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 

3.74%

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

3.54%

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

2.72%

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

1.16%

5) U.S. Treasury Notes  2.25%, 11/15/25 - 2/15/27 

1.07%

6) U.S. Treasury Bonds  6.25%, 5/15/30 

0.92%

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

0.76%

8) Mexican Bonos Series M 6.50%, 6/10/21 

0.74%

9) Wachovia Mortgage Loan Trust Series Series 2006-ALT1, Class A2 1.170%, 1/25/37 

0.72%

10) Argentine Bonos del Tesoro  18.20%, 10/03/21 

0.66%

Investment Type

Portfolio %

Corporates - Non-Investment Grade

Industrial

Consumer Non-Cyclical

5.09%

Communications - Media

4.31%

Energy

3.49%

Basic

3.10%

Communications - Telecommunications

3.02%

Consumer Cyclical - Other

2.89%

Capital Goods

1.69%

Technology

1.66%

Consumer Cyclical - Automotive

1.46%

Services

1.36%

Transportation - Services

1.19%

Other Industrial

1.18%

Consumer Cyclical - Retailers

1.05%

Consumer Cyclical - Restaurants

0.20%

Consumer Cyclical - Entertainment

0.15%

Transportation - Airlines

0.10%

SUBTOTAL

31.94%

Financial Institutions

Banking

2.96%

Finance

0.96%

Other Finance

0.41%

Insurance

0.37%

Brokerage

0.14%

REITS

0.04%

SUBTOTAL

4.88%

Utility

Electric

1.20%

Natural Gas

0.02%

SUBTOTAL

1.22%

Credit Default Swaps

0.63%

SUBTOTAL

0.63%

SUBTOTAL

38.67%

Global Governments

15.01%

Collateralized Mortgage Obligations

Risk Share Floating Rate

9.31%

Non-Agency Fixed Rate

1.88%

Non-Agency Floating Rate

1.14%

SUBTOTAL

12.33%

Corporates - Investment Grade

Industrial

Basic

0.84%

Energy

0.72%

Technology

0.55%

Communications - Telecommunications

0.48%

Communications - Media

0.43%

Capital Goods

0.27%

Consumer Cyclical - Automotive

0.23%

Consumer Cyclical - Other

0.15%

Transportation - Airlines

0.08%

Services

0.06%

Consumer Non-Cyclical

0.03%

SUBTOTAL

3.84%

Financial Institutions

Banking

1.35%

Insurance

1.19%

REITS

0.67%

Brokerage

0.16%

Finance

0.02%

SUBTOTAL

3.39%

Credit Default Swaps

0.92%

SUBTOTAL

0.92%

Utility

Electric

0.41%

SUBTOTAL

0.41%

SUBTOTAL

8.56%

Commercial Mortgage-Backed Securities

Credit Default Swaps

3.99%

Non-Agency Fixed Rate CMBS

2.63%

Non-Agency Floating Rate CMBS

0.12%

SUBTOTAL

6.74%

Emerging Markets - Sovereigns

6.63%

Interest Rate Futures

6.42%

Emerging Markets - Treasuries

6.35%

Total Return Swaps

4.94%

Emerging Markets - Corporate Bonds

Industrial

Energy

0.80%

Communications - Telecommunications

0.59%

Basic

0.58%

Consumer Non-Cyclical

0.47%

Capital Goods

0.28%

Transportation - Airlines

0.21%

Consumer Cyclical - Other

0.21%

Transportation - Services

0.14%

Consumer Cyclical - Entertainment

0.12%

Technology

0.05%

Consumer Cyclical - Retailers

0.03%

Other Industrial

0.02%

SUBTOTAL

3.50%

Financial Institutions

Banking

0.29%

Insurance

0.06%

Other Finance

0.04%

SUBTOTAL

0.39%

SUBTOTAL

3.89%

Bank Loans

Industrial

Technology

0.77%

Consumer Non-Cyclical

0.53%

Consumer Cyclical - Retailers

0.48%

Energy

0.25%

Capital Goods

0.25%

Consumer Cyclical - Other

0.22%

Consumer Cyclical - Entertainment

0.19%

Basic

0.14%

Other Industrial

0.12%

Services

0.09%

Consumer Cyclical - Automotive

0.07%

SUBTOTAL

3.11%

Utility

Electric

0.17%

SUBTOTAL

0.17%

Financial Institutions

Insurance

0.04%

SUBTOTAL

0.04%

SUBTOTAL

3.32%

Interest Rate Swaps

2.53%

Preferred Stocks

Industrial

0.87%

Financial Institutions

0.67%

Utility

0.03%

SUBTOTAL

1.57%

Common Stocks

1.03%

Asset-Backed Securities

Home Equity Loans - Fixed Rate

0.49%

Home Equity Loans - Floating Rate

0.21%

Other ABS - Fixed Rate

0.16%

Autos - Fixed Rate

0.10%

SUBTOTAL

0.96%

