|
Top 10 Fixed-Income
Holdings
|
|
Portfolio
%
|
|
1) U.S. Treasury Notes
2.25%, 02/15/27
|
|
1.06 %
|
|
2) CCO Holdings 4.50%,
08/15/30 - 06/01/33
|
|
0.66 %
|
|
3) CCO Holdings 4.75%,
02/01/32
|
|
0.62 %
|
|
4) Dominican Republic
Intl Bond 8.625%, 04/20/27
|
|
0.61 %
|
|
5) Royal Caribbean
Cruises 5.50%, 08/31/26 - 04/01/28
|
|
0.53 %
|
|
6) AMMC CLO 25 Ltd.
12.051%, 04/15/35
|
|
0.52 %
|
|
7) Palmer Square CLO
Ltd. 11.713%, 01/15/35
|
|
0.43 %
|
|
8) Allied Universal
Holdco/Allied Universal Finance Corp. 4.625%, 06/01/28
|
|
0.42 %
|
|
9) Altice France SA
5.125%, 01/15/29 - 07/15/29
|
|
0.41 %
|
|
10) Balboa Bay Loan
Funding 13.212%, 04/20/34
|
|
0.38 %
|
|
|
|
|
Investment
Type
|
|
Portfolio
%
|
|
Corporates -
Non-Investment Grade
|
|
|
|
Industrial
|
|
|
|
Energy
|
|
7.21 %
|
|
Consumer
Non-Cyclical
|
|
6.69 %
|
|
Communications -
Media
|
|
6.33 %
|
|
Capital
Goods
|
|
4.23 %
|
|
Basic
|
|
3.94 %
|
|
Consumer Cyclical -
Other
|
|
3.22 %
|
|
Communications -
Telecommunications
|
|
2.76 %
|
|
Consumer Cyclical -
Retailers
|
|
2.75 %
|
|
Consumer Cyclical -
Automotive
|
|
2.70 %
|
|
Services
|
|
2.54 %
|
|
Technology
|
|
1.94 %
|
|
Consumer Cyclical -
Entertainment
|
|
1.67 %
|
|
Transportation -
Services
|
|
1.17 %
|
|
Transportation -
Airlines
|
|
0.72 %
|
|
Consumer Cyclical -
Restaurants
|
|
0.46 %
|
|
Other
Industrial
|
|
0.46 %
|
|
SUBTOTAL
|
|
48.79 %
|
|
Credit Default
Swaps
|
|
14.60 %
|
|
Financial
Institutions
|
|
|
|
Finance
|
|
2.08 %
|
|
REITs
|
|
1.31 %
|
|
Insurance
|
|
1.01 %
|
|
Brokerage
|
|
0.94 %
|
|
Other
Finance
|
|
0.67 %
|
|
Banking
|
|
0.35 %
|
|
SUBTOTAL
|
|
6.36 %
|
|
Utility
|
|
|
|
Electric
|
|
0.40 %
|
|
Natural Gas
|
|
0.07 %
|
|
SUBTOTAL
|
|
0.47 %
|
|
SUBTOTAL
|
|
70.22 %
|
|
Corporates - Investment
Grade
|
|
|
|
Industrial
|
|
|
|
Consumer Cyclical -
Automotive
|
|
2.16 %
|
|
Energy
|
|
1.69 %
|
|
Consumer
Non-Cyclical
|
|
1.28 %
|
|
Communications -
Media
|
|
1.06 %
|
|
Basic
|
|
0.95 %
|
|
Consumer Cyclical -
Other
|
|
0.88 %
|
|
Capital
Goods
|
|
0.59 %
|
|
Consumer Cyclical -
Retailers
|
|
0.32 %
|
|
Consumer Cyclical -
Entertainment
|
|
0.26 %
|
|
Transportation -
Services
|
|
0.24 %
|
|
Communications -
Telecommunications
|
|
0.09 %
|
|
