AllianceBernstein Closed-End Funds Announce Distribution Rates

Top 10 Fixed-Income Holdings

Portfolio %

1) U.S. Treasury Notes  2.25%, 2/15/27 

1.80%

2) U.S. Treasury Notes  2.875%, 8/15/28 

1.27%

3) CCO Holdings LLC/CCO Holdings Capital Corp.  4.50%, 8/15/30 - 6/01/33 

0.70%

4) Dominican Republic International Bond  8.625%, 4/20/27 

0.62%

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

0.59%

6) Altice France SA/France  5.125%, 7/15/29 

0.56%

7) Altice Financing SA  5.75%, 8/15/29 

0.51%

8) Argentine Republic Government International Bond  1.125%, 7/09/35 

0.50%

9) Royal Caribbean Cruises Ltd.  5.50%, 8/31/26 - 4/01/28 

0.48%

10) Nigeria Government International Bond  7.625%, 11/21/25 - 11/28/47 

0.47%

Investment Type

Portfolio %

Corporates - Non-Investment Grade

Industrial

Energy

6.84%

Communications - Media

5.77%

Consumer Non-Cyclical

5.27%

Services

3.47%

Basic

3.10%

Communications - Telecommunications

2.99%

Consumer Cyclical - Automotive

2.93%

Technology

2.79%

Consumer Cyclical - Other

2.70%

Capital Goods

2.63%

Consumer Cyclical - Entertainment

2.38%

Consumer Cyclical - Retailers

2.19%

Consumer Cyclical - Restaurants

0.65%

Transportation - Services

0.53%

Transportation - Airlines

0.47%

Other Industrial

0.18%

SUBTOTAL

44.89%

Credit Default Swaps

21.72%

SUBTOTAL

21.72%

Financial Institutions

Banking

2.23%

Finance

1.69%

REITS

1.26%

Insurance

0.89%

Brokerage

0.29%

Other Finance

0.24%

SUBTOTAL

6.60%

Utility

Electric

1.01%

Other Utility

0.14%

SUBTOTAL

1.15%

SUBTOTAL

74.36%

Corporates - Investment Grade

Financial Institutions

Banking

3.59%

Insurance

1.69%

Finance

0.57%

Brokerage

0.12%

REITS

0.12%

Other Finance

0.02%

SUBTOTAL

6.11%

Industrial

Basic

0.94%

Communications - Telecommunications

0.75%

Consumer Cyclical - Other

0.55%

Energy

0.50%

Consumer Non-Cyclical

0.49%

Transportation - Airlines

0.43%

Technology

0.32%

Capital Goods

0.21%

Other Industrial

0.17%

Consumer Cyclical - Automotive

0.11%

Communications - Media

0.05%

Consumer Cyclical - Retailers

0.04%

Services

0.02%

SUBTOTAL

4.58%

SUBTOTAL

10.69%

Collateralized Mortgage Obligations

Risk Share Floating Rate

6.30%

Non-Agency Fixed Rate

0.49%

Non-Agency Floating Rate

0.43%

Agency Fixed Rate

0.37%

SUBTOTAL

7.59%

Emerging Markets - Sovereigns

Emerging Markets - Sovereigns

7.20%

Credit Default Swaps

0.23%

SUBTOTAL

7.43%

Commercial Mortgage-Backed Securities

Credit Default Swaps

4.02%

Non-Agency Fixed Rate CMBS

1.02%

Non-Agency Floating Rate CMBS

0.02%

SUBTOTAL

5.06%

Emerging Markets - Corporate Bonds

Industrial

Basic

1.57%

Energy

0.76%

Consumer Cyclical - Other

0.62%

Communications - Telecommunications

0.40%

Capital Goods

0.34%

Consumer Non-Cyclical

0.16%

Communications - Media

0.07%

Services

0.03%

SUBTOTAL

3.95%

Utility

Electric

0.36%

SUBTOTAL

0.36%

Financial Institutions

REITS

0.13%

Banking

0.05%

Insurance

0.04%

Other Finance

0.02%

Finance

0.02%

SUBTOTAL

0.26%

SUBTOTAL

4.57%

Interest Rate Futures

4.55%

Bank Loans

Industrial

Consumer Non-Cyclical

0.86%

Communications - Telecommunications

0.71%

Technology

0.63%

Capital Goods

0.54%

Energy

0.26%

Consumer Cyclical - Retailers

0.24%

Communications - Media

0.21%

Consumer Cyclical - Other

0.20%

Services

0.18%

Other Industrial

0.17%

Consumer Cyclical - Restaurants

0.07%

Consumer Cyclical - Automotive

0.04%

SUBTOTAL

