AB Bond Fund, Inc.
AB Short Duration High Yield Portfolio
Portfolio of Investments
December 31, 2023 (unaudited)
Principal Amount (000) | U.S. $ Value | |||||||||||
CORPORATES - NON-INVESTMENT GRADE – 77.5% | ||||||||||||
Industrial – 69.4% | ||||||||||||
Basic – 4.8% | ||||||||||||
Arsenal AIC Parent LLC | U.S.$ | 1,416 | $ | 1,489,193 | ||||||||
ASP Unifrax Holdings, Inc. | 2,697 | 1,966,545 | ||||||||||
Axalta Coating Systems Dutch Holding B BV | 1,556 | 1,636,819 | ||||||||||
Cleveland-Cliffs, Inc. | 294 | 295,890 | ||||||||||
Constellium SE | EUR | 617 | 625,495 | |||||||||
3.75%, 04/15/2029(a) | U.S.$ | 1,370 | 1,246,714 | |||||||||
CVR Partners LP/CVR Nitrogen Finance Corp. | 2,718 | 2,572,641 | ||||||||||
Element Solutions, Inc. | 2,874 | 2,650,805 | ||||||||||
FMG Resources (August 2006) Pty Ltd. | 2,615 | 2,513,643 | ||||||||||
5.875%, 04/15/2030(a) | 571 | 566,152 | ||||||||||
Hecla Mining Co. | 298 | 301,674 | ||||||||||
INEOS Quattro Finance 2 PLC | EUR | 257 | 274,429 | |||||||||
9.625%, 03/15/2029(a) | U.S.$ | 488 | 519,583 | |||||||||
INEOS Styrolution Ludwigshafen GmbH | EUR | 589 | 598,306 | |||||||||
Ingevity Corp. | U.S.$ | 2,682 | 2,409,911 | |||||||||
Olympus Water US Holding Corp. | EUR | 100 | 101,035 | |||||||||
7.125%, 10/01/2027(a) | U.S.$ | 453 | 452,765 | |||||||||
Roller Bearing Co. of America, Inc. | 521 | 483,655 | ||||||||||
SCIL IV LLC/SCIL USA Holdings LLC | EUR | 187 | 200,795 | |||||||||
5.375%, 11/01/2026(a) | U.S.$ | 3,089 | 2,960,837 | |||||||||
8.343% (EURIBOR 3 Month + 4.38%), 11/01/2026(a) (b) | EUR | 318 | 352,811 | |||||||||
Sealed Air Corp./Sealed Air Corp. US | U.S.$ | 2,219 | 2,241,190 | |||||||||
SNF Group SACA | 862 | 784,972 | ||||||||||
thyssenkrupp AG | EUR | 343 | 376,875 | |||||||||
WR Grace Holdings LLC | U.S.$ | 4,951 | 4,769,942 | |||||||||
|
| |||||||||||
32,392,677 | ||||||||||||
|
|
1
Principal Amount (000) | U.S. $ Value | |||||||||||
Capital Goods – 8.1% | ||||||||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | U.S.$ | 1,449 | $ | 1,271,193 | ||||||||
6.00%, 06/15/2027(a) | 324 | 322,555 | ||||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | EUR | 200 | 196,415 | |||||||||
4.125%, 08/15/2026(a) | U.S.$ | 3,288 | 3,006,712 | |||||||||
Ball Corp. | 1,153 | 988,674 | ||||||||||
5.25%, 07/01/2025 | 500 | 498,805 | ||||||||||
6.00%, 06/15/2029 | 1,032 | 1,053,290 | ||||||||||
Bombardier, Inc. | 599 | 583,222 | ||||||||||
7.50%, 02/01/2029(a) | 1,046 | 1,065,006 | ||||||||||
7.875%, 04/15/2027(a) | 686 | 686,240 | ||||||||||
8.75%, 11/15/2030(a) | 406 | 432,597 | ||||||||||
Chart Industries, Inc. | 1,050 | 1,099,003 | ||||||||||
Clean Harbors, Inc. | 2,596 | 2,541,043 | ||||||||||
Covanta Holding Corp. | 2,042 | 1,783,769 | ||||||||||
Crown Americas LLC | 1,286 | 1,265,373 | ||||||||||
Eco Material Technologies, Inc. | 2,115 | 2,131,455 | ||||||||||
Emerald Debt Merger Sub LLC | 264 | 271,139 | ||||||||||
EnerSys | 1,214 | 1,162,466 | ||||||||||
Enviri Corp. | 2,340 | 2,171,450 | ||||||||||
Gates Global LLC/Gates Corp. | 1,143 | 1,144,474 | ||||||||||
GFL Environmental, Inc. | 269 | 247,475 | ||||||||||
3.75%, 08/01/2025(a) | 2,161 | 2,109,071 | ||||||||||
4.00%, 08/01/2028(a) | 489 | 451,220 | ||||||||||
5.125%, 12/15/2026(a) | 64 | 63,083 | ||||||||||
6.75%, 01/15/2031(a) | 394 | 405,934 | ||||||||||
Griffon Corp. | 3,106 | 3,053,384 | ||||||||||
LSB Industries, Inc. | 3,126 | 2,969,575 | ||||||||||
Moog, Inc. | 2,220 | 2,105,781 | ||||||||||
Paprec Holding SA | EUR | 260 | 276,444 | |||||||||
6.50%, 11/17/2027(a) | 400 | 471,970 |
2
Principal Amount (000) | U.S. $ Value | |||||||||||
Renk AG/Frankfurt am Main | EUR | 931 | $ | 1,020,480 | ||||||||
Rolls-Royce PLC | U.S.$ | 3,277 | 3,164,435 | |||||||||
Silgan Holdings, Inc. | EUR | 412 | 418,064 | |||||||||
4.125%, 02/01/2028 | U.S.$ | 1,510 | 1,441,144 | |||||||||
Stericycle, Inc. | 2,058 | 1,875,044 | ||||||||||
Summit Materials LLC/Summit Materials Finance Corp. | 271 | 285,753 | ||||||||||
TK Elevator Midco GmbH | EUR | 180 | 192,106 | |||||||||
TK Elevator US Newco, Inc. | U.S.$ | 2,410 | 2,363,848 | |||||||||
TransDigm, Inc. | 1,844 | 1,810,181 | ||||||||||
6.75%, 08/15/2028(a) | 708 | 726,571 | ||||||||||
6.875%, 12/15/2030(a) | 485 | 499,375 | ||||||||||
Trinity Industries, Inc. | 954 | 993,295 | ||||||||||
Triumph Group, Inc. | 2,196 | 2,333,865 | ||||||||||
Trivium Packaging Finance BV | EUR | 440 | 469,257 | |||||||||
5.50%, 08/15/2026(a) | U.S.$ | 642 | 631,709 | |||||||||
WESCO Distribution, Inc. | 262 | 263,889 | ||||||||||
7.25%, 06/15/2028(a) | 500 | 513,795 | ||||||||||
|
| |||||||||||
54,831,629 | ||||||||||||
|
| |||||||||||
Communications - Media – 6.4% | ||||||||||||
Altice Financing SA | EUR | 106 | 113,603 | |||||||||
5.00%, 01/15/2028(a) | U.S.$ | 2,689 | 2,445,161 | |||||||||
AMC Networks, Inc. | 1,228 | 943,055 | ||||||||||
4.75%, 08/01/2025 | 791 | 768,678 | ||||||||||
Banijay Entertainment SASU | EUR | 442 | 514,480 | |||||||||
8.125%, 05/01/2029(a) | U.S.$ | 734 | 756,277 | |||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | 274 | 247,466 | ||||||||||
4.75%, 03/01/2030(a) | 545 | 498,533 | ||||||||||
5.125%, 05/01/2027(a) | 2,095 | 2,027,080 | ||||||||||
6.375%, 09/01/2029(a) | 1,456 | 1,436,999 | ||||||||||
Clear Channel Outdoor Holdings | 200 | 208,718 | ||||||||||
Clear Channel Outdoor Holdings, Inc. | 1,987 | 1,895,320 |
3
Principal Amount (000) | U.S. $ Value | |||||||||||
CSC Holdings LLC | U.S.$ | 2,955 | $ | 2,615,382 | ||||||||
5.50%, 04/15/2027(a) | 501 | 457,428 | ||||||||||
DISH DBS Corp. | 2,364 | 2,031,291 | ||||||||||
5.75%, 12/01/2028(a) | 754 | 609,662 | ||||||||||
Gray Television, Inc. | 806 | 762,347 | ||||||||||
LCPR Senior Secured Financing DAC | 1,424 | 1,243,465 | ||||||||||
6.75%, 10/15/2027(a) | 2,212 | 2,163,447 | ||||||||||
McGraw-Hill Education, Inc. | 2,726 | 2,628,927 | ||||||||||
Outfront Media Capital LLC/Outfront Media Capital Corp. | 2,027 | 1,827,503 | ||||||||||
Radiate Holdco LLC/Radiate Finance, Inc. | 787 | 600,150 | ||||||||||
Scripps Escrow II, Inc. | 1,348 | 1,189,650 | ||||||||||
Sinclair Television Group, Inc. | 197 | 147,419 | ||||||||||
Sirius XM Radio, Inc. | 1,184 | 1,119,164 | ||||||||||
4.00%, 07/15/2028(a) | 2,038 | 1,889,389 | ||||||||||
5.00%, 08/01/2027(a) | 230 | 222,808 | ||||||||||
Summer BC Bidco B LLC | 350 | 328,451 | ||||||||||
TEGNA, Inc. | 263 | 245,821 | ||||||||||
4.75%, 03/15/2026(a) | 700 | 682,206 | ||||||||||
5.00%, 09/15/2029 | 523 | 479,853 | ||||||||||
Univision Communications, Inc. | 1,471 | 1,311,750 | ||||||||||
5.125%, 02/15/2025(a) | 58 | 57,898 | ||||||||||
6.625%, 06/01/2027(a) | 1,409 | 1,405,323 | ||||||||||
Urban One, Inc. | 608 | 516,380 | ||||||||||
Virgin Media Finance PLC | EUR | 210 | 212,402 | |||||||||
Virgin Media Secured Finance PLC | GBP | 200 | 247,993 | |||||||||
5.50%, 05/15/2029(a) | U.S.$ | 1,000 | 964,350 | |||||||||
Virgin Media Vendor Financing Notes IV DAC | 2,417 | 2,274,276 | ||||||||||
Ziggo BV | 3,396 | 3,021,965 | ||||||||||
|
| |||||||||||
43,112,070 | ||||||||||||
|
|
4
Principal Amount (000) | U.S. $ Value | |||||||||||
Communications - Telecommunications – 1.1% | ||||||||||||
Altice France SA/France | U.S.$ | 967 | $ | 752,732 | ||||||||
5.50%, 01/15/2028(a) | 489 | 402,134 | ||||||||||
5.50%, 10/15/2029(a) | 1,902 | 1,490,426 | ||||||||||
8.125%, 02/01/2027(a) | 588 | 540,554 | ||||||||||
Level 3 Financing, Inc. | 543 | 228,142 | ||||||||||
4.25%, 07/01/2028(a) | 22 | 10,930 | ||||||||||
