N-CSR 1 d125231dncsr.htm ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND, INC.

AllianceBernstein Global High Income Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07732

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND, INC.

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Joseph J. Mantineo

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

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

Date of fiscal year end: March 31, 2021

Date of reporting period: March 31, 2021

ITEM 1. REPORTS TO STOCKHOLDERS.

MAR    ^03.31.21

ANNUAL REPORT

ALLIANCEBERNSTEIN

GLOBAL HIGH INCOME FUND

(NYSE: AWF)

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

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

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

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

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-PORT may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

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

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

FROM THE PRESIDENT

Dear Shareholder,

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

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

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

⁺  Applying differentiated investment insights through a connected global research network

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

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

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

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

Sincerely,

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

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ANNUAL REPORT

May 7, 2021

This report provides management’s discussion of fund performance for the AllianceBernstein Global High Income Fund for the annual reporting period ended March 31, 2021. The Fund is a closed-end fund and its shares of common stock trade on the New York Stock Exchange.

The Fund seeks high current income and, secondarily, capital appreciation.

RETURNS AS OF MARCH 31, 2021 (unaudited)

		6 Months				12 Months
ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND (NAV)			8.76%				27.92%
Primary Benchmark: Bloomberg Barclays Global High Yield Index (USD hedged)			6.59%				23.44%
Blended Benchmark: 33% JPM GBI-EM / 33% JPM EMBI Global / 33% Bloomberg Barclays US Corporate HY 2% Issuer Capped Index			3.83%				16.76%

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

The Fund’s market price per share on March 31, 2021, was $11.85. The Fund’s NAV per share on March 31, 2021, was $12.78. For additional financial highlights, please see pages 122-123.

INVESTMENT RESULTS

The table above shows the Fund’s performance compared with its primary benchmark, the Bloomberg Barclays Global High Yield Index (USD hedged), as well as its blended benchmark for the six- and 12-month periods ended March 31, 2021. The blended benchmark is composed of equal weightings of the JPMorgan Government Bond Index-Emerging Markets (“JPM GBI-EM”) (local currency-denominated), the JPMorgan Emerging Markets Bond Index Global (“JPM EMBI Global”) and the Bloomberg Barclays US Corporate High Yield (“HY”) 2% Issuer Capped Index.

During the 12-month period, the Fund outperformed its primary and blended benchmarks. Sector allocation was the primary contributor, relative to the benchmark, from the net exposure to high yield in the US and eurozone, utilizing credit default swaps, and exposure to agency risk-sharing securities, while allocations to US Treasuries, commercial mortgage-backed securities (“CMBS”) and investment-grade corporate bonds detracted. Security selection also contributed, mostly from selections in high-yield corporate bonds in the US and eurozone, US investment-grade corporate bonds, asset-backed securities and US dollar-denominated emerging-market corporate bonds that were offset by a loss

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in CMBS. Currency decisions were a small contributor, as exposure to the Egyptian pound and Russian ruble outweighed a position in the Brazilian real. Country and yield-curve positioning detracted due to a country allocation to Brazil and overweights on the five- and 10-year parts of the yield curve.

During the six-month period, the Fund outperformed its primary and blended benchmarks. Security selection contributed most, due to selections in US high-yield corporate bonds, CMBS, investment-grade corporates and US dollar-denominated emerging-market corporate bonds. Sector allocation also contributed, from the net exposure to high yield in the US and utilizing credit default swaps, which offset losses in CMBS, agency risk-sharing transactions and investment-grade corporate bonds. Country and yield-curve positioning detracted, mostly from exposure to Brazil and overweights in the five- and 10-year parts of the yield curve. Currency decisions were a minor detractor, as exposure to the Brazilian real was partially offset by a gain in the Russian ruble.

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

MARKET REVIEW AND INVESTMENT STRATEGY

Global fixed-income market returns were mixed, with an elevated amount of volatility and dispersion between regions and credit sectors for the 12-month period ended March 31, 2021. After the positive impact of massive fiscal stimulus enacted by governments, and central bank monetary policies that anchored short-term interest rates at record lows to combat the outbreak of the COVID-19 pandemic, longer-term treasury yields began to steadily rise in August, based on expectations of an economic growth recovery. Major developed-market treasury returns ended the period lower, except in Italy and Spain, due to the European Central Bank’s bond-buying program to cap eurozone periphery yields. Historically low interest rates also set the stage for a sharp rebound in risk assets. Emerging- and developed-market high-yield corporate bonds led gains, with significant positive returns, as investors searched for higher yields in a period of low interest rates. Emerging-market local-currency and hard-currency sovereign bonds, as well as emerging-market and developed-market investment-grade corporate bonds, also had strong

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positive performance. Securitized assets had positive returns that were much higher than US Treasuries. The US dollar fell against most major developed-market currencies and a majority of emerging-market currencies. Brent crude oil prices advanced more than 180% on the improved economic outlook and OPEC+ production cuts. Copper gained more than 80% because of increased demand for infrastructure and green-energy initiatives. Gold prices advanced by about 8% in a period of elevated market volatility.

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 115-120.

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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 127-128.

Benchmark Disclosure

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

A Word About Risk

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

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DISCLOSURES AND RISKS (continued)

volatility. For example, the diseases or events themselves or any preventative or protective actions that governments may take in respect of such diseases or events may result in periods of business disruption, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the Fund’s portfolio companies. The occurrence and pendency of such diseases or events could adversely affect the economies and financial markets either in specific countries or worldwide.

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

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”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments and negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

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

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

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DISCLOSURES AND RISKS (continued)

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

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

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

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. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk.

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 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.

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DISCLOSURES AND RISKS (continued)

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

An Important Note About Historical Performance

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

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PORTFOLIO SUMMARY

March 31, 2021 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $1,102.3

1 All data are as of March 31, 2021. 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 0.4% or less in the following: Emerging Markets–Treasuries, Governments–Sovereign Bonds, Inflation-Linked Securities, Local Governments–US Municipal Bonds, Preferred Stocks, Rights and Warrants.

2 All data are as of March 31, 2021. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 0.7% or less in the following: Angola, Argentina, Australia, Bahrain, Belgium, Bermuda, Chile, China, Costa Rica, Denmark, Dominican Republic, Ecuador, El Salvador, Finland, France, Gabon, Germany, Ghana, Honduras, Hong Kong, India, Indonesia, Ireland, Israel, Ivory Coast, Jamaica, Japan, Jersey(Channel Islands), Jordan, Kazakhstan, Kenya, Kuwait, Lebanon, Macau, Morocco, Netherlands, Norway, Oman, Pakistan, Peru, Russia, Senegal, South Africa, Spain, Sri Lanka, Sweden, Turkey, United Arab Emirates, Venezuela and Zambia.

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PORTFOLIO OF INVESTMENTS

March 31, 2021

						Principal Amount (000)				U.S. $ Value
CORPORATES – NON-INVESTMENT GRADE – 44.5%
Industrial – 37.8%
Basic – 3.1%
Advanced Drainage Systems, Inc. 5.00%, 09/30/2027(a)			U.S.$				140			$	147,050
Alcoa Nederland Holding BV 4.125%, 03/31/2029(a)							229				229,359
6.125%, 05/15/2028(a)							289				313,207
Allegheny Technologies, Inc. 7.875%, 08/15/2023							258				279,730
Arconic Corp. 6.125%, 02/15/2028(a)							194				206,594
Ashland LLC 4.75%, 08/15/2022							48				49,898
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV 4.75%, 06/15/2027(a)							350				364,430
Big River Steel LLC/BRS Finance Corp. 6.625%, 01/31/2029(a)							1,403				1,527,569
CF Industries, Inc. 4.95%, 06/01/2043							1,626				1,862,049
5.375%, 03/15/2044							855				1,014,047
Cleveland-Cliffs, Inc. 4.625%, 03/01/2029(a)							297				296,448
4.875%, 03/01/2031(a)							313				312,031
5.875%, 06/01/2027							222				230,978
6.75%, 03/15/2026(a)							107				116,313
9.875%, 10/17/2025(a)							773				905,558
Crown Americas LLC/Crown Americas Capital Corp. VI 4.75%, 02/01/2026							751				779,485
Element Solutions, Inc. 3.875%, 09/01/2028(a)							993				977,852
ERP Iron Ore, LLC 9.039%, 12/31/2019(b)(c)(d)(e)(f)							240				204,246
FMG Resources (August 2006) Pty Ltd. 4.375%, 04/01/2031(a)							2,029				2,064,651
4.50%, 09/15/2027(a)							1,028				1,089,772
Freeport-McMoRan, Inc. 3.875%, 03/15/2023							215				223,820
4.375%, 08/01/2028							168				178,288
4.625%, 08/01/2030							203				220,940
5.45%, 03/15/2043							694				833,765
Graham Packaging Co., Inc. 7.125%, 08/15/2028(a)							297				315,811

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PORTFOLIO OF INVESTMENTS (continued)

				Principal Amount (000)				U.S. $ Value
Grinding Media, Inc./Moly-Cop AltaSteel Ltd. 7.375%, 12/15/2023(a)		U.S.$			1,290			$	1,317,442
Hecla Mining Co. 7.25%, 02/15/2028					1,328				1,424,691
Illuminate Buyer LLC/Illuminate Holdings IV, Inc. 9.00%, 07/01/2028(a)					852				956,863
INEOS Quattro Finance 1 PLC 3.75%, 07/15/2026(a)		EUR			101				120,390
INEOS Quattro Finance 2 PLC 3.375%, 01/15/2026(a)		U.S.$			226				225,493
Intelligent Packaging Holdco Issuer LP 9.00% (9.00% Cash or 9.75% PIK), 01/15/2026(a)(f)					611				622,184
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC 6.00%, 09/15/2028(a)					1,444				1,490,396
Joseph T Ryerson & Son, Inc. 8.50%, 08/01/2028(a)					619				693,486
Kaiser Aluminum Corp. 6.50%, 05/01/2025(a)					277				293,386
Kleopatra Finco Sarl 4.25%, 03/01/2026(a)		EUR			226				265,396
Kraton Polymers LLC/Kraton Polymers Capital Corp. 5.25%, 05/15/2026(a)					846				1,021,974
LABL Escrow Issuer LLC 6.75%, 07/15/2026(a)		U.S.$			209				223,891
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018(b)(c)(d)(e)(g)					2,857				– 0	–
Mercer International, Inc. 5.125%, 02/01/2029(a)					1,033				1,069,349
Methanex Corp. 5.25%, 12/15/2029					207				213,580
Natural Resource Partners LP/NRP Finance Corp. 9.125%, 06/30/2025(a)					80				76,176
Nouryon Holding BV 6.50%, 10/01/2026(a)		EUR			1,181				1,455,340
Novelis Corp. 4.75%, 01/30/2030(a)		U.S.$			210				216,388
5.875%, 09/30/2026(a)					405				423,789
Olin Corp. 5.625%, 08/01/2029					487				525,598
Peabody Energy Corp. 8.50% (6.00% Cash and 2.50% PIK), 12/31/2024(a)(f)					189				79,380

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PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
PIC AU Holdings LLC/PIC AU Holdings Corp. 10.00%, 12/31/2024(a)			U.S.$				213			$	195,427
Rain CII Carbon LLC/CII Carbon Corp. 7.25%, 04/01/2025(a)							288				298,075
SpA Holdings 3 Oy 4.875%, 02/04/2028(a)							972				975,519
SPCM SA 4.875%, 09/15/2025(a)							975				1,000,944
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. 7.50%, 06/15/2025(a)							233				241,546
TPC Group, Inc. 10.50%, 08/01/2024(a)							223				201,495
United States Steel Corp. 6.25%, 03/15/2026							653				660,393
Valvoline, Inc. 4.25%, 02/15/2030(a)							1,707				1,740,960
WR Grace & Co.-Conn 4.875%, 06/15/2027(a)							413				427,211
5.625%, 10/01/2024(a)							386				425,728
											33,626,381
Capital Goods – 2.5%
ARD Finance SA 5.00% (5.00% Cash or 5.75% PIK), 06/30/2027(a)(f)			EUR				939				1,125,823
6.50% (6.50% Cash or 7.25% PIK), 06/30/2027(a)(f)			U.S.$				1,039				1,089,863
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 3.25%, 09/01/2028(a)							1,107				1,091,613
4.00%, 09/01/2029(a)							985				982,833
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 5.25%, 04/30/2025(a)							212				222,394
Ball Corp. 2.875%, 08/15/2030							225				216,706
4.00%, 11/15/2023							162				172,007
4.875%, 03/15/2026							199				222,482
Bombardier, Inc. 5.75%, 03/15/2022(a)							932				973,719
7.50%, 12/01/2024-03/15/2025(a)							2,404				2,371,009
7.875%, 04/15/2027(a)							386				378,253
Clean Harbors, Inc. 4.875%, 07/15/2027(a)							25				26,376
Cleaver-Brooks, Inc. 7.875%, 03/01/2023(a)							633				620,350

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PORTFOLIO OF INVESTMENTS (continued)

				Principal Amount (000)				U.S. $ Value
Colfax Corp. 6.00%, 02/15/2024(a)		U.S.$			194			$	200,163
6.375%, 02/15/2026(a)					207				220,622
Cornerstone Building Brands, Inc. 6.125%, 01/15/2029(a)					211				224,682
Energizer Holdings, Inc. 4.75%, 06/15/2028(a)					348				358,749
EnerSys 4.375%, 12/15/2027(a)					935				958,297
F-Brasile SpA/F-Brasile US LLC Series XR 7.375%, 08/15/2026(a)					957				966,794
Gates Global LLC/Gates Corp. 6.25%, 01/15/2026(a)					1,205				1,262,237
GFL Environmental, Inc. 8.50%, 05/01/2027(a)					465				512,538
Granite US Holdings Corp. 11.00%, 10/01/2027(a)					507				571,078
Griffon Corp. 5.75%, 03/01/2028					1,487				1,581,513
JELD-WEN, Inc. 4.625%, 12/15/2025(a)					128				130,185
Liberty Tire Recycling LLC 9.50%, 01/15/2023(b)(c)(g)					705				714,048
Mauser Packaging Solutions Holding Co. 5.50%, 04/15/2024(a)					1,050				1,064,143
Moog, Inc. 4.25%, 12/15/2027(a)					373				380,571
Renk AG/Frankfurt am Maiin 5.75%, 07/15/2025(a)		EUR			384				468,831
Rolls-Royce PLC 3.625%, 10/14/2025(a)		U.S.$			223				223,046
Signature Aviation US Holdings, Inc. 4.00%, 03/01/2028(a)					700				710,880
5.375%, 05/01/2026(a)					402				410,259
Stevens Holding Co., Inc. 6.125%, 10/01/2026(a)					141				151,330
Summit Materials LLC/Summit Materials Finance Corp. 5.25%, 01/15/2029(a)					367				383,266
Terex Corp. 5.625%, 02/01/2025(a)					262				269,370
Tervita Corp. 11.00%, 12/01/2025(a)					1,658				1,880,839
TransDigm, Inc. 4.625%, 01/15/2029(a)					474				467,263
6.25%, 03/15/2026(a)					556				589,432
8.00%, 12/15/2025(a)					224				243,963

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    13

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
Triumph Group, Inc. 6.25%, 09/15/2024(a)			U.S.$				392			$	397,853
7.75%, 08/15/2025							428				431,781
8.875%, 06/01/2024(a)							716				801,920
Trivium Packaging Finance BV 3.75%, 08/15/2026(a)			EUR				100				120,163
5.50%, 08/15/2026(a)			U.S.$				227				238,041
Vertical Holdco GmbH 7.625%, 07/15/2028(a)							465				497,741
Vertical US Newco, Inc. 5.25%, 07/15/2027(a)							306				320,414
Wesco Distribution, Inc. 7.125%, 06/15/2025(a)							133				145,423
7.25%, 06/15/2028(a)							532				593,959
											27,984,822
Communications - Media – 3.4%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028(a)							1,332				1,384,173
Altice Financing SA 7.50%, 05/15/2026(a)							1,782				1,855,791
AMC Networks, Inc. 4.25%, 02/15/2029							1,576				1,531,949
4.75%, 08/01/2025							218				223,793
5.00%, 04/01/2024							88				89,712
Arches Buyer, Inc. 6.125%, 12/01/2028(a)							446				459,363
Banijay Entertainment SASU 3.50%, 03/01/2025(a)			EUR				210				248,212
5.375%, 03/01/2025(a)			U.S.$				420				433,650
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030(a)							213				217,037
4.75%, 03/01/2030(a)							211				218,722
5.00%, 02/01/2028(a)							212				224,250
5.125%, 05/01/2027(a)							551				582,554
5.375%, 06/01/2029(a)							206				221,546
5.75%, 02/15/2026(a)							249				257,178
5.875%, 05/01/2027(a)							215				222,061
Clear Channel Worldwide Holdings, Inc. 5.125%, 08/15/2027(a)							908				912,540
CSC Holdings LLC 3.375%, 02/15/2031(a)							231				217,527
4.125%, 12/01/2030(a)							217				215,181
5.375%, 02/01/2028(a)							1,502				1,579,406
5.50%, 05/15/2026(a)							200				206,252
7.50%, 04/01/2028(a)							941				1,037,539

14    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

				Principal Amount (000)				U.S. $ Value
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375%, 08/15/2026(a)		U.S.$			283			$	203,791
6.625%, 08/15/2027(a)					369				196,698
DISH DBS Corp. 5.00%, 03/15/2023					178				185,745
5.875%, 11/15/2024					2,291				2,397,329
6.75%, 06/01/2021					333				335,628
7.75%, 07/01/2026					197				217,494
Gray Television, Inc. 7.00%, 05/15/2027(a)					204				221,666
iHeartCommunications, Inc. 4.75%, 01/15/2028(a)					60				60,557
5.25%, 08/15/2027(a)					285				293,349
6.375%, 05/01/2026					207				220,142
8.375%, 05/01/2027					202				216,562
Lamar Media Corp. 4.875%, 01/15/2029					147				153,754
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027(a)					2,489				2,654,388
Liberty Interactive LLC 3.75%, 02/15/2030(h)					874				666,650
Lions Gate Capital Holdings LLC 6.375%, 02/01/2024(a)					218				224,950
Meredith Corp. 6.875%, 02/01/2026					2,149				2,211,281
National CineMedia LLC 5.875%, 04/15/2028(a)					623				582,161
Netflix, Inc. 4.875%, 04/15/2028					471				532,828
5.375%, 11/15/2029(a)					116				137,104
5.875%, 11/15/2028					187				226,265
Nexstar Broadcasting, Inc. 4.75%, 11/01/2028(a)					121				122,308
Outfront Media Capital LLC/Outfront Media Capital Corp. 4.25%, 01/15/2029(a)					253				243,648
4.625%, 03/15/2030(a)					746				718,780
Scripps Escrow II, Inc. 5.375%, 01/15/2031(a)					445				441,686
Scripps Escrow, Inc. 5.875%, 07/15/2027(a)					639				660,724
Sinclair Television Group, Inc. 4.125%, 12/01/2030(a)					224				215,951
5.50%, 03/01/2030(a)					810				787,775
Sirius XM Radio, Inc. 3.875%, 08/01/2022(a)					221				222,311

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    15

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
4.625%, 07/15/2024(a)			U.S.$				216			$	222,347
5.50%, 07/01/2029(a)							204				220,632
Summer BC Holdco B SARL 5.75%, 10/31/2026(a)			EUR				1,395				1,722,196
TEGNA, Inc. 4.625%, 03/15/2028			U.S.$				136				138,479
4.75%, 03/15/2026(a)							346				367,190
5.00%, 09/15/2029							830				860,785
5.50%, 09/15/2024(a)							68				69,236
Telenet Finance Luxembourg Notes Sarl 5.50%, 03/01/2028(a)							200				210,001
Univision Communications, Inc. 6.625%, 06/01/2027(a)							1,593				1,701,447
9.50%, 05/01/2025(a)							309				340,354
UPC Holding BV 5.50%, 01/15/2028(a)							223				229,789
Urban One, Inc. 7.375%, 02/01/2028(a)							2,221				2,299,566
Virgin Media Secured Finance PLC 4.50%, 08/15/2030(a)							992				1,000,991
Ziggo Bond Co. BV 5.125%, 02/28/2030(a)							299				304,981
6.00%, 01/15/2027(a)							224				234,634
Ziggo BV 5.50%, 01/15/2027(a)							224				233,218
											37,845,807
Communications - Telecommunications – 2.2%
Altice France SA/France 7.375%, 05/01/2026(a)							224				232,976
8.125%, 02/01/2027(a)							465				508,622
C&W Senior Financing DAC 6.875%, 09/15/2027(a)							223				237,685
7.50%, 10/15/2026(a)							395				418,669
Connect Finco SARL/Connect US Finco LLC 6.75%, 10/01/2026(a)							1,321				1,410,564
Consolidated Communications, Inc. 5.00%, 10/01/2028(a)							795				803,083
6.50%, 10/01/2028(a)							1,916				2,055,378
DKT Finance ApS 7.00%, 06/17/2023(a)			EUR				506				607,618
9.375%, 06/17/2023(a)			U.S.$				895				922,665
Embarq Corp. 7.995%, 06/01/2036							2,671				3,071,702
Frontier Communications Corp. 6.75%, 05/01/2029(a)							321				338,304

16    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
Hughes Satellite Systems Corp. 6.625%, 08/01/2026			U.S.$				730			$	809,326
7.625%, 06/15/2021							1,383				1,400,265
Intelsat Jackson Holdings SA 5.50%, 08/01/2023(d)(i)							1,675				1,044,334
Intrado Corp. 8.50%, 10/15/2025(a)							748				758,787
Level 3 Financing, Inc. 5.25%, 03/15/2026							164				168,872
Ligado Networks LLC 15.50%, 11/01/2023(a)(f)							190				191,340
Lumen Technologies, Inc. Series T 5.125%, 12/15/2026(a)							214				225,329
5.80%, 03/15/2022							78				80,692
Sprint Capital Corp. 8.75%, 03/15/2032							83				122,692
T-Mobile USA, Inc. 3.375%, 04/15/2029							1,356				1,371,971
3.50%, 04/15/2031							1,338				1,345,270
4.75%, 02/01/2028							39				41,591
6.00%, 03/01/2023							743				747,881
Telecom Italia Capital SA 7.20%, 07/18/2036							483				610,397
7.721%, 06/04/2038							1,784				2,379,021
Telecom Italia SpA/Milano 5.303%, 05/30/2024(a)							206				222,670
Vmed O2 UK Financing I PLC 4.25%, 01/31/2031(a)							530				514,422
Windstream Escrow LLC/Windstream Escrow Finance Corp. 7.75%, 08/15/2028(a)							223				226,695
Zayo Group Holdings, Inc. 6.125%, 03/01/2028(a)							1,456				1,496,027
											24,364,848
Consumer Cyclical - Automotive – 2.5%
Adient Global Holdings Ltd. 4.875%, 08/15/2026(a)							200				205,080
Adient US LLC 9.00%, 04/15/2025(a)							989				1,099,133
Allison Transmission, Inc. 3.75%, 01/30/2031(a)							221				214,602
5.875%, 06/01/2029(a)							489				534,665
American Axle & Manufacturing, Inc. 6.25%, 04/01/2025							274				282,277
6.875%, 07/01/2028							912				956,559

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    17

PORTFOLIO OF INVESTMENTS (continued)

				Principal Amount (000)				U.S. $ Value
Aston Martin Capital Holdings Ltd. 10.50%, 11/30/2025(a)		U.S.$			1,095			$	1,194,983
15.00% (8.89% Cash and 6.11% PIK), 11/30/2026(a)(f)					1,851				2,032,629
Clarios Global LP/Clarios US Finance Co. 6.25%, 05/15/2026(a)					210				223,003
Dana Financing Luxembourg SARL 5.75%, 04/15/2025(a)					109				112,398
Dana, Inc. 5.375%, 11/15/2027					109				114,793
5.625%, 06/15/2028					182				194,655
Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028(a)					1,116				1,180,560
Exide Technologies (Exchange Priority) 11.00%, 10/31/2024(b)(c)(d)(g)					2,940				– 0	–
(First Lien) 11.00%, 10/31/2024(b)(c)(d)(g)					1,207				– 0	–
Ford Motor Co. 5.291%, 12/08/2046					219				230,012
8.50%, 04/21/2023					1,891				2,108,523
9.00%, 04/22/2025					720				871,606
Ford Motor Credit Co. LLC 3.35%, 11/01/2022					221				225,195
3.37%, 11/17/2023					220				225,572
3.81%, 01/09/2024					200				206,317
4.14%, 02/15/2023					217				225,205
4.271%, 01/09/2027					215				223,771
4.687%, 06/09/2025					200				212,382
5.584%, 03/18/2024					207				223,528
Garrett LX I SARL/Garrett Borrowing LLC 5.13%, 10/15/2026(a)(d)(i)		EUR			1,083				1,359,742
Goodyear Tire & Rubber Co. (The) 4.875%, 03/15/2027		U.S.$			222				227,797
IHO Verwaltungs GmbH 3.625% (3.625% Cash or 4.375% PIK), 05/15/2025(a)(f)		EUR			284				338,943
3.875% (3.875% Cash or 4.625% PIK), 05/15/2027(a)(f)					338				408,432
Jaguar Land Rover Automotive PLC 4.50%, 10/01/2027(a)		U.S.$			239				227,770
5.625%, 02/01/2023(a)					150				150,062
5.875%, 11/15/2024(a)		EUR			269				340,693
5.875%, 01/15/2028(a)		U.S.$			1,295				1,316,237
7.75%, 10/15/2025(a)					1,207				1,308,252
Meritor, Inc. 4.50%, 12/15/2028(a)					1,539				1,543,421

18    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
6.25%, 02/15/2024			U.S.$				260			$	264,447
6.25%, 06/01/2025(a)							409				436,482
Navistar International Corp. 6.625%, 11/01/2025(a)							18				18,712
PM General Purchaser LLC 9.50%, 10/01/2028(a)							938				1,001,604
Real Hero Merger Sub 2, Inc. 6.25%, 02/01/2029(a)							480				494,985
Tenneco, Inc. 5.00%, 07/15/2024(a)			EUR				300				360,605
5.00%, 07/15/2026			U.S.$				1,693				1,603,738
7.875%, 01/15/2029(a)							800				897,634
Titan International, Inc. 6.50%, 11/30/2023							862				874,042
ZF North America Capital, Inc. 4.50%, 04/29/2022(a)							216				221,636
4.75%, 04/29/2025(a)							721				773,940
											27,266,622
Consumer Cyclical - Entertainment – 2.5%
Carnival Corp. 5.75%, 03/01/2027(a)							958				980,753
7.625%, 03/01/2026(a)			EUR				621				786,916
9.875%, 08/01/2027(a)			U.S.$				661				776,602
11.50%, 04/01/2023(a)							1,470				1,677,867
Carnival PLC 1.00%, 10/28/2029			EUR				202				181,926
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.50%, 05/01/2025(a)			U.S.$				2,191				2,306,816
Cinemark USA, Inc. 4.875%, 06/01/2023							241				239,606
Mattel, Inc. 3.375%, 04/01/2026(a)							1,152				1,179,091
3.75%, 04/01/2029(a)							1,637				1,649,021
5.875%, 12/15/2027(a)							802				880,321
6.75%, 12/31/2025(a)							22				23,127
NCL Corp. Ltd. 5.875%, 03/15/2026(a)							2,055				2,075,290
Royal Caribbean Cruises Ltd. 5.50%, 04/01/2028(a)							4,425				4,447,125
10.875%, 06/01/2023(a)							1,315				1,508,344
11.50%, 06/01/2025(a)							2,370				2,749,200
SeaWorld Parks & Entertainment, Inc. 8.75%, 05/01/2025(a)							991				1,073,135
9.50%, 08/01/2025(a)							855				930,018

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    19

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
Silversea Cruise Finance Ltd. 7.25%, 02/01/2025(a)			U.S.$				1,409			$	1,457,975
Six Flags Theme Parks, Inc. 7.00%, 07/01/2025(a)							419				452,755
Vail Resorts, Inc. 6.25%, 05/15/2025(a)							302				321,853
Viking Cruises Ltd. 5.875%, 09/15/2027(a)							791				773,883
7.00%, 02/15/2029(a)							364				374,952
13.00%, 05/15/2025(a)							65				76,445
VOC Escrow Ltd. 5.00%, 02/15/2028(a)							1,061				1,049,989
											27,973,010
Consumer Cyclical - Other – 2.7%
Adams Homes, Inc. 7.50%, 02/15/2025(a)							800				837,680
Bally’s Corp. 6.75%, 06/01/2027(a)							1,095				1,175,525
Beazer Homes USA, Inc. 6.75%, 03/15/2025							1,228				1,267,206
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. 4.875%, 02/15/2030(a)							1,097				1,097,577
6.25%, 09/15/2027(a)							995				1,040,097
Builders FirstSource, Inc. 6.75%, 06/01/2027(a)							186				200,268
Caesars Entertainment, Inc. 6.25%, 07/01/2025(a)							1,201				1,280,706
Caesars Holdings, Inc. 5.00%, 10/01/2024(h)							121				302,299
Churchill Downs, Inc. 4.75%, 01/15/2028(a)							839				870,318
CP Atlas Buyer, Inc. 7.00%, 12/01/2028(a)							483				506,599
Diamond Resorts International, Inc. 7.75%, 09/01/2023(a)							219				227,983
Empire Communities Corp. 7.00%, 12/15/2025(a)							303				320,324
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, 11/15/2025(a)							1,969				2,060,136
Forestar Group, Inc. 8.00%, 04/15/2024(a)							590				615,571
Forterra Finance LLC/FRTA Finance Corp. 6.50%, 07/15/2025(a)							284				305,979

20    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

				Principal Amount (000)				U.S. $ Value
Hilton Domestic Operating Co., Inc. 3.625%, 02/15/2032(a)		U.S.$			1,025			$	995,037
5.375%, 05/01/2025(a)					229				241,353
5.75%, 05/01/2028(a)					246				265,310
Installed Building Products, Inc. 5.75%, 02/01/2028(a)					291				304,717
International Game Technology PLC 4.125%, 04/15/2026(a)					1,581				1,618,282
K. Hovnanian Enterprises, Inc. 10.00%, 07/15/2022(a)					352				355,468
KB Home 7.00%, 12/15/2021					536				549,462
7.50%, 09/15/2022					494				533,700
Marriott Ownership Resorts, Inc. 6.125%, 09/15/2025(a)					773				822,271
Marriott Ownership Resorts, Inc./ILG LLC 6.50%, 09/15/2026					1,250				1,305,187
Mattamy Group Corp. 4.625%, 03/01/2030(a)					224				222,679
5.25%, 12/15/2027(a)					444				466,192
MGM Resorts International 4.75%, 10/15/2028					52				53,695
5.75%, 06/15/2025					30				32,684
Picasso Finance Sub, Inc. 6.125%, 06/15/2025(a)					190				201,824
Scientific Games International, Inc. 5.00%, 10/15/2025(a)					426				441,082
7.00%, 05/15/2028(a)					172				183,914
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 02/15/2028-04/01/2029(a)					1,460				1,479,770
Stars Group Holdings BV/Stars Group US Co-Borrower LLC 7.00%, 07/15/2026(a)					241				252,041
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875%, 05/15/2025(a)					1,785				1,742,805
Taylor Morrison Communities, Inc. 5.75%, 01/15/2028(a)					510				561,612
5.875%, 06/15/2027(a)					628				693,414
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc. 5.875%, 04/15/2023(a)					875				929,688
Travel + Leisure Co. 4.625%, 03/01/2030(a)					839				869,038
6.625%, 07/31/2026(a)					637				722,780

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    21

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
Wyndham Hotels & Resorts, Inc. 5.375%, 04/15/2026(a)			U.S.$				25			$	25,648
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 4.25%, 05/30/2023(a)							120				122,111
5.25%, 05/15/2027(a)							45				47,126
5.50%, 03/01/2025(a)							736				777,185
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, 10/01/2029(a)							279				285,393
											29,209,736
Consumer Cyclical - Restaurants – 0.4%
1011778 BC ULC/New Red Finance, Inc. 3.50%, 02/15/2029(a)							224				217,840
3.875%, 01/15/2028(a)							220				222,528
4.375%, 01/15/2028(a)							520				522,618
IRB Holding Corp. 6.75%, 02/15/2026(a)							453				468,704
Yum! Brands, Inc. 3.625%, 03/15/2031							223				214,321
4.625%, 01/31/2032							1,952				1,993,864
4.75%, 01/15/2030(a)							207				218,708
											3,858,583
Consumer Cyclical - Retailers – 1.9%
BCPE Ulysses Intermediate, Inc. 7.75% (7.75% Cash or 8.50% PIK), 04/01/2027(a)(f)							518				537,254
Beacon Roofing Supply, Inc. 4.875%, 11/01/2025(a)							123				125,540
Bed Bath & Beyond, Inc. 5.165%, 08/01/2044							263				239,361
Burlington Coat Factory Warehouse Corp. 6.25%, 04/15/2025(a)							142				151,015
Dufry One BV 2.50%, 10/15/2024(a)			EUR				1,260				1,453,298
eG Global Finance PLC 6.75%, 02/07/2025(a)			U.S.$				218				223,121
FirstCash, Inc. 4.625%, 09/01/2028(a)							262				267,538
Foundation Building Materials, Inc. 6.00%, 03/01/2029(a)							246				242,883
Hanesbrands, Inc. 4.625%, 05/15/2024(a)							213				225,893
4.875%, 05/15/2026(a)							208				223,135
L Brands, Inc. 5.25%, 02/01/2028							11				11,802

22    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
6.75%, 07/01/2036			U.S.$				322			$	380,414
6.875%, 07/01/2025(a)							158				175,451
6.875%, 11/01/2035							743				882,384
7.50%, 06/15/2029							107				121,609
7.60%, 07/15/2037							261				302,873
9.375%, 07/01/2025(a)							272				339,447
LBM Acquisition LLC 6.25%, 01/15/2029(a)							222				228,660
Levi Strauss & Co. 3.50%, 03/01/2031(a)							438				422,902
5.00%, 05/01/2025							90				91,731
Lithia Motors, Inc. 4.375%, 01/15/2031(a)			.				210				218,140
Macy’s Retail Holdings LLC 2.875%, 02/15/2023							123				123,864
3.625%, 06/01/2024							57				57,038
5.875%, 04/01/2029(a)							75				77,013
Murphy Oil USA, Inc. 5.625%, 05/01/2027							69				72,435
NMG Holding Co., Inc. /Neiman Marcus Group LLC 7.125%, 04/01/2026(a)							433				442,674
Penske Automotive Group, Inc. 3.50%, 09/01/2025							795				812,162
5.50%, 05/15/2026							165				170,013
PetSmart, Inc./PetSmart Finance Corp. 4.75%, 02/15/2028(a)							625				639,210
7.75%, 02/15/2029(a)							1,219				1,317,835
Rite Aid Corp. 7.50%, 07/01/2025(a)							1,382				1,435,500
8.00%, 11/15/2026(a)							214				224,700
Sonic Automotive, Inc. 6.125%, 03/15/2027							817				849,505
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.375%, 09/30/2026(a)							1,953				2,019,479
Staples, Inc. 7.50%, 04/15/2026(a)							842				890,192
10.75%, 04/15/2027(a)							1,480				1,461,758
TPro Acquisition Corp. 11.00%, 10/15/2024(a)							1,062				1,164,156
White Cap Buyer LLC 6.875%, 10/15/2028(a)							1,613				1,714,736
White Cap Parent LLC 8.25%, 03/15/2026(a)(f)							329				342,854
William Carter Co. (The) 5.50%, 05/15/2025(a)							438				467,675
											21,147,250

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    23

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
Consumer Non-Cyclical – 4.0%
Acadia Healthcare Co., Inc. 5.50%, 07/01/2028(a)			U.S.$				881			$	929,156
AdaptHealth LLC 4.625%, 08/01/2029(a)							1,369				1,361,786
6.125%, 08/01/2028(a)							288				305,309
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 4.625%, 01/15/2027(a)							615				637,162
4.875%, 02/15/2030(a)							424				435,457
5.75%, 03/15/2025							113				116,683
5.875%, 02/15/2028(a)							99				105,548
7.50%, 03/15/2026(a)							201				221,967
Avantor Funding, Inc. 4.625%, 07/15/2028(a)							212				221,705
B&G Foods, Inc. 5.25%, 04/01/2025-09/15/2027							431				446,075
Bausch Health Americas, Inc. 8.50%, 01/31/2027(a)							767				849,518
Bausch Health Cos., Inc. 6.125%, 04/15/2025(a)							507				519,714
7.25%, 05/30/2029(a)							254				282,861
CD&R Smokey Buyer, Inc. 6.75%, 07/15/2025(a)							72				77,171
Charles River Laboratories International, Inc. 3.75%, 03/15/2029(a)							770				773,441
4.00%, 03/15/2031(a)							731				744,347
4.25%, 05/01/2028(a)							213				220,706
CHS/Community Health Systems, Inc. 4.75%, 02/15/2031(a)							693				676,571
5.625%, 03/15/2027(a)							631				660,931
6.00%, 01/15/2029(a)							326				345,069
6.625%, 02/15/2025(a)							215				227,641
6.875%, 04/01/2028-04/15/2029(a)							2,114				2,129,219
8.125%, 06/30/2024(a)							635				667,032
Cidron Aida Finco Sarl 5.00%, 04/01/2028(a)			EUR				236				280,231
DaVita, Inc. 3.75%, 02/15/2031(a)			U.S.$				1,000				952,963
4.625%, 06/01/2030(a)							211				214,893
Edgewell Personal Care Co. 5.50%, 06/01/2028(a)							209				220,723
Elanco Animal Health, Inc. 5.272%, 08/28/2023							127				136,679
5.90%, 08/28/2028							190				215,071
Emergent BioSolutions, Inc. 3.875%, 08/15/2028(a)							135				132,311

