# EDGAR Filing Document

**Accession Number:** 0000906013
**File Stem:** 0001193125-25-309211
**Filing Date:** 2025-12
**Character Count:** 286971
**Document Hash:** 03e8a50a7d139fe00102b4e99ae14b0a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-309211.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001193125-25-309211

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND INC
- **CENTRAL INDEX KEY:** 0000906013

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07732
- **FILM NUMBER:** 251552062

**BUSINESS ADDRESS:**
- **STREET 1:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 2129691000

**MAIL ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCE WORLD DOLLAR GOVERNMENT FUND II INC
- **DATE OF NAME CHANGE:** 19930714

**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)** 

**66 Hudson Boulevard East, New York, New York 10005** 

**(Address of principal executive offices) (Zip code)** 

**Stephen M. Woetzel** 

**AllianceBernstein L.P.** 

**66 Hudson Boulevard East** 

**New York, New York 10005** 

**(Name and address of agent for service)** 

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

**Date of fiscal year end: March 31, 2026** 

**Date of reporting period: September 30, 2025** 

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**ITEM 1. REPORTS TO STOCKHOLDERS.** 

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**September 30, 2025**![LOGO](g947621g28a43.jpg)

**SEMI-ANNUAL REPORT** 

ALLIANCEBERNSTEIN

GLOBAL HIGH INCOME FUND

(NYSE: AWF)

![LOGO](g947621g50e50.jpg)

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 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

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

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

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

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

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A Word from

Our President

![LOGO](g947621g04f04.jpg)

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| | |
|:---|:---|
| ![LOGO](g947621g32k21.jpg) | Onur Erzan<br> President and Chief Executive<br> Officer, AB Mutual Funds |

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Dear Shareholder,

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

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

<sup>+</sup> Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

<sup>+</sup> Applying differentiated investment insights through a connected global research network

<sup>+</sup> Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

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

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

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

Sincerely,

![LOGO](g947621g55d83.jpg)

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

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| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 1 |

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**SEMI-ANNUAL REPORT** 

**November 10, 2025** 

This report provides management's discussion of fund performance for AllianceBernstein Global High Income Fund, Inc. for the semi-annual reporting period ended September 30, 2025. 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, 2025** (unaudited)

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| | | |
|:---|:---|:---|
|  | 6 Months | 12 Months |
| **ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND (NAV)** | 6.60% | 8.08% |
| Primary Benchmark:<br> Bloomberg Global High Yield Index (USD hedged) | 6.25% | 8.63% |
| Blended Benchmark: <br>33% JPM GBI-EM / 33% JPM EMBI Global / <br>33% Bloomberg US Corporate HY 2% Issuer Capped Index | 6.60% | 6.52% |

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The Fund's market price per share on September 30, 2025, was $11.21. The Fund's NAV per share on September 30, 2025, was $11.52. For additional financial highlights, please see pages 97-98.

**INVESTMENT RESULTS** 

The table above shows the Fund's performance compared with its primary benchmark, the Bloomberg Global High Yield Index (USD hedged), as well as its blended benchmark for the six- and 12-month periods ended September 30, 2025. The blended benchmark is composed of equal weightings of the JPMorgan Government Bond Index-Emerging Markets ("JPM GBI-EM") (local currency-denominated), the JPMorgan Emerging Markets Bond Index Global ("JPM EMBI Global") and the Bloomberg US Corporate High Yield ("HY") 2% Issuer Capped Index.

During the six-month period, the Fund outperformed the primary benchmark and equaled the blended benchmark. Country allocation was the largest contributor to performance relative to the benchmark, mainly due to an underweight to the eurozone and an overweight to the US. Yield-curve positioning in the US also contributed mainly from an overweight to the six-month part of the curve that partially offset underperformance from an overweight to the two-year part of the curve. Sector allocation contributed, with gains from underweights to emerging-market corporate bonds and off-benchmark exposure to eurozone high-yield credit default swaps, which offset losses from underweights to US investment-grade corporates and emerging-market sovereign bonds. Security selection added to performance, primarily from security selection in US high-yield corporate bonds, US investment-grade bonds and emerging-market sovereigns, which were greater than losses in emerging-market corporate bonds. Currency decisions were the largest detractor, mostly from a short position in the euro.

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| | |
|:---|:---|
| 2 AllianceBernstein Global High Income Fund | **ABFunds.com** |

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Over the 12-month period, the Fund underperformed the primary benchmark and outperformed the blended benchmark. Sector allocation was the largest detractor to relative performance, mostly from an underweight to emerging-market sovereigns, net exposure to high-yield credit default swaps and an overweight to investment-grade credits. Among currencies, a short position in the euro also detracted. Yield-curve positioning added the most to relative outperformance, mainly from an overweight to the six-month part of the curve that partially offset underperformance from overweights to the two- and five-year parts of the curve. Security selection also added to relative outperformance, mainly due to selections in US high-yield corporates, US investment-grade corporate bonds and emerging-market sovereigns. Country allocation contributed from an underweight to the eurozone and an overweight to the US.

During the six-month period, the Fund used derivatives in the form of interest-rate futures to manage and hedge duration risk and/or take active yield-curve positioning. Currency forwards were used to hedge foreign currency exposure and to take active currency risk. Credit default swaps were utilized to effectively obtain high-yield credit/sector exposure and were used to hedge credit risk. Interest rate swaps were used to take active yield-curve positioning.

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

**MARKET REVIEW AND INVESTMENT STRATEGY** 

Fixed-income government bond market yields were volatile as investors adjusted their expectations for US tariffs, inflation, economic growth, deficits and central bank decisions. Global developed-market yields initially rose as inflation remained too high in most countries before falling in mid-January on growth concerns because of potential US tariffs. In April, yields rose after the US announced reciprocal tariffs and then fell after the reciprocal tariffs were paused. Government bond returns rose in aggregate. Returns were the highest in New Zealand, Switzerland, Italy and Australia and fell in the UK and Japan. Overall, developed-market investment-grade corporate bonds rose and outperformed government bonds, as corporates outperformed treasuries in the eurozone and the US. Developed-market high-yield corporate bonds advanced and significantly outperformed treasury markets, particularly in the US and eurozone. Emerging-market hard-currency sovereign bonds outperformed developed-market treasuries by a wide margin, mainly due to the strong performance of high-yield sovereigns. Emerging-market hard-currency corporate bonds overall also had solid results, again driven by high-yield corporates.

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| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 3 |

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Emerging-market local-currency bonds had strong results in a period when the US dollar was mixed against global currencies.

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

**INVESTMENT POLICIES** 

The Fund invests without limit in securities denominated in non-US currencies as well as those denominated in the US dollar. The Fund may also invest, without limit, in sovereign debt securities issued by emerging and developed nations and in debt securities of US and non-US corporate issuers. For more information regarding the Fund's risks, please see "Disclosures and Risks" on pages 5-8 and "Note E—Risks Involved in Investing in the Fund" of the Notes to Financial Statements on pages 93-96.

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| | |
|:---|:---|
| 4 AllianceBernstein Global High Income Fund | **ABFunds.com** |

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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 99-100.** 

**Benchmark Disclosure** 

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

**A Word About Risk** 

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

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| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 5 |

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**DISCLOSURES AND RISKS** (continued)

disruption, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the Fund's portfolio companies. The occurrence and pendency of such diseases or events could adversely affect the economies and financial markets either in specific countries or worldwide.

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

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

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

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

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

**Foreign (Non-US) Risk:** Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more

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| | |
|:---|:---|
| 6 AllianceBernstein Global High Income Fund | **ABFunds.com** |

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**DISCLOSURES AND RISKS** (continued)

widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

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

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

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

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

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

**Management Risk:** The Fund is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

**Mortgage-Related and/or Other Asset-Backed Securities Risk:** The Fund may invest in mortgage-backed and/or other asset-backed securities, including securities backed by mortgages and assets with an international or emerging-markets origination and securities backed by non-performing loans at the time of investment. Investments in mortgage-related and other asset-backed securities

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|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 7 |

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**DISCLOSURES AND RISKS** (continued)

are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include "extension risk", which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and "prepayment risk", which is the risk that, in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Fund to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by nongovernmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities.

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

**An Important Note About Historical Performance** 

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

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| | |
|:---|:---|
| 8 AllianceBernstein Global High Income Fund | **ABFunds.com** |

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**HISTORICAL PERFORMANCE** 

**AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2025** (unaudited)

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| | | |
|:---|:---|:---|
|  | NAV Returns | Market Price |
| 1 Year | 8.08% | 6.37% |
| 5 Years | 6.72% | 9.28% |
| 10 Years | 6.61% | 8.01% |

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**AVERAGE ANNUAL RETURNS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END SEPTEMBER 30, 2025** (unaudited)

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| | | |
|:---|:---|:---|
|  | NAV Returns | Market Price |
| 1 Year | 8.08% | 6.37% |
| 5 Years | 6.72% | 9.28% |
| 10 Years | 6.61% | 8.01% |

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

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| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 9 |

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|:---|:---|
| ![LOGO](g947621g91b93.jpg) | Portfolio Statistics<br> September 30, 2025 (unaudited)<br> Net Assets ($mil): $993.1 |

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![LOGO](g947621g00a12.jpg)

![LOGO](g947621g00a13.jpg)

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|:---|:---|
| 1 | The Fund's security type breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see "Portfolio of Investments" section of the report for additional details). "Other" security type weightings represent 0.2% or less in the following: Asset-Backed Securities, Commercial Mortgage-Backed Securities, Common Stocks, Governments – Sovereign Agencies, Preferred Stocks and Rights.  |

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|:---|:---|
| 2 | The Fund's country breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see "Portfolio of Investments" section of the report for additional details). "Other" country weightings represent 0.8% or less in the following: Angola, Argentina, Australia, Azerbaijan, Cayman Islands, Chile, China, Czech Republic, Dominican Republic, Ecuador, Egypt, El Salvador, Finland, Guatemala, Hong Kong, Indonesia, Ireland, Israel, Jamaica, Japan, Jersey (Channel Islands), Kazakhstan, Kuwait, Macau, Malaysia, Morocco, Netherlands, Nigeria, Norway, Panama, Peru, Poland, Puerto Rico, Romania, Senegal, Serbia, Slovenia, South Africa, Switzerland, Trinidad and Tobago, Ukraine, Uzbekistan and Zambia.  |

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|:---|:---|
| 10 AllianceBernstein Global High Income Fund | **ABFunds.com** |

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**PORTFOLIO OF INVESTMENTS** 

**September 30, 2025** (unaudited)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **CORPORATES - NON-INVESTMENT GRADE – 64.1%** |  |  |  |
|  **Industrial – 55.9%** |  |  |  |
|  **Basic – 4.4%** |  |  |  |
|  Alcoa Nederland Holding BV<br>4.125%, 03/31/2029<sup>(a)</sup> | U.S.$| 200 | $193582 |
|  Alumina Pty Ltd.<br>6.125%, 03/15/2030<sup>(a)</sup> |  | 912 | 932929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 09/15/2032<sup>(a)</sup> |  | 1153 | 1184240 |
|  ASP Unifrax Holdings, Inc.<br>7.10% (7.10% Cash or 5.85% Cash and 1.25% PIK), <br>09/30/2029<sup>(a)(b)</sup> |  | 2684 | 1071647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.175% (10.425% Cash or 11.175% PIK or 6.425% Cash and 4.75% PIK), <br>09/30/2029<sup>(a)(b)(c)</sup> |  | 2971 | 2735824 |
|  Cascades Inc/Cascades USA, Inc.<br>6.75%, 07/15/2030<sup>(a)</sup> |  | 426 | 433391 |
|  Celanese US Holdings LLC<br>6.50%, 04/15/2030 |  | 184 | 185233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/2033<sup>(d)</sup> |  | 555 | 552524 |
|  Champion Iron Canada, Inc.<br>7.875%, 07/15/2032<sup>(a)</sup> |  | 556 | 581117 |
|  Cleveland-Cliffs, Inc.<br>7.50%, 09/15/2031<sup>(a)</sup> |  | 1482 | 1527196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 01/15/2034<sup>(a)</sup> |  | 700 | 721309 |
|  Clydesdale Acquisition Holdings, Inc.<br>6.875%, 01/15/2030<sup>(a)</sup> |  | 85 | 87361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 04/15/2030<sup>(a)</sup> |  | 502 | 515698 |
|  Compass Minerals International, Inc.<br>8.00%, 07/01/2030<sup>(a)</sup> |  | 406 | 424811 |
|  Crown Americas LLC/Crown Americas Capital Corp. V<br>4.25%, 09/30/2026 |  | 207 | 206256 |
|  CVR Partners LP/CVR Nitrogen Finance Corp.<br>6.125%, 06/15/2028<sup>(a)</sup> |  | 360 | 359729 |
|  Domtar Corp.<br>6.75%, 10/01/2028<sup>(a)</sup> |  | 423 | 364222 |
|  Element Solutions, Inc.<br>3.875%, 09/01/2028<sup>(a)</sup> |  | 2215 | 2149634 |
|  Fortescue Treasury Pty Ltd.<br>4.375%, 04/01/2031<sup>(a)</sup> |  | 2089 | 1993777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2027<sup>(a)</sup> |  | 190 | 188798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 04/15/2030<sup>(a)</sup> |  | 86 | 88105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 04/15/2032<sup>(a)</sup> |  | 2651 | 2739838 |
|  Graham Packaging Co., Inc.<br>7.125%, 08/15/2028<sup>(a)</sup> |  | 297 | 297364 |

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|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 11 |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Graphic Packaging International LLC<br>3.50%, 03/15/2028<sup>(a)</sup> | U.S.$| 841 | $812685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/2030<sup>(a)</sup> |  | 1661 | 1553010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 07/15/2032<sup>(a)</sup> |  | 1662 | 1689315 |
|  INEOS Finance PLC<br>6.375%, 04/15/2029<sup>(a)</sup> | EUR | 1160 | 1346766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/31/2031<sup>(a)</sup> |  | 527 | 617857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/2029<sup>(a)</sup> | U.S.$| 1480 | 1450803 |
|  INEOS Quattro Finance 2 PLC<br>8.50%, 03/15/2029<sup>(a)</sup> | EUR | 1557 | 1825997 |
|  INEOS Styrolution Ludwigshafen GmbH<br>2.25%, 01/16/2027<sup>(a)</sup> |  | 104 | 119639 |
|  Ingevity Corp.<br>3.875%, 11/01/2028<sup>(a)</sup> | U.S.$| 495 | 475656 |
|  Inversion Escrow Issuer LLC<br>6.75%, 08/01/2032<sup>(a)</sup> |  | 1296 | 1277483 |
|  LABL, Inc.<br>5.875%, 11/01/2028<sup>(a)</sup> |  | 547 | 424014 |
|  Magnera Corp.<br>7.25%, 11/15/2031<sup>(a)</sup> |  | 430 | 404763 |
|  Magnetation LLC/Mag Finance Corp.<br>11.00%, 05/15/2023<sup>(e)(f)(g)(h)(i)</sup> |  | 2857 | – 0 |
|  Mineral Resources Ltd.<br>7.00%, 04/01/2031<sup>(a)</sup> |  | 500 | 506052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 05/01/2027<sup>(a)</sup> |  | 174 | 174000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/01/2030<sup>(a)</sup> |  | 394 | 409901 |
|  New Gold, Inc.<br>6.875%, 04/01/2032<sup>(a)</sup> |  | 606 | 635342 |
|  Novelis Corp.<br>6.375%, 08/15/2033<sup>(a)</sup> |  | 345 | 348575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 01/30/2030<sup>(a)</sup> |  | 267 | 276584 |
|  Olympus Water US Holding Corp.<br>7.25%, 02/15/2033<sup>(a)</sup> |  | 700 | 700406 |
|  Reno de Medici SpA<br>7.01% (EURIBOR 3 Month + 5.00%), 04/15/2029<sup>(a)(j)</sup> | EUR | 960 | 869178 |
|  Roller Bearing Co. of America, Inc.<br>4.375%, 10/15/2029<sup>(a)</sup> | U.S.$| 143 | 139040 |
|  SCIL IV LLC/SCIL USA Holdings LLC<br>5.375%, 11/01/2026<sup>(a)</sup> |  | 1039 | 1036309 |
|  SNF Group SACA<br>3.125%, 03/15/2027<sup>(a)</sup> |  | 655 | 637273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 03/15/2030<sup>(a)</sup> |  | 1151 | 1065969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/2032<sup>(a)</sup> | EUR | 720 | 866506 |
|  Solstice Advanced Materials, Inc.<br>5.625%, 09/30/2033<sup>(a)</sup> | U.S.$| 817 | 819266 |
|  SunCoke Energy, Inc.<br>4.875%, 06/30/2029<sup>(a)</sup> |  | 414 | 387083 |

---

---

| | |
|:---|:---|
| 12 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Toucan FinCo Ltd./Toucan FinCo Can., Inc./Toucan FinCo US LLC<br>8.25%, 05/15/2030<sup>(a)</sup> | EUR | 155 | $| 173467 |
|  Tronox, Inc.<br>9.125%, 09/30/2030<sup>(a)</sup> | U.S.$| 700 |  | 685811 |
|  Vibrantz Technologies, Inc.<br>9.00%, 02/15/2030<sup>(a)</sup> |  | 1073 |  | 611898 |
|  WR Grace Holdings LLC<br>4.875%, 06/15/2027<sup>(a)</sup> |  | 924 |  | 918483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 08/15/2032<sup>(a)</sup> |  | 722 |  | 713960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 03/01/2031<sup>(a)</sup> |  | 82 |  | 83565 |
|  |  |  |  | 43591241 |
|  **Capital Goods – 4.7%** | **Capital Goods – 4.7%** | **Capital Goods – 4.7%** | **Capital Goods – 4.7%** | **Capital Goods – 4.7%** |
|  Amsted Industries, Inc.<br>6.375%, 03/15/2033<sup>(a)</sup> |  | 206 |  | 211621 |
|  Arcosa, Inc.<br>6.875%, 08/15/2032<sup>(a)</sup> |  | 1237 |  | 1292081 |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<br>6.00%, 06/15/2027<sup>(f)</sup> |  | 1156 |  | 1153833 |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.<br>4.125%, 08/15/2026<sup>(a)</sup> |  | 555 |  | 534828 |
|  Artera Services LLC<br>8.50%, 02/15/2031<sup>(a)</sup> |  | 392 |  | 347178 |
|  Axon Enterprise, Inc.<br>6.125%, 03/15/2030<sup>(a)</sup> |  | 1931 |  | 1985144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033<sup>(a)</sup> |  | 1211 |  | 1250500 |
|  Ball Corp.<br>6.00%, 06/15/2029 |  | 60 |  | 61413 |
|  Bombardier, Inc.<br>6.00%, 02/15/2028<sup>(a)</sup> |  | 206 |  | 206452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/2033<sup>(a)</sup> |  | 454 |  | 473839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 07/01/2031<sup>(a)</sup> |  | 862 |  | 913761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 05/01/2034<sup>(a)</sup> |  | 1518 |  | 1681790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 04/15/2027<sup>(a)</sup> |  | 111 |  | 111443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/15/2030<sup>(a)</sup> |  | 1966 |  | 2123110 |
|  Brand Industrial Services, Inc.<br>10.375%, 08/01/2030<sup>(a)</sup> |  | 436 |  | 434876 |
|  Calderys Financing LLC<br>11.25%, 06/01/2028<sup>(a)</sup> |  | 1689 |  | 1792255 |
|  Camelot Return Merger Sub, Inc.<br>8.75%, 08/01/2028<sup>(a)</sup> |  | 446 |  | 431263 |
|  Clean Harbors, Inc.<br>4.875%, 07/15/2027<sup>(a)</sup> |  | 497 |  | 496150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/2033<sup>(a)</sup> |  | 1751 |  | 1766723 |
|  Crown Americas LLC<br>5.25%, 04/01/2030 |  | 1036 |  | 1049419 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 13 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Dycom Industries, Inc.<br>4.50%, 04/15/2029<sup>(a)</sup> | U.S.$| 415 | $405255 |
|  Efesto Bidco SpA Efesto US LLC<br>Series XR<br>7.50%, 02/15/2032<sup>(a)</sup> |  | 2133 | 2172413 |
|  Enviri Corp.<br>5.75%, 07/31/2027<sup>(a)</sup> |  | 327 | 324082 |
|  GFL Environmental, Inc.<br>4.375%, 08/15/2029<sup>(a)</sup> |  | 207 | 201951 |
|  Goat Holdco LLC<br>6.75%, 02/01/2032<sup>(a)</sup> |  | 647 | 664904 |
|  Griffon Corp.<br>5.75%, 03/01/2028 |  | 1125 | 1124344 |
|  LSB Industries, Inc.<br>6.25%, 10/15/2028<sup>(a)(c)</sup> |  | 1348 | 1330347 |
|  Luna 2 5SARL<br>5.50%, 07/01/2032<sup>(a)</sup> | EUR | 249 | 297258 |
|  Madison IAQ LLC<br>5.875%, 06/30/2029<sup>(a)</sup> | U.S.$| 1999 | 1974956 |
|  Maxam Prill SARL<br>7.75%, 07/15/2030<sup>(a)</sup> |  | 1665 | 1681650 |
|  Maxim Crane Works Holdings Capital LLC<br>11.50%, 09/01/2028<sup>(a)</sup> |  | 377 | 399930 |
|  Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC<br>6.75%, 04/01/2032<sup>(a)</sup> |  | 361 | 370838 |
|  MIWD Holdco II LLC/MIWD Finance Corp.<br>5.50%, 02/01/2030<sup>(a)</sup> |  | 2768 | 2704430 |
|  Mueller Water Products, Inc.<br>4.00%, 06/15/2029<sup>(a)</sup> |  | 435 | 419110 |
|  TransDigm, Inc.<br>4.625%, 01/15/2029 |  | 290 | 284080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 05/01/2029 |  | 1954 | 1924865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2033<sup>(a)</sup> |  | 3691 | 3731934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/31/2034<sup>(a)</sup> |  | 350 | 360250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 03/01/2029<sup>(a)</sup> |  | 404 | 413242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/15/2028<sup>(a)</sup> |  | 2448 | 2497545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/31/2034<sup>(a)</sup> |  | 894 | 924427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 12/15/2030<sup>(a)</sup> |  | 1667 | 1727554 |
|  Trinity Industries, Inc.<br>7.75%, 07/15/2028<sup>(a)</sup> |  | 1388 | 1436671 |
|  WESCO Distribution, Inc.<br>6.375%, 03/15/2029<sup>(a)</sup> |  | 27 | 27802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 03/15/2033<sup>(a)</sup> |  | 441 | 457103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 03/15/2032<sup>(a)</sup> |  | 579 | 602400 |
|  |  |  | 46777020 |

---

---

| | |
|:---|:---|
| 14 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Communications - Media – 6.9%** | **Communications - Media – 6.9%** | **Communications - Media – 6.9%** | **Communications - Media – 6.9%** |
|  AMC Networks, Inc.<br>4.25%, 02/15/2029 | U.S.$| 26 | $22709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 01/15/2029<sup>(a)</sup> |  | 2108 | 2222134 |
|  Banijay Entertainment SAS<br>8.125%, 05/01/2029<sup>(a)</sup> |  | 805 | 835098 |
|  CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.25%, 02/01/2031<sup>(a)</sup> |  | 2762 | 2544610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2030<sup>(a)</sup> |  | 4665 | 4406214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2033<sup>(a)</sup> |  | 846 | 751674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032<sup>(a)</sup> |  | 890 | 823211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 09/01/2029<sup>(a)</sup> |  | 1760 | 1785550 |
|  Clear Channel Outdoor Holdings, Inc.<br>7.125%, 02/15/2031<sup>(a)</sup> |  | 982 | 1016338 |
|  CSC Holdings LLC<br>4.625%, 12/01/2030<sup>(a)</sup> |  | 4845 | 1700293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/01/2028<sup>(a)</sup> |  | 1928 | 1696640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2027<sup>(a)</sup> |  | 1803 | 1712157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2030<sup>(a)</sup> |  | 5214 | 1985795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/2028<sup>(a)</sup> |  | 823 | 596536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 05/15/2028<sup>(a)</sup> |  | 824 | 762458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 01/31/2029<sup>(a)</sup> |  | 581 | 490240 |
|  Discovery Communications LLC<br>3.625%, 05/15/2030 |  | 910 | 843008 |
|  DISH DBS Corp.<br>5.125%, 06/01/2029 |  | 3772 | 3225561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2026<sup>(a)</sup> |  | 2836 | 2786760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028<sup>(a)</sup> |  | 1330 | 1275337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 07/01/2028 |  | 1088 | 1002375 |
|  DISH Network Corp.<br>11.75%, 11/15/2027<sup>(a)</sup> |  | 69 | 73032 |
|  EW Scripps Co. (The)<br>9.875%, 08/15/2030<sup>(a)</sup> |  | 840 | 788372 |
|  Gray Media, Inc.<br>5.375%, 11/15/2031<sup>(a)</sup> |  | 671 | 503972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 08/15/2033<sup>(a)</sup> |  | 586 | 581263 |
|  iHeartCommunications, Inc.<br>9.125%, 05/01/2029<sup>(a)</sup> |  | 473 | 428582 |
|  LCPR Senior Secured Financing DAC<br>5.125%, 07/15/2029<sup>(a)</sup> |  | 3059 | 1696654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/2027<sup>(a)</sup> |  | 1366 | 819136 |
|  McGraw-Hill Education, Inc.<br>5.75%, 08/01/2028<sup>(a)</sup> |  | 639 | 638328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/01/2029<sup>(a)</sup> |  | 247 | 251549 |
|  Millennium Escrow Corp.<br>6.625%, 08/01/2026<sup>(a)</sup> |  | 3920 | 3760081 |
|  Neptune Bidco US, Inc.<br>9.29%, 04/15/2029<sup>(a)</sup> |  | 545 | 535035 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 15 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Nexstar Media, Inc.<br>4.75%, 11/01/2028<sup>(a)</sup> | U.S.$| 343 | $334819 |
|  Paramount Global<br>6.25%, 02/28/2057 |  | 330 | 325002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 03/30/2062 |  | 1435 | 1430510 |
|  Sinclair Television Group, Inc.<br>5.50%, 03/01/2030<sup>(a)</sup> |  | 320 | 270540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 02/15/2033<sup>(a)</sup> |  | 1049 | 1079748 |
|  Sirius XM Radio LLC<br>4.00%, 07/15/2028<sup>(a)</sup> |  | 2607 | 2520421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 07/01/2030<sup>(a)</sup> |  | 549 | 514942 |
|  Snap, Inc.<br>6.875%, 03/01/2033<sup>(a)</sup> |  | 1521 | 1556133 |
|  Summer BC Holdco B SARL<br>5.875%, 02/15/2030<sup>(a)</sup> | EUR | 199 | 228195 |
|  TEGNA, Inc.<br>4.625%, 03/15/2028 | U.S.$| 739 | 729183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2029 |  | 333 | 331405 |
|  Univision Communications, Inc.<br>7.375%, 06/30/2030<sup>(a)</sup> |  | 1186 | 1200012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/15/2028<sup>(a)</sup> |  | 1341 | 1389195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 07/31/2031<sup>(a)</sup> |  | 1244 | 1285139 |
|  Virgin Media Secured Finance PLC<br>4.50%, 08/15/2030<sup>(a)</sup> |  | 508 | 479021 |
|  VZ Secured Financing BV<br>5.00%, 01/15/2032<sup>(a)</sup> |  | 1438 | 1305636 |
|  VZ Vendor Financing II BV<br>2.875%, 01/15/2029<sup>(a)</sup> | EUR | 149 | 164469 |
|  Warnermedia Holdings, Inc.<br>4.28%, 03/15/2032 | U.S.$| 5149 | 4720655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/2042 |  | 5730 | 4571445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 03/15/2052 |  | 460 | 342673 |
|  Ziggo Bond Co. BV<br>5.125%, 02/28/2030<sup>(a)</sup> |  | 862 | 782188 |
|  |  |  | 68122033 |
|  **Communications - Telecommunications – 3.5%** |  |  |  |
|  Altice Financing SA<br>5.00%, 01/15/2028<sup>(a)</sup> |  | 516 | 403231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/2029<sup>(a)</sup> |  | 1561 | 1172759 |
|  Altice France Holding SA<br>4.00%, 02/15/2028<sup>(a)(i)(k)</sup> | EUR | 332 | 138369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/2028<sup>(a)(i)(k)</sup> | U.S.$| 359 | 127391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 05/15/2027<sup>(f)(h)(i)(k)</sup> |  | 2710 | 984057 |
|  Altice France SA<br>3.375%, 01/15/2028<sup>(f)</sup> | EUR | 885 | 889734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 01/15/2029<sup>(f)(h)</sup> | U.S.$| 391 | 333705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 07/15/2029<sup>(f)(h)</sup> |  | 6037 | 5208315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2028<sup>(f)(h)</sup> |  | 1656 | 1454389 |

