Ab High Income Fund NPORT-P Ab High Income Fund Inc (Jan 2021 report)

AB High Income Fund

Portfolio of Investments

January 31, 2021 (unaudited)

	Principal Amount (000)		U.S. $ Value
CORPORATES - NON-INVESTMENT GRADE – 41.0%
Industrial – 35.0%
Basic – 2.5%
Advanced Drainage Systems, Inc. 5.00%, 09/30/2027(a)	U.S.$	759	$	798,350
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV 4.75%, 06/15/2027(a)		1,485		1,554,980
Big River Steel LLC/BRS Finance Corp. 6.625%, 01/31/2029(a)		3,286		3,547,270
CF Industries, Inc. 4.95%, 06/01/2043 2,746				3,302,014
5.375%, 03/15/2044		2,873		3,628,740
Cleveland-Cliffs, Inc. 6.75%, 03/15/2026(a) 532				572,470
9.875%, 10/17/2025(a)		11,882		14,001,502
Commercial Metals Co. 4.875%, 05/15/2023		3,249		3,432,421
Element Solutions, Inc. 3.875%, 09/01/2028(a)		2,415		2,428,546
ERP Iron Ore, LLC 9.039%, 12/31/2019(b) (c) (d) (e) (f)		1,355		1,153,032
FMG Resources (August 2006) Pty Ltd. 4.50%, 09/15/2027(a)		1,475		1,632,961
Freeport-McMoRan, Inc. 5.40%, 11/14/2034 33				41,086
5.45%, 03/15/2043		5,095		6,377,306
Grinding Media, Inc./Moly-Cop AltaSteel Ltd. 7.375%, 12/15/2023(a)		6,956		7,096,949
Hecla Mining Co. 7.25%, 02/15/2028		6,570		7,098,147
Illuminate Buyer LLC/Illuminate Holdings IV, Inc. 9.00%, 07/01/2028(a)		5,122		5,710,486
INEOS Quattro Finance 1 PLC 3.75%, 07/15/2026(a)	EUR	108		133,129
INEOS Quattro Finance 2 PLC 3.375%, 01/15/2026(a)	U.S.$	440		442,200
Intelligent Packaging Holdco Issuer LP 9.00% (9.00% Cash or 9.75% PIK), 01/15/2026(a) (f)		3,201		3,226,477
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC 6.00%, 09/15/2028(a)		7,418		7,698,461
Joseph T Ryerson & Son, Inc. 8.50%, 08/01/2028(a)		3,281		3,671,433
Kaiser Aluminum Corp. 6.50%, 05/01/2025(a)		1,282		1,370,041
Kraton Polymers LLC/Kraton Polymers Capital Corp. 5.25%, 05/15/2026(a)	EUR	5,940		7,408,816

1

	Principal Amount (000)		U.S. $ Value
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018(b) (c) (d) (e) (g)	U.S.$	16,121	$	0
Mercer International, Inc. 5.125%, 02/01/2029(a)		5,306		5,391,273
Nouryon Holding BV 6.50%, 10/01/2026(a)	EUR	3,669		4,661,096
8.00%, 10/01/2026(a)	U.S.$	325		345,614
Novelis Corp. 5.875%, 09/30/2026(a)		196		205,368
Olin Corp. 5.625%, 08/01/2029		1,124		1,205,172
Peabody Energy Corp. 6.00%, 03/31/2022(a)		1,028		859,399
SPCM SA 4.875%, 09/15/2025(a)		3,290		3,389,015
United States Steel Corp. 6.25%, 03/15/2026(h)		2,238		2,141,185
12.00%, 06/01/2025(a)		6,916		8,046,978
Valvoline, Inc. 4.25%, 02/15/2030(a)		10,847		11,365,300
WR Grace & Co-Conn 4.875%, 06/15/2027(a)		472		495,166
				124,432,383
Capital Goods – 2.5%
ARD Finance SA 5.00% (5.00% Cash or 5.75% PIK), 06/30/2027(a) (f)	EUR	5,094		6,341,760
6.50% (6.50% Cash or 7.25% PIK), 06/30/2027(a) (f)	U.S.$	3,142		3,312,715
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 4.125%, 08/15/2026(a)		2,072		2,141,009
5.25%, 04/30/2025(a)		2,000		2,107,500
6.00%, 02/15/2025(a)		333		341,924
Bombardier, Inc. 6.125%, 01/15/2023(a)		1,553		1,563,792
7.50%, 12/01/2024-03/15/2025(a)		11,779		11,052,598
7.875%, 04/15/2027(a)		2,481		2,317,848
Clean Harbors, Inc. 4.875%, 07/15/2027(a)		2,468		2,602,750
Cleaver-Brooks, Inc. 7.875%, 03/01/2023(a)		3,893		3,827,541
Colfax Corp. 6.375%, 02/15/2026(a)		1,170		1,253,322
EnerSys 4.375%, 12/15/2027(a)		5,050		5,383,750
F-Brasile SpA/F-Brasile US LLC Series XR 7.375%, 08/15/2026(a)		5,660		5,687,385
Gates Global LLC/Gates Corp. 6.25%, 01/15/2026(a)		6,532		6,858,600

2

	Principal Amount (000)		U.S. $ Value
GFL Environmental, Inc. 4.25%, 06/01/2025(a)	U.S.$	333	$	343,392
5.125%, 12/15/2026(a)		4,000		4,243,057
8.50%, 05/01/2027(a)		2,685		2,973,852
Granite US Holdings Corp. 11.00%, 10/01/2027(a)		2,757		3,094,763
Griffon Corp. 5.75%, 03/01/2028		3,681		3,893,786
JELD-WEN, Inc. 4.625%, 12/15/2025(a)		1,036		1,057,428
Liberty Tire Recycling LLC 9.50%, 01/15/2023(d) (e) (g)		1,107		1,110,919
Mauser Packaging Solutions Holding Co. 5.50%, 04/15/2024(a)		2,836		2,874,381
Moog, Inc. 4.25%, 12/15/2027(a)		347		361,712
RBS Global, Inc./Rexnord LLC 4.875%, 12/15/2025(a)		333		340,733
Rebecca Bidco GmbH 5.75%, 07/15/2025(a)	EUR	2,253		2,862,357
Signature Aviation US Holdings, Inc. 4.00%, 03/01/2028(a)	U.S.$	333		339,597
5.375%, 05/01/2026(a)		510		522,602
Summit Materials LLC/Summit Materials Finance Corp. 5.25%, 01/15/2029(a)		50		52,620
Terex Corp. 5.625%, 02/01/2025(a)		1,744		1,786,565
Tervita Corp. 11.00%, 12/01/2025(a)		8,736		9,558,645
TransDigm, Inc. 4.625%, 01/15/2029(a)		3,591		3,564,302
6.50%, 07/15/2024		8,885		9,042,540
8.00%, 12/15/2025(a)		3,335		3,646,834
Triumph Group, Inc. 6.25%, 09/15/2024(a)		1,966		1,942,815
7.75%, 08/15/2025		2,289		2,147,490
8.875%, 06/01/2024(a)		4,005		4,401,581
Trivium Packaging Finance BV 3.75%, 08/15/2026(a)	EUR	132		163,758
8.50%, 08/15/2027(a)	U.S.$	3,683		4,012,911
Vertical Holdco GmbH 7.625%, 07/15/2028(a)		2,285		2,473,175
Vertical US Newco, Inc. 5.25%, 07/15/2027(a)		1,028		1,079,510
Wesco Distribution, Inc. 7.125%, 06/15/2025(a)		7		7,629
7.25%, 06/15/2028(a)		2,462		2,766,012
				125,457,460

3

	Principal Amount (000)		U.S. $ Value
Communications - Media – 3.4%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028(a)	U.S.$	8,830	$	9,207,263
Altice Financing SA 7.50%, 05/15/2026(a)		17,748		18,622,010
AMC Networks, Inc. 4.25%, 02/15/2029		8,644		8,631,568
Arches Buyer, Inc. 6.125%, 12/01/2028(a)		2,341		2,406,383
Banijay Entertainment SASU 3.50%, 03/01/2025(a)	EUR	815		981,256
5.375%, 03/01/2025(a)	U.S.$	2,260		2,310,378
CCO Holdings LLC/CCO Holdings Capital Corp. 5.75%, 02/15/2026(a)		135		139,255
Clear Channel Worldwide Holdings, Inc. 5.125%, 08/15/2027(a)		4,940		5,045,221
CSC Holdings LLC 5.375%, 02/01/2028(a)		6,139		6,520,798
7.50%, 04/01/2028(a) (h)		2,326		2,592,796
DISH DBS Corp. 5.00%, 03/15/2023		1,148		1,182,637
5.875%, 11/15/2024		1,199		1,242,721
7.375%, 07/01/2028		6,580		6,850,574
7.75%, 07/01/2026		335		366,024
DISH Network Corp. 3.375%, 08/15/2026(i)		4,275		3,938,210
iHeartCommunications, Inc. 6.375%, 05/01/2026		758		808,984
8.375%, 05/01/2027		3,375		3,602,102
Lamar Media Corp. 4.875%, 01/15/2029		1,559		1,652,579
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027(a)		14,893		15,869,405
Liberty Interactive LLC 3.75%, 02/15/2030 (i)		2,216		1,709,043
Meredith Corp. 6.875%, 02/01/2026		14,059		14,223,404
National CineMedia LLC 5.875%, 04/15/2028(a)		3,387		3,067,801
Outfront Media Capital LLC/Outfront Media Capital Corp. 4.625%, 03/15/2030(a)		1,403		1,403,622
Scripps Escrow II, Inc. 5.375%, 01/15/2031(a)		2,485		2,510,167
Scripps Escrow, Inc. 5.875%, 07/15/2027(a)		2,949		3,096,216
Sinclair Television Group, Inc. 5.50%, 03/01/2030(a)		4,371		4,507,346
Sirius XM Radio, Inc. 5.50%, 07/01/2029(a)		110		119,901
Summer BC Holdco B SARL 5.75%, 10/31/2026(a)	EUR	7,605		9,630,245

4

	Principal Amount (000)		U.S. $ Value
TEGNA, Inc. 5.00%, 09/15/2029	U.S.$	4,970	$	5,171,809
5.50%, 09/15/2024(a)		301		307,020
Univision Communications, Inc. 5.125%, 02/15/2025(a)		1,398		1,402,863
6.625%, 06/01/2027(a)		3,134		3,308,394
9.50%, 05/01/2025(a)		836		914,284
UPC Holding BV 5.50%, 01/15/2028(a)		6,547		6,867,057
Urban One, Inc. 7.375%, 02/01/2028(a)		12,257		12,488,345
Virgin Media Secured Finance PLC 4.50%, 08/15/2030(a)		3,734		3,867,500
5.50%, 05/15/2029(a)		333		358,978
Ziggo Bond Co. BV 5.125%, 02/28/2030(a)		985		1,028,680
Ziggo BV 5.50%, 01/15/2027(a)		1,375		1,440,315
				169,393,154
Communications - Telecommunications – 1.4%
Altice France SA/France 7.375%, 05/01/2026(a)		771		807,757
C&W Senior Financing DAC 6.875%, 09/15/2027(a)		5,076		5,418,851
7.50%, 10/15/2026(a)		333		353,683
CenturyLink, Inc. Series Y 7.50%, 04/01/2024		262		295,135
Connect Finco SARL/Connect US Finco LLC 6.75%, 10/01/2026(a)		6,020		6,431,166
Consolidated Communications, Inc. 6.50%, 10/01/2028(a)		10,220		11,116,345
DKT Finance ApS 7.00%, 06/17/2023(a)	EUR	3,874		4,829,450
9.375%, 06/17/2023(a)	U.S.$	3,093		3,203,813
Frontier Communications Corp. 5.875%, 10/15/2027(a)		240		258,357
Intelsat Jackson Holdings SA 5.50%, 08/01/2023(b) (j)		7,915		5,527,148
9.75%, 07/15/2025(a) (b) (j)		1,446		1,062,092
Intrado Corp. 8.50%, 10/15/2025(a)		2,520		2,492,815
Level 3 Financing, Inc. 4.25%, 07/01/2028(a)		2,458		2,526,830
Sprint Capital Corp. 8.75%, 03/15/2032		844		1,289,035
Sprint Corp. 7.625%, 03/01/2026		137		168,815
T-Mobile USA, Inc. 6.00%, 03/01/2023		547		548,171
Telecom Italia Capital SA 7.20%, 07/18/2036		5,713		7,566,399
7.721%, 06/04/2038		6,995		9,862,176

5

	Principal Amount (000)		U.S. $ Value
Zayo Group Holdings, Inc. 6.125%, 03/01/2028(a)	U.S.$	5,870	$	6,107,992
				69,866,030
Consumer Cyclical - Automotive – 2.8%
Adient US LLC 9.00%, 04/15/2025(a)		3,859		4,318,162
Allison Transmission, Inc. 5.875%, 06/01/2029(a)		913		1,007,076
American Axle & Manufacturing, Inc. 6.875%, 07/01/2028(h)		11,770		12,376,478
Aston Martin Capital Holdings Ltd. 10.50%, 11/30/2025(a)		6,401		6,911,244
15.00% (8.89% Cash and 6.11% PIK), 11/30/2026(a) (f)		8,197		8,281,853
Clarios Global LP/Clarios US Finance Co. 6.25%, 05/15/2026(a)		4,201		4,471,591
8.50%, 05/15/2027(a)		9,813		10,387,953
Dana Financing Luxembourg SARL 5.75%, 04/15/2025(a)		656		678,083
Dana, Inc. 5.375%, 11/15/2027		651		688,582
5.625%, 06/15/2028		983		1,048,102
Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028(a)		5,841		6,225,930
Exide Technologies (Exchange Priority) 11.00%, 10/31/2024(b) (d) (e) (g)		18,493		—
(First Lien) 11.00%, 10/31/2024(b) (d) (e) (g)		7,590		—
Ford Motor Co. 8.50%, 04/21/2023		8,431		9,442,186
9.00%, 04/22/2025		2,901		3,529,767
Ford Motor Credit Co. LLC 5.125%, 06/16/2025		955		1,037,415
Garrett LX I SARL/Garrett Borrowing LLC 5.125%, 10/15/2026(a) (b) (j)	EUR	7,242		9,412,736
IHO Verwaltungs GmbH 3.625% (3.625% Cash or 4.375% PIK), 05/15/2025(a) (f)		1,336		1,657,204
3.875% (3.875% Cash or 4.625% PIK), 05/15/2027(a) (f)		1,742		2,190,986
Jaguar Land Rover Automotive PLC 5.875%, 11/15/2024(a)		667		862,236
5.875%, 01/15/2028(a)	U.S.$	6,393		6,549,478
7.75%, 10/15/2025(a)		6,597		7,156,237
Meritor, Inc. 4.50%, 12/15/2028(a)		7,032		7,142,462
6.25%, 02/15/2024		1,311		1,328,626
6.25%, 06/01/2025(a)		2,099		2,246,952
PM General Purchaser LLC 9.50%, 10/01/2028 (a)		3,415		3,750,592

6

	Principal Amount (000)		U.S. $ Value
Real Hero Merger Sub 2, Inc. 6.25%, 02/01/2029(a)	U.S.$	2,939	$	3,015,738
Tenneco, Inc. 5.00%, 07/15/2024(a)	EUR	1,600		1,984,073
5.00%, 07/15/2026	U.S.$	4,571		4,218,424
7.875%, 01/15/2029(a)		5,477		6,166,359
Titan International, Inc. 6.50%, 11/30/2023		5,307		4,988,376
ZF North America Capital, Inc. 4.75%, 04/29/2025(a)		6,955		7,547,143
				140,622,044
Consumer Cyclical - Entertainment – 1.8%
Carnival Corp. 7.625%, 03/01/2026(a)		5,803		6,129,419
7.625%, 03/01/2026(a)	EUR	3,260		4,154,575
9.875%, 08/01/2027(a)	U.S.$	3,689		4,214,683
11.50%, 04/01/2023(a)		6,993		7,939,231
Carnival PLC 1.00%, 10/28/2029	EUR	737		642,314
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.50%, 05/01/2025(a)	U.S.$	12,465		12,967,761
Mattel, Inc. 6.75%, 12/31/2025(a)		634		666,411
NCL Corp. Ltd. 5.875%, 03/15/2026(a)		5,183		5,129,392
Royal Caribbean Cruises Ltd. 10.875%, 06/01/2023(a)		7,068		7,969,170
11.50%, 06/01/2025(a)		12,746		14,729,596
SeaWorld Parks & Entertainment, Inc. 8.75%, 05/01/2025(a)		4,914		5,308,516
9.50%, 08/01/2025(a)		4,530		4,895,042
Silversea Cruise Finance Ltd. 7.25%, 02/01/2025(a)		5,400		5,572,530
Six Flags Theme Parks, Inc. 7.00%, 07/01/2025(a)		1,901		2,049,314
Vail Resorts, Inc. 6.25%, 05/15/2025(a)		1,447		1,541,969
Viking Cruises Ltd. 5.875%, 09/15/2027(a)		2,576		2,489,322
7.00%, 02/15/2029(a)		1,932		1,923,163
13.00%, 05/15/2025(a)		2,788		3,257,513
VOC Escrow Ltd. 5.00%, 02/15/2028(a)		1,018		990,030
				92,569,951
Consumer Cyclical – Other – 3.1%
Adams Homes, Inc. 7.50%, 02/15/2025(a)		4,216		4,458,466

