Edgar Filing: ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND INC

AllianceBernstein Global High Income Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07732

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND, INC.

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas, New York, New York 10105

(Address of principal executive offices) (Zip code)

Joseph J. Mantineo

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 221-5672

Date of fiscal year end: March 31, 2011

Date of reporting period: June 30, 2011

ITEM 1.

SCHEDULE OF INVESTMENTS.

AllianceBernstein Global High Income Fund

Portfolio of Investments

June 30, 2011 (unaudited)


	Principal Amount (000)		U.S. $ Value
CORPORATES - NON-INVESTMENT GRADES - 56.4%
Industrial - 48.1%
Basic - 4.6%
AK Steel Corp.
7.625%, 5/15/20	U.S.$	1,505	$	1,542,625
Aleris International, Inc.
7.625%, 2/15/18 (a)		2,500		2,493,750
Appleton Papers, Inc.
10.50%, 6/15/15 (a)		1,300		1,355,250
Arch Coal, Inc.
7.00%, 6/15/19 (a)		693		691,268
7.25%, 6/15/21 (a)		1,156		1,157,445
Boise Paper Holdings LLC/Boise Finance Co.
9.00%, 11/01/17		1,100		1,196,250
Calcipar SA
6.875%, 5/01/18 (a)		735		736,838
Celanese US Holdings LLC
6.625%, 10/15/18		408		430,440
CF Industries, Inc.
7.125%, 5/01/20		900		1,047,375
Consol Energy, Inc.
8.25%, 4/01/20		2,175		2,370,750
FMG Resources August 2006 Pty Ltd.
7.00%, 11/01/15 (a)		1,250		1,275,000
Georgia Gulf Corp.
10.75%, 10/15/16		1,500		1,567,500
Georgia-Pacific LLC
8.875%, 5/15/31		366		462,405
Graphic Packaging International, Inc.
7.875%, 10/01/18		899		952,940
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC
4.761%, 11/15/14 (b)		938		881,720
Huntsman International LLC
8.625%, 3/15/21		2,060		2,240,250
Ineos Group Holdings PLC
8.50%, 2/15/16 (a)		3,551		3,506,612
James River Escrow, Inc.
7.875%, 4/01/19 (a)		251		248,490
JMC Steel Group
8.25%, 3/15/18 (a)		722		732,830
Kerling PLC
10.625%, 2/01/17 (a)	EUR	1,492		2,288,032
Kinove German Bondco GmbH
9.625%, 6/15/18 (a)	U.S.$	942		982,035
MacDermid, Inc.
9.50%, 4/15/17 (a)		1,800		1,872,000
Momentive Performance Materials, Inc.
11.50%, 12/01/16		750		798,750
Nalco Co.
6.625%, 1/15/19 (a)		750		768,750
NewMarket Corp.
7.125%, 12/15/16		988		1,032,460


	Principal Amount (000)		U.S. $ Value
NewPage Corp.
10.00%, 5/01/12 (c)	U.S.$	735	$	220,500
11.375%, 12/31/14 (c)		1,650		1,538,625
Norske Skogindustrier ASA
7.00%, 6/26/17	EUR	988		1,074,561
Nova Chemicals Corp.
8.625%, 11/01/19	U.S.$	1,426		1,588,208
Omnova Solutions, Inc.
7.875%, 11/01/18 (a)		1,833		1,761,971
Polymer Group, Inc.
7.75%, 2/01/19 (a)		3,500		3,508,750
Polypore International, Inc.
7.50%, 11/15/17		940		994,050
Rain CII Carbon LLC/CII Carbon Corp.
8.00%, 12/01/18 (a)		1,345		1,432,425
Rhodia SA
4.077%, 10/15/13 (a)(b)	EUR	428		620,718
Smurfit Kappa Acquisitions
7.75%, 11/15/19 (a)		1,535		2,298,325
Solutia, Inc.
7.875%, 3/15/20	U.S.$	928		992,960
Steel Dynamics, Inc.
7.625%, 3/15/20		1,200		1,269,000
7.75%, 4/15/16		1,150		1,207,500
TPC Group LLC
8.25%, 10/01/17 (a)		2,107		2,186,012
United States Steel Corp.
6.65%, 6/01/37		1,137		997,718
7.375%, 4/01/20 (c)		700		719,250
Verso Paper Holdings LLC/Verso Paper, Inc.
8.75%, 2/01/19 (a)		900		801,000
Series B
11.375%, 8/01/16 (c)		2,100		1,947,750
Westvaco Corp.
7.95%, 2/15/31		1,000		1,081,387
Weyerhaeuser Co.
7.375%, 3/15/32		1,790		1,862,729

				60,735,204

Capital Goods - 5.6%
Alion Science and Technology Corp.
12.00%, 11/01/14 (d)		920		945,384
Alliant Techsystems, Inc.
6.875%, 9/15/20		521		541,840
Ardagh Glass Finance PLC
8.75%, 2/01/20 (a)	EUR	860		1,256,482
Ardagh Packaging Finance PLC
7.375%, 10/15/17 (a)	U.S.$	230		236,900
9.25%, 10/15/20 (a)	EUR	427		631,598
Associated Materials LLC
9.125%, 11/01/17 (a)	U.S.$	944		941,640
BE Aerospace, Inc.
6.875%, 10/01/20		1,236		1,294,710
Berry Plastics Corp.


	Principal Amount (000)		U.S. $ Value
9.75%, 1/15/21	U.S.$	1,525	$	1,475,437
10.25%, 3/01/16		800		778,000
Bombardier, Inc.
7.75%, 3/15/20 (a)		1,266		1,424,250
Building Materials Corp. of America
7.00%, 2/15/20 (a)		985		1,031,788
7.50%, 3/15/20 (a)		849		893,573
Case New Holland, Inc.
7.875%, 12/01/17 (a)		1,393		1,532,300
Clondalkin Industries BV
8.00%, 3/15/14 (a)	EUR	1,312		1,807,467
CNH America LLC
7.25%, 1/15/16	U.S.$	1,775		1,932,531
CPI International Acquisition, Inc.
8.00%, 2/15/18 (a)		1,233		1,155,937
Crown European Holdings SA
7.125%, 8/15/18 (a)	EUR	305		453,353
Graham Packaging Co. LP/GPC Capital Corp. I
8.25%, 10/01/18	U.S.$	800		890,000
Griffon Corp.
7.125%, 4/01/18 (a)		718		720,693
Grohe Holding GmbH
8.625%, 10/01/14 (a)	EUR	2,602		3,788,383
HeidelbergCement Finance BV
8.50%, 10/31/19		1,330		2,155,322
Huntington Ingalls Industries, Inc.
6.875%, 3/15/18 (a)	U.S.$	640		656,000
7.125%, 3/15/21 (a)		632		654,120
IFCO Systems NV
10.00%, 6/30/16 (a)	EUR	1,200		2,101,057
KUKA AG
8.75%, 11/15/17 (a)		1,038		1,614,537
Manitowoc Co., Inc. (The)
8.50%, 11/01/20	U.S.$	2,168		2,314,340
Masco Corp.
6.125%, 10/03/16		1,825		1,874,726
Nordenia Holdings AG
9.75%, 7/15/17	EUR	1,206		1,909,201
Nortek, Inc.
8.50%, 4/15/21 (a)	U.S.$	3,269		3,023,825
Obrascon Huarte Lain SA
7.375%, 4/28/15	EUR	500		721,450
OI European Group BV
6.75%, 9/15/20 (a)		1,000		1,442,899
Plastipak Holdings, Inc.
8.50%, 12/15/15 (a)	U.S.$	2,325		2,383,125
Ply Gem Industries, Inc.
8.25%, 2/15/18 (a)(c)		2,650		2,510,875
Pregis Corp.
6.327%, 4/15/13 (b)	EUR	1,100		1,531,358
RBS Global, Inc./Rexnord LLC
8.50%, 5/01/18	U.S.$	1,900		2,006,875


	Principal Amount (000)		U.S. $ Value
11.75%, 8/01/16 (c)	U.S.$	700	$	740,250
Rexam PLC
6.75%, 6/29/67	EUR	2,020		2,841,424
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
8.75%, 5/15/18 (a)	U.S.$	1,800		1,768,500
9.00%, 4/15/19 (a)		1,153		1,138,588
RSC Equipment Rental Inc/RSC Holdings III LLC
8.25%, 2/01/21		650		646,750
10.25%, 11/15/19		2,400		2,628,000
Sequa Corp.
11.75%, 12/01/15 (a)		2,320		2,517,200
Terex Corp.
8.00%, 11/15/17		1,323		1,356,075
Textron Financial Corp.
6.00%, 2/15/67 (a)		575		491,625
TransDigm, Inc.
7.75%, 12/15/18 (a)		2,600		2,730,000
United Rentals North America, Inc.
8.375%, 9/15/20		3,086		3,124,575
USG Corp.
6.30%, 11/15/16		797		701,360
Wienerberger AG
6.50%, 12/31/49	EUR	1,100		1,403,745

				72,720,068

Communications - Media - 4.9%
Allbritton Communications Co.
8.00%, 5/15/18	U.S.$	2,955		3,006,712
CCH II LLC/CCH II Capital Corp.
13.50%, 11/30/16		1,500		1,766,250
CCO Holdings LLC/CCO Holdings Capital Corp.
7.00%, 1/15/19 (a)		250		256,875
7.00%, 1/15/19		250		257,500
7.25%, 10/30/17		600		621,750
Cengage Learning Acquisitions, Inc.
10.50%, 1/15/15 (a)		2,575		2,330,375
Cequel Communications Holdings I LLC and Cequel Capital Corp.
8.625%, 11/15/17 (a)		2,345		2,438,800
Charter Communications Operating LLC/Charter Communications Operating Capital
8.00%, 4/30/12 (a)		1,096		1,139,788
Citadel Broadcasting Corp.
7.75%, 12/15/18 (a)		1,035		1,099,688
Clear Channel Communications, Inc.
5.75%, 1/15/13		1,500		1,466,250
9.00%, 3/01/21 (a)		1,166		1,116,445
10.75%, 8/01/16		1,507		1,360,068
Clear Channel Worldwide Holdings, Inc.
9.25%, 12/15/17		65		70,688
Series B
9.25%, 12/15/17		2,058		2,243,220


	Principal Amount (000)		U.S. $ Value
Crown Media Holdings, Inc.
10.50%, 7/15/19 (a)	U.S.$	1,256	$	1,256,000
CSC Holdings LLC
6.75%, 4/15/12		42		43,208
7.625%, 7/15/18		598		647,335
Cumulus Media, Inc.
7.75%, 5/01/19 (a)		925		892,625
Dex One Corp.
12.00%, 1/29/17 (d)		1,037		448,559
DISH DBS Corp.
7.125%, 2/01/16		1,250		1,318,750
EH Holding Corp.
7.625%, 6/15/21 (a)		2,323		2,369,460
Houghton Mifflin Harcourt Publishing Co.
10.50%, 6/01/19 (a)		1,000		985,000
Hughes Network Systems LLC/HNS Finance Corp.
9.50%, 4/15/14		1,050		1,076,250
Intelsat Jackson Holdings SA
11.25%, 6/15/16		2,497		2,646,820
Intelsat Luxembourg SA
11.25%, 2/04/17		1,200		1,288,500
11.50%, 2/04/17 (a) (d)		900		967,500
11.50%, 2/04/17 (d)		900		967,500
Kabel BW Erste Beteiligungs GmbH/Kabel Baden-Wurttemberg GmbH & Co. KG
7.50%, 3/15/19 (a)		487		496,740
7.50%, 3/15/19 (a)	EUR	537		802,092
Lamar Media Corp.
6.625%, 8/15/15	U.S.$	2,500		2,537,500
Liberty Media LLC
5.70%, 5/15/13		1,480		1,541,050
LIN Television Corp.
6.50%, 5/15/13		2,150		2,152,687
8.375%, 4/15/18		750		789,375
Local TV Finance LLC
9.25%, 6/15/15 (a) (d)		1,286		1,287,858
McClatchy Co. (The)
11.50%, 2/15/17		600		637,500
New York Times Co. (The)
6.625%, 12/15/16		1,300		1,335,750
Quebecor Media, Inc.
7.75%, 3/15/16		2,810		2,904,837
RR Donnelley & Sons Co.
7.25%, 5/15/18		1,998		1,998,000
Sinclair Television Group, Inc.
8.375%, 10/15/18		660		693,000
9.25%, 11/01/17 (a)		1,485		1,629,788
Sirius XM Radio, Inc.
8.75%, 4/01/15 (a)		2,000		2,205,000
Technicolor
5.75%, 12/31/49 (e) (f)	EUR	975		7,069
Telesat Canada/Telesat LLC
11.00%, 11/01/15	U.S.$	440		481,250
Univision Communications, Inc.


	Principal Amount (000)		U.S. $ Value
6.875%, 5/15/19 (a)	U.S.$	800	$	772,000
8.50%, 5/15/21 (a)		200		199,500
UPC Holding BV
8.375%, 8/15/20 (a)	EUR	1,000		1,471,902
UPCB Finance III Ltd.
6.625%, 7/01/20 (a)	U.S.$	1,105		1,091,188
Valassis Communications, Inc.
6.625%, 2/01/21 (a)		600		594,000
Virgin Media Finance PLC
8.375%, 10/15/19		2,300		2,564,500
XM Satellite Radio, Inc.
7.625%, 11/01/18 (a)		775		809,875
Ziggo Bond Co. BV
8.00%, 5/15/18 (a)	EUR	1,100		1,639,032

				64,723,409

Communications - Telecommunications - 3.6%
Cincinnati Bell, Inc.
8.25%, 10/15/17	U.S.$	1,250		1,256,250
Clearwire Communications LLC/Clearwire Finance, Inc.
12.00%, 12/01/15 (a)		1,090		1,163,575
Cricket Communications, Inc.
7.75%, 10/15/20		2,600		2,548,000
Crown Castle International Corp.
7.125%, 11/01/19		1,500		1,578,750
Data & Audio Visual Enterprise
9.50%, 4/29/18	CAD	1,175		1,234,378
Digicel Group Ltd.
10.50%, 4/15/18 (a)	U.S.$	2,384		2,670,080
eAccess Ltd.
8.25%, 4/01/18 (a)		1,626		1,640,228
Fairpoint Communications, Inc./Old
Series 1
13.125%, 4/02/18 (f)		1,512		15,124
Frontier Communications Corp.
9.00%, 8/15/31		1,000		1,025,000
Level 3 Financing, Inc.
8.75%, 2/15/17		1,950		1,989,000
9.25%, 11/01/14		535		550,381
10.00%, 2/01/18		1,000		1,073,750
MetroPCS Wireless, Inc.
6.625%, 11/15/20		1,350		1,336,500
7.875%, 9/01/18		1,300		1,376,375
MTS International Funding Ltd.
8.625%, 6/22/20 (a)		2,495		2,847,419
NII Capital Corp.
7.625%, 4/01/21		1,362		1,423,290
PAETEC Holding Corp.
9.50%, 7/15/15		750		778,125
9.875%, 12/01/18 (a)		1,480		1,533,650
Phones4u Finance PLC
9.50%, 4/01/18 (a)	GBP	1,750		2,710,359
Sprint Capital Corp.


