N-CSR 1 dncsr.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, 2011

Date of reporting period: March 31, 2011

 

 

 


ITEM 1. REPORTS TO STOCKHOLDERS.


ANNUAL REPORT

 

AllianceBernstein Global High Income Fund

 

March 31, 2011

 

Annual Report

 

LOGO


 

Investment Products Offered

   

Are Not FDIC Insured

   

May Lose Value

   

Are Not Bank Guaranteed

The investment return and principal value of an investment in the Fund will fluctuate as the prices of the individual securities in which it invests fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. You should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For a free copy of the Fund’s prospectus, which contains this and other information, visit our website at www.alliancebernstein.com or call your financial advisor or AllianceBernstein® at (800) 227-4618. Please read the prospectus carefully before you invest.

You may obtain performance information current to the most recent month-end by visiting www.alliancebernstein.com.

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

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 AllianceBernstein’s website at www.alliancebernstein.com, or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AllianceBernstein 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 on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q 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 publishes full portfolio holdings for the Fund monthly at www.alliancebernstein.com.

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

AllianceBernstein® and the AB Logo are registered trademarks and service marks used by permission of the owner, AllianceBernstein L.P.


May 23, 2011

 

Annual Report

This report provides management’s discussion of fund performance for AllianceBernstein Global High Income Fund, Inc. (the “Fund”) for the annual reporting period ended March 31, 2011. The Fund is a closed-end fund that trades under the New York Stock Exchange symbol “AWF.”

Investment Objective and Policies

The Fund seeks high current income and secondarily, capital appreciation. 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 “A Word About Risk” on page 4 and “Note E—Risks Involved in Investing in the Fund” of the Notes to Financial Statements on pages 78-79.

Investment Results

The table on page 5 shows the Fund’s performance compared with its composite benchmark. The composite benchmark is composed of equal weightings of the JPMorgan Emerging Markets Bond Index Global (JPM EMBI Global), the JPM Government Bond Index-Emerging Markets (GBI-EM) (local currency-denominated) and the Barclays Capital US Corporate High Yield (HY) 2% Issuer Cap Index, for the six- and 12-month periods ended March 31, 2011. Individual performance for each of these indices is also included for both time periods.

The Fund provided solid positive absolute returns and outperformed the composite benchmark for both the six- and 12- month periods. The Fund’s overweight position to high yield corporates and exposure to emerging market corporates were the primary positive drivers of relative outperformance for both periods. The Fund’s use of leverage was also a significant positive contributor during both periods, as fixed income markets posted strong positive returns. The Fund utilized leverage through repurchase agreements at favorable rates and was able to reinvest the proceeds in higher-yielding securities.

Within the Fund’s high yield holdings, an overweight to subordinated financials (banks and insurance) within the capital structure contributed positively to relative performance for both periods. Within the Fund’s emerging market holdings, an overweight to sovereign debt in Argentina and the Ukraine, Russian corporate debt, as well as currency exposure to the Brazilian real contributed positively for both periods. An underweight to Venezuela detracted for both periods. Within the Fund’s derivative positions, credit derivative exposure contributed positively for both periods while interest rate swaps had no meaningful impact.

Market Review and Investment Strategy

The global economic recovery continued to strengthen and broaden during the 12-month period ended March 31, 2011, bolstering investors’ demand for risk assets. Global manufacturing—particularly in G7 countries—was especially strong as

 

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND       1   


demand in emerging market economies continued to drive a robust export cycle. Equity markets rebounded strongly, as measured by the S&P 500 Stock Index, and interest rates rose globally in the latter half of the period. In the US, consumer sentiment rose while the beleaguered job market began to show gains in private hiring and the unemployment rate receded from recent record levels. Despite a number of shocks in the first quarter of 2011—which included rising social unrest in North Africa and the Middle East, and a major earthquake and tsunami in Japan—the global economic expansion remained intact, and risk assets performed well.

For the 12-month period ended March 31, 2011, non-government securities outperformed, led by US high yield corporates and commercial mortgage-backed securities (CMBS). High yield performed well as strong revenue and earnings growth continued to help issuers deleverage, and default rates continued to fall. CMBS performed well, thanks to positive technicals, strong investor appetite for yield and signs of a stabilization of commercial real estate prices in core markets. Yield spreads in both of these sectors tightened significantly during the 12-month period. US investment-grade corporates also outperformed government securities.

Emerging market debt returns were also solid. US-dollar denominated emerging market debt returns were dampened late in the annual period by rising US interest rates. Argentina, one of the strongest emerging market

performers for the 12-month period, benefited from strong commodity prices and an opening to new markets as well as improving country fundamentals. The Ukraine also outperformed, as the new government made progress on their International Monetary Fund program after elections earlier in 2010 led to political clarity.

The Fund’s Management Team (the “Team”) remains optimistic on the outlook for global economic growth and believes that the environment for global credit investing remains supportive. The Team believes that central banks will continue to remove excess liquidity from the financial system, but still forecasts ample amounts of global liquidity. The Team continues to favor high yield corporate debt over sovereign emerging market debt. Corporate securities continue to offer relatively attractive valuations along with solid fundamentals. Business confidence is rebounding as economies recover, and corporations, particularly in the US, have strong balance sheets and ample cash flows to cover their debts.

In anticipation of higher interest rates in both developed and emerging market countries, the Fund remains defensively positioned with a short-duration bias. The Team continues to see opportunities in corporate dollar-denominated emerging market debt. This sector is receiving increased investor focus and supply is increasing at a rapid pace. Given the dramatic narrowing of spreads witnessed in 2009 and 2010 as the global economy recovered from crisis, the Team does

 

2     ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND


not expect further spread compression to be significant. In 2011, the Team expects most nongovernment sectors’

excess returns to be largely in line with their incremental yield advantage.

 

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND       3   


HISTORICAL PERFORMANCE

An Important Note About the Value of Historical Performance

The performance shown on the following page 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.

AllianceBernstein Global High Income Fund Shareholder Information

The Fund’s NYSE trading symbol is “AWF.” 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 NAVs and market price information, and additional information regarding the Fund, is available at www.alliancebernstein.com and www.nyse.com. For additional shareholder information regarding this Fund, please see page 102.

Benchmark Disclosure

The unmanaged JPMorgan Emerging Markets Bond Index Global (JPM EMBI Global), the JPM Government Bond Index-Emerging Markets (GBI-EM) and the Barclays Capital US Corporate High Yield (HY) 2% Issuer Cap Index do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The J.P. Morgan® EMBI Global Index (market-capitalization weighted) represents the performance of USD denominated Brady bonds, Eurobonds, and trade loans issued by sovereign and quasi-sovereign entities. The J.P. Morgan® Government Bond Index-Emerging Markets (GBI-EM) represents the performance of local currency government bonds issued by emerging markets. The Barclays Capital High Yield 2% Issuer Constrained Index is the 2% Issuer Cap 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

Investing in derivative instruments such as options, futures, forwards or swaps can be riskier than traditional investments, and may be more volatile, especially in a down market. Non-US securities may be more volatile because of political, regulatory, market and economic uncertainties associated with such securities. Fluctuations in currency exchange risk may negatively affect the value of the investment or reduce returns. These risks are magnified in emerging or developing markets. Trying to enhance investment returns by borrowing money or using other leverage tools— magnify both gains and losses, resulting in greater volatility. Prices for goods and services tend to rise over time, which may erode the purchasing power of investments. A bond’s credit rating reflects the issuer’s ability to make timely payments of interest or principal—the lower the rating, the higher the risk of default. If the issuer’s financial strength deteriorates, the issuer’s rating may be lowered and the bond’s value may decline. The Fund utilizes leverage. Trying to enhance investment returns by borrowing money or using other leverage tools magnifies both gains and losses, resulting in greater volatility. The Fund maintains asset coverage of at least 300%. The use of derivatives by the Fund, such as forwards, futures, options and swaps, may result in a form of leverage.

As interest rates rise, bond prices fall and vice versa—long-term securities tend to rise and fall more than short-term securities. The values of mortgage-related and asset-backed securities are particularly sensitive to changes in interest rates due to prepayment 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. The market values of the Fund’s holdings rise and fall from day to day, so investments may lose value. Portfolios that hold a smaller number of securities may be more volatile than more diversified portfolios, since gains or losses from each security will have a greater impact on the portfolio’s overall value.

(Historical Performance continued on next page)

 

4     ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Historical Performance


HISTORICAL PERFORMANCE

(continued from previous page)

 

        

THE FUND VS. ITS BENCHMARK

PERIODS ENDED MARCH 31, 2011

  Returns        
  6 Months        12 Months         

AllianceBernstein Global High Income Fund (NAV)*

    6.81%           16.30%     
   

Composite Benchmark: 33% JPM GBI-EM/33% JPM EMBI Global/33% Barclays Capital US Corporate HY 2% Issuer Capped Index

    2.75%           11.26%     
   

JPM GBI-EM

    1.90%           10.68%     
   

JPM EMBI Global

    -0.85%           8.65%     
   

Barclays Capital US Corporate HY 2% Issuer Cap Index

    7.24%           14.26%     
   

The Fund’s market price per share on March 31, 2011 was $14.90. The Fund’s NAV per share on March 31, 2011 was $15.48. For additional financial highlights, please see page 81.

 

*    Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance by 0.01% for the 12-month period ended March 31, 2011.

 

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.

    

         

    

        

See Historical Performance and Benchmark disclosures on page 4.

 

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND       5   

Historical Performance


PORTFOLIO SUMMARY

March 31, 2011 (unaudited)

 

PORTFOLIO STATISTICS

Net Assets ($mil): $1,318.7

LOGO

LOGO

 

*   All data are as of March 31, 2011. The Fund’s security type and country breakdowns are 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” securities type weightings represents 0.6% or less in the following security types: Common Stock, Governments—Sovereign Agencies, Inflation-Linked Securities, Local Governments—Regional Bonds, Options Purchased—Calls, Supranationals and Warrants. “Other” country weightings represent 0.8% or less in the following countries: Australia, Austria, Barbados, Belgium, Bermuda, Cayman Islands, Chile, China, Colombia, Cote D’Ivoire, Croatia, Czech Republic, Denmark, Egypt, El Salvador, France, Ghana, Greece, Hong Kong, Hungary, Iceland, India, Indonesia, Italy, Jamaica, Japan, Lithuania, Luxembourg, Mexico, New Zealand, Norway, Panama, Peru, Philippines, Poland, Serbia & Montenegro, Singapore, Spain, Supranational, Sweden, Switzerland, Trinidad & Tobago, Turkey and Uruguay.