7

	Principal Amount (000)		U.S. $ Value
Bally’s Corp. 6.75%, 06/01/2027(a)	U.S.$	3,908	$	4,187,904
Beazer Homes USA, Inc. 6.75%, 03/15/2025		6,147		6,345,769
Boyd Gaming Corp. 4.75%, 12/01/2027		105		107,998
8.625%, 06/01/2025(a)		235		259,294
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. 4.875%, 02/15/2030(a)		5,889		6,038,803
6.25%, 09/15/2027(a)		7,295		7,731,172
Caesars Entertainment, Inc. 6.25%, 07/01/2025(a)		2,507		2,657,010
Caesars Holdings, Inc. 5.00%, 10/01/2024 (i)		333		747,748
CP Atlas Buyer, Inc. 7.00%, 12/01/2028(a)		2,515		2,579,472
Empire Communities Corp. 7.00%, 12/15/2025(a)		1,563		1,651,756
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, 11/15/2025(a)		6,001		6,321,438
Forestar Group, Inc. 5.00%, 03/01/2028(a)		2,032		2,116,838
8.00%, 04/15/2024(a)		3,410		3,582,716
Forterra Finance LLC/FRTA Finance Corp. 6.50%, 07/15/2025(a)		1,671		1,788,668
Hilton Domestic Operating Co., Inc. 3.625%, 02/15/2032(a)		6,626		6,559,403
5.375%, 05/01/2025(a)		1,173		1,237,066
Installed Building Products, Inc. 5.75%, 02/01/2028(a)		1,588		1,694,248
International Game Technology PLC 5.25%, 01/15/2029(a)		3,712		3,958,408
K. Hovnanian Enterprises, Inc. 10.00%, 07/15/2022(a)		2,531		2,561,778
KB Home
7.00%, 12/15/2021		6,936		7,176,815
7.50%, 09/15/2022		2,741		2,988,117
Marriott Ownership Resorts, Inc. 6.125%, 09/15/2025(a)		6,752		7,171,733
Marriott Ownership Resorts, Inc./ILG LLC 6.50%, 09/15/2026		6,380		6,634,137
Mattamy Group Corp. 4.625%, 03/01/2030(a)		4,691		4,884,784
5.25%, 12/15/2027(a)		2,040		2,150,869
Scientific Games International, Inc. 5.00%, 10/15/2025(a)		2,999		3,082,929
7.00%, 05/15/2028(a)		392		416,735
7.25%, 11/15/2029(a)		893		962,295

8

	Principal Amount (000)		U.S. $ Value
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 02/15/2028-04/01/2029(a)	U.S.$	7,822	$	8,054,806
Stars Group Holdings BV/Stars Group US Co-Borrower LLC 7.00%, 07/15/2026(a)		3,388		3,560,157
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875%, 05/15/2025(a)		8,781		8,552,781
Taylor Morrison Communities, Inc. 5.75%, 01/15/2028(a)		2,782		3,150,227
5.875%, 06/15/2027(a)		3,493		3,949,786
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc. 5.875%, 04/15/2023(a)		4,950		5,247,000
Wyndham Destinations, Inc. 4.625%, 03/01/2030(a)		4,506		4,664,574
6.625%, 07/31/2026(a)		3,533		3,942,476
Wyndham Hotels & Resorts, Inc. 5.375%, 04/15/2026 (a)		135		138,691
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 4.25%, 05/30/2023(a)		333		335,635
5.50%, 03/01/2025(a)		2,020		2,085,615
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, 10/01/2029(a)		3,075		3,162,386
7.75%, 04/15/2025(a)		6,444		6,923,494
				155,821,997
Consumer Cyclical - Restaurants – 0.2%
1011778 BC ULC/New Red Finance, Inc. 4.25%, 05/15/2024(a)		1,156		1,176,276
4.375%, 01/15/2028(a)		83		84,613
5.75%, 04/15/2025(a)		2,614		2,791,164
IRB Holding Corp. 6.75%, 02/15/2026(a)		3,291		3,398,302
7.00%, 06/15/2025(a)		422		457,798
				7,908,153
Consumer Cyclical - Retailers – 2.3%
BCPE Ulysses Intermediate, Inc. 7.75% (7.75% Cash or 8.50% PIK), 04/01/2027 (a) (f)		2,653		2,646,173
Burlington Coat Factory Warehouse Corp. 6.25%, 04/15/2025(a)		640		684,466
Dufry One BV 2.50%, 10/15/2024(a)	EUR	5,467		6,251,182
L Brands, Inc. 5.25%, 02/01/2028	U.S.$	531		560,823
6.625%, 10/01/2030(a)		3,212		3,613,592

9

	Principal Amount (000)		U.S. $ Value
6.75%, 07/01/2036	U.S.$	1,479	$	1,688,742
6.875%, 07/01/2025(a)		397		432,599
6.875%, 11/01/2035		7,429		8,614,075
7.50%, 06/15/2029		492		551,793
LBM Acquisition LLC 6.25%, 01/15/2029(a)		1,147		1,161,213
Murphy Oil USA, Inc. 5.625%, 05/01/2027		503		532,275
Penske Automotive Group, Inc. 3.50%, 09/01/2025		4,620		4,722,998
5.50%, 05/15/2026		845		878,282
PetSmart, Inc.
4.75%, 02/15/2028		2,956		2,956,000
7.125%, 03/15/2023(a)		13,257		13,313,382
7.75%, 02/15/2029		4,766		4,766,000
Rite Aid Corp. 7.50%, 07/01/2025(a)		6,759		7,165,207
Sonic Automotive, Inc. 6.125%, 03/15/2027		5,939		6,265,998
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.375%, 09/30/2026(a)		10,712		11,262,752
Staples, Inc. 7.50%, 04/15/2026(a)		6,746		6,881,400
10.75%, 04/15/2027(a)		6,383		6,186,234
TPro Acquisition Corp. 11.00%, 10/15/2024(a)		4,220		4,619,221
White Cap Buyer LLC 6.875%, 10/15/2028(a)		8,674		8,965,726
White Cap Parent LLC 8.25%, 03/15/2026(a) (f)		1,679		1,697,380
William Carter Co. (The) 5.50%, 05/15/2025(a)		4,156		4,418,668
5.625%, 03/15/2027(a)		2,000		2,113,650
				112,949,831
Consumer Non-Cyclical – 3.4%
Acadia Healthcare Co., Inc. 5.50%, 07/01/2028(a)		5,204		5,567,590
AdaptHealth LLC 4.625%, 08/01/2029(a)		7,234		7,399,759
6.125%, 08/01/2028(a)		1,532		1,654,166
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 02/15/2023(a)		2,000		2,051,417
4.625%, 01/15/2027(a)		3,290		3,450,106
4.875%, 02/15/2030(a)		2,263		2,417,426
5.75%, 03/15/2025		322		332,693
7.50%, 03/15/2026(a)		333		367,803
Bausch Health Americas, Inc. 8.50%, 01/31/2027(a)		3,828		4,246,969

10

	Principal Amount (000)		U.S. $ Value
Bausch Health Cos., Inc. 6.125%, 04/15/2025(a)	U.S.$	2,422	$	2,481,786
6.25%, 02/15/2029(a)		900		969,133
7.25%, 05/30/2029(a)		711		792,765
Catalent Pharma Solutions, Inc. 4.875%, 01/15/2026(a)		3,111		3,184,732
CD&R Smokey Buyer, Inc. 6.75%, 07/15/2025(a)		419		449,209
CHS/Community Health Systems, Inc. 4.75%, 02/15/2031(a)		1,291		1,288,996
5.625%, 03/15/2027(a)		2,114		2,227,973
6.00%, 01/15/2029(a)		1,694		1,799,510
6.875%, 04/15/2029(a)		11,480		11,679,706
Coty, Inc. 4.00%, 04/15/2023(a)	EUR	454		517,895
6.50%, 04/15/2026(a)	U.S.$	5,326		5,080,617
DaVita, Inc. 3.75%, 02/15/2031(a)		3,645		3,617,522
Emergent BioSolutions, Inc. 3.875%, 08/15/2028(a)		709		729,586
Endo Dac/Endo Finance LLC/Endo Finco, Inc.
6.00%, 06/30/2028(a)		4,779		4,050,203
9.50%, 07/31/2027(a)		4,292		4,908,975
Envision Healthcare Corp. 8.75%, 10/15/2026(a)		6,978		4,828,147
Global Medical Response, Inc. 6.50%, 10/01/2025(a)		2,750		2,840,998
IQVIA, Inc. 3.25%, 03/15/2025(a)	EUR	5,672		6,949,474
5.00%, 10/15/2026(a)	U.S.$	333		346,648
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. 7.00%, 12/31/2027(a)		8,209		8,386,474
Legacy LifePoint Health LLC 6.75%, 04/15/2025(a)		333		355,567
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 5.50%, 04/15/2025(a) (b) (j)		2,552		1,044,008
ModivCare, Inc. 5.875%, 11/15/2025(a)		999		1,062,233
Par Pharmaceutical, Inc. 7.50%, 04/01/2027(a)		5,068		5,457,138
Post Holdings, Inc. 4.625%, 04/15/2030(a)		6,624		6,897,939
5.50%, 12/15/2029(a)		4,151		4,508,120
5.75%, 03/01/2027(a)		333		349,627
Radiology Partners, Inc. 9.25%, 02/01/2028(a)		4,950		5,420,469
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. 9.75%, 12/01/2026(a)		11,464		12,514,154
RP Escrow Issuer LLC 5.25%, 12/15/2025(a)		2,030		2,107,749

11

	Principal Amount (000)		U.S. $ Value
Spectrum Brands, Inc. 4.00%, 10/01/2026(a)	EUR	3,459	$	4,335,605
5.75%, 07/15/2025	U.S.$	98		101,152
Sunshine Mid BV 6.50%, 05/15/2026(a)	EUR	5,784		7,236,418
Tenet Healthcare Corp. 4.875%, 01/01/2026(a)	U.S.$	295		307,793
5.125%, 05/01/2025		3,026		3,064,537
7.00%, 08/01/2025		766		793,648
US Foods, Inc. 4.75%, 02/15/2029(a)		10,363		10,406,925
US Renal Care, Inc. 10.625%, 07/15/2027(a)		4,233		4,671,992
Vizient, Inc. 6.25%, 05/15/2027(a)		1,274		1,355,911
West Street Merger Sub, Inc. 6.375%, 09/01/2025(a)		1,198		1,233,917
				167,843,180
Energy – 6.4%
AI Candelaria Spain SLU 7.50%, 12/15/2028(a)		3,655		4,192,285
Antero Resources Corp. 5.125%, 12/01/2022		661		661,102
7.625%, 02/01/2029(a)		1,178		1,204,982
8.375%, 07/15/2026(a)		4,855		5,145,180
Apache Corp. 4.875%, 11/15/2027		955		981,241
Berry Petroleum Co. LLC 7.00%, 02/15/2026(a)		736		707,333
Blue Racer Midstream LLC/Blue Racer Finance Corp. 6.625%, 07/15/2026(a)		1,586		1,594,164
7.625%, 12/15/2025(a)		2,450		2,585,247
Callon Petroleum Co. 9.00%, 04/01/2025(a)		6,898		6,586,242
Callon Petroleum, Co. 6.25%, 04/15/2023		3,636		2,704,213
8.25%, 07/15/2025		253		176,852
Cheniere Energy Partners LP 4.50%, 10/01/2029		2,089		2,235,088
Citgo Holding, Inc. 9.25%, 08/01/2024(a)		2,595		2,495,493
CITGO Petroleum Corp. 6.25%, 08/15/2022(a)		3,482		3,472,201
7.00%, 06/15/2025(a)		9,430		9,551,883
CNX Resources Corp. 6.00%, 01/15/2029(a)		4,061		4,196,387
7.25%, 03/14/2027(a)		876		939,039
Comstock Resources, Inc.
7.50%, 05/15/2025(a)		2,892		2,956,965
9.75%, 08/15/2026		7,356		7,837,512

12

	Principal Amount (000)		U.S. $ Value
Diamond Offshore Drilling, Inc. 4.875%, 11/01/2043(b) (j)	U.S.$	8,521	$	1,223,868
5.70%, 10/15/2039(b) (j)		3,966		590,318
7.875%, 08/15/2025(b) (j)		4,441		682,981
EnLink Midstream LLC 5.625%, 01/15/2028(a)		6,096		6,087,321
EnLink Midstream Partners LP 4.15%, 06/01/2025		9,849		9,598,320
4.40%, 04/01/2024		2,333		2,307,903
EQM Midstream Partners LP 4.50%, 01/15/2029(a)		4,100		3,969,851
4.75%, 01/15/2031(a)		3,913		3,803,736
EQT Corp. 3.90%, 10/01/2027		1,980		2,055,399
Genesis Energy LP/Genesis Energy Finance Corp. 6.25%, 05/15/2026		2,898		2,598,162
7.75%, 02/01/2028		8,431		7,858,875
8.00%, 01/15/2027		4,649		4,411,795
Global Partners LP/GLP Finance Corp. 6.875%, 01/15/2029(a)		2,289		2,450,367
7.00%, 08/01/2027		2,652		2,800,390
Gulfport Energy Corp. 6.00%, 10/15/2024(b) (j)		2,508		1,927,462
6.375%, 05/15/2025-01/15/2026(b) (j)		18,821		14,490,340
6.625%, 05/01/2023(b) (j)		619		475,202
Hess Midstream Operations LP 5.625%, 02/15/2026(a)		5,376		5,540,315
HighPoint Operating Corp. 7.00%, 10/15/2022		1,645		658,305
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 02/01/2029(a)		1,910		1,925,060
6.00%, 02/01/2031(a)		1,909		1,937,435
Indigo Natural Resources LLC 5.375%, 02/01/2029(a)		3,844		3,794,391
6.875%, 02/15/2026(a)		3,805		3,944,129
Ithaca Energy North Sea PLC 9.375%, 07/15/2024(a)		3,759		3,786,765
Moss Creek Resources Holdings, Inc. 7.50%, 01/15/2026(a)		9,387		7,918,889
Nabors Industries Ltd. 7.25%, 01/15/2026(a)		2,551		2,058,113
7.50%, 01/15/2028(a)		7,663		5,980,753
New Fortress Energy, Inc. 6.75%, 09/15/2025(a)		9,606		10,025,376
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.50%, 02/01/2026(a)		9,973		10,101,918
NGL Energy Partners LP/NGL Energy Finance Corp. 7.50%, 11/01/2023		10,409		9,629,664
Occidental Petroleum Corp. 2.70%, 02/15/2023		5,613		5,535,353
2.90%, 08/15/2024		2,986		2,896,838

13

	Principal Amount (000)		U.S. $ Value
3.40%, 04/15/2026	U.S.$	421	$	406,022
3.50%, 06/15/2025		2,366		2,298,715
5.50%, 12/01/2025		824		861,584
5.875%, 09/01/2025		1,346		1,419,900
6.125%, 01/01/2031		1,903		2,087,106
8.00%, 07/15/2025		2,108		2,387,971
8.50%, 07/15/2027		558		657,557
8.875%, 07/15/2030		558		700,548
PBF Holding Co. LLC/PBF Finance Corp. 9.25%, 05/15/2025(a)		9,596		9,256,640
PDC Energy, Inc. 5.75%, 05/15/2026		3,847		3,923,309
6.125%, 09/15/2024		7,221		7,374,284
Range Resources Corp. 8.25%, 01/15/2029(a)		4,161		4,359,724
SandRidge Energy, Inc. 7.50%, 02/15/2023(b) (d) (e)		1,970		—
8.125%, 10/15/2022(b) (d) (e)		15,534		—
SM Energy Co. 5.00%, 01/15/2024		3,387		3,144,446
5.625%, 06/01/2025		8,619		7,831,098
Southwestern Energy Co. 8.375%, 09/15/2028		2,391		2,558,421
Sunoco LP/Sunoco Finance Corp. 5.50%, 02/15/2026		4,830		4,973,881
5.875%, 03/15/2028		2,917		3,110,236
Talos Production, Inc. 12.00%, 01/15/2026(a)		7,783		7,393,180
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.00%, 01/15/2032(a)		7,821		7,743,651
Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024(a)		5,041		4,899,286
Transocean Pontus Ltd. 6.125%, 08/01/2025(a)		1,249		1,179,853
Transocean Poseidon Ltd. 6.875%, 02/01/2027(a) (h)		1,918		1,754,987
Transocean, Inc.
7.25%, 11/01/2025(a)		2,072		1,151,218
7.50%, 01/15/2026(a)		4,613		2,385,248
11.50%, 01/30/2027(a)		2,001		1,575,637
Vantage Drilling International 7.125%, 04/01/2023(b) (d) (e)		8,325		—
7.50%, 11/01/2019(b) (c) (d) (e)		8,860		—
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp. 8.75%, 04/15/2023(a)		19,456		18,093,948
Western Midstream Operating LP 3.95%, 06/01/2025		1,219		1,245,243
4.00%, 07/01/2022		1,397		1,431,575
4.10%, 02/01/2025		2,891		2,993,703
4.50%, 03/01/2028		1,652		1,711,452
4.75%, 08/15/2028		1,563		1,652,282
5.05%, 02/01/2030		2,516		2,768,188
5.45%, 04/01/2044		916		962,120
				319,582,016

14

	Principal Amount (000)		U.S. $ Value
Other Industrial – 0.2%
American Builders & Contractors Supply Co., Inc. 4.00%, 01/15/2028(a)	U.S.$	4,917	$	5,087,665
Interface, Inc. 5.50%, 12/01/2028(a)		1,364		1,442,635
KAR Auction Services, Inc. 5.125%, 06/01/2025(a)		1,590		1,631,117
Laureate Education, Inc. 8.25%, 05/01/2025(a)		1,401		1,474,309
				9,635,726
Services – 2.6%
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.625%, 07/15/2026(a)		1,699		1,819,911
9.75%, 07/15/2027(a)		11,333		12,352,290
ANGI Group LLC 3.875%, 08/15/2028(a)		12,814		12,785,912
Aptim Corp. 7.75%, 06/15/2025(a)		11,051		9,360,022
APX Group, Inc. 6.75%, 02/15/2027(a)		2,701		2,890,799
7.875%, 12/01/2022		4,135		4,143,461
Aramark Services, Inc. 6.375%, 05/01/2025(a)		892		948,770
Carlson Travel, Inc. 6.75%, 12/15/2025(a)		3,434		3,051,517
10.50%, 03/31/2025(g)		608		632,186
Carriage Services, Inc. 6.625%, 06/01/2026(a)		2,900		3,067,370
Cars.com, Inc. 6.375%, 11/01/2028(a)		4,403		4,677,072
eDreams ODIGEO SA 5.50%, 09/01/2023(a)	EUR	3,335		3,796,808
Garda World Security Corp. 9.50%, 11/01/2027(a)	U.S.$	8,008		8,819,787
Gartner, Inc. 4.50%, 07/01/2028(a)		3,059		3,227,745
Korn Ferry 4.625%, 12/15/2027(a)		3,154		3,316,431
Monitronics International, Inc. 9.125%, 04/01/2020(b) (c) (d) (e)		6,914		0
MPH Acquisition Holdings LLC 5.75%, 11/01/2028(a)		14,241		14,119,317
Nielsen Co. Luxembourg SARL (The) 5.00%, 02/01/2025(a) (h)		2,333		2,396,678