4.625%, 09/15/2027(a) | 132 | 79,658 | ||||||||||
Lorca Telecom Bondco SA | EUR | 1,164 | 1,252,307 | |||||||||
Nexstar Media, Inc. | U.S.$ | 1,318 | 1,279,897 | |||||||||
Telecom Italia SpA/Milano | 997 | 992,015 | ||||||||||
United Group BV | EUR | 147 | 150,119 | |||||||||
4.625%, 08/15/2028(a) | 154 | 160,891 | ||||||||||
8.843% (EURIBOR 3 Month + 4.88%), 02/01/2029(a) (b) | 317 | 351,272 | ||||||||||
|
| |||||||||||
7,691,077 | ||||||||||||
|
| |||||||||||
Consumer Cyclical - Automotive – 2.5% | ||||||||||||
Allison Transmission, Inc. | U.S.$ | 585 | 516,491 | |||||||||
4.75%, 10/01/2027(a) | 197 | 190,934 | ||||||||||
5.875%, 06/01/2029(a) | 1,728 | 1,721,278 | ||||||||||
American Axle & Manufacturing, Inc. | 49 | 49,175 | ||||||||||
Clarios Global LP/Clarios US Finance Co. | EUR | 430 | 470,863 | |||||||||
Dana, Inc. | U.S.$ | 578 | 517,148 | |||||||||
5.625%, 06/15/2028 | 165 | 163,538 | ||||||||||
Goodyear Tire & Rubber Co. (The) | 1,669 | 1,575,319 | ||||||||||
IHO Verwaltungs GmbH | 1,435 | 1,373,855 | ||||||||||
6.00% (6.00% Cash or 6.75% PIK), 05/15/2027(a) (d) | 1,324 | 1,297,617 | ||||||||||
6.375% (6.375% Cash or 7.125% PIK), 05/15/2029(a) (d) | 662 | 648,919 | ||||||||||
8.75% (8.75% Cash or 9.50% PIK), 05/15/2028(a) (d) | EUR | 377 | 453,705 | |||||||||
Jaguar Land Rover Automotive PLC | U.S.$ | 1,867 | 1,746,411 | |||||||||
5.50%, 07/15/2029(a) | 1,075 | 1,042,793 | ||||||||||
6.875%, 11/15/2026(a) | EUR | 478 | 562,864 | |||||||||
7.75%, 10/15/2025(a) | U.S.$ | 293 | 295,748 | |||||||||
PM General Purchaser LLC | 148 | 150,287 |
5
Principal Amount (000) | U.S. $ Value | |||||||||||
Tenneco, Inc. | U.S.$ | 1,422 | $ | 1,215,654 | ||||||||
ZF Europe Finance BV | EUR | 300 | 315,686 | |||||||||
ZF Finance GmbH | 200 | 215,654 | ||||||||||
ZF North America Capital, Inc. | U.S.$ | 1,568 | 1,548,102 | |||||||||
6.875%, 04/14/2028(a) | 234 | 243,271 | ||||||||||
7.125%, 04/14/2030(a) | 234 | 248,588 | ||||||||||
|
| |||||||||||
16,563,900 | ||||||||||||
|
| |||||||||||
Consumer Cyclical - Entertainment – 3.7% | ||||||||||||
Boyne USA, Inc. | 1,605 | 1,513,226 | ||||||||||
Carnival Corp. | 2,283 | 2,121,638 | ||||||||||
5.75%, 03/01/2027(a) | 246 | 239,720 | ||||||||||
7.00%, 08/15/2029(a) | 1,196 | 1,247,416 | ||||||||||
7.625%, 03/01/2026(a) | EUR | 182 | 204,116 | |||||||||
Cedar Fair LP | U.S.$ | 23 | 21,671 | |||||||||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op | 2,087 | 2,046,533 | ||||||||||
5.50%, 05/01/2025(a) | 1,294 | 1,287,375 | ||||||||||
CPUK Finance Ltd. | GBP | 400 | 448,677 | |||||||||
Lindblad Expeditions LLC | U.S.$ | 396 | 396,317 | |||||||||
Motion Bondco DAC | EUR | 239 | 238,446 | |||||||||
NCL Corp., Ltd. | U.S.$ | 891 | 866,257 | |||||||||
5.875%, 02/15/2027(a) | 1,167 | 1,153,031 | ||||||||||
8.125%, 01/15/2029(a) | 846 | 888,300 | ||||||||||
8.375%, 02/01/2028(a) | 560 | 593,690 | ||||||||||
Royal Caribbean Cruises Ltd. | 299 | 294,452 | ||||||||||
5.50%, 08/31/2026(a) | 244 | 241,916 | ||||||||||
5.50%, 04/01/2028(a) | 526 | 519,057 | ||||||||||
7.25%, 01/15/2030(a) | 143 | 149,318 | ||||||||||
8.25%, 01/15/2029(a) | 942 | 1,001,318 | ||||||||||
9.25%, 01/15/2029(a) | 778 | 837,237 | ||||||||||
SeaWorld Parks & Entertainment, Inc. | 2,927 | 2,744,794 | ||||||||||
Six Flags Entertainment Corp. | 776 | 759,099 | ||||||||||
Vail Resorts, Inc. | 1,353 | 1,358,141 |
6
Principal Amount (000) | U.S. $ Value | |||||||||||
Viking Cruises Ltd. | U.S.$ | 132 | $ | 128,639 | ||||||||
Viking Ocean Cruises Ship VII Ltd. | 227 | 221,125 | ||||||||||
VOC Escrow Ltd. | 3,286 | 3,153,738 | ||||||||||
|
| |||||||||||
24,675,247 | ||||||||||||
|
| |||||||||||
Consumer Cyclical - Other – 5.6% | ||||||||||||
Adams Homes, Inc. | 115 | 114,269 | ||||||||||
Brookfield Residential Properties, Inc./Brookfield Residential US LLC | 1,100 | 970,453 | ||||||||||
6.25%, 09/15/2027(a) | 1,195 | 1,162,592 | ||||||||||
Builders FirstSource, Inc. | 1,858 | 1,794,902 | ||||||||||
Caesars Entertainment, Inc. | 501 | 515,073 | ||||||||||
8.125%, 07/01/2027(a) | 1,390 | 1,424,583 | ||||||||||
Castle UK Finco PLC | GBP | 276 | 297,935 | |||||||||
9.252% (EURIBOR 3 Month + 5.25%), 05/15/2028(a) (b) | EUR | 194 | 197,905 | |||||||||
Churchill Downs, Inc. | U.S.$ | 2,154 | 2,046,968 | |||||||||
Five Point Operating Co. LP/Five Point Capital Corp. | 887 | 883,275 | ||||||||||
Forestar Group, Inc. | 2,278 | 2,176,242 | ||||||||||
Hilton Domestic Operating Co., Inc. | 2,077 | 1,919,023 | ||||||||||
4.875%, 01/15/2030 | 526 | 509,747 | ||||||||||
5.375%, 05/01/2025(a) | 105 | 104,693 | ||||||||||
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc | 35 | 30,858 | ||||||||||
5.00%, 06/01/2029(a) | 3,122 | 2,881,262 | ||||||||||
Marriott Ownership Resorts, Inc. | 3,407 | 3,013,049 | ||||||||||
Mattamy Group Corp. | 1,372 | 1,272,269 | ||||||||||
5.25%, 12/15/2027(a) | 2,100 | 2,036,118 | ||||||||||
MGM Resorts International | 1,795 | 1,707,727 | ||||||||||
5.50%, 04/15/2027 | 267 | 264,875 | ||||||||||
Playtech PLC | EUR | 130 | 140,223 | |||||||||
Shea Homes LP/Shea Homes Funding Corp. | U.S.$ | 1,569 | 1,486,941 |
7
Principal Amount (000) | U.S. $ Value | |||||||||||
Standard Industries, Inc./NJ | U.S.$ | 1,722 | $ | 1,658,372 | ||||||||
5.00%, 02/15/2027(a) | 530 | 516,829 | ||||||||||
Taylor Morrison Communities, Inc. | 24 | 23,252 | ||||||||||
5.75%, 01/15/2028(a) | 22 | 22,198 | ||||||||||
5.875%, 06/15/2027(a) | 2,866 | 2,882,078 | ||||||||||
Travel + Leisure Co. | 1,396 | 1,250,104 | ||||||||||
6.625%, 07/31/2026(a) | 1,548 | 1,565,694 | ||||||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | 1,774 | 1,734,759 | ||||||||||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | 1,000 | 944,540 | ||||||||||
|
| |||||||||||
37,548,808 | ||||||||||||
|
| |||||||||||
Consumer Cyclical - Restaurants – 0.9% | ||||||||||||
1011778 BC ULC/New Red Finance, Inc. | 1,208 | 1,114,018 | ||||||||||
3.875%, 01/15/2028(a) | 1,011 | 955,658 | ||||||||||
4.375%, 01/15/2028(a) | 1,077 | 1,028,858 | ||||||||||
5.75%, 04/15/2025(a) | 452 | 451,073 | ||||||||||
IRB Holding Corp. | 340 | 340,350 | ||||||||||
Papa John’s International, Inc. | 279 | 247,272 | ||||||||||
Raising Cane’s Restaurants LLC | 592 | 631,131 | ||||||||||
Yum! Brands, Inc. | 1,064 | 1,030,197 | ||||||||||
|
| |||||||||||
5,798,557 | ||||||||||||
|
| |||||||||||
Consumer Cyclical - Retailers – 3.9% | ||||||||||||
Arko Corp. | 1,500 | 1,301,370 | ||||||||||
Asbury Automotive Group, Inc. | 1,970 | 1,825,934 | ||||||||||
Bath & Body Works, Inc. | 2,490 | 2,547,469 | ||||||||||
Beacon Roofing Supply, Inc. | 65 | 59,234 | ||||||||||
6.50%, 08/01/2030(a) | 1,163 | 1,192,505 | ||||||||||
FirstCash, Inc. | 542 | 506,147 | ||||||||||
5.625%, 01/01/2030(a) | 2,000 | 1,914,960 | ||||||||||
Group 1 Automotive, Inc. | 2,328 | 2,159,592 | ||||||||||
LCM Investments Holdings II LLC | 1,754 | 1,633,027 | ||||||||||
8.25%, 08/01/2031(a) | 684 | 715,437 |
8
Principal Amount (000) | U.S. $ Value | |||||||||||
Levi Strauss & Co. | U.S.$ | 1,186 | $ | 1,031,891 | ||||||||
Murphy Oil USA, Inc. | 519 | 492,868 | ||||||||||
Penske Automotive Group, Inc. | 1,065 | 952,185 | ||||||||||
PetSmart, Inc./PetSmart Finance Corp. | 2,056 | 1,933,154 | ||||||||||
7.75%, 02/15/2029(a) | 1,226 | 1,194,896 | ||||||||||
Sonic Automotive, Inc. | 2,865 | 2,606,949 | ||||||||||
4.875%, 11/15/2031(a) | 126 | 112,231 | ||||||||||
Specialty Building Products Holdings LLC/SBP Finance Corp. | 1,729 | 1,710,742 | ||||||||||