	Principal Amount (000)		U.S. $ Value
6.875%, 11/15/28	U.S.$	3,225	$	3,055,688
8.75%, 3/15/32		130		140,725
Sprint Nextel Corp.
6.00%, 12/01/16		400		399,500
Sunrise Communications Holdings SA
8.50%, 12/31/18 (a)	EUR	1,400		2,121,569
tw telecom holdings, Inc
8.00%, 3/01/18	U.S.$	2,376		2,533,410
VimpelCom Holdings BV
7.504%, 3/01/22 (a)		1,300		1,301,300
Wind Acquisition Finance SA
7.25%, 2/15/18 (a)		1,400		1,463,000
11.75%, 7/15/17 (a)		2,200		2,491,500
Windstream Corp.
7.50%, 4/01/23		675		675,000
7.75%, 10/01/21 (c)		1,715		1,792,175
8.125%, 8/01/13-9/01/18		2,168		2,337,030

				47,061,131

Consumer Cyclical - Automotive - 2.4%
Affinia Group, Inc.
9.00%, 11/30/14		2,195		2,227,925
Allison Transmission, Inc.
7.125%, 5/15/19 (a)		1,501		1,459,722
11.00%, 11/01/15 (a)		2,275		2,422,875
American Axle & Manufacturing Holdings, Inc.
9.25%, 1/15/17 (a)		1,035		1,128,150
Commercial Vehicle Group, Inc.
7.875%, 4/15/19 (a)		1,084		1,084,000
Cooper Tire & Rubber Co.
8.00%, 12/15/19		1,250		1,312,500
Cooper-Standard Automotive, Inc.
8.50%, 5/01/18		522		550,710
Dana Holding Corp.
6.50%, 2/15/19		300		297,000
6.75%, 2/15/21		326		321,518
Delphi Corp.
5.875%, 5/15/19 (a)		559		547,820
6.125%, 5/15/21 (a)		419		413,763
Exide Technologies
8.625%, 2/01/18 (a)		757		787,280
Ford Motor Co.
7.45%, 7/16/31 (c)		2,500		2,834,092
Ford Motor Credit Co. LLC
3.033%, 1/13/12 (b)		1,130		1,131,446
8.00%, 12/15/16		600		674,692
Goodyear Dunlop Tires Europe BV
6.75%, 4/15/19 (a)	EUR	925		1,327,975
Goodyear Tire & Rubber Co. (The)
7.00%, 3/15/28	U.S.$	400		382,000
8.25%, 8/15/20 (c)		1,891		2,042,280
8.75%, 8/15/20		343		376,443


	Principal Amount (000)		U.S. $ Value
Lear Corp.
8.125%, 3/15/20	U.S.$	1,550	$	1,670,125
Meritor, Inc.
8.125%, 9/15/15 (c)		1,300		1,355,250
Navistar International Corp.
8.25%, 11/01/21		2,400		2,568,000
Tenneco, Inc.
6.875%, 12/15/20		2,335		2,375,862
7.75%, 8/15/18		410		429,475
Tower Automotive Holdings USA LLC/TA Holdings Finance, Inc.
10.625%, 9/01/17 (a)		1,121		1,207,877
UCI International, Inc.
8.625%, 2/15/19		1,002		1,032,060

				31,960,840

Consumer Cyclical - Entertainment - 0.8%
AMC Entertainment, Inc.
9.75%, 12/01/20 (a)		1,143		1,168,718
ClubCorp Club Operations, Inc.
10.00%, 12/01/18 (a)		2,000		1,980,000
Greektown Holdings LLC
10.75%, 12/01/13 (e) (f)		915		0
NAI Entertainment Holdings LLC
8.25%, 12/15/17 (a)		1,920		2,059,200
Pinnacle Entertainment, Inc.
7.50%, 6/15/15		1,275		1,297,312
8.625%, 8/01/17		895		961,006
8.75%, 5/15/20		271		283,873
Regal Entertainment Group
9.125%, 8/15/18 (c)		2,470		2,556,450

				10,306,559

Consumer Cyclical - Other - 4.5%
Beazer Homes USA, Inc.
6.875%, 7/15/15		1,500		1,331,250
Boyd Gaming Corp.
9.125%, 12/01/18 (a)		1,300		1,322,750
Broder Brothers Co.
12.00%, 10/15/13 (a)(d)		465		463,726
Caesars Entertainment Operating Co., Inc
10.00%, 12/15/18		700		631,750
11.25%, 6/01/17		435		480,131
Chukchansi Economic Development Authority
8.00%, 11/15/13 (a)		730		594,950
CityCenter Holdings LLC/CityCenter Finance Corp.
7.625%, 1/15/16 (a)		2,956		3,052,070
Gaylord Entertainment Co.
6.75%, 11/15/14		5		5,063
GWR Operating Partnership LLP
10.875%, 4/01/17		1,600		1,732,000
Host Hotels & Resorts LP Series O


	Principal Amount (000)		U.S. $ Value
6.375%, 3/15/15	U.S.$	1,500	$	1,530,000
Series Q
6.75%, 6/01/16		890		918,925
Isle of Capri Casinos, Inc.
7.00%, 3/01/14		1,725		1,709,906
7.75%, 3/15/19 (a)(c)		1,335		1,348,350
K Hovnanian Enterprises, Inc.
10.625%, 10/15/16		2,620		2,613,450
KB Home
5.875%, 1/15/15		705		669,750
9.10%, 9/15/17		1,250		1,265,625
Lennar Corp.
Series B
6.50%, 4/15/16		2,600		2,587,000
Levi Strauss & Co.
7.625%, 5/15/20		1,200		1,200,000
M/I Homes, Inc.
8.625%, 11/15/18		2,360		2,321,650
Marina District Finance Co., Inc.
9.50%, 10/15/15 (a)(c)		810		842,400
9.875%, 8/15/18 (a)(c)		1,980		2,054,250
Meritage Homes Corp.
6.25%, 3/15/15		1,250		1,231,250
MGM Resorts International
6.625%, 7/15/15 (c)		1,480		1,387,500
7.625%, 1/15/17		1,200		1,155,000
NCL Corp. Ltd.
9.50%, 11/15/18 (a)		2,000		2,130,000
11.75%, 11/15/16		1,100		1,267,750
Penn National Gaming, Inc.
8.75%, 8/15/19		1,367		1,486,612
Phillips-Van Heusen Corp.
7.375%, 5/15/20		950		1,016,500
Pulte Group, Inc.
7.875%, 6/15/32		1,400		1,281,000
Quiksilver, Inc.
6.875%, 4/15/15		2,840		2,761,900
Royal Caribbean Cruises Ltd.
6.875%, 12/01/13		1,000		1,067,500
7.00%, 6/15/13		1,000		1,067,500
7.25%, 6/15/16		500		537,500
Ryland Group, Inc.
6.625%, 5/01/20		1,800		1,701,000
Seminole Indian Tribe of Florida
6.535%, 10/01/20 (a)		240		227,335
7.75%, 10/01/17 (a)		1,610		1,666,350
Shea Homes LP/Shea Homes Funding Corp.
8.625%, 5/15/19 (a)		1,619		1,594,715
Sheraton Holding Corp.
7.375%, 11/15/15		2,000		2,265,000
Standard Pacific Corp.
8.375%, 5/15/18		500		495,625
10.75%, 9/15/16		1,696		1,920,720
Station Casinos, Inc.
6.00%, 4/01/12 (f)		6		1


	Principal Amount (000)		U.S. $ Value
6.625%, 3/15/18 (f)	U.S.$	4,405	$	441
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.
8.625%, 4/15/16 (a)		852		869,040
Tropicana Entertainment LLC/Tropicana Finance Corp.
9.625%, 12/15/14 (e)(f)		750		0
WCI Communities, Inc.
6.625%, 3/15/15 (e)(f)(g)		750		0
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
7.75%, 8/15/20		3,100		3,367,375

				59,172,610

Consumer Cyclical - Restaurants - 0.6%
Burger King Corp.
9.875%, 10/15/18 (c)		2,330		2,481,450
CKE Restaurants, Inc.
11.375%, 7/15/18 (c)		1,875		2,048,437
Dunkin’ Brands, Inc.
9.625%, 12/01/18 (a)		782		788,835
Landry’s Restaurants, Inc.
11.625%, 12/01/15		1,630		1,744,100
11.625%, 12/01/15 (a)		460		492,200

				7,555,022

Consumer Cyclical - Retailers - 1.7%
Asbury Automotive Group, Inc.
8.375%, 11/15/20 (a)		901		916,768
Bon-Ton Department Stores, Inc. (The)
10.25%, 3/15/14		2,650		2,650,000
Burlington Coat Factory Warehouse Corp.
10.00%, 2/15/19 (a)		260		257,400
GameStop Corp./GameStop, Inc.
8.00%, 10/01/12		578		586,670
Giraffe Acquisition Corp.
9.125%, 12/01/18 (a)(c)		2,650		2,484,375
Hines Nurseries, Inc.
10.25%, 10/01/11 (e)(f)(g)		1,000		0
JC Penney Corp., Inc.
7.40%, 4/01/37		2,000		1,950,000
Limited Brands, Inc.
6.90%, 7/15/17		1,382		1,480,467
7.60%, 7/15/37		1,000		980,000
Michaels Stores, Inc.
7.75%, 11/01/18 (a)		1,300		1,303,250
11.375%, 11/01/16		1,105		1,176,825
Neiman Marcus Group, Inc. (The)
10.375%, 10/15/15		500		525,000
Penske Automotive Group, Inc.
7.75%, 12/15/16		600		612,000
QVC, Inc.
7.50%, 10/01/19 (a)		1,000		1,060,000


	Principal Amount (000)		U.S. $ Value
Rite Aid Corp.
8.00%, 8/15/20 (c)	U.S.$	1,325	$	1,427,688
9.50%, 6/15/17		860		784,750
Sally Holdings LLC/Sally Capital, Inc.
9.25%, 11/15/14		800		832,000
Toys R US, Inc.
7.375%, 10/15/18		2,225		2,161,031
YCC Holdings LLC/Yankee Finance, Inc.
10.25%, 2/15/16 (a)		310		310,775

				21,498,999

Consumer Non-Cyclical - 6.5%
ACCO Brands Corp.
7.625%, 8/15/15		2,955		2,940,225
10.625%, 3/15/15		1,097		1,224,526
Alere, Inc.
8.625%, 10/01/18		2,405		2,453,100
AMGH Merger Sub, Inc.
9.25%, 11/01/18 (a)		1,855		1,957,025
ARAMARK Corp.
8.50%, 2/01/15		2,805		2,913,694
Aurora Diagnostics Holdings/Aurora Diagnostics Financing, Inc.
10.75%, 1/15/18 (a)		2,000		2,070,000
Bakkavor Finance 2 PLC
8.25%, 2/15/18 (a)	GBP	1,200		1,656,308
Bausch & Lomb, Inc.
9.875%, 11/01/15	U.S.$	2,714		2,876,840
Biomet, Inc.
11.625%, 10/15/17		2,605		2,885,037
BioScrip, Inc.
10.25%, 10/01/15		1,000		1,043,750
Boparan Holdings Ltd.
9.875%, 4/30/18 (a)	GBP	1,500		2,299,091
Care UK Health & Social Care PLC
9.75%, 8/01/17		1,200		1,954,829
Catalent Pharma Solutions, Inc.
9.50%, 4/15/15 (d)	U.S.$	2,567		2,567,254
CDRT Merger Sub, Inc.
8.125%, 6/01/19 (a)		2,466		2,466,000
CHS/Community Health Systems, Inc.
8.875%, 7/15/15		2,529		2,604,870
ConvaTec Healthcare E SA
10.50%, 12/15/18 (a)		1,570		1,624,950
Cott Beverages, Inc.
8.125%, 9/01/18		275		288,063
8.375%, 11/15/17		600		628,500
Del Monte Foods Co.
7.625%, 2/15/19 (a)		635		641,350
DJO Finance LLC/DJO Finance Corp.
7.75%, 4/15/18 (a)		285		283,931
10.875%, 11/15/14		1,150		1,224,750
Dole Food Co., Inc.
8.00%, 10/01/16 (a)		1,695		1,775,513
Elan Finance PLC/Elan Finance Corp.


