1,669,434	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00		USD	5,000		(2,511,833	)		(806,377	)		(1,705,456	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00		USD	13,500		(6,781,950	)		(1,964,965	)		(4,816,985	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00		USD	10,000		(5,023,667	)		(1,457,488	)		(3,566,179	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00		USD	2,071		(1,040,258	)		(299,553	)		(740,705	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00		USD	2,929		(1,471,576	)		(423,755	)		(1,047,821	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		25.00		USD	371		(123,790	)		(30,767	)		(93,023	)

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PORTFOLIO OF INVESTMENTS (continued)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2020			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		25.00	%	USD	1,041	$	(347,260	)	$	(110,317	)	$	(236,943	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		25.00		USD	530		(176,799	)		(55,792	)		(121,007	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		25.00		USD	133		(44,367	)		(14,102	)		(30,265	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		25.00		USD	2,158		(720,053	)		(183,154	)		(536,899	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		25.00		USD	180		(60,060	)		(15,844	)		(44,216	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		25.00		USD	360		(120,120	)		(32,274	)		(87,846	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		25.00		USD	360		(120,120	)		(34,924	)		(85,196	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		25.00		USD	719		(239,906	)		(76,238	)		(163,668	)
United States Steel Corp., 6.650%, 06/01/2037, 12/20/2021*		5.00			Quarterly		8.04		USD	700		(23,542	)		(13,796	)		(9,746	)
JPMorgan Chase Bank, NA
Rolls-Royce PLC, 2.125%, 06/18/2021, 06/20/2025*		1.00			Quarterly		5.01		EUR	722		(138,326	)		(135,903	)		(2,423	)
Rolls-Royce PLC, 2.125%, 06/18/2021, 06/20/2025*		1.00			Quarterly		5.01		EUR	768		(147,139	)		(145,381	)		(1,758	)
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		25.00		USD	12,000		(4,002,000	)		(1,353,878	)		(2,648,122	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		25.00		USD	6,400		(2,134,400	)		(757,053	)		(1,377,347	)
Morgan Stanley & Co. International PLC
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00		USD	363		(182,460	)		(150,774	)		(31,686	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00		USD	363		(182,460	)		(151,672	)		(30,788	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00		USD	364		(182,963	)		(152,990	)		(29,973	)

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PORTFOLIO OF INVESTMENTS (continued)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2020			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00	%		Monthly		25.00	%	USD	364	$	(182,963	)	$	(153,889	)	$	(29,074	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00		USD	364		(182,963	)		(166,531	)		(16,432	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00		USD	117		(58,809	)		(56,718	)		(2,091	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		25.00		USD	1,272		(424,318	)		(136,665	)		(287,653	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		25.00		USD	10,000		(3,335,000	)		(108,732	)		(3,226,268	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		25.00		USD	1,188		(396,297	)		(122,570	)		(273,727	)
											$	(35,939,506	)	$	(11,001,779	)	$	(24,937,727	)

* Termination date

TOTAL RETURN SWAPS (see Note C)

Counterparty & Referenced Obligation	Rate Paid/ Received	Payment Frequency		Current Notional (000)			Maturity Date		Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Obligation
Goldman Sachs International Markit iBoxx EUR Contingent Convertible Liquid Developed Market AT1 TRI	3 Month EURIBOR		Quarterly		EUR	12,216		12/20/2020	$	3,854,308

REVERSE REPURCHASE AGREEMENTS (see Note C)

Broker	Principal Amount (000)		Currency		Interest Rate			Maturity		U.S. $ Value at September 30, 2020
Barclays Capital, Inc.†		514		USD		(1.00	)%*		—	$	511,052

† The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on September 30, 2020.

* Interest payment due from counterparty.

The type of underlying collateral and the remaining maturity of open reverse repurchase agreements on the statements of assets and liabilities is as follows:

	Overnight and Continuous		Up to 30 Days		31-90 Days		Greater than 90 Days		Total
Corporates – Non-Investment Grade	$	511,052	$	– 0 –	$	– 0 –	$	– 0 –	$	511,052

80    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

** Principal amount less than 500.

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2020, the aggregate market value of these securities amounted to $547,562,573 or 52.3% of net assets.

(b) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(c) Defaulted matured security.

(d) Non-income producing security.

(e) Fair valued by the Adviser.

(f) 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, 2020.

(g) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.66% of net assets as of September 30, 2020, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value			Percentage of Net Assets
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2018-7, Class PT 9.922%, 06/15/2043		04/25/2018	$	252,798	$	231,832			0.02	%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-24, Class PT 10.679%, 08/15/2044		06/27/2019		357,081		330,511			0.03	%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-43, Class PT 6.849%, 11/15/2044		10/09/2019		315,909		299,225			0.03	%
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-12, Class PT 12.086%, 06/15/2043		06/26/2018		187,775		171,718			0.02	%
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-4, Class PT 10.423%, 05/15/2043		03/27/2018		215,966		202,152			0.02	%
Consumer Loan Underlying Bond Credit Trust Series 2018-3, Class PT 10.56%, 03/16/2043		03/07/2018		47,360		43,521			0.00	%
Digicel Group 0.5 Ltd. 7.00%, 10/15/2020		11/28/2016		119,723		10,047			0.00	%
Exide Technologies(Exchange Priority) 11.00%, 10/31/2024		06/28/2019		3,525,660		179,160			0.02	%
Exide Technologies(First Lien) 11.00%, 10/31/2024		04/30/2015		1,024,054		– 0	–		0.00	%
Fideicomiso PA Pacifico Tres 7.00%, 01/15/2035		03/04/2016		1,960,209		1,890,626			0.18	%
JP Morgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 5.648%, 10/25/2025		09/18/2015		1,083,474		970,082			0.09	%