4.11%

Financial Institutions

Insurance

0.22%

SUBTOTAL

0.22%

Utility

Electric

0.22%

SUBTOTAL

0.22%

SUBTOTAL

4.55%

Global Governments

3.91%

Collateralized Loan Obligations

CLO - Floating Rate

1.83%

SUBTOTAL

1.83%

Common Stocks

1.80%

Quasi-Sovereigns

Quasi-Sovereign Bonds

1.35%

SUBTOTAL

1.35%

Total Return Swaps

0.95%

Asset-Backed Securities

Other ABS - Fixed Rate

0.25%

Home Equity Loans - Fixed Rate

0.21%

Autos - Fixed Rate

0.17%

Home Equity Loans - Floating Rate

0.01%

SUBTOTAL

0.64%

Local Governments - US Municipal Bonds

0.47%

Preferred Stocks

Industrial

0.34%

Financial Institutions

0.10%

SUBTOTAL

0.44%

Inflation-Linked Securities

0.23%

Warrants

0.05%

Currency Instruments

Forward Currency Exchange Contracts

0.01%

SUBTOTAL

0.01%

Reverse Repurchase Agreements

-0.06%

Net Cash Equivalents

Investment Companies

1.48%

Cash

0.71%

Foreign Currency

-0.02%

SUBTOTAL

2.17%

Derivative Offsets

Futures Offsets

-4.53%

Swaps Offsets

-28.06%

SUBTOTAL

-32.59%

Total

100.00%

Country Breakdown

Portfolio %

United States

72.27%

United Kingdom

2.84%

Canada

2.21%

Luxembourg

1.52%

France

1.48%

Mexico

1.43%

Brazil

1.24%

Spain

0.94%

Switzerland

0.85%

Argentina

0.82%

Nigeria

0.80%

Egypt

0.74%

Ukraine

0.72%

Germany

0.72%

Bahrain

0.67%

Dominican Republic

0.63%

Italy

0.58%

Ivory Coast

0.57%

Zambia

0.52%

Colombia

0.51%

Oman

0.51%

Finland

0.48%

Sweden

0.44%

Ghana

0.40%

Netherlands

0.40%

Angola

0.40%

China

0.38%

Senegal

0.36%

Macau

0.36%

Gabon

0.34%

Australia

0.30%

Jersey (Channel Islands)

0.30%

El Salvador

0.27%

Turkey

0.26%

Jamaica

0.25%

Indonesia

0.24%

Hong Kong

0.24%

Israel

0.23%

Peru

0.23%

India

0.20%

Ecuador

0.18%

Bermuda

0.17%

South Africa

0.15%

Denmark

0.13%

Chile

0.13%

Japan

0.11%

Panama

0.10%

Trinidad & Tobago

0.09%

Venezuela

0.07%

Ireland

0.07%

Kuwait

0.04%

Morocco

0.04%

Cayman Islands

0.02%

Belgium

0.02%

Czech Republic

0.02%

Norway

0.01%

Total Investments

100.00%

Net Currency Exposure Breakdown

Portfolio %

United States Dollar

100.48%

Canadian Dollar

0.11%

Great British Pound

0.02%

Argentine Peso

0.01%

Indian Rupee

0.01%

Malaysian Ringgit

0.01%

Norwegian Krone

0.01%

Polish Zloty

0.01%

Russian Rubles

0.01%

Brazilian Real

-0.01%

Chinese Yuan Renminbi (Offshore)

-0.01%

Japanese Yen

-0.01%

New Zealand Dollar

-0.01%

Colombian Peso

-0.10%

Euro

-0.53%

Total Net Assets

100.00%

Credit Rating

Portfolio %

AAA

3.19%

AA

0.31%

A

0.82%

BBB

14.97%

BB

33.79%

B

27.07%

CCC

8.73%

CC

0.21%

C

0.14%

D

0.21%

Not Rated

4.86%

Short Term Investments

1.48%

Reverse Repurchase Agreements

-0.06%

N/A

4.28%

Total

100.00%

Bonds By Maturity

Portfolio %

Less than 1 year

9.42%

1 to 5 years

54.96%

5 to 10 years

24.62%

10 to 20 years

5.42%

20 to 30 years

3.49%

More Than 30 years

0.24%

Other

1.85%

Total Net Assets

100.00%

Portfolio Statistics:

Average Coupon:

6.98%

Average Bond Price:

104.08

Percentage of Leverage(based on gross assets):

Bank Borrowing:

0.00%

Investment Operations:

27.32%

Preferred stock:

0.00%

Tender Option Bonds:

0.00%

VMTP Shares:

0.00%

Total Fund Leverage:

27.32%

Average Maturity:

5.35  Years

Effective Duration:

4.38  Years

Total Net Assets:

$1,129.28 Million

Net Asset Value:

$13.10

Number of Holdings:

1563

Portfolio Turnover:

51%

* 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.