	Principal Amount (000)		U.S. $ Value
8.75%, 10/15/16 (a)	U.S.$	250	$	262,188
8.75%, 10/15/16		1,550		1,629,438
Elizabeth Arden, Inc.
7.375%, 3/15/21		1,325		1,379,656
Endo Pharmaceuticals Holdings, Inc.
7.00%, 7/15/19 (a)		470		481,750
7.25%, 1/15/22 (a)		635		644,525
Gentiva Health Services, Inc.
11.50%, 9/01/18		1,105		1,165,775
Giant Funding Corp.
8.25%, 2/01/18 (a)		1,795		1,871,287
HCA Holdings, Inc.
7.75%, 5/15/21 (a)(c)		2,000		2,075,000
HCA, Inc.
6.375%, 1/15/15		1,725		1,759,500
6.50%, 2/15/16		290		295,075
9.625%, 11/15/16 (d)		510		542,513
Jarden Corp.
7.50%, 1/15/20		1,800		1,872,000
Kindred Escrow Corp.
8.25%, 6/01/19 (a)		840		835,800
Mylan Inc.
7.625%, 7/15/17 (a)		265		287,525
7.875%, 7/15/20 (a)		260		284,700
NBTY, Inc.
9.00%, 10/01/18 (a)		990		1,044,450
New Albertsons, Inc.
7.45%, 8/01/29		4,005		3,314,137
Picard Bondco SA
9.00%, 10/01/18 (a)	EUR	1,500		2,240,482
Pilgrim’s Pride Corp.
7.875%, 12/15/18 (a)(c)	U.S.$	2,775		2,566,875
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp.
10.625%, 4/01/17 (c)		1,750		1,865,937
R&R Ice Cream PLC
8.375%, 11/15/17 (a)	EUR	1,450		2,060,663
Select Medical Corp.
7.625%, 2/01/15	U.S.$	1,321		1,307,790
Select Medical Holdings Corp.
6.211%, 9/15/15 (b)		1,000		955,000
Smithfield Foods, Inc.
7.75%, 7/01/17		2,000		2,075,000
Stater Bros Holdings, Inc.
7.375%, 11/15/18 (a)		700		726,250
STHI Holding Corp.
8.00%, 3/15/18 (a)		425		431,375
SUPERVALU, Inc.
8.00%, 5/01/16		170		173,400
Tenet Healthcare Corp.
6.875%, 11/15/31		1,500		1,252,500
8.00%, 8/01/20		400		406,500
9.25%, 2/01/15		800		875,000


	Principal Amount (000)		U.S. $ Value
Tops Holding Corp./Tops Markets LLC
10.125%, 10/15/15	U.S.$	1,500	$	1,591,875
Universal Hospital Services, Inc.
3.778%, 6/01/15 (b)		500		480,000
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc.
8.00%, 2/01/18		1,985		2,049,512
Vanguard Health Systems, Inc.
Zero Coupon, 2/01/16		525		345,844
Visant Corp.
10.00%, 10/01/17		1,385		1,433,475
Voyager Learning Exchange
8.375%, 12/01/14 (e)(f)(g)		1,550		0
Warner Chilcott Co./Warner Chilcott Finance LLC
7.75%, 9/15/18 (a)		1,750		1,765,313

				84,727,716

Energy - 4.9%
Antero Resources Finance Corp.
9.375%, 12/01/17		2,363		2,540,225
ATP Oil & Gas Corp./United States
11.875%, 5/01/15		3,000		3,045,000
Basic Energy Services, Inc.
7.75%, 2/15/19 (a)		1,200		1,206,000
Bluewater Holding BV
3.276%, 7/17/14 (a)(b)		2,300		1,817,000
Calfrac Holdings LP
7.50%, 12/01/20 (a)		766		773,660
Chaparral Energy, Inc.
8.875%, 2/01/17		2,600		2,691,000
Chesapeake Energy Corp.
6.625%, 8/15/20		893		939,882
6.875%, 11/15/20		1,683		1,777,669
Cie Generale de Geophysique-Veritas
6.50%, 6/01/21 (a)		1,000		965,000
9.50%, 5/15/16		800		874,000
Complete Production Services, Inc.
8.00%, 12/15/16		2,800		2,926,000
Continental Resources, Inc./OK
7.125%, 4/01/21		724		763,820
Denbury Resources, Inc.
6.375%, 8/15/21		624		624,000
8.25%, 2/15/20		521		567,890
Energy XXI Gulf Coast, Inc.
7.75%, 6/15/19 (a)		1,100		1,094,500
9.25%, 12/15/17 (a)		2,000		2,130,000
Expro Finance Luxembourg SCA
8.50%, 12/15/16 (a)		1,371		1,323,015
Forest Oil Corp.
7.25%, 6/15/19		2,535		2,585,700
Helix Energy Solutions Group, Inc.
9.50%, 1/15/16 (a)		2,000		2,060,000
Hercules Offshore, Inc.
10.50%, 10/15/17 (a)		625		653,125


	Principal Amount (000)		U.S. $ Value
Hilcorp Energy I LP/Hilcorp Finance Co.
7.75%, 11/01/15 (a)	U.S.$	3,220	$	3,316,600
Key Energy Services, Inc.
6.75%, 3/01/21		1,166		1,166,000
Linn Energy LLC/Linn Energy Finance Corp.
8.625%, 4/15/20		1,600		1,736,000
McJunkin Red Man Corp.
9.50%, 12/15/16 (a)		2,500		2,543,750
Newfield Exploration Co.
6.625%, 9/01/14-4/15/16		1,530		1,561,700
Offshore Group Investments Ltd.
11.50%, 8/01/15		2,450		2,664,375
Oil States International, Inc.
6.50%, 6/01/19 (a)		1,374		1,380,870
OPTI Canada, Inc.
8.25%, 12/15/14 (c)(f)		3,500		1,452,500
Parker Drilling Co.
9.125%, 4/01/18		129		136,095
Perpetual Energy, Inc.
8.75%, 3/15/18 (a)	CAD	1,800		1,908,113
Petrohawk Energy Corp.
7.25%, 8/15/18	U.S.$	2,650		2,719,562
PHI, Inc.
8.625%, 10/15/18		1,250		1,306,250
Pioneer Natural Resources Co.
5.875%, 7/15/16		500		527,916
Plains Exploration & Production Co.
7.00%, 3/15/17		1,057		1,088,710
7.75%, 6/15/15		946		980,292
SandRidge Energy, Inc.
7.50%, 3/15/21 (a)		327		331,088
8.75%, 1/15/20		1,850		1,970,250
SESI LLC
6.375%, 5/01/19 (a)		358		354,420
Southwestern Energy Co.
7.50%, 2/01/18		1,000		1,137,500
Tesoro Corp.
6.25%, 11/01/12		164		172,200
6.50%, 6/01/17		2,695		2,748,900
9.75%, 6/01/19		480		536,400
W&T Offshore, Inc.
8.50%, 6/15/19 (a)		1,500		1,518,750

				64,615,727

Other Industrial - 1.5%
Briggs & Stratton Corp.
6.875%, 12/15/20		398		421,880
Brightstar Corp.
9.50%, 12/01/16 (a)		1,833		1,961,310
Education Management LLC/Education Management Finance Corp.
8.75%, 6/01/14		350		358,312
Exova Ltd.
10.50%, 10/15/18 (a)	GBP	813		1,324,397


	Principal Amount (000)		U.S. $ Value
10.50%, 10/15/18 (a)	GBP	231	$	388,796
Heckler & Koch GmbH
9.50%, 5/15/18 (a)	EUR	1,565		2,138,989
Interline Brands, Inc.
7.00%, 11/15/18	U.S.$	1,753		1,774,912
Lecta SA
5.42%, 2/15/14 (a)(b)	EUR	1,201		1,680,673
Liberty Tire Recycling
11.00%, 10/01/16 (a)	U.S.$	2,800		2,926,000
Mueller Water Products, Inc.
7.375%, 6/01/17		700		658,000
8.75%, 9/01/20		611		661,407
Neenah Foundry Co.
15.00%, 7/29/15 (d)(e)		315		309,486
New Enterprise Stone & Lime Co.
11.00%, 9/01/18 (a)		2,000		1,850,000
Pipe Holdings PLC
9.50%, 11/01/15 (a)	GBP	1,216		1,971,215
Wendel SA
4.375%, 8/09/17	EUR	1,100		1,409,727

				19,835,104

Services - 1.3%
Goodman Networks, Inc.
12.125%, 7/01/18 (a)	U.S.$	1,200		1,194,000
Live Nation Entertainment, Inc.
8.125%, 5/15/18 (a)		225		227,250
Lottomatica SpA
8.25%, 3/31/66 (a)	EUR	1,545		2,246,083
Mobile Mini, Inc.
7.875%, 12/01/20	U.S.$	1,175		1,210,250
Realogy Corp.
Class A
11.00%, 4/15/18 (a)		1,450		1,522,500
Series C
11.00%, 4/15/18 (a)(c)		750		787,500
Service Corp. International/US
6.75%, 4/01/16		1,485		1,600,087
7.50%, 4/01/27		1,500		1,432,500
ServiceMaster Co. (The)
10.75%, 7/15/15 (a)(d)		2,480		2,616,400
Ticketmaster Entertainment LLC/Ticketmaster Noteco, Inc.
10.75%, 8/01/16		670		730,300
Travelport LLC
9.875%, 9/01/14 (c)		649		597,080
West Corp.
7.875%, 1/15/19 (a)		1,400		1,358,000
8.625%, 10/01/18 (a)		161		162,610
11.00%, 10/15/16		1,100		1,166,000

				16,850,560

Technology - 3.5%
Advanced Micro Devices, Inc.


	Principal Amount (000)		U.S. $ Value
7.75%, 8/01/20	U.S.$	273	$	281,190
8.125%, 12/15/17		1,345		1,405,525
Amkor Technology, Inc.
6.625%, 6/01/21 (a)		1,500		1,443,750
Aspect Software, Inc.
10.625%, 5/15/17		2,126		2,285,450
Buccaneer Merger Sub, Inc.
9.125%, 1/15/19 (a)		813		845,520
CDW LLC/CDW Finance Corp.
8.00%, 12/15/18 (a)		1,750		1,850,625
8.50%, 4/01/19 (a)		2,357		2,315,752
11.50%, 10/12/15 (d)		115		121,023
Ceridian Corp.
11.25%, 11/15/15		2,475		2,475,000
CommScope, Inc.
8.25%, 1/15/19 (a)		3,300		3,399,000
CoreLogic, Inc./United States
7.25%, 6/01/21 (a)		1,759		1,715,025
DCP LLC/DCP Corp.
10.75%, 8/15/15 (a)		1,705		1,511,056
Eagle Parent, Inc.
8.625%, 5/01/19 (a)		2,316		2,232,045
Eastman Kodak Co.
7.25%, 11/15/13		316		298,620
First Data Corp.
7.375%, 6/15/19 (a)		750		755,625
11.25%, 3/31/16 (c)		1,750		1,723,750
Freescale Semiconductor, Inc.
8.875%, 12/15/14 (c)		1,530		1,595,025
9.25%, 4/15/18 (a)		737		794,118
10.125%, 12/15/16 (c)		1,785		1,921,106
Interactive Data Corp.
10.25%, 8/01/18 (a)		2,300		2,501,250
Iron Mountain, Inc.
6.625%, 1/01/16		780		780,000
8.375%, 8/15/21		2,000		2,100,000
NXP BV/NXP Funding LLC
3.028%, 10/15/13 (b)(c)		582		579,090
9.50%, 10/15/15		730		773,800
Sanmina-SCI Corp.
7.00%, 5/15/19 (a)		700		661,500
8.125%, 3/01/16 (c)		2,911		3,023,801
Seagate HDD Cayman
6.875%, 5/01/20 (a)		1,193		1,184,053
7.00%, 11/01/21 (a)		655		655,000
Sensata Technologies BV
6.50%, 5/15/19 (a)		2,000		1,995,000
Serena Software, Inc.
10.375%, 3/15/16		470		492,913
Softbrands, Inc./Atlantis
11.50%, 7/15/18 (a)		496		457,029
SunGard Data Systems, Inc.
7.625%, 11/15/20		1,600		1,616,000


	Principal Amount (000)		U.S. $ Value
10.25%, 8/15/15	U.S.$	300	$	310,500

				46,099,141

Transportation - Airlines - 0.8%
Air Canada
12.00%, 2/01/16 (a)		1,300		1,342,250
American Airlines, Inc.
10.50%, 10/15/12		884		938,145
AMR Corp.
9.00%, 8/01/12		1,056		1,066,560
Continental Airlines 2003-ERJ1 Pass Through Trust Series RJ03
7.875%, 7/02/18		1,022		1,009,189
Continental Airlines, Inc.
8.75%, 12/01/11		260		265,200
Delta Air Lines, Inc.
9.50%, 9/15/14 (a)		1,342		1,430,908
Northwest Airlines 2000-1 Class G Pass Through Trust
7.15%, 10/01/19		895		885,623
TAM Capital 3, Inc.
8.375%, 6/03/21 (a)		2,011		2,036,137
UAL 2007-1 Pass Through Trust
Series 071A
6.636%, 7/02/22		1,781		1,776,722

				10,750,734

Transportation - Railroads - 0.0%
Florida East Coast Railway Corp.
8.125%, 2/01/17 (a)		407		420,228

Transportation - Services - 0.9%
America West Airlines 1999-1 Pass Through Trust Series 991G
7.93%, 1/02/19		1,687		1,699,606
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
7.75%, 5/15/16		2,055		2,090,962
EC Finance PLC
9.75%, 8/01/17 (a)	EUR	113		173,699
Hapag-Lloyd AG
9.75%, 10/15/17 (a)	U.S.$	1,250		1,256,250
Hertz Corp. (The)
6.75%, 4/15/19 (a)		2,187		2,165,130
7.375%, 1/15/21 (a)		1,650		1,678,875
8.875%, 1/01/14		252		258,300
Oshkosh Corp.
8.50%, 3/01/20		341		369,133
Overseas Shipholding Group, Inc.
8.125%, 3/30/18 (c)		1,200		1,177,500
Quality Distribution LLC/QD Capital Corp.
11.75%, 11/01/13 (d)		130		129,684


	Principal Amount (000)		U.S. $ Value
Swift Services Holdings, Inc.
10.00%, 11/15/18	U.S.$	1,067	$	1,129,686

				12,128,825

				631,161,877

Financial Institutions - 5.0%
Banking - 1.8%
ABN Amro Bank NV	EUR	2,295		2,687,436
4.31%, 3/10/16
Bank of America Corp.
8.00%, 1/30/18	U.S.$	1,585		1,655,231
8.125%, 5/15/18		1,915		1,999,854
Deutsche Bank AG/London
5.50%, 9/02/15 (a)	UAH	15,300		1,692,631
HT1 Funding GmbH
6.352%, 6/30/17	EUR	1,550		1,831,902
LBG Capital No. 1 PLC
8.00%, 6/15/20 (a)	U.S.$	4,650		4,161,750
Regions Bank/Birmingham AL
6.45%, 6/26/37		1,500		1,403,835
Regions Financing Trust II
6.625%, 5/15/47		700		623,000
Resona Preferred Global Securities Cayman Ltd.
7.191%, 7/30/15 (a)(c)		1,300		1,302,061
Royal Bank of Scotland Group PLC Series U
7.64%, 9/29/17		50		38,875
SNS Bank NV
11.25%, 12/31/49 (a)	EUR	620		903,589
Telenet Finance III Luxembourg SCA
6.625%, 2/15/21 (a)		2,200		3,094,971
UT2 Funding PLC
5.321%, 6/30/16		1,293		1,762,541

				23,157,676

Brokerage - 0.3%
E*Trade Financial Corp.
6.75%, 6/01/16	U.S.$	2,205		2,160,900
Lehman Brothers Holdings, Inc.
6.875%, 5/02/18 (f)		1,690		454,188
Nuveen Investments, Inc.
10.50%, 11/15/15		1,875		1,917,187

				4,532,275

Finance - 1.2%
AGFC Capital Trust I
6.00%, 1/15/67 (a)		3,700		2,497,500
Ally Financial, Inc.
6.75%, 12/01/14		1		996
8.00%, 11/01/31		662		716,615
Series 8
6.75%, 12/01/14		2,590		2,674,175
CIT Group, Inc.
7.00%, 5/01/15-5/01/17		2		1,785


	Principal Amount (000)		U.S. $ Value
7.00%, 5/04/15-5/02/17 (a)	U.S.$	2,071	$	2,068,562
ILFC E-Capital Trust II
6.25%, 12/21/65 (a)		2,000		1,700,000
International Lease Finance Corp.
6.375%, 3/25/13		1,250		1,287,500
iStar Financial, Inc.
5.65%, 9/15/11		750		748,125
Series B
5.70%, 3/01/14		1,675		1,536,812
Residential Capital LLC
9.625%, 5/15/15		2,662		2,642,035

