AllianceBernstein Global High Income Fund (AWF) NPORT-P AllianceBernstein Global High Income Fund Inc (Jun 2021 report)

AB Global High Income Fund

Portfolio of Investments

June 30, 2021 (unaudited)

	Principal Amount (000)		U.S. $ Value
CORPORATES - NON-INVESTMENT GRADE – 51.7%
Industrial – 43.6%
Basic – 3.4%
Advanced Drainage Systems, Inc. 5.00%, 09/30/2027(a)	U.S.$	140	$	146,210
Alcoa Nederland Holding BV 4.125%, 03/31/2029(a)		229		237,243
6.125%, 05/15/2028(a)		289		315,443
Allegheny Technologies, Inc. 7.875%, 08/15/2023		258		283,999
Arconic Corp. 6.125%, 02/15/2028(a)		250		268,088
Ashland LLC 4.75%, 08/15/2022		48		49,595
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV 4.75%, 06/15/2027(a)		350		365,750
Big River Steel LLC/BRS Finance Corp. 6.625%, 01/31/2029(a)		1,403		1,549,350
CF Industries, Inc. 4.95%, 06/01/2043		1,626		1,918,486
5.375%, 03/15/2044		1,200		1,485,038
Cleveland-Cliffs, Inc. 4.625%, 03/01/2029(a)		297		312,381
4.875%, 03/01/2031(a)		199		209,079
5.875%, 06/01/2027		222		233,543
6.75%, 03/15/2026(a)		107		115,315
9.875%, 10/17/2025(a)		773		904,189
Crown Americas LLC/Crown Americas Capital Corp. VI 4.75%, 02/01/2026		751		779,258
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125%, 06/15/2028(a)		360		368,926
Element Solutions, Inc. 3.875%, 09/01/2028 (a)		993		1,012,908
ERP Iron Ore, LLC 9.039%, 12/31/2019(b) (c) (d) (e) (f)		240		204,246
FMG Resources (August 2006) Pty Ltd. 4.375%, 04/01/2031(a)		2,029		2,161,399
4.50%, 09/15/2027(a)		1,028		1,117,076
Freeport-McMoRan, Inc. 3.875%, 03/15/2023		215		224,086
4.375%, 08/01/2028		168		177,295
4.625%, 08/01/2030		203		222,157
5.00%, 09/01/2027		93		98,143
5.45%, 03/15/2043		694		848,459
Graham Packaging Co., Inc. 7.125%, 08/15/2028(a)		297		320,084
Grinding Media, Inc./Moly-Cop AltaSteel Ltd. 7.375%, 12/15/2023(a)		1,290		1,319,054
Hecla Mining Co. 7.25%, 02/15/2028		1,328		1,453,111	��

1

	Principal Amount (000)			U.S. $ Value
Illuminate Buyer LLC/Illuminate Holdings IV, Inc. 9.00%, 07/01/2028(a)		U.S.$	852	$	951,095
INEOS Quattro Finance 1 PLC 3.75%, 07/15/2026(a)		EUR	101		123,203
INEOS Quattro Finance 2 PLC 3.375%, 01/15/2026(a)		U.S.$	226		228,283
Ingevity Corp. 3.875%, 11/01/2028(a)			995		992,911
Intelligent Packaging Holdco Issuer LP 9.00% (9.00% Cash or 9.75% PIK), 01/15/2026(a) (f)			611		627,524
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC 6.00%, 09/15/2028(a)			1,444		1,506,504
Joseph T Ryerson & Son, Inc. 8.50%, 08/01/2028(a)			619		685,420
Kleopatra Finco SARL 4.25%, 03/01/2026(a)		EUR	1,061		1,263,331
Kraton Polymers LLC/Kraton Polymers Capital Corp. 5.25%, 05/15/2026(a)			846		1,030,852
LABL Escrow Issuer LLC 6.75%, 07/15/2026(a)		U.S.$	209		223,167
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018(b) (c) (d) (e) (g)			2,857		0
Mercer International, Inc. 5.125%, 02/01/2029(a)			1,033		1,062,397
Natural Resource Partners LP/NRP Finance Corp. 9.125%, 06/30/2025(a)			80		78,664
Nouryon Holding BV 6.50%, 10/01/2026(a)		EUR	1,181		1,466,215
Novelis Corp. 4.75%, 01/30/2030(a)		U.S.$	210		220,437
5.875%, 09/30/2026(a)			405		421,661
Olin Corp. 5.625%, 08/01/2029			487		536,459
Peabody Energy Corp. 8.50% (6.00% Cash and 2.50% PIK), 12/31/2024(a) (f)			191		143,574
PIC AU Holdings LLC/PIC AU Holdings Corp. 10.00%, 12/31/2024(a)			213		211,669
Rain CII Carbon LLC/CII Carbon Corp. 7.25%, 04/01/2025(a)			288		297,336
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 4.00%, 10/15/2027(a)			1,887		1,873,684
SpA Holdings 3 Oy 4.875%, 02/04/2028(a)			972		981,539

2

	Principal Amount (000)			U.S. $ Value
SPCM SA 4.875%, 09/15/2025(a)		U.S.$	975	$	998,745
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. 7.50%, 06/15/2025(a)			233		241,957
TPC Group, Inc. 10.50%, 08/01/2024(a)			223		209,443
United States Steel Corp. 6.25%, 03/15/2026			653		672,508
Valvoline, Inc. 4.25%, 02/15/2030(a)			1,707		1,763,000
WR Grace & Co.-Conn 4.875%, 06/15/2027(a)			413		437,739
5.625%, 10/01/2024(a)			386		428,074
					38,377,302
Capital Goods – 2.6%
ARD Finance SA 5.00% (5.00% Cash or 5.75% PIK), 06/30/2027(a) (f)		EUR	939		1,141,722
6.50% (6.50% Cash or 7.25% PIK), 06/30/2027(a) (f)		U.S.$	1,039		1,090,338
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 3.25%, 09/01/2028(a)			1,107		1,103,517
4.00%, 09/01/2029(a)			985		975,150
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 5.25%, 04/30/2025(a)			212		221,805
Ball Corp. 2.875%, 08/15/2030			225		220,664
Bombardier, Inc. 7.50%, 12/01/2024-03/15/2025(a)			2,404		2,480,208
7.875%, 04/15/2027(a)			386		400,144
Clean Harbors, Inc. 4.875%, 07/15/2027(a)			25		26,239
Cleaver-Brooks, Inc. 7.875%, 03/01/2023(a)			633		626,592
Colfax Corp. 6.375%, 02/15/2026(a)			157		165,992
Cornerstone Building Brands, Inc. 6.125%, 01/15/2029(a)			211		226,678
Energizer Holdings, Inc. 4.375%, 03/31/2029(a)			164		164,236
4.75%, 06/15/2028(a)			348		357,739
EnerSys 4.375%, 12/15/2027(a)			935		976,590
F-Brasile SpA/F-Brasile US LLC Series XR 7.375%, 08/15/2026(a)			957		983,824
FXI Holdings, Inc. 12.25%, 11/15/2026(a)			99		114,127

3

	Principal Amount (000)			U.S. $ Value
Gates Global LLC/Gates Corp. 6.25%, 01/15/2026(a)		U.S.$	1,205	$	1,262,256
GFL Environmental, Inc. 4.75%, 06/15/2029(a)			1,200		1,246,896
Granite US Holdings Corp. 11.00%, 10/01/2027(a)			507		564,730
Griffon Corp. 5.75%, 03/01/2028			1,487		1,578,718
JELD-WEN, Inc. 4.625%, 12/15/2025(a)			128		130,873
Madison IAQ LLC 5.875%, 06/30/2029(a)			1,095		1,114,232
Mauser Packaging Solutions Holding Co. 5.50%, 04/15/2024(a)			224		225,814
Moog, Inc. 4.25%, 12/15/2027(a)			373		386,169
Mueller Water Products, Inc. 4.00%, 06/15/2029(a)			491		504,743
Renk Ag Frankfurt 5.75%, 07/15/2025		EUR	444		546,157
Renk AG/Frankfurt am Main 5.75%, 07/15/2025(a)			384		472,626
Rolls-Royce PLC 3.625%, 10/14/2025(a)		U.S.$	223		226,320
Stevens Holding Co., Inc. 6.125%, 10/01/2026(a)			141		151,233
Summit Materials LLC/Summit Materials Finance Corp. 5.25%, 01/15/2029(a)			367		388,888
Tervita Corp. 11.00%, 12/01/2025(a)			1,658		1,855,137
TransDigm, Inc. 4.625%, 01/15/2029(a)			474		475,459
4.875%, 05/01/2029(a)			1,954		1,974,498
6.25%, 03/15/2026(a)			556		586,473
8.00%, 12/15/2025(a)			224		241,984
Triumph Group, Inc. 6.25%, 09/15/2024(a)			392		398,019
7.75%, 08/15/2025			428		440,522
8.875%, 06/01/2024(a)			600		670,417
Trivium Packaging Finance BV 3.75%, 08/15/2026(a)		EUR	100		120,280
5.50%, 08/15/2026(a)		U.S.$	227		238,403
Vertical Holdco GmbH 7.625%, 07/15/2028(a)			465		503,622
Vertical US Newco, Inc. 5.25%, 07/15/2027(a)			306		322,343
Wesco Distribution, Inc. 7.125%, 06/15/2025(a)			188		203,188
7.25%, 06/15/2028(a)			532		592,424
					28,697,989

4

	Principal Amount (000)			U.S. $ Value
Communications - Media – 5.3%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028(a)		U.S.$	1,332	$	1,408,209
Altice Financing SA 7.50%, 05/15/2026(a)			1,782		1,853,118
AMC Networks, Inc. 4.25%, 02/15/2029			1,665		1,682,210
4.75%, 08/01/2025			218		223,766
5.00%, 04/01/2024			88		89,359
Arches Buyer, Inc. 6.125%, 12/01/2028(a)			446		461,014
Banijay Entertainment SASU 3.50%, 03/01/2025(a)		EUR	210		251,550
5.375%, 03/01/2025(a)		U.S.$	2,124		2,197,603
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030-06/01/2033(a)			7,629		7,898,522
4.75%, 03/01/2030(a)			211		222,960
5.00%, 02/01/2028(a)			212		222,444
5.125%, 05/01/2027(a)			551		577,856
5.375%, 06/01/2029(a)			206		225,106
5.75%, 02/15/2026(a)			177		182,948
Clear Channel Worldwide Holdings, Inc. 5.125%, 08/15/2027(a)			908		928,859
CSC Holdings LLC 3.375%, 02/15/2031(a)			231		218,216
4.125%, 12/01/2030(a)			217		216,269
4.50%, 11/15/2031(a)			981		987,533
5.00%, 11/15/2031(a)			588		591,142
5.375%, 02/01/2028(a)			1,502		1,587,518
5.75%, 01/15/2030(a)			393		408,840
7.50%, 04/01/2028(a)			941		1,030,587
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375%, 08/15/2026(a)			331		214,468
6.625%, 08/15/2027(a)			369		180,982
DISH DBS Corp. 5.00%, 03/15/2023			240		251,533
5.125%, 06/01/2029(a)			2,162		2,136,814
5.875%, 11/15/2024			2,398		2,575,232
7.375%, 07/01/2028			165		177,597
7.75%, 07/01/2026			244		276,203
Gray Television, Inc. 7.00%, 05/15/2027(a)			204		221,472
iHeartCommunications, Inc. 4.75%, 01/15/2028(a)			60		61,843
5.25%, 08/15/2027(a)			285		298,314
6.375%, 05/01/2026			207		220,650
8.375%, 05/01/2027			202		216,612
Lamar Media Corp. 4.875%, 01/15/2029			147		155,077
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027(a)			2,489		2,678,214

5

	Principal Amount (000)			U.S. $ Value
Liberty Interactive LLC 3.75%, 02/15/2030(h)		U.S.$	874	$	659,744
MDC Partners, Inc. 7.50%, 05/01/2024(a)			112		113,598
Meredith Corp. 6.875%, 02/01/2026			2,149		2,239,878
National CineMedia LLC 5.875%, 04/15/2028(a)			623		611,981
Netflix, Inc. 4.875%, 04/15/2028			247		287,082
Nexstar Broadcasting, Inc. 4.75%, 11/01/2028(a)			172		176,808
Outfront Media Capital LLC/Outfront Media Capital Corp. 4.25%, 01/15/2029(a)			137		137,743
4.625%, 03/15/2030(a)			746		756,246
Scripps Escrow II, Inc. 5.375%, 01/15/2031(a)			445		443,809
Scripps Escrow, Inc. 5.875%, 07/15/2027(a)			639		661,641
Sinclair Television Group, Inc. 4.125%, 12/01/2030(a)			1,425		1,401,472
5.50%, 03/01/2030(a)			926		943,431
Sirius XM Radio, Inc. 3.875%, 08/01/2022(a)			221		221,358
4.00%, 07/15/2028(a)			6,510		6,716,692
4.125%, 07/01/2030(a)			56		56,653
4.625%, 07/15/2024(a)			216		221,783
5.50%, 07/01/2029(a)			204		222,256
Summer BC Holdco B SARL 5.75%, 10/31/2026(a)		EUR	1,395		1,731,583
TEGNA, Inc. 4.625%, 03/15/2028		U.S.$	136		141,089
4.75%, 03/15/2026(a)			346		368,640
5.00%, 09/15/2029			830		868,859
5.50%, 09/15/2024(a)			68		69,224
Telenet Finance Luxembourg Notes SARL 5.50%, 03/01/2028(a)			200		209,756
Univision Communications, Inc. 4.50%, 05/01/2029(a)			623		627,683
6.625%, 06/01/2027(a)			1,593		1,726,069
9.50%, 05/01/2025(a)			309		340,789
UPC Holding BV 5.50%, 01/15/2028(a)			223		233,792
Urban One, Inc. 7.375%, 02/01/2028(a)			2,347		2,535,081
Virgin Media Secured Finance PLC 4.50%, 08/15/2030(a)			992		999,745
Ziggo Bond Co. BV 5.125%, 02/28/2030(a)			299		305,851
6.00%, 01/15/2027(a)			224		233,954
Ziggo BV 5.50%, 01/15/2027(a)			224		233,001
					59,627,931

6

	Principal Amount (000)			U.S. $ Value
Communications - Telecommunications – 3.6%
Altice France SA/France 5.125%, 07/15/2029(a)	U.S.$		6,254	$	6,277,602
8.125%, 02/01/2027(a)			465		506,274
CenturyLink, Inc. Series P 7.60%, 09/15/2039			155		176,140
Connect Finco SARL/Connect US Finco LLC 6.75%, 10/01/2026(a)			1,754		1,854,855
Consolidated Communications, Inc. 5.00%, 10/01/2028(a)			795		805,711
6.50%, 10/01/2028(a)			1,916		2,058,305
DKT Finance ApS 7.00%, 06/17/2023(a)		EUR	506		610,489
9.375%, 06/17/2023(a)		U.S.$	895		916,322
Embarq Corp. 7.995%, 06/01/2036			3,497		3,963,898
Frontier Communications Holdings LLC 6.75%, 05/01/2029(a)			321		341,522
Hughes Satellite Systems Corp. 6.625%, 08/01/2026			730		818,189
Intelsat Jackson Holdings SA 5.50%, 08/01/2023 (c) (i)			1,675		963,923
Intrado Corp. 8.50%, 10/15/2025(a)			748		730,764
Level 3 Financing, Inc. 5.25%, 03/15/2026			164		169,081
Ligado Networks LLC 15.50%, 11/01/2023(a) (f)			258		254,891
Lumen Technologies, Inc. 4.50%, 01/15/2029(a)			1,007		980,684
Series T 5.80%, 03/15/2022			78		80,334
Lumen Technologies, Inc. 5.125%, 12/15/2026(a)			214		222,341
5.375%, 06/15/2029(a)			169		171,753
Sprint Capital Corp. 8.75%, 03/15/2032			83		126,121
Switch Ltd. 4.125%, 06/15/2029(a)			1,180		1,209,672
T-Mobile USA, Inc. 2.625%, 02/15/2029			973		961,133
2.875%, 02/15/2031			117		116,034
3.375%, 04/15/2029			500		517,026
3.375%, 04/15/2029(a)			2,454		2,535,360
3.50%, 04/15/2031			1,338		1,382,659
3.50%, 04/15/2031(a)			2,454		2,532,527
4.75%, 02/01/2028			39		41,764

7

	Principal Amount (000)		U.S. $ Value
Telecom Italia Capital SA 6.00%, 09/30/2034	U.S.$	138	$	159,864
7.20%, 07/18/2036		483		623,578
7.721%, 06/04/2038		1,784		2,430,597
Telesat Canada/Telesat LLC 5.625%, 12/06/2026(a)		124		124,420
6.50%, 10/15/2027(a)		132		125,769
Vmed O2 UK Financing I PLC 4.25%, 01/31/2031(a)		530		521,346
4.75%, 07/15/2031(a)		2,239		2,272,490
Windstream Escrow LLC/Windstream Escrow Finance Corp. 7.75%, 08/15/2028(a)		223		230,831
Zayo Group Holdings, Inc. 6.125%, 03/01/2028(a)		2,472		2,524,113
				40,338,382
Consumer Cyclical - Automotive – 2.5%
Adient Global Holdings Ltd. 4.875%, 08/15/2026(a)		200		205,846
Adient US LLC 9.00%, 04/15/2025(a)		989		1,088,336
Allison Transmission, Inc. 3.75%, 01/30/2031(a)		221		216,854
5.875%, 06/01/2029(a)		489		537,230
American Axle & Manufacturing, Inc. 6.25%, 04/01/2025		274		283,410
Aston Martin Capital Holdings Ltd. 10.50%, 11/30/2025(a)		1,095		1,219,862
15.00% (8.89% Cash and 6.11% PIK), 11/30/2026(a) (f)		1,905		2,130,102
Clarios Global LP/Clarios US Finance Co. 6.25%, 05/15/2026(a)		188		200,234
Dana Financing Luxembourg SARL 5.75%, 04/15/2025(a)		109		112,456
Dana, Inc. 4.25%, 09/01/2030		760		781,620
5.375%, 11/15/2027		109		115,957
5.625%, 06/15/2028		182		196,630
Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028(a)		1,116		1,202,340
Exide Technologies (Exchange Priority) 11.00%, 10/31/2024(b) (c) (e) (g)		2,940		0
(First Lien) 11.00%, 10/31/2024(b) (c) (e) (g)		1,207		0
Ford Motor Co. 5.291%, 12/08/2046		219		244,599
8.50%, 04/21/2023		1,891		2,110,261
9.00%, 04/22/2025		720		887,231
9.625%, 04/22/2030		49		70,238
Ford Motor Credit Co. LLC 3.35%, 11/01/2022		221		226,400
3.37%, 11/17/2023		220		228,214
3.81%, 01/09/2024		200		209,017

8

	Principal Amount (000)			U.S. $ Value
4.14%, 02/15/2023		U.S.$	217	$	224,800
4.271%, 01/09/2027			215		230,288
4.687%, 06/09/2025			200		216,423
5.584%, 03/18/2024			207		226,718
Goodyear Tire & Rubber Co. (The) 4.875%, 03/15/2027			222		235,469
5.00%, 07/15/2029(a)			765		799,498
5.25%, 04/30/2031			176		184,477
5.25%, 07/15/2031(a)			830		865,431
IHO Verwaltungs GmbH 3.625% (3.625% Cash or 4.375% PIK), 05/15/2025(a) (f)		EUR	284		342,101
3.875% (3.875% Cash or 4.625% PIK), 05/15/2027(a) (f)			338		412,984
4.75% (4.75% Cash or 5.50% PIK), 09/15/2026(a) (f)		U.S.$	200		205,255
Jaguar Land Rover Automotive PLC 4.50%, 10/01/2027(a)			239		235,306
5.875%, 11/15/2024(a)		EUR	269		350,838
5.875%, 01/15/2028(a)		U.S.$	1,495		1,572,624
7.75%, 10/15/2025(a)			1,207		1,324,773
Meritor, Inc. 4.50%, 12/15/2028(a)			1,539		1,559,322
6.25%, 06/01/2025(a)			409		435,374
Navistar International Corp. 6.625%, 11/01/2025(a)			18		18,596
9.50%, 05/01/2025(a)			103		110,339
PM General Purchaser LLC 9.50%, 10/01/2028(a)			1,250		1,316,662
Real Hero Merger Sub 2, Inc. 6.25%, 02/01/2029(a)			480		497,831
Tenneco, Inc. 5.00%, 07/15/2026			1,693		1,684,393
7.875%, 01/15/2029(a)			901		1,017,448
Titan International, Inc. 7.00%, 04/30/2028(a)			1,465		1,529,152
ZF North America Capital, Inc. 4.75%, 04/29/2025(a)			721		779,523
					28,642,462
Consumer Cyclical - Entertainment – 2.5%
Boyne USA, Inc. 4.75%, 05/15/2029(a)			440		455,739
Carnival Corp. 5.75%, 03/01/2027(a)			958		1,001,110
9.875%, 08/01/2027(a)			661		771,717
10.125%, 02/01/2026(a)		EUR	621		858,180
11.50%, 04/01/2023(a)		U.S.$	1,470		1,659,856
Carnival PLC 1.00%, 10/28/2029		EUR	202		196,444