24    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

				Principal Amount (000)				U.S. $ Value
Encompass Health Corp. 4.50%, 02/01/2028		U.S.$			213			$	218,020
4.75%, 02/01/2030					211				217,176
Endo Dac/Endo Finance LLC/Endo Finco, Inc. 6.00%, 06/30/2028(a)					920				755,474
9.50%, 07/31/2027(a)					812				882,035
Endo Luxembourg Finance Co. I Sarl/Endo US, Inc. 6.125%, 04/01/2029(a)					514				517,457
Envision Healthcare Corp. 8.75%, 10/15/2026(a)					1,208				903,081
Global Medical Response, Inc. 6.50%, 10/01/2025(a)					495				514,400
HCA, Inc. 5.375%, 02/01/2025-09/01/2026					344				386,554
5.625%, 09/01/2028					190				218,437
5.875%, 02/15/2026-02/01/2029					382				442,016
IQVIA, Inc. 2.25%, 03/15/2029(a)		EUR			862				1,010,856
5.00%, 10/15/2026-05/15/2027(a)		U.S.$			427				447,110
JBS Investments II GmbH 7.00%, 01/15/2026(a)					200				212,958
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. 5.50%, 01/15/2030(a)					197				217,685
6.50%, 04/15/2029(a)					195				219,862
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. 7.00%, 12/31/2027(a)					2,451				2,349,212
Lamb Weston Holdings, Inc. 4.625%, 11/01/2024(a)					407				422,288
4.875%, 11/01/2026(a)					216				223,927
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 5.50%, 04/15/2025(a)(d)(i)					125				85,288
5.63%, 10/15/2023(a)(d)(i)					311				217,032
ModivCare, Inc. 5.875%, 11/15/2025(a)					188				198,083
Newell Brands, Inc. 4.35%, 04/01/2023					130				137,033
4.70%, 04/01/2026					893				984,874
4.875%, 06/01/2025					282				311,315
Par Pharmaceutical, Inc. 7.50%, 04/01/2027(a)					949				1,008,665
Pilgrim’s Pride Corp. 5.75%, 03/15/2025(a)					120				122,568

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    25

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
5.875%, 09/30/2027(a)			U.S.$				208			$	222,882
Post Holdings, Inc. 4.50%, 09/15/2031(a)							1,870				1,854,006
4.625%, 04/15/2030(a)							821				823,072
5.50%, 12/15/2029(a)							205				219,917
5.625%, 01/15/2028(a)							798				842,146
Radiology Partners, Inc. 9.25%, 02/01/2028(a)							1,599				1,750,314
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. 9.75%, 12/01/2026(a)							775				838,940
RP Escrow Issuer LLC 5.25%, 12/15/2025(a)							399				412,903
Spectrum Brands, Inc. 3.875%, 03/15/2031(a)							1,369				1,339,563
4.00%, 10/01/2026(a)			EUR				530				635,354
Sunshine Mid BV 6.50%, 05/15/2026(a)							823				999,849
Teleflex, Inc. 4.25%, 06/01/2028(a)			U.S.$				212				219,468
4.625%, 11/15/2027							203				215,824
Tenet Healthcare Corp. 4.625%, 07/15/2024							103				105,140
4.625%, 09/01/2024(a)							181				186,410
6.125%, 10/01/2028(a)							505				526,124
6.75%, 06/15/2023							224				242,789
7.50%, 04/01/2025(a)							205				221,224
Triton Water Holdings, Inc. 6.25%, 04/01/2029(a)							696				709,567
US Acute Care Solutions LLC 6.375%, 03/01/2026(a)							269				279,003
US Foods, Inc. 4.75%, 02/15/2029(a)							2,051				2,057,044
US Renal Care, Inc. 10.625%, 07/15/2027(a)							791				870,188
Vector Group Ltd. 5.75%, 02/01/2029(a)							119				122,668
Vizient, Inc. 6.25%, 05/15/2027(a)							222				235,436
											44,261,177
Energy – 6.8%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375%, 09/15/2024							231				233,162
7.875%, 05/15/2026(a)							189				203,218
Antero Resources Corp. 5.625%, 06/01/2023							236				236,767

26    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

				Principal Amount (000)				U.S. $ Value
7.625%, 02/01/2029(a)		U.S.$			320			$	340,466
8.375%, 07/15/2026(a)					887				977,488
Apache Corp. 4.25%, 01/15/2044					60				53,987
4.625%, 11/15/2025					214				220,528
4.875%, 11/15/2027					171				175,180
Ascent Resources Utica Holdings LLC/ARU Finance Corp. 7.00%, 11/01/2026(a)					142				141,954
Baytex Energy Corp. 8.75%, 04/01/2027(a)					133				120,904
Berry Petroleum Co. LLC 7.00%, 02/15/2026(a)					471				455,543
Blue Racer Midstream LLC/Blue Racer Finance Corp. 6.625%, 07/15/2026(a)					284				292,279
7.625%, 12/15/2025(a)					472				508,626
Callon Petroleum, Co. 6.25%, 04/15/2023					296				263,223
8.25%, 07/15/2025					301				259,613
9.00%, 04/01/2025(a)					1,361				1,374,801
Calumet Specialty Products Partners LP/Calumet Finance Corp. 11.00%, 04/15/2025(a)					223				234,087
Cheniere Energy Partners LP 4.50%, 10/01/2029					603				625,864
Citgo Holding, Inc. 9.25%, 08/01/2024(a)					478				479,198
CITGO Petroleum Corp. 6.375%, 06/15/2026(a)					471				475,067
7.00%, 06/15/2025(a)					1,781				1,831,544
CNX Resources Corp. 6.00%, 01/15/2029(a)					903				938,081
7.25%, 03/14/2027(a)					218				234,087
Comstock Resources, Inc. 6.75%, 03/01/2029(a)					794				827,217
7.50%, 05/15/2025(a)					348				361,256
9.75%, 08/15/2026					1,002				1,089,651
CVR Energy, Inc. 5.25%, 02/15/2025(a)					246				240,029
DCP Midstream LLC 5.85%, 05/21/2043(a)					257				229,497
DCP Midstream Operating LP 5.125%, 05/15/2029					53				56,351
5.375%, 07/15/2025					206				223,375
5.625%, 07/15/2027					86				93,329

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    27

PORTFOLIO OF INVESTMENTS (continued)

				Principal Amount (000)				U.S. $ Value
Diamond Offshore Drilling, Inc. 7.875%, 08/15/2025(d)(i)		U.S.$			2,725			$	468,613
Endeavor Energy Resources LP/EER Finance, Inc. 5.50%, 01/30/2026(a)					218				226,593
EnLink Midstream LLC 5.625%, 01/15/2028(a)					1,162				1,123,496
EnLink Midstream Partners LP 4.40%, 04/01/2024					127				128,186
5.05%, 04/01/2045					537				413,015
5.45%, 06/01/2047					356				286,987
5.60%, 04/01/2044					104				86,026
Series C 6.00%, 12/15/2022(j)					2,734				1,696,035
EQM Midstream Partners LP 4.50%, 01/15/2029(a)					742				723,366
4.75%, 01/15/2031(a)					707				686,052
6.50%, 07/15/2048					143				142,978
EQT Corp. 3.90%, 10/01/2027					515				525,310
7.625%, 02/01/2025					72				82,847
8.50%, 02/01/2030					180				229,520
Genesis Energy LP/Genesis Energy Finance Corp. 5.625%, 06/15/2024					412				403,302
6.25%, 05/15/2026					222				211,534
6.50%, 10/01/2025					650				637,806
7.75%, 02/01/2028					899				898,947
8.00%, 01/15/2027					1,137				1,150,707
Global Partners LP/GLP Finance Corp. 6.875%, 01/15/2029					439				471,028
7.00%, 08/01/2027					485				511,650
Gulfport Energy Corp. 6.00%, 10/15/2024(d)(i)					589				531,594
6.38%, 05/15/2025-01/15/2026(d)(i)					3,257				2,946,360
6.625%, 05/01/2023(d)(i)					161				144,796
Hess Midstream Operations LP 5.625%, 02/15/2026(a)					1,707				1,757,959
HighPoint Operating Corp. 7.00%, 10/15/2022(d)(i)					227				127,047
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 02/01/2029(a)					420				423,436
6.00%, 02/01/2031(a)					420				426,032
6.25%, 11/01/2028(a)					220				226,408
Indigo Natural Resources LLC 5.375%, 02/01/2029(a)					758				746,667

28    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

				Principal Amount (000)				U.S. $ Value
Ithaca Energy North Sea PLC 9.375%, 07/15/2024(a)		U.S.$			679			$	680,136
KLX Energy Services Holdings, Inc. 11.50%, 11/01/2025(a)					123				84,868
Laredo Petroleum, Inc. 9.50%, 01/15/2025					266				256,187
Matador Resources Co. 5.875%, 09/15/2026					240				233,820
MEG Energy Corp. 7.125%, 02/01/2027(a)					218				228,005
Moss Creek Resources Holdings, Inc. 7.50%, 01/15/2026(a)					1,638				1,318,891
Murphy Oil Corp. 5.75%, 08/15/2025					227				226,760
5.875%, 12/01/2027					233				228,525
6.375%, 07/15/2028					53				53,032
6.875%, 08/15/2024					61				62,269
Nabors Industries Ltd. 7.25%, 01/15/2026(a)					533				449,101
7.50%, 01/15/2028(a)					2,085				1,712,632
Neptune Energy Bondco PLC 6.625%, 05/15/2025(a)					200				200,207
New Fortress Energy, Inc. 6.75%, 09/15/2025(a)					1,802				1,851,500
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.50%, 02/01/2026(a)					2,003				2,058,987
NGL Energy Partners LP/NGL Energy Finance Corp. 7.50%, 11/01/2023					1,291				1,247,791
Occidental Petroleum Corp. 2.70%, 02/15/2023					718				716,519
2.90%, 08/15/2024					721				712,071
3.40%, 04/15/2026					109				106,058
3.50%, 06/15/2025					599				592,894
5.50%, 12/01/2025					158				167,076
5.875%, 09/01/2025					245				261,473
6.125%, 01/01/2031					365				402,433
6.375%, 09/01/2028					215				235,989
6.45%, 09/15/2036					221				243,486
6.625%, 09/01/2030					210				236,085
7.50%, 05/01/2031					203				236,731
8.00%, 07/15/2025					387				444,014
8.50%, 07/15/2027					184				218,288
8.875%, 07/15/2030					184				232,104
Parkland Corp./Canada 6.00%, 04/01/2026(a)					1,147				1,198,684

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    29

PORTFOLIO OF INVESTMENTS (continued)

				Principal Amount (000)				U.S. $ Value
PBF Holding Co. LLC/PBF Finance Corp. 6.00%, 02/15/2028		U.S.$			81			$	59,834
7.25%, 06/15/2025					326				265,139
9.25%, 05/15/2025(a)					1,753				1,791,130
PDC Energy, Inc. 5.75%, 05/15/2026					2,013				2,093,921
6.125%, 09/15/2024					1,185				1,217,024
Range Resources Corp. 4.875%, 05/15/2025					97				96,028
5.00%, 03/15/2023					139				141,471
8.25%, 01/15/2029(a)					624				667,815
Rockies Express Pipeline LLC 6.875%, 04/15/2040(a)					125				135,839
SM Energy Co. 5.00%, 01/15/2024					525				492,766
5.625%, 06/01/2025					2,497				2,310,487
Southwestern Energy Co. 6.45%, 01/23/2025					216				232,219
7.50%, 04/01/2026					213				225,493
8.375%, 09/15/2028					429				470,998
Sunoco LP/Sunoco Finance Corp. 5.50%, 02/15/2026					79				81,397
5.875%, 03/15/2028					964				1,013,228
6.00%, 04/15/2027					152				158,980
Talos Production, Inc. 12.00%, 01/15/2026(a)					1,533				1,497,619
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.00%, 01/15/2032(a)					1,480				1,396,480
5.50%, 03/01/2030					198				207,867
5.875%, 04/15/2026					212				222,146
TechnipFMC PLC 6.50%, 02/01/2026(a)					132				137,749
TerraForm Power Operating LLC 4.75%, 01/15/2030(a)					207				214,835
Transocean Guardian Ltd. 5.875%, 01/15/2024(a)					94				82,580
Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024(a)					1,300				1,257,943
Transocean Pontus Ltd. 6.125%, 08/01/2025(a)					202				192,430
Transocean Poseidon Ltd. 6.875%, 02/01/2027(a)					253				233,255
Transocean, Inc. 7.25%, 11/01/2025(a)					359				229,676
7.50%, 01/15/2026(a)					762				485,041
11.50%, 01/30/2027(a)					445				381,456

30    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
USA Compression Partners LP/USA Compression Finance Corp. 6.875%, 09/01/2027			U.S.$				263			$	270,934
Vantage Drilling International 7.125%, 04/01/2023(b)(c)(d)							1,283				– 0	–
7.50%, 11/01/2019(b)(c)(d)(e)							2,176				– 0	–
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp. 8.75%, 04/15/2023(a)							4,154				4,416,664
Weatherford International Ltd. 8.75%, 09/01/2024(a)							223				232,797
Western Midstream Operating LP 3.95%, 06/01/2025							264				270,886
4.00%, 07/01/2022							277				284,000
4.35%, 02/01/2025							569				588,529
4.50%, 03/01/2028							216				224,062
4.75%, 08/15/2028							453				473,289
5.30%, 02/01/2030							603				654,495
5.45%, 04/01/2044							193				198,011
6.50%, 02/01/2050							212				229,079
											74,962,877
Other Industrial – 0.3%
AECOM 5.125%, 03/15/2027							252				274,169
5.875%, 10/15/2024							203				228,088
American Builders & Contractors Supply Co., Inc. 5.875%, 05/15/2026(a)							214				220,967
Avient Corp. 5.75%, 05/15/2025(a)							400				424,972
IAA, Inc. 5.50%, 06/15/2027(a)							315				330,219
Interface, Inc. 5.50%, 12/01/2028(a)							258				266,746
KAR Auction Services, Inc. 5.125%, 06/01/2025(a)							674				685,929
Laureate Education, Inc. 8.25%, 05/01/2025(a)							839				878,410
Stena AB 7.00%, 02/01/2024(a)							225				224,688
											3,534,188
Services – 2.2%
ADT Security Corp. (The) 4.125%, 06/15/2023							83				86,275
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.625%, 07/15/2026(a)							312				330,819

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    31

PORTFOLIO OF INVESTMENTS (continued)

				Principal Amount (000)				U.S. $ Value
9.75%, 07/15/2027(a)		U.S.$			2,083			$	2,286,587
ANGI Group LLC 3.875%, 08/15/2028(a)					2,430				2,426,491
Aptim Corp. 7.75%, 06/15/2025(a)					1,424				1,214,644
APX Group, Inc. 6.75%, 02/15/2027(a)					265				284,137
7.875%, 12/01/2022					911				914,650
Aramark Services, Inc. 5.00%, 04/01/2025-02/01/2028(a)					763				790,224
6.375%, 05/01/2025(a)					569				603,162
Carlson Travel, Inc. 6.75%, 12/15/2025(a)					782				717,485
10.50%, 03/31/2025(g)					138				143,900
Carriage Services, Inc. 6.625%, 06/01/2026(a)					698				732,900
Cars.com, Inc. 6.375%, 11/01/2028(a)					830				865,409
eDreams ODIGEO SA 5.50%, 09/01/2023(a)		EUR			478				545,448
Garda World Security Corp. 9.50%, 11/01/2027(a)		U.S.$			1,474				1,630,552
Gartner, Inc. 3.75%, 10/01/2030(a)					215				212,935
4.50%, 07/01/2028(a)					512				527,859
Jaguar Holding Co. II/PPD Development LP 4.625%, 06/15/2025(a)					200				208,258
Korn Ferry 4.625%, 12/15/2027(a)					586				596,987
Monitronics International, Inc. 0.00%, 04/01/2020(b)(c)(d)(e)					958				– 0	–
MPH Acquisition Holdings LLC 5.75%, 11/01/2028(a)					3,454				3,367,583
Nielsen Finance LLC/Nielsen Finance Co. 5.625%, 10/01/2028(a)					106				111,500
5.875%, 10/01/2030(a)					85				92,103
Prime Security Services Borrower LLC/Prime Finance, Inc. 5.25%, 04/15/2024(a)					25				26,672
6.25%, 01/15/2028(a)					584				607,922
Ritchie Bros Auctioneers, Inc. 5.375%, 01/15/2025(a)					366				376,516
Sabre GLBL, Inc. 9.25%, 04/15/2025(a)					378				451,516
Service Corp. International/US 3.375%, 08/15/2030					1,114				1,087,436

32    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
TripAdvisor, Inc. 7.00%, 07/15/2025(a)			U.S.$				422			$	456,286
Verisure Midholding AB 5.25%, 02/15/2029(a)			EUR				954				1,156,821
Verscend Escrow Corp. 9.75%, 08/15/2026(a)			U.S.$				1,075				1,152,443
											24,005,520
Technology – 2.5%
Austin BidCo, Inc. 7.125%, 12/15/2028(a)							210				214,847
Avaya, Inc. 6.125%, 09/15/2028(a)							2,343				2,489,416
Banff Merger Sub, Inc. 9.75%, 09/01/2026(a)							2,564				2,729,785
Cablevision Lightpath LLC 5.625%, 09/15/2028(a)							1,060				1,075,577
CDK Global, Inc. 5.875%, 06/15/2026							214				221,956
CDW LLC/CDW Finance Corp. 4.125%, 05/01/2025							681				708,442
CommScope, Inc. 5.50%, 03/01/2024(a)							570				587,747
6.00%, 03/01/2026(a)							500				527,085
LogMeIn, Inc. 5.50%, 09/01/2027(a)							551				576,783
Microchip Technology, Inc. 4.25%, 09/01/2025(a)							612				639,540
NCR Corp. 5.125%, 04/15/2029(a)							3,420				3,452,342
5.75%, 09/01/2027(a)							295				311,794
6.125%, 09/01/2029(a)							227				240,899
8.125%, 04/15/2025(a)							352				385,357
Open Text Holdings, Inc. 4.125%, 02/15/2030(a)							214				216,923
Pitney Bowes, Inc. 6.875%, 03/15/2027(a)							485				483,066
Playtika Holding Corp. 4.25%, 03/15/2029(a)							1,117				1,100,494
Presidio Holdings, Inc. 4.875%, 02/01/2027(a)							98				100,326
8.25%, 02/01/2028(a)							154				168,751
PTC, Inc. 3.625%, 02/15/2025(a)							219				224,499
Qorvo, Inc. 3.375%, 04/01/2031(a)							219				214,493
4.375%, 10/15/2029							206				220,210
Science Applications International Corp. 4.875%, 04/01/2028(a)							105				108,530

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    33

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
Seagate HDD Cayman 4.091%, 06/01/2029(a)			U.S.$				1,573			$	1,604,387
4.75%, 06/01/2023							211				225,064
4.875%, 03/01/2024							209				224,339
Sensata Technologies BV 4.00%, 04/15/2029(a)							390				399,176
Sensata Technologies, Inc. 3.75%, 02/15/2031(a)							1,100				1,085,293
Solera LLC/Solera Finance, Inc. 10.50%, 03/01/2024(a)							1,941				2,003,040
SS&C Technologies, Inc. 5.50%, 09/30/2027(a)							209				222,337
TTM Technologies, Inc. 4.00%, 03/01/2029(a)							983				970,712
Veritas US, Inc./Veritas Bermuda Ltd. 7.50%, 09/01/2025(a)							2,981				3,099,169
10.50%, 02/01/2024(a)(k)							662				679,785
Xerox Holdings Corp. 5.50%, 08/15/2028(a)							214				221,592
											27,733,756
Transportation - Airlines – 0.3%
American Airlines, Inc. 11.75%, 07/15/2025(a)							196				242,355
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%, 04/20/2026(a)							1,111				1,155,631
5.75%, 04/20/2029(a)							975				1,037,144
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. 5.75%, 01/20/2026(a)							507				537,770
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 09/20/2025(a)							735				830,865
											3,803,765
Transportation - Services – 0.5%
AerCap Global Aviation Trust  6.50%, 06/15/2045(a)							200				208,521
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 4.75%, 04/01/2028(a)							175				178,107
5.375%, 03/01/2029(a)							582				606,088
5.75%, 07/15/2027(a)							1,031				1,071,134
Fortress Transportation and Infrastructure Investors LLC 6.50%, 10/01/2025(a)							217				226,895
Herc Holdings, Inc. 5.50%, 07/15/2027(a)							181				192,536

34    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
Modulaire Global Finance PLC 8.00%, 02/15/2023(a)			U.S.$				1,821			$	1,855,968
United Rentals North America, Inc. 3.875%, 02/15/2031							215				216,178
4.00%, 07/15/2030							214				217,823
5.50%, 05/15/2027							418				445,743
XPO Logistics, Inc. 6.75%, 08/15/2024(a)							262				274,991
											5,493,984
											417,072,326
Financial Institutions – 6.1%
Banking – 2.2%
Alliance Data Systems Corp. 4.75%, 12/15/2024(a)							1,253				1,288,056
7.00%, 01/15/2026(a)							600				642,120
Banco Bilbao Vizcaya Argentaria SA 5.875%, 05/24/2022(a)(j)			EUR				400				487,424
Series 9 6.50%, 03/05/2025(j)			U.S.$				1,200				1,297,587
Banco Santander SA 6.75%, 04/25/2022(a)(j)			EUR				2,000				2,470,158
CaixaBank SA 5.875%, 10/09/2027(a)(j)							1,000				1,322,360
Citizens Financial Group, Inc. Series B 6.00%, 07/06/2023(j)			U.S.$				970				999,269
Credit Suisse Group AG 6.25%, 12/18/2024(a)(j)							1,404				1,494,906
6.375%, 08/21/2026(a)(j)							1,290				1,370,292
7.50%, 07/17/2023(a)(j)							1,820				1,922,573
Discover Financial Services Series D 6.125%, 06/23/2025(j)							3,470				3,849,886
Freedom Mortgage Corp. 7.625%, 05/01/2026(a)							219				229,348
8.25%, 04/15/2025(a)							215				223,805
Intesa Sanpaolo SpA 5.017%, 06/26/2024(a)							331				359,654
5.71%, 01/15/2026(a)							1,232				1,376,101
Societe Generale SA 8.00%, 09/29/2025(a)(j)							2,608				3,054,966
UniCredit SpA 9.25%, 06/03/2022(a)(j)			EUR				1,554				1,982,054
											24,370,559
Brokerage – 0.3%
Lehman Brothers Holdings, Inc. 6.875%, 05/02/2018(d)(e)			U.S.$				1,690				17,745

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    35

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
NFP Corp. 6.875%, 08/15/2028(a)			U.S.$				2,964			$	3,075,016
7.00%, 05/15/2025(a)							502				538,303
											3,631,064
Finance – 1.3%
AerCap Holdings NV 5.875%, 10/10/2079							300				302,953
Air Lease Corp. Series B 4.65%, 06/15/2026(j)							1,229				1,217,004
CNG Holdings, Inc. 12.50%, 06/15/2024(a)							861				823,468
Compass Group Diversified Holdings LLC 5.25%, 04/15/2029(a)							884				922,108
Curo Group Holdings Corp. 8.25%, 09/01/2025(a)							2,426				2,431,311
Enova International, Inc. 8.50%, 09/01/2024-09/15/2025(a)							1,456				1,509,447
Genworth Mortgage Holdings, Inc. 6.50%, 08/15/2025(a)							209				225,377
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 4.375%, 02/01/2029(a)							125				122,112
4.75%, 09/15/2024							218				226,511
5.25%, 05/15/2027							131				134,991
ILFC E-Capital Trust II 4.22% (H15T 30 Year + 1.80%), 12/21/2065(a)(l)							2,000				1,661,676
Lincoln Financing SARL 3.625%, 04/01/2024(a)			EUR				390				462,142
Navient Corp. 4.875%, 03/15/2028			U.S.$				1,046				1,023,909
5.00%, 03/15/2027							264				264,621
5.625%, 08/01/2033							135				126,513
6.50%, 06/15/2022							490				514,733
OneMain Finance Corp. 6.875%, 03/15/2025							35				39,839
8.875%, 06/01/2025							200				221,606
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. 3.625%, 03/01/2029(a)							225				217,568
3.875%, 03/01/2031(a)							220				212,236
SLM Corp. 4.20%, 10/29/2025							228				239,352
5.125%, 04/05/2022							605				620,896
TMX Finance LLC/TitleMax Finance Corp. 11.125%, 04/01/2023(a)							289				293,915

36    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
United Wholesale Mortgage LLC 5.50%, 04/15/2029(a)			U.S.$				212			$	211,905
											14,026,193
Insurance – 0.8%
Acrisure LLC/Acrisure Finance, Inc. 7.00%, 11/15/2025(a)							1,488				1,536,360
10.125%, 08/01/2026(a)							1,086				1,252,856
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 6.75%, 10/15/2027(a)							2,055				2,188,790
Ardonagh Midco 2 PLC 11.50% (11.50% Cash or 12.75% PIK), 01/15/2027(a)(f)							1,600				1,719,088
AssuredPartners, Inc. 5.625%, 01/15/2029(a)							2,110				2,147,114
HUB International Ltd. 7.00%, 05/01/2026(a)							292				303,188
											9,147,396
Other Finance – 0.5%
Intrum AB 2.75%, 07/15/2022(a)			EUR				60				69,804
3.00%, 09/15/2027(a)							360				410,134
3.125%, 07/15/2024(a)							489				574,548
3.50%, 07/15/2026(a)							705				825,116
4.875%, 08/15/2025							683				836,480
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. 6.75%, 06/01/2025(a)			U.S.$				2,094				2,139,429
											4,855,511
REITS – 1.0%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC 5.75%, 05/15/2026(a)							950				976,777
Diversified Healthcare Trust 6.75%, 12/15/2021							1,350				1,363,500
9.75%, 06/15/2025							953				1,078,508
Hospitality Properties Trust  4.50%, 06/15/2023							223				226,489
Howard Hughes Corp. (The) 5.375%, 08/01/2028(a)							210				220,348
Iron Mountain, Inc. 4.875%, 09/15/2027(a)							255				261,098
5.25%, 03/15/2028(a)							1,576				1,638,748

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    37

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 5.625%, 05/01/2024			U.S.$				207			$	222,458
5.75%, 02/01/2027							991				1,093,687
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer 7.50%, 06/01/2025(a)							207				226,418
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75%, 01/15/2029(a)							1,120				1,103,807
9.375%, 04/01/2027(a)							1,794				1,987,718
RHP Hotel Properties LP/RHP Finance Corp. 4.50%, 02/15/2029(a)							118				118,566
SBA Communications Corp. 3.875%, 02/15/2027							215				219,713
											10,737,835
											66,768,558
Utility – 0.6%
Electric – 0.5%
Calpine Corp. 3.75%, 03/01/2031(a)							226				215,414
5.125%, 03/15/2028(a)							528				531,883
NRG Energy, Inc. 6.625%, 01/15/2027							25				26,067
7.25%, 05/15/2026							1,754				1,826,355
PG&E Corp. 5.00%, 07/01/2028							210				221,925
5.25%, 07/01/2030							205				217,289
Talen Energy Supply LLC 6.50%, 06/01/2025							1,741				1,399,672
7.25%, 05/15/2027(a)							339				346,804
10.50%, 01/15/2026(a)							802				708,281
Texas Competitive/TCEH 11.50%, 10/01/2020(b)(c)(d)(e)							626				– 0	–
											5,493,690
Other Utility – 0.1%
Solaris Midstream Holdings LLC 7.625%, 04/01/2026(a)							1,467				1,500,019
											6,993,709
Total Corporates – Non-Investment Grade (cost $476,076,740)											490,834,593

38    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
CORPORATES – INVESTMENT GRADE – 10.2%
Financial Institutions – 6.5%
Banking – 4.4%
Ally Financial, Inc. 8.00%, 11/01/2031			U.S.$				39			$	53,671
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 5.375%, 04/17/2025(a)							847				951,012
Banco Santander SA 5.179%, 11/19/2025							400				454,764
Bank of America Corp. Series DD 6.30%, 03/10/2026(j)							3,043				3,489,033
Series Z 6.50%, 10/23/2024(j)							57				64,009
Barclays Bank PLC 6.86%, 06/15/2032(a)(j)							166				229,266
Barclays PLC 7.125%, 06/15/2025(j)			GBP				404				627,292
7.25%, 03/15/2023(a)(j)							219				325,800
7.875%, 03/15/2022(a)(j)			U.S.$				243				255,828
BNP Paribas SA 6.75%, 03/14/2022(a)(j)							418				434,886
CIT Group, Inc. 3.929%, 06/19/2024							364				384,481
Citigroup, Inc. 3.875%, 02/18/2026(j)							517				514,359
5.95%, 01/30/2023(j)							2,689				2,822,110
Series U 5.00%, 09/12/2024(j)							105				108,226
Series V 4.70%, 01/30/2025(j)							437				440,563
Series W 4.00%, 12/10/2025(j)							413				416,554
Comerica, Inc. 5.625%, 07/01/2025(j)							2,340				2,578,893
Credit Agricole SA 8.125%, 12/23/2025(a)(j)							1,909				2,304,607
Danske Bank A/S Series E 5.875%, 04/06/2022(a)(j)			EUR				1,096				1,338,096
Fifth Third Bancorp Series L 4.50%, 09/30/2025(j)			U.S.$				235				250,143
Goldman Sachs Group, Inc. (The) Series O 5.30%, 11/10/2026(j)							157				173,193

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    39

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
Series P 5.00%, 11/10/2022(j)			U.S.$				1,429			$	1,417,919
HSBC Holdings PLC 6.00%, 09/29/2023(a)(j)			EUR				1,819				2,324,936
Series E 4.75%, 07/04/2029(a)(j)							1,595				2,062,060
ING Groep NV 6.50%, 04/16/2025(j)			U.S.$				520				572,842
6.875%, 04/16/2022(a)(j)							250				260,364
JPMorgan Chase & Co. Series V 3.558% (LIBOR 3 Month + 3.32%), 07/01/2021(j)(l)							210				208,354
Lloyds Banking Group PLC 6.413%, 10/01/2035(a)(j)							235				293,595
6.657%, 05/21/2037(a)(j)							98				125,766
7.625%, 06/27/2023(a)(j)			GBP				1,760				2,643,491
Natwest Group PLC 8.625%, 08/15/2021(j)			U.S.$				3,518				3,612,002
Series U 2.574% (LIBOR 3 Month + 2.32%), 09/30/2027(j)(l)							1,100				1,087,423
Nordea Bank Abp 6.625%, 03/26/2026(a)(j)							3,065				3,519,351
Regions Bank/Birmingham AL 6.45%, 06/26/2037							1,500				2,004,087
Standard Chartered PLC 7.50%, 04/02/2022(a)(j)							1,269				1,328,253
7.75%, 04/02/2023(a)(j)							440				477,503
Swedbank AB Series NC5 5.625%, 09/17/2024(a)(j)							1,000				1,070,000
Truist Financial Corp. Series P 4.95%, 09/01/2025(j)							2,201				2,381,047
Series Q 5.10%, 03/01/2030(j)							855				932,395
UBS Group AG 7.00%, 02/19/2025(a)(j)							2,492				2,844,892
UniCredit SpA 5.861%, 06/19/2032(a)							201				222,502
7.296%, 04/02/2034(a)							200				235,797
											47,841,365
Brokerage – 0.1%
Charles Schwab Corp. (The) Series I 4.00%, 06/01/2026(j)							1,251				1,270,422

40    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
Finance – 0.4%
Aircastle Ltd. 2.85%, 01/26/2028(a)			U.S.$				247			$	235,596
4.25%, 06/15/2026							33				34,750
5.25%, 08/11/2025(a)							2,239				2,439,434
Aviation Capital Group LLC 3.50%, 11/01/2027(a)							295				303,317
4.125%, 08/01/2025(a)							395				420,757
4.375%, 01/30/2024(a)							29				30,842
4.875%, 10/01/2025(a)							319				348,179
											3,812,875
Insurance – 1.4%
Allstate Corp. (The) 6.50%, 05/15/2057							1,657				2,138,319
American International Group, Inc. 6.82%, 11/15/2037							1,425				1,922,221
Centene Corp. 3.375%, 02/15/2030							214				216,079
4.625%, 12/15/2029							205				221,931
5.375%, 08/15/2026(a)							595				628,668
Liberty Mutual Group, Inc. 7.80%, 03/15/2037(a)							2,559				3,257,254
MetLife, Inc. 10.75%, 08/01/2039							2,350				3,955,067
Prudential Financial, Inc. 5.20%, 03/15/2044							340				362,248
5.625%, 06/15/2043							1,082				1,158,579
Radian Group, Inc. 6.625%, 03/15/2025							110				123,381
Transatlantic Holdings, Inc. 8.00%, 11/30/2039							1,261				1,868,465
											15,852,212
Other Finance – 0.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust  4.45%, 04/03/2026							235				254,750
REITS – 0.2%
MPT Operating Partnership LP/MPT Finance Corp. 4.625%, 08/01/2029							342				360,012
5.00%, 10/15/2027							344				362,144
5.25%, 08/01/2026							137				141,763
Spirit Realty LP 4.45%, 09/15/2026							21				23,283

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    41

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
Trust Fibra Uno 4.869%, 01/15/2030(a)			U.S.$				1,623			$	1,751,582
											2,638,784
											71,670,408
Industrial – 3.7%
Basic – 0.8%
ArcelorMittal SA 3.60%, 07/16/2024							113				119,103
4.55%, 03/11/2026							202				224,803
7.00%, 03/01/2041							362				487,833
7.25%, 10/15/2039							624				850,051
Arconic Corp. 6.00%, 05/15/2025(a)							889				958,319
Georgia-Pacific LLC 8.875%, 05/15/2031							1				1,532
Glencore Finance Canada Ltd. 6.00%, 11/15/2041(a)							272				341,992
GUSAP III LP 4.25%, 01/21/2030(a)							616				648,340
Industrias Penoles SAB de CV 5.65%, 09/12/2049(a)							386				445,347
MEGlobal Canada ULC 5.875%, 05/18/2030(a)							343				414,426
Minsur SA 6.25%, 02/07/2024(a)							891				985,112
OCP SA 5.625%, 04/25/2024(a)							524				567,990
Smurfit Kappa Treasury Funding DAC 7.50%, 11/20/2025							238				293,632
Suzano Austria GmbH 7.00%, 03/16/2047(a)							446				571,990
Vale Overseas Ltd. 3.75%, 07/08/2030							197				206,209
WestRock MWV LLC 7.95%, 02/15/2031							1,000				1,367,820
											8,484,499
Capital Goods – 0.2%
General Electric Co. Series D 3.514% (LIBOR 3 Month + 3.33%), 06/15/2021(j)(l)							1,681				1,586,104
Howmet Aerospace, Inc. 5.90%, 02/01/2027							119				134,997
Textron Financial Corp. 1.929% (LIBOR 3 Month + 1.74%), 02/15/2042(a)(l)							575				459,306
											2,180,407

42    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
Communications - Media – 0.0%
Prosus NV 4.027%, 08/03/2050(a)			U.S.$				331			$	302,156
ViacomCBS, Inc. 6.25%, 02/28/2057							200				221,190
											523,346
Consumer Cyclical - Automotive – 0.1%
General Motors Co. 5.20%, 04/01/2045							19				21,879
General Motors Financial Co., Inc. 5.65%, 01/17/2029							30				35,753
Lear Corp. 3.50%, 05/30/2030							3				3,141
4.25%, 05/15/2029							17				18,832
Nissan Motor Co., Ltd. 4.345%, 09/17/2027(a)							1,084				1,179,476
											1,259,081
Consumer Cyclical - Other – 0.7%
MDC Holdings, Inc. 6.00%, 01/15/2043							2,105				2,658,398
Owens Corning 7.00%, 12/01/2036							777				1,060,570
Resorts World Las Vegas LLC 4.625%, 04/06/2031(a)							1,100				1,097,347
Standard Industries, Inc./NJ 4.375%, 07/15/2030(a)							929				935,758
4.75%, 01/15/2028(a)							211				218,575
Toll Brothers Finance Corp. 4.875%, 03/15/2027							1,124				1,269,605
											7,240,253
Consumer Cyclical - Retailers – 0.1%
Nordstrom, Inc. 5.00%, 01/15/2044							141				136,739
QVC, Inc. 4.375%, 03/15/2023-09/01/2028							325				332,403
4.75%, 02/15/2027							213				221,294
											690,436
Consumer Non-Cyclical – 0.2%
Kraft Heinz Foods Co. 4.25%, 03/01/2031							1,779				1,962,637
4.375%, 06/01/2046							210				220,025
4.625%, 10/01/2039							203				220,321
6.875%, 01/26/2039							161				222,039
											2,625,022
Energy – 0.5%
Cenovus Energy, Inc. 6.75%, 11/15/2039							67				83,616

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    43

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
Continental Resources, Inc./OK 3.80%, 06/01/2024			U.S.$				55			$	56,340
4.50%, 04/15/2023							217				224,350
5.75%, 01/15/2031(a)							970				1,092,184
Ecopetrol SA 5.875%, 05/28/2045							117				123,868
6.875%, 04/29/2030							1,035				1,253,644
Enable Midstream Partners LP 4.40%, 03/15/2027							1,466				1,586,841
4.95%, 05/15/2028							239				264,173
Energy Transfer Operating LP 4.75%, 01/15/2026							25				27,762
Oleoducto Central SA 4.00%, 07/14/2027(a)							424				447,850
Ovintiv, Inc. 6.50%, 08/15/2034							199				240,031
Raizen Fuels Finance SA 5.30%, 01/20/2027(a)							359				398,152
Sunoco Logistics Partners Operations LP 3.90%, 07/15/2026							32				34,391
											5,833,202
Other Industrial – 0.2%
Alfa SAB de CV 5.25%, 03/25/2024(a)							1,580				1,722,200
Fluor Corp. 3.50%, 12/15/2024							228				234,572
4.25%, 09/15/2028							202				205,210
											2,161,982
Services – 0.0%
Expedia Group, Inc. 6.25%, 05/01/2025(a)							176				203,518
Verisk Analytics, Inc. 5.50%, 06/15/2045							5				6,332
											209,850
Technology – 0.3%
Broadcom, Inc. 3.50%, 02/15/2041(a)							588				563,309
Dell International LLC/EMC Corp. 8.35%, 07/15/2046(a)							524				797,606
Nokia Oyj 4.375%, 06/12/2027							207				220,699
6.625%, 05/15/2039							527				642,164
VeriSign, Inc. 4.75%, 07/15/2027							210				222,828
Western Digital Corp. 4.75%, 02/15/2026							323				356,160
											2,802,766