				15,874,105

Insurance - 1.0%
Genworth Financial, Inc.
6.15%, 11/15/66		2,500		1,818,750
Hartford Financial Services Group, Inc.
8.125%, 6/15/38		3,000		3,232,500
ING Groep NV
5.775%, 12/08/15		2,250		2,070,000
Liberty Mutual Group, Inc.
7.80%, 3/15/37 (a)		1,250		1,246,875
MBIA Insurance Corp.
14.00%, 1/15/33 (a)		3,056		1,818,320
XL Group PLC
Series E
6.50%, 4/15/17 (c)		4,000		3,670,000

				13,856,445

Other Finance - 0.5%
Harbinger Group, Inc.
10.625%, 11/15/15		1,420		1,466,150
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
8.00%, 1/15/18		1,950		1,979,250
iPayment Holdings, Inc.
15.00%, 11/15/18 (a)		1,142		1,187,680
iPayment, Inc.
10.25%, 5/15/18 (a)		2,177		2,138,902

				6,771,982

REITS - 0.2%
Developers Diversified Realty Corp.
7.875%, 9/01/20		1,800		2,063,819

				66,256,302

Utility - 3.0%
Electric - 2.1%
AES Corp. (The)
7.375%, 7/01/21 (a)		700		710,500
7.75%, 3/01/14		1,060		1,144,800
8.00%, 10/15/17		868		920,080
Calpine Corp.
7.25%, 10/15/17 (a)		1,800		1,827,000


	Principal Amount (000)		U.S. $ Value
7.875%, 7/31/20-1/15/23 (a)	U.S.$	1,875	$	1,948,125
Dynegy Holdings, Inc.
7.75%, 6/01/19		1,320		960,300
8.375%, 5/01/16		635		508,000
Dynegy Roseton/Danskammer Pass Through Trust
Series B
7.67%, 11/08/16		1,500		1,335,000
Edison Mission Energy
7.00%, 5/15/17		1,525		1,235,250
7.50%, 6/15/13 (c)		1,540		1,549,625
7.75%, 6/15/16		958		862,200
Energy Future Holdings Corp.
10.00%, 1/15/20		798		847,045
10.875%, 11/01/17		392		335,160
Series Q
6.50%, 11/15/24		1,254		627,000
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc.
10.00%, 12/01/20		1,020		1,087,789
GenOn Americas Generation LLC
8.50%, 10/01/21		1,270		1,301,750
GenOn Energy, Inc.
7.875%, 6/15/17		1,080		1,085,400
9.50%, 10/15/18 (c)		1,450		1,508,000
9.875%, 10/15/20 (c)		1,200		1,254,000
NRG Energy, Inc.
7.375%, 1/15/17		1,705		1,785,988
7.875%, 5/15/21 (a)		797		795,008
PPL Capital Funding, Inc.
Series A
6.70%, 3/30/67		2,405		2,386,962
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc.
11.50%, 10/01/20 (a)		626		615,045
Series A
10.25%, 11/01/15		1,570		949,850

				27,579,877

Natural Gas - 0.9%
El Paso Corp.
Series G
7.75%, 1/15/32		1,524		1,772,827
Enterprise Products Operating LLC
Series A
8.375%, 8/01/66		1,760		1,905,200
Inergy LP/Inergy Finance Corp.
6.875%, 8/01/21 (a)		2,500		2,500,000
MarkWest Energy Partners LP/MarkWest Energy Finance Corp.
6.50%, 8/15/21		2,750		2,729,375
Sabine Pass LNG LP
7.50%, 11/30/16		2,150		2,203,750


	Principal Amount (000)		U.S. $ Value
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
6.875%, 2/01/21 (a)	U.S.$	960	$	950,400

				12,061,552

				39,641,429

Non Corporate Sectors - 0.3%
Agencies - Not Government Guaranteed - 0.3%
Citgo Petroleum Corp.
11.50%, 7/01/17 (a)		2,919		3,386,040

Total Corporates - Non-Investment Grades (cost $715,455,512)				740,445,648

CORPORATES - INVESTMENT GRADES - 12.0%
Financial Institutions - 7.0%
Banking - 3.2%
American Express Co.
6.80%, 9/01/66		2,550		2,620,125
Assured Guaranty Municipal Holdings, Inc.
6.40%, 12/15/66 (a)		3,300		2,491,500
Banco Santander Chile
6.50%, 9/22/20 (a)	CLP	1,488,500		2,977,185
Barclays Bank PLC
4.75%, 3/15/20	EUR	1,890		1,952,836
4.875%, 12/15/14		600		722,175
BBVA International Preferred SA Unipersonal
4.952%, 12/31/49		1,650		1,920,180
5.919%, 4/18/17 (c)	U.S.$	1,265		1,047,278
Series E
8.50%, 10/21/14	EUR	550		813,534
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands
8.375%, 7/26/16	U.S.$	2,750		2,915,000
Credit Agricole SA
6.637%, 5/31/17 (a)		2,908		2,479,070
Danske Bank A/S
5.914%, 6/16/14 (a)		1,150		1,035,000
Itau Unibanco Holding SA/Cayman Island
10.50%, 11/23/15 (a)	BRL	1,100		746,761
JP Morgan Chase Bank NA
9.50%, 5/17/41	IDR	27,844,000		3,400,893
Morgan Stanley
10.09%, 5/03/17 (a)	BRL	5,760		3,635,445
Royal Bank of Scotland PLC (The)
Series 1
5.76%, 10/27/14 (b)	AUD	1,500		1,425,338
Societe Generale SA
6.999%, 12/19/17	EUR	1,250		1,731,117
UBS AG/Jersey
4.28%, 4/15/15		2,000		2,610,270
Unicredito Italiano Capital Trust III
4.028%, 10/27/15		3,500		4,047,731


	Principal Amount (000)		U.S. $ Value
Wells Fargo & Co.
Series K
7.98%, 3/15/18	U.S.$	3,000	$	3,240,000

				41,811,438

Brokerage - 0.1%
Jefferies Group, Inc.
6.875%, 4/15/21		1,207		1,297,228

Finance - 0.3%
HSBC Finance Capital Trust IX
5.911%, 11/30/35 (c)		1,905		1,800,225
SLM Corp.
5.125%, 8/27/12		384		394,015
Series A
5.375%, 5/15/14		2,000		2,082,258

				4,276,498

Insurance - 2.7%
Allstate Corp. (The)
6.125%, 5/15/37		1,300		1,290,250
American International Group, Inc.
6.25%, 3/15/37		1,739		1,582,490
8.175%, 5/15/58		961		1,049,989
AON Corp.
8.205%, 1/01/27		690		782,435
Assured Guaranty US Holdings, Inc.
Series A
6.40%, 12/15/66		2,869		2,237,820
Aviva PLC
4.729%, 11/28/14	EUR	3,000		3,806,644
Coventry Health Care, Inc.
5.95%, 3/15/17	U.S.$	2,000		2,137,852
Dai-ichi Life Insurance Co., Ltd. (The)
7.25%, 7/25/21 (a)(c)		2,295		2,311,170
Genworth Financial, Inc.
7.70%, 6/15/20		600		625,183
Lincoln National Corp.
6.05%, 4/20/67		2,400		2,310,000
8.75%, 7/01/19 (c)		604		762,186
MetLife, Inc.
10.75%, 8/01/39		2,350		3,307,625
Nationwide Mutual Insurance Co.
9.375%, 8/15/39 (a)		2,135		2,648,875
QBE Capital Funding III Ltd.
7.25%, 5/24/41 (a)		1,650		1,655,567
Suncorp Metway Insurance Ltd.
Series 1
6.75%, 9/23/24	AUD	1,000		972,796
Swiss Re Capital I LP
6.854%, 5/25/16 (a)(c)	U.S.$	3,700		3,557,495
Transatlantic Holdings, Inc.
8.00%, 11/30/39		1,261		1,380,102
Vero Insurance Ltd.
6.15%, 9/07/25	AUD	990		893,047


	Principal Amount (000)		U.S. $ Value
ZFS Finance USA Trust V
6.50%, 5/09/37 (a)(c)	U.S.$	1,740	$	1,731,300

				35,042,826

Other Finance - 0.5%
Aviation Capital Group Corp.
6.75%, 4/06/21 (a)		650		641,258
7.125%, 10/15/20 (a)		2,489		2,533,668
IIRSA Norte Finance Ltd.
8.75%, 5/30/24 (a)		2,692		3,032,878
Red Arrow International Leasing PLC
8.375%, 6/30/12	RUB	3,613		130,792

				6,338,596

REITS - 0.2%
Entertainment Properties Trust
7.75%, 7/15/20	U.S.$	1,908		2,151,270
Ventas Realty LP/Ventas Capital Corp.
6.75%, 4/01/17 (c)		907		955,287

				3,106,557

				91,873,143

Industrial - 2.7%
Basic - 1.4%
Basell Finance Co. BV
8.10%, 3/15/27 (a)		1,240		1,382,600
Braskem Finance Ltd
7.00%, 5/07/20 (a)(c)		1,800		1,962,000
Commercial Metals Co.
6.50%, 7/15/17		1,300		1,389,721
Georgia-Pacific LLC
7.125%, 1/15/17 (a)		800		843,404
GTL Trade Finance, Inc.
7.25%, 10/20/17 (a)(c)		1,338		1,498,560
Southern Copper Corp.
7.50%, 7/27/35 (c)		3,300		3,455,298
Usiminas Commercial Ltd.
7.25%, 1/18/18 (a)		2,428		2,719,360
Vale Overseas Ltd.
6.875%, 11/21/36		4,756		5,163,998

				18,414,941

Capital Goods - 0.2%
Lafarge SA
7.125%, 7/15/36		800		786,783
Owens Corning
7.00%, 12/01/36		1,340		1,357,602

				2,144,385

Communications - Telecommunications - 0.2%
Alltel Corp.
7.875%, 7/01/32		160		210,113
Qwest Corp.


	Principal Amount (000)		U.S. $ Value
6.50%, 6/01/17	U.S.$	610	$	661,850
6.875%, 9/15/33 (c)		1,570		1,513,088

				2,385,051

Consumer Cyclical - Retailers - 0.3%
CVS Caremark Corp.
6.302%, 6/01/37		2,079		2,024,426
Macy’s Retail Holdings, Inc.
5.75%, 7/15/14		1,365		1,501,465
5.90%, 12/01/16		127		142,565

				3,668,456

Energy - 0.2%
Pride International, Inc.
6.875%, 8/15/20		416		483,798
TNK-BP Finance SA
7.50%, 7/18/16 (a)		2,352		2,663,640

				3,147,438

Other Industrial - 0.3%
Noble Group Ltd.
6.75%, 1/29/20 (a)		3,932		4,128,600

Technology - 0.0%
Motorola Solutions, Inc.
7.50%, 5/15/25		97		113,482

Transportation - Airlines - 0.1%
Delta Air Lines 2007-1 Class A Pass Through Trust
Series 071A
6.821%, 8/10/22 (c)		1,011		1,051,385

				35,053,738

Non Corporate Sectors - 2.1%
Agencies - Government Sponsored - 0.2%
VTB Bank OJSC Via VTB Capital SA
6.875%, 5/29/18 (a)(c)		2,915		3,119,050

Agencies - Not Government Guaranteed - 1.9%
AK Transneft OJSC Via TransCapitalInvest Ltd
8.70%, 8/07/18 (a)		850		1,039,125
Gazprom OAO Via Gaz Capital SA
6.51%, 3/07/22 (a)(c)		11,426		12,125,843
9.25%, 4/23/19 (a)		6,400		7,992,000
VTB Bank OJSC Via VTB Capital SA
6.875%, 5/29/18 (a)		3,400		3,638,000

				24,794,968

				27,914,018

Utility - 0.2%
Electric - 0.2%
Dominion Resources, Inc./VA
7.50%, 6/30/66		758		800,638


	Principal Amount (000)		U.S. $ Value
Empresas Publicas de Medellin ESP
7.625%, 7/29/19 (a)	U.S.$	1,636	$	1,901,850

				2,702,488

Total Corporates - Investment Grades (cost $137,573,172)				157,543,387

EMERGING MARKETS - CORPORATE BONDS - 6.4%
Financial Institutions - 1.6%
Banking - 1.0%
ATF Bank JSC
9.00%, 5/11/16 (a)		2,287		2,412,785
Banco BMG SA
9.15%, 1/15/16 (a)		3,750		3,956,250
Banco Cruzeiro do Sul SA/Brazil
8.25%, 1/20/16 (a)		3,280		3,224,262
8.875%, 9/22/20 (a)		680		664,700
Bank CenterCredit
8.625%, 1/30/14 (a)		1,654		1,663,758
Halyk Savings Bank of Kazakhstan JSC
7.25%, 1/28/21 (a)		463		468,283
Renaissance Securities Trading Ltd.
11.00%, 4/21/16 (a)		1,350		1,345,495

				13,735,533

Insurance - 0.0%
Stoneheath RE
6.868%, 10/15/11		600		544,500

Other Finance - 0.3%
AES El Salvador Trust
6.75%, 2/01/16 (a)		270		274,050
6.75%, 2/01/16 (a)(c)		1,700		1,725,500
DTEK Finance BV
9.50%, 4/28/15 (a)		1,865		1,967,575

				3,967,125

REITS - 0.3%
Central China Real Estate Ltd.
12.25%, 10/20/15 (a)		1,877		1,932,900
Shimao Property Holdings Ltd.
9.65%, 8/03/17		2,050		1,891,873

				3,824,773

				22,071,931

Industrial - 4.7%
Basic - 1.5%
Evraz Group SA
8.25%, 11/10/15 (a)		1,398		1,558,770
9.50%, 4/24/18 (a)		3,834		4,418,685
Novelis, Inc./GA
8.75%, 12/15/20		3,075		3,321,000


	Principal Amount (000)		U.S. $ Value
Severstal OAO Via Steel Capital SA
9.25%, 4/19/14 (a)	U.S.$	2,480	$	2,793,100
Vedanta Resources PLC
8.75%, 1/15/14 (a)(c)		4,404		4,723,290
Winsway Coking Coal Holding Ltd.
8.50%, 4/08/16 (a)		2,530		2,340,250

				19,155,095

Capital Goods - 0.2%
Cemex SAB de CV
9.00%, 1/11/18 (a)		2,580		2,625,150

Communications - Media - 0.6%
Central European Media Enterprises Ltd.
11.625%, 9/15/16 (a)	EUR	1,231		1,892,243
Columbus International, Inc.
11.50%, 11/20/14 (a)	U.S.$	4,160		4,726,800
European Media Capital SA
10.00%, 2/01/15 (h)		1,574		1,464,029