15

	Principal Amount (000)		U.S. $ Value
Prime Security Services Borrower LLC/Prime Finance, Inc. 5.25%, 04/15/2024(a)	U.S.$	135	$	143,829
6.25%, 01/15/2028(a)		8,851		9,402,229
Sabre GLBL, Inc. 7.375%, 09/01/2025(a)		1,580		1,701,648
9.25%, 04/15/2025(a)		673		798,533
Service Corp. International/US 3.375%, 08/15/2030		8,414		8,545,737
TripAdvisor, Inc. 7.00%, 07/15/2025(a)		2,089		2,257,149
Verisure Midholding AB 5.25%, 02/15/2029(a)	EUR	4,130		5,128,085
Verscend Escrow Corp. 9.75%, 08/15/2026(a)	U.S.$	9,176		9,894,957
				129,278,243
Technology – 1.7%
Austin BidCo, Inc. 7.125%, 12/15/2028(a)		1,095		1,135,919
Avaya, Inc. 6.125%, 09/15/2028(a)		10,982		11,740,058
Banff Merger Sub, Inc. 9.75%, 09/01/2026(a)		13,822		14,707,442
Cablevision Lightpath LLC 5.625%, 09/15/2028(a)		4,374		4,483,370
CDK Global, Inc. 5.00%, 10/15/2024		333		371,578
CDW LLC/CDW Finance Corp. 4.125%, 05/01/2025		1,505		1,562,524
CommScope Technologies LLC 6.00%, 06/15/2025(a)		289		294,860
CommScope, Inc. 5.50%, 03/01/2024(a)		1,688		1,734,633
6.00%, 03/01/2026(a)		1,846		1,955,245
8.25%, 03/01/2027(a)		2,130		2,298,337
Microchip Technology, Inc. 4.25%, 09/01/2025(a)		3,341		3,497,738
NCR Corp. 5.75%, 09/01/2027(a)		1,558		1,638,593
6.125%, 09/01/2029(a)		1,207		1,312,978
8.125%, 04/15/2025(a)		1,684		1,843,820
Presidio Holdings, Inc. 8.25%, 02/01/2028(a)		819		909,719
Science Applications International Corp. 4.875%, 04/01/2028(a)		493		520,436
Sensata Technologies, Inc. 3.75%, 02/15/2031(a)		1,280		1,314,072
Solera LLC/Solera Finance, Inc. 10.50%, 03/01/2024(a)		5,758		5,938,316
Veritas US, Inc./Veritas Bermuda Ltd. 7.50%, 02/01/2023-09/01/2025(a)		22,095		22,562,993
10.50%, 02/01/2024(a) (h)		2,933		2,938,178
				82,760,809

16

	Principal Amount (000)		U.S. $ Value
Transportation - Airlines – 0.2%
Hawaiian Brand Intellectual PR 5.75%, 01/20/2026(a)	U.S.$	2,588	$	2,683,736
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 09/20/2025(a)		7,426		8,424,256
				11,107,992
Transportation – Services – 0.5%
AerCap Global Aviation Trust 6.50%, 06/15/2045(a)		2,000		2,096,372
Algeco Global Finance PLC 8.00%, 02/15/2023(a)		8,171		8,329,736
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.25%, 03/15/2025(a)		1,519		1,506,356
5.75%, 07/15/2027(a) (h)		1,477		1,492,637
10.50%, 05/15/2025(a)		5,546		6,551,008
Herc Holdings, Inc. 5.50%, 07/15/2027(a)		4,289		4,522,086
				24,498,195
				1,743,727,164
Financial Institutions – 5.6%
Banking – 1.5%
Alliance Data Systems Corp. 4.75%, 12/15/2024(a)		6,719		6,843,345
7.00%, 01/15/2026(a)		6,843		7,253,580
CaixaBank SA 5.875%, 10/09/2027(a) (k)	EUR	200		266,765
Credit Suisse Group AG 6.25%, 12/18/2024(a) (k)	U.S.$	7,786		8,527,705
6.375%, 08/21/2026(a) (k)		8,766		9,752,545
Discover Financial Services Series D 6.125%, 06/23/2025(k)		19,736		22,204,958
Dresdner Funding Trust I 8.151%, 06/30/2031(a)		816		1,199,379
Intesa Sanpaolo SpA 5.017%, 06/26/2024(a)		3,198		3,483,091
5.71%, 01/15/2026(a)		860		975,958
UniCredit SpA 9.25%, 06/03/2022(a) (k)	EUR	11,605		15,212,717
				75,720,043

17

	Principal Amount (000)		U.S. $ Value
Brokerage – 0.4%
Lehman Brothers Holdings, Inc. 6.875%, 05/02/2018(b) (c)	U.S.$	1,600	$	16,800
Series G 4.80%, 03/13/2014(b) (c)		1,800		18,900
LPL Holdings, Inc. 5.75%, 09/15/2025 (a)		5,158		5,326,156
NFP Corp. 6.875%, 08/15/2028(a)		13,715		14,416,487
7.00%, 05/15/2025(a)		2,605		2,806,339
				22,584,682
Finance – 0.9%
CNG Holdings, Inc. 12.50%, 06/15/2024 (a)		4,791		4,328,325
Curo Group Holdings Corp. 8.25%, 09/01/2025(a)		9,472		9,285,052
Enova International, Inc. 8.50%, 09/01/2024-09/15/2025(a)		9,287		9,069,652
goeasy Ltd. 5.375%, 12/01/2024(a)		377		394,092
ILFC E-Capital Trust II 3.48% (H15T 30 Year + 1.80%), 12/21/2065(a) (l)		1,500		1,207,629
Lincoln Financing SARL 3.625%, 04/01/2024(a)	EUR	1,573		1,915,999
Navient Corp. 4.875%, 03/15/2028	U.S.$	5,136		5,102,264
6.50%, 06/15/2022		1,903		1,993,459
SLM Corp. 5.125%, 04/05/2022		3,828		3,923,352
TMX Finance LLC/TitleMax Finance Corp. 11.125%, 04/01/2023(a)		6,227		6,186,996
				43,406,820
Insurance – 1.1%
Acrisure LLC/Acrisure Finance, Inc. 7.00%, 11/15/2025(a)		8,362		8,620,094
10.125%, 08/01/2026(a)		5,867		6,736,074
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 6.75%, 10/15/2027(a)		12,233		12,931,198
Ardonagh Midco 2 PLC 11.50% (11.50% Cash or 12.75% PIK), 01/15/2027(a) (f) (h)		9,513		10,293,843
AssuredPartners, Inc. 5.625%, 01/15/2029(a)		11,002		11,222,588
Genworth Holdings, Inc. 7.625%, 09/24/2021		3,542		3,542,643
				53,346,440
Other Finance – 0.5%
Altice France Holding SA 10.50%, 05/15/2027(a)		4,599		5,160,596
Intrum AB 2.75%, 07/15/2022(a)	EUR	405		490,938

18

	Principal Amount (000)		U.S. $ Value
3.00%, 09/15/2027(a)	U.S.$	3,250	$	3,782,155
3.50%, 07/15/2026(a)		4,776		5,747,800
4.875%, 08/15/2025		4,189		5,255,607
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. 6.75%, 06/01/2025(a)		5,538		5,697,959
				26,135,055
REITS – 1.2%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 5.75%, 05/15/2026(a)		14,529		15,098,583
Diversified Healthcare Trust 6.75%, 12/15/2021		4,500		4,589,373
9.75%, 06/15/2025		5,638		6,397,930
GEO Group, Inc. (The) 6.00%, 04/15/2026		851		613,001
Iron Mountain, Inc.
4.875%, 09/15/2027(a)		135		141,321
5.25%, 03/15/2028(a)		6,718		7,068,450
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 4.625%, 06/15/2025(a)		1,279		1,358,760
5.625%, 05/01/2024		2,333		2,513,836
5.75%, 02/01/2027		4,572		5,138,952
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75%, 01/15/2029(a)		4,803		4,903,945
9.375%, 04/01/2027(a)		8,691		9,660,771
				57,484,922
				278,677,962
Utility – 0.4%
Electric – 0.4%
Calpine Corp. 5.125%, 03/15/2028(a)		1,557		1,612,075
NRG Energy, Inc. 6.625%, 01/15/2027		135		141,512
Talen Energy Supply LLC 6.50%, 06/01/2025		8,459		6,716,243
7.25%, 05/15/2027(a)		1,791		1,893,927
10.50%, 01/15/2026(a)		5,936		5,459,488
Texas Competitive/TCEH 11.50%, 10/01/2020(b) (c) (d) (e)		2,679		0
Vistra Operations Co. LLC 5.625%, 02/15/2027(a)		7,170		7,593,058
				23,416,303
Total Corporates - Non-Investment Grade (cost $1,968,342,201)				2,045,821,429

19

	Principal Amount (000)		U.S. $ Value
EMERGING MARKETS - SOVEREIGNS – 12.4%
Angola – 0.6%
Angolan Government International Bond 8.00%, 11/26/2029(a)	U.S.$	13,030	$	12,879,341
9.125%, 11/26/2049(a)		1,286		1,247,822
9.375%, 05/08/2048(a)		298		294,554
9.50%, 11/12/2025(a)		16,192		17,183,760
				31,605,477
Argentina – 1.0%
Argentine Republic Government International Bond 0.125%, 07/09/2030-07/09/2041		135,205		48,128,822
1.00%, 07/09/2029		6,275		2,590,567
				50,719,389
Bahrain – 0.7%
Bahrain Government International Bond 5.45%, 09/16/2032(a)		4,147		4,214,389
6.75%, 09/20/2029(a)		8,215		9,259,845
7.00%, 10/12/2028(a)		7,504		8,685,880
7.375%, 05/14/2030(a)		2,814		3,255,446
CBB International Sukuk Programme Co. SPC 6.25%, 11/14/2024(a)		8,519		9,416,157
				34,831,717
Brazil – 0.2%
Brazilian Government International Bond 3.875%, 06/12/2030		7,646		7,856,265
Costa Rica – 0.3%
Costa Rica Government International Bond 6.125%, 02/19/2031(a)		17,268		17,251,811
Dominican Republic – 1.0%
Dominican Republic International Bond 5.95%, 01/25/2027(a)		9,637		11,127,723
6.40%, 06/05/2049(a)		2,497		2,785,715
6.85%, 01/27/2045(a)		9,000		10,569,375
6.875%, 01/29/2026(a)		652		768,749
7.45%, 04/30/2044(a)		5,621		7,031,520
8.625%, 04/20/2027(a)		12,151		15,105,212
				47,388,294
Ecuador – 0.3%
Ecuador Government International Bond Zero Coupon, 07/31/2030(a)		1,718		738,402
0.50%, 07/31/2030-07/31/2040(a)		26,786		12,506,401
				13,244,803

20

	Principal Amount (000)		U.S. $ Value
Egypt – 1.1%
Egypt Government International Bond 5.75%, 05/29/2024(a)	U.S.$	11,852	$	12,774,234
6.20%, 03/01/2024(a)		12,299		13,332,885
7.625%, 05/29/2032(a)		11,844		13,132,035
8.50%, 01/31/2047(a)		2,540		2,787,650
8.70%, 03/01/2049(a)		3,170		3,523,653
8.875%, 05/29/2050(a)		5,976		6,752,880
				52,303,337
El Salvador – 0.6%
El Salvador Government International Bond 5.875%, 01/30/2025(a)		991		966,225
6.375%, 01/18/2027(a)		6,513		6,399,023
7.125%, 01/20/2050(a)		10,598		9,803,150
7.625%, 09/21/2034(a)		872		819,680
7.65%, 06/15/2035(a)		6,224		6,068,400
7.75%, 01/24/2023(a)		3,494		3,520,205
8.625%, 02/28/2029(a)		759		793,155
				28,369,838
Gabon – 0.5%
Gabon Government International Bond 6.375%, 12/12/2024(a)		5,450		5,693,136
6.625%, 02/06/2031(a)		12,920		12,738,313
6.95%, 06/16/2025(a)		5,600		5,969,250
				24,400,699
Ghana – 0.5%
Ghana Government International Bond 6.375%, 02/11/2027(a)		11,876		12,287,949
8.627%, 06/16/2049(a)		260		260,487
8.95%, 03/26/2051(a)		1,752		1,790,325
10.75%, 10/14/2030(a)		9,035		11,968,552
				26,307,313
Guatemala – 0.0%
Guatemala Government Bond 5.375%, 04/24/2032(a)		247		290,997
6.125%, 06/01/2050(a)		1,232		1,520,750
				1,811,747
Honduras – 0.4%
Honduras Government International Bond 5.625%, 06/24/2030(a)		1,072		1,204,660
6.25%, 01/19/2027(a)		11,553		13,239,016
7.50%, 03/15/2024(a)		4,025		4,463,977
				18,907,653

21

	Principal Amount (000)			U.S. $ Value
Iraq – 0.1%
Iraq International Bond 5.80%, 01/15/2028(a)		U.S.$	466	$	437,518
6.752%, 03/09/2023(a)			5,963		5,847,467
					6,284,985
Ivory Coast – 0.8%
Ivory Coast Government International Bond 4.875%, 01/30/2032(a)		EUR	9,671		12,050,186
5.875%, 10/17/2031(a)			6,714		8,921,813
6.125%, 06/15/2033(a) (h)		U.S.$	5,888		6,487,840
6.375%, 03/03/2028(a)			10,768		12,053,430
6.625%, 03/22/2048(a)		EUR	1,429		1,881,025
					41,394,294
Jamaica – 0.0%
Jamaica Government International Bond 6.75%, 04/28/2028		U.S.$	1,330		1,588,519
Kenya – 0.7%
Kenya Government International Bond 6.875%, 06/24/2024(a)			13,375		14,750,117
7.00%, 05/22/2027(a)			4,272		4,711,215
7.25%, 02/28/2028(a)			11,786		13,137,707
					32,599,039
Lebanon – 0.0%
Lebanon Government International Bond 6.65%, 04/22/2024(a) (b) (j)			2,476		284,740
6.85%, 03/23/2027(a) (b) (j)			2,181		253,541
Series G
1.00%, 11/27/2026(a) (b) (j)			8,942		1,028,330
					1,566,611
Mongolia – 0.2%
Mongolia Government International Bond 5.125%, 12/05/2022(a)			9,478		9,809,730
10.875%, 04/06/2021(a) (h)			2,400		2,426,250
					12,235,980
Nigeria – 0.8%
Nigeria Government International Bond 6.50%, 11/28/2027(a)			2,246		2,422,171
7.625%, 11/21/2025-11/28/2047(a)			28,304		32,017,506
7.696%, 02/23/2038(a)			2,903		3,049,964
7.875%, 02/16/2032(a)			2,864		3,129,815
					40,619,456
Oman – 0.4%
Oman Government International Bond 4.75%, 06/15/2026(a)			12,837		13,097,751

22

	Principal Amount (000)			U.S. $ Value
4.875%, 02/01/2025(a) (h)		U.S.$	1,562	$	1,631,802
6.25%, 01/25/2031(a) (h)			6,820		7,212,150
					21,941,703
Pakistan – 0.0%
Pakistan Government International Bond 6.875%, 12/05/2027(a)			395		420,675
Senegal – 0.6%
Senegal Government International Bond 6.25%, 05/23/2033(a)			11,075		12,147,891
6.75%, 03/13/2048(a)			13,314		14,191,892
8.75%, 05/13/2021(a)			1,137		1,156,542
					27,496,325
South Africa – 0.6%
Republic of South Africa Government International Bond 4.30%, 10/12/2028			5,950		6,059,703
4.875%, 04/14/2026			3,040		3,270,850
5.65%, 09/27/2047			3,608		3,445,640
5.75%, 09/30/2049			10,201		9,799,336
5.875%, 06/22/2030			5,978		6,573,932
6.30%, 06/22/2048			557		569,358
					29,718,819
Sri Lanka – 0.1%
Sri Lanka Government International Bond 6.20%, 05/11/2027 (a)			4,179		2,513,930
Ukraine – 0.8%
Ukraine Government International Bond 7.253%, 03/15/2033(a)			6,725		7,147,414
7.375%, 09/25/2032(a)			10,461		11,229,230
7.75%, 09/01/2023-09/01/2024(a)			21,167		23,107,970
					41,484,614
Venezuela – 0.1%
Venezuela Government International Bond 7.65%, 04/21/2025(a) (b) (j)			6,636		613,830
9.00%, 05/07/2023(a) (b) (j)			538		49,765
9.25%, 09/15/2027(b) (j)			34,020		3,146,850
9.25%, 05/07/2028(a) (b) (j)			1,500		138,750
					3,949,195
Total Emerging Markets - Sovereigns (cost $613,249,582)					618,812,488

23

	Principal Amount (000)			U.S. $ Value
CORPORATES - INVESTMENT GRADE – 9.2%
Financial Institutions – 6.3%
Banking – 4.1%
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 5.375%, 04/17/2025(a)		U.S.$	4,163	$	4,761,431
Bank of America Corp. Series AA 6.10%, 03/17/2025(k)			1,000		1,122,250
Series B 8.05%, 06/15/2027(h)			11,735		15,426,396
Series Z 6.50%, 10/23/2024(k)			4,009		4,559,885
Bank of New York Mellon Corp. (The) Series G 4.70%, 09/20/2025(k)			1,082		1,185,331
Barclays Bank PLC 6.86%, 06/15/2032(a) (k)			838		1,186,518
Barclays PLC 7.125%, 06/15/2025(k)		GBP	317		484,234
7.25%, 03/15/2023(a) (k)			3,808		5,542,741
CIT Group, Inc. 3.929%, 06/19/2024		U.S.$	1,974		2,099,078
Citigroup, Inc. 5.95%, 01/30/2023(k)			14,778		15,503,076
Series M 6.30%, 05/15/2024(k)			7,000		7,533,243
Comerica, Inc. 5.625%, 07/01/2025(k)			11,418		12,645,484
Credit Agricole SA 8.125%, 12/23/2025(a) (k)			13,944		16,874,007
Goldman Sachs Group, Inc. (The) Series O 5.30%, 11/10/2026(k)			1,173		1,288,430
Series P 5.00%, 11/10/2022(h) (k)			10,561		10,483,849
HSBC Holdings PLC 6.00%, 09/29/2023(a) (k)		EUR	5,708		7,533,004
6.375%, 03/30/2025(k)		U.S.$	2,076		2,265,435
ING Groep NV 6.875%, 04/16/2022 (a) (k)			1,142		1,190,193
JPMorgan Chase & Co. Series V 3.558% (LIBOR 3 Month + 3.32%), 04/01/2021(k) (l)			2,638		2,619,815
Lloyds Banking Group PLC 6.413%, 10/01/2035(a) (k)			3,709		4,638,041
6.657%, 05/21/2037(a) (k)			1,801		2,311,875
Natwest Group PLC 8.625%, 08/15/2021(k)			21,538		22,296,634
Series U 2.574% (LIBOR 3 Month + 2.32%), 09/30/2027(k) (l)			6,400		6,275,084