---

---

| | |
|:---|:---|
| 16 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2029<sup>(f)(h)</sup> | U.S.$| 1826 | $1577916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 02/01/2027<sup>(f)(h)</sup> |  | 1393 | 1302147 |
|  British Telecommunications PLC<br>4.25%, 11/23/2081<sup>(a)</sup> |  | 412 | 408110 |
|  Connect Finco SARL/Connect US Finco LLC<br>9.00%, 09/15/2029<sup>(a)</sup> |  | 312 | 328099 |
|  EchoStar Corp.<br>6.75% (6.75% Cash or 6.75% PIK), 11/30/2030<sup>(b)(c)</sup> |  | 2791 | 2876567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 11/30/2029 |  | 2061 | 2267211 |
|  Fibercop SpA<br>7.20%, 07/18/2036<sup>(a)</sup> |  | 259 | 262150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.72%, 06/04/2038<sup>(a)</sup> |  | 1559 | 1583102 |
|  Frontier Communications Holdings LLC<br>6.75%, 05/01/2029<sup>(a)</sup> |  | 300 | 303020 |
|  GCI LLC<br>4.75%, 10/15/2028<sup>(a)</sup> |  | 405 | 393772 |
|  Rogers Communications, Inc.<br>5.25%, 03/15/2082<sup>(a)</sup> |  | 565 | 560684 |
|  Telecom Italia Capital SA<br>7.72%, 06/04/2038 |  | 509 | 562274 |
|  United Group BV<br>3.625%, 02/15/2028<sup>(a)</sup> | EUR | 237 | 274018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 08/15/2028<sup>(a)</sup> |  | 481 | 561455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.29% (EURIBOR 3 Month + 4.25%), 02/01/2029<sup>(a)(j)</sup> |  | 539 | 634466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/2031<sup>(a)</sup> |  | 616 | 739315 |
|  Vmed O2 UK Financing I PLC<br>4.25%, 01/31/2031<sup>(a)</sup> | U.S.$| 980 | 907914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/2031<sup>(a)</sup> |  | 3639 | 3421884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/2032<sup>(a)</sup> |  | 2512 | 2638662 |
|  Vodafone Group PLC<br>7.00%, 04/04/2079 |  | 33 | 34847 |
|  Windstream Services LLC/Windstream Escrow Finance Corp.<br>8.25%, 10/01/2031<sup>(a)</sup> |  | 1648 | 1708441 |
|  Zayo Group Holdings, Inc.<br>9.25%, 03/09/2030<sup>(a)(b)(c)</sup> |  | 342 | 326618 |
|  |  |  | 34384622 |
|  **Consumer Cyclical - Automotive – 3.1%** |  |  |  |
|  Adient Global Holdings Ltd.<br>7.50%, 02/15/2033<sup>(a)</sup> |  | 495 | 512034 |
|  Allison Transmission, Inc.<br>3.75%, 01/30/2031<sup>(a)</sup> |  | 845 | 780564 |
|  American Axle & Manufacturing, Inc.<br>5.00%, 10/01/2029 |  | 500 | 475065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/2033<sup>(a)</sup> |  | 350 | 352751 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 17 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Aston Martin Capital Holdings Ltd.<br>10.00%, 03/31/2029<sup>(a)</sup> | U.S.$| 1925 | $1887319 |
|  Clarios Global LP/Clarios US Finance Co.<br>4.75%, 06/15/2031<sup>(a)</sup> | EUR | 711 | 849899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/2032<sup>(a)</sup> | U.S.$| 1652 | 1688608 |
|  Exide Technologies (Exchange Priority)<br>11.00%, 10/31/2024<sup>(e)(f)(g)(h)(i)(l)</sup> |  | 2940 | – 0 |
|  Exide Technologies (First Lien)<br>11.00%, 10/31/2024<sup>(e)(f)(g)(h)(i)(l)</sup> |  | 1207 | – 0 |
|  Forvia SE<br>6.75%, 09/15/2033<sup>(a)</sup> |  | 2949 | 2989211 |
|  Goodyear Tire & Rubber Co. (The)<br>5.25%, 04/30/2031 |  | 164 | 154949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2031 |  | 206 | 193787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 07/15/2030 |  | 1916 | 1943991 |
|  IHO Verwaltungs GmbH<br>6.375% (6.375% Cash or 7.125% PIK), 05/15/2029<sup>(a)(b)</sup> |  | 200 | 201283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% (6.75% Cash or 7.50% PIK), 11/15/2029<sup>(a)(b)</sup> | EUR | 511 | 635268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75% (7.75% Cash or 8.50% PIK), 11/15/2030<sup>(a)(b)</sup> | U.S.$| 695 | 730183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% (8.00% Cash or 8.75% PIK), 11/15/2032<sup>(a)(b)</sup> |  | 310 | 326103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75% (8.75% Cash or 9.50% PIK), 05/15/2028<sup>(a)(b)</sup> | EUR | 306 | 375913 |
|  Nissan Motor Acceptance Co. LLC<br>2.45%, 09/15/2028<sup>(a)</sup> | U.S.$| 575 | 527827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/09/2028<sup>(a)</sup> |  | 1112 | 1042500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 09/29/2028<sup>(a)</sup> |  | 449 | 449313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 09/30/2030<sup>(a)</sup> |  | 974 | 974461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 09/15/2028<sup>(a)</sup> |  | 5 | 5207 |
|  Nissan Motor Co., Ltd.<br>4.81%, 09/17/2030<sup>(a)</sup> |  | 233 | 219448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 07/17/2035<sup>(a)</sup> |  | 2439 | 2616671 |
|  PM General Purchaser LLC<br>9.50%, 10/01/2028<sup>(a)</sup> |  | 2556 | 2220473 |
|  Qnity Electronics, Inc.<br>6.25%, 08/15/2033<sup>(a)</sup> |  | 580 | 592922 |
|  Tenneco, Inc.<br>8.00%, 11/17/2028<sup>(a)</sup> |  | 2795 | 2798679 |
|  Titan International, Inc.<br>7.00%, 04/30/2028 |  | 1422 | 1424350 |
|  ZF Finance GmbH<br>Series E<br>2.00%, 05/06/2027<sup>(a)</sup> | EUR | 200 | 228353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/25/2027<sup>(a)</sup> |  | 900 | 1034610 |

---

---

| | |
|:---|:---|
| 18 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  ZF North America Capital, Inc.<br>7.125%, 04/14/2030<sup>(a)</sup> | U.S.$| 504 | $499098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/24/2031<sup>(a)</sup> |  | 2299 | 2281972 |
|  |  |  | 31012812 |
|  **Consumer Cyclical - Entertainment – 1.2%** |  |  |  |
|  Carnival Corp.<br>5.125%, 05/01/2029<sup>(a)</sup> |  | 2227 | 2227000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/15/2030<sup>(a)</sup> |  | 247 | 251940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/15/2031<sup>(a)</sup> |  | 159 | 162939 |
|  Lindblad Expeditions LLC<br>7.00%, 09/15/2030<sup>(a)</sup> |  | 925 | 942903 |
|  Live Nation Entertainment, Inc.<br>3.75%, 01/15/2028<sup>(a)</sup> |  | 37 | 36122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027<sup>(a)</sup> |  | 468 | 464768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/2027<sup>(a)</sup> |  | 38 | 38396 |
|  Motion Finco SARL<br>8.375%, 02/15/2032<sup>(a)</sup> |  | 268 | 231291 |
|  NCL Corp., Ltd.<br>5.875%, 01/15/2031<sup>(a)</sup> |  | 1678 | 1677720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/2033<sup>(a)</sup> |  | 752 | 755908 |
|  NCL Finance Ltd.<br>6.125%, 03/15/2028<sup>(a)</sup> |  | 115 | 117407 |
|  SeaWorld Parks & Entertainment, Inc.<br>5.25%, 08/15/2029<sup>(a)</sup> |  | 517 | 509035 |
|  Six Flags Entertainment Corp.<br>7.25%, 05/15/2031<sup>(a)</sup> |  | 2378 | 2378091 |
|  Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp.<br>5.25%, 07/15/2029 |  | 85 | 82242 |
|  Viking Cruises Ltd.<br>5.875%, 10/15/2033<sup>(a)</sup> |  | 1787 | 1785403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125%, 07/15/2031<sup>(a)</sup> |  | 468 | 502616 |
|  |  |  | 12163781 |
|  **Consumer Cyclical - Other – 4.6%** |  |  |  |
|  AmeriTex HoldCo Intermediate LLC<br>7.625%, 08/15/2033<sup>(a)</sup> |  | 1261 | 1313569 |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC<br>4.875%, 02/15/2030<sup>(a)</sup> |  | 1795 | 1684265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/2027<sup>(a)</sup> |  | 405 | 404876 |
|  Brundage-Bone Concrete Pumping Holdings, Inc.<br>7.50%, 02/01/2032<sup>(a)</sup> |  | 265 | 267774 |
|  Builders FirstSource, Inc.<br>4.25%, 02/01/2032<sup>(a)</sup> |  | 619 | 582255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 03/01/2034<sup>(a)</sup> |  | 1142 | 1177643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/15/2035<sup>(a)</sup> |  | 1766 | 1847088 |
|  CD&R Smokey Buyer, Inc./Radio Systems Corp.<br>9.50%, 10/15/2029<sup>(a)</sup> |  | 449 | 353757 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 19 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Century Communities, Inc.<br>6.625%, 09/15/2033<sup>(a)</sup> | U.S.$| 700 | $706053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/01/2027 |  | 25 | 25000 |
|  Churchill Downs, Inc.<br>4.75%, 01/15/2028<sup>(a)</sup> |  | 491 | 484870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/2030<sup>(a)</sup> |  | 540 | 540000 |
|  Cirsa Finance International SARL<br>6.50%, 03/15/2029<sup>(a)</sup> | EUR | 559 | 682783 |
|  CP Atlas Buyer, Inc.<br>9.75%, 07/15/2030<sup>(a)</sup> | U.S.$| 400 | 420662 |
|  Great Canadian Gaming Corp./Raptor LLC<br>8.75%, 11/15/2029<sup>(a)</sup> |  | 1195 | 1181377 |
|  Hilton Domestic Operating Co., Inc.<br>3.625%, 02/15/2032<sup>(a)</sup> |  | 1538 | 1407290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/2029<sup>(a)</sup> |  | 958 | 921567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2031<sup>(a)</sup> |  | 448 | 423982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 04/01/2029<sup>(a)</sup> |  | 1286 | 1312208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 04/01/2032<sup>(a)</sup> |  | 738 | 758405 |
|  Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<br>4.875%, 07/01/2031<sup>(a)</sup> |  | 465 | 433306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029<sup>(a)</sup> |  | 3193 | 3070352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 01/15/2032<sup>(a)</sup> |  | 595 | 604075 |
|  K Hovnanian Enterprises, Inc.<br>8.00%, 04/01/2031<sup>(a)</sup> |  | 592 | 606950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 10/01/2033<sup>(a)</sup> |  | 700 | 717804 |
|  LGI Homes, Inc.<br>7.00%, 11/15/2032<sup>(a)</sup> |  | 703 | 686665 |
|  Light & Wonder International, Inc.<br>6.25%, 10/01/2033<sup>(a)</sup> |  | 700 | 701100 |
|  Lottomatica Group SpA<br>4.875%, 01/31/2031<sup>(a)</sup> | EUR | 493 | 595730 |
|  Marriott Ownership Resorts, Inc.<br>4.50%, 06/15/2029<sup>(a)</sup> | U.S.$| 95 | 91624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2033<sup>(a)</sup> |  | 1648 | 1642058 |
|  Masterbrand, Inc.<br>7.00%, 07/15/2032<sup>(a)</sup> |  | 1031 | 1066987 |
|  Mattamy Group Corp.<br>4.625%, 03/01/2030<sup>(a)</sup> |  | 55 | 53169 |
|  MGM Resorts International<br>4.625%, 09/01/2026 |  | 5 | 4989 |
|  Miller Homes Group Finco PLC<br>6.29% (EURIBOR 3 Month + 4.25%), 10/15/2030<sup>(a)(j)</sup> | EUR | 306 | 364561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/15/2029<sup>(a)</sup> | GBP | 679 | 916595 |
|  Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC<br>8.25%, 04/15/2030<sup>(a)</sup> | U.S.$| 760 | 790008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.875%, 04/15/2031<sup>(a)</sup> |  | 1083 | 1136845 |

---

---

| | |
|:---|:---|
| 20 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.<br>6.625%, 02/01/2033<sup>(a)</sup> | U.S.$| 1025 | $1043948 |
|  Shea Homes LP/Shea Homes Funding Corp.<br>4.75%, 04/01/2029 |  | 911 | 893262 |
|  Standard Building Solutions, Inc.<br>6.25%, 08/01/2033<sup>(a)</sup> |  | 1768 | 1792566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/15/2032<sup>(a)</sup> |  | 312 | 320325 |
|  Standard Industries, Inc./NY<br>3.375%, 01/15/2031<sup>(a)</sup> |  | 17 | 15385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 07/15/2030<sup>(a)</sup> |  | 1786 | 1712787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2028<sup>(a)</sup> |  | 339 | 336211 |
|  Station Casinos LLC<br>4.50%, 02/15/2028<sup>(a)</sup> |  | 516 | 507318 |
|  Taylor Morrison Communities, Inc.<br>5.125%, 08/01/2030<sup>(a)</sup> |  | 75 | 74805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2028<sup>(a)</sup> |  | 582 | 590343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/15/2027<sup>(a)</sup> |  | 87 | 88052 |
|  Thor Industries, Inc.<br>4.00%, 10/15/2029<sup>(a)</sup> |  | 1713 | 1625519 |
|  Travel & Leisure Co.<br>4.50%, 12/01/2029<sup>(a)</sup> |  | 1784 | 1722888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/01/2030<sup>(a)</sup> |  | 2415 | 2328976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/2027<sup>(c)</sup> |  | 725 | 735706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 09/01/2033<sup>(a)</sup> |  | 128 | 127756 |
|  Wyndham Hotels & Resorts, Inc.<br>4.375%, 08/15/2028<sup>(a)</sup> |  | 544 | 531418 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.<br>5.25%, 05/15/2027<sup>(a)</sup> |  | 781 | 780409 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.<br>5.125%, 10/01/2029<sup>(a)</sup> |  | 599 | 599807 |
|  |  |  | 45805723 |
|  **Consumer Cyclical - Restaurants – 0.6%** |  |  |  |
|  1011778 BC ULC/New Red Finance, Inc.<br>3.50%, 02/15/2029<sup>(a)</sup> |  | 90 | 85927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 01/15/2028<sup>(a)</sup> |  | 1492 | 1458136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2030<sup>(a)</sup> |  | 1168 | 1100904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/15/2028<sup>(a)</sup> |  | 963 | 946275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/15/2029<sup>(a)</sup> |  | 2000 | 2048659 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.<br>4.625%, 01/15/2029<sup>(a)</sup> |  | 542 | 515466 |
|  Yum! Brands, Inc.<br>3.625%, 03/15/2031 |  | 174 | 162616 |
|  |  |  | 6317983 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 21 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Retailers – 4.6%** |  |  |  |
|  Advance Auto Parts, Inc.<br>7.00%, 08/01/2030<sup>(a)</sup> | U.S.$| 3924 | $4041467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 08/01/2033<sup>(a)</sup> |  | 967 | 997296 |
|  Arko Corp.<br>5.125%, 11/15/2029<sup>(a)</sup> |  | 1035 | 878392 |
|  Asbury Automotive Group, Inc.<br>4.50%, 03/01/2028 |  | 541 | 534001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/2029<sup>(a)</sup> |  | 1373 | 1331794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032<sup>(a)</sup> |  | 827 | 794316 |
|  Bath & Body Works, Inc.<br>5.25%, 02/01/2028 |  | 845 | 850554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/01/2036 |  | 98 | 100969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/01/2035 |  | 519 | 539573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.60%, 07/15/2037 |  | 367 | 379203 |
|  Beach Acquisition Bidco LLC<br>5.25%, 07/15/2032<sup>(a)</sup> | EUR | 757 | 910975 |
|  Boots Group Finco LP<br>5.375%, 08/31/2032<sup>(a)</sup> |  | 697 | 840500 |
|  Carvana Co.<br>5.50%, 04/15/2027<sup>(a)</sup> | U.S.$| 415 | 407723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 06/01/2030<sup>(a)(b)(c)</sup> |  | 2001 | 2094092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 06/01/2031<sup>(a)(b)(c)</sup> |  | 1201 | 1360369 |
|  Champ Acquisition Corp.<br>8.375%, 12/01/2031<sup>(a)</sup> |  | 375 | 399357 |
|  Cougar JV Subsidiary LLC<br>8.00%, 05/15/2032<sup>(a)</sup> |  | 2172 | 2311355 |
|  CT Investment GmbH<br>6.375%, 04/15/2030<sup>(a)</sup> | EUR | 516 | 628763 |
|  FirstCash, Inc.<br>5.625%, 01/01/2030<sup>(a)</sup> | U.S.$| 257 | 256943 |
|  Gap, Inc. (The)<br>3.625%, 10/01/2029<sup>(a)</sup> |  | 298 | 278778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/01/2031<sup>(a)</sup> |  | 303 | 275802 |
|  Global Auto Holdings Ltd/AAG FH UK Ltd.<br>8.375%, 01/15/2029<sup>(a)</sup> |  | 2245 | 2192924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 01/15/2032<sup>(a)</sup> |  | 1125 | 1096722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 08/15/2029<sup>(a)</sup> |  | 358 | 377783 |
|  Group 1 Automotive, Inc.<br>4.00%, 08/15/2028<sup>(a)</sup> |  | 1680 | 1632478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 01/15/2030<sup>(a)</sup> |  | 352 | 360174 |
|  Kontoor Brands, Inc.<br>4.125%, 11/15/2029<sup>(a)</sup> |  | 901 | 855083 |
|  LBM Acquisition LLC<br>9.50%, 06/15/2031<sup>(a)</sup> |  | 467 | 492431 |
|  LCM Investments Holdings II LLC<br>4.875%, 05/01/2029<sup>(a)</sup> |  | 1452 | 1422671 |

---

---

| | |
|:---|:---|
| 22 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Lithia Motors, Inc.<br>3.875%, 06/01/2029<sup>(a)</sup> | U.S.$| 113 | $107943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/15/2027<sup>(a)</sup> |  | 206 | 203981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2030<sup>(a)</sup> |  | 700 | 699146 |
|  Michaels Cos., Inc. (The)<br>5.25%, 05/01/2028<sup>(a)</sup> |  | 975 | 897733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 05/01/2029<sup>(a)</sup> |  | 878 | 735509 |
|  Murphy Oil USA, Inc.<br>3.75%, 02/15/2031<sup>(a)</sup> |  | 206 | 191622 |
|  Nordstrom, Inc.<br>4.375%, 04/01/2030 |  | 549 | 516586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2044 |  | 741 | 547183 |
|  Park River Holdings, Inc.<br>8.00%, 03/15/2031<sup>(a)</sup> |  | 368 | 372842 |
|  Penske Automotive Group, Inc.<br>3.75%, 06/15/2029 |  | 139 | 132474 |
|  PetSmart LLC/PetSmart Finance Corp.<br>7.50%, 09/15/2032<sup>(a)</sup> |  | 726 | 727927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 09/15/2033<sup>(a)</sup> |  | 939 | 949714 |
|  QXO Building Products, Inc.<br>6.75%, 04/30/2032<sup>(a)</sup> |  | 1602 | 1663392 |
|  Saks Global Enterprises LLC<br>11.00%, 12/15/2029<sup>(a)</sup> |  | 434 | 224981 |
|  SGUS LLC<br>11.00%, 12/15/2029<sup>(a)</sup> |  | 215 | 203685 |
|  Sonic Automotive, Inc.<br>4.625%, 11/15/2029<sup>(a)</sup> |  | 2738 | 2658571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/15/2031<sup>(a)</sup> |  | 255 | 243931 |
|  Specialty Building Products Holdings LLC/SBP Finance Corp.<br>7.75%, 10/15/2029<sup>(a)</sup> |  | 1155 | 1173020 |
|  Staples, Inc.<br>10.75%, 09/01/2029<sup>(a)</sup> |  | 2506 | 2482326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.75%, 01/15/2030<sup>(a)</sup> |  | 1061 | 853592 |
|  VF Corp.<br>2.95%, 04/23/2030 |  | 1880 | 1654464 |
|  White Cap Buyer LLC<br>6.875%, 10/15/2028<sup>(a)</sup> |  | 161 | 160999 |
|  |  |  | 46044109 |
|  **Consumer Non-Cyclical – 6.6%** |  |  |  |
|  Acadia Healthcare Co., Inc.<br>7.375%, 03/15/2033<sup>(a)(d)</sup> |  | 1256 | 1305125 |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<br>3.50%, 03/15/2029<sup>(a)</sup> |  | 485 | 461085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 01/15/2027<sup>(a)</sup> |  | 834 | 829526 |
|  Amneal Pharmaceuticals LLC<br>6.875%, 08/01/2032<sup>(a)</sup> |  | 536 | 554801 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 23 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Bausch & Lomb Corp.<br>8.375%, 10/01/2028<sup>(a)</sup> | U.S.$| 3238 | $3379097 |
|  Bausch Health Americas, Inc.<br>8.50%, 01/31/2027<sup>(a)</sup> |  | 543 | 538578 |
|  Bausch Health Cos., Inc.<br>4.875%, 06/01/2028<sup>(a)</sup> |  | 1181 | 1057808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 09/30/2028<sup>(a)</sup> |  | 4150 | 4329645 |
|  CAB SELAS<br>3.375%, 02/01/2028<sup>(a)</sup> | EUR | 1533 | 1683075 |
|  CHS/Community Health Systems, Inc.<br>4.75%, 02/15/2031<sup>(a)</sup> | U.S.$| 493 | 426032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2029<sup>(a)</sup> |  | 1466 | 1421525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 04/01/2030<sup>(a)</sup> |  | 3640 | 2639725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/15/2029<sup>(a)</sup> |  | 1328 | 1056038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 01/15/2034<sup>(a)</sup> |  | 700 | 719532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.875%, 01/15/2032<sup>(a)</sup> |  | 62 | 65691 |
|  CVS Health Corp.<br>6.75%, 12/10/2054 |  | 152 | 156967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/10/2055 |  | 2212 | 2327585 |
|  DaVita, Inc.<br>3.75%, 02/15/2031<sup>(a)</sup> |  | 710 | 650380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/01/2030<sup>(a)</sup> |  | 4729 | 4529726 |
|  Elanco Animal Health, Inc.<br>6.65%, 08/28/2028<sup>(c)</sup> |  | 1374 | 1431567 |
|  Embecta Corp.<br>5.00%, 02/15/2030<sup>(a)</sup> |  | 2006 | 1898562 |
|  Emergent BioSolutions, Inc.<br>3.875%, 08/15/2028<sup>(a)</sup> |  | 1516 | 1257949 |
|  Encompass Health Corp.<br>4.50%, 02/01/2028 |  | 204 | 202246 |
|  Fortrea Holdings, Inc.<br>7.50%, 07/01/2030<sup>(a)</sup> |  | 406 | 381504 |
|  Global Medical Response, Inc.<br>7.375%, 10/01/2032<sup>(a)</sup> |  | 562 | 578578 |
|  Grifols SA<br>3.875%, 10/15/2028<sup>(a)</sup> | EUR | 1806 | 2073007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/01/2030<sup>(a)</sup> |  | 1300 | 1608344 |
|  Gruenenthal GmbH<br>6.75%, 05/15/2030<sup>(a)</sup> |  | 1067 | 1318046 |
|  Iceland Bondco PLC<br>10.875%, 12/15/2027<sup>(a)</sup> | GBP | 156 | 221887 |
|  Insulet Corp.<br>6.50%, 04/01/2033<sup>(a)</sup> | U.S.$| 238 | 247403 |
|  IQVIA, Inc.<br>2.25%, 03/15/2029<sup>(a)</sup> | EUR | 862 | 978199 |
|  LifePoint Health, Inc.<br>8.375%, 02/15/2032<sup>(a)</sup> | U.S.$| 1734 | 1847819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 10/15/2030<sup>(a)</sup> |  | 827 | 911638 |