				8,083,072

Communications - Telecommunications - 0.3%
Pacnet Ltd.
9.25%, 11/09/15 (a)		1,902		1,816,410
Vimpel Communications Via VIP Finance Ireland Ltd. OJSC
9.125%, 4/30/18 (a)		1,500		1,693,950

				3,510,360

Consumer Cyclical - Other - 0.4%
Country Garden Holdings Co.
10.50%, 8/11/15		750		774,097
11.125%, 2/23/18 (a)		791		814,730
Peermont Global Pty Ltd.
7.75%, 4/30/14 (a)	EUR	1,000		1,268,881
Yanlord Land Group Ltd.
10.625%, 3/29/18 (a)	U.S.$	1,957		2,015,710

				4,873,418

Consumer Cyclical - Retailers - 0.1%
Edcon Holdings Pty Ltd.
6.971%, 6/15/15 (a)(b)	EUR	1,066		1,275,334

Consumer Non-Cyclical - 0.5%
CEDC Finance Corp. International, Inc.
8.875%, 12/01/16 (a)(c)		1,400		1,806,887
9.125%, 12/01/16 (a)	U.S.$	1,150		1,049,375
Foodcorp Pty Ltd.
8.75%, 3/01/18 (a)	EUR	827		1,174,289
JBS Finance II Ltd.
8.25%, 1/29/18 (a)	U.S.$	2,400		2,448,000

				6,478,551


	Principal Amount (000)		U.S. $ Value
Energy - 0.5%
Deepsea Metro I
11.00%, 12/09/15	U.S.$	900	$	963,711
MIE Holdings Corp.
9.75%, 5/12/16 (a)		1,500		1,477,500
OGX Petroleo e Gas Participacoes SA
8.50%, 6/01/18 (a)		979		1,006,902
Pan American Energy LLC/Argentine Branch
7.875%, 5/07/21 (a)		1,870		1,982,200
Zhaikmunai LLP
10.50%, 10/19/15 (a)		1,570		1,664,200

				7,094,513

Other Industrial - 0.3%
Marfrig Holding Europe BV
8.375%, 5/09/18 (a)		1,181		1,128,445
Marfrig Overseas Ltd.
9.50%, 5/04/20 (a)		1,771		1,797,565
New Reclamation Group Pty Ltd. (The)
8.125%, 2/01/13 (a)	EUR	1,186		1,539,364

				4,465,374

Technology - 0.2%
MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co.
10.50%, 4/15/18	U.S.$	1,490		1,631,550
STATS ChipPAC Ltd.
7.50%, 8/12/15 (a)		541		570,755

				2,202,305

Transportation - Services - 0.1%
Inversiones Alsacia SA
8.00%, 8/18/18 (a)		1,980		1,879,240

				61,642,412

Utility - 0.1%
Electric - 0.1%
Inkia Energy Ltd.
8.375%, 4/04/21 (a)(c)		810		830,250

Total Emerging Markets - Corporate Bonds (cost $82,388,841)				84,544,593

EMERGING MARKETS - SOVEREIGNS - 5.6%
Argentina - 2.7%
Argentina Bonos
7.00%, 10/03/15 (c)		19,339		18,747,567
Series X
7.00%, 4/17/17		8,950		8,069,668
Argentine Republic Government International Bond
7.82%, 12/31/33	EUR	4,917		5,169,645
Series NY


	Principal Amount (000)		U.S. $ Value
2.50%, 12/31/38 (i)	U.S.$	3,480	$	1,513,800
8.28%, 12/31/33 (c)		1,842		1,625,174

				35,125,854

Dominican Republic - 0.7%
Dominican Republic International Bond
8.625%, 4/20/27 (a)		8,385		9,160,612

El Salvador - 0.7%
El Salvador Government International Bond
7.375%, 12/01/19 (a)		705		773,738
7.625%, 9/21/34 (a)		762		828,675
7.65%, 6/15/35 (a)		6,996		7,240,860

				8,843,273

Ghana - 0.2%
Republic of Ghana
8.50%, 10/04/17 (a)		2,983		3,371,065

Jamaica - 0.1%
Jamaica Government International Bond
8.00%, 6/24/19		1,074		1,146,495

Philippines - 0.0%
Philippine Government International Bond
10.625%, 3/16/25		205		312,113

Serbia & Montenegro - 0.1%
Republic of Serbia
6.75%, 11/01/24 (a)		1,004		1,004,400

Ukraine - 0.9%
Ukraine Government International Bond
6.58%, 11/21/16 (a)		2,953		2,976,624
6.75%, 11/14/17 (a)		670		673,350
7.65%, 6/11/13 (a)(c)		5,845		6,140,172
Ukraine-Recap Linked Note
5.50%, 9/02/15 (a)	UAH	15,300		1,763,166

				11,553,312

United Arab Emirates - 0.2%
Emirate of Dubai Government International Bonds
7.75%, 10/05/20 (a)(c)	U.S.$	3,310		3,516,875

Total Emerging Markets - Sovereigns (cost $53,160,092)				74,033,999

GOVERNMENTS - TREASURIES - 4.7%
Brazil - 1.9%
Brazil Notas do Tesouro Nacional
Series F
10.00%, 1/01/14	BRL	9,146		5,536,783


	Principal Amount (000)		U.S. $ Value
Republic of Brazil
12.50%, 1/05/16-1/05/22	BRL	24,922	$	19,639,186

				25,175,969

Greece - 0.2%
Hellenic Republic Government Bond
Series 30YR
4.60%, 9/20/40	EUR	4,895		3,104,312

Hungary - 0.9%
Hungary Government Bond
Series 14/C
5.50%, 2/12/14	HUF	970,820		5,172,557
Series 15/A
8.00%, 2/12/15		464,360		2,619,243
Series 16/C
5.50%, 2/12/16		697,550		3,595,649

				11,387,449

Ireland - 0.2%
Ireland Government Bond
4.50%, 4/18/20	EUR	3,223		2,922,851

South Africa - 1.5%
South Africa Government Bond
Series R203
8.25%, 9/15/17	ZAR	60,480		8,998,665
Series R204
8.00%, 12/21/18		10,750		1,563,999
Series R207
7.25%, 1/15/20		60,872		8,386,271
Series R208
6.75%, 3/31/21		490		64,537

				19,013,472

Total Governments - Treasuries (cost $49,235,905)				61,604,053

CMOs - 3.6%
Non-Agency Floating Rate - 2.1%
Bear Stearns Adjustable Rate Mortgage Trust
Series 2007-2, Class 1A1
2.328%, 12/25/46 (b)	U.S.$	1,588		1,024,322
Countrywide Alternative Loan Trust
Series 2007-7T2, Class A3
0.786%, 4/25/37 (b)		5,718		3,246,098
Countrywide Home Loan Mortgage Pass Through Trust
Series 2007-13, Class A7
0.786%, 8/25/37 (b)		2,831		2,144,595
Greenpoint Mortgage Funding Trust
Series 2007-AR3, Class A1
0.406%, 6/25/37 (b)		1,885		1,294,495
Harborview Mortgage Loan Trust
Series 2007-4, Class 2A1
0.406%, 7/19/47 (b)		2,104		1,448,209


	Principal Amount (000)		U.S. $ Value
Indymac Index Mortgage Loan Trust
Series 2006-AR37, Class 2A1
5.462%, 2/25/37	U.S.$	1,207	$	831,383
Lehman XS Trust
Series 2007-15N, Class 4A1
1.086%, 8/25/47 (b)		1,154		641,105
Series 2007-4N, Class 3A2A
1.045%, 3/25/47 (b)		2,570		1,564,865
Structured Adjustable Rate Mortgage Loan Trust
Series 2005-18, Class 8A1
5.466%, 9/25/35		2,909		2,687,485
Series 2006-9, Class 4A1
5.895%, 10/25/36		1,861		1,331,170
Structured Asset Mortgage Investments, Inc.
Series 2007-AR6, Class A1
1.778%, 8/25/47 (b)		6,217		3,473,280
WaMu Mortgage Pass Through Certificates
Series 2006-AR11, Class 3A1A
1.198%, 9/25/46 (b)		2,464		1,480,152
Series 2006-AR5, Class A1A
1.268%, 6/25/46 (b)		1,143		817,551
Series 2007-HY3, Class 4A1
2.725%, 3/25/37		3,738		3,167,496
Series 2007-OA3, Class 2A1A
1.038%, 4/25/47 (b)		1,329		912,436
Washington Mutual Alternative Mortgage Pass-Through Certificates
Series 2007-OA4, Class A1A
1.038%, 4/25/47 (b)		1,511		808,682

				26,873,324

Non-Agency Fixed Rate - 1.4%
Chaseflex Trust
Series 2007-1, Class 1A3
6.50%, 2/25/37		1,401		950,104
Citimortgage Alternative Loan Trust
Series 2007-A3, Class 1A4
5.75%, 3/25/37		3,241		2,455,847
Countrywide Alternative Loan Trust
Series 2006-42, Class 1A6
6.00%, 1/25/47		1,744		1,159,946
Series 2006-J1, Class 1A10
5.50%, 2/25/36		4,350		3,131,590
Series 2006-J5, Class 1A1
6.50%, 9/25/36		2,414		1,656,023
First Horizon Alternative Mortgage Pass Through Certificates
Series 2006-FA1, Class 1A3
5.75%, 4/25/36		1,830		1,356,125
Washington Mutual Alternative Mortgage Pass-Through Certificates
Series 2006-7, Class A3
6.081%, 9/25/36		2,542		1,557,534
Series 2006-7, Class A4
6.171%, 9/25/36		2,675		1,621,525


	Principal Amount (000)		U.S. $ Value
Series 2006-9, Class A4
5.986%, 10/25/36	U.S.$	2,889	$	1,778,782
Wells Fargo Alternative Loan Trust
Series 2007-PA3, Class 3A1
6.25%, 7/25/37		3,553		2,538,372

				18,205,848

Non-Agency ARMs - 0.1%
Citigroup Mortgage Loan Trust, Inc.
Series 2006-AR1, Class 3A1
2.69%, 3/25/36 (b)		2,209		1,549,423

Total CMOs (cost $47,769,272)				46,628,595

QUASI-SOVEREIGNS - 3.2%
Quasi-Sovereign Bonds - 3.2%
Indonesia – 0.3%
Majapahit Holding BV
7.75%, 10/17/16 (a)		2,165		2,513,565
7.875%, 6/29/37 (a)		699		801,054
8.00%, 8/07/19 (a)		330		390,225

				3,704,844

Kazakhstan - 0.5%
Intergas Finance BV
6.375%, 5/14/17 (a)		3,640		3,940,300
KazMunayGas National Co.
7.00%, 5/05/20 (a)		2,658		2,927,521
9.125%, 7/02/18 (a)		250		308,100

				7,175,921

Philippines - 0.1%
Power Sector Assets & Liabilities Management Corp.
7.25%, 5/27/19 (a)		1,250		1,478,125

Russia - 1.9%
Russian Agricultural Bank OJSC Via RSHB Capital SA
6.299%, 5/15/17 (a)		8,227		8,741,188
7.50%, 3/25/13	RUB	86,000		3,138,877
7.75%, 5/29/18 (a)	U.S.$	11,600		13,195,000

				25,075,065

Trinidad & Tobago - 0.2%
Petroleum Co. of Trinidad & Tobago Ltd.
9.75%, 8/14/19 (a)(c)		1,675		2,022,562

Ukraine - 0.2%
NAK Naftogaz Ukraine
9.50%, 9/30/14		2,542		2,777,135

Total Quasi-Sovereigns (cost $30,605,501)				42,233,652


	Principal Amount (000)		U.S. $ Value
COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.7%
Non-Agency Fixed Rate CMBS - 2.5%
Banc of America Commercial Mortgage, Inc.
Series 2007-5, Class AM
5.772%, 2/10/51	U.S.$	2,877	$	2,790,051
Banc of America Large Loan, Inc.
Series 2009-UB1, Class A4B
5.692%, 6/24/50 (a)		3,500		3,450,647
Bear Stearns Commercial Mortgage Securities
Series 2007-PW18, Class AM
6.084%, 6/11/50		1,400		1,368,412
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2005-CD1, Class AJ 5.
394%, 7/15/44		1,017		958,512
Credit Suisse Mortgage Capital Certificates
Series 2006-C4, Class AM
5.509%, 9/15/39		5,900		5,554,289
GE Capital Commercial Mortgage Corp.
Series 2005-C4, Class AM
5.493%, 11/10/45		800		805,730
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2006-CB15, Class AM
5.855%, 6/12/43		1,230		1,203,983
Series 2007-LD11, Class AM
6.005%, 6/15/49		5,105		4,542,903
Merrill Lynch Mortgage Trust
Series 2005-CIP1, Class AJ
5.137%, 7/12/38		2,000		1,841,540
Morgan Stanley Capital I
Series 2005-HQ6, Class AJ
5.073%, 8/13/42		948		913,984
Series 2006-IQ12, Class AM
5.37%, 12/15/43		7,700		7,454,899
Wachovia Bank Commercial Mortgage Trust
Series 2006-C23, Class AM
5.466%, 1/15/45		2,100		2,158,859
Series 2007-C34, Class AM
5.818%, 5/15/46		400		376,907

				33,420,716

Non-Agency Floating Rate CMBS - 0.2%
Commercial Mortgage Pass Through Certificates
Series 2007-FL14, Class C
0.487%, 6/15/22 (a)(b)		477		424,994
Lehman Brothers
Series 2006-LLFA, Class H
0.587%, 9/15/21 (a)(b)		423		329,579
Series 2006-LLFA, Class K
0.987%, 9/15/21 (a)(b)		399		283,300


	Principal Amount (000)		U.S. $ Value
Wachovia Bank Commercial Mortgage Trust
Series 2006-WL7A, Class H
0.585%, 9/15/21 (a)(b)	U.S.$	1,279	$	970,124

				2,007,997

Total Commercial Mortgage-Backed Securities (cost $30,819,389)				35,428,713

BANK LOANS - 2.5%
Industrial - 2.0%
Basic - 0.0%
Ineos US Finance LLC
7.50%, 12/16/13 (b)		245		251,869
8.00%, 12/16/14 (b)		280		289,510

				541,379

Capital Goods - 0.4%
Harbor Freight Tools USA, Inc./Central Purchasing, LLC
6.50%, 12/22/17 (b)		3,284		3,330,717
Hawker Beechcraft Acquisition Company LLC
2.19%-2.25%, 3/26/14 (b)		68		56,896
2.25%, 3/26/14 (b)		4		3,518
10.50%, 3/26/14 (b)		1,807		1,816,763