44    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
Transportation - Airlines – 0.6%
American Airlines Pass Through Trust 3.375%, 05/01/2027			U.S.$				176			$	170,310
4.95%, 01/15/2023							232				232,024
Delta Air Lines, Inc. 2.90%, 10/28/2024							230				229,409
3.80%, 04/19/2023							162				166,157
7.00%, 05/01/2025(a)							1,091				1,256,208
7.375%, 01/15/2026							198				233,242
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.50%, 10/20/2025(a)							617				658,701
4.75%, 10/20/2028(a)							716				778,650
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. 6.50%, 06/20/2027(a)							2,484				2,723,146
											6,447,847
Transportation - Services – 0.0%
United Rentals North America, Inc. 3.875%, 11/15/2027							55				57,141
											40,515,832
Total Corporates – Investment Grade (cost $97,950,724)											112,186,240
COLLATERALIZED MORTGAGE OBLIGATIONS – 9.0%
Risk Share Floating Rate – 7.5%
Bellemeade Re Ltd. Series 2018-3A, Class M2 2.859% (LIBOR 1 Month + 2.75%), 10/25/2028(a)(l)							915				919,272
Series 2019-3A, Class M1C 2.059% (LIBOR 1 Month + 1.95%), 07/25/2029(a)(l)							1,555				1,549,140
Series 2019-4A, Class M2 2.959% (LIBOR 1 Month + 2.85%), 10/25/2029(a)(l)							475				474,623
Connecticut Avenue Securities Trust Series 2018-R07, Class 1B1 4.459% (LIBOR 1 Month + 4.35%), 04/25/2031(a)(l)							441				447,215
Series 2019-R05, Class 1M2 2.109% (LIBOR 1 Month + 2.00%), 07/25/2039(a)(l)							301				300,685
Series 2020-SBT1, Class 1M2 3.759% (LIBOR 1 Month + 3.65%), 02/25/2040(a)(l)							1,062				1,063,098

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    45

PORTFOLIO OF INVESTMENTS (continued)

				Principal Amount (000)				U.S. $ Value
Series 2020-SBT1, Class 2M2 3.759% (LIBOR 1 Month + 3.65%), 02/25/2040(a)(l)		U.S.$			182			$	182,632
Eagle Re Ltd. Series 2018-1, Class M2 3.109% (LIBOR 1 Month + 3.00%), 11/25/2028(a)(l)					2,764				2,788,529
Series 2019-1, Class M2 3.409% (LIBOR 1 Month + 3.30%), 04/25/2029(a)(l)					180				181,800
Series 2020-1, Class M2 2.109% (LIBOR 1 Month + 2.00%), 01/25/2030(a)(l)					558				524,686
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2013-DN2, Class M2 4.359% (LIBOR 1 Month + 4.25%), 11/25/2023(l)					1,226				1,222,638
Series 2014-DN3, Class M3 4.109% (LIBOR 1 Month + 4.00%), 08/25/2024(l)					100				101,044
Series 2014-HQ1, Class M3 4.209% (LIBOR 1 Month + 4.10%), 08/25/2024(l)					451				456,557
Series 2014-HQ2, Class M3 3.859% (LIBOR 1 Month + 3.75%), 09/25/2024(l)					3,123				3,213,887
Series 2014-HQ3, Class M3 4.859% (LIBOR 1 Month + 4.75%), 10/25/2024(l)					945				956,517
Series 2015-DN1, Class B 11.609% (LIBOR 1 Month + 11.50%), 01/25/2025(l)					2,162				2,259,052
Series 2015-DN1, Class M3 4.259% (LIBOR 1 Month + 4.15%), 01/25/2025(l)					81				80,562
Series 2015-DNA1, Class B 9.309% (LIBOR 1 Month + 9.20%), 10/25/2027(l)					593				683,791
Series 2015-DNA1, Class M3 3.409% (LIBOR 1 Month + 3.30%), 10/25/2027(l)					175				178,102
Series 2015-DNA2, Class B 7.659% (LIBOR 1 Month + 7.55%), 12/25/2027(l)					1,450				1,561,344
Series 2015-DNA3, Class B 9.459% (LIBOR 1 Month + 9.35%), 04/25/2028(l)					1,017				1,195,527

46    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

				Principal Amount (000)				U.S. $ Value
Series 2015-DNA3, Class M3 4.809% (LIBOR 1 Month + 4.70%), 04/25/2028(l)		U.S.$			498			$	516,409
Series 2015-HQ1, Class B 10.859% (LIBOR 1 Month + 10.75%), 03/25/2025(l)					3,496				3,439,592
Series 2015-HQA1, Class B 8.909% (LIBOR 1 Month + 8.80%), 03/25/2028(l)					1,003				1,085,838
Series 2016-DNA2, Class B 10.609% (LIBOR 1 Month + 10.50%), 10/25/2028(l)					855				994,930
Series 2016-DNA3, Class B 11.359% (LIBOR 1 Month + 11.25%), 12/25/2028(l)					2,758				3,232,474
Series 2016-DNA3, Class M3 5.109% (LIBOR 1 Month + 5.00%), 12/25/2028(l)					880				925,355
Series 2016-DNA4, Class B 8.709% (LIBOR 1 Month + 8.60%), 03/25/2029(l)					393				408,118
Series 2016-DNA4, Class M3 3.909% (LIBOR 1 Month + 3.80%), 03/25/2029(l)					1,630				1,693,776
Series 2016-HQA2, Class B 11.609% (LIBOR 1 Month + 11.50%), 11/25/2028(l)					421				495,995
Series 2016-HQA2, Class M3 5.259% (LIBOR 1 Month + 5.15%), 11/25/2028(l)					937				976,278
Series 2016-HQA4, Class M3 4.009% (LIBOR 1 Month + 3.90%), 04/25/2029(l)					960				992,795
Series 2017-DNA1, Class B1 5.059% (LIBOR 1 Month + 4.95%), 07/25/2029(l)					310				330,691
Series 2017-DNA2, Class B1 5.259% (LIBOR 1 Month + 5.15%), 10/25/2029(l)					978				1,049,325
Series 2017-DNA2, Class M2 3.559% (LIBOR 1 Month + 3.45%), 10/25/2029(l)					1,374				1,423,843
Series 2017-DNA3, Class B1 4.559% (LIBOR 1 Month + 4.45%), 03/25/2030(l)					615				638,175
Series 2017-HQA1, Class M2 3.659% (LIBOR 1 Month + 3.55%), 08/25/2029(l)					1,799				1,844,732

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    47

PORTFOLIO OF INVESTMENTS (continued)

				Principal Amount (000)				U.S. $ Value
Series 2018-HQA1, Class M2 2.409% (LIBOR 1 Month + 2.30%), 09/25/2030(l)		U.S.$			378			$	378,415
Series 2018-HQA2, Class M2 2.409% (LIBOR 1 Month + 2.30%), 10/25/2048(a)(l)					2,257				2,257,100
Series 2019-DNA1, Class M2 2.759% (LIBOR 1 Month + 2.65%), 01/25/2049(a)(l)					409				411,237
Series 2019-DNA3, Class M2 2.159% (LIBOR 1 Month + 2.05%), 07/25/2049(a)(l)					444				443,424
Series 2020-HQA2, Class M2 3.209% (LIBOR 1 Month + 3.10%), 03/25/2050(a)(l)					99				99,516
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C01, Class M2 4.509% (LIBOR 1 Month + 4.40%), 01/25/2024(l)					1,299				1,328,593
Series 2014-C03, Class 2M2 3.009% (LIBOR 1 Month + 2.90%), 07/25/2024(l)					63				63,585
Series 2014-C04, Class 1M2 5.009% (LIBOR 1 Month + 4.90%), 11/25/2024(l)					1,986				2,045,078
Series 2015-C01, Class 1M2 4.409% (LIBOR 1 Month + 4.30%), 02/25/2025(l)					1,134				1,147,943
Series 2015-C01, Class 2M2 4.659% (LIBOR 1 Month + 4.55%), 02/25/2025(l)					180				180,087
Series 2015-C02, Class 1M2 4.109% (LIBOR 1 Month + 4.00%), 05/25/2025(l)					354				358,357
Series 2015-C03, Class 1M2 5.109% (LIBOR 1 Month + 5.00%), 07/25/2025(l)					1,071				1,098,889
Series 2015-C04, Class 1M2 5.809% (LIBOR 1 Month + 5.70%), 04/25/2028(l)					1,529				1,622,317
Series 2015-C04, Class 2M2 5.659% (LIBOR 1 Month + 5.55%), 04/25/2028(l)					467				492,534
Series 2016-C01, Class 1B 11.859% (LIBOR 1 Month + 11.75%), 08/25/2028(l)					676				819,769

48    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

				Principal Amount (000)				U.S. $ Value
Series 2016-C01, Class 1M2 6.859% (LIBOR 1 Month + 6.75%), 08/25/2028(l)		U.S.$			1,751			$	1,851,466
Series 2016-C01, Class 2M2 7.059% (LIBOR 1 Month + 6.95%), 08/25/2028(l)					294				313,066
Series 2016-C02, Class 1B 12.359% (LIBOR 1 Month + 12.25%), 09/25/2028(l)					447				552,529
Series 2016-C02, Class 1M2 6.109% (LIBOR 1 Month + 6.00%), 09/25/2028(l)					1,092				1,150,511
Series 2016-C03, Class 1B 11.859% (LIBOR 1 Month + 11.75%), 10/25/2028(l)					372				451,824
Series 2016-C03, Class 2B 12.859% (LIBOR 1 Month + 12.75%), 10/25/2028(l)					631				769,280
Series 2016-C03, Class 2M2 6.009% (LIBOR 1 Month + 5.90%), 10/25/2028(l)					2,218				2,345,912
Series 2016-C04, Class 1B 10.359% (LIBOR 1 Month + 10.25%), 01/25/2029(l)					1,482				1,726,223
Series 2016-C05, Class 2B 11.244% (LIBOR 1 Month + 10.75%), 01/25/2029(l)					1,817				2,123,444
Series 2016-C06, Class 1B 9.359% (LIBOR 1 Month + 9.25%), 04/25/2029(l)					1,280				1,424,283
Series 2016-C07, Class 2B 9.609% (LIBOR 1 Month + 9.50%), 05/25/2029(l)					1,556				1,762,110
Series 2016-C07, Class 2M2 4.459% (LIBOR 1 Month + 4.35%), 05/25/2029(l)					152				158,586
Series 2017-C01, Class 1B1 5.859% (LIBOR 1 Month + 5.75%), 07/25/2029(l)					460				499,096
Series 2017-C01, Class 1M2 3.659% (LIBOR 1 Month + 3.55%), 07/25/2029(l)					936				963,662
Series 2017-C02, Class 2M2 3.759% (LIBOR 1 Month + 3.65%), 09/25/2029(l)					1,043				1,071,731
Series 2017-C03, Class 1B1 4.959% (LIBOR 1 Month + 4.85%), 10/25/2029(l)					312				332,533

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    49

PORTFOLIO OF INVESTMENTS (continued)

				Principal Amount (000)				U.S. $ Value
Series 2017-C03, Class 1M2 3.109% (LIBOR 1 Month + 3.00%), 10/25/2029(l)		U.S.$			163			$	166,257
Series 2017-C05, Class 1B1 3.709% (LIBOR 1 Month + 3.60%), 01/25/2030(l)					319				326,661
Series 2017-C06, Class 2M2 2.909% (LIBOR 1 Month + 2.80%), 02/25/2030(l)					26				25,763
Series 2018-C01, Class 1B1 3.659% (LIBOR 1 Month + 3.55%), 07/25/2030(l)					1,102				1,108,474
Series 2018-C04, Class 2M2 2.659% (LIBOR 1 Month + 2.55%), 12/25/2030(l)					360				360,230
Home Re Ltd. Series 2018-1, Class M2 3.109% (LIBOR 1 Month + 3.00%), 10/25/2028(a)(l)					988				996,475
JPMorgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 5.609% (LIBOR 1 Month + 5.50%), 10/25/2025(g)(l)					806				737,215
Mortgage Insurance-Linked Notes  Series 2019-1, Class M2 3.009% (LIBOR 1 Month + 2.90%), 11/26/2029(a)(l)					2,683				2,621,351
Oaktown Re III Ltd. Series 2019-1A, Class M2 2.659% (LIBOR 1 Month + 2.55%), 07/25/2029(a)(l)					3,150				3,169,374
Radnor Re Ltd. Series 2018-1, Class M2 2.809% (LIBOR 1 Month + 2.70%), 03/25/2028(a)(l)					150				151,167
Series 2019-1, Class M2 3.309% (LIBOR 1 Month + 3.20%), 02/25/2029(a)(l)					1,500				1,501,883
STACR Trust  Series 2018-DNA3, Class M2 2.209% (LIBOR 1 Month + 2.10%), 09/25/2048(a)(l)					353				351,211
Triangle Re Ltd. Series 2020-1, Class M2 5.709% (LIBOR 1 Month + 5.60%), 10/25/2030(a)(l)					480				495,786

50    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
Wells Fargo Credit Risk Transfer Securities Trust  Series 2015-WF1, Class 2M2 5.609% (LIBOR 1 Month + 5.50%), 11/25/2025(g)(l)			U.S.$				289			$	285,356
											82,929,330
Non-Agency Fixed Rate – 0.6%
Alternative Loan Trust Series 2006-24CB, Class A15 5.75%, 08/25/2036							626				488,311
Series 2006-42, Class 1A6 6.00%, 01/25/2047							537				418,263
Series 2006-HY12, Class A5 3.232%, 08/25/2036							802				803,741
Series 2006-J1, Class 1A10 5.50%, 02/25/2036							756				682,704
Series 2006-J5, Class 1A1 6.50%, 09/25/2036							660				519,855
Bear Stearns ARM Trust Series 2007-3, Class 1A1 3.466%, 05/25/2047							125				123,573
Series 2007-4, Class 22A1 3.615%, 06/25/2047							499				498,828
ChaseFlex Trust  Series 2007-1, Class 1A3 6.50%, 02/25/2037							448				240,380
CHL Mortgage Pass-Through Trust  Series 2007-HY4, Class 1A1 3.023%, 09/25/2047							141				135,644
Citigroup Mortgage Loan Trust  Series 2007-AR4, Class 1A1A 3.195%, 03/25/2037							84				83,973
CitiMortgage Alternative Loan Trust  Series 2007-A3, Class 1A4 5.75%, 03/25/2037							660				660,059
CSMC Mortgage-Backed Trust  Series 2006-7, Class 3A12 6.25%, 08/25/2036							252				160,912
Residential Accredit Loans, Inc. Trust  Series 2005-QS14, Class 3A1 6.00%, 09/25/2035							303				295,084
Residential Asset Securitization Trust  Series 2006-A8, Class 3A4 6.00%, 08/25/2036							152				113,787
Washington Mutual Mortgage Pass-Through Certificates Trust  Series 2006-9, Class A4 4.539%, 10/25/2036							1,337				542,782

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    51

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
Wells Fargo Mortgage Backed Securities Trust  Series 2007-AR7, Class A1 2.897%, 12/28/2037			U.S.$				519			$	517,004
											6,284,900
Non-Agency Floating Rate – 0.5%
Alternative Loan Trust  Series 2007-7T2, Class A3 0.709% (LIBOR 1 Month + 0.60%), 04/25/2037(l)							2,220				727,770
Citigroup Mortgage Loan Trust  Series 2005-8, Class 2A2 4.691% (4.80% – LIBOR 1 Month), 09/25/2035(l)(m)							88				2,449
Countrywide Home Loan Mortgage Pass-Through Trust  Series 2007-13, Class A7 0.709% (LIBOR 1 Month + 0.60%), 08/25/2037(l)							381				176,267
First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A10 0.359% (LIBOR 1 Month + 0.25%), 04/25/2037(l)							258				69,588
Series 2007-FA2, Class 1A6 5.441% (5.55% – LIBOR 1 Month), 04/25/2037(l)(m)							87				14,863
Lehman XS Trust  Series 2007-10H, Class 2AIO 6.885% (7.00% – LIBOR 1 Month), 07/25/2037(l)(m)							208				37,384
Residential Accredit Loans, Inc. Trust  Series 2006-QS18, Class 2A2 6.441% (6.55% – LIBOR 1 Month), 12/25/2036(l)(m)							2,594				493,451
Wachovia Mortgage Loan Trust  Series 2006-ALT1, Class A2 0.469% (LIBOR 1 Month + 0.36%), 01/25/2037(l)							6,881				3,750,083
											5,271,855
Agency Fixed Rate – 0.4%
Federal Home Loan Mortgage Corp. REMICs Series 4767, Class KI 6.00%, 03/15/2048(n)							15,137				3,240,210

52    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
Freddie Mac Strips Series 247, Class 54 5.50%, 04/15/2036(n)			U.S.$				7,128			$	1,517,173
											4,757,383
Total Collateralized Mortgage Obligations (cost $95,784,153)											99,243,468
EMERGING MARKETS – SOVEREIGNS – 8.5%
Angola – 0.4%
Angolan Government International Bond 8.00%, 11/26/2029(a)							835				783,334
8.25%, 05/09/2028(a)							400				382,750
9.125%, 11/26/2049(a)							399				370,696
9.375%, 05/08/2048(a)							222				208,749
9.50%, 11/12/2025(a)							2,318				2,419,413
											4,164,942
Argentina – 0.7%
Argentine Republic Government International Bond 0.125%, 07/09/2030-07/09/2041							24,306				7,526,608
1.00%, 07/09/2029							1,218				436,162
											7,962,770
Bahrain – 0.5%
Bahrain Government International Bond 5.45%, 09/16/2032(a)							1,146				1,104,099
5.625%, 09/30/2031(a)							1,193				1,177,342
6.75%, 09/20/2029(a)							528				573,870
7.00%, 10/12/2028(a)							1,253				1,395,529
CBB International Sukuk Programme Co. WLL 6.25%, 11/14/2024(a)							1,116				1,225,856
											5,476,696
Costa Rica – 0.1%
Costa Rica Government International Bond 6.125%, 02/19/2031(a)							1,399				1,406,432
Dominican Republic – 0.7%
Dominican Republic International Bond 5.50%, 01/27/2025(a)							149				163,341
5.95%, 01/25/2027(a)							385				431,681
8.625%, 04/20/2027(a)							5,719				6,934,288
											7,529,310

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    53

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
Ecuador – 0.2%
Ecuador Government International Bond Zero Coupon, 07/31/2030(a)			U.S.$				371			$	150,264
0.50%, 07/31/2030-07/31/2040(a)							5,017				2,459,701
											2,609,965
Egypt – 1.0%
Egypt Government International Bond 6.125%, 01/31/2022(a)							3,559				3,651,311
6.20%, 03/01/2024(a)							2,290				2,434,556
7.625%, 05/29/2032(a)							1,075				1,097,172
8.50%, 01/31/2047(a)							1,378				1,366,804
8.70%, 03/01/2049(a)							998				996,129
8.875%, 05/29/2050(a)							1,096				1,118,605
											10,664,577
El Salvador – 0.3%
El Salvador Government International Bond 5.875%, 01/30/2025(a)							146				145,270
7.125%, 01/20/2050(a)							2,402				2,155,795
7.625%, 09/21/2034(a)							762				737,235
7.65%, 06/15/2035(a)							16				15,640
7.75%, 01/24/2023(a)							339				352,560
											3,406,500
Gabon – 0.3%
Gabon Government International Bond 6.375%, 12/12/2024(a)							789				818,017
6.625%, 02/06/2031(a)							2,986				2,877,758
											3,695,775
Ghana – 0.4%
Ghana Government International Bond 6.375%, 02/11/2027(a)							2,087				2,025,042
8.627%, 06/16/2049(a)							215				198,405
8.95%, 03/26/2051(a)							858				811,346
10.75%, 10/14/2030(a)							780				969,882
											4,004,675
Honduras – 0.1%
Honduras Government International Bond 6.25%, 01/19/2027(a)							1,106				1,204,849
7.50%, 03/15/2024(a)							395				426,970
											1,631,819
Ivory Coast – 0.6%
Ivory Coast Government International Bond 4.875%, 01/30/2032(a)			EUR				1,223				1,394,771
5.125%, 06/15/2025(a)							168				218,747
5.875%, 10/17/2031(a)							1,880				2,327,311

54    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
6.125%, 06/15/2033(a)			U.S.$				752			$	764,925
6.375%, 03/03/2028(a)							966				1,043,280
6.625%, 03/22/2048(a)			EUR				331				391,803
											6,140,837
Jamaica – 0.1%
Jamaica Government International Bond 7.625%, 07/09/2025			U.S.$				506				587,434
Jordan – 0.1%
Jordan Government International Bond 5.75%, 01/31/2027(a)							634				663,124
Kenya – 0.5%
Kenya Government International Bond 6.875%, 06/24/2024(a)							3,550				3,897,234
7.00%, 05/22/2027(a)							837				888,528
7.25%, 02/28/2028(a)							649				682,870
											5,468,632
Lebanon – 0.0%
Lebanon Government International Bond 6.65%, 04/22/2024(a)(d)(i)							427				47,637
6.85%, 03/23/2027(a)(d)(i)							454				50,515
Series G
1.00%, 11/27/2026(a)(d)(i)							1,654				189,176
											287,328
Nigeria – 0.7%
Nigeria Government International Bond 6.375%, 07/12/2023(a)							740				792,031
6.50%, 11/28/2027(a)							388				398,912
7.625%, 11/21/2025-11/28/2047(a)							4,965				5,267,668
7.696%, 02/23/2038(a)							810				793,547
7.875%, 02/16/2032(a)							489				502,295
											7,754,453
Oman – 0.6%
Oman Government International Bond 4.125%, 01/17/2023(a)							4,265				4,359,630
4.75%, 06/15/2026(a)							550				563,578
6.00%, 08/01/2029(a)							210				218,138
6.25%, 01/25/2031(a)							1,404				1,468,496
											6,609,842
Pakistan – 0.0%
Pakistan Government International Bond 6.875%, 12/05/2027(a)							215				223,734
Senegal – 0.4%
Senegal Government International Bond 6.25%, 05/23/2033(a)							593				589,109

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    55

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
6.75%, 03/13/2048(a)			U.S.$				3,345			$	3,181,931
8.75%, 05/13/2021(a)							310				310,097
											4,081,137
South Africa – 0.0%
Republic of South Africa Government International Bond 5.75%, 09/30/2049							200				184,125
Sri Lanka – 0.0%
Sri Lanka Government International Bond 6.20%, 05/11/2027(a)							485				295,092
Ukraine – 0.7%
Ukraine Government International Bond 7.253%, 03/15/2033(a)							1,886				1,875,391
7.375%, 09/25/2032(a)							1,400				1,403,938
7.75%, 09/01/2022-09/01/2024(a)							4,622				4,961,361
											8,240,690
Venezuela – 0.1%
Venezuela Government International Bond 9.25%, 09/15/2027(d)(i)							7,978				797,800
9.25%, 05/07/2028(a)(d)(i)							300				30,000
											827,800
Total Emerging Markets – Sovereigns (cost $100,310,012)											93,917,689
GOVERNMENTS – TREASURIES – 5.2%
Colombia – 0.5%
Colombian TES Series B 10.00%, 07/24/2024			COP				18,165,600				5,798,536
Mexico – 0.2%
Mexican Bonos Series M 20 7.50%, 06/03/2027			MXN				46,433				2,420,101
Russia – 0.7%
Russian Federal Bond – OFZ Series 6209 7.60%, 07/20/2022			RUB				37,074				504,267
Series 6212 7.05%, 01/19/2028							220,100				2,944,001
Series 6217 7.50%, 08/18/2021							274,943				3,670,658
											7,118,926

56    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
United States – 3.8%
U.S. Treasury Bonds 2.75%, 11/15/2042(o)			U.S.$				2,154			$	2,302,088
5.00%, 05/15/2037(o)							1,824				2,555,880
5.25%, 02/15/2029(p)							1,320				1,686,506
6.125%, 11/15/2027(q)							1,000				1,306,094
U.S. Treasury Notes 2.25%, 02/15/2027(p)(q)							18,950				20,116,609
2.875%, 08/15/2028(p)							12,787				14,053,712
											42,020,889
Total Governments – Treasuries (cost $55,520,274)											57,358,452
BANK LOANS – 5.0%
Industrial – 4.6%
Capital Goods – 0.5%
Apex Tool Group, LLC 6.500% (LIBOR 1 Month + 5.25%), 08/01/2024(r)							2,203				2,199,535
BWay Holding Company 3.443% (LIBOR 3 Month + 3.25%), 04/03/2024(r)							989				967,033
Granite US Holdings Corp. 4.169% (LIBOR 2 Month + 4.00%), 09/30/2026(b)(r)							1,535				1,529,177
TransDigm, Inc. 2.359% (LIBOR 1 Month + 2.25%), 12/09/2025(r)							348				340,819
Welbilt, Inc. (fka Manitowoc Foodservice, Inc.) 2.609% (LIBOR 1 Month + 2.50%), 10/23/2025(b)(r)							110				104,603
											5,141,167
Communications - Media – 0.2%
Advantage Sales & Marketing, Inc. 6.000% (LIBOR 3 Month + 5.25%), 10/28/2027(r)							1,746				1,740,947
Clear Channel Outdoor Holdings, Inc. 3.712% (LIBOR 3 Month + 3.50%), 08/21/2026(r)							320				306,818
iHeartCommunications, Inc. (fka Clear Channel Communications, Inc.) 3.109% (LIBOR 1 Month + 3.00%), 05/01/2026(r)							395				389,877
Nielsen Finance LLC 4.750% (LIBOR 1 Month + 3.75%), 06/04/2025(r)							352				352,747
											2,790,389

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    57

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
Communications - Telecommunications – 0.3%
Intrado Corporation 5.000% (LIBOR 3 Month + 4.00%), 10/10/2024(r)			U.S.$				1,096			$	1,059,703
Zacapa S.A.R.L. 4.703% (LIBOR 3 Month + 4.50%), 07/02/2025(r)							2,159				2,161,174
											3,220,877
Consumer Cyclical - Automotive – 0.1%
Clarios Global LP 3.359% (LIBOR 1 Month + 3.25%), 04/30/2026(b)(r)							493				487,732
Navistar, Inc. 3.620% (LIBOR 1 Month + 3.50%), 11/06/2024(r)							344				344,053
											831,785
Consumer Cyclical - Entertainment – 0.1%
Seaworld Parks & Entertainment, Inc. (fka SW Acquisitions Co., Inc.) 3.750% (LIBOR 1 Month + 3.00%), 04/01/2024(r)							949				932,100
Consumer Cyclical - Other – 0.2%
Caesars Resort Collection, LLC 2.859% (LIBOR 1 Month + 2.75%), 12/23/2024(r)							1,384				1,362,277
Flutter Entertainment PLC 3.703% (LIBOR 3 Month + 3.50%), 07/10/2025(r)							126				126,139
Golden Nugget Online Gaming, Inc. 13.000% (LIBOR 3 Month + 12.00%), 10/04/2023(b)(r)							22				24,851
Scientific Games International, Inc. 2.859% (LIBOR 1 Month + 2.75%), 08/14/2024(r)							858				840,650
											2,353,917
Consumer Cyclical - Restaurants – 0.1%
IRB Holding Corp. (fka Arby’s/Buffalo Wild Wings) 2.953% (LIBOR 3 Month + 2.75%), 02/05/2025(r)							842				834,271
Whatabrands LLC 2.856% (LIBOR 1 Month + 2.75%), 07/31/2026(r)							381				378,219
											1,212,490

58    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
Consumer Cyclical - Retailers – 0.3%
Great Outdoors Group, LLC 5.000% (LIBOR 3 Month + 4.25%), 03/06/2028(r)			U.S.$				485			$	485,541
PetSmart LLC 4.500% (LIBOR 3 Month + 3.75%), 02/11/2028(r)							2,230				2,224,871
Serta Simmons Bedding, LLC 9.000% (LIBOR 3 Month + 8.00%), 11/08/2024(r)							1,270				642,281
											3,352,693
Consumer Non-Cyclical – 1.1%
Aldevron, LLC 4.250% (LIBOR 1 Month + 3.25%), 10/12/2026(r)							810				808,326
Alphabet Holding Company, Inc. (fka Nature’s Bounty) 7.859% (LIBOR 1 Month + 7.75%), 09/26/2025(r)							1,866				1,867,452
Arbor Pharmaceuticals, LLC 6.000% (LIBOR 3 Month + 5.00%), 07/05/2023(r)							1,040				1,003,637
Froneri International Limited 5.859% (LIBOR 1 Month + 5.75%), 01/31/2028(b)(r)							160				161,901
Global Medical Response, Inc. (fka Air Medical) 5.250% (LIBOR 3 Month + 4.25%), 03/14/2025(r)							905				898,780
Kronos Acquisition Holdings, Inc. 4.250% (LIBOR 3 Month + 3.75%), 12/22/2026(r)							788				775,921
LifePoint Health, Inc. (fka Regionalcare Hospital Partners Holdings, Inc.) 3.865% (LIBOR 1 Month + 3.75%), 11/16/2025(r)							793				790,369
Mallinckrodt International Finance S.A. 5.500% (LIBOR 3 Month + 4.75%), 09/24/2024(r)							874				859,880
Milano Acquisition Corp. 4.750% (LIBOR 3 Month + 4.00%), 10/01/2027(b)(r)							1,237				1,230,715
U.S. Renal Care, Inc. 5.125% (LIBOR 1 Month + 5.00%), 06/26/2026(r)							1,546				1,536,305

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    59

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.) 6.250% (LIBOR 3 Month + 5.50%), 12/15/2027(r)			U.S.$				1,975			$	1,976,907
											11,910,193
Energy – 0.3%
CITGO Petroleum Corporation 7.250% (LIBOR 3 Month + 6.25%), 03/28/2024(r)							518				518,725
Enviva Holdings, LP 6.500% (LIBOR 3 Month + 5.50%), 02/17/2026(b)(r)							2,520				2,520,000
											3,038,725
Other Industrial – 0.3%
American Tire Distributors, Inc. 7.000% (LIBOR 3 Month + 6.00%), 09/01/2023(r)							221				217,613
8.500% (LIBOR 1 Month + 7.50%), 09/02/2024(r)							635				619,877
8.500% (LIBOR 3 Month + 7.50%), 09/02/2024(r)							73				71,189
Core & Main LP 3.750% (LIBOR 3 Month + 2.75%), 08/01/2024(r)							195				193,884
Dealer Tire, LLC 4.359% (LIBOR 1 Month + 4.25%), 12/12/2025(r)							296				296,366
Fluid-Flow Products, Inc. 03/16/2029(b)(s)							640				636,800
Rockwood Service Corporation 4.359% (LIBOR 1 Month + 4.25%), 01/23/2027(r)							88				87,688
RS IVY Holdco, Inc. 6.500% (LIBOR 1 Month + 5.50%), 12/23/2027(b)(r)							1,387				1,386,525
											3,509,942
Services – 0.2%
Allied Universal Holdco LLC (fka USAGM Holdco, LLC)  4.359% (LIBOR 1 Month + 4.25%), 07/10/2026(r)							285				284,478
Amentum Government Services Holdings LLC 3.609% (LIBOR 1 Month + 3.50%), 01/29/2027(b)(r)							318				314,160
Parexel International Corporation 2.859% (LIBOR 1 Month + 2.75%), 09/27/2024(r)							225				222,055

60    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
Sabre GLBL, Inc. 4.750% (LIBOR 1 Month + 4.00%), 12/17/2027(r)			U.S.$				618			$	624,251
Team Health Holdings, Inc. 3.750% (LIBOR 1 Month + 2.75%), 02/06/2024(r)							735				681,473
Verscend Holding Corp. 4.609% (LIBOR 1 Month + 4.50%), 08/27/2025(r)							755				754,562
											2,880,979
Technology – 0.9%
Athenahealth, Inc. 4.453% (LIBOR 3 Month + 4.25%), 02/11/2026(r)							2,016				2,017,468
Boxer Parent Company Inc. (fka BMC Software, Inc.) 3.859% (LIBOR 1 Month + 3.75%), 10/02/2025(r)							1,514				1,506,879
Endurance International Group Holdings, Inc. 4.250% (LIBOR 3 Month + 3.50%), 02/10/2028(r)							1,994				1,970,324
Peraton Corp. 02/01/2028(s)							410				409,660
4.500% (LIBOR 2 Month + 3.75%), 02/01/2028(r)							230				229,809
Presidio Holdings, Inc. 3.720% (LIBOR 3 Month + 3.50%), 01/22/2027(r)							395				393,534
Solera, LLC (Solera Finance, Inc.) 2.859% (LIBOR 1 Month + 2.75%), 03/03/2023(r)							2,503				2,487,154
Veritas US, Inc. 6.500% (LIBOR 3 Month + 5.50%), 09/01/2025(r)							586				586,527
											9,601,355
											50,776,612
Financial Institutions – 0.2%
Insurance – 0.2%
Jones DesLauriers Insurance Management Inc. 03/22/2029-03/26/2029(b)(s)			CAD				1,335				1,065,281
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) 3.859% (LIBOR 1 Month + 3.75%), 09/03/2026(r)			U.S.$				1,388				1,378,390
											2,443,671

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    61

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
Utility – 0.2%
Electric – 0.2%
Granite Generation LLC 4.750% (LIBOR 1 Month + 3.75%), 11/09/2026(r)			U.S.$				1,637			$	1,633,353
4.750% (LIBOR 3 Month + 3.75%), 11/09/2026(r)							313				312,333
											1,945,686
Total Bank Loans (cost $55,473,271)											55,165,969
EMERGING MARKETS – CORPORATE BONDS – 4.9%
Industrial – 4.4%
Basic – 1.7%
Braskem America Finance Co. 7.125%, 07/22/2041(a)							944				1,069,066
Braskem Idesa SAPI 7.45%, 11/15/2029(a)							1,010				997,375
Braskem Netherlands Finance BV 4.50%, 01/31/2030(a)							1,342				1,345,288
Consolidated Energy Finance SA 6.875%, 06/15/2025(a)							949				967,605
CSN Inova Ventures 6.75%, 01/28/2028(a)							305				322,667
CSN Resources SA 7.625%, 02/13/2023-04/17/2026(a)							2,403				2,524,795
Eldorado Gold Corp. 9.50%, 06/01/2024(a)							1,503				1,642,226
First Quantum Minerals Ltd. 6.875%, 10/15/2027(a)							1,215				1,301,404
7.25%, 04/01/2023(a)							4,236				4,308,012
7.50%, 04/01/2025(a)							261				269,156
Indika Energy Capital IV Pte Ltd. 8.25%, 10/22/2025(a)							1,681				1,771,732
Vedanta Resources Finance II PLC 13.875%, 01/21/2024(a)							2,112				2,285,432
Volcan Cia Minera SAA 4.375%, 02/11/2026(a)							207				211,140
											19,015,898
Capital Goods – 0.3%
Cemex SAB de CV 5.20%, 09/17/2030(a)							200				215,500
7.375%, 06/05/2027(a)							424				478,590
Embraer Netherlands Finance BV 5.40%, 02/01/2027							918				956,946
6.95%, 01/17/2028(a)							724				794,525

62    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
Klabin Austria Gmbh 7.00%, 04/03/2049(a)			U.S.$				607			$	725,831
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058(a)							2,661				61,543
											3,232,935
Communications - Media – 0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(a)							481				484,157
VTR Finance NV 6.375%, 07/15/2028(a)							322				347,062
											831,219
Communications - Telecommunications – 0.4%
Digicel Group 0.5 Ltd. 7.00%, 04/12/2021(f)(g)(j)							85				62,255
8.00% (5.00% Cash and 3.00% PIK), 04/01/2025(a)(f)							140				114,165
10.00% (8.00% Cash and 2.00% PIK), 04/01/2024(f)							1,411				1,372,805
Digicel Holdings Bermuda Ltd./Digicel International Finance Ltd. 8.75%, 05/25/2024(a)							657				674,817
MTN Mauritius Investments Ltd. 6.50%, 10/13/2026(a)							380				424,650
Sable International Finance Ltd. 5.75%, 09/07/2027(a)							615				647,387
VTR Comunicaciones SpA 5.125%, 01/15/2028(a)							386				402,839
											3,698,918
Consumer Cyclical - Other – 0.6%
Melco Resorts Finance Ltd. 5.375%, 12/04/2029(a)							228				240,255
5.625%, 07/17/2027(a)							965				1,011,425
5.75%, 07/21/2028(a)							212				225,832
MGM China Holdings Ltd. 4.75%, 02/01/2027(a)							200				202,765
5.25%, 06/18/2025(a)							222				230,728
5.375%, 05/15/2024(a)							398				410,172
5.875%, 05/15/2026(a)							414				433,406
Studio City Finance Ltd. 5.00%, 01/15/2029(a)							609				611,253
6.00%, 07/15/2025(a)							448				471,818
6.50%, 01/15/2028(a)							423				454,064
Wynn Macau Ltd. 4.875%, 10/01/2024(a)							286				289,843
5.50%, 01/15/2026-10/01/2027(a)							1,481				1,541,518

