Ab Global Bond Fund NPORT-P Ab Global Bond Fund, Inc. (Jun 2021 report)

AB Global Bond Fund

Portfolio of Investments

June 30, 2021 (unaudited)

	Principal Amount (000)			U.S. $ Value
GOVERNMENTS - TREASURIES – 38.6%
Australia – 3.1%
Australia Government Bond
Series 142 4.25%, 04/21/2026(a)		AUD	32,120	$	28,084,534
Series 144 3.75%, 04/21/2037(a)			38,230		35,873,310
Series 145 2.75%, 06/21/2035(a)			74,428		62,492,713
Series 150 3.00%, 03/21/2047(a)			68,110		58,534,460
Series 164 0.50%, 09/21/2026(a)			40,635		29,948,379
					214,933,396
Austria – 0.4%
Republic of Austria Government Bond 0.50%, 02/20/2029(a)		EUR	24,925		31,129,854
Canada – 0.4%
Canadian Government Bond 0.25%, 03/01/2026		CAD	36,330		28,336,951
China – 3.1%
China Government Bond
Series INBK 2.68%, 05/21/2030		CNY	393,240		58,501,681
3.27%, 11/19/2030			371,440		58,155,020
3.39%, 03/16/2050			378,290		55,259,601
3.81%, 09/14/2050			310,000		49,048,482
					220,964,784
Colombia – 0.3%
Colombian TES Series B 5.75%, 11/03/2027		COP	87,692,800		22,341,219
Germany – 1.9%
Bundesrepublik Deutschland Bundesanleihe 0.00%, 08/15/2030-08/15/2050(a)		EUR	72,495		84,447,385
Series 3 4.75%, 07/04/2034(a)			24,265		47,376,340
					131,823,725
Italy – 6.1%
Italy Buoni Poliennali Del Tesoro 0.25%, 03/15/2028(a)			103,585		121,577,950
0.50%, 07/15/2028(a)			81,669		97,119,087
0.95%, 09/15/2027(a)			154,880		190,736,867
1.50%, 04/30/2045(a)			14,316		16,494,602
					425,928,506

1

	Principal Amount (000)			U.S. $ Value
Japan – 6.2%
Japan Government Ten Year Bond
Series 358 0.10%, 03/20/2030		JPY	3,382,400	$	30,720,250
Series 359 0.10%, 06/20/2030			13,668,950		124,001,785
Japan Government Thirty Year Bond
Series 62 0.50%, 03/20/2049			4,023,800		34,902,457
Series 65 0.40%, 12/20/2049			7,052,200		59,168,364
Series 68 0.60%, 09/20/2050			5,124,400		45,179,828
Japan Government Twenty Year Bond
Series 150 1.40%, 09/20/2034			6,281,600		65,456,051
Series 159 0.60%, 12/20/2036			4,022,550		37,982,402
Series 169 0.30%, 06/20/2039			1,984,250		17,614,387
Series 171 0.30%, 12/20/2039			2,820,950		24,939,723
					439,965,247
Malaysia – 0.4%
Malaysia Government Bond Series 0310 4.498%, 04/15/2030		MYR	101,778		26,701,923
Mexico – 1.5%
Mexican Bonos Series M 7.75%, 05/29/2031		MXN	1,922,623		101,844,579
Spain – 1.5%
Spain Government Bond 1.20%, 10/31/2040(a)		EUR	74,000		89,099,111
4.20%, 01/31/2037(a)			9,695		17,177,433
					106,276,544
Thailand – 0.3%
Thailand Government Bond 2.00%, 12/17/2031		THB	663,490		21,043,040
United Kingdom – 1.0%
United Kingdom Gilt 1.75%, 09/07/2037(a)		GBP	47,310		71,546,799
United States – 12.4%
U.S. Treasury Bonds 1.125%, 05/15/2040-08/15/2040		U.S.$	198,615		171,403,467
1.875%, 02/15/2051			65,502		62,554,410
U.S. Treasury Notes 0.125%, 08/15/2023			69,210		68,993,719
0.25%, 05/31/2025(b)			189,085		185,982,833
0.50%, 02/28/2026			29,655		29,219,442
1.625%, 10/31/2026(b)			188,240		195,063,700

2

	Principal Amount (000)			U.S. $ Value
2.125%, 05/31/2026		U.S.$	152,910	$	162,251,853
					875,469,424
Total Governments - Treasuries (cost $2,744,618,333)					2,718,305,991
CORPORATES - INVESTMENT GRADE – 24.5%
Financial Institutions – 12.3%
Banking – 8.0%
ABN AMRO Bank NV 1.542%, 06/16/2027(a)			11,300		11,240,086
4.75%, 07/28/2025(a)			220		247,103
Ally Financial, Inc. 3.875%, 05/21/2024			219		236,050
American Express Co.
Series B 3.584% (LIBOR 3 Month + 3.43%), 08/15/2021(c) (d)			562		563,381
Series C 3.404% (LIBOR 3 Month + 3.29%), 09/15/2021(c) (d)			1,399		1,402,818
Australia & New Zealand Banking Group Ltd. 4.40%, 05/19/2026(a)			8,762		9,870,980
4.50%, 03/19/2024(a)			554		606,138
Banco BBVA Peru SA 5.00%, 08/26/2022(a)			4,224		4,403,583
Banco Bilbao Vizcaya Argentaria SA 1.125%, 09/18/2025			600		594,902
Banco Santander SA 1.125%, 06/23/2027(a)		EUR	7,800		9,641,434
3.306%, 06/27/2029		U.S.$	200		217,302
5.179%, 11/19/2025			600		685,803
Bank of America Corp. 0.81%, 10/24/2024			203		203,681
0.976%, 04/22/2025			35		35,110
1.379%, 02/07/2025(a)		EUR	13,810		16,988,910
1.776%, 05/04/2027(a)			6,912		8,822,142
1.898%, 07/23/2031		U.S.$	270		261,990
1.922%, 10/24/2031			673		655,961
3.824%, 01/20/2028			450		499,781
4.00%, 01/22/2025			448		491,410
4.20%, 08/26/2024			300		329,280
7.75%, 05/14/2038			201		318,431
Series B 8.05%, 06/15/2027			930		1,197,560
Series N 1.658%, 03/11/2027			748		754,310
2.651%, 03/11/2032			713		731,948
Bank of New Zealand 3.50%, 02/20/2024(a)			505		541,548
BNP Paribas SA 1.675%, 06/30/2027(a)			541		541,616
2.219%, 06/09/2026(a)			475		489,933
2.871%, 04/19/2032(a)			15,408		15,822,966

3

	Principal Amount (000)			U.S. $ Value
4.375%, 05/12/2026(a)		U.S.$	348	$	387,416
6.75%, 03/14/2022(a) (c)			12,880		13,317,409
BPCE SA 4.50%, 03/15/2025(a)			8,251		9,106,778
4.625%, 07/11/2024(a)			1,365		1,498,867
5.15%, 07/21/2024(a)			260		289,882
5.70%, 10/22/2023(a)			435		481,917
CaixaBank SA 0.375%, 11/18/2026(a)		EUR	14,600		17,338,124
Capital One Financial Corp. 3.75%, 07/28/2026		U.S.$	236		260,340
Series E 3.935% (LIBOR 3 Month + 3.80%), 09/01/2021(c) (d)			4,239		4,248,432
Citigroup, Inc. 0.981%, 05/01/2025			662		663,648
1.50%, 07/24/2026(a)		EUR	21,745		27,156,103
1.678%, 05/15/2024		U.S.$	681		695,416
2.876%, 07/24/2023			366		375,323
3.52%, 10/27/2028			175		191,643
5.95%, 01/30/2023(c)			1,384		1,456,747
Series P 5.95%, 05/15/2025(c)			2,793		3,069,260
Series W 4.00%, 12/10/2025(c)			232		239,784
Cooperatieve Rabobank UA 3.25%, 12/29/2026(a) (c)		EUR	5,600		6,872,275
3.75%, 07/21/2026		U.S.$	267		293,747
4.375%, 08/04/2025			570		636,144
4.375%, 06/29/2027(a) (c)		EUR	6,000		7,888,022
Credit Suisse Group AG 4.194%, 04/01/2031(a)		U.S.$	15,957		17,948,475
Danske Bank A/S 3.244%, 12/20/2025(a)			8,893		9,468,461
5.375%, 01/12/2024(a)			8,899		9,866,438
Deutsche Bank AG/New York NY 2.222%, 09/18/2024			655		672,573
DNB Bank ASA 6.50%, 03/26/2022(a) (c)			15,753		16,336,059
Fifth Third Bancorp Series L 4.50%, 09/30/2025(c)			3,549		3,851,809
Goldman Sachs Group, Inc. (The) 0.523%, 03/08/2023			668		668,395
0.657%, 09/10/2024			670		668,807
0.855%, 02/12/2026			671		666,007
1.25%, 05/01/2025(a)		EUR	8,945		10,966,267
3.375%, 03/27/2025(a)			5,770		7,672,546
3.75%, 05/22/2025		U.S.$	140		153,186
3.85%, 07/08/2024			590		638,088
HSBC Holdings PLC 2.013%, 09/22/2028			2,247		2,249,033
4.25%, 03/14/2024			3,484		3,775,691
6.375%, 03/30/2025(c)			12,761		14,192,415

4

	Principal Amount (000)			U.S. $ Value
ING Groep NV 1.726%, 04/01/2027		U.S.$	3,623	$	3,656,844
2.727%, 04/01/2032			7,728		7,966,589
6.50%, 04/16/2025(c)			226		251,757
6.875%, 04/16/2022(a) (c)			13,457		13,999,286
Intesa Sanpaolo SpA 3.125%, 07/14/2022(a)			250		256,522
3.375%, 01/12/2023(a)			620		644,956
Series XR 3.25%, 09/23/2024(a)			375		398,842
4.00%, 09/23/2029(a)			200		219,556
JPMorgan Chase & Co. 0.578% (SOFR + 0.54%), 06/01/2025(d)			620		621,122
0.969%, 06/23/2025			58		58,068
1.09%, 03/11/2027(a)		EUR	22,130		27,323,803
1.514%, 06/01/2024		U.S.$	505		514,541
1.578%, 04/22/2027			294		295,578
2.522%, 04/22/2031			206		211,711
2.58%, 04/22/2032			56		57,534
3.22%, 03/01/2025			270		286,778
3.375%, 05/01/2023			300		315,811
3.509%, 01/23/2029			115		126,702
3.96%, 01/29/2027			383		426,458
3.964%, 11/15/2048			117		137,091
4.452%, 12/05/2029			535		625,346
4.493%, 03/24/2031			222		263,111
6.40%, 05/15/2038			128		188,400
Series I 3.656% (LIBOR 3 Month + 3.47%), 07/30/2021(c) (d)			3,046		3,052,575
Series V 3.465% (LIBOR 3 Month + 3.32%), 10/01/2021(c) (d)			1,487		1,487,559
Series Z 3.976% (LIBOR 3 Month + 3.80%), 08/01/2021(c) (d)			2,490		2,496,813
Lloyds Banking Group PLC 4.45%, 05/08/2025			281		315,220
4.50%, 11/04/2024			11,314		12,503,154
4.582%, 12/10/2025			285		320,375
Mizuho Financial Group Cayman 2 Ltd. 4.20%, 07/18/2022(a)			515		534,091
Mizuho Financial Group Cayman 3 Ltd. 4.60%, 03/27/2024(a)			687		748,642
Mizuho Financial Group, Inc. 1.241%, 07/10/2024			330		334,177
Morgan Stanley 0.406%, 10/29/2027		EUR	14,525		17,284,793
3.125%, 07/27/2026		U.S.$	115		124,498
3.737%, 04/24/2024			270		285,492
7.25%, 04/01/2032			314		456,908
Series G 1.375%, 10/27/2026		EUR	8,390		10,568,667

