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
0.64 %
3) Dominican Republic Intl Bond 8.625%, 04/20/27
0.62 %
4) CCO Holdings 4.75%, 02/01/32
0.59 %
5) Royal Caribbean Cruises 5.50%, 08/31/26 – 04/01/28
0.53 %
6) AMMC CLO 25 Ltd. 12.919%, 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) Carnival Holdings Bermuda 10.375%, 05/01/28
0.40 %
10) Altice France SA 5.125%, 01/15/29 – 07/15/29
0.39 %
Investment Type
Portfolio %
Corporates – Non-Investment Grade
Industrial
Energy
7.24 %
Consumer Non-Cyclical
6.84 %
Communications – Media
6.34 %
Capital Goods
4.50 %
Basic
3.78 %
Consumer Cyclical – Retailers
3.27 %
Services
3.27 %
Consumer Cyclical – Other
3.11 %
Consumer Cyclical – Automotive
2.65 %
Communications – Telecommunications
2.41 %
Consumer Cyclical – Entertainment
2.34 %
Technology
2.25 %
Transportation – Services
1.12 %
Transportation – Airlines
0.83 %
Other Industrial
0.41 %
Consumer Cyclical – Restaurants
0.25 %
SUBTOTAL
50.61 %
Credit Default Swaps
14.80 %
Financial Institutions
Finance
2.32 %
REITs
1.31 %
Insurance
0.94 %
Brokerage
0.83 %
Other Finance
0.37 %
Banking
0.36 %
SUBTOTAL
6.13 %
Utility
Electric
0.52 %
Natural Gas
0.07 %
SUBTOTAL
0.59 %
SUBTOTAL
72.13 %
Corporates – Investment Grade
Industrial
Consumer Cyclical – Automotive
2.15 %
Consumer Non-Cyclical
1.41 %
Energy
1.27 %
Communications – Media
1.02 %
Basic
0.89 %
Consumer Cyclical – Other
0.88 %
Capital Goods
0.57 %
Consumer Cyclical – Retailers
0.31 %
Transportation – Services
0.24 %
Communications – Telecommunications
0.09 %
Technology
0.07 %
Consumer Cyclical – Entertainment
0.06 %
Transportation – Airlines
0.05 %
Services
0.04 %
Transportation – Railroads
0.04 %
SUBTOTAL
9.09 %
Financial Institutions
Banking
6.51 %
Insurance
1.20 %
Finance
0.69 %
REITs
0.19 %
Brokerage
0.16 %
SUBTOTAL
8.75 %
Utility
Electric
1.21 %
Other Utility
0.05 %
SUBTOTAL
1.26 %
SUBTOTAL
19.10 %
Emerging Markets – Corporate Bonds
Industrial
Basic
1.52 %
Energy
1.05 %
Consumer Cyclical – Other
1.03 %
Consumer Non-Cyclical
0.78 %
Communications – Media
0.20 %
Capital Goods
0.18 %
Consumer Cyclical – Retailers
0.17 %
Communications – Telecommunications
0.13 %
Technology
0.07 %
Consumer Cyclical – Automotive
0.05 %
Transportation – Services
0.05 %
Services
0.04 %
SUBTOTAL
5.27 %
Utility
Electric
0.30 %
Other Utility
0.07 %
SUBTOTAL
0.37 %
Financial Institutions
Banking
0.09 %
Other Finance
0.02 %
SUBTOTAL
0.11 %
SUBTOTAL
5.75 %
Interest Rate Futures
4.04 %
Collateralized Loan Obligations
CLO – Floating Rate
3.81 %
SUBTOTAL
3.81 %
Bank Loans
Industrial
Consumer Non-Cyclical
0.54 %
Technology
0.48 %
Communications – Media
0.45 %
Communications – Telecommunications
0.37 %
Energy
0.36 %
Capital Goods
0.22 %
Other Industrial
0.20 %
Consumer Cyclical – Automotive
0.07 %
Consumer Cyclical – Retailers
0.05 %
Transportation – Airlines
0.03 %
Consumer Cyclical – Restaurants
0.02 %
SUBTOTAL
2.79 %
Financial Institutions
Insurance
0.33 %
Finance
0.02 %
SUBTOTAL
0.35 %
Utility
Electric
0.18 %
SUBTOTAL
0.18 %
SUBTOTAL
3.32 %
Collateralized Mortgage Obligations
Risk Share Floating Rate
2.25 %
Non-Agency Fixed Rate