---

---

| | |
|:---|:---|
| 24 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Medline Borrower LP<br>3.875%, 04/01/2029<sup>(a)</sup> | U.S.$| 357 | $344504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2029<sup>(a)</sup> |  | 2300 | 2280921 |
|  Medline Borrower LP/Medline Co-Issuer, Inc.<br>6.25%, 04/01/2029<sup>(a)</sup> |  | 189 | 193985 |
|  Mehilainen Yhtiot Oy<br>5.125%, 06/30/2032<sup>(a)</sup> | EUR | 562 | 673325 |
|  MPH Acquisition Holdings LLC<br>5.75%, 12/31/2030<sup>(a)</sup> | U.S.$| 1289 | 1125421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% (6.00% Cash and 0.75% PIK), 03/31/2031<sup>(a)(b)(c)</sup> |  | 216 | 175668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50% (6.50% Cash and 5.00% PIK), 12/31/2030<sup>(a)(b)(c)</sup> |  | 952 | 992080 |
|  Neogen Food Safety Corp.<br>8.625%, 07/20/2030<sup>(a)</sup> |  | 883 | 925346 |
|  Newell Brands, Inc.<br>8.50%, 06/01/2028<sup>(a)</sup> |  | 1030 | 1092256 |
|  Opal Bidco SAS<br>5.50%, 03/31/2032<sup>(a)</sup> | EUR | 972 | 1181437 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV<br>2.875%, 04/30/2028<sup>(a)</sup> |  | 885 | 1011912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 04/30/2028<sup>(a)</sup> | U.S.$| 2247 | 2171059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 04/30/2031<sup>(a)</sup> |  | 922 | 806719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 05/15/2034<sup>(a)</sup> |  | 716 | 664046 |
|  Owens & Minor, Inc.<br>4.50%, 03/31/2029<sup>(a)</sup> |  | 3 | 2413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 04/01/2030<sup>(a)(d)</sup> |  | 275 | 226740 |
|  Paradigm Parent LLC & Paradigm Parent CO-Issuer, Inc.<br>8.75%, 04/17/2032<sup>(a)</sup> |  | 428 | 416721 |
|  Performance Food Group, Inc.<br>4.25%, 08/01/2029<sup>(a)</sup> |  | 88 | 85517 |
|  Post Holdings, Inc.<br>4.50%, 09/15/2031<sup>(a)</sup> |  | 131 | 122537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2029<sup>(a)</sup> |  | 1184 | 1181373 |
|  Primo Water Holdings, Inc./Triton Water Holdings, Inc.<br>4.375%, 04/30/2029<sup>(a)</sup> |  | 1227 | 1190313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/01/2029<sup>(a)</sup> |  | 696 | 697455 |
|  Radiology Partners, Inc.<br>8.50%, 07/15/2032<sup>(a)</sup> |  | 471 | 489900 |
|  Somnigroup International, Inc.<br>4.00%, 04/15/2029<sup>(a)</sup> |  | 207 | 198665 |
|  Sotera Health Holdings LLC<br>7.375%, 06/01/2031<sup>(a)</sup> |  | 1245 | 1306831 |
|  Surgery Center Holdings, Inc.<br>7.25%, 04/15/2032<sup>(a)</sup> |  | 825 | 848164 |
|  Tenet Healthcare Corp.<br>4.375%, 01/15/2030 |  | 307 | 298670 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 25 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  US Acute Care Solutions LLC<br>9.75%, 05/15/2029<sup>(a)</sup> | U.S.$| 267 | $273419 |
|  US Foods, Inc.<br>4.75%, 02/15/2029<sup>(a)</sup> |  | 658 | 648936 |
|  Whirlpool Corp.<br>4.70%, 05/14/2032 |  | 303 | 279708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/15/2030 |  | 189 | 190641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/15/2033 |  | 178 | 177673 |
|  |  |  | 65363045 |
|  **Energy – 6.8%** |  |  |  |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp.<br>5.375%, 06/15/2029<sup>(a)</sup> |  | 1733 | 1726556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/2033<sup>(a)</sup> |  | 183 | 182252 |
|  Aris Water Holdings LLC<br>7.25%, 04/01/2030<sup>(a)</sup> |  | 1163 | 1228035 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp.<br>5.875%, 06/30/2029<sup>(a)</sup> |  | 214 | 213788 |
|  BKV Upstream Midstream LLC<br>7.50%, 10/15/2030<sup>(a)</sup> |  | 700 | 699492 |
|  Buckeye Partners LP<br>4.50%, 03/01/2028<sup>(a)</sup> |  | 227 | 224181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 07/01/2029<sup>(a)</sup> |  | 1493 | 1546689 |
|  California Resources Corp.<br>7.00%, 01/15/2034<sup>(a)</sup> |  | 796 | 790913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 06/15/2029<sup>(a)</sup> |  | 397 | 414206 |
|  Caturus Energy LLC<br>8.50%, 02/15/2030<sup>(a)</sup> |  | 375 | 390482 |
|  Chord Energy Corp.<br>6.00%, 10/01/2030<sup>(a)</sup> |  | 1246 | 1237107 |
|  CITGO Petroleum Corp.<br>6.375%, 06/15/2026<sup>(a)</sup> |  | 471 | 471002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 01/15/2029<sup>(a)</sup> |  | 844 | 880544 |
|  Civitas Resources, Inc.<br>8.375%, 07/01/2028<sup>(a)</sup> |  | 1315 | 1363838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 07/01/2031<sup>(a)</sup> |  | 891 | 913137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 06/15/2033<sup>(a)</sup> |  | 454 | 480279 |
|  CNX Resources Corp.<br>6.00%, 01/15/2029<sup>(a)</sup> |  | 1156 | 1159272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/01/2032<sup>(a)</sup> |  | 983 | 1020445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 01/15/2031<sup>(a)</sup> |  | 100 | 103444 |
|  Crescent Energy Finance LLC<br>7.375%, 01/15/2033<sup>(a)</sup> |  | 160 | 155794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 04/01/2032<sup>(a)</sup> |  | 291 | 289285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 01/15/2034<sup>(a)</sup> |  | 575 | 584083 |
|  CVR Energy, Inc.<br>8.50%, 01/15/2029<sup>(a)</sup> |  | 425 | 434778 |

---

---

| | |
|:---|:---|
| 26 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Delek Logistics Partners LP/Delek Logistics Finance Corp.<br>7.375%, 06/30/2033<sup>(a)</sup> | U.S.$| 1335 | $1358817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 03/15/2029<sup>(a)</sup> |  | 100 | 104308 |
|  Enerflex Ltd.<br>9.00%, 10/15/2027<sup>(a)</sup> |  | 371 | 379865 |
|  Excelerate Energy LP<br>8.00%, 05/15/2030<sup>(a)</sup> |  | 1440 | 1533254 |
|  Global Partners LP/GLP Finance Corp.<br>6.875%, 01/15/2029 |  | 1425 | 1440649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 07/01/2033<sup>(a)</sup> |  | 448 | 459696 |
|  Hilcorp Energy I LP/Hilcorp Finance Co.<br>5.75%, 02/01/2029<sup>(a)</sup> |  | 366 | 361248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2031<sup>(a)</sup> |  | 412 | 397432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/2032<sup>(a)</sup> |  | 89 | 85723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 05/15/2034<sup>(a)</sup> |  | 845 | 815500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/15/2035<sup>(a)</sup> |  | 677 | 662448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 11/01/2033<sup>(a)</sup> |  | 1299 | 1363584 |
|  Howard Midstream Energy Partners LLC<br>6.625%, 01/15/2034<sup>(a)</sup> |  | 1028 | 1048826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 07/15/2032<sup>(a)</sup> |  | 51 | 52909 |
|  ITT Holdings LLC<br>6.50%, 08/01/2029<sup>(a)</sup> |  | 2335 | 2295552 |
|  Kodiak Gas Services LLC<br>6.50%, 10/01/2033<sup>(a)</sup> |  | 141 | 143530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/01/2035<sup>(a)</sup> |  | 350 | 359341 |
|  Long Ridge Energy LLC<br>8.75%, 02/15/2032<sup>(a)</sup> |  | 270 | 277532 |
|  Moss Creek Resources Holdings, Inc.<br>8.25%, 09/01/2031<sup>(a)</sup> |  | 513 | 502490 |
|  Murphy Oil Corp.<br>6.00%, 10/01/2032 |  | 749 | 738809 |
|  Nabors Industries Ltd.<br>7.50%, 01/15/2028<sup>(a)</sup> |  | 1042 | 1041012 |
|  Nabors Industries, Inc.<br>7.375%, 05/15/2027<sup>(a)</sup> |  | 659 | 669132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125%, 01/31/2030<sup>(a)</sup> |  | 128 | 133155 |
|  NFE Financing LLC<br>12.00%, 11/15/2029<sup>(a)</sup> |  | 6611 | 1939350 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp.<br>8.125%, 02/15/2029<sup>(a)</sup> |  | 1575 | 1615089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 02/15/2032<sup>(a)</sup> |  | 1204 | 1235971 |
|  Northern Oil & Gas, Inc.<br>7.875%, 10/15/2033<sup>(a)</sup> |  | 500 | 498008 |
|  NuStar Logistics LP<br>5.625%, 04/28/2027 |  | 925 | 931737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2026 |  | 80 | 80218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/01/2030 |  | 97 | 100478 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 27 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Parkland Corp.<br>4.50%, 10/01/2029<sup>(a)</sup> | U.S.$| 362 | $352729 |
|  PBF Holding Co. LLC/PBF Finance Corp.<br>6.00%, 02/15/2028 |  | 426 | 423709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 09/15/2030<sup>(a)</sup> |  | 849 | 838439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 03/15/2030<sup>(a)</sup> |  | 95 | 99545 |
|  Saturn Oil & Gas, Inc.<br>9.625%, 06/15/2029<sup>(a)</sup> |  | 385 | 398774 |
|  SESI LLC<br>7.875%, 09/30/2030<sup>(a)</sup> |  | 700 | 698299 |
|  SM Energy Co.<br>6.75%, 08/01/2029<sup>(a)</sup> |  | 329 | 330892 |
|  Summit Midstream Holdings LLC<br>8.625%, 10/31/2029<sup>(a)</sup> |  | 1040 | 1045091 |
|  Sunoco LP<br>5.625%, 03/15/2031<sup>(a)</sup> |  | 745 | 739713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 03/15/2034<sup>(a)</sup> |  | 350 | 346997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/2033<sup>(a)</sup> |  | 654 | 665601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 09/18/2030<sup>(a)(m)</sup> |  | 1877 | 1910440 |
|  Sunoco LP/Sunoco Finance Corp.<br>4.50%, 05/15/2029 |  | 773 | 754212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/30/2030 |  | 422 | 406919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/2027 |  | 461 | 461090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 09/15/2028<sup>(a)</sup> |  | 79 | 81414 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<br>6.00%, 12/31/2030<sup>(a)</sup> |  | 160 | 158024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/2031<sup>(a)</sup> |  | 76 | 74354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/2034<sup>(a)</sup> |  | 700 | 693184 |
|  Talos Production, Inc.<br>9.00%, 02/01/2029<sup>(a)</sup> |  | 655 | 679507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 02/01/2031<sup>(a)</sup> |  | 1127 | 1175514 |
|  TGS ASA<br>8.50%, 01/15/2030<sup>(a)</sup> |  | 200 | 205181 |
|  Tidewater, Inc.<br>9.125%, 07/15/2030<sup>(a)</sup> |  | 395 | 423372 |
|  TransMontaigne Partners LLC<br>8.50%, 06/15/2030<sup>(a)</sup> |  | 606 | 631917 |
|  Transocean Aquila Ltd.<br>8.00%, 09/30/2028<sup>(a)</sup> |  | 779 | 801269 |
|  Transocean International Ltd.<br>7.875%, 10/15/2032<sup>(a)</sup> |  | 311 | 311000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 02/15/2030<sup>(a)</sup> |  | 625 | 656960 |
|  USA Compression Partners LP/USA Compression Finance Corp.<br>6.25%, 10/01/2033<sup>(a)</sup> |  | 700 | 702687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 09/01/2027 |  | 4 | 4002 |

---

---

| | |
|:---|:---|
| 28 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Venture Global LNG, Inc.<br>8.125%, 06/01/2028<sup>(a)</sup> | U.S.$| 1633 | $| 1690868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 06/01/2031<sup>(a)</sup> |  | 569 |  | 597523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 09/30/2029<sup>(a)(m)</sup> |  | 1672 |  | 1655400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 02/01/2029<sup>(a)</sup> |  | 1166 |  | 1285619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 02/01/2032<sup>(a)</sup> |  | 3159 |  | 3439773 |
|  Vermilion Energy, Inc.<br>6.875%, 05/01/2030<sup>(a)</sup> |  | 178 |  | 173943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/15/2033<sup>(a)</sup> |  | 282 |  | 267806 |
|  Viridien<br>10.00%, 10/15/2030<sup>(a)</sup> |  | 452 |  | 463408 |
|  WBI Operating LLC<br>6.25%, 10/15/2030<sup>(a)</sup> |  | 588 |  | 588000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/2033<sup>(a)</sup> |  | 1058 |  | 1055355 |
|  Weatherford International Ltd.<br>6.75%, 10/15/2033<sup>(a)</sup> |  | 1212 |  | 1213096 |
|  |  |  |  | 67636891 |
|  **Other Industrial – 0.5%** | **Other Industrial – 0.5%** | **Other Industrial – 0.5%** | **Other Industrial – 0.5%** | **Other Industrial – 0.5%** |
|  American Builders & Contractors Supply Co., Inc.<br>3.875%, 11/15/2029<sup>(a)</sup> |  | 32 |  | 30345 |
|  Dealer Tire LLC/DT Issuer LLC<br>8.00%, 02/01/2028<sup>(a)</sup> |  | 1116 |  | 1107089 |
|  Gates Corp./DE<br>6.875%, 07/01/2029<sup>(a)</sup> |  | 721 |  | 748026 |
|  Pachelbel Bidco SpA<br>6.27% (EURIBOR 3 Month + 4.25%), 05/17/2031<sup>(a)(j)</sup> | EUR | 208 |  | 246034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 05/17/2031<sup>(a)</sup> |  | 734 |  | 926640 |
|  Resideo Funding, Inc.<br>4.00%, 09/01/2029<sup>(a)</sup> | U.S.$| 177 |  | 169009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/2032<sup>(a)</sup> |  | 425 |  | 435532 |
|  Velocity Vehicle Group LLC<br>8.00%, 06/01/2029<sup>(a)</sup> |  | 682 |  | 683871 |
|  |  |  |  | 4346546 |
|  **Services – 3.6%** |  |  |  |  |
|  Acuris Finance US, Inc./Acuris Finance SARL<br>9.00%, 08/01/2029<sup>(a)</sup> |  | 403 |  | 421065 |
|  ADT Security Corp. (The)<br>4.125%, 08/01/2029<sup>(a)</sup> |  | 959 |  | 927603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 07/15/2032<sup>(a)</sup> |  | 1012 |  | 978898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 10/15/2033<sup>(a)</sup> |  | 700 |  | 700000 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp.<br>6.00%, 06/01/2029<sup>(a)</sup> |  | 327 |  | 321531 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL<br>3.625%, 06/01/2028<sup>(a)</sup> | EUR | 255 |  | 296436 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 29 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/01/2028<sup>(a)</sup> | U.S.$| 3774 | $3702266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/01/2028<sup>(a)</sup> | GBP | 1010 | 1325101 |
|  AMN Healthcare, Inc.<br>4.625%, 10/01/2027<sup>(a)</sup> | U.S.$| 4 | 3999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/2031<sup>(a)</sup> |  | 697 | 696542 |
|  ANGI Group LLC<br>3.875%, 08/15/2028<sup>(a)</sup> |  | 2420 | 2282547 |
|  APCOA Group GmbH<br>6.00%, 04/15/2031<sup>(a)</sup> | EUR | 990 | 1177000 |
|  Aramark International Finance SARL<br>4.375%, 04/15/2033<sup>(a)</sup> |  | 438 | 514608 |
|  Belron UK Finance PLC<br>5.75%, 10/15/2029<sup>(a)</sup> | U.S.$| 1137 | 1153204 |
|  Champions Financing, Inc.<br>8.75%, 02/15/2029<sup>(a)</sup> |  | 386 | 372439 |
|  Clarivate Science Holdings Corp.<br>3.875%, 07/01/2028<sup>(a)</sup> |  | 1436 | 1383589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 07/01/2029<sup>(a)</sup> |  | 851 | 804195 |
|  Deepocean Ltd.<br>6.00%, 04/08/2031<sup>(a)</sup> | EUR | 402 | 478429 |
|  Engineering - Ingegneria Informatica - SpA<br>7.75% (EURIBOR 3 Month + 5.75%), 02/15/2030<sup>(a)(j)</sup> |  | 384 | 459114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 02/15/2030<sup>(a)</sup> |  | 258 | 326097 |
|  Garda World Security Corp.<br>4.625%, 02/15/2027<sup>(a)</sup> | U.S.$| 394 | 391134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2029<sup>(a)</sup> |  | 1187 | 1177060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/2028<sup>(a)</sup> |  | 650 | 667528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 08/01/2032<sup>(a)</sup> |  | 838 | 869353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 11/15/2032<sup>(a)</sup> |  | 1286 | 1335934 |
|  GrubHub Holdings, Inc.<br>13.00%, 07/31/2030 |  | 112 | 111021 |
|  ION Platform Finance US, Inc.<br>7.875%, 09/30/2032<sup>(a)</sup> |  | 700 | 695401 |
|  Kingpin Intermediate Holdings LLC<br>7.25%, 10/15/2032<sup>(a)</sup> |  | 700 | 666915 |
|  Match Group Holdings II LLC<br>4.625%, 06/01/2028<sup>(a)</sup> |  | 207 | 203419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2027<sup>(a)</sup> |  | 378 | 376876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 09/15/2033<sup>(a)</sup> |  | 189 | 190783 |
|  Matthews International Corp.<br>8.625%, 10/01/2027<sup>(a)</sup> |  | 413 | 427310 |
|  Monitronics International, Inc.<br>9.125%, 04/01/2020<sup>(e)(g)(h)(i)(l)</sup> |  | 958 | – 0 |
|  OT Midco, Inc.<br>10.00%, 02/15/2030<sup>(a)</sup> |  | 451 | 305940 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc.<br>3.375%, 08/31/2027<sup>(a)</sup> |  | 1474 | 1432606 |

---

---

| | |
|:---|:---|
| 30 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/2028<sup>(a)</sup> | U.S.$| 1225 | $1225264 |
|  Q-Park Holding I BV<br>5.125%, 02/15/2030<sup>(a)</sup> | EUR | 556 | 674458 |
|  Raven Acquisition Holdings LLC<br>6.875%, 11/15/2031<sup>(a)</sup> | U.S.$| 1631 | 1676500 |
|  Sabre GLBL, Inc.<br>10.75%, 11/15/2029<sup>(a)</sup> |  | 267 | 258571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.125%, 07/15/2030<sup>(a)</sup> |  | 2486 | 2413313 |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.<br>5.50%, 05/15/2033<sup>(a)</sup> | EUR | 864 | 1058026 |
|  Shutterfly Finance LLC<br>9.75%, 10/01/2027<sup>(a)</sup> | U.S.$| 7 | 7029 |
|  Sotheby's<br>7.375%, 10/15/2027<sup>(a)</sup> |  | 413 | 412822 |
|  Wayfair LLC<br>7.75%, 09/15/2030<sup>(a)</sup> |  | 455 | 477813 |
|  |  |  | 35379739 |
|  **Technology – 2.2%** |  |  |  |
|  Ahead DB Holdings LLC<br>6.625%, 05/01/2028<sup>(a)</sup> |  | 725 | 725622 |
|  Almaviva-The Italian Innovation Co. SpA<br>5.00%, 10/30/2030<sup>(a)</sup> | EUR | 1162 | 1385561 |
|  Amentum Holdings, Inc.<br>7.25%, 08/01/2032<sup>(a)</sup> | U.S.$| 2145 | 2228619 |
|  Amkor Technology, Inc.<br>5.875%, 10/01/2033<sup>(a)</sup> |  | 765 | 772800 |
|  AthenaHealth Group, Inc.<br>6.50%, 02/15/2030<sup>(a)</sup> |  | 1181 | 1171615 |
|  CommScope LLC<br>9.50%, 12/15/2031<sup>(a)</sup> |  | 628 | 650082 |
|  CoreWeave, Inc.<br>9.00%, 02/01/2031<sup>(a)</sup> |  | 364 | 373081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 06/01/2030<sup>(a)</sup> |  | 259 | 267481 |
|  Diebold Nixdorf, Inc.<br>7.75%, 03/31/2030<sup>(a)</sup> |  | 748 | 792043 |
|  Ellucian Holdings, Inc.<br>6.50%, 12/01/2029<sup>(a)</sup> |  | 448 | 456391 |
|  Fortress Intermediate 3, Inc.<br>7.50%, 06/01/2031<sup>(a)</sup> |  | 1041 | 1091570 |
|  Gen Digital, Inc.<br>6.25%, 04/01/2033<sup>(a)</sup> |  | 1057 | 1082708 |
|  GoTo Group, Inc.<br>5.50%, 05/01/2028<sup>(a)</sup> |  | 1403 | 796620 |
|  IPD 3 BV<br>5.50%, 06/15/2031<sup>(a)</sup> | EUR | 819 | 975140 |
|  Kioxia Holdings Corp.<br>6.25%, 07/24/2030<sup>(a)</sup> | U.S.$| 1639 | 1674888 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 31 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  NCR Voyix Corp.<br>5.00%, 10/01/2028<sup>(a)</sup> | U.S.$| 105 | $103435 |
|  Pagaya US Holdings Co. LLC<br>8.875%, 08/01/2030<sup>(a)</sup> |  | 408 | 381672 |
|  Playtika Holding Corp.<br>4.25%, 03/15/2029<sup>(a)</sup> |  | 1379 | 1267653 |
|  Rackspace Finance LLC<br>3.50%, 05/15/2028<sup>(a)</sup> |  | 3030 | 1274179 |
|  Rocket Software, Inc.<br>9.00%, 11/28/2028<sup>(a)</sup> |  | 1421 | 1464840 |
|  Science Applications International Corp.<br>4.875%, 04/01/2028<sup>(a)</sup> |  | 105 | 104071 |
|  Seagate Data Storage Technology Pte. Ltd.<br>4.09%, 06/01/2029<sup>(a)</sup> |  | 632 | 611460 |
|  Sensata Technologies BV<br>4.00%, 04/15/2029<sup>(a)</sup> |  | 602 | 578072 |
|  TeamSystem SpA<br>5.00%, 07/01/2031<sup>(a)</sup> | EUR | 956 | 1137480 |
|  Virtusa Corp.<br>7.125%, 12/15/2028<sup>(a)</sup> | U.S.$| 717 | 701282 |
|  |  |  | 22068365 |
|  **Transportation - Airlines – 0.8%** |  |  |  |
|  Allegiant Travel Co.<br>7.25%, 08/15/2027<sup>(a)</sup> |  | 986 | 998309 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd.<br>5.50%, 04/20/2026<sup>(a)</sup> |  | 367 | 367612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/20/2029<sup>(a)</sup> |  | 3323 | 3336133 |
|  Avianca Midco 2 PLC<br>9.625%, 02/14/2030<sup>(a)</sup> |  | 449 | 444676 |
|  JetBlue Airways Corp./JetBlue Loyalty LP<br>9.875%, 09/20/2031<sup>(a)</sup> |  | 1837 | 1862259 |
|  OneSky Flight LLC<br>8.875%, 12/15/2029<sup>(a)</sup> |  | 268 | 283469 |
|  Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.<br>11.00% (11.00% Cash or 8.00% Cash and 4.00% PIK),<br>03/12/2030<sup>(a)(c)(i)(k)</sup> |  | 407 | 172586 |
|  VistaJet Malta Finance PLC/Vista Management Holding, Inc.<br>9.50%, 06/01/2028<sup>(a)</sup> |  | 19 | 19774 |
|  |  |  | 7484818 |
|  **Transportation - Railroads – 0.1%** |  |  |  |
|  Brightline East LLC<br>11.00%, 01/31/2030<sup>(a)</sup> |  | 473 | 193923 |
|  Watco Cos. LLC/Watco Finance Corp.<br>7.125%, 08/01/2032<sup>(a)</sup> |  | 700 | 724637 |
|  |  |  | 918560 |

---

---

| | |
|:---|:---|
| 32 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Transportation - Services – 1.7%** |  |  |  |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc.<br>5.375%, 05/21/2030<sup>(a)</sup> | EUR | 186 | $226321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/21/2030<sup>(a)</sup> | U.S.$| 373 | 386863 |
|  Alta Equipment Group, Inc.<br>9.00%, 06/01/2029<sup>(a)</sup> |  | 40 | 37379 |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<br>4.75%, 04/01/2028<sup>(a)</sup> |  | 3290 | 3189846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 03/01/2029<sup>(a)</sup> |  | 609 | 593827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2027<sup>(a)</sup> |  | 296 | 295000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 06/15/2032<sup>(a)</sup> |  | 453 | 474595 |
|  Avis Budget Finance PLC<br>7.25%, 07/31/2030<sup>(a)</sup> | EUR | 952 | 1152786 |
|  BCP V Modular Services Finance PLC<br>6.75%, 11/30/2029<sup>(a)</sup> |  | 1214 | 1068159 |
|  BCP V Modular Services Finance II PLC<br>4.75%, 11/30/2028<sup>(a)</sup> |  | 582 | 652924 |
|  Beacon Mobility Corp.<br>7.25%, 08/01/2030<sup>(a)</sup> | U.S.$| 1296 | 1348385 |
|  Boels Topholding BV<br>6.25%, 02/15/2029<sup>(a)</sup> | EUR | 432 | 524126 |
|  Dcli Bidco LLC<br>7.75%, 11/15/2029<sup>(a)</sup> | U.S.$| 617 | 641248 |
|  Edge Finco PLC<br>8.125%, 08/15/2031<sup>(a)</sup> | GBP | 479 | 686763 |
|  Hertz Corp. (The)<br>4.625%, 12/01/2026<sup>(a)</sup> | U.S.$| 1173 | 1154390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029<sup>(a)</sup> |  | 232 | 184902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.625%, 07/15/2029<sup>(a)</sup> |  | 626 | 663472 |
|  Kapla Holding SAS<br>5.00%, 04/30/2031<sup>(a)</sup> | EUR | 1406 | 1667766 |
|  PROG Holdings, Inc.<br>6.00%, 11/15/2029<sup>(a)</sup> | U.S.$| 1572 | 1544788 |
|  Rand Parent LLC<br>8.50%, 02/15/2030<sup>(a)</sup> |  | 372 | 386568 |
|  Star Leasing Co. LLC<br>7.625%, 02/15/2030<sup>(a)</sup> |  | 271 | 263283 |
|  |  |  | 17143391 |
|  |  |  | 554560679 |
|  **Financial Institutions – 7.0%** |  |  |  |
|  **Banking – 0.6%** |  |  |  |
|  Ally Financial, Inc.<br>Series C<br>4.70%, 05/15/2028<sup>(m)</sup> |  | 256 | 235739 |
|  Armor Holdco, Inc.<br>8.50%, 11/15/2029<sup>(a)</sup> |  | 1967 | 1955777 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 33 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Bread Financial Holdings, Inc.<br>8.375%, 06/15/2035<sup>(a)</sup> | U.S.$| 767 | $787080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 03/15/2029<sup>(a)</sup> |  | 2435 | 2599446 |
|  Freedom Mortgage Corp.<br>12.25%, 10/01/2030<sup>(a)</sup> |  | 140 | 156134 |
|  |  |  | 5734176 |
|  **Brokerage – 1.0%** |  |  |  |
|  AG Issuer LLC<br>6.25%, 03/01/2028<sup>(a)</sup> |  | 1050 | 1052109 |
|  Aretec Group, Inc.<br>7.50%, 04/01/2029<sup>(a)</sup> |  | 641 | 644347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 08/15/2030<sup>(a)</sup> |  | 1885 | 2056583 |
|  Focus Financial Partners LLC<br>6.75%, 09/15/2031<sup>(a)</sup> |  | 850 | 871004 |
|  Hightower Holding LLC<br>6.75%, 04/15/2029<sup>(a)</sup> |  | 2936 | 2892212 |
|  Jane Street Group/JSG Finance, Inc.<br>6.75%, 05/01/2033<sup>(a)</sup> |  | 1367 | 1420514 |
|  Osaic Holdings, Inc.<br>6.75%, 08/01/2032<sup>(a)</sup> |  | 101 | 104191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/01/2033<sup>(a)</sup> |  | 179 | 185585 |
|  VFH Parent LLC/Valor Co-Issuer, Inc.<br>7.50%, 06/15/2031<sup>(a)</sup> |  | 1089 | 1126315 |
|  |  |  | 10352860 |
|  **Finance – 2.5%** |  |  |  |
|  Atlanticus Holdings Corp.<br>9.75%, 09/01/2030<sup>(a)</sup> |  | 700 | 696390 |
|  Burford Capital Global Finance LLC<br>7.50%, 07/15/2033<sup>(a)</sup> |  | 424 | 432086 |
|  CNG Holdings, Inc.<br>14.50%, 06/30/2026<sup>(a)</sup> |  | 794 | 714611 |
|  Compass Group Diversified Holdings LLC<br>5.25%, 04/15/2029<sup>(a)</sup> |  | 2049 | 1896199 |
|  Curo SPV LLC<br>13.00%, 08/02/2027<sup>(e)(h)</sup> |  | 2518 | 2493008 |
|  Enova International, Inc.<br>9.125%, 08/01/2029<sup>(a)</sup> |  | 1916 | 2007089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 12/15/2028<sup>(a)</sup> |  | 651 | 693948 |
|  Freedom Mortgage Holdings LLC<br>8.375%, 04/01/2032<sup>(a)</sup> |  | 1231 | 1289905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125%, 05/15/2031<sup>(a)</sup> |  | 7 | 7456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 02/01/2029<sup>(a)</sup> |  | 243 | 256260 |
|  GGAM Finance Ltd.<br>6.875%, 04/15/2029<sup>(a)</sup> |  | 263 | 273052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 06/15/2028<sup>(a)</sup> |  | 1069 | 1133529 |
|  goeasy Ltd.<br>6.875%, 05/15/2030<sup>(a)</sup> |  | 310 | 308371 |

