UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS 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)
Mark R. Manley
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, 2007
Date of reporting period: December 31, 2006
ITEM 1. SCHEDULE OF INVESTMENTS.
2
AllianceBernstein Global High Income Fund *
Portfolio of Investments
December 31, 2006 (unaudited)
Principal
Amount
(000) U.S. $ Value
--------------------------------------------------------------------------------
SOVEREIGN DEBT OBLIGATIONS - 85.7%
Argentina - 5.4%
Republic of Argentina
Zero Coupon, 12/15/35 (a) US$ 3 $ 405
5.59%, 8/03/12 (b) 16,017 15,110,672
8.28%, 12/31/33 (c) 33,807 36,765,233
Series V
7.00%, 3/28/11 2,985 2,956,145
--------------
54,832,455
--------------
Brazil - 15.2%
Republic of Brazil
7.125%, 1/20/37 (c) 39,364 42,237,572
8.00%, 1/15/18 9,038 10,054,775
8.25%, 1/20/34 22,321 27,064,213
8.875%, 10/14/19 - 4/15/24 19,134 23,638,590
12.50%, 1/05/16 - 1/05/22 BRL 95,000 50,613,152
--------------
153,608,302
--------------
Bulgaria - 0.4%
Republic of Bulgaria
8.25%, 1/15/15 (d) US$ 3,204 3,796,740
--------------
Colombia - 2.4%
Republic of Colombia
7.375%, 9/18/37 2,472 2,653,692
8.125%, 5/21/24 1,000 1,155,000
10.75%, 1/15/13 8,057 9,942,338
11.75%, 2/25/20 7,495 10,830,275
--------------
24,581,305
--------------
Costa Rica - 0.4%
Republic of Costa Rica
8.05%, 1/31/13 (d) 1,888 2,078,688
8.11%, 2/01/12 (d) 1,745 1,910,775
--------------
3,989,463
--------------
Dominican Republic - 0.4%
Dominican Republic
8.625%, 4/20/27 (d) 3,550 4,080,725
--------------
El Salvador - 1.2%
Republic of El Salvador
7.625%, 9/21/34 (d) 2,290 2,642,660
7.65%, 6/15/35 (d) 4,536 5,137,020
8.50%, 7/25/11 (d) 3,700 4,084,800
--------------
11,864,480
--------------
3
Indonesia - 2.1%
Republic of Indonesia
6.75%, 3/10/14 (d) 8,585 8,842,550
6.875%, 3/09/17 (d) 3,954 4,211,010
7.25%, 4/20/15 (d) 2,480 2,672,200
7.50%, 1/15/16 (d) 1,400 1,540,000
8.50%, 10/12/35 (d) 2,848 3,535,080
--------------
20,800,840
--------------
Jamaica - 0.4%
Government of Jamaica
9.25%, 10/17/25 948 1,052,280
10.625%, 6/20/17 2,332 2,786,740
--------------
3,839,020
--------------
Lebanon - 1.1%
Lebanese Republic
7.875%, 5/20/11 (d) 2,475 2,394,562
10.125%, 8/06/08 (d) 7,501 7,688,525
11.625%, 5/11/16 (d) 1,114 1,281,100
--------------
11,364,187
--------------
Malaysia - 1.7%
Malaysia
7.50%, 7/15/11 6,560 7,138,481
8.75%, 6/01/09 9,420 10,145,528
--------------
17,284,009
--------------
Mexico - 13.5%
United Mexican States
7.50%, 1/14/12 7,400 8,110,400
8.125%, 12/30/19 36,157 44,183,854
11.375%, 9/15/16 11,110 15,998,400
Series A
6.375%, 1/16/13 2,782 2,925,273
6.75%, 9/27/34 6,200 6,696,000
8.00%, 9/24/22 37,632 46,005,120
9.875%, 2/01/10 11,800 13,334,000
--------------
137,253,047