9

	Principal Amount (000)		U.S. $ Value
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.50%, 05/01/2025(a)	U.S.$	2,191	$	2,290,914
Cinemark USA, Inc. 5.25%, 07/15/2028(a)		492		504,524
Everi Holdings, Inc. 5.00%, 07/15/2029		240		240,000
Mattel, Inc. 3.375%, 04/01/2026(a)		1,152		1,194,264
3.75%, 04/01/2029(a)		1,637		1,701,942
5.875%, 12/15/2027(a)		578		630,179
6.75%, 12/31/2025(a)		22		23,114
NCL Corp., Ltd. 5.875%, 03/15/2026(a)		2,055		2,152,656
Royal Caribbean Cruises Ltd. 5.50%, 04/01/2028(a)		4,425		4,623,240
10.875%, 06/01/2023(a)		1,315		1,489,237
11.50%, 06/01/2025(a)		2,482		2,855,045
SeaWorld Parks & Entertainment, Inc. 8.75%, 05/01/2025(a)		991		1,073,911
9.50%, 08/01/2025(a)		855		920,101
Six Flags Theme Parks, Inc. 7.00%, 07/01/2025(a)		419		451,556
Vail Resorts, Inc. 6.25%, 05/15/2025(a)		302		323,177
Viking Cruises Ltd. 5.875%, 09/15/2027(a)		791		781,441
7.00%, 02/15/2029(a)		364		379,906
13.00%, 05/15/2025(a)		65		76,443
VOC Escrow Ltd. 5.00%, 02/15/2028(a)		1,061		1,074,834
				27,729,530
Consumer Cyclical - Other – 2.7%
Adams Homes, Inc. 7.50%, 02/15/2025(a)		800		838,759
Bally’s Corp. 6.75%, 06/01/2027(a)		1,095		1,167,582
Beazer Homes USA, Inc. 6.75%, 03/15/2025		1,228		1,268,563
Brookfield Residential Properties, Inc./Brookfield Residential US LLC 4.875%, 02/15/2030(a)		1,097		1,088,580
5.00%, 06/15/2029(a)		195		196,801
6.25%, 09/15/2027(a)		995		1,053,537
Builders FirstSource, Inc. 6.75%, 06/01/2027(a)		186		199,672
Caesars Entertainment, Inc. 6.25%, 07/01/2025(a)		1,201		1,273,928
Churchill Downs, Inc. 4.75%, 01/15/2028(a)		839		868,301

10

	Principal Amount (000)		U.S. $ Value
CP Atlas Buyer, Inc. 7.00%, 12/01/2028(a)	U.S.$	553	$	573,030
Diamond Resorts International, Inc. 7.75%, 09/01/2023(a)		219		225,464
Empire Communities Corp. 7.00%, 12/15/2025(a)		303		319,348
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, 11/15/2025(a)		1,969		2,079,119
Forestar Group, Inc. 3.85%, 05/15/2026(a)		586		592,152
Forterra Finance LLC/FRTA Finance Corp. 6.50%, 07/15/2025(a)		284		306,348
Hilton Domestic Operating Co., Inc. 3.625%, 02/15/2032(a)		1,025		1,012,464
5.375%, 05/01/2025(a)		229		241,192
5.75%, 05/01/2028(a)		246		266,150
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc 4.875%, 07/01/2031(a)		695		693,747
5.00%, 06/01/2029(a)		709		723,882
Installed Building Products, Inc. 5.75%, 02/01/2028(a)		291		306,299
International Game Technology PLC 4.125%, 04/15/2026(a)		1,581		1,651,755
K. Hovnanian Enterprises, Inc. 10.00%, 07/15/2022(a)		352		354,999
KB Home 7.50%, 09/15/2022		494		530,625
Marriott Ownership Resorts, Inc. 6.125%, 09/15/2025(a)		895		951,495
Marriott Ownership Resorts, Inc./ILG LLC 6.50%, 09/15/2026		1,250		1,300,601
Mattamy Group Corp. 4.625%, 03/01/2030(a)		224		229,243
5.25%, 12/15/2027(a)		312		327,158
MGM Resorts International 4.75%, 10/15/2028		52		55,281
5.75%, 06/15/2025		30		33,082
Mohegan Gaming & Entertainment 8.00%, 02/01/2026(a)		128		133,712
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance In 8.50%, 11/15/2027(a)		122		130,930
Picasso Finance Sub, Inc. 6.125%, 06/15/2025(a)		172		182,103
Scientific Games International, Inc. 5.00%, 10/15/2025(a)		426		439,761
7.00%, 05/15/2028(a)		172		187,905

11

	Principal Amount (000)			U.S. $ Value
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 02/15/2028-04/01/2029(a)		U.S.$	1,460	$	1,498,670
Stars Group Holdings BV/Stars Group US Co-Borrower LLC 7.00%, 07/15/2026(a)			241		249,977
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875%, 05/15/2025(a)			1,785		1,762,689
Taylor Morrison Communities, Inc. 5.75%, 01/15/2028(a)			510		575,623
5.875%, 06/15/2027(a)			628		711,817
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc. 5.875%, 04/15/2023(a)			875		931,875
Travel + Leisure Co. 4.625%, 03/01/2030(a)			839		866,064
6.625%, 07/31/2026(a)			637		721,478
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 4.25%, 05/30/2023(a)			120		123,694
5.25%, 05/15/2027(a)			45		48,324
5.50%, 03/01/2025(a)			736		792,127
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, 10/01/2029(a)			279		295,267
					30,381,173
Consumer Cyclical - Restaurants – 0.6%
1011778 BC ULC/New Red Finance, Inc. 4.00%, 10/15/2030(a)			2,061		1,994,375
1011778 BC ULC/New Red Finance, Inc. 3.50%, 02/15/2029(a)			224		221,409
3.875%, 01/15/2028(a)			1,506		1,524,825
4.375%, 01/15/2028(a)			520		527,737
IRB Holding Corp. 6.75%, 02/15/2026(a)			453		469,209
Yum! Brands, Inc. 3.625%, 03/15/2031			223		222,799
4.625%, 01/31/2032			1,952		2,051,360
4.75%, 01/15/2030(a)			207		223,968
					7,235,682
Consumer Cyclical - Retailers – 2.2%
BCPE Ulysses Intermediate, Inc. 7.75% (7.75% Cash or 8.50% PIK), 04/01/2027(a) (f)			518		531,530
Bed Bath & Beyond, Inc. 5.165%, 08/01/2044			263		244,402
Dufry One BV 2.50%, 10/15/2024(a)		EUR	1,260		1,487,867

12

	Principal Amount (000)		U.S. $ Value
eG Global Finance PLC 6.75%, 02/07/2025(a)	U.S.$	218	$	225,259
FirstCash, Inc. 4.625%, 09/01/2028(a)		262		273,911
Foundation Building Materials, Inc. 6.00%, 03/01/2029(a)		246		243,805
Hanesbrands, Inc. 4.625%, 05/15/2024(a)		213		226,390
4.875%, 05/15/2026(a)		208		224,678
5.375%, 05/15/2025(a)		57		60,327
L Brands, Inc. 5.25%, 02/01/2028		11		12,336
6.75%, 07/01/2036		322		403,769
6.875%, 11/01/2035		743		941,698
7.50%, 06/15/2029		107		125,995
7.60%, 07/15/2037		261		329,673
9.375%, 07/01/2025(a)		272		351,367
LBM Acquisition LLC 6.25%, 01/15/2029(a)		222		223,682
Levi Strauss & Co. 3.50%, 03/01/2031(a)		602		599,988
5.00%, 05/01/2025		90		91,890
Lithia Motors, Inc. 4.375%, 01/15/2031(a)		210		224,966
Macy’s Retail Holdings LLC 2.875%, 02/15/2023		123		123,994
3.625%, 06/01/2024		57		58,458
5.875%, 04/01/2029(a)		75		80,615
Magic Mergeco, Inc. 5.25%, 05/01/2028(a)		1,417		1,454,933
7.875%, 05/01/2029(a)		1,248		1,285,926
Murphy Oil USA, Inc. 5.625%, 05/01/2027		69		72,949
NMG Holding Co., Inc./Neiman Marcus Group LLC 7.125%, 04/01/2026(a)		433		462,200
Party City Holdings, Inc. 8.75%, 02/15/2026(a)		126		134,855
Penske Automotive Group, Inc. 3.50%, 09/01/2025		795		823,371
PetSmart, Inc./PetSmart Finance Corp. 4.75%, 02/15/2028(a)		625		649,028
7.75%, 02/15/2029(a)		1,219		1,344,504
Rite Aid Corp. 7.50%, 07/01/2025(a)		1,382		1,402,503
8.00%, 11/15/2026(a)		214		217,219
Sonic Automotive, Inc. 6.125%, 03/15/2027		817		857,243
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.375%, 09/30/2026(a)		1,953		2,047,846
SRS Distribution, Inc. 6.125%, 07/01/2029(a)		329		339,370

13

	Principal Amount (000)		U.S. $ Value
Staples, Inc. 7.50%, 04/15/2026(a)	U.S.$	842	$	872,401
10.75%, 04/15/2027(a)		1,480		1,509,569
TPro Acquisition Corp. 11.00%, 10/15/2024(a)		1,062		1,163,243
White Cap Buyer LLC 6.875%, 10/15/2028(a)		1,613		1,720,694
White Cap Parent LLC 8.25%, 03/15/2026(a) (f)		329		340,403
William Carter Co. (The) 5.50%, 05/15/2025(a)		438		463,078
				24,247,935
Consumer Non-Cyclical – 5.0%
Acadia Healthcare Co., Inc. 5.50%, 07/01/2028(a)		881		942,882
AdaptHealth LLC 4.625%, 08/01/2029(a)		1,369		1,387,169
6.125%, 08/01/2028(a)		288		306,630
AHP Health Partners, Inc. 5.75%, 07/15/2029(a)		988		1,002,200
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 4.625%, 01/15/2027(a)		615		642,988
4.875%, 02/15/2030(a)		200		213,295
5.75%, 03/15/2025		113		115,754
5.875%, 02/15/2028(a)		99		106,665
7.50%, 03/15/2026(a)		201		220,446
Avantor Funding, Inc. 4.625%, 07/15/2028(a)		212		223,736
B&G Foods, Inc. 5.25%, 04/01/2025		217		223,111
Bausch Health Americas, Inc. 8.50%, 01/31/2027(a)		543		590,195
Bausch Health Cos., Inc. 4.875%, 06/01/2028(a)		3,183		3,255,127
5.00%, 02/15/2029(a)		177		165,001
5.25%, 01/30/2030-02/15/2031(a)		172		160,486
6.125%, 04/15/2025(a)		493		505,165
6.25%, 02/15/2029(a)		116		114,714
7.25%, 05/30/2029(a)		365		374,023
CD&R Smokey Buyer, Inc. 6.75%, 07/15/2025(a)		72		77,140
Charles River Laboratories International, Inc. 3.75%, 03/15/2029(a)		932		944,328
4.00%, 03/15/2031(a)		731		759,523
4.25%, 05/01/2028(a)		213		220,578
CHS/Community Health Systems, Inc. 4.75%, 02/15/2031(a)		693		695,502
5.625%, 03/15/2027(a)		631		673,350
6.00%, 01/15/2029(a)		383		409,943

14

	Principal Amount (000)			U.S. $ Value
6.125%, 04/01/2030(a)		U.S.$	3,702	$	3,757,470
6.625%, 02/15/2025(a)			215		227,246
6.875%, 04/01/2028-04/15/2029(a)			2,114		2,184,710
Cidron Aida Finco SARL 5.00%, 04/01/2028(a)		EUR	236		283,749
DaVita, Inc. 3.75%, 02/15/2031(a)		U.S.$	1,000		960,121
4.625%, 06/01/2030(a)			1,921		1,976,669
Edgewell Personal Care Co. 5.50%, 06/01/2028(a)			209		221,684
Elanco Animal Health, Inc. 5.90%, 08/28/2028			190		222,454
Emergent BioSolutions, Inc. 3.875%, 08/15/2028(a)			1,516		1,486,067
Encompass Health Corp. 4.50%, 02/01/2028			213		220,988
4.75%, 02/01/2030			211		224,447
Endo Dac/Endo Finance LLC/Endo Finco, Inc. 6.00%, 06/30/2028(a)			310		208,849
9.50%, 07/31/2027(a)			812		828,240
Endo Luxembourg Finance Co. I SARL/Endo US, Inc. 6.125%, 04/01/2029(a)			514		504,215
Global Medical Response, Inc. 6.50%, 10/01/2025(a)			495		508,771
IQVIA, Inc. 2.25%, 03/15/2029(a)		EUR	862		1,021,224
5.00%, 10/15/2026-05/15/2027(a)		U.S.$	427		444,443
Jazz Securities DAC 4.375%, 01/15/2029(a)			1,142		1,184,492
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. 7.00%, 12/31/2027(a)			2,451		2,459,106
Lamb Weston Holdings, Inc. 4.625%, 11/01/2024(a)			407		420,969
4.875%, 11/01/2026(a)			216		223,289
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 5.50%, 04/15/2025(a) (c) (i)			125		86,913
5.625%, 10/15/2023(a) (c) (i)			311		215,455
ModivCare, Inc. 5.875%, 11/15/2025(a)			188		201,155
Newell Brands, Inc. 4.70%, 04/01/2026			687		765,948
4.875%, 06/01/2025			170		188,359
Organon & Co./Organon Foreign Debt Co-Issuer BV 5.125%, 04/30/2031(a)			2,234		2,301,243
Par Pharmaceutical, Inc. 7.50%, 04/01/2027(a)			949		970,483
Paysafe Finance PLC/Paysafe Holdings US Corp. 4.00%, 06/15/2029(a)			990		976,798

15

	Principal Amount (000)			U.S. $ Value
Post Holdings, Inc. 4.50%, 09/15/2031(a)		U.S.$	1,870	$	1,866,487
4.625%, 04/15/2030(a)			821		835,556
5.50%, 12/15/2029(a)			205		219,408
5.625%, 01/15/2028(a)			798		847,863
Primo Water Holdings, Inc. 4.375%, 04/30/2029(a)			1,471		1,471,293
Radiology Partners, Inc. 9.25%, 02/01/2028(a)			1,599		1,772,118
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. 9.75%, 12/01/2026(a)			775		834,768
RP Escrow Issuer LLC 5.25%, 12/15/2025(a)			399		416,773
Select Medical Corp. 6.25%, 08/15/2026(a)			159		169,374
Spectrum Brands, Inc. 3.875%, 03/15/2031(a)			1,369		1,344,857
4.00%, 10/01/2026(a)		EUR	530		641,802
Sunshine Mid BV 6.50%, 05/15/2026(a)			823		1,009,759
Teleflex, Inc. 4.25%, 06/01/2028(a)		U.S.$	212		221,025
Tenet Healthcare Corp. 4.625%, 07/15/2024			103		104,509
4.625%, 09/01/2024(a)			181		185,750
6.125%, 10/01/2028(a)			505		537,351
7.50%, 04/01/2025(a)			205		221,165
Triton Water Holdings, Inc. 6.25%, 04/01/2029(a)			696		700,821
US Acute Care Solutions LLC 6.375%, 03/01/2026(a)			269		278,034
US Foods, Inc. 4.75%, 02/15/2029(a)			2,051		2,091,917
US Renal Care, Inc. 10.625%, 07/15/2027(a)			791		829,043
Vector Group Ltd. 5.75%, 02/01/2029(a)			119		121,385
Vizient, Inc. 6.25%, 05/15/2027(a)			222		234,452
WASH Multifamily Acquisition, Inc. 5.75%, 04/15/2026(a)			260		271,513
					56,832,531
Energy – 6.9%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375%, 06/15/2029(a)			72		75,191
7.875%, 05/15/2026(a)			189		211,206
Antero Resources Corp. 7.625%, 02/01/2029(a)			320		355,816
8.375%, 07/15/2026(a)			887		1,008,687

16

	Principal Amount (000)		U.S. $ Value
Apache Corp. 4.25%, 01/15/2044	U.S.$	60	$	58,929
4.875%, 11/15/2027		171		185,395
Ascent Resources Utica Holdings LLC/ARU Finance Corp. 7.00%, 11/01/2026(a)		142		148,149
Baytex Energy Corp. 8.75%, 04/01/2027(a)		133		134,336
Berry Petroleum Co. LLC 7.00%, 02/15/2026(a)		471		478,899
Blue Racer Midstream LLC/Blue Racer Finance Corp. 6.625%, 07/15/2026(a)		284		296,864
7.625%, 12/15/2025(a)		472		511,332
Bonanza Creek Energy, Inc. 7.50%, 04/30/2026		36		36,884
Callon Petroleum Co. 6.25%, 04/15/2023		296		296,425
8.25%, 07/15/2025		301		300,520
Callon Petroleum, Co. 9.00%, 04/01/2025(a)		1,361		1,483,377
Calumet Specialty Products Partners LP/Calumet Finance Corp. 11.00%, 04/15/2025(a)		223		243,106
Cheniere Energy Partners LP 4.50%, 10/01/2029		603		648,260
Citgo Holding, Inc. 9.25%, 08/01/2024(a)		478		487,613
CITGO Petroleum Corp. 6.375%, 06/15/2026(a)		471		490,403
7.00%, 06/15/2025(a)		1,781		1,855,058
CNX Resources Corp. 6.00%, 01/15/2029(a)		903		976,211
7.25%, 03/14/2027(a)		218		233,743
Comstock Resources, Inc. 5.875%, 01/15/2030(a)		895		913,853
6.75%, 03/01/2029(a)		794		845,725
7.50%, 05/15/2025(a)		348		361,208
CQP Holdco LP/BIP-V Chinook Holdco LLC 5.50%, 06/15/2031(a)		1,467		1,528,404
CVR Energy, Inc. 5.25%, 02/15/2025(a)		246		246,058
DCP Midstream LLC 5.85%, 05/21/2043(a)		257		238,404
DCP Midstream Operating LP 5.125%, 05/15/2029		53		58,600
5.375%, 07/15/2025		206		229,424
5.625%, 07/15/2027		86		97,988
Diamond Foreign Asset Co./Diamond Finance LLC 13.00% (9.00% Cash or 13.00 % PIK), 04/22/2027(a) (b) (f)		90		89,167
13.00% (9.00% Cash or 13.00 % PIK), 04/22/2027(b) (f)		79		78,295

