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Monthly Portfolio Update from AllianceBernstein Global High Income Fund

On October 27, 2025, AllianceBernstein Global High Income Fund, Inc. (NYSE: AWF) published its latest portfolio update detailing the fund's investments as of September 30, 2025. This semi-annual update provides crucial insights for current investors and stakeholders by shedding light on the fund's asset allocation and investment strategies.

Overview of Investments

The portfolio is primarily composed of fixed-income investments, aiming for high yields while managing risk. Here are the top ten fixed-income holdings that underline the fund's diversified approach:

1. U.S. Treasury Notes 2.25%, 02/15/27 – 1.07%
2. Altice France SA 5.125%, 01/15/29 - 07/15/29 – 0.56%
3. CCO Holdings 4.50%, 08/15/30 - 06/01/33 – 0.52%
4. Warnermedia Holdings 4.279%, 03/15/32 – 0.48%
5. Warnermedia Holdings 5.05%, 03/15/42 – 0.46%
6. DaVita, Inc. 4.625%, 06/01/30 – 0.46%
7. Bausch Health Cos., Inc. 11.00%, 09/30/28 – 0.44%
8. Societe Generale SA 5.512%, 05/22/31 – 0.43%
9. Advance Auto Parts, Inc. 7.00%, 08/01/30 – 0.41%
10. Dominican Republic Intl Bond 8.625%, 04/20/27 – 0.40%

This diverse mix includes government securities and high-yield corporate bonds, demonstrating a balanced risk-return profile designed for income-focused investors.

Sector Allocation

A broad segmentation of the portfolio highlights significant exposure across various sectors:

• - Corporates - Non-Investment Grade: Dominated by sectors like Communications and Media (6.85%) and Energy (6.56%).
• - Financial Institutions: Comprising several financial services with total exposure of approximately 7.00%.
• - Utilities and Emerging Markets: These segments offer both stability and growth potential, showcased with various allocations throughout the fund's structure.

Geographic Distribution

The fund predominantly invests in the United States, which accounts for 65.65% of its portfolio, followed by investments in countries such as France (3.51%) and the United Kingdom (2.94%). This strategic positioning in U.S. securities reflects confidence in the domestic market, while the international stakes indicate a bid to diversify risks associated with specific regions.

Currency Exposure

The fund is predominantly weighted in U.S. Dollars (100.22%), which is crucial given the dominance of U.S. securities within the portfolio.

Credit Ratings

When analyzing credit quality, a significant portion (45.35%) of the portfolio is allocated towards BB rated securities, focusing on balancing yield with acceptable levels of risk, creating an attractive profile for income-oriented investors.

Portfolio Performance Metrics

Notable statistics from this update include an average coupon of 7.38% and total net assets of approximately $993.16 million. These metrics provide a snapshot of the fund's ability to generate income and investor value over time.

In summary, the AllianceBernstein Global High Income Fund, Inc. continues to adapt its investment strategy to align with market conditions and investor expectations. By consistently balancing risk and reward across diverse sectors and geographical regions, it aims to deliver sustainable income and capital appreciation for its investors.

For more detailed insights, investors are encouraged to review the full report available on the AllianceBernstein website.