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Monthly Portfolio Update from AllianceBernstein Global High Income Fund

On December 23, 2024, the AllianceBernstein Global High Income Fund, Inc. (NYSE: AWF) released its latest monthly portfolio update, providing investors with valuable insights into its holdings as of November 30, 2024. This report breaks down the portfolio's composition and highlights significant investments that drive the fund's performance.

Overview of Top Fixed-Income Holdings

The report indicated the top ten fixed-income securities held by the fund, making up a significant portion of the portfolio:

1. U.S. Treasury Notes 2.25%, maturing on 02/15/27 - 1.05% of portfolio
2. CCO Holdings 4.50%, maturing on 08/15/30 - 06/01/33 - 0.80% of portfolio
3. CCO Holdings 4.75%, maturing on 02/01/32 - 0.64% of portfolio
4. Dominican Republic Intl Bond 8.625%, maturing on 04/20/27 - 0.60% of portfolio
5. Royal Caribbean Cruises 5.50%, maturing on 08/31/26 - 04/01/28 - 0.53% of portfolio
6. AMMC CLO 25 Ltd. 11.406%, maturing on 04/15/35 - 0.51% of portfolio
7. Altice France SA 5.125%, maturing on 01/15/29 - 07/15/29 - 0.46% of portfolio
8. DaVita, Inc. 4.625%, maturing on 06/01/30 - 0.46% of portfolio
9. Bausch Health Cos., Inc. 4.875%, maturing on 06/01/28 - 0.43% of portfolio
10. EchoStar Corp. 10.75%, maturing on 11/30/29 - 0.42% of portfolio

These investments reflect the fund's strategy to secure stable income streams through a mix of corporate bonds and government securities.

Portfolio Composition by Investment Type

The report categorizes the portfolio based on investment types, showing a diverse range of corporate and financial structures:

• - Corporates - Non-Investment Grade: 7.41% in Energy and 7.04% in Consumer Non-Cyclical sectors dominate the allocation.
• - Credit Default Swaps made up 14.44%, while financial institutions accounted for 6.33%, indicating a balance between risk and safety in the investments.
• - The utility sector is represented modestly at 1.41%.

Geographic and Currency Exposure

Geographically, the fund's investments are primarily in the United States, which holds 68.28% of the total portfolio. Other notable holdings include the United Kingdom (3.37%) and Canada (2.47%). Such diversification not only enhances potential returns but also mitigates risks associated with volatility in specific markets.

In terms of currency, the fund is predominantly exposed to the US Dollar (100.27%), indicating a strategic focus on dollar-denominated assets to ensure consistency and liquidity in its portfolio.

Credit Ratings and Bond Maturities

Examining credit quality, the fund's portfolio includes:

• - BBB rated securities at 15.93%, showcasing stability,
• - A significant portion is allocated to BB (44.82%) and B (23.26%) rated bonds, which could introduce higher risk but also the potential for higher returns.

When ranked by maturity, most bonds (66.36%) fall within the 1 to 5 years category,
followed by 5 to 10 years at 21.85%. This distribution aligns with the fund's aim of balancing yield against the risk associated with interest rate fluctuations.

Key Portfolio Statistics

The portfolio statistics as of the end of November 2024 reveal critical information such as an average coupon rate of 7.45% and an effective duration of 3.06 years. The total net assets stand at $987.60 million, demonstrating the fund's ample capital availability for investment activities.

The average bond price was recorded at 96.67, reflecting favorable pricing strategies in current market conditions.

This monthly update provides essential insights into the operational strategies of the AllianceBernstein Global High Income Fund, illustrating its commitment to providing strong and sustainable returns within the evolving landscape of investment opportunities. Investors and analysts alike can benefit from understanding how this diverse portfolio is positioned to navigate current economic challenges and capitalize on growth prospects.

Conclusion: With a fully diversified approach and strategic investment choices, the AllianceBernstein Global High Income Fund continues to adapt to market realities and maintain its goal of generating high income for its shareholders. As seen in this update, the fund displays resilience and strategic foresight in managing its assets effectively.