SRS Distribution, Inc. | 1,259 | 1,199,185 | ||||||||||
Staples, Inc. | 739 | 689,413 | ||||||||||
William Carter Co. (The) | 723 | 715,669 | ||||||||||
|
| |||||||||||
26,494,858 | ||||||||||||
|
| |||||||||||
Consumer Non-Cyclical – 9.6% | ||||||||||||
AdaptHealth LLC | 991 | 768,679 | ||||||||||
5.125%, 03/01/2030(a) | 1,750 | 1,378,317 | ||||||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | 274 | 248,726 | ||||||||||
4.625%, 01/15/2027(a) | 1,494 | 1,448,523 | ||||||||||
6.50%, 02/15/2028(a) | 1,145 | 1,163,022 | ||||||||||
7.50%, 03/15/2026(a) | 185 | 188,500 | ||||||||||
Bausch & Lomb Escrow Corp. | 1,394 | 1,471,353 | ||||||||||
CAB SELAS | EUR | 859 | 843,469 | |||||||||
Catalent Pharma Solutions, Inc. | U.S.$ | 1,656 | 1,449,712 | |||||||||
3.50%, 04/01/2030(a) | 750 | 655,080 | ||||||||||
5.00%, 07/15/2027(a) | 450 | 436,095 | ||||||||||
Cheplapharm Arzneimittel GmbH | EUR | 106 | 113,250 | |||||||||
7.50%, 05/15/2030(a) | 860 | 1,009,209 | ||||||||||
CHS/Community Health Systems, Inc. | U.S.$ | 2,084 | 1,936,328 | |||||||||
8.00%, 03/15/2026(a) | 578 | 576,798 | ||||||||||
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC | 857 | 880,687 | ||||||||||
DaVita, Inc. | 3,345 | 2,924,166 |
9
Principal Amount (000) | U.S. $ Value | |||||||||||
Elanco Animal Health, Inc. | U.S.$ | 3,089 | $ | 3,205,610 | ||||||||
Embecta Corp. | 3,041 | 2,581,931 | ||||||||||
6.75%, 02/15/2030(a) | 366 | 319,174 | ||||||||||
Emergent BioSolutions, Inc. | 1,030 | 407,386 | ||||||||||
Fortrea Holdings, Inc. | 916 | 943,608 | ||||||||||
Grifols SA | EUR | 481 | 486,215 | |||||||||
4.75%, 10/15/2028(a) | U.S.$ | 1,929 | 1,753,924 | |||||||||
Gruenenthal GmbH | EUR | 907 | 989,117 | |||||||||
Iceland Bondco PLC | 199 | 219,585 | ||||||||||
10.875%, 12/15/2027(a) | GBP | 118 | 156,944 | |||||||||
IQVIA, Inc. | EUR | 798 | 845,961 | |||||||||
6.50%, 05/15/2030(a) | U.S.$ | 212 | 218,150 | |||||||||
Jazz Securities DAC | 3,053 | 2,843,625 | ||||||||||
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. | 240 | 234,002 | ||||||||||
7.00%, 12/31/2027(a) | 469 | 447,815 | ||||||||||
Lamb Weston Holdings, Inc. | 2,552 | 2,495,575 | ||||||||||
Legacy LifePoint Health LLC | 2,062 | 1,909,598 | ||||||||||
Medline Borrower LP | 1,460 | 1,320,570 | ||||||||||
5.25%, 10/01/2029(a) | 1,700 | 1,605,429 | ||||||||||
ModivCare Escrow Issuer, Inc. | 1,920 | 1,570,982 | ||||||||||
ModivCare, Inc. | 860 | 855,769 | ||||||||||
Newell Brands, Inc. | 1,226 | 1,207,181 | ||||||||||
6.375%, 09/15/2027 | 42 | 41,901 | ||||||||||
Option Care Health, Inc. | 809 | 737,209 | ||||||||||
Organon & Co./Organon Foreign Debt Co-Issuer BV | 4,180 | 3,847,314 | ||||||||||
Performance Food Group, Inc. | 296 | 271,598 | ||||||||||
5.50%, 10/15/2027(a) | 2,011 | 1,982,926 | ||||||||||
Perrigo Finance Unlimited Co. | 1,887 | 1,827,918 | ||||||||||
4.65%, 06/15/2030(c) | 524 | 476,510 |
10
Principal Amount (000) | U.S. $ Value | |||||||||||
Post Holdings, Inc. | U.S.$ | 1,310 | $ | 1,209,851 | ||||||||
5.50%, 12/15/2029(a) | 900 | 869,193 | ||||||||||
5.625%, 01/15/2028(a) | 200 | 197,950 | ||||||||||
5.75%, 03/01/2027(a) | 183 | 182,526 | ||||||||||
Premier Foods Finance PLC | GBP | 200 | 237,447 | |||||||||
Primo Water Holdings, Inc. | U.S.$ | 2,583 | 2,384,496 | |||||||||
Spectrum Brands, Inc. | 328 | 297,867 | ||||||||||
Tenet Healthcare Corp. | 537 | 499,968 | ||||||||||
5.125%, 11/01/2027 | 1,910 | 1,868,477 | ||||||||||
US Acute Care Solutions LLC | 1,981 | 1,655,740 | ||||||||||
US Foods, Inc. | 2,125 | 2,021,470 | ||||||||||
6.875%, 09/15/2028(a) | 220 | 226,906 | ||||||||||
|
| |||||||||||
64,947,332 | ||||||||||||
|
| |||||||||||
Energy – 9.4% | ||||||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp. | 1,245 | 1,198,723 | ||||||||||
5.75%, 03/01/2027(a) | 21 | 20,858 | ||||||||||
5.75%, 01/15/2028(a) | 1,490 | 1,474,295 | ||||||||||
Blue Racer Midstream LLC/Blue Racer Finance Corp. | 653 | 661,391 | ||||||||||
Buckeye Partners LP | 22 | 20,864 | ||||||||||
4.125%, 03/01/2025(a) | 1,271 | 1,235,615 | ||||||||||
4.50%, 03/01/2028(a) | 802 | 761,218 | ||||||||||
Callon Petroleum Co. | 1,733 | 1,751,526 | ||||||||||
8.00%, 08/01/2028(a) | 1,120 | 1,146,130 | ||||||||||
CITGO Petroleum Corp. | 356 | 355,021 | ||||||||||
7.00%, 06/15/2025(a) | 1,631 | 1,627,738 | ||||||||||
8.375%, 01/15/2029(a) | 1,075 | 1,105,595 | ||||||||||
Civitas Resources, Inc. | 908 | 882,058 | ||||||||||
8.375%, 07/01/2028(a) | 2,433 | 2,544,602 | ||||||||||
CNX Resources Corp. | 2,193 | 2,107,583 | ||||||||||
CQP Holdco LP/BIP-V Chinook Holdco LLC | 540 | 511,720 | ||||||||||
Crescent Energy Finance LLC | 942 | 953,690 | ||||||||||
9.25%, 02/15/2028(a) | 1,759 | 1,825,385 |
11
Principal Amount (000) | U.S. $ Value | |||||||||||
EQM Midstream Partners LP | U.S.$ | 2,028 | $ | 1,957,831 | ||||||||
4.50%, 01/15/2029(a) | 587 | 555,384 | ||||||||||
5.50%, 07/15/2028 | 790 | 785,679 | ||||||||||
Genesis Energy LP/Genesis Energy Finance Corp. | 1,152 | 1,156,597 | ||||||||||
8.00%, 01/15/2027 | 938 | 954,584 | ||||||||||
8.25%, 01/15/2029 | 885 | 911,585 | ||||||||||
8.875%, 04/15/2030 | 780 | 807,284 | ||||||||||
Gulfport Energy Corp. | 400 | 1,000 | ||||||||||
8.00%, 05/17/2026(a) | 64 | 64,837 | ||||||||||
8.00%, 05/17/2026 | 0 | ** | 370 | |||||||||
Hess Midstream Operations LP | 271 | 250,507 | ||||||||||
5.125%, 06/15/2028(a) | 1,226 | 1,184,414 | ||||||||||
5.625%, 02/15/2026(a) | 1,355 | 1,345,542 | ||||||||||
Hilcorp Energy I LP/Hilcorp Finance Co. | 11 | 10,686 | ||||||||||
6.25%, 11/01/2028(a) | 2,502 | 2,497,146 | ||||||||||
Howard Midstream Energy Partners LLC | 920 | 968,944 | ||||||||||
ITT Holdings LLC | 1,094 | 967,151 | ||||||||||
Moss Creek Resources Holdings, Inc. | 1,626 | 1,620,618 | ||||||||||
Murphy Oil Corp. | 517 | 518,996 | ||||||||||
7.05%, 05/01/2029 | 203 | 209,244 | ||||||||||
Nabors Industries Ltd. | 271 | 259,618 | ||||||||||
Nabors Industries, Inc. | 2,930 | 2,874,037 | ||||||||||
New Fortress Energy, Inc. | 2,915 | 2,801,752 | ||||||||||
6.75%, 09/15/2025(a) | 1,467 | 1,456,056 | ||||||||||
NGL Energy Operating LLC/NGL Energy Finance Corp. | 2,197 | 2,219,783 | ||||||||||
NuStar Logistics LP | 511 | 508,445 | ||||||||||
5.75%, 10/01/2025 | 2,268 | 2,262,693 | ||||||||||
6.00%, 06/01/2026 | 11 | 10,969 | ||||||||||
6.375%, 10/01/2030 | 372 | 372,852 | ||||||||||
PBF Holding Co., LLC/PBF Finance Corp. | 1,580 | 1,543,486 | ||||||||||
Southwestern Energy Co. | 1,718 | 1,672,799 | ||||||||||
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. | 745 | 743,540 |
12
Principal Amount (000) | U.S. $ Value | |||||||||||
Sunoco LP/Sunoco Finance Corp. | U.S.$ | 23 | $ | 21,465 | ||||||||
4.50%, 04/30/2030 | 285 | 263,961 | ||||||||||
7.00%, 09/15/2028(a) | 2,757 | 2,846,106 | ||||||||||
Transocean, Inc. | 1,663 | 1,738,992 | ||||||||||
Venture Global Calcasieu Pass LLC | 24 | 21,613 | ||||||||||
4.125%, 08/15/2031(a) | 556 | 491,254 | ||||||||||
6.25%, 01/15/2030(a) | 480 | 478,315 | ||||||||||
Venture Global LNG, Inc. | 2,989 | 3,018,711 | ||||||||||
9.50%, 02/01/2029(a) | 691 | 730,560 | ||||||||||
|
| |||||||||||
63,289,418 | ||||||||||||
|
| |||||||||||
Other Industrial – 0.9% | ||||||||||||
American Builders & Contractors Supply Co., Inc. | 2,876 | 2,728,835 | ||||||||||
Belden, Inc. | EUR | 693 | 673,378 | |||||||||
Ritchie Bros Holdings, Inc. | U.S.$ | 1,577 | 1,625,934 | |||||||||
SIG PLC | EUR | 958 | 953,127 | |||||||||
|
| |||||||||||