 

6     ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio Summary


PORTFOLIO OF INVESTMENTS

March 31, 2011

 

          Principal
Amount
(000)
     U.S. $ Value  
   
      

CORPORATES - NON-INVESTMENT GRADES – 63.0%

      

Industrial – 53.9%

      

Basic – 6.8%

      

AK Steel Corp.
7.625%, 5/15/20(a)

    U.S.$        1,505       $ 1,535,100   

Aleris International, Inc.
7.625%, 2/15/18(b)

      2,500         2,506,250   

Algoma Acquisition Corp.
9.875%, 6/15/15(b)

      2,785         2,562,200   

Appleton Papers, Inc.
10.50%, 6/15/15(b)

      1,300         1,368,250   

Boise Paper Holdings LLC/Boise Finance Co.
9.00%, 11/01/17

      1,100         1,221,000   

Celanese US Holdings LLC
6.625%, 10/15/18(b)

      408         420,240   

CF Industries, Inc.
7.125%, 5/01/20

      900         1,021,500   

Consol Energy, Inc.
8.25%, 4/01/20

      2,175         2,411,531   

Evraz Group SA
9.50%, 4/24/18(b)

      3,834         4,493,448   

FMG Resources August 2006 Pty Ltd.
7.00%, 11/01/15(b)

      1,250         1,296,875   

Georgia Gulf Corp.
10.75%, 10/15/16

      1,500         1,597,500   

Georgia-Pacific LLC
7.125%, 1/15/17(b)

      800         849,000   

8.875%, 5/15/31

      366         441,945   

Graphic Packaging International, Inc.
7.875%, 10/01/18

      899         963,054   

Hexion US Finance Corp./Hexion Nova Scotia Finance ULC
4.813%, 11/15/14(c)

      938         886,410   

Huntsman International LLC
8.625%, 3/15/21(b)

      2,060         2,245,400   

Ineos Group Holdings PLC
8.50%, 2/15/16(a)(b)

      6,801         6,860,509   

James River Escrow, Inc.
7.875%, 4/01/19(b)

      251         259,785   

JMC Steel Group
8.25%, 3/15/18(b)

      722         738,245   

Kerling PLC
10.625%, 2/01/17(b)

    EUR        1,492         2,304,764   

KRATON Polymers LLC/KRATON Polymers Capital Corp.
6.75%, 3/01/19(b)

    U.S.$        217         220,255   

 

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND       7   

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

Lyondell Chemical Co.
11.00%, 5/01/18

    U.S.$        1,700       $ 1,908,250   

MacDermid, Inc.
9.50%, 4/15/17(b)

      1,800         1,912,500   

Momentive Performance Materials, Inc.
11.50%, 12/01/16

      750         804,375   

Nalco Co.
6.625%, 1/15/19(b)

      750         771,563   

NewMarket Corp.
7.125%, 12/15/16

      988         1,017,640   

NewPage Corp.
10.00%, 5/01/12

      735         486,938   

11.375%, 12/31/14

      1,650         1,652,062   

Norske Skogindustrier ASA
7.00%, 6/26/17

    EUR        1,228         1,470,572   

Nova Chemicals Corp.
8.625%, 11/01/19

    U.S.$        1,426         1,595,337   

Novelis, Inc.
8.75%, 12/15/20(b)

      3,075         3,382,500   

Omnova Solutions, Inc.
7.875%, 11/01/18(b)

      1,833         1,855,912   

PE Paper Escrow GMBH
12.00%, 8/01/14(b)

      664         763,600   

Polymer Group, Inc.
7.75%, 2/01/19(b)

      3,500         3,609,375   

Polypore International, Inc.
7.50%, 11/15/17(b)

      940         987,000   

Rain CII Carbon LLC/CII Carbon Corp.
8.00%, 12/01/18(b)

      1,345         1,439,150   

Rhodia SA
3.748%, 10/15/13(b)(c)

    EUR        428         603,581   

6.875%, 9/15/20(b)

    U.S.$        1,142         1,163,413   

Severstal OAO Via Steel Capital SA
9.75%, 7/29/13(b)

      3,238         3,654,892   

Smurfit Kappa Acquisitions
7.75%, 11/15/19(b)

    EUR        1,535         2,278,734   

Solutia, Inc.
7.875%, 3/15/20

    U.S.$        928         1,006,880   

Steel Capital SA for OAO Severstal
9.25%, 4/19/14(b)

      2,480         2,811,700   

Steel Dynamics, Inc.
7.625%, 3/15/20

      1,200         1,287,000   

7.75%, 4/15/16

      1,150         1,224,750   

TPC Group LLC
8.25%, 10/01/17(b)

      2,107         2,228,152   

United States Steel Corp.
6.65%, 6/01/37

      1,137         1,046,040   

7.375%, 4/01/20

      700         733,250   

 

8     ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

Vedanta Resources PLC
8.75%, 1/15/14(a)(b)

    U.S.$        4,404       $ 4,695,765   

Verso Paper Holdings LLC/Verso Paper, Inc.
8.75%, 2/01/19(a)(b)

      900         936,000   

Series B
11.375%, 8/01/16(a)

      2,100         2,226,000   

Westvaco Corp.
7.95%, 2/15/31

      1,000         1,046,207   

Weyerhaeuser Co.
7.375%, 3/15/32(a)

      3,090         3,258,365   
            
         90,060,764   
            

Capital Goods – 5.5%

      

Alion Science and Technology Corp.
12.00%, 11/01/14(d)

      911         938,301   

Alliant Techsystems, Inc.
6.875%, 9/15/20

      521         543,794   

Ardagh Glass Finance PLC
8.75%, 2/01/20(b)

    EUR        860         1,261,450   

9.25%, 7/01/16(b)

      532         818,036   

Ardagh Packaging Finance PLC
7.375%, 10/15/17(b)

    U.S.$        230         246,100   

9.25%, 10/15/20(b)

    EUR        427         632,376   

Associated Materials LLC
9.125%, 11/01/17(b)

    U.S.$        944         1,010,080   

BE Aerospace, Inc.
6.875%, 10/01/20

      1,236         1,279,260   

Berry Plastics Corp.
9.75%, 1/15/21(b)

      1,525         1,509,750   

10.25%, 3/01/16

      800         778,000   

Bombardier, Inc.
7.75%, 3/15/20(b)

      1,266         1,375,193   

Building Materials Corp. of America
7.00%, 2/15/20(b)

      985         1,021,938   

7.50%, 3/15/20(b)

      849         882,960   

Case New Holland, Inc.
7.875%, 12/01/17(b)

      1,393         1,547,971   

Clondalkin Industries BV
8.00%, 3/15/14(b)

    EUR        1,312         1,822,179   

CNH America LLC
7.25%, 1/15/16

    U.S.$        1,775         1,939,187   

CPI International Acquisition, Inc.
8.00%, 2/15/18(b)

      1,233         1,240,706   

Crown European Holdings SA
7.125%, 8/15/18(b)

    EUR        305         448,455   

Graham Packaging Co. LP/GPC Capital Corp.
8.25%, 10/01/18

    U.S.$        800         858,000   

 

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND       9   

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

Griffon Corp.
7.125%, 4/01/18(b)

    U.S.$        718       $ 730,565   

Grohe Holding GMBH
8.625%, 10/01/14(a)(b)

    EUR        2,602         3,798,918   

HeidelbergCement AG
8.50%, 10/31/19

      1,330         2,134,622   

Huntington Ingalls Industries, Inc.
6.875%, 3/15/18(b)

    U.S.$        640         668,000   

7.125%, 3/15/21(b)

      632         658,860   

IFCO Systems NV
10.00%, 6/30/16(b)

    EUR        1,200         1,981,246   

KUKA AG
8.75%, 11/15/17(b)

      1,038         1,566,672   

Manitowoc Co., Inc. (The)
8.50%, 11/01/20

    U.S.$        1,910         2,048,475   

Masco Corp.
6.125%, 10/03/16(a)

      1,825         1,871,844   

Nordenia International AG
9.75%, 7/15/17

    EUR        1,206         1,857,839   

Obrascon Huarte Lain SA
7.375%, 4/28/15

      500         705,943   

OI European Group BV
6.75%, 9/15/20(b)

      1,000         1,431,372   

Owens-Brockway Glass Container, Inc.
6.75%, 12/01/14

    U.S.$        1,388         1,417,495   

Plastipak Holdings, Inc.
8.50%, 12/15/15(b)

      2,325         2,441,250   

Ply Gem Industries, Inc.
8.25%, 2/15/18(b)

      2,650         2,722,875   

Pregis Corp.
5.998%, 4/15/13(c)

    EUR        1,100         1,500,460   

RBS Global, Inc./Rexnord LLC
8.50%, 5/01/18

    U.S.$        1,900         2,052,000   

11.75%, 8/01/16

      700         750,750   

Rexam PLC
6.75%, 6/29/67

    EUR        2,020         2,798,332   

Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
7.125%, 4/15/19(b)

    U.S.$        444         455,100   

8.50%, 5/15/18(b)

      1,800         1,822,500   

9.00%, 4/15/19(b)

      1,153         1,193,355   

RSC Equipment Rental Inc/RSC Holdings III LLC
8.25%, 2/01/21(b)

      650         676,000   

10.25%, 11/15/19

      2,400         2,736,000   

Sequa Corp.
11.75%, 12/01/15(b)

      2,320         2,505,600   

 

10     ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

Terex Corp.
8.00%, 11/15/17

    U.S.$        1,323       $ 1,394,111   

Textron Financial Corp.
6.00%, 2/15/67(b)

      575         488,750   

TransDigm, Inc.
7.75%, 12/15/18(b)

      2,600         2,791,750   

United Rentals North America, Inc.
8.375%, 9/15/20

      3,086         3,224,870   

USG Corp.
6.30%, 11/15/16

      797         749,180   

Wienerberger AG
6.50%, 12/31/49

    EUR        1,100         1,435,298   
            
         72,763,768   
            

Communications - Media – 5.6%

      

Allbritton Communications Co.
8.00%, 5/15/18

    U.S.$        2,955         3,117,525   

CCH II LLC/CCH II Capital Corp.
13.50%, 11/30/16

      1,500         1,796,250   

CCO Holdings LLC/CCO Holdings Capital Corp.
7.00%, 1/15/19

      250         256,250   

7.00%, 1/15/19(b)