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PORTFOLIO OF INVESTMENTS (continued)

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value			Percentage of Net Assets
K2016470219 (South Africa) Ltd. 3.00%, 12/31/2022		01/31/2017	$	1,062,515	$	517			0.00	%
K2016470260 (South Africa) Ltd. 25.00%, 12/31/2022		01/31/2017		481,027		434			0.00	%
Liberty Tire Recycling LLC 9.50%, 01/15/2023		01/03/2018		673,320		673,320			0.06	%
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018		05/15/2013		2,295,760		– 0	–		0.00	%
SoFi Consumer Loan Program LLC Series 2016-1, Class R Zero Coupon, 08/25/2025		07/28/2017		249,368		188,316			0.02	%
SoFi Consumer Loan Program LLC Series 2017-3, Class R Zero Coupon, 05/25/2026		05/11/2017		1,107,300		325,000			0.03	%
SoFi Consumer Loan Program LLC Series 2017-5, Class R1 Zero Coupon, 09/25/2026		09/18/2017		1,313,468		299,736			0.03	%
SoFi Consumer Loan Program Trust Series 2018-1, Class R1 Zero Coupon, 02/25/2027		02/01/2018		1,569,021		548,980			0.05	%
Terraform Global Operating LLC 6.125%, 03/01/2026		02/08/2018		118,000		119,941			0.01	%
Tonon Luxembourg SA 6.50%, 10/31/2024		05/03/2019		1,232,803		18,514			0.00	%
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018		01/29/2014		9,928,734		36,931			0.00	%
Virgolino de Oliveira Finance SA 10.875%, 01/13/2020		06/09/2014		477,418		96,000			0.01	%
Virgolino de Oliveira Finance SA 11.75%, 02/09/2022		01/29/2014 – 06/09/2014		838,866		15,187			0.00	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 5.648%, 11/25/2025		09/28/2015		428,960		395,618			0.04	%

(h) Convertible security.

(i) Defaulted.

(j) Restricted and illiquid security.

Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
CHC Group LLC		03/10/2017	$	3,697,478	$	517		0.00	%
CHC Group LLC/CHC Finance Ltd. Series AI Zero Coupon,10/01/2021		10/01/2012		2,948,211		442,232		0.04	%
Carlson Travel, Inc. 8,50%, 03/31/2025		08/18/2020		134,352		139,454		0.01	%
Mt. Logan Re Ltd.(Preference Shares)		12/30/2014		2,953,000		3,032,296		0.29	%

(k) Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements.

(l) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

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PORTFOLIO OF INVESTMENTS (continued)

(m) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2020.

(n) Inverse interest only security.

(o) IO – Interest Only.

(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 OTC derivatives outstanding.

(r) Position, or a portion thereof, has been segregated to collateralize margin requirements for open centrally cleared swaps.

(s) Position, or a portion thereof, has been segregated to collateralize margin requirements for open exchange-traded derivatives.

(t) The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at September 30, 2020.

(u) This position or a portion of this position represents an unsettled loan purchase. The coupon rate will be determined at the time of settlement and will be based upon the London-Interbank Offered Rate (“LIBOR”) plus a premium which was determined at the time of purchase.

(v) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(w) The rate shown represents the 7-day yield as of period end.

(x) Affiliated investments.

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

EGP – Egyptian Pound

EUR – Euro

GBP – Great British Pound

IDR – Indonesian Rupiah

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

NOK – Norwegian Krone

NZD – New Zealand Dollar

PLN – Polish Zloty

RUB – Russian Ruble

SEK – Swedish Krona

SGD – Singapore Dollar

TRY – Turkish Lira

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

ETF – Exchange Traded Fund

EURIBOR – Euro Interbank Offered Rate

H15T – U.S. Treasury Yield Curve Rate T Note Constant Maturity

IRS – Interest Rate Swaption

JSC – Joint Stock Company

LIBOR – London Interbank Offered Rate

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

See notes to financial statements.

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STATEMENT OF ASSETS & LIABILITIES

September 30, 2020 (unaudited)

Assets
Investments in securities, at value Unaffiliated issuers (cost $1,074,331,840)	$	1,040,500,341
Affiliated issuers (cost $6,164,294)		6,164,294
Cash		35,543
Cash collateral due from broker		20,441,646
Foreign currencies, at value (cost $3,509,061)		3,196,302
Unaffiliated dividends and interest receivable		13,368,523
Receivable for newly entered credit default swaps		4,096,716
Unrealized appreciation on total return swaps		3,854,308
Receivable for terminated credit default swaps		3,784,743
Receivable for investment securities sold		1,975,013
Unrealized appreciation on forward currency exchange contracts		1,189,181
Receivable for variation margin on centrally cleared swaps		404,986
Market value of credit default swaps (net premiums paid $12,109)		20,384
Affiliated dividends receivable		703
Other assets		12,106
Total assets		1,099,044,789
Liabilities
Market value of credit default swaps (net premiums received $11,013,888)		35,959,890
Payable for newly entered credit default swaps		5,137,052
Payable for investment securities purchased and foreign currency transactions		4,680,874
Payable for terminated credit default swaps		1,949,456
Advisory fee payable		861,804
Payable for reverse repurchase agreements		511,052
Unrealized depreciation on forward currency exchange contracts		440,426
Payable for variation margin on futures		338,673
Cash collateral received from broker		258,000
Administrative fee payable		20,630
Transfer Agent fee payable		2,300
Accrued expenses and other liabilities		951,412
Total liabilities		51,111,569
Net Assets	$	1,047,933,220
Composition of Net Assets
Capital stock, at par	$	862,297
Additional paid-in capital		1,185,259,592
Accumulated loss		(138,188,669	)
	$	1,047,933,220
Net Asset Value Per Share—100 million shares of capital stock authorized, $0.01 par value (based on 86,229,677 shares outstanding)	$	12.15

See notes to financial statements.

