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

AB High Income Fund

Portfolio of Investments

July 31, 2021 (unaudited)

	Principal Amount (000)			U.S. $ Value
CORPORATES - NON-INVESTMENT GRADE – 56.1%
Industrial – 48.1%
Basic – 3.2%
Advanced Drainage Systems, Inc. 5.00%, 09/30/2027(a)		U.S.$	759	$	795,259
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV 4.75%, 06/15/2027(a)			1,485		1,566,675
Big River Steel LLC/BRS Finance Corp. 6.625%, 01/31/2029(a)			3,286		3,609,576
CF Industries, Inc. 4.95%, 06/01/2043			7,664		9,434,111
5.375%, 03/15/2044			4,718		6,066,287
Cleveland-Cliffs, Inc.
6.75%, 03/15/2026(a)			532		574,001
9.875%, 10/17/2025(a)			7,854		9,180,310
Commercial Metals Co. 4.875%, 05/15/2023			3,249		3,416,806
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125%, 06/15/2028(a)			1,721		1,792,754
Element Solutions, Inc. 3.875%, 09/01/2028(a)			2,415		2,466,545
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. 4.375%, 04/01/2031(a)			12,055		13,090,712
4.50%, 09/15/2027(a)			1,475		1,609,865
Freeport-McMoRan, Inc.
5.40%, 11/14/2034			33		41,912
5.45%, 03/15/2043			5,095		6,546,660
Grinding Media, Inc./Moly-Cop AltaSteel Ltd. 7.375%, 12/15/2023(a)			6,956		7,047,092
Hecla Mining Co. 7.25%, 02/15/2028			983		1,067,137
Illuminate Buyer LLC/Illuminate Holdings IV, Inc. 9.00%, 07/01/2028(a)			5,122		5,700,354
INEOS Quattro Finance 1 PLC 3.75%, 07/15/2026(a)		EUR	108		131,838
INEOS Quattro Finance 2 PLC 3.375%, 01/15/2026(a)		U.S.$	440		442,732
INEOS Styrolution Group GmbH 2.25%, 01/16/2027(a)		EUR	925		1,083,845
Ingevity Corp. 3.875%, 11/01/2028(a)		U.S.$	4,788		4,788,538
Intelligent Packaging Holdco Issuer LP 9.00% (9.00% Cash or 9.75% PIK), 01/15/2026(a) (f)			3,201		3,298,011

1

	Principal Amount (000)			U.S. $ Value
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC 6.00%, 09/15/2028(a)		U.S.$	7,418	$	7,717,377
Joseph T Ryerson & Son, Inc. 8.50%, 08/01/2028(a)			2,189		2,422,731
Kleopatra Finco SARL 4.25%, 03/01/2026(a)		EUR	5,384		6,340,968
Kraton Polymers LLC/Kraton Polymers Capital Corp. 5.25%, 05/15/2026(a)			5,940		7,231,751
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			5,306		5,410,213
Novelis Corp. 5.875%, 09/30/2026(a)			196		203,295
Olin Corp. 5.625%, 08/01/2029			1,124		1,233,198
Peabody Energy Corp. 8.50% (6.00% Cash and 2.50% PIK), 12/31/2024(a) (f)			449		362,623
PIC AU Holdings LLC/PIC AU Holdings Corp. 10.00%, 12/31/2024(a)			500		497,500
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 4.00%, 10/15/2027(a)			8,776		8,765,530
SpA Holdings 3 Oy 3.625%, 02/04/2028(a)		EUR	955		1,147,603
4.875%, 02/04/2028(a)		U.S.$	4,788		4,823,998
SPCM SA 4.875%, 09/15/2025(a)			3,290		3,367,616
United States Steel Corp. 6.25%, 03/15/2026(h)			2,238		2,306,688
Valvoline, Inc. 4.25%, 02/15/2030(a)			10,847		11,267,144
WR Grace & Co-Conn 4.875%, 06/15/2027(a)			472		498,625
					148,500,912
Capital Goods – 2.9%
ARD Finance SA 5.00% (5.00% Cash or 5.75% PIK), 06/30/2027(a) (f)		EUR	5,094		6,211,955
6.50% (6.50% Cash or 7.25% PIK), 06/30/2027(a) (f)		U.S.$	3,142		3,319,018
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 3.25%, 09/01/2028(a)			6,594		6,602,243
4.00%, 09/01/2029(a)			5,355		5,361,694

2

	Principal Amount (000)			U.S. $ Value
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 4.125%, 08/15/2026(a)		U.S.$	2,072	$	2,138,258
5.25%, 04/30/2025(a)			2,000		2,082,500
6.00%, 02/15/2025(a)			333		343,323
Bombardier, Inc. 7.50%, 12/01/2024-03/15/2025(a)			11,779		12,050,962
7.875%, 04/15/2027(a)			2,481		2,570,419
Cleaver-Brooks, Inc. 7.875%, 03/01/2023(a)			3,893		3,844,338
Colfax Corp. 6.375%, 02/15/2026(a)			876		925,251
EnerSys 4.375%, 12/15/2027(a)			5,050		5,277,267
F-Brasile SpA/F-Brasile US LLC Series XR 7.375%, 08/15/2026(a)			5,660		5,843,852
Gates Global LLC/Gates Corp. 6.25%, 01/15/2026(a)			6,532		6,783,351
GFL Environmental, Inc. 4.25%, 06/01/2025(a)			333		345,661
4.75%, 06/15/2029(a)			2,895		2,992,892
5.125%, 12/15/2026(a)			4,000		4,198,431
Granite US Holdings Corp. 11.00%, 10/01/2027(a)			2,757		3,075,928
Griffon Corp. 5.75%, 03/01/2028			3,681		3,876,725
JELD-WEN, Inc. 4.625%, 12/15/2025(a)			1,036		1,055,679
Madison IAQ LLC 5.875%, 06/30/2029(a)			5,174		5,232,618
Moog, Inc. 4.25%, 12/15/2027(a)			347		357,779
Mueller Water Products, Inc. 4.00%, 06/15/2029(a)			2,742		2,838,126
RBS Global, Inc./Rexnord LLC 4.875%, 12/15/2025(a)			333		339,795
Renk AG/Frankfurt am Main 5.75%, 07/15/2025(a)		EUR	7,486		9,320,601
Summit Materials LLC/Summit Materials Finance Corp. 5.25%, 01/15/2029(a)		U.S.$	50		53,017
Tervita Corp. 11.00%, 12/01/2025(a)			6,990		8,019,643
Titan Holdings 5.125%, 07/15/2029		EUR	1,574		1,903,582
TransDigm, Inc. 4.625%, 01/15/2029(a)		U.S.$	3,591		3,588,408
4.875%, 05/01/2029(a)			6,167		6,201,175
8.00%, 12/15/2025(a)			3,335		3,586,230
Triumph Group, Inc. 6.25%, 09/15/2024(a)			1,966		1,986,802

3

	Principal Amount (000)			U.S. $ Value
7.75%, 08/15/2025		U.S.$	2,289	$	2,317,700
8.875%, 06/01/2024(a)			3,361		3,739,113
Trivium Packaging Finance BV 3.75%, 08/15/2026(a)		EUR	132		158,446
Vertical Holdco GmbH 7.625%, 07/15/2028(a)		U.S.$	2,285		2,479,575
Vertical US Newco, Inc. 5.25%, 07/15/2027(a)			1,028		1,085,966
Wesco Distribution, Inc. 7.125%, 06/15/2025(a)			7		7,542
7.25%, 06/15/2028(a)			2,462		2,742,876
					134,858,741
Communications - Media – 6.1%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028(a)			7,124		7,397,781
Altice Financing SA 7.50%, 05/15/2026(a)			17,748		18,453,524
AMC Networks, Inc. 4.25%, 02/15/2029			8,644		8,641,812
Arches Buyer, Inc. 6.125%, 12/01/2028(a)			2,341		2,421,481
Banijay Entertainment SASU 3.50%, 03/01/2025(a)		EUR	815		978,566
5.375%, 03/01/2025(a)		U.S.$	8,793		9,049,664
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030-06/01/2033(a)			36,644		38,355,992
5.75%, 02/15/2026(a)			69		71,339
Clear Channel Worldwide Holdings, Inc. 5.125%, 08/15/2027(a)			4,940		5,074,996
CSC Holdings LLC 4.50%, 11/15/2031(a)			6,832		6,891,201
5.00%, 11/15/2031(a)			4,734		4,765,482
5.375%, 02/01/2028(a)			6,139		6,495,293
5.75%, 01/15/2030(a)			2,452		2,558,296
7.50%, 04/01/2028(a)			2,326		2,538,664
DISH DBS Corp. 5.00%, 03/15/2023			1,148		1,200,183
5.125%, 06/01/2029(a)			9,587		9,503,707
5.875%, 11/15/2024			1,199		1,292,563
7.375%, 07/01/2028			6,580		7,120,435
7.75%, 07/01/2026			335		382,614
DISH Network Corp. 3.375%, 08/15/2026(i)			4,275		4,390,500
iHeartCommunications, Inc. 6.375%, 05/01/2026			758		801,164
8.375%, 05/01/2027			3,375		3,594,170
Lamar Media Corp. 4.875%, 01/15/2029			1,559		1,654,461
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027(a)			14,893		15,913,443

4

	Principal Amount (000)			U.S. $ Value
Liberty Interactive LLC 3.75%, 02/15/2030(i)		U.S.$	2,213	$	1,701,864
Mav Acquisition Corp. 5.75%, 08/01/2028(a)			4,714		4,696,888
8.00%, 08/01/2029(a)			4,714		4,613,827
Meredith Corp. 6.875%, 02/01/2026			11,299		11,750,960
National CineMedia LLC 5.875%, 04/15/2028(a)			3,387		3,191,179
Outfront Media Capital LLC/Outfront Media Capital Corp. 4.625%, 03/15/2030(a)			1,403		1,413,945
Scripps Escrow, Inc. 5.875%, 07/15/2027(a)			2,949		3,052,262
Scripps Escrow II, Inc. 5.375%, 01/15/2031(a)			2,485		2,484,390
Sinclair Television Group, Inc. 4.125%, 12/01/2030(a)			6,473		6,278,810
5.50%, 03/01/2030(a)			4,371		4,382,783
Sirius XM Radio, Inc. 4.00%, 07/15/2028(a)			30,900		31,858,887
5.50%, 07/01/2029(a)			110		120,555
Summer BC Holdco B SARL 5.75%, 10/31/2026(a)		EUR	7,605		9,439,950
TEGNA, Inc. 5.00%, 09/15/2029		U.S.$	4,970		5,192,989
5.50%, 09/15/2024(a)			301		305,301
Univision Communications, Inc. 4.50%, 05/01/2029(a)			2,866		2,874,030
5.125%, 02/15/2025(a)			1,398		1,420,999
6.625%, 06/01/2027(a)			3,134		3,372,086
9.50%, 05/01/2025(a)			836		915,872
UPC Holding BV 5.50%, 01/15/2028(a)			6,547		6,879,996
Urban One, Inc. 7.375%, 02/01/2028(a)			12,257		13,153,951
Virgin Media Secured Finance PLC 4.50%, 08/15/2030(a)			3,734		3,760,738
5.50%, 05/15/2029(a)			333		355,578
Ziggo Bond Co. BV 5.125%, 02/28/2030(a)			985		1,014,792
Ziggo BV 5.50%, 01/15/2027(a)			1,225		1,268,343
					285,048,306
Communications - Telecommunications – 3.6%
Altice France SA/France 5.125%, 07/15/2029(a)			17,779		17,959,630
7.375%, 05/01/2026(a)			354		368,209
Connect Finco SARL/Connect US Finco LLC 6.75%, 10/01/2026(a)			7,696		8,090,420