---

---

| | |
|:---|:---|
| 34 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 02/15/2031<sup>(a)</sup> | U.S.$| 145 | $140979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 10/01/2030<sup>(a)</sup> |  | 618 | 623426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 07/01/2029<sup>(a)</sup> |  | 439 | 445280 |
|  Jefferies Finance LLC/JFIN Co-Issuer Corp.<br>5.00%, 08/15/2028<sup>(a)</sup> |  | 1987 | 1920799 |
|  LFS Topco LLC<br>8.75%, 07/15/2030<sup>(a)</sup> |  | 409 | 411020 |
|  Midcap Financial Issuer Trust<br>6.50%, 05/01/2028<sup>(a)</sup> |  | 431 | 428086 |
|  Navient Corp.<br>4.875%, 03/15/2028 |  | 1706 | 1674843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2027 |  | 585 | 582740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/2029 |  | 326 | 319676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/2026 |  | 835 | 844134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 07/25/2030 |  | 353 | 390021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 03/15/2031 |  | 845 | 953626 |
|  OneMain Finance Corp.<br>6.50%, 03/15/2033 |  | 700 | 701092 |
|  Phoenix Aviation Capital Ltd.<br>9.25%, 07/15/2030<sup>(a)</sup> |  | 397 | 422123 |
|  Planet Financial Group LLC<br>10.50%, 12/15/2029<sup>(a)</sup> |  | 265 | 278528 |
|  Rfna LP<br>7.875%, 02/15/2030<sup>(a)</sup> |  | 354 | 363136 |
|  Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp.<br>6.25%, 10/15/2030<sup>(a)</sup> |  | 700 | 706466 |
|  SLM Corp.<br>3.125%, 11/02/2026 |  | 188 | 184611 |
|  TrueNoord Capital DAC<br>8.75%, 03/01/2030<sup>(a)</sup> |  | 265 | 281749 |
|  UWM Holdings LLC<br>6.25%, 03/15/2031<sup>(a)</sup> |  | 700 | 696790 |
|  |  |  | 24571029 |
|  **Financial Services – 0.9%** |  |  |  |
|  1261229 BC Ltd.<br>10.00%, 04/15/2032<sup>(a)</sup> |  | 1728 | 1774571 |
|  CCO IIA Credit Backed Loans Ltd.<br>Zero Coupon, 10/15/2036<sup>(e)(h)(j)</sup> |  | 310 | 353777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.54% (SOFR + 3.20%), 10/15/2036<sup>(e)(h)(j)</sup> |  | 637 | 637507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.94% (SOFR + 5.60%), 10/15/2036<sup>(e)(h)(j)</sup> |  | 225 | 224984 |
|  Encore Capital Group, Inc.<br>6.625%, 04/15/2031<sup>(a)</sup> |  | 1219 | 1215055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/2030<sup>(a)</sup> |  | 1189 | 1263911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/01/2029<sup>(a)</sup> |  | 1289 | 1359448 |
|  ESC Contra Co.<br>5.875%, 07/15/2027<sup>(e)(f)(h)</sup> |  | 496 | – 0 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 35 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Herc Holdings, Inc.<br>7.00%, 06/15/2030<sup>(a)</sup> | U.S.$| 776 | $806128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/2033<sup>(a)</sup> |  | 426 | 445091 |
|  Jefferson Capital Holdings LLC<br>8.25%, 05/15/2030<sup>(a)</sup> |  | 412 | 432117 |
|  Nassau Cos. of New York (The)<br>7.875%, 07/15/2030<sup>(a)</sup> |  | 396 | 404839 |
|  Titanium 2l Bondco SARL<br>6.25%, 01/14/2031<sup>(b)</sup> | EUR | 218 | 66638 |
|  |  |  | 8984066 |
|  **Insurance – 0.6%** |  |  |  |
|  Acrisure LLC/Acrisure Finance, Inc.<br>6.00%, 08/01/2029<sup>(a)</sup> | U.S.$| 326 | 322908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/06/2030<sup>(a)</sup> |  | 414 | 431475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 02/01/2029<sup>(a)</sup> |  | 1048 | 1093987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 06/15/2029<sup>(a)</sup> |  | 659 | 692608 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<br>6.75%, 04/15/2028<sup>(a)</sup> |  | 285 | 289749 |
|  AmWINS Group, Inc.<br>6.375%, 02/15/2029<sup>(a)</sup> |  | 479 | 488442 |
|  APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Inves<br>7.875%, 11/01/2029<sup>(a)</sup> |  | 418 | 436143 |
|  Ardonagh Finco Ltd.<br>6.875%, 02/15/2031<sup>(a)</sup> | EUR | 286 | 346849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/2031<sup>(a)</sup> | U.S.$| 739 | 773412 |
|  Ardonagh Group Finance Ltd.<br>8.875%, 02/15/2032<sup>(a)</sup> |  | 1007 | 1060618 |
|  |  |  | 5936191 |
|  **REITs – 1.4%** |  |  |  |
|  Aedas Homes Opco SL<br>4.00%, 08/15/2026<sup>(a)</sup> | EUR | 1580 | 1854667 |
|  Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.<br>9.75%, 04/15/2030<sup>(a)</sup> | U.S.$| 480 | 523712 |
|  Brandywine Operating Partnership LP<br>8.875%, 04/12/2029 |  | 253 | 275099 |
|  Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL<br>4.50%, 04/01/2027<sup>(a)</sup> |  | 373 | 366663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/2026<sup>(a)</sup> |  | 119 | 119003 |
|  Crossgates, Inc.<br>11.00%, 07/24/2026<sup>(e)(h)</sup> |  | 2023 | 1985310 |
|  Cushman & Wakefield US Borrower LLC<br>8.875%, 09/01/2031<sup>(a)</sup> |  | 544 | 582580 |

---

---

| | |
|:---|:---|
| 36 AllianceBernstein Global High Income Fund | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  EF Holdco/EF Cayman Hold/Ellington Fin REIT Cayman/TRS/EF Cayman Non-MTM<br>7.375%, 09/30/2030<sup>(a)</sup> | U.S.$| 700 | $700000 |
|  Five Point Operating Co. LP<br>8.00%, 10/01/2030<sup>(a)</sup> |  | 1194 | 1211800 |
|  Iron Mountain, Inc.<br>4.75%, 01/15/2034<sup>(a)</sup> | EUR | 800 | 942742 |
|  MPT Operating Partnership LP/MPT Finance Corp.<br>7.00%, 02/15/2032<sup>(a)</sup> |  | 149 | 182855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 02/15/2032<sup>(a)</sup> | U.S.$| 555 | 590839 |
|  Rithm Capital Corp.<br>8.00%, 04/01/2029<sup>(a)</sup> |  | 345 | 353093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 07/15/2030<sup>(a)</sup> |  | 95 | 97336 |
|  RLJ Lodging Trust LP<br>4.00%, 09/15/2029<sup>(a)</sup> |  | 406 | 383371 |
|  SBA Communications Corp.<br>3.125%, 02/01/2029 |  | 473 | 442852 |
|  Service Properties Trust<br>Zero Coupon, 09/30/2027<sup>(a)</sup> |  | 700 | 617094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 06/15/2029 |  | 1187 | 1205192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 11/15/2031<sup>(a)</sup> |  | 991 | 1055154 |
|  Starwood Property Trust, Inc.<br>5.75%, 01/15/2031<sup>(a)</sup> |  | 700 | 698043 |
|  Vivion Investments SARL<br>Series E<br>6.50%, 02/28/2029<sup>(a)(b)(c)</sup> | EUR | 3 | 3331 |
|  |  |  | 14190736 |
|  |  |  | 69769058 |
|  **Utility – 1.2%** |  |  |  |
|  **Electric – 1.1%** |  |  |  |
|  Algonquin Power & Utilities Corp.<br>4.75%, 01/18/2082 | U.S.$| 422 | 413927 |
|  Calpine Corp.<br>4.625%, 02/01/2029<sup>(a)</sup> |  | 206 | 204077 |
|  EUSHI Finance, Inc.<br>7.625%, 12/15/2054 |  | 361 | 378871 |
|  Hawaiian Electric Co., Inc.<br>6.00%, 10/01/2033<sup>(a)</sup> |  | 1682 | 1695246 |
|  Lightning Power LLC<br>7.25%, 08/15/2032<sup>(a)</sup> |  | 225 | 238327 |
|  NRG Energy, Inc.<br>3.375%, 02/15/2029<sup>(a)</sup> |  | 1800 | 1702334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 02/15/2031<sup>(a)</sup> |  | 445 | 411360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/15/2032<sup>(a)</sup> |  | 188 | 173363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2029<sup>(a)</sup> |  | 80 | 79801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2029<sup>(a)</sup> |  | 1744 | 1746163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 03/15/2028<sup>(a)(m)</sup> |  | 842 | 919270 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 37 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Vistra Corp.<br>7.00%, 12/15/2026<sup>(a)(m)</sup> | U.S.$| 835 | $847263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 10/15/2026<sup>(a)(m)</sup> |  | 1003 | 1026036 |
|  Vistra Operations Co. LLC<br>5.50%, 09/01/2026<sup>(a)</sup> |  | 807 | 806822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 02/15/2027<sup>(a)</sup> |  | 80 | 80030 |
|  XPLR Infrastructure Operating Partners LP<br>3.875%, 10/15/2026<sup>(a)</sup> |  | 279 | 274941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2027<sup>(a)</sup> |  | 18 | 17660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 01/15/2029<sup>(a)</sup> |  | 320 | 328401 |
|  |  |  | 11343892 |
|  **Natural Gas – 0.1%** |  |  |  |
|  AmeriGas Partners LP/AmeriGas Finance Corp.<br>9.375%, 06/01/2028<sup>(a)</sup> |  | 430 | 442156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 06/01/2030<sup>(a)</sup> |  | 28 | 29323 |
|  |  |  | 471479 |
|  |  |  | 11815371 |
|  Total Corporates - Non-Investment Grade<br>(cost $639,688,928) |  |  | 636145108 |
|  **CORPORATES - INVESTMENT GRADE – 13.4%** |  |  |  |
|  **Industrial – 7.0%** |  |  |  |
|  **Basic – 0.8%** |  |  |  |
|  Freeport Indonesia PT<br>4.76%, 04/14/2027<sup>(a)</sup> |  | 281 | 281562 |
|  Industrias Penoles SAB de CV<br>5.65%, 09/12/2049<sup>(a)</sup> |  | 386 | 364770 |
|  Inversiones CMPC SA<br>6.125%, 02/26/2034<sup>(a)</sup> |  | 453 | 471168 |
|  MEGlobal Canada ULC<br>5.875%, 05/18/2030<sup>(a)</sup> |  | 343 | 359292 |
|  Nexa Resources SA<br>6.75%, 04/09/2034<sup>(a)(d)</sup> |  | 961 | 1019308 |
|  OCP SA<br>6.75%, 05/02/2034<sup>(a)</sup> |  | 412 | 448565 |
|  Olin Corp.<br>5.625%, 08/01/2029 |  | 260 | 260687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 04/01/2033<sup>(a)</sup> |  | 914 | 919319 |
|  Orbia Advance Corp. SAB de CV<br>7.50%, 05/13/2035<sup>(a)</sup> |  | 1379 | 1450708 |
|  Sociedad Quimica y Minera de Chile SA<br>6.50%, 11/07/2033<sup>(a)</sup> |  | 406 | 438269 |
|  Suzano Austria GmbH<br>3.75%, 01/15/2031 |  | 262 | 247918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2030 |  | 218 | 219744 |

---

---

| | |
|:---|:---|
| 38 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2029 | U.S.$| 900 | $932778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series DM3N<br>3.125%, 01/15/2032 |  | 331 | 297039 |
|  |  |  | 7711127 |
|  **Communications - Media – 0.6%** |  |  |  |
|  DIRECTV Financing LLC<br>8.875%, 02/01/2030<sup>(a)</sup> |  | 700 | 691287 |
|  DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc.<br>5.875%, 08/15/2027<sup>(a)</sup> |  | 761 | 760401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 02/15/2031<sup>(a)</sup> |  | 1503 | 1503646 |
|  Grupo Televisa SAB<br>4.625%, 01/30/2026<sup>(d)</sup> |  | 495 | 491817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 03/11/2032 |  | 129 | 139643 |
|  Prosus NV<br>3.06%, 07/13/2031<sup>(a)</sup> |  | 1998 | 1809938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 08/03/2050<sup>(a)</sup> |  | 331 | 231909 |
|  |  |  | 5628641 |
|  **Communications - Telecommunications – 0.2%** |  |  |  |
|  TELUS Corp.<br>6.625%, 10/15/2055 |  | 802 | 826230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/2055 |  | 1087 | 1145834 |
|  |  |  | 1972064 |
|  **Consumer Cyclical - Automotive – 0.8%** |  |  |  |
|  Adient Global Holdings Ltd.<br>7.00%, 04/15/2028<sup>(a)</sup> |  | 555 | 568994 |
|  Aptiv Swiss Holdings Ltd.<br>6.875%, 12/15/2054 |  | 387 | 396074 |
|  Ford Motor Co.<br>3.25%, 02/12/2032 |  | 4123 | 3600849 |
|  Ford Motor Credit Co. LLC<br>6.53%, 03/19/2032 |  | 764 | 795392 |
|  Jaguar Land Rover Automotive PLC<br>4.50%, 10/01/2027<sup>(a)</sup> |  | 780 | 769578 |
|  Phinia, Inc.<br>6.75%, 04/15/2029<sup>(a)</sup> |  | 990 | 1021306 |
|  Qnity Electronics, Inc.<br>5.75%, 08/15/2032<sup>(a)</sup> |  | 519 | 523508 |
|  |  |  | 7675701 |
|  **Consumer Cyclical - Entertainment – 0.3%** |  |  |  |
|  Carnival Corp.<br>4.00%, 08/01/2028<sup>(a)</sup> |  | 1623 | 1599702 |
|  VOC Escrow Ltd.<br>5.00%, 02/15/2028<sup>(a)</sup> |  | 1749 | 1744773 |
|  |  |  | 3344475 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 39 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Other – 1.5%** |  |  |  |
|  Flutter Treasury DAC<br>4.00%, 06/04/2031<sup>(a)</sup> | EUR | 1223 | $1437924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/04/2031<sup>(a)</sup> | U.S.$| 368 | 374513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/04/2031<sup>(a)</sup> | GBP | 463 | 626898 |
|  GENM Capital Labuan Ltd.<br>3.88%, 04/19/2031<sup>(a)</sup> | U.S.$| 891 | 820662 |
|  JH North America Holdings, Inc.<br>5.875%, 01/31/2031<sup>(a)</sup> |  | 219 | 222599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 07/31/2032<sup>(a)</sup> |  | 1001 | 1025667 |
|  Las Vegas Sands Corp.<br>5.625%, 06/15/2028 |  | 1381 | 1411939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/14/2030 |  | 702 | 731066 |
|  MDC Holdings, Inc.<br>6.00%, 01/15/2043 |  | 1881 | 1787519 |
|  Resorts World Las Vegas LLC/RWLV Capital, Inc.<br>4.625%, 04/16/2029<sup>(a)</sup> |  | 2200 | 1990500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/06/2031<sup>(a)</sup> |  | 1100 | 940909 |
|  Sands China Ltd.<br>2.85%, 03/08/2029<sup>(c)</sup> |  | 206 | 193982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/08/2031<sup>(c)</sup> |  | 285 | 261844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 06/18/2030<sup>(c)</sup> |  | 550 | 540945 |
|  Voyager Parent LLC<br>9.25%, 07/01/2032<sup>(a)</sup> |  | 2094 | 2214408 |
|  |  |  | 14581375 |
|  **Consumer Cyclical - Retailers – 0.1%** |  |  |  |
|  Levi Strauss & Co.<br>3.50%, 03/01/2031<sup>(a)</sup> |  | 230 | 213656 |
|  Macy's Retail Holdings LLC<br>5.875%, 03/15/2030<sup>(a)</sup> |  | 342 | 341882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/15/2032<sup>(a)</sup> |  | 509 | 509599 |
|  Zhongsheng Group Holdings Ltd.<br>5.98%, 01/30/2028<sup>(a)</sup> |  | 490 | 495901 |
|  |  |  | 1561038 |
|  **Consumer Non-Cyclical – 0.4%** |  |  |  |
|  Charles River Laboratories International, Inc.<br>3.75%, 03/15/2029<sup>(a)</sup> |  | 1302 | 1234267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/2031<sup>(a)</sup> |  | 45 | 41896 |
|  Jazz Securities DAC<br>4.375%, 01/15/2029<sup>(a)</sup> |  | 1835 | 1787082 |
|  Viatris, Inc.<br>2.70%, 06/22/2030 |  | 744 | 669822 |
|  |  |  | 3733067 |
|  **Energy – 1.6%** |  |  |  |
|  APA Corp.<br>4.75%, 04/15/2043 |  | 2 | 1539 |

---

---

| | |
|:---|:---|
| 40 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Energy Transfer LP<br>8.00%, 05/15/2054 | U.S.$| 1494 | $1597720 |
|  Enterprise Products Operating LLC<br>Series E<br>5.25%, 08/16/2077 |  | 369 | 368378 |
|  Harbour Energy PLC<br>6.33%, 04/01/2035<sup>(a)</sup> |  | 1749 | 1798482 |
|  Hess Midstream Operations LP<br>4.25%, 02/15/2030<sup>(a)</sup> |  | 792 | 768418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 03/01/2028<sup>(a)</sup> |  | 335 | 341387 |
|  Occidental Petroleum Corp.<br>7.50%, 05/01/2031 |  | 4 | 4487 |
|  Permian Resources Operating LLC<br>6.25%, 02/01/2033<sup>(a)</sup> |  | 949 | 966941 |
|  Raizen Fuels Finance SA<br>5.70%, 01/17/2035<sup>(a)</sup> |  | 926 | 846148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/08/2032<sup>(a)</sup> |  | 314 | 307282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 03/05/2034<sup>(a)</sup> |  | 464 | 450057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 02/25/2037<sup>(a)</sup> |  | 1010 | 976485 |
|  Tengizchevroil Finance Co. International Ltd.<br>3.25%, 08/15/2030<sup>(a)</sup> |  | 1107 | 1014289 |
|  Var Energi ASA<br>5.875%, 05/22/2030<sup>(a)</sup> |  | 1027 | 1068244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/22/2035<sup>(a)</sup> |  | 581 | 618491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/2032<sup>(a)</sup> |  | 1300 | 1511165 |
|  Venture Global Calcasieu Pass LLC<br>3.875%, 08/15/2029<sup>(a)</sup> |  | 93 | 89094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/2030<sup>(a)</sup> |  | 1115 | 1162914 |
|  Woodside Finance Ltd.<br>5.40%, 05/19/2030 |  | 616 | 633179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/19/2035 |  | 1608 | 1680930 |
|  |  |  | 16205630 |
|  **Other Industrial – 0.1%** |  |  |  |
|  American Builders & Contractors Supply Co., Inc.<br>4.00%, 01/15/2028<sup>(a)</sup> |  | 203 | 199099 |
|  RB Global Holdings, Inc.<br>6.75%, 03/15/2028<sup>(a)</sup> |  | 452 | 462330 |
|  |  |  | 661429 |
|  **Services – 0.2%** |  |  |  |
|  Block, Inc.<br>5.625%, 08/15/2030<sup>(a)</sup> |  | 1300 | 1316771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/15/2033<sup>(a)</sup> |  | 961 | 984509 |
|  Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV<br>8.50%, 01/15/2031<sup>(a)</sup> | GBP | 163 | 235112 |
|  |  |  | 2536392 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 41 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Technology – 0.0%** |  |  |  |
|  Gartner, Inc.<br>3.625%, 06/15/2029<sup>(a)</sup> | U.S.$| 7 | $6704 |
|  **Transportation - Airlines – 0.1%** |  |  |  |
|  Air Canada<br>3.875%, 08/15/2026<sup>(a)</sup> |  | 845 | 837210 |
|  United Airlines, Inc.<br>4.625%, 04/15/2029<sup>(a)</sup> |  | 223 | 219688 |
|  |  |  | 1056898 |
|  **Transportation - Railroads – 0.0%** |  |  |  |
|  Lima Metro Line 2 Finance Ltd.<br>4.35%, 04/05/2036<sup>(a)</sup> |  | 342 | 329648 |
|  **Transportation - Services – 0.3%** |  |  |  |
|  Adani Ports & Special Economic Zone Ltd.<br>3.10%, 02/02/2031<sup>(a)</sup> |  | 486 | 432783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 07/03/2029<sup>(a)</sup> |  | 1175 | 1147094 |
|  JSW Infrastructure Ltd.<br>4.95%, 01/21/2029<sup>(a)(d)</sup> |  | 204 | 204765 |
|  United Rentals North America, Inc.<br>3.875%, 11/15/2027 |  | 819 | 806579 |
|  |  |  | 2591221 |
|  |  |  | 69595410 |
|  **Financial Institutions – 5.4%** |  |  |  |
|  **Banking – 3.5%** |  |  |  |
|  Ally Financial, Inc.<br>6.70%, 02/14/2033 |  | 500 | 521614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 01/03/2030 |  | 380 | 402255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/2031 |  | 281 | 320443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B<br>4.70%, 05/15/2026<sup>(m)</sup> |  | 2950 | 2871517 |
|  Banco Santander SA<br>3.225%, 11/22/2032 |  | 200 | 182160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.92%, 08/08/2033 |  | 2600 | 2893312 |
|  Bank Leumi Le-Israel BM<br>7.13%, 07/18/2033<sup>(a)</sup> |  | 450 | 469433 |
|  Barclays PLC<br>7.12%, 06/27/2034 |  | 361 | 404190 |
|  BNP Paribas SA<br>4.625%, 02/25/2031<sup>(a)(m)</sup> |  | 2924 | 2665918 |
|  BPCE SA<br>6.51%, 01/18/2035<sup>(a)</sup> |  | 1232 | 1309911 |
|  CaixaBank SA<br>5.58%, 07/03/2036<sup>(a)</sup> |  | 575 | 589726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 10/09/2027<sup>(a)(m)</sup> | EUR | 1000 | 1216726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.84%, 09/13/2034<sup>(a)</sup> | U.S.$| 975 | 1087509 |