Transportation -
Airlines
|
|
0.09 %
|
|
Technology
|
|
0.08 %
|
|
Other
Industrial
|
|
0.04 %
|
|
Services
|
|
0.03 %
|
|
Transportation -
Railroads
|
|
0.03 %
|
|
SUBTOTAL
|
|
9.79 %
|
|
Financial
Institutions
|
|
|
|
Banking
|
|
6.74 %
|
|
Insurance
|
|
1.32 %
|
|
Finance
|
|
0.66 %
|
|
REITs
|
|
0.27 %
|
|
Brokerage
|
|
0.16 %
|
|
SUBTOTAL
|
|
9.15 %
|
|
Utility
|
|
|
|
Electric
|
|
1.30 %
|
|
Other
Utility
|
|
0.05 %
|
|
SUBTOTAL
|
|
1.35 %
|
|
SUBTOTAL
|
|
20.29 %
|
|
Emerging Markets -
Corporate Bonds
|
|
|
|
Industrial
|
|
|
|
Basic
|
|
1.75 %
|
|
Energy
|
|
1.05 %
|
|
Consumer Cyclical -
Other
|
|
0.92 %
|
|
Consumer
Non-Cyclical
|
|
0.69 %
|
|
Communications -
Media
|
|
0.20 %
|
|
Capital
Goods
|
|
0.18 %
|
|
Communications -
Telecommunications
|
|
0.13 %
|
|
Consumer Cyclical -
Retailers
|
|
0.11 %
|
|
Consumer Cyclical -
Automotive
|
|
0.05 %
|
|
Services
|
|
0.04 %
|
|
Transportation -
Services
|
|
0.02 %
|
|
SUBTOTAL
|
|
5.14 %
|
|
Utility
|
|
|
|
Electric
|
|
0.42 %
|
|
Other
Utility
|
|
0.07 %
|
|
SUBTOTAL
|
|
0.49 %
|
|
Financial
Institutions
|
|
|
|
Banking
|
|
0.12 %
|
|
SUBTOTAL
|
|
0.12 %
|
|
SUBTOTAL
|
|
5.75 %
|
|
Interest Rate
Futures
|
|
3.90 %
|
|
Collateralized Loan
Obligations
|
|
|
|
CLO - Floating
Rate
|
|
3.59 %
|
|
SUBTOTAL
|
|
3.59 %
|
|
Bank Loans
|
|
|
|
Industrial
|
|
|
|
Consumer
Non-Cyclical
|
|
0.53 %
|
|
Communications -
Media
|
|
0.44 %
|
|
Technology
|
|
0.41 %
|
|
Communications -
Telecommunications
|
|
0.36 %
|
|
Energy
|
|
0.35 %
|
|
Capital
Goods
|
|
0.20 %
|
|
Other
Industrial
|
|
0.18 %
|
|
Consumer Cyclical -
Retailers
|
|
0.05 %
|
|
Consumer Cyclical -
Restaurants
|
|
0.02 %
|
|
Transportation -
Airlines
|
|
0.02 %
|
|
SUBTOTAL
|
|
2.56 %
|
|
Financial
Institutions
|
|
|
|
Insurance
|
|
0.33 %
|
|
Finance
|
|
0.02 %
|
|
SUBTOTAL
|
|
0.35 %
|
|
Utility
|
|
|
|
Electric
|
|
0.18 %
|
|
SUBTOTAL
|
|
0.18 %
|
|
SUBTOTAL
|
|
3.09 %
|
|
Collateralized Mortgage
Obligations
|
|
|
|
Risk Share Floating
Rate
|
|
2.20 %
|
|
Non-Agency Fixed
Rate
|
|
0.33 %
|
|
Non-Agency Floating
Rate
|
|
0.30 %
|
|
Agency Fixed
Rate
|
|
0.22 %
|
|
SUBTOTAL
|
|
3.05 %
|
|
Emerging Markets -
Sovereigns
|
|
|
|
Emerging Markets -
Sovereigns
|
|
2.16 %
|
|
Credit Default