17

	Principal Amount (000)		U.S. $ Value
Encino Acquisition Partners Holdings LLC 8.50%, 05/01/2028(a)	U.S.$	1,824	$	1,861,545
Endeavor Energy Resources LP/EER Finance, Inc. 5.50%, 01/30/2026(a)		218		226,352
EnLink Midstream LLC 5.625%, 01/15/2028(a)		1,162		1,231,891
EnLink Midstream Partners LP 4.40%, 04/01/2024		127		133,361
5.05%, 04/01/2045		807		694,037
5.45%, 06/01/2047		602		534,350
5.60%, 04/01/2044		104		94,309
Series C 6.00%, 12/15/2022(j)		2,734		2,112,213
EQM Midstream Partners LP 4.50%, 01/15/2029(a)		742		755,055
4.75%, 01/15/2031(a)		707		728,518
6.50%, 07/15/2048		197		210,298
EQT Corp. 3.90%, 10/01/2027		291		311,796
7.625%, 02/01/2025		72		83,914
8.50%, 02/01/2030		180		234,208
Genesis Energy LP/Genesis Energy Finance Corp. 5.625%, 06/15/2024		412		412,636
6.25%, 05/15/2026		222		222,326
6.50%, 10/01/2025		650		657,575
7.75%, 02/01/2028		899		929,204
8.00%, 01/15/2027		1,137		1,194,762
Global Partners LP/GLP Finance Corp. 6.875%, 01/15/2029		439		470,837
7.00%, 08/01/2027		485		514,605
Gulfport Energy Corp. 6.00%, 10/15/2024(c)		589		22,088
6.375%, 05/15/2025-01/15/2026(c)		3,257		122,137
6.625%, 05/01/2023(c)		161		6,038
Gulfport Energy Operating Corp. 8.00%, 05/17/2026(a)		1,173		1,260,933
Harvest Midstream I LP 7.50%, 09/01/2028(a)		49		53,293
Hess Midstream Operations LP 5.125%, 06/15/2028(a)		108		113,271
5.625%, 02/15/2026(a)		1,707		1,779,287
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 02/01/2029(a)		420		437,847
6.00%, 02/01/2031(a)		420		445,033
6.25%, 11/01/2028(a)		220		233,775
Independence Energy Finance LLC 7.25%, 05/01/2026(a)		1,479		1,559,215
Indigo Natural Resources LLC 5.375%, 02/01/2029(a)		758		794,856

18

	Principal Amount (000)		U.S. $ Value
Ithaca Energy North Sea PLC 9.375%, 07/15/2024(a)	U.S.$	679	$	702,784
ITT Holdings LLC 6.50%, 08/01/2029(a)		2,502		2,549,076
KLX Energy Services Holdings, Inc. 11.50%, 11/01/2025(a)		123		83,104
Laredo Petroleum, Inc. 9.50%, 01/15/2025		266		280,396
Matador Resources Co. 5.875%, 09/15/2026		240		247,208
MEG Energy Corp. 7.125%, 02/01/2027(a)		218		232,639
Moss Creek Resources Holdings, Inc. 7.50%, 01/15/2026(a)		1,638		1,528,183
Murphy Oil Corp. 5.75%, 08/15/2025		227		233,486
5.875%, 12/01/2027		233		243,048
6.375%, 07/15/2028		53		55,917
Nabors Industries Ltd. 7.25%, 01/15/2026(a)		533		522,455
7.50%, 01/15/2028(a)		2,085		2,012,349
Neptune Energy Bondco PLC 6.625%, 05/15/2025(a)		200		205,095
New Fortress Energy, Inc. 6.50%, 09/30/2026(a)		113		115,216
6.75%, 09/15/2025(a)		1,850		1,895,301
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.50%, 02/01/2026(a)		2,003		2,103,371
NGL Energy Partners LP/NGL Energy Finance Corp. 7.50%, 11/01/2023		1,291		1,271,862
Occidental Petroleum Corp. 2.70%, 02/15/2023		665		679,831
2.90%, 08/15/2024		491		502,061
3.40%, 04/15/2026		109		111,489
3.50%, 06/15/2025		599		612,709
5.50%, 12/01/2025		158		174,580
5.875%, 09/01/2025		245		272,804
6.125%, 01/01/2031		365		429,185
6.375%, 09/01/2028		215		250,259
6.45%, 09/15/2036		221		264,091
6.60%, 03/15/2046		90		106,882
6.625%, 09/01/2030		210		252,600
7.50%, 05/01/2031		203		255,941
8.00%, 07/15/2025		387		464,145
8.50%, 07/15/2027		184		231,503
8.875%, 07/15/2030		184		246,299
PBF Holding Co. LLC/PBF Finance Corp. 6.00%, 02/15/2028		81		53,769
7.25%, 06/15/2025		326		247,454
9.25%, 05/15/2025(a)		1,753		1,766,158
PDC Energy, Inc. 5.75%, 05/15/2026		2,013		2,103,367
6.125%, 09/15/2024		1,185		1,211,611

19

	Principal Amount (000)		U.S. $ Value
Range Resources Corp. 4.875%, 05/15/2025	U.S.$	97	$	100,714
5.00%, 03/15/2023		139		144,626
8.25%, 01/15/2029(a)		624		703,571
Renewable Energy Group, Inc. 5.875%, 06/01/2028(a)		573		601,697
Rockies Express Pipeline LLC 6.875%, 04/15/2040(a)		230		244,769
SM Energy Co. 5.625%, 06/01/2025		991		981,256
6.50%, 07/15/2028		171		175,723
Southwestern Energy Co. 6.45%, 01/23/2025		216		238,212
7.50%, 04/01/2026		213		225,413
8.375%, 09/15/2028		429		484,795
Sunoco LP/Sunoco Finance Corp. 4.50%, 05/15/2029(a)		114		116,344
5.50%, 02/15/2026		79		81,402
5.875%, 03/15/2028		964		1,024,423
6.00%, 04/15/2027		152		159,457
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 5.50%, 09/15/2024(a)		112		113,836
Talos Production, Inc. 12.00%, 01/15/2026		1,533		1,626,689
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.00%, 01/15/2032(a)		1,480		1,523,250
5.50%, 03/01/2030		198		217,665
5.875%, 04/15/2026		212		222,433
TechnipFMC PLC 6.50%, 02/01/2026(a)		132		142,439
TerraForm Power Operating LLC 4.75%, 01/15/2030(a)		207		212,606
Transocean Guardian Ltd. 5.875%, 01/15/2024(a)		145		141,194
Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024(a)		1,192		1,234,883
Transocean Pontus Ltd. 6.125%, 08/01/2025(a)		202		204,208
Transocean Poseidon Ltd. 6.875%, 02/01/2027(a)		253		254,260
Transocean, Inc. 7.25%, 11/01/2025(a)		359		312,078
7.50%, 01/15/2026(a)		762		655,079
11.50%, 01/30/2027(a)		445		475,615
USA Compression Partners LP/USA Compression Finance Corp. 6.875%, 09/01/2027		263		281,000
Vantage Drilling International 7.125%, 04/01/2023(b) (c) (e)		1,283		0
7.50%, 11/01/2019(b) (c) (d) (e)		2,176		0
W&T Offshore, Inc. 9.75%, 11/01/2023(a)		1,099		1,065,814

20

	Principal Amount (000)		U.S. $ Value
Weatherford International Ltd. 8.75%, 09/01/2024(a)	U.S.$	223	$	233,202
Western Midstream Operating LP 3.95%, 06/01/2025		264		274,129
4.00%, 07/01/2022		277		281,460
4.35%, 02/01/2025		569		601,187
4.50%, 03/01/2028		216		231,359
4.75%, 08/15/2028		453		492,151
5.30%, 02/01/2030-03/01/2048		651		728,128
5.45%, 04/01/2044		302		325,091
6.50%, 02/01/2050		212		245,872
				77,541,353
Other Industrial – 0.2%
AECOM 5.125%, 03/15/2027		252		280,776
Avient Corp. 5.75%, 05/15/2025(a)		400		423,244
H&E Equipment Services, Inc. 3.875%, 12/15/2028(a)		117		115,023
IAA, Inc. 5.50%, 06/15/2027(a)		315		330,567
Interface, Inc. 5.50%, 12/01/2028(a)		258		270,193
KAR Auction Services, Inc. 5.125%, 06/01/2025(a)		674		691,476
				2,111,279
Services – 2.6%
ADT Security Corp. (The) 4.125%, 06/15/2023		83		87,339
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.00%, 06/01/2029(a)		527		533,972
6.625%, 07/15/2026(a)		312		330,818
9.75%, 07/15/2027(a)		2,083		2,294,530
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 4.625%, 06/01/2028(a)		804		804,654
ANGI Group LLC 3.875%, 08/15/2028(a)		2,430		2,420,175
Aptim Corp. 7.75%, 06/15/2025(a)		1,424		1,248,597
APX Group, Inc. 6.75%, 02/15/2027(a)		265		282,465
7.875%, 12/01/2022		911		914,389
Aramark Services, Inc. 5.00%, 04/01/2025-02/01/2028(a)		763		795,508
6.375%, 05/01/2025(a)		569		604,434
Bidfair Holdings, Inc. 5.875%, 06/01/2029(a)		205		207,390

21

	Principal Amount (000)			U.S. $ Value
Carlson Travel, Inc. 6.75%, 12/15/2025(g)		U.S.$	782	$	718,939
10.50%, 03/31/2025(g)			138		144,322
Cars.com, Inc. 6.375%, 11/01/2028(a)			830		884,439
eDreams ODIGEO SA 5.50%, 09/01/2023(a)		EUR	478		562,680
Garda World Security Corp. 9.50%, 11/01/2027(a)		U.S.$	1,474		1,634,054
Gartner, Inc. 3.75%, 10/01/2030(a)			215		219,954
4.50%, 07/01/2028(a)			512		541,258
ION Trading Technologies SARL 5.75%, 05/15/2028(a)			1,067		1,108,312
Korn Ferry 4.625%, 12/15/2027(a)			586		608,708
Monitronics International, Inc. 0.00%, 04/01/2020(b) (c) (d) (e)			958		0
MPH Acquisition Holdings LLC 5.75%, 11/01/2028(a)			3,569		3,585,815
Nielsen Finance LLC/Nielsen Finance Co. 5.625%, 10/01/2028(a)			106		111,971
5.875%, 10/01/2030(a)			85		92,563
Prime Security Services Borrower LLC/Prime Finance, Inc. 5.25%, 04/15/2024(a)			25		26,786
6.25%, 01/15/2028(a)			1,317		1,403,470
Ritchie Bros Auctioneers, Inc. 5.375%, 01/15/2025(a)			366		376,662
Sabre GLBL, Inc. 9.25%, 04/15/2025(a)			378		449,403
Service Corp. International/US 3.375%, 08/15/2030			1,114		1,093,466
Square, Inc. 2.75%, 06/01/2026(a)			1,440		1,465,059
3.50%, 06/01/2031(a)			1,474		1,487,071
TripAdvisor, Inc. 7.00%, 07/15/2025(a)			422		454,718
Verisure Midholding AB 5.25%, 02/15/2029(a)		EUR	954		1,162,446
Verscend Escrow Corp. 9.75%, 08/15/2026(a)		U.S.$	1,075		1,133,854
					29,790,221
Technology – 2.6%
Ahead DB Holdings LLC 6.625%, 05/01/2028(a)			591		613,600
Austin BidCo, Inc. 7.125%, 12/15/2028(a)			717		734,344
Avaya, Inc. 6.125%, 09/15/2028(a)			2,343		2,507,779
Banff Merger Sub, Inc. 9.75%, 09/01/2026(a)			2,564		2,702,857

22

	Principal Amount (000)		U.S. $ Value
Cablevision Lightpath LLC 5.625%, 09/15/2028(a)	U.S.$	1,060	$	1,081,200
Clarivate Science Holdings Corp. 4.875%, 06/30/2029(a)		573		587,955
CommScope, Inc. 5.50%, 03/01/2024(a)		570		586,850
6.00%, 03/01/2026(a)		500		527,944
Elastic NV 4.125%, 07/15/2029		694		694,000
Imola Merger Corp. 4.75%, 05/15/2029(a)		968		995,565
LogMeIn, Inc. 5.50%, 09/01/2027(a)		551		571,212
Microchip Technology, Inc. 4.25%, 09/01/2025		612		642,776
NCR Corp. 5.00%, 10/01/2028(a)		52		53,739
5.125%, 04/15/2029(a)		3,420		3,528,539
5.75%, 09/01/2027(a)		295		310,910
6.125%, 09/01/2029(a)		227		247,921
8.125%, 04/15/2025(a)		352		384,319
Open Text Holdings, Inc. 4.125%, 02/15/2030(a)		269		274,131
Pitney Bowes, Inc. 6.875%, 03/15/2027(a)		485		512,057
Playtika Holding Corp. 4.25%, 03/15/2029(a)		1,117		1,118,083
Presidio Holdings, Inc. 4.875%, 02/01/2027(a)		98		101,007
8.25%, 02/01/2028(a)		154		167,804
PTC, Inc. 3.625%, 02/15/2025(a)		219		225,539
Rackspace Technology Global, Inc. 3.50%, 02/15/2028(a)		1,201		1,161,932
Science Applications International Corp. 4.875%, 04/01/2028(a)		105		110,184
Seagate HDD Cayman 4.091%, 06/01/2029(a)		1,622		1,664,385
4.125%, 01/15/2031(a)		124		126,790
4.875%, 03/01/2024		209		226,259
Sensata Technologies BV 4.00%, 04/15/2029(a)		390		395,738
Sensata Technologies, Inc. 3.75%, 02/15/2031(a)		1,100		1,088,211
SS&C Technologies, Inc. 5.50%, 09/30/2027(a)		209		221,694
TTM Technologies, Inc. 4.00%, 03/01/2029(a)		983		988,316
Veritas US, Inc./Veritas Bermuda Ltd. 7.50%, 09/01/2025(a)		2,981		3,103,013
10.50%, 02/01/2024(a) (k)		662		679,380

23

	Principal Amount (000)		U.S. $ Value
Xerox Holdings Corp. 5.00%, 08/15/2025(a)	U.S.$	108	$	114,104
5.50%, 08/15/2028(a)		264		272,864
				29,323,001
Transportation - Airlines – 0.4%
American Airlines Pass Through Trust 3.375%, 05/01/2027		170		168,448
American Airlines, Inc. 11.75%, 07/15/2025(a)		196		245,943
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%, 04/20/2026(a)		1,111		1,179,481
5.75%, 04/20/2029(a)		975		1,054,386
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. 5.75%, 01/20/2026(a)		507		544,537
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 09/20/2025(a)		440		498,625
United Airlines, Inc. 4.625%, 04/15/2029(a)		1,268		1,313,388
				5,004,808
Transportation - Services – 0.5%
AerCap Global Aviation Trust 6.50%, 06/15/2045(a)		200		213,894
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 4.75%, 04/01/2028(a)		175		179,361
5.375%, 03/01/2029(a)		672		699,733
5.75%, 07/15/2027(a)		1,031		1,079,960
Fortress Transportation and Infrastructure Investors LLC 6.50%, 10/01/2025(a)		217		225,322
Herc Holdings, Inc. 5.50%, 07/15/2027(a)		181		190,861
Modulaire Global Finance PLC 8.00%, 02/15/2023(a)		1,821		1,878,099
United Rentals North America, Inc. 3.875%, 02/15/2031		270		274,878
4.00%, 07/15/2030		262		269,631
5.50%, 05/15/2027		418		442,786
XPO Logistics, Inc. 6.75%, 08/15/2024(a)		262		272,581
				5,727,106
				491,608,685
Financial Institutions – 6.8%
Banking – 2.5%
Alliance Data Systems Corp. 4.75%, 12/15/2024(a)		1,253		1,287,462
7.00%, 01/15/2026(a)		600		642,750

24

	Principal Amount (000)			U.S. $ Value
Ally Financial, Inc.
Series B 4.70%, 05/15/2026(j)		U.S.$	2,950	$	3,054,593
Series C 4.70%, 05/15/2028(j)			256		259,277
Banco Bilbao Vizcaya Argentaria SA 5.875%, 05/24/2022(a) (j)		EUR	400		493,675
Series 9 6.50%, 03/05/2025(j)		U.S.$	1,200		1,308,872
Banco Santander SA 6.75%, 04/25/2022(a) (j)		EUR	2,000		2,472,655
CaixaBank SA 5.875%, 10/09/2027(a) (j)			1,000		1,357,942
Citizens Financial Group, Inc. Series B 6.00%, 07/06/2023(j)		U.S.$	970		1,011,194
Credit Suisse Group AG 6.25%, 12/18/2024(a) (j)			1,404		1,541,143
6.375%, 08/21/2026(a) (j)			1,290		1,435,941
7.50%, 07/17/2023(a) (j)			1,820		1,977,363
Discover Financial Services Series D 6.125%, 06/23/2025(j)			3,470		3,894,260
Freedom Mortgage Corp. 7.625%, 05/01/2026(a)			273		283,916
8.25%, 04/15/2025(a)			215		224,406
Intesa Sanpaolo SpA 5.017%, 06/26/2024(a)			331		359,642
5.71%, 01/15/2026(a)			1,232		1,389,049
Societe Generale SA 8.00%, 09/29/2025(a) (j)			2,608		3,073,673
UniCredit SpA 9.25%, 06/03/2022(a) (j)		EUR	1,554		1,973,824
					28,041,637
Brokerage – 0.3%
Lehman Brothers Holdings, Inc. 6.875%, 05/02/2018(c) (d)		U.S.$	1,690		11,830
LPL Holdings, Inc. 4.375%, 05/15/2031(a)			209		211,848
NFP Corp. 6.875%, 08/15/2028(a)			2,964		3,131,638
					3,355,316
Finance – 1.6%
Air Lease Corp. Series B 4.65%, 06/15/2026(j)			1,229		1,273,490
Aircastle Ltd. 5.25%, 06/15/2026(a) (j)			427		431,288
CNG Holdings, Inc. 12.50%, 06/15/2024(a)			861		822,765

25

	Principal Amount (000)			U.S. $ Value
Compass Group Diversified Holdings LLC 5.25%, 04/15/2029 (a)		U.S.$	884	$	920,247
Curo Group Holdings Corp. 8.25%, 09/01/2025(a)			2,426		2,520,408
Enact Holdings, Inc. 6.50%, 08/15/2025(a)			209		230,301
Enova International, Inc. 8.50%, 09/01/2024-09/15/2025(a)			1,456		1,502,641
goeasy Ltd. 4.375%, 05/01/2026(a)			981		1,008,005
HighTower Holding, LLC 6.75%, 04/15/2029(a)			2,936		2,994,630
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 4.375%, 02/01/2029(a)			125		124,715
4.75%, 09/15/2024			218		228,056
5.25%, 05/15/2027			131		135,601
ILFC E-Capital Trust II 3.91%, 12/21/2065(a)			2,000		1,710,810
Lincoln Financing SARL 3.625%, 04/01/2024(a)		EUR	390		467,844
Midcap Financial Issuer Trust 5.625%, 01/15/2030(a)		U.S.$	216		216,854
Navient Corp. 4.875%, 03/15/2028			1,046		1,051,466
5.00%, 03/15/2027			264		273,758
5.625%, 08/01/2033			241		232,485
6.50%, 06/15/2022			358		373,306
OneMain Finance Corp. 6.875%, 03/15/2025			35		39,497
8.875%, 06/01/2025			200		221,634
Quicken Loans LLC 5.25%, 01/15/2028(a)			47		49,328
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. 3.625%, 03/01/2029(a)			225		222,622
3.875%, 03/01/2031(a)			220		221,709
SLM Corp. 4.20%, 10/29/2025			228		245,051
5.125%, 04/05/2022			605		620,003
United Wholesale Mortgage LLC 5.50%, 04/15/2029(a)			269		269,167
					18,407,681
Insurance – 0.8%
Acrisure LLC/Acrisure Finance, Inc. 7.00%, 11/15/2025(a)			1,488		1,521,558
10.125%, 08/01/2026(a)			1,086		1,227,892
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 6.75%, 10/15/2027(a)			2,055		2,160,681
Ardonagh Midco 2 PLC 11.50% (11.50% Cash or 12.75% PIK), 01/15/2027(a)(f)			1,600		1,745,524

26

	Principal Amount (000)			U.S. $ Value
AssuredPartners, Inc. 5.625%, 01/15/2029(a)		U.S.$	2,110	$	2,114,303
HUB International Ltd. 7.00%, 05/01/2026(a)			292		302,764
Molina Healthcare, Inc. 3.875%, 11/15/2030(a)			220		228,983
5.375%, 11/15/2022			108		113,116
					9,414,821
Other Finance – 0.5%
Intrum AB 2.75%, 07/15/2022(a)		EUR	60		70,665
3.00%, 09/15/2027(a)			360		421,310
3.125%, 07/15/2024(a)			489		582,791
3.50%, 07/15/2026(a)			705		853,052
4.875%, 08/15/2025			683		851,115
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. 6.75%, 06/01/2025(a)		U.S.$	2,094		2,129,347
					4,908,280
REITS – 1.1%
Aedas Homes Opco Sl 4.00%, 08/15/2026		EUR	878		1,065,713
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 5.75%, 05/15/2026(a)		U.S.$	950		998,195
Diversified Healthcare Trust 9.75%, 06/15/2025			953		1,057,556
Hospitality Properties Trust 4.50%, 06/15/2023			223		228,258
Howard Hughes Corp. (The) 5.375%, 08/01/2028(a)			210		222,835
Iron Mountain, Inc. 4.875%, 09/15/2027(a)			255		264,376
JBS USA Food Co. 4.25%, 02/01/2027(a)			110		110,148
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 5.25%, 03/15/2028(a)			1,576		1,650,354
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 4.50%, 09/01/2026			68		72,623
5.625%, 05/01/2024			207		224,403
5.75%, 02/01/2027			991		1,106,085
Neinor Homes SA 4.50%, 10/15/2026(a)		EUR	786		955,805
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer 4.875%, 05/15/2029(a)		U.S.$	1,163		1,203,996
7.50%, 06/01/2025(a)			207		224,318