      250         255,625   

7.25%, 10/30/17

      600         627,000   

Cengage Learning Acquisitions, Inc.
10.50%, 1/15/15(b)

      2,575         2,626,500   

Central European Media Enterprises Ltd.
11.625%, 9/15/16(b)

    EUR        2,331         3,592,548   

Cequel Communications Holdings I LLC and Cequel Capital Corp.
8.625%, 11/15/17(b)

    U.S.$        2,345         2,444,662   

Charter Communications Operating LLC/Charter Communications Operating Capital
8.00%, 4/30/12(b)

      1,096         1,150,748   

Citadel Broadcasting Corp.
7.75%, 12/15/18(b)

      1,035         1,121,681   

Clear Channel Communications, Inc.
5.75%, 1/15/13

      1,500         1,485,000   

10.75%, 8/01/16

      1,810         1,724,025   

Clear Channel Worldwide Holdings, Inc.
9.25%, 12/15/17

      65         71,013   

Series B
9.25%, 12/15/17

      2,058         2,256,082   

Columbus International, Inc.
11.50%, 11/20/14(b)

      4,160         4,794,400   

CSC Holdings LLC
6.75%, 4/15/12

      42         43,575   

7.625%, 7/15/18

      598         654,810   

 

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND       11   

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

Dex One Corp.
12.00%, 1/29/17(a)(d)

    U.S.$        1,037       $ 658,578   

DISH DBS Corp.
7.125%, 2/01/16

      1,250         1,334,375   

European Media Capital SA
10.00%, 2/01/15(e)

      1,574         1,101,958   

Hughes Network Systems LLC/HNS Finance Corp.
9.50%, 4/15/14

      1,050         1,084,125   

Intelsat Jackson Holdings SA
11.25%, 6/15/16

      2,497         2,662,426   

Intelsat Luxembourg SA
11.25%, 2/04/17

      1,200         1,311,000   

Kabel BW Erste Beteiligungs GMBH/Kabel Baden-Wurttemberg GMBH & Co. KG
7.50%, 3/15/19(b)

      487         499,175   

7.50%, 3/15/19(b)

    EUR        537         774,355   

Lamar Media Corp.
6.625%, 8/15/15

    U.S.$        2,500         2,556,250   

Liberty Media LLC
5.70%, 5/15/13

      1,480         1,544,750   

LIN Television Corp.
6.50%, 5/15/13

      2,150         2,150,000   

8.375%, 4/15/18

      750         815,625   

Local TV Finance LLC
9.25%, 6/15/15(b)(d)

      1,286         1,250,878   

McClatchy Co. (The)
11.50%, 2/15/17

      600         675,000   

New York Times Co. (The)
6.625%, 12/15/16(b)

      1,300         1,309,750   

Nielsen Finance LLC/Nielsen Finance Co.
7.75%, 10/15/18(b)

      515         552,338   

Quebecor Media, Inc.
7.75%, 3/15/16

      2,810         2,915,375   

Rainbow National Services LLC
10.375%, 9/01/14(b)

      1,685         1,748,188   

Seat Pagine Gialle SpA
10.50%, 1/31/17(b)

    EUR        1,000         1,254,222   

Sinclair Television Group, Inc.
8.375%, 10/15/18(b)

    U.S.$        660         697,950   

9.25%, 11/01/17(b)

      1,485         1,655,775   

Sirius XM Radio, Inc.
8.75%, 4/01/15(b)

      2,000         2,250,000   

Technicolor
5.75%, 9/25/15(f)(g)

    EUR        975         19,345   

Telesat Canada/Telesat LLC
11.00%, 11/01/15

    U.S.$        440         490,050   

 

12     ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

Univision Communications, Inc.
8.50%, 5/15/21(b)

    U.S.$        200       $ 207,000   

12.00%, 7/01/14(b)

      862         930,960   

UPC Holding BV
8.375%, 8/15/20(b)

    EUR        1,000         1,452,630   

UPCB Finance III Ltd.
6.625%, 7/01/20(b)

    U.S.$        1,105         1,082,900   

Valassis Communications, Inc.
6.625%, 2/01/21(b)

      600         582,750   

Virgin Media Finance PLC
8.375%, 10/15/19

      2,300         2,587,500   

WMG Holdings Corp.
9.50%, 12/15/14(a)

      3,600         3,672,000   

XM Satellite Radio, Inc.
7.625%, 11/01/18(b)

      775         817,625   

Ziggo Bond Co. BV
8.00%, 5/15/18(b)

    EUR        2,300         3,381,793   
            
         74,044,340   
            

Communications - Telecommunications – 3.9%

      

Cincinnati Bell, Inc.
8.25%, 10/15/17

    U.S.$        1,250         1,259,375   

8.75%, 3/15/18

      1,850         1,745,937   

Clearwire Communications LLC/Clearwire Finance, Inc.
12.00%, 12/01/15(b)

      1,680         1,814,400   

Cricket Communications, Inc.
7.75%, 10/15/20

      2,600         2,619,500   

Crown Castle International Corp.
7.125%, 11/01/19

      1,500         1,571,250   

Digicel Group Ltd.
10.50%, 4/15/18(b)

      2,384         2,729,680   

eAccess Ltd.
8.25%, 4/01/18(b)

      1,626         1,668,683   

Fairpoint Communications, Inc.
Series 1
13.125%, 4/02/18(g)

      1,512         13,233   

Frontier Communications Corp.
9.00%, 8/15/31

      1,000         1,022,500   

Level 3 Financing, Inc.
8.75%, 2/15/17

      1,950         1,935,375   

9.25%, 11/01/14

      829         847,653   

10.00%, 2/01/18

      1,000         1,001,250   

MetroPCS Wireless, Inc.
6.625%, 11/15/20

      1,350         1,348,313   

7.875%, 9/01/18

      1,300         1,391,000   

MTS International Funding Ltd.
8.625%, 6/22/20(b)

      2,495         2,853,531   

 

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND       13   

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

NII Capital Corp.
7.625%, 4/01/21

    U.S.$        1,362       $ 1,392,645   

Pacnet Ltd.
9.25%, 11/09/15(b)

      1,902         1,930,530   

PAETEC Holding Corp.
9.50%, 7/15/15

      750         785,625   

9.875%, 12/01/18(b)

      1,480         1,561,400   

Phones4u Finance PLC
9.50%, 4/01/18

    GBP        1,750         2,754,712   

Sprint Capital Corp.
6.875%, 11/15/28

    U.S.$        3,225         2,975,062   

8.75%, 3/15/32

      130         138,288   

Sprint Nextel Corp.
6.00%, 12/01/16

      400         401,500   

Sunrise Communications Holding
8.50%, 12/31/18(b)

    EUR        1,400         2,103,125   

tw telecom holdings, Inc
8.00%, 3/01/18

    U.S.$        2,376         2,563,110   

Vimpel Communications Via VIP Finance Ireland Ltd. OJSC
9.125%, 4/30/18(b)

      1,500         1,707,000   

Wind Acquisition Finance SA
7.25%, 2/15/18(b)

      1,400         1,470,000   

11.75%, 7/15/17(b)

      2,200         2,530,000   

Windstream Corp.
7.50%, 4/01/23(b)

      675         664,875   

7.75%, 10/01/21(b)

      1,715         1,742,869   

8.125%, 8/01/13-9/01/18

      2,168         2,361,080   
            
         50,903,501   
            

Consumer Cyclical - Automotive – 2.4%

      

Affinia Group, Inc.
9.00%, 11/30/14

      1,310         1,349,300   

9.00%, 11/30/14(b)

      885         911,550   

Allison Transmission, Inc.
11.00%, 11/01/15(b)

      2,275         2,468,375   

American Axle & Manufacturing Holdings, Inc.
9.25%, 1/15/17(b)

      1,150         1,276,500   

American Axle & Manufacturing, Inc.
7.875%, 3/01/17

      209         212,135   

ArvinMeritor, Inc.
8.125%, 9/15/15

      1,300         1,352,000   

10.625%, 3/15/18

      1,175         1,321,875   

Cooper Tire & Rubber Co.
8.00%, 12/15/19

      1,250         1,315,625   

Cooper-Standard Automotive, Inc.
8.50%, 5/01/18

      1,900         2,042,500   

 

14     ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

Dana Holding Corp.
6.50%, 2/15/19

    U.S.$        300       $ 298,500   

6.75%, 2/15/21

      326         326,000   

Exide Technologies
8.625%, 2/01/18(b)

      757         808,097   

Ford Motor Co.
7.45%, 7/16/31(a)

      2,500         2,706,525   

Ford Motor Credit Co. LLC
3.053%, 1/13/12(c)

      1,130         1,139,899   

8.00%, 12/15/16

      600         681,109   

Goodyear Tire & Rubber Co. (The)
7.00%, 3/15/28

      400         376,000   

8.25%, 8/15/20(a)

      1,891         2,023,370   

8.75%, 8/15/20

      343         378,158   

Lear Corp.
8.125%, 3/15/20

      1,550         1,705,000   

Navistar International Corp.
8.25%, 11/01/21

      2,400         2,661,000   

Tenneco, Inc.
6.875%, 12/15/20

      2,335         2,416,725   

7.75%, 8/15/18

      410         437,675   

Tower Automotive Holdings USA LLC/TA Holdings Finance, Inc.
10.625%, 9/01/17(b)

      2,321         2,587,915   

Uncle Acquisition 2010 Corp.
8.625%, 2/15/19(b)

      1,002         1,052,100   
            
         31,847,933   
            

Consumer Cyclical -
Entertainment – 1.0%

   

    

AMC Entertainment Holdings, Inc.
9.75%, 12/01/20(b)

      1,143         1,223,010   

ClubCorp Club Operations, Inc.
10.00%, 12/01/18(b)

      2,000         2,010,000   

Greektown Holdings LLC
10.75%, 12/01/13(f)(g)

      915         0   

NAI Entertainment Holdings LLC
8.25%, 12/15/17(b)

      1,920         2,054,400   

Pinnacle Entertainment, Inc.
7.50%, 6/15/15

      2,100         2,136,750   

8.625%, 8/01/17

      1,700         1,853,000   

8.75%, 5/15/20

      1,000         1,040,000   

Regal Entertainment Group
9.125%, 8/15/18(a)

      2,470         2,642,900   
            
         12,960,060   
            

Consumer Cyclical - Other – 5.4%

      

Ameristar Casinos, Inc.
7.50%, 4/15/21(b)