5

	Principal Amount (000)			U.S. $ Value
4.35%, 09/08/2026		U.S.$	700	$	793,293
4.431%, 01/23/2030			275		322,484
Series H 3.794% (LIBOR 3 Month + 3.61%), 10/15/2021(c) (d)			705		707,874
National Bank of Canada 2.10%, 02/01/2023			424		435,029
Nationwide Building Society 4.00%, 09/14/2026(a)			250		275,807
Natwest Group PLC 0.78%, 02/26/2030(a)		EUR	17,390		20,626,952
8.625%, 08/15/2021(c)		U.S.$	8,449		8,519,837
Series U 2.467% (LIBOR 3 Month + 2.32%), 09/30/2027(c) (d)			20,500		20,330,423
Nordea Bank Abp 6.125%, 09/23/2024(a) (c)			2,748		3,026,761
PNC Financial Services Group, Inc. (The) Series O 6.75%, 08/01/2021(c)			1,214		1,219,822
Regions Financial Corp. 2.25%, 05/18/2025			274		285,472
3.80%, 08/14/2023			364		388,166
Santander Holdings USA, Inc. 4.40%, 07/13/2027			275		308,524
Skandinaviska Enskilda Banken AB 5.625%, 05/13/2022(a) (c)			800		825,256
Societe Generale SA 4.25%, 04/14/2025-08/19/2026(a)			3,662		3,981,117
4.75%, 11/24/2025(a)			3,507		3,909,230
5.00%, 01/17/2024(a)			200		217,703
Standard Chartered PLC 1.456%, 01/14/2027(a)			3,134		3,106,502
1.696% (LIBOR 3 Month + 1.51%), 01/30/2027(a) (c) (d)			12,300		11,858,766
2.819%, 01/30/2026(a)			480		503,969
Sumitomo Mitsui Financial Group, Inc. 4.436%, 04/02/2024(a)			790		859,750
Swedbank AB 6.00%, 03/17/2022(a) (c)			13,200		13,594,701
Truist Financial Corp. Series Q 5.10%, 03/01/2030(c)			6,206		6,999,581
UBS AG 5.125%, 05/15/2024(a)			456		502,802
UBS AG/Stamford CT 7.625%, 08/17/2022			3,671		3,956,027
UBS Group AG 4.125%, 09/24/2025(a)			210		234,213
5.75%, 02/19/2022(a) (c)		EUR	2,965		3,623,317
7.125%, 08/10/2021(a) (c)		U.S.$	8,888		8,934,474
UniCredit SpA 2.569%, 09/22/2026(a)			16,190		16,385,978
3.127%, 06/03/2032(a)			9,962		10,026,716

6

	Principal Amount (000)			U.S. $ Value
Wells Fargo & Co. 1.338%, 05/04/2025(a)		EUR	4,270	$	5,250,555
1.375%, 10/26/2026(a)			14,501		18,174,611
					564,202,766
Brokerage – 0.3%
BlackRock, Inc. 2.40%, 04/30/2030		U.S.$	347		363,301
3.25%, 04/30/2029			432		483,129
Charles Schwab Corp. (The) 0.90%, 03/11/2026			674		669,197
Series I 4.00%, 06/01/2026(c)			17,210		17,948,282
Nomura Holdings, Inc. 1.851%, 07/16/2025			490		500,470
Raymond James Financial, Inc. 4.95%, 07/15/2046			350		452,644
					20,417,023
Finance – 1.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.15%, 02/15/2024			300		314,512
3.65%, 07/21/2027			625		667,436
4.625%, 10/15/2027			300		335,257
6.50%, 07/15/2025			198		232,113
Air Lease Corp. 2.875%, 01/15/2026			3,955		4,159,654
3.00%, 09/15/2023			730		763,708
3.25%, 03/01/2025			1,421		1,514,161
3.375%, 07/01/2025			510		547,495
3.625%, 04/01/2027			827		890,306
4.625%, 10/01/2028			1,502		1,697,430
Aircastle Ltd. 2.85%, 01/26/2028(a)			6,801		6,840,955
4.125%, 05/01/2024			2,250		2,402,538
4.25%, 06/15/2026			621		674,049
4.40%, 09/25/2023			5,704		6,108,254
5.00%, 04/01/2023			465		497,438
5.25%, 08/11/2025(a)			6,102		6,853,670
Ares Capital Corp. 2.875%, 06/15/2028			326		330,621
3.50%, 02/10/2023			455		472,287
4.20%, 06/10/2024			692		743,791
Aviation Capital Group LLC 1.95%, 01/30/2026(a)			1,020		1,019,977
2.875%, 01/20/2022(a)			374		377,832
3.50%, 11/01/2027(a)			1,342		1,409,322
3.875%, 05/01/2023(a)			3,043		3,186,912
4.125%, 08/01/2025(a)			23		24,829
4.375%, 01/30/2024(a)			1,889		2,026,943
4.875%, 10/01/2025(a)			926		1,025,860
5.50%, 12/15/2024(a)			5,268		5,959,896

7

	Principal Amount (000)				U.S. $ Value
FS KKR Capital Corp. 3.40%, 01/15/2026		U.S.$	729	��	$	754,017
GE Capital European Funding Unlimited Co. 4.625%, 02/22/2027		EUR	2,400			3,528,944
GE Capital Funding LLC 4.40%, 05/15/2030		U.S.$	18,222			21,239,667
Park Aerospace Holdings Ltd. 4.50%, 03/15/2023(a)			200			210,265
5.25%, 08/15/2022(a)			41			42,923
5.50%, 02/15/2024(a)			590			648,867
Prospect Capital Corp. 3.364%, 11/15/2026			666			667,363
Synchrony Financial 3.70%, 08/04/2026			210			229,563
3.95%, 12/01/2027			1,839			2,046,384
4.25%, 08/15/2024			74			80,876
4.375%, 03/19/2024			45			49,009
4.50%, 07/23/2025			555			621,485
						81,196,609
Insurance – 1.8%
ACE Capital Trust II 9.70%, 04/01/2030			150			226,360
Aegon NV 5.50%, 04/11/2048			653			741,427
Alleghany Corp. 3.625%, 05/15/2030			6,931			7,647,696
Allstate Corp. (The) Series B 5.75%, 08/15/2053			783			849,888
American International Group, Inc. Series A-9 5.75%, 04/01/2048			602			685,200
Aon Corp. 8.205%, 01/01/2027			155			203,299
Assicurazioni Generali SpA 5.00%, 06/08/2048(a)		EUR	4,780			6,870,694
Series E 5.50%, 10/27/2047(a)			7,099			10,374,722
Athene Holding Ltd. 3.50%, 01/15/2031		U.S.$	507			541,078
4.125%, 01/12/2028			605			676,146
AXA SA 5.125%, 01/17/2047(a)			704			802,096
Brighthouse Financial, Inc. 3.70%, 06/22/2027			354			386,481
4.70%, 06/22/2047			437			485,053
Centene Corp. 4.25%, 12/15/2027			2,272			2,396,796
4.625%, 12/15/2029			2,967			3,266,131
Chubb INA Holdings, Inc. 0.30%, 12/15/2024		EUR	8,419			10,075,073
0.875%, 06/15/2027			10,218			12,555,514
CNP Assurances 2.50%, 06/30/2051(a)			2,800			3,551,358
4.50%, 06/10/2047(a)			9,800			13,935,837

8

	Principal Amount (000)			U.S. $ Value
Credit Agricole Assurances SA 4.75%, 09/27/2048(a)		EUR	8,900	$	12,887,341
Guardian Life Insurance Co. of America (The) 4.85%, 01/24/2077(a)		U.S.$	149		190,229
Liberty Mutual Group, Inc. 3.625%, 05/23/2059(a)		EUR	8,415		10,400,217
MetLife, Inc. 6.40%, 12/15/2036		U.S.$	211		270,442
9.25%, 04/08/2038(a)			232		348,455
Mitsui Sumitomo Insurance Co., Ltd. 7.00%, 03/15/2072(a)			410		426,400
Nationwide Mutual Insurance Co. 9.375%, 08/15/2039(a)			4,415		7,648,167
Prudential Financial, Inc. 4.50%, 09/15/2047			201		218,197
5.375%, 05/15/2045			425		470,295
5.625%, 06/15/2043			460		495,163
5.875%, 09/15/2042			4,470		4,718,809
UnitedHealth Group, Inc. 4.625%, 07/15/2035			365		462,154
Voya Financial, Inc. 5.65%, 05/15/2053			12,680		13,575,366
					128,382,084
Other Finance – 0.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.45%, 04/03/2026			636		698,616
Intercontinental Exchange, Inc. 4.00%, 10/15/2023			490		527,848
4.25%, 09/21/2048			390		460,979
					1,687,443
REITS – 1.0%
American Tower Corp. 3.80%, 08/15/2029			177		197,415
CBRE Services, Inc. 2.50%, 04/01/2031			647		655,709
CyrusOne LP/CyrusOne Finance Corp. 1.45%, 01/22/2027		EUR	3,763		4,549,520
Digital Euro Finco LLC 2.50%, 01/16/2026(a)			17,600		22,932,811
Essential Properties LP 2.95%, 07/15/2031		U.S.$	10,176		10,171,855
Host Hotels & Resorts LP 3.875%, 04/01/2024			218		232,842
Kilroy Realty LP 3.45%, 12/15/2024			50		53,414
Omega Healthcare Investors, Inc. 4.50%, 01/15/2025			97		106,072
5.25%, 01/15/2026			291		332,073
Sabra Health Care LP 4.80%, 06/01/2024			312		341,125

9

	Principal Amount (000)			U.S. $ Value
SITE Centers Corp. 4.70%, 06/01/2027		U.S.$	280	$	310,724
Spirit Realty LP 3.20%, 01/15/2027			125		133,223
4.00%, 07/15/2029			76		84,468
4.45%, 09/15/2026			2,017		2,252,767
STORE Capital Corp. 4.625%, 03/15/2029			103		117,443
Vornado Realty LP 3.40%, 06/01/2031			8,115		8,367,723
3.50%, 01/15/2025			560		596,107
WEA Finance LLC/Westfield UK & Europe Finance PLC 3.75%, 09/17/2024(a)			335		358,510
Welltower, Inc. 2.05%, 01/15/2029			678		678,971
WPC Eurobond BV 0.95%, 06/01/2030		EUR	582		678,699
1.35%, 04/15/2028			10,275		12,605,065
2.125%, 04/15/2027			5,517		7,079,808
					72,836,344
					868,722,269
Industrial – 10.7%
Basic – 0.6%
Air Products and Chemicals, Inc. 2.70%, 05/15/2040		U.S.$	465		470,587
2.80%, 05/15/2050			705		706,436
Alpek SAB de CV 3.25%, 02/25/2031(a)			2,060		2,075,193
4.25%, 09/18/2029(a)			2,000		2,166,625
Berry Global, Inc. 1.65%, 01/15/2027(a)			460		456,117
4.875%, 07/15/2026(a)			206		217,928
Dow Chemical Co. (The) 9.40%, 05/15/2039			482		848,740
DuPont de Nemours, Inc. 4.493%, 11/15/2025			375		426,321
5.419%, 11/15/2048			216		299,966
Georgia-Pacific LLC 3.734%, 07/15/2023(a)			388		410,223
Glencore Funding LLC 1.625%, 04/27/2026(a)			634		636,431
4.125%, 05/30/2023-03/12/2024(a)			444		476,343
4.625%, 04/29/2024(a)			205		225,075
Gold Fields Orogen Holdings BVI Ltd. 5.125%, 05/15/2024(a)			3,401		3,700,288
Inversiones CMPC SA 3.85%, 01/13/2030(a)			9,462		10,087,675
LYB International Finance BV 4.00%, 07/15/2023			95		101,524
LYB International Finance III LLC 3.625%, 04/01/2051			658		696,722