24

	Principal Amount (000)			U.S. $ Value
Regions Bank/Birmingham AL 6.45%, 06/26/2037(h)		U.S.$	5,300	$	7,490,522
Standard Chartered PLC 1.722% (LIBOR 3 Month + 1.51%), 01/30/2027(a) (k) (l)			3,500		3,287,729
7.50%, 04/02/2022(a) (k)			8,455		8,863,653
7.75%, 04/02/2023(a) (k)			1,988		2,153,082
Truist Financial Corp. Series P 4.95%, 09/01/2025(k)			12,568		13,743,287
Series Q 5.10%, 03/01/2030(k)			4,138		4,677,194
UBS Group AG 7.00%, 02/19/2025(a)(k)			14,430		16,455,934
					206,497,435
Brokerage – 0.2%
Charles Schwab Corp. (The) Series G 5.375%, 06/01/2025(k)			6,900		7,651,361
Finance – 0.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.875%, 01/23/2028			2,307		2,483,998
4.875%, 01/16/2024			4,405		4,834,606
Aircastle Ltd. 2.85%, 01/26/2028(a)			1,236		1,209,464
4.25%, 06/15/2026			123		131,985
5.25%, 08/11/2025(a) (h)			11,719		13,047,996
Aviation Capital Group LLC 1.95%, 01/30/2026(a)			371		368,093
4.125%, 08/01/2025(a)			2,077		2,253,495
4.875%, 10/01/2025(a)			1,585		1,765,818
					26,095,455
Insurance – 1.2%
Caisse Nationale de Reassurance Mutuelle Agricole Groupama 6.00%, 01/23/2027		EUR	9,800		14,877,558
Centene Corp. 4.625%, 12/15/2029		U.S.$	498		552,198
5.375%, 06/01/2026-08/15/2026(a)			468		491,743
Liberty Mutual Group, Inc. 7.80%, 03/15/2037(a)			14,459		18,676,927
MetLife Capital Trust IV 7.875%, 12/15/2037(a)			9,269		13,173,465
MetLife, Inc. 6.40%, 12/15/2036			1,679		2,172,441
10.75%, 08/01/2039			3,495		5,974,609

25

	Principal Amount (000)			U.S. $ Value
Nationwide Mutual Insurance Co. 2.507% (LIBOR 3 Month + 2.29%), 12/15/2024(a) (l)		U.S.$	5,000	$	4,972,006
					60,890,947
REITS – 0.3%
MPT Operating Partnership LP/MPT Finance Corp. 4.625%, 08/01/2029			2,646		2,831,228
5.00%, 10/15/2027			135		142,615
Sabra Health Care LP 4.80%, 06/01/2024			3,800		4,157,770
Trust Fibra Uno 4.869%, 01/15/2030(a)			3,577		3,994,168
6.39%, 01/15/2050(a)			324		378,506
6.95%, 01/30/2044(a)			947		1,156,524
					12,660,811
					313,796,009
Industrial – 2.9%
Basic – 0.7%
ArcelorMittal SA 7.00%, 03/01/2041			4,782		6,815,138
7.25%, 10/15/2039			1,241		1,792,959
Arconic Corp. 6.00%, 05/15/2025(a)			3,466		3,728,175
Glencore Finance Canada Ltd. 6.00%, 11/15/2041(a)			1,464		1,861,648
GUSAP III LP 4.25%, 01/21/2030(a)			1,700		1,856,646
MEGlobal Canada ULC 5.00%, 05/18/2025(a)			2,164		2,415,695
5.875%, 05/18/2030(a)			1,157		1,436,429
Nexa Resources SA 6.50%, 01/18/2028(a)			6,419		7,469,450
OCP SA 5.625%, 04/25/2024(a)			3,133		3,446,112
Smurfit Kappa Treasury Funding DAC 7.50%, 11/20/2025			1,073		1,322,615
Suzano Austria GmbH 7.00%, 03/16/2047(a)			3,254		4,306,864
					36,451,731
Capital Goods – 0.3%
General Electric Co. Series D 3.554% (LIBOR 3 Month + 3.33%), 03/15/2021(k) (l)			12,108		11,444,183
Howmet Aerospace, Inc. 5.90%, 02/01/2027			805		941,163

26

	Principal Amount (000)		U.S. $ Value
Textron Financial Corp. 1.956% (LIBOR 3 Month + 1.74%), 02/15/2042(a) (l)	U.S.$	125	$	99,654
				12,485,000
Communications - Media – 0.0%
Prosus NV 4.027%, 08/03/2050(a)		1,341		1,350,758
Consumer Cyclical - Other – 0.4%
James Hardie International Finance DAC 5.00%, 01/15/2028(a)		2,181		2,322,810
MDC Holdings, Inc. 6.00%, 01/15/2043		9,963		13,593,474
Standard Industries, Inc./NJ 4.375%, 07/15/2030(a)		1,011		1,072,714
4.75%, 01/15/2028(a)		2,079		2,189,141
				19,178,139
Energy – 0.7%
Cenovus Energy, Inc. 6.75%, 11/15/2039		706		914,327
Continental Resources, Inc./OK 5.75%, 01/15/2031(a)		5,103		5,520,918
Ecopetrol SA 5.875%, 05/28/2045		5,418		6,149,430
6.875%, 04/29/2030		3,044		3,786,736
Enable Midstream Partners LP 4.40%, 03/15/2027		6,325		6,596,668
4.95%, 05/15/2028		1,214		1,280,469
Energy Transfer Operating LP 7.60%, 02/01/2024		3,200		3,613,331
Oleoducto Central SA 4.00%, 07/14/2027(a)		610		657,733
Raizen Fuels Finance SA 5.30%, 01/20/2027(a)		1,798		2,038,238
TransCanada PipeLines Ltd. 2.431% (LIBOR 3 Month + 2.21%), 05/15/2067(l)		2,500		2,018,936
				32,576,786
Services – 0.0%
Expedia Group, Inc. 6.25%, 05/01/2025(a)		1,905		2,200,693
Technology – 0.2%
Dell International LLC/EMC Corp. 8.35%, 07/15/2046(a)		2,793		4,140,148
Western Digital Corp. 4.75%, 02/15/2026		4,042		4,477,350
				8,617,498

27

	Principal Amount (000)			U.S. $ Value
Transportation - Airlines – 0.6%
Delta Air Lines, Inc. 7.00%, 05/01/2025(a)		U.S.$	7,534	$	8,730,206
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.50%, 10/20/2025(a)			2,558		2,734,062
4.75%, 10/20/2028(a)			2,971		3,282,955
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. 6.50%, 06/20/2027(a)			14,434		15,784,313
					30,531,536
					143,392,141
Total Corporates - Investment Grade (cost $403,999,605)					457,188,150
BANK LOANS – 7.4%
Industrial – 6.9%
Basic – 0.1%
Illuminate Buyer, LLC 4.121% (LIBOR 1 Month + 4.00%), 06/30/2027(m)			3,202		3,207,995
Nouryon Finance B.V. (aka AkzoNobel) 3.129% (LIBOR 1 Month + 3.00%), 10/01/2025(m)			2,871		2,857,106
					6,065,101
Capital Goods – 0.7%
Apex Tool Group, LLC 6.500% (LIBOR 1 Month + 5.25%), 08/01/2024(m)			15,884		15,848,696
BWay Holding Company 3.381% (LIBOR 1 Month + 3.25%), 04/03/2024(m)			5,101		5,000,052
Granite US Holdings Corporation 4.169% (LIBOR 2 Month + 4.00%), 09/30/2026(m)			8,365		8,386,025
TransDigm, Inc. 2.371% (LIBOR 1 Month + 2.25%), 12/09/2025(m)			2,258		2,217,786
Welbilt, Inc. (fka Manitowoc Foodservice, Inc.) 2.621% (LIBOR 1 Month + 2.50%), 10/23/2025(m)			560		532,900
					31,985,459
Communications - Media – 0.5%
Advantage Sales & Marketing, Inc. 6.000% (LIBOR 3 Month + 5.25%), 10/28/2027(m)			9,500		9,537,620
Clear Channel Outdoor Holdings, Inc. 3.659% (LIBOR 2 Month + 3.50%), 08/21/2026(m)			4		3,898
3.712% (LIBOR 3 Month + 3.50%), 08/21/2026(m)			1,744		1,699,359

28

	Principal Amount (000)		U.S. $ Value
iHeartCommunications, Inc. (fka Clear Channel Communications, Inc.) 3.121% (LIBOR 1 Month + 3.00%), 05/01/2026(m)	U.S.$	2,663	$	2,627,814
LCPR Loan Financing LLC 5.127% (LIBOR 1 Month + 5.00%), 10/15/2026(m)		3,139		3,163,717
Nielsen Finance LLC 4.750% (LIBOR 1 Month + 3.75%), 06/04/2025(m)		2,511		2,525,162
Univision Communications Inc. 3.750% (LIBOR 1 Month + 2.75%), 03/15/2024(m)		4,838		4,822,067
				24,379,637
Communications - Telecommunications – 0.4%
Intrado Corporation 5.000% (LIBOR 3 Month + 4.00%), 10/10/2024(m)		8,220		8,078,218
5.000% (LIBOR 1 Month + 4.00%), 10/10/2024(m)		21		20,874
Zacapa S.A.R.L. 4.769% (LIBOR 3 Month + 4.50%), 07/02/2025(m)		12,853		12,881,276
				20,980,368
Consumer Cyclical - Automotive – 0.1%
Clarios Global LP 3.621% (LIBOR 1 Month + 3.50%), 04/30/2026(m)		2,860		2,855,984
Navistar, Inc. 3.630% (LIBOR 1 Month + 3.50%), 11/06/2024(m)		2,649		2,642,563
				5,498,547
Consumer Cyclical - Entertainment – 0.1%
Seaworld Parks & Entertainment, Inc. (f/k/a SW Acquisitions Co., Inc.) 3.750% (LIBOR 1 Month + 3.00%), 04/01/2024(m)		4,758		4,650,037
Consumer Cyclical - Other – 0.6%
Caesars Resort Collection, LLC 2.871% (LIBOR 1 Month + 2.75%), 12/23/2024(m)		10,329		10,143,495
Flutter Entertainment PLC 3.754% (LIBOR 3 Month + 3.50%), 07/10/2025(m)		840		841,885
Golden Nugget Online Gaming, Inc. 13.000% (LIBOR 3 Month + 12.00%), 10/04/2023(e) (m)		132		149,302

29

	Principal Amount (000)		U.S. $ Value
Playtika Holding Corp. 7.000% (LIBOR 3 Month + 6.00%), 12/10/2024(m)	U.S.$	15,933	$	16,013,067
Scientific Games International, Inc. 2.871% (LIBOR 1 Month + 2.75%), 08/14/2024(m)		4,824		4,736,507
				31,884,256
Consumer Cyclical - Restaurants – 0.2%
IRB Holding Corp. (aka Arby’s/Buffalo Wild Wings) 3.750% (LIBOR 3 Month + 2.75%), 02/05/2025(m)		5,137		5,127,522
Whatabrands LLC 2.877% (LIBOR 1 Month + 2.75%), 07/31/2026(m)		2,077		2,074,132
				7,201,654
Consumer Cyclical - Retailers – 0.4%
Bass Pro Group, LLC 5.750% (LIBOR 1 Month + 5.00%), 09/25/2024(m)		2,641		2,642,689
PetSmart, Inc. 01/27/2028(n)		10,850		10,836,438
4.500% (LIBOR 3 Month + 3.50%), 03/11/2022(m)		4,432		4,426,746
Serta Simmons Bedding, LLC 9.000% (LIBOR 3 Month + 8.00%), 11/08/2024(m)		8,741		3,700,324
				21,606,197
Consumer Non-Cyclical – 1.4%
Aldevron, L.L.C. 5.250% (LIBOR 1 Month + 4.25%), 10/12/2026(m)		4,436		4,445,703
Alphabet Holding Company, Inc. (aka Nature’s Bounty) 7.871% (LIBOR 1 Month + 7.75%), 09/26/2025(m)		9,497		9,488,784
Arbor Pharmaceuticals, LLC 6.000% (LIBOR 3 Month + 5.00%), 07/05/2023(m)		6,161		6,027,968
Froneri International Limited 5.871% (LIBOR 1 Month + 5.75%), 01/31/2028(e) (m)		830		840,375
Global Medical Response, Inc. (fka Air Medical) 5.250% (LIBOR 3 Month + 4.25%), 03/14/2025(m)		5,247		5,232,503
Kronos Acquisition Holdings, Inc. 12/22/2026(n)		9,420		9,410,204

30

	Principal Amount (000)			U.S. $ Value
LifePoint Health, Inc. (fka Regionalcare Hospital Partners Holdings, Inc.) 3.871% (LIBOR 1 Month + 3.75%), 11/16/2025(m)		U.S.$	5,146	$	5,137,052
Mallinckrodt International Finance S.A. 5.500% (LIBOR 3 Month + 4.75%), 09/24/2024(m)			5,069		4,767,256
Milano Acquisition Corp. 4.750% (LIBOR 3 Month + 4.00%), 10/01/2027(e) (m)			6,970		6,983,103
U.S. Renal Care, Inc. 5.125% (LIBOR 1 Month + 5.00%), 06/26/2026(m)			8,305		8,309,526
US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.) 6.250% (LIBOR 3 Month + 5.50%), 12/15/2027(m)			11,050		11,105,250
					71,747,724
Energy – 0.1%
CITGO Petroleum Corporation 7.250% (LIBOR 3 Month + 6.25%), 03/28/2024(m)			2,818		2,801,719
Other Industrial – 0.4%
American Tire Distributors, Inc. 7.000% (LIBOR 3 Month + 6.00%), 09/01/2023(m)			1,711		1,657,690
8.500% (LIBOR 1 Month + 7.50%), 09/02/2024(m)			5,079		4,898,806
Core & Main LP 3.750% (LIBOR 3 Month + 2.75%), 08/01/2024(m)			1,456		1,451,719
Dealer Tire, LLC 4.371% (LIBOR 1 Month + 4.25%), 12/12/2025(m)			1,624		1,620,223
Rockwood Service Corporation 4.371% (LIBOR 1 Month + 4.25%), 01/23/2027(m)			519		518,581
RS IVY Holdco ,Inc. 6.500% (LIBOR 3 Month + 5.50%), 12/23/2027(e) (m)			8,230		8,230,000
					18,377,019
Services – 0.8%
Allied Universal Holdco LLC (fka USAGM Holdco, LLC) 4.371% (LIBOR 1 Month + 4.25%), 07/10/2026(m)			1,544		1,543,674
Amentum Government Services Holdings LLC 3.621% (LIBOR 1 Month + 3.50%), 01/29/2027(m)			1,652		1,637,248

31

	Principal Amount (000)			U.S. $ Value
Garda World Security Corporation 4.990% (LIBOR 3 Month + 4.75%), 10/30/2026(m)		U.S.$	565	$	565,179
Parexel International Corporation 2.871% (LIBOR 1 Month + 2.75%), 09/27/2024(m)			1,252		1,249,877
Pi Lux Finco SARL 8.250% (LIBOR 1 Month + 7.25%), 01/01/2026(e) (m)			21,800		21,554,750
Sabre GLBL, Inc. 4.750% (LIBOR 1 Month + 4.00%), 12/17/2027(e) (m)			2,780		2,806,076
Team Health Holdings, Inc. 3.750% (LIBOR 1 Month + 2.75%), 02/06/2024(m)			4,881		4,551,766
Verscend Holding Corp. 4.621% (LIBOR 1 Month + 4.50%), 08/27/2025(m)			7,801		7,801,117
					41,709,687
Technology – 1.1%
athenahealth, Inc. 4.633% (LIBOR 1 Month + 4.50%), 02/11/2026(m)			10,987		11,017,865
Avaya, Inc. 4.377% (LIBOR 1 Month + 4.25%), 12/15/2024(m)			234		234,006
Boxer Parent Company, Inc. (fka BMC Software, Inc.) 4.371% (LIBOR 1 Month + 4.25%), 10/02/2025(m)			8,835		8,816,959
EIG Investors Corp. 01/27/2028(n)			10,318		10,285,932
Pitney Bowes, Inc. 5.630% (LIBOR 1 Month + 5.50%), 01/07/2025(m)			5,883		5,858,916
Presidio Holdings, Inc. 3.720% (LIBOR 3 Month + 3.50%), 01/22/2027(m)			2,155		2,152,476
Solera, LLC (Solera Finance, Inc.) 2.871% (LIBOR 1 Month + 2.75%), 03/03/2023(m)			13,406		13,338,467
Veritas Us, Inc. 6.500% (LIBOR 3 Month + 5.50%), 09/01/2025(m)			3,623		3,637,686
					55,342,307
Transportation - Airlines – 0.0%
Delta Air Lines, Inc. 5.750% (LIBOR 1 Month + 4.75%), 04/29/2023(m)			846		858,859
					345,088,571