      1,020         1,011,075   

Beazer Homes USA, Inc.
6.875%, 7/15/15

      1,500         1,477,500   

 

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND       15   

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

Boyd Gaming Corp.
9.125%, 12/01/18(b)

    U.S.$        1,300       $ 1,342,250   

Broder Brothers Co.
12.00%, 10/15/13(b)(d)

      464         464,888   

Caesars Entertainment Operating Co., Inc
10.00%, 12/15/18

      1,400         1,277,500   

11.25%, 6/01/17

      885         1,005,581   

Chukchansi Economic Development Authority
8.00%, 11/15/13(b)

      730         540,200   

CityCenter Holdings LLC/CityCenter Finance Corp.
7.625%, 1/15/16(b)

      2,956         3,052,070   

Country Garden Holdings Co.
10.50%, 8/11/15

      750         775,855   

11.125%, 2/23/18(b)

      791         802,865   

Gaylord Entertainment Co.
6.75%, 11/15/14

      5         5,081   

GWR Operating Partnership LLP
10.875%, 4/01/17

      1,600         1,734,000   

Host Hotels & Resorts LP
Series O
6.375%, 3/15/15

      1,500         1,531,875   

Series Q
6.75%, 6/01/16

      890         917,812   

Isle of Capri Casinos, Inc.
7.00%, 3/01/14

      1,725         1,712,062   

7.75%, 3/15/19(b)

      1,335         1,328,325   

K Hovnanian Enterprises, Inc.
10.625%, 10/15/16

      2,620         2,783,750   

KB Home
5.875%, 1/15/15

      705         696,188   

9.10%, 9/15/17

      1,250         1,325,000   

Lennar Corp.
Series B
6.50%, 4/15/16

      2,600         2,600,000   

Levi Strauss & Co.
7.625%, 5/15/20

      1,200         1,203,000   

M/I Homes, Inc.
8.625%, 11/15/18(b)

      1,860         1,860,000   

Marina District Finance Co., Inc.
9.50%, 10/15/15(a)(b)

      810         847,463   

9.875%, 8/15/18(a)(b)

      1,980         2,071,575   

MCE Finance Ltd.
10.25%, 5/15/18

      3,275         3,794,906   

Meritage Homes Corp.
6.25%, 3/15/15

      1,250         1,259,375   

 

16     ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

MGM Resorts International
6.625%, 7/15/15(a)

    U.S.$        1,480       $ 1,402,300   

7.625%, 1/15/17

      1,200         1,132,500   

NCL Corp. Ltd.
9.50%, 11/15/18(b)

      2,000         2,105,000   

11.75%, 11/15/16

      1,100         1,270,500   

Penn National Gaming, Inc.
8.75%, 8/15/19

      2,372         2,618,095   

Phillips-Van Heusen Corp.
7.375%, 5/15/20

      950         1,004,625   

Pulte Group, Inc.
7.875%, 6/15/32

      1,400         1,291,500   

Quiksilver, Inc.
6.875%, 4/15/15

      2,840         2,797,400   

Realogy Corp.
Class A
11.00%, 4/15/18(b)

      1,450         1,471,750   

Series C
11.00%, 4/15/18(a)(b)

      750         748,125   

Royal Caribbean Cruises Ltd.
6.875%, 12/01/13

      1,000         1,067,500   

7.00%, 6/15/13

      1,000         1,065,000   

7.25%, 6/15/16

      500         535,625   

Ryland Group, Inc.
6.625%, 5/01/20

      1,800         1,755,000   

Seminole Indian Tribe of Florida
6.535%, 10/01/20(b)

      240         235,843   

7.75%, 10/01/17(b)

      1,360         1,438,200   

Sheraton Holding Corp.
7.375%, 11/15/15

      2,000         2,240,000   

Standard Pacific Corp.
8.375%, 5/15/18

      500         519,375   

10.75%, 9/15/16

      1,696         1,975,840   

Station Casinos, Inc.
6.00%, 4/01/12(g)

      6         1   

6.625%, 3/15/18(g)

      4,405         441   

Tropicana Entertainment LLC/Tropicana Finance Corp.
9.625%, 12/15/14(f)(g)

      750         0   

Turning Stone Resort Casino Enterprise
9.125%, 9/15/14(b)

      800         824,000   

WCI Communities, Inc.
6.625%, 3/15/15(f)(g)(h)

      750         0   

William Lyon Homes, Inc.
10.75%, 4/01/13

      2,275         1,893,937   

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
7.75%, 8/15/20

      3,100         3,286,000   

 

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND       17   

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

Yanlord Land Group Ltd.
10.625%, 3/29/18(b)

    U.S.$        1,307       $ 1,311,967   
            
         71,410,720   
            

Consumer Cyclical - Restaurants – 0.6%

      

Burger King Corp.
9.875%, 10/15/18

      2,330         2,466,887   

CKE Restaurants, Inc.
11.375%, 7/15/18(a)

      1,875         2,067,188   

Dunkin Finance Corp.
9.625%, 12/01/18(b)

      991         1,009,581   

Landry’s Restaurants, Inc.
11.625%, 12/01/15

      1,630         1,756,325   

Series 144
11.625%, 12/01/15(b)

      460         495,650   
            
         7,795,631   
            

Consumer Cyclical - Retailers – 2.2%

  

    

Asbury Automotive Group, Inc.
8.375%, 11/15/20(b)

      901         937,040   

Blockbuster, Inc.
11.75%, 10/01/14(b)(f)(g)

      1,600         480,000   

Bon-Ton Department Stores, Inc. (The)
10.25%, 3/15/14

      2,650         2,716,250   

Burlington Coat Factory Warehouse Corp.
10.00%, 2/15/19(b)

      260         252,200   

GameStop Corp./GameStop, Inc.
8.00%, 10/01/12

      578         590,283   

Giraffe Acquisition Corp.
9.125%, 12/01/18(a)(b)

      2,650         2,570,500   

Hines Nurseries, Inc.
10.25%, 10/01/11(f)(g)(h)

      1,000         0   

JC Penney Corp., Inc.
7.40%, 4/01/37

      2,000         1,905,000   

Limited Brands, Inc.
5.25%, 11/01/14

      1,060         1,102,400   

6.90%, 7/15/17

      1,382         1,482,195   

7.60%, 7/15/37

      1,000         990,000   

Macy’s Retail Holdings, Inc.
5.75%, 7/15/14

      1,365         1,460,550   

5.90%, 12/01/16

      127         136,525   

Michaels Stores, Inc.
7.75%, 11/01/18(b)

      1,300         1,326,000   

11.375%, 11/01/16

      1,105         1,204,450   

Neiman Marcus Group, Inc. (The)
9.00%, 10/15/15(a)(d)

      2,560         2,675,291   

10.375%, 10/15/15(a)

      500         526,875   

 

18     ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

Penske Automotive Group, Inc.
7.75%, 12/15/16

    U.S.$        600       $ 620,250   

QVC, Inc.
7.50%, 10/01/19(b)

      1,000         1,050,000   

Rite Aid Corp.
6.875%, 8/15/13(a)

      1,215         1,163,362   

8.00%, 8/15/20

      1,325         1,402,844   

9.50%, 6/15/17

      860         772,925   

Sally Holdings LLC/Sally Capital, Inc.
9.25%, 11/15/14

      800         839,000   

Toys R US, Inc.
7.375%, 10/15/18

      2,225         2,230,562   

YCC Holdings LLC/Yankee Finance, Inc.
10.25%, 2/15/16(b)

      310         312,325   
            
         28,746,827   
            

Consumer Non-Cyclical – 6.7%

      

ACCO Brands Corp.
7.625%, 8/15/15

      2,955         3,014,100   

10.625%, 3/15/15

      1,097         1,236,868   

Alere, Inc.
8.625%, 10/01/18

      2,405         2,546,294   

AMGH Merger Sub, Inc.
9.25%, 11/01/18(b)

      1,855         1,991,806   

ARAMARK Corp.
8.50%, 2/01/15

      2,805         2,924,212   

Aurora Diagnostics Holdings/Aurora Diagnostics Financing, Inc.
10.75%, 1/15/18(b)

      2,000         2,060,000   

Bakkavor Finance 2 PLC
8.25%, 2/15/18(b)

    GBP        1,200         1,790,287   

Bausch & Lomb, Inc.
9.875%, 11/01/15

    U.S.$        2,714         2,910,765   

Biomet, Inc.
11.625%, 10/15/17

      2,605         2,904,575   

BioScrip, Inc.
10.25%, 10/01/15

      2,300         2,394,875   

Blue Merger Sub, Inc.
7.625%, 2/15/19(b)

      635         643,731   

Care UK Health & Social Care PLC
9.75%, 8/01/17

    GBP        1,200         1,958,728   

Catalent Pharma Solutions, Inc.
9.50%, 4/15/15(d)

    U.S.$        2,567         2,634,644   

CHS/Community Health Systems, Inc.
8.875%, 7/15/15

      2,529         2,668,095   

ConvaTec Healthcare E SA
10.50%, 12/15/18(b)

      1,570         1,648,500   

Cott Beverages, Inc.
8.125%, 9/01/18

      275         293,563   

 

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND       19   

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

8.375%, 11/15/17

    U.S.$        600       $ 640,500   

DJO Finance LLC/DJO Finance Corp.
10.875%, 11/15/14

      1,150         1,253,500   

Dole Food Co., Inc.
8.00%, 10/01/16(b)

      1,695         1,798,819   

Elan Finance PLC/Elan Finance Corp.
8.75%, 10/15/16(b)

      250         263,750   

8.75%, 10/15/16

      1,550         1,639,125   

Elizabeth Arden, Inc.
7.375%, 3/15/21

      1,325         1,382,969   

Gentiva Health Services, Inc.
11.50%, 9/01/18

      1,105         1,250,031   

Giant Funding Corp.
8.25%, 2/01/18(b)

      1,795         1,842,119   

HCA Holdings, Inc.
7.75%, 5/15/21(a)(b)

      2,000         2,085,000   

HCA, Inc.
6.375%, 1/15/15

      3,025         3,085,500   

6.50%, 2/15/16

      290         295,075   

9.625%, 11/15/16(d)

      510         549,525   

Healthsouth Corp.
10.75%, 6/15/16

      2,200         2,343,000   

IASIS Healthcare LLC/IASIS Capital Corp.
8.75%, 6/15/14

      2,345         2,394,831   

Jarden Corp.
7.50%, 1/15/20

      1,800         1,890,000   

Mylan Inc.
7.625%, 7/15/17(b)