27

	Principal Amount (000)			U.S. $ Value
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75%, 01/15/2029(a)		U.S.$	82	$	85,730
9.375%, 04/01/2027(a)			1,794		1,992,366
RHP Hotel Properties LP/RHP Finance Corp. 4.50%, 02/15/2029(a)			118		118,590
SBA Communications Corp. 3.875%, 02/15/2027			215		221,225
Via Celere Desarrollos 5.25%, 04/01/2026		EUR	771		951,094
					12,753,670
					76,881,405
Utility – 1.3%
Electric – 1.2%
Calpine Corp. 3.75%, 03/01/2031(a)		U.S.$	3,523		3,355,682
5.125%, 03/15/2028(a)			528		536,782
NRG Energy, Inc. 6.625%, 01/15/2027			25		25,880
7.25%, 05/15/2026			1,754		1,822,018
PG&E Corp. 5.25%, 07/01/2030			205		207,764
Talen Energy Supply LLC 6.50%, 06/01/2025			1,787		1,184,600
7.25%, 05/15/2027(a)			387		361,505
10.50%, 01/15/2026(a)			848		618,054
Vistra Operations Co. LLC 4.375%, 05/01/2029(a)			5,124		5,151,031
					13,263,316
Other Utility – 0.1%
Solaris Midstream Holdings LLC 7.625%, 04/01/2026(a)			1,467		1,556,419
					14,819,735
Total Corporates - Non-Investment Grade (cost $559,576,633)					583,309,825
CORPORATES - INVESTMENT GRADE – 10.1%
Financial Institutions – 6.4%
Banking – 4.2%
Ally Financial, Inc. 8.00%, 11/01/2031			39		55,663
Banco Santander SA 5.179%, 11/19/2025			400		457,202
Bank of America Corp.
Series DD 6.30%, 03/10/2026(j)			3,043		3,535,696
Series Z 6.50%, 10/23/2024(j)			57		64,442
Barclays Bank PLC 6.86%, 06/15/2032(a)(j)			166		225,122

28

	Principal Amount (000)			U.S. $ Value
Barclays PLC 7.125%, 06/15/2025(j)		GBP	404	$	638,558
7.25%, 03/15/2023(a)(j)			219		327,178
7.875%, 03/15/2022(a)(j)		U.S.$	243		253,439
BNP Paribas SA 6.75%, 03/14/2022(a)(j)			418		432,195
CIT Group, Inc. 3.929%, 06/19/2024			364		383,899
Citigroup, Inc. 3.875%, 02/18/2026(j)			517		531,316
5.95%, 01/30/2023(j)			2,689		2,830,341
Series U 5.00%, 09/12/2024(j)			105		110,055
Series V 4.70%, 01/30/2025(j)			437		450,564
Series W 4.00%, 12/10/2025(j)			413		426,858
Comerica, Inc. 5.625%, 07/01/2025(j)			2,340		2,609,084
Credit Agricole SA 8.125%, 12/23/2025(a)(j)			1,909		2,320,446
Danske Bank A/S Series E 5.875%, 04/06/2022(a)(j)		EUR	1,096		1,344,878
Fifth Third Bancorp Series L 4.50%, 09/30/2025(j)		U.S.$	235		255,051
Goldman Sachs Group, Inc. (The)
Series O 5.30%, 11/10/2026(j)			157		173,953
Series P 5.00%, 11/10/2022(j)			1,429		1,450,572
HSBC Holdings PLC 6.00%, 09/29/2023(a)(j)		EUR	1,819		2,364,518
Series E 4.75%, 07/04/2029(a)(j)			1,595		2,140,109
ING Groep NV 6.50%, 04/16/2025(j)		U.S.$	520		579,264
6.875%, 04/16/2022(a) (j)			250		260,074
JPMorgan Chase & Co. Series V 3.465% (LIBOR 3 Month + 3.32%), 10/01/2021(j) (l)			210		210,079
Lloyds Banking Group PLC 6.413%, 10/01/2035(a)(j)			235		318,479
6.657%, 05/21/2037(a)(j)			98		136,008
7.625%, 06/27/2023(a)(j)		GBP	1,760		2,665,154
Natwest Group PLC 8.625%, 08/15/2021(j)		U.S.$	3,518		3,547,495
Series U 2.467% (LIBOR 3 Month + 2.32%), 09/30/2027(j)(l)			1,100		1,090,901

29

	Principal Amount (000)			U.S. $ Value
Nordea Bank Abp 6.625%, 03/26/2026(a)(j)		U.S.$	3,065	$	3,521,445
Regions Bank/Birmingham AL 6.45%, 06/26/2037			1,500		2,123,390
Standard Chartered PLC 7.50%, 04/02/2022(a)(j)			1,269		1,321,757
7.75%, 04/02/2023(a)(j)			440		480,588
Swedbank AB Series NC5 5.625%, 09/17/2024(a)(j)			1,000		1,082,497
Truist Financial Corp.
Series P 4.95%, 09/01/2025(j)			2,201		2,415,851
Series Q 5.10%, 03/01/2030(j)			855		964,332
UBS Group AG 7.00%, 02/19/2025(a)(j)			2,492		2,873,030
UniCredit SpA 5.861%, 06/19/2032(a)			201		222,529
7.296%, 04/02/2034(a)			200		240,324
					47,434,336
Brokerage – 0.1%
Charles Schwab Corp. (The) Series I 4.00%, 06/01/2026(j)			1,251		1,304,666
Finance – 0.5%
Aircastle Ltd. 2.85%, 01/26/2028(a)			247		248,451
4.25%, 06/15/2026			33		35,819
5.25%, 08/11/2025(a)			2,239		2,514,809
Aviation Capital Group LLC 3.50%, 11/01/2027(a)			295		309,799
4.125%, 08/01/2025(a)			395		426,408
4.375%, 01/30/2024(a)			29		31,118
4.875%, 10/01/2025(a)			319		353,401
Huarong Finance 2017 Co., Ltd. 3.75%, 04/27/2022(a)			215		180,600
Huarong Finance 2019 Co., Ltd. 3.75%, 05/29/2024(a)			343		252,105
Huarong Finance II Co., Ltd. 4.625%, 06/03/2026(a)			272		190,400
4.875%, 11/22/2026(a)			430		301,000
5.50%, 01/16/2025(a)			1,082		789,860
					5,633,770
Insurance – 1.5%
Allstate Corp. (The) 6.50%, 05/15/2057			1,657		2,187,473
American International Group, Inc. 6.82%, 11/15/2037			1,425		1,979,184

30

	Principal Amount (000)		U.S. $ Value
Centene Corp. 2.45%, 07/15/2028	U.S.$	217	$	219,856
3.375%, 02/15/2030		214		223,657
4.625%, 12/15/2029		205		225,668
5.375%, 08/15/2026(a)		595		621,835
Liberty Mutual Group, Inc. 7.80%, 03/15/2037(a)		2,559		3,351,228
MetLife, Inc. 10.75%, 08/01/2039		2,350		3,988,525
Prudential Financial, Inc. 5.20%, 03/15/2044		340		366,565
5.625%, 06/15/2043		1,082		1,164,710
Radian Group, Inc. 6.625%, 03/15/2025		110		124,291
Transatlantic Holdings, Inc. 8.00%, 11/30/2039		1,261		1,951,351
				16,404,343
Other Finance – 0.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.45%, 04/03/2026		235		258,137
REITS – 0.1%
MPT Operating Partnership LP/MPT Finance Corp. 4.625%, 08/01/2029		118		126,520
5.00%, 10/15/2027		344		364,774
5.25%, 08/01/2026		137		141,107
Spirit Realty LP 4.45%, 09/15/2026		21		23,455
Trust Fibra Uno 4.869%, 01/15/2030(a)		605		665,984
				1,321,840
				72,357,092
Industrial – 3.7%
Basic – 0.7%
ArcelorMittal SA 4.25%, 07/16/2029		56		61,822
7.00%, 03/01/2041		362		500,303
7.25%, 10/15/2039		624		886,923
Arconic Corp. 6.00%, 05/15/2025(a)		889		946,949
Georgia-Pacific LLC 8.875%, 05/15/2031		1		1,578
Glencore Finance Canada Ltd. 6.00%, 11/15/2041(a)		272		360,363
Industrias Penoles SAB de CV 5.65%, 09/12/2049(a)		386		462,910
MEGlobal Canada ULC 5.875%, 05/18/2030(a)		343		422,935
Minsur SA 6.25%, 02/07/2024(a)		891		950,029
Nexa Resources SA 6.50%, 01/18/2028(a)		973		1,094,068

31

	Principal Amount (000)		U.S. $ Value
Smurfit Kappa Treasury Funding DAC 7.50%, 11/20/2025	U.S.$	238	$	295,192
Suzano Austria GmbH 7.00%, 03/16/2047(a)		231		310,938
Vale Overseas Ltd. 3.75%, 07/08/2030		197		209,518
WestRock MWV LLC 7.95%, 02/15/2031		1,000		1,429,807
				7,933,335
Capital Goods – 0.2%
General Electric Co. Series D 3.449% (LIBOR 3 Month + 3.33%), 09/15/2021(j) (l)		1,681		1,646,089
Howmet Aerospace, Inc. 5.90%, 02/01/2027		119		139,689
5.95%, 02/01/2037		97		117,364
Textron Financial Corp. 1.891% (LIBOR 3 Month + 1.74%), 02/15/2042(a) (l)		575		485,166
				2,388,308
Communications - Media – 0.1%
Prosus NV 4.027%, 08/03/2050(a)		331		318,616
ViacomCBS, Inc. 6.25%, 02/28/2057		200		228,766
				547,382
Consumer Cyclical - Automotive – 0.1%
General Motors Co. 5.20%, 04/01/2045		19		23,528
General Motors Financial Co., Inc. 5.65%, 01/17/2029		30		36,564
Lear Corp. 3.50%, 05/30/2030		3		3,226
4.25%, 05/15/2029		17		19,198
Nissan Motor Co., Ltd. 4.345%, 09/17/2027(a)		1,084		1,193,236
				1,275,752
Consumer Cyclical - Other – 0.6%
MDC Holdings, Inc. 6.00%, 01/15/2043		1,881		2,425,563
Owens Corning 7.00%, 12/01/2036		777		1,109,575
Resorts World Las Vegas LLC/RWLV Capital, Inc. 4.625%, 04/06/2031(a)		1,100		1,138,418
Standard Industries, Inc./NJ 4.375%, 07/15/2030(a)		929		957,751
4.75%, 01/15/2028(a)		211		220,781

32

	Principal Amount (000)		U.S. $ Value
Toll Brothers Finance Corp. 4.875%, 03/15/2027	U.S.$	1,124	$	1,276,882
				7,128,970
Consumer Cyclical - Retailers – 0.1%
QVC, Inc. 4.375%, 09/01/2028		218		222,506
4.75%, 02/15/2027		213		226,220
				448,726
Consumer Non-Cyclical – 0.4%
Dell International LLC/EMC Corp. 3.75%, 12/01/2031(a)		16		16,280
HCA, Inc. 5.375%, 02/01/2025-09/01/2026		344		392,617
5.625%, 09/01/2028		190		225,359
5.875%, 02/15/2026-02/01/2029		382		451,538
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. 5.50%, 01/15/2030(a)		197		218,178
6.50%, 04/15/2029(a)		195		219,619
7.00%, 01/15/2026(a)		200		212,018
Kraft Heinz Foods Co. 4.25%, 03/01/2031		1,779		2,024,736
4.375%, 06/01/2046		210		237,996
Pilgrim’s Pride Corp. 5.875%, 09/30/2027(a)		208		221,838
				4,220,179
Energy – 0.5%
Cenovus Energy, Inc. 6.75%, 11/15/2039		67		90,859
Continental Resources, Inc./OK 3.80%, 06/01/2024		55		58,163
5.75%, 01/15/2031(a)		970		1,162,022
Ecopetrol SA 5.875%, 05/28/2045		117		124,854
6.875%, 04/29/2030		1,035		1,245,374
Enable Midstream Partners LP 4.40%, 03/15/2027		1,466		1,620,823
4.95%, 05/15/2028		239		273,702
Energy Transfer LP 3.90%, 07/15/2026		32		34,961
4.75%, 01/15/2026		25		28,143
Hunt Oil Co. of Peru LLC Sucursal Del Peru 6.375%, 06/01/2028(a)		202		211,342
Oleoducto Central SA 4.00%, 07/14/2027(a)		424		437,727
Ovintiv, Inc. 6.50%, 08/15/2034		199		262,003
				5,549,973

33

	Principal Amount (000)		U.S. $ Value
Other Industrial – 0.2%
Alfa SAB de CV 5.25%, 03/25/2024(a)	U.S.$	1,580	$	1,720,620
Fluor Corp. 3.50%, 12/15/2024		228		240,612
4.25%, 09/15/2028		202		205,235
				2,166,467
Services – 0.0%
Expedia Group, Inc. 6.25%, 05/01/2025(a)		176		204,739
Verisk Analytics, Inc. 5.50%, 06/15/2045		5		6,745
				211,484
Technology – 0.3%
CDW LLC/CDW Finance Corp. 4.125%, 05/01/2025		681		711,401
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 8.35%, 07/15/2046		524		857,289
MSCI, Inc. 3.625%, 09/01/2030-11/01/2031(a)		288		295,902
3.875%, 02/15/2031(a)		126		130,648
Nokia Oyj 6.625%, 05/15/2039		527		687,055
Qorvo, Inc. 3.375%, 04/01/2031(a)		219		227,955
4.375%, 10/15/2029		206		224,681
Western Digital Corp. 4.75%, 02/15/2026		323		358,957
				3,493,888
Transportation - Airlines – 0.5%
American Airlines Pass Through Trust 4.95%, 01/15/2023		232		232,571
Delta Air Lines, Inc. 2.90%, 10/28/2024		230		234,096
3.80%, 04/19/2023		162		168,083
7.00%, 05/01/2025(a)		1,091		1,273,049
7.375%, 01/15/2026		198		232,385
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.75%, 10/20/2028(a)		716		796,998
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. 6.50%, 06/20/2027(a)		2,484		2,735,109
				5,672,291
				41,036,755
Total Corporates - Investment Grade (cost $97,865,838)				113,393,847

34

	Principal Amount (000)		U.S. $ Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 7.8%
Risk Share Floating Rate – 6.5%
Bellemeade Re Ltd. Series 2018-3A, Class M2 2.842% (LIBOR 1 Month + 2.75%), 10/25/2028(a) (l)	U.S.$	915	$	921,851
Series 2019-3A, Class M1C 2.042% (LIBOR 1 Month + 1.95%), 07/25/2029(a) (l)		1,555		1,554,999
Series 2019-4A, Class M2 2.942% (LIBOR 1 Month + 2.85%), 10/25/2029(a) (l)		475		476,255
Connecticut Avenue Securities Trust Series 2018-R07, Class 1B1 4.442% (LIBOR 1 Month + 4.35%), 04/25/2031(a) (l)		441		457,378
Series 2019-R05, Class 1M2 2.092% (LIBOR 1 Month + 2.00%), 07/25/2039(a) (l)		188		189,134
Series 2020-SBT1, Class 1M2 3.742% (LIBOR 1 Month + 3.65%), 02/25/2040(a) (l)		1,062		1,096,231
Series 2020-SBT1, Class 2M2 3.742% (LIBOR 1 Month + 3.65%), 02/25/2040(a) (l)		182		188,359
Eagle RE Ltd. Series 2018-1, Class M2 3.092% (LIBOR 1 Month + 3.00%), 11/25/2028(a) (l)		2,764		2,781,720
Federal Home Loan Mortgage Corp. Series 2018-HQA2, Class M2 2.392% (LIBOR 1 Month + 2.30%), 10/25/2048(a) (l)		2,257		2,277,493
Series 2019-DNA1, Class M2 2.742% (LIBOR 1 Month + 2.65%), 01/25/2049(a) (l)		409		414,893
Series 2019-DNA3, Class M2 2.142% (LIBOR 1 Month + 2.05%), 07/25/2049(a) (l)		444		448,229
Series 2020-HQA2, Class M2 3.192% (LIBOR 1 Month + 3.10%), 03/25/2050(a) (l)		99		100,034
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(l)		1,076		1,105,413
Series 2014-DN3, Class M3 4.092% (LIBOR 1 Month + 4.00%), 08/25/2024(l)		81		82,499
Series 2014-HQ1, Class M3 4.192% (LIBOR 1 Month + 4.10%), 08/25/2024(l)		299		301,882

35

	Principal Amount (000)		U.S. $ Value
Series 2014-HQ2, Class M3 3.842% (LIBOR 1 Month + 3.75%), 09/25/2024(1)	U.S.$	2,613	$	2,672,253
Series 2014-HQ3, Class M3 4.842% (LIBOR 1 Month + 4.75%), 10/25/2024(1)		574		578,248
Series 2015-DN1, Class B 11.592% (LIBOR 1 Month + 11.50%), 01/25/2025(1)		2,016		1,983,613
Series 2015-DNA1, Class B 9.292% (LIBOR 1 Month + 9.20%), 10/25/2027(1)		593		681,953
Series 2015-DNA1, Class M3 3.392% (LIBOR 1 Month + 3.30%), 10/25/2027(1)		134		135,593
Series 2015-DNA2, Class B 7.642% (LIBOR 1 Month + 7.55%), 12/25/2027(1)		1,449		1,572,327
Series 2015-DNA3, Class B 9.442% (LIBOR 1 Month + 9.35%), 04/25/2028(1)		1,017		1,192,925
Series 2015-DNA3, Class M3 4.792% (LIBOR 1 Month + 4.70%), 04/25/2028(1)		465		480,790
Series 2015-HQ1, Class B 10.842% (LIBOR 1 Month + 10.75%), 03/25/2025(1)		2,982		2,971,098
Series 2015-HQA1, Class B 8.892% (LIBOR 1 Month + 8.80%), 03/25/2028(1)		1,003		1,093,018
Series 2016-DNA2, Class B 10.592% (LIBOR 1 Month + 10.50%), 10/25/2028(1)		854		994,588
Series 2016-DNA3, Class B 11.342% (LIBOR 1 Month + 11.25%), 12/25/2028(1)		2,756		3,231,206
Series 2016-DNA3, Class M3 5.092% (LIBOR 1 Month + 5.00%), 12/25/2028(1)		871		910,033
Series 2016-DNA4, Class B 8.692% (LIBOR 1 Month + 8.60%), 03/25/2029(1)		393		409,921
Series 2016-DNA4, Class M3 3.892% (LIBOR 1 Month + 3.80%), 03/25/2029(1)		1,615		1,672,093
Series 2016-HQA2, Class B 11.592% (LIBOR 1 Month + 11.50%), 11/25/2028(1)		421		489,776
Series 2016-HQA2, Class M3 5.242% (LIBOR 1 Month + 5.15%), 11/25/2028(1)		927		970,795
Series 2016-HQA4, Class M3 3.992% (LIBOR 1 Month + 3.90%), 04/25/2029(1)		951		990,631