84    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

STATEMENT OF OPERATIONS

Six Months Ended September 30, 2020 (unaudited)

Investment Income
Interest (net of foreign taxes withheld of $116,189)	$	30,791,524
Dividends
Unaffiliated issuers		184,491
Affiliated issuers		19,259		$	30,995,274
Expenses
Advisory fee (see Note B)		4,527,489
Transfer agency		18,083
Custody and accounting		220,335
Printing		101,370
Audit and tax		93,534
Registration fees		42,097
Administrative		41,999
Legal		22,811
Directors’ fees		15,290
Miscellaneous		28,061
Total expenses before interest expense		5,111,069
Interest expense		13,159
Total expenses		5,124,228
Less: expenses waived and reimbursed by the Adviser (see Note B)		(6,872	)
Net expenses					5,117,356
Net investment income					25,877,918
Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions					(10,962,262	)(a)
Forward currency exchange contracts					2,588,799
Futures					2,600,304
Options written					9,032
Swaps					(17,429,927	)
Foreign currency transactions					(3,703,400	)
Net change in unrealized appreciation/depreciation on:
Investments					136,010,706	(b)
Forward currency exchange contracts					(6,327,426	)
Futures					(1,270,460	)
Swaps					27,974,705
Foreign currency denominated assets and liabilities					269,088
Net gain on investment and foreign currency transactions					129,759,159
Net Increase in Net Assets from Operations				$	155,637,077

(a) Net of foreign capital gains taxes of $139,743.

(b) Net of increase in accrued foreign capital gains taxes of $89,792.

See notes to financial statements.

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STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2020 (unaudited)			Year Ended March 31, 2020
Increase (Decrease) in Net Assets from Operations
Net investment income	$	25,877,918		$	58,127,920
Net realized loss on investment and foreign currency transactions		(26,897,454	)		(6,097,542	)
Net change in unrealized appreciation/depreciation on investments and foreign currency denominated assets and liabilities		156,656,613			(174,666,171	)
Contributions from Affiliates (see Note B)		– 0	–		6,296
Net increase (decrease) in net assets from operations		155,637,077			(122,629,497	)
Distributions to Shareholders		(33,888,263	)		(64,694,299	)
Return of Capital		– 0	–		(3,461,637	)
Total increase (decrease)		121,748,814			(190,785,433	)
Net Assets
Beginning of period		926,184,406			1,116,969,839
End of period	$	1,047,933,220		$	926,184,406

See notes to financial statements.

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NOTES TO FINANCIAL STATEMENTS

September 30, 2020 (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 their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Company’s Board of Directors (the “Board”).

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, AllianceBernstein L.P. (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 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

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NOTES TO FINANCIAL STATEMENTS (continued)

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. Such 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 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

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NOTES TO FINANCIAL STATEMENTS (continued)

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.

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,

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NOTES TO FINANCIAL STATEMENTS (continued)

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 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 for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

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NOTES TO FINANCIAL STATEMENTS (continued)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of September 30, 2020:

Investments in Securities	Level 1			Level 2			Level 3			Total
Assets:
Corporates – Non-Investment Grade	$	– 0	–	$	381,743,195		$	1,056,726	#	$	382,799,921
Corporates – Investment Grade		– 0	–		165,708,953			– 0	–		165,708,953
Collateralized Mortgage Obligations		– 0	–		106,583,674			– 0	–		106,583,674
Emerging Markets – Sovereigns		– 0	–		106,539,588			– 0	–		106,539,588
Governments – Treasuries		– 0	–		77,155,204			– 0	–		77,155,204
Bank Loans		– 0	–		44,260,272			7,605,522			51,865,794
Emerging Markets – Corporate Bonds		– 0	–		40,891,103			18,514			40,909,617
Emerging Markets – Treasuries		– 0	–		18,276,529			– 0	–		18,276,529
Commercial Mortgage-Backed Securities		– 0	–		14,784,153			– 0	–		14,784,153
Collateralized Loan Obligations		– 0	–		13,812,368			– 0	–		13,812,368
Quasi-Sovereigns		– 0	–		11,523,683			– 0	–		11,523,683
Asset-Backed Securities		– 0	–		9,901,977			1,362,032			11,264,009
Common Stocks		3,762,072			517			7,313,280	#		11,075,869
Governments – Sovereign Bonds		– 0	–		5,742,834			0	#		5,742,834
Investment Companies		5,433,610			– 0	–		– 0	–		5,433,610
Local Governments – US Municipal Bonds		– 0	–		3,916,854			– 0	–		3,916,854
Preferred Stocks		2,324,524			– 0	–		1,240,623			3,565,147
Inflation-Linked Securities		– 0	–		2,581,376			– 0	–		2,581,376
Warrants		76,756			– 0	–		127,390	#		204,146
Options Purchased – Puts		– 0	–		112,405			– 0	–		112,405
Whole Loan Trusts		– 0	–		– 0	–		66,997			66,997
Rights		– 0	–		– 0	–		11,707			11,707
Short-Term Investments:
Investment Companies		6,164,294			– 0	–		– 0	–		6,164,294
Time Deposits		– 0	–		3,718,721			– 0	–		3,718,721
Governments – Treasuries		– 0	–		2,847,182			– 0	–		2,847,182
Total Investments in Securities		17,761,256			1,010,100,588			18,802,791			1,046,664,635

