Top 10 Fixed-Income Holdings
|
|
Portfolio %
|
1) U.S. Treasury Notes 2.25%, 02/15/27
|
|
1.51 %
|
2) U.S. Treasury Notes 2.875%, 08/15/28
|
|
0.89 %
|
3) CCO Holdings 4.50%, 08/15/30 - 06/01/33
|
|
0.68 %
|
4) Dominican Repubic Intl Bond 8.625%, 04/20/27
|
|
0.65 %
|
5) CCO Holdings 4.75%, 02/01/32
|
|
0.64 %
|
6) Sirius XM Radio, Inc. 4.00%, 07/15/28
|
|
0.54 %
|
7) Altice France SA/France 5.125%, 07/15/29
|
|
0.52 %
|
8) CSC Holdings LLC 5.75%, 01/15/30
|
|
0.52 %
|
9) AMMC CLO 25 Ltd. 8.678%, 04/15/35
|
|
0.49 %
|
10) Altice Financing SA 5.75%, 08/15/29
|
|
0.49 %
|
|
|
|
Investment Type
|
|
Portfolio %
|
Corporates - Non-Investment Grade
|
|
|
Industrial
|
|
|
Communications - Media
|
|
7.39 %
|
Consumer Non-Cyclical
|
|
6.35 %
|
Energy
|
|
5.10 %
|
Consumer Cyclical - Automotive
|
|
3.83 %
|
Basic
|
|
3.58 %
|
Communications - Telecommunications
|
|
3.58 %
|
Services
|
|
3.29 %
|
Consumer Cyclical - Other
|
|
3.15 %
|
Consumer Cyclical - Retailers
|
|
3.10 %
|
Capital Goods
|
|
3.08 %
|
Technology
|
|
2.74 %
|
Consumer Cyclical - Entertainment
|
|
2.41 %
|
Transportation - Services
|
|
0.93 %
|
Transportation - Airlines
|
|
0.71 %
|
Consumer Cyclical - Restaurants
|
|
0.62 %
|
Other Industrial
|
|
0.18 %
|
SUBTOTAL
|
|
50.04 %
|
Credit Default Swaps
|
|
23.68 %
|
Financial Institutions
|
|
|
Finance
|
|
2.06 %
|
Banking
|
|
1.99 %
|
REITs
|
|
1.11 %
|
Brokerage
|
|
1.02 %
|
Insurance
|
|
0.64 %
|
Other Finance
|
|
0.55 %
|
SUBTOTAL
|
|
7.37 %
|
Utility
|
|
|
Electric
|
|
0.62 %
|
Other Utility
|
|
0.14 %
|
Natural Gas
|
|
0.03 %
|
SUBTOTAL
|
|
0.79 %
|
SUBTOTAL
|
|
81.88 %
|
Interest Rate Futures
|
|
13.05 %
|
Corporates - Investment Grade
|
|
|
Industrial
|
|
|
Basic
|
|
0.97 %
|
Communications - Telecommunications
|
|
0.87 %
|
Energy
|
|
0.80 %
|
Communications - Media
|
|
0.49 %
|
Consumer Cyclical - Other
|
|
0.47 %
|
Consumer Non-Cyclical
|
|
0.39 %
|
Transportation - Airlines
|
|
0.35 %
|
Capital Goods
|
|
0.31 %
|
Technology
|
|
0.31 %
|
Consumer Cyclical - Retailers
|
|
0.25 %
|
Other Industrial
|
|
0.19 %
|
Consumer Cyclical - Automotive
|
|
0.12 %
|
Transportation - Services
|
|
0.04 %
|
Services
|
|
0.02 %
|
SUBTOTAL
|
|
5.58 %
|
Financial Institutions
|
|
|
Banking
|
|
2.95 %
|
Insurance
|
|
1.53 %
|
Finance
|
|
0.62 %
|
REITs
|
|
0.28 %
|
Brokerage
|
|
0.12 %
|
Other Finance
|
|
0.02 %
|
SUBTOTAL
|
|
5.52 %
|
SUBTOTAL
|
|
11.10 %
|
Collateralized Mortgage Obligations
|
|
|
Risk Share Floating Rate
|
|
4.42 %
|
Non-Agency Fixed Rate
|
|
0.44 %
|
Non-Agency Floating Rate
|
|
0.37 %
|
Agency Fixed Rate
|
|
0.36 %
|
SUBTOTAL
|
|
5.59 %
|
Bank Loans
|
|
|
Industrial
|
|
|
Technology
|
|
0.84 %
|
Communications - Telecommunications
|
|
0.80 %
|
Consumer Non-Cyclical
|
