AB Global High Income Fund Releases Monthly Portfolio Update

AB Global High Income Fund

Top 10 Fixed-Income Holdings

Portfolio %

1) U.S. Treasury Notes 2.25%, 02/15/27

1.64%

2) U.S. Treasury Notes 2.875%, 08/15/28

1.11%

3) CCO Holdings 4.50%, 08/15/30 - 06/01/33

0.64%

4) CCO Holdings 4.75%, 02/01/32

0.63%

5) Dominican Repubic Intl Bond 8.625%, 04/20/27

0.63%

6) Altice France SA/France 5.125%, 07/15/29

0.53%

7) Sirius XM Radio, Inc. 4.00%, 07/15/28

0.52%

8) Royal Caribbean Cruises 5.50%, 08/31/26 - 04/01/28

0.51%

9) AMMC CLO 25 Ltd. Zero Coupon, 04/15/35

0.50%

10) Altice Financing SA 5.75%, 08/15/29

0.48%

Investment Type

Portfolio %

Corporates - Non-Investment Grade

Industrial

Communications - Media

6.67%

Energy

6.43%

Consumer Non-Cyclical

5.98%

Basic

3.44%

Services

3.17%

Consumer Cyclical - Other

2.89%

Communications - Telecommunications

2.73%

Consumer Cyclical - Automotive

2.73%

Capital Goods

2.68%

Technology

2.66%

Consumer Cyclical - Entertainment

2.55%

Consumer Cyclical - Retailers

2.33%

Transportation - Services

0.77%

Consumer Cyclical - Restaurants

0.74%

Transportation - Airlines

0.33%

Other Industrial

0.08%

SUBTOTAL

46.18%

Credit Default Swaps

20.83%

Financial Institutions

Banking

2.07%

Finance

1.78%

REITs

1.27%

Insurance

0.67%

Other Finance

0.49%

Brokerage

0.44%

SUBTOTAL

6.72%

Utility

Electric

1.06%

Other Utility

0.19%

SUBTOTAL

1.25%

SUBTOTAL

74.98%

Interest Rate Futures

15.04%

Corporates - Investment Grade

Financial Institutions

Banking

2.93%

Insurance

1.49%

Finance

0.64%

REITs

0.36%

Brokerage

0.12%

Other Finance

0.02%

SUBTOTAL

5.56%

Industrial

Energy

0.72%

Basic

0.69%

Communications - Telecommunications

0.67%

Transportation - Airlines

0.46%

Consumer Cyclical - Other

0.44%

Communications - Media

0.32%

Consumer Non-Cyclical

0.28%

Capital Goods

0.26%

Other Industrial

0.18%

Consumer Cyclical - Retailers

0.15%

Technology

0.15%

Consumer Cyclical - Automotive

0.11%

Services

0.02%

SUBTOTAL

4.45%

Utility

Electric

0.07%

SUBTOTAL

0.07%

SUBTOTAL

10.08%

Collateralized Mortgage Obligations

Risk Share Floating Rate

4.82%

Non-Agency Fixed Rate

0.46%

Non-Agency Floating Rate

0.40%

Agency Fixed Rate

0.37%

SUBTOTAL

6.05%

Commercial Mortgage-Backed Securities

Credit Default Swaps

4.54%

Non-Agency Fixed Rate CMBS

1.13%

Non-Agency Floating Rate CMBS

0.02%

SUBTOTAL

5.69%

Emerging Markets - Corporate Bonds

Industrial

Basic

1.33%

Consumer Non-Cyclical

0.69%

Energy

0.61%

Consumer Cyclical - Other

0.56%

Capital Goods

0.46%

Communications - Telecommunications

0.30%

Technology

0.20%

Communications - Media

0.10%

Services

0.07%

Transportation - Services

0.07%

SUBTOTAL

4.39%

Utility

Electric

0.60%

SUBTOTAL

0.60%

Financial Institutions

REITs

0.30%

Banking

0.06%

Insurance

0.04%

Finance

0.02%

Other Finance

0.01%

SUBTOTAL

0.43%

SUBTOTAL

5.42%

Bank Loans

Industrial

Technology

0.90%

Consumer Non-Cyclical

0.83%

Communications - Telecommunications

0.77%

Capital Goods

0.54%

Energy

0.45%

Other Industrial

0.31%

Consumer Cyclical - Retailers

0.27%

Communications - Media

0.24%

Services

0.17%

Consumer Cyclical - Other

0.14%

Consumer Cyclical - Restaurants

0.08%

Consumer Cyclical - Automotive

0.04%

SUBTOTAL

4.74%

Financial Institutions

Insurance

0.27%

Finance

0.02%

SUBTOTAL

0.29%

Utility

Electric

0.19%

SUBTOTAL

0.19%

SUBTOTAL

5.22%