10

	Principal Amount (000)			U.S. $ Value
Nexa Resources SA 6.50%, 01/18/2028(a)		U.S.$	7,304	$	8,212,819
Rohm & Haas Co. 7.85%, 07/15/2029			270		373,237
SABIC Capital II BV 4.00%, 10/10/2023(a)			5,160		5,532,488
Suzano Austria GmbH 3.75%, 01/15/2031			2,587		2,711,583
					40,832,321
Capital Goods – 0.1%
3M Co. 2.00%, 02/14/2025			195		203,150
Boeing Co. (The) 1.433%, 02/04/2024			388		388,997
CRH America, Inc. 3.875%, 05/18/2025(a)			452		495,482
General Electric Co. 1.875%, 05/28/2027		EUR	371		474,679
Series G 6.875%, 01/10/2039		U.S.$	11		16,509
IDEX Corp. 2.625%, 06/15/2031			667		677,611
Siemens Financieringsmaatschappij NV 2.00%, 09/15/2023(a)			402		415,199
Trane Technologies Luxembourg Finance SA 3.80%, 03/21/2029			643		726,167
Wabtec Transportation Netherlands BV 1.25%, 12/03/2027		EUR	6,328		7,569,766
Westinghouse Air Brake Technologies Corp. 4.40%, 03/15/2024		U.S.$	297		322,086
					11,289,646
Communications - Media – 0.9%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.80%, 03/01/2050			1,257		1,448,197
5.125%, 07/01/2049			3,540		4,228,554
5.375%, 05/01/2047			2,760		3,384,380
5.75%, 04/01/2048			245		312,656
Comcast Corp. 4.25%, 01/15/2033			350		416,727
Discovery Communications LLC 4.65%, 05/15/2050			2,606		3,050,115
5.20%, 09/20/2047			9,014		11,228,254
5.30%, 05/15/2049			3,856		4,862,565
Fox Corp. 4.709%, 01/25/2029			17,540		20,608,110
Interpublic Group of Cos., Inc. (The) 5.40%, 10/01/2048			70		93,754
Prosus NV 3.832%, 02/08/2051(a)			11,200		10,416,326
Thomson Reuters Corp. 3.35%, 05/15/2026			450		489,935

11

	Principal Amount (000)			U.S. $ Value
ViacomCBS, Inc. 4.20%, 05/19/2032		U.S.$	120	$	138,448
4.60%, 01/15/2045			121		143,931
Weibo Corp. 3.375%, 07/08/2030			6,599		6,784,185
					67,606,137
Communications - Telecommunications – 0.9%
AT&T, Inc. 3.50%, 09/15/2053(a)			21,935		21,999,133
3.65%, 09/15/2059(a)			235		238,084
3.80%, 12/01/2057(a)			36		37,620
Series B 2.875%, 03/02/2025(c)		EUR	8,200		9,905,393
British Telecommunications PLC 9.625%, 12/15/2030		U.S.$	6,292		9,788,190
Deutsche Telekom International Finance BV 8.75%, 06/15/2030			325		487,177
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 4.738%, 03/20/2025(a)			16,542		17,720,685
Verizon Communications, Inc. 1.75%, 01/20/2031			665		637,281
4.329%, 09/21/2028			277		321,956
					61,135,519
Consumer Cyclical - Automotive – 0.5%
Daimler Finance North America LLC 2.45%, 03/02/2031(a)			314		321,461
Daimler Finance North America LLC 3.65%, 02/22/2024(a)			223		239,454
General Motors Co. 5.00%, 04/01/2035			316		381,543
General Motors Financial Co., Inc. 1.50%, 06/10/2026			670		666,468
5.10%, 01/17/2024			373		410,804
5.25%, 03/01/2026			290		335,036
Harley-Davidson Financial Services, Inc. 0.90%, 11/19/2024(a)		EUR	9,103		11,033,897
3.35%, 06/08/2025(a)		U.S.$	9,264		9,910,011
3.875%, 05/19/2023(a)		EUR	1,045		1,329,036
Lear Corp. 3.80%, 09/15/2027		U.S.$	200		220,507
Nissan Motor Co., Ltd. 4.345%, 09/17/2027(a)			8,457		9,309,224
					34,157,441
Consumer Cyclical - Other – 0.6%
Dr. Horton, Inc. 1.40%, 10/15/2027			669		655,352
James Hardie International Finance DAC 3.625%, 10/01/2026(a)		EUR	4,800		5,823,562

12

	Principal Amount (000)			U.S. $ Value
Las Vegas Sands Corp. 3.20%, 08/08/2024		U.S.$	726	$	761,891
3.50%, 08/18/2026			7,305		7,765,830
3.90%, 08/08/2029			10,010		10,665,877
Marriott International, Inc./MD
Series AA 4.65%, 12/01/2028			218		249,098
Series X 4.00%, 04/15/2028			228		250,698
MDC Holdings, Inc. 6.00%, 01/15/2043			11,317		14,593,353
NVR, Inc. 3.00%, 05/15/2030			661		700,476
Owens Corning 7.00%, 12/01/2036			50		71,401
					41,537,538
Consumer Cyclical - Retailers – 0.1%
Home Depot, Inc. (The) 4.50%, 12/06/2048			370		480,948
5.875%, 12/16/2036			211		301,535
5.95%, 04/01/2041			206		301,188
Lowe’s Cos., Inc. 1.30%, 04/15/2028			603		588,179
NIKE, Inc. 2.40%, 03/27/2025			389		411,230
Ross Stores, Inc. 4.70%, 04/15/2027			1,634		1,893,566
					3,976,646
Consumer Non-Cyclical – 1.5%
AbbVie, Inc. 2.125%, 11/17/2028		EUR	11,751		15,618,171
4.45%, 05/14/2046		U.S.$	115		139,295
Altria Group, Inc. 3.125%, 06/15/2031		EUR	14,933		20,393,691
4.00%, 02/04/2061		U.S.$	674		649,625
4.80%, 02/14/2029			281		325,862
AmerisourceBergen Corp. 0.737%, 03/15/2023			665		666,317
4.30%, 12/15/2047			146		170,320
Amgen, Inc. 4.40%, 05/01/2045			225		272,847
4.663%, 06/15/2051			213		275,086
Anheuser-Busch InBev Worldwide, Inc. 5.55%, 01/23/2049			13,965		19,201,311
BAT Capital Corp. 3.215%, 09/06/2026			251		266,318
4.54%, 08/15/2047			70		73,812
4.906%, 04/02/2030			2,730		3,137,485
BAT Netherlands Finance BV 3.125%, 04/07/2028(a)		EUR	11,970		16,158,711
Biogen, Inc. 3.25%, 02/15/2051(a)		U.S.$	85		85,030
Bunge Ltd. Finance Corp. 3.25%, 08/15/2026			248		267,088
Cargill, Inc. 1.375%, 07/23/2023(a)			530		539,945

13

	Principal Amount (000)			U.S. $ Value
Cigna Corp. 1.25%, 03/15/2026		U.S.$	594	$	595,788
2.375%, 03/15/2031			594		602,295
3.40%, 03/01/2027			130		142,650
4.375%, 10/15/2028			165		192,049
4.80%, 07/15/2046			193		244,312
4.90%, 12/15/2048			133		171,902
CommonSpirit Health 2.76%, 10/01/2024			622		654,730
HCA, Inc. 4.75%, 05/01/2023			349		374,100
5.50%, 06/15/2047			366		476,625
Imperial Brands Finance Netherlands BV 1.75%, 03/18/2033(a)		EUR	14,609		17,496,542
Imperial Brands Finance PLC 3.50%, 02/11/2023(a)		U.S.$	200		206,879
Ingredion, Inc. 2.90%, 06/01/2030			361		378,380
Laboratory Corp. of America Holdings 2.70%, 06/01/2031			673		684,801
4.70%, 02/01/2045			254		305,130
Leggett & Platt, Inc. 4.40%, 03/15/2029			279		319,287
Merck & Co., Inc. 4.00%, 03/07/2049			170		207,894
Molson Coors Beverage Co. 5.00%, 05/01/2042			217		266,163
4.20%, 07/15/2046			436		485,291
Nestle Holdings, Inc. 3.35%, 09/24/2023(a)			365		387,759
Panasonic Corp. 2.536%, 07/19/2022(a)			620		632,149
Philip Morris International, Inc. 4.25%, 11/10/2044			320		373,731
Sysco Corp. 5.65%, 04/01/2025			470		545,107
					103,984,478
Energy – 3.4%
Boardwalk Pipelines LP 4.80%, 05/03/2029			10,005		11,603,125
BP Capital Markets PLC 3.625%, 03/22/2029(a) (c)		EUR	13,310		17,184,195
Cenovus Energy, Inc. 4.40%, 04/15/2029		U.S.$	12,855		14,562,077
6.75%, 11/15/2039			370		501,759
Devon Energy Corp. 5.60%, 07/15/2041			14,916		18,502,539
Empresa Electrica Cochrane SpA 5.50%, 05/14/2027(a)			5,179		5,367,652
Enable Midstream Partners LP 4.95%, 05/15/2028			593		679,101
Enbridge Energy Partners LP 7.375%, 10/15/2045			11,526		18,191,218
Energy Transfer LP 5.50%, 06/01/2027			271		318,359

14

	Principal Amount (000)			U.S. $ Value
6.05%, 06/01/2041		U.S.$	85	$	108,033
6.125%, 12/15/2045			205		260,964
6.25%, 04/15/2049			19,503		25,647,013
6.50%, 02/01/2042			205		266,117
Eni SpA Series NC9 3.375%, 07/13/2029(a) (c)		EUR	13,690		17,243,781
Enterprise Products Operating LLC Series E 5.25%, 08/16/2077		U.S.$	718		752,042
Halliburton Co. 6.70%, 09/15/2038			303		414,888
Halliburton Co. 7.45%, 09/15/2039			320		471,506
Hess Corp. 4.30%, 04/01/2027			364		405,480
5.60%, 02/15/2041			395		493,998
6.00%, 01/15/2040			290		372,334
HollyFrontier Corp. 5.875%, 04/01/2026			500		578,161
Kinder Morgan Energy Partners LP 6.95%, 01/15/2038			276		394,168
Kinder Morgan, Inc. Series G 7.75%, 01/15/2032			207		298,305
Marathon Oil Corp. 6.60%, 10/01/2037			390		519,336
6.80%, 03/15/2032			277		363,820
Marathon Petroleum Corp. 6.50%, 03/01/2041			2,954		4,106,360
Midwest Connector Capital Co. LLC 3.90%, 04/01/2024(a)			364		381,492
NOV, Inc. 3.60%, 12/01/2029			375		392,131
ONEOK Partners LP 4.90%, 03/15/2025			145		162,339
ONEOK, Inc. 4.55%, 07/15/2028			9,495		10,826,601
5.20%, 07/15/2048			970		1,189,783
6.35%, 01/15/2031			9,379		12,130,374
Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/2029			1,286		1,356,312
3.80%, 09/15/2030			3,503		3,751,457
4.50%, 12/15/2026			2,247		2,524,432
4.65%, 10/15/2025			150		167,839
Shell International Finance BV 4.375%, 05/11/2045			210		258,659
Suncor Energy, Inc. 6.50%, 06/15/2038			4,030		5,687,891
6.80%, 05/15/2038			204		293,141
6.85%, 06/01/2039			8,386		12,243,929
Tengizchevroil Finance Co. International Ltd. 4.00%, 08/15/2026(a)			12,309		13,367,695
TotalEnergies SE 2.625%, 02/26/2025(a) (c)		EUR	8,185		10,259,240

15

	Principal Amount (000)			U.S. $ Value
TransCanada PipeLines Ltd. 4.10%, 04/15/2030		U.S.$	245	$	281,248
7.625%, 01/15/2039			11,405		17,711,264
Valero Energy Corp. 6.625%, 06/15/2037			2,833		3,880,596
7.50%, 04/15/2032			555		780,791
Woodside Finance Ltd. 3.70%, 09/15/2026(a)			628		678,883
					237,932,428
Other Industrial – 0.0%
Massachusetts Institute of Technology 5.60%, 07/01/2111			245		417,143
WW Grainger, Inc. 4.60%, 06/15/2045			91		117,521
					534,664
Services – 0.2%
Alibaba Group Holding Ltd. 2.125%, 02/09/2031			9,007		8,855,297
Amazon.com, Inc. 2.70%, 06/03/2060			200		190,568
3.25%, 05/12/2061			677		716,691
4.25%, 08/22/2057			360		460,626
Expedia Group, Inc. 6.25%, 05/01/2025(a)			86		100,043
IHS Markit Ltd. 4.25%, 05/01/2029			2,846		3,290,442
4.75%, 08/01/2028			551		648,955
Mastercard, Inc. 3.65%, 06/01/2049			269		313,111
3.85%, 03/26/2050			315		381,543
Moody’s Corp. 5.25%, 07/15/2044			101		136,239
S&P Global, Inc. 2.30%, 08/15/2060			515		442,200
Visa, Inc. 4.15%, 12/14/2035			360		442,543
					15,978,258
Technology – 1.1%
Activision Blizzard, Inc. 2.50%, 09/15/2050			862		774,829
Adobe, Inc. 3.25%, 02/01/2025			377		408,342
Agilent Technologies, Inc. 2.30%, 03/12/2031			673		673,450
Alphabet, Inc. 1.10%, 08/15/2030			501		475,892
2.25%, 08/15/2060			199		176,270
Apple, Inc. 2.40%, 08/20/2050			585		551,358
2.80%, 02/08/2061			418		408,870
3.20%, 05/13/2025			415		452,517
3.45%, 02/09/2045			245		274,781
3.75%, 09/12/2047			220		258,169
4.375%, 05/13/2045			145		184,838
4.65%, 02/23/2046			125		165,860