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NOTES TO FINANCIAL STATEMENTS (continued)

Investments in Securities

Level 1

Level 2

Level 3

Total

Other Financial Instruments*:

Assets

Futures

$

95,430

$

– 0

–

$

– 0

–

$

95,430

†

Forward Currency Exchange Contracts

– 0

–

1,189,181

– 0

–

1,189,181

Centrally Cleared Credit Default Swaps

– 0

–

21,988,190

– 0

–

21,988,190

†

Credit Default Swaps

– 0

–

20,384

– 0

–

20,384

Total Return Swaps

– 0

–

3,854,308

– 0

–

3,854,308

Liabilities

Futures

(316,117

)

– 0

–

– 0

–

(316,117

)†

Forward Currency Exchange Contracts

– 0

–

(440,426

)

– 0

–

(440,426

)

Centrally Cleared Credit Default Swaps

– 0

–

(7,642,351

)

– 0

–

(7,642,351

)†

Credit Default Swaps

– 0

–

(35,959,890

)

– 0

–

(35,959,890

)

Reverse Repurchase Agreements

(511,052

)

– 0

–

– 0

–

(511,052

)

Total

$

17,029,517

$

993,109,984

$

18,802,791

$

1,028,942,292

# 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, options written and swaptions written 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.

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NOTES TO FINANCIAL STATEMENTS (continued)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Corporates- Non-Investment Grade#			Bank Loans			Emerging Markets- Corporate Bonds			Asset- Backed Securities
Balance as of 3/31/20	$	2,724,178		$	17,168,828		$	18,514		$	1,293,663
Accrued discounts/ (premiums)		(4,094	)		– 0	–		(182,790	)		– 0	–
Realized gain (loss)		16,853			(45,131	)		– 0	–		245,541
Change in unrealized appreciation/ depreciation		(1,597,398	)		733,821			182,790			184,584
Purchases/Payups		30,532			1,532,100			– 0	–		– 0	–
Sales/Paydowns		(113,345	)		(1,688,121	)		– 0	–		(361,756	)
Transfers into Level 3		– 0	–		771,229			– 0	–		– 0	–
Transfers out of Level 3		– 0	–		(10,867,204	)		– 0	–		– 0	–
Balance as of 9/30/20	$	1,056,726		$	7,605,522		$	18,514		$	1,362,032
Net change in unrealized appreciation/depreciation from investments held as of 9/30/20**	$	(1,597,398	)	$	501,353		$	182,790		$	184,584

	Common Stocks#			Preferred Stocks			Warrants#			Whole Loan Trusts
Balance as of 3/31/20	$	5,027,722		$	955,220		$	127,104		$	112,600
Accrued discounts/ (premiums)		– 0	–		– 0	–		– 0	–		– 0	–
Realized gain (loss)		– 0	–		– 0	–		– 0	–		– 0	–
Change in unrealized appreciation/ depreciation		1,585,559			285,325			286			(37,810	)
Purchases/Payups		1,909,056			78			– 0	–		– 0	–
Sales/Paydowns		(1,209,057	)		– 0	–		– 0	–		(7,793	)
Transfers into Level 3		– 0	–		– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–		– 0	–
Balance as of 9/30/20	$	7,313,280		$	1,240,623		$	127,390		$	66,997
Net change in unrealized appreciation/depreciation from investments held as of 9/30/20**	$	376,502		$	285,325		$	286		$	(37,810	)

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NOTES TO FINANCIAL STATEMENTS (continued)

	Rights			Short-Term Investments: Governments- Treasuries			Total
Balance as of 3/31/20	$	11,439		$	978,639		$	28,417,907
Accrued discounts/(premiums)		– 0	–		8,328			(178,556	)
Realized gain (loss)		– 0	–		– 0	–		217,263
Change in unrealized appreciation/ depreciation		268			(51,711	)		1,285,714
Purchases/Payups		– 0	–		93,873			3,565,639
Sales/Paydowns		– 0	–		(1,029,129	)		(4,409,201	)
Transfers into Level 3		– 0	–		– 0	–		771,229
Transfers out of Level 3		– 0	–		– 0	–		(10,867,204	)
Balance as of 9/30/20	$	11,707		$	– 0	–	$	18,802,791	+
Net change in unrealized appreciation/depreciation from investments held as of 9/30/20**	$	268		$	– 0	–	$	(104,100	)

# The Fund held securities with zero market value that were sold/expired/written off during the reporting period.

** The unrealized appreciation/(depreciation) is included in net change in unrealized appreciation/depreciation on investments and other financial instruments in the accompanying statement of operations.

+ Amount of $10,867,204 for Bank Loans, was transferred out of Level 3 into Level 2 as improved transparency of price inputs received from pricing vendors has increased the observability during the reporting period.

The following presents information about significant unobservable inputs related to the Fund’s Level 3 investments at September 30, 2020. Securities priced (i) by third party vendors or (ii) by brokers are excluded from the following table.