36

	Principal Amount (000)		U.S. $ Value
Series 2017-DNA1, Class B1 5.042% (LIBOR 1 Month + 4.95%), 07/25/2029(1)	U.S.$	310	$	331,080
Series 2017-DNA2, Class B1 5.242% (LIBOR 1 Month + 5.15%), 10/25/2029(1)		978		1,059,111
Series 2017-DNA2, Class M2 3.542% (LIBOR 1 Month + 3.45%), 10/25/2029(1)		1,374		1,435,443
Series 2017-DNA3, Class B1 4.542% (LIBOR 1 Month + 4.45%), 03/25/2030(1)		615		646,254
Series 2017-HQA1, Class M2 3.642% (LIBOR 1 Month + 3.55%), 08/25/2029(1)		1,782		1,843,905
Series 2018-HQA1, Class M2 2.392% (LIBOR 1 Month + 2.30%), 09/25/2030(1)		375		380,638
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C01, Class M2 4.492% (LIBOR 1 Month + 4.40%), 01/25/2024(1)		1,099		1,136,057
Series 2014-C04, Class 1M2 4.992% (LIBOR 1 Month + 4.90%), 11/25/2024(1)		1,684		1,740,704
Series 2015-C01, Class 2M2 4.642% (LIBOR 1 Month + 4.55%), 02/25/2025(1)		58		58,680
Series 2015-C02, Class 1M2 4.092% (LIBOR 1 Month + 4.00%), 05/25/2025(1)		296		302,200
Series 2015-C03, Class 1M2 5.092% (LIBOR 1 Month + 5.00%), 07/25/2025(1)		884		909,194
Series 2015-C04, Class 1M2 5.792% (LIBOR 1 Month + 5.70%), 04/25/2028(1)		1,516		1,605,795
Series 2015-C04, Class 2M2 5.642% (LIBOR 1 Month + 5.55%), 04/25/2028(1)		462		488,724
Series 2016-C01, Class 1B 11.842% (LIBOR 1 Month + 11.75%), 08/25/2028(1)		676		819,347
Series 2016-C01, Class 1M2 6.842% (LIBOR 1 Month + 6.75%), 08/25/2028(1)		1,727		1,848,344
Series 2016-C01, Class 2M2 7.042% (LIBOR 1 Month + 6.95%), 08/25/2028(1)		290		307,025
Series 2016-C02, Class 1B 12.342% (LIBOR 1 Month + 12.25%), 09/25/2028(1)		448		556,846

37

	Principal Amount (000)		U.S. $ Value
Series 2016-C02, Class 1 M2 6.092% (LIBOR 1 Month + 6.00%), 09/25/2028(1)	U.S.$	1,076	$	1,136,074
Series 2016-C03, Class 1B 11.842% (LIBOR 1 Month + 11.75%), 10/25/2028(1)		372		451,986
Series 2016-C03, Class 2B 12.842% (LIBOR 1 Month + 12.75%), 10/25/2028(1)		631		769,675
Series 2016-C03, Class 2M2 5.992% (LIBOR 1 Month + 5.90%), 10/25/2028(1)		2,190		2,313,312
Series 2016-C04, Class 1B 10.342% (LIBOR 1 Month + 10.25%), 01/25/2029(1)		1,481		1,726,802
Series 2016-C05, Class 2B 11.244% (LIBOR 1 Month + 10.75%), 01/25/2029(1)		1,818		2,145,912
Series 2016-C06, Class 1B 9.342% (LIBOR 1 Month + 9.25%), 04/25/2029(1)		1,279		1,430,704
Series 2016-C07, Class 2B 9.592% (LIBOR 1 Month + 9.50%), 05/25/2029(1)		1,557		1,770,743
Series 2016-C07, Class 2M2 4.442% (LIBOR 1 Month + 4.35%), 05/25/2029(1)		151		158,096
Series 2017-C01, Class 1B1 5.842% (LIBOR 1 Month + 5.75%), 07/25/2029(1)		460		507,599
Series 2017-C01, Class 1M2 3.642% (LIBOR 1 Month + 3.55%), 07/25/2029(1)		925		960,583
Series 2017-C02, Class 2M2 3.742% (LIBOR 1 Month + 3.65%), 09/25/2029(1)		1,033		1,070,893
Series 2017-C03, Class 1B1 4.942% (LIBOR 1 Month + 4.85%), 10/25/2029(1)		312		332,177
Series 2017-C03, Class 1M2 3.092% (LIBOR 1 Month + 3.00%), 10/25/2029(1)		161		165,978
Series 2017-C05, Class 1B1 3.692% (LIBOR 1 Month + 3.60%), 01/25/2030(1)		319		333,559
Series 2017-C06, Class 2M2 2.892% (LIBOR 1 Month + 2.80%), 02/25/2030(1)		25		25,986
Series 2018-C01, Class 1B1 3.642% (LIBOR 1 Month + 3.55%), 07/25/2030(1)		1,102		1,129,366
Series 2018-C04, Class 2M2 2.642% (LIBOR 1 Month + 2.55%), 12/25/2030(1)		357		363,362

38

	Principal Amount (000)		U.S. $ Value
Home Re Ltd. Series 2018-1, Class M2 3.092% (LIBOR 1 Month + 3.00%), 10/25/2028(a) (1)	U.S.$	988	$	998,924
JPMorgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 5.592% (LIBOR 1 Month + 5.50%), 10/25/2025(g) (1)		667		630,016
Mortgage Insurance-Linked Notes Series 2019-1, Class M2 2.992% (LIBOR 1 Month + 2.90%), 11/26/2029(a) (1)		2,683		2,683,341
Radnor Re Ltd. Series 2018-1, Class M2 2.792% (LIBOR 1 Month + 2.70%), 03/25/2028(a) (1)		150		151,515
STACR Trust Series 2018-DNA3, Class M2 2.192% (LIBOR 1 Month + 2.10%), 09/25/2048(a) (1)		353		357,166
Triangle Re Ltd. Series 2020-1, Class M2 5.692% (LIBOR 1 Month + 5.60%), 10/25/2030(a) (1)		480		497,396
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 5.592% (LIBOR 1 Month + 5.50%), 11/25/2025(g) (l)		238		235,848
				73,243,591
Non-Agency Fixed Rate – 0.5%
Alternative Loan Trust Series 2006-24CB, Class A15 5.75%, 08/25/2036		597		465,318
Series 2006-42, Class 1A6 6.00%, 01/25/2047		534		422,088
Series 2006-HY12, Class A5 3.063%, 08/25/2036		743		743,933
Series 2006-J1, Class 1A10 5.50%, 02/25/2036		705		640,820
Series 2006-J5, Class 1A1 6.50%, 09/25/2036		594		467,881
Bear Stearns ARM Trust Series 2007-3, Class 1A1 3.156%, 05/25/2047		114		113,379
Series 2007-4, Class 22A1 3.341%, 06/25/2047		470		470,271
ChaseFlex Trust Series 2007-1, Class 1A3 6.50%, 02/25/2037		428		231,839
CHL Mortgage Pass-Through Trust Series 2007-HY4, Class 1A1 3.041%, 09/25/2047		135		129,150

39

	Principal Amount (000)		U.S. $ Value
Citigroup Mortgage Loan Trust Series 2007-AR4, Class 1A1A 3.192%, 03/25/2037	U.S.$	77	$	77,257
CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A4 5.75%, 03/25/2037		610		612,444
CSMC Mortgage-Backed Trust Series 2006-7, Class 3A12 6.25%, 08/25/2036		233		148,230
Residential Accredit Loans, Inc. Trust Series 2005-QS14, Class 3A1 6.00%, 09/25/2035		283		276,072
Residential Asset Securitization Trust Series 2006-A8, Class 3A4 6.00%, 08/25/2036		144		104,057
Washington Mutual Mortgage Pass-Through Certificates Trust Series 2006-9, Class A4 4.475%, 10/25/2036		1,322		533,180
Wells Fargo Mortgage Backed Securities Trust Series 2007-AR7, Class A1 2.873%, 12/28/2037		464		462,663
				5,898,582
Non-Agency Floating Rate – 0.4%
Alternative Loan Trust Series 2007-7T2, Class A3 0.692% (LIBOR 1 Month + 0.60%), 04/25/2037(1)		2,193		701,377
Citigroup Mortgage Loan Trust Series 2005-8, Class 2A2 4.709% (4.80% - LIBOR 1 Month), 09/25/2035(1) (m)		44		545
Countrywide Home Loan Mortgage Pass-Through Trust Series 2007-13, Class A7 0.692% (LIBOR 1 Month + 0.60%), 08/25/2037(1)		345		150,964
First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A10 0.342% (LIBOR 1 Month + 0.25%), 04/25/2037(1)		253		66,540
Series 2007-FA2, Class 1A6 5.459% (5.55% - LIBOR 1 Month), 04/25/2037(1) (m)		85		15,334
Lehman XS Trust Series 2007-10H, Class 2AIO 6.908% (7.00% - LIBOR 1 Month), 07/25/2037(1) (m)		190		35,734
Residential Accredit Loans, Inc. Trust Series 2006-QS18, Class 2A2 6.459% (6.55% - LIBOR 1 Month), 12/25/2036(1) (m)		2,406		422,411

40

	Principal Amount (000)			U.S. $ Value
Wachovia Mortgage Loan Trust Series 2006-ALT1, Class A2 0.452% (LIBOR 1 Month + 0.36%), 01/25/2037(l)		U.S.$	6,613	$	3,494,619
					4,887,524
Agency Fixed Rate – 0.4%
Federal Home Loan Mortgage Corp. REMICs Series 4767, Class KI 6.00%, 03/15/2048(n)			14,116		3,035,120
Freddie Mac Strips Series 247, Class 54 5.50%, 04/15/2036(n)			6,527		1,357,098
					4,392,218
Total Collateralized Mortgage Obligations (cost $85,751,246)					88,421,915
EMERGING MARKETS - SOVEREIGNS – 7.7%
Angola – 0.4%
Angolan Government International Bond 8.00%, 11/26/2029(a)			835		854,727
8.25%, 05/09/2028(a)			400		416,950
9.125%, 11/26/2049(a)			399		408,676
9.375%, 05/08/2048(a)			222		231,893
9.50%, 11/12/2025(a)			2,318		2,542,266
					4,454,512
Argentina – 0.7%
Argentine Republic Government International Bond 0.125%, 07/09/2030-07/09/2041			24,306		8,057,383
1.00%, 07/09/2029			1,218		460,977
					8,518,360
Bahrain – 0.5%
Bahrain Government International Bond 5.45%, 09/16/2032(a)			1,146		1,137,405
5.625%, 09/30/2031(a)			1,193		1,204,781
6.75%, 09/20/2029(a)			528		578,919
7.00%, 10/12/2028(a)			1,253		1,406,492
CBB International Sukuk Programme Co. WLL 6.25%, 11/14/2024(a)			1,116		1,216,998
					5,544,595
Dominican Republic – 0.7%
Dominican Republic International Bond 5.50%, 01/27/2025(a)			149		163,881
5.95%, 01/25/2027(a)			385		433,125
8.625%, 04/20/2027(a)			5,719		7,021,145
					7,618,151

41

	Principal Amount (000)			U.S. $ Value
Ecuador – 0.2%
Ecuador Government International Bond Zero Coupon, 07/31/2030(a)		U.S.$	371	$	204,874
0.50%, 07/31/2030-07/31/2040(a)			2,290		1,757,485
					1,962,359
Egypt – 1.0%
Egypt Government International Bond 6.125%, 01/31/2022(a)			3,559		3,630,847
6.20%, 03/01/2024(a)			2,290		2,455,739
7.625%, 05/29/2032(a)			1,075		1,136,342
8.50%, 01/31/2047(a)			1,378		1,435,101
8.70%, 03/01/2049(a)			998		1,052,765
8.875%, 05/29/2050(a)			1,096		1,180,803
					10,891,597
El Salvador – 0.3%
El Salvador Government International Bond 5.875%, 01/30/2025(a)			160		147,600
7.125%, 01/20/2050(a)			2,402		2,047,705
7.625%, 09/21/2034(a)			762		687,705
7.75%, 01/24/2023(a)			339		334,762
					3,217,772
Gabon – 0.3%
Gabon Government International Bond 6.375%, 12/12/2024(a)			789		838,129
6.625%, 02/06/2031(a)			2,986		2,996,824
					3,834,953
Ghana – 0.4%
Ghana Government International Bond 6.375%, 02/11/2027(a)			2,087		2,094,565
8.627%, 06/16/2049(a)			215		206,642
8.95%, 03/26/2051(a)			858		847,704
10.75%, 10/14/2030(a)			780		983,678
					4,132,589
Ivory Coast – 0.6%
Ivory Coast Government International Bond 4.875%, 01/30/2032(a)		EUR	1,223		1,446,366
5.125%, 06/15/2025(a)			168		222,028
5.875%, 10/17/2031(a)			1,880		2,397,515
6.125%, 06/15/2033(a)		U.S.$	752		793,736
6.375%, 03/03/2028(a)			966		1,061,875
6.625%, 03/22/2048(a)		EUR	331		412,181
					6,333,701

42

	Principal Amount (000)		U.S. $ Value
Kenya – 0.2%
Kenya Government International Bond 6.875%, 06/24/2024(a)	U.S.$	2,014	$	2,212,631
Nigeria – 0.7%
Nigeria Government International Bond 6.375%, 07/12/2023(a)		740		791,708
6.50%, 11/28/2027(a)		388		410,625
7.625%, 11/21/2025-11/28/2047(a)		4,965		5,337,494
7.696%, 02/23/2038(a)		810		829,896
7.875%, 02/16/2032(a)		489		524,850
				7,894,573
Oman – 0.6%
Oman Government International Bond 4.125%, 01/17/2023(a)		3,321		3,416,064
4.75%, 06/15/2026(a)		550		569,353
4.875%, 02/01/2025(a)		741		776,105
6.00%, 08/01/2029(a)		210		223,558
6.25%, 01/25/2031(a)		1,404		1,501,841
				6,486,921
Senegal – 0.3%
Senegal Government International Bond 6.25%, 05/23/2033(a)		593		623,317
6.75%, 03/13/2048(a)		3,345		3,368,624
				3,991,941
South Africa – 0.0%
Republic of South Africa Government International Bond 5.75%, 09/30/2049		200		204,788
Ukraine – 0.7%
Ukraine Government International Bond 7.253%, 03/15/2033(a)		1,886		1,961,204
7.375%, 09/25/2032(a)		1,400		1,469,388
7.75%, 09/01/2022-09/01/2024(a)		4,622		4,957,495
				8,388,087
Venezuela – 0.1%
Venezuela Government International Bond 9.25%, 09/15/2027(c) (i)		7,978		797,800
9.25%, 05/07/2028(a) (c) (i)		300		30,375
				828,175
Total Emerging Markets - Sovereigns (cost $89,724,487)				86,515,705

43

	Principal Amount (000)		U.S. $ Value
BANK LOANS – 5.0%
Industrial – 4.6%
Capital Goods – 0.6%
ACProducts Holdings, Inc. 4.417% (LIBOR 3 Month + 4.25%), 05/17/2028(o)	U.S.$	1,977	$	1,965,711
Apex Tool Group, LLC 6.50% (LIBOR 1 Month + 5.25%), 08/01/2024(o)		2,189		2,195,555
Granite US Holdings Corporation 4.147% (LIBOR 3 Month + 4.00%), 09/30/2026(b) (o)		1,531		1,534,915
TransDigm, Inc. 2.354% (LIBOR 1 Month + 2.25%), 12/09/2025(o)		347		342,086
Welbilt, Inc. (fka Manitowoc Foodservice, Inc.) 2.604% (LIBOR 1 Month + 2.50%), 10/23/2025(b) (o)		110		108,573
				6,146,840
Communications - Media – 0.2%
Advantage Sales & Marketing, Inc. 6.00% (LIBOR 3 Month + 5.25%), 10/28/2027(o)		1,741		1,758,976
Clear Channel Outdoor Holdings, Inc. 3.686% (LIBOR 3 Month + 3.50%), 08/21/2026(o)		319		311,224
iHeartCommunications, Inc. (fka Clear Channel Communications, Inc.) 3.104% (LIBOR 1 Month + 3.00%), 05/01/2026(o)		394		390,308
				2,460,508
Communications - Telecommunications – 0.7%
Crown Subsea Communications Holding, Inc. 5.75% (LIBOR 1 Month + 5.00%), 04/27/2027(o)		1,812		1,822,894
Intrado Corporation 5.00% (LIBOR 3 Month + 4.00%), 10/10/2024(o)		974		952,506
Proofpoint, Inc. 06/08/2029(b) (p)		2,480		2,501,700
Zacapa SARL 4.703% (LIBOR 3 Month + 4.50%), 07/02/2025(o)		2,159		2,162,707
				7,439,807
Consumer Cyclical - Automotive – 0.1%
Clarios Global LP 3.354% (LIBOR 1 Month + 3.25%), 04/30/2026(o)		463		458,780

44

	Principal Amount (000)		U.S. $ Value
Navistar, Inc. 3.60% (LIBOR 1 Month + 3.50%), 11/06/2024(o)	U.S.$	343	$	343,252
				802,032
Consumer Cyclical - Entertainment – 0.1%
Seaworld Parks & Entertainment, Inc. (fka SW Acquisitions Co., Inc.) 3.75% (LIBOR 1 Month + 3.00%), 04/01/2024(b) (o)		947		939,585
Consumer Cyclical - Other – 0.2%
Caesars Resort Collection, LLC 2.854% (LIBOR 1 Month + 2.75%), 12/23/2024(o)		1,380		1,367,465
Flutter Entertainment PLC 3.647% (LIBOR 3 Month + 3.50%), 07/10/2025(o)		125		125,307
Golden Nugget Online Gaming, Inc. 13.00% (LIBOR 3 Month + 12.00%), 10/04/2023(b) (o)		22		24,303
Scientific Games International, Inc. 2.854% (LIBOR 1 Month + 2.75%), 08/14/2024(o)		856		849,239
				2,366,314
Consumer Cyclical - Restaurants – 0.1%
IRB Holding Corp. (fka Arby’s/Buffalo Wild Wings) 3.75% (LIBOR 3 Month + 2.75%), 02/05/2025(o)		842		839,810
Whatabrands LLC 2.832% (LIBOR 1 Month + 2.75%), 07/31/2026(o)		366		364,187
				1,203,997
Consumer Cyclical - Retailers – 0.2%
Great Outdoors Group, LLC 5.00% (LIBOR 3 Month + 4.25%), 03/06/2028(o)		484		485,292
PetSmart LLC 4.50% (LIBOR 3 Month + 3.75%), 02/11/2028(o)		2,230		2,230,557
				2,715,849
Consumer Non-Cyclical – 1.0%
Aldevron, L.L.C. 4.25% (LIBOR 1 Month + 3.25%), 10/12/2026(o)		808		807,383
Alphabet Holding Company, Inc. (fka Nature’s Bounty) 7.854% (LIBOR 1 Month + 7.75%), 09/26/2025(o)		817		816,823

45

	Principal Amount (000)			U.S. $ Value
Arbor Pharmaceuticals, LLC 6.00% (LIBOR 3 Month + 5.00%), 07/05/2023(o)		U.S.$	1,024	$	1,015,888
Global Medical Response, Inc. (fka Air Medical) 5.25% (LIBOR 3 Month + 4.25%), 03/14/2025(o)			903		904,510
Kronos Acquisition Holdings, Inc. 4.25% (LIBOR 3 Month + 3.75%), 12/22/2026(o)			786		779,824
LifePoint Health, Inc. (fka Regionalcare Hospital Partners Holdings, Inc.) 3.854% (LIBOR 1 Month + 3.75%), 11/16/2025(o)			793		790,353
Mallinckrodt International Finance S.A. 6.00% (LIBOR 3 Month + 5.25%), 09/24/2024(o)			871		843,839
Gainwell Acquisition Corp. 4.75% (LIBOR 3 Month + 4.00%), 10/01/2027(o)			1,234		1,236,576
Padagis 06/29/2028(b) (p)			500		496,875
U.S. Renal Care, Inc. 5.125% (LIBOR 1 Month + 5.00%), 06/26/2026(o)			1,543		1,547,985
US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.) 6.25% (LIBOR 1 Month + 5.50%), 12/15/2027(o)			1,975		1,980,364
					11,220,420
Energy – 0.3%
CITGO Petroleum Corporation 7.25% (LIBOR 3 Month + 6.25%), 03/28/2024(o)			517		519,237
Enviva Holdings, LP 6.50% (LIBOR 3 Month + 5.50%), 02/17/2026(b) (o)			2,475		2,487,443
					3,006,680
Other Industrial – 0.3%
American Tire Distributors, Inc. 7.000% (LIBOR 3 Month + 6.00%), 09/01/2023(o)			221		219,318
8.500% (LIBOR 3 Month + 7.50%), 09/02/2024(o)			71		71,144
8.500% (LIBOR 1 Month + 7.50%), 09/02/2024(o)			635		635,180
Core & Main LP 3.750% (LIBOR 3 Month + 2.75%), 08/01/2024(o)			77		77,123
3.750% (LIBOR 1 Month + 2.75%), 08/01/2024(o)			117		116,890