16

	Principal Amount (000)			U.S. $ Value
Applied Materials, Inc. 2.75%, 06/01/2050		U.S.$	630	$	628,110
Baidu, Inc. 3.075%, 04/07/2025			12,680		13,428,024
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.875%, 01/15/2027			189		208,393
Broadcom, Inc. 4.11%, 09/15/2028			12,421		13,964,107
4.25%, 04/15/2026			425		476,594
5.00%, 04/15/2030			2,977		3,518,805
Cisco Systems, Inc. 5.50%, 01/15/2040			90		127,335
5.90%, 02/15/2039			75		109,161
Electronic Arts, Inc. 1.85%, 02/15/2031			668		645,955
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 8.35%, 07/15/2046			301		492,450
Fidelity National Information Services, Inc. 0.625%, 12/03/2025		EUR	903		1,093,882
1.00%, 12/03/2028			791		965,104
Fiserv, Inc. 1.125%, 07/01/2027			4,662		5,775,702
Hewlett Packard Enterprise Co. 2.25%, 04/01/2023		U.S.$	565		581,317
6.35%, 10/15/2045			624		842,611
HP, Inc. 2.20%, 06/17/2025			363		376,838
6.00%, 09/15/2041			615		808,838
Intel Corp. 4.60%, 03/25/2040			240		303,727
4.80%, 10/01/2041			400		521,014
KLA Corp. 4.10%, 03/15/2029			195		224,826
4.65%, 11/01/2024			658		734,735
Lam Research Corp. 3.75%, 03/15/2026			130		145,653
4.875%, 03/15/2049			277		374,894
Micron Technology, Inc. 4.64%, 02/06/2024			130		142,408
4.975%, 02/06/2026			193		221,864
Microsoft Corp. 2.525%, 06/01/2050			471		462,838
2.675%, 06/01/2060			150		149,346
2.921%, 03/17/2052			783		830,562
3.041%, 03/17/2062			200		213,848
3.45%, 08/08/2036			246		284,299
NXP BV/NXP Funding LLC/NXP USA, Inc. 2.70%, 05/01/2025(a)			51		53,639
Oracle Corp. 3.90%, 05/15/2035			190		212,614
3.95%, 03/25/2051			12,052		13,169,275
4.00%, 07/15/2046			189		205,368
4.10%, 03/25/2061			650		720,347
5.375%, 07/15/2040			150		194,407
6.50%, 04/15/2038			211		299,153

17

	Principal Amount (000)			U.S. $ Value
QUALCOMM, Inc. 4.30%, 05/20/2047		U.S.$	115	$	144,790
Texas Instruments, Inc. 1.75%, 05/04/2030			620		616,310
VeriSign, Inc. 2.70%, 06/15/2031			5,824		5,910,535
Xilinx, Inc. 2.375%, 06/01/2030			678		688,737
					75,673,591
Transportation - Airlines – 0.2%
Delta Air Lines, Inc. 7.00%, 05/01/2025(a)			8,690		10,140,050
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.75%, 10/20/2028(a)			356		396,273
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. 6.50%, 06/20/2027(a)			296		325,898
Southwest Airlines Co. 5.25%, 05/04/2025			640		731,070
Southwest Airlines Co. Pass-Through Trust Series 44378 6.15%, 08/01/2022			1,786		1,838,430
United Airlines Pass Through Trust Series 20-1 5.875%, 10/15/2027			434		482,706
					13,914,427
Transportation - Railroads – 0.0%
Canadian Pacific Railway Co. 6.125%, 09/15/2115			235		365,192
Union Pacific Corp. 3.55%, 05/20/2061			674		723,128
					1,088,320
Transportation - Services – 0.6%
Adani Ports & Special Economic Zone Ltd. 4.00%, 07/30/2027(a)			12,012		12,481,189
Element Fleet Management Corp. 1.60%, 04/06/2024(a)			656		666,713
ENA Master Trust 4.00%, 05/19/2048(a)			1,226		1,237,954
FedEx Corp. 0.45%, 05/04/2029		EUR	11,436		13,514,051
Heathrow Funding Ltd. 6.75%, 12/03/2026(a)		GBP	10,026		17,529,169
Sydney Airport Finance Co. Pty Ltd. 3.625%, 04/28/2026(a)		U.S.$	276		299,894
					45,728,970
					755,370,384

18

	Principal Amount (000)			U.S. $ Value
Utility – 1.5%
Electric – 1.4%
Adani Transmission Ltd. 4.00%, 08/03/2026(a)		U.S.$	7,886	$	8,257,135
AES Panama Generation Holdings SRL 4.375%, 05/31/2030(a)			2,235		2,324,847
Consorcio Transmantaro SA 4.70%, 04/16/2034(a)			2,381		2,615,082
E.ON International Finance BV 1.25%, 10/19/2027(a)		EUR	9,115		11,498,906
EDP Finance BV 0.375%, 09/16/2026(a)			9,529		11,414,412
Electricite de France SA 2.875%, 12/15/2026(a) (c)			8,400		10,274,653
Enel Finance International NV 2.65%, 09/10/2024(a)		U.S.$	25,076		26,336,870
3.625%, 05/25/2027(a)			225		247,406
4.25%, 09/14/2023(a)			201		216,466
4.625%, 09/14/2025(a)			305		345,872
Exelon Generation Co. LLC 5.60%, 06/15/2042			344		403,702
6.25%, 10/01/2039			717		883,262
Iberdrola International BV Series NC6 1.45%, 11/09/2026(a) (c)		EUR	11,700		14,001,258
NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/2028		U.S.$	3,879		3,922,861
Oncor Electric Delivery Co. LLC 5.35%, 10/01/2052			175		254,899
Pacific Gas and Electric Co. 1.75%, 06/16/2022			418		417,903
Southern Power Co. Series F 4.95%, 12/15/2046			345		413,794
SSE PLC 1.375%, 09/04/2027(a)		EUR	2,745		3,472,574
					97,301,902
Natural Gas – 0.1%
National Fuel Gas Co. 5.50%, 01/15/2026		U.S.$	620		718,004
Talent Yield Investments Ltd. 4.50%, 04/25/2022(a)			6,500		6,679,969
					7,397,973
					104,699,875
Total Corporates - Investment Grade (cost $1,659,597,770)					1,728,792,528

19

	Principal Amount (000)			U.S. $ Value
CORPORATES - NON-INVESTMENT GRADE – 7.3%
Industrial – 5.7%
Basic – 0.7%
Axalta Coating Systems LLC 3.375%, 02/15/2029(a)		U.S.$	4,986	$	4,873,815
INEOS Quattro Finance 2 PLC 2.50%, 01/15/2026(a)		EUR	5,781		6,916,964
3.375%, 01/15/2026(a)		U.S.$	486		490,909
Ingevity Corp. 3.875%, 11/01/2028(a)			6,343		6,329,684
Solvay SA 2.50%, 12/02/2025(c)		EUR	8,700		10,647,755
SPCM SA 2.00%, 02/01/2026			6,377		7,704,106
WEPA Hygieneprodukte GmbH 2.875%, 12/15/2027(a) (e)			9,526		11,156,216
					48,119,449
Capital Goods – 0.7%
Ardagh Metal Packaging 2.00%, 09/01/2028			11,480		13,663,456
Colfax Corp. 3.25%, 05/15/2025(a)			9,188		10,989,929
Silgan Holdings, Inc. 2.25%, 06/01/2028			3,680		4,392,282
TK Elevator Midco GmbH 4.375%, 07/15/2027(a)			11,795		14,620,112
TransDigm, Inc. 6.25%, 03/15/2026(a)		U.S.$	8,414		8,875,156
					52,540,935
Communications - Media – 0.4%
Cable One, Inc. 4.00%, 11/15/2030(a)			4,965		4,986,381
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030-06/01/2033(a)			8,873		9,105,661
Netflix, Inc. 3.625%, 05/15/2027		EUR	6,300		8,590,759
4.625%, 05/15/2029			5,971		8,844,359
					31,527,160
Communications - Telecommunications – 0.6%
Lumen Technologies, Inc. 4.50%, 01/15/2029(a)		U.S.$	8,853		8,621,646
T-Mobile USA, Inc. 2.625%, 04/15/2026			6,523		6,669,826
2.875%, 02/15/2031			3,858		3,826,150
3.375%, 04/15/2029			6,874		7,108,077
Telecom Italia SpA/Milano 1.625%, 01/18/2029(a)		EUR	12,035		14,033,709
					40,259,408

20

	Principal Amount (000)			U.S. $ Value
Consumer Cyclical - Automotive – 0.3%
Allison Transmission, Inc. 3.75%, 01/30/2031(a)		U.S.$	8,369	$	8,211,996
Clarios Global LP/Clarios US Finance Co. 4.375%, 05/15/2026(a)		EUR	1,819		2,229,181
Ford Motor Co. 8.50%, 04/21/2023		U.S.$	9,007		10,051,362
					20,492,539
Consumer Cyclical - Entertainment – 0.2%
Carnival Corp. 11.50%, 04/01/2023(a)			3,613		4,079,632
Carnival PLC 1.00%, 10/28/2029		EUR	9,042		8,793,301
					12,872,933
Consumer Cyclical - Other – 0.0%
Travel & Leisure Co. 4.25%, 03/01/2022		U.S.$	3,300		3,337,125
Consumer Cyclical - Restaurants – 0.1%
1011778 BC ULC/New Red Finance, Inc. 3.50%, 02/15/2029(a)			9,914		9,799,337
Consumer Cyclical - Retailers – 0.1%
Levi Strauss & Co. 3.50%, 03/01/2031(a)			4,659		4,643,425
Consumer Non-Cyclical – 1.6%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 02/15/2023(a)			5,107		5,248,989
Avantor Funding, Inc. 2.625%, 11/01/2025(a)		EUR	12,097		14,686,895
Cheplapharm Arzneimittel GmbH 3.50%, 02/11/2027(a)			970		1,162,970
Grifols SA 1.625%, 02/15/2025(a)			16,005		19,137,699
IQVIA, Inc. 1.75%, 03/15/2026(a) (e)			14,460		17,321,307
Newell Brands, Inc. 4.70%, 04/01/2026		U.S.$	6,581		7,337,266
4.875%, 06/01/2025			1,620		1,794,951
Organon & Co./Organon Foreign Debt Co-Issuer BV 4.125%, 04/30/2028(a)			22,168		22,617,527
Paysafe Finance PLC/Paysafe Holdings US Corp. 3.00%, 06/15/2029		EUR	11,490		13,419,903
Spectrum Brands, Inc. 5.75%, 07/15/2025		U.S.$	571		585,614
Tenet Healthcare Corp. 4.625%, 07/15/2024			8,405		8,528,159
					111,841,280

21

	Principal Amount (000)			U.S. $ Value
Energy – 0.1%
EQM Midstream Partners LP 5.50%, 07/15/2028		U.S.$	590	$	637,390
Occidental Petroleum Corp. 3.20%, 08/15/2026			41		41,320
6.20%, 03/15/2040			115		130,694
6.45%, 09/15/2036			550		657,239
6.95%, 07/01/2024			90		101,358
UGI International LLC 3.25%, 11/01/2025(a)		EUR	3,879		4,699,468
					6,267,469
Other Industrial – 0.1%
H&E Equipment Services, Inc. 3.875%, 12/15/2028(a)		U.S.$	10,015		9,845,777
ProGroup AG 3.00%, 03/31/2026(a)		EUR	649		777,311
					10,623,088
Services – 0.4%
Intertrust Group BV 3.375%, 11/15/2025(a)			11,420		13,821,848
Square, Inc. 2.75%, 06/01/2026(a)		U.S.$	13,650		13,887,534
					27,709,382
Technology – 0.1%
CommScope, Inc. 5.50%, 03/01/2024(a)			4,690		4,828,645
Dell International LLC/EMC Corp. 7.125%, 06/15/2024(a)			1,051		1,077,979
					5,906,624
Transportation - Services – 0.3%
Chicago Parking Meters LLC 4.93%, 12/30/2025(f)			16,500		18,182,593
					404,122,747
Financial Institutions – 1.6%
Banking – 1.0%
Banco Bilbao Vizcaya Argentaria SA Series 9 6.50%, 03/05/2025(c)			12,400		13,525,012
Banco Santander SA 6.75%, 04/25/2022(a) (c)		EUR	14,100		17,432,219
Credit Suisse Group AG 6.25%, 12/18/2024(a) (c)		U.S.$	11,289		12,391,714
Discover Financial Services Series D 6.125%, 06/23/2025(c)			9,774		10,969,019
Intesa Sanpaolo SpA 5.017%, 06/26/2024(a)			6,713		7,293,893