5,981,274 | ||||||||||||
|
| |||||||||||
Services – 5.2% | ||||||||||||
ADT Security Corp. (The) | U.S.$ | 1,758 | 1,625,640 | |||||||||
4.875%, 07/15/2032(a) | 276 | 256,089 | ||||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp. | 1,868 | 1,860,285 | ||||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL | EUR | 160 | 155,019 | |||||||||
4.625%, 06/01/2028(a) | U.S.$ | 3,170 | 2,903,759 | |||||||||
ANGI Group LLC | 969 | 818,330 | ||||||||||
APCOA Parking Holdings GmbH | EUR | 210 | 217,662 | |||||||||
APX Group, Inc. | U.S.$ | 1,292 | 1,206,147 | |||||||||
6.75%, 02/15/2027(a) | 2,275 | 2,276,820 | ||||||||||
Aramark Services, Inc. | 506 | 502,220 | ||||||||||
5.00%, 02/01/2028(a) | 2,040 | 1,974,190 | ||||||||||
Block, Inc. | 2,627 | 2,473,793 | ||||||||||
Cars.com, Inc. | 1,545 | 1,491,172 |
13
Principal Amount (000) | U.S. $ Value | |||||||||||
Engineering - Ingegneria Informatica - SpA | EUR | 1,450 | $ | 1,565,240 | ||||||||
Garda World Security Corp. | U.S.$ | 2,285 | 2,195,839 | |||||||||
7.75%, 02/15/2028(a) | 493 | 512,592 | ||||||||||
Millennium Escrow Corp. | 748 | 531,035 | ||||||||||
MPH Acquisition Holdings LLC | 4,793 | 4,305,073 | ||||||||||
Neptune Bidco US, Inc. | 1,156 | 1,080,479 | ||||||||||
Prime Security Services Borrower LLC/Prime Finance, Inc. | 178 | 164,796 | ||||||||||
5.25%, 04/15/2024(a) | 78 | 77,752 | ||||||||||
5.75%, 04/15/2026(a) | 921 | 925,108 | ||||||||||
6.25%, 01/15/2028(a) | 2,994 | 2,965,108 | ||||||||||
Q-Park Holding I BV | EUR | 221 | 225,651 | |||||||||
Techem Verwaltungsgesellschaft 675 mbH | 200 | 215,685 | ||||||||||
ZipRecruiter, Inc. | U.S.$ | 2,567 | 2,249,796 | |||||||||
|
| |||||||||||
34,775,280 | ||||||||||||
|
| |||||||||||
Technology – 3.0% | ||||||||||||
Boxer Parent Co., Inc. | 500 | 502,265 | ||||||||||
Clarivate Science Holdings Corp. | 2,656 | 2,500,890 | ||||||||||
Gen Digital, Inc. | 2,616 | 2,660,864 | ||||||||||
GoTo Group, Inc. | 789 | 379,817 | ||||||||||
Imola Merger Corp. | 750 | 711,750 | ||||||||||
NCR Voyix Corp. | 1,338 | 1,265,480 | ||||||||||
5.125%, 04/15/2029(a) | 1,582 | 1,506,539 | ||||||||||
Playtika Holding Corp. | 2,072 | 1,816,129 | ||||||||||
Presidio Holdings, Inc. | 2,593 | 2,535,746 | ||||||||||
Rackspace Technology Global, Inc. | 1,378 | 551,655 | ||||||||||
Seagate HDD Cayman | 1,144 | 1,060,076 | ||||||||||
8.25%, 12/15/2029(a) | 1,470 | 1,584,895 | ||||||||||
Virtusa Corp. | 269 | 231,205 |
14
Principal Amount (000) | U.S. $ Value | |||||||||||
Western Digital Corp. | U.S.$ | 3,067 | $ | 3,006,795 | ||||||||
|
| |||||||||||
20,314,106 | ||||||||||||
|
| |||||||||||
Transportation - Airlines – 2.0% | ||||||||||||
Air Canada | 1,260 | 1,205,908 | ||||||||||
Allegiant Travel Co. | 1,637 | 1,609,318 | ||||||||||
American Airlines, Inc. | 1,072 | 1,088,916 | ||||||||||
8.50%, 05/15/2029(a) | 797 | 843,043 | ||||||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd. | 2,174 | 2,155,941 | ||||||||||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. | 2,371 | 2,238,896 | ||||||||||
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. | 1,904 | 1,369,885 | ||||||||||
United Airlines, Inc. | 1,426 | 1,390,806 | ||||||||||
4.625%, 04/15/2029(a) | 1,649 | 1,536,720 | ||||||||||
|
| |||||||||||
13,439,433 | ||||||||||||
|
| |||||||||||
Transportation - Services – 2.3% | ||||||||||||
Albion Financing 1 SARL/Aggreko Holdings, Inc. | EUR | 253 | 278,931 | |||||||||
6.125%, 10/15/2026(a) | U.S.$ | 2,560 | 2,545,485 | |||||||||
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | 1,808 | 1,674,678 | ||||||||||
5.375%, 03/01/2029(a) | 963 | 891,449 | ||||||||||
5.75%, 07/15/2027(a) | 69 | 66,936 | ||||||||||
BCP V Modular Services Finance II PLC | EUR | 1,295 | 1,322,137 | |||||||||
Boels Topholding BV | 492 | 566,613 | ||||||||||
Hertz Corp. (The) | U.S.$ | 2,291 | 2,083,092 | |||||||||
5.00%, 12/01/2029(a) | 921 | 755,800 | ||||||||||
Loxam SAS | EUR | 404 | 444,725 | |||||||||
6.375%, 05/31/2029(a) | 205 | 234,471 | ||||||||||
Mundys SpA | 573 | 580,200 | ||||||||||
NAC Aviation 29 DAC | U.S.$ | 336 | 309,025 | |||||||||
PROG Holdings, Inc. | 2,184 | 2,036,252 |
15
Principal Amount (000) | U.S. $ Value | |||||||||||
United Rentals North America, Inc. | U.S.$ | 1,899 | $ | 1,854,791 | ||||||||
|
| |||||||||||
15,644,585 | ||||||||||||
|
| |||||||||||
467,500,251 | ||||||||||||
|
| |||||||||||
Financial Institutions – 6.9% | ||||||||||||
Banking – 0.4% | ||||||||||||
Bread Financial Holdings, Inc. | 1,568 | 1,557,149 | ||||||||||
9.75%, 03/15/2029(a) | 735 | 761,806 | ||||||||||
UniCredit SpA | 426 | 416,943 | ||||||||||
|
| |||||||||||
2,735,898 | ||||||||||||
|
| |||||||||||
Brokerage – 1.1% | ||||||||||||
AG Issuer LLC | 1,117 | 1,110,164 | ||||||||||
AG TTMT Escrow Issuer LLC | 1,936 | 2,037,601 | ||||||||||
Aretec Group, Inc. | 2,038 | 2,165,905 | ||||||||||
NFP Corp. | 1,969 | 1,957,186 | ||||||||||
|
| |||||||||||
7,270,856 | ||||||||||||
|
| |||||||||||
Finance – 2.9% | ||||||||||||
Castlelake Aviation Finance DAC | 2,319 | 2,176,683 | ||||||||||
Curo Group Holdings Corp. | 1,013 | 340,783 | ||||||||||
18.00%, 08/01/2028(e) (f) | 693 | 606,544 | ||||||||||
Encore Capital Group, Inc. | EUR | 502 | 551,922 | |||||||||
Enova International, Inc. | U.S.$ | 1,290 | 1,275,307 | |||||||||
11.25%, 12/15/2028(a) | 1,667 | 1,719,460 | ||||||||||
GGAM Finance Ltd. | 788 | 801,995 | ||||||||||
8.00%, 02/15/2027(a) | 774 | 794,348 | ||||||||||
8.00%, 06/15/2028(a) | 2,103 | 2,182,157 | ||||||||||
goeasy Ltd. | 1,236 | 1,320,888 | ||||||||||
Jefferies Finance LLC/JFIN Co-Issuer Corp. | 3,605 | 3,266,094 | ||||||||||
Navient Corp. | 1,873 | 1,740,916 | ||||||||||
5.00%, 03/15/2027 | 554 | 535,003 | ||||||||||
6.75%, 06/25/2025 | 607 | 614,594 | ||||||||||
6.75%, 06/15/2026 | 70 | 71,114 | ||||||||||
SLM Corp. | 1,396 | 1,306,796 | ||||||||||
4.20%, 10/29/2025 | 614 | 596,053 | ||||||||||
|
| |||||||||||
19,900,657 | ||||||||||||
|
|
16
Principal Amount (000) | U.S. $ Value | |||||||||||
Insurance – 0.7% | ||||||||||||
Acrisure LLC/Acrisure Finance, Inc. | U.S.$ | 2,570 | $ | 2,341,938 | ||||||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | 364 | 372,670 | ||||||||||
AssuredPartners, Inc. | 569 | 530,644 | ||||||||||
HUB International Ltd. | 1,289 | 1,360,849 | ||||||||||
|
| |||||||||||
4,606,101 | ||||||||||||
|
| |||||||||||
Other Finance – 0.1% | ||||||||||||
Coinbase Global, Inc. | 616 | 512,500 | ||||||||||
|
| |||||||||||
REITs – 1.7% | ||||||||||||
Aedas Homes Opco SLU | EUR | 826 | 861,793 | |||||||||
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL | U.S.$ | 1,042 | 938,373 | |||||||||
5.75%, 05/15/2026(a) | 1,011 | 981,863 | ||||||||||
Iron Mountain, Inc. | 553 | 502,345 | ||||||||||
4.875%, 09/15/2027(a) | 1,121 | 1,092,314 | ||||||||||
5.25%, 03/15/2028(a) | 1,083 | 1,052,719 | ||||||||||
5.25%, 07/15/2030(a) | 11 | 10,464 | ||||||||||
7.00%, 02/15/2029(a) | 290 | 298,984 | ||||||||||
MPT Operating Partnership LP/MPT Finance Corp. | 1,600 | 1,312,576 | ||||||||||
Office Properties Income Trust | 238 | 118,852 | ||||||||||
Service Properties Trust | 1,975 | 2,000,873 | ||||||||||
Via Celere Desarrollos Inmobiliarios SA | EUR | 1,119 | 1,185,006 | |||||||||
Vivion Investments SARL | 900 | 930,345 | ||||||||||
Series E | 100 | 83,653 | ||||||||||
|
| |||||||||||
11,370,160 | ||||||||||||
|
| |||||||||||
46,396,172 | ||||||||||||
|
| |||||||||||
Utility – 1.2% | ||||||||||||
Electric – 1.1% | ||||||||||||
Calpine Corp. | U.S.$ | 2,129 | 2,025,594 | |||||||||