|
0.70 %
|
Capital Goods
|
|
0.56 %
|
Energy
|
|
0.48 %
|
Consumer Cyclical - Retailers
|
|
0.37 %
|
Other Industrial
|
|
0.32 %
|
Communications - Media
|
|
0.24 %
|
Consumer Cyclical - Other
|
|
0.15 %
|
Services
|
|
0.11 %
|
Consumer Cyclical - Restaurants
|
|
0.09 %
|
Consumer Cyclical - Automotive
|
|
0.05 %
|
SUBTOTAL
|
|
4.71 %
|
Financial Institutions
|
|
|
Insurance
|
|
0.28 %
|
Finance
|
|
0.03 %
|
SUBTOTAL
|
|
0.31 %
|
Utility
|
|
|
Electric
|
|
0.19 %
|
SUBTOTAL
|
|
0.19 %
|
SUBTOTAL
|
|
5.21 %
|
Emerging Markets - Corporate Bonds
|
|
|
Industrial
|
|
|
Basic
|
|
1.23 %
|
Consumer Cyclical - Other
|
|
0.78 %
|
Consumer Non-Cyclical
|
|
0.75 %
|
Energy
|
|
0.69 %
|
Capital Goods
|
|
0.44 %
|
Technology
|
|
0.20 %
|
Communications - Telecommunications
|
|
0.13 %
|
Communications - Media
|
|
0.10 %
|
Services
|
|
0.04 %
|
Transportation - Services
|
|
0.02 %
|
SUBTOTAL
|
|
4.38 %
|
Utility
|
|
|
Electric
|
|
0.59 %
|
SUBTOTAL
|
|
0.59 %
|
Financial Institutions
|
|
|
REITs
|
|
0.09 %
|
Banking
|
|
0.06 %
|
Insurance
|
|
0.04 %
|
Finance
|
|
0.02 %
|
Other Finance
|
|
0.01 %
|
SUBTOTAL
|
|
0.22 %
|
SUBTOTAL
|
|
5.19 %
|
Commercial Mortgage-Backed Securities
|
|
|
Credit Default Swaps
|
|
3.98 %
|
Non-Agency Fixed Rate CMBS
|
|
0.78 %
|
Non-Agency Floating Rate CMBS
|
|
0.03 %
|
SUBTOTAL
|
|
4.79 %
|
Collateralized Loan Obligations
|
|
|
CLO - Floating Rate
|
|
4.64 %
|
SUBTOTAL
|
|
4.64 %
|
Emerging Markets - Sovereigns
|
|
|
Emerging Markets - Sovereigns
|
|
3.72 %
|
Credit Default Swaps
|
|
0.27 %
|
SUBTOTAL
|
|
3.99 %
|
Global Governments
|
|
3.07 %
|
Total Return Swaps
|
|
1.43 %
|
Common Stocks
|
|
1.11 %
|
Quasi-Sovereigns
|
|
|
Quasi-Sovereign Bonds
|
|
0.73 %
|
SUBTOTAL
|
|
0.73 %
|
Local Governments - US Municipal Bonds
|
|
0.48 %
|
Inflation-Linked Securities
|
|
0.21 %
|
Preferred Stocks
|
|
|
Industrials
|
|
0.21 %
|
SUBTOTAL
|
|
0.21 %
|
Asset-Backed Securities
|
|
|
Autos - Fixed Rate
|
|
0.08 %
|
Other ABS - Fixed Rate
|
|
0.04 %
|
SUBTOTAL
|
|
0.12 %
|
Forward Currency Exchange Contracts
|
|
|
Currency Instruments
|
|
0.09 %
|
SUBTOTAL
|
|
0.09 %
|
Warrants
|
|
0.08 %
|
Reverse Repurchase Agreements
|
|
-3.83 %
|
Cash & Cash Equivalents
|
|
|
Cash
|
|
6.28 %
|
Funds and Investment Trusts
|
|
0.23 %
|
SUBTOTAL
|
|
6.51 %
|
Derivative Offsets
|
|
|
Futures Offsets
|
|
-13.11 %
|
Swap Offsets
|
|
-32.54 %
|
SUBTOTAL
|
|
-45.65 %
|
TOTAL
|
|
100.00 %
|
|
|
|
Country Breakdown
|
|
Portfolio %
|
United States
|
|
71.79 %
|
United Kingdom
|
|
3.63 %
|
France
|
|
2.30 %
|
Canada
|
|
1.97 %
|
Luxembourg
|
|
1.89 %
|
Germany
|
|
1.61 %
|
Brazil
|
|
1.56 %
|
Mexico
|
|
1.18 %
|
Spain
|
|
1.09 %
|
Italy
|
|
1.05 %
|
Dominican Republic
|
|
0.64 %
|
Switzerland
|
|
0.64 %