22

	Principal Amount (000)			U.S. $ Value
Societe Generale SA 7.375%, 09/13/2021(a) (c)		U.S.$	5,809	$	5,872,177
					67,484,034
Finance – 0.2%
Lincoln Financing SARL 3.625%, 04/01/2024(a)		EUR	6,638		7,962,953
SLM Corp. 4.20%, 10/29/2025		U.S.$	7,939		8,532,716
					16,495,669
Other Finance – 0.1%
Nordic Aviation Capital 5.04%, 02/27/2024(f) (g)			10,632		8,000,335
REITS – 0.3%
ADLER Group SA 3.25%, 08/05/2025(a)		EUR	11,000		13,483,172
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 4.625%, 06/15/2025(a)		U.S.$	4,757		5,080,627
Service Properties Trust 4.75%, 10/01/2026			185		182,552
					18,746,351
					110,726,389
Total Corporates - Non-Investment Grade (cost $504,039,693)					514,849,136
QUASI-SOVEREIGNS – 4.6%
Quasi-Sovereign Bonds – 4.6%
China – 3.8%
China Development Bank
Series 1805 4.88%, 02/09/2028		CNY	684,540		114,680,645
Series 1903 3.30%, 02/01/2024			60,000		9,344,872
Series 1904 3.68%, 02/26/2026			598,250		94,081,292
Series 2004 3.43%, 01/14/2027			196,740		30,515,869
Series 2009 3.39%, 07/10/2027			131,150		20,288,422
					268,911,100
Indonesia – 0.0%
Indonesia Asahan Aluminium Persero PT 4.75%, 05/15/2025(a)		U.S.$	3,134		3,443,263
Mexico – 0.6%
Comision Federal De Electricid 5.00%, 09/29/2036(a)			7,654		7,900,776

23

	Principal Amount (000)			U.S. $ Value
Comision Federal de Electricidad 3.348%, 02/09/2031(a)		U.S.$	17,460	$	17,301,769
Petroleos Mexicanos 5.95%, 01/28/2031			4,771		4,617,135
6.84%, 01/23/2030			2,734		2,813,970
7.69%, 01/23/2050			9,575		9,180,031
					41,813,681
United Arab Emirates – 0.2%
DP World Crescent Ltd. 3.875%, 07/18/2029(a)			2,170		2,351,738
4.848%, 09/26/2028(a)			7,850		9,017,687
					11,369,425
Total Quasi-Sovereigns (cost $302,225,707)					325,537,469
MORTGAGE PASS-THROUGHS – 4.5%
Agency Fixed Rate 30-Year – 4.5%
Federal Home Loan Mortgage Corp.
Series 2019 3.50%, 09/01/2049-11/01/2049			49,167		52,521,430
Series 2020 2.50%, 07/01/2050			16,670		17,443,752
3.50%, 01/01/2050			13,905		14,959,048
Federal Home Loan Mortgage Corp. Gold Series 2019 4.50%, 02/01/2049			10,677		11,729,929
Federal National Mortgage Association
Series 2005 5.50%, 02/01/2035			10		11,216
Series 2007 5.50%, 09/01/2036-08/01/2037			13		15,548
Series 2008 5.50%, 03/01/2037-05/01/2038			1,339		1,554,285
Series 2012 3.50%, 02/01/2042-01/01/2043			30,182		32,669,060
Series 2013 3.50%, 04/01/2043			14,671		15,879,075
Series 2017 3.50%, 06/01/2047-01/01/2048			314		331,262
Series 2018 3.50%, 01/01/2048-05/01/2048			27,415		29,253,939
4.50%, 09/01/2048-12/01/2048			27,840		30,429,906
Series 2019 3.50%, 11/01/2049			10,545		11,252,197
Series 2020 2.50%, 07/01/2050			36,479		38,372,683
3.50%, 01/01/2050			23,301		24,972,644
Uniform Mortgage-Backed Security Series 2021 2.50%, 07/01/2051, TBA			33,500		34,667,267
Total Mortgage Pass-Throughs (cost $308,763,257)					316,063,241

24

	Principal Amount (000)			U.S. $ Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 4.3%
Risk Share Floating Rate – 4.2%
Bellemeade Re Ltd.
Series 2018-1A, Class M2 2.992% (LIBOR 1 Month + 2.90%), 04/25/2028(a) (d)		U.S.$	1,100	$	1,112,930
Series 2019-1A, Class M1B 1.842% (LIBOR 1 Month + 1.75%), 03/25/2029(a) (d)			12,871		12,870,972
Series 2019-2A, Class M1C 2.092% (LIBOR 1 Month + 2.00%), 04/25/2029(a) (d)			8,716		8,765,775
Series 2019-2A, Class M2 3.192% (LIBOR 1 Month + 3.10%), 04/25/2029(a) (d)			5,800		5,877,597
Series 2019-3A, Class M1B 1.692% (LIBOR 1 Month + 1.60%), 07/25/2029(a) (d)			8,919		8,941,561
Series 2019-3A, Class M1C 2.042% (LIBOR 1 Month + 1.95%), 07/25/2029(a) (d)			10,500		10,499,996
Series 2019-4A, Class M1C 2.592% (LIBOR 1 Month + 2.50%), 10/25/2029(a) (d)			5,676		5,675,863
Series 2020-3A, Class M1C 3.792% (LIBOR 1 Month + 3.70%), 10/25/2030(a) (d)			4,776		4,973,234
Series 2020-4A, Class M2A 2.692% (LIBOR 1 Month + 2.60%), 06/25/2030(a) (d)			2,677		2,682,269
Connecticut Avenue Securities Trust
Series 2019-R02, Class 1M2 2.392% (LIBOR 1 Month + 2.30%), 08/25/2031(a) (d)			2,074		2,088,485
Series 2019-R03, Class 1M2 2.242% (LIBOR 1 Month + 2.15%), 09/25/2031(a) (d)			1,390		1,399,854
Series 2019-R05, Class 1M2 2.092% (LIBOR 1 Month + 2.00%), 07/25/2039(a) (d)			1,391		1,396,990
Series 2019-R06, Class 2M2 2.192% (LIBOR 1 Month + 2.10%), 09/25/2039(a) (d)			3,115		3,130,234
Series 2019-R07, Class 1M2 2.192% (LIBOR 1 Month + 2.10%), 10/25/2039(a) (d)			3,914		3,930,579
Series 2020-R01, Class 1M2 2.142% (LIBOR 1 Month + 2.05%), 01/25/2040(a) (d)			6,100		6,125,049
Eagle RE Ltd. Series 2018-1, Class M1 1.792% (LIBOR 1 Month + 1.70%), 11/25/2028(a) (d)			4,843		4,846,069

25

	Principal Amount (000)			U.S. $ Value
Federal Home Loan Mortgage Corp.
Series 2019-DNA3, Class M2 2.142% (LIBOR 1 Month + 2.05%), 07/25/2049(a) (d)		U.S.$	1,195	$	1,205,620
Series 2019-HQA1, Class M2 2.442% (LIBOR 1 Month + 2.35%), 02/25/2049(a) (d)			3,856		3,894,423
Series 2020-DNA1, Class M2 1.792% (LIBOR 1 Month + 1.70%), 01/25/2050(a) (d)			1,407		1,413,301
Series 2020-HQA2, Class M2 3.192% (LIBOR 1 Month + 3.10%), 03/25/2050(a) (d)			4,351		4,416,311
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2013-DN2, Class M2 4.342% (LIBOR 1 Month + 4.25%), 11/25/2023(d)			5,674		5,828,956
Series 2014-DN3, Class M3 4.092% (LIBOR 1 Month + 4.00%), 08/25/2024(d)			5,619		5,731,414
Series 2014-HQ2, Class M3 3.842% (LIBOR 1 Month + 3.75%), 09/25/2024(d)			1,124		1,148,853
Series 2014-HQ3, Class M3 4.842% (LIBOR 1 Month + 4.75%), 10/25/2024(d)			794		799,595
Series 2015-DNA1, Class M3 3.392% (LIBOR 1 Month + 3.30%), 10/25/2027(d)			9,733		9,866,644
Series 2015-DNA3, Class M3 4.792% (LIBOR 1 Month + 4.70%), 04/25/2028(d)			1,901		1,967,110
Series 2015-HQA1, Class M3 4.792% (LIBOR 1 Month + 4.70%), 03/25/2028(d)			1,487		1,534,566
Series 2015-HQA2, Class M3 4.892% (LIBOR 1 Month + 4.80%), 05/25/2028(d)			7,202		7,453,180
Series 2016-HQA1, Class M3 6.442% (LIBOR 1 Month + 6.35%), 09/25/2028(d)			351		373,546
Series 2017-DNA2, Class M2 3.542% (LIBOR 1 Month + 3.45%), 10/25/2029(d)			7,204		7,526,667
Series 2017-DNA3, Class M2 2.592% (LIBOR 1 Month + 2.50%), 03/25/2030(d)			7,378		7,542,143
Series 2017-HQA2, Class M2B 2.742% (LIBOR 1 Month + 2.65%), 12/25/2029(d)			6,516		6,652,163
Series 2017-HQA3, Class M2 2.442% (LIBOR 1 Month + 2.35%), 04/25/2030(d)			4,204		4,298,753

26

	Principal Amount (000)			U.S. $ Value
Series 2019-DNA4, Class M2 2.042% (LIBOR 1 Month + 1.95%), 10/25/2049(a)(d)		U.S.$	3,431	$	3,449,315
Federal National Mortgage Association Connecticut Avenue Securities
Series 2013-C01, Class M2 5.342% (LIBOR 1 Month + 5.25%), 10/25/2023(d)			174		181,622
Series 2014-C01, Class M2 4.492% (LIBOR 1 Month + 4.40%), 01/25/2024(d)			664		686,462
Series 2014-C04, Class 1M2 4.992% (LIBOR 1 Month + 4.90%), 11/25/2024(d)			2,358		2,437,561
Series 2014-C04, Class 2M2 5.092% (LIBOR 1 Month + 5.00%), 11/25/2024(d)			3,367		3,455,541
Series 2015-C01, Class 1M2 4.392% (LIBOR 1 Month + 4.30%), 02/25/2025(d)			3,954		4,047,018
Series 2015-C02, Class 1M2 4.092% (LIBOR 1 Month + 4.00%), 05/25/2025(d)			3,041		3,104,192
Series 2015-C02, Class 2M2 4.092% (LIBOR 1 Month + 4.00%), 05/25/2025(d)			1,827		1,849,496
Series 2015-C03, Class 1M2 5.092% (LIBOR 1 Month + 5.00%), 07/25/2025(d)			699		719,012
Series 2015-C03, Class 2M2 5.092% (LIBOR 1 Month + 5.00%), 07/25/2025(d)			2,322		2,352,754
Series 2015-C04, Class 1M2 5.792% (LIBOR 1 Month + 5.70%), 04/25/2028(d)			1,464		1,550,464
Series 2015-C04, Class 2M2 5.642% (LIBOR 1 Month + 5.55%), 04/25/2028(d)			7,394		7,830,042
Series 2016-C01, Class 2M2 7.042% (LIBOR 1 Month + 6.95%), 08/25/2028(d)			1,290		1,367,204
Series 2016-C02, Class 1M2 6.092% (LIBOR 1 Month + 6.00%), 09/25/2028(d)			4,785		5,050,389
Series 2016-C05, Class 2M2 4.542% (LIBOR 1 Month + 4.45%), 01/25/2029(d)			4,001		4,189,382
Series 2017-C02, Class 2M2 3.742% (LIBOR 1 Month + 3.65%), 09/25/2029(d)			11,054		11,455,353
Series 2017-C02, Class 2M2C 3.742% (LIBOR 1 Month + 3.65%), 09/25/2029(d)			7,419		7,681,192