5

	Principal Amount (000)			U.S. $ Value
Consolidated Communications, Inc. 5.00%, 10/01/2028(a)		U.S.$	2,987	$	3,010,471
6.50%, 10/01/2028(a)			10,220		11,030,128
DKT Finance ApS 7.00%, 06/17/2023(a)		EUR	3,874		4,673,227
9.375%, 06/17/2023(a)		U.S.$	3,093		3,153,146
Embarq Corp. 7.995%, 06/01/2036			16,261		18,216,053
Frontier Communications Holdings LLC 5.875%, 10/15/2027(a)			240		257,373
Intelsat Jackson Holdings SA 5.50%, 08/01/2023(b) (j)			7,915		4,354,874
9.75%, 07/15/2025(a) (b) (j)			1,446		809,227
Intrado Corp. 8.50%, 10/15/2025(a)			2,100		2,042,030
Level 3 Financing, Inc. 4.25%, 07/01/2028(a)			2,458		2,504,931
Lumen Technologies, Inc. 4.50%, 01/15/2029(a)			4,742		4,653,697
Series Y 7.50%, 04/01/2024			262		294,564
Sprint Capital Corp. 8.75%, 03/15/2032			844		1,301,144
Sprint Corp. 7.625%, 03/01/2026			137		167,282
Switch Ltd. 4.125%, 06/15/2029(a)			5,822		5,995,027
T-Mobile USA, Inc. 2.625%, 02/15/2029			5,005		5,005,349
3.375%, 04/15/2029			2,919		3,040,176
3.375%, 04/15/2029(a)			7,412		7,723,865
3.50%, 04/15/2031			7,818		8,219,595
3.50%, 04/15/2031(a)			7,412		7,781,520
Telecom Italia Capital SA 7.20%, 07/18/2036			5,713		7,334,187
7.721%, 06/04/2038			6,995		9,412,035
Vmed O2 UK Financing I PLC 4.75%, 07/15/2031(a)			21,380		21,780,191
Zayo Group Holdings, Inc. 6.125%, 03/01/2028(a)			10,692		10,875,728
					170,054,079
Consumer Cyclical - Automotive – 2.9%
Adient US LLC 9.00%, 04/15/2025(a)			3,859		4,219,709
Allison Transmission, Inc. 5.875%, 06/01/2029(a)			913		1,000,918
Aston Martin Capital Holdings Ltd. 10.50%, 11/30/2025(a)			6,401		7,101,635
15.00% (8.89% Cash and 6.11% PIK), 11/30/2026(a) (f)			8,435		9,508,312
Clarios Global LP/Clarios US Finance Co. 4.375%, 05/15/2026(a)		EUR	1,055		1,293,981

6

	Principal Amount (000)			U.S. $ Value
6.25%, 05/15/2026(a)		U.S.$	3,781	$	4,001,976
Dana, Inc. 4.25%, 09/01/2030			3,854		4,001,400
5.375%, 11/15/2027			651		688,843
5.625%, 06/15/2028			983		1,057,418
Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028(a)			5,841		6,319,677
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		9,365,140
9.00%, 04/22/2025			2,901		3,570,013
Ford Motor Credit Co. LLC 5.125%, 06/16/2025			955		1,052,158
Goodyear Tire & Rubber Co. (The) 5.00%, 07/15/2029(a)			3,697		3,896,386
5.25%, 07/15/2031(a)			3,380		3,579,037
IHO Verwaltungs GmbH 3.875% (3.875% Cash or 4.625% PIK), 05/15/2027(a) (f)		EUR	1,742		2,128,585
Jaguar Land Rover Automotive PLC 5.50%, 07/15/2029(a)		U.S.$	6,351		6,400,278
5.875%, 11/15/2024(a)		EUR	667		856,045
5.875%, 01/15/2028(a)		U.S.$	6,393		6,615,863
7.75%, 10/15/2025(a)			6,597		7,196,597
Mclaren Finance PLC 7.50%, 08/01/2026(a)			8,330		8,460,335
Meritor, Inc. 4.50%, 12/15/2028(a)			7,032		7,195,550
6.25%, 06/01/2025(a)			2,099		2,223,080
PM General Purchaser LLC 9.50%, 10/01/2028(a)			6,681		7,014,147
Real Hero Merger Sub 2, Inc. 6.25%, 02/01/2029(a)			2,939		3,037,147
Tenneco, Inc. 5.00%, 07/15/2026			4,571		4,505,505
7.875%, 01/15/2029(a)			5,477		6,190,081
Titan International, Inc. 7.00%, 04/30/2028(a)			7,168		7,467,488
ZF Europe Finance BV 2.00%, 02/23/2026(a)		EUR	1,200		1,451,851
ZF North America Capital, Inc. 4.75%, 04/29/2025(a)		U.S.$	6,955		7,545,690
					138,944,845
Consumer Cyclical - Entertainment – 2.8%
Boyne USA, Inc. 4.75%, 05/15/2029(a)			2,502		2,592,177
Carnival Corp. 4.00%, 08/01/2028(a)			4,839		4,814,805

7

	Principal Amount (000)			U.S. $ Value
5.75%, 03/01/2027(a)		U.S.$	4,504	$	4,577,190
9.875%, 08/01/2027(a)			3,689		4,223,721
10.125%, 02/01/2026(a)		EUR	3,260		4,443,483
11.50%, 04/01/2023(a)		U.S.$	6,993		7,882,678
Carnival PLC 1.00%, 10/28/2029		EUR	737		700,016
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.50%, 05/01/2025(a)		U.S.$	12,465		12,944,654
Cinemark USA, Inc. 5.25%, 07/15/2028(a)			3,001		2,821,356
Mattel, Inc. 3.75%, 04/01/2029(a)			10,492		11,057,799
NCL Corp., Ltd. 5.875%, 03/15/2026(a)			9,883		9,955,770
Royal Caribbean Cruises Ltd. 5.50%, 04/01/2028(a)			20,172		20,499,795
10.875%, 06/01/2023(a)			7,068		8,051,795
11.50%, 06/01/2025(a)			12,746		14,530,440
SeaWorld Parks & Entertainment, Inc. 8.75%, 05/01/2025(a)			4,914		5,285,413
9.50%, 08/01/2025(a)			4,076		4,404,268
Six Flags Theme Parks, Inc. 7.00%, 07/01/2025(a)			1,901		2,029,377
Vail Resorts, Inc. 6.25%, 05/15/2025(a)			1,447		1,537,471
Viking Cruises Ltd. 5.875%, 09/15/2027(a)			6,065		5,761,203
7.00%, 02/15/2029(a)			1,932		1,951,562
13.00%, 05/15/2025(a)			2,788		3,234,083
VOC Escrow Ltd. 5.00%, 02/15/2028(a)			1,018		1,010,312
					134,309,368
Consumer Cyclical - Other – 2.8%
Adams Homes, Inc. 7.50%, 02/15/2025(a)			4,216		4,418,857
Bally’s Corp. 6.75%, 06/01/2027(a)			3,908		4,225,797
Beazer Homes USA, Inc. 6.75%, 03/15/2025			1,563		1,617,006
Boyd Gaming Corp. 4.75%, 12/01/2027			105		108,794
8.625%, 06/01/2025(a)			235		256,974
Brookfield Residential Properties, Inc./Brookfield Residential US LLC 4.875%, 02/15/2030(a)			5,889		5,902,832
6.25%, 09/15/2027(a)			7,295		7,715,076
Caesars Entertainment, Inc. 6.25%, 07/01/2025(a)			2,507		2,644,882

8

	Principal Amount (000)			U.S. $ Value
Churchill Downs, Inc. 4.75%, 01/15/2028(a)		U.S.$	3,528	$	3,666,392
CP Atlas Buyer, Inc. 7.00%, 12/01/2028(a)			2,842		2,932,657
Empire Communities Corp. 7.00%, 12/15/2025(a)			1,563		1,651,776
Everi Holdings, Inc. 5.00%, 07/15/2029(a)			1,140		1,165,991
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, 11/15/2025(a)			6,001		6,290,818
Forestar Group, Inc. 3.85%, 05/15/2026(a)			2,881		2,920,824
Forterra Finance LLC/FRTA Finance Corp. 6.50%, 07/15/2025(a)			1,671		1,796,355
Hilton Domestic Operating Co., Inc. 3.625%, 02/15/2032(a)			6,626		6,610,637
5.375%, 05/01/2025(a)			1,173		1,228,273
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc 4.875%, 07/01/2031(a)			3,307		3,251,565
5.00%, 06/01/2029(a)			3,417		3,450,418
Installed Building Products, Inc. 5.75%, 02/01/2028(a)			1,588		1,664,218
International Game Technology PLC 3.50%, 06/15/2026(a)		EUR	1,026		1,245,998
4.125%, 04/15/2026(a)		U.S.$	4,513		4,695,702
5.25%, 01/15/2029(a)			3,712		3,952,381
Marriott Ownership Resorts, Inc. 6.125%, 09/15/2025(a)			6,752		7,146,217
Mattamy Group Corp. 4.625%, 03/01/2030(a)			4,691		4,847,331
Scientific Games International, Inc. 3.375%, 02/15/2026(a)		EUR	970		1,152,704
5.00%, 10/15/2025(a)		U.S.$	2,999		3,081,473
7.00%, 05/15/2028(a)			392		423,027
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 02/15/2028-04/01/2029(a)			7,822		8,041,047
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875%, 05/15/2025(a)			8,781		8,732,260
Taylor Morrison Communities, Inc. 5.75%, 01/15/2028(a)			2,782		3,142,804
5.875%, 06/15/2027(a)			3,493		3,960,380
Travel + Leisure Co. 4.625%, 03/01/2030(a)			1,311		1,354,909
6.625%, 07/31/2026(a)			3,533		3,942,470

9

	Principal Amount (000)			U.S. $ Value
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 4.25%, 05/30/2023(a)		U.S.$	333	$	342,402
5.50%, 03/01/2025(a)			2,020		2,141,275
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, 10/01/2029(a)			3,075		3,197,489
7.75%, 04/15/2025(a)			6,444		6,863,320
					131,783,331
Consumer Cyclical - Restaurants – 0.7%
1011778 BC ULC/New Red Finance, Inc. 3.875%, 01/15/2028(a)			6,965		7,023,134
4.00%, 10/15/2030(a)			8,721		8,699,346
4.375%, 01/15/2028(a)			83		84,296
5.75%, 04/15/2025(a)			2,614		2,760,666
IRB Holding Corp. 6.75%, 02/15/2026(a)			3,291		3,398,600
7.00%, 06/15/2025(a)			422		451,379
Yum! Brands, Inc. 4.625%, 01/31/2032			9,784		10,522,268
					32,939,689
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		2,668,543
Dufry One BV 2.50%, 10/15/2024(a)		EUR	5,467		6,421,086
Foundation Building Materials, Inc. 6.00%, 03/01/2029(a)		U.S.$	1,246		1,232,005
L Brands, Inc. 5.25%, 02/01/2028			531		597,617
6.625%, 10/01/2030(a)			3,212		3,704,776
6.75%, 07/01/2036			1,479		1,883,528
6.875%, 11/01/2035			7,429		9,557,144
7.50%, 06/15/2029			492		572,173
LBM Acquisition LLC 6.25%, 01/15/2029(a)			1,147		1,149,526
Levi Strauss & Co. 3.50%, 03/01/2031(a)			2,970		3,049,998
Michaels Cos, Inc. (The) 5.25%, 05/01/2028(a)			7,693		7,961,030
7.875%, 05/01/2029(a)			6,100		6,327,201
Murphy Oil USA, Inc. 5.625%, 05/01/2027			503		531,030
NMG Holding Co., Inc./Neiman Marcus Group LLC 7.125%, 04/01/2026(a)			2,139		2,282,986
PetSmart, Inc./PetSmart Finance Corp. 4.75%, 02/15/2028(a)			2,956		3,064,626
7.75%, 02/15/2029(a)			4,766		5,225,940
Rite Aid Corp. 7.50%, 07/01/2025(a)			6,326		6,349,694