46

	Principal Amount (000)			U.S. $ Value
Dealer Tire, LLC 4.354% (LIBOR 1 Month + 4.25%), 12/12/2025(o)		U.S.$	187	$	186,922
4.355% (LIBOR 1 Month + 4.25%), 12/12/2025(o)			108		108,430
FCG Acquisitions, Inc. 7.25% (LIBOR 3 Month + 6.75%), 03/30/2029(b) (o)			640		646,400
Rockwood Service Corporation 4.104% (LIBOR 1 Month + 4.00%), 01/23/2027(o)			85		85,282
RS IVY Holdco ,Inc. 6.50% (LIBOR 1 Month + 5.50%), 12/23/2027(b) (o)			1,383		1,383,050
					3,529,739
Services – 0.2%
Amentum Government Services Holdings LLC 3.604% (LIBOR 1 Month + 3.50%), 01/29/2027(o)			317		315,770
Parexel International Corporation 2.854% (LIBOR 1 Month + 2.75%), 09/27/2024(o)			225		223,461
Sabre GLBL, Inc. 4.75% (LIBOR 1 Month + 4.00%), 12/17/2027(o)			617		619,985
Team Health Holdings, Inc. 3.75% (LIBOR 1 Month + 2.75%), 02/06/2024(o)			733		709,881
Verscend Holding Corp. 4.104% (LIBOR 1 Month + 4.00%), 08/27/2025(o)			755		756,631
					2,625,728
Technology – 0.6%
athenahealth, Inc. 4.41% (LIBOR 3 Month + 4.25%), 02/11/2026(o)			2,011		2,015,159
Boxer Parent Company, Inc. (fka BMC Software, Inc.) 3.854% (LIBOR 1 Month + 3.75%), 10/02/2025(o)			1,510		1,500,669
Endurance International Group Holdings, Inc. 4.25% (LIBOR 3 Month + 3.50%), 02/10/2028(o)			1,994		1,982,944
Peraton Corp. 4.50% (LIBOR 1 Month + 3.75%), 02/01/2028(o)			638		639,728
Presidio Holdings, Inc. 3.61% (LIBOR 1 Month + 3.50%), 01/22/2027(o)			21		21,445
3.690% (LIBOR 3 Month + 3.50%), 01/22/2027(o)			373		371,712

47

	Principal Amount (000)			U.S. $ Value
Veritas US Inc. 6.00% (LIBOR 3 Month + 5.00%), 09/01/2025(o)		U.S.$	585	$	587,641
					7,119,298
					51,576,797
Financial Institutions – 0.2%
Insurance – 0.2%
Jones DesLauriers Insurance Management, Inc. 8.000% (CDOR 1 Month + 8.00%), 03/26/2029(b) (o)		CAD	1,214		984,245
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) 3.854% (LIBOR 1 Month + 3.75%), 09/03/2026(o)		U.S.$	1,384		1,380,931
					2,365,176
Utility – 0.2%
Electric – 0.2%
Granite Generation LLC 4.750% (LIBOR 1 Month + 3.75%), 11/09/2026(o)			1,610		1,568,000
4.750% (LIBOR 3 Month + 3.75%), 11/09/2026(o)			313		304,832
					1,872,832
Total Bank Loans (cost $55,223,911)					55,814,805
EMERGING MARKETS - CORPORATE BONDS – 4.3%
Industrial – 3.8%
Basic – 1.4%
Braskem Idesa SAPI 7.45%, 11/15/2029(a)			1,010		1,070,158
Braskem Netherlands Finance BV 4.50%, 01/31/2030(a)			1,342		1,397,358
Consolidated Energy Finance SA 6.875%, 06/15/2025(a)			949		965,933
CSN Inova Ventures 6.75%, 01/28/2028(a)			305		335,805
Eldorado Gold Corp. 9.50%, 06/01/2024(a)			1,503		1,629,797
First Quantum Minerals Ltd. 6.875%, 10/15/2027(a)			1,215		1,322,743
7.25%, 04/01/2023(a)			4,236		4,310,130
7.50%, 04/01/2025(a)			261		270,461

48

	Principal Amount (000)			U.S. $ Value
Indika Energy Capital IV Pte Ltd. 8.25%, 10/22/2025(a)		U.S.$	1,681	$	1,781,860
OCP SA 3.75%, 06/23/2031(a)			403		407,534
Vedanta Resources Finance II PLC 13.875%, 01/21/2024(a)			2,112		2,304,247
Volcan Cia Minera SAA 4.375%, 02/11/2026(a)			207		203,895
					15,999,921
Capital Goods – 0.3%
Cemex SAB de CV 5.125%, 06/08/2026(a) (j)			505		520,301
7.375%, 06/05/2027(a)			424		477,021
Embraer Netherlands Finance BV 5.40%, 02/01/2027			918		974,815
6.95%, 01/17/2028(a)			724		827,275
Klabin Austria GmbH 7.00%, 04/03/2049(a)			846		1,077,024
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058(g)			2,661		26,613
					3,903,049
Communications - Media – 0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(a)			481		496,272
VTR Finance NV 6.375%, 07/15/2028(a)			322		342,413
					838,685
Communications - Telecommunications – 0.4%
C&W Senior Financing DAC 6.875%, 09/15/2027(a)			223		237,648
7.50%, 10/15/2026(a)			395		414,769
Digicel Group Holdings Ltd. 7.00%, 07/16/2021(f) (g) (j)			88		68,221
8.00% (5.00% Cash and 3.00% PIK), 04/01/2025(a) (f)			146		123,248
10.00% (8.00% Cash and 2.00% PIK), 04/01/2024(f)			1,921		1,874,524
Digicel International Finance Ltd./Digicel international Holdings Ltd. 8.75%, 05/25/2024(a)			657		684,668
MTN Mauritius Investments Ltd. 6.50%, 10/13/2026(a)			380		441,275
Sable International Finance Ltd. 5.75%, 09/07/2027(a)			615		646,287
					4,490,640
Consumer Cyclical - Other – 0.6%
Melco Resorts Finance Ltd. 5.375%, 12/04/2029(a)			228		239,942

49

	Principal Amount (000)			U.S. $ Value
5.625%, 07/17/2027(a)		U.S.$	965	$	1,009,400
5.75%, 07/21/2028(a)			212		224,045
MGM China Holdings Ltd. 4.75%, 02/01/2027(a)			200		204,823
5.25%, 06/18/2025(a)			222		230,614
5.375%, 05/15/2024(a)			398		408,479
5.875%, 05/15/2026(a)			414		433,225
Studio City Finance Ltd. 5.00%, 01/15/2029(a)			609		614,469
6.00%, 07/15/2025(a)			448		469,924
6.50%, 01/15/2028(a)			423		452,610
Wynn Macau Ltd. 4.875%, 10/01/2024(a)			286		290,165
5.50%, 01/15/2026-10/01/2027(a)			1,481		1,544,386
5.625%, 08/26/2028(a)			717		749,398
					6,871,480
Consumer Cyclical - Retailers – 0.0%
K2016470219 South Africa Ltd. 3.00%, 12/31/2022(b) (e) (f) (g)			1,068		0
K2016470260 South Africa Ltd. 25.00%, 12/31/2022(b) (e) (f) (g)			609		0
					0
Consumer Non-Cyclical – 0.2%
Teva Pharmaceutical Finance Netherlands III BV 7.125%, 01/31/2025			1,040		1,144,293
Tonon Luxembourg SA 6.50% (0.50% Cash and 6.00% PIK), 10/31/2024(b) (c) (e) (f) (g) (i)			618		6,243
Ulker Biskuvi Sanayi AS 6.95%, 10/30/2025(a)			327		354,890
USJ Acucar e Alcool SA 9.875%, 11/09/2023(a) (c) (i)			670		207,362
Virgolino de Oliveira Finance SA
10.50%, 01/28/2018(c) (d) (g)			4,090		40,798
10.875%, 01/13/2020(c) (d) (g)			480		60,000
11.75%, 02/09/2022(c) (g) (i)			1,620		8,080
					1,821,666
Energy – 0.8%
Cosan SA 5.50%, 09/20/2029(a)			461		495,229
Investment Energy Resources Ltd. 6.25%, 04/26/2029(a)			403		435,744
Kosmos Energy Ltd. 7.50%, 03/01/2028(a)			545		541,596
Leviathan Bond Ltd. 6.50%, 06/30/2027(a)			1,197		1,332,265

50

	Principal Amount (000)		U.S. $ Value
Medco Platinum Road Pte Ltd. 6.75%, 01/30/2025(a)	U.S.$	503	$	527,301
MV24 Capital BV 6.748%, 06/01/2034(a)		518		573,953
Peru LNG Srl 5.375%, 03/22/2030(a)		2,064		1,771,170
Petrobras Global Finance BV 5.60%, 01/03/2031		1,584		1,774,201
8.75%, 05/23/2026		235		301,578
SEPLAT Petroleum Development Co. PLC 7.75%, 04/01/2026(a)		581		606,964
SierraCol Energy Andina LLC 6.00%, 06/15/2028(a)		239		242,545
				8,602,546
Services – 0.0%
StoneCo Ltd. 3.95%, 06/16/2028(a)		309		308,979
				42,836,966
Utility – 0.4%
Electric – 0.4%
AES Gener SA 6.35%, 10/07/2079(a)		495		524,545
Cemig Geracao e Transmissao SA 9.25%, 12/05/2024(a)		1,927		2,217,014
Light Servicos de Eletricidade SA/Light Energia SA 4.375%, 06/18/2026(a)		299		300,420
7.25%, 05/03/2023(a)		1,120		1,160,460
Star Energy Geothermal Wayang Windu Ltd. 6.75%, 04/24/2033(a)		203		231,647
Terraform Global Operating LLC 6.125%, 03/01/2026(g)		118		121,554
				4,555,640
Financial Institutions – 0.1%
Banking – 0.1%
Fidelity Bank PLC 10.50%, 10/16/2022(a)		550		589,463
Finance – 0.0%
Global Aircraft Leasing Co., Ltd. 6.50% (6.50% Cash or 7.25% PIK), 09/15/2024(a) (f)		256		256,696
Insurance – 0.0%
Ambac LSNI LLC 6.00% (LIBOR 3 Month + 5.00%), 02/12/2023(a) (1)		53		53,097
Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc. 7.625% (7.625% Cash or 8.375% PIK), 10/15/2025(a) (f)		400		424,293
				477,390

51

	Principal Amount (000)		U.S. $ Value
Other Finance – 0.0%
OEC Finance Ltd. 4.375%, 10/25/2029(a) (f)	U.S.$	182	$	20,239
5.25%, 12/27/2033(a) (f)		575		63,818
7.125%, 12/26/2046(a) (f)		1,509		167,515
				251,572
				1,575,121
Total Emerging Markets - Corporate Bonds (cost $54,847,035)				48,967,727
GOVERNMENTS - TREASURIES – 3.8%
United States – 3.8%
U.S. Treasury Bonds 2.75%, 11/15/2042(q)		2,154		2,426,279
5.00%, 05/15/2037(q)		1,824		2,659,620
5.25%, 02/15/2029(r)		1,320		1,701,563
6.125%, 11/15/2027(s)		1,000		1,309,844
U.S. Treasury Notes 2.25%, 02/15/2027(r) (s)		18,950		20,264,656
2.875%, 08/15/2028(r)		12,787		14,229,533
Total Governments - Treasuries (cost $37,784,599)				42,591,495
	Shares
COMMON STOCKS – 1.7%
Energy – 0.6%
Energy Equipment & Services – 0.0%
Vantage Drilling International(c)		18,414		55,242
Oil, Gas & Consumable Fuels – 0.6%
Berry Corp.		133,464		896,878
Bonanza Creek Energy, Inc.		3,393		159,709
CHC Group LLC(c) (t)		420,181		14,286
Denbury, Inc.(c)		13,059		1,002,670
Diamond Offshore Drilling, Inc.(b) (c) (e)		111,326		574,264
Diamond Offshore Drilling, Inc.(b) (c) (e) (g)		23,444		120,934
Golden Energy Offshore Services AS(c)		916,212		90,449
Gulfport Energy Operating Corp.(c)		44,037		2,849,194
K201640219 South Africa Ltd. A Shares(b) (c) (e)		12,695,187		13
K201640219 South Africa Ltd. B Shares(b) (c) (e)		2,009,762		2
Paragon Offshore Ltd. - Class A(b) (c)		11,814		1,181
Paragon Offshore Ltd. - Class B(b) (c)		17,721		177,210

52

Company	Shares		U.S. $ Value
SandRidge Energy, Inc.(c)		243	$	1,526
Whiting Petroleum Corp.(c)		15,070		822,068
				6,710,384
				6,765,626
Financials – 0.3%
Insurance – 0.3%
Mt. Logan Re Ltd.(b) (e)		3,082		2,881,860
Mt. Logan Re Ltd. (Preference Shares)(b) (e)		700		717,609
				3,599,469
Consumer Staples – 0.3%
Food & Staples Retailing – 0.3%
Southeastern Grocers, Inc.(b) (c) (e)		164,865		3,091,218
Consumer Discretionary – 0.2%
Auto Components – 0.2%
ATD New Holdings, Inc.(b) (c)		20,185		1,079,897
Ep Energy Corp.(b) (c) (e)		6,941		138,820
Exide Corp.(b) (e)		643		1,269,925
				2,488,642
Hotels, Restaurants & Leisure – 0.0%
Caesars Entertainment, Inc.(c)		1,674		173,678
Carlson Travel, Inc.(b)		138		0
				173,678
Internet & Direct Marketing Retail – 0.0%
Golo Mobile, Inc.(c)		38,543		2,332
				2,664,652
Information Technology – 0.2%
IT Services – 0.1%
Ag Tracker(b) (e)		101,491		0
Paysafe Ltd.(c)		128,508		1,556,232
				1,556,232
Software – 0.1%
Avaya Holdings Corp.(c)		18,153		488,316
Monitronics International, Inc.(c)		35,682		322,922
				811,238
				2,367,470
Communication Services – 0.1%
Media – 0.1%
iHeartMedia, Inc.- Class A(c)		25,545		687,927

53

Company	Shares		U.S. $ Value
Industrials – 0.0%
Building Products – 0.0%
New Cotai LLC/New Cotai Capital Corp.(b) (c) (e)		3	$	0
Construction & Engineering – 0.0%
Willscot Corp.		18,809		524,207
				524,207
Materials – 0.0%
Metals & Mining – 0.0%
BIS Industries Holdings Ltd.(b) (c) (e)		838,296		1
Neenah Enterprises, Inc.(b) (c) (e)		58,200		0
				1
Total Common Stocks (cost $30,551,162)				19,700,570
	Principal Amount (000)
COLLATERALIZED LOAN OBLIGATIONS – 1.7%
CLO - Floating Rate – 1.7%
Ares XXXIV CLO Ltd. Series 2015-2A, Class CR 2.19% (LIBOR 3 Month + 2.00%), 04/17/2033(a) (l)	U.S.$	2,358		2,360,275
Balboa Bay Loan Funding Ltd. Series 2020-1A, Class E 8.078% (LIBOR 3 Month + 7.89%), 01/20/2032(a) (l)		359		359,714
Ballyrock CLO 15 Ltd. Series 2021-1A, Class D 6.386% (LIBOR 3 Month + 6.22%), 04/15/2034(a) (l)		250		244,587
Dryden 49 Senior Loan Fund Series 2017-49A, Class E 6.49% (LIBOR 3 Month + 6.30%), 07/18/2030(a) (l)		417		415,839
Dryden 78 CLO Ltd. Series 2020-78A, Class C 2.14% (LIBOR 3 Month + 1.95%), 04/17/2033(a) (l)		3,000		3,006,009
Dryden CLO Ltd.
Series 2018-57A, Class E 5.356% (LIBOR 3 Month + 5.20%), 05/15/2031(a) (l)		275		262,003
Series 2020-78A, Class D 3.19% (LIBOR 3 Month + 3.00%), 04/17/2033(a) (l)		1,329		1,331,952
Elevation CLO Ltd.
Series 2020-11A, Class C 2.384% (LIBOR 3 Month + 2.20%), 04/15/2033(a) (l)		648		631,006
Series 2020-11A, Class D1 4.034% (LIBOR 3 Month + 3.85%), 04/15/2033(a) (l)		1,006		1,001,761

54

	Principal Amount (000)		U.S. $ Value
Elmwood CLO Ltd. Series 2021-2A, Class E 6.09% (LIBOR 3 Month + 5.95%), 07/20/2034(a) (l)	U.S.$	250	$	249,975
Elmwood CLO VII Ltd. Series 2020-4A, Class E 7.29% (LIBOR 3 Month + 7.10%), 01/17/2034(a) (l)		402		405,304
Elmwood CLO VIII Ltd. Series 2021-1A, Class E1 6.116% (LIBOR 3 Month + 6.00%), 01/20/2034(a) (l)		350		350,579
Flat Series 2021-1A, Class E 6.151% (LIBOR 3 Month + 6.00%), 07/19/2034(a) (b) (l)		400		400,000
Madison Park Funding LI Ltd Series 2021-51A, Class E 6.42% (LIBOR 3 Month + 6.27%), 07/19/2034(a) (l)		250		249,445
Kayne CLO 4 Ltd. Series 2019-4A, Class E 6.926% (LIBOR 3 Month + 6.75%), 04/25/2032(a) (l)		585		585,483
Kayne CLO 10 Ltd. Series 2021-10A, Class E 6.05% (LIBOR 3 Month + 5.85%), 04/23/2034(a) (l)		750		733,351
Kayne CLO 11 Ltd. Series 2021-11A, Class E 6.416% (LIBOR 3 Month + 6.25%), 04/15/2034(a) (l)		355		355,091
OCP CLO Ltd. Series 2021-21A, Class E 6.46% (LIBOR 3 Month + 6.28%), 07/20/2034(a) (l)		250		248,699
Octagon Investment Partners 29 Ltd. Series 2016-1A, Class DR 3.276% (LIBOR 3 Month + 3.10%), 01/24/2033(a) (l)		1,701		1,687,403
OZLM XXII Ltd. Series 2018-22A, Class D 5.49% (LIBOR 3 Month + 5.30%), 01/17/2031(a) (l)		349		319,929
Palmer Square CLO Ltd. Series 2021-1A, Class D 6.169% (LIBOR 3 Month + 6.00%), 04/20/2034(a) (l)		1,202		1,199,525
Rockford Tower CLO Ltd. Series 2021-2A, Class E 6.54% (LIBOR 3 Month + 6.40%), 07/20/2034(l)		250		245,625

55

	Principal Amount (000)			U.S. $ Value
Rockt Series 2019-1A, Class ER 6.508% (LIBOR 3 Month + 6.32%), 04/20/2034(a) (l)		U.S.$	250	$	243,117
Sixth Street CLO XVIII Ltd. Series 2021-18A, Class E 6.50% (LIBOR 3 Month + 6.50%), 04/20/2034(a) (l)			1,238		1,212,208
Trimaran Cavu Ltd. Series 2019-1A, Class E 7.228% (LIBOR 3 Month + 7.04%), 07/20/2032(a) (l)			485		483,653
Voya CLO Ltd. Series 2019-1A, Class DR 3.034% (LIBOR 3 Month + 2.85%), 04/15/2031(a) (l)			1,050		1,046,399
Total Collateralized Loan Obligations (cost $19,723,839)					19,628,932
QUASI-SOVEREIGNS – 1.4%
Quasi-Sovereign Bonds – 1.4%
Bahrain – 0.2%
Oil and Gas Holding Co. BSCC (The) 7.625%, 11/07/2024(a)			469		522,290
8.375%, 11/07/2028(a)			1,346		1,574,652
					2,096,942
Indonesia – 0.0%
Indonesia Asahan Aluminium Persero PT 5.71%, 11/15/2023(a)			224		246,512
Mexico – 1.1%
Petroleos Mexicanos 5.95%, 01/28/2031			3,986		3,857,451
6.49%, 01/23/2027			507		533,618
6.50%, 01/23/2029			318		329,130
6.75%, 09/21/2047			2,937		2,577,217
6.84%, 01/23/2030			1,226		1,261,861
6.95%, 01/28/2060			1,024		904,960
7.69%, 01/23/2050			2,469		2,367,154
					11,831,391
South Africa – 0.1%
Eskom Holdings SOC Ltd. 6.35%, 08/10/2028(a)			562		624,101
7.125%, 02/11/2025(a)			437		461,253
					1,085,354
Total Quasi-Sovereigns (cost $13,329,169)					15,260,199