27

	Principal Amount (000)			U.S. $ Value
Series 2017-C03, Class 1M2 3.092% (LIBOR 1 Month + 3.00%), 10/25/2029(d)		U.S.$	3,646	$	3,758,970
Series 2017-C06, Class 2M2 2.892% (LIBOR 1 Month + 2.80%), 02/25/2030(d)			1,327		1,356,621
Series 2018-C01, Class 1B1 3.642% (LIBOR 1 Month + 3.55%), 07/25/2030(d)			1,487		1,524,466
Home Re Ltd. Series 2020-1, Class M1B 3.342% (LIBOR 1 Month + 3.25%), 10/25/2030(a)(d)			5,943		6,021,790
JPMorgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 5.592% (LIBOR 1 Month + 5.50%), 10/25/2025(d)(h)			2,521		2,380,370
Mortgage Insurance-Linked Notes Series 2019-1, Class M1 1.992% (LIBOR 1 Month + 1.90%), 11/26/2029(a) (d)			2,067		2,066,861
PMT Credit Risk Transfer Trust
Series 2019-1R, Class A 2.096% (LIBOR 1 Month + 2.00%), 03/27/2024(a)(d)			4,355		4,346,411
Series 2019-2R, Class A 2.846% (LIBOR 1 Month + 2.75%), 05/27/2023(a)(d)			8,934		8,847,187
Series 2019-3R, Class A 2.796% (LIBOR 1 Month + 2.70%), 10/27/2022(a)(d)			769		771,636
Radnor Re Ltd.
Series 2019-1, Class M1B 2.042% (LIBOR 1 Month + 1.95%), 02/25/2029(a)(d)			4,623		4,635,721
Series 2019-2, Class M1B 1.842% (LIBOR 1 Month + 1.75%), 06/25/2029(a)(d)			15,427		15,517,928
Series 2020-2, Class M1C 4.692% (LIBOR 1 Month + 4.60%), 10/25/2030(a)(d)			3,500		3,552,957
STACR Trust Series 2018-DNA3, Class M2 2.192% (LIBOR 1 Month + 2.10%), 09/25/2048(a)(d)			12,075		12,233,767
Triangle Re Ltd.
Series 2021-1, Class M1A 1.792% (LIBOR 1 Month + 1.70%), 08/25/2033(a)(d)			1,948		1,949,613
Series 2021-1, Class M1B 3.092% (LIBOR 1 Month + 3.00%), 08/25/2033(a)(d)			7,238		7,295,603
					293,637,602

28

	Principal Amount (000)			U.S. $ Value
Non-Agency Fixed Rate – 0.1%
Alternative Loan Trust
Series 2006-24CB, Class A15 5.75%, 08/25/2036		U.S.$	1,549	$	1,206,379
Series 2006-26CB, Class A6 6.25%, 09/25/2036			119		83,276
Series 2006-26CB, Class A8 6.25%, 09/25/2036			445		311,089
Series 2006-J1, Class 1A11 5.50%, 02/25/2036			817		743,294
Series 2007-15CB, Class A19 5.75%, 07/25/2037			313		255,640
CHL Mortgage Pass-Through Trust
Series 2007-3, Class A30 5.75%, 04/25/2037			950		683,428
Series 2007-HY4, Class 1A1 3.041%, 09/25/2047			349		334,543
Citigroup Mortgage Loan Trust Series 2007-AR4, Class 1A1A 3.192%, 03/25/2037			195		195,175
CSMC Mortgage-Backed Trust Series 2006-7, Class 3A12 6.25%, 08/25/2036			597		379,720
Residential Accredit Loans, Inc. Trust Series 2005-QS14, Class 3A1 6.00%, 09/25/2035			735		717,787
Wells Fargo Mortgage Backed Securities Trust Series 2007-AR7, Class A1 2.873%, 12/28/2037			1,195		1,190,360
					6,100,691
Non-Agency Floating Rate – 0.0%
First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A10 0.342% (LIBOR 1 Month + 0.25%), 04/25/2037(d)			640		168,602
Total Collateralized Mortgage Obligations (cost $291,951,593)					299,906,895
INFLATION-LINKED SECURITIES – 4.0%
France – 2.0%
French Republic Government Bond OAT Series OATE 0.10%, 03/01/2026(a)		EUR	107,852		139,134,663
Germany – 2.0%
Deutsche Bundesrepublik Inflation Linked Bond 0.10%, 04/15/2026(a)			107,898		140,009,129
Total Inflation-Linked Securities (cost $281,586,260)					279,143,792

29

	Principal Amount (000)			U.S. $ Value
COLLATERALIZED LOAN OBLIGATIONS – 2.5%
CLO - Floating Rate – 2.5%
AGL CLO 12 Ltd. Series 2021-12A, Class B 1.73% (LIBOR 3 Month + 1.60%), 07/20/2034(a) (d)		U.S.$	3,892	$	3,892,416
Balboa Bay Loan Funding Ltd. Series 2021-1A, Class B 1.79% (LIBOR 3 Month + 1.65%), 07/20/2034(a) (d)			1,600		1,600,320
Ballyrock CLO 16 Ltd. Series 2021-16A, Class A2 1.785% (LIBOR 3 Month + 1.65%), 07/20/2034(a) (d)			3,892		3,893,841
Black Diamond CLO Ltd. Series 2016-1A, Class A2AR 1.926% (LIBOR 3 Month + 1.75%), 04/26/2031(a) (d)			4,580		4,494,336
Elmwood CLO IX Ltd. Series 2021-2A, Class B 1.689% (LIBOR 3 Month + 1.55%), 07/20/2034(a) (d)			4,052		4,055,579
Flatiron CLO 21 Ltd. Series 2021-1A, Class B 1.731% (LIBOR 3 Month + 1.60%), 07/19/2034(a) (d)			4,424		4,424,403
Greywolf CLO VI Ltd. Series 2018-1A, Class A2 1.806% (LIBOR 3 Month + 1.63%), 04/26/2031(a) (d)			4,035		4,035,391
Marble Point CLO XI Ltd. Series 2017-2A, Class A 1.37% (LIBOR 3 Month + 1.18%), 12/18/2030(a) (d)			17,519		17,518,994
Neuberger Berman Loan Advisers Clo 43 Ltd. Series 2021-43A, Class B 1.73% (LIBOR 3 Month + 1.60%), 07/17/2035(a) (d)			7,829		7,829,482
OCP CLO Ltd. Series 2020-18A, Class AR 1.25% (LIBOR 3 Month + 1.09%), 07/20/2032(a) (d)			3,453		3,458,027
Octagon Loan Funding Ltd. Series 2014-1A, Class ARR 1.335% (LIBOR 3 Month + 1.18%), 11/18/2031(a) (d)			8,984		8,985,491
OZLM XVIII Ltd. Series 2018-18A, Class A 1.204% (LIBOR 3 Month + 1.02%), 04/15/2031(a) (d)			17,040		17,040,426
OZLM XXII Ltd. Series 2018-22A, Class A1 1.26% (LIBOR 3 Month + 1.07%), 01/17/2031(a) (d)			7,190		7,183,548

30

	Principal Amount (000)			U.S. $ Value
Pikes Peak CLO 8
Series 2021-8A, Class A 1.301% (LIBOR 3 Month + 1.17%), 07/20/2034(a) (d) (g)		U.S.$	14,279	$	14,278,908
Series 2021-8A, Class B 1.87% (LIBOR 3 Month + 1.75%), 07/20/2034(a) (d) (g)			7,590		7,590,310
Rockford Tower CLO Ltd. Series 2018-2A, Class A 1.348% (LIBOR 3 Month + 1.16%), 10/20/2031(a) (d)			8,500		8,501,828
Romark CLO III Ltd. Series 2019-3A, Class A1 1.554% (LIBOR 3 Month + 1.37%), 07/15/2032(a) (d)			11,840		11,840,675
Sound Point CLO XIX Ltd. Series 2018-1A, Class A 1.184% (LIBOR 3 Month + 1.00%), 04/15/2031(a) (d)			24,065		24,068,586
THL Credit Wind River CLO Ltd.
Series 2014-2A, Class AR 1.324% (LIBOR 3 Month + 1.14%), 01/15/2031(a) (d)			9,455		9,456,570
Series 2017-4A, Class B 1.605% (LIBOR 3 Month + 1.45%), 11/20/2030(a) (d)			6,000		6,000,228
TIAA CLO IV Ltd. Series 2018-1A, Class A1A 1.418% (LIBOR 3 Month + 1.23%), 01/20/2032(a) (d)			4,510		4,510,212
Total Collateralized Loan Obligations (cost $174,656,644)					174,659,571
COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.9%
Non-Agency Floating Rate CMBS – 1.3%
Ashford Hospitality Trust Series 2018-KEYS, Class A 1.073% (LIBOR 1 Month + 1.00%), 06/15/2035(a) (d)			14,000		14,010,962
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 1.073% (LIBOR 1 Month + 1.00%), 11/15/2033(a) (d)			6,275		6,139,419
BHMS Series 2018-ATLS, Class A 1.323% (LIBOR 1 Month + 1.25%), 07/15/2035(a) (d)			13,884		13,892,363
BHP Trust Series 2019-BXHP, Class C 1.595% (LIBOR 1 Month + 1.52%), 08/15/2036(a) (d)			5,180		5,181,625

31

	Principal Amount (000)			U.S. $ Value
BX Trust Series 2018-EXCL, Class A 1.161% (LIBOR 1 Month + 1.09%), 09/15/2037(a) (d)		U.S.$	9,800	$	9,689,842
DBWF Mortgage Trust Series 2018-GLKS, Class A 1.123% (LIBOR 1 Month + 1.03%), 12/19/2030(a) (d)			18,535		18,560,308
GS Mortgage Securities Corp. Trust Series 2019-SMP, Class D 2.023% (LIBOR 1 Month + 1.95%), 08/15/2032(a) (d)			5,035		4,965,417
Morgan Stanley Capital I Trust Series 2015-XLF2, Class SNMD 1.808% (LIBOR 1 Month + 1.73%), 11/15/2026(d) (h)			5,700		845,027
Natixis Commercial Mortgage Securities Trust Series 2019-MILE, Class A 1.573% (LIBOR 1 Month + 1.50%), 07/15/2036(a) (d)			12,593		12,589,494
Starwood Retail Property Trust Series 2014-STAR, Class A 1.543% (LIBOR 1 Month + 1.47%), 11/15/2027(a) (d)			7,469		5,583,381
					91,457,838
Non-Agency Fixed Rate CMBS – 0.6%
225 Liberty Street Trust Series 2016-225L, Class E 4.804%, 02/10/2036(a)			9,098		9,541,551
Citigroup Commercial Mortgage Trust
Series 2013-GC17, Class D 5.26%, 11/10/2046(a)			2,783		2,559,597
Series 2014-GC23, Class D 4.635%, 07/10/2047(a)			2,196		2,216,142
Commercial Mortgage Trust
Series 2012-CR3, Class D 4.908%, 10/15/2045(a)			2,322		1,502,422
Series 2013-CR6, Class D 4.225%, 03/10/2046(a)			7,385		6,932,223
Series 2013-SFS, Class A1 1.873%, 04/12/2035(a)			966		970,158
GS Mortgage Securities Trust
Series 2011-GC5, Class D 5.428%, 08/10/2044(a)			205		112,545
Series 2013-G1, Class A2 3.557%, 04/10/2031(a)			4,825		4,824,434
JPMBB Commercial Mortgage Securities Trust Series 2014-C21, Class B 4.341%, 08/15/2047			6,329		6,795,233