10

	Principal Amount (000)			U.S. $ Value
Sonic Automotive, Inc. 6.125%, 03/15/2027		U.S.$	5,939	$	6,212,877
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.375%, 09/30/2026(a)			10,712		11,272,210
SRS Distribution, Inc. 6.125%, 07/01/2029(a)			1,536		1,572,055
Staples, Inc. 7.50%, 04/15/2026(a)			2,855		2,898,828
10.75%, 04/15/2027(a)			6,383		6,194,410
TPro Acquisition Corp. 11.00%, 10/15/2024(a)			4,220		4,623,370
White Cap Buyer LLC 6.875%, 10/15/2028(a)			8,674		9,261,855
White Cap Parent LLC 8.25%, 03/15/2026(a) (f)			1,679		1,738,381
William Carter Co. (The) 5.50%, 05/15/2025(a)			4,156		4,375,600
					110,728,489
Consumer Non-Cyclical – 5.8%
Acadia Healthcare Co., Inc. 5.50%, 07/01/2028(a)			5,204		5,567,345
AdaptHealth LLC 4.625%, 08/01/2029(a)			7,234		7,204,891
6.125%, 08/01/2028(a)			1,532		1,613,024
AHP Health Partners, Inc. 5.75%, 07/15/2029(a)			4,713		4,766,730
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 4.625%, 01/15/2027(a)			3,290		3,477,726
4.875%, 02/15/2030(a)			2,263		2,448,674
7.50%, 03/15/2026 (a)			333		362,897
Bausch Health Americas, Inc. 8.50%, 01/31/2027(a)			3,828		4,143,411
Bausch Health Cos., Inc. 4.875%, 06/01/2028(a)			11,713		12,082,764
6.125%, 04/15/2025(a)			2,346		2,396,900
6.25%, 02/15/2029(a)			900		896,070
7.25%, 05/30/2029(a)			711		736,317
CD&R Smokey Buyer, Inc. 6.75%, 07/15/2025(a)			419		446,333
Charles River Laboratories International, Inc. 3.75%, 03/15/2029(a)			4,048		4,149,807
4.00%, 03/15/2031(a)			4,027		4,244,102
CHS/Community Health Systems, Inc. 4.75%, 02/15/2031(a)			1,291		1,310,670
5.625%, 03/15/2027(a)			2,114		2,238,940
6.00%, 01/15/2029(a)			1,694		1,802,587
6.125%, 04/01/2030(a)			17,171		17,406,901
6.875%, 04/01/2028-04/15/2029(a)			14,378		14,952,440

11

	Principal Amount (000)			U.S. $ Value
Cidron Aida Finco SARL 5.00%, 04/01/2028(a) (h)		EUR	949	$	1,134,171
DaVita, Inc. 3.75%, 02/15/2031(a)		U.S.$	3,645		3,544,780
4.625%, 06/01/2030(a)			10,593		10,944,911
Emergent BioSolutions, Inc. 3.875%, 08/15/2028(a)			7,410		7,363,059
Endo Dac/Endo Finance LLC/Endo Finco, Inc. 9.50%, 07/31/2027(a) (h)			4,292		4,305,734
Endo Luxembourg Finance Co. I SARL/Endo US, Inc. 6.125%, 04/01/2029(a)			1,302		1,293,908
Global Medical Response, Inc. 6.50%, 10/01/2025(a)			2,750		2,854,340
Gruenenthal GmbH 4.125%, 05/15/2028(a)		EUR	738		898,860
HCRX Investments Holdco LP 4.50%, 08/01/2029(a)		U.S.$	1,407		1,435,898
IQVIA, Inc. 2.25%, 03/15/2029(a)		EUR	3,948		4,719,018
5.00%, 10/15/2026(a)		U.S.$	333		343,004
Jazz Securities DAC 4.375%, 01/15/2029(a)			5,382		5,617,132
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. 7.00%, 12/31/2027(a)			10,638		10,428,997
Legacy LifePoint Health LLC 6.75%, 04/15/2025(a)			333		351,815
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 5.50%, 04/15/2025(a) (b) (j)			2,552		1,688,366
ModivCare, Inc. 5.875%, 11/15/2025(a)			999		1,065,619
Newell Brands, Inc. 4.70%, 04/01/2026			3,038		3,384,648
4.875%, 06/01/2025			748		829,787
Nidda Healthcare Holding GmbH 3.50%, 09/30/2024(a)		EUR	1,035		1,227,505
Organon & Co./Organon Foreign Debt Co-Issuer BV 5.125%, 04/30/2031(a)		U.S.$	11,223		11,561,754
Par Pharmaceutical, Inc. 7.50%, 04/01/2027(a)			5,068		5,174,093
Paysafe Finance PLC/Paysafe Holdings US Corp. 4.00%, 06/15/2029(a)			5,267		5,101,353
Performance Food Group, Inc. 4.25%, 08/01/2029(a)			5,952		6,054,488
Post Holdings, Inc. 4.50%, 09/15/2031(a)			7,969		8,061,748
4.625%, 04/15/2030(a)			6,624		6,748,998
5.50%, 12/15/2029(a)			4,151		4,446,769
5.75%, 03/01/2027(a)			333		346,988

12

	Principal Amount (000)			U.S. $ Value
Primo Water Holdings, Inc. 4.375%, 04/30/2029(a)		U.S.$	7,622	$	7,635,860
Radiology Partners, Inc. 9.25%, 02/01/2028(a)			4,950		5,373,781
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. 9.75%, 12/01/2026(a)			11,464		12,191,040
RP Escrow Issuer LLC 5.25%, 12/15/2025(a)			2,030		2,093,879
Spectrum Brands, Inc. 3.875%, 03/15/2031(a)			6,322		6,325,219
4.00%, 10/01/2026(a)		EUR	3,459		4,184,360
5.75%, 07/15/2025		U.S.$	6		6,161
Sunshine Mid BV 6.50%, 05/15/2026(a) (h)		EUR	5,784		7,101,723
Tenet Healthcare Corp. 4.875%, 01/01/2026(a)		U.S.$	295		305,166
Triton Water Holdings, Inc. 6.25%, 04/01/2029(a)			3,458		3,461,942
US Acute Care Solutions LLC 6.375%, 03/01/2026(a)			1,354		1,407,999
US Foods, Inc. 4.75%, 02/15/2029(a)			10,363		10,566,886
US Renal Care, Inc. 10.625%, 07/15/2027(a)			4,233		4,589,803
Vizient, Inc. 6.25%, 05/15/2027(a)			1,274		1,338,799
WASH Multifamily Acquisition, Inc. 5.75%, 04/15/2026(a)			1,265		1,323,185
					271,082,075
Energy – 7.1%
Antero Resources Corp. 7.625%, 02/01/2029(a)			1,178		1,290,369
8.375%, 07/15/2026(a)			3,151		3,566,663
Apache Corp. 4.875%, 11/15/2027			955		1,027,826
Berry Petroleum Co. LLC 7.00%, 02/15/2026(a)			2,415		2,380,296
Blue Racer Midstream LLC/Blue Racer Finance Corp. 6.625%, 07/15/2026(a)			1,586		1,645,315
7.625%, 12/15/2025(a)			2,450		2,639,456
Bonanza Creek Energy, Inc. 7.50%, 04/30/2026			264		264,904
Callon Petroleum, Co. 8.25%, 07/15/2025			253		243,301
9.00%, 04/01/2025(a)			6,898		7,424,520
Cheniere Energy Partners LP 4.50%, 10/01/2029			2,089		2,253,196
Citgo Holding, Inc. 9.25%, 08/01/2024(a)			2,595		2,588,174

13

	Principal Amount (000)		U.S. $ Value
CITGO Petroleum Corp. 6.375%, 06/15/2026(a)	U.S.$	2,387	$	2,434,647
7.00%, 06/15/2025(a)		9,430		9,673,519
CNX Resources Corp. 6.00%, 01/15/2029(a)		4,061		4,298,963
7.25%, 03/14/2027(a)		876		933,692
Comstock Resources, Inc. 5.875%, 01/15/2030(a)		5,117		5,147,069
6.75%, 03/01/2029(a)		2,289		2,391,496
7.50%, 05/15/2025(a)		991		1,025,843
CQP Holdco LP/BIP-V Chinook Holdco LLC 5.50%, 06/15/2031(a)		7,094		7,352,353
Diamond Foreign Asset Co./Diamond Finance LLC 13.00% (9.00% Cash or 13.00 % PIK), 04/22/2027(a) (d) (f)		568		566,640
13.00% (9.00% Cash or 13.00 % PIK), 04/22/2027(d) (f)		494	��	492,458
Encino Acquisition Partners Holdings LLC 8.50%, 05/01/2028(a)		8,923		8,924,971
EnLink Midstream LLC 5.625%, 01/15/2028(a)		6,096		6,456,763
EnLink Midstream Partners LP 4.15%, 06/01/2025		9,849		10,192,445
4.40%, 04/01/2024		2,333		2,446,476
Series C 6.00%, 12/15/2022(k)		12,323		9,515,745
EQM Midstream Partners LP 4.50%, 01/15/2029(a)		4,100		4,167,349
4.75%, 01/15/2031(a)		3,913		3,997,245
EQT Corp. 3.90%, 10/01/2027		1,980		2,145,287
Genesis Energy LP/Genesis Energy Finance Corp. 6.25%, 05/15/2026		2,898		2,859,967
7.75%, 02/01/2028		8,431		8,519,327
8.00%, 01/15/2027		4,649		4,793,101
Global Partners LP/GLP Finance Corp. 6.875%, 01/15/2029		2,289		2,403,803
7.00%, 08/01/2027		2,652		2,787,523
Gulfport Energy Corp. 6.00%, 10/15/2024(b)		2,508		87,780
6.375%, 05/15/2025-01/15/2026(b)		18,821		658,735
6.625%, 05/01/2023(b)		619		21,665
Gulfport Energy Operating Corp. 8.00%, 05/17/2026(a)		6,422		6,901,162
Hess Midstream Operations LP 5.625%, 02/15/2026(a)		5,376		5,588,999
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 02/01/2029(a)		1,910		1,952,495
6.00%, 02/01/2031(a)		1,909		1,991,173