56

	Principal Amount (000)			U.S. $ Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.0%
Non-Agency Fixed Rate CMBS – 1.0%
Citigroup Commercial Mortgage Trust
Series 2013-GC11, Class XA 1.505%, 04/10/2046(n)		U.S.$	1,290	$	23,782
Series 2013-GC17, Class D 5.26%, 11/10/2046(a)			902		829,593
Commercial Mortgage Trust
Series 2012-CR3, Class F 4.75%, 10/15/2045(a)			182		23,640
Series 2012-CR3, Class XA 1.997%, 10/15/2045(n)			7,034		103,748
Series 2012-CR5, Class XA 1.651%, 12/10/2045(n)			1,674		29,300
Series 2013-LC6, Class D 4.453%, 01/10/2046(a)			3,916		3,870,288
Series 2014-CR15, Class XA 0.864%, 02/10/2047(n)			1,342		23,190
Series 2014-CR20, Class XA 1.154%, 11/10/2047(n)			9,100		254,668
GS Mortgage Securities Corp. II Series 2013-GC10, Class XA 1.629%, 02/10/2046(n)			729		13,876
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6, Class XA 1.752%, 11/15/2045(a) (n)			5,532		65,644
UBS-Barclays Commercial Mortgage Trust Series 2012-C4, Class XA 1.742%, 12/10/2045(a) (n)			745		10,303
WF-RBS Commercial Mortgage Trust
Series 2011-C4, Class D 5.266%, 06/15/2044(a)			1,022		915,867
Series 2012-C7, Class XA 1.451%, 06/15/2045(a) (n)			1,247		6,637
Series 2012-C8, Class E 5.046%, 08/15/2045(a)			3,766		3,086,664
Series 2012-C10, Class XA 1.662%, 12/15/2045(a) (n)			2,896		52,596
Series 2014-C25, Class D 3.803%, 11/15/2047(a)			1,807		1,659,501
					10,969,297
Non - Agency Floating Rate CMBS – 0.0%
Morgan Stanley Capital I Trust Series 2019-BPR, Class E 4.823% (LIBOR 1 Month + 4.75%), 05/15/2036 (a) (l)			301		195,193
Total Commercial Mortgage-Backed Securities (cost $11,777,705)					11,164,490

57

	Principal Amount (000)			U.S. $ Value
ASSET-BACKED SECURITIES – 0.8%
Other ABS - Fixed Rate – 0.3%
Consumer Loan Underlying Bond Certificate Issuer Trust I
Series 2018-7, Class PT 10.487%, 06/15/2043(g)		U.S.$	84	$	82,518
Series 2019-24, Class PT 9.98%, 08/15/2044(g)			223		223,468
Series 2019-36, Class PT 12.379%, 10/17/2044(g)			330		332,977
Series 2019-43, Class PT 5.244%, 11/15/2044(g)			160		158,521
Consumer Loan Underlying Bond Club Certificate Issuer Trust I
Series 2018-12, Class PT 7.24%, 06/15/2043(g)			76		76,025
Series 2018-4, Class PT 12.13%, 05/15/2043(g)			69		68,699
Consumer Loan Underlying Bond Credit Trust Series 2018-3, Class PT 11.209%, 03/16/2043(g)			15		14,869
Marlette Funding Trust Series 2018-3A, Class C 4.63%, 09/15/2028(a)			992		1,002,297
SoFi Consumer Loan Program LLC
Series 2016-1, Class R Zero Coupon, 08/25/2025(b) (e) (g)			384		183,339
Series 2017-3, Class R Zero Coupon, 05/25/2026(b) (e) (g)			10		431,760
Series 2017-5, Class R1 Zero Coupon, 09/25/2026(b) (e) (g)			12		249,780
SoFi Consumer Loan Program Trust Series 2018-1, Class R1 Zero Coupon, 02/25/2027(b) (e) (g)			16		465,802
					3,290,055
Autos - Fixed Rate – 0.3%
CPS Auto Trust Series 2018-C, Class D 4.40%, 06/17/2024 (a)			1,050		1,074,188
Exeter Automobile Receivables Trust Series 2019-2A, Class E 4.68%, 05/15/2026 (a)			1,050		1,109,835
Flagship Credit Auto Trust Series 2019-4, Class E 4.11%, 03/15/2027 (a)			770		814,080
					2,998,103
Home Equity Loans - Fixed Rate – 0.2%
CSAB Mortgage-Backed Trust Series 2006-2, Class A6A 6.22%, 09/25/2036			571		256,235
CWABS Asset-Backed Certificates Trust Series 2005-7, Class AF5W 5.554%, 10/25/2035			421		424,351

58

	Principal Amount (000)			U.S. $ Value
GSAA Home Equity Trust
Series 2005-12, Class AF5 6.159%, 09/25/2035		U.S.$	790	$	674,822
Series 2006-10, Class AF3 5.985%, 06/25/2036			959		399,560
Series 2006-6, Class AF4 6.621%, 03/25/2036			1,337		564,615
Series 2006-6, Class AF5 6.741%, 03/25/2036			495		209,277
					2,528,860
Home Equity Loans - Floating Rate – 0.0%
Lehman XS Trust Series 2007-6, Class 3A5 4.493%, 05/25/2037			64		65,508
Total Asset-Backed Securities (cost $12,677,952)					8,882,526
	Shares
PREFERRED STOCKS – 0.4%
Industrial – 0.3%
Energy – 0.2%
Gulfport Energy Corp. 0.00%(b)			6		27,500
Gulfport Energy Operating Corp. 10.00% (10.00% Cash or 15.00% PIK)(b) (f) (h) (j)			130		595,833
Targa Resources Corp. Series A 9.50%			2,000		2,150,503
					2,773,836
Industrial Conglomerates – 0.1%
WESCO International, Inc. Series A 10.625%			35,175		1,086,556
					3,860,392
Financial Institutions – 0.1%
Insurance – 0.1%
Hartford Financial Services Group, Inc. (The) 7.875%			42,175		1,123,964
Total Preferred Stocks (cost $4,270,718)					4,984,356
	Principal Amount (000)
LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.3%
United States – 0.3%
State of California
Series 2010 7.60%, 11/01/2040	U.S.$		750		1,309,828

59

	Principal Amount (000)			U.S. $ Value
State of Illinois Series 2010 7.35%, 07/01/2035		U.S.$	1,915	$	2,473,871
Total Local Governments - US Municipal Bonds (cost $2,678,708)					3,783,699
INFLATION-LINKED SECURITIES – 0.2%
Colombia – 0.2%
Fideicomiso PA Concesion Ruta al Mar 6.75%, 02/15/2044(a)		COP	1,437,090		336,489
Fideicomiso PA Costera 6.25%, 01/15/2034(a)			1,230,800		343,785
Fideicomiso PA Pacifico Tres 7.00%, 01/15/2035(g)			6,642,880		1,927,904
Total Inflation-Linked Securities (cost $2,835,676)					2,608,178
GOVERNMENTS - SOVEREIGN BONDS – 0.2%
Colombia – 0.1%
Colombia Government International Bond 4.125%, 05/15/2051		U.S.$	1,258		1,191,798
Mexico – 0.1%
Mexico Government International Bond
4.75%, 04/27/2032			534		611,363
5.00%, 04/27/2051			461		524,186
					1,135,549
Netherlands – 0.0%
SNS Bank NV Series E 11.25%, 12/31/2049(b) (c) (e) (j)		EUR	620		0
Total Governments - Sovereign Bonds (cost $3,042,560)					2,327,347
	Shares
WARRANTS – 0.1%
Avaya Holdings Corp., expiring 12/15/2022(c)			53,489		345,004
Encore Automotive Acceptance, expiring 07/05/2031(b) (c) (e)			8		0
Flexpath Capital, Inc., expiring 04/15/2031(b) (c) (e)			10,974		0
SandRidge Energy, Inc., A-CW22, expiring 10/03/2022(c)			47,161		896
SandRidge Energy, Inc., B-CW22, expiring 10/03/2022(c)			19,860		343
Willscot Corp., expiring 11/29/2022(b) (c) (e)			29,123		376,252
Total Warrants (cost $385,301)					722,495
RIGHTS – 0.0%
Vistra Energy Corp., expiring 12/31/2049(b) (c) (cost $0)			10,721		12,619

60

Company	Shares				U.S. $ Value
SHORT-TERM INVESTMENTS – 2.8%
Investment Companies – 2.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(u) (v) (w) (cost $29,277,145)			29,277,145		$	29,277,145
	Principal Amount (000)
Time Deposits – 0.2%
Bank of Montreal, London 0.01%, 07/01/2021		U.S.$	2,270			2,270,213
BBH Grand Cayman (0.78)%, 07/01/2021		EUR	23			27,836
(0.60)%, 07/01/2021		NZD	0	**		132
(0.44)%, 07/01/2021		AUD	6			4,851
3.65%, 07/01/2021		ZAR	450			31,527
Citibank, London 0.00%, 07/01/2021		GBP	45			61,855
Royal Bank of Canada, Toronto 0.01%, 07/02/2021		CAD	119			95,978
Total Time Deposits (cost $2,492,392)						2,492,392
Total Short-Term Investments (cost $31,769,537)						31,769,537
Total Investments - 101.0% (cost $1,113,816,076)(x)						1,139,860,267
Other assets less liabilities – (1.0)%						(11,689,268	)
Net Assets – 100.0%					$	1,128,170,999

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures		109		September 2021		$	16,045,141		$	281,016
U.S. Long Bond (CBT) Futures		60		September 2021			9,645,000			223,367
U.S. T-Note 10 Yr (CBT) Futures		246		September 2021			32,595,000			139,125
U.S. Ultra Bond (CBT) Futures		74		September 2021			14,258,875			509,000
Sold Contracts
U.S. T-Note 5 Yr (CBT) Futures		186		September 2021			22,957,922			39,250
									$	1,191,758

61

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		BRL	50		USD	10		07/02/2021		$	(276	)
Bank of America, NA		USD	10		BRL	50		07/02/2021			57
Bank of America, NA		USD	63		RUB	4,688		07/28/2021			719
Bank of America, NA		EUR	591		USD	717		08/03/2021			15,927
Barclays Bank PLC		KRW	12,196		USD	11		07/22/2021			170
Barclays Bank PLC		USD	19		KRW	20,839		07/22/2021			(237	)
Barclays Bank PLC		RUB	1,113		USD	15		07/28/2021			(169	)
BNP Paribas SA		BRL	309		USD	62		07/02/2021			(353	)
BNP Paribas SA		USD	62		BRL	309		07/02/2021			(211	)
BNP Paribas SA		COP	28,048		USD	7		07/15/2021			20
BNP Paribas SA		USD	8		TWD	233		07/22/2021			11
BNP Paribas SA		USD	25		TWD	710		07/22/2021			(22	)
BNP Paribas SA		BRL	309		USD	62		08/03/2021			236
Brown Brothers Harriman & Co.		NOK	139		USD	17		07/15/2021			398
Brown Brothers Harriman & Co.		SEK	447		USD	54		07/15/2021			1,514
Brown Brothers Harriman & Co.		USD	98		NOK	826		07/15/2021			(1,667	)
Brown Brothers Harriman & Co.		USD	57		SEK	484		07/15/2021			(732	)
Brown Brothers Harriman & Co.		CAD	31		USD	26		07/16/2021			603
Brown Brothers Harriman & Co.		USD	46		CAD	57		07/16/2021			591
Brown Brothers Harriman & Co.		USD	52		CAD	63		07/16/2021			(982	)
Brown Brothers Harriman & Co.		NZD	52		USD	37		07/29/2021			1,069
Brown Brothers Harriman & Co.		USD	8		NZD	11		07/29/2021			(156	)
Brown Brothers Harriman & Co.		EUR	2,087		USD	2,520		08/03/2021			43,650
Brown Brothers Harriman & Co.		USD	20		EUR	16		08/03/2021			(594	)
Brown Brothers Harriman & Co.		TRY	66		USD	7		08/04/2021			(88	)
Brown Brothers Harriman & Co.		CHF	82		USD	91		08/05/2021			1,376
Brown Brothers Harriman & Co.		USD	35		CHF	31		08/05/2021			(1,054	)
Brown Brothers Harriman & Co.		JPY	8,910		USD	82		08/19/2021			1,427
Brown Brothers Harriman & Co.		SGD	93		USD	69		08/19/2021			504
Brown Brothers Harriman & Co.		USD	11		JPY	1,209		08/19/2021			(23	)
Brown Brothers Harriman & Co.		USD	81		SGD	108		08/19/2021			(976	)
Brown Brothers Harriman & Co.		AUD	11		USD	8		08/25/2021			116
Brown Brothers Harriman & Co.		USD	25		AUD	32		08/25/2021			(742	)
Brown Brothers Harriman & Co.		GBP	29		USD	40		08/26/2021			716
Brown Brothers Harriman & Co.		GBP	6		USD	8		08/26/2021			(5	)
Brown Brothers Harriman & Co.		USD	7		GBP	5		08/26/2021			(117	)
Brown Brothers Harriman & Co.		MXN	173		USD	9		08/27/2021			2
Brown Brothers Harriman & Co.		MXN	2,125		USD	105		08/27/2021			(1,076	)

62

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Brown Brothers Harriman & Co.		USD	17		MXN	340		08/27/2021		$	291
Brown Brothers Harriman & Co.		CNH	54		USD	8		09/16/2021			9
Brown Brothers Harriman & Co.		CNH	79		USD	12		09/16/2021			(18	)
Brown Brothers Harriman & Co.		USD	17		CNH	108		09/16/2021			(4	)
Brown Brothers Harriman & Co.		USD	29		ZAR	401		09/16/2021			(1,250	)
Brown Brothers Harriman & Co.		ZAR	1,123		USD	80		09/16/2021			2,617
Brown Brothers Harriman & Co.		PLN	97		USD	26		09/17/2021			118
Brown Brothers Harriman & Co.		PLN	52		USD	14		09/17/2021			(1	)
Brown Brothers Harriman & Co.		USD	65		PLN	246		09/17/2021			(193	)
Citibank, NA		COP	96,911		USD	26		07/15/2021			566
Citibank, NA		COP	36,010,265		USD	9,586		07/15/2021			(3,443	)
Citibank, NA		USD	11		CLP	8,317		07/15/2021			288
Citibank, NA		USD	13		CLP	9,114		07/15/2021			(351	)
Citibank, NA		USD	9		COP	31,996		07/15/2021			6
Citibank, NA		USD	5,704		COP	21,323,050		07/15/2021			(25,594	)
Citibank, NA		GBP	2,438		USD	3,434		08/26/2021			60,161
Citibank, NA		CNH	157		USD	24		09/16/2021			(29	)
Deutsche Bank AG		INR	5,290		USD	71		07/15/2021			38
Goldman Sachs Bank USA		BRL	431		USD	85		07/02/2021			(1,409	)
Goldman Sachs Bank USA		USD	84		BRL	431		07/02/2021			2,537
Goldman Sachs Bank USA		COP	142,649		USD	39		07/15/2021			1,313
Goldman Sachs Bank USA		IDR	394,543		USD	27		07/15/2021			93
Goldman Sachs Bank USA		IDR	1,023,165		USD	69		07/15/2021			(726	)
Goldman Sachs Bank USA		INR	1,184		USD	16		07/15/2021			30
Goldman Sachs Bank USA		INR	1,351		USD	18		07/15/2021			(298	)
Goldman Sachs Bank USA		USD	40		CLP	29,803		07/15/2021			576
Goldman Sachs Bank USA		USD	15		CLP	10,730		07/15/2021			(322	)
Goldman Sachs Bank USA		USD	12		COP	45,073		07/15/2021			14
Goldman Sachs Bank USA		USD	28		COP	103,519		07/15/2021			(129	)
Goldman Sachs Bank USA		USD	46		IDR	670,148		07/15/2021			403
Goldman Sachs Bank USA		USD	13		IDR	188,630		07/15/2021			(217	)
Goldman Sachs Bank USA		USD	86		INR	6,437		07/15/2021			669
Goldman Sachs Bank USA		USD	49		INR	3,622		07/15/2021			(275	)
Goldman Sachs Bank USA		KRW	18,177		USD	16		07/22/2021			185
Goldman Sachs Bank USA		TWD	306		USD	11		07/22/2021			54
Goldman Sachs Bank USA		TWD	1,376		USD	49		07/22/2021			(292	)
Goldman Sachs Bank USA		USD	8		KRW	8,520		07/22/2021			(37	)
Goldman Sachs Bank USA		USD	18		TWD	495		07/22/2021			(244	)
Goldman Sachs Bank USA		RUB	851		USD	12		07/28/2021			154
Goldman Sachs Bank USA		RUB	795		USD	11		07/28/2021			(113	)
Goldman Sachs Bank USA		USD	11		RUB	829		07/28/2021			84
Goldman Sachs Bank USA		USD	16		RUB	1,184		07/28/2021			(67	)
HSBC Bank USA		EUR	35,307		USD	43,312		08/03/2021			1,418,242
JPMorgan Chase Bank, NA		IDR	116,096		USD	8		07/15/2021			174
JPMorgan Chase Bank, NA		INR	888		USD	12		07/15/2021			110
JPMorgan Chase Bank, NA		INR	828		USD	11		07/15/2021			(188	)
JPMorgan Chase Bank, NA		USD	11		COP	41,232		07/15/2021			(41	)
JPMorgan Chase Bank, NA		USD	8		IDR	121,862		07/15/2021			(114	)
JPMorgan Chase Bank, NA		USD	11		INR	855		07/15/2021			270
JPMorgan Chase Bank, NA		TWD	548		USD	20		07/22/2021			190
JPMorgan Chase Bank, NA		TWD	233		USD	8		07/22/2021			(7	)
JPMorgan Chase Bank, NA		USD	19		TWD	537		07/22/2021			(47	)
JPMorgan Chase Bank, NA		RUB	162,542		USD	2,187		07/28/2021			(26,124	)
Morgan Stanley Capital Services LLC		CLP	75,775		USD	106		07/15/2021			3,075
Morgan Stanley Capital Services LLC		USD	8		CLP	6,019		07/15/2021			(247	)
Morgan Stanley Capital Services LLC		USD	24		INR	1,770		07/15/2021			(74	)

63

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services LLC		KRW	24,650		USD	22		07/22/2021	$	254
Morgan Stanley Capital Services LLC		TWD	281		USD	10		07/22/2021		160
Morgan Stanley Capital Services LLC		TWD	326		USD	12		07/22/2021		(28	)
Morgan Stanley Capital Services LLC		EUR	1,056		USD	1,292		08/03/2021		39,840
Royal Bank of Scotland PLC		COP	47,846		USD	13		07/15/2021		296
Royal Bank of Scotland PLC		USD	13		CLP	9,580		07/15/2021		(99	)
Royal Bank of Scotland PLC		USD	12		COP	43,950		07/15/2021		(224	)
Royal Bank of Scotland PLC		USD	43		IDR	620,692		07/15/2021		(600	)
Royal Bank of Scotland PLC		USD	8		INR	615		07/15/2021		53
Royal Bank of Scotland PLC		USD	11		INR	827		07/15/2021		(137	)
Royal Bank of Scotland PLC		TWD	543		USD	20		07/22/2021		90
Royal Bank of Scotland PLC		USD	10		KRW	11,341		07/22/2021		29
Royal Bank of Scotland PLC		USD	44		KRW	49,693		07/22/2021		(339	)
Royal Bank of Scotland PLC		USD	59		TWD	1,621		07/22/2021		(399	)
Royal Bank of Scotland PLC		RUB	1,108		USD	15		07/28/2021		(137	)
Standard Chartered Bank		IDR	141,796		USD	10		07/15/2021		56
Standard Chartered Bank		INR	1,046		USD	14		07/15/2021		(273	)
Standard Chartered Bank		USD	14		COP	53,599		07/15/2021		(74	)
Standard Chartered Bank		USD	9		IDR	129,746		07/15/2021		66
Standard Chartered Bank		USD	9		IDR	129,549		07/15/2021		(214	)
Standard Chartered Bank		USD	14		INR	1,032		07/15/2021		(190	)
Standard Chartered Bank		KRW	12,399		USD	11		07/22/2021		69
Standard Chartered Bank		KRW	18,343		USD	16		07/22/2021		(89	)
Standard Chartered Bank		USD	28		KRW	32,045		07/22/2021		39
Standard Chartered Bank		USD	50		KRW	55,616		07/22/2021		(643	)
Standard Chartered Bank		USD	16		TWD	450		07/22/2021		(241	)
Standard Chartered Bank		RUB	1,202		USD	17		07/28/2021		227
UBS AG		BRL	161		USD	32		07/02/2021		(734	)
UBS AG		USD	32		BRL	161		07/02/2021		185
UBS AG		CLP	6,981		USD	10		07/15/2021		240
UBS AG		IDR	287,699		USD	20		07/15/2021		180
UBS AG		USD	20		CLP	14,153		07/15/2021		(247	)
UBS AG		USD	8		IDR	112,422		07/15/2021		(100	)
UBS AG		KRW	31,201		USD	28		07/22/2021		258
UBS AG		TWD	291		USD	10		07/22/2021		(61	)
UBS AG		USD	16		KRW	18,706		07/22/2021		98
UBS AG		USD	11		KRW	12,169		07/22/2021		(146	)
UBS AG		USD	8		TWD	233		07/22/2021		18
UBS AG		USD	33		TWD	919		07/22/2021		(321	)
UBS AG		RUB	406,521		USD	5,614		07/28/2021		80,529
UBS AG		USD	7,586		RUB	559,136		07/28/2021		26,015
UBS AG		BRL	104		USD	21		08/03/2021		178
									$	1,633,623