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    63

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
5.625%, 08/26/2028(a)			U.S.$				717			$	748,726
											6,871,805
Consumer Cyclical - Retailers – 0.0%
K2016470219 South Africa Ltd. 3.00%, 12/31/2022(b)(c)(f)(g)							1,052				– 0	–
K2016470260 South Africa Ltd. 25.00%, 12/31/2022(b)(c)(f)(g)							541				– 0	–
											– 0	–
Consumer Non-Cyclical – 0.4%
BRF GmbH 4.35%, 09/29/2026(a)							798				818,345
BRF SA 4.875%, 01/24/2030(a)							1,018				1,037,368
Minerva Luxembourg SA 6.50%, 09/20/2026(a)							449				469,620
Teva Pharmaceutical Finance Netherlands III BV 7.125%, 01/31/2025							1,040				1,147,939
Tonon Luxembourg SA 6.50% (0.50% Cash and 6.00% PIK), 10/31/2024(b)(c)(d)(f)(g)(i)							618				18,606
Ulker Biskuvi Sanayi AS 6.95%, 10/30/2025(a)							327				342,381
USJ Acucar e Alcool SA 9.875%, 11/09/2023(a)(d)(i)							670				193,971
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018(d)(e)(g)							4,090				29,946
10.875%, 01/13/2020(d)(e)(g)							480				163,200
11.75%, 02/09/2022(d)(g)(i)							1,620				8,080
											4,229,456
Energy – 0.9%
Cosan Ltd. 5.50%, 09/20/2029(a)							461				486,240
Geopark Ltd. 5.50%, 01/17/2027(a)							214				217,143
Kosmos Energy Ltd. 7.50%, 03/01/2028(a)							545				512,712
Leviathan Bond Ltd. 6.50%, 06/30/2027(a)							1,197				1,311,302
Medco Platinum Road Pte Ltd. 6.75%, 01/30/2025(a)							503				525,006
MV24 Capital BV 6.748%, 06/01/2034(a)							525				548,185
Peru LNG Srl 5.375%, 03/22/2030(a)							2,064				1,844,700

64    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
Petrobras Global Finance BV 5.093%, 01/15/2030			U.S.$				500			$	519,180
5.60%, 01/03/2031							3,345				3,510,148
8.75%, 05/23/2026							176				219,446
SEPLAT Petroleum Development Co. PLC 7.75%, 04/01/2026(a)							581				582,271
											10,276,333
											48,156,564
Utility – 0.4%
Electric – 0.4%
AES Gener SA 6.35%, 10/07/2079(a)							495				527,794
Cemig Geracao e Transmissao SA 9.25%, 12/05/2024(a)							1,927				2,210,028
Light Servicos de Eletricidade SA/Light Energia SA 7.25%, 05/03/2023(a)							1,120				1,158,850
Star Energy Geothermal Wayang Windu Ltd. 6.75%, 04/24/2033(a)							208				231,913
Terraform Global Operating LLC 6.125%, 03/01/2026(g)							118				120,953
											4,249,538
Financial Institutions – 0.1%
Banking – 0.1%
Fidelity Bank PLC 10.50%, 10/16/2022(a)							550				584,031
Finance – 0.0%
Global Aircraft Leasing Co., Ltd. 7.25% (6.50% Cash or 7.25% PIK), 09/15/2024(a)(f)							256				244,969
Insurance – 0.0%
Ambac LSNI LLC 6.00% (LIBOR 3 Month + 5.00%), 02/12/2023(a)(l)							53				53,229
Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc. 7.625% (7.625% Cash or 8.375% PIK), 10/15/2025(a)(f)							400				428,554
											481,783
Other Finance – 0.0%
OEC Finance Ltd. 4.375%, 10/25/2029(a)(f)							179				29,325
5.25%, 12/27/2033(a)(f)							556				92,410

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PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
7.125%, 12/26/2046(a)(f)			U.S.$				1,442			$	231,677
											353,412
											1,664,195
Total Emerging Markets – Corporate Bonds (cost $59,196,330)											54,070,297
COLLATERALIZED LOAN OBLIGATIONS – 1.6%
CLO - Floating Rate – 1.6%
Ares XXXIV CLO Ltd. Series 2015-2A, Class CR 2.223% (LIBOR 3 Month + 2.00%), 04/17/2033(a)(l)							2,358				2,361,352
Balboa Bay Loan Funding Ltd. Series 2020-1A, Class E 8.03% (LIBOR 3 Month + 7.89%), 01/20/2032(a)(l)							359				359,328
Ballyrock CLO 15 Ltd. Series 2021-1A, Class D 6.41% (LIBOR 3 Month + 6.22%), 04/15/2034(a)(l)							250				245,000
Dryden 49 Senior Loan Fund  Series 2017-49A, Class E 6.523% (LIBOR 3 Month + 6.30%), 07/18/2030(a)(l)							417				410,737
Dryden CLO Ltd. Series 2018-57A, Class E 5.394% (LIBOR 3 Month + 5.20%), 05/15/2031(a)(l)							275				256,799
Series 2020-78A, Class C 2.173% (LIBOR 3 Month + 1.95%), 04/17/2033(a)(l)							3,000				3,007,866
Series 2020-78A, Class D 3.223% (LIBOR 3 Month + 3.00%), 04/17/2033(a)(l)							1,329				1,332,455
Elevation CLO Ltd. Series 2020-11A, Class C 2.441% (LIBOR 3 Month + 2.20%), 04/15/2033(a)(l)							648				630,431
Series 2020-11A, Class D1 4.091% (LIBOR 3 Month + 3.85%), 04/15/2033(a)(l)							1,006				994,507
Elmwood CLO VII Ltd. Series 2020-4A, Class E 7.249% (LIBOR 3 Month + 7.10%), 01/17/2034(a)(l)							402				405,602

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PORTFOLIO OF INVESTMENTS (continued)

				Principal Amount (000)				U.S. $ Value
Elmwood CLO VIII Ltd. Series 2021-1A, Class E1 6.116% (LIBOR 3 Month + 6.00%), 01/20/2034(a)(l)		U.S.$			350			$	345,924
Kayne CLO Series 2021-11A, Class E 6.43% (LIBOR 3 Month + 6.25%), 04/15/2034(a)(l)					355				354,750
Kayne CLO 4 Ltd. Series 2019-4A, Class E 6.968% (LIBOR 3 Month + 6.75%), 04/25/2032(a)(l)					585				585,407
Kayne CLO 10 Ltd. Series 2021-10A, Class E 6.05% (LIBOR 3 Month + 5.85%), 04/23/2034(a)(l)					750				720,501
Octagon Investment Partners 29 Ltd. Series 2016-1A, Class DR 3.318% (LIBOR 3 Month + 3.10%), 01/24/2033(a)(l)					1,701				1,675,996
OZLM Ltd Series 2018-22A, Class D 5.523% (LIBOR 3 Month + 5.30%), 01/17/2031(a)(l)					349				313,071
Palmer Square CLO Ltd. Series 2021-1A, Class D 6.19% (LIBOR 3 Month + 6.00%), 04/20/2034(a)(l)					1,202				1,202,230
Sixth Street CLO XVIII Ltd. Series 2021-18A, Class E 6.68% (LIBOR 3 Month + 6.50%), 04/20/2034(a)(l)					1,238				1,237,832
Trimaran Advisors CAVU Ltd. Series 2019-1A, Class E 7.264% (LIBOR 3 Month + 7.04%), 07/20/2032(a)(l)					485				475,590
Voya CLO Ltd. Series 2019-1A, Class DR 3.091% (LIBOR 3 Month + 2.85%), 04/15/2031(a)(l)					1,050				1,027,243
Total Collateralized Loan Obligations (cost $18,084,725)									17,942,621

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PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
QUASI-SOVEREIGNS – 1.5%
Quasi-Sovereign Bonds – 1.5%
Bahrain – 0.1%
Oil and Gas Holding Co. BSCC (The) 7.625%, 11/07/2024(a)			U.S.$				469			$	521,909
8.375%, 11/07/2028(a)							1,346				1,553,368
											2,075,277
Indonesia – 0.0%
Indonesia Asahan Aluminium Persero PT 5.71%, 11/15/2023(a)							224				246,698
Kazakhstan – 0.1%
KazMunayGas National Co. JSC 5.375%, 04/24/2030(a)							660				781,401
Mexico – 1.1%
Petroleos Mexicanos 5.95%, 01/28/2031							3,986				3,806,630
6.49%, 01/23/2027							507				527,863
6.50%, 01/23/2029							318				321,061
6.75%, 09/21/2047							2,937				2,497,038
6.84%, 01/23/2030							1,842				1,862,538
6.95%, 01/28/2060							1,024				874,240
7.69%, 01/23/2050							2,469				2,281,356
											12,170,726
South Africa – 0.1%
Eskom Holdings SOC Ltd. 6.35%, 08/10/2028(a)							562				594,666
7.125%, 02/11/2025(a)							437				451,203
											1,045,869
United Arab Emirates – 0.1%
DP World Crescent Ltd. 3.875%, 07/18/2029(a)							225				235,687
DP World PLC 5.625%, 09/25/2048(a)							332				388,959
											624,646
Total Quasi-Sovereigns (cost $15,104,067)											16,944,617
						Shares
COMMON STOCKS – 1.4%
Financials – 0.5%
Consumer Finance – 0.2%
Paysafe Group Ltd. – Class B(b)(c)(d)							128,508				1,734,858

68    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

Company						Shares				U.S. $ Value
Insurance – 0.3%
Mt. Logan Re Ltd.(b)(c)(d)							3,082			$	2,883,437
Mt. Logan Re Ltd. (Series 1) (Preference Shares)(b)(c)(d)							700				717,983
											3,601,420
											5,336,278
Consumer Discretionary – 0.3%
Auto Components – 0.2%
ATD New Holdings, Inc.(b)(d)							20,185				676,197
Ep Energy Corp.(b)(c)(d)							6,941				138,820
Exide Corp.(b)(c)(d)							643				1,221,700
											2,036,717
Automobiles – 0.1%
Liberty Tire Recycling LLC(b)(c)(d)							7,822				1,282,295
Hotels, Restaurants & Leisure – 0.0%
Carlson Travel, Inc.(b)							138				29,615
Internet & Direct Marketing Retail – 0.0%
Golo Mobile, Inc.							38,543				3,987
											3,352,614
Energy – 0.2%
Energy Equipment & Services – 0.0%
Vantage Drilling International(d)							18,414				59,108
Oil, Gas & Consumable Fuels – 0.2%
Berry Corp.							133,464				735,387
CHC Group LLC(d)(t)							420,181				8,404
Denbury, Inc.(d)							18,097				866,665
Golden Energy Offshore Services AS(d)							916,212				136,042
K201640219 South Africa Ltd. A Shares(b)(c)(d)							12,695,187				13
K201640219 South Africa Ltd. B Shares(b)(c)(d)							2,009,762				2
Paragon Offshore Ltd. – Class A(b)(d)							11,814				1,181
Paragon Offshore Ltd. – Class B(b)(d)							17,721				177,210
SandRidge Energy, Inc.(d)							243				950
Whiting Petroleum Corp.(d)							15,070				534,232
											2,460,086
											2,519,194
Consumer Staples – 0.2%
Food & Staples Retailing – 0.2%
Southeastern Grocers, Inc.(b)(c)(d)							164,865				2,143,245

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    69

PORTFOLIO OF INVESTMENTS (continued)

Company						Shares				U.S. $ Value
Information Technology – 0.1%
Software – 0.1%
Avaya Holdings Corp.(d)							18,153			$	508,829
Monitronics International, Inc.(d)							35,682				259,051
											767,880
Industrials – 0.1%
Building Products – 0.0%
New Cotai LLC/New Cotai Capital Corp.(b)(c)(d)							3				– 0	–
Construction & Engineering – 0.1%
Willscot Corp.							18,809				521,950
											521,950
Communication Services – 0.0%
Media – 0.0%
iHeartMedia, Inc. – Class A(d)							25,545				463,642
Materials – 0.0%
Metals & Mining – 0.0%
BIS Industries Holdings Ltd.(b)(c)(d)							838,296				1
Neenah Enterprises, Inc.(b)(c)(d)							58,200				– 0	–
											1
Total Common Stocks (cost $25,856,099)											15,104,804
						Principal Amount (000)
COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.2%
Non-Agency Fixed Rate CMBS – 1.1%
225 Liberty Street Trust Series 2016-225L, Class E 4.649%, 02/10/2036(a)			U.S.$				691				712,741
Citigroup Commercial Mortgage Trust Series 2013-GC11, Class XA 1.365%, 04/10/2046(n)							1,303				27,998
Series 2013-GC17, Class D 5.11%, 11/10/2046(a)							902				810,654
Series 2014-GC23, Class D 4.485%, 07/10/2047(a)							856				788,714
Commercial Mortgage Trust Series 2012-CR3, Class F 4.75%, 10/15/2045(a)							182				60,933
Series 2012-CR3, Class XA 1.843%, 10/15/2045(n)							7,077				135,134

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PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
Series 2012-CR5, Class XA 1.512%, 12/10/2045(n)			U.S.$				1,688			$	35,314
Series 2013-LC6, Class D 4.305%, 01/10/2046(a)							3,916				3,768,587
Series 2014-CR15, Class XA 0.928%, 02/10/2047(n)							1,638				33,622
Series 2014-CR20, Class XA 1.015%, 11/10/2047(n)							9,246				275,300
GS Mortgage Securities Corp. II Series 2013-GC10, Class XA 1.487%, 02/10/2046(n)							735				16,511
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6, Class XA 1.606%, 11/15/2045(a)(n)							5,756				90,793
UBS-Barclays Commercial Mortgage Trust Series 2012-C4, Class XA 1.60%, 12/10/2045(a)(n)							766				14,261
WF-RBS Commercial Mortgage Trust Series 2011-C4, Class D 5.226%, 06/15/2044(a)							1,022				912,221
Series 2012-C7, Class XA 1.302%, 06/15/2045(a)(n)							1,257				10,400
Series 2012-C8, Class E 4.885%, 08/15/2045(a)							3,766				2,937,430
Series 2012-C10, Class XA 1.52%, 12/15/2045(a)(n)							2,920				63,140
Series 2014-C25, Class D 3.803%, 11/15/2047(a)							1,807				1,595,617
											12,289,370
Non-Agency Floating Rate CMBS – 0.1%
DBWF Mortgage Trust Series 2018-GLKS, Class E 3.128% (LIBOR 1 Month + 3.02%), 12/19/2030(a)(l)							838				834,147
Morgan Stanley Capital I Trust Series 2019-BPR, Class E 4.856% (LIBOR 1 Month + 4.75%), 05/15/2036(a)(l)							301				188,879
											1,023,026
Total Commercial Mortgage-Backed Securities (cost $14,179,656)											13,312,396

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PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
ASSET-BACKED SECURITIES – 1.0%
Other ABS - Fixed Rate – 0.4%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2018-7, Class PT 9.713%, 06/15/2043(g)			U.S.$				125			$	122,727
Series 2019-24, Class PT 9.489%, 08/15/2044(g)							271				267,744
Series 2019-36, Class PT 11.838%, 10/17/2044(g)							379				377,157
Series 2019-43, Class PT 5.753%, 11/15/2044(g)							216				212,022
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-4, Class PT 10.193%, 05/15/2043(g)							97				96,146
Series 2018-12, Class PT 9.249%, 06/15/2043(g)							110				108,869
Consumer Loan Underlying Bond Credit Trust Series 2018-3, Class PT 9.984%, 03/16/2043(g)							21				20,612
Marlette Funding Trust Series 2018-3A, Class C 4.63%, 09/15/2028(a)							1,350				1,366,670
SoFi Consumer Loan Program LLC Series 2016-1, Class R Zero Coupon, 08/25/2025(b)(c)(g)							498				201,333
Series 2017-3, Class R Zero Coupon, 05/25/2026(b)(c)(g)							10				394,000
Series 2017-5, Class R1 Zero Coupon, 09/25/2026(b)(c)(g)							12				252,902
SoFi Consumer Loan Program Trust Series 2018-1, Class R1 Zero Coupon, 02/25/2027(b)(c)(g)							16				507,387
Taco Bell Funding LLC Series 2016-1A, Class A23 4.97%, 05/25/2046(a)							771				835,093
											4,762,662
Autos - Fixed Rate – 0.3%
CPS Auto Trust Series 2018-C, Class D 4.40%, 06/17/2024(a)							1,050				1,082,502
Exeter Automobile Receivables Trust Series 2019-2A, Class E 4.68%, 05/15/2026(a)							1,050				1,109,934

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PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
Flagship Credit Auto Trust Series 2019-4, Class E 4.11%, 03/15/2027(a)			U.S.$				770			$	815,880
											3,008,316
Home Equity Loans - Fixed Rate – 0.3%
CSAB Mortgage-Backed Trust Series 2006-2, Class A6A 6.22%, 09/25/2036							580				259,456
CWABS Asset-Backed Certificates Trust Series 2005-7, Class AF5W 4.89%, 10/25/2035							521				526,287
GSAA Home Equity Trust Series 2005-12, Class AF5 6.159%, 09/25/2035							838				708,853
Series 2006-10, Class AF3 5.985%, 06/25/2036							975				389,092
Series 2006-6, Class AF4 4.27%, 03/25/2036							1,365				594,219
Series 2006-6, Class AF5 4.27%, 03/25/2036							506				220,117
											2,698,024
Home Equity Loans - Floating Rate – 0.0%
Lehman XS Trust Series 2007-6, Class 3A5 4.513% (LGHYI + 4.22%), 05/25/2037(l)							72				72,564
Total Asset-Backed Securities (cost $14,267,775)											10,541,566
						Shares
INVESTMENT COMPANIES – 0.5%
Funds and Investment Trusts – 0.5%
iShares JPMorgan USD Emerging Markets Bond ETF(u) (cost $5,351,457)							49,000				5,335,120
PREFERRED STOCKS – 0.4%
Industrial – 0.3%
Energy – 0.2%
Targa Resources Corp. Series A 9.50%							2,000				2,097,098

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    73

PORTFOLIO OF INVESTMENTS (continued)

Company						Shares				U.S. $ Value
Industrial Conglomerates – 0.1%
WESCO International, Inc. Series A 10.625%							35,175			$	1,082,686
											3,179,784
Financial Institutions – 0.1%
Insurance – 0.1%
Hartford Financial Services Group, Inc. (The) 7.875%							42,175				1,131,977
Total Preferred Stocks (cost $4,153,918)											4,311,761
						Principal Amount (000)
LOCAL GOVERNMENTS – US MUNICIPAL BONDS – 0.3%
United States – 0.3%
State of California Series 2010 7.60%, 11/01/2040			U.S.$				750				1,245,352
State of Illinois Series 2010 7.35%, 07/01/2035							1,915				2,377,910
Total Local Governments – US Municipal Bonds (cost $2,678,532)											3,623,262
INFLATION-LINKED SECURITIES – 0.3%
Colombia – 0.3%
Fideicomiso PA Concesion Ruta al Mar 6.75%, 02/15/2044(a)			COP				1,437,090				338,443
Fideicomiso PA Costera 6.25%, 01/15/2034(a)							1,230,800				360,077
Fideicomiso PA Pacifico Tres 7.00%, 01/15/2035(g)							6,642,880				1,975,974
Total Inflation-Linked Securities (cost $2,833,809)											2,674,494

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PORTFOLIO OF INVESTMENTS (continued)

						Principal Amount (000)				U.S. $ Value
GOVERNMENTS – SOVEREIGN BONDS – 0.2%
Colombia – 0.1%
Colombia Government International Bond 4.125%, 05/15/2051			U.S.$				1,258			$	1,196,673
Mexico – 0.1%
Mexico Government International Bond 4.75%, 04/27/2032							534				591,906
5.00%, 04/27/2051							461				498,744
											1,090,650
Netherlands – 0.0%
SNS Bank NV Series E 11.25%, 12/31/2049(b)(c)(d)(j)			EUR				620				– 0	–
Total Governments – Sovereign Bonds (cost $3,042,187)											2,287,323
EMERGING MARKETS – TREASURIES – 0.1%
Turkey – 0.1%
Turkey Government Bond 11.70%, 11/13/2030 (cost $2,218,593)			TRY				16,594				1,432,835
						Shares
WARRANTS – 0.1%
Avaya Holdings Corp., expiring 12/15/2022(d)							53,489				402,237
Encore Automotive Acceptance, expiring 07/05/2031(b)(c)(d)							8				– 0	–
Flexpath Capital, Inc., expiring 04/15/2031(b)(c)(d)							10,974				– 0	–
SandRidge Energy, Inc., A-CW22, expiring 10/04/2022(d)							47,161				519
SandRidge Energy, Inc., B-CW22, expiring 10/04/2022(d)							19,860				318
Willscot Corp., expiring 11/29/2022(b)(c)(d)							29,123				378,031
Total Warrants (cost $385,302)											781,105
RIGHTS – 0.0%
Vistra Energy Corp., expiring 12/31/2049(b)(d) (cost $0)							10,721				11,761

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    75

PORTFOLIO OF INVESTMENTS (continued)

						Shares				U.S. $ Value
SHORT-TERM INVESTMENTS – 4.8%
Investment Companies – 4.3%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 0.01%(u)(v)(w) (cost $47,718,389)							47,718,389			$	47,718,389
						Principal Amount (000)
Time Deposits – 0.5%
Bank of Montreal, London 0.00%, 04/01/2021			U.S.$				5,420				5,419,802
BBH Grand Cayman (0.54)%, 04/01/2021			AUD				6				4,915
0.05%, 04/01/2021**			NZD				0	**			132
Citibank, London (0.76)%, 04/01/2021			EUR				55				63,995
0.00%, 04/01/2021			GBP				45				61,645
Total Time Deposits (cost $5,550,489)											5,550,489
Total Short-Term Investments (cost $53,268,878)											53,268,878
Total Investments – 100.7% (cost $1,101,736,502)											1,110,349,251
Other assets less liabilities – (0.7)%											(8,076,592	)
Net Assets – 100.0%										$	1,102,272,659

FUTURES (see Note C)

Description		Number of Contracts				Expiration Month				Current Notional				Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures			109				June 2021			$	15,661,938			$	(551,094	)
U.S. Long Bond (CBT) Futures			59				June 2021				9,121,031				(353,766	)
U.S. T-Note 10 Yr (CBT) Futures			497				June 2021				65,075,938				(1,606,977	)
U.S. Ultra Bond (CBT) Futures			73				June 2021				13,228,969				(624,547	)
Sold Contracts
U.S. T-Note 5 Yr (CBT) Futures			196				June 2021				24,186,094				336,125
														$	(2,800,259	)

76    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

Counterparty		Contracts to Deliver (000)				In Exchange For (000)				Settlement Date				Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	8			RUB	612				05/25/2021			$	(72	)
Bank of America, NA		EUR	1,076			USD	1,268				05/27/2021				5,588
Barclays Bank PLC		BRL	117			USD	21				04/05/2021				(251	)
Barclays Bank PLC		USD	22			BRL	117				04/05/2021				(720	)
Barclays Bank PLC		INR	881			USD	12				04/15/2021				(47	)
Barclays Bank PLC		USD	12			IDR	176,161				04/15/2021				(139	)
Barclays Bank PLC		KRW	9,282			USD	8				04/22/2021				(30	)
Barclays Bank PLC		USD	7			KRW	8,276				04/22/2021				19
BNP Paribas SA		GBP	2,483			USD	3,383				04/09/2021				(39,918	)
BNP Paribas SA		EUR	35,680			USD	42,634				05/27/2021				745,875
Brown Brothers Harriman & Co.		USD	115			ZAR	1,726				04/08/2021				2,253
Brown Brothers Harriman & Co.		ZAR	611			USD	42				04/08/2021				168
Brown Brothers Harriman & Co.		ZAR	1,693			USD	114				04/08/2021				(993	)
Brown Brothers Harriman & Co.		GBP	70			USD	96				04/09/2021				(689	)
Brown Brothers Harriman & Co.		USD	7			GBP	5				04/09/2021				92
Brown Brothers Harriman & Co.		USD	34			GBP	24				04/09/2021				(268	)
Brown Brothers Harriman & Co.		NOK	478			USD	56				04/15/2021				306
Brown Brothers Harriman & Co.		NOK	233			USD	27				04/15/2021				(150	)
Brown Brothers Harriman & Co.		SEK	691			USD	82				04/15/2021				3,111
Brown Brothers Harriman & Co.		USD	20			NOK	169				04/15/2021				23
Brown Brothers Harriman & Co.		USD	84			NOK	715				04/15/2021				(713	)
Brown Brothers Harriman & Co.		USD	116			SEK	972				04/15/2021				(4,558	)
Brown Brothers Harriman & Co.		MXN	1,017			USD	49				04/16/2021				(493	)
Brown Brothers Harriman & Co.		USD	204			MXN	4,233				04/16/2021				2,814
Brown Brothers Harriman & Co.		USD	8			MXN	165				04/16/2021				(3	)
Brown Brothers Harriman & Co.		CAD	161			USD	127				04/22/2021				(1,131	)
Brown Brothers Harriman & Co.		CNH	997			USD	153				04/22/2021				1,500
Brown Brothers Harriman & Co.		USD	88			CAD	111				04/22/2021				747
Brown Brothers Harriman & Co.		USD	75			CNH	489				04/22/2021				(929	)
Brown Brothers Harriman & Co.		CHF	90			USD	100				05/06/2021				4,592
Brown Brothers Harriman & Co.		USD	45			CHF	42				05/06/2021				(673	)
Brown Brothers Harriman & Co.		JPY	8,762			USD	82				05/20/2021				2,670
Brown Brothers Harriman & Co.		USD	44			JPY	4,778				05/20/2021				(1,049	)
Brown Brothers Harriman & Co.		SGD	50			USD	37				05/21/2021				51
Brown Brothers Harriman & Co.		TRY	119			USD	14				05/21/2021				197
Brown Brothers Harriman & Co.		USD	74			SGD	100				05/21/2021				79
Brown Brothers Harriman & Co.		USD	16			SGD	21				05/21/2021				(12	)
Brown Brothers Harriman & Co.		USD	6			TRY	53				05/21/2021				(153	)
Brown Brothers Harriman & Co.		EUR	128			USD	151				05/27/2021				1,214
Brown Brothers Harriman & Co.		EUR	181			USD	213				05/27/2021				(116	)
Brown Brothers Harriman & Co.		NZD	68			USD	49				05/27/2021				1,821
Brown Brothers Harriman & Co.		USD	55			NZD	77				05/27/2021				(1,275	)
Brown Brothers Harriman & Co.		AUD	48			USD	37				06/04/2021				118
Brown Brothers Harriman & Co.		USD	10			AUD	13				06/04/2021				(48	)
Brown Brothers Harriman & Co.		PLN	272			USD	70				06/24/2021				1,444
Brown Brothers Harriman & Co.		PLN	106			USD	27				06/24/2021				(88	)
Citibank, NA		BRL	110			USD	20				04/05/2021				159
Citibank, NA		BRL	29,414			USD	5,196				04/05/2021				(29,404	)
Citibank, NA		USD	5,182			BRL	29,524				04/05/2021				63,203
Citibank, NA		MXN	54,340			USD	2,581				04/16/2021				(74,677	)

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    77

PORTFOLIO OF INVESTMENTS (continued)

Counterparty		Contracts to Deliver (000)				In Exchange For (000)				Settlement Date				Unrealized Appreciation/ (Depreciation)
Citibank, NA		USD	5			KRW	5,661				04/22/2021			$	(173	)
Deutsche Bank AG		USD	106			INR	7,890				04/15/2021				1,473
Deutsche Bank AG		COP	36,120,657			USD	10,098				05/20/2021				242,934
Deutsche Bank AG		USD	50			CLP	35,538				05/20/2021				(286	)
Goldman Sachs Bank USA		BRL	150			USD	27				04/05/2021				324
Goldman Sachs Bank USA		BRL	263			USD	46				04/05/2021				(567	)
Goldman Sachs Bank USA		USD	50			BRL	287				04/05/2021				614
Goldman Sachs Bank USA		USD	23			BRL	126				04/05/2021				(459	)
Goldman Sachs Bank USA		IDR	1,537,407			USD	108				04/15/2021				2,951
Goldman Sachs Bank USA		IDR	85,986			USD	6				04/15/2021				(4	)
Goldman Sachs Bank USA		INR	3,640			USD	50				04/15/2021				220
Goldman Sachs Bank USA		INR	7,016			USD	95				04/15/2021				(1,080	)
Goldman Sachs Bank USA		USD	67			IDR	953,516				04/15/2021				(1,740	)
Goldman Sachs Bank USA		USD	96			INR	7,090				04/15/2021				324
Goldman Sachs Bank USA		KRW	90,843			USD	82				04/22/2021				1,730
Goldman Sachs Bank USA		USD	1,063			CAD	1,345				04/22/2021				7,428
Goldman Sachs Bank USA		USD	26			KRW	29,609				04/22/2021				96
Goldman Sachs Bank USA		USD	27			KRW	30,251				04/22/2021				(428	)
Goldman Sachs Bank USA		TWD	569			USD	20				04/27/2021				151
Goldman Sachs Bank USA		USD	53			BRL	308				05/04/2021				1,090
Goldman Sachs Bank USA		COP	35,461			USD	10				05/20/2021				214
Goldman Sachs Bank USA		USD	13			CLP	9,458				05/20/2021				200
Goldman Sachs Bank USA		USD	11			COP	38,603				05/20/2021				10
Goldman Sachs Bank USA		USD	20			COP	72,699				05/20/2021				(479	)
Goldman Sachs Bank USA		RUB	732			USD	10				05/25/2021				216
Goldman Sachs Bank USA		RUB	1,713			USD	22				05/25/2021				(140	)
Goldman Sachs Bank USA		USD	72			RUB	5,399				05/25/2021				(1,346	)
Goldman Sachs Bank USA		IDR	290,647			USD	20				07/15/2021				(10	)
Goldman Sachs Bank USA		USD	6			IDR	85,986				07/15/2021				2
Goldman Sachs Bank USA		USD	9			INR	642				07/15/2021				(11	)
HSBC Bank USA		BRL	136,810			USD	25,099				04/05/2021				792,599
HSBC Bank USA		USD	24,013			BRL	136,810				04/05/2021				292,876
HSBC Bank USA		USD	2,853			IDR	39,943,912				04/15/2021				(114,031	)
JPMorgan Chase Bank, NA		BRL	161,311			USD	28,314				04/05/2021				(345,327	)
JPMorgan Chase Bank, NA		USD	29,695			BRL	161,311				04/05/2021				(1,035,873	)
JPMorgan Chase Bank, NA		TRY	17,984			USD	2,137				04/08/2021				(35,821	)
JPMorgan Chase Bank, NA		ZAR	81,154			USD	5,332				04/08/2021				(163,249	)
JPMorgan Chase Bank, NA		IDR	260,048			USD	18				04/15/2021				346
JPMorgan Chase Bank, NA		INR	840			USD	12				04/15/2021				80
JPMorgan Chase Bank, NA		INR	2,132			USD	29				04/15/2021				(104	)
JPMorgan Chase Bank, NA		KRW	13,432			USD	12				04/22/2021				434
JPMorgan Chase Bank, NA		TWD	2,316			USD	83				04/27/2021				1,764
JPMorgan Chase Bank, NA		USD	25			TWD	691				04/27/2021				(766	)
JPMorgan Chase Bank, NA		CLP	7,332			USD	10				05/20/2021				78
JPMorgan Chase Bank, NA		COP	30,989			USD	9				05/20/2021				240
JPMorgan Chase Bank, NA		USD	7			COP	27,744				05/20/2021				75
JPMorgan Chase Bank, NA		USD	10			COP	36,985				05/20/2021				(310	)
JPMorgan Chase Bank, NA		USD	985			EUR	829				05/27/2021				(12,233	)
Morgan Stanley Capital Services LLC		BRL	6,232			USD	1,094				04/05/2021				(13,342	)
Morgan Stanley Capital Services LLC		USD	1,095			BRL	6,232				04/05/2021				12,592

78    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

Counterparty		Contracts to Deliver (000)				In Exchange For (000)				Settlement Date				Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services LLC		IDR	104,425			USD	7				04/15/2021			$	162
Morgan Stanley Capital Services LLC		INR	701			USD	10				04/15/2021				(43	)
Morgan Stanley Capital Services LLC		USD	10			IDR	140,955				04/15/2021				(294	)
Morgan Stanley Capital Services LLC		USD	57			CNH	373				04/22/2021				(674	)
Morgan Stanley Capital Services LLC		USD	14			KRW	15,312				04/22/2021				19
Morgan Stanley Capital Services LLC		USD	18			KRW	20,223				04/22/2021				(213	)
Morgan Stanley Capital Services LLC		USD	91			TWD	2,517				04/27/2021				(2,731	)
Morgan Stanley Capital Services LLC		RUB	162,542			USD	2,176				05/25/2021				38,411
Royal Bank of Scotland PLC		BRL	66			USD	12				04/05/2021				(141	)
Royal Bank of Scotland PLC		USD	12			BRL	66				04/05/2021				(260	)
Royal Bank of Scotland PLC		IDR	364,873			USD	25				04/15/2021				120
Royal Bank of Scotland PLC		INR	1,066			USD	15				04/15/2021				20
Royal Bank of Scotland PLC		INR	2,379			USD	32				04/15/2021				(318	)
Royal Bank of Scotland PLC		USD	40			IDR	566,024				04/15/2021				(697	)
Royal Bank of Scotland PLC		USD	12			INR	847				04/15/2021				(64	)
Royal Bank of Scotland PLC		KRW	37,871			USD	34				04/22/2021				559
Royal Bank of Scotland PLC		USD	27			KRW	30,756				04/22/2021				(126	)
Royal Bank of Scotland PLC		TWD	2,569			USD	91				04/27/2021				915
Royal Bank of Scotland PLC		USD	9			TWD	262				04/27/2021				42
Royal Bank of Scotland PLC		USD	16			TWD	439				04/27/2021				(424	)
Royal Bank of Scotland PLC		USD	22			COP	79,102				05/20/2021				(375	)
Royal Bank of Scotland PLC		USD	11			RUB	824				05/25/2021				60
Standard Chartered Bank		BRL	41			USD	7				04/05/2021				9
Standard Chartered Bank		IDR	39,289,779			USD	2,783				04/15/2021				89,350
Standard Chartered Bank		INR	2,423			USD	33				04/15/2021				88
Standard Chartered Bank		USD	17			IDR	240,615				04/15/2021				(162	)
Standard Chartered Bank		KRW	9,223			USD	8				04/22/2021				6
Standard Chartered Bank		TWD	436			USD	16				04/27/2021				146
Standard Chartered Bank		USD	53			TWD	1,479				04/27/2021				(1,143	)
Standard Chartered Bank		USD	7			BRL	41				04/05/2021				88
UBS AG		BRL	128			USD	23				04/05/2021				(275	)
UBS AG		USD	22			BRL	128				04/05/2021				420
UBS AG		USD	5,383			ZAR	81,602				04/08/2021				142,864
UBS AG		USD	29			INR	2,099				04/15/2021				(117	)
UBS AG		TWD	242			USD	9				04/27/2021				54
UBS AG		USD	10			TWD	293				04/27/2021				46
UBS AG		USD	23			TWD	635				04/27/2021				(564	)
UBS AG		BRL	128			USD	22				05/04/2021				(411	)
UBS AG		USD	34			BRL	197				05/04/2021				777
UBS AG		COP	27,580			USD	8				05/20/2021				172
														$	578,023

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    79

PORTFOLIO OF INVESTMENTS (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note C)

Description		Fixed Rate (Pay) Receive				Payment Frequency				Implied Credit Spread at March 31, 2021				Notional Amount (000)				Market Value				Upfront Premiums Paid (Received)				Unrealized Appreciation/ (Depreciation)
Buy Contracts
CDX-NAHY Series 28, 5 Year Index, 06/20/2022*			(5.00	)%			Quarterly				1.15	%		USD	11,791			$	(571,799	)		$	(247,145	)		$	(324,654	)
CDX-NAHY Series 29, 5 Year Index, 12/20/2022*			(5.00	)			Quarterly				1.42			USD	35,322				(2,214,647	)			(944,671	)			(1,269,976	)
CDX-NAHY Series 30, 5 Year Index, 06/20/2023*			(5.00	)			Quarterly				1.69			USD	15,399				(1,134,046	)			(459,090	)			(674,956	)
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*			(5.00	)			Quarterly				2.88			USD	1,054				(97,704	)			(94,986	)			(2,718	)
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*			(5.00	)			Quarterly				2.88			USD	6,844				(634,425	)			(620,992	)			(13,433	)
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*			(5.00	)			Quarterly				2.88			USD	7,420				(687,819	)			(673,197	)			(14,622	)
iTraxx Europe Crossover Series 27, 5 Year Index, 06/20/2022*			(5.00	)			Quarterly				0.88			EUR	12,022				(734,762	)			(488,236	)			(246,526	)
Sale Contracts
Brazilian Government International Bond, 4.250%, 01/07/2025, 06/20/2025*			1.00				Quarterly				2.22			USD	316				(18,872	)			(16,086	)			(2,786	)
CDX-NAHY Series 28, 5 Year Index, 06/20/2022*			5.00				Quarterly				1.15			USD	11,791				571,799				268,039				303,760
CDX-NAHY Series 28, 5 Year Index, 06/20/2022*			5.00				Quarterly				1.15			USD	4				211				99				112
CDX-NAHY Series 29, 5 Year Index, 12/20/2022*			5.00				Quarterly				1.42			USD	35,322				2,214,647				952,153				1,262,494
CDX-NAHY Series 30, 5 Year Index, 06/20/2023*			5.00				Quarterly				1.69			USD	15,399				1,134,046				367,768				766,278