---

---

| | |
|:---|:---|
| 42 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Capital One Financial Corp.<br>7.96%, 11/02/2034 | U.S.$| 275 | $324843 |
|  Citigroup, Inc.<br>Series AA<br>7.625%, 11/15/2028<sup>(m)</sup> |  | 339 | 356060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W<br>4.00%, 12/10/2025<sup>(m)</sup> |  | 413 | 410964 |
|  Deutsche Bank AG/New York NY<br>3.73%, 01/14/2032 |  | 1435 | 1345886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.08%, 02/10/2034 |  | 799 | 878046 |
|  HSBC Holdings PLC<br>8.11%, 11/03/2033 |  | 225 | 263960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E<br>4.75%, 07/04/2029<sup>(a)(m)</sup> | EUR | 1595 | 1881742 |
|  Intesa Sanpaolo SpA<br>4.20%, 06/01/2032<sup>(a)</sup> | U.S.$| 845 | 798980 |
|  KeyCorp<br>6.40%, 03/06/2035 |  | 19 | 20615 |
|  Lloyds Banking Group PLC<br>6.07%, 06/13/2036 |  | 207 | 217671 |
|  M&T Bank Corp.<br>5.05%, 01/27/2034 |  | 165 | 165402 |
|  Nationwide Building Society<br>5.54%, 07/14/2036<sup>(a)</sup> |  | 430 | 441885 |
|  Nordea Bank Abp<br>6.625%, 03/26/2026<sup>(a)(m)</sup> |  | 3065 | 3084360 |
|  Societe Generale SA<br>5.51%, 05/22/2031<sup>(a)</sup> |  | 4167 | 4287218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.37%, 01/10/2053<sup>(a)</sup> |  | 403 | 443012 |
|  Synchrony Financial<br>5.935%, 08/02/2030<sup>(d)</sup> |  | 808 | 837059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/02/2033 |  | 1896 | 2023436 |
|  UBS Group AG<br>3.875%, 06/02/2026<sup>(a)(m)</sup> |  | 352 | 347246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 08/10/2034<sup>(a)(m)</sup> |  | 544 | 560140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 11/13/2028<sup>(a)(m)</sup> |  | 448 | 492800 |
|  UniCredit SpA<br>5.86%, 06/19/2032<sup>(a)</sup> |  | 845 | 858272 |
|  Western Alliance Bancorp<br>3.00%, 06/15/2031 |  | 388 | 377251 |
|  |  |  | 35351562 |
|  **Brokerage – 0.1%** |  |  |  |
|  BGC Group, Inc.<br>6.60%, 06/10/2029 |  | 83 | 86432 |
|  Charles Schwab Corp. (The)<br>Series I<br>4.00%, 06/01/2026<sup>(m)</sup> |  | 1251 | 1236082 |
|  |  |  | 1322514 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 43 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Finance – 0.5%** |  |  |  |
|  Air Lease Corp.<br>Series B<br>4.65%, 06/15/2026<sup>(m)</sup> | U.S.$| 1229 | $1215099 |
|  Blackstone Private Credit Fund<br>2.625%, 12/15/2026 |  | 117 | 114296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/2030 |  | 88 | 88311 |
|  CFAMC II Co., Ltd.<br>Series E<br>4.625%, 06/03/2026<sup>(a)</sup> |  | 200 | 199850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/22/2026<sup>(a)</sup> |  | 230 | 230402 |
|  CFAMC III Co., Ltd.<br>4.75%, 04/27/2027<sup>(a)</sup> |  | 400 | 400488 |
|  HAT Holdings I LLC/HAT Holdings II LLC<br>3.375%, 06/15/2026<sup>(a)</sup> |  | 77 | 76148 |
|  HPS Corporate Lending Fund<br>6.25%, 09/30/2029 |  | 84 | 86736 |
|  ILFC E-Capital Trust II<br>6.52% (CME Term SOFR 3 Month + 2.06%), 12/21/2065<sup>(a)(j)</sup> |  | 2000 | 1705419 |
|  Jefferies Finance LLC/JFIN Co-Issuer Corp.<br>6.625%, 10/15/2031<sup>(a)</sup> |  | 395 | 397806 |
|  Main Street Capital Corp.<br>6.50%, 06/04/2027 |  | 58 | 59294 |
|  Oaktree Specialty Lending Corp.<br>6.34%, 02/27/2030 |  | 90 | 90432 |
|  |  |  | 4664281 |
|  **Insurance – 0.7%** |  |  |  |
|  Aegon Ltd.<br>5.50%, 04/11/2048 |  | 329 | 331832 |
|  Centene Corp.<br>2.50%, 03/01/2031 |  | 685 | 590395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 08/01/2031 |  | 581 | 499420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/2030 |  | 1129 | 1008868 |
|  Global Atlantic Fin Co.<br>4.70%, 10/15/2051<sup>(a)</sup> |  | 425 | 419533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 10/15/2054<sup>(a)</sup> |  | 40 | 42474 |
|  Liberty Mutual Group, Inc.<br>4.125%, 12/15/2051<sup>(a)</sup> |  | 462 | 453820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80%, 03/15/2037<sup>(a)</sup> |  | 2187 | 2503852 |
|  MetLife, Inc.<br>9.25%, 04/08/2038<sup>(a)</sup> |  | 105 | 125652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 08/01/2039 |  | 589 | 790609 |
|  |  |  | 6766455 |
|  **REITs – 0.6%** |  |  |  |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<br>4.25%, 02/01/2027<sup>(a)</sup> |  | 80 | 79319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/2029<sup>(a)</sup> |  | 284 | 278939 |

---

---

| | |
|:---|:---|
| 44 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Millrose Properties, Inc.<br>6.25%, 09/15/2032<sup>(a)</sup> | U.S.$| 700 | $701873 |
|  Newmark Group, Inc.<br>7.50%, 01/12/2029 |  | 2324 | 2496852 |
|  Omega Healthcare Investors, Inc.<br>5.20%, 07/01/2030 |  | 577 | 585661 |
|  Trust Fibra Uno<br>4.87%, 01/15/2030<sup>(a)</sup> |  | 1498 | 1469942 |
|  |  |  | 5612586 |
|  |  |  | 53717398 |
|  **Utility – 1.0%** |  |  |  |
|  **Electric – 0.9%** |  |  |  |
|  Adani Electricity Mumbai Ltd.<br>3.87%, 07/22/2031<sup>(a)</sup> |  | 430 | 395542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/12/2030<sup>(a)</sup> |  | 361 | 339340 |
|  AES Andes SA<br>6.30%, 03/15/2029<sup>(a)</sup> |  | 1037 | 1077443 |
|  American Electric Power Co., Inc.<br>6.95%, 12/15/2054 |  | 594 | 643720 |
|  Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy<br>7.875%, 02/15/2039<sup>(a)</sup> |  | 445 | 479303 |
|  Edison International<br>8.125%, 06/15/2053 |  | 396 | 404335 |
|  Electricite de France SA<br>9.125%, 03/15/2033<sup>(a)(m)</sup> |  | 427 | 495053 |
|  Empresas Publicas de Medellin ESP<br>4.25%, 07/18/2029<sup>(a)</sup> |  | 1640 | 1558000 |
|  Engie Energia Chile SA<br>6.375%, 04/17/2034<sup>(a)</sup> |  | 920 | 979257 |
|  FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple<br>7.25%, 01/31/2041<sup>(a)</sup> |  | 219 | 232518 |
|  FirstEnergy Corp.<br>Series C<br>4.85%, 07/15/2047<sup>(c)</sup> |  | 7 | 6195 |
|  Israel Electric Corp., Ltd.<br>Series G<br>4.25%, 08/14/2028<sup>(a)</sup> |  | 871 | 856646 |
|  LLPL Capital Pte. Ltd.<br>6.875%, 02/04/2039<sup>(a)</sup> |  | 246 | 255422 |
|  Minejesa Capital BV<br>4.625%, 08/10/2030<sup>(a)</sup> |  | 819 | 815073 |
|  Niagara Energy SAC<br>5.75%, 10/03/2034<sup>(a)</sup> |  | 492 | 504241 |
|  |  |  | 9042088 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 45 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Other Utility – 0.1%** |  |  |  |
|  Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy<br>7.875%, 02/15/2039<sup>(a)</sup> | U.S.$| 468 | $503965 |
|  |  |  | 9546053 |
|  Total Corporates - Investment Grade<br>(cost $127,160,934) |  |  | 132858861 |
|  **EMERGING MARKETS - CORPORATE BONDS – 6.1%** |  |  |  |
|  **Industrial – 5.1%** |  |  |  |
|  **Basic – 1.7%** |  |  |  |
|  Braskem Idesa SAPI<br>6.99%, 02/20/2032<sup>(a)</sup> |  | 439 | 259010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 11/15/2029<sup>(a)</sup> |  | 1393 | 849730 |
|  Braskem Netherlands Finance BV<br>4.50%, 01/10/2028<sup>(a)</sup> |  | 2802 | 1187908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/31/2030<sup>(a)</sup> |  | 966 | 365341 |
|  Cia de Minas Buenaventura SAA<br>6.80%, 02/04/2032<sup>(a)</sup> |  | 492 | 508433 |
|  CSN Inova Ventures<br>6.75%, 01/28/2028<sup>(a)</sup> |  | 1694 | 1647415 |
|  Eregli Demir ve Celik Fabrikalari TAS<br>8.375%, 07/23/2029<sup>(a)</sup> |  | 486 | 508022 |
|  First Quantum Minerals Ltd.<br>8.00%, 03/01/2033<sup>(a)</sup> |  | 1055 | 1113643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 03/01/2029<sup>(a)</sup> |  | 438 | 464408 |
|  Indika Energy Tbk PT<br>8.75%, 05/07/2029<sup>(a)</sup> |  | 476 | 476281 |
|  Inversiones CMPC SA<br>6.70%, 12/09/2057<sup>(a)</sup> |  | 497 | 508669 |
|  JSW Steel Ltd.<br>3.95%, 04/05/2027<sup>(a)</sup> |  | 409 | 401638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 04/05/2032<sup>(a)</sup> |  | 658 | 639249 |
|  Nickel Industries Ltd.<br>9.00%, 09/30/2030<sup>(a)</sup> |  | 269 | 272537 |
|  Sasol Financing USA LLC<br>8.75%, 05/03/2029<sup>(a)</sup> |  | 2718 | 2820731 |
|  Stillwater Mining Co.<br>4.00%, 11/16/2026<sup>(a)</sup> |  | 1698 | 1677624 |
|  UPL Corp., Ltd.<br>4.50%, 03/08/2028<sup>(a)</sup> |  | 336 | 325164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/16/2030<sup>(a)</sup> |  | 673 | 626597 |
|  Vedanta Resources Finance II PLC<br>9.85%, 04/24/2033<sup>(a)</sup> |  | 344 | 349712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 06/03/2028<sup>(a)</sup> |  | 940 | 971055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.875%, 09/17/2029<sup>(a)</sup> |  | 584 | 611972 |

---

---

| | |
|:---|:---|
| 46 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Volcan Cia Minera SAA<br>8.75%, 01/24/2030<sup>(a)</sup> | U.S.$| 663 | $687730 |
|  |  |  | 17272869 |
|  **Capital Goods – 0.2%** |  |  |  |
|  Ambipar Lux SARL<br>10.875%, 02/05/2033<sup>(f)(i)(k)</sup> |  | 1082 | 178530 |
|  IHS Holding Ltd.<br>6.25%, 11/29/2028<sup>(a)</sup> |  | 383 | 383718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 05/29/2030<sup>(a)</sup> |  | 535 | 553352 |
|  IRB Infrastructure Developers Ltd.<br>7.11%, 03/11/2032<sup>(a)</sup> |  | 475 | 492219 |
|  |  |  | 1607819 |
|  **Communications - Media – 0.1%** |  |  |  |
|  Globo Comunicacao e Participacoes S/A<br>4.875%, 01/22/2030<sup>(a)</sup> |  | 637 | 614902 |
|  Telecomunicaciones Digitales SA<br>4.50%, 01/30/2030<sup>(a)</sup> |  | 246 | 234844 |
|  |  |  | 849746 |
|  **Communications - Telecommunications – 0.2%** |  |  |  |
|  Digicel Group Holdings Ltd.<br>Zero Coupon, 12/31/2030<sup>(e)(f)(h)</sup> |  | 96 | 964 |
|  Millicom International Cellular SA<br>7.375%, 04/02/2032<sup>(a)</sup> |  | 552 | 576956 |
|  Sable International Finance Ltd.<br>7.125%, 10/15/2032<sup>(a)</sup> |  | 688 | 697693 |
|  Telecommunications co Telekom Srbija AD Belgrade<br>7.00%, 10/28/2029<sup>(a)</sup> |  | 275 | 278823 |
|  Turk Telekomunikasyon AS<br>7.375%, 05/20/2029<sup>(a)</sup> |  | 481 | 496690 |
|  |  |  | 2051126 |
|  **Consumer Cyclical - Other – 0.9%** |  |  |  |
|  Allwyn Entertainment Financing UK PLC<br>4.125%, 02/15/2031<sup>(a)</sup> | EUR | 305 | 347893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 04/30/2029<sup>(a)</sup> | U.S.$| 200 | 207500 |
|  Melco Resorts Finance Ltd.<br>5.375%, 12/04/2029<sup>(a)</sup> |  | 1731 | 1691100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/17/2027<sup>(a)</sup> |  | 965 | 964759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/21/2028<sup>(a)</sup> |  | 1255 | 1254372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/24/2033<sup>(a)</sup> |  | 578 | 580864 |
|  MGM China Holdings Ltd.<br>4.75%, 02/01/2027<sup>(a)</sup> |  | 1122 | 1118073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 05/15/2026<sup>(a)</sup> |  | 414 | 413743 |
|  Studio City Co., Ltd.<br>7.00%, 02/15/2027<sup>(a)</sup> |  | 289 | 290896 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 47 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wynn Macau Ltd.<br>5.50%, 10/01/2027<sup>(a)</sup> | U.S.$| 947 | $946527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/26/2028<sup>(a)</sup> |  | 717 | 715573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/2034<sup>(a)</sup> |  | 625 | 633174 |
|  |  |  | 9164474 |
|  **Consumer Cyclical - Retailers – 0.0%** |  |  |  |
|  Falabella SA<br>3.375%, 01/15/2032<sup>(a)</sup> |  | 583 | 522158 |
|  K201640219 South Africa Ltd.<br>Zero Coupon, 06/25/2023<sup>(e)(g)(h)(i)</sup> | ZAR | 45 | – 0 |
|  K2016470219 South Africa Ltd.<br>3.00%, 12/31/2022<sup>(e)(f)(g)(h)(i)</sup> | U.S.$| 1100 | – 0 |
|  K2016470260 South Africa Ltd.<br>25.00%, 12/31/2022<sup>(e)(f)(g)(h)(i)</sup> |  | 771 | – 0 |
|  |  |  | 522158 |
|  **Consumer Non-Cyclical – 0.7%** |  |  |  |
|  Anadolu Efes Biracilik Ve Malt Sanayii AS<br>3.375%, 06/29/2028<sup>(a)</sup> |  | 550 | 509161 |
|  Biocon Biologics Global PLC<br>6.67%, 10/09/2029<sup>(a)</sup> |  | 800 | 772490 |
|  Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL<br>5.25%, 04/27/2029<sup>(a)</sup> |  | 508 | 502412 |
|  MARB BondCo PLC<br>3.95%, 01/29/2031<sup>(a)</sup> |  | 1261 | 1154925 |
|  Natura &Co Luxembourg Holdings SARL<br>4.125%, 05/03/2028<sup>(a)</sup> |  | 1066 | 1021169 |
|  Teva Pharmaceutical Finance Netherlands II BV<br>4.375%, 05/09/2030 | EUR | 1000 | 1199539 |
|  Teva Pharmaceutical Finance Netherlands III BV<br>4.75%, 05/09/2027 | U.S.$| 313 | 311826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 05/09/2029<sup>(d)</sup> |  | 517 | 517538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 09/15/2031 |  | 506 | 578566 |
|  |  |  | 6567626 |
|  **Energy – 1.1%** |  |  |  |
|  Acu Petroleo Luxembourg SARL<br>7.50%, 01/13/2032<sup>(a)</sup> |  | 950 | 967431 |
|  Azure Power Energy Ltd.<br>3.575%, 08/19/2026<sup>(a)</sup> |  | 490 | 479821 |
|  Cosan Luxembourg SA<br>5.50%, 09/20/2029<sup>(a)</sup> |  | 461 | 455238 |
|  Ecopetrol SA<br>5.875%, 05/28/2045 |  | 423 | 323510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/29/2030 |  | 782 | 801315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 01/19/2036 |  | 278 | 287035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 01/19/2029 |  | 1475 | 1601408 |

---

---

| | |
|:---|:---|
| 48 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Gran Tierra Energy, Inc.<br>9.50%, 10/15/2029<sup>(a)</sup> | U.S.$| 806 | $679055 |
|  Greenko Wind Projects Mauritius Ltd.<br>7.25%, 09/27/2028<sup>(a)</sup> |  | 697 | 709895 |
|  Leviathan Bond Ltd.<br>6.50%, 06/30/2027<sup>(a)</sup> |  | 1327 | 1330315 |
|  Medco Cypress Tree Pte. Ltd.<br>8.625%, 05/19/2030<sup>(a)</sup> |  | 411 | 433605 |
|  Medco Maple Tree Pte. Ltd.<br>8.96%, 04/27/2029<sup>(a)</sup> |  | 565 | 590425 |
|  MV24 Capital BV<br>6.75%, 06/01/2034<sup>(a)</sup> |  | 406 | 404283 |
|  Oleoducto Central SA<br>4.00%, 07/14/2027<sup>(a)</sup> |  | 424 | 416220 |
|  Petrobras Global Finance BV<br>5.125%, 09/10/2030 |  | 552 | 545481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/10/2036 |  | 491 | 484925 |
|  SierraCol Energy Andina LLC<br>6.00%, 06/15/2028<sup>(a)</sup> |  | 319 | 309530 |
|  |  |  | 10819492 |
|  **Services – 0.0%** |  |  |  |
|  Bidvest Group UK PLC (The)<br>6.20%, 09/17/2032<sup>(a)</sup> |  | 200 | 201330 |
|  **Transportation - Services – 0.2%** |  |  |  |
|  InPost SA<br>4.00%, 04/01/2031<sup>(a)</sup> | EUR | 796 | 935822 |
|  Kingston Airport Revenue Finance Ltd.<br>6.75%, 12/15/2036<sup>(a)</sup> | U.S.$| 495 | 510345 |
|  TAV Havalimanlari Holding AS<br>8.50%, 12/07/2028<sup>(a)</sup> |  | 470 | 491737 |
|  |  |  | 1937904 |
|  |  |  | 50994544 |
|  **Utility – 0.7%** |  |  |  |
|  **Electric – 0.5%** |  |  |  |
|  AES Andes SA<br>8.15%, 06/10/2055<sup>(a)</sup> |  | 896 | 947572 |
|  Continuum Green Energy India Pvt./Co-Issuers<br>7.50%, 06/26/2033<sup>(a)</sup> |  | 266 | 281921 |
|  India Clean Energy Holdings<br>4.50%, 04/18/2027<sup>(a)</sup> |  | 511 | 499502 |
|  Investment Energy Resources Ltd.<br>6.25%, 04/26/2029<sup>(a)</sup> |  | 618 | 613211 |
|  Limak Yenilenebilir Enerji AS<br>9.625%, 08/12/2030<sup>(a)</sup> |  | 472 | 470257 |
|  Orazul Energy Peru SA<br>6.25%, 09/17/2032<sup>(a)</sup> |  | 249 | 251821 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 49 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Saavi Energia SARL<br>8.875%, 02/10/2035<sup>(a)</sup> | U.S.$| 490 | $527558 |
|  Sorik Marapi Geothermal Power PT<br>7.75%, 08/05/2031<sup>(a)</sup> |  | 403 | 413006 |
|  Terraform Global Operating LP<br>6.125%, 03/01/2026<sup>(a)</sup> |  | 44 | 43721 |
|  Zorlu Enerji Elektrik Uretim AS<br>11.00%, 04/23/2030<sup>(a)</sup> |  | 1098 | 1004670 |
|  |  |  | 5053239 |
|  **Other Utility – 0.2%** |  |  |  |
|  Aegea Finance SARL<br>6.75%, 05/20/2029<sup>(a)</sup> |  | 709 | 723413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 01/20/2036<sup>(a)</sup> |  | 600 | 598015 |
|  Energuate Trust 2 0<br>6.35%, 09/15/2035<sup>(a)</sup> |  | 229 | 230506 |
|  |  |  | 1551934 |
|  |  |  | 6605173 |
|  **Financial Institutions – 0.3%** |  |  |  |
|  **Banking – 0.2%** |  |  |  |
|  Akbank TAS<br>7.50%, 01/20/2030<sup>(a)</sup> |  | 263 | 275493 |
|  Turkiye Vakiflar Bankasi TAO<br>9.00%, 10/12/2028<sup>(a)</sup> |  | 465 | 500772 |
|  Yapi ve Kredi Bankasi AS<br>7.25%, 03/03/2030<sup>(a)</sup> |  | 990 | 1015988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 10/16/2028<sup>(a)</sup> |  | 400 | 435500 |
|  |  |  | 2227753 |
|  **Finance – 0.1%** |  |  |  |
|  Muthoot Finance Ltd.<br>6.375%, 03/02/2030<sup>(a)</sup> |  | 488 | 494246 |
|  **Financial Services – 0.0%** |  |  |  |
|  BBFI Liquidating Trust<br>Zero Coupon, 12/30/2099<sup>(e)(f)(h)</sup> |  | 780 | – 0 |
|  |  |  | 2721999 |
|  Total Emerging Markets - Corporate Bonds<br>(cost $64,110,546) |  |  | 60321716 |
|  **BANK LOANS – 5.2%** |  |  |  |
|  **Industrial – 4.5%** |  |  |  |
|  **Basic – 0.0%** |  |  |  |
|  Ineos Quattro Holdings UK Ltd.<br>8.01% (CME Term SOFR 1 Month + 3.75%), 03/14/2030<sup>(n)</sup> |  | 21 | 18341 |

---

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| | |
|:---|:---|
| 50 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Capital Goods – 0.2%** |  |  |  |
|  ACProducts Holdings, Inc.<br>8.51% (CME Term SOFR 3 Month + 4.25%), 05/17/2028<sup>(n)</sup> | U.S.$| 1893 | $1575904 |
|  Chariot Buyer<br>7.16% (CME Term SOFR 1 Month + 3.00%), 09/08/2032<sup>(n)</sup> |  | 154 | 154079 |
|  TransDigm, Inc.<br>6.50% (CME Term SOFR 3 Month + 2.50%), 02/28/2031<sup>(n)</sup> |  | 288 | 287363 |
|  |  |  | 2017346 |
|  **Communications - Media – 0.6%** |  |  |  |
|  DIRECTV Financing LLC<br>9.82% (CME Term SOFR 3 Month + 5.25%), 08/02/2029<sup>(n)</sup> |  | 1486 | 1486928 |
|  DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc.<br>9.81% (CME Term SOFR 3 Month + 5.50%), 02/17/2031<sup>(n)</sup> |  | 319 | 310935 |
|  Gray Television, Inc.<br>7.395% (CME Term SOFR 1 Month + 3.00%), 12/01/2028<sup>(n)</sup> |  | 1215 | 1213752 |
|  iHeartCommunications, Inc.<br>10.63% (CME Term SOFR 1 Month + 5.78%), 05/01/2029<sup>(n)</sup> |  | 1179 | 1027215 |
|  Inizio Group Ltd.<br>8.35% (CME Term SOFR 3 Month + 4.25%), 08/19/2028<sup>(e)(n)</sup> |  | 1276 | 1266430 |
|  Radiate Holdco LLC<br>1.50% (PIK Interest 12 + 1.50%), 09/25/2029<sup>(n)</sup> |  | 650 | 523235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.78% (CME Term SOFR 1 Month + 3.50%), 09/25/2029<sup>(n)</sup> |  | 650 | 523235 |
|  |  |  | 6351730 |
|  **Communications - Telecommunications – 0.3%** |  |  |  |
|  Crown Subsea Communications Holding, Inc.<br>7.66% (CME Term SOFR 1 Month + 3.50%), 01/30/2031<sup>(n)</sup> |  | 1416 | 1423132 |
|  Zacapa S.a r.l.<br>7.75% (CME Term SOFR 3 Month + 3.75%), 03/22/2029<sup>(n)</sup> |  | 2067 | 2069122 |
|  |  |  | 3492254 |
|  **Consumer Cyclical - Automotive – 0.1%** |  |  |  |
|  MPH Acquisition Holdings LLC<br>9.28% (CME Term SOFR 1 Month + 5.00%), 01/31/2028<sup>(n)</sup> |  | 1022 | 949384 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 51 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Other – 0.2%** |  |  |  |
|  CP Atlas Buyer, Inc.<br>9.41% (CME Term SOFR 1 Month + 5.25%), 07/08/2030<sup>(n)</sup> | U.S.$| 420 | $410550 |
|  PHRG Intermediate LLC<br>02/20/2032<sup>(o)</sup> |  | 820 | 816925 |
|  Weber-Stephen Products LLC<br>7.53% (CME Term SOFR 1 Month + 3.25%), 10/30/2027<sup>(n)</sup> |  | 505 | 499438 |
|  |  |  | 1726913 |
|  **Consumer Cyclical - Restaurants – 0.0%** |  |  |  |
|  IRB Holding Corp.<br>6.66% (CME Term SOFR 1 Month + 2.50%), 12/15/2027<sup>(n)</sup> |  | 156 | 156422 |
|  **Consumer Cyclical - Retailers – 0.3%** |  |  |  |
|  Foundation Building Materials, Inc.<br>9.55% (CME Term SOFR 3 Month + 5.25%), 01/29/2031<sup>(n)</sup> |  | 2135 | 2143039 |
|  Great Outdoors Group LLC<br>7.41% (CME Term SOFR 1 Month + 3.25%), 01/23/2032<sup>(n)</sup> |  | 464 | 463089 |
|  |  |  | 2606128 |
|  **Consumer Non-Cyclical – 0.9%** |  |  |  |
|  Agiliti Health, Inc.<br>7.22% (CME Term SOFR 6 Month + 3.00%), 05/01/2030<sup>(e)(n)</sup> |  | 835 | 798677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.29% (CME Term SOFR 3 Month + 3.00%), 05/01/2030<sup>(e)(n)</sup> |  | 441 | 421479 |
|  Gainwell Acquisition Corp.<br>8.10% (CME Term SOFR 3 Month + 4.00%), 10/01/2027<sup>(n)</sup> |  | 463 | 454998 |
|  Hertz Corp. (The)<br>06/30/2028<sup>(o)</sup> |  | 735 | 658531 |
|  ModivCare, Inc.<br>11.135% (CME Term SOFR 1 Month + 7.00%), 02/22/2026<sup>(e)(n)</sup> |  | 94 | 91468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.05% (CME Term SOFR 3 Month + 8.75%), 07/01/2031<sup>(i)(k)(n)</sup> |  | 1312 | 590251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.78% (CME Term SOFR 3 Month + 9.50%), 01/12/2026<sup>(i)(k)(n)</sup> |  | 188 | 80039 |
|  MPH Acquisition Holdings LLC<br>8.06% (CME Term SOFR 3 Month + 3.75%), 12/31/2030<sup>(n)</sup> |  | 343 | 341117 |
|  Neptune Bidco US, Inc.<br>9.43% (CME Term SOFR 3 Month + 5.00%), 04/11/2029<sup>(n)</sup> |  | 2059 | 1957802 |