Inflation-Linked Securities

0.95%

Whole Loan Trusts

Performing Asset

0.63%

SUBTOTAL

0.63%

Local Governments - US Municipal Bonds

0.54%

Local Governments - Regional Bonds

0.40%

Equity Futures

Equity Index Futures

0.28%

SUBTOTAL

0.28%

Quasi-Sovereigns

Quasi-Sovereign Bonds

0.27%

SUBTOTAL

0.27%

CLO

CLO - Floating Rate

0.16%

SUBTOTAL

0.16%

Investment Companies

Funds and Investment Trusts

0.16%

SUBTOTAL

0.16%

Options Purchased - Calls

Options on Forward Contracts

0.06%

SUBTOTAL

0.06%

Warrants

0.05%

Options Purchased - Puts

Options on Forward Contracts

0.02%

Options on Equities

0.01%

SUBTOTAL

0.03%

Call Options Written

-0.03%

Put Options Written

-0.10%

Currency Instruments

Forward Currency Exchange Contracts

-0.15%

SUBTOTAL

-0.15%

Reverse Repurchase Agreements

-8.05%

Net Cash Equivalents

Investment Companies

3.80%

Cash

1.74%

Governments - Sovereign Bonds

0.35%

Foreign Currency

0.01%

SUBTOTAL

5.90%

Derivative Offsets

Futures Offsets

-6.66%

Swaps Offsets

-13.39%

SUBTOTAL

-20.05%

Total

100.00%

Country Breakdown

Portfolio %

United States

65.13%

Brazil

5.77%

Argentina

3.10%

United Kingdom

2.88%

Mexico

1.70%

Canada

1.68%

Luxembourg

1.49%

Turkey

1.34%

Indonesia

1.33%

South Africa

1.30%

France

1.21%

Dominican Republic

1.20%

Colombia

0.88%

Switzerland

0.81%

Russia

0.79%

Ireland

0.77%

Italy

0.72%

Ivory Coast

0.59%

Egypt

0.57%

Cayman Islands

0.51%

Spain

0.48%

Venezuela

0.39%

Netherlands

0.38%

Jamaica

0.37%

Croatia

0.34%

Germany

0.32%

United Arab Emirates

0.30%

India

0.28%

Gabon

0.24%

Angola

0.20%

Barbados

0.19%

Mongolia

0.18%

Honduras

0.18%

Trinidad & Tobago

0.17%

Bermuda

0.17%

Norway

0.16%

Macau

0.16%

Guatemala

0.16%

Zambia

0.15%

Ecuador

0.13%

Pakistan

0.12%

Australia

0.12%

Bahamas

0.12%

Cameroon

0.11%

Bahrain

0.10%

Sri Lanka

0.09%

Nigeria

0.09%

Peru

0.07%

New Zealand

0.06%

El Salvador

0.06%

Kenya

0.06%

Jordan

0.05%

Lebanon

0.05%

Finland

0.04%

Ethiopia

0.04%

Chile

0.04%

Iraq

0.02%

Serbia

0.02%

Japan

0.01%

Portugal

0.01%

Total Investments

100.00%

Net Currency Exposure Breakdown

Portfolio %

United States Dollar

95.70%

Mexican Peso

2.60%

Indian Rupee

2.07%

New Turkish Lira

2.02%

Argentine Peso

1.75%

Colombian Peso

1.72%

Indonesian Rupiah

1.45%

Brazilian Real

1.16%

Russian Rubles

0.77%

Chilean Peso

0.48%

Dominican Peso

0.46%

Egypt Pound

0.35%

Peruvian Sol

0.25%

Chinese Yuan Renminbi (Offshore)

0.17%

Great British Pound

0.10%

Hong Kong Dollar

0.03%

Swedish Krona

-0.05%

South African Rand

-0.05%

South Korean Won

-0.49%

Japanese Yen

-0.50%

Taiwan New Dollar

-0.50%

Swiss Franc

-0.90%

Canadian Dollar

-1.01%

Norwegian Krone

-1.26%

New Zealand Dollar

-1.42%

Australian Dollar

-1.45%

Euro

-1.48%

Chinese Yuan Renminbi

-1.97%

Total Net Assets

100.00%

Credit Rating

Portfolio %

AAA

11.57%

AA

0.69%

A

2.82%

BBB

15.46%

BB

30.00%

B

24.51%

CCC

7.58%

CC

0.87%

C

0.04%

D

0.48%

Not Rated

7.19%

Short Term Investments

4.16%

Reverse Repurchase Agreements

-8.05%

N/A

2.68%

Total

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

6.26%

1 to 5 years

37.56%

5 to 10 years

39.53%

10 to 20 years

8.58%

20 to 30 years

5.46%

More Than 30 years

1.53%

Other

1.08%

Total Net Assets

100.00%

Portfolio Statistics:

Average Coupon:

7.10%

Average Bond Price:

103.34

Percentage of Leverage(based on gross assets):

Bank Borrowing:

0.00%

Investment Operations:

43.77%

Preferred stock:

0.00%

Tender Option Bonds:

0.00%

VMTP Shares:

0.00%

Total Fund Leverage:

43.77%

Average Maturity:

7.59  Years

Effective Duration:

4.89  Years

Total Net Assets:

$1,206.87 Million

Net Asset Value:

$14.00

Number of Holdings:

1176

Portfolio Turnover:

42%