5.125%, 03/15/2028(a) | 137 | 131,284 |
17
Principal Amount (000) | U.S. $ Value | |||||||||||
ContourGlobal Power Holdings SA | EUR | 120 | $ | 116,567 | ||||||||
NRG Energy, Inc. | U.S.$ | 2,558 | 2,259,942 | |||||||||
5.25%, 06/15/2029(a) | 11 | 10,691 | ||||||||||
Vistra Operations Co., LLC | 2,744 | 2,544,813 | ||||||||||
5.00%, 07/31/2027(a) | 11 | 10,711 | ||||||||||
5.50%, 09/01/2026(a) | 928 | 921,949 | ||||||||||
5.625%, 02/15/2027(a) | 11 | 10,877 | ||||||||||
|
| |||||||||||
8,032,428 | ||||||||||||
|
| |||||||||||
Natural Gas – 0.1% | ||||||||||||
UGI International LLC | EUR | 433 | 405,124 | |||||||||
|
| |||||||||||
8,437,552 | ||||||||||||
|
| |||||||||||
Total Corporates - Non-Investment Grade | 522,333,975 | |||||||||||
|
| |||||||||||
CORPORATES - INVESTMENT GRADE – 8.8% | ||||||||||||
Industrial – 5.1% | ||||||||||||
Basic – 0.3% | ||||||||||||
Braskem Netherlands Finance BV | U.S.$ | 341 | 276,892 | |||||||||
INEOS Finance PLC | EUR | 200 | 213,451 | |||||||||
2.875%, 05/01/2026(a) | 472 | 504,786 | ||||||||||
3.375%, 03/31/2026(a) | 185 | 200,173 | ||||||||||
Nexa Resources SA | U.S.$ | 346 | 335,018 | |||||||||
Westlake Corp. | 843 | 814,684 | ||||||||||
|
| |||||||||||
2,345,004 | ||||||||||||
|
| |||||||||||
Capital Goods – 0.1% | ||||||||||||
Regal Rexnord Corp. | 590 | 607,346 | ||||||||||
Westinghouse Air Brake Technologies Corp. | 50 | 49,778 | ||||||||||
|
| |||||||||||
657,124 | ||||||||||||
|
| |||||||||||
Communications - Media – 0.4% | ||||||||||||
DirecTV Financing LLC/DirecTV Financing Co-Obligor, Inc. | 2,287 | 2,147,470 | ||||||||||
Pinewood Finance Co., Ltd. | GBP | 620 | 767,033 | |||||||||
|
| |||||||||||
2,914,503 | ||||||||||||
|
|
18
Principal Amount (000) | U.S. $ Value | |||||||||||
Consumer Cyclical - Automotive – 0.9% | ||||||||||||
Ford Motor Credit Co., LLC | U.S.$ | 254 | $ | 235,306 | ||||||||
4.95%, 05/28/2027 | 731 | 713,690 | ||||||||||
7.35%, 11/04/2027 | 1,437 | 1,514,052 | ||||||||||
Harley-Davidson Financial Services, Inc. | 796 | 740,495 | ||||||||||
6.50%, 03/10/2028(a) | 1,135 | 1,177,767 | ||||||||||
Nissan Motor Acceptance Co., LLC | 23 | 20,689 | ||||||||||
2.75%, 03/09/2028(a) | 335 | 295,493 | ||||||||||
Nissan Motor Co., Ltd. | 1,110 | 1,062,314 | ||||||||||
|
| |||||||||||
5,759,806 | ||||||||||||
|
| |||||||||||
Consumer Cyclical - Entertainment – 0.5% | ||||||||||||
Hasbro, Inc. | 382 | 356,028 | ||||||||||
Mattel, Inc. | 1,100 | 1,047,475 | ||||||||||
5.875%, 12/15/2027(a) | 1,750 | 1,748,530 | ||||||||||
|
| |||||||||||
3,152,033 | ||||||||||||
|
| |||||||||||
Consumer Cyclical - Other – 1.3% | ||||||||||||
Genting New York LLC/GENNY Capital, Inc. | 588 | 542,224 | ||||||||||
International Game Technology PLC | EUR | 300 | 328,665 | |||||||||
4.125%, 04/15/2026(a) | U.S.$ | 1,740 | 1,689,923 | |||||||||
5.25%, 01/15/2029(a) | 805 | 786,920 | ||||||||||
Las Vegas Sands Corp. | 3,246 | 3,118,562 | ||||||||||
Marriott International, Inc./MD | 112 | 112,702 | ||||||||||
Resorts World Las Vegas LLC/RWLV Capital, Inc. | 2,200 | 1,913,560 | ||||||||||
|
| |||||||||||
8,492,556 | ||||||||||||
|
| |||||||||||
Consumer Cyclical - Retailers – 0.4% | ||||||||||||
Macy’s Retail Holdings LLC | 964 | 926,780 | ||||||||||
5.875%, 03/15/2030(a) | 806 | 761,211 | ||||||||||
PVH Corp. | 246 | 242,010 | ||||||||||
Ross Stores, Inc. | 142 | 140,502 | ||||||||||
Tapestry, Inc. | 183 | 189,851 | ||||||||||
7.05%, 11/27/2025 | 106 | 108,496 | ||||||||||
|
| |||||||||||
2,368,850 | ||||||||||||
|
|
19
Principal Amount (000) | U.S. $ Value | |||||||||||
Consumer Non-Cyclical – 0.2% | ||||||||||||
Avantor Funding, Inc. | EUR | 346 | $ | 373,560 | ||||||||
IQVIA, Inc. | U.S.$ | 672 | 701,756 | |||||||||
|
| |||||||||||
1,075,316 | ||||||||||||
|
| |||||||||||
Energy – 0.5% | ||||||||||||
Ecopetrol SA | 353 | 343,513 | ||||||||||
5.375%, 06/26/2026 | 329 | 321,906 | ||||||||||
8.625%, 01/19/2029 | 216 | 230,310 | ||||||||||
EnLink Midstream LLC | 216 | 212,967 | ||||||||||
EnLink Midstream Partners LP | ||||||||||||
4.15%, 06/01/2025 | 306 | 299,595 | ||||||||||
4.85%, 07/15/2026 | 582 | 572,863 | ||||||||||
Oleoducto Central SA | 560 | 517,938 | ||||||||||
Sabine Pass Liquefaction LLC | 100 | 99,934 | ||||||||||
Tengizchevroil Finance Co. International Ltd. | 242 | 198,440 | ||||||||||
Var Energi ASA | 703 | 747,219 | ||||||||||
|
| |||||||||||
3,544,685 | ||||||||||||
|
| |||||||||||
Services – 0.3% | ||||||||||||
GTCR W-2 Merger Sub LLC | 1,879 | 1,993,506 | ||||||||||
GTCR W-2 Merger Sub LLC/GTCR W Dutch Finance Sub BV | GBP | 132 | 182,239 | |||||||||
|
| |||||||||||
2,175,745 | ||||||||||||
|
| |||||||||||
Technology – 0.2% | ||||||||||||
Broadcom, Inc. | U.S.$ | 200 | 193,468 | |||||||||
CDW LLC/CDW Finance Corp. | 406 | 372,046 | ||||||||||
4.125%, 05/01/2025 | 999 | 979,560 | ||||||||||
|
| |||||||||||
1,545,074 | ||||||||||||
|
| |||||||||||
Transportation - Railroads – 0.0% | ||||||||||||
Lima Metro Line 2 Finance Ltd. | 180 | 164,021 | ||||||||||
5.875%, 07/05/2034(a) | 89 | 87,597 | ||||||||||
|
| |||||||||||
251,618 | ||||||||||||
|
|
20
Principal Amount (000) | U.S. $ Value | |||||||||||
Transportation - Services – 0.0% | ||||||||||||
AerCap Global Aviation Trust | U.S.$ | 291 | $ | 291,346 | ||||||||
|
| |||||||||||
34,573,660 | ||||||||||||
|
| |||||||||||
Financial Institutions – 3.6% | ||||||||||||
Banking – 2.7% | ||||||||||||
AIB Group PLC | 319 | 335,984 | ||||||||||
Ally Financial, Inc. | 785 | 783,124 | ||||||||||
6.848%, 01/03/2030 | 1,201 | 1,234,952 | ||||||||||
Banco Santander SA | 400 | 384,796 | ||||||||||
5.179%, 11/19/2025 | 400 | 396,496 | ||||||||||
9.625%, 05/21/2033(g) | 1,000 | 1,094,420 | ||||||||||
Bank of America Corp. | 476 | 476,100 | ||||||||||
CaixaBank SA | EUR | 200 | 213,745 | |||||||||
6.684%, 09/13/2027(a) | U.S.$ | 718 | 735,964 | |||||||||
Citigroup, Inc. | 154 | 136,446 | ||||||||||
7.625%, 11/15/2028(g) | 360 | 367,488 | ||||||||||
Series V | 147 | 136,978 | ||||||||||
Series W | 207 | 190,721 | ||||||||||
Danske Bank A/S | 358 | 348,696 | ||||||||||
Deutsche Bank AG/New York NY | 150 | 148,173 | ||||||||||
6.819%, 11/20/2029 | 486 | 511,282 | ||||||||||
7.146%, 07/13/2027 | 574 | 596,242 | ||||||||||
Goldman Sachs Group, Inc. (The) | 356 | 355,302 | ||||||||||
Intesa Sanpaolo SpA | 1,344 | 1,329,848 | ||||||||||
5.71%, 01/15/2026(a) | 1,097 | 1,093,281 | ||||||||||
7.00%, 11/21/2025(a) | 200 | 204,950 | ||||||||||
JPMorgan Chase & Co. | 733 | 735,741 | ||||||||||
Series R | 54 | 54,197 | ||||||||||
Lloyds Banking Group PLC | 647 | 742,212 |
21
Principal Amount (000) | U.S. $ Value | |||||||||||
PNC Financial Services Group, Inc. (The) | U.S.$ | 517 | $ | 516,571 | ||||||||
Santander Holdings USA, Inc. | 1,121 | 1,159,618 | ||||||||||
Truist Financial Corp. | 842 | 841,242 | ||||||||||
Series N | 626 | 574,875 | ||||||||||
UBS Group AG | 507 | 400,662 | ||||||||||
7.00%, 02/19/2025(a) (g) | 401 | 398,205 | ||||||||||
UniCredit SpA | 222 | 202,935 | ||||||||||
2.569%, 09/22/2026(a) | 482 | 453,519 | ||||||||||
Wells Fargo & Co. | 162 | 169,818 | ||||||||||
Series BB | 878 | 811,096 | ||||||||||
|
| |||||||||||
18,135,679 | ||||||||||||
|
| |||||||||||
Finance – 0.5% | ||||||||||||
Aircastle Ltd. | 39 | 34,736 | ||||||||||
4.25%, 06/15/2026 | 5 | 4,837 | ||||||||||
5.25%, 08/11/2025(a) | 1,078 | 1,063,350 | ||||||||||
Aviation Capital Group LLC | 119 | 110,242 | ||||||||||
1.95%, 09/20/2026(a) | 988 | 895,711 | ||||||||||