---

---

| | |
|:---|:---|
| 52 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Opal Bidco SAS<br>7.54% (CME Term SOFR 3 Month + 3.25%), 04/28/2032<sup>(n)</sup> | U.S.$| 847 | $848694 |
|  US Radiology Specialists, Inc.<br>8.75% (CME Term SOFR 3 Month + 4.75%), 12/15/2027<sup>(n)</sup> |  | 1897 | 1901945 |
|  Weber-Stephen Products LLC<br>09/17/2032<sup>(e)(o)</sup> |  | 750 | 741562 |
|  |  |  | 8886563 |
|  **Other Industrial – 0.2%** |  |  |  |
|  American Tire Distributors, Inc.<br>14.50% (PRIME 3 Month + 7.25%), 10/20/2028<sup>(e)(n)</sup> |  | 824 | 164884 |
|  LTR Intermediate Holdings, Inc.<br>8.93% (CME Term SOFR 1 Month + 4.50%), 05/05/2028<sup>(n)</sup> |  | 1534 | 1526617 |
|  |  |  | 1691501 |
|  **Technology – 1.3%** |  |  |  |
|  Boxer Parent Co., Inc.<br>7.20% (CME Term SOFR 3 Month + 3.00%), 07/30/2031<sup>(n)</sup> |  | 1456 | 1453142 |
|  Clover Holdings Ltd.<br>7.75% (FIXED 4 + 7.75%),<br>12/09/2031<sup>(e)</sup> |  | 2127 | 2138643 |
|  Clover Holdings SPV III LLC<br>15.00% (FIXED 4 + 15.00%),<br>12/09/2027<sup>(e)(n)</sup> |  | 152 | 155630 |
|  Commscope, Inc.<br>12/17/2029<sup>(o)</sup> |  | 2178 | 2202121 |
|  Icon Parent Inc.<br>6.75% (CME Term SOFR 3 Month + 2.75%), 11/13/2031<sup>(n)</sup> |  | 1270 | 1267634 |
|  Loyalty Ventures, Inc.<br>14.00% (PRIME 3 Month + 5.50%), 11/03/2027<sup>(e)(h)(i)(k)(n)</sup> |  | 1518 | 11388 |
|  Peraton Corp.<br>8.01% (CME Term SOFR 1 Month + 3.75%), 02/01/2028<sup>(n)</sup> |  | 1779 | 1496843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.05% (CME Term SOFR 3 Month + 7.75%), 02/01/2029<sup>(n)</sup> |  | 1649 | 974784 |
|  Polaris Newco LLC<br>8.57% (CME Term SOFR 3 Month + 4.00%), 06/02/2028<sup>(n)</sup> |  | 2121 | 2042132 |
|  Project Alpha Intermediate Holdings, Inc.<br>10.12% (CME Term SOFR 3 Month + 5.00%), 05/09/2033<sup>(e)(n)</sup> |  | 1240 | 1230700 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 53 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Veritas US, Inc.<br>4.50% (PIK Interest 4 + 4.50%),<br>12/09/2029<sup>(n)</sup> | U.S.$| 175 | $176545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.00% (CME Term SOFR 3 Month + 8.00%), 12/09/2029<sup>(n)</sup> |  | 175 | 176545 |
|  |  |  | 13326107 |
|  **Transportation - Airlines – 0.2%** |  |  |  |
|  AS Mileage Plan IP Ltd.<br>6.08% (CME Term SOFR 3 Month + 1.75%), 10/15/2031<sup>(n)</sup> |  | 705 | 705556 |
|  JetBlue Airways Corp.<br>8.75% (CME Term SOFR 3 Month + 4.75%), 08/27/2029<sup>(n)</sup> |  | 1331 | 1274011 |
|  |  |  | 1979567 |
|  **Transportation - Services – 0.2%** |  |  |  |
|  Third Coast Infrastructure LLC<br>7.91% (CME Term SOFR 1 Month + 3.75%), 09/25/2030<sup>(e)(n)</sup> |  | 1668 | 1672428 |
|  |  |  | 44874684 |
|  **Financial Institutions – 0.7%** |  |  |  |
|  **Banking – 0.0%** |  |  |  |
|  Orbit Private Holdings I Ltd.<br>7.92% (CME Term SOFR 6 Month + 3.75%), 12/11/2028<sup>(n)</sup> |  | 231 | 230835 |
|  **Brokerage – 0.2%** |  |  |  |
|  Jane Street Group LLC<br>6.20% (CME Term SOFR 3 Month + 2.00%), 12/15/2031<sup>(n)</sup> |  | 1514 | 1501491 |
|  **Finance – 0.1%** |  |  |  |
|  Nexus Buyer LLC<br>9.91% (CME Term SOFR 1 Month + 5.75%), 02/16/2032<sup>(n)</sup> |  | 1450 | 1446738 |
|  **Financial Services – 0.1%** |  |  |  |
|  Colossus Acquireco LLC<br>6.05% (CME Term SOFR 3 Month + 1.75%), 07/30/2032<sup>(n)</sup> |  | 700 | 695513 |
|  **Insurance – 0.3%** |  |  |  |
|  Asurion LLC<br>8.51% (CME Term SOFR 1 Month + 4.25%), 08/19/2028<sup>(n)</sup> |  | 1619 | 1623113 |

---

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| | |
|:---|:---|
| 54 AllianceBernstein Global High Income Fund | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.)<br>6.66% (CME Term SOFR 1 Month + 2.50%), 07/31/2031<sup>(n)</sup> | U.S.$| 1252 | $1250420 |
|  |  |  | 2873533 |
|  |  |  | 6748110 |
|  Total Bank Loans<br>(cost $55,169,138) |  |  | 51622794 |
|  **EMERGING MARKETS - SOVEREIGNS – 3.1%** |  |  |  |
|  **Angola – 0.4%** |  |  |  |
|  Angolan Government International Bond<br>8.00%, 11/26/2029<sup>(a)</sup> |  | 1231 | 1196163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 05/09/2028<sup>(a)</sup> |  | 200 | 200390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/12/2025<sup>(a)</sup> |  | 2578 | 2578000 |
|  |  |  | 3974553 |
|  **Argentina – 0.2%** |  |  |  |
|  Argentine Republic Government International Bond<br>0.75%, 07/09/2030<sup>(c)</sup> |  | 754 | 509620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 07/09/2035<sup>(c)</sup> |  | 2775 | 1454191 |
|  |  |  | 1963811 |
|  **Dominican Republic – 0.4%** |  |  |  |
|  Dominican Republic International Bond<br>8.625%, 04/20/2027<sup>(a)</sup> |  | 3813 | 3965173 |
|  **Ecuador – 0.2%** |  |  |  |
|  Ecuador Government International Bond<br>6.90%, 07/31/2030<sup>(a)(c)</sup> |  | 313 | 277805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 07/31/2035<sup>(a)(c)</sup> |  | 2378 | 1772191 |
|  |  |  | 2049996 |
|  **Egypt – 0.3%** |  |  |  |
|  Egypt Government International Bond<br>7.625%, 05/29/2032<sup>(a)</sup> |  | 310 | 305195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 02/04/2030<sup>(a)</sup> |  | 2140 | 2270412 |
|  |  |  | 2575607 |
|  **El Salvador – 0.2%** |  |  |  |
|  Comision Ejecutiva Hidroelectrica del Rio Lempa<br>8.65%, 01/24/2033<sup>(a)</sup> |  | 687 | 718018 |
|  El Salvador Government International Bond<br>8.625%, 02/28/2029<sup>(a)</sup> |  | 1181 | 1259537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/17/2030<sup>(a)</sup> |  | 175 | 190575 |
|  |  |  | 2168130 |
|  **Guatemala – 0.1%** |  |  |  |
|  Guatemala Government Bond<br>6.05%, 08/06/2031<sup>(a)</sup> |  | 420 | 436800 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 55 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Nigeria – 0.5%** |  |  |  |
|  Nigeria Government International Bond<br>6.125%, 09/28/2028<sup>(a)</sup> | U.S.$| 3772 | $3704168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/28/2027<sup>(a)</sup> |  | 822 | 825083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.14%, 02/23/2030<sup>(a)</sup> |  | 721 | 713148 |
|  |  |  | 5242399 |
|  **Senegal – 0.4%** |  |  |  |
|  Senegal Government International Bond<br>Series 7Y<br>7.75%, 06/10/2031<sup>(a)</sup> |  | 4446 | 3585966 |
|  **Turkey – 0.2%** |  |  |  |
|  Hazine Mustesarligi Varlik Kiralama AS<br>6.75%, 09/01/2030<sup>(a)</sup> |  | 1269 | 1312372 |
|  Turkiye Government International Bond<br>Series 10Y<br>5.25%, 03/13/2030 |  | 377 | 367764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 09/16/2035 |  | 580 | 583841 |
|  |  |  | 2263977 |
|  **Ukraine – 0.1%** |  |  |  |
|  Ukraine Government International Bond<br>Zero Coupon, 02/01/2030<sup>(a)(c)</sup> |  | 109 | 57304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/01/2035<sup>(a)(c)</sup> |  | 34 | 16306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/2029<sup>(a)(c)</sup> |  | 1012 | 687863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/2035<sup>(a)(c)</sup> |  | 85 | 46512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/2036<sup>(a)(c)</sup> |  | 159 | 86015 |
|  |  |  | 894000 |
|  **Uzbekistan – 0.1%** |  |  |  |
|  Republic of Uzbekistan International Bond<br>5.375%, 02/20/2029<sup>(a)</sup> |  | 260 | 260812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 05/25/2032<sup>(a)</sup> |  | 990 | 1064092 |
|  |  |  | 1324904 |
|  Total Emerging Markets - Sovereigns<br>(cost $29,347,748) |  |  | 30445316 |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS – 1.8%** |  |  |  |
|  **Risk Share Floating Rate – 1.1%** |  |  |  |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes<br>Series 2015-DNA3, Class B<br>13.82% (CME Term SOFR + 9.46%), 04/25/2028<sup>(j)</sup> |  | 1010 | 1015057 |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2015-C04, Class 1M2<br>10.17% (CME Term SOFR + 5.81%), 04/25/2028<sup>(j)</sup> |  | 658 | 660238 |

---

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| | |
|:---|:---|
| 56 AllianceBernstein Global High Income Fund | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class 1B<br>16.22% (CME Term SOFR + 11.86%), 08/25/2028<sup>(j)</sup> | U.S.$| 668 | $694043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class 2M2<br>11.42% (CME Term SOFR + 7.06%), 08/25/2028<sup>(j)</sup> |  | 42 | 42980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class 1B<br>16.72% (CME Term SOFR + 12.36%), 09/25/2028<sup>(j)</sup> |  | 444 | 465337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class 1M2<br>10.47% (CME Term SOFR + 6.11%), 09/25/2028<sup>(j)</sup> |  | 67 | 67764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class 1B<br>16.22% (CME Term SOFR + 11.86%), 10/25/2028<sup>(j)</sup> |  | 370 | 389325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class 2B<br>17.22% (CME Term SOFR + 12.86%), 10/25/2028<sup>(j)</sup> |  | 628 | 664750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C04, Class 1B<br>14.72% (CME Term SOFR + 10.36%), 01/25/2029<sup>(j)</sup> |  | 1464 | 1556378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C05, Class 2B<br>15.22% (CME Term SOFR + 10.86%), 01/25/2029<sup>(j)</sup> |  | 1796 | 1915560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class 1B<br>13.72% (CME Term SOFR + 9.36%), 04/25/2029<sup>(j)</sup> |  | 1269 | 1359558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class 2B<br>13.97% (CME Term SOFR + 9.61%), 05/25/2029<sup>(j)</sup> |  | 1544 | 1650957 |
|  JP Morgan Madison Avenue Securities Trust<br>Series 2015-CH1, Class M2<br>9.97% (CME Term SOFR + 5.61%), 10/25/2025<sup>(a)(j)</sup> |  | 317 | 328117 |
|  Wells Fargo Credit Risk Transfer Securities Trust<br>Series 2015-WF1, Class 2M2<br>9.97% (CME Term SOFR + 5.61%), 11/25/2025<sup>(a)(j)</sup> |  | 100 | 104955 |
|  |  |  | 10915019 |
|  **Non-Agency Fixed Rate – 0.3%** |  |  |  |
|  Alternative Loan Trust<br>Series 2006-HY12, Class A5<br>4.15%, 08/25/2036 |  | 367 | 343909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-42, Class 1A6<br>6.00%, 01/25/2047 |  | 429 | 233385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-24CB, Class A15<br>5.75%, 08/25/2036<sup>(j)</sup> |  | 455 | 221266 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 57 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J1, Class 1A10<br>5.50%, 02/25/2036 | U.S.$| 473 | $317313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J5, Class 1A1<br>6.50%, 09/25/2036 |  | 453 | 231848 |
|  Bear Stearns ARM Trust<br>Series 2007-3, Class 1A1<br>4.21%, 05/25/2047 |  | 59 | 52876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4, Class 22A1<br>4.25%, 06/25/2047 |  | 265 | 233364 |
|  ChaseFlex Trust<br>Series 2007-1, Class 1A3<br>6.50%, 02/25/2037 |  | 392 | 129142 |
|  CHL Mortgage Pass-Through Trust<br>Series 2007-HY4, Class 1A1<br>4.59%, 09/25/2047 |  | 72 | 64724 |
|  Citigroup Mortgage Loan Trust<br>Series 2007-AR4, Class 1A1A<br>4.63%, 03/25/2037 |  | 40 | 33171 |
|  CitiMortgage Alternative Loan Trust<br>Series 2007-A3, Class 1A4<br>5.75%, 03/25/2037 |  | 334 | 293202 |
|  Residential Accredit Loans, Inc. Trust<br>Series 2005-QS14, Class 3A1<br>6.00%, 09/25/2035 |  | 140 | 123326 |
|  Residential Asset Securitization Trust<br>Series 2006-A8, Class 3A4<br>6.00%, 08/25/2036 |  | 126 | 52779 |
|  Washington Mutual Mortgage Pass-Through Certificates WMALT Trust<br>Series 2006-9, Class A4<br>4.19%, 10/25/2036 |  | 1178 | 315382 |
|  Wells Fargo Mortgage Backed Securities Trust<br>Series 2007-AR7, Class A1<br>6.48%, 12/28/2037 |  | 205 | 185925 |
|  |  |  | 2831612 |
|  **Non-Agency Floating Rate – 0.2%** |  |  |  |
|  Alternative Loan Trust<br>Series 2007-7T2, Class A3<br>4.87% (CME Term SOFR 1 Month + 0.71%), 04/25/2037<sup>(j)</sup> |  | 1926 | 633935 |
|  CHL Mortgage Pass-Through Trust<br>Series 2007-13, Class A7<br>4.87% (CME Term SOFR 1 Month + 0.71%), 08/25/2037<sup>(j)</sup> |  | 280 | 97035 |
|  First Horizon Alternative Mortgage Securities Trust<br>Series 2007-FA2, Class 1A6<br>1.28% (5.44% - CME Term SOFR 1 Month), 04/25/2037<sup>(j)(p)</sup> |  | 70 | 5924 |

---

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| | |
|:---|:---|
| 58 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FA2, Class 1A10<br>4.52% (CME Term SOFR 1 Month + 0.36%), 04/25/2037<sup>(j)</sup> | U.S.$| 208 | $46986 |
|  Lehman XS Trust<br>Series 2007-10H, Class 2AIO<br>2.605% (6.89% - CME Term SOFR 1 Month), 07/25/2037<sup>(j)(p)</sup> |  | 88 | 11628 |
|  Residential Accredit Loans, Inc. Trust<br>Series 2006-QS18, Class 2A2<br>2.28% (6.44% - CME Term SOFR 1 Month), 12/25/2036<sup>(j)(p)</sup> |  | 1389 | 172924 |
|  Wachovia Mortgage Loan Trust<br>Series 2006-ALT1, Class A2<br>1.62% (CME Term SOFR 1 Month + 0.47%), 01/25/2037<sup>(j)</sup> |  | 4568 | 1555628 |
|  |  |  | 2524060 |
|  **Agency Fixed Rate – 0.2%** |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICS<br>Series 4767, Class KI<br>6.00%, 03/15/2048<sup>(q)</sup> |  | 6469 | 1203551 |
|  Federal Home Loan Mortgage Corp. Strips<br>Series 247, Class 54<br>5.50%, 04/15/2036<sup>(q)</sup> |  | 2911 | 507215 |
|  |  |  | 1710766 |
|  Total Collateralized Mortgage Obligations<br>(cost $22,732,262) |  |  | 17981457 |
|  **GOVERNMENTS - TREASURIES – 1.6%** |  |  |  |
|  **United States – 1.6%** |  |  |  |
|  U.S. Treasury Bonds<br>2.75%, 11/15/2042 |  | 2154 | 1666237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2037<sup>(r)</sup> |  | 1824 | 1954744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/2029 |  | 320 | 336300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 11/15/2027 |  | 1000 | 1048516 |
|  U.S. Treasury Notes<br>2.25%, 02/15/2027<sup>(s)</sup> |  | 10811 | 10605465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 08/15/2028 |  | 606 | 593815 |
|  Total Governments - Treasuries<br>(cost $16,649,508) |  |  | 16205077 |
|  **QUASI-SOVEREIGNS – 1.4%** |  |  |  |
|  **Quasi-Sovereign Bonds – 1.4%** |  |  |  |
|  **Azerbaijan – 0.1%** |  |  |  |
|  Southern Gas Corridor CJSC<br>6.875%, 03/24/2026<sup>(a)</sup> |  | 1045 | 1053966 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 59 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Brazil – 0.1%** |  |  |  |
|  Caixa Economica Federal<br>5.625%, 05/13/2030<sup>(a)</sup> | U.S.$| 655 | $662475 |
|  **Chile – 0.1%** |  |  |  |
|  Corp. Nacional del Cobre de Chile<br>5.95%, 01/08/2034<sup>(a)</sup> |  | 979 | 1024768 |
|  **Mexico – 0.7%** |  |  |  |
|  Comision Federal de Electricidad<br>4.69%, 05/15/2029<sup>(a)</sup> |  | 1603 | 1579147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/23/2027<sup>(a)</sup> |  | 258 | 259032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 01/24/2030<sup>(a)</sup> |  | 439 | 445914 |
|  Petroleos Mexicanos<br>5.50%, 06/27/2044 |  | 1116 | 858093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 01/23/2046 |  | 930 | 703061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 01/23/2045 |  | 1292 | 1051288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/23/2029 |  | 355 | 361035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 06/02/2029 |  | 1536 | 1658122 |
|  |  |  | 6915692 |
|  **South Africa – 0.2%** |  |  |  |
|  Transnet/South Africa<br>8.25%, 02/06/2028<sup>(a)</sup> |  | 1870 | 1971204 |
|  **Trinidad and Tobago – 0.0%** |  |  |  |
|  Trinidad Generation UnLtd.<br>7.75%, 06/16/2033<sup>(a)</sup> |  | 373 | 393500 |
|  **Turkey – 0.2%** |  |  |  |
|  TC Ziraat Bankasi AS<br>7.25%, 02/04/2030<sup>(a)</sup> |  | 812 | 830851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/16/2029<sup>(a)</sup> |  | 354 | 371199 |
|  Turkiye Ihracat Kredi Bankasi AS<br>6.875%, 07/03/2028<sup>(a)</sup> |  | 502 | 512040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 01/28/2027<sup>(a)</sup> |  | 208 | 218271 |
|  |  |  | 1932361 |
|  Total Quasi-Sovereigns<br>(cost $13,035,178) |  |  | 13953966 |
|  **GOVERNMENTS - SOVEREIGN BONDS – 0.7%** |  |  |  |
|  **Colombia – 0.2%** |  |  |  |
|  Colombia Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 04/25/2030 |  | 756 | 808164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/14/2035 |  | 464 | 498452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 04/25/2035 |  | 619 | 684305 |
|  |  |  | 1990921 |

---

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| | |
|:---|:---|
| 60 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Mexico – 0.1%** |  |  |  |
|  Mexico Government International Bond<br>5.375%, 03/22/2033 | U.S.$| 555 | $554445 |
|  **Panama – 0.1%** |  |  |  |
|  Panama Government International Bond<br>7.50%, 03/01/2031 |  | 447 | 493264 |
|  Panama Notas del Tesoro<br>3.75%, 04/17/2026 |  | 468 | 464593 |
|  |  |  | 957857 |
|  **Romania – 0.3%** |  |  |  |
|  Romanian Government International Bond<br>5.75%, 09/16/2030<sup>(a)</sup> |  | 1434 | 1460888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/24/2035<sup>(a)</sup> |  | 1492 | 1436609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 01/30/2034<sup>(a)</sup> |  | 336 | 340391 |
|  |  |  | 3237888 |
|  **Trinidad and Tobago – 0.0%** |  |  |  |
|  Trinidad & Tobago Government International Bond<br>4.50%, 08/04/2026<sup>(a)</sup> |  | 240 | 239040 |
|  Total Governments - Sovereign Bonds<br>(cost $6,820,519) |  |  | 6980151 |
|  **LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.4%** |  |  |  |
|  **United States – 0.4%** |  |  |  |
|  State of California<br>Series 2010<br>7.60%, 11/01/2040 |  | 750 | 922379 |
|  State of Illinois<br>Series 2010<br>7.35%, 07/01/2035 |  | 1368 | 1491316 |
|  Wisconsin Public Finance Authority<br>Series 2021<br>5.75%, 07/25/2041<sup>(f)</sup> |  | 1435 | 1323780 |
|  Total Local Governments - US Municipal Bonds<br>(cost $3,560,444) |  |  | 3737475 |
|  **EMERGING MARKETS - TREASURIES – 0.3%** |  |  |  |
|  **Brazil – 0.3%** |  |  |  |
|  Brazil Notas do Tesouro Nacional<br>Series F<br>10.00%, 01/01/2035<br>(cost $2,377,698) |  | 17785 | 2734395 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 61 |

---

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **INFLATION-LINKED SECURITIES – 0.3%** |  |  |  |
|  **Colombia – 0.3%** |  |  |  |
|  Fideicomiso PA Pacifico Tres<br>7.00%, 01/15/2035<sup>(f)</sup><br>(cost $3,199,031) | U.S.$| 11256000 | $2684471 |
|  **COLLATERALIZED LOAN OBLIGATIONS – 0.2%** |  |  |  |
|  **CLO - Floating Rate – 0.2%** |  |  |  |
|  Balboa Bay Loan Funding Ltd.<br>Series 2021-2A, Class E<br>11.19% (CME Term SOFR 3 Month + 6.86%), 01/20/2035<sup>(a)(j)</sup> |  | 1000 | 996195 |
|  Rad CLO 10 Ltd.<br>Series 2021-10A, Class E<br>10.43% (CME Term SOFR 3 Month + 6.11%), 04/23/2034<sup>(a)(j)</sup> |  | 750 | 746836 |
|  Rad CLO 11 Ltd.<br>Series 2021-11A, Class E<br>10.83% (CME Term SOFR 3 Month + 6.51%), 04/15/2034<sup>(a)(j)</sup> |  | 355 | 355124 |
|  Regatta XIX Funding Ltd.<br>Series 2022-1A, Class E<br>11.205% (CME Term SOFR 3 Month + 6.88%), 04/20/2035<sup>(a)(j)</sup> |  | 349 | 350229 |
|  Total Collateralized Loan Obligations<br>(cost $2,439,690) |  |  | 2448384 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.2%** |  |  |  |
|  **Non-Agency Fixed Rate CMBS – 0.2%** |  |  |  |
|  Commercial Mortgage Trust<br>Series 2012-CR3, Class F<br>4.29%, 10/15/2045<sup>(a)</sup> |  | 44 | 2561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-LC6, Class D<br>3.86%, 01/10/2046<sup>(a)</sup> |  | 292 | 282075 |
|  WFRBS Commercial Mortgage Trust<br>Series 2011-C4, Class D<br>5.15%, 06/15/2044<sup>(a)</sup> |  | 641 | 620578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C25, Class D<br>3.80%, 11/15/2047<sup>(a)</sup> |  | 1101 | 1060109 |
|  Total Commercial Mortgage-Backed Securities<br>(cost $1,947,351) |  |  | 1965323 |

---

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| | |
|:---|:---|
| 62 AllianceBernstein Global High Income Fund | **ABFunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **COMMON STOCKS – 0.2%** |  |  |
|  **Financial Institutions – 0.2%** |  |  |
|  **Financial Services – 0.2%** |  |  |
|  Curo Group Holdings LLC<sup>(e)(i)</sup> | 161756 | $1253609 |
|  **Industrials – 0.0%** |  |  |
|  **Electrical Equipment – 0.0%** |  |  |
|  Exide Technologies<sup>(e)(h)(i)</sup> | 643 | 217334 |
|  **Transportation Infrastructure – 0.0%** |  |  |
|  Spirit Aviation Holdings, Inc.<sup>(i)</sup> | 49562 | 18834 |
|  |  | 236168 |
|  **Consumer Discretionary – 0.0%** |  |  |
|  **Broadline Retail – 0.0%** |  |  |
|  K201640219 South Africa Ltd. – Class A<sup>(e)(h)(i)</sup> | 12695187 | 13 |
|  K201640219 South Africa Ltd. – Class B<sup>(e)(h)(i)</sup> | 2009762 | 2 |
|  |  | 15 |
|  **Diversified Consumer Services – 0.0%** |  |  |
|  AG Tracker<sup>(e)(h)(i)</sup> | 57354 | – 0 |
|  CWT Travel Holdings, Inc.<sup>(e)(i)</sup> | 3766 | 15064 |
|  Paysafe Ltd.<sup>(i)</sup> | 10709 | 138360 |
|  |  | 153424 |
|  **Leisure Products – 0.0%** |  |  |
|  New Cotai LLC/New Cotai Capital Corp.<sup>(e)(h)(i)</sup> | 3 | – 0 |
|  |  | 153439 |
|  **Energy – 0.0%** |  |  |
|  **Energy Equipment & Services – 0.0%** |  |  |
|  BIS Industries Holdings Ltd.<sup>(e)(h)(i)</sup> | 838296 | 1 |
|  CHC Group LLC<sup>(e)(h)(i)</sup> | 21009 | 4 |
|  |  | 5 |
|  **Oil, Gas & Consumable Fuels – 0.0%** |  |  |
|  New Fortress Energy, Inc.<sup>(h)(i)</sup> | 49249 | 108841 |
|  |  | 108846 |
|  **Consumer Staples – 0.0%** |  |  |
|  **Household Products – 0.0%** |  |  |
|  Southeastern Grocers, Inc.<sup>(e)(h)(i)(l)</sup> | 105865 | 4235 |
|  Total Common Stocks<br>(cost $12,432,763) |  | 1756297 |

---

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| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 63 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **ASSET-BACKED SECURITIES – 0.2%** |  |  |  |
|  **Other ABS - Floating Rate – 0.1%** |  |  |  |
|  Pagaya AI Debt<br>Series 2024-S1, Class ABC<br>7.29%, 09/15/2031<sup>(a)(e)</sup> | U.S.$| 1204 | $1213789 |
|  **Autos - Fixed Rate – 0.1%** |  |  |  |
|  Flagship Credit Auto Trust<br>Series 2019-4, Class E<br>4.11%, 03/15/2027<sup>(a)</sup> |  | 352 | 351833 |
|  Total Asset-Backed Securities<br>(cost $1,556,064) |  |  | 1565622 |
|  **GOVERNMENTS - SOVEREIGN AGENCIES – 0.0%** |  |  |  |
|  **Kazakhstan – 0.0%** |  |  |  |
|  Baiterek National Managing Holding JSC<br>5.45%, 05/08/2028<sup>(a)</sup><br>(cost $518,510) |  | 521 | 529909 |
|  |  | **Shares** |  |
|  **PREFERRED STOCKS – 0.0%** |  |  |  |
|  **Industrials – 0.0%** |  |  |  |
|  **Other Industrial – 0.0%** |  |  |  |
|  Asphalt ATD Holdco<sup>(e)(h)(i)</sup> |  | 4984 | 123653 |
|  **Technology – 0.0%** |  |  |  |
|  Veritas US, Inc.<sup>(e)(f)(i)</sup> |  | 7516 | 170989 |
|  Total Preferred Stocks<br>(cost $278,042) |  |  | 294642 |
|  **RIGHTS – 0.0%** |  |  |  |
|  Vistra Energy Corp.,<br>expiring 12/31/2049<sup>(e)(i)</sup><br>(cost $0) |  | 10721 | 13133 |
|  **SHORT-TERM INVESTMENTS – 2.2%** |  |  |  |
|  **Investment Companies – 1.7%** |  |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB,<br>3.97%<sup>(t)(u)(v)</sup><br>(cost $17,360,112) |  | 17360112 | 17360112 |