14

	Principal Amount (000)		U.S. $ Value
Independence Energy Finance LLC 7.25%, 05/01/2026(a)	U.S.$	7,204	$	7,508,116
Indigo Natural Resources LLC 5.375%, 02/01/2029(a)		3,844		4,006,502
Ithaca Energy North Sea PLC 9.00%, 07/15/2026(a)		8,277		8,217,016
ITT Holdings LLC 6.50%, 08/01/2029(a)		12,073		12,043,426
Moss Creek Resources Holdings, Inc. 7.50%, 01/15/2026(a)		9,387		8,467,488
Nabors Industries Ltd. 7.25%, 01/15/2026(a)		2,551		2,388,499
7.50%, 01/15/2028(a)		7,663		6,970,191
New Fortress Energy, Inc. 6.75%, 09/15/2025(a)		9,606		9,802,107
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.50%, 02/01/2026(a)		9,973		10,279,688
NGL Energy Partners LP/NGL Energy Finance Corp. 7.50%, 11/01/2023		6,718		6,458,048
Occidental Petroleum Corp. 3.40%, 04/15/2026		421		425,443
3.50%, 06/15/2025		2,366		2,409,394
5.50%, 12/01/2025		824		906,550
5.875%, 09/01/2025		1,346		1,491,576
6.125%, 01/01/2031		1,903		2,250,013
8.00%, 07/15/2025		2,108		2,509,431
8.50%, 07/15/2027		558		696,817
8.875%, 07/15/2030		558		752,643
PBF Holding Co. LLC/PBF Finance Corp. 9.25%, 05/15/2025(a)		9,596		8,858,447
PDC Energy, Inc. 5.75%, 05/15/2026		8,038		8,303,886
6.125%, 09/15/2024		7,221		7,347,277
Range Resources Corp. 8.25%, 01/15/2029(a)		4,161		4,608,465
Renewable Energy Group, Inc. 5.875%, 06/01/2028(a)		2,783		2,901,627
SM Energy Co. 5.625%, 06/01/2025		3,730		3,663,208
6.50%, 07/15/2028		1,137		1,132,854
Southwestern Energy Co. 8.375%, 09/15/2028		2,391		2,666,989
Sunoco LP/Sunoco Finance Corp. 5.50%, 02/15/2026		4,830		4,971,017
5.875%, 03/15/2028		2,917		3,068,438
Talos Production, Inc. 12.00%, 01/15/2026		7,783		8,101,820
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.00%, 01/15/2032(a)		7,821		8,084,546
Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024(a)		4,621		4,651,791

15

	Principal Amount (000)			U.S. $ Value
Transocean Pontus Ltd. 6.125%, 08/01/2025(a)		U.S.$	1,161	$	1,144,723
Transocean Poseidon Ltd. 6.875%, 02/01/2027(a)			1,918		1,856,997
Transocean, Inc. 7.25%, 11/01/2025(a)			2,072		1,651,978
7.50%, 01/15/2026(a)			4,613		3,567,683
11.50%, 01/30/2027(a)			2,001		1,991,023
Vantage Drilling International 7.125%, 04/01/2023(b) (d) (e)			8,325		—
7.50%, 11/01/2019(b) (c) (d) (e)			8,860		—
Venture Global Calcasieu Pass LLC 4.125%, 08/15/2031(a)			6,566		6,795,810
W&T Offshore, Inc. 9.75%, 11/01/2023(a)			5,273		5,066,910
Western Midstream Operating LP 3.95%, 06/01/2025			1,219		1,261,746
4.35%, 02/01/2025			2,891		3,032,814
4.50%, 03/01/2028			1,652		1,778,096
4.75%, 08/15/2028			1,563		1,700,347
5.30%, 02/01/2030			2,516		2,825,319
5.45%, 04/01/2044			916		1,028,210
					335,697,680
Other Industrial – 0.1%
Interface, Inc. 5.50%, 12/01/2028(a)			1,364		1,430,841
KAR Auction Services, Inc. 5.125%, 06/01/2025(a)			1,590		1,626,482
					3,057,323
Services – 4.0%
ADT Security Corp. (The) 4.125%, 08/01/2029(a)			8,240		8,294,757
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.00%, 06/01/2029(a)			1,397		1,403,188
6.625%, 07/15/2026(a)			1,699		1,800,784
9.75%, 07/15/2027(a)			11,333		12,442,553
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 3.625%, 06/01/2028(a)		EUR	1,105		1,302,678
4.625%, 06/01/2028(a)		U.S.$	2,325		2,329,609
ANGI Group LLC 3.875%, 08/15/2028(a)			12,814		12,766,240
Aptim Corp. 7.75%, 06/15/2025(a)			11,051		9,529,649
APX Group, Inc. 5.75%, 07/15/2029(a)			9,301		9,336,108
6.75%, 02/15/2027(a)			2,701		2,864,105

16

	Principal Amount (000)			U.S. $ Value
Aramark Services, Inc. 6.375%, 05/01/2025(a)		U.S.$	892	$	940,472
Carlson Travel, Inc. 6.75%, 12/15/2025(g)			3,434		3,105,444
10.50%, 03/31/2025(g)			608		633,762
Cars.com, Inc. 6.375%, 11/01/2028(a)			4,403		4,685,887
eDreams ODIGEO SA 5.50%, 09/01/2023(a)		EUR	3,335		3,920,472
Elis SA 1.625%, 04/03/2028(a)			900		1,067,046
Garda World Security Corp. 9.50%, 11/01/2027(a)		U.S.$	8,008		8,759,592
Gartner, Inc. 4.50%, 07/01/2028(a)			3,059		3,233,285
ION Trading Technologies SARL 5.75%, 05/15/2028(a)			5,678		5,897,503
Korn Ferry 4.625%, 12/15/2027(a)			3,154		3,256,505
Millennium Escrow Corp. 6.625%, 08/01/2026(a)			8,204		8,348,407
MoneyGram International, Inc. 5.375%, 08/01/2026(a)			3,808		3,936,063
Monitronics International, Inc. 0.00%, 04/01/2020(b) (c) (d) (e)			6,914		0
MPH Acquisition Holdings LLC 5.75%, 11/01/2028(a) (h)			17,454		16,946,931
Nielsen Co. Luxembourg SARL (The) 5.00%, 02/01/2025(a)			2,333		2,395,929
Prime Security Services Borrower LLC/Prime Finance, Inc. 5.25%, 04/15/2024(a)			135		144,283
6.25%, 01/15/2028(a)			12,376		12,937,172
Q-Park Holding I BV 2.00%, 03/01/2027(a)		EUR	1,096		1,226,207
Sabre GLBL, Inc. 7.375%, 09/01/2025(a)		U.S.$	1,580		1,689,090
9.25%, 04/15/2025(a)			673		787,469
Service Corp. International/US 3.375%, 08/15/2030			8,414		8,389,380
Square, Inc. 2.75%, 06/01/2026(a)			7,220		7,380,022
3.50%, 06/01/2031(a)			7,394		7,669,417
TripAdvisor, Inc. 7.00%, 07/15/2025(a)			2,089		2,235,234
Verisure Midholding AB 5.25%, 02/15/2029(a)		EUR	4,130		5,054,443
Verscend Escrow Corp. 9.75%, 08/15/2026(a)		U.S.$	9,176		9,693,379
					186,403,065

17

	Principal Amount (000)			U.S. $ Value
Technology – 2.8%
Ahead DB Holdings LLC 6.625%, 05/01/2028(a)		U.S.$	2,870	$	2,970,181
Austin BidCo, Inc. 7.125%, 12/15/2028(a)			3,521		3,607,374
Avaya, Inc. 6.125%, 09/15/2028(a)			10,982		11,758,473
Banff Merger Sub, Inc. 9.75%, 09/01/2026(a)			13,822		14,539,483
Cablevision Lightpath LLC 5.625%, 09/15/2028(a)			4,374		4,464,871
Clarivate Science Holdings Corp. 4.875%, 06/30/2029(a)			2,723		2,752,064
CommScope Technologies LLC 6.00%, 06/15/2025(a)			289		293,419
CommScope, Inc. 5.50%, 03/01/2024(a)			1,688		1,737,157
6.00%, 03/01/2026(a)			1,846		1,934,095
8.25%, 03/01/2027(a)			2,130		2,254,086
Elastic NV 4.125%, 07/15/2029(a)			3,392		3,404,773
Imola Merger Corp. 4.75%, 05/15/2029(a)			4,868		5,026,625
Microchip Technology, Inc. 4.25%, 09/01/2025			3,341		3,512,297
NCR Corp. 5.125%, 04/15/2029(a)			12,758		13,285,272
5.75%, 09/01/2027(a)			1,558		1,645,430
6.125%, 09/01/2029(a)			1,207		1,316,506
8.125%, 04/15/2025(a)			1,684		1,829,837
Pitney Bowes, Inc. 6.875%, 03/15/2027(a)			2,627		2,792,615
Playtech PLC 4.25%, 03/07/2026(a)		EUR	776		942,775
Playtika Holding Corp. 4.25%, 03/15/2029(a)		U.S.$	5,044		5,032,836
Presidio Holdings, Inc. 8.25%, 02/01/2028(a)			819		889,939
Rackspace Technology Global, Inc. 3.50%, 02/15/2028(a)			12,300		11,857,662
Science Applications International Corp. 4.875%, 04/01/2028(a)			493		517,708
Sensata Technologies BV 4.00%, 04/15/2029(a)			5,327		5,483,035
Sensata Technologies, Inc. 3.75%, 02/15/2031(a)			1,280		1,289,600
TTM Technologies, Inc. 4.00%, 03/01/2029(a)			4,496		4,523,567

18

	Principal Amount (000)			U.S. $ Value
Veritas US, Inc./Veritas Bermuda Ltd. 7.50%, 09/01/2025(a)		U.S.$	17,204	$	17,849,870
10.50%, 02/01/2024(a) (h)			2,933		2,992,273
					130,503,823
Transportation - Airlines – 0.6%
Air Canada 3.875%, 08/15/2026(a)			1,414		1,417,841
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%, 04/20/2026(a)			5,556		5,813,060
5.75%, 04/20/2029(a)			6,500		7,028,125
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. 5.75%, 01/20/2026(a)			2,588		2,712,612
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 09/20/2025(a)			4,444		5,008,379
United Airlines, Inc. 4.625%, 04/15/2029(a)			6,211		6,391,063
					28,371,080
Transportation - Services – 0.4%
AerCap Global Aviation Trust 6.50%, 06/15/2045(a)			2,000		2,153,180
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.25%, 03/15/2025(a)			951		966,108
5.375%, 03/01/2029(a)			3,257		3,390,595
5.75%, 07/15/2027(a) (h)			1,477		1,546,860
Herc Holdings, Inc. 5.50%, 07/15/2027(a)			2,506		2,628,944
Loxam SAS 2.875%, 04/15/2026(a)		EUR	934		1,106,159
Modulaire Global Finance PLC 8.00%, 02/15/2023(a)		U.S.$	8,171		8,406,298
					20,198,144
					2,262,480,950
Financial Institutions – 6.7%
Banking – 1.6%
Alliance Data Systems Corp. 4.75%, 12/15/2024(a)			6,719		6,912,922
7.00%, 01/15/2026(a)			3,175		3,421,062
Ally Financial, Inc. Series B 4.70%, 05/15/2026(k)			14,614		15,349,443
Series C 4.70%, 05/15/2028(k)			993		1,033,713
Credit Suisse Group AG 6.25%, 12/18/2024(a) (k)			7,786		8,500,304
6.375%, 08/21/2026(a) (k)			8,766		9,718,650