32

	Principal Amount (000)			U.S. $ Value
JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C5, Class D 5.611%, 08/15/2046(a)		U.S.$	890	$	794,948
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class D 5.218%, 02/15/2047(a)			4,250		4,440,450
WF-RBS Commercial Mortgage Trust Series 2012-C8, Class E 5.046%, 08/15/2045(a)			1,600		1,311,494
					42,001,197
Total Commercial Mortgage-Backed Securities (cost $138,864,851)					133,459,035
EMERGING MARKETS - CORPORATE BONDS – 0.8%
Industrial – 0.8%
Basic – 0.3%
Braskem Netherlands Finance BV 4.50%, 01/31/2030(a)			8,785		9,147,381
CSN Resources SA 4.625%, 06/10/2031(a)			4,776		4,857,294
Klabin Austria GmbH 3.20%, 01/12/2031(a)			2,335		2,297,468
Volcan Cia Minera SAA 4.375%, 02/11/2026(a)			1,952		1,922,720
					18,224,863
Capital Goods – 0.3%
Cemex SAB de CV 3.875%, 07/11/2031(a)			9,332		9,439,318
Embraer Netherlands Finance BV 5.40%, 02/01/2027			5,972		6,341,607
6.95%, 01/17/2028(a)			3,805		4,347,763
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058(a)			9,813		98,129
					20,226,817
Communications - Media – 0.0%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(a)			879		906,908
Consumer Non-Cyclical – 0.0%
BRF GmbH 4.35%, 09/29/2026(a)			1,023		1,077,153
BRF SA 4.875%, 01/24/2030(a)			1,631		1,707,249
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018(h) (i) (j)			4,300		42,893
					2,827,295

33

	Principal Amount (000)			U.S. $ Value
Energy – 0.1%
Leviathan Bond Ltd. 6.125%, 06/30/2025(a)		U.S.$	3,835	$	4,209,490
Services – 0.0%
MercadoLibre, Inc. 2.375%, 01/14/2026			379		381,559
3.125%, 01/14/2031			367		360,622
					742,181
Transportation - Services – 0.1%
InPost SA 2.25%, 07/15/2027(a)		EUR	5,039		6,014,907
					53,152,461
Utility – 0.0%
Electric – 0.0%
Terraform Global Operating LLC 6.125%, 03/01/2026(h)		U.S.$	1,155		1,189,784
Financial Institutions – 0.0%
Other Finance – 0.0%
OEC Finance Ltd. 4.375%, 10/25/2029(a) (k)			4,673		516,964
5.25%, 12/27/2033(a) (k)			1,502		171,797
7.125%, 12/26/2046(a) (k)			2,074		228,601
					917,362
Total Emerging Markets - Corporate Bonds (cost $70,214,233)					55,259,607
LOCAL GOVERNMENTS - PROVINCIAL BONDS – 0.7%
Canada – 0.7%
Province of Ontario Canada 2.60%, 06/02/2027		CAD	20,205		17,323,205
2.75%, 09/01/2027			39,625		34,375,588
Total Local Governments - Provincial Bonds (cost $51,823,664)					51,698,793
EMERGING MARKETS - SOVEREIGNS – 0.7%
Bahrain – 0.2%
Bahrain Government International Bond 5.625%, 09/30/2031(a)	U.S.$		11,462		11,575,187
7.375%, 05/14/2030(a)			1,132		1,276,189
					12,851,376
Egypt – 0.2%
Egypt Government International Bond 5.875%, 02/16/2031(a)			14,050		13,588,984
Ivory Coast – 0.1%
Ivory Coast Government International Bond 4.875%, 01/30/2032(a)		EUR	3,350		3,961,835
5.875%, 10/17/2031(a)		EUR	4,855		6,191,456
					10,153,291

34

	Principal Amount (000)			U.S. $ Value
Oman – 0.2%
Oman Government International Bond 4.875%, 02/01/2025(a)		U.S.$	13,019	$	13,635,775
Total Emerging Markets - Sovereigns (cost $49,421,194)					50,229,426
GOVERNMENTS - SOVEREIGN BONDS – 0.6%
Indonesia – 0.3%
Indonesia Government International Bond 1.10%, 03/12/2033		EUR	5,079		5,895,953
3.375%, 07/30/2025(a)			10,564		14,012,191
					19,908,144
Mexico – 0.3%
Mexico Government International Bond 4.75%, 04/27/2032		U.S.$	20,730		23,733,259
Total Governments - Sovereign Bonds (cost $44,060,016)					43,641,403
GOVERNMENTS - SOVEREIGN AGENCIES – 0.6%
Canada – 0.6%
Canada Housing Trust No.1 2.35%, 06/15/2027(a)		CAD	14,610		12,447,313
1.95%, 12/15/2025(a)			16,620		13,884,476
1.80%, 12/15/2024(a)			16,805		13,979,990
Total Governments - Sovereign Agencies (cost $39,882,170)					40,311,779
	Shares
COMMON STOCKS – 0.2%
Financials – 0.2%
Insurance – 0.2%
Mt. Logan Re Ltd. (Preference Shares)(f) (g) (i) (l)			17,097		17,096,501
Energy – 0.0%
Oil, Gas & Consumable Fuels – 0.0%
Golden Energy Offshore Services AS(i)			3,089,816		305,029
SandRidge Energy, Inc.(i)			4,459		28,002
					333,031
Total Common Stocks (cost $22,782,272)					17,429,532

35

	Principal Amount (000)			U.S. $ Value
BANK LOANS – 0.2%
Industrial – 0.2%
Consumer Cyclical - Restaurants – 0.0%
IRB Holding Corp. (fka Arby’s/Buffalo Wild Wings) 3.75%-1.00% (LIBOR 3 Month + 2.75%), 02/05/2025(m)		U.S.$	1,220	$	1,217,288
Consumer Non-Cyclical – 0.1%
LifePoint Health, Inc. (fka Regionalcare Hospital Partners Holdings, Inc.) 3.854%-0.10% (LIBOR 1 Month + 3.75%), 11/16/2025(m)			5,087		5,072,187
Technology – 0.1%
athenahealth, Inc. 4.41%-0.16% (LIBOR 3 Month + 4.25%), 02/11/2026(m)			9,411		9,431,703
Total Bank Loans (cost $15,525,205)					15,721,178
ASSET-BACKED SECURITIES – 0.1%
Other ABS - Fixed Rate – 0.1%
SBA Tower Trust Series 2014-2A, Class C 3.869%, 10/15/2049(a)			3,008		3,160,760
SoFi Consumer Loan Program Trust Series 2018-1, Class B 3.65%, 02/25/2027(a)			3,786		3,837,982
Total Asset-Backed Securities (cost $6,793,689)					6,998,742
LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.1%
United States – 0.1%
Texas Transportation Commission State Highway Fund Series 2010B 5.178%, 04/01/2030 (cost $3,400,000)			3,400		4,196,077
AGENCIES – 0.0%
Agency Debentures – 0.0%
Federal National Mortgage Association 6.25%, 05/15/2029			95		129,365
6.625%, 11/15/2030			150		217,016
Total Agencies (cost $291,816)					346,381
	Shares
WARRANTS – 0.0%
Encore Automotive Acceptance, expiring 07/05/2031(f) (g) (i)			27		0
Flexpath Capital, Inc., expiring 04/15/2031(f) (g) (i)			42,267		0

36

Company			Shares		U.S. $ Value
SandRidge Energy, Inc., A-CW22, expiring 10/04/2022(i)				3,861	$	73
SandRidge Energy, Inc., B-CW22, expiring 10/04/2022(i)				1,625		28
Total Warrants (cost $27,079)						101
SHORT-TERM INVESTMENTS – 3.1%
Investment Companies – 2.8%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(n) (o) (p) (cost $196,316,987)				196,316,987		196,316,987
	Principal Amount (000)
Time Deposits – 0.3%
ANZ, London 0.01%, 07/01/2021		U.S.$		10,799		10,799,322
BBH Grand Cayman (0.78)%, 07/01/2021		EUR		10,877		12,897,870
Total Time Deposits (cost $23,697,192)						23,697,192
Total Short-Term Investments (cost $220,014,179)						220,014,179
Total Investments – 99.3% (cost $6,930,539,625)(q)						6,996,564,856
Other assets less liabilities – 0.7%						52,263,503
Net Assets – 100.0%					$	7,048,828,359

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro-Bund Futures		1,474		September 2021		$	301,686,976		$	611,373
Japan 10 Yr Bond (OSE) Futures		129		September 2021			176,137,630			32,585
U.S. 10 Yr Ultra Futures		16		September 2021			2,355,250			41,250
U.S. Long Bond (CBT) Futures		58		September 2021			9,323,500			231,923
U.S. T-Note 2 Yr (CBT) Futures		1,251		September 2021			275,620,710			(1	)
U.S. T-Note 10 Yr (CBT) Futures		16		September 2021			2,120,000			8,984
U.S. Ultra Bond (CBT) Futures		13		September 2021			2,504,938			89,539
Sold Contracts
Canadian 10 Yr Bond Futures		676		September 2021			79,357,470			(924,387	)
Euro-BOBL Futures		3,111		September 2021			494,861,668			311,366
U.S. 10 Yr Ultra Bond Futures		262		September 2021			38,567,219			(675,469	)
U.S. T-Note 5 Yr (CBT) Futures		45		September 2021			5,554,336			(352	)
									$	(273,189	)

37

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Australia and New Zealand Banking Group Ltd.		USD	71,116		IDR	1,016,217,642		07/15/2021	$	(1,401,604	)
Australia and New Zealand Banking Group Ltd.		AUD	280,634		USD	217,471		08/25/2021		6,958,885
Bank of America, NA		BRL	532,639		USD	105,117		07/02/2021		(1,972,064	)
Bank of America, NA		USD	106,481		BRL	532,639		07/02/2021		607,998
Bank of America, NA		USD	72,354		RUB	5,375,576		07/28/2021		824,247
Bank of America, NA		EUR	129,317		USD	157,030		08/03/2021		3,588,097
Bank of America, NA		JPY	1,674,390		USD	15,358		08/19/2021		280,077
Barclays Bank PLC		EUR	17,140		USD	20,465		08/03/2021		127,019
BNP Paribas SA		EUR	6,241		USD	7,634		08/03/2021		228,357
BNP Paribas SA		EUR	722,444		USD	880,420		08/19/2021		22,922,157
BNP Paribas SA		USD	65,670		AUD	87,040		08/25/2021		(378,549	)
BNP Paribas SA		ZAR	485,430		USD	33,999		09/16/2021		341,857
Brown Brothers Harriman & Co.		EUR	9,371		USD	11,171		08/03/2021		52,115
Brown Brothers Harriman & Co.		USD	3,663		EUR	3,019		08/03/2021		(81,533	)
Citibank, NA		COP	95,960,972		USD	25,544		07/15/2021		(9,174	)
Citibank, NA		IDR	509,708,304		USD	35,818		07/15/2021		851,072
Citibank, NA		INR	2,745,443		USD	37,072		07/15/2021		199,951
Citibank, NA		THB	675,325		USD	21,432		07/15/2021		361,820
Citibank, NA		USD	33,997		CLP	24,288,017		07/15/2021		(936,175	)
Citibank, NA		CAD	177,920		USD	142,133		07/16/2021		(1,395,179	)
Citibank, NA		KRW	80,176,985		USD	71,671		07/22/2021		721,031
Citibank, NA		KRW	39,807,936		USD	35,088		07/22/2021		(138,463	)
Citibank, NA		EUR	14,483		USD	17,571		08/03/2021		386,102
Citibank, NA		USD	105,374		CHF	96,442		08/05/2021		(1,043,603	)
Citibank, NA		GBP	56,370		USD	78,659		08/26/2021		671,750
Citibank, NA		CNH	2,332,830		USD	358,247		09/16/2021		(427,977	)
Credit Suisse International		CHF	63,543		USD	70,613		08/05/2021		1,873,129
Deutsche Bank AG		BRL	532,639		USD	106,481		07/02/2021		(607,998	)
Deutsche Bank AG		USD	107,822		BRL	532,639		07/02/2021		(732,714	)
Deutsche Bank AG		BRL	532,639		USD	107,484		08/03/2021		774,073
Goldman Sachs Bank USA		USD	36,023		INR	2,726,519		07/15/2021		594,051
Goldman Sachs Bank USA		JPY	69,291,761		USD	636,699		08/19/2021		12,729,405
HSBC Bank USA		EUR	781,904		USD	959,179		08/03/2021		31,407,920
JPMorgan Chase Bank, NA		SEK	600,115		USD	70,112		07/15/2021		(19,098	)
JPMorgan Chase Bank, NA		USD	71,171		NOK	592,282		07/15/2021		(2,377,201	)
JPMorgan Chase Bank, NA		EUR	5,036		USD	6,015		08/03/2021		39,768
JPMorgan Chase Bank, NA		USD	10,295		EUR	8,464		08/03/2021		(252,286	)
JPMorgan Chase Bank, NA		USD	65,882		JPY	7,261,446		08/19/2021		(493,131	)
JPMorgan Chase Bank, NA		MXN	1,379,377		USD	69,344		08/27/2021		636,648
JPMorgan Chase Bank, NA		USD	68,808		MXN	1,415,575		08/27/2021		1,702,866
JPMorgan Chase Bank, NA		ZAR	485,430		USD	33,965		09/16/2021		307,728
Morgan Stanley Capital Services LLC		CLP	74,328,491		USD	104,591		07/15/2021		3,415,143
Morgan Stanley Capital Services LLC		USD	34,624		CLP	25,430,034		07/15/2021		(8,358	)
Morgan Stanley Capital Services LLC		USD	35,294		INR	2,680,095		07/15/2021		700,373
Morgan Stanley Capital Services LLC		USD	70,051		INR	5,202,509		07/15/2021		(180,546	)
Morgan Stanley Capital Services LLC		EUR	2,874		USD	3,525		08/03/2021		114,298
Morgan Stanley Capital Services LLC		USD	85,432		EUR	70,295		08/03/2021		(2,022,672	)
Morgan Stanley Capital Services LLC		CHF	32,783		USD	36,016		08/05/2021		551,315
Morgan Stanley Capital Services LLC		JPY	551,633		USD	5,035		08/19/2021		67,176
Morgan Stanley Capital Services LLC		USD	138,989		JPY	15,265,262		08/19/2021		(1,525,560	)