---

---

| | |
|:---|:---|
| 64 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** |  | **U.S. $ Value** |
|  **Time Deposits – 0.5%** |  |  |  |  |
|  BBH, New York<br>(0.60)%, 10/01/2025 | CHF | 1 |  | $961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%, 10/01/2025 | SEK | 0 | \*\* | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.49%, 10/01/2025 | NZD | 0 | \*\* | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 10/01/2025 | NOK | 1752 |  | 175515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/2025 | ZAR | 1887 |  | 109257 |
|  Citibank, London<br>0.79%, 10/01/2025 | EUR | 234 |  | 274446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 10/01/2025 | GBP | 27 |  | 36939 |
|  JPMorgan Chase, New York<br>3.44%, 10/01/2025 | U.S.$| 3502 |  | 3502434 |
|  Royal Bank of Canada, Toronto<br>1.33%, 10/01/2025 | CAD | 1163 |  | 835491 |
|  Total Time Deposits<br>(cost $4,935,057) |  |  |  | 4935057 |
|  Total Short-Term Investments<br>(cost $22,295,169) |  |  |  | 22295169 |
|  **Total Investments – 101.4%**<br>(cost $1,025,319,523) |  |  |  | 1006539266 |
|  Other assets less liabilities – (1.4)% |  |  |  | (13434582) |
|  **Net Assets – 100.0%** |  |  |  | $**993104684** |

---

**FUTURES (see Note C)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Purchased Contracts** |  |  |  |  |
|  U.S. 10 Yr Ultra Futures | 93 | December 2025 | $10702266 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101859 |
|  U.S. T-Note 5 Yr (CBT) Futures | 436 | December 2025 | 47609156 | 128485 |
|  U.S. Ultra Bond (CBT) Futures | 1 | December 2025 | 120063 | 969 |
|  **Sold Contracts** |  |  |  |  |
|  U.S. Long Bond (CBT) Futures | 61 | December 2025 | 7112219 | (146422) |
|  U.S. T-Note 2 Yr (CBT) Futures | 6 | December 2025 | 1250390 | 3508 |
|  U.S. T-Note 10 Yr (CBT) Futures | 258 | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29025000 | (121774) |
|  |  |  |  | $(33375) |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 65 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Bank of America NA | COP | 10664024 | USD | 2710 | 11/13/2025 | $5381 |
|  Bank of America NA | USD | 27 | COP | 107884 | 11/13/2025 | (54) |
|  Bank of America NA | USD | 68 | TWD | 1999 | 11/21/2025 | (1641) |
|  Bank of America NA | GBP | 3136 | USD | 4287 | 12/05/2025 | 68259 |
|  Bank of America NA | USD | 1649 | GBP | 1206 | 12/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26258) |
|  Barclays Bank PLC | BRL | 15649 | USD | 2942 | 10/02/2025 | 2018 |
|  Barclays Bank PLC | BRL | 181 | USD | 34 | 10/02/2025 | (182) |
|  Barclays Bank PLC | USD | 2925 | BRL | 15649 | 10/02/2025 | 15721 |
|  Barclays Bank PLC | USD | 34 | BRL | 181 | 10/02/2025 | (23) |
|  Barclays Bank PLC | USD | 73 | IDR | 1187348 | 10/24/2025 | (1594) |
|  Barclays Bank PLC | BRL | 15649 | USD | 2902 | 11/04/2025 | (13422) |
|  Barclays Bank PLC | USD | 34 | BRL | 181 | 11/04/2025 | 155 |
|  Barclays Bank PLC | USD | 40 | CHF | 32 | 11/21/2025 | 144 |
|  BNP Paribas SA | TWD | 895 | USD | 30 | 11/21/2025 | 461 |
|  Brown Brothers Harriman & Co. | USD | 21 | ZAR | 380 | 10/14/2025 | 933 |
|  Brown Brothers Harriman & Co. | CNH | 678 | USD | 95 | 10/16/2025 | (454) |
|  Brown Brothers Harriman & Co. | USD | 34 | CNH | 245 | 10/16/2025 | (79) |
|  Brown Brothers Harriman & Co. | MXN | 556 | USD | 29 | 10/22/2025 | (903) |
|  Brown Brothers Harriman & Co. | USD | 30 | MXN | 571 | 10/22/2025 | 928 |
|  Brown Brothers Harriman & Co. | AUD | 220 | USD | 143 | 11/07/2025 | (2039) |
|  Brown Brothers Harriman & Co. | NZD | 125 | USD | 74 | 11/07/2025 | 977 |
|  Brown Brothers Harriman & Co. | NZD | 57 | USD | 33 | 11/07/2025 | (177) |
|  Brown Brothers Harriman & Co. | USD | 34 | AUD | 52 | 11/07/2025 | 964 |
|  Brown Brothers Harriman & Co. | USD | 34 | AUD | 50 | 11/07/2025 | (118) |
|  Brown Brothers Harriman & Co. | USD | 90 | NZD | 151 | 11/07/2025 | (2127) |
|  Brown Brothers Harriman & Co. | CAD | 151 | USD | 110 | 11/14/2025 | 972 |
|  Brown Brothers Harriman & Co. | USD | 1057 | CAD | 1457 | 11/14/2025 | (7610) |
|  Brown Brothers Harriman & Co. | CZK | 1857 | USD | 90 | 11/19/2025 | 192 |
|  Brown Brothers Harriman & Co. | HUF | 20736 | USD | 62 | 11/19/2025 | 107 |
|  Brown Brothers Harriman & Co. | PLN | 139 | USD | 39 | 11/19/2025 | 396 |
|  Brown Brothers Harriman & Co. | NOK | 558 | USD | 56 | 11/20/2025 | (304) |
|  Brown Brothers Harriman & Co. | SEK | 638 | USD | 68 | 11/20/2025 | (166) |
|  Brown Brothers Harriman & Co. | USD | 102 | NOK | 1009 | 11/20/2025 | (845) |
|  Brown Brothers Harriman & Co. | USD | 31 | SEK | 296 | 11/20/2025 | 187 |
|  Brown Brothers Harriman & Co. | CHF | 60 | USD | 76 | 11/21/2025 | 154 |
|  Brown Brothers Harriman & Co. | EUR | 1319 | USD | 1555 | 11/21/2025 | 1451 |
|  Brown Brothers Harriman & Co. | USD | 25 | CHF | 19 | 11/21/2025 | (145) |
|  Brown Brothers Harriman & Co. | USD | 57 | EUR | 49 | 11/21/2025 | (47) |
|  Brown Brothers Harriman & Co. | GBP | 14 | USD | 20 | 12/05/2025 | 297 |
|  Brown Brothers Harriman & Co. | GBP | 31 | USD | 41 | 12/05/2025 | (57) |
|  Brown Brothers Harriman & Co. | USD | 31 | GBP | 23 | 12/05/2025 | (121) |
|  Brown Brothers Harriman & Co. | SGD | 101 | USD | 79 | 12/18/2025 | 899 |
|  Citibank NA | USD | 66 | KRW | 91083 | 10/14/2025 | (1301) |
|  Citibank NA | USD | 1517 | EUR | 1290 | 11/21/2025 | 1640 |
|  Citibank NA | USD | 33 | INR | 2877 | 11/21/2025 | (411) |
|  Deutsche Bank AG | BRL | 3440 | USD | 626 | 10/02/2025 | (20020) |
|  Deutsche Bank AG | USD | 647 | BRL | 3440 | 10/02/2025 | (444) |
|  Deutsche Bank AG | CLP | 30044 | USD | 31 | 11/13/2025 | 133 |
|  Goldman Sachs Bank USA | USD | 29 | PEN | 101 | 11/13/2025 | 295 |
|  HSBC Bank USA | IDR | 586795 | USD | 36 | 10/24/2025 | 761 |
|  Morgan Stanley Capital Services LLC | BRL | 181 | USD | 34 | 10/02/2025 | 23 |
|  Morgan Stanley Capital Services LLC | BRL | 12209 | USD | 2223 | 10/02/2025 | (70742) |
|  Morgan Stanley Capital Services LLC | USD | 33 | BRL | 181 | 10/02/2025 | 1048 |

---

---

| | |
|:---|:---|
| 66 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Morgan Stanley Capital Services LLC | USD | 2296 | BRL | 12209 | 10/02/2025 | $(1574) |
|  Morgan Stanley Capital Services LLC | USD | 34 | IDR | 557009 | 10/24/2025 | (737) |
|  Morgan Stanley Capital Services LLC | USD | 48 | CLP | 46116 | 11/13/2025 | (411) |
|  Societe Generale | EUR | 53804 | USD | 63486 | 11/21/2025 | 127491 |
|  UBS AG | KRW | 45404 | USD | 33 | 10/14/2025 | 513 |
|  UBS AG | USD | 4 | PEN | 15 | 11/13/2025 | 1 |
|  |  |  |  |  |  | $78495 |

---

**CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note C)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>September 30,<br>2025** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Buy Contracts** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Mexican States, 4.150%, 03/28/2027, 12/20/2030\* | 1.00% | Quarterly | 0.92% | USD | 2440 | $(10413) | $7591 | $(18004) |
|  **Sale Contracts** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY Series 45, 5 Year Index, 12/20/2030\* | 5.00 | Quarterly | 3.21 | USD | 67140 | 5268004 | 5132192 | 135812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hertz Corp. (The), 5.000%, 12/01/2029, 06/20/2029\* | 5.00 | Quarterly | 13.15 | USD | 140 | (33109) | (16074) | (17035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iTraxx-XOVER Series 44, 5 Year Index, 12/20/2030\* | 5.00 | Quarterly | 2.62 | EUR | 46230 | 5849779 | 5678402 | 171377 |
|  |  |  |  |  |  | $11074261 | $10802111 | $272150 |

---

\* Termination date

**CENTRALLY CLEARED INTEREST RATE SWAPS (see Note C)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| USD | 10 | 12/30/2034 | 1 Day SOFR | 4.141% | Annual | $383 | $– 0 | $383 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 67 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**REVERSE REPURCHASE AGREEMENTS (see Note C)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Broker** | **Currency** | **Principal<br>Amount<br>(000)** | **Interest<br>Rate** | **Maturity** | **U.S. $Value at<br>September 30,<br>2025** |
|  Barclays Capital, Inc.<sup>†</sup> | USD | 576 | 0.75% |  | $576948 |
|  Barclays Capital, Inc.<sup>†</sup> | USD | 248 | 1.00 |  | 248188 |
|  Barclays Capital, Inc.<sup>†</sup> | USD | 526 | 2.75 |  | 527889 |
|  Barclays Capital, Inc.<sup>†</sup> | USD | 1043 | 2.75 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043057 |
|  Clear Street LLC<sup>†</sup> | USD | 629 | 3.50 |  | 633475 |
|  Jefferies LLC<sup>†</sup> | USD | 207 | 3.25 |  | 206569 |
|  Nomura UK<sup>†</sup> | USD | 494 | 0.25 |  | 494051 |
|  Nomura UK<sup>†</sup> | USD | 977 | 3.50 |  | 980772 |
|  |  |  |  |  | $4710949 |

---

<sup>†</sup> The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on September 30, 2025.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Overnight<br>and <br>Continuous** | **Up to<br>30 Days** | **31-90<br>Days** | **Greater than<br>90 Days** | **Total** |
|  Corporates – Non-Investment Grade | $1868193 | $– 0 – $| – 0 – $| – 0 – $| 1868193 |
|  Corporates – Investment Grade | 2314867 | – 0 – | – 0 – | – 0 – | 2314867 |
|  Emerging Markets – Corporate Bonds | 527889 | – 0 – | – 0 – | – 0 – | 527889 |
|  Total | $4710949 | $– 0 – $| – 0 – $| – 0 – $| 4710949 |

---

\*\* Principal amount less than 500. 

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are
considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2025, the aggregate market value of these securities amounted to $746,761,199 or 75.20% of net assets.

(b) 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, 2025.

(c) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at September 30,
2025. (d) Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements.

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

(f) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities,
which represent 1.74% of net assets as of September 30, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Altice France Holding SA <br>10.50%, 05/15/2027 | 07/20/2023 | $1646459 | $984057 | 0.10% |
|  Altice France SA <br>3.375%, 01/15/2028 | 08/17/2022 | 828034 | 889734 | 0.09% |
|  Altice France SA <br>5.125%, 01/15/2029 | 03/20/2024 | 311326 | 333705 | 0.03% |
|  Altice France SA <br>5.125%, 07/15/2029 | 04/13/2021 -<br>12/02/2024 | 5139394 | 5208315 | 0.52% |

---

---

| | |
|:---|:---|
| 68 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted &<br>Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Altice France SA <br>5.50%, 01/15/2028 | 09/25/2023 -<br>02/28/2025 | $1400052 | $1454389 | 0.15% |
|  Altice France SA <br>5.50%, 10/15/2029 | 09/21/2023 -<br>12/02/2024 | 1422509 | 1577916 | 0.16% |
|  Altice France SA <br>8.125%, 02/01/2027 | 08/29/2018 -<br>06/10/2024 | 1266849 | 1302147 | 0.13% |
|  Ambipar Lux SARL <br>10.875%, 02/05/2033 | 01/28/2025 -<br>02/07/2025 | 1082000 | 178530 | 0.02% |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<br>6.00%, 06/15/2027 | 06/01/2022 -<br>04/02/2024 | 1148102 | 1153833 | 0.12% |
|  BBFI Liquidating Trust <br>Zero Coupon, 12/30/2099 | 01/18/2013 -<br>06/17/2022 | 669525 | – 0 | 0.00% |
|  Digicel Group Holdings Ltd. <br>Zero Coupon, 12/31/2030 | 11/14/2023 | 14638 | 964 | 0.00% |
|  ESC Contra Co. <br>5.875%, 07/15/2027 | 07/09/2025 | 992 | – 0 | 0.00% |
|  Exide Technologies (Exchange Priority) <br>11.00%, 10/31/2024 | 10/29/2020 | – 0 | – 0 | 0.00% |
|  Exide Technologies (First Lien)<br>11.00%, 10/31/2024 | 10/29/2020 | – 0 | – 0 | 0.00% |
|  Fideicomiso PA Pacifico Tres<br>7.00%, 01/15/2035 | 03/04/2016 | 3199031 | 2684471 | 0.27% |
|  K2016470219 South Africa Ltd.<br>3.00%, 12/31/2022 | 01/31/2017 -<br>06/30/2022 | 1100178 | – 0 | 0.00% |
|  K2016470260 South Africa Ltd.<br>25.00%, 12/31/2022 | 01/31/2017 -<br>06/30/2022 | 770975 | – 0 | 0.00% |
|  Magnetation LLC/Mag Finance Corp.<br>11.00%, 05/15/2023 | 05/15/2013 -<br>02/19/2015 | 2295760 | – 0 | 0.00% |
|  Veritas US, Inc. | 12/09/2024 | 154379 | 170989 | 0.02% |
|  Wisconsin Public Finance Authority Series 2021 <br>5.75%, 07/25/2041 | 08/03/2021 | 1435000 | 1323780 | 0.13% |

---

(g) Defaulted matured security.

(h) Fair valued by the Adviser.

(i) Non-income producing security.

(j) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2025.

(k) Defaulted.

(l) Escrow Shares.

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

(n) The stated coupon rate represents the greater of the SOFR or an alternate base rate such as the PRIME or the SOFR/PRIME
floor rate plus a spread at September 30, 2025.

(o) 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 Secured Overnight Financing Rate ("SOFR") plus a premium which was determined at the time of purchase.

(p) Inverse interest only security.

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 69 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

(q) IO – Interest Only.

(r) Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

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

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

(u) 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.

(v) Affiliated investments.

---

| | |
|:---|:---|
| Currency Abbreviations:<br>AUD – Australian Dollar<br> BRL – Brazilian Real<br> CAD – Canadian Dollar<br> CHF – Swiss Franc<br> CLP – Chilean Peso<br> CNH – Chinese Yuan Renminbi (Offshore)<br> COP – Colombian Peso<br> CZK – Czech Koruna<br> EUR – Euro<br> GBP – Great British Pound<br> HUF – Hungarian Forint<br> IDR – Indonesian Rupiah | INR – Indian Rupee<br> KRW – South Korean Won<br> MXN – Mexican Peso<br> NOK – Norwegian Krone<br> NZD – New Zealand Dollar<br> PEN – Peruvian Sol<br> PLN – Polish Zloty<br> SEK – Swedish Krona<br> SGD – Singapore Dollar<br> TWD – New Taiwan Dollar<br> USD – United States Dollar<br> ZAR – South African Rand |

---

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

CDX-NAHY – North American High Yield Credit Default Swap Index

CJSC – Closed Joint Stock Company

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

CVR – Contingent Value Right

EURIBOR – Euro Interbank Offered Rate

JSC – Joint Stock Company

REIT – Real Estate Investment Trust

REMICS – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

---

| | |
|:---|:---|
| 70 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**STATEMENT OF ASSETS & LIABILITIES** 

**September 30, 2025** (unaudited)

---

| | |
|:---|:---|
| **Assets** |  |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $1,007,959,411) | $989179154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $17,360,112) | 17360112 |
|  Cash collateral due from broker | 1295 |
|  Foreign currencies, at value (cost $554,882) | 182444 |
|  Unaffiliated interest receivable | 14930071 |
|  Receivable for investment securities sold | 3306578 |
|  Unrealized appreciation on forward currency exchange contracts | 232501 |
|  Affiliated dividends receivable | 52398 |
|  Receivable for variation margin on centrally cleared swaps | 48486 |
|  Receivable for variation margin on futures | 29688 |
|  Receivable due from Adviser | 2740 |
|  Total assets | 1025325467 |
| **Liabilities** |  |
|  Due to Custodian | 9091 |
|  Payable for investment securities purchased | 25919393 |
|  Payable for reverse repurchase agreements | 4710949 |
|  Advisory fee payable | 782951 |
|  Payable for capital gains taxes | 278740 |
|  Unrealized depreciation on forward currency exchange contracts | 154006 |
|  Administrative fee payable | 55686 |
|  Transfer Agent fee payable | 844 |
|  Accrued expenses | 309123 |
|  Total liabilities | 32220783 |
|  Net Assets | $**993104684** |
| **Composition of Net Assets** |  |
|  Capital stock, at par | $862297 |
|  Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152140090 |
|  Accumulated loss | (159897703) |
|  | $**993104684** |
|  **Net Asset Value Per Share** **—100 million shares of capital stock authorized, $0.01 par value** (based on 86,229,677 shares outstanding) | $**11.52** |

---

See notes to financial statements.

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| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 71 |

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**STATEMENT OF OPERATIONS** 

**Six Months Ended September 30, 2025** (unaudited)

---

| | | |
|:---|:---|:---|
| **Investment Income** |  |  |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36467290 |  |
|  Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 284532 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 21671 | $36773493 |
| **Expenses** |  |  |
|  Advisory fee (see Note B) | 4392124 |  |
|  Transfer agency | 21880 |  |
|  Custody and accounting | 124255 |  |
|  Audit and tax | 102673 |  |
|  Printing | 101759 |  |
|  Administrative | 56501 |  |
|  Registration fees | 44313 |  |
|  Legal | 31926 |  |
|  Directors' fees | 13764 |  |
|  Miscellaneous | 25199 |  |
|  Total expenses before interest expense | 4914394 |  |
|  Interest expense | 100332 |  |
|  Total expenses | 5014726 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (13670) |  |
|  Net expenses |  | 5001056 |
|  Net investment income |  | 31772437 |
| **Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions** |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions<sup>(a)</sup> |  | (8162666) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | (5319385) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 724350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 7466333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | 503266 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(b)</sup> |  | 31931811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | 1616102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (575109) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 639538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | (13161) |
|  Net gain on investment and foreign currency transactions |  | 28811079 |
|  **Net Increase in Net Assets from Operations** |  | $**60583516** |

---

(a) Net of foreign realized capital gains taxes of $132,372.

(b) Net of increase in accrued foreign capital gains taxes on unrealized gains of $12,739.

See notes to financial statements.

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| | |
|:---|:---|
| 72 AllianceBernstein Global High Income Fund | **ABFunds.com** |

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**STATEMENT OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>September 30, 2025<br>(unaudited)** | **Year Ended<br>March 31, 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
|  Net investment income | $31772437 | $64214060 |
|  Net realized gain (loss) on investment and foreign currency transactions | (4788102) | 406349 |
|  Net change in unrealized appreciation (depreciation) on investments and foreign currency denominated assets and liabilities | 33599181 | 4488973 |
|  Contributions from Affiliates (see Note B) | – 0 | 464 |
|  Net increase in net assets from operations | 60583516 | 69109846 |
|  Distributions to Shareholders | (33888263) | (69121709) |
|  Total increase (decrease) | 26695253 | (11863) |
| **Net Assets** |  |  |
|  Beginning of period | 966409431 | 966421294 |
|  End of period | $**993104684** | $**966409431** |

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See notes to financial statements.

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| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 73 |

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------

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025** (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 (the "1940 Act"), as amended, as a diversified, closed-end management investment company. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

**1. Security Valuation** 

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at "fair value" as determined in accordance with procedures approved by and under the oversight of the Fund's Board of Directors (the "Board"). Pursuant to these procedures, AllianceBernstein L.P. (the "Adviser") serves as the Fund's valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund's portfolio investments, subject to the Board's oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. ("NASDAQ")) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a

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|:---|:---|
| 74 AllianceBernstein Global High Income Fund | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the "Committee") must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer's financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

**2. Fair Value Measurements** 

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on

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| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 75 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates,
prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

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|:---|:---|
| 76 AllianceBernstein Global High Income Fund | **ABFunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of September 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in<br>Securities** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  **Assets:** |  |  |  |  |  |
|  Corporates – Non-Investment Grade | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $630450522 | $5694586 | <sup>#</sup> | $636145108 |
|  Corporates – Investment Grade | – 0 | 132858861 | – 0 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132858861 |
|  Emerging Markets – Corporate Bonds | – 0 | 60320752 | 964 | <sup>#</sup> | 60321716 |
|  Bank Loans | – 0 | 42929505 | 8693289 |  | 51622794 |
|  Emerging Markets – Sovereigns | – 0 | 30445316 | – 0 |  | 30445316 |
|  Collateralized Mortgage Obligations | – 0 | 17981457 | – 0 |  | 17981457 |
|  Governments – Treasuries | – 0 | 16205077 | – 0 |  | 16205077 |
|  Quasi-Sovereigns | – 0 | 13953966 | – 0 |  | 13953966 |
|  Governments – Sovereign Bonds | – 0 | 6980151 | – 0 |  | 6980151 |
|  Local Governments – US Municipal Bonds | – 0 | 3737475 | – 0 |  | 3737475 |

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|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 77 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in<br>Securities** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  Emerging Markets – Treasuries | $– 0 | $2734395 | $– 0 |  | $2734395 |
|  Inflation-Linked Securities | – 0 | 2684471 | – 0 |  | 2684471 |
|  Collateralized Loan Obligations | – 0 | 2448384 | – 0 |  | 2448384 |
|  Commercial Mortgage-Backed Securities | – 0 | 1965323 | – 0 |  | 1965323 |
|  Common Stocks | 266035 | – 0 | 1490262 | <sup>#</sup> | 1756297 |
|  Asset-Backed Securities | – 0 | 351833 | 1213789 |  | 1565622 |
|  Governments – Sovereign Agencies | – 0 | 529909 | – 0 |  | 529909 |
|  Preferred Stocks | – 0 | – 0 | 294642 |  | 294642 |
|  Rights | – 0 | – 0 | 13133 |  | 13133 |
|  Short-Term Investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 17360112 | – 0 | – 0 |  | 17360112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | 4935057 | – 0 | – 0 |  | 4935057 |
|  Total Investments in Securities | 22561204 | 966577397 | 17400665 |  | 1006539266 |
|  **Other Financial Instruments\*:** |  |  |  |  |  |
|  **Assets** |  |  |  |  |  |
|  Futures | 234821 | – 0 | – 0 |  | 234821 |
|  Forward Currency Exchange Contracts | – 0 | 232501 | – 0 |  | 232501 |
|  Centrally Cleared Credit Default Swaps | – 0 | 11117783 | – 0 |  | 11117783 |
|  Centrally Cleared Interest Rate Swaps | – 0 | 383 | – 0 |  | 383 |
|  **Liabilities** |  |  |  |  |  |
|  Futures | (268196) | – 0 | – 0 |  | (268196) |
|  Forward Currency Exchange Contracts | – 0 | (154006) | – 0 |  | (154006) |
|  Centrally Cleared Credit Default Swaps | – 0 | (43522) | – 0 |  | (43522) |
|  **Total** | $**22527829** | $**977730536** | $**17400665** |  | $**1017659030** |

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# The Fund held securities with zero market value at period end.

\* Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value. 

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| | |
|:---|:---|
| <sup>†</sup> | 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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|:---|:---|
| 78 AllianceBernstein Global High Income Fund | **ABFunds.com** |

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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.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Corporates – <br>Non-Investment<br>Grade#** | **Emerging<br>Markets –<br>Corporate<br>Bonds#** | **Bank Loans** | **Common<br>Stocks#** |
|  **Balance as of 03/31/25** | $**5422586** | $**225084** | $**9862336** | $**1705166** |
|  Accrued discounts/ (premiums) | 43308 | 3106 | – 0 | – 0 |
|  Realized gain (loss) | (238969) | (3639414) | (1095522) | (2046850) |
|  Change in unrealized appreciation (depreciation) | 113632 | 3468409 | 869569 | 2593271 |
|  Purchases | 477607 | – 0 | 2529590 | – 0 |
|  Sales/Paydowns | (123578) | (56221) | (3875148) | (10682) |
|  Transfers into Level 3\* | – 0 | – 0 | 3070136 | – 0 |
|  Transfers out of Level 3^ | – 0 | – 0 | (2667672) | (750643) |
|  **Balance as of 09/30/25** | $**5694586** | $**964** | $**8693289** | $**1490262** |
|  Net change in unrealized appreciation (depreciation) from investments held as of 09/30/25\*\* | $(126376) | $(226612) | $841370 | $535758 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset-Backed<br>Securities** | **Preferred<br>Stocks** | **Rights** | **Total** |
|  **Balance as of 03/31/25** | $**1714655** | $**172868** | $**13133** | $**19115828** |
|  Accrued discounts/ (premiums) | – 0 | – 0 | – 0 | 46414 |
|  Realized gain (loss) | – 0 | – 0 | – 0 | (7020755) |
|  Change in unrealized appreciation (depreciation) | (19708) | (1889) | – 0 | 7023284 |
|  Purchases | – 0 | 123663 | – 0 | 3130860 |
|  Sales/Paydowns | (481158) | – 0 | – 0 | (4546787) |
|  Transfers into Level 3\* | – 0 | – 0 | – 0 | 3070136 |
|  Transfers out of Level 3^ | – 0 | – 0 | – 0 | (3418315) |
|  **Balance as of 09/30/25** | $**1213789** | $**294642** | $**13133** | $**17400665** |
|  Net change in unrealized appreciation (depreciation) from investments held as of 09/30/25\*\* | $(19708) | $(1889) | $– 0 | $1002543 |

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

\* Amounts were transferred into Level 3 as the observability of price inputs has decreased during the reporting period. 