19

	Principal Amount (000)			U.S. $ Value
Discover Financial Services Series D 6.125%, 06/23/2025(k)		U.S.$	19,736	$	22,204,961
Dresdner Funding Trust I 8.151%, 06/30/2031(a)			816		1,182,546
Intesa Sanpaolo SpA 5.017%, 06/26/2024(a)			3,198		3,465,953
5.71%, 01/15/2026(a)			860		971,129
					72,760,683
Brokerage – 0.3%
Lehman Brothers Holdings, Inc. 6.875%, 05/02/2018(b) (c)			1,600		10,880
Series G 4.80%, 03/13/2014(b) (c)			1,800		12,240
NFP Corp. 6.875%, 08/15/2028(a)			13,715		14,266,011
					14,289,131
Finance – 1.7%
Air Lease Corp. Series B 4.65%, 06/15/2026(k)			5,818		6,080,102
Aircastle Ltd. 5.25%, 06/15/2026(a) (k)			2,547		2,560,584
CNG Holdings, Inc. 12.50%, 06/15/2024(a)			4,791		4,571,306
Compass Group Diversified Holdings LLC 5.25%, 04/15/2029(a)			4,416		4,584,565
Curo Group Holdings Corp. 7.50%, 08/01/2028(a)			6,660		6,774,513
8.25%, 09/01/2025(a)			9,472		9,900,987
Enova International, Inc. 8.50%, 09/01/2024-09/15/2025(a)			9,287		9,610,055
goeasy Ltd. 4.375%, 05/01/2026(a)			3,321		3,421,373
5.375%, 12/01/2024(a)			377		390,854
HighTower Holding, LLC 6.75%, 04/15/2029(a)			14,397		14,662,127
ILFC E-Capital Trust II 3.91% (H15T 30 Year + 1.80%), 12/21/2065(a)			1,500		1,262,538
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5.00%, 08/15/2028(a)			4,835		4,948,808
Lincoln Financing SARL 3.625%, 04/01/2024(a)		EUR	1,573		1,882,315
Navient Corp. 4.875%, 03/15/2028		U.S.$	5,136		5,178,227
6.50%, 06/15/2022			1,903		1,985,263

20

	Principal Amount (000)			U.S. $ Value
SLM Corp. 5.125%, 04/05/2022		U.S.$	3,828	$	3,916,060
					81,729,677
Insurance – 1.1%
Acrisure LLC/Acrisure Finance, Inc. 7.00%, 11/15/2025(a)			8,362		8,501,499
10.125%, 08/01/2026(a)			5,867		6,592,736
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 6.75%, 10/15/2027(a)			12,233		12,785,749
AmWINS Group, Inc. 4.875%, 06/30/2029(a)			2,019		2,058,742
Ardonagh Midco 2 PLC 11.50% (11.50% Cash or 12.75% PIK), 01/15/2027(a) (f) (h)			10,120		10,939,968
AssuredPartners, Inc. 5.625%, 01/15/2029(a)			11,002		10,941,374
					51,820,068
Other Finance – 0.4%
Altice France Holding SA 10.50%, 05/15/2027(a)			4,599		5,061,937
Intrum AB 3.00%, 09/15/2027(a)		EUR	3,250		3,806,367
3.50%, 07/15/2026(a)			4,776		5,754,491
4.875%, 08/15/2025			4,189		5,212,840
					19,835,635
REITs – 1.6%
ADLER Group SA 2.75%, 11/13/2026(a)			1,200		1,410,913
Aedas Homes Opco Sl 4.00%, 08/15/2026			8,929		10,840,667
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 5.75%, 05/15/2026(a)		U.S.$	11,224		11,674,600
Diversified Healthcare Trust 9.75%, 06/15/2025			5,638		6,223,141
Iron Mountain, Inc. 4.875%, 09/15/2027(a)			135		140,015
5.25%, 03/15/2028(a)			6,718		7,031,802
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 4.625%, 06/15/2025(a)			1,279		1,360,941
5.625%, 05/01/2024			2,333		2,529,064
5.75%, 02/01/2027			4,572		5,113,529
Neinor Homes SA 4.50%, 10/15/2026(a)		EUR	5,519		6,692,818

21

	Principal Amount (000)			U.S. $ Value
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer 4.875%, 05/15/2029(a)		U.S.$	5,143	$	5,276,215
Realogy Group LLC/Realogy Co-Issuer Corp. 9.375%, 04/01/2027(a)			8,691		9,616,564
Via Celere Desarrollos 5.25%, 04/01/2026		EUR	5,665		6,997,970
					74,908,239
					315,343,433
Utility – 1.3%
Electric – 1.1%
Calpine Corp. 3.75%, 03/01/2031(a)		U.S.$	16,016		15,416,773
5.125%, 03/15/2028(a)			1,557		1,578,598
ContourGlobal Power Holdings SA 3.125%, 01/01/2028(a)		EUR	813		982,223
NRG Energy, Inc. 6.625%, 01/15/2027		U.S.$	135		139,772
Talen Energy Supply LLC 6.50%, 06/01/2025			8,459		5,011,037
7.25%, 05/15/2027(a)			1,791		1,633,537
10.50%, 01/15/2026(a)			5,936		4,089,509
Vistra Operations Co. LLC 4.375%, 05/01/2029(a)			16,340		16,761,337
5.625%, 02/15/2027(a)			7,170		7,444,431
					53,057,217
Other Utility – 0.2%
Solaris Midstream Holdings LLC 7.625%, 04/01/2026(a)			7,229		7,579,196
					60,636,413
Total Corporates - Non-Investment Grade (cost $2,540,143,570)					2,638,460,796
EMERGING MARKETS - SOVEREIGNS – 8.5%
Angola – 0.6%
Angolan Government International Bond 8.00%, 11/26/2029(a)			13,030		13,459,990
9.125%, 11/26/2049(a)			1,286		1,317,989
9.375%, 05/08/2048(a)			298		311,559
9.50%, 11/12/2025(a)			14,019		15,454,195
					30,543,733
Argentina – 1.0%
Argentine Republic Government International Bond 0.50%, 07/09/2030			34,052		12,326,713
1.00%, 07/09/2029			6,275		2,400,343

22

	Principal Amount (000)			U.S. $ Value
1.125%, 07/09/2035		U.S.$	81,360	$	26,319,845
2.00%, 01/09/2038			9,541		3,754,370
2.50%, 07/09/2041			2,288		854,195
					45,655,466
Bahrain – 0.6%
Bahrain Government International Bond 5.45%, 09/16/2032(a)			1,749		1,714,566
6.75%, 09/20/2029(a)			8,215		8,891,711
7.00%, 10/12/2028(a)			7,504		8,322,405
7.375%, 05/14/2030(a)			2,814		3,140,776
CBB International Sukuk Programme Co. WLL 6.25%, 11/14/2024(a)			6,379		6,940,352
					29,009,810
Dominican Republic – 0.6%
Dominican Republic International Bond 5.95%, 01/25/2027(a)			7,715		8,652,855
6.40%, 06/05/2049(a)			2,497		2,714,395
6.875%, 01/29/2026(a)			652		750,941
8.625%, 04/20/2027(a)			12,151		14,853,078
					26,971,269
Ecuador – 0.2%
Ecuador Government International Bond Zero Coupon, 07/31/2030(a)			1,718		947,303
0.50%, 07/31/2040(a)			6,518		4,040,905
5.00%, 07/31/2030(a)			5,710		5,010,437
					9,998,645
Egypt – 1.0%
Egypt Government International Bond 5.75%, 05/29/2024(a)			11,852		12,580,157
6.20%, 03/01/2024(a)			10,050		10,761,666
7.625%, 05/29/2032(a)			11,844		12,456,927
8.70%, 03/01/2049(a)			3,170		3,313,244
8.875%, 05/29/2050(a)			5,976		6,361,826
					45,473,820
El Salvador – 0.4%
El Salvador Government International Bond 6.375%, 01/18/2027(a)			6,513		5,674,451
7.125%, 01/20/2050(a)			10,598		8,614,187
7.625%, 09/21/2034(a)			872		741,473
7.75%, 01/24/2023(a)			3,494		3,381,537
					18,411,648

23

	Principal Amount (000)			U.S. $ Value
Gabon – 0.4%
Gabon Government International Bond 6.375%, 12/12/2024(a)		U.S.$	5,450	$	5,772,496
6.625%, 02/06/2031(a)			12,920		12,934,535
					18,707,031
Ghana – 0.5%
Ghana Government International Bond 6.375%, 02/11/2027(a)			11,876		11,692,664
8.627%, 06/16/2049(a)			260		246,074
8.95%, 03/26/2051(a)			1,752		1,705,243
10.75%, 10/14/2030(a)			9,035		11,255,916
					24,899,897
Ivory Coast – 0.8%
Ivory Coast Government International Bond 4.875%, 01/30/2032(a)		EUR	9,671		11,567,587
5.875%, 10/17/2031(a)			6,714		8,590,689
6.125%, 06/15/2033(a)		U.S.$	5,888		6,347,264
6.375%, 03/03/2028(a)			8,571		9,456,492
6.625%, 03/22/2048(a)		EUR	1,429		1,800,886
					37,762,918
Nigeria – 0.6%
Nigeria Government International Bond 6.50%, 11/28/2027(a)		U.S.$	2,246		2,377,672
7.625%, 11/21/2025-11/28/2047(a)			18,760		20,551,498
7.696%, 02/23/2038(a)			2,903		2,973,398
7.875%, 02/16/2032(a)			2,864		3,056,962
					28,959,530
Oman – 0.5%
Oman Government International Bond 4.75%, 06/15/2026(a)			12,837		13,244,575
4.875%, 02/01/2025(a)			1,562		1,630,630
6.25%, 01/25/2031(a)			6,820		7,359,206
					22,234,411
Senegal – 0.5%
Senegal Government International Bond 6.25%, 05/23/2033(a)			11,075		11,686,202
6.75%, 03/13/2048(a)			10,960		11,198,380
					22,884,582
Ukraine – 0.7%
Ukraine Government International Bond 7.253%, 03/15/2033(a)			6,725		6,923,808
7.375%, 09/25/2032(a)			8,112		8,438,001
7.75%, 09/01/2023-09/01/2024(a)			18,516		19,900,922
					35,262,731

