AB Global High Income Fund Releases Monthly Portfolio Update

Top 10 Fixed-Income Holdings

Portfolio %

1) Brazil Notas do Tesouro Nacional Series F 10.00%, 1/01/21 - 1/01/27 

3.72%

2) U.S. Treasury Notes  0.875%, 4/15/19 

3.60%

3) U.S. Treasury Bonds  8.125%, 5/15/21 

2.79%

4) Republic of South Africa Government Bond Series R186 10.50%, 12/21/26 

1.16%

5) Wachovia Mortgage Loan Trust Series Series 2006-ALT1, Class A2 0.951%, 1/25/37 

0.75%

6) U.S. Treasury Bonds  5.25%, 2/15/29 

0.62%

7) Dominican Republic International Bond  8.625%, 4/20/27 

0.56%

8) Argentine Republic Government International Bond  6.875%, 4/22/21 - 1/26/27 

0.52%

9) Russian Federal Bond - OFZ Series 6217 7.50%, 8/18/21 

0.50%

10) Dominican Republic International Bond  16.00%, 7/10/20 

0.49%

Investment Type

Portfolio %

Corporates - Non-Investment Grade

Industrial

Consumer Non-Cyclical

6.08%

Communications - Media

5.00%

Energy

4.97%

Communications - Telecommunications

3.62%

Basic

3.29%

Consumer Cyclical - Other

2.84%

Capital Goods

2.66%

Technology

2.10%

Consumer Cyclical - Automotive

1.80%

Consumer Cyclical - Retailers

1.48%

Services

0.99%

Transportation - Services

0.78%

Other Industrial

0.54%

Consumer Cyclical - Entertainment

0.46%

Consumer Cyclical - Restaurants

0.28%

Transportation - Airlines

0.10%

SUBTOTAL

36.99%

Financial Institutions

Banking

3.17%

Finance

0.86%

Other Finance

0.53%

Insurance

0.35%

REITS

0.04%

Brokerage

0.01%

SUBTOTAL

4.96%

Utility

Electric

1.33%

SUBTOTAL

1.33%

Credit Default Swaps

-2.65%

SUBTOTAL

-2.65%

SUBTOTAL

40.63%

Global Governments

12.97%

Collateralized Mortgage Obligations

Risk Share Floating Rate

9.05%

Non-Agency Fixed Rate

2.48%

Non-Agency Floating Rate

1.18%

SUBTOTAL

12.71%

Interest Rate Futures

9.47%

Corporates - Investment Grade

Industrial

Basic

1.00%

Energy

0.76%

Technology

0.66%

Capital Goods

0.41%

Communications - Telecommunications

0.30%

Communications - Media

0.25%

Consumer Non-Cyclical

0.21%

Consumer Cyclical - Automotive

0.15%

Transportation - Airlines

0.08%

Other Industrial

0.03%

Consumer Cyclical - Other

0.01%

SUBTOTAL

3.86%

Financial Institutions

Banking

1.23%

Insurance

1.21%

REITS

0.48%

Brokerage

0.16%

Finance

0.11%

SUBTOTAL

3.19%

Credit Default Swaps

0.92%

SUBTOTAL

0.92%

Utility

Electric

0.47%

Natural Gas

0.11%

SUBTOTAL

0.58%

SUBTOTAL

8.55%

Commercial Mortgage-Backed Securities

Credit Default Swaps

3.97%

Non-Agency Fixed Rate CMBS

3.25%

Non-Agency Floating Rate CMBS

0.03%

SUBTOTAL

7.25%

Interest Rate Swaps

6.35%

Total Return Swaps

5.95%

Emerging Markets - Sovereigns

5.80%

Emerging Markets - Treasuries

4.64%

Bank Loans

Industrial

Technology

0.74%

Consumer Non-Cyclical

0.61%

Consumer Cyclical - Retailers

0.55%

Other Industrial

0.43%

Consumer Cyclical - Other

0.42%

Energy

0.34%

Capital Goods

0.32%

Consumer Cyclical - Entertainment

0.19%

Basic

0.14%

Consumer Cyclical - Automotive

0.07%

SUBTOTAL

3.81%

Utility

Electric

0.17%

SUBTOTAL

0.17%

Financial Institutions

Insurance

0.04%

SUBTOTAL

0.04%

SUBTOTAL

4.02%

Emerging Markets - Corporate Bonds

Industrial

Consumer Non-Cyclical

0.46%

Communications - Telecommunications

0.43%

Basic

0.37%

Transportation - Airlines

0.27%

Capital Goods

0.23%

Consumer Cyclical - Retailers

0.01%

SUBTOTAL

1.77%

Non Corporate Sectors

Treasuries

0.31%

SUBTOTAL

0.31%

Financial Institutions

Finance

0.11%

SUBTOTAL

0.11%

SUBTOTAL

2.19%

Preferred Stocks

Industrial

0.84%

Financial Institutions

0.66%

Utility

0.03%

SUBTOTAL

1.53%

Asset-Backed Securities

Home Equity Loans - Fixed Rate

0.53%

Home Equity Loans - Floating Rate

0.22%

Other ABS - Fixed Rate

0.16%

Other ABS - Floating Rate

0.16%