				5,207,894

Communications - Media - 0.3%
Cengage Learning Acquisitions, Inc. (Thomson Learning)
2.50%, 7/03/14 (b)		719		645,905
Charter Communications Operating, LLC
2.19%, 3/06/14 (b)		27		26,852
7.25%, 3/06/14 (b)		34		33,828
Clear Channel Communications, Inc.
3.84%, 1/29/16 (b)		163		138,264
SuperMedia Inc. (fka Idearc Inc.)
11.00%, 12/31/15 (b)		313		186,675
Univision Communications Inc.
4.44%, 3/31/17 (b)		2,323		2,201,598
WideOpenWest Finance , LLC
2.69%-4.75%, 6/30/14 (b)		971		939,741

				4,172,863

Communications - Telecommunications - 0.0%
LightSquared LP
12.00%, 10/01/14 (d)		50		50,223

Consumer Cyclical - Automotive - 0.4%
Allison Transmission, Inc.
2.94%, 8/07/14 (b)		11		10,870
Federal-Mogul Corporation
2.13%, 12/29/14-12/28/15 (b)		1,969		1,860,658


	Principal Amount (000)		U.S. $ Value
Ford Motor Co.
2.94%, 12/15/13 (b)	U.S.$	77	$	77,207
General Motors Holdings LLC
10/27/15 (j)		3,500		3,155,460

				5,104,195

Consumer Cyclical - Entertainment - 0. 2%
ClubCorp Club Operations Inc.
6.00%, 11/30/16 (b)		1,368		1,371,545
Las Vegas Sands, LLC
2.69%, 11/23/16 (b)		558		542,195

				1,913,740

Consumer Cyclical - Other - 0.2%
Caesars Entertainment Operating Company Inc. (fka Harrah’s Operating Company, Inc.)
3.19%-3.27%, 1/28/15 (b)		1,210		1,089,530
Great Atlantic & Pacific Tea Company, Inc., The
8.75%, 6/14/12 (b)		130		131,097
Harrah’s Las Vegas Propco, LLC
2/13/13 (k)		1,500		1,260,810

				2,481,437

Consumer Cyclical - Retailers - 0.1%
Burlington Coat Factory Warehouse Corporation
6.25%, 2/23/17 (b)		499		497,972
Rite Aid Corporation
1.94%, 6/04/14 (b)		962		917,376

				1,415,348

Consumer Non-Cyclical - 0.0%
HCA Inc.
3.50%, 5/01/18 (b)		398		391,012

Energy - 0.1%
CITGO Petroleum Corporation
9.00%, 6/24/17 (b)		1,238		1,285,762

Other Industrial - 0.0%
Gavilon Group LLC, The
6.00%, 12/06/16 (b)		414		414,719

Services - 0.2%
Advantage Sales & Marketing Inc.
5.25%, 12/17/17 (b)		507		506,943
Aveta Inc.
8.50%, 4/14/15 (b)		416		416,758
Global Cash Access, Inc.
7.00%, 3/01/16 (b)		445		447,464
Sabre Inc.
2.19%-2.27%, 9/30/14 (b)		735		659,855


	Principal Amount (000)		U.S. $ Value
ServiceMaster Co., (The)
2.69%, 7/24/14 (b)	U.S.$	18	$	17,230
2.69%-2.76%, 7/24/14 (b)		178		173,020

				2,221,270

Technology - 0.1%
First Data Corp.
2.94%, 9/24/14 (b)		1,315		1,217,015
SunGard Data Systems Inc. (Solar Capital Corp.)
1.94%, 2/28/14 (b)		24		23,810

				1,240,825

Transportation - Services - 0.0%
Swift Transportation Co., LLC
6.00%, 12/21/16 (b)		208		208,420

				26,649,087

Financial Institutions - 0.3%
Finance - 0.3%
CIT Group, Inc.
6.25%, 8/11/15 (b)		1,311		1,317,671
Delos Aircraft Inc.
7.00%, 3/17/16 (b)		106		106,607
International Lease Finance Corp (Delos Aircraft Inc)
6.75%, 3/17/15 (b)		144		144,292
iStar Financial Inc.
7.00%, 6/30/14 (b)		1,675		1,667,328

				3,235,898

Utility - 0.2%
Electric - 0.2%
FirstLight Power Resources, Inc. (fka NE Energy, Inc.)
2.75%, 11/01/13 (b)		269		263,649
4.75%, 5/01/14 (b)		1,000		925,000
Texas Competitive Electric Holdings Company, LLC (TXU)
3.69%, 10/10/14 (b)		1,632		1,378,897

				2,567,546

Total Bank Loans (cost $32,282,733)				32,452,531

LOCAL GOVERNMENTS - MUNICIPAL BONDS - 2.1%
United States - 2.1%
Allegheny Cnty PA Hosp Dev Auth (West Penn Allegheny Hlth Sys)
Series 2007A
5.375%, 11/15/40		595		498,247
Buckeye OH Tob Stlmnt Fin Auth
Series 2007A-2
5.875%, 6/01/47		1,525		1,109,941


	Principal Amount (000)		U.S. $ Value
California GO
7.60%, 11/01/40	U.S.$	750	$	864,277
7.95%, 3/01/36		1,915		2,086,469
California Mun Fin Auth Rev
8.00%, 4/01/41		900		927,846
California Statewide CDA (Thomas Jefferson Sch Law)
Series 2008A
7.25%, 10/01/38 (a)		810		824,434
Cumberland Cnty PA Mun Auth (Asbury Atlantic, Inc.)
6.125%, 1/01/45		825		739,926
District of Columbia
Series 2011A
6.50%, 10/01/41		1,500		1,538,955
Illinois Finance Auth
Series 2010A
8.125%, 2/15/40		1,420		1,380,709
Illinois Finance Auth (Illinois Institute of Technology)
Series 06A
5.00%, 4/01/31		685		490,638
Illinois GO
7.35%, 7/01/35		1,915		2,036,066
Indiana Finance Auth (Kings Daughters Hospital)
5.50%, 8/15/40		1,115		970,028
Kentucky Econ Dev Fin Auth (Owensboro Med Hlth Sys)
6.50%, 3/01/45		835		835,493
Koyukuk AK Hlth Care Fac (Tanana Chiefs Conference)
7.75%, 10/01/41		1,450		1,400,656
Los Angeles CA Regl Arpts Impt Corp. (American Airlines, Inc.)
Series 2002C
7.50%, 12/01/24		980		990,388
Louisiana Pub Fac Auth (Ochsner Clinic Fndtn)
Series 2007A
5.375%, 5/15/43		1,400		1,234,968
Mid-Bay Brdg Auth FL
Series 2011A
7.25%, 10/01/40		1,650		1,669,915
Regional Trnsp Dist CO (Denver Transit Partners)
6.00%, 1/15/41		2,020		2,021,353
Rhode Island Hlth & Ed Bldg Corp. (Tockwotton Home)
8.375%, 1/01/46		1,520		1,528,345
Sioux Falls S D Health Facs
5.00%, 11/15/33		985		737,903
Texas Private Acvty Bond Srfc Trnsp Corp. (LBJ Managed Lanes Project)
7.00%, 6/30/40		1,050		1,112,370
Texas Private Acvty Bond Srfc Trnsp Corp. (NTE Mobility Partners LLC Project)
6.875%, 12/31/39		1,365		1,450,968


	Principal Amount (000)		U.S. $ Value
Tobacco Settlement Fin Corp. VA
Series 2007B1
5.00%, 6/01/47	U.S.$	1,125	$	685,001
Viridian Mun Mgmt Dist TX
9.00%, 12/01/37		825		838,778

Total Local Governments - Municipal Bonds (cost $26,208,574)				27,973,674

EMERGING MARKETS - TREASURIES - 2.0%
Colombia - 0.1%
Republic of Colombia
9.85%, 6/28/27	COP	1,927,000		1,413,344

Dominican Republic - 0.5%
Dominican Republic International Bond
16.00%, 7/10/20 (a)	DOP	229,800		6,190,851

Egypt - 0.2%
Egypt Government International Bond
8.75%, 7/18/12 (a)	EGP	16,620		2,651,876

Indonesia - 0.5%
Indonesia Recap Linked Note
10.00%, 7/18/17	IDR	47,971,000		6,391,099

Philippines - 0.2%
Philippine Government International Bond
6.25%, 1/14/36	PHP	143,000		3,221,501

Turkey - 0.5%
Turkey Government Bond
11.00%, 8/06/14	TRY	9,155		5,905,906

Total Emerging Markets - Treasuries (cost $25,524,463)				25,774,577

GOVERNMENTS - SOVEREIGN BONDS - 1.8%
Brazil - 0.1%
Republic of Brazil
8.75%, 2/04/25	U.S.$	515		727,437

Cote D’Ivoire - 0.5%
Ivory Coast Government International Bond
2.50%, 12/31/32 (a)(f)(i)		12,797		6,766,414

Croatia - 0.6%
Croatia Government International Bond
6.625%, 7/14/20 (a)(c)		4,000		4,235,000
6.75%, 11/05/19 (a)(c)		3,350		3,609,625

				7,844,625

Iceland - 0.4%
Iceland Government International Bond
3.75%, 12/01/11	EUR	3,250		4,645,554


	Principal Amount (000)		U.S. $ Value
Lithuania - 0.1%
Lithuania Government International Bond
7.375%, 2/11/20 (a)(c)	U.S.$	1,498	$	1,718,955

Panama - 0.1%
Panama Government International Bond
6.70%, 1/26/36		3		3,540
9.375%, 4/01/29 (c)		1,000		1,485,000

				1,488,540

Total Governments - Sovereign Bonds (cost $21,475,700)				23,191,525

ASSET-BACKED SECURITIES - 1.3%
Home Equity Loans - Fixed Rate - 1.0%
Countrywide Asset-Backed Certificates
Series 2005-7, Class AF5W
5.054%, 10/25/35		895		579,668
Series 2006-1, Class AF6
5.526%, 7/25/36		2,225		1,853,223
Series 2006-15, Class A6
5.826%, 10/25/46		1,824		1,252,689
CSAB Mortgage Backed Trust
Series 2006-2, Class A6A
5.72%, 9/25/36		1,655		1,166,612
GSAA Home Equity Trust
Series 2005-12, Class AF5
5.659%, 9/25/35		1,800		1,344,269
Series 2006-10, Class AF3
5.985%, 6/25/36		1,834		1,084,394
Lehman XS Trust
Series 2006-17, Class WF32
5.55%, 11/25/36		2,500		2,047,092
Series 2007-6, Class 3A5
5.72%, 5/25/37		859		604,084
Morgan Stanley Mortgage Loan Trust
Series 2006-15XS, Class A3
5.988%, 11/25/36		1,905		1,196,166
Series 2007-8XS, Class A2
6.00%, 4/25/37		1,916		1,349,216

				12,477,413

Home Equity Loans - Floating Rate - 0.3%
Countrywide Asset-Backed Certificates
Series 2007-S2, Class A1
0.326%, 5/25/37 (b)		550		534,631
Credit-Based Asset Servicing and Securitization LLC
Series 2007-CB2, Class A2C
5.623%, 2/25/37 (b)		3,400		1,729,333
GSAA Home Equity Trust
Series 2006-6, Class AF4
5.191%, 3/25/36 (b)		1,505		839,647


	Principal Amount (000)		U.S. $ Value
GSAA Trust
Series 2006-6, Class AF5
5.191%, 3/25/36 (b)	U.S.$	969	$	540,507

				3,644,118

Other ABS - Fixed Rate - 0.0%
CW Capital Cobalt Ltd.
Series 2006-C1, Class AMP1
5.501%, 8/15/48 (a)		487		398,702

Total Asset-Backed Securities (cost $16,737,085)				16,520,233


	Shares
PREFERRED STOCKS - 0.9%
Financial Institutions - 0.8%
Banking - 0.3%
Zions Bancorporation
9.50%		138,946		3,632,048

Finance - 0.5%
Ally Financial, Inc.
7.00% (a)		792		744,332
8.50%		52,000		1,302,080
Citigroup Capital XII
8.50%		99,000		2,556,180
Citigroup Capital XIII
7.875% (l)		49,625		1,378,582

				5,981,174

REITS - 0.0%
Sovereign Real Estate Investment Trust
12.00% (a)		185		214,787

				9,828,009

Industrial - 0.1%
Consumer Cyclical - Other - 0.1%
Las Vegas Sands Corp.
10.00%		16,000		1,795,152

Non Corporate Sectors - 0.0%
Agencies - Government Sponsored - 0.0%
Federal National Mortgage Association
8.25%		80,000		172,000

Total Preferred Stocks (cost $12,084,143)				11,795,161


	Principal Amount (000)
SUPRANATIONALS - 0.7%
Eurasian Development Bank
7.375%, 9/29/14 (a)	U.S.$	1,690		1,863,732


	Principal Amount (000)		U.S. $ Value
European Investment Bank
Zero Coupon, 4/24/13 (a)	IDR	65,759,400	$	6,816,341

Total Supranationals (cost $8,386,464)				8,680,073

LOCAL GOVERNMENTS - REGIONAL BONDS - 0.6%
Argentina - 0.2%
Provincia de Cordoba
12.375%, 8/17/17 (a)	U.S.$	2,341		2,446,345
Colombia - 0.4%
Bogota Distrio Capital
9.75%, 7/26/28 (a)	COP	7,758,000		5,456,703

Total Local Governments - Regional Bonds (cost $5,651,557)				7,903,048

INFLATION-LINKED SECURITIES - 0.4%
Uruguay - 0.4%
Uruguay Government International Bond
3.70%, 6/26/37 (c)	UYU	45,455		2,467,909
4.25%, 4/05/27 (c)		53,841		3,184,846

Total Inflation-Linked Securities (cost $4,247,274)				5,652,755


	Shares
COMMON STOCKS - 0.2%
Abitibibowater, Inc. (g)(m)		5,000		0
American Media Operations, Inc. (e)(g)		19,908		338,436
American Media, Inc. (g)(h)		12,978		0
AOT Bedding Super Holdings, LLC (g)		52		0
Fairpoint Communications, Inc. (m)		5,519		50,830
Gallery Capital SA		591		0
Greektown Superholdings, Inc. (e) (g)(m)		692		46,364
Keystone Automotive Operations, Inc. (e)		106,736		1,350,450
Magnachip Semiconductor (e)		3,600		0
Merisant Co. (e)(g)		999		0
Neenah Enterprises, Inc. (e)(g)(m)		58,200		378,300
U.S. Shipping Corp. (e)(g)		31,398		0

Total Common Stocks (cost $3,681,728)				2,164,380


	Principal Amount (000)
GOVERNMENTS - SOVEREIGN AGENCIES - 0.1%
Spain - 0.1%
Instituto de Credito Oficial
4.53%, 3/17/16 (cost $1,183,759)	CAD	1,300		1,255,384


Company	Shares		U.S. $ Value
WARRANTS - 0.0%
Alion Science And Technology Corp., expiring 11/01/14 (a)(g)(m)		900	$	0
Fairpoint Communications, Inc., expiring 1/24/18 (g)(m)		9,408		0
Magnachip Semicon, expiring 12/31/49 (g)(m)		18,000		0
Quality Distribution LLC/QD Capital Corp., expiring 11/01/13 (m)		37,362		486,080