Quantitative Information about Level 3 Fair Value Measurements

	Fair Value at 9/30/2020			Valuation Technique	Unobservable Input	Input
Corporates – Non-Investment Grade	$	673,320		Qualitative Assessment	Par Value	$  100.00
	$	204,246		Recovery Analysis	Collateral Value	$  85.10
	$	179,160		Residual Value Waterfall Analysis	Estimated Value Remaining	$  34.3 Million
	$	– 0	–	Qualitative Assessment		$  0.00
	$	– 0	–	Qualitative Assessment		$  0.00
	$	1,056,726

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NOTES TO FINANCIAL STATEMENTS (continued)

	Fair Value at 9/30/2020			Valuation Technique	Unobservable Input	Input
Common Stocks	$	3,032,296		Market Approach	NAV Equivalent	$1,026.85
	$	754,344		Market Approach	NAV Equivalent	$1,077.63
	$	587,057		Market Approach	EBITDA* Projection	$57mm
					EBITDA* Multiples	7.5X
	$	56,755		Market Approach	10% Haircut to Last Traded Price	$3.17
	$	50,569		Market Approach	EBITDA* Projection	$400mm
					EBITDA* Multiples	15.6X
	$	45,250		Market Approach	EBITDA* Projection	$203mm
					EBITDA* Multiples	7.7X
	$	1		Qualitative Assessment		$0.00
	$	1		Qualitative Assessment		$0.00
	$	– 0	–	Qualitative Assessment		$0.00
	$	– 0	–	Qualitative Assessment		$0.00
	$	– 0	–	Qualitative Assessment		$0.00
	$	4,526,273
Governments – Sovereign Bonds	$	– 0	–	Qualitative Assessment		$0.00
Preferred Stocks	$	1,240,623		Market Approach	EBITDA* Projection	$400mm
					EBITDA* Multiples	15.6X
Warrants.	$	127,390		Option Pricing Model	Exercise Price	$4.37
Whole Loan Trusts	$	66,997		Recovery Analysis	Cumulative Loss	35%

* Earnings Before Interest, Taxes, Depreciation and Amortization.

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NOTES TO FINANCIAL STATEMENTS (continued)

Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. Significant increases (decreases) in Collateral Value, NAV Equivalent, Last Traded Price, Exercise Price, Estimated Value Remaining, EBITDA projections and EBITDA Multiple in isolation would be expected to result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in Cumulative Loss in isolation would be expected to result in a significant lower (higher) fair value measurement.

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 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.

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NOTES TO FINANCIAL STATEMENTS (continued)

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. 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 amended 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 .15% annualized of average weekly net assets. For the six months ended September 30, 2020, the reimbursement for such services amounted to $41,999.

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, 2020, 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 has 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, 2021. In connection with the

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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, 2020, such waiver amounted to $6,872.

A summary of the Fund’s transactions in AB mutual funds for the six months ended September 30, 2020 is as follows:

Fund	Market Value 3/31/20 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/20 (000)		Dividend Income (000)
Government Money Market Portfolio	$	72,301	$	138,938	$	205,075	$	6,164	$	19

During the year ended March 31, 2020, the Adviser reimbursed the Fund $6,296, for trading losses incurred due to a trade entry error.

During the second quarter of 2018, AXA S.A. (“AXA”), a French holding company for the AXA Group, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.)(“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximate 65% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation, the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings, most recently during the fourth quarter of 2019. As a result, AXA currently owns less than 10% of the outstanding shares of common stock of Equitable, and no longer owns a controlling interest in Equitable. AXA previously announced its intention to sell its entire interest in Equitable over time, subject to market conditions and other factors (the “Plan”). Most of AXA’s remaining Equitable shares are to be delivered on redemption of AXA bonds mandatorily exchangeable into Equitable shares and maturing in May 2021. AXA retains sole discretion to determine the timing of any future sales of its remaining shares of Equitable common stock.

Sales under the Plan that were completed on November 13, 2019 resulted in the indirect transfer of a “controlling block” of voting securities of the Adviser (a “Change of Control Event”) and may have been deemed to have been an “assignment” causing a termination of the Fund’s investment advisory and administration agreements. In order to ensure that investment advisory and administration services could continue uninterrupted in the event of a Change of Control Event, the Board previously approved new

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investment advisory and administration agreements with the Adviser, and shareholders of the Fund subsequently approved the new investment advisory agreement. These agreements became effective on November 13, 2019.

NOTE C

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended September 30, 2020, were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	249,105,570	$	150,900,320
U.S. government securities		7,772,420		36,867,146

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	$	71,803,486
Gross unrealized depreciation		(123,192,999	)
Net unrealized depreciation	$	(51,389,513	)

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

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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, 2020, the Fund held forward currency exchange contracts for hedging and non-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 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.

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During the six months ended September 30, 2020, 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 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 option purchased by the Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund. Put and call options purchased 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 option written. 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 options written. 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

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unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written 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 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, 2020, the Fund held written options for hedging and non-hedging purposes.

During the six months ended September 30, 2020, the Fund held purchased swaptions for hedging and 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

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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 OTC swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized 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

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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.

Interest Rate Swaps:

The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Fund may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

In addition, the Fund may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Fund anticipates purchasing at a later date. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or “notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments).

During the six months ended September 30, 2020, the Fund held interest rate swaps for hedging and non-hedging purposes.

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 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)

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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, 2020, the Fund held credit default swaps for hedging and 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, 2020, 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.