--------------
Panama - 2.9%
Republic of Panama
6.70%, 1/26/36 2,728 2,843,940
7.125%, 1/29/26 4,794 5,177,520
7.25%, 3/15/15 2,709 2,932,493
8.875%, 9/30/27 6,113 7,732,945
9.375%, 7/23/12 - 4/01/29 8,814 11,064,052
--------------
29,750,950
--------------
Peru - 3.6%
Republic of Peru
7.35%, 7/21/25 (c) 6,896 7,775,240
8.375%, 5/03/16 (c) 8,591 10,201,812
8.75%, 11/21/33 (c) 13,866 18,199,125
9.875%, 2/06/15 128 162,240
--------------
36,338,417
--------------
4
Philippines - 7.5%
Republic of Philippines
7.75%, 1/14/31 6,378 7,239,030
8.00%, 1/15/16 603 685,913
8.25%, 1/15/14 (c) 12,842 14,495,407
8.375%, 2/15/11 684 748,980
8.875%, 3/17/15 (c) 17,505 20,594,633
9.00%, 2/15/13 2,829 3,260,422
9.50%, 10/21/24 - 2/02/30 4,650 6,154,275
9.875%, 1/15/19 (c) 14,521 18,949,905
10.625%, 3/16/25 2,765 3,940,125
--------------
76,068,690
--------------
Russia - 13.1%
Russian Federation
5.00%, 3/31/30 (d)(e) 46,941 53,113,176
11.00%, 7/24/18 (d) 4,340 6,282,150
Russian Ministry of Finance
Series V
3.00%, 5/14/08 70,752 68,275,680
Series VII
3.00%, 5/14/11 5,870 5,305,306
--------------
132,976,312
--------------
South Africa - 0.6%
Republic of South Africa
7.375%, 4/25/12 5,505 5,917,875
--------------
Turkey - 4.6%
Republic of Turkey
6.875%, 3/17/36 18,028 17,261,810
7.00%, 6/05/20 (c) 12,100 12,175,625
7.375%, 2/05/25 9,102 9,329,550
8.00%, 2/14/34 900 982,125
11.00%, 1/14/13 5,500 6,737,500
--------------
46,486,610
--------------
Ukraine - 1.9%
Government of Ukraine
7.65%, 6/11/13 (d) 16,320 17,625,600
11.00%, 3/15/07 (d) 1,872 1,889,651
--------------
19,515,251
--------------
Uruguay - 2.1%
Republic of Uruguay
7.625%, 3/21/36 1,500 1,650,000
7.875%, 1/15/33 (f) 4,289 4,777,469
8.00%, 11/18/22 9,287 10,540,265
9.25%, 5/17/17 3,488 4,255,360
--------------
21,223,094
--------------
5
Venezuela - 5.2%
Republic of Venezuela
5.75%, 2/26/16 3,751 3,544,695
6.00%, 12/09/20 1,377 1,283,586
7.00%, 12/01/18 (d) 5,763 5,935,890
8.50%, 10/08/14 5,081 5,754,233
9.25%, 9/15/27 (c) 14,204 18,216,630
10.75%, 9/19/13 8,758 10,881,815
13.625%, 8/15/18 4,925 7,547,562
--------------
53,164,411
--------------
Total Sovereign Debt Obligations
(cost $783,808,288) 868,736,183
--------------
CORPORATE DEBT OBLIGATIONS - 11.3%
Brazil - 0.5%
Banco BMG SA
9.15%, 1/15/16 (d) 3,300 3,319,800
Vale Overseas Ltd.
6.875%, 11/21/36 1,716 1,760,009
--------------
5,079,809
--------------
China - 0.4%
Chaoda Modern Agriculture
7.75%, 2/08/10 (d) 3,976 3,975,800
--------------
Hong Kong - 0.4%
Noble Group Ltd.
6.625%, 3/17/15 (d) 4,731 4,297,456
--------------
Jamaica - 0.4%
Digicel Ltd.
9.25%, 9/01/12 (d) 3,416 3,646,580
--------------
Kazakhstan - 0.2%
Tengizchevroil Finance Co.
6.124%, 11/15/14 (d) 2,569 2,562,577
--------------
Malaysia - 0.2%
Petronas Capital Ltd.