80    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

Description		Fixed Rate (Pay) Receive				Payment Frequency				Implied Credit Spread at March 31, 2021				Notional Amount (000)				Market Value				Upfront Premiums Paid (Received)				Unrealized Appreciation/ (Depreciation)
CDX-NAHY Series 33, 5 Year Index, 12/20/2024*			5.00	%			Quarterly				2.33	%		USD	12,619			$	1,205,348			$	489,757			$	715,591
CDX-NAHY Series 34, 5 Year Index, 06/20/2025*			5.00				Quarterly				2.66			USD	44,971				4,177,443				322,617				3,854,826
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*			5.00				Quarterly				2.88			USD	107,095				9,897,735				3,476,676				6,421,059
CDX-NAHY Series 36, 5 Year Index, 06/20/2026*			5.00				Quarterly				3.08			USD	36,793				3,336,863				3,144,585				192,278
CDX-NAHY Series 36, 5 Year Index, 06/20/2026*			5.00				Quarterly				3.08			USD	6,397				580,162				570,612				9,550
CDX-NAHY Series 36, 5 Year Index, 06/20/2026*			5.00				Quarterly				3.08			USD	6,397				580,162				570,612				9,550
CDX-NAHY Series 36, 5 Year Index, 06/20/2026*			5.00				Quarterly				3.08			USD	4,794				434,782				428,104				6,678
Ford Motor Company, 4.346% 12/08/2026, 06/20/2023*			5.00				Quarterly				1.80			USD	760				54,028				(49,717	)			103,745
iTraxx Europe Crossover Series 27, 5 Year Index, 06/20/2022*			5.00				Quarterly				0.88			EUR	12,022				734,707				502,636				232,071
iTraxx Europe Crossover Series 35, 5 Year Index, 06/20/2026*			5.00				Quarterly				2.53			EUR	36,820				5,182,879				4,853,049				329,830
South Africa Government International Bond, 5.875%, 09/16/2025, 06/20/2026*			1.00				Quarterly				2.33			EUR	2,376				(153,944	)			(148,479	)			(5,465	)
																		$	23,856,794			$	12,204,108			$	11,652,686

* Termination date

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    81

PORTFOLIO OF INVESTMENTS (continued)

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note C)

												Rate Type
Notional Amount (000)								Termination Date				Payments made by the Fund				Payments received by the Fund				Payment Frequency Paid/ Received		Market Value				Upfront Premiums Paid (Received)				Unrealized Appreciation/ (Depreciation)
	BRL				82,598				01/02/2023				1 Day CDI				5.245%			Maturity		$	426,858			$	204,430			$	222,428
	BRL				172,000				01/02/2023				1 Day CDI				5.245%			Maturity			(462,094	)			– 0	–			(462,094	)
																						$	(35,236	)		$	204,430			$	(239,666	)

CREDIT DEFAULT SWAPS (see Note C)

Swap Counterparty & Referenced Obligation		Fixed Rate (Pay) Receive				Payment Frequency				Implied Credit Spread at March 31, 2021				Notional Amount (000)				Market Value				Upfront Premiums Paid (Received)				Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BB Series 6, 05/11/2063*			5.00	%			Monthly				12.50	%		USD	293			$	(134,020	)		$	(143,617	)		$	9,597
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*			3.00				Monthly				12.50			USD	454				(122,308	)			(49,515	)			(72,793	)
Credit Suisse International
CDX-CMBX.NA.BB Series 6, 05/11/2063*			5.00				Monthly				12.50			USD	5,000				(2,285,639	)			(755,126	)			(1,530,513	)
International Game Technology PLC, 4.750%, 02/15/2023, 06/20/2022*			5.00				Quarterly				0.79			EUR	310				19,384				8,600				10,784
Deutsche Bank AG
CDX-CMBX.NA.BB Series 6, 05/11/2063*			3.00				Monthly				12.50			USD	258				(69,505	)			(27,800	)			(41,705	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*			3.00				Monthly				12.50			USD	364				(98,092	)			(41,419	)			(56,673	)
Goldman Sachs International
Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023*			5.00				Quarterly				1.46			USD	270				25,385				9,461				15,924
Avis Budget Group, Inc., 5.250%, 03/15/2025, 12/20/2023*			5.00				Quarterly				1.46			USD	300				28,206				16,453				11,753
CDX-CMBX.NA.BB Series 6, 05/11/2063*			5.00				Monthly				12.50			USD	59				(26,987	)			(28,882	)			1,895

82    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

Swap Counterparty & Referenced Obligation		Fixed Rate (Pay) Receive				Payment Frequency				Implied Credit Spread at March 31, 2021				Notional Amount (000)				Market Value				Upfront Premiums Paid (Received)				Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BB Series 6, 05/11/2063*			5.00	%			Monthly				12.50	%		USD	59			$	(26,987	)		$	(28,882	)		$	1,895
CDX-CMBX.NA.BB Series 6, 05/11/2063*			5.00				Monthly				12.50			USD	1,667				(762,264	)			(278,259	)			(484,005	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*			5.00				Monthly				12.50			USD	2,071				(946,581	)			(296,050	)			(650,531	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*			5.00				Monthly				12.50			USD	2,929				(1,339,058	)			(418,799	)			(920,259	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*			5.00				Monthly				12.50			USD	5,000				(2,285,639	)			(796,947	)			(1,488,692	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*			5.00				Monthly				12.50			USD	10,000				(4,571,278	)			(1,440,444	)			(3,130,834	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*			5.00				Monthly				12.50			USD	13,500				(6,171,225	)			(1,941,986	)			(4,229,239	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*			3.00				Monthly				12.50			USD	133				(35,830	)			(13,937	)			(21,893	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*			3.00				Monthly				12.50			USD	180				(48,507	)			(15,658	)			(32,849	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*			3.00				Monthly				12.50			USD	360				(97,014	)			(34,516	)			(62,498	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*			3.00				Monthly				12.50			USD	360				(97,014	)			(31,897	)			(65,117	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*			3.00				Monthly				12.50			USD	371				(99,978	)			(30,406	)			(69,572	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*			3.00				Monthly				12.50			USD	530				(142,782	)			(55,140	)			(87,642	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*			3.00				Monthly				12.50			USD	719				(193,759	)			(75,347	)			(118,412	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*			3.00				Monthly				12.50			USD	1,041				(280,445	)			(109,027	)			(171,418	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*			3.00				Monthly				12.50			USD	2,158				(581,545	)			(181,012	)			(400,533	)
United States Steel Corp., 6.650%, 06/01/2037, 12/20/2021*			5.00				Quarterly				0.62			USD	700				23,351				(8,166	)			31,517
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*			3.00				Monthly				12.50			USD	6,400				(1,723,627	)			(748,200	)			(975,427	)

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PORTFOLIO OF INVESTMENTS (continued)

Swap Counterparty & Referenced Obligation		Fixed Rate (Pay) Receive				Payment Frequency				Implied Credit Spread at March 31, 2021				Notional Amount (000)				Market Value				Upfront Premiums Paid (Received)				Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*			3.00	%			Monthly				12.50	%		USD	12,000			$	(3,231,800	)		$	(1,338,045	)		$	(1,893,755	)
Morgan Stanley & Co. International PLC
CDX-CMBX.NA.BB Series 6, 05/11/2063*			5.00				Monthly				12.50			USD	117				(53,516	)			(56,054	)			2,538
CDX-CMBX.NA.BB Series 6, 05/11/2063*			5.00				Monthly				12.50			USD	364				(166,496	)			(164,584	)			(1,912	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*			5.00				Monthly				12.50			USD	364				(166,496	)			(152,090	)			(14,406	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*			5.00				Monthly				12.50			USD	364				(166,496	)			(151,201	)			(15,295	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*			5.00				Monthly				12.50			USD	363				(166,038	)			(149,898	)			(16,140	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*			5.00				Monthly				12.50			USD	363				(166,038	)			(149,011	)			(17,027	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*			3.00				Monthly				12.50			USD	1,272				(342,677	)			(135,067	)			(207,610	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BB Series 6, 05/11/2063*			3.00				Monthly				12.50			USD	1,188				(320,047	)			(121,137	)			(198,910	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*			3.00				Monthly				12.50			USD	3,340				(899,518	)			(35,892	)			(863,626	)
																		$	(27,722,880	)		$	(9,969,497	)		$	(17,753,383	)

* Termination date

TOTAL RETURN SWAPS (see Note C)

Counterparty & Referenced Obligation

Rate Paid/ Received

Payment Frequency

Current Notional (000)

Maturity Date

Unrealized Appreciation/ (Depreciation)

Receive Total Return on Reference Obligation

Goldman Sachs International Markit iBoxx EUR Contingent Convertible Liquid Developed Market AT1

3 Month EURIBOR

Quarterly

EUR

9,098

06/20/2021

$

198,696

84    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

REVERSE REPURCHASE AGREEMENTS (see Note C)

Broker

Principal Amount (000)

Currency

Interest Rate

Maturity

U.S. $ Value at March 31, 2021

Barclays Capital, Inc.†

695

USD

(0.25

)%*

—

$

694,598

† The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on March 31, 2021.

* Interest payment due from counterparty.

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

Overnight and Continuous

Up to 30 Days

31-90 Days

Greater than 90 Days

Total

Corporates – Non-Investment Grade

$

694,598

$

– 0

–

$

– 0

–

$

– 0

–

$

694,598

** Principal amount less than 500.

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2021, the aggregate market value of these securities amounted to $615,775,332 or 55.9% of net assets.

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

(c) Fair valued by the Adviser.

(d) Non-income producing security.

(e) Defaulted matured security.

(f) Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at March 31, 2021.

(g) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.62% of net assets as of March 31, 2021, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities		Acquisition Date				Cost				Market Value				Percentage of Net Assets
Carlson Travel, Inc. 10.50%, 03/31/2025			08/18/2020			$	134,639			$	143,900				0.01	%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2018-7, Class PT 9.713%, 06/15/2043			04/25/2018				125,043				122,727				0.01	%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-24, Class PT 9.489%, 08/15/2044			06/27/2019				264,156				267,744				0.02	%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-36, Class PT 11.838%, 10/17/2044			09/04/2019				376,111				377,157				0.03	%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-43, Class PT 5.753%, 11/15/2044			10/09/2019				214,157				212,022				0.02	%

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PORTFOLIO OF INVESTMENTS (continued)

144A/Restricted & Illiquid Securities		Acquisition Date				Cost				Market Value				Percentage of Net Assets
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-12, Class PT 9.249%, 06/15/2043			06/26/2018			$	110,556			$	108,869				0.01	%
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-4, Class PT 10.193%, 05/15/2043			05/11/2018				97,816				96,146				0.01	%
Consumer Loan Underlying Bond Credit Trust Series 2018-3, Class PT 9.984%, 03/16/2043			03/07/2018				21,084				20,612				0.00	%
Digicel Group 0.5 Ltd. 7.00%, 04/12/2021			11/28/2016				90,850				62,255				0.01	%
Exide Technologies (Exchange Priority) 11.00%, 10/31/2024			06/28/2019				– 0	–			– 0	–			0.00	%
Exide Technologies (First Lien) 11.00%, 10/31/2024			04/30/2015				– 0	–			– 0	–			0.00	%
Fideicomiso PA Pacifico Tres 7.00%, 01/15/2035			03/04/2016				1,962,683				1,975,974				0.18	%
JPMorgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 5.609%, 10/25/2025			09/18/2015				805,031				737,215				0.07	%
K2016470219 South Africa Ltd. 3.00%, 12/31/2022			01/31/2017				1,065,172				– 0	–			0.00	%
K2016470260 South Africa Ltd. 25.00%, 12/31/2022			06/30/2017				541,456				– 0	–			0.00	%
Liberty Tire Recycling LLC 9.50%, 01/15/2023			12/15/2018				705,302				714,048				0.06	%
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018			05/15/2013				2,295,760				– 0	–			0.00	%
SoFi Consumer Loan Program LLC Series 2016-1, Class R Zero Coupon, 08/25/2025			07/28/2017				160,094				201,333				0.02	%
SoFi Consumer Loan Program LLC Series 2017-3, Class R Zero Coupon, 05/25/2026			05/11/2017				1,107,300				394,000				0.04	%
SoFi Consumer Loan Program LLC Series 2017-5, Class R1 Zero Coupon, 09/25/2026			09/18/2017				1,313,468				252,902				0.02	%
SoFi Consumer Loan Program Trust Series 2018-1, Class R1 Zero Coupon, 02/25/2027			02/01/2018				1,569,021				507,387				0.05	%
Terraform Global Operating LLC 6.125%, 03/01/2026			02/08/2018				118,000				120,953				0.01	%
Tonon Luxembourg SA 6.50%, 10/31/2024			10/31/2019				1,205,912				18,606				0.00	%

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PORTFOLIO OF INVESTMENTS (continued)

144A/Restricted & Illiquid Securities		Acquisition Date				Cost				Market Value				Percentage of Net Assets
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018			01/23/2014 – 02/27/2014			$	2,401,854			$	29,946				0.00	%
Virgolino de Oliveira Finance SA 10.875%, 01/13/2020			06/09/2014				477,418				163,200				0.02	%
Virgolino de Oliveira Finance SA 11.75%, 02/09/2022			01/29/2014 – 02/05/2014				838,866				8,080				0.00	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 5.609%, 11/25/2025			02/26/2018				288,815				285,356				0.03	%

(h) Convertible security.

(i) Defaulted.

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

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

(l) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at March 31, 2021.

(m) Inverse interest only security.

(n) IO–Interest Only.

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

(p) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

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

(r) The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at March 31, 2021.

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

(t) Restricted and illiquid security.

Restricted & Illiquid Securities		Acquisition Date				Cost				Market Value				Percentage of Net Assets
CHC Group LLC			03/10/2017			$	6,645,689			$	8,404				0.00	%

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

(w) Affiliated investments.

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CLP – Chilean Peso

CNH – Chinese Yuan Renminbi (Offshore)

COP – Colombian Peso

EUR – Euro

GBP – Great British Pound

IDR – Indonesian Rupiah

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

NOK – Norwegian Krone

NZD – New Zealand Dollar

PLN – Polish Zloty

RUB – Russian Ruble

SEK – Swedish Krona

SGD – Singapore Dollar

TRY – Turkish Lira

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    87

PORTFOLIO OF INVESTMENTS (continued)

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

CDI – Brazil CETIP Interbank Deposit Rate

CDX-CMBX.NA – North American Commercial Mortgage-Backed Index

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

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

ETF – Exchange Traded Fund

EURIBOR – Euro Interbank Offered Rate

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

JSC – Joint Stock Company

LGHYI – Bloomberg Barclays Global High Yield Index

LIBOR – London Interbank Offered Rate

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

See notes to financial statements.

88    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

STATEMENT OF ASSETS & LIABILITIES

March 31, 2021

Assets
Investments in securities, at value Unaffiliated issuers (cost $1,054,018,113)		$	1,062,630,862
Affiliated issuers (cost $47,718,389)			47,718,389
Cash			11
Cash collateral due from broker			18,556,465
Foreign currencies, at value (cost $5,823,883)			5,579,395
Unaffiliated dividends and interest receivable			12,784,904
Unrealized appreciation on forward currency exchange contracts			2,473,433
Receivable for newly entered credit default swaps			2,302,546
Receivable for variation margin on centrally cleared swaps			1,418,043
Receivable for terminated credit default swaps			1,263,978
Receivable for investment securities sold and foreign currency transactions			749,181
Unrealized appreciation on total return swaps			198,696
Market value of credit default swaps (net premiums paid $26,348)			96,326
Affiliated dividends receivable			1,152
Total assets			1,155,773,381
Liabilities
Market value of credit default swaps (net premiums received $9,995,845)			27,819,206
Payable for investment securities purchased and foreign currency transactions			15,729,293
Payable for newly entered credit default swaps and interest rate swaps			2,507,536
Unrealized depreciation on forward currency exchange contracts			1,895,410
Cash collateral due to broker			1,620,000
Payable for terminated credit default swaps			902,113
Advisory fee payable			896,306
Payable for reverse repurchase agreements			694,598
Payable for variation margin on futures			239,781
Administrative fee payable			22,810
Accrued expenses and other liabilities			1,173,669
Total liabilities			53,500,722
Net Assets		$	1,102,272,659
Composition of Net Assets Section
Capital stock, at par		$	862,297
Additional paid-in capital			1,161,906,904
Accumulated loss			(60,496,542	)
		$	1,102,272,659
Net Asset Value Per Share—100 million shares of capital stock authorized, $0.01 par value (based on 86,229,677 shares outstanding)		$	12.78

See notes to financial statements.

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    89

STATEMENT OF OPERATIONS

Year Ended March 31, 2021

Investment Income
Interest (net of foreign taxes withheld of $304,467)		$	61,350,622
Dividends
Unaffiliated issuers			531,433
Affiliated issuers			21,991			$	61,904,046
Expenses
Advisory fee (see Note B)			9,441,075
Custody and accounting			407,723
Audit and tax			244,909
Printing			235,791
Administrative			91,028
Registration fees			83,966
Legal			76,175
Transfer agency			36,203
Directors’ fees			33,262
Miscellaneous			73,045
Total expenses before interest expense			10,723,177
Interest expense			14,515
Total expenses			10,737,692
Less: expenses waived and reimbursed by the Adviser (see Note B)			(14,731	)
Net expenses							10,722,961
Net investment income							51,181,085
Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions							(159,320	)(a)
Forward currency exchange contracts							(392,900	)
Futures							(3,182,070	)
Options written							1,829
Swaps							264,398
Foreign currency transactions							(12,060,042	)
Net change in unrealized appreciation/depreciation on:
Investments							178,333,265	(b)
Forward currency exchange contracts							(6,498,158	)
Futures							(3,850,032	)
Swaps							39,919,120
Foreign currency denominated assets and liabilities							307,320
Net gain on investment and foreign currency transactions							192,683,410
Contributions from Affiliates (see Note B)							284
Net Increase in Net Assets from Operations						$	243,864,779

(a) Net of foreign capital gains taxes of $152,346.

(b) Net of increase in accrued foreign capital gains taxes of $211,481.

See notes to financial statements.

90    ^|    ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND abfunds.com

STATEMENT OF CHANGES IN NET ASSETS

		Year Ended March 31, 2021				Year Ended March 31, 2020
Increase (Decrease) in Net Assets from Operations
Net investment income		$	51,181,085			$	58,127,920
Net realized loss on investment and foreign currency transactions			(15,528,105	)			(6,097,542	)
Net change in unrealized appreciation/depreciation on investments and foreign currency denominated assets and liabilities			208,211,515				(174,666,171	)
Contributions from Affiliates (see Note B)			284				6,296
Net increase (decrease) in net assets from operations			243,864,779				(122,629,497	)
Distributions to Shareholders			(59,292,215	)			(64,694,299	)
Return of Capital			(8,484,311	)			(3,461,637	)
Total increase (decrease)			176,088,253				(190,785,433	)
Net Assets
Beginning of period			926,184,406				1,116,969,839
End of period		$	1,102,272,659			$	926,184,406

See notes to financial statements.

abfunds.com ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND    ^|    91

NOTES TO FINANCIAL STATEMENTS

March 31, 2021

NOTE A

Significant Accounting Policies

AllianceBernstein Global High Income Fund, Inc. (the “Fund”) is incorporated under the laws of the State of Maryland and is registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

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

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued

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NOTES TO FINANCIAL STATEMENTS (continued)

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

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NOTES TO FINANCIAL STATEMENTS (continued)

and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

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

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

• Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price

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NOTES TO FINANCIAL STATEMENTS (continued)

transparency, where such inputs and models are available. Alternatively, the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options generally will be classified as Level 2. For options that do not trade on an exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset-backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

Bank loan prices are provided by third party pricing services and consist of a composite of the quotes received by the vendor into a consensus price. Certain bank loans are classified as Level 3, as a significant input used in the fair value measurement of these instruments is the market quotes that are received by the vendor and these inputs are not observable.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

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NOTES TO FINANCIAL STATEMENTS (continued)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of March 31, 2021:

Investments in Securities

Level 1

Level 2

Level 3

Total

Assets:

Corporates –Non-Investment Grade

$

– 0

–

$

489,916,299

$

918,294

#

$

490,834,593

Corporates – Investment Grade

– 0

–

112,186,240

– 0

–

112,186,240

Collateralized Mortgage Obligations

– 0

–

99,243,468

– 0

–

99,243,468

Emerging Markets – Sovereigns

– 0

–

93,917,689

– 0

–

93,917,689

Governments – Treasuries

– 0

–

57,358,452

– 0

–

57,358,452

Bank Loans

– 0

–

45,704,224

9,461,745

55,165,969

Emerging Markets –Corporate Bonds

– 0

–

54,051,691

18,606

#

54,070,297

Collateralized Loan Obligations

– 0

–

17,942,621

– 0

–

17,942,621

Quasi-Sovereigns

– 0

–

16,944,617

– 0

–

16,944,617

Common Stocks

5,824,701

8,404

9,271,699

#

15,104,804

Commercial Mortgage-Backed Securities

– 0

–

13,312,396

– 0

–

13,312,396

Asset-Backed Securities

– 0

–

9,185,944

1,355,622

10,541,566

Investment Companies

5,335,120

– 0

–

– 0

–

5,335,120

Preferred Stocks

2,214,663

2,097,098

– 0

–

4,311,761

Local Governments – US Municipal Bonds

– 0

–

3,623,262

– 0

–

3,623,262

Inflation-Linked Securities

– 0

–

2,674,494

– 0

–

2,674,494

Governments – Sovereign Bonds

– 0

–

2,287,323

0

#

2,287,323

Emerging Markets –Treasuries

– 0

–

1,432,835

– 0

–

1,432,835

Warrants

403,074

– 0

–

378,031

#

781,105

Rights

– 0

–

– 0

–

11,761

11,761

Short-Term Investments:

Investment Companies

47,718,389

– 0

–

– 0

–

47,718,389

Time Deposits

– 0

–

5,550,489

– 0

–

5,550,489

Total Investments in Securities

61,495,947

1,027,437,546

21,415,758

1,110,349,251

Other Financial Instruments*:

Assets

Futures

336,125

– 0

–

– 0

–

336,125

†

Forward Currency Exchange Contracts

– 0

–

2,473,433

– 0

–

2,473,433

Centrally Cleared Credit Default Swaps

– 0

–

30,104,812

– 0

–

30,104,812

†

Centrally Cleared Interest Rate Swaps

– 0

–

426,858

– 0

–

426,858

†

Credit Default Swaps

– 0

–

96,326

– 0

–

96,326

Total Return Swaps

– 0

–

198,696

– 0

–

198,696

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NOTES TO FINANCIAL STATEMENTS (continued)

Investments in Securities		Level 1				Level 2				Level 3				Total
Liabilities
Futures		$	(3,136,384	)		$	– 0	–		$	– 0	–		$	(3,136,384	)†
Forward Currency Exchange Contracts			– 0	–			(1,895,410	)			– 0	–			(1,895,410	)
Centrally Cleared Credit Default Swaps			– 0	–			(6,248,018	)			– 0	–			(6,248,018	)†
Centrally Cleared Interest Rate Swaps			– 0	–			(462,094	)			– 0	–			(462,094	)†
Credit Default Swaps			– 0	–			(27,819,206	)			– 0	–			(27,819,206	)
Reverse Repurchase Agreements			(694,598	)			– 0	–			– 0	–			(694,598	)
Total		$	58,001,090			$	1,024,312,943			$	21,415,758			$	1,103,729,791

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

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

† Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

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

		Corporates  - Non-Investment Grade#				Bank Loans				Emerging Markets  - Corporate Bonds#				Common Stocks#
Balance as of 3/31/20		$	2,724,178			$	17,168,828			$	18,514			$	5,027,722
Accrued discounts/ (premiums)			(4,094	)			– 0	–			(237,880	)			– 0	–
Realized gain (loss)			(3,907,468	)			22,911				– 0	–			(1,231,506	)
Change in unrealized appreciation/ depreciation			2,781,903				1,566,107				87,330				3,590,079
Purchases/Payups			62,514				8,788,194				147,587				6,266,784
Sales			(738,739	)			(13,978,834	)			– 0	–			(4,255,829	)
Transfers into Level 3			– 0	–			84,111				3,055				– 0	–
Transfers out of Level 3			– 0	–			(4,189,572	)			– 0	–			(125,551	)
Balance as of 3/31/21		$	918,294			$	9,461,745			$	18,606			$	9,271,699
Net change in unrealized appreciation/depreciation from investments held as of 3/31/21**		$	119,541			$	164,680			$	87,330			$	2,195,147

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NOTES TO FINANCIAL STATEMENTS (continued)

Asset- Backed Securities

Preferred Stocks

Governments  - Sovereign Bonds#

Warrants#

Balance as of 3/31/20

$

1,293,663

$

955,220

$

– 0

–

$

127,104

Accrued discounts/ (premiums)

– 0

–

– 0

–

– 0

–

– 0

–

Realized gain (loss)

434,162

(57

)

– 0

–

– 0

–

Change in unrealized appreciation/ depreciation

267,447

285,325

– 0

–

250,927

Purchases

– 0

–

188,702

– 0

–

– 0

–

Sales/Paydowns

(639,650

)

(1,429,190

)

– 0

–

– 0

–

Transfers into Level 3

– 0

–

– 0

–

– 0

–

– 0

–

Transfers out of Level 3

– 0

–

– 0

–

– 0

–

– 0

–

Balance as of 3/31/21

$

1,355,622

$

– 0

–

$

– 0

–

$

378,031

Net change in unrealized appreciation/depreciation from investments held as of 3/31/21**

$

267,447

$

– 0

–

$

– 0

–

$

250,927

		Rights				Short-Term Investments: Governments- Treasuries				Whole Loan Trusts				Total
Balance as of 3/31/20		$	11,439			$	978,639			$	112,600			$	28,417,907
Accrued discounts/ (premiums)			– 0	–			8,328				– 0	–			(233,646	)
Realized gain (loss)			– 0	–			(51,711	)			(1,069,096	)			(5,802,765	)
Change in unrealized appreciation/ depreciation			322				93,873				1,005,412				9,928,725
Purchases/Payups			– 0	–			– 0	–			– 0	–			15,453,781
Sales/Paydowns			– 0	–			(1,029,129	)			(48,916	)			(22,120,287	)
Transfers into Level 3			– 0	–			– 0	–			– 0	–			87,166
Transfers out of Level 3			– 0	–			– 0	–			– 0	–			(4,315,123	)
Balance as of 3/31/21		$	11,761			$	– 0	–		$	– 0	–		$	21,415,758
Net change in unrealized appreciation/depreciation from investments held as of 3/31/21**		$	322			$	– 0	–		$	– 0	–		$	3,085,394

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

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

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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 March 31, 2021. 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 3/31/2021				Valuation Technique		Unobservable Input		Input
Corporates – Non-Investment Grade		$	714,048			Discounted Cashflow		Estimated Yield to Maturity		8.72%
		$	204,246			Recovery Analysis		Collateral Value		$85.10
		$	– 0	–		Qualitative Assessment				$0.00
		$	918,294
Common Stocks		$	2,883,437			Market Approach		NAV Equivalent		$935.53
		$	1,282,295			Market Approach		EBITDA* Projection		$63.3mm
								EBITDA* Multiples		8.6X
		$	1,221,700			Market Approach		Projected Enterprise Value		$525.2mm to $588.0mm
		$	717,983			Market Approach		NAV Equivalent		$1,025.69
		$	138,820			Market Approach		Market Neutral Price		$20.00
		$	29,615			Market Approach		EBITDA* Projection		$203mm
								EBITDA* Multiples		7.9X
		$	1			Qualitative Assessment				$0.00
		$	– 0	–		Qualitative Assessment				$0.00
		$	– 0	–		Qualitative Assessment				$0.00
		$	6,273,851
Governments – Sovereign Bonds		$	– 0	–		Qualitative Assessment				$0.00
Warrants.		$	378,031			Option Pricing Model		Exercise Price		$12.98

* Earnings Before Interest, Taxes, Depreciation and Amortization.

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NOTES TO FINANCIAL STATEMENTS (continued)

Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. Significant increases (decreases) in Collateral Value, NAV Equivalent, Projected Enterprise Value, Market Neutral Price, Exercise Price, EBITDA Projection and EBITDA Multiples in isolation would be expected to result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in Estimated Yield to Maturity would be expected to result in a significantly lower (higher) fair value measurement.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at the rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Fund’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund’s financial statements.

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NOTES TO FINANCIAL STATEMENTS (continued)

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Fund amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B

Advisory Fee and Other Transactions with Affiliates

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

Pursuant to the 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 year ended March 31, 2021, the reimbursement for such services amounted to $91,028.

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 year ended March 31, 2021, there was no such reimbursement paid to ABIS.

The Fund may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2021. In connection with the

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NOTES TO FINANCIAL STATEMENTS (continued)

investment by the Fund in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the year ended March 31, 2021, such waiver amounted to $14,731.

A summary of the Fund’s transactions in AB mutual funds for the year ended March 31, 2021 is as follows:                

Fund		Market Value 3/31/20 (000)				Purchases at Cost (000)				Sales Proceeds (000)				Market Value 3/31/21 (000)				Dividend Income (000)
Government Money Market Portfolio		$	72,301			$	325,784			$	350,367			$	47,718			$	22

During the year ended March 31, 2021 and the year ended March 31, 2020, the Adviser reimbursed the Fund $284 and $6,296, respectively, for trading losses incurred due to a pricing error and a trade entry error, respectively.

During the second quarter of 2018, AXA S.A. (“AXA”), a French holding company for the AXA Group, completed the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (now named Equitable Holdings, Inc.)(“Equitable”), through an initial public offering. Equitable is the holding company for a diverse group of financial services companies, including an approximate 65% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation, the general partner of the Adviser. Since the initial sale, AXA has completed additional offerings (and related transactions). As a result, as of May 20, 2021, AXA no longer owns shares of Equitable.

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

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NOTES TO FINANCIAL STATEMENTS (continued)

NOTE C

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended March 31, 2021, were as follows:

		Purchases				Sales
Investment securities (excluding U.S. government securities)		$	559,136,801			$	473,260,543
U.S. government securities			7,772,420				45,969,527

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost		$	1,101,485,709
Gross unrealized appreciation		$	95,524,006
Gross unrealized depreciation			(86,504,549	)
Net unrealized appreciation		$	9,019,457

1. Derivative Financial Instruments

The Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

• Forward Currency Exchange Contracts

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

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

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NOTES TO FINANCIAL STATEMENTS (continued)

During the year ended March 31, 2021, the Fund held forward currency exchange contracts for hedging and non-hedging purposes.

• Futures

The Fund may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Fund bears the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Fund may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under “Currency Transactions”.

At the time the Fund enters into futures, the Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/ counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

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

During the year ended March 31, 2021, the Fund held futures for hedging and non-hedging purposes.

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• Option Transactions

For hedging and investment purposes, the Fund may purchase and write (sell) put and call options on U.S. and foreign securities, including government securities, and foreign currencies that are traded on U.S. and foreign securities exchanges and over-the-counter markets. Among other things, the Fund may use options transactions for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions” and may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, for hedging and investment purposes.

The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. If a put or call option purchased by the Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

When the Fund writes an option, the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the option written. The Fund’s maximum payment for written put options equates to the number of shares multiplied by the strike price. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract. Premiums received from written options which expire unexercised are recorded by the Fund on the expiration date as realized gains from options written. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security or currency purchased by the Fund. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written

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by the Fund could result in the Fund selling or buying a security or currency at a price different from the current market value.

The Fund may also invest in options on swap agreements, also called “swaptions”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based “premium”. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate, or index. A payer swaption gives the owner the right to pay the total return of a specified asset, reference rate, or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties. The Fund’s maximum payment for written put swaptions equates to the notional amount of the underlying swap. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract.

During the year ended March 31, 2021, the Fund held written options for hedging and non-hedging purposes.

During the year ended March 31, 2021, the Fund held purchased swaptions for hedging and non-hedging purposes.

• Swaps

The Fund may enter into swaps to hedge its exposure to interest rates, credit risk or currencies. The Fund may also enter into swaps for non-hedging purposes as a means of gaining market exposures including by making direct investments in foreign currencies, as described below under “Currency Transactions” or in order to take a “long” or “short” position with respect to an underlying referenced asset described below under “Total Return Swaps”. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of

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each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Fund accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation/ depreciation of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for OTC swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Fund enters into a centrally cleared swap, the Fund deposits and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the

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Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Interest Rate Swaps:

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

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

During the year ended March 31, 2021, the Fund held interest rate swaps for hedging and non-hedging purposes.

Credit Default Swaps:

The Fund may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Fund, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Fund may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Fund receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Fund is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Fund will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount

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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 year ended March 31, 2021, the Fund held credit default swaps for hedging and non-hedging purposes.

Total Return Swaps:

The Fund may enter into total return swaps in order to take a “long” or “short” position with respect to an underlying referenced asset. The Fund is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting

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interest obligation, the Fund will receive a payment from or make a payment to the counterparty.

During the year ended March 31, 2021, the Fund held total return swaps for non-hedging purposes.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Fund’s net liability, held by the defaulting party, may be delayed or denied.

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

During the year ended March 31, 2021, the Fund had entered into the following derivatives:

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of Assets and Liabilities Location

Fair Value

Statement of Assets and Liabilities Location

Fair Value

Interest rate contracts

Receivable/Payable for variation margin on futures

$

336,125

*

Receivable/Payable for variation margin on futures

$

3,136,384

*

Interest rate contracts

Receivable/Payable for variation margin on centrally cleared swaps

222,428

*

Receivable/Payable for variation margin on centrally cleared swaps

462,094

*

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Asset Derivatives

Liability Derivatives

Derivative Type

Statement of Assets and Liabilities Location

Fair Value

Statement of Assets and Liabilities Location

Fair Value

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

$

2,473,433

Unrealized depreciation on forward currency exchange contracts

$

1,895,410

Credit contracts

Receivable/Payable for variation margin on centrally cleared swaps

14,207,822

*

Receivable/Payable for variation margin on centrally cleared swaps

2,555,136

*

Credit contracts

Market value of credit default swaps

96,326

Market value of credit default swaps

27,819,206

Credit contracts

Unrealized appreciation on total return swaps

198,696

Total

$

17,534,830

$

35,868,230

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/depreciation on futures and centrally cleared swaps as reported in the portfolio of investments.

Derivative Type		Location of Gain or (Loss) on Derivatives Within Statement of Operations		Realized Gain or (Loss) on Derivatives				Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts		Net realized gain/(loss) on swaps; Net change in unrealized appreciation/ depreciation on swaps		$	43,255			$	(239,666	)
Interest rate contracts		Net realized gain/(loss) on futures; Net change in unrealized appreciation/ depreciation on futures			(3,425,500	)			(3,850,032	)
Interest rate contracts		Net realized gain/(loss) on investment transactions; Net change in unrealized appreciation/ depreciation on investments			19,932				– 0	–
Foreign currency contracts		Net realized gain/(loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation on forward currency exchange contracts			(392,900	)			(6,498,158	)

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Derivative Type		Location of Gain or (Loss) on Derivatives Within Statement of Operations		Realized Gain or (Loss) on Derivatives				Change in Unrealized Appreciation or (Depreciation)
Foreign currency contracts		Net realized gain/(loss) on options written; Net change in unrealized appreciation/depreciation on options written		$	1,829			$	– 0	–
Credit contracts		Net realized gain/(loss) on swaps; Net change in unrealized appreciation/ depreciation on swaps			221,143				40,158,786
Equity contracts		Net realized gain/(loss) on futures; Net change in unrealized appreciation/ depreciation on futures			243,430				– 0	–
Total				$	(3,288,811	)		$	29,570,930

The following table represents the average monthly volume of the Fund’s derivative transactions during the year ended March 31, 2021:

Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts		$	86,074,761
Average notional amount of sale contracts		$	380,015,220
Centrally Cleared Interest Rate Swaps
Average notional amount		$	25,864,594	(a)
Credit Default Swaps:
Average notional amount of sale contracts		$	84,769,920
Forward Currency Exchange Contracts:
Average principal amount of buy contracts		$	72,043,824
Average principal amount of sale contracts		$	144,566,638
Futures:
Average notional amount of buy contracts		$	96,167,328
Average notional amount of sale contracts		$	38,994,187
Total Return Swaps:
Average notional amount		$	10,405,511
Options Written:
Average notional amount		$	2,012,938	(b)
Purchased Swaptions:
Average notional amount		$	6,764,000	(c)

(a) Positions were open for three months during the reporting period.

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

(c) Positions were open for five months during the reporting period.

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For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Fund as of March 31, 2021. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.