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During the six months ended September 30, 2020, 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	Receivable/Payable for variation margin on futures	$	95,430	*		Receivable/Payable for variation margin on futures	$	316,117	*
Interest rate contracts	Investments in securities, at value		112,405
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		1,189,181			Unrealized depreciation on forward currency exchange contracts		440,426
Credit contracts	Receivable/Payable for variation margin on centrally cleared swaps		4,003,741	*		Receivable/Payable for variation margin on centrally cleared swaps		1,006,404	*
Credit contracts	Market value of credit default swaps		20,384			Market value of credit default swaps		35,959,890
Credit contracts	Unrealized appreciation on total return swaps		3,854,308
Total		$	9,275,449				$	37,722,837

* 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 swaps; Net change in unrealized appreciation/ depreciation on swaps	$	43,611	$	– 0	–

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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	$	2,600,304		$	(1,270,460	)
Interest rate contracts	Net realized gain/(loss) on investment transactions; Net change in unrealized appreciation/depreciation on investments		– 0	–		(55,886	)
Foreign currency contracts	Net realized gain/(loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciationon forward currency exchange contracts		2,588,799			(6,327,426	)
Foreign currency contracts	Net realized gain/(loss) on options written; Net change in unrealized appreciation/depreciation on options written		9,032			– 0	–
Credit contracts	Net realized gain/(loss) on swaps; Net change in unrealized appreciation/depreciation on swaps		(17,473,538	)		27,974,705
Total		$	(12,231,792	)	$	20,320,933

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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, 2020:

Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	90,970,879
Average notional amount of sale contracts	$	400,604,824
Centrally Cleared Interest Rate Swaps
Average notional amount	$	1,670,000	(a)
Credit Default Swaps:
Average notional amount of sale contracts	$	85,915,540
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	64,472,995
Average principal amount of sale contracts	$	138,120,078
Futures:
Average notional amount of buy contracts	$	83,849,556
Average notional amount of sale contracts	$	44,142,569
Total Return Swaps:
Average notional amount	$	10,175,161
Options Written:
Average notional amount	$	2,012,938	(a)
Purchased Swaptions:
Average notional amount	$	6,981,500	(b)

(a) Positions were open for one month during the reporting period.

(b) 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, 2020. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.

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.

$

1,688

$

(976

)

$

– 0

–

$

– 0

–

$

712

Barclays Bank PLC

15,331

(1,097

)

– 0

–

– 0

–

14,234

BNP Paribas SA

248,970

(248,970

)

– 0

–

– 0

–

– 0

–

Brown Brothers Harriman & Co.

25,407

(25,407

)

– 0

–

– 0

–

– 0

–

Citibank, NA.

13,249

(13,249

)

– 0

–

– 0

–

– 0

–

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Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
Credit Suisse International	$	20,384	$	(20,384	)	$	– 0	–	$	– 0	–	$	– 0	–
Deutsche Bank AG		34,886		(34,886	)		– 0	–		– 0	–		– 0	–
Goldman Sachs Bank USA/Goldman Sachs International		4,071,332		(4,071,332	)		– 0	–		– 0	–		– 0	–
HSBC Bank USA		352,383		– 0	–		– 0	–		– 0	–		352,383
JPMorgan Chase Bank, NA/JPMorgan Securities, LLC		364,348		(364,348	)		– 0	–		– 0	–		– 0	–
Morgan Stanley & Co. International PLC/ Morgan Stanley Capital Services LLC.		27,110		(27,110	)		– 0	–		– 0	–		– 0	–
Royal Bank of Scotland PLC		1,190		(452	)		(738	)		– 0	–		– 0	–
Total	$	5,176,278	$	(4,808,211	)	$	(738	)	$	– 0	–	$	367,329	^

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.	$	976	$	(976	)	$	– 0	–	$	– 0	–	$	– 0	–
Barclays Bank PLC		1,097		(1,097	)		– 0	–		– 0	–		– 0	–
BNP Paribas SA		324,229		(248,970	)		– 0	–		– 0	–		75,259
Brown Brothers Harriman & Co.		26,051		(25,407	)		– 0	–		– 0	–		644
Citibank, NA.		302,463		(13,249	)		– 0	–		(289,214	)		– 0	–
Credit Suisse International		2,511,833		(20,384	)		– 0	–		(2,491,449	)		– 0	–
Deutsche Bank AG		207,520		(34,886	)		– 0	–		– 0	–		172,634
Goldman Sachs Bank USA / Goldman Sachs International		21,440,106		(4,071,332	)		– 0	–		(17,368,774	)		– 0	–
JPMorgan Chase Bank, NA/ JPMorgan Securities, LLC		6,456,881		(364,348	)		– 0	–		(6,092,533	)		– 0	–
Morgan Stanley & Co. International PLC/ Morgan Stanley Capital Services LLC.		5,128,363		(27,110	)		– 0	–		(5,101,253	)		– 0	–
Royal Bank of Scotland PLC.		452		(452	)		– 0	–		– 0	–		– 0	–

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NOTES TO FINANCIAL STATEMENTS (continued)

Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
Standard Chartered Bank	$	259	$	– 0	–	$	– 0	–	$	– 0	–	$	259
UBS AG		86		– 0	–		– 0	–		– 0	–		86
Total	$	36,400,316	$	(4,808,211	)	$	– 0	–	$	(31,343,223	)	$	248,882	^

* The actual collateral received/pledged may be more than the amount reported due to over collateralization.

^ 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 contracts, 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, 2020, the average amount of

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NOTES TO FINANCIAL STATEMENTS (continued)

reverse repurchase agreements outstanding was $813,893 and the daily weighted average interest rate was (1.16)%. During the period, the Fund received net interest payments from counterparties. At September 30, 2020, the Fund had reverse repurchase agreements outstanding in the amount of $511,052 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, 2020:

Counterparty	RVP Liabilities Subject to a MRA		Securities Collateral Pledged†*			Net Amount of RVP Liabilities
Barclays Capital, Inc.	$	511,052	$	(511,052	)	$	– 0 –

† Including accrued interest.