0.33 %
Non-Agency Floating Rate
0.29 %
Agency Fixed Rate
0.23 %
SUBTOTAL
3.10 %
Emerging Markets – Sovereigns
Emerging Markets – Sovereigns
2.37 %
Credit Default Swaps
0.27 %
SUBTOTAL
2.64 %
Commercial Mortgage-Backed Securities
Credit Default Swaps
1.26 %
Non-Agency Fixed Rate CMBS
0.38 %
SUBTOTAL
1.64 %
U.S. Govt & Agency Securities
1.63 %
Quasi-Sovereigns
Quasi-Sovereign Bonds
1.03 %
SUBTOTAL
1.03 %
EM Government Agencies
0.50 %
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
0.25 %
Common Stocks
0.13 %
Preferred Stocks
Industrials
0.10 %
SUBTOTAL
0.10 %
Forward Currency Exchange Contracts
Currency Instruments
0.04 %
SUBTOTAL
0.04 %
Reverse Repurchase Agreements
-0.70 %
Cash & Cash Equivalents
Cash
0.86 %
Funds and Investment Trusts
0.27 %
SUBTOTAL
1.13 %
Derivative Offsets
Futures Offsets
-4.06 %
Swap Offsets
-16.40 %
SUBTOTAL
-20.46 %
TOTAL
100.00 %
Country Breakdown
Portfolio %
United States
68.17 %
United Kingdom
4.22 %
France
2.48 %
Canada
1.87 %
Germany
1.84 %
Spain
1.82 %
Brazil
1.43 %
Mexico
1.33 %
Luxembourg
1.29 %
Colombia
1.23 %
Australia
0.98 %
India
0.95 %
Italy
0.94 %
Dominican Republic
0.65 %
Israel
0.65 %
Chile
0.64 %
Switzerland
0.60 %
Macau
0.57 %
China
0.56 %
Nigeria
0.54 %
Hong Kong
0.52 %
Peru
0.52 %
Ireland
0.46 %
South Africa
0.42 %
Puerto Rico
0.39 %
Netherlands
0.37 %
Kazakhstan
0.36 %
Angola
0.33 %
Finland
0.32 %
Turkey
0.29 %
Zambia
0.26 %
El Salvador
0.25 %
Norway
0.25 %
Egypt
0.24 %
Indonesia
0.24 %
Slovenia
0.21 %
Ukraine
0.20 %
Argentina
0.18 %
Japan
0.18 %
Jersey (Channel Islands)
0.17 %
Panama
0.14 %
Czech Republic
0.11 %
Sweden
0.10 %
Guatemala
0.08 %
Malaysia
0.08 %
Venezuela
0.06 %
United Republic of Tanzania
0.05 %
Kuwait
0.04 %
Morocco
0.04 %
Romania
0.04 %
Trinidad and Tobago
0.04 %
Cayman Islands
0.03 %
Cash & Cash Equivalents
0.27 %
Total Investments
100.00 %
Net Currency Exposure Breakdown
Portfolio %
US Dollar
100.29 %
Canadian Dollar
0.19 %
Pound Sterling
0.09 %
Norwegian Krone
0.02 %
Brazilian Real
0.01 %
Indonesian Rupiah
0.01 %
Swiss Franc
-0.01 %
Czech Koruna
-0.01 %
Polish Zloty
-0.01 %
Swedish Krona
-0.01 %
Singapore Dollar
-0.01 %
Colombian Peso
-0.14 %
Euro
-0.42 %
Total Net Assets
100.00 %
Credit Rating
Portfolio %
AAA
1.12 %
AA
0.41 %
A
3.05 %
BBB
18.53 %
BB
42.82 %
B
21.63 %
CCC
7.84 %
CC
0.39 %
C
0.08 %
D
0.09 %
Not Rated
2.60 %
Short Term Investments
0.27 %
Reverse Repurchase Agreements
-0.71 %
N/A
1.88 %
Total
100.00 %
Bonds by Maturity
Portfolio %
Less than 1 Year
4.15 %
1 To 5 Years
59.86 %
5 To 10 Years
30.03 %
10 To 20 Years
3.26 %
20 To 30 Years
1.34 %
More than 30 Years
1.23 %
Other
0.13 %
Total Net Assets
100.00 %
Portfolio Statistics:
Average Coupon:
7.63 %
Average Bond Price:
93.99
Percentage of Leverage(based on gross assets):
Bank Borrowing:
0.00 %
Investment Operations:*
17.23 %
Preferred Stock:
0.00 %
Tender Option Bonds:
0.00 %
VMTP Shares:
0.00 %
Total Fund Leverage:
17.23 %
Average Maturity:
5.63 Years
Effective Duration:
3.40 Years
Total Net Assets:
$956.23 Million
Net Asset Value:
$11.09
Total Number of Holdings:
1,343
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.