Emerging Markets - Sovereigns

Emerging Markets - Sovereigns

4.97%

Credit Default Swaps

0.25%

SUBTOTAL

5.22%

Collateralized Loan Obligations

CLO - Floating Rate

4.62%

SUBTOTAL

4.62%

Global Governments

3.43%

Common Stocks

1.77%

Total Return Swaps

1.45%

Quasi-Sovereigns

Quasi-Sovereign Bonds

0.96%

SUBTOTAL

0.96%

Local Governments - US Municipal Bonds

0.46%

Forward Currency Exchange Contracts

Currency Instruments

0.44%

SUBTOTAL

0.44%

Preferred Stocks

Industrials

0.41%

SUBTOTAL

0.41%

Inflation-Linked Securities

0.22%

Asset-Backed Securities

Autos - Fixed Rate

0.08%

Other ABS - Fixed Rate

0.08%

SUBTOTAL

0.16%

Warrants

0.06%

Reverse Repurchase Agreements

-0.17%

Cash & Cash Equivalents

Cash

2.25%

Funds and Investment Trusts

1.04%

U.S. Treasury Bills

0.10%

SUBTOTAL

3.39%

Derivative Offsets

Futures Offsets

-15.64%

Swap Offsets

-29.26%

SUBTOTAL

-44.90%

TOTAL

100.00%

Country Breakdown

Portfolio %

United States

72.64%

United Kingdom

3.40%

Canada

1.93%

France

1.70%

Luxembourg

1.59%

Brazil

1.53%

Mexico

1.20%

Germany

1.05%

Spain

1.02%

Nigeria

0.77%

Italy

0.73%

Switzerland

0.65%

Bahrain

0.64%

India

0.64%

Dominican Republic

0.62%

Australia

0.58%

Colombia

0.54%

China

0.52%

Israel

0.47%

Argentina

0.45%

Cote D'Ivoire

0.43%

Finland

0.43%

Netherlands

0.42%

Sweden

0.41%

Macau

0.37%

Oman

0.37%

Ghana

0.35%

Peru

0.33%

Angola

0.32%

Jersey (Channel Islands)

0.32%

Senegal

0.29%

Ukraine

0.28%

Egypt

0.27%

Zambia

0.27%

Indonesia

0.26%

Gabon

0.24%

Jamaica

0.24%

Ireland

0.21%

South Africa

0.21%

Hong Kong

0.19%

Ecuador

0.18%

Denmark

0.14%

El Salvador

0.14%

Japan

0.12%

Turkey

0.12%

Guatemala

0.08%

Venezuela

0.07%

Chile

0.05%

Bermuda

0.04%

Kuwait

0.04%

Panama

0.04%

Morocco

0.03%

Belgium

0.02%

Cayman Islands

0.02%

Czech Republic

0.02%

Norway

0.01%

Total Investments

100.00%

Net Currency Exposure Breakdown

Portfolio %

US Dollar

100.05%

Canadian Dollar

0.11%

Argentine Peso

0.01%

Swiss Franc

0.01%

Japanese Yen

0.01%

South Korean Won

0.01%

Norwegian Krone

0.01%

Singapore Dollar

0.01%

Brazilian Real

-0.01%

Chinese Yuan Renminbi (Offshore)

-0.01%

Pound Sterling

-0.01%

New Zealand Dollar

-0.01%

Euro

-0.06%

Colombian Peso

-0.12%

Total Net Assets

100.00%

Credit Rating

Portfolio %

AAA

6.28%

AA

0.12%

A

1.28%

BBB

12.63%

BB

38.24%

B

25.21%

CCC

8.45%

CC

0.16%

C

0.12%

D

0.11%

Not Rated

4.58%

Short Term Investments

1.14%

Reverse Repurchase Agreements

-0.17%

N/A

1.85%

Total

100.00%

Bonds by Maturity

Portfolio %

Less than 1 Year

4.07%

1 To 5 Years

40.18%

5 To 10 Years

44.35%

10 To 20 Years

4.97%

20 To 30 Years

2.77%

More than 30 Years

1.82%

Other

1.84%

Total Net Assets

100.00%

Portfolio Statistics:

Average Coupon:

7.06%

Average Bond Price:

93.44

Percentage of Leverage(based on gross assets):

Bank Borrowing:

0.00%

Investment Operations:

29.27%

Preferred Stock:

0.00%

Tender Option Bonds:

0.00%

VMTP Shares:

0.00%

Total Fund Leverage:

29.27%

Average Maturity:

    6.59 Years

Effective Duration:

    4.75 Years

Total Net Assets:

$990.72 Million

Net Asset Value:

$11.49

Total Number of Holdings:

1,620

Portfolio Turnover:

51.00%

* Investment Operations may include the use of certain portfolio management techniques such as credit default swaps, dollar rolls, negative cash,
reverse repurchase agreements and when-issued securities.