32

	Principal Amount (000)			U.S. $ Value
Financial Institutions – 0.3%
Insurance – 0.3%
Hub International Limited 4.000% (LIBOR 3 Month + 3.25%), 04/25/2025(m)		U.S.$	6,278	$	6,282,859
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) 4.121% (LIBOR 1 Month + 4.00%), 09/03/2026(m)			7,568		7,577,851
					13,860,710
Utility – 0.2%
Electric – 0.2%
Granite Generation LLC 4.750% (LIBOR 1 Month + 3.75%), 11/09/2026(m)			6,643		6,632,575
4.750% (LIBOR 3 Month + 3.75%), 11/09/2026(m)			1,270		1,268,295
					7,900,870
Total Bank Loans (cost $368,731,734)					366,850,151
COLLATERALIZED MORTGAGE OBLIGATIONS – 6.8%
Risk Share Floating Rate – 6.2%
Bellemeade Re Ltd. Series 2018-1A, Class B1 4.38% (LIBOR 1 Month + 4.25%), 04/25/2028(a) (l)			230		231,138
Series 2018-1A, Class M2 3.03% (LIBOR 1 Month + 2.90%), 04/25/2028(a) (l)			246		246,616
Series 2019-2A, Class M2 3.23% (LIBOR 1 Month + 3.10%), 04/25/2029(a) (l)			6,000		6,018,809
Series 2019-4A, Class B1 3.98% (LIBOR 1 Month + 3.85%), 10/25/2029(g) (l)			1,607		1,534,055
Series 2020-2A, Class M2 6.13% (LIBOR 1 Month + 6.00%), 08/26/2030(a) (l)			3,250		3,426,601
Connecticut Avenue Securities Trust Series 2018-R07, Class 1B1 4.48% (LIBOR 1 Month + 4.35%), 04/25/2031(a) (l)			2,685		2,765,921
Series 2020-SBT1, Class 1M2 3.78% (LIBOR 1 Month + 3.65%), 02/25/2040(a) (l)			10,079		10,306,351
Series 2020-SBT1, Class 2M2 3.78% (LIBOR 1 Month + 3.65%), 02/25/2040(a) (l)			4,981		5,139,423
Eagle Re Ltd. Series 2019-1, Class M2 3.43% (LIBOR 1 Month + 3.30%), 04/25/2029(a) (l)			929		933,542

33

	Principal Amount (000)			U.S. $ Value
Series 2020-1, Class M2 2.13% (LIBOR 1 Month + 2.00%), 01/25/2030(a) (l)		U.S.$	2,785	$	2,625,784
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2013-DN2, Class M2 4.38% (LIBOR 1 Month + 4.25%), 11/25/2023(l)			861		866,208
Series 2014-DN3, Class M3 4.13% (LIBOR 1 Month + 4.00%), 08/25/2024(l)			551		563,705
Series 2015-DN1, Class B 11.63% (LIBOR 1 Month + 11.50%), 01/25/2025(l)			16,522		18,013,378
Series 2015-DNA1, Class B 9.33% (LIBOR 1 Month + 9.20%), 10/25/2027(l)			898		1,043,245
Series 2015-DNA2, Class B 7.68% (LIBOR 1 Month + 7.55%), 12/25/2027(l)			16,061		17,651,619
Series 2015-DNA3, Class B 9.48% (LIBOR 1 Month + 9.35%), 04/25/2028(l)			7,478		8,864,109
Series 2015-HQ2, Class B 8.08% (LIBOR 1 Month + 7.95%), 05/25/2025(l)			289		300,400
Series 2015-HQA1, Class B 8.93% (LIBOR 1 Month + 8.80%), 03/25/2028(l)			12,437		13,547,490
Series 2015-HQA2, Class B 10.63% (LIBOR 1 Month + 10.50%), 05/25/2028(l)			6,962		7,853,176
Series 2016-DNA2, Class B 10.63% (LIBOR 1 Month + 10.50%), 10/25/2028(l)			5,023		5,894,081
Series 2016-DNA3, Class B 11.38% (LIBOR 1 Month + 11.25%), 12/25/2028(l)			4,458		5,267,021
Series 2016-DNA4, Class B 8.73% (LIBOR 1 Month + 8.60%), 03/25/2029(l)			1,822		1,900,597
Series 2016-HQA1, Class B 12.88% (LIBOR 1 Month + 12.75%), 09/25/2028(l)			2,988		3,694,934
Series 2016-HQA2, Class B 11.63% (LIBOR 1 Month + 11.50%), 11/25/2028(l)			3,920		4,651,516
Series 2017-DNA1, Class B1 5.08% (LIBOR 1 Month + 4.95%), 07/25/2029(l)			3,134		3,361,852
Series 2017-DNA2, Class B1 5.28% (LIBOR 1 Month + 5.15%), 10/25/2029(l)			8,410		9,126,108

34

	Principal Amount (000)			U.S. $ Value
Series 2017-DNA3, Class B1 4.58% (LIBOR 1 Month + 4.45%), 03/25/2030(l)		U.S.$	4,124	$	4,320,222
Series 2017-HQA1, Class B1 5.13% (LIBOR 1 Month + 5.00%), 08/25/2029(l)			416		434,621
Series 2017-HQA2, Class B1 4.88% (LIBOR 1 Month + 4.75%), 12/25/2029(l)			2,340		2,486,431
Series 2017-HQA3, Class B1 4.58% (LIBOR 1 Month + 4.45%), 04/25/2030(l)			1,245		1,279,245
Series 2018-DNA1, Class B1 3.28% (LIBOR 1 Month + 3.15%), 07/25/2030(l)			1,445		1,437,792
Series 2018-HQA2, Class M2 2.43% (LIBOR 1 Month + 2.30%), 10/25/2048(a) (l)			161		161,204
Series 2019-DNA1, Class B1 4.78% (LIBOR 1 Month + 4.65%), 01/25/2049(a) (l)			970		1,004,135
Series 2019-DNA1, Class M2 2.78% (LIBOR 1 Month + 2.65%), 01/25/2049(a) (l)			2,133		2,151,217
Series 2019-DNA2, Class M2 2.58% (LIBOR 1 Month + 2.45%), 03/25/2049(a) (l)			308		309,331
Series 2019-FTR2, Class M2 2.28% (LIBOR 1 Month + 2.15%), 11/25/2048(a) (l)			1,757		1,753,840
Series 2019-FTR3, Class B2 4.948% (LIBOR 1 Month + 4.80%), 09/25/2047(g) (l)			1,160		1,133,900
Series 2019-HQA1, Class M2 2.48% (LIBOR 1 Month + 2.35%), 02/25/2049(a) (l)			131		131,502
Series 2019-HQA2, Class B1 4.23% (LIBOR 1 Month + 4.10%), 04/25/2049(a) (l)			1,078		1,107,216
Series 2019-HQA3, Class B1 3.13% (LIBOR 1 Month + 3.00%), 09/25/2049(a) (l)			1,900		1,890,506
Series 2020-HQA2, Class M2 3.23% (LIBOR 1 Month + 3.10%), 03/25/2050(a) (l)			3,722		3,773,861
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C01, Class M2 4.53% (LIBOR 1 Month + 4.40%), 01/25/2024(l)			425		434,590
Series 2014-C03, Class 2M2 3.03% (LIBOR 1 Month + 2.90%), 07/25/2024(l)			371		375,628

35

	Principal Amount (000)			U.S. $ Value
Series 2015-C01, Class 1M2 4.43% (LIBOR 1 Month + 4.30%), 02/25/2025(l)		U.S.$	4,054	$	4,144,178
Series 2015-C02, Class 1M2 4.13% (LIBOR 1 Month + 4.00%), 05/25/2025(l)			2,721		2,779,186
Series 2015-C03, Class 1M2 5.13% (LIBOR 1 Month + 5.00%), 07/25/2025(l)			8,638		8,854,888
Series 2016-C01, Class 1B 11.88% (LIBOR 1 Month + 11.75%), 08/25/2028(l)			4,023		4,938,904
Series 2016-C02, Class 1B 12.38% (LIBOR 1 Month + 12.25%), 09/25/2028(l)			2,882		3,607,498
Series 2016-C03, Class 1B 11.88% (LIBOR 1 Month + 11.75%), 10/25/2028(l)			7,099		8,743,573
Series 2016-C03, Class 2B 12.88% (LIBOR 1 Month + 12.75%), 10/25/2028(l)			3,935		4,840,700
Series 2016-C04, Class 1B 10.38% (LIBOR 1 Month + 10.25%), 01/25/2029(l)			13,283		15,663,041
Series 2016-C05, Class 2B 11.244% (LIBOR 1 Month + 10.75%), 01/25/2029(l)			11,991		14,492,165
Series 2016-C06, Class 1B 9.38% (LIBOR 1 Month + 9.25%), 04/25/2029(l)			8,488		9,554,212
Series 2016-C07, Class 2B 9.63% (LIBOR 1 Month + 9.50%), 05/25/2029(l)			10,257		11,704,535
Series 2017-C01, Class 1B1 5.88% (LIBOR 1 Month + 5.75%), 07/25/2029(l)			2,248		2,445,325
Series 2017-C02, Class 2B1 5.63% (LIBOR 1 Month + 5.50%), 09/25/2029(l)			416		443,174
Series 2017-C03, Class 1B1 4.98% (LIBOR 1 Month + 4.85%), 10/25/2029(l)			3,966		4,288,062
Series 2017-C04, Class 2B1 5.18% (LIBOR 1 Month + 5.05%), 11/25/2029(l)			974		1,055,280
Series 2017-C05, Class 1B1 3.73% (LIBOR 1 Month + 3.60%), 01/25/2030(l)			3,145		3,262,502
Series 2017-C06, Class 1B1 4.28% (LIBOR 1 Month + 4.15%), 02/25/2030(l)			1,702		1,762,058
Series 2017-C06, Class 1M2 2.78% (LIBOR 1 Month + 2.65%), 02/25/2030(l)			687		694,425

36

	Principal Amount (000)			U.S. $ Value
Series 2017-C06, Class 2B1 4.58% (LIBOR 1 Month + 4.45%), 02/25/2030(l)		U.S.$	272	$	280,702
Series 2018-C01, Class 1B1 3.68% (LIBOR 1 Month + 3.55%), 07/25/2030(l)			10,247		10,465,309
Series 2018-C05, Class 1B1 4.38% (LIBOR 1 Month + 4.25%), 01/25/2031(l)			7,500		7,828,211
Home Re Ltd. Series 2019-1, Class M2 3.38% (LIBOR 1 Month + 3.25%), 05/25/2029 (a) (l)			3,500		3,423,723
JP Morgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 5.63% (LIBOR 1 Month + 5.50%), 10/25/2025 (g) (l)			4,960		4,570,740
Oaktown Re III Ltd. Series 2019-1A, Class M2 2.68% (LIBOR 1 Month + 2.55%), 07/25/2029 (a) (l)			560		561,782
Radnor Re Ltd. Series 2019-1, Class M2 3.33% (LIBOR 1 Month + 3.20%), 02/25/2029(a) (l)			7,096		7,037,713
Series 2019-2, Class B1 2.83% (LIBOR 1 Month + 2.70%), 06/25/2029(g) (l)			2,600		2,530,004
Series 2020-1, Class B1 3.13% (LIBOR 1 Month + 3.00%), 02/25/2030(g) (l)			488		472,208
Series 2020-1, Class M2B 2.38% (LIBOR 1 Month + 2.25%), 02/25/2030(a) (l)			2,494		2,425,644
STACR Trust Series 2018-DNA2, Class B1 3.83% (LIBOR 1 Month + 3.70%), 12/25/2030 (a) (l)			1,631		1,681,448
Triangle Re Ltd. Series 2020-1, Class M2 5.73% (LIBOR 1 Month + 5.60%), 10/25/2030 (a) (l)			1,000		1,032,129
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.38% (LIBOR 1 Month + 5.25%), 11/25/2025(g) (l)			2,999		2,928,157
Series 2015-WF1, Class 2M2 5.63% (LIBOR 1 Month + 5.50%), 11/25/2025(g) (l)			1,696		1,669,151
					310,193,547

37

	Principal Amount (000)			U.S. $ Value
Non-Agency Fixed Rate – 0.5%
Alternative Loan Trust Series 2006-24CB, Class A15 5.75%, 08/25/2036		U.S.$	2,543	$	2,021,016
Series 2006-24CB, Class A16 5.75%, 08/25/2036			486		386,405
Series 2006-26CB, Class A6 6.25%, 09/25/2036			210		149,940
Series 2006-26CB, Class A8 6.25%, 09/25/2036			795		566,607
Series 2006-42, Class 1A6 6.00%, 01/25/2047			1,030		818,201
Series 2006-HY12, Class A5 3.236%, 08/25/2036			3,452		3,657,261
Series 2006-J1, Class 1A10 5.50%, 02/25/2036			988		907,645
Series 2006-J5, Class 1A1 6.50%, 09/25/2036			856		693,728
Series 2007-15CB, Class A19 5.75%, 07/25/2037			481		393,552
Series 2007-16CB, Class 1A7 6.00%, 08/25/2037			520		481,944
Bear Stearns ARM Trust Series 2007-3, Class 1A1 3.798%, 05/25/2047			572		562,872
Series 2007-4, Class 22A1 3.623%, 06/25/2047			2,308		2,286,755
ChaseFlex Trust Series 2007-1, Class 1A3 6.50%, 02/25/2037			532		287,777
CHL Mortgage Pass-Through Trust Series 2007-HY4, Class 1A1 2.997%, 09/25/2047			574		545,480
Citigroup Mortgage Loan Trust Series 2007-AR4, Class 1A1A 3.608%, 03/25/2037			395		390,405
CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A4 5.75%, 03/25/2037			874		899,139
CSMC Mortgage-Backed Trust Series 2006-7, Class 3A12 6.25%, 08/25/2036			1,031		662,524
First Horizon Alternative Mortgage Securities Trust Series 2006-AA3, Class A1 2.565%, 06/25/2036			532		488,187
Series 2006-FA3, Class A9 6.00%, 07/25/2036			838		590,241
Residential Accredit Loans, Inc. Trust Series 2005-QA10, Class A31 3.984%, 09/25/2035			1,661		1,461,938
Series 2005-QS14, Class 3A1 6.00%, 09/25/2035			1,276		1,253,447
Residential Asset Securitization Trust Series 2006-A8, Class 3A4 6.00%, 08/25/2036			609		451,791
Series 2007-A1, Class A8 6.00%, 03/25/2037			921		541,129
Series 2007-A5, Class 2A3 6.00%, 05/25/2037			268		215,882

38

	Principal Amount (000)			U.S. $ Value
Washington Mutual Mortgage Pass-Through Certificates Trust Series 2006-9, Class A4 4.539%, 10/25/2036		U.S.$	1,745	$	674,115
Wells Fargo Mortgage Backed Securities Trust Series 2007-AR7, Class A1 2.896%, 12/28/2037			2,189		2,055,547
					23,443,528
Non-Agency Floating Rate – 0.1%
Alternative Loan Trust Series 2007-7T2, Class A3 0.73% (LIBOR 1 Month + 0.60%), 04/25/2037 (l)			2,413		717,645
Countrywide Home Loan Mortgage Pass-Through Trust Series 2007-13, Class A7 0.73% (LIBOR 1 Month + 0.60%), 08/25/2037 (l)			417		193,254
First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A10 0.38% (LIBOR 1 Month + 0.25%), 04/25/2037 (l)			1,129		303,618
Lehman Mortgage Trust Series 2007-1, Class 3A1 0.38% (LIBOR 1 Month + 0.25%), 02/25/2037(l)			2,844		184,244
Series 2007-1, Class 3A2 7.12% (7.25% - LIBOR 1 Month), 02/25/2037(l) (o)			2,844		791,717
Lehman XS Trust Series 2007-16N, Class 2A2 0.98% (LIBOR 1 Month + 0.85%), 09/25/2047 (l)			568		566,864
PHH Alternative Mortgage Trust Series 2007-1, Class 1A1 0.29% (LIBOR 1 Month + 0.16%), 02/25/2037(l)			586		462,348
Series 2007-2, Class 1A3 0.46% (LIBOR 1 Month + 0.33%), 05/25/2037(l)			493		477,850
					3,697,540
Total Collateralized Mortgage Obligations (cost $301,797,603)					337,334,615
GOVERNMENTS - TREASURIES – 6.3%
Colombia – 1.1%
Colombian TES Series B 5.75%, 11/03/2027		COP	89,600,000		26,525,981
10.00%, 07/24/2024			79,950,000		27,323,642
					53,849,623

39

	Principal Amount (000)			U.S. $ Value
Mexico – 0.9%
Mexican Bonos Series M 20 8.50%, 05/31/2029		MXN	555,178	$	33,024,546
10.00%, 12/05/2024			197,847		11,560,728
					44,585,274
Russia – 0.7%
Russian Federal Bond - OFZ Series 6209 7.60%, 07/20/2022		RUB	254,534		3,517,197
Series 6212 7.05%, 01/19/2028			1,270,000		17,842,426
Series 6217 7.50%, 08/18/2021			955,473		12,855,455
					34,215,078
United States – 3.6%
U.S. Treasury Bonds 6.125%, 11/15/2027 (p) (q)		U.S.$	40,330		54,766,882
U.S. Treasury Notes 2.375%, 05/15/2029(p) (q)			90,097		100,472,005
3.125%, 11/15/2028(p) (q)			20,500		23,985,000
					179,223,887
Total Governments - Treasuries (cost $294,777,448)					311,873,862
EMERGING MARKETS - CORPORATE BONDS – 4.7%
Industrial – 4.2%
Basic – 1.8%
Braskem America Finance Co. 7.125%, 07/22/2041 (a)			7,719		8,703,172
Braskem Netherlands Finance BV 4.50%, 01/31/2030(a)			8,224		8,336,257
Consolidated Energy Finance SA 6.875%, 06/15/2025 (a)			8,033		8,181,363
CSN Resources SA 7.625%, 02/13/2023-04/17/2026(a)			17,334		18,286,716
Eldorado Gold Corp. 9.50%, 06/01/2024 (a)			8,361		9,290,069
First Quantum Minerals Ltd. 6.875%, 10/15/2027(a)			8,370		9,021,500
7.25%, 04/01/2023(a)			7,452		7,601,450
HTA Group Ltd/.Mauritius 7.00%, 12/18/2025 (a)			4,000		4,277,224
Indika Energy Capital IV Pte Ltd. 8.25%, 10/22/2025 (a)			9,827		10,514,890
Vedanta Resources Finance II PLC 13.875%, 01/21/2024 (a)			8,269		8,878,955
					93,091,596