      265         284,875   

7.875%, 7/15/20(b)

      260         282,100   

NBTY, Inc.
9.00%, 10/01/18(b)

      990         1,074,150   

New Albertsons, Inc.
7.45%, 8/01/29

      4,005         3,163,950   

Picard Bondco SA
9.00%, 10/01/18(b)

    EUR        1,500         2,237,404   

Pilgrim’s Pride Corp.
7.875%, 12/15/18(b)

    U.S.$        2,775         2,691,750   

Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.
10.625%, 4/01/17(a)

      1,750         1,876,875   

R&R Ice Cream Ltd.
8.375%, 11/15/17(b)

    EUR        1,450         1,993,292   

Select Medical Corp.
6.211%, 9/15/15(c)

    U.S.$        1,000         973,750   

7.625%, 2/01/15

      2,499         2,542,733   

Smithfield Foods, Inc.
7.75%, 7/01/17

      2,000         2,150,000   

 

20     ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

Stater Bros Holdings, Inc.
7.375%, 11/15/18(b)

    U.S.$        700       $ 726,250   

STHI Holding Corp.
8.00%, 3/15/18(b)

      425         439,875   

SUPERVALU, Inc.
8.00%, 5/01/16(a)

      170         170,000   

Tenet Healthcare Corp.
6.875%, 11/15/31

      1,500         1,243,125   

8.00%, 8/01/20

      400         417,000   

9.25%, 2/01/15

      800         881,000   

Tops Holding Corp./Tops Markets LLC
10.125%, 10/15/15

      1,500         1,612,500   

Universal Hospital Services, Inc.
3.834%, 6/01/15(c)

      500         485,000   

Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc.
8.00%, 2/01/18

      1,620         1,658,475   

8.00%, 2/01/18(b)

      365         372,756   

Vanguard Health Systems, Inc.
Zero Coupon, 2/01/16(b)

      525         333,375   

Visant Corp.
10.00%, 10/01/17

      2,490         2,689,200   

Voyager Learning Exchange
8.375%, 12/01/14(f)(g)(h)

      1,550         0   

Warner Chilcott Co./Warner Chilcott Finance LLC
7.75%, 9/15/18(b)

      1,750         1,833,125   
            
         88,467,347   
            

Energy – 5.2%

      

Antero Resources Finance Corp.
9.375%, 12/01/17

      2,363         2,575,670   

ATP Oil & Gas Corp.
11.875%, 5/01/15

      3,000         3,150,000   

Basic Energy Services, Inc.
7.75%, 2/15/19(b)

      1,200         1,236,000   

Bluewater Holding BV
3.303%, 7/17/14(b)(c)

      2,300         1,957,875   

Calfrac Holdings LP
7.50%, 12/01/20(b)

      766         792,810   

Chaparral Energy, Inc.
8.875%, 2/01/17

      2,600         2,730,000   

Chesapeake Energy Corp.
6.50%, 8/15/17

      600         648,750   

6.625%, 8/15/20

      1,100         1,171,500   

6.875%, 11/15/20

      1,683         1,817,640   

Cie Generale de Geophysique-Veritas
7.50%, 5/15/15

      113         116,108   

7.75%, 5/15/17

      25         26,281   

 

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND       21   

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

9.50%, 5/15/16

    U.S.$        800       $ 892,000   

Citgo Petroleum Corp.
11.50%, 7/01/17(b)

      2,919         3,400,635   

Complete Production Services, Inc.
8.00%, 12/15/16

      2,800         2,954,000   

Continental Resources, Inc./OK
7.125%, 4/01/21

      724         769,250   

Denbury Resources, Inc.
6.375%, 8/15/21

      624         639,600   

8.25%, 2/15/20

      521         582,218   

Energy XXI Gulf Coast, Inc.
7.75%, 6/15/19(b)

      1,100         1,102,750   

9.25%, 12/15/17(b)

      2,000         2,140,000   

Expro Finance Luxembourg SCA
8.50%, 12/15/16(b)

      1,371         1,357,290   

Forest Oil Corp.
7.25%, 6/15/19

      2,535         2,649,075   

Golden Close Maritime Corp.
11.00%, 12/09/15

      900         972,674   

Helix Energy Solutions Group, Inc.
9.50%, 1/15/16(b)

      2,000         2,110,000   

Hercules Offshore, Inc.
10.50%, 10/15/17(b)

      625         640,625   

Hilcorp Energy I LP/Hilcorp Finance Co.
7.75%, 11/01/15(b)

      3,220         3,332,700   

Key Energy Services, Inc.
6.75%, 3/01/21

      1,166         1,186,405   

Linn Energy LLC/Linn Energy Finance Corp.
7.75%, 2/01/21(b)

      400         427,000   

8.625%, 4/15/20(b)

      1,600         1,776,000   

McJunkin Red Man Corp.
9.50%, 12/15/16(b)

      2,500         2,531,250   

Newfield Exploration Co.
6.625%, 9/01/14-4/15/16

      1,530         1,570,050   

Offshore Group Investments Ltd.
11.50%, 8/01/15(b)

      2,450         2,719,500   

OPTI Canada, Inc.
8.25%, 12/15/14(a)

      3,500         1,868,125   

Parker Drilling Co.
9.125%, 4/01/18

      129         138,675   

Perpetual Energy, Inc.
8.75%, 3/15/18(b)

    CAD        1,800         1,860,148   

Petrohawk Energy Corp.
7.25%, 8/15/18(b)

    U.S.$        2,000         2,060,000   

7.25%, 8/15/18

      650         669,500   

PHI, Inc.
8.625%, 10/15/18

      1,250         1,307,812   

 

22     ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

Pioneer Natural Resources Co.
5.875%, 7/15/16

    U.S.$        500       $ 526,399   

Plains Exploration & Production Co.
7.00%, 3/15/17

      1,057         1,091,352   

7.75%, 6/15/15

      946         987,387   

Pride International, Inc.
6.875%, 8/15/20

      416         471,640   

Range Resources Corp.
7.50%, 5/15/16

      500         518,750   

SandRidge Energy, Inc.
7.50%, 3/15/21(b)

      327         339,263   

8.75%, 1/15/20

      1,850         2,016,500   

Southwestern Energy Co.
7.50%, 2/01/18

      1,000         1,133,750   

Tesoro Corp.
6.25%, 11/01/12

      164         173,020   

6.50%, 6/01/17

      2,695         2,775,850   

9.75%, 6/01/19

      480         544,800   
            
         68,458,627   
            

Other Industrial – 1.8%

      

Briggs & Stratton Corp.
6.875%, 12/15/20

      398         416,905   

Brightstar Corp.
9.50%, 12/01/16(b)

      1,600         1,718,000   

Education Management LLC/Education Management Finance Corp.
8.75%, 6/01/14

      350         358,313   

10.25%, 6/01/16

      1,050         1,097,250   

Exova Ltd.
10.50%, 10/15/18(b)

    GBP        813         1,362,904   

10.50%, 10/15/18(b)

      231         388,606   

Interline Brands, Inc.
7.00%, 11/15/18

    U.S.$        1,753         1,796,825   

Lecta SA
5.093%, 2/15/14(a)(b)(c)

    EUR        1,201         1,650,995   

Liberty Tire Recycling
11.00%, 10/01/16(b)

    U.S.$        2,800         3,143,000   

Marfrig Overseas Ltd.
9.50%, 5/04/20(b)

      1,771         1,846,267   

Mueller Water Products, Inc.
7.375%, 6/01/17

      700         684,250   

8.75%, 9/01/20

      611         679,738   

Neenah Foundry Co.
15.00%, 7/29/15(f)

      315         312,636   

New Enterprise Stone & Lime Co.
11.00%, 9/01/18(b)

      2,600         2,632,500   

Pipe Holdings PLC
9.50%, 11/01/15(b)

    GBP        1,216         2,014,105   

 

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND       23   

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

Sensus USA, Inc.
8.625%, 12/15/13

    U.S.$        1,365       $ 1,385,475   

Wendel
4.375%, 8/09/17

    EUR        1,100         1,403,028   
            
         22,890,797   
            

Services – 1.3%

      

Live Nation Entertainment, Inc.
8.125%, 5/15/18(b)

    U.S.$        225         231,187   

Lottomatica SpA
8.25%, 3/31/66(b)

    EUR        1,545         2,238,839   

Mobile Mini, Inc.
7.875%, 12/01/20(b)

    U.S.$        1,175         1,245,500   

Service Corp. International/US
6.75%, 4/01/16

      1,485         1,581,525   

7.50%, 4/01/27

      1,500         1,425,000   

ServiceMaster Co. (The)
10.75%, 7/15/15(b)(d)

      2,480         2,635,000   

Ticketmaster Entertainment LLC/Ticketmaster Noteco, Inc.
10.75%, 8/01/16

      1,970         2,152,225   

Travelport LLC
9.875%, 9/01/14

      3,049         2,968,964   

West Corp.
7.875%, 1/15/19(b)

      1,400         1,426,250   

8.625%, 10/01/18(b)

      161         169,453   

11.00%, 10/15/16

      1,100         1,182,500   
            
         17,256,443   
            

Technology – 3.5%

      

Advanced Micro Devices, Inc.
7.75%, 8/01/20

      273         280,508   

8.125%, 12/15/17

      1,345         1,398,800   

Alcatel-Lucent USA, Inc.
6.45%, 3/15/29

      1,500         1,290,000   

6.50%, 1/15/28

      1,850         1,591,000   

Amkor Technology, Inc.
9.25%, 6/01/16

      1,290         1,352,887   

Aspect Software, Inc.
10.625%, 5/15/17(b)

      2,126         2,274,820   

Buccaneer Merger Sub, Inc.
9.125%, 1/15/19(b)

      813         861,780   

CDW Escrow Corp.
8.50%, 4/01/19(b)

      1,400         1,401,750   

CDW LLC/CDW Finance Corp.
8.00%, 12/15/18(b)

      1,750         1,846,250   

11.50%, 10/12/15(d)

      1,300         1,404,000   

Ceridian Corp.
11.25%, 11/15/15

      2,475         2,574,000   

 

24     ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

CommScope, Inc.
8.25%, 1/15/19(b)

    U.S.$        3,300       $ 3,448,500   

DCP LLC/DCP Corp.
10.75%, 8/15/15(b)