64

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	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
Brazilian Government International Bond, 4.250%, 01/07/2025, 06/20/2026*		1.00	%		Quarterly		1.65	%		USD	316	$	(9,708	)	$	(15,318	)	$	5,610
CDX-NAHY Series 34, 5 Year Index, 06/20/2025*		5.00			Quarterly		2.36			USD	24,070		2,405,976			129,625			2,276,351
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*		5.00			Quarterly		2.55			USD	18,518		1,898,519			573,178			1,325,341
CDX-NAHY Series 36, 5 Year Index, 06/20/2026*		5.00			Quarterly		2.74			USD	136,941		14,144,026			12,339,104			1,804,922
Ford Motor Company, 4.346% 12/08/2026, 06/20/2023*		5.00			Quarterly		1.28			USD	760		56,340			(44,139	)		100,479
iTraxx Europe Crossover Series 35, 5 Year Index, 06/20/2026*		5.00			Quarterly		2.32			EUR	36,820		5,471,433			4,621,467			849,966
South Africa Government International Bond, 5.875%, 09/16/2025, 06/20/2026*		1.00			Quarterly		1.85			USD	2,376		(95,307	)		(141,393	)		46,086
												$	23,871,279		$	17,462,524		$	6,408,755

* Termination date

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.BB Series 6, 05/11/2063*		5.00	%		Monthly		10.00	%		USD	284	$	��   (126,600	)	$	(138,514	)	$	11,914
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	454		(119,894	)		(49,222	)		(70,672	)

65

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)
Credit Suisse International
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00	%	Monthly		10.00	%		USD	4,851	$	(2,159,059	)	$	(728,303	)	$	(1,430,756	)
International Game Technology, 4.750%, 02/15/2023, 06/20/2022*		5.00		Quarterly		0.56			EUR	310		16,587			6,845			9,742
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		10.00			USD	258		(68,133	)		(27,635	)		(40,498	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		10.00			USD	364		(96,157	)		(41,174	)		(54,983	)
Goldman Sachs International
Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023*		5.00		Quarterly		1.36			USD	300		26,797			14,946			11,851
Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023*		5.00		Quarterly		1.36			USD	270		24,117			8,595			15,522
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly		10.00			USD	57		(25,493	)		(27,856	)		2,363
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly		10.00			USD	57		(25,493	)		(27,856	)		2,363
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly		10.00			USD	1,617		(720,504	)		(268,374	)		(452,130	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly		10.00			USD	2,009		(894,159	)		(285,534	)		(608,625	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly		10.00			USD	2,842		(1,264,900	)		(403,923	)		(860,977	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly		10.00			USD	4,851		(2,159,059	)		(768,638	)		(1,390,421	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly		10.00			USD	9,702		(4,318,117	)		(1,389,276	)		(2,928,841	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly		10.00			USD	13,098		(5,829,458	)		(1,873,002	)		(3,956,456	)

66

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	133	$	(35,123	)	$	(13,855	)	$	(21,268	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		10.00			USD	180		(47,550	)		(15,566	)		(31,984	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		10.00			USD	360		(95,100	)		(34,312	)		(60,788	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		10.00			USD	360		(95,100	)		(31,708	)		(63,392	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		10.00			USD	371		(98,006	)		(30,227	)		(67,779	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		10.00			USD	530		(139,964	)		(54,813	)		(85,151	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		10.00			USD	719		(189,936	)		(74,901	)		(115,035	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		10.00			USD	1,041		(274,911	)		(108,381	)		(166,530	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		10.00			USD	2,158		(570,072	)		(179,942	)		(390,130	)
United States Steel Corp., 6.650%, 06/01/2037, 12/20/2021*		5.00		Quarterly		0.65			USD	700		15,584			(5,351	)		20,935
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		10.00			USD	6,400		(1,689,600	)		(743,773	)		(945,827	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly		10.00			USD	12,000		(3,168,000	)		(1,330,129	)		(1,837,871	)
Morgan Stanley & Co. International PLC
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly		10.00			USD	114		(50,553	)		(54,063	)		3,510
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly		10.00			USD	353		(157,278	)		(158,738	)		1,460
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly		10.00			USD	353		(157,278	)		(146,688	)		(10,590	)

67

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.BB Series 6, 05/11/2063*		5.00	%		Monthly		10.00	%		USD	353	$	(157,278	)	$	(145,830	)	$	(11,448	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		10.00			USD	352		(156,845	)		(144,573	)		(12,272	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		10.00			USD	352		(156,845	)		(143,717	)		(13,128	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	1,272		(335,914	)		(134,268	)		(201,646	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	1,188		(313,731	)		(120,420	)		(193,311	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	3,340		(881,760	)		(35,679	)		(846,081	)
												$	(26,494,785	)	$	(9,705,855	)	$	(16,788,930	)

* Termination date

TOTAL RETURN SWAPS

Counterparty & Referenced Obligation	Rate Paid/ Received		Payment Frequency		Current Notional (000)		Maturity Date		Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Obligation
Goldman Sachs International
Markit iBoxx EUR Contingent Convertible Liquid Developed Market AT1		3 Month EURIBOR		Quarterly		EUR    8,942		09/20/2021	$	16,512

REVERSE REPURCHASE AGREEMENTS

Broker	Interest Rate			Maturity		U.S. $ Value at June 30, 2021
Barclays Capital, Inc.†		(0.25	)%*		—	$	694,159

† 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.

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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	$	0	$	0	$	0	$	694,159	$	694,159

** 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 June 30, 2021, the aggregate market value of these securities amounted to $693,193,142 or 61.4% of net assets.

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

(c) Non-income producing security.

(d) Defaulted matured security.

(e) Fair valued by the Adviser.

(f) 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.

(g) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.57% 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
Carlson Travel, Inc. 6.75%, 12/15/2025		08/18/2020 – 08/21/2020	$	552,457	$	718,939		0.06	%
Carlson Travel, Inc. 10.50%, 03/31/2025		08/18/2020 – 08/21/2020		134,831		144,322		0.02	%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2018-7, Class PT 10.487%, 06/15/2043		04/25/2018 – 06/01/2020		83,728		82,518		0.01	%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-24, Class PT 9.98%, 08/15/2044		06/27/2019		217,431		223,468		0.02	%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-36, Class PT 12.379%, 10/17/2044		09/04/2019		327,162		332,977		0.03	%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-43, Class PT 5.244%, 11/15/2044		10/09/2019		158,741		158,521		0.01	%
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-12, Class PT 7.24%, 06/15/2043		06/26/2018		76,472		76,025		0.01	%
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-4, Class PT 12.13%, 05/15/2043		05/11/2018 – 03/27/2018		69,358		68,699		0.01	%
Consumer Loan Underlying Bond Credit Trust Series 2018-3, Class PT 11.209%, 03/16/2043		03/07/2018		15,146		14,869		0.00	%
Diamond Offshore Drilling, Inc.		04/23/2021		475,210		120,934		0.01	%
Digicel Group Holdings Ltd. 7.00%, 07/16/2021		11/28/2016 – 04/01/2021		143,346		68,221		0.01	%
Exide Technologies (Exchange Priority) 11.00%, 10/31/2024		10/29/2020		0		0		0.00	%

69

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Exide Technologies (First Lien) 11.00%, 10/31/2024		10/29/2020	$	0	$	0		0.00	%
Fideicomiso PA Pacifico Tres 7.00%, 01/15/2035		03/04/2016		1,964,223		1,927,904		0.17	%
JPMorgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 5.592%, 10/25/2025		09/18/2015		666,588		630,016		0.06	%
K2016470219 South Africa Ltd. 3.00%, 12/31/2022		01/31/2017 – 06/30/2021		1,074,493		0		0.00	%
K2016470260 South Africa Ltd. 25.00%, 12/31/2022		01/31/2017		609,165		0		0.00	%
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018		05/05/2013 – 02/19/2015		2,295,760		0		0.00	%
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058		01/22/2021		611,316		26,613		0.00	%
SoFi Consumer Loan Program LLC Series 2016-1, Class R Zero Coupon, 08/25/2025		07/28/2017		123,346		183,339		0.02	%
SoFi Consumer Loan Program LLC Series 2017-3, Class R Zero Coupon, 05/25/2026		05/11/2017		1,107,300		431,760		0.04	%
SoFi Consumer Loan Program LLC Series 2017-5, Class R1 Zero Coupon, 09/25/2026		09/18/2017		1,313,468		249,780		0.02	%
SoFi Consumer Loan Program Trust Series 2018-1, Class R1 Zero Coupon, 02/25/2027		02/01/2018		1,569,021		465,802		0.04	%
Terraform Global Operating LLC 6.125%, 03/01/2026		02/08/2018		118,000		121,554		0.01	%
Tonon Luxembourg SA 6.50%, 10/31/2024		05/03/2019 – 10/31/2020		1,205,912		6,243		0.00	%
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018		01/23/2014 – 01/27/2014		2,401,853		40,798		0.00	%
Virgolino de Oliveira Finance SA 10.875%, 01/13/2020		06/09/2014		477,418		60,000		0.01	%
Virgolino de Oliveira Finance SA 11.75%, 02/09/2022		01/29/2014		838866		8,080		0.00	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 5.592%, 11/25/2025		09/28/2015 – 02/26/2018		237,921		235,848		0.02	%

(h) Convertible security.

(i) Defaulted.

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

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

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

(m) Inverse interest only security.

(n) IO - Interest Only.

(o) The stated coupon rate represents the greater of the LIBOR or an alternate base rate such as the CDOR or the LIBOR/CDOR floor rate plus a spread at June 30, 2021.

70

(p) This position or a portion of this position represents an unsettled loan purchase. The coupon rate will be determined at the time of settlement and will be based upon the London-Interbank Offered Rate (“LIBOR”) plus a premium which was determined at the time of purchase.

(q) Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

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

(s) Position, or a portion thereof, has been segregated to collateralize margin requirements for open centrally cleared swaps.

(t) Restricted and illiquid security.

Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
CHC Group LLC		03/10/2017	$	6,645,690	$	14,286		0.00	%

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

(v) Affiliated investments.

(w) 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.

(x) 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 $87,680,678 and gross unrealized depreciation of investments was $(69,174,769), resulting in net unrealized appreciation of $18,505,909.

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CLP – Chilean Peso

CNH – Chinese Yuan Renminbi (Offshore)

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

NOK – Norwegian Krone

NZD – New Zealand Dollar

PLN – Polish Zloty

RUB – Russian Ruble

SEK – Swedish Krona

SGD – Singapore Dollar

TRY – Turkish Lira

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

CDOR – Canadian Dollar Offered Rate

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

CDX-NAHY – North American High Yield Credit Default Swap Index

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

EURIBOR – Euro Interbank Offered Rate

LIBOR – London Interbank Offered Rate

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

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COUNTRY BREAKDOWN¹

June 30, 2021 (unaudited)

69.0%	United States
2.6%	United Kingdom
2.3%	Canada
1.6%	Mexico
1.4%	France
1.2%	Luxembourg
1.2%	Brazil
1.0%	Cayman Islands
1.0%	Egypt
0.8%	Switzerland
0.8%	Spain
0.8%	Nigeria
0.7%	Argentina
12.8%	Other
2.8%	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 0.7% or less in the following: Angola, Australia, Bahrain, Belgium, Bermuda, Chile, China, Colombia, Denmark, Dominican Republic, Ecuador, El Salvador, Finland, Gabon, Germany, Ghana, Guatemala, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Ivory Coast, Jamaica, Japan, Jersey (Channel Islands), Kenya, Kuwait, Macau, Morocco, Netherlands, Norway, Oman, Panama, Peru, Senegal, South Africa, Sweden, Turkey, Ukraine, Venezuela and Zambia.

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AB Global High Income 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 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.

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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:
Corporates - Non-Investment Grade	$	-0-		$	582,938,117		$	371,708	#	$	583,309,825
Corporates - Investment Grade		-0-			113,393,847			-0-			113,393,847
Collateralized Mortgage Obligations		-0-			88,421,915			-0-			88,421,915
Emerging Markets - Sovereigns		-0-			86,515,705			-0-			86,515,705
Bank Loans		-0-			44,707,716			11,107,089			55,814,805
Emerging Markets - Corporate Bonds		-0-			48,961,484			6,243	#		48,967,727
Governments - Treasuries		-0-			42,591,495			-0-			42,591,495
Common Stocks		9,592,394			55,242			10,052,934	#		19,700,570
Collateralized Loan Obligations		-0-			19,228,932			400,000			19,628,932
Quasi-Sovereigns		-0-			15,260,199			-0-			15,260,199
Commercial Mortgage-Backed Securities		-0-			11,164,490			-0-			11,164,490
Asset-Backed Securities		-0-			7,551,845			1,330,681			8,882,526
Preferred Stocks		2,210,520			2,150,503			623,333			4,984,356
Local Governments - US Municipal Bonds		-0-			3,783,699			-0-			3,783,699
Inflation-Linked Securities		-0-			2,608,178			-0-			2,608,178
Governments - Sovereign Bonds		-0-			2,327,347			0	#		2,327,347
Warrants		346,243			-0-			376,252	#		722,495
Rights		-0-			-0-			12,619			12,619
Short-Term Investments:
Investment Companies		29,277,145			-0-			-0-			29,277,145
Time Deposits		-0-			2,492,392			-0-			2,492,392
Total Investments in Securities		41,426,302			1,074,153,106			24,280,859			1,139,860,267
Other Financial Instruments*:
Assets
Futures		1,191,758			-0-			-0-			1,191,758
Forward Currency Exchange Contracts		-0-			1,710,253			-0-			1,710,253
Centrally Cleared Credit Default Swaps		-0-			23,976,294			-0-			23,976,294
Credit Default Swaps		-0-			83,085			-0-			83,085
Total Return Swaps		-0-			16,512			-0-			16,512
Liabilities
Forward Currency Exchange Contracts		-0-			(76,630	)		-0-			(76,630	)
Centrally Cleared Credit Default Swaps		-0-			(105,015	)		-0-			(105,015	)
Credit Default Swaps		-0-			(26,577,870	)		-0-			(26,577,870	)
Reverse Repurchase Agreements		(694,159	)		-0-			-0-			(694,159	)
Total	$	41,923,901		$	1,073,179,735		$	24,280,859		$	1,139,384,495

# 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.

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The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Corporates - Non- Investment Grade#			Bank Loans			Emerging Markets - Corporate Bonds#			Common Stocks#
Balance as of 3/31/21	$	918,294		$	9,461,745		$	18,606		$	9,271,699
Accrued discounts/(premiums)		290			- 0 -			(6,436	)		- 0 -
Realized gain (loss)		954			2,602			- 0 -			1,678,996
Change in unrealized appreciation/depreciation		5,375			92,236			(89,394	)		(1,584,881	)
Purchases/Payups		153,050			2,962,600			83,467			2,731,786
Sales		(706,255	)		(311,587	)		- 0 -			(2,044,666	)
Transfers into Level 3		- 0 -			932,101			- 0 -			- 0 -
Transfers out of Level 3		- 0 -			(2,032,608	)		- 0 -			- 0 -
Balance as of 6/30/21	$	371,708		$	11,107,089		$	6,243		$	10,052,934
Net change in unrealized appreciation/depreciation from investments held as of 6/30/21	$	14,121		$	96,133		$	(89,394	)	$	(668,255	)
	Collateralized Loan Obligations			Asset-Backed Securities			Preferred Stocks			Governments - Sovereign Bonds#
Balance as of 3/31/21	$	- 0 -		$	1,355,622		$	- 0 -		$	- 0 -
Accrued discounts/(premiums)		- 0 -			- 0 -			- 0 -			- 0 -
Realized gain (loss)		- 0 -			77,644			- 0 -			- 0 -
Change in unrealized appreciation/depreciation		- 0 -			11,807			506,533			- 0 -
Purchases		400,000			- 0 -			116,800			- 0 -
Sales/Paydowns		- 0 -			(114,392	)		- 0 -			- 0 -
Transfers into Level 3		- 0 -			- 0 -			- 0 -			- 0 -
Transfers out of Level 3		- 0 -			- 0 -			- 0 -			- 0 -
Balance as of 6/30/21	$	400,000		$	1,330,681		$	623,333		$	- 0 -
Net change in unrealized appreciation/depreciation from investments held as of 6/30/21	$	- 0 -		$	11,807		$	506,533		$	- 0 -
	Warrants#			Rights			Total
Balance as of 3/31/21	$	378,031		$	11,761		$	21,415,758
Accrued discounts/(premiums)		- 0 -			- 0 -			(6,146	)
Realized gain (loss)		- 0 -			- 0 -			1,760,196
Change in unrealized appreciation/depreciation		(1,779	)		858			(1,059,245	)
Purchases/Payups		- 0 -			- 0 -			6,447,703
Sales/Paydowns		- 0 -			- 0 -			(3,176,900	)
Transfers into Level 3		- 0 -			- 0 -			932,101
Transfers out of Level 3		- 0 -			- 0 -			(2,032,608	)
Balance as of 6/30/21	$	376,252		$	12,619		$	24,280,859
Net change in unrealized appreciation/depreciation from investments held as of 6/30/21	$	(1,779	)	$	858		$	(129,976	)

# The Fund held securities with zero market value that were sold/expired/written off during the reporting period.

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The following presents information about significant unobservable inputs related to the Fund’s Level 3 investments at June 30, 2021. Securities priced (i) by third party vendors, (ii) by brokers or (iii) using prior transaction prices, which approximates fair value, are excluded from the following table.

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at 6/30/2021		Valuation Technique	Unobservable Input	Input
Corporates - Non-Investment Grade	$	204,246	Recovery Analysis	Collateral Value	$85.10
	$	-0-	Qualitative Assessment		$0.00
	$	204,246
Common Stocks	$	2,881,860	Market Approach	NAV Equivalent	$935.02
	$	1,269,925	Market Approach	Projected Enterprise Value	$580.9mm to
					$646.8mm
	$	717,609	Market Approach	NAV Equivalent	$1,025.16
	$	695,198	Market Approach	Price of Restructured Bonds	$18.00
	$	138,820	Market Approach	Market Neutral Price	$20.00
	$	1	Qualitative Assessment		$0.00
	$	-0-	Qualitative Assessment		$0.00
	$	-0-	Qualitative Assessment		$0.00
	$	5,703,413
Governments - Sovereign Bonds	$	-0-	Qualitative Assessment		$0.00
Warrants.	$	376,252	Option Pricing Model	Exercise Price	$12.92

Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. Significant increases (decreases) in Collateral Value, NAV Equivalent, Projected Enterprise Value, Price of Restructured Bonds, Market Neutral Price and Exercise Price in isolation would be expected to result in a significantly higher (lower) fair value measurement.

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

Fund	Market Value 3/31/21 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/21 (000)		Dividend Income (000)
Government Money Market Portfolio	$	47,718	$	79,722	$	98,163	$	29,277	$	1

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