24

	Principal Amount (000)			U.S. $ Value
Venezuela – 0.1%
Venezuela Government International Bond 7.65%, 04/21/2025(a) (b) (j)		U.S.$	6,636	$	671,895
9.00%, 05/07/2023(a) (b) (j)			538		53,800
9.25%, 09/15/2027(b) (j)			34,020		3,402,000
9.25%, 05/07/2028(a) (b) (j)			1,500		151,875
					4,279,570
Total Emerging Markets - Sovereigns (cost $416,192,845)					401,055,061
CORPORATES - INVESTMENT GRADE – 7.7%
Financial Institutions – 5.0%
Banking – 3.2%
Bank of America Corp. Series AA 6.10%, 03/17/2025(k)			1,000		1,121,300
Series B 8.05%, 06/15/2027(h)			11,735		15,210,402
Series Z 6.50%, 10/23/2024(k)			4,009		4,529,679
Barclays Bank PLC 6.86%, 06/15/2032(a) (k)			838		1,137,023
Barclays PLC 7.25%, 03/15/2023(a) (k)		GBP	3,808		5,683,053
Citigroup, Inc. 5.95%, 01/30/2023(k)		U.S.$	14,778		15,512,117
Series M 6.30%, 05/15/2024(k)			7,000		7,554,493
Credit Agricole SA 8.125%, 12/23/2025(a) (k)			13,944		16,983,105
Goldman Sachs Group, Inc. (The) Series P 5.00%, 11/10/2022(h) (k)			10,561		10,697,297
HSBC Holdings PLC 6.00%, 09/29/2023(a) (k)		EUR	5,708		7,399,227
6.375%, 03/30/2025(k)		U.S.$	2,076		2,299,170
JPMorgan Chase & Co. Series V 3.465% (LIBOR 3 Month + 3.32%), 10/01/2021(k) (l)			2,638		2,637,935
Lloyds Banking Group PLC 6.413%, 10/01/2035(a) (k)			3,709		5,106,978
6.657%, 05/21/2037(a) (k)			1,801		2,535,808
Natwest Group PLC 8.625%, 08/15/2021(k)			11,038		11,057,780
Series U 2.467% (LIBOR 3 Month + 2.32%), 09/30/2027(k) (l)			6,400		6,378,867
Regions Bank/Birmingham AL 6.45%, 06/26/2037(h)			5,300		7,643,409

25

	Principal Amount (000)			U.S. $ Value
Standard Chartered PLC 1.639% (LIBOR 3 Month + 1.51%), 01/30/2027(a) (k) (l)		U.S.$	3,500	$	3,388,334
7.75%, 04/02/2023(a) (k)			1,988		2,163,996
Truist Financial Corp. Series Q 5.10%, 03/01/2030(k)			4,138		4,761,735
UBS Group AG 7.00%, 02/19/2025(a) (k)			14,430		16,656,807
					150,458,515
Finance – 0.6%
Aircastle Ltd. 2.85%, 01/26/2028(a)			1,274		1,307,827
4.25%, 06/15/2026			162		178,504
5.25%, 08/11/2025(a) (h)			11,719		13,225,667
Aviation Capital Group LLC 4.125%, 08/01/2025(a)			2,077		2,262,752
4.875%, 10/01/2025(a)			1,585		1,770,439
Huarong Finance 2017 Co., Ltd. 3.75%, 04/27/2022(a)			317		271,431
4.75%, 04/27/2027(a)			551		366,415
Huarong Finance 2019 Co., Ltd. 3.25%, 11/13/2024(a)			708		506,220
3.75%, 05/29/2024(a)			412		294,580
4.50%, 05/29/2029(a)			697		442,595
Huarong Finance II Co., Ltd. 4.625%, 06/03/2026(a)			1,699		1,146,825
4.875%, 11/22/2026(a)			1,016		685,800
5.50%, 01/16/2025(a)			4,811		3,493,989
					25,953,044
Insurance – 1.1%
Centene Corp. 2.625%, 08/01/2031			12,222		12,233,917
4.625%, 12/15/2029			498		546,158
5.375%, 06/01/2026(a)			333		346,841
Liberty Mutual Group, Inc. 7.80%, 03/15/2037(a)			14,459		19,147,989
MetLife Capital Trust IV 7.875%, 12/15/2037(a)			9,269		12,950,888
MetLife, Inc. 10.75%, 08/01/2039			1,745		3,014,263
Nationwide Mutual Insurance Co. 2.409% (LIBOR 3 Month + 2.29%), 12/15/2024(a) (l)			5,000		4,990,717
					53,230,773
REITs – 0.1%
MPT Operating Partnership LP/MPT Finance Corp. 4.625%, 08/01/2029			2,646		2,848,043
					232,490,375

26

	Principal Amount (000)			U.S. $ Value
Industrial – 2.7%
Basic – 0.5%
ArcelorMittal SA 7.00%, 03/01/2041		U.S.$	4,782	$	6,876,108
7.25%, 10/15/2039			1,241		1,809,289
Arconic Corp. 6.00%, 05/15/2025(a)			3,466		3,662,895
INEOS Finance PLC 2.875%, 05/01/2026(a)		EUR	835		1,009,260
Nexa Resources SA 6.50%, 01/18/2028(a)		U.S.$	6,419		7,049,796
Suzano Austria GmbH 7.00%, 03/16/2047(a)			1,282		1,713,073
					22,120,421
Capital Goods – 0.3%
General Electric Co. Series D 3.449% (LIBOR 3 Month + 0.00%), 09/15/2021(k) (l)			12,108		11,840,745
Howmet Aerospace, Inc. 5.90%, 02/01/2027			805		952,837
Textron Financial Corp. 1.891% (LIBOR 3 Month + 1.74%), 02/15/2042(a) (l)			125		106,369
					12,899,951
Communications - Media – 0.0%
Prosus NV 4.027%, 08/03/2050(a)			1,341		1,290,743
Consumer Cyclical - Other – 0.5%
MDC Holdings, Inc. 6.00%, 01/15/2043			9,963		13,159,177
Resorts World Las Vegas LLC/RWLV Capital, Inc. 4.625%, 04/06/2031(a)			5,800		6,093,531
Standard Industries, Inc./NJ 4.375%, 07/15/2030(a)			1,011		1,039,677
4.75%, 01/15/2028(a)			2,079		2,163,627
					22,456,012
Consumer Non-Cyclical – 0.2%
Kraft Heinz Foods Co. 4.25%, 03/01/2031			8,986		10,353,004
Energy – 0.5%
Cenovus Energy, Inc. 6.75%, 11/15/2039			706		961,287
Continental Resources, Inc./OK 5.75%, 01/15/2031(a)			5,103		6,152,980
Ecopetrol SA 5.875%, 05/28/2045			5,418		5,738,637

27

	Principal Amount (000)		U.S. $ Value
Enable Midstream Partners LP 4.40%, 03/15/2027	U.S.$	7,547	$	8,434,084
4.95%, 05/15/2028		1,214		1,402,008
Hunt Oil Co. of Peru LLC Sucursal Del Peru 6.375%, 06/01/2028(a)		248		243,660
Oleoducto Central SA 4.00%, 07/14/2027(a)		610		627,599
TransCanada PipeLines Ltd. 2.366% (LIBOR 3 Month + 2.21%), 05/15/2067(l)		2,500		2,237,587
				25,797,842
Technology – 0.1%
Dell International LLC/EMC Corp. 8.35%, 07/15/2046		2,793		4,630,742
Transportation - Airlines – 0.6%
Delta Air Lines, Inc. 7.00%, 05/01/2025(a)		7,534		8,863,836
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.75%, 10/20/2028(a)		2,971		3,316,379
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. 6.50%, 06/20/2027(a)		14,434		15,711,829
				27,892,044
				127,440,759
Total Corporates - Investment Grade (cost $317,479,385)				359,931,134
BANK LOANS – 6.7%
Industrial – 6.1%
Basic – 0.1%
Nouryon Finance B.V. (fka AkzoNobel) 2.835% (LIBOR 1 Month + 2.75%), 10/01/2025(m)		2,395		2,362,528
Capital Goods – 0.8%
ACProducts Holdings, Inc. 4.750% (LIBOR 3 Month + 4.25%), 05/17/2028(m)		10,487		10,410,025
Apex Tool Group, LLC 6.500% (LIBOR 1 Month + 5.25%), 08/01/2024(m)		15,678		15,709,501
Granite US Holdings Corporation 4.147% (LIBOR 3 Month + 4.00%), 09/30/2026(d) (m)		8,325		8,303,859
TransDigm, Inc. 2.342% (LIBOR 1 Month + 2.25%), 12/09/2025(m)		2,247		2,205,753

28

	Principal Amount (000)				U.S. $ Value
Welbilt, Inc. (fka Manitowoc Foodservice, Inc.) 2.592% (LIBOR 1 Month + 2.50%), 10/23/2025(d) (m)		U.S.	$	560	$	554,171
						37,183,309
Communications - Media – 0.4%
Advantage Sales & Marketing, Inc. 6.000% (LIBOR 2 Month + 5.25%), 10/28/2027(m)				9,453		9,498,061
Clear Channel Outdoor Holdings, Inc. 3.607% (LIBOR 2 Month + 3.50%), 08/21/2026(m)				4		4,294
3.629% (LIBOR 3 Month + 3.50%), 08/21/2026(m)				1,735		1,683,275
iHeartCommunications, Inc. (fka Clear Channel Communications, Inc.) 3.092% (LIBOR 1 Month + 3.00%), 05/01/2026(m)				2,386		2,354,220
Univision Communications, Inc. 3.750% (LIBOR 1 Month + 2.75%), 03/15/2024(m)				4,775		4,755,398
						18,295,248
Communications - Telecommunications – 0.9%
Crown Subsea Communications Holding, Inc. 5.750% (LIBOR 1 Month + 5.00%), 04/27/2027(m)				8,138		8,182,259
DIRECTV Financing, LLC 07/22/2027(n)				3,090		3,082,677
Intrado Corporation 5.000% (LIBOR 3 Month + 4.00%), 10/10/2024(m)				7,308		7,119,168
Proofpoint, Inc. 06/08/2029(d) (n)				12,450		12,605,625
Zacapa SARL 4.703% (LIBOR 3 Month + 4.50%), 07/02/2025(m)				12,787		12,796,973
						43,786,702
Consumer Cyclical - Automotive – 0.1%
Clarios Global LP 3.342% (LIBOR 1 Month + 3.25%), 04/30/2026(m)				2,681		2,656,646
Consumer Cyclical - Entertainment – 0.1%
Seaworld Parks & Entertainment, Inc. (fka SW Acquisitions Co., Inc.) 3.750% (LIBOR 1 Month + 3.00%), 04/01/2024(m)				4,733		4,686,090

29

	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Other – 0.3%
Caesars Resort Collection, LLC 2.842% (LIBOR 1 Month + 2.75%), 12/23/2024(m)	U.S.$	10,275	$	10,151,833
Golden Nugget Online Gaming, Inc. 13.000% (LIBOR 3 Month + 12.00%), 10/04/2023(d) (m)		132		145,339
Scientific Games International, Inc. 2.842% (LIBOR 1 Month + 2.75%), 08/14/2024(m)		4,799		4,722,473
				15,019,645
Consumer Cyclical - Restaurants – 0.1%
IRB Holding Corp. (fka Arby’s/Buffalo Wild Wings) 3.750% (LIBOR 3 Month + 2.75%), 02/05/2025(m)		5,111		5,080,868
Whatabrands LLC 2.839% (LIBOR 1 Month + 2.75%), 07/31/2026(m)		1,995		1,990,307
				7,071,175
Consumer Cyclical - Retailers – 0.3%
Great Outdoors Group, LLC 5.000% (LIBOR 3 Month + 4.25%), 03/06/2028(m)		2,628		2,628,924
PetSmart LLC 4.500% (LIBOR 3 Month + 3.75%), 02/11/2028(m)		10,850		10,839,150
				13,468,074
Consumer Non-Cyclical – 1.3%
Aldevron, L.L.C. 4.250% (LIBOR 1 Month + 3.25%), 10/12/2026(m)		4,414		4,403,090
Alphabet Holding Company, Inc. (fka Nature’s Bounty) 7.842% (LIBOR 1 Month + 7.75%), 09/26/2025(m)		4,155		4,154,792
Arbor Pharmaceuticals, LLC 6.000% (LIBOR 3 Month + 5.00%), 07/05/2023(m)		5,978		5,942,713
Gainwell Acquisition Corp. 4.750% (LIBOR 3 Month + 4.00%), 10/01/2027(m)		6,935		6,928,631
Global Medical Response, Inc. (fka Air Medical) 5.250% (LIBOR 3 Month + 4.25%), 03/14/2025(m)		5,220		5,213,361
Kronos Acquisition Holdings, Inc. 4.250% (LIBOR 3 Month + 3.75%), 12/22/2026(m)		4,686		4,629,557