7.00%, 5/22/12 (d) 1,797 1,934,111
--------------
Mexico - 0.3%
Monterrey Power SA de CV
9.625%, 11/15/09 (d) 2,526 2,788,744
--------------
Netherlands - 0.8%
Alb Finance BV
9.25%, 9/25/13 (d) 1,885 1,861,438
Kazkommerts International BV
8.50%, 4/16/13 (d) 3,000 3,221,250
Mobifon Holdings BV
12.50%, 7/31/10 3,075 3,397,918
--------------
8,480,606
--------------
6
Panama - 0.3%
MMG Fiduciary (AES El Salvador)
6.75%, 2/01/16 (d) 3,100 3,083,629
--------------
Peru - 0.2%
IIRSA Norte Finance Ltd.
8.75%, 5/30/24 (d) 1,650 1,934,625
--------------
Russia - 6.4%
Alfa Bond Issuance PLC for OJC Alfa Bank
8.625%, 12/09/15 (a) 2,360 2,374,160
Citigroup (JSC Severstal)
9.25%, 4/19/14 (d) 2,256 2,442,097
Evraz Group SA
8.25%, 11/10/15 (d) 3,933 4,046,074
Gallery Capital SA
10.125%, 5/15/13 (d) 2,567 2,541,946
Gazprom OAO
9.625%, 3/01/13 (d) 27,760 33,173,200
Gazprombank
6.50%, 9/23/15 1,950 1,945,125
Gazstream SA
5.625%, 7/22/13 (d) 1,799 1,790,560
Mobile Telesystems Finance
9.75%, 1/30/08 (d) 5,390 5,582,625
Russian Standard Finance
7.50%, 10/07/10 (d) 3,412 3,288,315
TNK-BP Finance SA
7.50%, 7/18/16 (d) 5,777 6,158,205
Tyumen Oil Co.
11.00%, 11/06/07 (d) 1,075 1,114,775
--------------
64,457,082
--------------
South Korea - 0.1%
C&M Finance Ltd.
8.10%, 2/01/16 (d) 1,405 1,443,637
--------------
Ukraine - 0.3%
Kyivstar
7.75%, 4/27/12 (d) 900 936,000
10.375%, 8/17/09 (d) 1,800 1,968,750
--------------
2,904,750
--------------
United States - 0.8%
Freeport-McMoran Copper & Gold, Inc.
10.125%, 2/01/10 4,800 5,046,000
Southern Copper Corp.
7.50%, 7/27/35 3,000 3,252,861
--------------
8,298,861
--------------
Total Corporate Debt Obligations
(cost $111,823,161) 114,888,267
--------------
7
Shares
---------
WARRANTS - 0.2%
Central Bank of Nigeria, expiring
11/15/20 (g) 9,500 1,805,000
--------------
Republic of Venezuela, expiring 4/15/20 (g) 25,000 0
Total Warrants
(cost $0) 1,805,000
--------------
Principal
Amount
(000)
---------
SHORT-TERM INVESTMENTS - 9.7%
Time Deposit - 9.7%
The Bank of New York
4.25%, 1/02/07 500 500,000
Societe Generale
5.25%, 1/02/07 97,800 97,800,000
--------------
Total Short-Term Investments
(cost $98,300,000) 98,300,000
--------------
Total Investments - 106.9%
(cost $993,931,449) 1,083,729,450
Other assets less liabilities - (6.9)% (70,171,068)
--------------
Net Assets - 100.0% $1,013,558,382
--------------
CREDIT DEFAULT SWAP CONTRACTS
Notional Unrealized
Swap Counterparty & Amount Interest Termination Appreciation/
Referenced Obligation (000) Rate Date (Depreciation)
------------------------------------------------------------------------------
Buy Contracts:
Citigroup Global
Markets, Inc.
(Republic of Hungary $ 3,075 0.50% 11/26/13 $ (37,836)
JPMorgan Chase
(Federal Republic of
Hungary 4.75% 11,300 0.30 10/20/15 37,283
Sale Contracts:
Citigroup Global
Markets, Inc. (Federal
Republic of Brazil 19,047 1.98 4/20/07 179,311
Citigroup Global
Markets, Inc. (Federal
Republic of Brazil 18,840 3.09 8/20/10 1,677,309
Citigroup Global
Markets, Inc.