40

	Principal Amount (000)		U.S. $ Value
Capital Goods – 0.3%
Cemex SAB de CV 5.20%, 09/17/2030(a)	U.S.$	1,100	$	1,196,250
7.375%, 06/05/2027(a)		1,733		1,955,691
Embraer Netherlands Finance BV 5.40%, 02/01/2027		8,145		8,515,597
6.95%, 01/17/2028(a)		2,712		3,050,918
Odebrecht Finance Ltd. 4.375%, 04/25/2025(b) (j)		537		25,276
5.25%, 06/27/2029(b) (j)		9,173		423,191
7.125%, 06/26/2042(b) (j)		17,280		813,361
				15,980,284
Communications - Media – 0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(a)		1,071		1,120,935
VTR Finance NV 6.375%, 07/15/2028(a)		1,308		1,418,768
				2,539,703
Communications - Telecommunications – 0.4%
Digicel Group 0.5 Ltd. 7.00%, 02/16/2021(f) (g) (k)		603		205,010
8.00% (5.00% Cash and 3.00% PIK), 04/01/2025(a) (f)		2,698		1,648,850
10.00% (8.00% Cash and 2.00% PIK), 04/01/2024(f)		7,161		6,728,018
Digicel Holdings Bermuda Ltd./Digicel International Finance Ltd. 8.75%, 05/25/2024(a)		1,816		1,895,143
MTN Mauritius Investments Ltd. 6.50%, 10/13/2026(a)		1,282		1,483,915
Sable International Finance Ltd. 5.75%, 09/07/2027(a)		5,930		6,289,025
VTR Comunicaciones SpA 5.125%, 01/15/2028(a)		2,132		2,271,913
				20,521,874
Consumer Cyclical - Other – 0.5%
Melco Resorts Finance Ltd. 5.375%, 12/04/2029(a)		2,124		2,219,622
5.625%, 07/17/2027(a)		3,599		3,768,530
MGM China Holdings Ltd. 5.25%, 06/18/2025(a)		437		453,630
5.375%, 05/15/2024(a)		2,104		2,165,227
Studio City Finance Ltd. 5.00%, 01/15/2029(a)		2,502		2,517,637
6.00%, 07/15/2025(a)		3,011		3,154,022
6.50%, 01/15/2028(a)		2,224		2,382,460
Wynn Macau Ltd. 5.125%, 12/15/2029(a)		2,333		2,367,995
5.50%, 01/15/2026-10/01/2027(a)		1,925		1,982,013
5.625%, 08/26/2028(a)		2,442		2,516,901
				23,528,037

41

	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Retailers – 0.0%
K2016470219 South Africa Ltd. 3.00%, 12/31/2022(d) (e) (f) (g)	U.S.$	2,744	$	0
K2016470260 South Africa Ltd. 25.00%, 12/31/2022(d) (e) (f) (g)		2,769		0
				0
Consumer Non-Cyclical – 0.4%
BRF GmbH 4.35%, 09/29/2026(a)		2,211		2,329,707
BRF SA 4.875%, 01/24/2030(a)		4,103		4,341,713
5.75%, 09/21/2050(a)		941		988,638
Cosan Ltd. 5.50%, 09/20/2029(a)		2,027		2,175,984
Minerva Luxembourg SA 6.50%, 09/20/2026(a)		3,255		3,419,605
Teva Pharmaceutical Finance Netherlands III BV 7.125%, 01/31/2025		5,610		6,196,282
Tonon Luxembourg SA 6.50% (0.50% Cash and 6.00% PIK), 10/31/2024(b) (d) (e) (f) (g) (j)		2,425		72,990
Ulker Biskuvi Sanayi AS 6.95%, 10/30/2025(a)		1,248		1,354,443
USJ Acucar e Alcool SA 9.875%, 11/09/2023(a) (b) (j)		1,866		540,694
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018(b) (c) (g)		13,674		138,267
10.875%, 01/13/2020(b) (c) (g)		2,500		500,000
11.75%, 02/09/2022(b) (g) (j)		13,613		67,895
				22,126,218
Energy – 0.6%
Geopark Ltd. 5.50%, 01/17/2027(a)		463		463,579
Leviathan Bond Ltd. 6.125%, 06/30/2025(a)		2,565		2,839,309
6.50%, 06/30/2027(a)		3,495		3,946,565
Medco Oak Tree Pte Ltd. 7.375%, 05/14/2026(a)		559		594,287
Medco Platinum Road Pte Ltd. 6.75%, 01/30/2025(a)		3,365		3,495,394
MV24 Capital BV 6.748%, 06/01/2034(a)		3,004		3,264,559
Peru LNG Srl 5.375%, 03/22/2030(a)		7,275		6,492,937
Petrobras Global Finance BV
5.093%, 01/15/2030		995		1,093,293
5.60%, 01/03/2031		7,286		8,159,898
				30,349,821

42

	Principal Amount (000)			U.S. $ Value
Transportation - Services – 0.1%
Rumo Luxembourg SARL 7.375%, 02/09/2024(a)	U.S.$		2,510	$	2,600,988
					210,738,521
Utility – 0.4%
Electric – 0.4%
AES El Salvador Trust II 6.75%, 03/28/2023(a)			1,220		1,167,388
AES Gener SA 6.35%, 10/07/2079(a)			2,632		2,862,300
Cemig Geracao e Transmissao SA 9.25%, 12/05/2024(a)			9,085		10,480,683
Light Servicos de Eletricidade SA/Light Energia SA 7.25%, 05/03/2023(a)			4,813		5,012,739
Terraform Global Operating LLC 6.125%, 03/01/2026(g)			871		894,242
					20,417,352
Financial Institutions – 0.1%
Insurance – 0.1%
Ambac LSNI LLC 6.00% (LIBOR 3 Month + 5.00%), 02/12/2023(a) (l)			80		80,421
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)			3,606		3,857,521
					3,937,942
Total Emerging Markets - Corporate Bonds (cost $275,503,315)					235,093,815
EMERGING MARKETS - TREASURIES – 3.7%
Brazil – 2.6%
Brazil Notas do Tesouro Nacional Series F 10.00%, 01/01/2023		BRL	661,522		131,598,530
Dominican Republic – 0.1%
Dominican Republic International Bond 12.00%, 01/20/2022(a)		DOP	347,740		6,247,050
15.95%, 06/04/2021(a)			52,700		935,200
					7,182,250

43

	Principal Amount (000)		U.S. $ Value
South Africa – 1.0%
Republic of South Africa Government Bond Series 2030 8.00%, 01/31/2030	ZAR	767,911	$	48,451,706
Total Emerging Markets - Treasuries (cost $184,755,726)				187,232,486
COMMERCIAL MORTGAGE-BACKED SECURITIES – 2.0%
Non-Agency Fixed Rate CMBS – 1.9%
225 Liberty Street Trust Series 2016-225L, Class E 4.649%, 02/10/2036(a)	U.S.$	4,027		4,264,081
BANK Series 2020-BN25, Class XA 0.887%, 01/15/2063(r)		80,822		5,424,628
Benchmark Mortgage Trust Series 2019-B13, Class XA 1.132%, 08/15/2057(r)		54,048		4,121,824
Citigroup Commercial Mortgage Trust Series 2013-GC11, Class XA 1.366%, 04/10/2046(r)		6,705		158,668
Series 2020-GC46, Class XA 0.988%, 02/15/2053(r)		68,780		4,913,452
Commercial Mortgage Trust Series 2012-CR3, Class F 4.75%, 10/15/2045(a)		1,000		302,388
Series 2012-CR3, Class XA 1.845%, 10/15/2045(r)		44,432		985,260
Series 2012-CR5, Class XA 1.513%, 12/10/2045(r)		8,683		202,212
Series 2013-LC6, Class XA 1.325%, 01/10/2046(r)		28,933		552,215
Series 2014-CR15, Class XA 0.929%, 02/10/2047(r)		8,373		183,534
Series 2014-CR20, Class XA 1.021%, 11/10/2047(r)		44,416		1,406,690
DBUBS Mortgage Trust Series 2011-LC1A, Class C 5.535%, 11/10/2046(a)		800		799,778
Series 2011-LC2A, Class D 5.433%, 07/10/2044(a)		2,500		2,426,307
GS Mortgage Securities Corp. II Series 2013-GC10, Class XA 1.488%, 02/10/2046(r)		3,784		99,709
GS Mortgage Securities Trust Series 2011-GC5, Class C 5.376%, 08/10/2044(a)		7,937		6,674,609
Series 2012-GC6, Class C 5.651%, 01/10/2045(a)		1,177		1,167,721
Series 2013-GC13, Class D 4.084%, 07/10/2046(a)		1,500		1,266,656
Series 2014-GC18, Class D 4.989%, 01/10/2047(a)		2,261		705,689

44

	Principal Amount (000)		U.S. $ Value
Series 2019-GC38, Class XA 0.96%, 02/10/2052(r)	U.S.$	14,563	$	928,401
Series 2019-GC39, Class XA 1.138%, 05/10/2052(r)		17,128		1,187,712
Series 2019-GC42, Class XA 0.811%, 09/01/2052(r)		29,902		1,691,606
JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-CBX, Class D 5.131%, 06/15/2045(a)		5,000		3,965,658
Series 2012-CBX, Class E 5.131%, 06/15/2045(a)		6,521		2,964,649
Series 2012-LC9, Class B 3.812%, 12/15/2047(a)		5,500		5,645,627
JPMCC Commercial Mortgage Securities Trust Series 2017-JP6, Class XA 1.134%, 07/15/2050(r)		32,068		1,573,530
JPMDB Commercial Mortgage Securities Trust Series 2019-COR6, Class XA 0.943%, 11/13/2052(r)		111,930		7,270,033
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6, Class XA 1.606%, 11/15/2045(a) (r)		25,212		465,152
Series 2014-C19, Class D 3.25%, 12/15/2047(a)		4,130		3,884,839
UBS Commercial Mortgage Trust Series 2019-C16, Class XA 1.557%, 04/15/2052(r)		17,852		1,713,019
Series 2019-C18, Class XA 1.042%, 12/15/2052(r)		94,773		6,470,530
UBS-Barclays Commercial Mortgage Trust Series 2012-C4, Class XA 1.601%, 12/10/2045(a) (r)		3,080		64,663
Wells Fargo Commercial Mortgage Trust Series 2020-C55, Class XA 1.31%, 02/15/2053(r)		94,813		8,823,894
WF-RBS Commercial Mortgage Trust Series 2011-C4, Class D 5.193%, 06/15/2044(a)		2,576		2,295,543
Series 2012-C7, Class XA 1.299%, 06/15/2045(a) (r)		6,460		67,941
Series 2012-C8, Class E 4.885%, 08/15/2045(a)		6,905		5,226,607
Series 2014-C20, Class D 3.986%, 05/15/2047(a)		3,701		1,536,213
Series 2014-C21, Class D 3.497%, 08/15/2047(a)		4,786		3,888,313
				95,319,351

45

	Principal Amount (000)		U.S. $ Value
Non-Agency Floating Rate CMBS – 0.1%
DBWF Mortgage Trust Series 2018-GLKS, Class E 3.148% (LIBOR 1 Month + 3.02%), 12/19/2030 (a) (l)	U.S.$	4,707	$	4,607,444
Morgan Stanley Capital I Trust Series 2019-BPR, Class E 4.876% (LIBOR 1 Month + 4.75%), 05/15/2036 (a) (l)		1,702		1,040,418
				5,647,862
Total Commercial Mortgage-Backed Securities (cost $110,188,428)				100,967,213
	Shares
COMMON STOCKS – 1.8%
Financials – 0.5%
Consumer Finance – 0.1%
Paysafe Group Ltd. – Class B(b) (d) (e)		17,342		6,087,564
Insurance – 0.4%
Mt Logan Re Ltd.(b) (d) (e)		18,000		18,000,000
				24,087,564
Consumer Staples – 0.3%
Food & Staples Retailing – 0.3%
Southeastern Grocers, Inc.(b) (d) (e)		1,095,189		16,427,835
Energy – 0.3%
Energy Equipment & Services – 0.1%
Tervita Corp.(b)		2,204,064		5,239,769
Vantage Drilling International(b)		91,167		114,870
				5,354,639
Oil, Gas & Consumable Fuels – 0.2%
Battalion Oil Corp.(b)		135		992
Berry Corp.		745,325		2,869,501
CHC Group LLC(b) (s)		2,087,668		36,534
Denbury, Inc.(b)		204,498		5,850,688
Golden Energy Offshore Services AS(b)		3,360,247		533,525
K201640219 South Africa Ltd. A Shares(b) (d) (e)		64,873,855		65
K201640219 South Africa Ltd. B Shares(b) (d) (e)		10,275,684		11
Paragon Offshore Ltd. - Class A(b) (e)		62,040		6,204
Paragon Offshore Ltd. - Class B(b) (e)		93,060		581,625

46

Company	Shares		U.S. $ Value
Whiting Petroleum Corp.(b)		48,817	$	992,938
				10,872,083
				16,226,722
Consumer Discretionary – 0.3%
Auto Components – 0.3%
ATD New Holdings, Inc.(b) (e)		161,762		5,621,230
Exide Corp.(b) (d) (e)		4,045		7,584,375
Exide Technologies(b) (d) (e)		4,726,787		5
Exide Technologies/Old(b) (d) (e)		270,867		0
				13,205,610
Automobiles – 0.0%
Liberty Tire Recycling LLC(b) (d) (e)		12,278		1,665,610
Hotels, Restaurants & Leisure – 0.0%
Carlson Travel, Inc.(e)		608		208,422
				15,079,642
Information Technology – 0.2%
Software – 0.2%
Avaya Holdings Corp.(b)		250,516		5,571,476
Monitronics International, Inc.(b)		128,497		1,156,473
Monitronics International, Inc.(d)		129,032		1,161,288
				7,889,237
Materials – 0.1%
Metals & Mining – 0.1%
BIS Industries Holdings Ltd.(b) (d) (e)		5,004,988		5
Constellium SE(b)		234,212		2,887,834
Neenah Enterprises, Inc.(b) (d) (e)		49,578		0
				2,887,839
Industrials – 0.1%
Building Products – 0.0%
New Cotai LLC/New Cotai Capital Corp.(b) (d) (e)		14		0
Construction & Engineering – 0.1%
Willscot Corp.(b)		109,384		2,593,495
				2,593,495
Communication Services – 0.0%
Media – 0.0%
iHeartMedia, Inc. - Class A(b)		163,002		2,370,049
Total Common Stocks (cost $157,385,940)				87,562,383

47

	Principal Amount (000)			U.S. $ Value
COLLATERALIZED LOAN OBLIGATIONS – 1.7%			��
CLO - Floating Rate – 1.7%
Ares XXXIV CLO Ltd. Series 2015-2A, Class CR 2.223% (LIBOR 3 Month + 2.00%), 04/17/2033(a) (l)	U.S.$	11,494		$	11,513,691
Balboa Bay Loan Funding Ltd. Series 2020-1A, Class E 8.03% (LIBOR 3 Month + 7.89%), 01/20/2032(a) (l)		2,391			2,397,949
Benefit Street Partners CLO XXII Ltd. Series 2020-22A, Class E 7.22% (LIBOR 3 Month + 7.00%), 01/20/2032(a) (l)		312			313,058
Bristol Park CLO Ltd. Series 2016-1A, Class DR 3.191% (LIBOR 3 Month + 2.95%), 04/15/2029(a) (l)		5,000			5,000,270
Dryden CLO Ltd. Series 2018-57A, Class E 5.421% (LIBOR 3 Month + 5.20%), 05/15/2031(a) (l)		1,741			1,647,005
Series 2020-78A, Class C 2.173% (LIBOR 3 Month + 1.95%), 04/17/2033(a) (l)		2,270			2,279,387
Series 2020-78A, Class D 3.223% (LIBOR 3 Month + 3.00%), 04/17/2033(a) (l)		11,286			11,310,438
Dryden Senior Loan Fund Series 2017-49A, Class E 6.523% (LIBOR 3 Month + 6.30%), 07/18/2030 (a) (l)		2,424			2,404,309
Elevation CLO Ltd. Series 2020-11A, Class C 2.441% (LIBOR 3 Month + 2.20%), 04/15/2033(a) (l)		3,505			3,506,346
Series 2020-11A, Class D1 4.091% (LIBOR 3 Month + 3.85%), 04/15/2033(a) (l)		5,438			5,440,412
Elmwood CLO VII Ltd. Series 2020-4A, Class E 7.249% (LIBOR 3 Month + 7.10%), 01/17/2034(a) (l)		2,122			2,134,222
Elmwood CLO VIII Ltd. Series 2021-1A, Class E 6.22% (LIBOR 3 Month + 6.00%), 01/20/2034(a) (l)		1,786			1,785,573
Kayne CLO 4 Ltd. Series 2019-4A, Class E 6.968% (LIBOR 3 Month + 6.75%), 04/25/2032(a) (l)		3,086			3,089,989
Kayne CLO II Ltd. Series 2018-2A, Class E 6.341% (LIBOR 3 Month + 6.10%), 10/15/2031(a) (l)		1,000			997,503

48

	Principal Amount (000)		U.S. $ Value
Kayne CLO 7 Ltd. Series 2020-7A, Class C 2.223% (LIBOR 3 Month + 2.00%), 04/17/2033(a) (l)	U.S.$	2,940	$	2,951,078
LCM 28 Ltd. Series 28A, Class D 3.174% (LIBOR 3 Month + 2.95%), 10/20/2030(a) (l)		500		483,684
Octagon Investment Partners 29 Ltd. Series 2016-1A, Class CR 2.168% (LIBOR 3 Month + 1.95%), 01/24/2033(a) (l)		8,719		8,723,849
Series 2016-1A, Class DR 3.318% (LIBOR 3 Month + 3.10%), 01/24/2033(a) (l)		7,987		7,950,207
OZLM Ltd. Series 2018-22A, Class D 5.523% (LIBOR 3 Month + 5.30%), 01/17/2031(a) (l)		968		891,093
Rockford Tower CLO 2019-2 Ltd. Series 2019-2A, Class B 2.154% (LIBOR 3 Month + 1.93%), 08/20/2032(a) (l)		2,743		2,748,335
SCFF I Ltd. Series 2020-1A, Class A2B 4.241% (LIBOR 3 Month + 4.00%), 04/15/2031(a) (l)		1,923		1,932,708
Series 2020-1A, Class B 4.991% (LIBOR 3 Month + 4.75%), 04/15/2031(a) (l)		1,077		1,082,920
Trimaran Advisors CAVU 2019-1 Ltd. Series 2019-1A, Class E 7.26% (LIBOR 3 Month + 7.04%), 07/20/2032(l)		2,469		2,459,062
Total Collateralized Loan Obligations (cost $81,996,619)				83,043,088
QUASI-SOVEREIGNS – 1.4%
Quasi-Sovereign Bonds – 1.4%
Bahrain – 0.3%
Oil and Gas Holding Co. BSCC (The) 7.625%, 11/07/2024(a)		2,974		3,308,575
8.375%, 11/07/2028(a)		7,879		9,223,354
				12,531,929
Indonesia – 0.0%
Indonesia Asahan Aluminium Persero PT 4.75%, 05/15/2025(a)		1,062		1,170,589
5.45%, 05/15/2030(a)		725		855,736
				2,026,325
Mexico – 1.0%
Petroleos Mexicanos 5.95%, 01/28/2031		16,526		15,681,191