30

	Principal Amount (000)		U.S. $ Value
LifePoint Health, Inc. (fka Regionalcare Hospital Partners Holdings, Inc.) 3.842% (LIBOR 1 Month + 3.75%), 11/16/2025(m)	U.S.$	5,146	$	5,100,463
Mallinckrodt International Finance S.A. 6.000% (LIBOR 3 Month + 5.25%), 09/24/2024(m)		4,740		4,600,723
Padagis LLC 5.250% (LIBOR 3 Month + 4.75%), 07/06/2028(d) (m)		2,120		2,122,650
U.S. Renal Care, Inc. 5.125% (LIBOR 1 Month + 5.00%), 06/26/2026(m)		8,263		8,264,312
US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.) 6.250% (LIBOR 3 Month + 5.50%), 12/15/2027(m)		10,995		11,060,059
				62,420,351
Energy – 0.3%
CITGO Petroleum Corporation 7.250% (LIBOR 3 Month + 6.25%), 03/28/2024(m)		2,804		2,806,385
Enviva Holdings, LP 6.500% (LIBOR 3 Month + 5.50%), 02/17/2026(d) (m)		13,024		12,958,452
				15,764,837
Other Industrial – 0.3%
American Tire Distributors, Inc. 7.000% (LIBOR 3 Month + 6.00%), 09/01/2023(m)		1,711		1,706,030
8.500% (LIBOR 3 Month + 7.50%), 09/02/2024(m)		509		508,446
8.500% (LIBOR 1 Month + 7.50%), 09/02/2024(m)		4,544		4,539,463
Dealer Tire, LLC 4.342% (LIBOR 1 Month + 4.25%), 12/12/2025(m)		1,615		1,611,362
FCG Acquisitions, Inc. 7.250% (LIBOR 3 Month + 6.75%), 03/30/2029(d) (m)		3,390		3,373,050
Rockwood Service Corporation 4.092% (LIBOR 1 Month + 4.00%), 01/23/2027(d) (m)		503		502,244
				12,240,595
Services – 0.3%
Amentum Government Services Holdings LLC 3.592% (LIBOR 1 Month + 3.50%), 01/29/2027(m)		1,643		1,630,565

31

	Principal Amount (000)		U.S. $ Value
Parexel International Corporation 2.842% (LIBOR 1 Month + 2.75%), 09/27/2024(m)	U.S.$	1,252	$	1,247,135
Team Health Holdings, Inc. 3.750% (LIBOR 1 Month + 2.75%), 02/06/2024(m)		4,856		4,688,219
Verscend Holding Corp. 4.092% (LIBOR 1 Month + 4.00%), 08/27/2025(m)		7,781		7,759,767
				15,325,686
Technology – 0.8%
athenahealth, Inc. 4.410% (LIBOR 3 Month + 4.25%), 02/11/2026(m)		10,960		10,945,824
Boxer Parent Company, Inc. (fka BMC Software, Inc.) 3.842% (LIBOR 1 Month + 3.75%), 10/02/2025(m)		8,719		8,640,464
Endurance International Group Holdings, Inc. 4.250% (LIBOR 3 Month + 3.50%), 02/10/2028(m)		10,318		10,114,961
Peraton Corp. 4.500% (LIBOR 1 Month + 3.75%), 02/01/2028(m)		3,631		3,625,236
Presidio Holdings Inc. 3.600% (LIBOR 1 Month + 3.50%), 01/22/2027(m)		117		116,161
3.630% (LIBOR 3 Month + 3.50%), 01/22/2027(m)		2,027		2,013,448
Veritas US Inc. 6.000% (LIBOR 3 Month + 5.00%), 09/01/2025(m)		3,605		3,624,688
				39,080,782
				289,361,668
Financial Institutions – 0.4%
Insurance – 0.4%
Hub International Limited 4.000% (LIBOR 3 Month + 3.25%), 04/25/2025(m)		6,231		6,214,678
4.000% (LIBOR 2 Month + 3.25%), 04/25/2025(m)		16		15,654
Jones DesLauriers Insurance Management, Inc. 8.000% (CDOR 3 Month + 7.50%), 03/26/2029(d) (m)		6,046		4,870,335

32

	Principal Amount (000)		U.S. $ Value
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) 3.842% (LIBOR 1 Month + 3.75%), 09/03/2026(m)	U.S.$	7,530	$	7,462,730
				18,563,397
Utility – 0.2%
Electric – 0.2%
Granite Generation LLC 4.750% (LIBOR 3 Month + 3.75%), 11/09/2026(m)		1,270		1,235,269
4.750% (LIBOR 1 Month + 3.75%), 11/09/2026(m)		6,534		6,353,990
				7,589,259
Total Bank Loans (cost $312,954,080)				315,514,324
COLLATERALIZED MORTGAGE OBLIGATIONS – 5.5%
Risk Share Floating Rate – 5.0%
Bellemeade Re Ltd. Series 2018-1A, Class B1 4.339% (LIBOR 1 Month + 4.25%), 04/25/2028(a) (l)		230		231,169
Series 2019-4A, Class B1 3.939% (LIBOR 1 Month + 3.85%), 10/25/2029(g) (l)		1,607		1,580,560
Connecticut Avenue Securities Trust Series 2020-SBT1, Class 1M2 3.739% (LIBOR 1 Month + 3.65%), 02/25/2040(a) (l)		10,079		10,402,078
Series 2020-SBT1, Class 2M2 3.739% (LIBOR 1 Month + 3.65%), 02/25/2040(a) (l)		4,981		5,153,709
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2015-DN1, Class B 11.589% (LIBOR 1 Month + 11.50%), 01/25/2025(l)		14,752		14,517,790
Series 2015-DNA1, Class B 9.289% (LIBOR 1 Month + 9.20%), 10/25/2027(l)		897		1,028,925
Series 2015-DNA2, Class B 7.639% (LIBOR 1 Month + 7.55%), 12/25/2027(l)		16,057		17,417,644
Series 2015-DNA3, Class B 9.439% (LIBOR 1 Month + 9.35%), 04/25/2028(l)		7,473		8,744,729
Series 2015-HQ2, Class B 8.039% (LIBOR 1 Month + 7.95%), 05/25/2025(l)		288		274,049

33

	Principal Amount (000)		U.S. $ Value
Series 2015-HQA1, Class B 8.889% (LIBOR 1 Month + 8.80%), 03/25/2028(l)	U.S.$	12,424	$	13,518,771
Series 2015-HQA2, Class B 10.589% (LIBOR 1 Month + 10.50%), 05/25/2028(l)		6,959		7,832,606
Series 2016-DNA2, Class B 10.589% (LIBOR 1 Month + 10.50%), 10/25/2028(l)		5,019		5,831,480
Series 2016-DNA3, Class B 11.339% (LIBOR 1 Month + 11.25%), 12/25/2028(l)		4,456		5,212,992
Series 2016-DNA4, Class B 8.689% (LIBOR 1 Month + 8.60%), 03/25/2029(l)		1,820		1,897,318
Series 2016-HQA1, Class B 12.839% (LIBOR 1 Month + 12.75%), 09/25/2028(l)		2,988		3,637,943
Series 2016-HQA2, Class B 11.589% (LIBOR 1 Month + 11.50%), 11/25/2028(l)		3,917		4,545,260
Series 2017-DNA1, Class B1 5.039% (LIBOR 1 Month + 4.95%), 07/25/2029(l)		3,134		3,345,131
Series 2017-DNA2, Class B1 5.239% (LIBOR 1 Month + 5.15%), 10/25/2029(l)		8,410		9,069,413
Series 2017-DNA3, Class B1 4.539% (LIBOR 1 Month + 4.45%), 03/25/2030(l)		4,124		4,330,927
Series 2017-HQA1, Class B1 5.089% (LIBOR 1 Month + 5.00%), 08/25/2029(l)		416		447,085
Series 2017-HQA2, Class B1 4.839% (LIBOR 1 Month + 4.75%), 12/25/2029(l)		2,340		2,501,031
Series 2017-HQA3, Class B1 4.539% (LIBOR 1 Month + 4.45%), 04/25/2030(l)		1,245		1,306,951
Series 2018-DNA1, Class B1 3.239% (LIBOR 1 Month + 3.15%), 07/25/2030(l)		1,445		1,471,071
Series 2018-DNA2, Class B1 3.789% (LIBOR 1 Month + 3.70%), 12/25/2030(a) (l)		1,631		1,691,746
Series 2019-DNA1, Class B1 4.739% (LIBOR 1 Month + 4.65%), 01/25/2049(a) (l)		970		1,014,867
Series 2019-FTR3, Class B2 4.892% (LIBOR 1 Month + 4.80%), 09/25/2047(g) (l)		1,160		1,154,215
Series 2019-HQA2, Class B1 4.189% (LIBOR 1 Month + 4.10%), 04/25/2049(a) (l)		1,078		1,109,225

34

	Principal Amount (000)		U.S. $ Value
Federal National Mortgage Association Connecticut Avenue Securities Series 2016-C01, Class 1B 11.839% (LIBOR 1 Month + 11.75%), 08/25/2028(l)	U.S.$	4,017	$	4,765,420
Series 2016-C02, Class 1B 12.339% (LIBOR 1 Month + 12.25%), 09/25/2028(l)		2,881		3,411,183
Series 2016-C03, Class 1B 11.839% (LIBOR 1 Month + 11.75%), 10/25/2028(l)		7,099		8,450,621
Series 2016-C03, Class 2B 12.839% (LIBOR 1 Month + 12.75%), 10/25/2028(l)		3,937		4,789,607
Series 2016-C04, Class 1B 10.339% (LIBOR 1 Month + 10.25%), 01/25/2029(l)		13,265		15,253,393
Series 2016-C05, Class 2B 11.244% (LIBOR 1 Month + 10.75%), 01/25/2029(l)		11,990		13,779,276
Series 2016-C06, Class 1B 9.339% (LIBOR 1 Month + 9.25%), 04/25/2029(l)		8,463		9,290,387
Series 2016-C07, Class 2B 9.589% (LIBOR 1 Month + 9.50%), 05/25/2029(l)		10,256		11,359,315
Series 2017-C01, Class 1B1 5.839% (LIBOR 1 Month + 5.75%), 07/25/2029(l)		2,248		2,479,646
Series 2017-C02, Class 2B1 5.589% (LIBOR 1 Month + 5.50%), 09/25/2029(l)		416		450,502
Series 2017-C03, Class 1B1 4.939% (LIBOR 1 Month + 4.85%), 10/25/2029(l)		3,966		4,283,375
Series 2017-C04, Class 2B1 5.139% (LIBOR 1 Month + 5.05%), 11/25/2029(l)		974		1,063,021
Series 2017-C06, Class 1B1 4.239% (LIBOR 1 Month + 4.15%), 02/25/2030(l)		1,702		1,768,252
Series 2017-C06, Class 2B1 4.539% (LIBOR 1 Month + 4.45%), 02/25/2030(l)		272		284,566
Series 2018-C01, Class 1B1 3.639% (LIBOR 1 Month + 3.55%), 07/25/2030(l)		5,247		5,378,029
Series 2018-C05, Class 1B1 4.339% (LIBOR 1 Month + 4.25%), 01/25/2031(l)		7,500		7,867,553
Home Re Ltd. Series 2019-1, Class M2 3.339% (LIBOR 1 Month + 3.25%), 05/25/2029(a) (l)		3,500		3,544,191