Counterparty		Derivative Assets Subject to a MA				Derivatives Available for Offset				Cash Collateral Received*				Security Collateral Received*				Net Amount of Derivative Assets
Bank of America, NA.		$	5,588			$	(72	)		$	– 0	–		$	– 0	–		$	5,516
Barclays Bank PLC			19				(19	)			– 0	–			– 0	–			– 0	–
BNP Paribas SA			745,875				(39,918	)			– 0	–			– 0	–			705,957
Brown Brothers Harriman & Co.			23,200				(13,341	)			– 0	–			– 0	–			9,859
Citibank, NA/ Citigroup Global Markets, Inc.			63,362				(63,362	)			– 0	–			– 0	–			– 0	–
Credit Suisse International			19,384				(19,384	)			– 0	–			– 0	–			– 0	–
Deutsche Bank AG			244,407				(167,883	)			(76,524	)			– 0	–			– 0	–
Goldman Sachs Bank USA/ Goldman Sachs International			291,208				(291,208	)			– 0	–			– 0	–			– 0	–
HSBC Bank USA			1,085,475				(114,031	)			(971,444	)			– 0	–			– 0	–
JPMorgan Chase Bank, NA/ JPMorgan Securities, LLC			3,017				(3,017	)			– 0	–			– 0	–			– 0	–
Morgan Stanley Capital Services LLC/ Morgan Stanley & Co. International PLC			51,184				(51,184	)			– 0	–			– 0	–			– 0	–
Royal Bank of Scotland PLC			1,716				(1,716	)			– 0	–			– 0	–			– 0	–
Standard Chartered Bank			89,687				(1,305	)			– 0	–			– 0	–			88,382
UBS AG			144,333				(1,367	)			– 0	–			– 0	–			142,966
Total		$	2,768,455			$	(767,807	)		$	(1,047,968	)		$	– 0	–		$	952,680	^

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Counterparty		Derivative Liabilities Subject to a MA				Derivatives Available for Offset				Cash Collateral Pledged*				Security Collateral Pledged*				Net Amount of Derivative Liabilities
Bank of America, NA.		$	72			$	(72	)		$	– 0	–		$	– 0	–		$	– 0	–
Barclays Bank PLC			1,187				(19	)			– 0	–			– 0	–			1,168
BNP Paribas SA			39,918				(39,918	)			– 0	–			– 0	–			– 0	–
Brown Brothers Harriman & Co.			13,341				(13,341	)			– 0	–			– 0	–			– 0	–
Citibank, NA/Citigroup Global Markets, Inc.			360,582				(63,362	)			– 0	–			(297,220	)			– 0	–
Credit Suisse International			2,285,639				(19,384	)			– 0	–			(2,164,042	)			102,213
Deutsche Bank AG			167,883				(167,883	)			– 0	–			– 0	–			– 0	–
Goldman Sachs Bank USA/Goldman Sachs International			17,713,157				(291,208	)			(4,420,000	)			(13,001,949	)			– 0	–
HSBC Bank USA			114,031				(114,031	)			– 0	–			– 0	–			– 0	–
JPMorgan Chase Bank, NA/JPMorgan Securities, LLC			6,549,110				(3,017	)			– 0	–			(6,546,093	)			– 0	–
Morgan Stanley Capital Services LLC/Morgan Stanley & Co. International PLC			2,464,619				(51,184	)			(120,000	)			(2,185,170	)			108,265
Royal Bank of Scotland PLC.			2,405				(1,716	)			– 0	–			– 0	–			689
Standard Chartered Bank			1,305				(1,305	)			– 0	–			– 0	–			– 0	–
UBS AG			1,367				(1,367	)			– 0	–			– 0	–			– 0	–
Total		$	29,714,616			$	(767,807	)		$	(4,540,000	)		$	(24,194,474	)		$	212,335	^

* 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 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).

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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 year ended March 31, 2021, the average amount of reverse repurchase agreements outstanding was $1,131,871 and the daily weighted average interest rate was (0.69)%. During the period, the Fund received net interest payments from counterparties. At March 31, 2021, the Fund had reverse repurchase agreements outstanding in the amount of $694,598 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 March 31, 2021:

Counterparty		RVP Liabilities Subject to a MRA				Securities Collateral Pledged†*				Net Amount of RVP Liabilities
Barclays Capital, Inc.		$	694,598			$	(691,370	)		$	3,228

† Including accrued interest.

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

NOTE D

Capital Stock

During the year ended March 31, 2021 and the year ended March 31, 2020, 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

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increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, including fires, earthquakes and flooding, war or civil disturbance, acts of terrorism, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have had, and may in the future have, an adverse effect on the Fund’s investments and net asset value and can lead to increased market volatility. For example, the diseases or events themselves or any preventative or protective actions that governments may take in respect of such diseases or events may result in periods of business disruption, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the Fund’s portfolio companies. The occurrence and pendency of such diseases or events could adversely affect the economies and financial markets either in specific countries or worldwide.

Interest Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. The current historically low interest rate environment heightens the risks associated with rising interest rates.

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”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments and negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

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NOTES TO FINANCIAL STATEMENTS (continued)

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

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

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

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

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

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

Leverage Risk—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures contracts or by borrowing

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NOTES TO FINANCIAL STATEMENTS (continued)

money. The use of other types of derivative instruments by the Fund, such as forwards, futures, options and swaps, may also result in a form of leverage.

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

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

Derivatives Risk—The Fund may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be difficult to price, or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected in the statement of assets and liabilities.

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

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NOTES TO FINANCIAL STATEMENTS (continued)

rate environment, when the value and liquidity of fixed-income securities generally decline.

LIBOR Risk—The Fund may invest in debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. The United Kingdom Financial Conduct Authority, which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. Although widely used LIBOR rates are intended to be published until June 2023, banks are strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. Although financial regulators and industry working groups have suggested alternative reference rates, such as the European Interbank Offer Rate (“EURIBOR”), the Sterling Overnight Interbank Average Rate (“SONIA”) and the Secured Overnight Financing Rate (“SOFR”), global consensus on alternative rates is lacking and the process for amending existing contracts or instruments to transition away from LIBOR is underway but remains incomplete. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Fund’s performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting the Fund’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

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

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NOTES TO FINANCIAL STATEMENTS (continued)

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

NOTE F

Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended March 31, 2021 and March 31, 2020 were as follows:

		2021				2020
Distributions paid from:
Ordinary income		$	59,292,215			$	64,694,299
Total taxable distributions paid		$	59,292,215			$	64,694,299
Return of Capital			8,484,311				3,461,637
Total distributions paid		$	67,776,526			$	68,155,936

As of March 31, 2021, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Accumulated capital and other losses		$	(54,148,048	)(a)
Unrealized appreciation/(depreciation)			8,367,248	(b)
Total accumulated earnings/(deficit)		$	(45,780,800	)(c)

(a) As of March 31, 2021, the Fund had a net capital loss carryforward of $54,145,462. As of March 31, 2021, the cumulative deferred loss on straddles was $2,586.

(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 passive foreign investment companies (PFICs), the tax treatment of hyper-inflationary currency contracts, the tax treatment of Grantor Trusts, the tax treatment of swaps, the tax deferral of losses on wash sales, the tax treatment of partnership investments, and the tax treatment of callable bonds.

(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, 2021, the Fund had a net short-term capital loss carryforward of $11,488,751 and a net long-term capital loss carryforward of $42,656,711, which may be carried forward for an indefinite period.

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NOTES TO FINANCIAL STATEMENTS (continued)

During the current fiscal year, permanent differences primarily due to contributions from the Adviser, the tax treatment of swaps, and prior year post-financial statement adjustments resulted in a net decrease in accumulated loss and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE G

Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund’s financial statements through this date.

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FINANCIAL HIGHLIGHTS

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

		Year Ended March 31,
		2021				2020				2019				2018				2017
Net asset value, beginning of period			$  10.74				$  12.95				$  13.56				$  13.87				$  12.64
Income From Investment Operations
Net investment income(a)			.59				.67				.75				.83				.82
Net realized and unrealized gain (loss) on investment and foreign currency transactions			2.24				(2.09	)			(.52	)			(.30	)			1.36
Contributions from Affiliates			.00	(b)			.00	(b)			.00	(b)			– 0	–			.00	(b)
Net increase (decrease) in net asset value from operations			2.83				(1.42	)			.23				.53				2.18
Less: Dividends and Distributions
Dividends from net investment income			(.69	)			(.75	)			(.75	)			(.83	)			(.95	)
Return of capital			(.10	)			(.04	)			(.09	)			(.01	)			– 0	–
Total dividends and distributions			(.79	)			(.79	)			(.84	)			(.84	)			(.95	)
Net asset value, end of period			$  12.78				$  10.74				$  12.95				$  13.56				$  13.87
Market value, end of period			$  11.85				$    9.26				$  11.59				$  11.89				$  12.58
(Discount), end of period			(7.28	)%			(13.78	)%			(10.50	)%			(12.32	)%			(9.30	)%
Total Return
Total investment return based on:(c)
Market value			37.57	%			(14.43	)%			4.91	%			.95	%			16.47	%
Net asset value			27.92	%			(11.18	)%			2.78	%			4.42	%			18.46	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)			$1,102,273				$926,184				$1,116,970				$1,169,161				$1,195,920
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)(e)†			1.02	%			1.00	%			1.04	%			1.05	%			1.04	%
Expenses, before waivers/reimbursements(d)(e)†			1.02	%			1.01	%			1.05	%			1.05	%			1.04	%
Net investment income			4.88	%			5.16	%			5.72	%			5.99	%			6.14	%
Portfolio turnover rate			51	%			32	%			40	%			34	%			48	%
†  Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying
portfolios			.00	%			.01	%			.01	%			.00	%			.00	%

See footnote summary on page 123.

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FINANCIAL HIGHLIGHTS (continued)

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

(a) Based on average shares outstanding.

(b) Amount is less than $0.005.

(c) Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s Dividend Reinvestment Plan. Generally, Total investment return based on net asset value will be higher than total investment return based on market value to the net asset value from the beginning to the end of such periods. Conversely, total investment return based on net asset value will be lower than total investment return based on market value in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from the beginning to the end of such periods. Total investment return calculated for a period of less than one year is not annualized.

(d) The expense ratios presented below exclude interest expense, if any:

		Year Ended March 31,
		2021				2020				2019				2018				2017
Net of waivers/reimbursements.			1.02	%			.99	%			.99	%			.99	%			.99	%
Before waivers/reimbursements			1.02	%			1.00	%			1.00	%			.99	%			.99	%

(e) In connection with the Fund’s investments in affiliated underlying portfolios, the Fund incurs no direct expenses but bears proportionate shares of the acquired fund fees and expenses (i.e. operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund’s pro rata share of certain acquired fund fees and expenses, and for the years ended March 31, 2020 and March 31, 2019, such waiver amounted to 0.01% and 0.01%, respectively.

See notes to financial statements.

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REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of

AllianceBernstein Global High Income Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AllianceBernstein Global High Income Fund, Inc. (the “Fund”), including the portfolio of investments, as of March 31, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at March 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included

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REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

confirmation of securities owned as of March 31, 2021, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

May 27, 2021

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2021 FEDERAL TAX INFORMATION

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended March 31, 2021. For foreign shareholders, 54.64% of ordinary dividends paid may be considered to be qualifying to be taxed as interest-related dividends.

Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2022.

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ADDITIONAL INFORMATION

(unaudited)

AllianceBernstein Global High Income Fund

Shareholders whose shares are registered in their own names will automatically be participants in the Dividend Reinvestment Plan (the “Plan”), pursuant to which distributions to shareholders will be paid in or reinvested in additional shares of the Fund, unless they elect to receive cash. Computershare Trust Company N.A. (the “Agent”) will act as agent for participants under the Plan. Shareholders whose shares are held in the name of a broker or nominee should contact such broker or nominee to determine whether or how they may participate in the Plan.

If the Board declares a distribution payable either in shares or in cash, as holders of the Common Stock may have elected, non-participants in the Plan will receive cash and participants in the Plan will receive the equivalent in shares of Common Stock of the Fund valued as follows:

(i) If the shares of Common Stock are trading at net asset value or at a premium above net asset value at the time of valuation, the Fund will issue new shares at the greater of net asset value or 95% of the then current market price.

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

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

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

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ADDITIONAL INFORMATION (continued)

participant will pay a pro rata share of brokerage commissions incurred with respect to the Agent’s open market purchases of shares.

The automatic reinvestment of distributions will not relieve participants of any income taxes that may be payable (or required to be withheld) on distributions.

Experience under the Plan may indicate that changes are desirable. Accordingly, the Fund reserves the right to amend or terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to written notice of the change sent to participants in the Plan at least 90 days before the record date for such dividend or distribution. The Plan may also be amended or terminated by the Agent on at least 90 days written notice to participants in the Plan. All correspondence concerning the Plan should be directed to the Agent at Computershare Trust Company N.A., P.O. Box 30170 College Point, TX 77842-3170.

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BOARD OF DIRECTORS

Marshall C. Turner, Jr.⁽¹⁾,
Chairman Jorge A. Bermudez⁽¹⁾ Michael J. Downey⁽¹⁾ Onur Erzan*, President and Chief Executive Officer Nancy P. Jacklin⁽¹⁾ Jeanette W. Loeb⁽¹⁾ Carol C. McMullen⁽¹⁾ Garry L. Moody⁽¹⁾

OFFICERS

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

Administrator AllianceBernstein, L.P. 1345 Avenue of the Americas New York, NY 10105 Custodian and Accounting Agent Brown Brothers Harriman & Co. 50 Post Office Square Boston, MA 02110 Dividend Paying Agent, Transfer Agent and Registrar Computershare Trust Company, N.A. P.O. Box 505000 Louisville, KY 40233-5000 Independent Registered Public Accounting Firm Ernst & Young LLP 5 Times Square New York, NY 10036 Legal Counsel Seward & Kissel LLP One Battery Park Plaza New York, NY 10004

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

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

* Mr. Robert M. Keith retired as President, Chief Executive Officer and a Director of the Fund as of March 31, 2021. Mr. Onur Erzan, Senior Vice President and Head of the Global Client Group of the Adviser, has been elected President, Chief Executive Officer and a Director of the Fund, effective April 1, 2021.

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that the Fund may purchase from time to time at market prices shares of its Common Stock in the open market.

This report, including the financial statements herein, is transmitted to the shareholders of AllianceBernstein Global High Income Fund for their information. The financial information included herein is taken from the records of the Fund. This is not a prospectus, circular or representation intended for use in the purchase of shares of the Fund or any securities mentioned in this report.

Annual Certifications—As required, on April 8, 2021, the Fund submitted to the New York Stock Exchange (“NYSE”) the annual certification of the Fund’s Chief Executive Officer certifying that he is not aware of any violation of the NYSE’s Corporate Governance listing standards. The Fund also has included the certifications of the Fund’s Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act of 2002 as exhibits to the Fund’s Form N-CSR filed with the Securities and Exchange Commission for the reporting period.

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MANAGEMENT OF THE FUND

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS* AND AGE (YEAR FIRST ELECTED**)		PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER RELEVANT QUALIFICATIONS***		PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR				OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Onur Erzan# 45 (2021)		Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and Head of the Global Client Group overseeing AB’s institutional and retail businesses, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. Prior to joining the firm in January 2021, he spent 20 years with McKinsey, most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.			75			None

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MANAGEMENT OF THE FUND (continued)

NAME, ADDRESS* AND AGE (YEAR FIRST ELECTED**)		PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER RELEVANT QUALIFICATIONS***		PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR				OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr.,## Chairman of the Board 79 (2005)		Private Investor since prior to 2016. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and Chairman of the Independent Directors Committee of such AB Funds since February 2014.			75			None

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MANAGEMENT OF THE FUND (continued)

NAME, ADDRESS* AND AGE (YEAR FIRST ELECTED**)		PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER RELEVANT QUALIFICATIONS***		PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR				OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Jorge A. Bermudez,## 70 (2020)		Private Investor since prior to 2016. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020.			75			Moody’s Corporation since April 2011
Michael J. Downey,## 77 (2005)		Private Investor since prior to 2016. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2016 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.			75			None

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MANAGEMENT OF THE FUND (continued)

NAME, ADDRESS* AND AGE (YEAR FIRST ELECTED**)		PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER RELEVANT QUALIFICATIONS***		PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR				OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Nancy P. Jacklin,## 73 (2006)		Private Investor since prior to 2016. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014.			75			None
Jeanette W. Loeb,## 68 (2020)		Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as a Director of the AB Funds since April 2020.			75			Apollo Investment Corp. (business development company) since August 2011

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MANAGEMENT OF THE FUND (continued)

NAME, ADDRESS* AND AGE (YEAR FIRST ELECTED**)		PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER RELEVANT QUALIFICATIONS***		PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR				OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Carol C. McMullen,## 65 (2016)		Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.			75			None

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MANAGEMENT OF THE FUND (continued)

NAME, ADDRESS* AND AGE (YEAR FIRST ELECTED**)		PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER RELEVANT QUALIFICATIONS***		PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR				OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Garry L. Moody,## 69 (2008)		Private Investor since prior to 2016. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He is also a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.			75			None

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MANAGEMENT OF THE FUND (continued)

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Director’s qualifications to serve as a Director, which lead to the conclusion that each Director should serve as a Director for the Fund.

# Mr. Erzan is an “interested person” of the Fund, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser.

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

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MANAGEMENT OF THE FUND (continued)

Officer Information

Certain information concerning the Fund’s Officers is listed below.

NAME, ADDRESS* AND AGE		POSITION(S) HELD WITH FUND		PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan, 45		President and Chief Executive Officer		See biography above.
Gershon M. Distenfeld, 45		Vice President		Senior Vice President of the Adviser**, with which he has been associated since prior to 2016. He is also co-Head of Fixed-Income.
Shamaila Khan, 50		Vice President		Senior Vice President of the Adviser**, with which she has been associated since prior to 2016. She is also Director of Emerging Market Debt.
Matthew Sheridan, 46		Vice President		Senior Vice President of the Adviser**, with which he has been associated since prior to 2016.
Fahd Malik, 36		Vice President		Senior Vice President of the Adviser**, with which he has been associated since prior to 2016.
Emilie D. Wrapp, 65		Secretary		Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2016.
Michael B. Reyes, 44		Senior Analyst		Vice President of the Adviser**, with which he has been associated since prior to 2016.
Joseph J. Mantineo, 62		Treasurer and Chief Financial Officer		Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2016.
Stephen M. Woetzel, 49		Controller		Senior Vice President of ABIS**, with which he has been associated since prior to 2016.
Vincent S. Noto 56		Chief Compliance Officer		Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser** since prior to 2016.

* The address for each of the Fund’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Fund.

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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 by video conference on November 3-5, 2020 (the “Meeting”).

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

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

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

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considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

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

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser (including in its capacity as Administrator) for calendar years 2018 and 2019 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiary that provides shareholder services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

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Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the Fund’s performance against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended July 31, 2020. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

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

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

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

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Fund in comparison to a peer group selected by the 15(c) service provider. The expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The advisory fee schedule for the Fund does not contain breakpoints that reduce the fee rates on assets above specified levels. The directors considered that the Fund is a closed-end fixed-income fund and was not expected to have meaningful asset growth (absent a rights offering or an acquisition). In such circumstances, the directors did not view the potential for realization of economies of scale as the Fund’s assets grow to be a material factor in their deliberations. They noted that, if the Fund’s net assets were to increase materially, they would review whether potential economies of scale were being realized.

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INFORMATION REGARDING INVESTMENT OBJECTIVE,

INVESTMENT POLICIES AND PRINCIPAL RISKS

Recent Changes to Investment Objective, Investment Policies and Principal Risks

The following is a summary of certain material changes to the Fund’s investment objective, investment policies and principal risks during the most recent fiscal year. This information may not reflect all of the changes that have occurred since you purchased shares of the Fund.

None.

Investment Objective

The Fund’s primary investment objective is to seek high current income. Its secondary investment objective is capital appreciation.

The investment objective is fundamental and may not be changed without the approval of a “majority of the outstanding voting securities” of the Fund, as defined in the Investment Company Act of 1940.

Investment Policies

The Fund is permitted to invest without limit in debt securities, including Sovereign Debt Obligations (defined as U.S. Dollar-denominated debt securities issued or guaranteed by foreign governments, including participations in loans between foreign governments and financial institutions and interests in entities organized and operated for the purpose of restructuring the investment characteristics of instruments issued or guaranteed by foreign governments) and corporate debt, denominated in non-U.S. currencies as well as in the U.S. Dollar. In addition, the Fund may invest without limit in emerging and developed markets and in debt securities of U.S. and non-U.S. corporate issuers.

The Fund will not invest 25% or more of its total assets in the Sovereign Debt Obligations of any one country other than the U.S.

Substantially all of the Fund’s investments will be in high yield, high risk debt securities that are low-rated (i.e., below investment-grade) or unrated and in both cases that are considered to be predominantly speculative as regards the issuer’s capacity to pay interest and repay principal.

Principal Investment Risks

See the earlier description of the Fund’s risks under “Disclosures and Risks.”

Fundamental Investment Restrictions

The Fund has adopted the following investment restrictions, which may not be changed without the approval of the holders of a “majority of the Fund’s

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INFORMATION REGARDING INVESTMENT OBJECTIVE,

INVESTMENT POLICIES AND PRINCIPAL RISKS (continued)

outstanding voting securities.” A “majority of the Fund’s outstanding voting securities” means the lesser of (i) 67% of the shares of the Fund represented at a meeting at which more than 50% of the outstanding shares are present in person or represented by proxy, or (ii) more than 50% of the outstanding shares. The percentage limitations set forth below apply only at the time an investment is made or other relevant action is taken by the Fund.

1. The Fund will not make loans except through (a) the purchase of debt obligations in accordance with its investment objective and policies; (b) the lending of portfolio securities; or (c) the use of repurchase agreements;

2. The Fund will not invest 25% or more of its total assets in securities of issuers conducting their principal business activities in the same industry, except that this restriction does not apply to U.S. Government Securities;

3. The Fund will not borrow money, except the Fund may borrow (a) from a bank or other entity in a privately arranged transaction and issue commercial paper, bonds, debentures or notes, in series or otherwise, with such interest rates, conversion rights and other terms and provisions as are determined by the Fund’s Board, if after such borrowing or issuance there is asset coverage of at least 300% as defined in the Investment Company Act of 1940 Act, as amended, and (b) for temporary purposes in an amount not exceeding 5% of the value of the total assets of the Fund;

4. The Fund will not pledge, hypothecate, mortgage or otherwise encumber its assets, except to secure permitted borrowings;

5. The Fund will not invest in companies for the purpose of exercising control;

6. The Fund will not make short sales of securities or maintain a short position, unless at all times when a short position is open it owns an equal amount of such securities or securities convertible into or exchangeable for, without payment of any further consideration, securities of the same issue as, and equal in amount to, the securities sold short (“short sales against the box”), and unless not more than 10% of the Fund’s net assets (taken at market value) is held as collateral for such sales at any one time (it is the Fund’s present intention to make such sales only for the purpose of deferring realization of gain or loss for federal income tax purposes);

7. The Fund will not (a) purchase or sell real estate, except that it may purchase and sell securities of companies which deal in real

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INFORMATION REGARDING INVESTMENT OBJECTIVE,

INVESTMENT POLICIES AND PRINCIPAL RISKS (continued)

estate or interests therein and securities that are secured by real estate, provided such securities are Sovereign Debt Obligations; (b) purchase or sell commodities or commodity contracts; (c) invest in interests in oil, gas, or other mineral exploration or development programs; and (d) purchase securities on margin, except for such short-term credits as may be necessary for the clearance of transactions;

8. The Fund will not own more than 3% of the total outstanding voting stock of any investment company and not more than 5% of the value of the Fund’s total assets may be invested in the securities of any investment company; and

9. The Fund will not act as an underwriter of securities, except that the Fund may acquire restricted securities under circumstances in which, if such securities were sold, the Fund might be deemed to be an underwriter for purposes of the Securities Act of 1933.

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This page is not part of the Shareholder Report or the Financial Statements.

AB FAMILY OF FUNDS

US EQUITY

CORE

Core Opportunities Fund

FlexFee^™ US Thematic Portfolio

Select US Equity Portfolio

GROWTH

Concentrated Growth Fund

Discovery Growth Fund

FlexFee^™ Large Cap Growth Portfolio

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

VALUE

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

INTERNATIONAL/ GLOBAL EQUITY

CORE

Global Core Equity Portfolio

International Strategic Core Portfolio

Sustainable Global Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

GROWTH

Concentrated International Growth Portfolio

Sustainable International Thematic Fund

VALUE

All China Equity Portfolio

International Value Fund

FIXED INCOME

MUNICIPAL

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

TAXABLE

Bond Inflation Strategy

Global Bond Fund

High Income Fund

High Yield Portfolio¹

Income Fund

Intermediate Duration Portfolio

Limited Duration High Income Portfolio

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

ALTERNATIVES

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

MULTI-ASSET

All Market Income Portfolio

All Market Total Return Portfolio

Conservative Wealth Strategy

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Tax-Managed All Market Income Portfolio

CLOSED-END FUNDS

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

1 Prior to April 30, 2021, High Yield Portfolio was named FlexFee High Yield Portfolio.

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NOTES

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NOTES

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NOTES

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Privacy Notice

AllianceBernstein and its affiliates (collectively referred to as “AllianceBernstein”, “we”, “our”, and similar pronouns) understand the importance of maintaining the confidentiality and security of our clients’ nonpublic personal information. Nonpublic personal information is personally identifiable financial information about our clients who are natural persons. To provide financial products and services to our clients, we collect nonpublic personal information from a variety of sources, including: (1) information we receive from clients, such as through applications or other forms, which can include a client’s name, address, phone number, social security number, assets, income and other household information, (2) information about client transactions with us, our affiliates and non-affiliated third parties, which can include account balances and transactions history, and (3) information from visitors to our websites provided through online forms, site visitorship data and online information-collecting devices known as “cookies.”

We may disclose all of the nonpublic personal information that we collect about our current and former clients, as described above, to non-affiliated third parties to manage our business and as otherwise required or permitted by law, including those that perform transaction processing or servicing functions, marketing services providers that provide marketing services on our behalf pursuant to a joint marketing agreement, and professional services firms that provide knowledge-based services such as accountants, consultants, lawyers and auditors to help manage client accounts. We require all the third-party providers to adhere to our privacy policy or a functional equivalent.

We may also disclose the nonpublic personal information that we collect about current and former clients, as described above, to our affiliated investment, brokerage, service and insurance companies for the purpose of marketing their products or services to clients under circumstances that are permitted by law, such as if our affiliate has its own relationship with you. We have policies and procedures to ensure that certain conditions are met before an AllianceBernstein affiliated company may use information obtained from another affiliate to solicit clients for marketing purposes.

We will also use nonpublic personal information about our clients for our own internal analysis, analytics, research and development, and to improve and add to our client offerings.

We have policies and procedures designed to safeguard the confidentiality and security of nonpublic personal information about our clients that include restricting access to nonpublic personal information to personnel that have been screened and undergone security and privacy training; to personnel who need it to perform their work functions such as our operations, customer service, account management, finance, quality, vendor management and compliance teams as required to provide services, communicate with you and fulfill our legal obligations.

We employ reasonably designed physical, electronic and procedural safeguards to secure and protect client nonpublic personal information.

If you are in the European Economic Area (“EEA”) or Switzerland, we will comply with applicable legal requirements providing adequate protection for the transfer of personal information to recipients in countries outside of the EEA and Switzerland.

For more information, our Privacy Policy statement can be viewed here: https://www.alliancebernstein.com/abcom/Privacy_Terms/PrivacyPolicy.htm.

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

GHI-0151-0321                

ITEM 2. CODE OF ETHICS.

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

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

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) - (c) The following table sets forth the aggregate fees billed by the independent auditor Ernst & Young LLP, for the Fund’s last two fiscal years for professional services rendered for: (i) the audit of the Fund’s annual financial statements included in the Fund’s annual report to stockholders; (ii) assurance and related services that are reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (i), which include advice and education related to accounting and auditing issues and quarterly press release review (for those Funds that issue quarterly press releases), and preferred stock maintenance testing (for those Funds that issue preferred stock); and (iii) tax compliance, tax advice and tax return preparation.

						Audit - Related
						Audit Fees				Fees				Tax Fees
AB Global High Income Fund			2020			$	154,767			$	4,000			$	27,197
			2021			$	207,092			$	4,000			$	21,346

(d) Not applicable.

(e) (1) Beginning with audit and non-audit service contracts entered into on or after May 6, 2003, the Fund’s Audit Committee policies and procedures require the pre-approval of all audit and non-audit services provided to the Fund by the Fund’s independent registered public accounting firm. The Fund’s Audit Committee policies and procedures also require pre-approval of all audit and non-audit services provided to the Adviser and Service Affiliates to the extent that these services are directly related to the operations or financial reporting of the Fund.

(e) (2) All of the amounts for Audit Fees, Audit-Related Fees and Tax Fees in the table under Item 4 (a) – (c) are for services pre-approved by the Fund’s Audit Committee.

(f) Not applicable.

(g) The following table sets forth the aggregate non-audit services provided to the Fund, the Fund’s Adviser and entities that control, are controlled by or under common control with the Adviser that provide ongoing services to the Fund:

										Total Amount of
										Foregoing Column
										Pre-approved by the
						All Fees for				Audit Committee
						Non-Audit Services				(Portion Comprised of
						Provided to the				Audit Related Fees)
						Portfolio, the Adviser				(Portion Comprised of
						and Service Affiliates				Tax Fees)
AB Global High Income Fund			2020			$	936,733			$	31,197
										$	(4,000	)
										$	(27,197	)
			2021			$	962,577			$	25,346
										$	(4,000	)
										$	(21,346	)

(h) The Audit Committee of the Fund has considered whether the provision of any non-audit services not pre-approved by the Audit Committee provided by the Fund’s independent registered public accounting firm to the Adviser and Service Affiliates is compatible with maintaining the auditor’s independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The audit committee members are as follows:

Jorge A. Bermudez Michael J. Downey Nancy P. Jacklin Carol C. McMullen Garry L. Moody Marshall C. Turner, Jr. Earl D. Weiner Jeanette Loeb

ITEM 6. INVESTMENTS.

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Statement of Policies and Procedures for

Proxy Voting

1. INTRODUCTION

As an investment adviser, we are shareholder advocates and have a fiduciary duty to make investment decisions that are in our clients’ best interests by maximizing the value of their shares. Proxy voting is an integral part of this process, through which we support strong corporate governance structures, shareholder rights, and transparency.

Where we have agreed to vote proxies on behalf of our client accounts, we have an obligation to vote proxies in a timely manner and we apply the principles in this policy to our proxy decisions. We believe a company’s environmental, social and governance (“ESG”) practices may have a significant effect on the value of the company, and we take these factors into consideration when voting. For additional information regarding our ESG policies and practices, please refer to our firm’s Statement of Policy Regarding Responsible Investment (“RI Policy”).

This Proxy Voting and Governance Policy (“Proxy Voting and Governance Policy” or “Policy”), which outlines our policies for proxy voting and includes a wide range of issues that often appear on proxies, applies to all of AB’s investment management subsidiaries and investment services groups investing on behalf of clients globally. It is intended for use by those involved in the proxy voting decision-making process and those responsible for the administration of proxy voting (“members of Responsible Investment team”), in order to ensure that our proxy voting policies and procedures are implemented consistently.

We sometimes manage accounts where proxy voting is directed by clients or newly-acquired subsidiary companies. In these cases, voting decisions may deviate from this Policy.

2. RESEARCH UNDERPINS DECISION MAKING

As a research-driven firm, we approach our proxy voting responsibilities with the same commitment to rigorous research and engagement that we apply to all of our investment activities. The different investment philosophies utilized by our investment teams may occasionally result in different conclusions being drawn regarding certain proposals and, in turn, may result in the members of Responsible Investment team making different voting decisions on the same proposal. Nevertheless, the members of Responsible Investment team vote proxies with the goal of maximizing the value of the securities in client portfolios.

In addition to our firm-wide proxy voting policies, we have a Proxy Voting and Governance Committee (“Proxy Voting and Governance Committee” or “Committee”), which provides oversight and includes senior investment professionals from Equities, Legal personnel and Operations personnel. It is the responsibility of the Committee to evaluate and maintain proxy voting procedures and guidelines, to evaluate proposals and issues not covered by these guidelines, to consider changes in policy, and to review the Policy no less frequently than annually. In addition, the Committee meets at least three times a year and as necessary to address special situations.

RESEARCH SERVICES

We subscribe to the corporate governance and proxy research services of vendors such as Institutional Shareholder Services Inc. (“ISS”) and Glass Lewis at different levels. All our investment professionals can access these materials via the members of Responsible Investment team and/or the Committee.

ENGAGEMENT

In evaluating proxy issues and determining our votes, we welcome and seek out the points of view of various parties. Internally, members of Responsible Investment team may consult the Committee, Chief Investment Officers, Portfolio Managers, and/or Research Analysts across our equities platforms, and Portfolio Managers who manage accounts a stock is held. Externally, we may engage with companies in advance of their Annual General Meeting, and throughout the year. We believe engagement provides the opportunity to share our philosophy, our corporate governance values, and more importantly, affect positive change. Also, these meetings often are joint efforts between the investment professionals, who are best positioned to comment on company-specific details, and members of Responsible Investment team, who offer a more holistic view of governance practices and relevant trends. In addition, we engage with shareholder proposal proponents and other stakeholders to understand different viewpoints and objectives.

3. PROXY VOTING GUIDELINES

Our proxy voting guidelines are both principles-based and rules-based. We adhere to a core set of principles that are described in this Policy. We assess each proxy proposal in light of these principles. Our proxy voting “litmus test” will always be what we view as most likely to maximize long-term shareholder value. We believe that authority and accountability for setting and executing corporate policies, goals and compensation generally should rest with the board of directors and senior management. In return, we support strong investor rights that allow shareholders to hold directors and management accountable if they fail to act in the best interests of shareholders.

With this as a backdrop, our proxy voting guidelines pertaining to specific issues are set forth below. We generally vote proposals in accordance with these guidelines but, consistent with our “principles-based” approach to proxy voting, we may deviate from the guidelines if warranted by the specific facts and circumstances of the situation (i.e., if, under the circumstances, we believe that deviating from our stated policy is necessary to help maximize long-term shareholder value). In addition, these guidelines are not intended to address all issues that may appear on all proxy ballots. We will evaluate on a case-by-case basis any proposal not specifically addressed by these guidelines, whether submitted by management or shareholders, always keeping in mind our fiduciary duty to make voting decisions that, by maximizing long-term shareholder value, are in our clients’ best interests.

3.1 BOARD AND DIRECTOR PROPOSALS

Establish New Board Committees and Elect Board Members with Specific Expertise (SHP) CASE-BY-CASE

We believe that establishing committees should be the prerogative of a well-functioning board of directors. However, we may support shareholder proposals to establish additional board committees to address specific shareholder issues, including ESG issues. We consider on a case-by-case basis proposals that require the addition of a board member with a specific area of expertise.

Changes in Board Structure and Amending the Articles of Incorporation FOR

Companies may propose various provisions with respect to the structure of the board of directors, including changing the manner in which board vacancies are filled, directors are nominated and the number of directors. Such proposals may require amending the charter or by-laws or may otherwise require shareholder approval. When these proposals are not controversial or meant as an anti-takeover device, which is generally the case, we vote in their favor. However, if we believe a proposal is intended as an anti-takeover device and diminishes shareholder rights, we generally vote against.

We may vote against directors for amending by-laws without seeking shareholder approval and/or restricting or diminishing shareholder rights.

Classified Boards AGAINST

A classified board typically is divided into three separate classes. Each class holds office for a term of two or three years. Only a portion of the board can be elected or replaced each year. Because this type of proposal has fundamental anti-takeover implications, we generally oppose the adoption of classified boards unless there is a justifiable financial reason or an adequate sunset provision exists. We may also vote against directors that fail to implement shareholder approved proposals to declassify boards that we previously supported.

Director Liability and Indemnification CASE-BY-CASE

Some companies argue that increased indemnification and decreased liability for directors are important to ensure the continued availability of competent directors. However, others argue that the risk of such personal liability minimizes the propensity for corruption and recklessness.

We generally support indemnification provisions that are consistent with the local jurisdiction in which the company has been formed. We vote in favor of proposals adopting indemnification for directors with respect to acts conducted in the normal course of business. We also vote in favor of proposals that expand coverage for directors and officers where, despite an unsuccessful legal defense, we believe the director or officer acted in good faith and in the best interests of the company. We oppose proposals to indemnify directors for gross negligence.

Disclose CEO Succession Plan (SHP) FOR

Proposals like these are often suggested by shareholders of companies with long-tenured CEOs and/or high employee turnover rates. Even though some markets might not require the disclosure of a CEO succession plan, we do think it is good business practice and will support these proposals.

Election of Directors FOR

The election of directors is an important vote. We expect directors to represent shareholder interests at the company and maximize shareholder value. We generally vote in favor of the management-proposed slate of directors while considering a number of factors, including local market best practice. We believe companies should have a majority of independent directors and independent key committees. However, we will incorporate local market regulation and corporate governance codes into our decision making. We may support more progressive requirements than those implemented in a local market if we believe more progressive requirements may improve corporate governance practices. We will generally regard a director as independent if the director satisfies the criteria for independence (i) espoused by the primary exchange on which the company’s shares are traded, or (ii) set forth in the code we determine to be best practice in the country where the subject company is domiciled and may take into account affiliations, related-party transactions and prior service to the company,. We consider the election of directors who are “bundled” on a single slate to be a poor governance practice and vote on a case-by-case basis considering the amount of information available and an assessment of the group’s qualifications.

In addition:

We believe that directors have a duty to respond to shareholder actions that have received significant shareholder support. We may vote against directors (or withhold votes for directors if plurality voting applies) who fail to act on key issues. We oppose directors who fail to attend at least 75% of board meetings within a given year without a reasonable excuse.

We may abstain or vote against (depending on a company’s history of disclosure in this regard) directors of issuers where there is insufficient information about the nominees disclosed in the proxy statement.

We may vote against directors for poor compensation, audit or governance practices including the lack of a formal key committee.

We may vote against directors for unilateral bylaw amendments that diminish shareholder rights.

We also may consider engaging company management (by phone, in writing and in person), until any issues have been satisfactorily resolved.

Controlled Company Exemption CASE-BY-CASE

In certain markets, a different standard for director independence may be applicable for controlled companies, which are companies where more than 50% of the voting power is held by an individual, group or another company, or as otherwise defined by local market standards. We may take these local standards into consideration when determining the appropriate level of independence required for the board and key committees.

Exchanges in certain jurisdictions do not have a controlled company exemption (or something similar). In such a jurisdiction, if a company has a majority shareholder or group of related majority shareholders with a majority economic interest, we generally will not oppose that company’s directors simply because the board does not include a majority of independent members, although we may take local standards into consideration when determining the appropriate level of independence required for the board and key committees. We will, however, consider these directors in a negative light if the company has a history of violating the rights of minority shareholders.

Voting for Director Nominees in a Contested Election CASE-BY-CASE

Votes in a contested election of directors are evaluated on a case-by-case basis with the goal of maximizing shareholder value.

Board Capacity

We believe that incorporating an assessment of each director’s capacity into consideration for a director election is essential to promote meaningful board oversight of the management. AB currently votes against the appointment of directors who occupy, or would occupy following the vote, 4 or more board seats for non-CEOs, 3 or more board seats for the sitting CEO of the company in question and 2 or more board seats for sitting CEOs of companies other than the company under consideration. We may also exercise flexibility on occasions where the “over-boarded” director nominee’s presence on the board is critical, based on company specific contexts in absence of any notable accountability concerns.