38

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services LLC		MYR	120,125		USD	29,040		09/23/2021	$	182,085
Royal Bank of Scotland PLC		USD	1,762		EUR	1,444		08/03/2021		(49,529	)
Standard Chartered Bank		IDR	509,293,067		USD	34,435		07/15/2021		(503,499	)
Standard Chartered Bank		INR	2,633,702		USD	35,622		07/15/2021		251,457
Standard Chartered Bank		USD	107,002		KRW	120,041,199		07/22/2021		(776,102	)
UBS AG		USD	34,289		CLP	24,593,361		07/15/2021		(812,358	)
UBS AG		RUB	2,766,888		USD	38,334		07/28/2021		667,948
UBS AG		MXN	3,490,468		USD	172,895		08/27/2021		(967,929	)
									$	76,024,616

CENTRALLY CLEARED INTEREST RATE SWAPS

			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
CAD	288,230	05/22/2024	3 Month CDOR	1.980%	Semi-Annual/ Semi-Annual	$	6,435,092		$	—	$	6,435,092
USD	600	01/30/2027	2.459%	3 Month LIBOR	Semi-Annual/ Quarterly		(52,563	)		—		(52,563	)
USD	150	05/05/2045	3 Month LIBOR	2.566%	Quarterly/ Semi-Annual		24,985			1		24,984
USD	100	07/16/2045	3 Month LIBOR	3.019%	Quarterly/ Semi-Annual		27,016			9,465		17,551
EUR	45,250	09/30/2050	0.122%	6 Month EURIBOR	Annual/ Semi-Annual		5,310,263			—		5,310,263
EUR	45,250	09/30/2050	6 Month EURIBOR	(0.017)%	Semi-Annual/ Annual		(7,462,752	)		—		(7,462,752	)
EUR	45,740	11/10/2050	0.022%	6 Month EURIBOR	Annual/ Semi-Annual		6,988,749			357,073		6,631,676
EUR	45,740	11/10/2050	6 Month EURIBOR	(0.043)%	Semi-Annual/ Annual		(8,009,411	)		—		(8,009,411	)
						$	3,261,379		$	366,539	$	2,894,840

39

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2021			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		10.00	%		USD	1,088	$	(287,323	)	$	(117,960	)	$	(169,363	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	2,925		(772,200	)		(161,637	)		(610,563	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	5,000		(1,320,000	)		(692,404	)		(627,596	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	6,500		(1,716,000	)		(899,072	)		(816,928	)
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	53		(13,996	)		(3,558	)		(10,438	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	564		(148,990	)		(63,796	)		(85,194	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	618		(163,203	)		(66,196	)		(97,007	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	244		(64,436	)		(25,417	)		(39,019	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	279		(73,702	)		(24,126	)		(49,576	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	558		(147,405	)		(53,183	)		(94,222	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	557		(147,141	)		(49,059	)		(98,082	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	575		(151,896	)		(46,848	)		(105,048	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	979		(258,538	)		(101,250	)		(157,288	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	1,611		(425,438	)		(167,727	)		(257,711	)

40

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2021			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		10.00	%		USD	1,260	$	(332,640	)	$	(71,905	)	$	(260,735	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	1,520		(401,533	)		(111,325	)		(290,208	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	2,709		(715,176	)		(154,596	)		(560,580	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	3,346		(883,902	)		(279,001	)		(604,901	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	5,000		(1,320,833	)		(382,494	)		(938,339	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	10,000		(2,641,667	)		(740,622	)		(1,901,045	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	10,000		(2,641,667	)		(732,403	)		(1,909,264	)
												$	(14,627,686	)	$	(4,944,579	)	$	(9,683,107	)

* Termination date

REVERSE REPURCHASE AGREEMENTS

Broker	Interest Rate			Maturity		U.S. $ Value at June 30, 2021
Credit Suisse International		(1.25	)%*		07/01/2021	$	11,182,112
Credit Suisse International†		(1.15	)%*		—		4,066,532
						$	15,248,644

† The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on June 30, 2021.

* Interest payment due from counterparty.

The type of underlying collateral and the remaining maturity of open reverse repurchase agreements is as follows:

	Overnight and Continuous		Up to 30 Days		31-90 Days		Greater than 90 Days		Total
Corporates – Non-Investment Grade	$	11,182,112	$	0	$	0	$	4,066,532	$	15,248,644

41

(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 June 30, 2021, the aggregate market value of these securities amounted to $3,144,905,881 or 44.6% of net assets.

(b) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(c) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(d) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at June 30, 2021.

(e) Position, or a portion thereof, has been segregated to collateralize repurchase agreements.

(f) Fair valued by the Adviser.

(g) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(h) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.06% of net assets as of June 30, 2021, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
JPMorgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 5.592%, 10/25/2025		09/18/2015	$	2,518,550	$	2,380,370		0.03	%
Morgan Stanley Capital I Trust Series 2015-XLF2, Class SNMD 1.808%, 11/15/2026		11/13/2015		5,525,600		845,027		0.01	%
Terraform Global Operating LLC 6.125%, 03/01/2026		02/08/2018		1,155,000		1,189,784		0.02	%
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018		06/18/2013 - 09/23/2014		3,886,876		42,893		0.00	%

(i) Non-income producing security.

(j) Defaulted matured security.

(k) 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 June 30, 2021.

(l) Restricted and illiquid security.

Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Mt. Logan Re Ltd. (Preference Shares)		12/30/2014	$	17,097,070	$	17,096,501		0.24	%

(m) The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at June 30, 2021.

(n) 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.

(o) The rate shown represents the 7-day yield as of period end.

(p) Affiliated investments.

(q) As of June 30, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $292,636,137 and gross unrealized depreciation of investments was $(157,647,746), resulting in net unrealized appreciation of $134,988,391.

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CLP – Chilean Peso

42

CNH – Chinese Yuan Renminbi (Offshore)

CNY – Chinese Yuan Renminbi

COP – Colombian Peso

EUR – Euro

GBP – Great British Pound

IDR – Indonesian Rupiah

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

MYR – Malaysian Ringgit

NOK – Norwegian Krone

RUB – Russian Ruble

SEK – Swedish Krona

THB – Thailand Baht

USD – United States Dollar

ZAR – South African Rand

Glossary:

ABS – Asset-Backed Securities

BOBL – Bundesobligationen

CBT – Chicago Board of Trade

CDOR – Canadian Dealer Offered Rate

CDX-CMBX.NA – North American Commercial Mortgage-Backed Index

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

EURIBOR – Euro Interbank Offered Rate

LIBOR – London Interbank Offered Rate

OAT – Obligations Assimilables du Trésor

OSE – Osaka Securities Exchange

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

TBA – To Be Announced

COUNTRY BREAKDOWN¹

June 30, 2021 (unaudited)

43.8	%	United States
7.7	%	Italy
7.7	%	China
6.5	%	Japan
4.7	%	Germany
3.8	%	United Kingdom
3.6	%	France
3.3	%	Australia
2.8	%	Spain
2.6	%	Canada
2.6	%	Mexico
1.1	%	Netherlands
0.7	%	Switzerland
6.0	%	Other
3.1	%	Short-Term
100.0	%	Total Investments

1 All data are as of June 30, 2021. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 0.5% or less in the following countries: Argentina, Austria, Bahrain, Belgium, Bermuda, Brazil, Cayman Islands, Chile, Colombia, Denmark, Egypt, Finland, India, Indonesia, Ireland, Israel, Ivory Coast, Kazakhstan, Malaysia, New Zealand, Norway, Oman, Panama, Peru, Poland, Portugal, Saudi Arabia, South Africa, Sweden, Thailand and United Arab Emirates.

43

AB Global Bond Fund

June 30, 2021 (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 are 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.

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, 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.

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively, the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options generally will be classified as Level 2. For options that do not trade on an exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

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 a 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.

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

44

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.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of June 30, 2021:

Investments in Securities	Level 1			Level 2			Level 3			Total
Assets:
Governments - Treasuries	$	-0-		$	2,718,305,991		$	-0-		$	2,718,305,991
Corporates - Investment Grade		-0-			1,728,792,528			-0-			1,728,792,528
Corporates - Non-Investment Grade		-0-			506,848,801			8,000,335			514,849,136
Quasi-Sovereigns		-0-			325,537,469			-0-			325,537,469
Mortgage Pass-Throughs		-0-			316,063,241			-0-			316,063,241
Collateralized Mortgage Obligations		-0-			299,906,895			-0-			299,906,895
Inflation-Linked Securities		-0-			279,143,792			-0-			279,143,792
Collateralized Loan Obligations		-0-			152,790,353			21,869,218			174,659,571
Commercial Mortgage-Backed Securities		-0-			133,459,035			-0-			133,459,035
Emerging Markets - Corporate Bonds		-0-			55,259,607			-0-			55,259,607
Local Governments - Provincial Bonds		-0-			51,698,793			-0-			51,698,793
Emerging Markets - Sovereigns		-0-			50,229,426			-0-			50,229,426
Governments - Sovereign Bonds		-0-			43,641,403			-0-			43,641,403
Governments - Sovereign Agencies		-0-			40,311,779			-0-			40,311,779
Common Stocks		333,031			-0-			17,096,501			17,429,532
Bank Loans		-0-			15,721,178			-0-			15,721,178
Asset-Backed Securities		-0-			6,998,742			-0-			6,998,742
Local Governments - US Municipal Bonds		-0-			4,196,077			-0-			4,196,077
Agencies		-0-			346,381			-0-			346,381
Warrants		101			-0-			0	#		101
Short-Term Investments:
Investment Companies		196,316,987			-0-			-0-			196,316,987
Time Deposits		-0-			23,697,192			-0-			23,697,192
Total Investments in Securities		196,650,119			6,752,948,683			46,966,054			6,996,564,856
Other Financial Instruments*:
Assets
Futures		1,327,020			-0-			-0-			1,327,020
Forward Currency Exchange Contracts		-0-			95,137,918			-0-			95,137,918
Centrally Cleared Interest Rate Swaps		-0-			18,786,105			-0-			18,786,105
Liabilities
Futures		(1,600,209	)		-0-			-0-			(1,600,209	)
Forward Currency Exchange Contracts		-0-			(19,113,302	)		-0-			(19,113,302	)
Centrally Cleared Interest Rate Swaps		-0-			(15,524,726	)		-0-			(15,524,726	)
Credit Default Swaps		-0-			(14,627,686	)		-0-			(14,627,686	)
Reverse Repurchase Agreements		(15,248,644	)		-0-			-0-			(15,248,644	)
Total	$	181,128,286		$	6,817,606,992		$	46,966,054		$	7,045,701,332

# The Fund held securities with zero market value at period end.

* Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

A summary of the Fund’s transactions in AB mutual funds for the nine months ended June 30, 2021 is as follows:

Fund	Market Value 9/30/20 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/21 (000)		Dividend Income (000)
Government Money Market Portfolio	$	165,102	$	2,136,452	$	2,105,237	$	196,317	$	11

45