      1,705         1,645,325   

Eastman Kodak Co.
7.25%, 11/15/13(a)

      316         314,420   

First Data Corp.
7.375%, 6/15/19(b)

      750         765,938   

9.875%, 9/24/15

      872         893,800   

11.25%, 3/31/16

      1,750         1,743,437   

Freescale Semiconductor, Inc.
8.875%, 12/15/14(a)

      1,530         1,585,462   

9.25%, 4/15/18(b)

      737         807,015   

10.125%, 12/15/16(a)

      1,785         1,896,562   

Interactive Data Corp.
10.25%, 8/01/18(b)

      2,300         2,581,750   

Iron Mountain, Inc.
6.625%, 1/01/16

      2,780         2,793,900   

8.375%, 8/15/21

      2,000         2,165,000   

NXP BV/NXP Funding LLC
3.053%, 10/15/13(c)

      670         664,138   

9.50%, 10/15/15

      730         775,625   

Sanmina-SCI Corp.
8.125%, 3/01/16(a)

      2,947         3,050,145   

Seagate HDD Cayman
6.875%, 5/01/20(b)

      1,193         1,190,018   

Sensata Technologies BV
8.00%, 5/01/14

      460         483,000   

Serena Software, Inc.
10.375%, 3/15/16

      470         494,675   

STATS ChipPAC Ltd.
7.50%, 8/12/15(b)

      541         589,690   

SunGard Data Systems, Inc.
7.625%, 11/15/20(b)

      1,600         1,644,000   

10.25%, 8/15/15

      300         315,000   
            
         46,123,195   
            

Transportation - Airlines – 0.7%

      

Air Canada
12.00%, 2/01/16(b)

      1,300         1,355,250   

American Airlines, Inc.
10.50%, 10/15/12

      884         961,350   

AMR Corp.
9.00%, 8/01/12

      1,056         1,061,280   

Continental Airlines 2003-ERJ1 Pass
Through Trust
Series RJ03
7.875%, 7/02/18

      1,249         1,236,512   

 

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND       25   

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

Continental Airlines, Inc.
8.75%, 12/01/11

    U.S.$        260       $ 267,800   

Delta Air Lines, Inc.
9.50%, 9/15/14(b)

      1,342         1,425,875   

Northwest Airlines, Inc.
Series 00-1
7.15%, 10/01/19

      902         902,164   

UAL 2007-1 Pass Through Trust
Series 071A
6.636%, 7/02/22

      1,781         1,807,893   
            
         9,018,124   
            

Transportation - Railroads – 0.0%

      

Florida East Coast Railway Corp.
8.125%, 2/01/17(b)

      407         424,806   
            

Transportation - Services – 1.3%

      

America West Airlines 1999-1 Pass
Through Trust
Series 991G
7.93%, 1/02/19

      1,687         1,745,997   

Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
7.75%, 5/15/16

      3,355         3,459,844   

EC Finance PLC
9.75%, 8/01/17(b)

    EUR        113         178,560   

Hapag-Lloyd AG
9.75%, 10/15/17(b)

    U.S.$        1,250         1,340,625   

Hertz Corp. (The)
6.75%, 4/15/19(b)

      2,187         2,167,864   

7.375%, 1/15/21(b)

      1,650         1,687,125   

8.875%, 1/01/14

      1,017         1,042,425   

Oshkosh Corp.
8.50%, 3/01/20

      341         382,346   

Overseas Shipholding Group, Inc.
8.125%, 3/30/18

      1,200         1,179,000   

Quality Distribution LLC/QD Capital Corp.
11.75%, 11/01/13(d)

      129         128,799   

Stena AB
6.125%, 2/01/17(b)

    EUR        2,000         2,650,164   

Swift Services Holdings, Inc.
10.00%, 11/15/18(b)

    U.S.$        1,067         1,157,695   
            
         17,120,444   
            
         710,293,327   
            

Financial Institutions – 5.7%

      

Banking – 1.9%

      

ABN Amro Bank NV
4.31%, 3/10/16

    EUR        2,295         2,561,323   

 

26     ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

Bank of America Corp.
8.00%, 1/30/18

    U.S.$        1,585       $ 1,704,462   

8.125%, 5/15/18(a)

      3,215         3,457,315   

Deutsche Bank AG/London
5.50%, 9/02/15

    UAH        17,000         1,885,425   

HT1 Funding GMBH
6.352%, 6/30/17

    EUR        1,550         1,746,345   

LBG Capital No.1 PLC
8.00%, 6/15/20(b)

    U.S.$        4,650         4,440,750   

Regions Bank/Birmingham AL
6.45%, 6/26/37

      1,500         1,380,000   

Regions Financing Trust II
6.625%, 5/15/47

      700         626,500   

Resona Preferred Global Securities
Cayman Ltd.
7.191%, 7/30/15(b)

      1,300         1,295,744   

Royal Bank of Scotland Group PLC
Series U
7.64%, 9/29/17

      50         39,750   

SNS Bank NV
11.25%, 12/31/49

    EUR        850         1,243,770   

Telenet Finance III Luxembourg S.C.A.
6.625%, 2/15/21(b)

      2,200         3,059,380   

UT2 Funding PLC
5.321%, 6/30/16

      1,293         1,731,655   
            
         25,172,419   
            

Brokerage – 0.4%

      

E*Trade Financial Corp.
7.375%, 9/15/13

    U.S.$        2,583         2,592,686   

Lehman Brothers Holdings, Inc.
6.875%, 5/02/18(g)

      1,690         443,625   

Nuveen Investments, Inc.
10.50%, 11/15/15

      1,875         1,926,563   
            
         4,962,874   
            

Finance – 1.3%

      

AGFC Capital Trust I
6.00%, 1/15/67(b)

      3,700         2,238,500   

Ally Financial, Inc.
6.75%, 12/01/14

      1         998   

8.00%, 11/01/31

      662         721,580   

Series 8
6.75%, 12/01/14

      2,590         2,729,213   

CIT Group, Inc.
7.00%, 5/01/13-5/01/17

      2,176         2,187,059   

ILFC E-Capital Trust II
6.25%, 12/21/65(b)

      2,000         1,680,000   

International Lease Finance Corp.
6.375%, 3/25/13

      1,250         1,293,750   

 

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND       27   

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

iStar Financial, Inc.
5.65%, 9/15/11

    U.S.$        750       $ 751,875   

Series B
5.70%, 3/01/14

      1,675         1,566,125   

Residential Capital LLC
9.625%, 5/15/15

      3,962         3,996,667   
            
         17,165,767   
            

Insurance – 1.1%

      

Genworth Financial, Inc.
6.15%, 11/15/66

      2,500         1,975,000   

Hartford Financial Services Group, Inc.
8.125%, 6/15/38

      3,000         3,285,000   

ING Groep NV
5.775%, 12/08/15

      2,250         2,081,250   

Liberty Mutual Group, Inc.
7.80%, 3/15/37(b)

      1,250         1,243,750   

MBIA Insurance Corp.
14.00%, 1/15/33(b)

      3,056         1,680,800   

Stoneheath RE
6.868%, 10/15/11

      600         531,000   

XL Group PLC
Series E
6.50%, 4/15/17(a)

      4,000         3,670,000   
            
         14,466,800   
            

Other Finance – 0.6%

      

DTEK Finance BV
9.50%, 4/28/15(b)

      3,065         3,244,915   

Harbinger Group, Inc.
10.625%, 11/15/15(b)

      1,420         1,459,050   

Icahn Enterprises LP/Icahn Enterprises
Finance Corp.
8.00%, 1/15/18

      1,950         2,003,625   

iPayment, Inc.
9.75%, 5/15/14

      1,055         1,049,725   
            
         7,757,315   
            

REITS – 0.4%

      

Central China Real Estate Ltd.
12.25%, 10/20/15(b)

      1,877         1,908,976   

Developers Diversified Realty Corp.
7.875%, 9/01/20

      1,800         2,063,956   

Sabra Health Care LP/Sabra Capital Corp.
8.125%, 11/01/18

      318         335,490   

Shimao Property Holdings Ltd.
9.65%, 8/03/17

      2,050         1,941,108   
            
         6,249,530   
            
         75,774,705   
            

 

28     ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

Utility – 3.4%

      

Electric – 2.3%

      

AES Corp. (The)
7.75%, 3/01/14

    U.S.$        2,560       $ 2,764,800   

8.00%, 10/15/17

      868         933,100   

Calpine Corp.
7.25%, 10/15/17(b)

      1,800         1,872,000   

7.875%, 7/31/20-1/15/23(b)

      1,875         1,973,438   

Dynegy Holdings, Inc.
7.75%, 6/01/19

      1,320         1,024,650   

8.375%, 5/01/16

      635         531,813   

Dynegy Roseton/Danskammer Pass Through Trust
Series B
7.67%, 11/08/16

      1,500         1,417,500   

Edison Mission Energy
7.00%, 5/15/17

      1,525         1,223,812   

7.50%, 6/15/13(a)

      1,540         1,532,300   

7.75%, 6/15/16

      958         814,300   

Energy Future Holdings Corp.
10.00%, 1/15/20

      798         845,621   

10.875%, 11/01/17

      392         327,320   

Series Q
6.50%, 11/15/24

      1,254         586,245   

Energy Future Intermediate Holding Co.
LLC/EFIH Finance, Inc.
10.00%, 12/01/20

      1,020         1,080,869   

GenOn Energy, Inc.
7.875%, 6/15/17

      1,080         1,071,900   

9.50%, 10/15/18(b)

      1,450         1,508,000   

9.875%, 10/15/20(a)(b)

      1,200         1,254,000   

Homer City Funding LLC
8.137%, 10/01/19

      101         91,455   

8.734%, 10/01/26

      243         214,959   

Inkia Energy Ltd.
8.375%, 4/04/21(b)

      1,115         1,120,575   

Mirant Americas Generation LLC
8.50%, 10/01/21

      1,270         1,320,800   

NRG Energy, Inc.
7.375%, 2/01/16-1/15/17

      3,640         3,780,187   

PPL Capital Funding, Inc.
Series A
6.70%, 3/30/67

      2,405         2,371,931   

Texas Competitive Electric Holdings Co. LLC
Series A
10.25%, 11/01/15(a)

      1,570         918,450   
            
         30,580,025   
            

 

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND       29   

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

Natural Gas – 1.1%

      