3.50%, 11/01/2027(a) | 96 | 88,405 | ||||||||||
4.125%, 08/01/2025(a) | 3 | 2,912 | ||||||||||
4.375%, 01/30/2024(a) | 308 | 307,344 | ||||||||||
4.875%, 10/01/2025(a) | 31 | 30,391 | ||||||||||
5.50%, 12/15/2024(a) | 105 | 104,413 | ||||||||||
6.75%, 10/25/2028(a) | 490 | 510,541 | ||||||||||
|
| |||||||||||
3,152,882 | ||||||||||||
|
| |||||||||||
Insurance – 0.1% | ||||||||||||
Centene Corp. | 20 | 19,216 | ||||||||||
Hartford Financial Services Group, Inc. (The) | 859 | 740,063 | ||||||||||
|
| |||||||||||
759,279 | ||||||||||||
|
|
22
Principal Amount (000) | U.S. $ Value | |||||||||||
REITs – 0.3% | ||||||||||||
GLP Capital LP/GLP Financing II, Inc. | U.S.$ | 13 | $ | 12,791 | ||||||||
5.25%, 06/01/2025 | 191 | 190,469 | ||||||||||
5.375%, 04/15/2026 | 79 | 78,642 | ||||||||||
Omega Healthcare Investors, Inc. | 440 | 373,340 | ||||||||||
Sabra Health Care LP | 334 | 302,624 | ||||||||||
Trust Fibra Uno | 211 | 190,032 | ||||||||||
Vornado Realty LP | 839 | 756,535 | ||||||||||
|
| |||||||||||
1,904,433 | ||||||||||||
|
| |||||||||||
23,952,273 | ||||||||||||
|
| |||||||||||
Utility – 0.1% | ||||||||||||
Electric – 0.1% | ||||||||||||
Alexander Funding Trust II | 120 | 126,041 | ||||||||||
Empresa Electrica Cochrane SpA | 226 | 213,306 | ||||||||||
Empresas Publicas de Medellin ESP | 427 | 363,223 | ||||||||||
NRG Energy, Inc. | 59 | 55,721 | ||||||||||
|
| |||||||||||
758,291 | ||||||||||||
|
| |||||||||||
Total Corporates - Investment Grade | 59,284,224 | |||||||||||
|
| |||||||||||
EMERGING MARKETS - CORPORATE BONDS – 3.2% | ||||||||||||
Industrial – 3.0% | ||||||||||||
Basic – 0.5% | ||||||||||||
Braskem Idesa SAPI | 486 | 274,648 | ||||||||||
Cia de Minas Buenaventura SAA | 719 | 685,904 | ||||||||||
Consolidated Energy Finance SA | EUR | 320 | 285,533 | |||||||||
CSN Resources SA | U.S.$ | 274 | 275,247 | |||||||||
Eldorado Gold Corp. | 544 | 513,150 | ||||||||||
Indika Energy Capital IV Pte Ltd. | 337 | 337,737 | ||||||||||
JSW Steel Ltd. | 338 | 336,584 | ||||||||||
Sasol Financing USA LLC | 684 | 678,665 | ||||||||||
Volcan Cia Minera SAA | 127 | 76,835 | ||||||||||
|
| |||||||||||
3,464,303 | ||||||||||||
|
|
23
Principal Amount (000) | U.S. $ Value | |||||||||||
Capital Goods – 0.2% | ||||||||||||
Embraer Netherlands Finance BV | U.S.$ | 588 | $ | 580,838 | ||||||||
7.00%, 07/28/2030(a) | 370 | 386,610 | ||||||||||
IHS Holding Ltd. | 263 | 227,166 | ||||||||||
Usiminas International SARL | 545 | 531,642 | ||||||||||
|
| |||||||||||
1,726,256 | ||||||||||||
|
| |||||||||||
Communications - Media – 0.1% | ||||||||||||
RCS & RDS SA | EUR | 200 | 196,364 | |||||||||
Telecomunicaciones Digitales SA | U.S.$ | 205 | 177,325 | |||||||||
|
| |||||||||||
373,689 | ||||||||||||
|
| |||||||||||
Communications - Telecommunications – 0.0% | ||||||||||||
C&W Senior Financing DAC | 208 | 193,452 | ||||||||||
|
| |||||||||||
Consumer Cyclical - Other – 1.2% | ||||||||||||
Allwyn Entertainment Financing UK PLC | EUR | 466 | 522,157 | |||||||||
Allwyn International AS | 325 | 344,432 | ||||||||||
Melco Resorts Finance Ltd. | U.S.$ | 815 | 791,314 | |||||||||
5.375%, 12/04/2029(a) | 428 | 376,640 | ||||||||||
5.625%, 07/17/2027(a) | 356 | 333,861 | ||||||||||
5.75%, 07/21/2028(a) | 1,178 | 1,084,496 | ||||||||||
MGM China Holdings Ltd. | 1,482 | 1,450,508 | ||||||||||
5.375%, 05/15/2024(a) | 214 | 212,951 | ||||||||||
5.875%, 05/15/2026(a) | 216 | 210,600 | ||||||||||
Studio City Finance Ltd. | 705 | 689,578 | ||||||||||
Wynn Macau Ltd. | 1,775 | 1,726,188 | ||||||||||
5.625%, 08/26/2028(a) | 345 | 318,802 | ||||||||||
|
| |||||||||||
8,061,527 | ||||||||||||
|
| |||||||||||
Consumer Non-Cyclical – 0.4% | ||||||||||||
BRF SA | 784 | 686,306 | ||||||||||
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL | 113 | 105,829 | ||||||||||
Rede D’or Finance SARL | 200 | 189,778 |
24
Principal Amount (000) | U.S. $ Value | |||||||||||
Teva Pharmaceutical Finance Netherlands II BV | EUR | 482 | $ | 512,602 | ||||||||
Teva Pharmaceutical Finance Netherlands III BV | U.S.$ | 490 | 452,944 | |||||||||
4.75%, 05/09/2027 | 372 | 356,826 | ||||||||||
5.125%, 05/09/2029 | 372 | 354,382 | ||||||||||
Tonon Luxembourg SA | 102 | 10 | ||||||||||
Virgolino de Oliveira Finance SA | 425 | 43 | ||||||||||
|
| |||||||||||
2,658,720 | ||||||||||||
|
| |||||||||||
Energy – 0.4% |
| |||||||||||
Gran Tierra Energy, Inc. | 216 | 187,920 | ||||||||||
Greenko Wind Projects Mauritius Ltd. | 200 | 196,000 | ||||||||||
Kosmos Energy Ltd. | 379 | 360,761 | ||||||||||
7.50%, 03/01/2028(a) | 200 | 182,500 | ||||||||||
Leviathan Bond Ltd. | 754 | 727,953 | ||||||||||
Medco Bell Pte Ltd. | 357 | 342,274 | ||||||||||
ReNew Pvt Ltd. | 200 | 190,818 | ||||||||||
SierraCol Energy Andina LLC | 578 | 481,242 | ||||||||||
|
| |||||||||||
2,669,468 | ||||||||||||
|
| |||||||||||
Services – 0.1% |
| |||||||||||
Bidvest Group UK PLC (The) | 377 | 348,254 | ||||||||||
|
| |||||||||||
Technology – 0.1% | ||||||||||||
CA Magnum Holdings | 741 | 689,130 | ||||||||||
|
| |||||||||||
20,184,799 | ||||||||||||
|
| |||||||||||
Financial Institutions – 0.1% |
| |||||||||||
Banking – 0.1% |
| |||||||||||
Bank Tabungan Negara Persero TBK PT | 452 | 439,146 | ||||||||||
|
| |||||||||||
Brokerage – 0.0% |
| |||||||||||
Banco BTG Pactual SA/Cayman Islands | 355 | 347,785 | ||||||||||
|
| |||||||||||
786,931 | ||||||||||||
|
| |||||||||||
Utility – 0.1% |
| |||||||||||
Electric – 0.1% |
| |||||||||||
India Clean Energy Holdings | 200 | 175,750 |
25
Principal Amount (000) | U.S. $ Value | |||||||||||
Investment Energy Resources Ltd. | U.S.$ | 247 | $ | 231,518 | ||||||||
Terraform Global Operating LP | 108 | 106,901 | ||||||||||
|
| |||||||||||
514,169 | ||||||||||||
|
| |||||||||||
Total Emerging Markets - Corporate Bonds | 21,485,899 | |||||||||||
|
| |||||||||||
BANK LOANS – 1.4% | ||||||||||||
Industrial – 1.2% | ||||||||||||
Capital Goods – 0.1% | ||||||||||||
ACProducts Holdings, Inc. | 658 | 575,675 | ||||||||||
Apex Tool Group, LLC | 350 | 306,352 | ||||||||||
|
| |||||||||||
882,027 | ||||||||||||
|
| |||||||||||
Communications - Media – 0.1% | ||||||||||||
Clear Channel Outdoor Holdings, Inc. | 81 | 79,906 | ||||||||||
Coral-US Co-Borrower LLC | 320 | 318,733 | ||||||||||
|
| |||||||||||
398,639 | ||||||||||||
|
| |||||||||||
Communications - Telecommunications – 0.2% | ||||||||||||
Crown Subsea Communications Holding, Inc. | 505 | 507,261 | ||||||||||
DirecTV Financing, LLC | 271 | 270,846 | ||||||||||
Proofpoint, Inc. | 850 | 856,375 | ||||||||||
|
| |||||||||||
1,634,482 | ||||||||||||
|
| |||||||||||
Consumer Cyclical - Automotive – 0.1% | ||||||||||||
Garrett Motion SARL | 429 | 428,572 | ||||||||||
|
| |||||||||||
Consumer Non-Cyclical – 0.3% | ||||||||||||
Bausch + Lomb Corporation | 995 | 979,422 | ||||||||||
Gainwell Acquisition Corp. | 388 | 376,360 |
26
Principal Amount (000) | U.S. $ Value | |||||||||||
US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.) | U.S.$ | 525 | $ | 519,102 | ||||||||
|
| |||||||||||
1,874,884 | ||||||||||||
|
| |||||||||||
Other Industrial – 0.1% | ||||||||||||
American Tire Distributors, Inc. | 1,121 | 931,820 | ||||||||||
|
| |||||||||||
Technology – 0.3% | ||||||||||||
Ascend Learning, LLC | 300 | 256,392 | ||||||||||
Banff Guarantor, Inc. | 120 | 119,437 | ||||||||||
Boxer Parent Company, Inc. | 981 | 978,874 | ||||||||||
FINThrive Software Intermediate Holdings, Inc. | 240 | 141,180 | ||||||||||
Loyalty Ventures, Inc. | 550 | 4,811 | ||||||||||