* The actual collateral pledged may be more than the amount reported due to overcollateralization.

NOTE D

Capital Stock

During the six months ended September 30, 2020 and the year ended March 31, 2019, 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 value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), that affect large portions of the market.

Interest Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of 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.

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.

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NOTES TO FINANCIAL STATEMENTS (continued)

Below Investment Grade Securities Risk—Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments 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-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. 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 as well as being subject to increased economic, political, regulatory or other uncertainties.

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

Mortgage-Related and/or Other Asset-Backed Securities Risk—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 non-governmental 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.

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NOTES TO FINANCIAL STATEMENTS (continued)

Leverage Risk—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures contracts or by borrowing money. The use of other types of derivative instruments by the Fund, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining. The risks of leverage also include potentially a higher volatility of the NAV of the common stock, potentially more volatility in the market value of the common stock and the relatively greater effect on the NAV of the common stock caused by the favorable or adverse changes in portfolio security values or currency exchange rates. In addition, changes in the interest rate environment can increase or decrease shareholder returns. The Fund maintains asset coverage of at least 300% with respect to borrowings.

To the extent that the current interest rate on the Fund’s indebtedness approaches the net return on the leveraged portion of the Fund’s investment portfolio, then the benefit to the shareholders will be reduced. If the rate on indebtedness were to exceed the net return on the same portion of the portfolio, then this would result in a lower rate of return for the shareholders. Similarly, the use of leverage in a declining market can advance the decrease of the Fund’s NAV more so than if the Fund were not leveraged, which would likely be reflected in a greater decline in the market price for shares of common stock than if the Fund were not leveraged. In extreme cases, if the Fund’s current investment income were not sufficient to meet interest payments on indebtedness or if the Fund failed to maintain the asset coverage required by the 1940 Act, then it could be necessary for the Fund to liquidate certain investments at a time when it may be disadvantageous to do so. The use of derivative instruments by the Fund, such as forwards, futures, options and swaps, may result in a form of leverage.

Derivatives Risk—The Fund may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Fund, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected in the statement of assets and liabilities.

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NOTES TO FINANCIAL STATEMENTS (continued)

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.

LIBOR Risk—The Fund may invest in certain debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. In July 2017, the United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, such as European Interbank Offer Rate (“EURIBOR”), Sterling Overnight Interbank Average Rate (“SONIA”) and Secured Overnight Financing Rate (“SOFR”), global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR is underway but remains unclear. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Fund’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Fund’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

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,

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NOTES TO FINANCIAL STATEMENTS (continued)

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 for the Fund, but there is no guarantee that its techniques will produce the intended results.

NOTE F

Distributions to Shareholders

The tax character of distributions paid for the year ending March 31, 2021 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended March 31, 2020 and March 31, 2019 were as follows:

	2020		2019
Distributions paid from:
Ordinary income	$	64,694,299	$	64,534,426
Total taxable distributions paid		64,694,299		64,534,426
Return of capital		3,461,637		7,795,027
Total distributions paid	$	68,155,936	$	72,329,453

As of March 31, 2020, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Accumulated capital losses	$	(39,053,688	)(a)
Other losses		(46,445,176	)(b)
Unrealized appreciation/(depreciation)		(165,090,859	)(c)
Total accumulated earnings/(deficit)	$	(250,589,723	)(d)

(a) As of March 31, 2020, the Fund had a net capital loss carryforward of $38,956,772. As of March 31, 2020, the cumulative deferred loss on straddles was $96,916.

(b) As of March 31, 2020, the fund had a qualified late-year ordinary loss deferral of $46,445,176.

(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 swaps, the tax deferral of losses on wash sales, the tax treatment of partnership investments, the tax treatment of Grantor Trusts, 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 tax treatment of defaulted securities and the accrual of foreign capital gains tax.

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, 2020, the Fund had a net short-term capital loss carryforward of $13,602,240 and a net long-term capital loss carryforward of $25,354,532, which may be carried forward for an indefinite period.

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NOTES TO FINANCIAL STATEMENTS (continued)

NOTE G

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, 2020 (unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Net asset value, beginning of period		$  10.74			$  12.95			$  13.56			$  13.87			$  12.64			$  14.01
Income From Investment Operations
Net investment income(a)		.30			.67			.75			.83			.82			.89
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.50			(2.09	)		(.52	)		(.30	)		1.36			(1.15	)
Contributions from Affiliates		– 0	–		.00	(b)		.00	(b)		– 0	–		.00	(b)		– 0	–
Net increase (decrease) in net asset value from operations		1.80			(1.42	)		.23			.53			2.18			(.26	)
Less: Dividends and Distributions
Dividends from net investment income		(.39	)		(.75	)		(.75	)		(.83	)		(.95	)		(1.11	)
Return of capital		– 0	–		(.04	)		(.09	)		(.01	)		– 0	–		– 0	–
Total dividends and distributions		(.39	)		(.79	)		(.84	)		(.84	)		(.95	)		(1.11	)
Net asset value, end of period		$  12.15			$  10.74			$  12.95			$  13.56			$  13.87			$  12.64
Market value, end of period		$  10.51			$    9.26			$  11.59			$  11.89			$  12.58			$  11.66
Premium/(Discount), end of period		(13.50	)%		(13.78	)%		(10.50	)%		(12.32	)%		(9.30	)%		(7.75	)%
Total Return
Total investment return based on:(c)
Market value		17.90	%		(14.43	)%		4.91	%		.95	%		16.47	%		2.20	%
Net asset value		17.62	%		(11.18	)%		2.78	%		4.42	%		18.46	%		(.59	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,047,933			$926,184			$1,116,970			$1,169,161			$1,195,920			$1,090,255
Ratio to average net assets of:
Expenses, net of waivers/reimbursement(d)(e)†		1.02	%(f)		1.00	%		1.04	%		1.05	%		1.04	%		1.01	%
Expenses, before waivers/reimbursements(d)(e)†		1.02	%(f)		1.01	%		1.05	%		1.05	%		1.04	%		1.01	%
Net investment income		5.14	%(f)		5.16	%		5.72	%		5.99	%		6.14	%		6.81	%
Portfolio turnover rate		19	%		32	%		40	%		34	%		48	%		42	%
†  Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying
portfolios		.00	%(f)		.01	%		.01	%		.00	%		.00	%		.00	%