Swaps
|
|
0.27 %
|
|
SUBTOTAL
|
|
2.43 %
|
|
U.S. Govt & Agency
Securities
|
|
1.65 %
|
|
Commercial
Mortgage-Backed Securities
|
|
|
|
Credit Default
Swaps
|
|
1.24 %
|
|
Non-Agency Fixed Rate
CMBS
|
|
0.38 %
|
|
SUBTOTAL
|
|
1.62 %
|
|
Quasi-Sovereigns
|
|
|
|
Quasi-Sovereign
Bonds
|
|
1.03 %
|
|
SUBTOTAL
|
|
1.03 %
|
|
EM Government
Agencies
|
|
0.48 %
|
|
Local Governments - US
Municipal Bonds
|
|
0.40 %
|
|
Asset-Backed
Securities
|
|
|
|
Other ABS - Floating
Rate
|
|
0.28 %
|
|
Autos - Fixed
Rate
|
|
0.08 %
|
|
SUBTOTAL
|
|
0.36 %
|
|
Inflation-Linked
Securities
|
|
0.24 %
|
|
Common
Stocks
|
|
0.17 %
|
|
Preferred
Stocks
|
|
|
|
Industrials
|
|
0.09 %
|
|
SUBTOTAL
|
|
0.09 %
|
|
Forward Currency
Exchange Contracts
|
|
|
|
Currency
Instruments
|
|
-0.02 %
|
|
SUBTOTAL
|
|
-0.02 %
|
|
Reverse Repurchase
Agreements
|
|
-0.59 %
|
|
Cash & Cash
Equivalents
|
|
|
|
Cash
|
|
1.25 %
|
|
Funds and Investment
Trusts
|
|
1.04 %
|
|
SUBTOTAL
|
|
2.29 %
|
|
Derivative
Offsets
|
|
|
|
Futures
Offsets
|
|
-3.86 %
|
|
Swap Offsets
|
|
-16.18 %
|
|
SUBTOTAL
|
|
-20.04 %
|
|
TOTAL
|
|
100.00 %
|
|
|
|
|
Country
Breakdown
|
|
Portfolio
%
|
|
United
States
|
|
67.43 %
|
|
United
Kingdom
|
|
4.26 %
|
|
France
|
|
2.64 %
|
|
Canada
|
|
1.92 %
|
|
Germany
|
|
1.81 %
|
|
Spain
|
|
1.73 %
|
|
Brazil
|
|
1.36 %
|
|
Mexico
|
|
1.34 %
|
|
Luxembourg
|
|
1.25 %
|
|
Colombia
|
|
1.22 %
|
|
Australia
|
|
0.99 %
|
|
Italy
|
|
0.99 %
|
|
India
|
|
0.92 %
|
|
Israel
|
|
0.74 %
|
|
Dominican
Republic
|
|
0.62 %
|
|
Chile
|
|
0.61 %
|
|
China
|
|
0.56 %
|
|
Macau
|
|
0.55 %
|
|
South Africa
|
|
0.54 %
|
|
Nigeria
|
|
0.53 %
|
|
Hong Kong
|
|
0.52 %
|
|
Peru
|
|
0.52 %
|
|
Switzerland
|
|
0.50 %
|
|
Ireland
|
|
0.44 %
|
|
Netherlands
|
|
0.41 %
|
|
Puerto Rico
|
|
0.40 %
|
|
Kazakhstan
|
|
0.36 %
|
|
Turkey
|
|
0.33 %
|
|
Angola
|
|
0.32 %
|
|
Finland
|
|
0.32 %
|
|
Norway
|
|
0.32 %
|
|
Indonesia
|
|
0.28 %
|
|
Zambia
|
|
0.26 %
|
|
Egypt
|
|
0.23 %
|
|
El Salvador
|
|
0.22 %
|
|
Slovenia
|
|
0.21 %
|
|
Japan
|
|
0.18 %
|
|
Jersey (Channel
Islands)
|
|
0.17 %
|
|
Ukraine
|
|
0.15 %
|
|
Panama
|
|
0.14 %
|
|
Guatemala
|
|
0.12 %
|
|
Argentina
|
|
0.10 %
|
|
Sweden
|
|
0.10 %
|
|
Malaysia
|
|
0.08 %
|
|
Trinidad and