49

	Principal Amount (000)		U.S. $ Value
6.49%, 01/23/2027	U.S.$	2,418	$	2,490,540
6.50%, 01/23/2029		1,952		1,945,363
6.75%, 09/21/2047		12,275		10,703,800
6.84%, 01/23/2030		5,550		5,556,938
7.69%, 01/23/2050		14,460		13,646,625
				50,024,457
South Africa – 0.1%
Eskom Holdings SOC Ltd. 6.35%, 08/10/2028(a)		2,540		2,809,875
7.125%, 02/11/2025(a)		1,951		2,074,157
				4,884,032
Trinidad & Tobago – 0.0%
Trinidad Generation UnLtd. 5.25%, 11/04/2027 (a)		703		740,567
United Arab Emirates – 0.0%
DP World Crescent Ltd. 3.875%, 07/18/2029 (a)		375		409,101
DP World PLC 5.625%, 09/25/2048 (a)		1,098		1,371,471
				1,780,572
Venezuela – 0.0%
Petroleos de Venezuela SA 6.00%, 11/15/2026 (a) (b) (j)		5,000		175,000
Total Quasi-Sovereigns (cost $64,515,734)				72,162,882
ASSET-BACKED SECURITIES – 0.7%
Other ABS - Fixed Rate – 0.5%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2018-7, Class PT 9.774%, 06/15/2043(g)		910		884,411
Series 2019-24, Class PT 10.268%, 08/15/2044(g)		1,639		1,585,131
Series 2019-36, Class PT 13.236%, 10/17/2044(g)		2,192		2,126,931
Series 2019-43, Class PT 6.192%, 11/15/2044(g)		1,352		1,307,153
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-12, Class PT 11.48%, 06/15/2043(g)		906		881,758
Series 2018-4, Class PT 10.303%, 05/15/2043(g)		909		886,331
Consumer Loan Underlying Bond Credit Trust Series 2018-3, Class PT 10.355%, 03/16/2043 (g)		194		188,405

50

	Principal Amount (000)		U.S. $ Value
SoFi Consumer Loan Program LLC Series 2016-1, Class R Zero Coupon, 08/25/2025(d) (e) (g)	U.S.$	2,562	$	478,080
Series 2016-5, Class R Zero Coupon, 09/25/2028(d) (e) (g)		73		1,275,453
Series 2017-2, Class R Zero Coupon, 02/25/2026(d) (e) (g)		45		1,334,079
Series 2017-3, Class R Zero Coupon, 05/25/2026(d) (e) (g)		56		2,198,000
Series 2017-5, Class R1 Zero Coupon, 09/25/2026(d) (e) (g)		80		1,840,000
SoFi Consumer Loan Program Trust Series 2018-1, Class R1 Zero Coupon, 02/25/2027(d) (e) (g)		114		4,133,635
Taco Bell Funding LLC Series 2016-1A, Class A23 4.97%, 05/25/2046(a)		4,585		4,934,838
				24,054,205
Autos - Fixed Rate – 0.1%
Exeter Automobile Receivables Trust Series 2019-2A, Class E 4.68%, 05/15/2026(a)		6,065		6,462,081
Flagship Credit Auto Trust Series 2019-1, Class E 5.06%, 06/15/2026(a)		791		836,857
				7,298,938
Home Equity Loans - Fixed Rate – 0.1%
CSAB Mortgage-Backed Trust Series 2006-2, Class A6A 6.22%, 09/25/2036		711		323,074
CWABS Asset-Backed Certificates Trust Series 2005-7, Class AF5W 5.554%, 10/25/2035		1,405		1,421,160
GSAA Home Equity Trust
Series 2005-12, Class AF5 6.159%, 09/25/2035		1,121		919,415
Series 2006-10, Class AF3 5.985%, 06/25/2036		1,326		525,724
Series 2006-6, Class AF4 6.121%, 03/25/2036		3,295		1,357,229
Series 2006-6, Class AF5 6.241%, 03/25/2036		2,666		1,098,002
				5,644,604
Home Equity Loans - Floating Rate – 0.0%
Lehman XS Trust Series 2007-6, Class 3A5 4.533%, 05/25/2037		116		114,406
Total Asset-Backed Securities (cost $62,350,585)				37,112,153

51

	Principal Amount (000)			U.S. $ Value
INFLATION-LINKED SECURITIES – 0.3%
Colombia – 0.3%
Fideicomiso PA Concesion Ruta al Mar 6.75%, 02/15/2044(a)		COP	14,562,910	$	3,524,169
Fideicomiso PA Costera 6.25%, 01/15/2034(a)			7,580,000		2,454,364
Fideicomiso PA Pacifico Tres 7.00%, 01/15/2035(g)			36,247,335		11,062,074
Total Inflation-Linked Securities (cost $17,961,495)					17,040,607
	Shares
PREFERRED STOCKS – 0.3%
Financial Institutions – 0.2%
Banking – 0.1%
Paysafe Holdings UK Ltd. 0.00%(b) (d) (e)			5,375,890		6,192,348
Insurance – 0.1%
Hartford Financial Services Group, Inc. (The) 7.875%, 04/15/2042			95,901		2,632,482
					8,824,830
Industrial – 0.1%
Industrial Conglomerates – 0.1%
WESCO International, Inc. Series A 10.625%			211,900		6,585,852
Total Preferred Stocks (cost $13,490,126)					15,410,682
	Principal Amount (000)
LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.2%
United States – 0.2%
State of California Series 2010 7.60%, 11/01/2040			1,200		2,144,964
7.625%, 03/01/2040			1,250		2,147,962
State of Illinois Series 2010 7.35%, 07/01/2035			4,120		5,158,034
Total Local Governments - US Municipal Bonds (cost $6,611,577)					9,450,960
	Shares
WARRANTS – 0.1%
Avaya Holdings Corp., expiring 12/15/2022(b)			385,763		2,214,280
Battalion Oil Corp., expiring 10/08/2022(b) (d) (e)			815		0
Battalion Oil Corp., expiring 10/08/2022(b) (d) (e)			652		0
Battalion Oil Corp., expiring 10/08/2022(b) (d) (e)			1,048		0
Encore Automotive Acceptance, expiring 07/05/2031(b) (d) (e)			44		0
Flexpath Capital, Inc., expiring 04/15/2031(b) (d) (e)			189,795		0

52

	Shares				U.S. $ Value
iHeartMedia, Inc., expiring 05/01/2039(b)			1,797		$	25,428
SandRidge Energy, Inc., A-CW22, expiring 10/04/2022(b)			302,868			6,754
SandRidge Energy, Inc., B-CW22, expiring 10/04/2022(b)			130,363			3,402
Willscot Corp., expiring 11/29/2022(b) (d) (e)			169,364			1,608,992
Total Warrants (cost $3,641,851)						3,858,856
RIGHTS – 0.0%
Vistra Energy Corp., expiring 12/31/2049(b) (e) (cost $0)			45,881			51,249
	Principal Amount (000)
GOVERNMENTS - SOVEREIGN BONDS – 0.0%
Netherlands – 0.0%
SNS Bank NV Series E 11.25%, 12/31/2049 (b) (d) (e) (k) (cost $1,373,314)		EUR	1,001			0
	Shares
SHORT-TERM INVESTMENTS – 3.5%
Investment Companies – 3.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(t) (u) (v) (cost $152,440,134)			152,440,134			152,440,134
	Principal Amount (000)
Governments - Treasuries – 0.4%
Egypt – 0.4%
Egypt Treasury Bills Zero Coupon, 03/23/2021		EGP	240,750			15,041,435
Series 364D Zero Coupon, 03/16/2021			71,175			4,485,125
Total Governments - Treasuries (cost $19,505,342)						19,526,560
Time Deposits – 0.0%
BBH, Grand Cayman (0.14)%, 02/01/2021		AUD	32			24,532
5.00%, 02/01/2021		ZAR	0	**		2
Citibank, London (0.71)%, 02/01/2021		EUR	1,576			1,912,460

53

	Principal Amount (000)		U.S. $ Value
JPM Chase, New York 0.01%, 02/01/2021	U.S.$	49	$	49,249
Total Time Deposits (cost $1,986,243)				1,986,243
Total Short-Term Investments (cost $173,931,719)				173,952,937
Total Investments – 103.5% (cost $5,104,604,602)(w)				5,160,820,006
Other assets less liabilities – (3.5)%				(176,472,928	)
Net Assets – 100.0%			$	4,984,347,078

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. Long Bond (CBT) Futures		72		March 2021		$	12,147,750		$	(480,844	)
U.S. T-Note 5 Yr (CBT) Futures		1,040		March 2021			130,910,000			315,047
U.S. T-Note 10 Yr (CBT) Futures		2,185		March 2021			299,413,281			(1,152,914	)
U.S. Ultra Bond (CBT) Futures		267		March 2021			54,659,906			(1,835,063	)
Sold Contracts
CBOE VIX Futures		221		February 2021			7,157,284			(1,695,581	)
CBOE VIX Futures		40		March 2021			1,296,820			(54,820	)
									$	(4,904,175	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Australia and New Zealand Banking Group Ltd.		USD	44,419		EUR	36,452		03/17/2021		$	(139,973	)
Bank of America, NA		USD	25,062		RUB	1,857,339		03/24/2021			(627,839	)
BNP Paribas SA		USD	9,577		ZAR	145,363		02/04/2021			30,616
BNP Paribas SA		COP	288,840,293		USD	83,965		03/18/2021			3,163,308
BNP Paribas SA		GBP	3,510		USD	4,782		04/09/2021			(28,550	)
Brown Brothers Harriman & Co.		EUR	1,388		USD	1,703		03/17/2021			17,222
Citibank, NA		EUR	30,674		USD	37,128		03/17/2021			(132,878	)
Citibank, NA		USD	39,830		EUR	32,513		03/17/2021			(336,001	)
Citibank, NA		USD	3,425		COP	11,783,356		03/18/2021			(128,800	)
Credit Suisse International		USD	24,481		ZAR	362,466		02/04/2021			(523,115	)
Credit Suisse International		MXN	863,661		USD	43,321		02/25/2021			1,288,046
Deutsche Bank AG		EUR	3,946		USD	4,804		03/17/2021			10,607
Goldman Sachs Bank USA		BRL	106,166		USD	20,043		02/02/2021			638,858
Goldman Sachs Bank USA		USD	19,388		BRL	106,166		02/02/2021			15,946
Goldman Sachs Bank USA		BRL	48,122		USD	8,923		03/02/2021			133,943
HSBC Bank USA		USD	13,865		IDR	194,155,761		04/15/2021			(143,465	)
JPMorgan Chase Bank, NA		USD	9,532		MXN	191,863		02/25/2021			(194,287	)

54

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services LLC		BRL	392,293		USD	74,138		02/02/2021		$	2,438,991
Morgan Stanley Capital Services LLC		USD	71,640		BRL	392,293		02/02/2021			58,921
Morgan Stanley Capital Services LLC		BRL	43,796		USD	8,269		03/02/2021			270,239
Morgan Stanley Capital Services LLC		EUR	4,089		USD	4,980		03/17/2021			13,496
Morgan Stanley Capital Services LLC		USD	1,965		EUR	1,600		03/17/2021			(21,476	)
Royal Bank of Scotland PLC		BRL	498,459		USD	91,028		02/02/2021			(74,867	)
Royal Bank of Scotland PLC		USD	93,161		BRL	498,459		02/02/2021			(2,058,557	)
Royal Bank of Scotland PLC		BRL	498,459		USD	93,092		03/02/2021			2,056,281
Societe Generale		EUR	95,689		USD	115,792		02/24/2021			(382,153	)
Standard Chartered Bank		IDR	70,902,097		USD	5,022		04/15/2021			11,221
UBS AG		ZAR	871,237		USD	56,243		02/04/2021			(1,342,114	)
UBS AG		CAD	8,407		USD	6,567		02/18/2021			(7,780	)
UBS AG		EUR	64,924		USD	79,308		03/17/2021			444,718
UBS AG		RUB	2,691,899		USD	36,208		03/24/2021			795,665
											$     5,246,223

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at January 31, 2021			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
iTraxx Europe Crossover Series 27, 5 Year Index, 06/20/2022*		(5.00	)%		Quarterly		1.42	%		EUR	73,087	$	(4,928,926	)	$	(3,360,715	)	$	(1,568,211	)
Sale Contracts
Brazilian Government International Bond, 4.250% 01/07/2025, 06/20/2025*		1.00			Quarterly		1.57			USD	18,614		(452,041	)		(1,262,346	)		810,305
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*		5.00			Quarterly		3.16			USD	369,000		32,085,780			20,586,508			11,499,272
Ford Motor Company, 4.346% 12/08/2026, 06/20/2023*		5.00			Quarterly		1.82			USD	4,420		349,705			(310,216	)		659,921
iTraxx Europe Crossover Series 27, 5 Year Index, 06/20/2022*		5.00			Quarterly		1.42			EUR	73,088		4,928,987			1,524,834			3,404,153

55

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at January 31, 2021			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
iTraxx Europe Crossover Series 33, 5 Year Index, 06/20/2025*		5.00	%		Quarterly		2.53	%		EUR	112,557	$	14,631,639		$	(938,422	)	$	15,570,061
South Africa Government International Bond, 5.875% 09/16/2025, 06/20/2025*		1.00			Quarterly		2.08			USD	19,270		(879,666	)		(2,240,047	)		1,360,381
												$	45,735,478		$	13,999,596		$	31,735,882

* Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS

				Rate Type
Notional Amount (000)			Termination Date	Payments made by the Fund		Payments received by the Fund	Payment Frequency Paid/ Received		Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
	BRL	27,513	01/02/2023		1 Day CDI	4.915%		Quarterly/ Quarterly	$	17,021	$	—	$	17,021
	BRL	16,092	01/02/2023		1 Day CDI	4.940%		Quarterly/ Quarterly		11,244		—		11,244
	BRL	14,395	01/02/2023		1 Day CDI	4.945%		Quarterly/ Quarterly		9,710		—		9,710
									$	37,975	$	—	$	37,975

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at January 31, 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		12.50	%		USD	3,028	$	(1,271,777	)	$	(1,513,693	)	$	241,916
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		12.50			USD	1,490		(625,808	)		(733,140	)		107,332
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	3,750		(971,625	)		(1,356,023	)		384,398

56

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at January 31, 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		12.50	%		USD	3,714	$	(961,988	)	$	(465,954	)	$	(496,034	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	6,122		(1,585,700	)		(752,800	)		(832,900	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	8,746		(2,265,360	)		(1,071,418	)		(1,193,942	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	15,706		(4,068,116	)		(1,941,287	)		(2,126,829	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	40,000		(10,360,667	)		(4,626,851	)		(5,733,816	)
Credit Suisse International
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		12.50			USD	547		(229,591	)		(78,906	)		(150,685	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		12.50			USD	1,368		(574,188	)		(197,338	)		(376,850	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		12.50			USD	1,368		(574,758	)		(192,463	)		(382,295	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		12.50			USD	2,735		(1,149,095	)		(384,405	)		(764,690	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		12.50			USD	44,000		(18,468,022	)		(6,659,634	)		(11,808,388	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	247		(63,977	)		(30,052	)		(33,925	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	7,560		(1,958,166	)		(913,839	)		(1,044,327	)
International Game Technology, 4.750%, 02/15/2023, 06/20/2022*		5.00			Quarterly		12.50			EUR	1,640		113,360			51,516			61,844

57

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at January 31, 2021			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		12.50	%		USD	2,395	$	(620,744	)	$	(273,566	)	$	(347,178	)
Goldman Sachs International
Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023*		5.00			Quarterly		2.74			USD	1,300		88,406			48,260			40,146
Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023*		5.00			Quarterly		2.74			USD	1,440		97,926			83,659			14,267
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		12.50			USD	113,618		(47,688,720	)		(25,702,553	)		(21,986,167	)
CDX-CMBX.NA.BB- Series 6, 05/11/2063*		5.00			Monthly		12.50			USD	298		(125,162	)		(146,436	)		21,274
CDX-CMBX.NA.BB- Series 6, 05/11/2063*		5.00			Monthly		12.50			USD	298		(125,162	)		(146,436	)		21,274
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	561		(145,308	)		(148,479	)		3,171
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	561		(145,402	)		(123,764	)		(21,638	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	1,122		(290,804	)		(255,731	)		(35,073	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	1,122		(290,804	)		(255,731	)		(35,073	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	1,433		(371,171	)		(179,053	)		(192,118	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	27,329		(7,078,666	)		(3,847,509	)		(3,231,157	)

58

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at January 31, 2021			Notional Amount (000)			Market Value				Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
United States Steel Corp., 6.650%, 06/01/2037, 12/20/2021*		5.00	%		Quarterly		1.42	%		USD	4,590	$	172,324			$	(65,513	)	$	237,837
JPMorgan Chase Bank, NA
Rolls-Royce PLC, 2.125%, 06/18/2021, 06/20/2025*		1.00			Quarterly		3.11			EUR	4,546		(473,494	)			(799,154	)		325,660
Rolls-Royce PLC, 2.125%, 06/18/2021, 06/20/2025*		1.00			Quarterly		3.11			EUR	4,274		(445,164	)			(747,100	)		301,936
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	6,340		(1,642,166	)			(788,156	)		(854,010	)
Morgan Stanley & Co. International plc
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		12.50			USD	5,500		(2,309,267	)			(2,919,886	)		610,619
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		12.50			USD	1,847		(775,750	)	��		(838,329	)		62,579
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		12.50			USD	596		(250,323	)			(286,637	)		36,314
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		12.50			USD	1,009		(423,786	)			(435,222	)		11,436
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		12.50			USD	1,847		(775,750	)			(774,691	)		(1,059	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		12.50			USD	1,847		(775,750	)			(770,160	)		(5,590	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		12.50			USD	1,847		(775,750	)			(765,630	)		(10,120	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		12.50			USD	1,847		(775,750	)			(761,099	)		(14,651	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		12.50			USD	2,019		(847,991	)			(742,364	)		(105,627	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		12.50			USD	2,019		(847,991	)			(737,462	)		(110,529	)