See footnote summary on page 119.

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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, 2020 (unaudited)(f)			Year Ended March 31,
				2020			2019			2018			2017			2016
Net of waivers/reimbursements.		1.02	%		.99	%		.99	%		.99	%		.99	%		.98	%
Before waivers/reimbursements		1.02	%		1.00	%		1.00	%		.99	%		.99	%		.98	%

(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.

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.

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ADDITIONAL INFORMATION (continued)

There will be no charges with respect to shares issued directly by the Fund to satisfy the dividend reinvestment requirements. However, each participant 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

Marshall C. Turner, Jr.⁽¹⁾,
Chairman Jorge A. Bermudez⁽¹⁾ Michael J. Downey⁽¹⁾ Nancy P. Jacklin⁽¹⁾ Robert M. Keith, President and Chief Executive Officer Jeanette Loeb⁽¹⁾ Carol C. McMullen⁽¹⁾ Garry L. Moody⁽¹⁾ Earl D. Weiner⁽¹⁾

OFFICERS

Gershon M. Distenfeld⁽²⁾, Vice President Shamaila Khan⁽²⁾, Vice President Douglas J. Peebles⁽²⁾,* Vice President Matthew S. Sheridan⁽²⁾, Vice President Emilie D. Wrapp, Secretary Michael B. Reyes, Senior Analyst Joseph J. Mantineo, Treasurer and Chief Financial Officer Stephen M. Woetzel, Controller Vincent S. Noto, Chief Compliance Officer

Administrator AllianceBernstein, L.P. 1345 Avenue of the Americas New York, NY 10105   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 40233-5000 Independent Registered Public Accounting Firm Ernst & Young LLP 5 Times Square New York, NY 10036   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. Distenfeld, Peebles, Sheridan and Ms. Khan, members of the Global High Income Investment Team, are primarily responsible for the day-to-day management of the Fund’s portfolio.

* Mr. Peebles is expected to retire from the Adviser effective December 30, 2020.

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 9, 2020, 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 on November 4-6, 2019 (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 Analyst for 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 underlying fund advised by the Adviser in which the Fund invests.

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

* Following transactions completed on November 13, 2019 that may have been deemed to have been an “assignment” causing termination of the Fund’s investment advisory and administration agreements, new investment advisory and administration agreements, having the same terms as the prior ones, were entered into by the Fund and the Adviser/Administrator.

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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 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 retained by the Fund’s former Senior Officer/Independent Compliance Officer. 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 2017 and 2018 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. 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

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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.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the underlying 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 July 31, 2019. 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. The directors noted that the total management fee rate was expressed as a percentage of net assets and would have been lower if expressed as a percentage of average total assets (i.e., net assets plus assets supported by leverage).

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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.

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 a peer group 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

FlexFee^™ US Thematic Portfolio

Select US Equity Portfolio

GROWTH

Concentrated Growth Fund

Discovery Growth Fund

FlexFee^™ Large Cap Growth Portfolio

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 Portfolio

International Strategic Core Portfolio

Sustainable Global Thematic Fund

Tax-Managed International Portfolio

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

INTERNATIONAL/ GLOBAL EQUITY (continued)

GROWTH

Concentrated International Growth Portfolio

Sustainable International Thematic Fund

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 Portfolio¹

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

FIXED INCOME (continued)

TAXABLE

Bond Inflation Strategy

FlexFee^™ High Yield Portfolio

Global Bond Fund

High Income Fund

Income Fund

Intermediate Duration Portfolio

Limited Duration High Income Portfolio

Short Duration Income Portfolio

Short Duration 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 Income Portfolio

All Market Total Return Portfolio

Conservative Wealth Strategy

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Tax-Managed All Market Income Portfolio

CLOSED-END FUNDS

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

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 February 5, 2020, Tax-Aware Fixed Income Opportunities Portfolio was named Tax-Aware Fixed Income Portfolio.

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NOTES

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NOTES

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NOTES

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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-0152-0920                

ITEM 2. CODE OF ETHICS.

(a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer and principal accounting officer. A copy of the registrant’s code of ethics is filed herewith as Exhibit 12(a)(1).

(b) During the period covered by this report, no material amendments were made to the provisions of the code of ethics adopted in 2(a) above.

(c) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors has determined that independent directors Garry L. Moody, Marshall C. Turner, Jr. and Jorge A. Bermudez qualify as audit committee financial experts.

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 second fiscal quarter of the period 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/ Robert M. Keith
	Robert M. Keith
	President
Date:	November 27, 2020

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/ Robert M. Keith
	Robert M. Keith
	President
Date:	November 27, 2020

By:	/s/ Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer
Date:	November 27, 2020