|
India
|
|
0.63 %
|
Sweden
|
|
0.58 %
|
Australia
|
|
0.56 %
|
Bahrain
|
|
0.53 %
|
Netherlands
|
|
0.53 %
|
Colombia
|
|
0.52 %
|
Israel
|
|
0.48 %
|
Hong Kong
|
|
0.46 %
|
Finland
|
|
0.45 %
|
Cote D'Ivoire
|
|
0.40 %
|
Macau
|
|
0.40 %
|
Oman
|
|
0.39 %
|
Nigeria
|
|
0.37 %
|
Angola
|
|
0.31 %
|
China
|
|
0.31 %
|
Peru
|
|
0.31 %
|
Senegal
|
|
0.27 %
|
Indonesia
|
|
0.25 %
|
Jersey (Channel Islands)
|
|
0.24 %
|
Gabon
|
|
0.21 %
|
Egypt
|
|
0.18 %
|
South Africa
|
|
0.17 %
|
Denmark
|
|
0.15 %
|
Ukraine
|
|
0.15 %
|
Zambia
|
|
0.15 %
|
Ghana
|
|
0.14 %
|
Argentina
|
|
0.13 %
|
Ecuador
|
|
0.13 %
|
Ireland
|
|
0.13 %
|
El Salvador
|
|
0.11 %
|
Japan
|
|
0.11 %
|
Turkey
|
|
0.11 %
|
Guatemala
|
|
0.08 %
|
Venezuela
|
|
0.08 %
|
Jamaica
|
|
0.07 %
|
Chile
|
|
0.05 %
|
Belgium
|
|
0.04 %
|
Bermuda
|
|
0.04 %
|
Kuwait
|
|
0.04 %
|
Morocco
|
|
0.04 %
|
Panama
|
|
0.04 %
|
Cayman Islands
|
|
0.02 %
|
Czech Republic
|
|
0.02 %
|
Norway
|
|
0.02 %
|
Trinidad and Tobago
|
|
0.02 %
|
Cash & Cash Equivalents
|
|
0.23 %
|
Total Investments
|
|
100.00 %
|
|
|
|
Net Currency Exposure Breakdown
|
|
Portfolio %
|
US Dollar
|
|
100.12 %
|
Canadian Dollar
|
|
0.11 %
|
Norwegian Krone
|
|
0.03 %
|
Argentine Peso
|
|
0.01 %
|
Indian Rupee
|
|
0.01 %
|
Polish Zloty
|
|
0.01 %
|
New Taiwan Dollar
|
|
0.01 %
|
Australian Dollar
|
|
-0.01 %
|
Chinese Yuan Renminbi (Offshore)
|
|
-0.01 %
|
Pound Sterling
|
|
-0.03 %
|
Colombian Peso
|
|
-0.12 %
|
Euro
|
|
-0.13 %
|
Total Net Assets
|
|
100.00 %
|
|
|
|
Credit Rating
|
|
Portfolio %
|
AAA
|
|
5.81 %
|
AA
|
|
0.44 %
|
A
|
|
1.01 %
|
BBB
|
|
13.23 %
|
BB
|
|
39.93 %
|
B
|
|
25.72 %
|
CCC
|
|
7.57 %
|
CC
|
|
0.16 %
|
C
|
|
0.10 %
|
D
|
|
0.01 %
|
Not Rated
|
|
4.56 %
|
Short Term Investments
|
|
0.23 %
|
Reverse Repurchase Agreements
|
|
-3.83 %
|
N/A
|
|
5.06 %
|
Total
|
|
100.00 %
|
|
|
|
Bonds by Maturity
|
|
Portfolio %
|
Less than 1 Year
|
|
1.84 %
|
1 To 5 Years
|
|
42.39 %
|
5 To 10 Years
|
|
46.98 %
|
10 To 20 Years
|
|
3.27 %
|
20 To 30 Years
|
|
3.32 %
|
More than 30 Years
|
|
1.01 %
|
Other
|
|
1.19 %
|
Total Net Assets
|
|
100.00 %
|
|
|
|
Portfolio Statistics:
|
|
|
Average Coupon:
|
|
7.47 %
|
Average Bond Price:
|
|
88.71
|
Percentage of Leverage(based on gross assets):
|
|
|
Bank Borrowing:
|
|
0.00 %
|
Investment Operations:*
|
|
33.77 %
|
Preferred Stock:
|
|
0.00 %
|
Tender Option Bonds:
|
|
0.00 %
|
VMTP Shares:
|
|
0.00 %
|
Total Fund Leverage:
|
|
33.77 %
|
Average Maturity:
|
|
6.54 Years
|
Effective Duration:
|
|
4.61 Years
|
Total Net Assets:
|
|
$925.00 Million
|
Net Asset Value:
|
|
$10.73
|
Total Number of Holdings:
|
|
1,617
|
Portfolio Turnover:
|
|
40.00 %
|
|
|
|
* 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.
|
|
|