Playtika Holding Corp. | 787 | 785,189 | ||||||||||
|
| |||||||||||
2,285,883 | ||||||||||||
|
| |||||||||||
8,436,307 | ||||||||||||
|
| |||||||||||
Financial Institutions – 0.2% | ||||||||||||
Finance – 0.0% | ||||||||||||
Orbit Private Holdings I Ltd. | 108 | 107,935 | ||||||||||
|
| |||||||||||
Insurance – 0.2% | ||||||||||||
Asurion, LLC | 983 | 977,839 | ||||||||||
|
| |||||||||||
1,085,774 | ||||||||||||
|
| |||||||||||
Total Bank Loans | 9,522,081 | |||||||||||
|
|
27
Principal Amount (000) | U.S. $ Value | |||||||||||
COLLATERALIZED LOAN OBLIGATIONS – 1.0% | ||||||||||||
CLO - Floating Rate – 1.0% | ||||||||||||
Ares XXXIV CLO Ltd. | U.S.$ | 644 | $ | 629,362 | ||||||||
Balboa Bay Loan Funding Ltd. | 250 | 246,242 | ||||||||||
Crown Point CLO 11 Ltd. | 250 | 249,991 | ||||||||||
Dryden 78 CLO Ltd. | 250 | 245,071 | ||||||||||
Series 2020-78A, Class D | 443 | 435,490 | ||||||||||
Elevation CLO Ltd. | 250 | 242,261 | ||||||||||
Series 2020-11A, Class D1 | 282 | 272,790 | ||||||||||
Flatiron CLO 21 Ltd. | 375 | 366,730 | ||||||||||
GoldenTree Loan Opportunities IX Ltd. | 520 | 519,986 | ||||||||||
Greywolf CLO VI Ltd. | 549 | 548,906 | ||||||||||
Magnetite XXV Ltd. | 250 | 250,004 | ||||||||||
Octagon Investment Partners 29 Ltd. | 521 | 500,191 | ||||||||||
Palmer Square CLO Ltd. | 500 | 497,050 |
28
Principal Amount (000) | U.S. $ Value | |||||||||||
Rad CLO 7 Ltd. | U.S.$ | 250 | $ | 248,717 | ||||||||
Regatta XIX Funding Ltd. | 377 | 377,221 | ||||||||||
Regatta XX Funding Ltd. | 250 | 247,272 | ||||||||||
Rockford Tower CLO Ltd. | 250 | 243,929 | ||||||||||
Sound Point CLO XIX Ltd. | 503 | 503,137 | ||||||||||
|
| |||||||||||
Total Collateralized Loan Obligations | 6,624,350 | |||||||||||
|
| |||||||||||
EMERGING MARKETS - SOVEREIGNS – 0.9% | ||||||||||||
Angola – 0.2% | ||||||||||||
Angolan Government International Bond | 850 | 693,813 | ||||||||||
9.50%, 11/12/2025(a) | 710 | 698,462 | ||||||||||
|
| |||||||||||
1,392,275 | ||||||||||||
|
| |||||||||||
Bahrain – 0.1% | ||||||||||||
Bahrain Government International Bond | 570 | 592,800 | ||||||||||
|
| |||||||||||
Brazil – 0.1% | ||||||||||||
Brazilian Government International Bond | 547 | 527,513 | ||||||||||
|
| |||||||||||
Egypt – 0.0% | ||||||||||||
Egypt Government International Bond | 200 | 168,000 | ||||||||||
|
| |||||||||||
Ivory Coast – 0.1% | ||||||||||||
Ivory Coast Government International Bond | 760 | 745,038 | ||||||||||
|
| |||||||||||
Lebanon – 0.0% | ||||||||||||
Lebanon Government International Bond | 11 | 650 | ||||||||||
Series E | 210 | 12,337 |
29
Principal Amount (000) | U.S. $ Value | |||||||||||
Series G | U.S.$ | 51 | $ | 3,012 | ||||||||
|
| |||||||||||
15,999 | ||||||||||||
|
| |||||||||||
Nigeria – 0.1% | ||||||||||||
Nigeria Government International Bond | 639 | 505,328 | ||||||||||
|
| |||||||||||
Senegal – 0.2% | ||||||||||||
Senegal Government International Bond | EUR | 499 | 507,834 | |||||||||
6.75%, 03/13/2048(a) | U.S.$ | 483 | 379,004 | |||||||||
|
| |||||||||||
886,838 | ||||||||||||
|
| |||||||||||
South Africa – 0.1% | ||||||||||||
Republic of South Africa Government International Bond | 208 | 194,220 | ||||||||||
4.85%, 09/27/2027 | 540 | 529,031 | ||||||||||
|
| |||||||||||
723,251 | ||||||||||||
|
| |||||||||||
Ukraine – 0.0% | ||||||||||||
Ukraine Government International Bond | 338 | 99,372 | ||||||||||
7.75%, 09/01/2026(a) (c) | 384 | 105,216 | ||||||||||
|
| |||||||||||
204,588 | ||||||||||||
|
| |||||||||||
Total Emerging Markets - Sovereigns | 5,761,630 | |||||||||||
|
| |||||||||||
QUASI-SOVEREIGNS – 0.4% | ||||||||||||
Quasi-Sovereign Bonds – 0.4% | ||||||||||||
Mexico – 0.2% | ||||||||||||
Petroleos Mexicanos | 1,127 | 1,051,153 | ||||||||||
6.75%, 09/21/2047 | 191 | 124,962 | ||||||||||
6.95%, 01/28/2060 | 58 | 38,135 | ||||||||||
|
| |||||||||||
1,214,250 | ||||||||||||
|
| |||||||||||
Oman – 0.1% | ||||||||||||
Lamar Funding Ltd. | 631 | 613,452 | ||||||||||
|
| |||||||||||
South Africa – 0.1% | ||||||||||||
Transnet SOC Ltd. | 370 | 371,619 | ||||||||||
|
| |||||||||||
Ukraine – 0.0% | ||||||||||||
State Agency of Roads of Ukraine | 653 | 161,617 | ||||||||||
|
| |||||||||||
Total Quasi-Sovereigns | 2,360,938 | |||||||||||
|
|
30
Principal Amount (000) | U.S. $ Value | |||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.2% | ||||||||||||
Non-Agency Floating Rate CMBS – 0.1% | ||||||||||||
BFLD Trust | U.S.$ | 160 | $ | 157,662 | ||||||||
Series 2021-FPM, Class A | 690 | 673,654 | ||||||||||
|
| |||||||||||
831,316 | ||||||||||||
|
| |||||||||||
Non-Agency Fixed Rate CMBS – 0.1% | ||||||||||||
CD Mortgage Trust | 3,724 | 90,883 | ||||||||||
Citigroup Commercial Mortgage Trust | 2,489 | 74,077 | ||||||||||
Commercial Mortgage Trust | 100 | 56,860 | ||||||||||
GS Mortgage Securities Trust | 210 | 146,933 | ||||||||||
Series 2011-GC5, Class D | 236 | 69,907 | ||||||||||
JPMBB Commercial Mortgage Securities Trust | 225 | 169,945 | ||||||||||
Wells Fargo Commercial Mortgage Trust | 2,134 | 70,027 | ||||||||||
WF-RBS Commercial Mortgage Trust | 25 | 17,353 | ||||||||||
|
| |||||||||||
695,985 | ||||||||||||
|
| |||||||||||
Total Commercial Mortgage-Backed Securities | 1,527,301 | |||||||||||
|
| |||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.1% | ||||||||||||
Risk Share Floating Rate – 0.1% | ||||||||||||
Bellemeade Re Ltd. | 119 | 119,775 | ||||||||||
Series 2019-3A, Class M1C | 401 | 402,269 |
31
Principal Amount (000) | U.S. $ Value | |||||||||||
Connecticut Avenue Securities Trust | U.S.$ | 8 | $ | 8,477 | ||||||||
Series 2019-R01, Class 2M2 | 21 | 20,915 | ||||||||||
Series 2019-R07, Class 1M2 | 3 | 3,038 | ||||||||||
Federal National Mortgage Association Connecticut Avenue Securities | 45 | 48,129 | ||||||||||
Series 2016-C01, Class 2M2 | 31 | 32,693 | ||||||||||
Series 2017-C07, Class 2M2 | 6 | 6,356 | ||||||||||
Home Re Ltd. | 121 | 121,616 | ||||||||||
PMT Credit Risk Transfer Trust | 93 | 93,510 | ||||||||||
Series 2020-1R, Class A | 102 | 101,944 | ||||||||||
|
| |||||||||||
Total Collateralized Mortgage Obligations | 958,722 | |||||||||||
|
| |||||||||||
GOVERNMENTS - SOVEREIGN BONDS – 0.1% | ||||||||||||
Colombia – 0.1% | ||||||||||||
Colombia Government International Bond | 370 | 372,775 | ||||||||||
|
| |||||||||||
ASSET-BACKED SECURITIES – 0.0% | ||||||||||||
Autos - Fixed Rate – 0.0% | ||||||||||||
ACM Auto Trust | 74 | 73,632 | ||||||||||
|
| |||||||||||
Other ABS - Fixed Rate – 0.0% | ||||||||||||
Pagaya AI Debt Trust | 23 | 29,086 | ||||||||||
|
| |||||||||||
Total Asset-Backed Securities | 102,718 | |||||||||||
|
|
32
Company | Shares | U.S. $ Value | ||||||||||
COMMON STOCKS – 0.0% | ||||||||||||
Financials – 0.0% | ||||||||||||
Banks – 0.0% | ||||||||||||
Nordic Aviation Capital DAC(e) (f) (i) | 6,250 | $ | 92,187 | |||||||||
|
| |||||||||||
SHORT-TERM INVESTMENTS – 4.5% | ||||||||||||
Investment Companies – 4.5% | ||||||||||||
AB Fixed Income Shares, Inc. - Government | 30,641,054 | 30,641,054 | ||||||||||
|
| |||||||||||
Total Investments – 98.1% | 661,067,854 | |||||||||||
Other assets less liabilities – 1.9% | 12,864,828 | |||||||||||
|
| |||||||||||
Net Assets – 100.0% | $ | 673,932,682 | ||||||||||
|
|
FUTURES
Description | Number of Contracts | Expiration Month | Current Notional | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Sold Contracts |
| |||||||||||||
Euro-BOBL Futures | 20 | March 2024 | $ | 2,633,583 | $ | (45,781 | ) | |||||||
U.S. T-Note 5 Yr (CBT) Futures | 177 | March 2024 | 19,252,899 | (413,688 | ) | |||||||||