59

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at January 31, 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		12.50	%		USD	2,805	$	(727,009	)	$	(756,096	)	$	29,087
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	2,805		(726,542	)		(701,152	)		(25,390	)
												$	(114,111,248	)	$	(64,702,277	)	$	(49,408,971	)

TOTAL RETURN SWAPS

Counterparty & Referenced Obligation	Rate Paid/ Received		Payment Frequency		Current Notional (000)			Maturity Date		Unrealized Appreciation/ (Depreciation)
Pay Total Return on Reference Obligation
Goldman Sachs International
Markit iBoxx EUR Contingent Convertible Liquid Developed Market AT1		3 Month EURIBOR		Maturity		EUR	26,354		03/20/2021	$	206,512

REVERSE REPURCHASE AGREEMENTS

Broker	Interest Rate			Maturity		U.S. $ Value at January 31, 2021
Barclays Capital, Inc.†		(0.50	)%*		—	$	513,845
Barclays Capital, Inc.†		(0.25	)%*		—		2,014,524
Barclays Capital, Inc.†		(0.25	)%*		—		2,316,974
Barclays Capital, Inc.		(0.25	)%*		02/01/2021		3,112,132
Barclays Capital, Inc.		(0.25	)%*		02/01/2021		7,472,500
Barclays Capital, Inc.†		0.00	%		—		2,449,650
Barclays Capital, Inc.		0.00	%		02/01/2021		5,091,975
Barclays Capital, Inc.		0.00	%		—		3,699,893
Barclays Capital, Inc.†		0.40	%		—		25,482,991
Credit Suisse Securities (USA) LLC †		(0.25	)%*		—		1,589,923
Credit Suisse Securities (USA) LLC †		(0.05	)%*		—		7,075,691
Credit Suisse Securities (USA) LLC †		0.00	%		—		5,284,480
Credit Suisse Securities (USA) LLC †		0.01	%		—		351,253
Credit Suisse Securities (USA) LLC †		0.03	%		—		1,847,021
Credit Suisse Securities (USA) LLC †		0.06	%		—		1,145,013
						$	69,447,865

† The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on January 31, 2021.

* Interest payment due from counterparty.

60

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	$	27,135,158	$	0	$	0	$	0	$	27,135,158
Emerging Markets - Sovereigns		14,463,939		0		0		0		14,463,939
Corporates - Investment Grade		27,848,768		0		0		0		27,848,768
Total	$	69,447,865	$	0	$	0	$	0	$	69,447,865

** Principal amount less than 500.

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2021, the aggregate market value of these securities amounted to $2,786,711,705 or 55.9% of net assets.

(b) Non-income producing security.

(c) Defaulted matured security.

(d) Fair valued by the Adviser.

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

(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 January 31, 2021.

(g) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.96% of net assets as of January 31, 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
Bellemeade Re Ltd. Series 2019-4A, Class B1 3.98%, 10/25/2029		04/16/2020	$	1,068,661	$	1,534,055		0.03	%
Carlson Travel, Inc. 10.50%, 03/31/2025		08/18/2020		590,799		632,186		0.01	%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2018-7, Class PT 9.774%, 06/15/2043		04/25/2018		910,778		884,411		0.02	%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-24, Class PT 10.268%, 08/15/2044		06/27/2019		1,597,486		1,585,131		0.03	%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-36, Class PT 13.236%, 10/17/2044		09/04/2019		2,173,644		2,126,931		0.04	%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-43, Class PT 6.192%, 11/15/2044		10/09/2019		1,340,584		1,307,153		0.03	%
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-12, Class PT 11.48%, 06/15/2043		06/26/2018		908,698		881,758		0.02	%

61

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value			Percentage of Net Assets
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-4, Class PT 10.303%, 05/15/2043		03/27/2018	$	913,323	$	886,331			0.02	%
Consumer Loan Underlying Bond Credit Trust Series 2018-3, Class PT 10.355%, 03/16/2043		03/07/2018		195,042		188,405			0.00	%
Digicel Group 0.5 Ltd. 7.00%, 02/16/2021		11/28/2016		653,982		205,010			0.00	%
Exide Technologies (Exchange Priority) 11.00%, 10/31/2024		06/28/2019		0		0			0.00	%
Exide Technologies (First Lien) 11.00%, 10/31/2024		04/30/2015		0		0			0.00	%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2019-FTR3, Class B2 4.948%, 09/25/2047		06/03/2020		928,074		1,133,900			0.02	%
Fideicomiso PA Pacifico Tres 7.00%, 01/15/2035		03/04/2016		10,703,903		11,062,074			0.22	%
JP Morgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 5.63%, 10/25/2025		09/18/2015		4,952,354		4,570,740			0.09	%
K2016470219 South Africa Ltd. 3.00%, 12/31/2022		01/31/2017		2,787,585		0			0.00	%
K2016470260 South Africa Ltd. 25.00%, 12/31/2022		01/31/2017		2,767,932		0			0.00	%
Liberty Tire Recycling LLC 9.50%, 01/15/2023		01/03/2018		1,107,044		1,110,919			0.02	%
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018		05/15/2013		12,955,187		0			0.00	%
Radnor Re Ltd. Series 2019-2, Class B1 2.83%, 06/25/2029		04/16/2020		2,302,839		2,530,004			0.05	%
Radnor Re Ltd. Series 2020-1, Class B1 3.13%, 02/25/2030		04/15/2020		270,664		472,208			0.01	%
SoFi Consumer Loan Program LLC Series 2016-1, Class R Zero Coupon, 08/25/2025		07/28/2017		1,232,858		478,080			0.01	%
SoFi Consumer Loan Program LLC Series 2016-5, Class R Zero Coupon, 09/25/2028		06/23/2017		3,881,020		1,275,453	��		0.03	%
SoFi Consumer Loan Program LLC Series 2017-2, Class R Zero Coupon, 02/25/2026		06/15/2017		3,354,256		1,334,079			0.03	%
SoFi Consumer Loan Program LLC Series 2017-3, Class R Zero Coupon, 05/25/2026		05/11/2017		6,200,880		2,198,000			0.04	%
SoFi Consumer Loan Program LLC Series 2017-5, Class R1 Zero Coupon, 09/25/2026		09/18/2017		8,413,600		1,840,000			0.04	%
SoFi Consumer Loan Program Trust Series 2018-1, Class R1 Zero Coupon, 02/25/2027		02/01/2018		11,354,951		4,133,635			0.08	%
Terraform Global Operating LLC 6.125%, 03/01/2026		02/08/2018		871,000		894,242			0.02	%

62

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Tonon Luxembourg SA 6.50%, 10/31/2024		05/03/2019	$	4,721,019	$	72,990		0.00	%
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018		10/19/2012		8,550,341		138,267		0.00	%
Virgolino de Oliveira Finance SA 10.875%, 01/13/2020		07/26/2012		2,486,550		500,000		0.01	%
Virgolino de Oliveira Finance SA 11.75%, 02/09/2022		07/26/2012		11,383,331		67,895		0.00	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.38%, 11/25/2025		09/06/2016		3,003,515		2,928,157		0.06	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 5.63%, 11/25/2025		09/28/2015		1,696,377		1,669,151		0.03	%

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

(i) Convertible security.

(j) Defaulted.

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

(l) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at January 31, 2021.

(m) The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at January 31, 2021.

(n) 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.

(o) Inverse interest only security.

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

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

(r) IO - Interest Only.

(s) Restricted and illiquid security.

Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
CHC Group LLC		03/10/2017	$	33,044,260	$	36,534		0.00	%

(t) Affiliated investments.

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

(v) 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.

(w) As of January 31, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $431,051,316 and gross unrealized depreciation of investments was $(391,922,466), resulting in net unrealized appreciation of $39,128,850.

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

COP – Colombian Peso

DOP – Dominican Peso

63

EGP – Egyptian Pound

EUR – Euro

GBP – Great British Pound

IDR – Indonesian Rupiah

MXN – Mexican Peso

RUB – Russian Ruble

USD – United States Dollar

ZAR – South African Rand

Glossary:

ABS – Asset-Backed Securities

CBOE – Chicago Board Options Exchange

CBT – Chicago Board of Trade

CDI – Brazil CETIP Interbank Deposit 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

H15T – U.S. Treasury Yield Curve Rate T Note Constant Maturity

LIBOR – London Interbank Offered Rate

REIT – Real Estate Investment Trust

COUNTRY BREAKDOWN¹

January 31, 2021 (unaudited)

59.2	%	United States
4.7	%	Brazil
2.5	%	United Kingdom
2.1	%	Mexico
2.1	%	Canada
1.6	%	South Affrica
1.6	%	Colombia
1.5	%	Luxembourg
1.2	%	Cayman Islands
1.1	%	Dominican Republic
1.0	%	Egypt
1.0	%	Argentina
0.9	%	Bahrain
16.0	%	Other
3.5	%	Short-Term
100.0	%	Total Investments

¹ All data are as of January 31, 2021. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 0.8% or less in the following: Angola, Australia, Bermuda, Chile, China, Costa Rica, Denmark, Ecuador, El Salvador, France, Gabon, Germany, Ghana, Guatemala, Honduras, Hong Kong, India, Indonesia, Iraq, Ireland, Israel, Italy, Ivory Coast, Jamaica, Jersey (Channel Islands), Kenya, Kuwait, Lebanon, Macau, Mauritius, Mongolia, Morocco, Netherlands, Nigeria, Norway, Oman, Pakistan, Peru, Russia, Senegal, Spain, Sri Lanka, Sweden, Switzerland, Trinidad & Tobago, Turkey, Ukraine, United Arab Emirates, Venezuela and Zambia.

64

AB High Income Fund

January 31, 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 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.

65

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.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2021:

Investments in Securities	Level 1			Level 2			Level 3			Total
Assets:
Corporates - Non-Investment Grade	$	-0-		$	2,043,557,478		$	2,263,951	#	$	2,045,821,429
Emerging Markets - Sovereigns		-0-			618,812,488			-0-			618,812,488
Corporates - Investment Grade		-0-			457,188,150			-0-			457,188,150
Bank Loans		-0-			307,064,082			59,786,069			366,850,151
Collateralized Mortgage Obligations		-0-			337,334,615			-0-			337,334,615
Governments - Treasuries		-0-			311,873,862			-0-			311,873,862
Emerging Markets - Corporate Bonds		-0-			235,020,825			72,990	#		235,093,815
Emerging Markets - Treasuries		-0-			187,232,486			-0-			187,232,486
Commercial Mortgage-Backed Securities		-0-			100,967,213			-0-			100,967,213
Common Stocks		31,264,562			114,870			56,182,951	#		87,562,383
Collateralized Loan Obligations		-0-			83,043,088			-0-			83,043,088
Quasi-Sovereigns		-0-			72,162,882			-0-			72,162,882
Asset-Backed Securities		-0-			25,852,906			11,259,247			37,112,153
Inflation-Linked Securities		-0-			17,040,607			-0-			17,040,607
Preferred Stocks		9,218,334			-0-			6,192,348			15,410,682
Local Governments - US Municipal Bonds		-0-			9,450,960			-0-			9,450,960
Warrants		2,249,864			-0-			1,608,992	#		3,858,856
Rights		-0-			-0-			51,249			51,249
Governments - Sovereign Bonds		-0-			-0-			0	#		0
Short-Term Investments:
Investment Companies		152,440,134			-0-			-0-			152,440,134
Governments - Treasuries		-0-			19,526,560			-0-			19,526,560
Time Deposits		-0-			1,986,243			-0-			1,986,243
Total Investments in Securities		195,172,894			4,828,229,315			137,417,797			5,160,820,006
Other Financial Instruments*:
Assets
Futures		315,047			-0-			-0-			315,047
Forward Currency Exchange Contracts		-0-			11,388,078			-0-			11,388,078
Centrally Cleared Credit Default Swaps		-0-			51,996,111			-0-			51,996,111
Centrally Cleared Interest Rate Swaps		-0-			37,975			-0-			37,975
Credit Default Swaps		-0-			472,016			-0-			472,016
Total Return Swaps		-0-			206,512			-0-			206,512
Liabilities
Futures		(5,219,222	)		-0-			-0-			(5,219,222	)
Forward Currency Exchange Contracts		-0-			(6,141,855	)		-0-			(6,141,855	)
Centrally Cleared Credit Default Swaps		-0-			(6,260,633	)		-0-			(6,260,633	)
Credit Default Swaps		-0-			(114,583,264	)		-0-			(114,583,264	)
Reverse Repurchase Agreements		(69,447,865	)		-0-			-0-			(69,447,865	)
Total	$	120,820,854		$	4,765,344,255		$	137,417,797		$	5,023,582,906

# 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.

66

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 10/31/20	$	2,209,876		$	58,220,720		$	72,627		$	46,790,997
Accrued discounts/(premiums)		- 0 -			- 0 -			(22,536	)		- 0 -
Realized gain (loss)		- 0 -			(80,295	)		(45,739	)		934,109
Change in unrealized appreciation/ depreciation		3,875			2,102,350			2,301,792			11,312,749
Purchases/Payups		50,200			29,754,460			319,678			18,000,000
Sales/Paydowns		- 0 -			(9,767,562	)		(2,552,832	)		(20,434,108	)
Transfers into Level 3		- 0 -			6,842,240			- 0 -			- 0 -
Transfers out of Level 3		- 0 -			(27,285,844	)		- 0 -			(420,796	)
Balance as of 1/31/21	$	2,263,951		$	59,786,069		$	72,990		$	56,182,951
Net change in unrealized appreciation/depreciation from investments held as of 1/31/21	$	3,875		$	1,948,140		$	- 0 -		$	14,315,904
	Asset-Backed Securities			Preferred S tocks			Warrants#			Rights
Balance as of 10/31/20	$	11,596,706		$	5,431,939		$	954,044		$	48,955
Accrued discounts/(premiums)		128,523			- 0 -			- 0 -			- 0 -
Realized gain (loss)		342,808			(236	)		- 0 -			- 0 -
Change in unrealized appreciation/ depreciation		(170,871	)		816,458			654,948			2,294
Sales/Paydowns		(637,919	)		(55,813	)		- 0 -			- 0 -
Transfers into Level 3		- 0 -			- 0 -			- 0 -			- 0 -
Transfers out of Level 3		- 0 -			- 0 -			- 0 -			- 0 -
Balance as of 1/31/21	$	11,259,247		$	6,192,348		$	1,608,992		$	51,249
Net change in unrealized appreciation/depreciation from investments held as of 1/31/21	$	(195,076	)	$	816,458		$	654,948		$	2,294
	Governments - Sovereign Bonds#			Whole Loan Trusts			Total
Balance as of 10/31/20	$	-0 -		$	330,713		$	125,656,577
Accrued discounts/(premiums)		- 0 -			- 0 -			105,987
Realized gain (loss)		- 0 -			(5,908,393	)		(4,757,746	)
Change in unrealized appreciation/depreciation		- 0 -			5,789,464			22,813,059
Purchases/Payups		- 0 -			- 0 -			48,124,338
Sales/Paydowns		- 0 -			(211,784	)		(33,660,018	)
Transfers into Level 3		- 0 -			- 0 -			6,842,240
Transfers out of Level 3		- 0 -			- 0 -			(27,706,640	)
Balance as of 1/31/21	$	-0 -		$	- 0 -		$	137,417,797
Net change in unrealized appreciation/depreciation from investments held as of 1/31/21	$	-0 -		$	- 0 -		$	17,546,543

# 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 January 31, 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 1/31/21		Valuation Technique	Unobservable Input	Input
Corporates - Non-Investment Grade	$	1,153,032	Recovery Analysis	Collateral Value	$85.10
	$	1,110,919	Discounted Cashflow	-0.38 spread adjustment
	$	-0-	Qualitative Assessment		$0.00
	$	2,263,951
Common Stocks	$	7,584,375	Marlet Approach	Projected Enterprise Value	$515.6mm to $569.9mm
	$	6,087,564	Implied Price based on Pro Forma Equity Valuation		7,195mm
				EBITDA* Projection	$63.3mm
	$	1,665,610	Market Approach	EBITDA* Multiples	8.0X
				EBITDA* Projection	$203mm
	$	208,422	Market Approach
				EBITDA* Multiples	7.9X
	$	5	Marlet Approach	Projected Enterprise Value	$515.6mm to $569.9mm
	$	5	Qualitative Assessment		$0.00
	$	-0-	Qualitative Assessment		$0.00
	$	-0-	Qualitative Assessment		$0.00
	$	-0-	Qualitative Assessment		$0.00
	$	15,545,981
Preferred Stocks	$	6,192,348	Implied Price based on Pro Forma Equity Valuation		7,195mm
Warrants.	$	1,608,992	Option Pricing Model	Exercise Price	$9.50
	$	-0-	Qualitative Assessment		$0.00
	$	-0-	Qualitative Assessment		$0.00
	$	-0-	Qualitative Assessment		$0.00
	$	1,608,992
Governments - Sovereign Bonds	$	-0-	Qualitative Assessment		$0.00

* Earnings Before Interest, Taxes, Depreciation and Amortization.

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, Projected Enterpise Value, Exercise Price, EBITDA projections and EBITDA Multiple in isolation would be expected to result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in spread adjustment in isolation would be expected to result in a significantly lower (higher) fair value measurement.

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A summary of the Fund’s transactions in AB mutual funds for the three months ended January 31, 2021 is as follows:

Fund	Market Value 10/31/20 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 1/31/21 (000)		Dividend Income (000)
Government Money
Market Portfolio	$	22,537	$	458,353	$	328,450	$	152,440	$	4

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