Autos - Fixed Rate

0.06%

SUBTOTAL

1.13%

Governments - Sovereign Agencies

1.00%

Whole Loan Trusts

Performing Asset

0.72%

SUBTOTAL

0.72%

Inflation-Linked Securities

0.71%

Common Stocks

0.58%

Local Governments - Municipal Bonds

0.46%

Quasi-Sovereigns

Quasi-Sovereign Bonds

0.43%

SUBTOTAL

0.43%

Local Governments - Regional Bonds

0.39%

Equity Futures

Equity Index Futures

0.26%

SUBTOTAL

0.26%

Investment Companies

Funds and Investment Trusts

0.16%

SUBTOTAL

0.16%

Options Purchased - Calls

Options on Forward Contracts

0.11%

SUBTOTAL

0.11%

Warrants

0.06%

Options Purchased - Puts

Options on Forward Contracts

0.04%

Options on Indices

0.01%

SUBTOTAL

0.05%

Swaptions

-0.01%

Call Options Written

-0.04%

Put Options Written

-0.15%

Currency Instruments

Forward Currency Exchange Contracts

-0.24%

SUBTOTAL

-0.24%

Reverse Repurchase Agreements

-7.77%

Net Cash Equivalents

Investment Companies

3.22%

Cash

0.48%

Emerging Markets - Treasuries

0.23%

SUBTOTAL

3.93%

Derivative Offsets

Futures Offsets

-9.72%

Swaps Offsets

-14.12%

SUBTOTAL

-23.84%

Total

100.00%

Country Breakdown

Portfolio %

United States

66.47%

Brazil

5.61%

United Kingdom

2.78%

Canada

2.49%

Argentina

1.68%

Luxembourg

1.41%

Indonesia

1.33%

South Africa

1.28%

Mexico

1.25%

France

1.25%

Dominican Republic

1.20%

Ireland

1.00%

Colombia

0.88%

Turkey

0.85%

Switzerland

0.79%

Russia

0.73%

Italy

0.73%

Netherlands

0.72%

Spain

0.63%

Ivory Coast

0.57%

United Arab Emirates

0.53%

Venezuela

0.48%

Egypt

0.45%

Germany

0.45%

Jamaica

0.36%

Croatia

0.34%

India

0.28%

Gabon

0.22%

Angola

0.20%

Barbados

0.20%

Portugal

0.18%

New Zealand

0.17%

Ecuador

0.17%

Trinidad & Tobago

0.17%

Mongolia

0.17%

Macau

0.16%

Australia

0.16%

Guatemala

0.15%

Zambia

0.14%

Norway

0.14%

Pakistan

0.13%

Ghana

0.12%

Bahamas

0.11%

Cayman Islands

0.11%

Cameroon

0.10%

Sri Lanka

0.09%

Peru

0.07%

Denmark

0.07%

El Salvador

0.06%

Kenya

0.06%

Nigeria

0.05%

Jordan

0.05%

Lebanon

0.05%

Chile

0.04%

Finland

0.04%

Ethiopia

0.04%

Iraq

0.02%

Serbia

0.02%

Total Investments

100.00%

Net Currency Exposure Breakdown

Portfolio %

United States Dollar

98.95%

Brazilian Real

2.26%

Russian Rubles

1.99%

Colombian Peso

1.74%

Indonesian Rupiah

1.45%

Argentine Peso

0.88%

New Turkish Lira

0.54%

Chilean Peso

0.50%

Dominican Peso

0.49%

South African Rand

0.49%

Peruvian Sol

0.25%

Egypt Pound

0.23%

Canadian Dollar

0.17%

Hong Kong Dollar

0.04%

Mexican Peso

0.03%

Norwegian Krone

0.02%

Great British Pound

-0.01%

Japanese Yen

-0.01%

Swedish Krona

-0.05%

Chinese Yuan Renminbi (Offshore)

-0.99%

Australian Dollar

-1.00%

New Zealand Dollar

-1.03%

Euro

-1.36%

Chinese Yuan Renminbi

-1.77%

Taiwan New Dollar

-1.77%

Swiss Franc

-2.04%

Total Net Assets

100.00%

Credit Rating

Portfolio %

AAA

9.10%

AA

0.70%

A

1.75%

BBB

15.91%

BB

30.42%

B

25.51%

CCC

7.35%

CC

1.47%

C

0.05%

D

1.84%

Not Rated

7.81%

Short Term Investments

3.45%

Reverse Repurchase Agreements

-7.77%

N/A

2.41%

Total

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

5.75%

1 to 5 years

38.25%

5 to 10 years

40.08%

10 to 20 years

8.04%

20 to 30 years

5.38%

More Than 30 years

1.86%

Other

0.64%

Total Net Assets

100.00%

Portfolio Statistics:

Average Coupon:

7.72%

Average Bond Price:

100.86

Percentage of Leverage(based on gross assets):

Bank Borrowing:

0.00%

Investment Operations:

44.83%

Preferred stock:

0.00%

Tender Option Bonds:

0.00%

VMTP Shares:

0.00%

Total Fund Leverage:

44.83%

Average Maturity:

8.21  Years

Effective Duration:

5.74  Years

Total Net Assets:

$1,184.96 Million

Net Asset Value:

$13.74

Number of Holdings:

1280

Portfolio Turnover:

42%