Board Diversity CASE-BY-CASE

Diversity is an important element of assessing the board’s quality, as it promotes wider range of perspectives to be considered for companies to both strategize and mitigate risks. In line with this view, several European countries legally require a quota of female directors. Other European countries have a comply-or-explain policy. In the U.S., California requires corporations headquartered in the State of California to have at least one female director on board.

We believe that boards should develop, as a part of their refreshment process, a framework for identifying diverse candidates for all open board positions. We believe diversity is broader than gender and should also take into consideration factors such as business experience, ethnicity, tenure and nationality. As such, we generally vote in favor of proposals that encourage the adoption of a diverse search policy (“Rooney Rule”), assuring that each director search includes at least one woman, and in the US, at least one underrepresented person of color, in the slate of nominees. In addition, AB will generally vote against the nominating/governance committee chair, or a relevant incumbent member in case of classified boards, when the board has no female members. This approach applies globally excluding Japan.

Independent Lead Director (SHP) FOR

We support shareholder proposals that request a company to amend its by-laws to establish an independent lead director, if the position of chairman is non-independent. We view the existence of a strong independent lead director, whose role is robust and includes clearly defined duties and responsibilities, such as the authority to call meetings and approve agendas, as a good example of the sufficient counter-balancing governance. If a company has such an independent lead director in place, we will generally oppose a proposal to require an independent board chairman, barring any additional board leadership concerns.

Limit Term of Directorship (SHP) CASE-BY-CASE

These proposals seek to limit the term during which a director may serve on a board to a set number of years.

Accounting for local market practice, we generally consider a number of factors, such as overall level of board independence, director qualifications, tenure, board diversity and board effectiveness in representing our interests as shareholders, in assessing whether limiting directorship terms is in shareholders’ best interests. Accordingly, we evaluate these items case-by-case.

Majority of Independent¹ Directors (SHP) FOR

Each company’s board of directors has a duty to act in the best interest of the company’s shareholders at all times. We believe that these interests are best served by having directors who bring objectivity to the company and are free from potential conflicts of interests. Accordingly, we support proposals seeking a majority of independent directors on the board while taking into consideration local market regulation and corporate governance codes.

Majority of Independent Directors on Key Committees (SHP) FOR

In order to ensure that those who evaluate management’s performance, recruit directors and set management’s compensation are free from conflicts of interests, we believe that the audit², nominating/governance, and compensation committees should be composed of a majority of independent directors while taking into consideration local market regulation, corporate governance codes, and controlled company status.

Majority Votes for Directors (SHP) FOR

We believe that good corporate governance requires shareholders to have a meaningful voice in the affairs of the company. This objective is strengthened if directors are elected by a majority of votes cast at an annual meeting rather than by the plurality method commonly used. With plurality voting a director could be elected by a single affirmative vote even if the rest of the votes were withheld.

We further believe that majority voting provisions will lead to greater director accountability. Therefore, we support shareholder proposals that companies amend their by-laws to provide that director nominees be elected by an affirmative vote of a majority of the votes cast, provided the proposal includes a carve-out to provide for plurality voting in contested elections where the number of nominees exceeds the number of directors to be elected.

Removal of Directors Without Cause (SHP) FOR

Company by-laws sometimes define cause very narrowly, including only conditions of criminal indictment, final adverse adjudication that fiduciary duties were breached or incapacitation, while also providing shareholders with the right to remove directors only upon “cause”.

We believe that the circumstances under which shareholders have the right to remove directors should not be limited to those traditionally defined by companies as “cause”. We also believe that shareholders should have the right to conduct a vote to remove directors who fail to perform in a manner consistent with their fiduciary duties or representative of shareholders’ best interests. And, while we would prefer shareholder proposals that seek to broaden the definition of “cause” to include situations like these, we generally support proposals that would provide shareholders with the right to remove directors without cause.

Require Independent Board Chairman (SHP) CASE-BY-CASE

We believe there can be benefits to an executive chairman and to having the positions of chairman and CEO combined as well as split. When the chair is non-independent the company must have sufficient counter-balancing governance in place, generally through a strong independent lead director. Also, for companies with smaller market capitalizations, separate chairman and CEO positions may not be practical.

3.2 COMPENSATION PROPOSALS

Pro Rata Vesting of Equity Compensation Awards-Change in Control (SHP) CASE-BY-CASE

We examine proposals on the treatment of equity awards in the event of a change in control on a case-by-case basis. If a change in control is accompanied by termination of employment, often referred to as a double-trigger, we generally support accelerated vesting of equity awards. If, however, there is no termination agreement in connection with a change in control, often referred to as a single-trigger, we generally prefer pro rata vesting of outstanding equity awards.

¹  For purposes of this Policy, generally, we will consider a director independent if the director satisfies the independence definition set forth in the listing standards of the exchange on which the common stock is listed. However, we may deem local independence classification criteria insufficient.

²  Pursuant to the SEC rules, adopted pursuant to the Sarbanes-Oxley Act of 2002, as of October 31, 2004, each U.S. listed issuer must have a fully independent audit committee.

Adopt Policies to Prohibit any Death Benefits to Senior Executives (SHP) AGAINST

We view these bundled proposals as too restrictive and conclude that blanket restrictions on any and all such benefits, including the payment of life insurance premiums for senior executives, could put a company at a competitive disadvantage.

Advisory Vote to Ratify Directors’ Compensation (SHP) FOR

Similar to advisory votes on executive compensation, shareholders may request a non-binding advisory vote to approve compensation given to board members. We generally support this item.

Amend Executive Compensation Plan Tied to Performance (Bonus Banking) (SHP) AGAINST

These proposals seek to force a company to amend executive compensation plans such that compensation awards tied to performance are deferred for shareholder specified and extended periods of time. As a result, awards may be adjusted downward if performance goals achieved during the vesting period are not sustained during the added deferral period.

We believe that most companies have adequate vesting schedules and clawbacks in place. Under such circumstances, we will oppose these proposals. However, if a company does not have what we believe to be adequate vesting and/or clawback requirements, we decide these proposals on a case-by-case basis.

Approve Remuneration for Directors and Auditors CASE-BY-CASE

We will vote on a case-by-case basis where we are asked to approve remuneration for directors or auditors. We will generally oppose performance-based remuneration for non-executive directors as this may compromise independent oversight. However, where disclosure relating to the details of such remuneration is inadequate or provided without sufficient time for us to consider our vote, we may abstain or vote against, depending on the adequacy of the company’s prior disclosures in this regard and the local market practice.

Approve Retirement Bonuses for Directors (Japan and South Korea) CASE-BY-CASE

Retirement bonuses are customary in Japan and South Korea. Companies seek approval to give the board authority to grant retirement bonuses for directors and/or auditors and to leave the exact amount of bonuses to the board’s discretion. We will analyze such proposals on a case-by-case basis, considering management’s commitment to maximizing long-term shareholder value. However, when the details of the retirement bonus are inadequate or undisclosed, we may abstain or vote against.

Approve Special Payments to Continuing Directors and Auditors (Japan) CASE-BY-CASE

In conjunction with the abolition of a company’s retirement allowance system, we will generally support special payment allowances for continuing directors and auditors if there is no evidence of their independence becoming impaired. However, when the details of the special payments are inadequate or undisclosed, we may abstain or vote against.

Disclose Executive and Director Pay (SHP) CASE-BY-CASE

The United States Securities and Exchange Commissions (“SEC”) has adopted rules requiring increased and/or enhanced compensation-related and corporate governance-related disclosure in proxy statements and Forms 10-K. Similar steps have been taken by regulators in foreign jurisdictions. We believe the rules enacted by the SEC and various foreign regulators generally ensure more complete and transparent disclosure. Therefore, while we will consider them on a case-by-case basis (analyzing whether there are any relevant disclosure concerns), we generally vote against shareholder proposals seeking additional disclosure of executive and director compensation, including proposals that seek to specify the measurement of performance-based compensation, if the company is subject to SEC rules or similar rules espoused by a regulator in a foreign jurisdiction. Similarly, we generally support proposals seeking additional disclosure of executive and director compensation if the company is not subject to any such rules.

Executive and Employee Compensation Plans, Policies and Reports CASE-BY-CASE

Compensation plans (“Compensation Plans”) usually are complex and are a major corporate expense, so we evaluate them carefully and on a case-by-case basis. In all cases, however, we assess each proposed Compensation Plan within the framework of four guiding principles, each of which ensures a company’s Compensation Plan helps to align the long-term interests of management with shareholders:

Valid measures of business performance tied to the firm’s strategy and shareholder value creation, which are clearly articulated and incorporate appropriate time periods, should be utilized;

Compensation costs should be managed in the same way as any other expense;

Compensation should reflect management’s handling, or failure to handle, any recent social, environmental, governance, ethical or legal issue that had a significant adverse financial or reputational effect on the company; and

In granting compensatory awards, management should exhibit a history of integrity and decision-making based on logic and well thought out processes.

We may oppose plans which include, and directors who establish, compensation plan provisions deemed to be poor practice such as automatic acceleration of equity, or single-triggered, in the event of a change in control.

Although votes on compensation plans are by nature only broad indications of shareholder views, they do lead to more compensation-related dialogue between management and shareholders and help ensure that management and shareholders meet their common objective: maximizing shareholder value.

In markets where votes on compensation plans are not required for all companies, we will support shareholder proposals asking the board to adopt such a vote on an advisory basis.

Where disclosure relating to the details of Compensation Plans is inadequate or provided without sufficient time for us to consider our vote, we may abstain or vote against, depending on the adequacy of the company’s prior disclosures in this regard. Where appropriate, we may raise the issue with the company directly or take other steps.

Limit Executive Pay (SHP) CASE-BY-CASE

We believe that management and directors, within reason, should be given latitude in determining the mix and types of awards offered to executive officers. We vote against shareholder proposals seeking to limit executive pay if we deem them too restrictive. Depending on our analysis of the specific circumstances, we are generally against requiring a company to adopt a policy prohibiting tax gross up payments to senior executives.

Mandatory Holding Periods (SHP) AGAINST

We generally vote against shareholder proposals asking companies to require a company’s executives to hold stock for a specified period of time after acquiring that stock by exercising company-issued stock options (i.e., precluding “cashless” option exercises), unless we believe implementing a mandatory holding period is necessary to help resolve underlying problems at a company that have hurt, and may continue to hurt, shareholder value. We are generally in favor of reasonable stock ownership guidelines for executives.

Performance-Based Stock Option Plans (SHP) CASE-BY-CASE

These shareholder proposals require a company to adopt a policy that all or a portion of future stock options granted to executives be performance-based. Performance-based options usually take the form of indexed options (where the option sale price is linked to the company’s stock performance versus an industry index), premium priced options (where the strike price is significantly above the market price at the time of the grant) or performance vesting options (where options vest when the company’s stock price exceeds a specific target). Proponents argue that performance-based options provide an incentive for executives to outperform the market as a whole and prevent management from being rewarded for average performance. We believe that management, within reason, should be given latitude in determining the mix and types of awards it offers. However, we recognize the benefit of linking a portion of executive compensation to certain types of performance benchmarks. While we will not support proposals that require all options to be performance-based, we will generally support proposals that require a portion of options granted to senior executives be performance-based. However, because performance-based options can also result in unfavorable tax treatment and the company may already have in place an option plan that sufficiently ties executive stock option plans to the company’s performance, we will consider such proposals on a case-by-case basis.

Prohibit Relocation Benefits to Senior Executives (SHP) AGAINST

We do not consider such perquisites to be problematic pay practices as long as they are properly disclosed. Therefore we will vote against shareholder proposals asking to prohibit relocation benefits.

Recovery of Performance-Based Compensation (SHP) FOR

We generally support shareholder proposals requiring the board to seek recovery of performance-based compensation awards to senior management and directors in the event of a fraud or other reasons that resulted in the detriment to shareholder value and/or company reputation due to gross ethical lapses. In deciding how to vote, we consider the adequacy of existing company clawback policy, if any.

Submit Golden Parachutes/Severance Plans to a Shareholder Vote (SHP) FOR

Golden Parachutes assure key officers of a company lucrative compensation packages if the company is acquired and/or if the new owners terminate such officers. We recognize that offering generous compensation packages that are triggered by a change in control may help attract qualified officers. However, such compensation packages cannot be so excessive that they are unfair to shareholders or make the company unattractive to potential bidders, thereby serving as a constructive anti-takeover mechanism. Accordingly, we support proposals to submit severance plans (including supplemental retirement plans), to a shareholder vote, and we review proposals to ratify or redeem such plans retrospectively on a case-by-case basis.

Submit Golden Parachutes/Severance Plans to a Shareholder Vote Prior to Their Being Negotiated by Management (SHP) CASE-BY-CASE

We believe that in order to attract qualified employees, companies must be free to negotiate compensation packages without shareholder interference. However, shareholders must be given an opportunity to analyze a compensation plan’s final, material terms in order to ensure it is within acceptable limits. Accordingly, we evaluate proposals that require submitting severance plans and/or employment contracts for a shareholder vote prior to being negotiated by management on a case-by-case basis.

Submit Survivor Benefit Compensation Plan to Shareholder Vote (SHP) FOR

Survivor benefit compensation plans, or “golden coffins”, can require a company to make substantial payments or awards to a senior executive’s beneficiaries following the death of the senior executive. The compensation can take the form of unearned salary or bonuses, accelerated vesting or the continuation in force of unvested equity grants, perquisites and other payments or awards. This compensation would not include compensation that the senior executive chooses to defer during his or her lifetime.

We recognize that offering generous compensation packages that are triggered by the passing of senior executives may help attract qualified officers. However, such compensation packages cannot be so excessive that they are unfair to shareholders or make the company unattractive to potential bidders, thereby serving as a constructive anti-takeover mechanism.

3.3 CAPITAL CHANGES AND ANTI-TAKEOVER PROPOSALS

Amend Exclusive Forum Bylaw (SHP) AGAINST

We will generally oppose proposals that ask the board to repeal the company’s exclusive forum bylaw. Such bylaws require certain legal action against the company to take place in the state of the company’s incorporation. The courts within the state of incorporation are considered best suited to interpret that state’s laws.

Amend Net Operating Loss (“NOL”) Rights Plans FOR

NOL Rights Plans are established to protect a company’s net operating loss carry forwards and tax credits, which can be used to offset future income. We believe this is a reasonable strategy for a company to employ. Accordingly, we will vote in favor of NOL Rights Plans unless we believe the terms of the NOL Rights Plan may provide for a long-term anti-takeover device.

Authorize Share Repurchase FOR

We generally support share repurchase proposals that are part of a well-articulated and well-conceived capital strategy. We assess proposals to give the board unlimited authorization to repurchase shares on a case-by-case basis. Furthermore, we would generally support the use of derivative instruments (e.g., put options and call options) as part of a share repurchase plan absent a compelling reason to the contrary. Also, absent a specific concern at the company, we will generally support a repurchase plan that could be continued during a takeover period.

Blank Check Preferred Stock AGAINST

Blank check preferred stock proposals authorize the issuance of certain preferred stock at some future point in time and allow the board to establish voting, dividend, conversion and other rights at the time of issuance. While blank check preferred stock can provide a corporation with the flexibility needed to meet changing financial conditions, it also may be used as the vehicle for implementing a “poison pill” defense or some other entrenchment device.

We are concerned that, once this stock has been authorized, shareholders have no further power to determine how or when it will be allocated. Accordingly, we generally oppose this type of proposal.

Corporate Restructurings, Merger Proposals and Spin-Offs CASE-BY-CASE

Proposals requesting shareholder approval of corporate restructurings, merger proposals and spin-offs are determined on a case-by-case basis. In evaluating these proposals and determining our votes, we are singularly focused on meeting our goal of maximizing long-term shareholder value.

Elimination of Preemptive Rights CASE-BY-CASE

Preemptive rights allow the shareholders of the company to buy newly-issued shares before they are offered to the public in order to maintain their percentage ownership. We believe that, because preemptive rights are an important shareholder right, careful scrutiny must be given to management’s attempts to eliminate them. However, because preemptive rights can be prohibitively expensive to widely-held companies, the benefit of such rights will be weighed against the economic effect of maintaining them.

Expensing Stock Options (SHP) FOR

US generally-accepted accounting principles require companies to expense stock options, as do the accounting rules in many other jurisdictions (including those jurisdictions that have adopted IFRS — international financial reporting standards). If a company is domiciled in a jurisdiction where the accounting rules do not already require the expensing of stock options, we will support shareholder proposals requiring this practice and disclosing information about it.

Fair Price Provisions CASE-BY-CASE

A fair price provision in the company’s charter or by laws is designed to ensure that each shareholder’s securities will be purchased at the same price if the corporation is acquired under a plan not agreed to by the board. In most instances, the provision requires that any tender offer made by a third party must be made to all shareholders at the same price.

Fair pricing provisions attempt to prevent the “two tiered front loaded offer” where the acquirer of a company initially offers a premium for a sufficient percentage of shares of the company to gain control and subsequently makes an offer for the remaining shares at a much lower price. The remaining shareholders have no choice but to accept the offer. The two tiered approach is coercive as it compels a shareholder to sell his or her shares immediately in order to receive the higher price per share. This type of tactic has caused many states to adopt fair price provision statutes to restrict this practice.

We consider fair price provisions on a case-by-case basis. We oppose any provision where there is evidence that management intends to use the provision as an anti-takeover device as well as any provision where the shareholder vote requirement is greater than a majority of disinterested shares (i.e., shares beneficially owned by individuals other than the acquiring party).

Increase Authorized Common Stock CASE-BY-CASE

In general we regard increases in authorized common stock as serving a legitimate corporate purpose when used to: implement a stock split, aid in a recapitalization or acquisition, raise needed capital for the firm, or provide for employee savings plans, stock option plans or executive compensation plans. That said, we may oppose a particular proposed increase if we consider the authorization likely to lower the share price (this would happen, for example, if the firm were proposing to use the proceeds to overpay for an acquisition, to invest in a project unlikely to earn the firm’s cost of capital, or to compensate employees well above market rates). We oppose increases in authorized common stock where there is evidence that the shares are to be used to implement a “poison pill” or another form of anti-takeover device, or if the issuance of new shares would, in our judgment, excessively dilute the value of the outstanding shares upon issuance. In addition, a satisfactory explanation of a company’s intentions—going beyond the standard “general corporate purposes”—must be disclosed in the proxy statement for proposals requesting an increase of greater than 100% of the shares outstanding. We view the use of derivatives, particularly warrants, as legitimate capital-raising instruments and apply these same principles to their use as we do to the authorization of common stock. Under certain circumstances where we believe it is important for shareholders to have an opportunity to maintain their proportional ownership, we may oppose proposals requesting shareholders approve the issuance of additional shares if those shares do not include preemptive rights.

In Hong Kong, it is common for companies to request board authority to issue new shares up to 20% of outstanding share capital. The authority typically lapses after one year. We may vote against plans that do not prohibit issuing shares at a discount, taking into account whether a company has a history of doing so.

Issuance of Equity Without Preemptive Rights FOR

We are generally in favor of issuances of equity without preemptive rights of up to 30% of a company’s outstanding shares unless there is concern that the issuance will be used in a manner that could hurt shareholder value (e.g., issuing the equity at a discount from the current market price or using the equity to help create a “poison pill” mechanism).

Multi Class Equity Structures CASE-BY-CASE

The one share, one vote principle – stating that voting power should be proportional to an investor’s economic ownership – is generally preferred in order to hold the board accountable to shareholders. Multi-class structures, however, may be beneficial, for a period of time, allowing management to focus on longer-term value creation, which benefits all shareholders. In these instances, we evaluate proposals of share issuances to perpetuate the structure on a case-by-case basis and expect the company to attach provisions that will either eliminate or phase out existing multi-class vote structures when appropriate and in a cost-effective manner (often referred to as “Sunset Provisions), or require periodic shareholder reauthorization. We expect Board’s to routinely review existing multi-class vote structures and share their current view. If the above criteria is not met, we may vote against the board.

Net Long Position Requirement FOR

We support proposals that require the ownership level needed to call a special meeting to be based on the net long position of a shareholder or shareholder group. This standard ensures that a significant economic interest accompanies the voting power.

Reincorporation CASE-BY-CASE

There are many valid business reasons a corporation may choose to reincorporate in another jurisdiction. We perform a case-by-case review of such proposals, taking into consideration management’s stated reasons for the proposed move.

Careful scrutiny also will be given to proposals that seek approval to reincorporate in countries that serve as tax havens. When evaluating such proposals, we consider factors such as the location of the company’s business, the statutory protections available in the country to enforce shareholder rights and the tax consequences of the reincorporation to shareholders.

Reincorporation to Another Jurisdiction to Permit Majority Voting or Other Changes in Corporate Governance (SHP) CASE-BY-CASE

If a shareholder proposes that a company move to a jurisdiction where majority voting (among other shareholder-friendly conditions) is permitted, we will generally oppose the move notwithstanding the fact that we favor majority voting for directors. Our rationale is that the legal costs, taxes, other expenses and other factors, such as business disruption, in almost all cases would be material and outweigh the benefit of majority voting. If, however, we should find that these costs are not material and/or do not outweigh the benefit of majority voting, we may vote in favor of this kind of proposal. We will evaluate similarly proposals that would require reincorporation in another state to accomplish other changes in corporate governance.

Stock Splits FOR

Stock splits are intended to increase the liquidity of a company’s common stock by lowering the price, thereby making the stock seem more attractive to small investors. We generally vote in favor of stock split proposals.

Submit Company’s Shareholder Rights Plan to Shareholder Vote (SHP) FOR

Most shareholder rights plans (also known as “poison pills”) permit the shareholders of a target company involved in a hostile takeover to acquire shares of the target company, the acquiring company, or both, at a substantial discount once a “triggering event” occurs. A triggering event is usually a hostile tender offer or the acquisition by an outside party of a certain percentage of the target company’s stock. Because most plans exclude the hostile bidder from the purchase, the effect in most instances is to dilute the equity interest and the voting rights of the potential acquirer once the plan is triggered. A shareholder rights plan is designed to discourage potential acquirers from acquiring shares to make a bid for the issuer. We believe that measures that impede takeovers or entrench management not only infringe on the rights of shareholders but also may have a detrimental effect on the value of the company.

We support shareholder proposals that seek to require the company to submit a shareholder rights plan to a shareholder vote. We evaluate on a case-by-case basis proposals to implement or eliminate a shareholder rights plan.

Transferrable Stock Options CASE-BY-CASE

In cases where a compensation plan includes a transferable stock option program, we will consider the plan on a case-by-case basis.

These programs allow stock options to be transferred to third parties in exchange for cash or stock. In effect, management becomes insulated from the downside risk of holding a stock option, while the ordinary shareholder remains exposed to downside risk. This insulation may unacceptably remove management’s exposure to downside risk, which significantly misaligns management and shareholder interests. Accordingly, we generally vote against these programs if the transfer can be executed without shareholder approval, is available to executive officers or non-employee directors, or we consider the available disclosure relating to the mechanics and structure of the program to be insufficient to determine the costs, benefits and key terms of the program.

3.4 AUDITOR PROPOSALS

Appointment of Auditors FOR

We believe that the company is in the best position to choose its accounting firm, and we generally support management’s recommendation.

We recognize that there may be inherent conflicts when a company’s independent auditors perform substantial non-audit related services for the company. Therefore, in reviewing a proposed auditor, we will consider the amount of fees paid for non-audit related services performed compared to the total audit fees paid by the company to the auditing firm, and whether there are any other reasons for us to question the independence or performance of the firm’s auditor such as, for example, tenure. We generally will deem as excessive the non-audit fees paid by a company to its auditor if those fees account for 50% or more of total fees paid. In the UK market, which utilizes a different calculation, we adhere to a non-audit fee cap of 100% of audit fees. Under these circumstances, we generally vote against the auditor and the directors, in particular the members of the company’s audit committee. In addition, we generally vote against authorizing the audit committee to set the remuneration of such auditors. We exclude from this analysis non-audit fees related to IPOs, bankruptcy emergence, and spin-offs and other extraordinary events. We may vote against or abstain due to a lack of disclosure of the name of the auditor while taking into account local market practice.

Approval of Financial Statements FOR

In some markets, companies are required to submit their financial statements for shareholder approval. This is generally a routine item and, as such, we will vote for the approval of financial statements unless there are appropriate reasons to vote otherwise. We may vote against if the information is not available in advance of the meeting.

Approval of Internal Statutory Auditors FOR

Some markets (e.g., Japan) require the annual election of internal statutory auditors. Internal statutory auditors have a number of duties, including supervising management, ensuring compliance with the articles of association and reporting to a company’s board on certain financial issues. In most cases, the election of internal statutory auditors is a routine item and we will support management’s nominee provided that the nominee meets the regulatory requirements for serving as internal statutory auditors. However, we may vote against nominees who are designated independent statutory auditors who serve as executives of a subsidiary or affiliate of the issuer or if there are other reasons to question the independence of the nominees.

Limitation of Liability of External Statutory Auditors (Japan) CASE-BY-CASE

In Japan, companies may limit the liability of external statutory auditors in the event of a shareholder lawsuit through any of three mechanisms: (i) submitting the proposed limits to shareholder vote; (ii) setting limits by modifying the company’s articles of incorporation; and (iii) setting limits in contracts with outside directors, outside statutory auditors and external audit firms (requires a modification to the company’s articles of incorporation). A vote by 3% or more of shareholders can nullify a limit set through the second mechanism. The third mechanism has historically been the most prevalent.

We review proposals to set limits on auditor liability on a case-by-case basis, considering whether such a provision is necessary to secure appointment and whether it helps to maximize long-term shareholder value.

Separating Auditors and Consultants (SHP) CASE-BY-CASE

We believe that a company serves its shareholders’ interests by avoiding potential conflicts of interest that might interfere with an auditor’s independent judgment. SEC rules adopted as a result of the Sarbanes-Oxley Act of 2002 attempted to address these concerns by prohibiting certain services by a company’s independent auditors and requiring additional disclosure of other non-audit related services.

We evaluate on a case-by-case basis proposals that go beyond the SEC rules or other local market standards by prohibiting auditors from performing other non-audit services or calling for the board to adopt a policy to ensure auditor independence.

We take into consideration the policies and procedures the company already has in place to ensure auditor independence and non-audit fees as a percentage of total fees paid to the auditor are not excessive.

3.5 SHAREHOLDER ACCESS AND VOTING PROPOSALS

A Shareholder’s Right to Call Special Meetings (SHP) FOR

Most state corporation statutes (though not Delaware, where many US issuers are domiciled) allow shareholders to call a special meeting when they want to take action on certain matters that arise between regularly-scheduled annual meetings. This right may apply only if a shareholder, or a group of shareholders, owns a specified percentage as defined by the relevant company bylaws.

We recognize the importance of the right of shareholders to remove poorly-performing directors, respond to takeover offers and take other actions without having to wait for the next annual meeting. However, we also believe it is important to protect companies and shareholders from nuisance proposals. We further believe that striking a balance between these competing interests will maximize shareholder value. We believe that encouraging active share ownership among shareholders generally is beneficial to shareholders and helps maximize shareholder value. Accordingly, we will generally support a proposal to establish shareholders’ right to call a special meeting unless we see a potential abuse of the right based on the company’s current share ownership structure.

Adopt Cumulative Voting (SHP) CASE-BY-CASE

Cumulative voting is a method of electing directors that enables each shareholder to multiply the number of his or her shares by the number of directors being considered. A shareholder may then cast the total votes for any one director or a selected group of directors. For example, a holder of 10 shares normally casts 10 votes for each of 12 nominees to the board thus giving the shareholder 120 (10 × 12) votes. Under cumulative voting, the shareholder may cast all 120 votes for a single nominee, 60 for two, 40 for three, or any other combination that the shareholder may choose.

We believe that encouraging activism among shareholders generally is beneficial to shareholders and helps maximize shareholder value. Cumulative voting supports the interests of minority shareholders in contested elections by enabling them to concentrate their votes and dramatically increase their chances of electing a dissident director to a board.

Accordingly, we generally will support shareholder proposals to restore or provide for cumulative voting and we generally will oppose management proposals to eliminate cumulative voting. However, we may oppose cumulative voting if a company has in place both proxy access, which allows shareholders to nominate directors to the company’s ballot, and majority voting (with a carve-out for plurality voting in situations where there are more nominees than seats), which requires each director to receive the affirmative vote of a majority of votes cast and, we believe, leads to greater director accountability to shareholders.

Also, we support cumulative voting at controlled companies regardless of any other shareholder protections that may be in place.

Adopt Cumulative Voting in Dual Shareholder Class Structures (SHP) FOR

In dual class structures (such as A&B shares) where the shareholders with a majority economic interest have a minority voting interest, we generally vote in favor of cumulative voting for those shareholders.

Early Disclosure of Voting Results (SHP) AGAINST

These proposals seek to require a company to disclose votes sooner than is required by the local market. In the US, the SEC requires disclosure in the first periodic report filed after the company’s annual meeting which we believe is reasonable. We do not support requests that require disclosure earlier than the time required by the local regulator.

Limiting a Shareholder’s Right to Call Special Meetings AGAINST

Companies contend that limitations on shareholders’ rights to call special meetings are needed to prevent minority shareholders from taking control of the company’s agenda. However, such limits also have anti-takeover implications because they prevent a shareholder or a group of shareholders who have acquired a significant stake in the company from forcing management to address urgent issues, such as the potential sale of the company. Because most states prohibit shareholders from abusing this right, we see no justifiable reason for management to eliminate this fundamental shareholder right. Accordingly, we generally will vote against such proposals.

In addition, if the board of directors, without shareholder consent, raises the ownership threshold a shareholder must reach before the shareholder can call a special meeting, we will vote against those directors.

Permit a Shareholder’s Right to Act by Written Consent (SHP) CASE-BY-CASE

Action by written consent enables a large shareholder or group of shareholders to initiate votes on corporate matters prior to the annual meeting. We believe this is a fundamental shareholder right and, accordingly, will generally support shareholder proposals seeking to restore this right. However, in cases where a company has a majority shareholder or group of related majority shareholders with majority economic interest, we will oppose proposals seeking to restore this right as there is a potential risk of abuse by the majority shareholder or group of majority shareholders. We may also vote against the proposal if the company provides shareholders a right to call special meetings with an ownership threshold of 15% or below in absence of material restrictions, as we believe that shareholder access rights should be considered from a holistic view rather than promoting all possible access rights that may impede one another in contrast to long-term shareholder value.

Proxy Access for Annual Meetings (SHP) (Management) FOR

These proposals allow “qualified shareholders” to nominate directors. We generally vote in favor of management and shareholder proposals for proxy access that employ guidelines reflecting the SEC framework for proxy access (adopted by the SEC in 2010, but vacated by the DC Circuit Court of Appeals in 2011), which would have allowed a single shareholder, or group of shareholders, who hold at least 3% of the voting power for at least three years continuously to nominate up to 25% of the current board seats, or two directors, for inclusion in the subject company’s annual proxy statement alongside management nominees.

We may vote against proposals that use requirements that are stricter than the SEC’s framework including implementation restrictions and against individual board members, or entire boards, who exclude from their ballot properly submitted shareholder proxy access proposals or compete against shareholder proxy access proposals with stricter management proposals on the same ballot We will generally vote in favor of proposals that seek to amend an existing right to more closely align with the SEC framework.

We will evaluate on a case-by-case basis proposals with less stringent requirements than the vacated SEC framework.

From time to time we may receive requests to join with other shareholders to support a shareholder action. We may, for example, receive requests to join a voting block for purposes of influencing management. If the third parties requesting our participation are not affiliated with us and have no business relationships with us, we will consider the request on a case-by-case basis. However, where the requesting party has a business relationship with us (e.g., the requesting party is a client or a significant service provider), agreeing to such a request may pose a potential conflict of interest. As a fiduciary we have an obligation to vote proxies in the best interest of our clients (without regard to our own interests in generating and maintaining business with our other clients) and given our desire to avoid even the appearance of a conflict, we will generally decline such a request.

Reduce Meeting Notification from 21 Days to 14 Days (UK) FOR

Companies in the United Kingdom may, with shareholder approval, reduce the notice period for extraordinary general meetings from 21 days to 14 days.

A reduced notice period expedites the process of obtaining shareholder approval of additional financing needs and other important matters. Accordingly, we support these proposals.

Shareholder Proponent Engagement Process (SHP) FOR

We believe that proper corporate governance requires that proposals receiving support from a majority of shareholders be considered and implemented by the company. Accordingly, we support establishing an engagement process between shareholders and management to ensure proponents of majority-supported proposals, have an established means of communicating with management.

Supermajority Vote Requirements AGAINST

A supermajority vote requirement is a charter or by-law requirement that, when implemented, raises the percentage (higher than the customary simple majority) of shareholder votes needed to approve certain proposals, such as mergers, changes of control, or proposals to amend or repeal a portion of the Articles of Incorporation.

In most instances, we oppose these proposals and support shareholder proposals that seek to reinstate the simple majority vote requirement. However we may support supermajority vote requirements at controlled companies as a protection to minority shareholders from unilateral action of the controlling shareholder.

3.6 ENVIRONMENTAL, SOCIAL AND DISCLOSURE PROPOSALS

Animal Welfare (SHP) CASE-BY-CASE

These proposals may include reporting requests or policy adoption on items such as pig gestation crates and animal welfare in the supply chain

For proposals requesting companies to adopt a policy, we will carefully consider existing policies and the company’s incorporation of national standards and best practices. In addition, we will evaluate the potential enactment of new regulations, as well as any investment risk related to the specific issue.

We generally support shareholder proposals calling for reports and disclosure while taking into account existing policies and procedures of the company and whether the proposed information is of added benefit to shareholders.

Climate Change (SHP) FOR

Proposals addressing climate change concerns are plentiful and their scope varies. Climate change increasingly receives investor attention as a potentially critical and material risk to the sustainability of a wide range of business-specific activities. These proposals may include emissions standards or reduction targets, quantitative goals, and impact assessments. We generally support these proposals, while taking into account the materiality of the issue and whether the proposed information is of added benefit to shareholders.

For proposals requesting companies to adopt a policy, we will carefully consider existing policies and the company’s incorporation of national standards and best practices. In addition, we will evaluate the potential enactment of new regulations, as well as any investment risk related to the specific issue.

We generally support shareholder proposals calling for reports and disclosure while taking into account existing policies and procedures of the company and whether the proposed information is of added benefit to shareholders.

Charitable Contributions (SHP) (MGMT) CASE-BY-CASE

Proposals relating to charitable contributions may be sponsored by either management or shareholders.

Management proposals may ask to approve the amount for charitable contributions.

We generally support shareholder proposals calling for reports and disclosure while taking into account existing policies and procedures of the company and whether the proposed information is of added benefit to shareholders.

Environmental Proposals (SHP) CASE-BY-CASE

These proposals can include reporting and policy adoption requests in a wide variety of areas, including, but not limited to, (nuclear) waste, deforestation, packaging and recycling, renewable energy, toxic material, palm oil and water.

For proposals requesting companies to adopt a policy, we will carefully consider existing policies and the company’s incorporation of national standards and best practices. In addition, we will evaluate the potential enactment of new regulations, as well as any investment risk related to the specific issue.

We generally support shareholder proposals calling for reports while taking into account existing policies and procedures of the company and whether the proposed information is of added benefit to shareholders.

Genetically Altered or Engineered Food and Pesticides (SHP) CASE-BY-CASE

These proposals may include reporting requests on pesticides monitoring/use and Genetically Modified Organism (GMO) as well as GMO labeling.

For proposals requesting companies to adopt a policy, we will carefully consider existing policies and the company’s incorporation of national standards and best practices. In addition, we will evaluate the potential enactment of new regulations, as well as any investment risk related to the specific issue.

We generally support shareholder proposals calling for reports while taking into account existing policies and procedures of the company and whether the proposed information is of added benefit to shareholders.

Health Proposals (SHP) CASE-BY-CASE

These proposals may include reports on pharmaceutical pricing, antibiotic use in the meat supply, and tobacco products. We generally support shareholder proposals calling for reports while taking into account the current reporting policies of the company and whether the proposed information is of added benefit to shareholders.

For proposals requesting companies to adopt a policy, we will carefully consider existing policies and the company’s incorporation of national standards and best practices. In addition, we will evaluate the potential enactment of new regulations, as well as any investment risk related to the specific issue. We generally support shareholder proposals calling for reports and disclosure while taking into account existing policies and procedures of the company and whether the proposed information is of added benefit to shareholders.

Human Rights Policies and Reports (SHP) CASE-BY-CASE

These proposals may include reporting requests on human rights risk assessment, humanitarian engagement and mediation policies, working conditions, adopting policies on supply chain worker fees and expanding existing policies in these areas. We recognize that many companies have complex supply chains which have led to increased awareness of supply chain issues as an investment risk.

For proposals requesting companies to adopt a policy, we will carefully consider existing policies and the company’s incorporation of national standards and best practices. In addition, we will evaluate the potential enactment of new regulations, as well as any investment risk related to the specific issue.

We generally support shareholder proposals calling for reports and disclosure while taking into account existing policies and procedures of the company and whether the proposed information is of added benefit to shareholders.

Include Sustainability as a Performance Measure (SHP) CASE-BY-CASE

We believe management and directors should be given latitude in determining appropriate performance measurements. While doing so, consideration should be given to how long-term sustainability issues might affect future company performance. Therefore, we will evaluate on a case-by-case basis proposals requesting companies to consider incorporating specific, measurable, practical goals consisting of sustainability principles and environmental impacts as metrics for incentive compensation and how they are linked with our objectives as long-term shareholders.

Lobbying and Political Spending (SHP) FOR

We generally vote in favor of proposals requesting increased disclosure of political contributions and lobbying expenses, including those paid to trade organizations and political action committees, whether at the federal, state, or local level. These proposals may increase transparency.

Other Business AGAINST

In certain jurisdictions, these proposals allow management to act on issues that shareholders may raise at the annual meeting. Because it is impossible to know what issues may be raised, we will vote against these proposals.

