AWF - AllianceBernstein Global High Income Fund

What this means for you

One large investor owns more than 5% of this fund but has told the regulator it is not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. June 5, 2026

   First Trust Portfolios L.P. now owns 10.2%, as a passive investor.

   Original document →

About this fund

• Run by AllianceBernstein L.P. As of March 31, 2026, from the fund's yearly report. Original document →
• Size: about $979 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 4% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.9% a year in management fees; 1% a year in total, including interest on borrowed money. Fiscal year ended March 31, 2026. As of March 31, 2026, from the fund's yearly report. Original document →
  Among the 19 funds we follow that invest in high-yield bonds, 9 charge a lower management fee and 2 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended March 31, 2026) the fund paid $0.79 a share, all of it income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of March 31, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (March 31, 2026): $11.17. The shares traded at $10.17, about 9% below that. As of March 31, 2026, from the fund's yearly report. Original document →
• How the holdings did: up 3.2% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

How this has changed

• Payouts per share: $0.79 in the fiscal year ended March 31, 2026; $0.80 in the year ended March 31, 2025; $0.88 in the year ended March 31, 2023.As of March 31, 2026, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of March 31, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 1.02% a year in the fiscal year ended March 31, 2026; 1.03% a year in the year ended March 31, 2025; 1.04% a year in the year ended March 31, 2023.As of March 31, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $963 million at March 31, 2026; $966 million at March 31, 2025. From the fund's quarterly holdings reports. Original documents: March 31, 2026 →, March 31, 2025 →.
• Borrowing: about 30% on top of its own money at March 31, 2026; 33% at March 31, 2025. From the fund's quarterly holdings reports. Original documents: March 31, 2026 →, March 31, 2025 →.
• The fund had about 86.2 million shares at March 31, 2026, about the same as at March 31, 2023.As of March 31, 2026, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended March 31, 2026: the shares returned +1.9%, counting payouts; the holdings +7.2%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of March 31, 2026, from the fund's annual report. Original document →
• The year ended March 31, 2025: the shares returned +8.8%, counting payouts; the holdings +7.7%. As of March 31, 2025, from the fund's annual report. Original document →
• The year ended March 31, 2023: the shares returned -5%, counting payouts; the holdings -4%. As of March 31, 2023, from the fund's annual report. Original document →
• The year ended March 31, 2022: the shares returned +0.8%, counting payouts; the holdings +0.5%. As of March 31, 2022, from the fund's annual report. Original document →
• Those two years together: the shares returned +10.9%. $10,000 of shares bought at the start (April 1, 2024) would have become about $11,100 by March 31, 2026, with every payout counted, before tax. As of March 31, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +0.5%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 18 funds that invest in high-yield bonds with a fiscal year ending within six months of this one, 12 reported a higher share return for that year and 5 a lower one. As of March 31, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (91%), the rest loans, derivatives and mortgage bonds. About 64% issued in the U.S.

0.8% of holdings are in default.

1. Derivatives - 1.1%
2. United States Treasury, U.S. Treasury Notes - 1.1%
3. 1261229 Bc - 0.6%
4. Dish DBS - 0.5%
5. Davita - 0.5%
6. American Airlines Inc/AAdvantage Loyalty IP - 0.4%
7. Advance Auto Parts - 0.4%
8. Tenet Healthcare - 0.4%
9. Transdigm - 0.4%
10. Ford Motor Company - 0.4%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →