|
|
|
|
Top 10 Fixed-Income Holdings
|
|
Portfolio %
|
|
1) U.S. Treasury Notes 2.25%, 02/15/27
|
|
1.07 %
|
|
2) CCO Holdings 4.50%, 08/15/30 - 06/01/33
|
|
0.65 %
|
|
3) Dominican Republic Intl Bond 8.625%, 04/20/27
|
|
0.62 %
|
|
4) CCO Holdings 4.75%, 02/01/32
|
|
0.60 %
|
|
5) Royal Caribbean Cruises 5.50%, 08/31/26 - 04/01/28
|
|
0.53 %
|
|
6) AMMC CLO 25 Ltd. 12.079%, 04/15/35
|
|
0.52 %
|
|
7) Palmer Square CLO Ltd. 11.74%, 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
|
|
0.39 %
|
|
10) Balboa Bay Loan Funding 13.255%, 04/20/34
|
|
0.38 %
|
|
|
|
|
Investment Type
|
|
Portfolio %
|
|
Corporates - Non-Investment Grade
|
|
|
|
Industrial
|
|
|
|
Energy
|
|
7.24 %
|
|
Consumer Non-Cyclical
|
|
6.84 %
|
|
Communications - Media
|
|
6.83 %
|
|
Capital Goods
|
|
4.25 %
|
|
Basic
|
|
3.83 %
|
|
Consumer Cyclical - Other
|
|
3.05 %
|
|
Consumer Cyclical - Retailers
|
|
2.86 %
|
|
Consumer Cyclical - Automotive
|
|
2.74 %
|
|
Services
|
|
2.51 %
|
|
Communications - Telecommunications
|
|
2.49 %
|
|
Technology
|
|
2.02 %
|
|
Consumer Cyclical - Entertainment
|
|
1.67 %
|
|
Transportation - Services
|
|
1.16 %
|
|
Transportation - Airlines
|
|
0.83 %
|
|
Consumer Cyclical - Restaurants
|
|
0.46 %
|
|
Other Industrial
|
|
0.35 %
|
|
SUBTOTAL
|
|
49.13 %
|
|
Credit Default Swaps
|
|
14.64 %
|
|
Financial Institutions
|
|
|
|
Finance
|
|
2.00 %
|
|
REITs
|
|
1.27 %
|
|
Insurance
|
|
1.00 %
|
|
Brokerage
|
|
0.88 %
|
|
Other Finance
|
|
0.66 %
|
|
Banking
|
|
0.35 %
|
|
SUBTOTAL
|
|
6.16 %
|
|
Utility
|
|
|
|
Electric
|
|
0.50 %
|
|
Natural Gas
|
|
0.06 %
|
|
SUBTOTAL
|
|
0.56 %
|
|
SUBTOTAL
|
|
70.49 %
|
|
Corporates - Investment Grade
|
|
|
|
Industrial
|
|
|
|
Consumer Cyclical - Automotive
|
|
2.15 %
|
|
Consumer Non-Cyclical
|
|
1.32 %
|
|
Energy
|
|
1.32 %
|
|
Communications - Media
|
|
1.03 %
|
|
Basic
|
|
0.95 %
|
|
Consumer Cyclical - Other
|
|
0.86 %
|
|
Capital Goods
|
|
0.63 %
|
|
Consumer Cyclical - Retailers
|
|
0.33 %
|
|
Consumer Cyclical - Entertainment
|
|
0.26 %
|
|
Transportation - Services
|
|
0.24 %
|
|
Communications - Telecommunications
|
|
0.09 %
|
|
Transportation - Airlines
|
|
0.09 %
|
|
Technology
|
|
0.08 %
|
|
Other Industrial
|
|
0.07 %
|
|
Transportation - Railroads
|
|
0.04 %
|
|
Services
|
|
0.03 %
|
|
SUBTOTAL
|
|
9.49 %
|
|
Financial Institutions
|
|
|
|
Banking
|
|
6.39 %
|
|
Insurance
|
|
1.20 %
|
|
Finance
|
|
0.65 %
|
|
REITs
|
|
0.20 %
|
|
Brokerage
|
|
0.16 %
|
|
SUBTOTAL
|
|
8.60 %
|
|
Utility
|
|
|
|
Electric
|
|
1.24 %
|
|
Other Utility
|
|
0.05 %
|
|
SUBTOTAL
|
|
1.29 %
|
|
SUBTOTAL
|
|
19.38 %
|
|
Emerging Markets - Corporate Bonds
|
|
|
|
Industrial
|
|
|
|
Basic
|
|
1.56 %
|
|
Energy
|
|
1.05 %
|
|
Consumer Cyclical - Other
|
|
0.93 %
|
|
Consumer Non-Cyclical
|
|
0.73 %
|
|
Communications - Media
|
|
0.20 %
|
|
Capital Goods
|
|
0.18 %
|
|
Consumer Cyclical - Retailers
|
|
0.18 %
|
|
Communications - Telecommunications
|
|
0.13 %
|
|
Consumer Cyclical - Automotive
|
|
0.05 %
|
|
Transportation - Services
|
|
0.05 %
|
|
Services
|
|
0.04 %
|
|
SUBTOTAL
|
|
5.10 %
|
|
Utility
|
|
|
|
Electric
|
|
0.38 %
|
|
Other Utility
|
|
0.07 %
|
|
SUBTOTAL
|
|
0.45 %
|
|
Financial Institutions
|
|
|
|
Banking
|
|
0.12 %
|
|
Other Finance
|
|
0.02 %
|
|
SUBTOTAL
|
|
0.14 %
|
|
SUBTOTAL
|
|
5.69 %
|
|
Interest Rate Futures
|
|
4.00 %
|
|
Collateralized Loan Obligations
|
|
|
|
CLO - Floating Rate
|
|
3.63 %
|
|
SUBTOTAL
|
|
3.63 %
|
|
Bank Loans
|
|
|
|
Industrial
|
|
|
|
Consumer Non-Cyclical
|
|
0.54 %
|
|
Communications - Media
|
|
0.44 %
|
|
Technology
|
|
0.43 %
|
|
Communications - Telecommunications
|
|
0.37 %
|
|
Energy
|
|
0.36 %
|
|
Capital Goods
|
|
0.22 %
|
|
Other Industrial
|
|
0.19 %
|
|
Consumer Cyclical - Retailers
|
|
0.05 %
|
|
Transportation - Airlines
|
|
0.03 %
|
|
Consumer Cyclical - Restaurants
|
|
0.02 %
|
|
SUBTOTAL
|
|
2.65 %
|
|
Financial Institutions
|
|
|
|
Insurance
|
|
0.33 %
|
|
Finance
|
|
0.02 %
|
|
SUBTOTAL
|
|
0.35 %
|
|
Utility
|
|
|
|
Electric
|
|
0.18 %
|
|
SUBTOTAL
|
|
0.18 %
|
|
SUBTOTAL
|
|
3.18 %
|
|
Collateralized Mortgage Obligations
|
|
|
|
Risk Share Floating Rate
|
|
2.26 %
|
|
Non-Agency Fixed Rate
|
|
0.32 %
|
|
Non-Agency Floating Rate
|
|
0.29 %
|
|
Agency Fixed Rate
|
|
0.23 %
|
|
SUBTOTAL
|
|
3.10 %
|
|
Emerging Markets - Sovereigns
|
|
|
|
Emerging Markets - Sovereigns
|
|
2.27 %
|
|
Credit Default Swaps
|
|
0.27 %
|
|
SUBTOTAL
|
|
2.54 %
|
|
U.S. Govt & Agency Securities
|
|
1.65 %
|
|
Commercial Mortgage-Backed Securities
|
|
|
|
Credit Default Swaps
|
|
1.26 %
|
|
Non-Agency Fixed Rate CMBS
|
|
0.38 %
|
|
SUBTOTAL
|
|
1.64 %
|
|
Quasi-Sovereigns
|
|
|
|
Quasi-Sovereign Bonds
|
|
1.03 %
|
|
SUBTOTAL
|
|
1.03 %
|
|
EM Government Agencies
|
|
0.48 %
|
|
Local Governments - US Municipal Bonds
|
|
0.41 %
|
|
Asset-Backed Securities
|
|
|
|
Other ABS - Floating Rate
|
|
0.30 %
|
|
Autos - Fixed Rate
|
|
0.08 %
|
|
Other ABS - Fixed Rate
|
|
0.03 %
|
|
SUBTOTAL
|
|
0.41 %
|
|
Inflation-Linked Securities
|
|
0.24 %
|
|
Common Stocks
|
|
0.12 %
|
|
Preferred Stocks
|
|
|
|
Industrials
|
|
0.10 %
|
|
SUBTOTAL
|
|
0.10 %
|
|
Forward Currency Exchange Contracts
|
|
|
|
Currency Instruments
|
|
0.05 %
|
|
SUBTOTAL
|
|
0.05 %
|
|
Reverse Repurchase Agreements
|
|
-0.89 %
|
|
Cash & Cash Equivalents
|
|
|
|
Cash
|
|
1.79 %
|
|
Funds and Investment Trusts
|
|
1.35 %
|
|
SUBTOTAL
|
|
3.14 %
|
|
Derivative Offsets
|
|
|
|
Futures Offsets
|
|
-4.00 %
|
|
Swap Offsets
|
|
-16.39 %
|
|
SUBTOTAL
|
|
-20.39 %
|
|
TOTAL
|
|
100.00 %
|
|
|
|
|
Country Breakdown
|
|
Portfolio %
|
|
United States
|
|
66.99 %
|
|
United Kingdom
|
|
4.24 %
|
|
France
|
|
2.60 %
|
|
Canada
|
|
2.01 %
|
|
Germany
|
|
1.88 %
|
|
Spain
|
|
1.77 %
|
|
Brazil
|
|
1.35 %
|
|
Mexico
|
|
1.34 %
|
|
Luxembourg
|
|
1.25 %
|
|
Colombia
|
|
1.22 %
|
|
Australia
|
|
0.99 %
|
|
Italy
|
|
0.97 %
|
|
India
|
|
0.94 %
|
|
Israel
|
|
0.70 %
|
|
Chile
|
|
0.68 %
|
|
Dominican Republic
|
|
0.65 %
|
|
China
|
|
0.56 %
|
|
Macau
|
|
0.56 %
|
|
Switzerland
|
|
0.54 %
|
|
Hong Kong
|
|
0.53 %
|
|
Nigeria
|
|
0.53 %
|
|
Peru
|
|
0.53 %
|
|
Ireland
|
|
0.44 %
|
|
South Africa
|
|
0.43 %
|
|
Netherlands
|
|
0.41 %
|
|
Puerto Rico
|
|
0.39 %
|
|
Kazakhstan
|
|
0.36 %
|
|
Angola
|
|
0.32 %
|
|
Finland
|
|
0.32 %
|
|
Turkey
|
|
0.32 %
|
|
Zambia
|
|
0.26 %
|
|
El Salvador
|
|
0.25 %
|
|
Norway
|
|
0.25 %
|
|
Indonesia
|
|
0.24 %
|
|
Egypt
|
|
0.23 %
|
|
Slovenia
|
|
0.21 %
|
|
Ukraine
|
|
0.21 %
|
|
Japan
|
|
0.18 %
|
|
Jersey (Channel Islands)
|
|
0.17 %
|
|
Panama
|
|
0.14 %
|
|
Argentina
|
|
0.10 %
|
|
Sweden
|
|
0.10 %
|
|
Guatemala
|
|
0.08 %
|
|
Malaysia
|
|
0.08 %
|
|
Venezuela
|
|
0.06 %
|
|
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
|
|
1.36 %
|
|
Total Investments
|
|
100.00 %
|
|
|
|
|
Net Currency Exposure Breakdown
|
|
Portfolio %
|
|
US Dollar
|
|
100.16 %
|
|
Canadian Dollar
|
|
0.20 %
|
|
Pound Sterling
|
|
0.10 %
|
|
Brazilian Real
|
|
0.01 %
|
|
Indonesian Rupiah
|
|
0.01 %
|
|
Norwegian Krone
|
|
0.01 %
|
|
Australian Dollar
|
|
-0.01 %
|
|
Czech Koruna
|
|
-0.01 %
|
|
New Zealand Dollar
|
|
-0.01 %
|
|
Polish Zloty
|
|
-0.01 %
|
|
Singapore Dollar
|
|
-0.01 %
|
|
Colombian Peso
|
|
-0.13 %
|
|
Euro
|
|
-0.31 %
|
|
Total Net Assets
|
|
100.00 %
|
|
|
|
|
Credit Rating
|
|
Portfolio %
|
|
AAA
|
|
1.62 %
|
|
AA
|
|
0.33 %
|
|
A
|
|
3.23 %
|
|
BBB
|
|
18.56 %
|
|
BB
|
|
41.64 %
|
|
B
|
|
20.51 %
|
|
CCC
|
|
8.14 %
|
|
CC
|
|
0.39 %
|
|
C
|
|
0.07 %
|
|
D
|
|
0.09 %
|
|
Not Rated
|
|
2.66 %
|
|
Short Term Investments
|
|
1.35 %
|
|
Reverse Repurchase Agreements
|
|
-0.90 %
|
|
N/A
|
|
2.31 %
|
|
Total
|
|
100.00 %
|
|
|
|
|
Bonds by Maturity
|
|
Portfolio %
|
|
Less than 1 Year
|
|
6.29 %
|
|
1 To 5 Years
|
|
59.34 %
|
|
5 To 10 Years
|
|
28.70 %
|
|
10 To 20 Years
|
|
3.23 %
|
|
20 To 30 Years
|
|
1.08 %
|
|
More than 30 Years
|
|
1.24 %
|
|
Other
|
|
0.12 %
|
|
Total Net Assets
|
|
100.00 %
|
|
|
|
|
Portfolio Statistics:
|
|
|
|
Average Coupon:
|
|
7.48 %
|
|
Average Bond Price:
|
|
94.25
|
|
Percentage of Leverage(based on gross assets):
|
|
|
|
Bank Borrowing:
|
|
0.00 %
|
|
Investment Operations:*
|
|
16.76 %
|
|
Preferred Stock:
|
|
0.00 %
|
|
Tender Option Bonds:
|
|
0.00 %
|
|
VMTP Shares:
|
|
0.00 %
|
|
Total Fund Leverage:
|
|
16.76 %
|
|
Average Maturity:
|
|
5.46 Years
|
|
Effective Duration:
|
|
3.29 Years
|
|
Total Net Assets:
|
|
$956.89 Million
|
|
Net Asset Value:
|
|
$11.10
|
|
Total Number of Holdings:
|
|
1,312
|
|
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.
|