Total Warrants (cost $0)				486,080

SHORT-TERM INVESTMENTS - 0.6%
Investment Companies - 0.6%
AllianceBernstein Fixed-Income Shares, Inc. - Government STIF Portfolio, 0.08% (n) (cost $7,652,446)		7,652,446		7,652,446

Total Investments - 107.8% (cost $1,312,123,610) (o)				1,413,964,507
Other assets less liabilities - (7.8)%				(102,084,740	)

Net Assets - 100.0%			$	1,311,879,767

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at June 30, 2011		Unrealized Appreciation/ (Depreciation)
Buy Contracts
Barclays Capital Inc.:
Euro settling 7/14/11		1,142	$	1,623,583	$	1,656,341	$	32,758
Norwegian Krone settling 8/18/11		72,057		13,125,310		13,317,567		192,257
Brown Brothers Harriman & Co.:
Euro settling 7/14/11		1,520		2,141,545		2,204,304		62,759
South African Rand settling 8/19/11		430		63,276		63,164		(112	)
Citibank:
Euro settling 7/14/11		3,657		5,195,715		5,302,019		106,304
Credit Suisse First Boston:
Chinese Yuan Renminbi settling 1/13/12		108,604		16,754,044		16,896,791		142,747
Euro settling 7/14/11		1,200		1,682,158		1,739,457		57,299
Deutsche Bank:
Mexican Peso settling 8/18/11		159,610		13,397,967		13,577,211		179,244
Goldman Sachs:
Brazilian Real settling 7/05/11		14,128		8,846,679		9,052,732		206,053
Euro settling 7/14/11		189		272,098		274,159		2,061
Swedish Krona settling 8/18/11		82,577		13,029,833		13,020,487		(9,346	)
HSBC Securities Inc.:
Brazilian Real settling 7/05/11		10,462		6,701,873		6,703,805		1,932
Morgan Stanley & Co., Inc.:
Brazilian Real settling 7/05/11		27,088		17,166,168		17,357,007		190,839
Euro settling 7/14/11		260		364,821		377,079		12,258
Malaysian Ringgit settling 8/19/11		20,182		6,639,829		6,689,125		49,296
Russian Ruble settling 7/14/11		11,409		408,883		408,219		(664	)


Counterparty & Description	Contract Amount (000)		U.S. $ Value on Origination Date		U.S. $ Value at June 30, 2011		Unrealized Appreciation/ (Depreciation)
Singapore Dollar settling 7/15/11		17,030	$	13,818,857	$	13,864,478	$	45,621
South Korean Won settling 7/01/11		14,776,762		13,592,202		13,840,456		248,254
South Korean Won settling 7/01/11		14,776,762		13,706,300		13,840,455		134,155
South Korean Won settling 9/09/11		14,776,762		13,563,507		13,782,751		219,244
Royal Bank of Canada:
Euro settling 7/14/11		1,156		1,646,978		1,675,345		28,367
Royal Bank of Scotland:
Euro settling 7/14/11		9,328		13,156,344		13,523,657		367,313
Indonesian Rupiah settling 8/19/11		5,614,408		654,971		653,446		(1,525	)
UBS Securities LLC:
Brazilian Real settling 7/05/11		30,754		19,700,254		19,705,934		5,680
Westpac Banking Corp.:
Indonesian Rupiah settling 7/20/11		30,597,866		3,538,553		3,568,246		29,693
Sale Contracts
Barclays Capital Inc.:
Euro settling 7/14/11		106,274		152,292,875		154,081,361		(1,788,486	)
Japanese Yen settling 7/27/11		1,063,404		13,029,194		13,210,587		(181,393	)
BNP Paribas SA:
Canadian Dollar settling 7/25/11		4,184		4,275,823		4,335,555		(59,732	)
Brown Brothers Harriman & Co.:
Euro settling 7/14/11		350		497,841		507,816		(9,975	)
Citibank:
South African Rand settling 8/19/11		132,342		19,377,213		19,440,189		(62,976	)
Credit Suisse First Boston:
Turkish Lira settling 8/19/11		10,036		6,078,073		6,130,759		(52,686	)
Goldman Sachs:
Brazilian Real settling 7/05/11		14,128		9,050,123		9,052,733		(2,610	)
Euro settling 7/14/11		224		320,732		325,445		(4,713	)
HSBC Securities Inc.:
Brazilian Real settling 7/05/11		10,462		6,517,264		6,703,806		(186,542	)
Morgan Stanley & Co., Inc.:
Australian Dollar settling 8/24/11		2,932		3,090,243		3,123,919		(33,676	)
Brazilian Real settling 7/05/11		27,088		17,352,004		17,357,007		(5,003	)
Brazilian Real settling 8/02/11		27,088		17,043,580		17,239,222		(195,642	)
South Korean Won settling 7/01/11		14,776,762		13,706,300		13,840,455		(134,155	)
South Korean Won settling 7/01/11		14,776,762		13,615,998		13,840,455		(224,457	)
Royal Bank of Scotland:
Great British Pound settling 8/09/11		7,829		12,863,170		12,560,035		303,135
Hungarian Forint settling 8/19/11		1,946,682		10,523,177		10,565,275		(42,098	)
UBS Securities LLC:
Brazilian Real settling 7/05/11		30,754		18,811,553		19,705,935		(894,382	)
Euro settling 7/14/11		460		649,588		666,930		(17,342	)

INTEREST RATE SWAP TRANSACTIONS


					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Portfolio		Payments received by the Portfolio			Unrealized Appreciation/ (Depreciation)
JPMorgan Chase Bank	$	300,000		5/31/18		3 Month LIBOR		2.57	%	$	(733,149	)

Rate Type

Swap Counterparty

Notional
Amount
(000)

Termination
Date

Payments
made by
the
Portfolio

Payments received
by the Portfolio

Unrealized
Appreciation/
(Depreciation)

JPMorgan Chase Bank

400,000

5/31/16

1.94

3 Month LIBOR

214,467

CREDIT DEFAULT SWAP CONTRACTS ON INDICES, CORPORATE AND SOVEREIGN ISSUES


Swap Counterparty & Referenced Obligation	Fixed Deal (Pay) Receive Rate			Implied Credit Spread at June 30, 2011			Notional Amount (000)		Market Value			Upfront Premiums (Paid) Received			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Barclays Capital Inc.:
The McClatchy Co.,
5.75% 9/1/17, 12/20/13*		(5.00	)%		6.08	%	$	440	$	9,750		$	(16,500	)	$	(6,750	)
Liz Claiborne, Inc.,
5% 7/8/13, 12/20/13*		(5.00	)		5.63			440		5,385			(8,800	)		(3,415	)
Citibank:
ITRAXX XOVER-14 5 Year Index,
12/20/15*		(5.00	)		4.41		EUR	23,900		(1,190,029	)		1,401,049			211,020
Goldman Sachs Bank USA:
Hellenic Republic Government
5.9% 10/22/22, 6/20/15*		(0.50	)		23.11			600		501,265			—			501,265
JPMorgan Chase Bank:
MBIA, Inc.,
6.625% 10/1/28, 12/20/13*		(5.00	)		8.73			890		67,763			(93,450	)		(25,687	)
Republic of Iceland
4.375% 3/10/14, 12/20/11*		(10.50	)		2.49		EUR	3,250		(194,940	)		—			(194,940	)
Sale Contracts
Bank of America:
Boyd Gaming Corp.,
6.75% 4/15/14, 3/20/16*		5.00			7.57			2,000		(176,880	)		135,000			(41,880	)
Barclays Capital Inc.:
Amkor Technology, Inc.
9.25%, 6/01/16, 6/20/16*		5.00			4.41			2,000		51,706			(76,028	)		(24,322	)
Alcatel-Lucent USA Inc.
6.5%, 1/15/28, 6/20/16*		5.00			4.26			2,000		64,195			(111,193	)		(46,998	)


Swap Counterparty & Referenced Obligation	Fixed Deal (Pay) Receive Rate		Implied Credit Spread at June 30, 2011		Notional Amount (000)		Market Value			Upfront Premiums (Paid) Received			Unrealized Appreciation/ (Depreciation)
Rite Aid Corporation
7.7%, 2/15/27, 3/20/12*		5.00		3.00	$	2,700	$	43,408		$	(35,074	)	$	8,334
Community Health Systems,
8.875% 7/15/15, 6/20/16*		5.00		5.75		2,000		(54,890	)		65,000			10,110
CDX NAIG-15 5 Year Index,
12/20/15*		1.00		4.11		1,400		(172,179	)		185,445			13,266
NXP BV,
8.625% 10/15/15, 3/20/16*		5.00		3.45		1,350		87,049			(79,842	)		7,207
Freescale Semiconductor, Inc.,
8.875% 12/15/14, 6/20/16*		5.00		5.35		1,420		(17,445	)		39,052			21,607
Citibank:
Ford Motor Co.,
6.5% 8/1/18, 6/20/16*		5.00		2.82		2,700		260,769			(258,290	)		2,479
CDX NAHY-16 5 Year Index,
6/20/16*		5.00		4.58		13,400		246,664			(201,000	)		45,664
CDX NAHY-15 5 Year Index,
12/20/15*		5.00		4.16		20,000		668,156			(525,000	)		143,156
Credit Suisse International:
MGM Resorts International,
5.875%, 2/27/14, 3/20/16*		5.00		6.48		1,300		(68,307	)		42,250			(26,057	)
CDX NAHY-15 5 Year,
12/20/15*		5.00		7.56		3,500		(300,684	)		361,375			60,691
CDX NAHY-15 5 Year,
12/20/15*		5.00		7.56		3,100		(266,751	)		322,400			55,649
Wind Acquisition Finance S.A.,
5% 12/31/45, 6/20/16*		5.00		4.43		3,300		81,994			(155,766	)		(73,772	)
MGM Resorts International,
7.625% 1/15/17, 6/20/13*		5.00		3.88		2,000		45,330			(50,000	)		(4,670	)
Goldman Sachs Bank USA:
Mediacom LLC,
9.125% 8/15/19, 3/20/16*		5.00		5.95		2,750		(57,718	)		116,875			59,157


Swap Counterparty & Referenced Obligation	Fixed Deal (Pay) Receive Rate		Implied Credit Spread at June 30, 2011		Notional Amount (000)		Market Value			Upfront Premiums (Paid) Received			Unrealized Appreciation/ (Depreciation)
Gazprom
8.625% 4/28/34, 11/20/11*		9.25		0.73	$	2,900	$	129,870		$	—		$	129,870
VTB Bank
4.25% 2/15/16, 11/20/11*		11.50		1.05		4,400		242,258			—			242,258
CDX NAHY-11 5 Year Index,
12/20/13*		0.00		4.16		4,684		2,548,041			(2,614,802	)		(66,761	)
CDX NAHY-15 3 Year Index,
12/20/13*		5.00		15.25		13,400		(2,684,467	)		2,967,026			282,559
Tenet Healthcare Corp.,
6.875% 11/15/31, 9/20/16*		5.00		5.46		2,700		(46,168	)		81,000			34,832
Morgan Stanley Capital Services Inc.:
AK Steel Holding Corporation,
7.625% 5/15/20, 3/20/16*+		5.00		4.03		1,350		54,101			(21,988	)		32,113
CDX-NAHY Series 15 5 Year Index,
12/20/15*+		5.00		4.16		13,100		435,822			(294,750	)		141,072
Boyd Gaming Corp.,
6.75% 4/15/14, 6/20/13*+		5.00		4.36		1,350		18,258			(30,375	)		(12,117	)
RSHB
7.175% 5/16/13, 11/20/13*+		9.75		1.81		3,400		665,601			—			665,601

*	Termination date

+	The fund had collateral received from the swap counterparty. The aggregate market vale of the securities amounted to $865,816.

REVERSE REPURCHASE AGREEMENTS


Broker	Principal Amount (000’s)		Currency		Interest Rate			Maturity+		U.S. $ Value at June 30, 2011
Barclays Capital Inc.		1,342		USD		(1.75	)%*		12/30/11	$	1,341,728
Barclays Capital Inc.		832		USD		(0.75	)%*		12/30/11		831,948
Barclays Capital Inc.		668		USD		(0.63	)%*		12/30/11		667,407
Barclays Capital Inc.		755		EUR		(0.50	)%*		12/30/11		1,094,004
Barclays Capital Inc.		600		EUR		(0.50	)%*		12/30/11		868,858
Barclays Capital Inc.		1,823		USD		(0.25	)%*		12/30/11		1,822,327
Barclays Capital Inc.		1,596		USD		(0.25	)%*		12/30/11		1,595,538
Barclays Capital Inc.		1,185		USD		(0.25	)%*		12/30/11		1,184,885
Barclays Capital Inc.		936		USD		(0.25	)%*		12/30/11		935,269
Barclays Capital Inc.		573		USD		(0.25	)%*		12/30/11		572,940
Barclays Capital Inc.		369		USD		(0.25	)%*		12/30/11		368,992
Barclays Capital Inc.		1,672		USD		(0.13	)%*		12/30/11		1,672,311