Reimbursement of Shareholder Expenses (SHP) AGAINST

These shareholder proposals would require companies to reimburse the expenses of shareholders who submit proposals that receive a majority of votes cast or the cost of proxy contest expenses. We generally vote against these proposals, unless reimbursement occurs only in cases where management fails to implement a majority passed shareholder proposal, in which case we may vote in favor.

Sustainability Report (SHP) FOR

We generally support shareholder proposals calling for reports and disclosure while taking into account existing policies and procedures of the company and whether the proposed information is of added benefit to shareholders.

Work Place: Diversity (SHP) FOR

We generally support shareholder proposals calling for reports and disclosure surrounding workplace diversity while taking into account existing policies and procedures of the company and whether the proposed information is of added benefit to shareholders.

We generally support proposals requiring a company to amend its Equal Employment Opportunity policies to prohibit workplace discrimination based on sexual orientation and gender ID.

Work Place: Gender Pay Equity (SHP) FOR

A report on pay disparity between genders typically compares the difference between male and female median earnings expressed as a percentage of male earningsand may include, statistics and rationale pertaining to changes in the size of the gap, recommended actions, and information on whether greater oversight is needed over certain aspects of the company’s compensation policies.

The SEC requires US issuers with fiscal years ending on or after January 1, 2017, to contrast CEO pay with median employee pay. This requirement, however, does not specifically address gender pay equity issues in such pay disparity reports. Accordingly, we will generally support proposals requiring gender pay metrics, taking into account the specific metrics and scope of the information requested and whether the SEC’s requirement renders the proposal unnecessary.

4 CONFLICTS OF INTEREST

4.1 INTRODUCTION

As a fiduciary, we always must act in our clients’ best interests. We strive to avoid even the appearance of a conflict that may compromise the trust our clients have placed in us, and we insist on strict adherence to fiduciary standards and compliance with all applicable federal and state securities laws. We have adopted a comprehensive Code of Business Conduct and Ethics (“Code”) to help us meet these obligations. As part of this responsibility and as expressed throughout the Code, we place the interests of our clients first and attempt to avoid any perceived or actual conflicts of interest.

AllianceBernstein L.P. (“AB””) recognizes that there may be a potential material conflict of interest when we vote a proxy solicited by an issuer that sponsors a retirement plan we manage (or administer), that distributes AB-sponsored mutual funds, or with which AB or one or more of our employees have another business or personal relationship that may affect how we vote on the issuer’s proxy. Similarly, we may have a potential material conflict of interest when deciding how to vote on a proposal sponsored or supported by a shareholder group that is a client. In order to avoid any perceived or actual conflict of interest, the procedures set forth below in sections 4.2 through 4.8 have been established for use when we encounter a potential conflict to ensure that our voting decisions are based on maximizing shareholder value and are not the product of a conflict.

4.2 ADHERENCE TO STATED PROXY VOTING POLICIES

Votes generally are cast in accordance with this policy³. In situations where our policy is case-by-case, this Manual often provides criteria that will guide our decision. In situations where our policy on a particular issue is case-by-case and the vote cannot be clearly decided by an application of our stated policy, a member of the Committee or his/her designee will make the voting decision in accordance with the basic principle of our policy to vote proxies with the intention of maximizing the value of the securities in our client accounts. In these situations, the voting rationale must be documented either on the voting platform of our proxy research services vendor, by retaining relevant emails or another appropriate method. Where appropriate, the views of investment professionals are considered. All votes cast contrary to our stated voting policy on specific issues must be documented. On an annual basis, the Committee will receive a report of all such votes so as to confirm adherence of the policy.

³  From time to time a client may request that we vote their proxies consistent with AFL-CIO guidelines or the policy of the National Association of Pension Funds. In those situations, AB reserves the right to depart from those policies if we believe it to be in the client’s best interests.

4.3 DISCLOSURE OF CONFLICTS

When considering a proxy proposal, members of the Committee or investment professionals involved in the decision-making process must disclose to the Committee any potential conflict (including personal relationships) of which they are aware and any substantive contact that they have had with any interested outside party (including the issuer or shareholder group sponsoring a proposal) regarding the proposal. Any previously unknown conflict will be recorded on the Potential Conflicts List (discussed below). If a member of the Committee has a conflict of interest, he or she must also remove himself or herself from the decision-making process.

4.4 POTENTIAL CONFLICTS LIST

No less frequently than annually, a list of companies and organizations whose proxies may pose potential conflicts of interest is compiled by the Legal and Compliance Department (the “Potential Conflicts List”). The Potential Conflicts List generally includes:

Publicly-traded clients of AB;

Publicly-traded companies that distribute AB mutual funds;

Bernstein private clients who are directors, officers, or 10% shareholders of publicly traded companies;

Publicly-traded companies which are sell-side clients of our affiliated broker-dealer, SCB&Co.;

Companies where an employee of AB or AXA Equitable Holdings, Inc., the parent company of AB, has identified an interest;

Publicly-traded affiliated companies;

Clients who sponsor, publicly support or have material interest in a proposal upon which we will be eligible to vote;

Publicly-traded companies targeted by the AFL-CIO for voting;

Any other conflict of which a Committee member becomes aware⁴.

We determine our votes for all meetings of companies that may present a conflict by applying the tests described in Section 4.5 below. We document all instances when the Conflicts Officer determines our vote.

4.5 DETERMINE EXISTENCE OF CONFLICT OF INTEREST

When we encounter a potential conflict of interest, we review our proposed vote using the following analysis to ensure our voting decision does not generate a conflict of interest:

If our proposed vote is consistent with the Policy, no further review is necessary.

If our proposed vote is contrary to our Policy, we would take the following steps:

If our proposed vote is contrary to the Policy and our client’s recommended vote on the proposal is consistent with our fiduciary duty, no further review is necessary.

If our proposed vote is contrary to the Policy or is not covered by the Policy and is consistent with our client’s position and the views of our proxy research services vendor, no further review is necessary.

If our proposed vote is contrary to the Policy or is not covered herein, is consistent with our client’s recommended vote on the proposal and is contrary to the views of our proxy research service vendor, the vote will be presented to the Conflicts Officer. The Conflicts Officer will determine whether the proposed vote is reasonable. If the Conflicts Officer cannot determine that the proposed vote is reasonable, the Conflicts Officer may instruct AB to refer the votes back to the client(s) or take other actions as the Conflicts Officer deems appropriate. The Conflicts Officer’s review will be documented using a Proxy Voting Conflict of Interest Form (a copy of which is attached hereto).

In the event the firm’s ultimate vote is in conflict with the client’s recommended vote, we will treat the client as if it had chosen to direct its own proxy vote for that vote only.

4.6 REVIEW OF THIRD PARTY RESEARCH SERVICE CONFLICTS OF INTEREST

The Committee takes reasonable steps to verify that the proxy research service vendor to which we have a full-level subscription is, in fact, independent based on all of the relevant facts and circumstances. This includes reviewing proxy research service vendor’s conflict management procedures on an annual basis. When reviewing these conflict management procedures, we will consider, among other things, whether the proxy research service vendor (i) has the capacity and competency to adequately analyze proxy issues; and (ii) can offer research in an impartial manner and in the best interests of our clients.

4.7 CONFIDENTIAL VOTING

It is AB’s policy to support confidentiality before the actual vote has been cast. Employees are prohibited from revealing how we intend to vote except to (i) members of the Committee; (ii) Portfolio Managers who hold the security in their managed accounts; (iii) the Research Analyst(s) who cover(s) the security; (iv) clients, upon request, for the securities held in their portfolios; and (v) clients who do not hold the security or for whom AB does not have proxy voting authority, but who provide AB with a signed a Non-Disclosure Agreement. Once the votes have been cast, they are made public in accordance with mutual fund proxy vote disclosures required by the SEC, and we generally post all votes to our public website the quarter after the vote has been cast.

⁴  The Committee must notify the Legal and Compliance Department promptly of any previously unknown conflict.

We may participate in proxy surveys conducted by shareholder groups or consultants so long as such participation does not compromise our confidential voting policy. Specifically, prior to our required SEC disclosures each year, we may respond to surveys asking about our proxy voting policies, but not any specific votes. After our mutual fund proxy vote disclosures required by the SEC each year have been made public and/or votes have been posted to our public website, we may respond to surveys that cover specific votes in addition to our voting policies.

On occasion, clients for whom we do not have proxy voting authority may ask us how AB’s Proxy Voting and Governance Policy would be implemented. A member of the Committee or one or more members of Responsible Investment team may provide the results of a potential implementation of the AB policy to the client’s account subject to an understanding with the client that the implementation shall remain confidential.

Any substantive contact regarding proxy issues from the issuer, the issuer’s agent or a shareholder group sponsoring a proposal must be reported to the Committee if such contact was material to a decision to vote contrary to this Policy. Routine administrative inquiries from proxy solicitors need not be reported.

4.8 A NOTE REGARDING AB’S STRUCTURE

AB and AllianceBernstein Holding L.P. (“AB Holding”) are Delaware limited partnerships. As limited partnerships, neither company is required to produce an annual proxy statement or hold an annual shareholder meeting. In addition, the general partner of AB and AB Holding, AllianceBernstein Corporation is a wholly-owned subsidiary of AXA Equitable Holdings, Inc.

As a result, most of the positions we express in this Proxy Voting Policy are inapplicable to our business. For example, although units in AB Holding are publicly traded on the New York Stock Exchange (“NYSE”), the NYSE Listed Company Manual exempts limited partnerships and controlled companies from compliance with various listing requirements, including the requirement that our board have a majority of independent directors.

5 VOTING TRANSPARENCY

We publish our voting records on our website quarterly, 30 days after the end of the previous quarter. Many clients have requested that we provide them with periodic reports on how we voted their proxies. Clients may obtain information about how we voted proxies on their behalf by contacting their Advisor.

6 RECORDKEEPING

All of the records referenced below will be kept in an easily accessible place for at least the length of time required by local regulation and custom, and, if such local regulation requires that records are kept for less than five years from the end of the fiscal year during which the last entry was made on such record, we will follow the US rule of five years. If the local regulation requires that records are kept for more than five years, we will comply with the local regulation. We maintain the vast majority of these records electronically.

6.1 PROXY VOTING AND GOVERNANCE POLICY

The Proxy Voting and Governance Policy shall be maintained in the Legal and Compliance Department and posted on our company intranet and on the AB website: https://www.alliancebernstein.com/abcom/web/linkedsite.aspx?key=ab.retail.proxyvoting.mf

6.2 PROXY STATEMENTS RECEIVED REGARDING CLIENT SECURITIES

For US Securities⁵, AB relies on the SEC to maintain copies of each proxy statement we receive regarding client securities. For Non-US Securities, we rely on ISS, our proxy voting agent, to retain such proxy statements.

6.3 RECORDS OF VOTES CAST ON BEHALF OF CLIENTS

Records of votes cast by AB are retained electronically by our proxy research service vendor.

6.4 RECORDS OF CLIENTS REQUESTS FOR PROXY VOTING INFORMATION

Copies of written requests from clients for information on how AB voted their proxies shall be maintained by the Legal and Compliance Department. Responses to written and oral requests for information on how we voted clients’ proxies will be kept in the Client Group.

⁵  US securities are defined as securities of issuers required to make reports pursuant to §12 of the Securities Exchange Act of 1934, as amended. Non-US securities are defined as all other securities.

6.5 DOCUMENTS PREPARED BY AB THAT ARE MATERIAL TO VOTING DECISIONS

The Committee is responsible for maintaining documents prepared by the Committee or any AB employee that were material to a voting decision. Therefore, where an investment professional’s opinion is essential to the voting decision, the recommendation from investment professionals must be made in writing to the A member of Responsible Investment team.

7 PROXY VOTING PROCEDURES

7.1 VOTE ADMINISTRATION

In an effort to increase the efficiency of voting proxies, AB uses ISS to act as its voting agent for our clients’ holdings globally.

Issuers initially send proxy information to the custodians of our client accounts. We instruct these custodian banks to direct proxy related materials to ISS’s offices. ISS provides us with research related to each resolution. A Members of Responsible Investment team review the ballots via ISS’s web platform, ProxyExchange. Using ProxyExchange, the Members of Responsible Investment team submit our voting decision. ISS then returns the proxy ballot forms to the designated returnee for tabulation.

If necessary, any paper ballots we receive will be voted online using ProxyVote or via mail or fax.

7.2 SHARE BLOCKING

Proxy voting in certain countries requires “share blocking.” Shareholders wishing to vote their proxies must deposit their shares shortly before the date of the meeting (usually one week) with a designated depositary. During this blocking period, shares that will be voted at the meeting cannot be sold until the meeting has taken place and the shares are returned to the clients’ custodian banks. We may determine that the value of exercising the vote is outweighed by the detriment of not being able to sell the shares during this period. In cases where we want to retain the ability to trade shares, we may abstain from voting those shares.

We seek to vote all proxies for securities held in client accounts for which we have proxy voting authority. However, in some markets administrative issues beyond our control may sometimes prevent us from voting such proxies. For example, we may receive meeting notices after the cut-off date for voting or without enough time to fully consider the proxy. Similarly, proxy materials for some issuers may not contain disclosure sufficient to arrive at a voting decision, in which cases we may abstain from voting. Some markets outside the US require periodic renewals of powers of attorney that local agents must have from our clients prior to implementing our voting instructions.

7.3 LOANED SECURITIES

Many of our clients have entered into securities lending arrangements with agent lenders to generate additional revenue. We will not be able to vote securities that are on loan under these types of arrangements. However, under rare circumstances, for voting issues that may have a significant impact on the investment, we may request that clients or custodians recall securities that are on loan if we determine that the benefit of voting outweighs the costs and lost revenue to the client or fund and the administrative burden of retrieving the securities. For the SRI labeled Thematic funds, we recall U.S. securities on loan to vote proxies and have discontinued lending for non-U.S. securities.

PROXY VOTING AND GOVERNANCE COMMITTEE MEMBERS

The members of the Committee establish general proxy policies for AB and consider specific proxy voting matters as necessary. Members include senior investment personnel and representatives of the Legal and Compliance Department and the Operations Department.

If you have questions or desire additional information about this Policy, please contact the Proxy Team at: ProxyTeam@alliancebernstein.com.

PROXY VOTING GUIDELINE SUMMARY

Shareholder Proposal		Board and Director Proposals		For		Against		Case-by-Case
		Board Diversity						+
+		Establish New Board Committees and Elect Board Members with Specific Expertise						+
		Changes in Board Structure and Amending the Articles of Incorporation		+
		Classified Boards				+
		Director Liability and Indemnification						+
+		Disclose CEO Succession Plan		+
		Election of Directors		+
		Controlled Company Exemption						+
		Voting for Director Nominees in a Contested Election						+
+		Independent Lead Director		+
+		Limit Term of Directorship						+
+		Majority of Independent Directors		+
+		Majority of Independent Directors on Key Committees		+
+		Majority Votes for Directors		+
+		Removal of Directors Without Cause		+
+		Require Independent Board Chairman						+
+		Require Two Candidates for Each Board Seat				+
		Compensation Proposals
+		Elimination of Single Trigger Change-in-Control Agreements		+
+		Pro Rata Vesting of Equity Compensation Awards-Change of Control						+
+		Adopt Policies to Prohibit any Death Benefits to Senior Executives				+
+		Advisory Vote to Ratify Directors’ Compensation		+
+		Amend Executive Compensation Plan Tied to Performance (Bonus Banking)				+
		Approve Remuneration for Directors and Auditors						+
		Approve Remuneration Reports						+
		Approve Retirement Bonuses for Directors (Japan and South Korea)						+
		Approve Special Payments to Continuing Directors and Auditors (Japan)						+
+		Disclose Executive and Director Pay						+
+		Exclude Pension Income from Performance-Based Compensation		+
		Executive and Employee Compensation Plans						+
+		Limit Dividend Payments to Executives				+
+		Limit Executive Pay						+
+		Mandatory Holding Periods				+
+		Performance-Based Stock Option Plans						+
+		Prohibit Relocation Benefits to Senior Executives				+

Shareholder Proposal				For		Against		Case-by-Case
+		Recovery of Performance-Based Compensation		+
+		Submit Golden Parachutes/Severance Plans to a Shareholder Vote				+
+		Submit Golden Parachutes/Severance Plans to a Shareholder Vote prior to their being Negotiated by Management						+
+		Submit Survivor Benefit Compensation Plans to a Shareholder Vote		+
		Capital Changes and Anti-Take Over Proposals
+		Amend Exclusive Forum Bylaw				+
		Amend Net Operating Loss (“NOL”) Rights Plans		+
		Authorize Share Repurchase		+
		Blank Check Preferred Stock				+
		Corporate Restructurings, Merger Proposals and Spin-Offs						+
		Elimination of Preemptive Rights						+
+		Expensing Stock Options		+
		Fair Price Provisions						+
		Increase Authorized Common Stock						+
		Issuance of Equity without Preemptive Rights		+
		Issuance of Stock with Unequal Voting Rights						+
		Net Long Position Requirement		+
		Reincorporation						+
+		Reincorporation to Another jurisdiction to Permit Majority Voting or Other Changes in Corporate Governance						+
		Stock Splits		+
+		Submit Company’s Shareholder Rights Plan to a Shareholder Vote		+
		Transferrable Stock Options						+
		Auditor Proposals
		Appointment of Auditors		+
		Approval of Financial Statements		+
		Approval of Internal Statutory Auditors		+
+		Limit Compensation Consultant Services				+
		Limitation of Liability of External Statutory Auditors (Japan)						+
+		Separating Auditors and Consultants						+
		Shareholder Access & Voting Proposals
+		A Shareholder’s Right to Call Special Meetings		+
+		Adopt Cumulative Voting						+
+		Adopt Cumulative Voting in Dual Shareholder Class Structures		+
+		Early Disclosure of Voting Results				+
+		Implement Confidential Voting		+
		Limiting a Shareholder’s Right to Call Special Meetings				+
+		Permit a Shareholder’s Right to Act by Written Consent						+
+		Proxy Access for Annual Meetings		+
		Reduce Meeting Notification from 21 Days to 14 Days (UK)		+

Shareholder Proposal				For		Against		Case-by-Case
+		Rotation of Locale for Annual Meeting				+
+		Shareholder Proponent Engagement Process		+
		Supermajority Vote Requirements				+
		Environmental & Social, Disclosure Proposals
+		Animal Welfare						+
+		Climate Change						+
+		Carbon Accounting		+
+		Carbon Risk		+
+		Charitable Contributions						+
+		Environmental Proposals						+
+		Genetically Altered or Engineered Food and Pesticides						+
+		Health Proposals						+
+		Pharmaceutical Pricing (US)						+
+		Human Rights Policies and Reports						+
+		Include Sustainability as a Performance Measure (SHP)						+
+		Lobbying and Political Spending		+
+		Other Business				+
+		Reimbursement of Shareholder Expenses				+
+		Sustainability Report						+
+		Work Place: Diversity		+
+		Work Place: Pay Disparity						+

PROXY VOTING CONFLICT OF INTEREST FORM

Name of Security         Date of Shareholder Meeting  

Short Description of the conflict (client, mutual fund distributor, etc.):

1.		Is our proposed vote on all issues consistent with our stated proxy voting policy?		☐  Yes		☐  No
		If yes, stop here and sign below as no further review is necessary.
2.		Is our proposed vote contrary to our client’s position?		☐  Yes		☐  No
		If yes, stop here and sign below as no further review is necessary.
3.		Is our proposed vote consistent with the views of Institutional Shareholder Services?		☐  Yes		☐  No
		If yes, stop here and sign below as no further review is necessary.

1. Please attach a memo containing the following information and documentation supporting the proxy voting decision:

A list of the issue(s) where our proposed vote is contrary to our stated policy (director election, cumulative voting, compensation)

A description of any substantive contact with any interested outside party and a proxy voting and governance committee or an AB investment professional that was material to our voting decision. Please include date, attendees, titles, organization they represent and topics discussed. If there was no such contact, please note as such.

If the Independent Compliance Officer has NOT determined that the proposed vote is reasonable, please explain and indicate what action has been, or will be taken.

AB Conflicts Officer Approval (if necessary. Email approval is acceptable.):						Prepared by:
I hereby confirm that the proxy voting decision referenced on this form is reasonable.
						Print Name:
AB Conflicts Officer						Date:
Date:

2. Please return this completed form and all supporting documentation to the Conflicts Officer in the Legal and Compliance Department and keep a copy for your records.

STATEMENT OF POLICY REGARDING RESPONSIBLE INVESTMENT

PRINCIPLES FOR RESPONSIBLE INVESTMENT, ESG AND SOCIALLY RESPONSIBLE INVESTMENT

Introduction

AllianceBernstein L.P. (“AB” or “we”) is appointed by our clients as an investment manager with a fiduciary responsibility to help them achieve their investment objectives over the long term. Generally, our clients’ objective is to maximize the financial return of their portfolios within appropriate risk parameters. AB has long recognized that environmental, social and governance (“ESG”) issues can impact the performance of investment portfolios. Accordingly, we have sought to integrate ESG factors into our investment process to the extent that the integration of such factors is consistent with our fiduciary duty to help our clients achieve their investment objectives and protect their economic interests.

Our policy draws a distinction between how the Principles for Responsible Investment (“PRI” or “Principles”), and Socially Responsible Investing (“SRI”) incorporate ESG factors. PRI is based on the premise that, because ESG issues can affect investment performance, appropriate consideration of ESG issues and engagement regarding them is firmly within the bounds of a mainstream investment manager’s fiduciary duties to its clients. Furthermore, PRI is intended to be applied only in ways that are consistent with those mainstream fiduciary duties.

SRI, which refers to a spectrum of investment strategies that seek to integrate ethical, moral, sustainability and other non-financial factors into the investment process, generally involves exclusion and/or divestment, as well as investment guidelines that restrict investments. AB may accept such guideline restrictions upon client request.

Approach to ESG

Our long-standing policy has been to include ESG factors in our extensive fundamental research and consider them carefully when we believe they are material to our forecasts and investment decisions. If we determine that these aspects of an issuer’s past, current or anticipated behavior are material to its future expected returns, we address these concerns in our forecasts, research reviews, investment decisions and engagement. In addition, we have well-developed proxy voting policies that incorporate ESG issues and engagement.

Commitment to the PRI

In recent years, we have gained greater clarity on how the PRI initiative, based on information from PRI Advisory Council members and from other signatories, provides a framework for incorporating ESG factors into investment research and decision-making. Furthermore, our industry has become, over time, more aware of the importance of ESG factors. We acknowledge these developments and seek to refine what has been our process in this area.

After careful consideration, we determined that becoming a PRI signatory would enhance our current ESG practices and align with our fiduciary duties to our clients as a mainstream investment manager. Accordingly, we became a signatory, effective November 1, 2011.

In signing the PRI, AB as an investment manager publicly commits to adopt and implement all six Principles, where consistent with our fiduciary responsibilities, and to make progress over time on implementation of the Principles.

The six Principles are:

1. We will incorporate ESG issues into investment research and decision-making processes.

AB Examples: ESG issues are included in the research analysis process. In some cases, external service providers of ESG-related tools are utilized; we have conducted proxy voting training and will have continued and expanded training for investment professionals to incorporate ESG issues into investment analysis and decision-making processes across our firm.

2. We will be active owners and incorporate ESG issues into our ownership policies and practices.

AB Examples: We are active owners through our proxy voting process (for additional information, please refer to our Statement of Policies and Procedures for Proxy Voting Manual); we engage issuers on ESG matters in our investment research process (we define “engagement” as discussions with management about ESG issues when they are, or we believe they are reasonably likely to become, material).

3. We will seek appropriate disclosure on ESG issues by the entities in which we invest.

AB Examples: Generally, we support transparency regarding ESG issues when we conclude the disclosure is reasonable. Similarly, in proxy voting, we will support shareholder initiatives and resolutions promoting ESG disclosure when we conclude the disclosure is reasonable.

4. We will promote acceptance and implementation of the Principles within the investment industry.

AB Examples: By signing the PRI, we have taken an important first step in promoting acceptance and implementation of the six Principles within our industry.

5. We will work together to enhance our effectiveness in implementing the Principles.

AB Examples: We will engage with clients and participate in forums with other PRI signatories to better understand how the PRI are applied in our respective businesses. As a PRI signatory, we have access to information, tools and other signatories to help ensure that we are effective in our endeavors to implement the PRI.

6. We will report on our activities and progress towards implementing the Principles.

AB Examples: We will respond to the 2012 PRI questionnaire and disclose PRI scores from the questionnaire in response to inquiries from clients and in requests for proposals; we will provide examples as requested concerning active ownership activities (voting, engagement or policy dialogue).

4. RI Committee

Our firm’s RI Committee provides AB stakeholders, including employees, clients, prospects, consultants and service providers alike, with a resource within our firm on which they can rely for information regarding our approach to ESG issues and how those issues are incorporated in different ways by the PRI and SRI. Additionally, the RI Committee is responsible for assisting AB personnel to further implement our firm’s RI policies and practices, and, over time, to make progress on implementing all six Principles.

The RI Committee has a diverse membership, including senior representatives from investments, distribution/sales and legal. The Committee is chaired by Linda Giuliano, Senior Vice President and Chief Administrative Officer-Equities.

If you have questions or desire additional information about this Policy, we encourage you to contact the RI Committee at RIinquiries@alliancebernstein.com.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a) (1) The management of, and investment decisions for, the Fund’s portfolio are made by the Global Fixed Income: Emerging Markets Investment Team.

The following table lists the five members of the team with the most significant responsibility for the day-to-day management of the Fund’s portfolio, the length of time that each person has been involved in the management of the Fund, and each person’s principal occupation during the past five years:

Employee; Year; Title		Principal Occupation During the Past Five (5) Years
Gershon Distenfeld; since prior to 2013; Vice President of the Adviser		Senior Vice President of the Adviser* with which he has been associated since prior to 2013.
Matthew S. Sheridan; since prior to 2013; Vice President of the Adviser		Senior Vice President of the Adviser* with which he has been associated since prior to 2013.

* The Adviser, ABI and ABIS are affiliates of the Fund.

(a) (2) The following tables provide information regarding registered investment companies other than the Fund, other pooled investment vehicles and other accounts over which the Fund’s portfolio managers also have day-to-day management responsibilities. The tables provide the numbers of such accounts, the total assets in such accounts and the number of accounts and total assets whose fees are based on performance. The information is provided as of the Fund’s fiscal year ended March 31, 2021.

REGISTERED INVESTMENT COMPANIES (excluding the Fund)

Portfolio Manager

Total Number of Registered Investment Companies Managed

Total Assets of Registered Investment Companies Managed

Number of Registered Investment Companies Managed with Performance- based Fees

Total Assets of Registered Investment Companies Managed with Performance- based Fees

Gershon Distenfeld

7

$

9,710,000,000

None

None

Matthew S. Sheridan

19

$

18,860,000,000

None

None

POOLED INVESTMENT VEHICLES

Portfolio Manager

Total Number of Pooled Investment Vehicles Managed

Total Assets of Pooled Investment Vehicles Managed

Number of Pooled Investment Vehicles Managed with Performance-based Fees

Total Assets of Pooled Investment Vehicles Managed with Performance- based Fees

Gershon Distenfeld

67

$

51,779,000,000

None

None

Matthew S. Sheridan

85

$

51,329,000,000

None

None

OTHER ACCOUNTS

Portfolio Manager

Total Number of Other Accounts Managed

Total Assets of Other Accounts Managed

Number of Other Accounts Managed with Performance- based Fees

Total Assets of Other Accounts with Performance- based Fees

Gershon Distenfeld

12

$

3,607,000,000

None

None

Matthew S. Sheridan

29

$

12,079,000,000

None

None

Investment Professional Conflict of Interest Disclosure

As an investment adviser and fiduciary, the Adviser owes its clients and shareholders an undivided duty of loyalty. The Adviser recognizes that conflicts of interest are inherent in its business and accordingly has developed policies and procedures (including oversight monitoring) reasonably designed to detect, manage and mitigate the effects of actual or potential conflicts of interest in the area of employee personal trading, managing multiple accounts for multiple clients, including AB Mutual Funds, and allocating investment opportunities. Investment professionals, including portfolio managers and research analysts, are subject to the above-mentioned policies and oversight monitoring to ensure that all clients are treated equitably. The Adviser places the interests of its clients first and expects all of its employees to meet their fiduciary duties.

Employee Personal Trading. The Adviser has adopted a Code of Business

Conduct and Ethics that is designed to detect and prevent conflicts of interest when investment professionals and other personnel of the Adviser own, buy or sell securities which may be owned by, or bought or sold for, clients. Personal securities transactions by an employee may raise a potential conflict of interest when an employee owns or trades in a security that is owned or considered for purchase or sale by a client, or recommended for purchase or sale by an employee to a client. Subject to the reporting requirements and other limitations of its Code of Business Conduct and Ethics, the Adviser permits its employees to engage in personal securities transactions, and also allows them to acquire investments in certain funds managed by the Adviser. The Adviser’s Code of Business Conduct and Ethics requires disclosure of all personal accounts and maintenance of brokerage accounts with designated broker-dealers approved by the Adviser. The Code of Business Conduct and Ethics also requires preclearance of all securities transactions (except transactions in U.S. Treasuries and open-end mutual funds other than funds advised by the Adviser) and imposes a 60-day holding period for securities purchased by employees to discourage short-term trading.

Managing Multiple Accounts for Multiple Clients

The Adviser has compliance policies and oversight monitoring in place to address conflicts of interest relating to the management of multiple accounts for multiple clients. Conflicts of interest may arise when an investment professional has responsibilities for the investments of more than one account because the investment professional may be unable to devote equal time and attention to each 90 account. The investment professional or investment professional teams for each client may have responsibilities for managing all or a portion of the investments of multiple accounts with a common investment strategy, including other registered investment companies, unregistered investment vehicles, such as hedge funds, pension plans, separate accounts, collective trusts and charitable foundations. Among other things, the Adviser’s policies and procedures provide for the prompt dissemination to investment professionals of initial or changed investment recommendations by analysts so that investment professionals are better able to develop investment strategies for all accounts they manage. In addition, investment decisions by investment professionals are reviewed for the purpose of maintaining uniformity among similar accounts and ensuring that accounts are treated equitably. Investment professional compensation reflects a broad contribution in multiple dimensions to long-term investment success for clients of the Adviser and is generally not tied specifically to the performance of any particular client’s account, nor is it generally tied directly to the level or change in level of assets under management.

Allocating Investment Opportunities and Order Aggregation

The investment professionals at the Adviser routinely are required to select and allocate investment opportunities among accounts. The Adviser has adopted policies and procedures intended to address conflicts of interest relating to the allocation of investment opportunities. These policies and procedures are designed to ensure that information relevant to investment decisions is disseminated promptly within its portfolio management teams and investment opportunities are allocated equitably among different clients. The policies and procedures require, among other things, objective allocation for limited investment opportunities (e.g., on a rotational basis), and documentation and review of justifications for any decisions to make investments only for select accounts or in a manner disproportionate to the size of the account. Portfolio holdings, position sizes, and industry and sector exposures tend to be similar across similar accounts, which minimizes the potential for conflicts of interest relating to the allocation of investment opportunities. Nevertheless, access to portfolio funds or other investment opportunities may be allocated differently among accounts due to the particular characteristics of an account, such as size of the account, cash position, tax status, risk tolerance and investment restrictions or for other reasons.

Generally, all orders in the same security are aggregated in each trading system by the Adviser to facilitate best execution and to reduce overall trading costs. Executions for aggregated orders with the same executing broker are combined to determine one average price. The shares are then allocated to participating accounts using automated algorithms designed to achieve a fair, equitable and objective distribution of the shares over time. When the liquidity in a market is not sufficient to fill all client orders, the Adviser may give priority to certain orders over others. This prioritization is based on objective factors driving the order. Under such circumstances, the Adviser aggregates orders by these factors and subjects each aggregated order to the trade allocation algorithms discussed above. The factors used, in order of priority, are (1) correction of guideline breaches; (2) avoidance of guideline breaches; (3) investing significant new funding and completing tax strategy implementations; (4) investing in services that focus on specific financial instruments or market sectors, (5) avoidance of tracking error on the service/product level; and (6) portfolio rebalancing and optimization. Separate orders with the same priority may be traded using a rotational process that is fair and objective.

The Adviser may not require orders in the same security from different managers to be aggregated where one manager’s investment strategy requires rapid trade execution, provided the Adviser believes that disaggregation will not materially impact other client orders. Certain other clients of the Adviser have investment objectives and policies similar to those of a Fund. The Adviser may, from time to time, make recommendations that result in the purchase or sale of a particular security by its other clients simultaneously with a purchase or sale thereof by one or more Funds. If transactions on behalf of more than one client during the same period increase the demand for securities being purchased or the supply of securities being sold, there may be an adverse effect on price or the quantity of securities available at a particular price. It is the policy of the Adviser to allocate advisory recommendations and the placing of orders in a manner that is deemed equitable by the Adviser to the accounts involved, including the Funds. When two or more of the clients of the Adviser (including a Fund) are purchasing or selling the same security on a given day through the same broker or dealer, such transactions may be averaged as to price.

The Adviser’s procedures are also designed to address potential conflicts of interest that may arise when the Adviser has a particular financial incentive, such as a performance-based management fee, relating to an account. The Adviser is conscious of these potential conflicts. When the Adviser is providing fiduciary services, the goal of the Adviser’s policies and procedures is to act in good faith and to treat all client accounts in a fair and equitable manner over time, regardless of their strategy, fee arrangements or the influence of their owners or beneficiaries.

Portfolio Manager Compensation

The Adviser’s compensation program for portfolio managers is designed to align with clients’ interests, emphasizing each portfolio manager’s ability to generate long-term investment success for the Adviser’s clients, including the Funds. The Adviser also strives to ensure that compensation is competitive and effective in attracting and retaining the highest caliber employees.

Portfolio managers receive a base salary, incentive compensation and contributions to AllianceBernstein’s 401(k) plan. Part of the annual incentive compensation is generally paid in the form of a cash bonus, and part through an award under the firm’s Incentive Compensation Award Plan (ICAP). The ICAP awards vest over a four-year period. Deferred awards are paid in the form of restricted grants of the firm’s Master Limited Partnership Units, and award recipients have the ability to receive a portion of their awards in deferred cash. The amount of contributions to the 401(k) plan is determined at the sole discretion of the Adviser. On an annual basis, the Adviser endeavors to combine all of the foregoing elements into a total compensation package that considers industry compensation trends and is designed to retain its best talent.

The incentive portion of total compensation is determined by quantitative and qualitative factors. Quantitative factors, which are weighted more heavily, are driven by investment performance. Qualitative factors are driven by contributions to the investment process and client success.

The quantitative component includes measures of absolute, relative and riskadjusted investment performance. Relative and risk-adjusted returns are determined based on the benchmark in the Fund’s prospectus and versus peers over one-, three- and five-year calendar periods, with more weight given to longer-time periods. Peer groups are chosen by Chief Investment Officers, who consult with the product management team to identify products most similar to our investment style and most relevant within the asset class. Portfolio managers of the Funds do not receive any direct compensation based upon the investment returns of any individual client account, and compensation is not tied directly to the level or change in level of assets under management.

Among the qualitative components considered, the most important include thought leadership, collaboration with other investment colleagues, contributions to risk-adjusted returns of other portfolios in the firm, efforts in mentoring and building a strong talent pool and being a good corporate citizen. Other factors can play a role in determining portfolio managers’ compensation, such as the complexity of investment strategies managed, volume of assets managed and experience.

The Adviser emphasizes four behavioral competencies—relentlessness, ingenuity, team orientation and accountability—that support its mission to be the most trusted advisor to its clients. Assessments of investment professionals are formalized in a year-end review process that includes 360-degree feedback from other professionals from across the investment teams and the Adviser.

Asset-Based and Performance-Based Compensation:

With respect to the Select US Equity and Select US Long/Short, Mr. Feuerman and members of the investment team he leads (the “Investment Team”) were hired by the Adviser in 2011. At that time, the Adviser entered into an employment agreement with Mr. Feuerman under which a compensation pool for Mr. Feuerman and members of the Investment Team was created based on specified percentages of the fees (both asset-based and performance-based fees) received by the Adviser from the accounts managed by the Investment Team. Performance fees are not assessed on the Fund or the assets of the Fund. In general, a larger percentage of the fees received by the Adviser is allocated to the compensation pool with respect to assets that were managed by Mr. Feuerman at his prior employer and that followed Mr. Feuerman to the Adviser than with respect to assets, such as the Fund, that were obtained or created after Mr. Feuerman joined the Adviser. The compensation pool is allocated among the members of the Investment Team based on the recommendations of Mr. Feuerman subject to approval by the Adviser’s Compensation Committee. This compensation represents a portion of the overall compensation received by members of the Investment Team.

(a) (4) The dollar range of the Fund’s equity securities owned directly or beneficially by the Fund’s portfolio managers as of the Fund’s fiscal year ended March 31, 2021 is set forth below:

		DOLLAR RANGE OF EQUITY SECURITIES IN THE FUND
Matthew S. Sheridan		None

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

There have been no purchases of equity securities by the Fund or by affiliated parties for the reporting period.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES.

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

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the second fiscal quarter of the period that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

The registrant did not engage in securities lending during its most recent fiscal year.

ITEM 13. EXHIBITS.

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

EXHIBIT NO.		DESCRIPTION OF EXHIBIT
12 (a) (1)		Code of Ethics that is subject to the disclosure of Item 2 hereof
12 (b) (1)		Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (b) (2)		Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (c)		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): AllianceBernstein Global High Income Fund, Inc.

By:		/s/ Onur Erzan
		Onur Erzan
		President
Date:		May 28, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:		/s/ Onur Erzan
		Onur Erzan
		President
Date:		May 28, 2021
By:		/s/ Joseph J. Mantineo
		Joseph J. Mantineo
		Treasurer and Chief Financial Officer
Date:		May 28, 2021