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| | |
|:---|:---|
| ^ | Amounts were transferred out of Level 3 as the observability of price inputs has increased during the reporting period  |

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\*\* 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.

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| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 79 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

The following presents information about significant unobservable inputs related to the Fund's Level 3 investments at September 30, 2025. Securities priced (i) by third party vendors, (ii) by brokers or (iii) using prior transaction prices, which approximates fair value, are excluded from the following table.

**Quantitative Information about Level 3 Fair Value Measurements** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at<br>09/30/25** | **Valuation<br>Technique** | **Unobservable<br>Input** | **Input** |
|  Corporates – Non-Investment Grade | $– 0 | Qualitative Assessment |  | $0.00 |
|  | $– 0 | Qualitative Assessment |  | $0.00 |
|  | $– 0 |  |  |  |
|  Emerging Markets – Corporate Bonds. | $– 0 | Recovery | Expected Sale Price | $0.00 |
|  | $– 0 | Qualitative Assessment |  | $0.00 |
|  | $– 0 | Qualitative Assessment |  | $0.00 |
|  | $– 0 | Qualitative Assessment |  | $0.00 |
|  | $– 0 |  |  |  |
|  Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217334 | Guideline Public Company, Discounted Cash Flow, and Optional Value | Asset Value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338.00 |
|  | $1 | Qualitative Assessment |  | $0.00 |
|  | $– 0 | Qualitative Assessment |  | $0.00 |
|  | $217335 |  |  |  |
|  Preferred Stocks. | $123653 | Intrinsic Calculation | Asset Value | $24.81 |

---

*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 Expected Sale Price and Asset Value in isolation would be expected to result in a significantly higher (lower) fair value measurement.* 

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| | |
|:---|:---|
| 80 AllianceBernstein Global High Income Fund | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**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.

**5. Investment Income and Investment Transactions** 

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Fund amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received

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|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 81 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

from real estate investment trust ("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.

**7. Cash and Short-Term Investments** 

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

**8. Segment Information** 

The Fund represents a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's President is the CODM. The CODM monitors the operating results of the Fund as a whole and the pre-determined Fund's long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segment's performance versus the Fund's comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

**NOTE B** 

**Advisory Fee and Other Transactions with Affiliates** 

Under the terms of the investment advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .90% of the Fund's average weekly net assets. Such fee is accrued daily and paid monthly.

Pursuant to the administration agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser, provided, however, that the reimbursement may not exceed .15% annualized of average weekly net assets. For the six months ended September 30, 2025, the reimbursement for such services amounted to $56,501.

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|:---|:---|
| 82 AllianceBernstein Global High Income Fund | **ABFunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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, 2025, there was no such reimbursement paid to ABIS.

The Fund may invest in AB Government Money Market Portfolio which has a contractual annual advisory fee rate of .20% of the portfolio's average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in AB 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 AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended September 30, 2025, such waiver amounted to $13,670.

A summary of the Fund's transactions in AB mutual funds for the six months ended September 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>3/31/25<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>9/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3946 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153728 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140314 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17360 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 |

---

During the year ended March 31, 2025, the Adviser reimbursed the Fund $464 for trading losses incurred due to a trade entry error.

**NOTE C** 

**Investment Transactions** 

Purchases and sales of investment securities (excluding short-term investments) for the six months ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351740665 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360631401 |
|  U.S. government securities | – 0 | – 0 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 83 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $33340316 |
|  Gross unrealized depreciation | (51802920) |
|  Net unrealized depreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18462604) |

---

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Forward Currency Exchange Contracts** 

The Fund may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under "Currency Transactions".

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Fund. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the six months ended September 30, 2025, the Fund held forward currency exchange contracts for hedging and non-hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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

---

| | |
|:---|:---|
| 84 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the exchange on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, 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; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day's settlement price, which could effectively prevent liquidation of unfavorable positions.

During the six months ended September 30, 2025, the Fund held futures for hedging and non-hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Swaps** 

The Fund may enter into swaps for investment purposes or to hedge its exposure to interest rates, credit risk or inflation. 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". 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, rates or indexes for a specified amount of an underlying asset or inflation. 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

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 85 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates, inflation or in the value of the underlying securities. The Fund accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation/depreciation of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized 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 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 with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the clearinghouse on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, 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; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments 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

---

| | |
|:---|:---|
| 86 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

**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 the 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, 2025, the Fund held interest rate swaps for 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

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 87 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

the swap (the "Maximum Payout Amount") and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same referenced obligation with the same counterparty.

Credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Fund is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Fund coupled with the periodic payments previously received may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Fund.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation's credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced obligation.

During the six months ended September 30, 2025, the Fund held credit default swaps for hedging and 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

---

| | |
|:---|:---|
| 88 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

counterparty, the return of collateral with market value in excess of the Fund's net liability, held by the defaulting party, may be delayed or denied.

The Fund's ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Fund decline below specific levels ("net asset contingent features"). If these levels are triggered, the Fund's OTC counterparty has the right to terminate such transaction and require the Fund to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty tables below for additional details.

During six months ended September 30, 2025, the Fund had entered into the following derivatives:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Interest rate<br>contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Receivable for variation margin on futures | $234821 <br>\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Payable for variation margin on futures | $268196 <br>\* |
|  Interest rate<br>contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Receivable for variation margin on centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>383 <br>\* |  |  |
|  Foreign currency<br>contracts | Unrealized appreciation on forward currency exchange contracts | 232501 | Unrealized depreciation on forward currency exchange contracts | 154006 |
|  Credit contracts | Receivable for variation margin on centrally cleared swaps | 307189 \* | Payable for variation margin on centrally cleared swaps | 35039 \* |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774894 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457241 |

---

\* 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. 

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 89 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain<br>or (Loss) on<br>Derivatives Within<br>Statement of<br>Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate<br>contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Net realized gain/(loss) on futures; Net change in unrealized appreciation (depreciation) on futures | $724350 | $(575109) |
|  Interest rate<br>contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Net realized gain/(loss) on swaps; Net change in unrealized appreciation (depreciation) on swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>(70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>190 |
|  Foreign currency<br>contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Net realized gain/(loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) on forward currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> (5319385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> 1616102 |
|  Credit contracts | Net realized gain/(loss) on swaps; Net change in unrealized appreciation (depreciation) on swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7466403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639348 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2871298 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680531 |

---

The following table represents the average monthly volume of the Fund's derivative transactions during the six months ended September 30, 2025:

---

| | |
|:---|:---|
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $2440000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140007947 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $12857 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $11716271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $78597104 |
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $64304843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $40712897 |

---

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.

---

| | |
|:---|:---|
| 90 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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, 2025. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |
|  Bank of America NA | $73640 | $(27953) | $– 0 – $| – 0 – $| 45687 |
|  Barclays Bank PLC | 18038 | (15221) | – 0 – | – 0 – | 2817 |
|  BNP Paribas SA | 461 | – 0 | – 0 – | – 0 – | 461 |
|  Brown Brothers Harriman & Co. | 8457 | (8457) | – 0 – | – 0 – | – 0 |
|  Citibank NA | 1640 | (1640) | – 0 – | – 0 – | – 0 |
|  Deutsche Bank AG | 133 | (133) | – 0 – | – 0 – | – 0 |
|  Goldman Sachs Bank USA | 295 | – 0 | – 0 – | – 0 – | 295 |
|  HSBC Bank USA | 761 | – 0 | – 0 – | – 0 – | 761 |
|  Morgan Stanley Capital Services LLC | 1071 | (1071) | – 0 – | – 0 – | – 0 |
|  Societe Generale | 127491 | – 0 | – 0 – | – 0 – | 127491 |
|  UBS AG | 514 | – 0 | – 0 – | – 0 – | 514 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232501 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54475 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178026 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Liabilities<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Pledged\*** | **Security<br>Collateral<br>Pledged\*** | **Net Amount<br>of Derivative<br>Liabilities** |
|  Bank of America NA | $27953 | $(27953) | $– 0 – $| – 0 – $| – 0 |
|  Barclays Bank PLC | 15221 | (15221) | – 0 – | – 0 – | – 0 |
|  Brown Brothers Harriman & Co. | 15192 | (8457) | – 0 – | – 0 – | 6735 |
|  Citibank NA | 1712 | (1640) | – 0 – | – 0 – | 72 |
|  Deutsche Bank AG | 20464 | (133) | – 0 – | – 0 – | 20331 |
|  Morgan Stanley Capital Services LLC | 73464 | (1071) | – 0 – | – 0 – | 72393 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154006 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54475) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99531 |

---

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

---

| | |
|:---|:---|
| ^ | Net amount represents the net receivable (payable) that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.  |

---

See Note C.3 for additional disclosure of netting arrangements regarding reverse repurchase agreements.

**2. Currency Transactions** 

The Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Fund may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange 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

---

| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 91 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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, 2025, the carrying value of the payable for the reverse repurchase agreements approximated its fair value. If measured at fair value, borrowings under the reverse repurchase agreements would have been considered as a Level 1 investment. For the six months ended September 30, 2025, the average amount of reverse repurchase agreements outstanding was $6,808,496 and the daily weighted average interest rate was 2.65%. At September 30, 2025, the Fund had reverse repurchase agreements outstanding in the amount of $4,710,949 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, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **RVP Liabilities<br>Subject to a<br>MRA** | **Securities<br>Collateral<br>Pledged<sup>†</sup>\*** | **Net Amount of<br>RVP Liabilities** |
|  Barclays Capital, Inc. | $2396082 | $(2379252) | $16830 |
|  Clear Street LLC | 633475 | (633475) | – 0 |
|  Jefferies LLC | 206569 | (206569) | – 0 |
|  Nomura UK | 1474823 | (1474823) | – 0 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4710949 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4694119) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16830 |

---

<sup>†</sup> Including accrued interest.

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

---

| | |
|:---|:---|
| 92 AllianceBernstein Global High Income Fund | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**NOTE D** 

**Capital Stock** 

During the six months ended September 30, 2025 and the year ended March 31, 2024, the Fund issued no shares in connection with the Fund's dividend reinvestment plan.

**NOTE E** 

**Risks Involved in Investing in the Fund** 

**Market Risk**—The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. The imposition of, or an increase in, tariffs or trade restrictions between the U.S. and foreign countries, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on the economies of the U.S. and foreign countries and could negatively impact the market value of a security. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, including fires, earthquakes and flooding, war or civil disturbance, acts of terrorism, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have had, and may in the future have, an adverse effect on the Fund's investments and net asset value and can lead to increased market volatility. For example, the diseases or events themselves or any preventative or protective actions that governments may take in respect of such diseases or events may result in periods of business disruption, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the Fund's portfolio companies. The occurrence and pendency of such diseases or events could adversely affect the economies and financial markets either in specific countries or worldwide.

**Interest-Rate Risk**—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates.

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|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 93 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

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

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

**Foreign (Non-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 than domestic securities due to adverse market, economic, political, regulatory or other factors.

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

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

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

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|:---|:---|
| 94 AllianceBernstein Global High Income Fund | **ABFunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

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

**Indemnification Risk**—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.

**Management Risk**—The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these

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|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 95 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

**NOTE F** 

**Distributions to Shareholders** 

The tax character of distributions paid for the year ending March 31, 2026 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended March 31, 2025 and March 31, 2024 were as follows:

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $69121709 | $67266382 |
|  Total taxable distributions paid | $69121709 | $67266382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of Capital | – 0 | 2312344 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69121709 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69578726 |

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As of March 31, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

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| | |
|:---|:---|
|  Undistributed ordinary income | $1959445 |
|  Accumulated capital and other losses | (132244989)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | (55885290)<sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186170834)<sup>(c)</sup> |

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(a) As of March 31, 2025, the Fund had a net capital loss carryforward of $132,244,989.

(b) 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 hyperinflationary currency contracts, the tax treatment of callable bonds, the tax
treatment of swaps, the tax deferral of losses on wash sales, and the tax treatment of partnership investments.

(c) The differences between book-basis and tax-basis components of accumulated
earnings (deficit) are attributable primarily to the accrual of foreign capital gains tax and the tax treatment of defaulted securities.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of March 31, 2025, the Fund had a net short-term capital loss carryforward of $13,311,321 and a net long-term capital loss carryforward of $118,933,668, which may be carried forward for an indefinite period.

**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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|:---|:---|
| 96 AllianceBernstein Global High Income Fund | **ABFunds.com** |

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**FINANCIAL HIGHLIGHTS** 

**Selected Data For A Share of Capital Stock Outstanding Throughout Each Period** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>September 30,<br>2025**<br> **(unaudited)** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **Six Months<br>Ended<br>September 30,<br>2025**<br> **(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $11.21 | $11.21 | $10.56 | $12.02 | $12.78 | $10.74 |
|  **Income From Investment Operations** |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup>  | .37 | .74 | .75 | .69 | .61 | .59 |
|  Net realized and unrealized gain (loss) on investment | .33 | .06 | .71 | (1.27) | (.58 | 2.24 |
|  Contributions from Affiliates | – 0 | .00 | – 0 | – 0 | – 0 | .00 <sup>(c)</sup> |
|  Net increase (decrease) in net asset value from operations | .70 | .80 | 1.46 | (.58 | .03 | 2.83 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |  |
|  Dividends from net investment income | (.39 | (.80 | (.78 | (.88 | (.78 | (.69) |
|  Return of capital | – 0 | – 0 | (.03 | – 0 | (.01 | (.10) |
|  Total dividends and distributions | (.39 | (.80 | (.81 | (.88 | (.79 | (.79) |
|  Net asset value, end of period | **$11.52** | **$11.21** | **$11.21** | **$10.56** | **$12.02** | **$12.78** |
|  Market value, end of period | **$11.21** | **$10.73** | **$10.62** | **$9.72** | **$11.18** | **$11.85** |
|  (Discount), end of period | (2.69) | (4.28) | (5.26) | (7.95) | (6.99) | (7.28)% |
|  **Total Return** |  |  |  |  |  |  |
|  Total investment return based on:<sup>(d)</sup>  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Market value | 8.27 | 8.82 | 18.43 | (5.00) | .79 | 37.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | 6.60 | 7.71 | 15.06 | (4.01) | .48 | 27.92% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $993105 | $966409 | $966421 | $910949 | $1036686 | $1102273 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/ reimbursements<sup>(e)</sup> | 1.02 | 1.03 | 1.05 | 1.04 | 1.00 | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/ reimbursements<sup>(e)</sup>  | 1.03 | 1.03 | 1.05 | 1.04 | 1.00 | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 6.51 | 6.61 | 6.98 | 6.39 | 4.77 | 4.88% |
|  Portfolio turnover rate | 36 | 68 | 45 | 40 | 40 | 51% |

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See footnote summary on page 98.

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|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 97 |

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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) Net of expenses waived/reimbursed by the Adviser.

(c) Amount is less than $0.005.

(d) 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.

(e) The expense ratios presented below exclude interest expense:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>September 30, 2025**<br>**(unaudited)** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **Six Months Ended<br>September 30, 2025**<br>**(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net of waivers/reimbursements | 1.00% | 1.01% | 1.01% | 1.02% | .99% | 1.02% |
|  Before waivers/reimbursements | 1.01% | 1.01% | 1.01% | 1.02% | .99% | 1.02% |

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(f) Annualized.

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| | |
|:---|:---|
| ^ | The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.  |

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\* Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the performance of each share class for the six months ended September 30, 2025 by .02% and for the year ended March 31, 2025 by .01%. 

See notes to financial statements.

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|:---|:---|
| 98 AllianceBernstein Global High Income Fund | **ABFunds.com** |

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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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the shares of Common Stock are trading at a discount from net asset value at the time of valuation, the Agent will
receive the distribution in cash and apply it to the purchase of the Fund's shares of Common Stock in the open market on the New York Stock Exchange or elsewhere, for the participants' accounts. Such purchases will be made on or shortly
after the payment date for such distribution and in no event more than 30 days after such date except where temporary curtailment or suspension of purchase is necessary to comply with Federal securities laws. If, before the Agent has completed its
purchases, the market price exceeds the net asset value of a share of Common Stock, the average purchase price per share paid by the Agent may exceed the net asset value of the Fund's shares of Common Stock, resulting in the acquisition of
fewer shares than if the distribution had been paid in shares issued by the Fund.

The Agent will maintain all shareholders' accounts in the Plan and furnish written confirmation of all transactions in the account, including information needed by shareholders for tax records. Shares in the account of each Plan participant will be held by the Agent in non-certificate form in the name of the participant, and each shareholder's proxy will include those shares purchased or received pursuant to the Plan.

There will be no charges with respect to shares issued directly by the Fund to satisfy the dividend reinvestment requirements. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Agent's open market purchases of shares.

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|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 99 |

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**ADDITIONAL INFORMATION** (continued)

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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|:---|:---|
| 100 AllianceBernstein Global High Income Fund | **ABFunds.com** |

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**BOARD OF DIRECTORS** 

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| | |
|:---|:---|
| **Garry L. Moody**<sup>(1)</sup>**,** Chair<br> **Jorge A. Bermudez**<sup>(1)</sup><br> **R. Jay Gerken**<sup>(1)</sup><br> **Jeffrey R. Holland**<sup>(1)</sup>  | **Jeanette W. Loeb**<sup>(1)</sup> <br> **Carol C. McMullen**<sup>(1)</sup> <br> **Alexander Chaloff**<br> **Emilie D. Wrapp** |

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**OFFICERS** 

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| | |
|:---|:---|
| **Onur Erzan,** President and Chief Executive Officer<br> **Christian DiClementi**<sup>(2)</sup>**,** Vice President<br> **Gershon M. Distenfeld**<sup>(2)</sup>**,** Vice President<br> **Fahd Malik**<sup>(2)</sup>**,** Vice President<br> **Matthew S. Sheridan**<sup>(2)</sup>**,** Vice President<br> **William Smith**<sup>(2)</sup>**,** Vice President | **Nancy E. Hay,** Secretary<br> **Michael B. Reyes,** Senior Vice President<br> **Stephen M. Woetzel,** Treasurer and Chief Financial Officer<br> **Phyllis J. Clarke,** Controller<br> **Jennifer Friedland,** Chief Compliance Officer |

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|:---|:---|
| **Administrator**<br> AllianceBernstein, L.P.<br> 501 Commerce Street<br> Nashville, TN 37203<br>**Custodian and Accounting Agent**<br> Brown Brothers Harriman & Co.<br> 50 Post Office Square<br> Boston, MA 02110<br>**Dividend Paying Agent,**<br> **Transfer Agent and Registrar**<br> Computershare Trust Company, N.A.<br> P.O. Box 505000<br> Louisville, KY 40233 | **Independent Registered Public Accounting Firm**<br> Ernst & Young LLP<br> One Manhattan West<br> New York, NY 10001<br>**Legal Counsel**<br> Seward & Kissel LLP<br> One Battery Park Plaza<br> New York, NY 10004 |

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1 Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

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| | |
|:---|:---|
| 2 | The day-to-day management of, and investment decisions for, the Fund's portfolio are made by the Adviser's Global High Income Investment Team. While all members of the team work jointly to determine the majority of the investment strategy including stock selection for the Fund, Messrs. DiClementi, Distenfeld, Malik, Sheridan and Smith, members of the Global High Income Investment Team, are primarily responsible for the day-to-day management of the Fund's portfolio.  |

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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. <br>

Annual Certifications—As required, on April 8, 2025, 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. <br>

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| **ABFunds.com** | AllianceBernstein Global High Income Fund 101 |

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**Information Regarding the Review and Approval of the Fund's Advisory and Administration Agreements** 

The disinterested directors (the "directors") of AllianceBernstein Global High Income Fund, Inc. (the "Fund") unanimously approved the continuance of the Fund's Advisory Agreement with the Adviser and the continuance of the Fund's Administration Agreement with the Adviser (in such capacity, the "Administrator") at a meeting held in-person on August 5-6, 2025 (the "Meeting").

Prior to approval of the continuance of the Advisory Agreement and the Administration Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement and Administration Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser's integrity and competence they have gained from that experience, the Adviser's initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser's willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the Administrator to provide administrative services to the Fund and the overall arrangements (i) between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee and (ii) between the Fund and the Administrator, as provided in the Administration Agreement, including the administration fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and

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|:---|:---|
| 102 AllianceBernstein Global High Income Fund | **ABFunds.com** |

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conclusions that formed the basis for the directors' determinations included the following:

**Nature, Extent and Quality of Services Provided** 

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement and by the Administrator under the Administration Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund and the resources the Administrator has devoted to providing services to the Fund. The directors noted that the Adviser from time to time reviews the Fund's investment strategies and from time to time proposes changes intended to improve the Fund's relative or absolute performance for the directors' consideration. They also noted the professional experience and qualifications of the Fund's portfolio management team and other senior personnel of the Adviser. The directors noted that the Adviser receives reimbursements for certain clerical, accounting, administrative and other services provided to the Fund by the Adviser pursuant to the Administration Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser's role in coordinating the activities of the Fund's other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement and the Administration Agreement.

**Costs of Services Provided and Profitability** 

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser (including in its capacity as Administrator) for calendar years 2023 and 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser's relationship with the Fund, including those relating to its subsidiary that provides shareholder services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser's relationship with the Fund before taxes. The directors concluded that the Adviser's level of profitability from its relationship with the Fund was not unreasonable.

**Fall-Out Benefits** 

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised by the

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|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 103 |

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Adviser in which the Fund invests, including, but not limited to, benefits relating to shareholder servicing fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser's profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

**Investment Results** 

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the "15(c) service provider"), showing the Fund's performance against a group of similar funds ("peer group") and a larger group of similar funds ("peer universe"), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund's performance against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2025. Based on their review, the directors concluded that the Fund's investment performance was acceptable.

**Advisory Fees and Other Expenses** 

The directors considered the management fee rate payable by the Fund (the combined advisory fee payable to the Adviser and administration fee payable to the Administrator) and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. They compared the combined advisory and administration fees payable by the Fund to the advisory fees of other funds where there is no separate administrator. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds. The directors compared the Fund's contractual total management fee rate (the combined advisory fee payable to the Adviser plus the administration fee payable to the Administrator) with a peer group median and noted that it was lower than the median. The directors noted that the total management fee rate was expressed as a percentage of net assets and would have been somewhat lower if expressed as a percentage of average total assets (*i.e.*, net assets plus assets supported by leverage).

The directors also compared the Fund's contractual advisory fee rate with the fee rate charged by the Adviser for advising an open-end high income fund that also invested globally, and noted historical differences in their fee structures.

The Adviser informed the directors that there were no institutional products managed by the Adviser that utilize investment strategies similar to those of the Fund.

In connection with their review of the Fund's advisory fee, the directors also considered the total expense ratio of the Fund in comparison to the medians for

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| | |
|:---|:---|
| 104 AllianceBernstein Global High Income Fund | **ABFunds.com** |

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a peer group and a peer universe selected by the 15(c) service provider. The expense ratio of the Fund was based on the Fund's latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund's category were lowered by waivers or reimbursements by those funds' investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser's services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund's expense ratio was lower than the medians. 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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| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 105 |

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**NOTES** 

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| | |
|:---|:---|
| 106 AllianceBernstein Global High Income Fund | **ABFunds.com** |

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**NOTES** 

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| | |
|:---|:---|
| **ABFunds.com** | AllianceBernstein Global High Income Fund 107 |

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**NOTES** 

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|:---|:---|
| 108 AllianceBernstein Global High Income Fund | **ABFunds.com** |

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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.

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![LOGO](g947621g28a43.jpg)

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

GHI-0152-0925 ![LOGO](g947621g22c48.jpg)

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**ITEM 2. CODE OF ETHICS.** 

Not applicable when filing a semi-annual report to shareholders.

**ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.** 

Not applicable when filing a semi-annual report to shareholders.

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.** 

Not applicable when filing a semi-annual report to shareholders.

**ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.** 

Not applicable when filing a semi-annual report to shareholders.

**ITEM 6. INVESTMENTS.** 

Please see Schedule of Investments contained in the Financial Statements included under Item 1 of this Form N-CSR.

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.** 

Not applicable to the registrant.

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.** 

Not applicable to the registrant.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES** 

Not applicable to the registrant.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.** 

Not applicable to the registrant.

------

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.** 

Statement regarding basis for Approval of Investment Advisory Contract included within the Financial Statements under Item 1 of this Form N-CSR.

**ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** 

Not applicable when filing a semi-annual report to shareholders.

**ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES** 

Not applicable when filing a semi-annual report to shareholders.

**ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.** 

Not applicable to the registrant.

**ITEM 15. 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 16. CONTROLS AND PROCEDURES.** 

(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant's internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** 

Not applicable to the registrant.

**ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.** 

Not applicable to the registrant.

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**ITEM 19. EXHIBITS.** 

The following exhibits are attached to this Form N-CSR:

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| | |
|:---|:---|
| EXHIBIT<br>NO. | DESCRIPTION OF EXHIBIT |
| 19(a)(3) | [Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d947621dex99cert.htm) |
| 19(a)(3) | [Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d947621dex99cert.htm#a) |
| 19(b) | [Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](d947621dex99906cert.htm) |

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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.

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| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |
| Date: | November 26, 2025 |

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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.

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| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |
| Date: | November 26, 2025 |
| By: | /s/ Stephen M. Woetzel |
|  | Stephen M. Woetzel |
|  | Treasurer and Chief Financial Officer |
| Date: | November 26, 2025 |

---

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER** 

I, Onur Erzan, President of AllianceBernstein Global High Income Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of AllianceBernstein Global High Income Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 26, 2025

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| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |

---

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**Exhibit 19(a)(3)** 

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER** 

I, Stephen M. Woetzel, Treasurer and Chief Financial Officer of AllianceBernstein Global High Income Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of AllianceBernstein Global High Income Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 26, 2025

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| | |
|:---|:---|
| By: | /s/ Stephen M. Woetzel |
|  | Stephen M. Woetzel |
|  | Treasurer and Chief Financial Officer |

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## Exhibit 99.906

**EXHIBIT 19(b)** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE** 

**SARBANES-OXLEY ACT** 

Pursuant to 18 U.S.C. 1350, each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of AllianceBernstein Global High Income Fund, Inc. (the "Registrant"), hereby certifies that the Registrant's report on Form N-CSR for the period ended September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: November 26, 2025

---

| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |
| By: | /s/ Stephen M. Woetzel |
|  | Stephen M. Woetzel |
|  | Treasurer and Chief Financial Officer |

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This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the Report or as a separate disclosure document.

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.