U.S. T-Note 10 Yr (CBT) Futures | 321 | March 2024 | 36,237,891 | (1,319,357 | ) | |||||||||
|
| |||||||||||||
$ | (1,778,826 | ) | ||||||||||||
|
|
FORWARD CURRENCY EXCHANGE CONTRACTS
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
Bank of America, NA | EUR | 535 | USD | 573 | 01/10/2024 | $ | (17,909 | ) | ||||||||||||||||
Morgan Stanley Capital Services, Inc. | EUR | 26,665 | USD | 28,394 | 01/10/2024 | (1,050,708 | ) | |||||||||||||||||
Morgan Stanley Capital Services, Inc. | GBP | 2,423 | USD | 3,011 | 01/25/2024 | (78,375 | ) | |||||||||||||||||
Morgan Stanley Capital Services, Inc. | USD | 877 | GBP | 706 | 01/25/2024 | 22,818 | ||||||||||||||||||
State Street Bank & Trust Co. | EUR | 2,110 | USD | 2,278 | 01/10/2024 | (52,216 | ) | |||||||||||||||||
State Street Bank & Trust Co. | USD | 576 | EUR | 539 | 01/10/2024 | 19,342 | ||||||||||||||||||
|
| |||||||||||||||||||||||
$ | (1,157,048 | ) | ||||||||||||||||||||||
|
|
** | Principal amount less than $500. |
(a) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At December 31, 2023, the aggregate market value of these securities amounted to $525,641,181 or 78.0% of net assets. |
33
(b) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at December 31, 2023. |
(c) | Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at December 31, 2023. |
(d) | Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at December 31, 2023. |
(e) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(f) | Fair valued by the Adviser. |
(g) | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(h) | Defaulted. |
(i) | Non-income producing security. |
(j) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.02% of net assets as of December 31, 2023, are considered illiquid and restricted. Additional information regarding such securities follows: |
144A/Restricted & Illiquid Securities | Acquisition Date | Cost | Market Value | Percentage of Net Assets | ||||||||
State Agency of Roads of Ukraine | 06/17/2021 | $ | 653,000 | $ | 161,617 | 0.02% | ||||||
Tonon Luxembourg SA | 01/16/2013-10/31/2021 | 210,163 | 10 | 0.00% | ||||||||
Virgolino de Oliveira Finance SA | 02/13/2013 | 425,000 | 43 | 0.00% |
(k) | Defaulted matured security. |
(l) | The stated coupon rate represents the greater of the SOFR or an alternate base rate such as the PRIME or the SOFR/PRIME floor rate plus a spread at December 31, 2023. |
(m) | IO - Interest Only. |
(n) | Affiliated investments. |
(o) | To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618. |
(p) | The rate shown represents the 7-day yield as of period end. |
(q) | As of December 31, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $17,741,462 and gross unrealized depreciation of investments was $(15,987,710), resulting in net unrealized appreciation of $1,753,752. |
Currency Abbreviations:
EUR – Euro
GBP – Great British Pound
USD – United States Dollar
Glossary:
ABS – Asset-Backed Securities
BOBL – Bundesobligationen
CBT – Chicago Board of Trade
CLO – Collateralized Loan Obligations
CMBS – Commercial Mortgage-Backed Securities
EURIBOR – Euro Interbank Offered Rate
REIT – Real Estate Investment Trust
SOFR – Secured Overnight Financing Rate
34
COUNTRY BREAKDOWN1
December 31, 2023 (unaudited)
74.9 | % | United States | ||
3.9 | % | Canada | ||
2.7 | % | United Kingdom | ||
2.1 | % | Germany | ||
1.3 | % | Spain | ||
1.1 | % | France | ||
1.1 | % | Luxembourg | ||
1.0 | % | Italy | ||
0.8 | % | Netherlands | ||
0.7 | % | Hong Kong | ||
0.6 | % | Brazil | ||
0.5 | % | Australia | ||
0.4 | % | Colombia | ||
4.3 | % | Other | ||
4.6 | % | Short-Term Investments | ||
|
| |||
100.0 | % | Total Investments | ||
|
|
1 | The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio 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 0.4% or less in the following: Angola, Bahrain, Chile, Czech Republic, Denmark, Egypt, Ghana, Guatemala, India, Indonesia, Ireland, Israel, Ivory Coast, Japan, Kazakhstan, Lebanon, Macau, Mexico, Nigeria, Norway, Oman, Panama, Peru, Romania, Senegal, Slovenia, South Africa, Switzerland, Trinidad & Tobago, Turkey and Ukraine. |
35
AB Bond Fund, Inc.
AB Short Duration High Yield Portfolio
December 31, 2023 (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. U.S. GAAP establishes 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 (including those valued based on their market values). 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 fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.
Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.
Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.
36
Valuations of mortgage-backed or other asset backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.
Bank loan prices are provided by third party pricing services and consist of a composite of the quotes received by the vendor into a consensus price. Certain bank loans are classified as Level 3, as significant input used in the fair value measurement of these instruments is the market quotes that are received by the vendor and these inputs are not observable.
The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of December 31, 2023:
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: |
| |||||||||||||||
Corporates - Non-Investment Grade | $ | — | $ | 521,727,431 | $ | 606,544 | $ | 522,333,975 | ||||||||
Corporates - Investment Grade | — | 59,284,224 | — | 59,284,224 | ||||||||||||
Emerging Markets - Corporate Bonds | — | 21,485,856 | 43 | 21,485,899 | ||||||||||||
Bank Loans | — | 9,093,509 | 428,572 | 9,522,081 | ||||||||||||
Collateralized Loan Obligations | — | 6,624,350 | — | 6,624,350 | ||||||||||||
Emerging Markets - Sovereigns | — | 5,761,630 | — | 5,761,630 | ||||||||||||
Quasi-Sovereigns | — | 2,360,938 | — | 2,360,938 | ||||||||||||
Commercial Mortgage-Backed Securities | — | 1,527,301 | — | 1,527,301 | ||||||||||||
Collateralized Mortgage Obligations | — | 958,722 | — | 958,722 | ||||||||||||
Governments - Sovereign Bonds | — | 372,775 | — | 372,775 | ||||||||||||
Asset-Backed Securities | — | 73,632 | 29,086 | 102,718 | ||||||||||||
Common Stocks | — | — | 92,187 | 92,187 | ||||||||||||
Short-Term Investments: | 30,641,054 | — | — | 30,641,054 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | 30,641,054 | 629,270,368 | 1,156,432 | 661,067,854 | ||||||||||||
Other Financial Instruments(a): | ||||||||||||||||
Assets: |
| |||||||||||||||
Forward Currency Exchange Contracts | — | 42,160 | — | 42,160 | ||||||||||||
Liabilities: |
| |||||||||||||||
Futures | (1,778,826 | ) | — | — | (1,778,826 | ) | ||||||||||
Forward Currency Exchange Contracts | — | (1,199,208 | ) | — | (1,199,208 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 28,862,228 | $ | 628,113,320 | $ | 1,156,432 | $ | 658,131,980 | ||||||||
|
|
|
|
|
|
|
|
(a) | Other financial instruments include reverse repurchase agreements and derivative instruments, such as futures, forwards and swaps. Derivative instruments are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value. |
37
A summary of the Portfolio’s transactions in AB mutual funds for the three months ended December 31, 2023 is as follows:
Market Value | Purchases | Sales | Market Value | Dividend | ||||||||||||||||
09/30/2023 | at Cost | Proceeds | 12/31/2023 | Income | ||||||||||||||||
Fund | (000) | (000) | (000) | (000) | (000) | |||||||||||||||
Government Money Market Portfolio | $ | 13,941 | $ | 117,429 | $ | 100,729 | $ | 30,641 | $ | 353 |
38