El Paso Corp.
Series G
7.375%, 12/15/12

    U.S.$        602       $ 638,425   

7.75%, 1/15/32

      1,524         1,707,767   

Enterprise Products Operating LLC
Series A
8.375%, 8/01/66

      1,760         1,900,800   

Inergy LP/Inergy Finance Corp.
6.875%, 8/01/21(b)

      2,500         2,606,250   

Kinder Morgan Finance Co. ULC
5.70%, 1/05/16

      1,410         1,478,738   

MarkWest Energy Partners LP/MarkWest Energy Finance Corp.
6.50%, 8/15/21

      2,750         2,746,562   

Sabine Pass LNG LP
7.50%, 11/30/16

      2,150         2,209,125   

Targa Resources Partners LP/Targa Resources Partners Finance Corp.
6.875%, 2/01/21(b)

      960         950,400   
            
         14,238,067   
            
         44,818,092   
            

Total Corporates - Non-Investment Grades
(cost $787,354,146)

         830,886,124   
            
      

CORPORATES - INVESTMENT GRADES – 12.6%

      

Financial Institutions – 7.2%

      

Banking – 3.5%

      

American Express Co.
6.80%, 9/01/66(a)

      2,550         2,601,000   

Assured Guaranty Municipal Holdings, Inc.
6.40%, 12/15/66(b)

      3,300         2,161,500   

Banco Santander Chile
6.50%, 9/22/20(b)

    CLP        1,488,500         3,113,579   

Barclays Bank PLC
4.75%, 3/15/20

    EUR        1,890         1,948,615   

4.875%, 12/15/14

      600         729,149   

Bbva International Preferred S
4.952%, 12/31/49

      1,650         1,864,858   

BBVA International Preferred SA
Series E
8.50%, 10/21/14

      550         802,844   

BBVA International Preferred SA Unipersonal
5.919%, 4/18/17

    U.S.$        1,265         1,070,644   

 

30     ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
8.375%, 7/26/16

    U.S.$        2,750       $ 2,928,750   

Credit Agricole SA
6.637%, 5/31/17(a)(b)

      2,908         2,602,660   

Danske Bank A/S
5.914%, 6/16/14(b)

      1,150         1,109,750   

Huntington BancShares, Inc.
7.00%, 12/15/20

      780         861,126   

Itau Unibanco Holding SA
10.50%, 11/23/15(b)

    BRL        1,100         693,616   

Morgan Stanley
3.131%, 5/30/11(c)

    NZD        4,600         3,508,255   

10.09%, 5/03/17(b)

    BRL        5,760         3,360,426   

Royal Bank of Scotland PLC (The)
Series 1
5.825%, 10/27/14(c)

    AUD        1,500         1,391,966   

Societe Generale
6.999%, 12/19/17

    EUR        1,250         1,761,454   

UBS AG
4.28%, 4/15/15

      2,000         2,572,246   

Unicredito Italiano Capital Trust III
4.028%, 10/27/15

      3,500         3,980,561   

VTB Capital SA
6.875%, 5/29/18(b)

    U.S.$        2,915         3,162,775   

Wells Fargo & Co.
Series K
7.98%, 3/15/18

      3,000         3,285,000   
            
         45,510,774   
            

Brokerage – 0.1%

      

Jefferies Group, Inc.
6.875%, 4/15/21

      1,207         1,281,992   
            

Finance – 0.4%

      

HSBC Finance Capital Trust IX
5.911%, 11/30/35(a)

      1,905         1,824,037   

SLM Corp.
5.125%, 8/27/12

      1,683         1,736,917   

Series A
5.375%, 5/15/14

      2,000         2,073,976   
            
         5,634,930   
            

Insurance – 2.6%

      

Allstate Corp. (The)
6.125%, 5/15/37(a)

      1,300         1,313,000   

American International Group, Inc.
6.25%, 3/15/37

      1,739         1,591,185   

8.175%, 5/15/58

      961         1,034,276   

 

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND       31   

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

AON Corp.
8.205%, 1/01/27

    U.S.$        690       $ 766,401   

Assured Guaranty US Holdings, Inc.
Series A
6.40%, 12/15/66

      2,869         2,166,095   

Aviva PLC
4.729%, 11/28/14

    EUR        3,000         3,763,516   

Coventry Health Care, Inc.
5.95%, 3/15/17

    U.S.$        2,000         2,074,398   

Crum & Forster Holdings Corp.
7.75%, 5/01/17

      720         753,300   

Dai-ichi Life Insurance Co., Ltd. (The)
7.25%, 7/25/21(b)

      2,295         2,226,522   

Fairfax Financial Holdings Ltd.
7.75%, 6/15/17(a)

      1,250         1,318,750   

Genworth Financial, Inc.
7.70%, 6/15/20

      600         614,841   

Lincoln National Corp.
6.05%, 4/20/67(a)

      2,400         2,244,000   

8.75%, 7/01/19(a)

      604         764,821   

MetLife, Inc.
10.75%, 8/01/39(a)

      2,350         3,243,000   

Nationwide Mutual Insurance Co.
9.375%, 8/15/39(a)(b)

      2,135         2,596,380   

Suncorp Metway Insurance Ltd.
Series 1
6.75%, 9/23/24

    AUD        1,000         924,412   

Swiss Re Capital I LP
6.854%, 5/25/16(b)

    U.S.$        3,700         3,620,598   

Transatlantic Holdings, Inc.
8.00%, 11/30/39(a)

      1,261         1,324,214   

Vero Insurance Ltd.
6.15%, 9/07/25

    AUD        990         861,579   

ZFS Finance USA Trust V
6.50%, 5/09/37(b)

    U.S.$        1,740         1,744,350   
            
         34,945,638   
            

Other Finance – 0.4%

      

Aviation Capital Group Corp.
7.125%, 10/15/20(a)(b)

      2,489         2,597,842   

IIRSA Norte Finance Ltd.
8.75%, 5/30/24(b)

      2,753         3,069,479   

Red Arrow International Leasing PLC
8.375%, 6/30/12

    RUB        4,530         160,308   
            
         5,827,629   
            

REITS – 0.2%

      

Entertainment Properties Trust
7.75%, 7/15/20(a)(b)

    U.S.$        1,908         2,060,640   

 

32     ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

ProLogis
6.875%, 3/15/20(a)

    U.S.$        154       $ 168,511   
            
         2,229,151   
            
         95,430,114   
            

Industrial – 3.2%

      

Basic – 1.4%

      

Basell Finance Co. BV
8.10%, 3/15/27(b)

      1,240         1,388,800   

Braskem SA
7.00%, 5/07/20(b)

      1,800         1,953,000   

Commercial Metals Co.
6.50%, 7/15/17(a)

      1,300         1,332,442   

GTL Trade Finance, Inc.
7.25%, 10/20/17(b)

      1,338         1,505,250   

Southern Copper Corp.
7.50%, 7/27/35

      3,300         3,564,927   

Usiminas Commercial Ltd.
7.25%, 1/18/18(a)(b)

      2,428         2,695,080   

Vale Overseas Ltd.
6.875%, 11/21/36(a)

      5,956         6,342,312   
            
         18,781,811   
            

Capital Goods – 0.2%

      

Lafarge SA
7.125%, 7/15/36

      800         782,205   

Owens Corning
7.00%, 12/01/36(a)

      1,340         1,344,600   

9.00%, 6/15/19

      1,000         1,181,861   
            
         3,308,666   
            

Communications - Telecommunications – 0.2%

      

Alltel Corp.
7.875%, 7/01/32

      160         206,813   

Qwest Corp.
6.50%, 6/01/17

      610         673,288   

6.875%, 9/15/33(a)

      1,570         1,571,962   
            
         2,452,063   
            

Consumer Cyclical - Retailers – 0.2%

      

CVS Caremark Corp.
6.302%, 6/01/37(a)

      2,079         2,042,618   
            

Consumer Non-Cyclical – 0.1%

      

Ventas Realty LP/Ventas Capital Corp.
6.75%, 4/01/17(a)

      1,907         2,021,842   
            

 

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND       33   

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

Energy – 0.2%

      

National Oilwell Varco, Inc.
Series B
6.125%, 8/15/15

    U.S.$        130       $ 134,121   

TNK-BP Finance SA
7.50%, 7/18/16(b)

      2,352         2,634,240   
            
         2,768,361   
            

Other Industrial – 0.4%

      

Noble Group Ltd.
6.75%, 1/29/20(a)(b)

      3,932         4,207,240   

8.50%, 5/30/13(b)

      511         571,043   
            
         4,778,283   
            

Services – 0.2%

      

Expedia, Inc.
8.50%, 7/01/16(a)

      1,948         2,118,450   
            

Technology – 0.2%

      

Motorola, Inc.
6.50%, 9/01/25(a)

      2,250         2,367,553   

7.50%, 5/15/25

      97         109,876   
            
         2,477,429   
            

Transportation - Airlines – 0.1%

      

Delta Air Lines, Inc.
Series 071A
6.821%, 8/10/22(a)

      1,011         1,043,803   
            

Transportation - Services – 0.0%

      

Aviation Capital Group
6.75%, 4/06/21(b)

      650         650,000   
            
         42,443,326   
            

Non Corporate Sectors – 2.0%

      

Agencies - Not Government Guaranteed – 2.0%

      

Gazprom OAO Via Gaz Capital SA
6.51%, 3/07/22(b)

      12,726         13,505,467   

9.25%, 4/23/19(b)

      6,400         7,959,680   

TransCapitalInvest Ltd. for OJSC AK Transneft
8.70%, 8/07/18(b)

      850         1,056,125   

VTB Capital SA
6.875%, 5/29/18(b)

      3,400         3,689,000   
            
         26,210,272   
            

Utility – 0.2%

      

Electric – 0.2%

      

Dominion Resources, Inc.
7.50%, 6/30/66

      758         793,058   

 

34     ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

Empresas Publicas de Medellin ESP
7.625%, 7/29/19(b)

    U.S.$        1,636       $ 1,865,040   
            
         2,658,098   
            

Total Corporates - Investment Grades
(cost $145,644,765)

         166,741,810   
            
      

EMERGING MARKETS -
SOVEREIGNS – 5.5%

      

Argentina – 2.6%

      

Argentina Bonos
7.00%, 10/03/15(a)

      19,339         18,219,505   

7.82%, 12/31/33

    EUR        4,860         5,216,839   

Series NY
2.50%, 12/31/38(a)(i)

    U.S.$        3,480         1,496,400   

8.28%, 12/31/33(a)