Tobago
|
|
0.05 %
|
|
United Republic of
Tanzania
|
|
0.05 %
|
|
Czech
Republic
|
|
0.04 %
|
|
Kuwait
|
|
0.04 %
|
|
Morocco
|
|
0.04 %
|
|
Romania
|
|
0.04 %
|
|
Cash & Cash
Equivalents
|
|
1.05 %
|
|
Total
Investments
|
|
100.00 %
|
|
|
|
|
Net Currency
Exposure Breakdown
|
|
Portfolio
%
|
|
US Dollar
|
|
100.15 %
|
|
Canadian
Dollar
|
|
0.18 %
|
|
Pound
Sterling
|
|
0.10 %
|
|
Norwegian
Krone
|
|
0.02 %
|
|
Brazilian
Real
|
|
0.01 %
|
|
Indonesian
Rupiah
|
|
0.01 %
|
|
Swedish
Krona
|
|
0.01 %
|
|
Australian
Dollar
|
|
-0.01 %
|
|
Czech Koruna
|
|
-0.01 %
|
|
Hungarian
Forint
|
|
-0.01 %
|
|
Polish Zloty
|
|
-0.01 %
|
|
Colombian
Peso
|
|
-0.13 %
|
|
Euro
|
|
-0.31 %
|
|
Total Net
Assets
|
|
100.00 %
|
|
|
|
|
Credit
Rating
|
|
Portfolio
%
|
|
AAA
|
|
1.95 %
|
|
AA
|
|
0.36 %
|
|
A
|
|
3.65 %
|
|
BBB
|
|
18.92 %
|
|
BB
|
|
42.39 %
|
|
B
|
|
20.35 %
|
|
CCC
|
|
7.51 %
|
|
CC
|
|
0.34 %
|
|
D
|
|
0.01 %
|
|
Not Rated
|
|
2.60 %
|
|
Short Term
Investments
|
|
1.04 %
|
|
Reverse Repurchase
Agreements
|
|
-0.59 %
|
|
N/A
|
|
1.47 %
|
|
Total
|
|
100.00 %
|
|
|
|
|
Bonds by
Maturity
|
|
Portfolio
%
|
|
Less than 1
Year
|
|
6.93 %
|
|
1 To 5 Years
|
|
61.05 %
|
|
5 To 10
Years
|
|
27.26 %
|
|
10 To 20
Years
|
|
2.37 %
|
|
20 To 30
Years
|
|
1.10 %
|
|
More than 30
Years
|
|
1.12 %
|
|
Other
|
|
0.17 %
|
|
Total Net
Assets
|
|
100.00 %
|
|
|
|
|
Portfolio
Statistics:
|
|
|
|
Average
Coupon:
|
|
7.50 %
|
|
Average Bond
Price:
|
|
95.71
|
|
Percentage of
Leverage(based on gross assets):
|
|
|
|
Bank
Borrowing:
|
|
0.00 %
|
|
Investment
Operations:*
|
|
16.48 %
|
|
Preferred
Stock:
|
|
0.00 %
|
|
Tender Option
Bonds:
|
|
0.00 %
|
|
VMTP Shares:
|
|
0.00 %
|
|
Total Fund
Leverage:
|
|
16.48 %
|
|
Average
Maturity:
|
|
5.37
Years
|
|
Effective
Duration:
|
|
3.23
Years
|
|
Total Net
Assets:
|
|
$969.29
Million
|
|
Net Asset
Value:
|
|
$11.24
|
|
Total Number of
Holdings:
|
|
1,293
|
|
Portfolio
Turnover:
|
|
45.00 %
|
|
|
|
|
* 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.
|
|
|
|
|
The foregoing portfolio
characteristics are as of the date indicated and can be expected to
change. The
|
|
Fund is a closed-end
U.S.-registered management investment company advised by
AllianceBernstein L. P.
|