Broker	Principal Amount (000’s)		Currency		Interest Rate			Maturity+		U.S. $ Value at June 30, 2011
Barclays Capital Inc.		811		USD		(0.10	)%*		12/30/11	$	810,866
Barclays Capital Inc.		3,386		USD		0.00	%		12/30/11		3,386,250
Barclays Capital Inc.		2,705		USD		0.00	%		12/30/11		2,704,650
Barclays Capital Inc.		2,074		USD		0.00	%		12/30/11		2,074,275
Barclays Capital Inc.		1,346		USD		0.00	%		12/30/11		1,346,400
Barclays Capital Inc.		846		USD		0.00	%		12/30/11		846,000
Barclays Capital Inc.		1,106		USD		0.10	%		12/30/11		1,106,302
Barclays Capital Inc.		2,438		USD		0.45	%		12/30/11		2,439,067
Barclays Capital Inc.		753		USD		0.45	%		12/30/11		753,271
Barclays Capital Inc.		720		USD		0.45	%		12/30/11		720,095
Euroclear Bank SA		1,409		USD		0.05	%		12/31/11		1,408,901
HSBC		1,024		USD		0.40	%		12/30/11		1,024,467
HSBC		996		USD		0.40	%		12/30/11		997,018
ING Bank Amsterdam		616		USD		(1.25	)%*		12/30/11		615,658
ING Bank Amsterdam		1,266		USD		(1.00	)%*		12/30/11		1,265,472
ING Bank Amsterdam		1,260		USD		(1.00	)%*		12/30/11		1,259,440
ING Bank Amsterdam		1,635		USD		(0.75	)%*		12/30/11		1,634,421
ING Bank Amsterdam		1,919		USD		(0.50	)%*		12/30/11		1,918,449
ING Bank Amsterdam		1,040		USD		(0.50	)%*		12/30/11		1,039,870
ING Bank Amsterdam		773		USD		(0.50	)%*		12/30/11		772,163
ING Bank Amsterdam		421		USD		(0.50	)%*		12/30/11		420,912
ING Bank Amsterdam		343		USD		(0.50	)%*		12/30/11		342,740
ING Bank Amsterdam		196		USD		(0.50	)%*		12/30/11		195,981
ING Bank Amsterdam		1,124		USD		(0.38	)%*		12/30/11		1,123,453
ING Bank Amsterdam		669		USD		(0.38	)%*		12/30/11		668,679
ING Bank Amsterdam		362		USD		(0.38	)%*		12/30/11		361,897
ING Bank Amsterdam		218		USD		(0.38	)%*		12/31/11		218,334
ING Bank Amsterdam		1,563		USD		(0.25	)%*		12/30/11		1,562,926
ING Bank Amsterdam		1,093		USD		(0.25	)%*		12/30/11		1,093,082
ING Bank Amsterdam		796		USD		(0.25	)%*		12/30/11		795,457
ING Bank Amsterdam		2,418		USD		(0.10	)%*		12/30/11		2,417,926
ING Bank Amsterdam		1,383		USD		(0.10	)%*		12/30/11		1,382,246
ING Bank Amsterdam		2,762		USD		0.00	%		12/30/11		2,762,219
ING Bank Amsterdam		2,070		USD		0.00	%		12/30/11		2,070,000
ING Bank Amsterdam		1,840		USD		0.00	%		12/30/11		1,840,250
ING Bank Amsterdam		1,437		USD		0.00	%		12/30/11		1,436,557
ING Bank Amsterdam		1,160		USD		0.00	%		12/30/11		1,160,000
ING Bank Amsterdam		730		USD		0.00	%		12/30/11		730,100
ING Bank Amsterdam		720		USD		0.00	%		12/30/11		720,000
ING Bank Amsterdam		249		USD		0.00	%		12/30/11		249,100
ING Bank Amsterdam		904		USD		0.00	%		12/31/11		903,750
ING Bank Amsterdam		13,736		USD		0.35	%		12/30/11		13,747,377
ING Bank Amsterdam		6,030		USD		0.45	%		12/30/11		6,036,305
ING Bank Amsterdam		5,933		USD		0.45	%		12/30/11		5,938,778
ING Bank Amsterdam		3,506		USD		0.45	%		12/30/11		3,509,312
ING Bank Amsterdam		5,475		USD		0.50	%		5/20/12		5,478,373
Jefferies & Company, Inc.		15,190		USD		0.40	%		12/30/11		15,192,212
JPMorgan Chase Bank		2,062		USD		(0.25	)%*		12/31/11		2,060,841
JPMorgan Chase Bank		3,012		USD		(0.15	)%*		12/31/11		3,011,168
JPMorgan Chase Bank		4,293		USD		0.00	%		12/30/11		4,292,500
JPMorgan Chase Bank		1,464		USD		0.00	%		12/30/11		1,464,125
JPMorgan Chase Bank		3,802		USD		0.40	%		12/30/11		3,804,893
Nomura Securities		1,481		USD		0.25	%		12/31/11		1,481,400

										$	129,552,135

+	The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on June 30, 2011

*	Interest payment due from counterparty.

(a)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2011, the aggregate market value of these securities amounted to $581,843,050 or 44.4% of net assets.

(b)

Floating Rate Security. Stated interest rate was in effect at June 30, 2011.

(c)

Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements. The market value of the collateral amounted to $134,132,535.

(d)

Pay-In-Kind Payments (PIK).

(e)

Illiquid security.

(f)

Security is in default and is non-income producing.

(g)

Fair valued.

(h)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.11% of net assets as of June 30, 2011, are considered illiquid and restricted.

Restricted Securities

Acquisition
Date

Cost

Market
Value

Percentage of
Net Assets

American Media, Inc.

3/04/09

287,499

0.00

European Media Capital SA

10.00%, 2/01/15

8/18/10

1,828,596

1,334,575

0.10

European Media Capital SA

10.00%, 2/01/15

8/18/10

177,437

129,454

0.01

(i)

Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at June 30, 2011.

(j)

This position represents unfunded or partially unfunded loan commitments. Investments in unfunded loan commitments obligate the Fund to fund these commitments at the borrower’s discretion. At period end, the market value and unrealized loss of these unfunded loan commitments amounted to $3,155,460 and $55,790, respectively. The coupon rate will be determined at the time of funding and will be based upon the London-Interbank Offered Rate (“LIBOR”) plus a premium which was determined at the time of purchase.

(k)

This position or a portion of this position represents an unsettled loan purchase. At June 30, 2011, the market value and unrealized loss of these unsettled loan purchases amounted to $1,260,810 and $43,981, respectively. The coupon rate will be determined at the time of settlement and will be based upon the London-Interbank Offered Rate (“LIBOR”) plus a premium which was determined at the time of purchase.

(l)

Variable rate coupon, rate shown as of June 30, 2011.

(m)

Non-income producing security.

(n)

Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

(o)

As of June 30, 2011, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $130,676,238 and gross unrealized depreciation of investments was $(28,835,341), resulting in net unrealized appreciation of $101,840,897.


Currency Abbreviations:
AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
CLP	-	Chilean Peso
COP	-	Colombian Peso
DOP	-	Dominican Peso
EGP	-	Egyptian Pound
EUR	-	Euro
GBP	-	Great British Pound
HUF	-	Hungarian Forint
IDR	-	Indonesian Rupiah
PHP	-	Philippine Peso
RUB	-	Russian Ruble


TRY	-	Turkish Lira
UAH	-	Ukrainian Hryvnia
UYU	-	Uruguayan Peso
ZAR	-	South African Rand
Glossary:
ABS	-	Asset-Backed Securities
ARMs	-	Adjustable Rate Mortgages
CDA	-	Community Development Authority
CMBS	-	Commercial Mortgage-Backed Securities
CMOs	-	Collateralized Mortgage Obligations
GO	-	General Obligation
LIBOR	-	London Interbank Offered Rates
OJSC	-	Open Joint Stock Company
REIT	-	Real Estate Investment Trust

AllianceBernstein Global High Income Fund

Portfolio Summary

June 30, 2011 (unaudited)

COUNTRY BREAKDOWN*


	58.6%			United States
	5.2%			Russia
	4.1%			Brazil
	2.8%			United Kingdom
	2.8%			Argentina
	1.7%			South Africa
	1.6%			Netherlands
	1.3%			Germany
	1.2%			Ireland
	1.2%			Ukraine
	1.1%			Luxembourg
	1.1%			Dominican Republic
	1.0%			Kazakhstan
	15.8%			Other
	0.5%			Short-Term

	100.0%			Total Investments

All data are as of June 30, 2011. The Fund's country breakdowns are expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 0.9% or less in the following countries: Australia, Austria, Barbados, Belgium, Bermuda, Canada, Cayman Islands, Chile, China, Colombia, Cote D’Ivoire, Croatia, Czech Republic, Denmark, Egypt, El Salvador, France, Ghana, Greece, Hong Kong, Hungary, Iceland, India, Indonesia, Israel, Italy, Jamaica, Japan, Lithuania, Mexico, New Zealand, Norway, Panama, Peru, Philippines, Poland, Serbia & Montenegro, Singapore, Spain, Supranational, Switzerland, Trinidad & Tobago, Turkey, United Arab Emirates and Uruguay.

AllianceBernstein Global High Income Fund

June 30, 2011 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The U.S GAAP disclosure requirements establish a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for identical investments

•

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of June 30, 2011:


Investments in Securities	Level 1		Level 2			Level 3		Total
Corporates - Non-Investment Grades	$	1,713,029	$	737,039,988		$	1,692,631	$	740,445,648
Corporates - Investment Grades		3,400,894		154,142,493			-0-		157,543,387
Emerging Markets - Corporate Bonds		-0-		82,536,064			2,008,529		84,544,593
Emerging Markets - Sovereigns		-0-		72,270,833			1,763,166		74,033,999
Governments - Treasuries		-0-		61,604,053			-0-		61,604,053
CMOs		-0-		-0-			46,628,595		46,628,595
Quasi-Sovereigns		-0-		42,233,652			-0-		42,233,652
Commercial Mortgage-Backed Securities		-0-		2,158,859			33,269,854		35,428,713
Bank Loans		-0-		-0-			32,452,531		32,452,531
Local Governments - Municipal Bonds		-0-		27,973,674			-0-		27,973,674
Emerging Markets - Treasuries		-0-		19,583,726			6,190,851		25,774,577
Governments - Sovereign Bonds		-0-		23,191,525			-0-		23,191,525
Asset-Backed Securities		-0-		-0-			16,520,233		16,520,233
Preferred Stocks		10,836,043		959,118			-0-		11,795,161
Supranationals		-0-		1,863,732			6,816,341		8,680,073
Local Governments - Regional Bonds		-0-		7,903,048			-0-		7,903,048
Inflation-Linked Securities		-0-		5,652,755			-0-		5,652,755
Common Stocks		50,830		-0-			2,113,550		2,164,380
Governments - Sovereign Agencies		-0-		1,255,384			-0-		1,255,384
Warrants		-0-		-0-			486,080		486,080
Short-Term Investments		7,652,446		-0-			-0-		7,652,446

Total Investments in Securities		23,653,242		1,240,368,904			149,942,361		1,413,964,507
*Other Financial Instruments:**
Assets
Credit Default Swaps		-0-		2,667,910			-0-		2,667,910
Interest Rate Swaps		-0-		214,467			-0-		214,467
Forward Currency Exchange Contracts		-0-		2,617,269			-0-		2,617,269
Liabilities
Credit Default Swaps		-0-		(527,369	)		-0-		(527,369	)
Interest Rate Swaps		-0-		(733,149	)		-0-		(733,149	)
Forward Currency Exchange Contracts		-0-		(3,907,515	)		-0-		(3,907,515	)

Total	$	23,653,242	$	1,240,700,517		$	149,942,361	$	1,414,296,120

*	Other financial instruments are derivative instruments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

†

The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred between the close of the foreign markets and the time at which the Fund values its securities which may materially affect the value of securities trading in such markets. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a significant portion of the Fund’s investments are categorized as Level 2 investments.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value. The transfers between levels of the fair value hierarchy assumes the financial instrument was transferred at the end of the reporting period.


	Corporates - Non- Investment Grades			Emerging Markets - Corporate Bonds			Emerging Markets - Sovereigns			CMOs
Balance as of 3/31/11	$	9,856,900		$	- 0 -		$	1,917,237		$	38,999,814
Accrued discounts/
(premiums)		(193,025	)		- 0 -			12,817			187,460
Realized gain (loss)		7,806			- 0 -			(2,742	)		973,975
Change in unrealized appreciation/depreciation		638,733			- 0 -			15,203			(2,056,443	)
Purchases		- 0 -			- 0 -			- 0 -			12,537,785
Sales		(501,052	)		- 0 -			(179,349	)		(4,013,996	)
Transfers into Level 3		- 0 -			2,008,529			- 0 -			- 0 -
Transfers out of Level 3		(8,116,731	)		- 0 -			- 0 -			- 0 -

Balance as of 6/30/11	$	1,692,631		$	2,008,529		$	1,763,166		$	46,628,595

Net change in unrealized appreciation/depreciation from investments held as of 6/30/11	$	(4,252	)	$	585,855		$	37,652		$	(1,332,390	)

	Commercial Mortgage-Backed Securities			Bank Loans			Emerging Markets Treasuries			Asset-Backed Securities
Balance as of 3/31/11	$	40,257,752		$	33,631,807		$	6,416,198		$	16,842,715
Accrued discounts/
(premiums)		51,331			98,394			(4,154	)		64,888
Realized gain (loss)		1,159,371			(15,993	)		- 0 -			98,156
Change in unrealized appreciation/depreciation		(2,175,467	)		(596,885	)		(221,193	)		(525,712	)
Purchases		2,017,627			6,550,792			- 0 -			454,997
Sales		(9,621,650	)		(7,215,584	)		- 0 -			(414,811	)
Transfers into Level 3		1,580,890			- 0 -			- 0 -			- 0 -
Transfers out of Level 3		- 0 -			- 0 -			- 0 -			- 0 -

Balance as of 6/30/11	$	33,269,854		$	32,452,531		$	6,190,851		$	16,520,233

Net change in unrealized appreciation/depreciation from investments held as of 6/30/11	$	(1,409,003	)	$	(519,897	)	$	(221,193	)	$	(472,637	)

	Supranationals			Common Stocks			Warrants			Options Purchased - Calls
Balance as of 3/31/11	$	6,542,333		$	1,983,469		$	- 0 -		$	1
Accrued discounts/
(premiums)		86,423			- 0 -			- 0 -			- 0 -
Realized gain (loss)		- 0 -			482,817			- 0 -			(97,200	)
Change in unrealized appreciation/depreciation		187,585			130,080			486,080			97,199
Purchases		- 0 -			- 0 -			- 0 -			- 0 -
Sales		- 0 -			(482,816	)		- 0 -			- 0 -
Transfers into Level 3		- 0 -			- 0 -			- 0 -			- 0 -
Transfers out of Level 3		- 0 -			- 0 -			- 0 -			- 0 -

Balance as of 6/30/11	$	6,816,341		$	2,113,550		$	486,080		$	- 0 -

Net change in unrealized appreciation/depreciation from investments held as of 6/30/11	$	187,585		$	130,080		$	486,080		$	- 0 -


	Total
Balance as of 3/31/11		156,448,226
Accrued discounts/
(premiums)		304,134
Realized gain (loss)		2,606,190
Change in unrealized appreciation/depreciation		(4,020,820	)
Purchases		21,561,201
Sales		(22,429,258	)
Transfers into Level 3		3,589,419
Transfers out of Level 3		(8,116,731	)

Balance as of 6/30/11	$	149,942,361

Net change in unrealized appreciation/depreciation from investments held as of 6/30/11	$	(2,532,120	)

ITEM 2.

CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the second fiscal quarter of the period that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3.

EXHIBITS.

The following exhibits are attached to this Form N-Q:


EXHIBIT NO.		DESCRIPTION OF EXHIBIT

3 (a) (1)		Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

3 (a) (2)		Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) AllianceBernstein Global High Income Fund, Inc.


By:		/s/ Robert M. Keith
		Robert M. Keith
		President

Date:		August 24, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Robert M. Keith
		Robert M. Keith
		President

Date:		August 24, 2011

By:		/s/ Joseph J. Mantineo
		Joseph J. Mantineo
		Treasurer and Chief Financial Officer

Date:		August 24, 2011