      1,842         1,638,985   

Series X
7.00%, 4/17/17

      8,950         8,031,133   
            
         34,602,862   
            

Dominican Republic – 0.7%

      

Dominican Republic
8.625%, 4/20/27(b)

      8,385         8,804,250   
            

El Salvador – 0.7%

      

El Salvador
7.375%, 12/01/19(b)

      705         761,400   

7.625%, 9/21/34(b)

      612         663,102   

7.65%, 6/15/35(a)(b)

      1,895         1,895,000   

Republic of El Salvador
7.625%, 9/21/34(b)

      150         162,525   

7.65%, 6/15/35(b)

      5,101         5,101,000   
            
         8,583,027   
            

Ghana – 0.3%

      

Republic of Ghana
8.50%, 10/04/17(b)

      3,983         4,498,590   
            

Jamaica – 0.1%

      

Republic of Jamaica
8.00%, 6/24/19

      1,074         1,119,645   
            

Philippines – 0.0%

      

Republic of Philippines
10.625%, 3/16/25

      205         303,912   
            

Serbia & Montenegro – 0.1%

      

Republic of Serbia
6.75%, 11/01/24(b)

      1,042         1,044,204   
            

 

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND       35   

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

Ukraine – 1.0%

      

Ukraine Government International Bond
6.385%, 6/26/12(a)(b)

    U.S.$        1,150       $ 1,188,525   

6.58%, 11/21/16(a)(b)

      2,953         3,001,725   

6.75%, 11/14/17(b)

      670         681,055   

7.65%, 6/11/13(a)(b)

      5,845         6,158,292   

Ukraine-Recap Linked Note
5.50%, 9/02/15

    UAH        17,000         1,917,237   
            
         12,946,834   
            

Total Emerging Markets - Sovereigns
(cost $51,689,541)

         71,903,324   
            
      

GOVERNMENTS - TREASURIES – 5.2%

      

Brazil – 2.4%

      

Brazil Notas do Tesouro Nacional
Series F
10.00%, 1/01/14

    BRL        9,146         5,243,154   

Republic of Brazil
12.50%, 1/05/16(a)

      18,780         13,026,889   

12.50%, 1/05/22

      18,632         13,238,061   
            
         31,508,104   
            

Greece – 0.3%

      

Hellenic Republic Government Bond
Series 30YR
4.60%, 9/20/40

    EUR        4,895         3,741,229   
            

Hungary – 0.9%

      

Hungary Government Bond
Series 14/C
5.50%, 2/12/14

    HUF        970,820         5,052,369   

Series 15/A
8.00%, 2/12/15

      464,360         2,581,273   

Series 16/C
5.50%, 2/12/16

      697,550         3,524,748   
            
         11,158,390   
            

Ireland – 0.2%

      

Ireland Government Bond
4.50%, 4/18/20

    EUR        3,000         2,880,459   
            

South Africa – 1.4%

      

South Africa Government Bond
Series R203
8.25%, 9/15/17

    ZAR        60,480         8,851,563   

Series R204
8.00%, 12/21/18

      10,750         1,530,902   

 

36     ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

Series R207
7.25%, 1/15/20

    ZAR        60,872       $ 8,220,806   

Series R208
6.75%, 3/31/21

      490         63,216   
            
         18,666,487   
            

Total Governments - Treasuries
(cost $55,136,887)

         67,954,669   
            
      

COMMERCIAL MORTGAGE-BACKED SECURITIES – 3.3%

      

Non-Agency Fixed Rate CMBS – 3.3%

      

Banc of America Commercial Mortgage, Inc.
Series 2007-5, Class AM
5.772%, 2/10/51

      2,877         2,877,540   

Banc of America Large Loan, Inc.
Series 2009-UB1, Class A4B
5.62%, 6/24/50(b)

      3,500         3,556,956   

Bear Stearns Commercial Mortgage Securities
Series 2007-PW18, Class AM
6.084%, 6/13/50

      1,400         1,407,837   

Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2005-CD1, Class AJ
5.222%, 7/15/44

      1,017         991,113   

Credit Suisse Mortgage Capital Certificates
Series 2006-C4, Class AM
5.509%, 9/15/39

      5,900         5,803,468   

GE Capital Commercial Mortgage Corp.
Series 2005-C4, Class AM
5.315%, 11/10/45

      800         828,311   

JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2006-CB15, Class AM

      

5.855%, 6/12/43

      1,230         1,237,648   

Series 2007-LD11, Class AM
5.818%, 6/15/49

      5,105         4,836,604   

Merrill Lynch Mortgage Trust
Series 2005-CIP1, Class AJ
5.137%, 7/12/38

      2,000         1,913,338   

Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2006-4, Class AM
5.204%, 12/12/49

    U.S.$        9,450         9,289,165   

 

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND       37   

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

Morgan Stanley Capital I
Series 2005-HQ6, Class AJ
5.073%, 8/13/42

    U.S.$        948       $ 953,495   

Series 2006-IQ12, Class AM
5.37%, 12/15/43

      7,700         7,799,925   

Wachovia Bank Commercial Mortgage Trust
Series 2006-C23, Class AM
5.466%, 1/15/45

      2,100         2,164,886   

Series 2007-C34, Class AM
5.818%, 5/15/46

      400         403,497   
            

Total Commercial Mortgage-Backed Securities
(cost $37,208,730)

         44,063,783   
            
      

QUASI-SOVEREIGNS – 3.1%

      

Quasi-Sovereign Bonds – 3.1%

      

Indonesia – 0.3%

      

Majapahit Holding BV
7.75%, 10/17/16(b)

      2,165         2,435,625   

7.875%, 6/29/37(b)

      699         761,910   

8.00%, 8/07/19(b)

      330         374,550   
            
         3,572,085   
            

Kazakhstan – 0.5%

      

Intergas Finance BV
6.375%, 5/14/17(b)

      3,640         3,849,300   

KazMunayGas National Co.
7.00%, 5/05/20(b)

      2,658         2,863,995   

9.125%, 7/02/18(b)

      250         302,500   
            
         7,015,795   
            

Philippines – 0.1%

      

Power Sector Assets & Liabilities Management Corp.
7.25%, 5/27/19(b)

      1,250         1,425,000   
            

Russia – 1.9%

      

Russian Agricultural Bank OJSC Via RSHB Capital SA
6.299%, 5/15/17(b)

      8,227         8,619,428   

7.50%, 3/25/13

    RUB        86,000         3,070,132   

7.75%, 5/29/18(b)

    U.S.$        11,600         12,994,320   
            
         24,683,880   
            

Trinidad & Tobago – 0.1%

      

Petroleum Co. of Trinidad & Tobago Ltd.
9.75%, 8/14/19(b)

      1,675         2,030,938   
            

 

38     ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

Ukraine – 0.2%

      

NAK Naftogaz Ukraine
9.50%, 9/30/14

    U.S.$        2,542       $ 2,792,387   
            

Total Quasi-Sovereigns
(cost $30,414,812)

         41,520,085   
            
      

EMERGING MARKETS - CORPORATE BONDS – 3.1%

   

    

Financial Institutions – 1.2%

      

Banking – 0.9%

      

ATF Bank JSC
9.00%, 5/11/16(b)

      2,287         2,407,068   

Banco BMG SA
9.15%, 1/15/16(b)

      3,750         3,937,500   

Banco Cruzeiro do Sul SA/Brazil
8.25%, 1/20/16(b)

      3,280         3,241,336   

8.875%, 9/22/20(b)

      680         664,700   

Bank CenterCredit
8.625%, 1/30/14(b)

      1,654         1,689,065   

Halyk Savings Bank of Kazakhstan JSC
7.25%, 1/28/21(b)

      463         463,080   
            
         12,402,749   
            

Other Finance – 0.3%

      

AES El Salvador Trust
6.75%, 2/01/16(b)

      3,100         3,053,500   

6.75%, 2/01/16(b)

      270         265,950   
            
         3,319,450   
            
         15,722,199   
            
      

Industrial – 1.9%

      

Basic – 0.1%

      

Evraz Group SA
8.25%, 11/10/15(b)

      1,398         1,565,760   
            

Capital Goods – 0.2%

      

Cemex SAB de CV
9.00%, 1/11/18(b)

      2,580         2,705,775   
            

Consumer Cyclical - Other – 0.1%

  

    

Peermont Global Pty Ltd.
7.75%, 4/30/14(b)

    EUR        1,000         1,275,480   
            

Consumer Cyclical - Retailers – 0.2%

  

    

Edcon Holdings Pty Ltd.
6.673%, 6/15/15(b)(c)

      2,066         2,459,466   
            

 

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND       39   

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
      

Consumer Non-Cyclical – 0.6%

      

CEDC Finance Corp. International, Inc.
8.875%, 12/01/16(a)(b)

    EUR        1,400       $ 1,790,632   

9.125%, 12/01/16(b)

    U.S.$        1,150         1,081,000   

Foodcorp Ltd.
8.875%, 6/15/12(b)

    EUR        1,000         1,448,648   

Foodcorp Pty Ltd.
8.75%, 3/01/18(b)

      827         1,131,003   

JBS Finance II Ltd.
8.25%, 1/29/18(b)

    U.S.$        2,400         2,466,000   
            
         7,917,283   
            

Energy – 0.2%

      

Pan American Energy LLC/Argentine Branch
7.875%, 5/07/21(b)

      1,870         2,012,681   

Zhaikmunai Finance BV
10.50%, 10/19/15(b)

      760         808,412   
            
         2,821,093   
            

Other Industrial – 0.2%

      

New Reclamation Group Pty Ltd. (The)
8.125%, 2/01/13(b)

    EUR        1,951         2,461,132   
            

Technology – 0.1%

      

MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co.
10.50%, 4/15/18

    U.S.$        1,490         1,665,075   
            

Transportation - Services – 0.2%

      

Inversiones Alsacia SA
8.00%, 8/18/18(b)

      1,980         1,870,923   
            
         24,741,987   
            

Total Emerging Markets - Corporate Bonds
(cost $38,297,076)

         40,464,186   
            
      

CMOs – 3.0%

      

Non-Agency Fixed Rate – 1.5%

      

Chaseflex Trust
Series 2007-1, Class 1A3
6.50%, 2/25/37

      1,444         985,725   

Citimortgage Alternative Loan Trust Series 2007-A3, Class 1A4
5.75%, 3/25/37

      3,313         2,540,078   

 

40     ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

Portfolio of Investments


          Principal
Amount
(000)
     U.S. $ Value  
   
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