(Republic of Colombia 8,600 1.13 1/20/07 49,670
8
Notional Unrealized
Swap Counterparty & Amount Interest Termination Appreciation/
Referenced Obligation (000) Rate Date (Depreciation)
--------------------------- ---------------------------------------------------
Sale Contracts:
Citigroup Global
Markets, Inc.
(Republic of
Philippines 10.625% $ 4,070 4.95% 3/20/09 $ 379,705
Credit Suisse First
Boston (Federal
Republic of
Venezuela 9.25% 13,570 3.17 10/20/15 1,222,817
Credit Suisse Markets,
Inc. (Federal Republic
of Brazil 12.25% 5,800 6.90 6/20/07 195,870
Deutsche Bank AG
London (Federal
Republic of Brazil 19,047 1.90 4/20/07 171,559
JPMorgan Chase (OAO
Gazprom 10.50% 12,210 1.04 10/20/10 177,111
Morgan Stanley
(Federal Republic of
Brazil 10.125% 7,200 17.75 2/13/08 1,884,303
REVERSE REPURCHASE AGREEMENTS
Broker Interest Rate Maturity Amount
--------------------------------------------------------------------------------
JP Morgan Chase & Co. 3.05% 12/31/07 $ 5,136,506
JP Morgan Chase & Co. 4.50 12/31/07 2,062,721
JP Morgan Chase & Co. 4.80 12/31/07 22,442,842
JP Morgan Chase & Co. 4.85 12/31/07 3,133,308
JP Morgan Chase & Co. 4.85 12/31/07 19,409,552
JP Morgan Chase & Co. 5.00 12/31/07 15,360,930
JP Morgan Chase & Co. 5.00 12/31/07 5,845,861
JP Morgan Chase & Co. 5.00 12/31/07 13,627,624
JP Morgan Chase & Co. 5.00 12/31/07 9,096,371
JP Morgan Chase & Co. 5.15 12/31/07 10,748,754
UBS AG London 5.00 12/31/07 9,875,396
UBS AG London 5.10 12/31/07 5,730,898
------------
$122,470,763
------------
* Formerly Alliance World Dollar Government Fund II
(a) Variable rate coupon, rate shown as of December 31, 2006.
(b) Floating Rate Security. Stated interest rate was in effect at December 31,
2006.
(c) Position, or a portion thereof, has been segregated to collateralize
reverse repurchase agreements. The aggregate market value of these
securities amounted to $142,912,998.
(d) Security is exempt from registration under Rule 144A of the Securities Act
of 1933. These securities are considered liquid and may be resold in the
transactions exempt from registration, normally to qualified institutional
buyers. At December 31, 2006, the aggregate market value of these
securities amounted to $237,855,097 or 23.5% of net assets.
9
(e) Coupon rate adjusts periodically based upon a predetermined schedule.
Stated interest rate in effect at December 31, 2006.
(f) Pay-In-Kind Payments (PIK).
(g) Non-income producing security.
Currency Abbreviations:
BRL - Brazilian Real
10
ITEM 2. 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-3(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 significant changes in the registrant's internal control over
financial reporting that could significantly affect these controls subsequent to
the date of their evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.
ITEM 3. EXHIBITS.
The following exhibits are attached to this Form N-Q:
EXHIBIT NO. DESCRIPTION OF EXHIBIT
----------- ----------------------
3 (a) (1) Certification of Principal Executive Officer Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
3 (a) (2) Certification of Principal Financial Officer Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
11
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/ Marc O. Mayer
-------------------------------------
Marc O. Mayer
President
Date: February 22, 2007
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/ Marc O. Mayer
-------------------------------------
Marc O. Mayer
President
Date: February 22, 2007
By: /s/ Joseph J. Mantineo
-------------------------------------
Joseph J. Mantineo
Treasurer and Chief Financial Officer
Date: February 22, 2007
12