35

	Principal Amount (000)		U.S. $ Value
JPMorgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 5.589% (LIBOR 1 Month + 5.50%), 10/25/2025(g) (l)	U.S.$	3,593	$	3,398,056
Radnor Re Ltd. Series 2020-1, Class B1 3.089% (LIBOR 1 Month + 3.00%), 01/25/2030(g) (l)		488		483,591
Triangle Re Ltd. Series 2020-1, Class M2 5.689% (LIBOR 1 Month + 5.60%), 10/25/2030(a) (l)		1,000		1,034,457
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.339% (LIBOR 1 Month + 5.25%), 11/25/2025(g) (l)		2,298		2,241,422
Series 2015-WF1, Class 2M2 5.589% (LIBOR 1 Month + 5.50%), 11/25/2025(g) (l)		1,214		1,204,212
				235,848,760
Non-Agency Fixed Rate – 0.4%
Alternative Loan Trust Series 2006-24CB, Class A15 5.75%, 08/25/2036		2,324		1,805,587
Series 2006-24CB, Class A16 5.75%, 08/25/2036		444		345,216
Series 2006-26CB, Class A6 6.25%, 09/25/2036		201		140,414
Series 2006-26CB, Class A8 6.25%, 09/25/2036		760		530,610
Series 2006-42, Class 1A6 6.00%, 01/25/2047		967		758,857
Series 2006-HY12, Class A5 2.953%, 08/25/2036		2,837		2,843,935
Series 2006-J1, Class 1A10 5.50%, 02/25/2036		865		789,914
Series 2006-J5, Class 1A1 6.50%, 09/25/2036		749		589,357
Series 2007-15CB, Class A19 5.75%, 07/25/2037		440		360,126
Series 2007-16CB, Class 1A7 6.00%, 08/25/2037		467		449,895
Bear Stearns ARM Trust Series 2007-3, Class 1A1 3.164%, 05/25/2047		490		486,939
Series 2007-4, Class 22A1 3.283%, 06/25/2047		2,013		2,010,193
ChaseFlex Trust Series 2007-1, Class 1A3 6.50%, 02/25/2037		503		274,890
CHL Mortgage Pass-Through Trust Series 2007-HY4, Class 1A1 3.032%, 09/25/2047		507		485,269

36

	Principal Amount (000)		U.S. $ Value
Citigroup Mortgage Loan Trust Series 2007-AR4, Class 1A1A 3.17%, 03/25/2037	U.S.$	325	$	324,382
CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A4 5.75%, 03/25/2037		755		765,944
CSMC Mortgage-Backed Trust Series 2006-7, Class 3A12 6.25%, 08/25/2036		898		553,271
First Horizon Alternative Mortgage Securities Trust Series 2006-AA3, Class A1 2.537%, 06/25/2036		469		428,628
Series 2006-FA3, Class A9 6.00%, 07/25/2036		768		516,304
Residential Accredit Loans, Inc. Trust Series 2005-QA10, Class A31 3.853%, 09/25/2035		1,584		1,386,542
Series 2005-QS14, Class 3A1 6.00%, 09/25/2035		1,105		1,086,944
Residential Asset Securitization Trust Series 2006-A8, Class 3A4 6.00%, 08/25/2036		560		406,343
Series 2007-A1, Class A8 6.00%, 03/25/2037		899		491,269
Series 2007-A5, Class 2A3 6.00%, 05/25/2037		245		198,678
Washington Mutual Mortgage Pass-Through Certificates Trust Series 2006-9, Class A4 4.432%, 10/25/2036		1,682		673,126
Wells Fargo Mortgage Backed Securities Trust Series 2007-AR7, Class A1 2.848%, 12/28/2037		1,805		1,797,545
				20,500,178
Non-Agency Floating Rate – 0.1%
Alternative Loan Trust Series 2007-7T2, Class A3 0.689% (LIBOR 1 Month + 0.60%), 04/25/2037(l)		2,313		758,800
Countrywide Home Loan Mortgage Pass-Through Trust Series 2007-13, Class A7 0.689% (LIBOR 1 Month + 0.60%), 08/25/2037(l)		369		161,052
First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A10 0.339% (LIBOR 1 Month + 0.25%), 04/25/2037(l)		1,090		300,740
Lehman Mortgage Trust Series 2007-1, Class 3A1 0.339% (LIBOR 1 Month + 0.25%), 02/25/2037(l)		2,847		269,800

37

	Principal Amount (000)		U.S. $ Value
Series 2007-1, Class 3A2 7.161% (7.25% - LIBOR 1 Month), 02/25/2037(l) (o)	U.S.$	2,847	$	741,153
Lehman XS Trust Series 2007-16N, Class 2A2 0.939% (LIBOR 1 Month + 0.85%), 09/25/2047(l)		512		520,246
PHH Alternative Mortgage Trust Series 2007-1, Class 1A1 0.249% (LIBOR 1 Month + 0.16%), 02/25/2037(l)		543		429,803
Series 2007-2, Class 1A3 0.749% (LIBOR 1 Month + 0.66%), 05/25/2037(l)		441		434,875
				3,616,469
Total Collateralized Mortgage Obligations (cost $235,157,662)				259,965,407
EMERGING MARKETS - CORPORATE BONDS – 4.6%
Industrial – 4.1%
Basic – 1.6%
Braskem Idesa SAPI 7.45%, 11/15/2029(a)		5,151		5,326,134
Braskem Netherlands Finance BV 4.50%, 01/31/2030(a)		8,224		8,645,480
Cia de Minas Buenaventura SAA 5.50%, 07/23/2026(a)		2,206		2,101,215
Consolidated Energy Finance SA 6.875%, 06/15/2025(a)		8,033		8,161,910
Eldorado Gold Corp. 9.50%, 06/01/2024(a)		8,361		9,031,553
First Quantum Minerals Ltd. 6.875%, 10/15/2027(a)		8,370		9,067,033
7.25%, 04/01/2023(a)		7,452		7,594,054
HTA Group Ltd/.Mauritius 7.00%, 12/18/2025(a)		4,000		4,244,630
Indika Energy Capital IV Pte Ltd. 8.25%, 10/22/2025(a)		9,827		10,267,987
OCP SA 3.75%, 06/23/2031(a)		1,450		1,468,578
Vedanta Resources Finance II PLC 13.875%, 01/21/2024(a)		6,866		7,247,024
Volcan Cia Minera SAA 4.375%, 02/11/2026(a)		1,044		1,001,587
				74,157,185
Capital Goods – 0.4%
Cemex SAB de CV 5.125%, 06/08/2026(a) (k)		1,885		1,964,755
7.375%, 06/05/2027(a)		1,733		1,954,824
Embraer Netherlands Finance BV 5.40%, 02/01/2027		8,145		8,595,011
6.95%, 01/17/2028(a)		2,712		3,060,429

38

		Principal Amount (000)			U.S. $ Value
Klabin Austria GmbH 7.00%, 04/03/2049(a)			U.S.$	2,182	$	2,774,728
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058(a)				8,626		81,949
Zero Coupon, 09/10/2058(g)				8,966		85,173
						18,516,869
Communications - Media – 0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(a)				1,071		1,106,008
VTR Finance NV 6.375%, 07/15/2028(a)				1,308		1,387,477
	��					2,493,485
Communications - Telecommunications – 0.5%
C&W Senior Financing DAC 6.875%, 09/15/2027(a)				5,076		5,386,095
7.50%, 10/15/2026(a)				333		347,962
Digicel Group Holdings Ltd. 7.00%, 08/16/2021(f) (g) (k)				624		486,777
8.00% (5.00% Cash and 3.00% PIK), 04/01/2025(a) (f)				2,805		2,428,078
10.00% (8.00% Cash and 2.00% PIK), 04/01/2024(f)				7,519		7,349,408
Digicel International Finance Ltd./Digicel international Holdings Ltd. 8.75%, 05/25/2024(a)				1,816		1,888,900
MTN Mauritius Investments Ltd. 6.50%, 10/13/2026(a)				1,282		1,474,300
Sable International Finance Ltd. 5.75%, 09/07/2027(a)				5,930		6,224,370
						25,585,890
Consumer Cyclical - Other – 0.5%
Melco Resorts Finance Ltd. 5.375%, 12/04/2029(a)				2,124		2,195,685
5.625%, 07/17/2027(a)				3,599		3,725,912
MGM China Holdings Ltd. 5.25%, 06/18/2025(a)				437		449,900
5.375%, 05/15/2024(a)				2,104		2,146,067
Sazka Group AS 3.875%, 02/15/2027(a)			EUR	744		886,707
Studio City Finance Ltd.
5.00%, 01/15/2029(a)			U.S.$	2,502		2,472,301
6.00%, 07/15/2025(a)				3,011		3,133,698
6.50%, 01/15/2028(a)				2,224		2,340,760
Wynn Macau Ltd.
5.125%, 12/15/2029(a)				2,333		2,356,330
5.50%, 01/15/2026-10/01/2027(a)				1,925		1,982,640
5.625%, 08/26/2028(a)				2,442		2,508,833
						24,198,833

39

	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.$	5,457	$	0
K2016470260 South Africa Ltd. 25.00%, 12/31/2022(d) (e) (f) (g)		3,115		0
				0
Consumer Non-Cyclical – 0.2%
Teva Pharmaceutical Finance Netherlands III BV 7.125%, 01/31/2025		5,610		6,163,404
Tonon Luxembourg SA 6.50% (0.50% Cash and 6.00% PIK), 10/31/2024(b) (d) (e) (f) (g) (j)		2,425		24,492
Ulker Biskuvi Sanayi AS 6.95%, 10/30/2025(a)		1,248		1,351,919
USJ Acucar e Alcool SA 9.875%, 11/09/2023(a) (b) (j)		1,866		579,190
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018(b) (c) (g)		13,674		137,082
10.875%, 01/13/2020(b) (c) (g)		2,500		312,500
11.75%, 02/09/2022(b) (g) (j)		13,613		68,235
				8,636,822
Energy – 0.8%
Cosan SA 5.50%, 09/20/2029(a)		2,027		2,184,473
Investment Energy Resources Ltd. 6.25%, 04/26/2029(a)		1,321		1,430,643
Kosmos Energy Ltd. 7.50%, 03/01/2028(a)		2,896		2,812,106
Leviathan Bond Ltd. 5.75%, 06/30/2023(a)		353		368,058
6.125%, 06/30/2025(a)		2,565		2,790,466
6.50%, 06/30/2027(a)		3,495		3,855,660
Medco Oak Tree Pte Ltd. 7.375%, 05/14/2026(a)		559		594,042
Medco Platinum Road Pte Ltd. 6.75%, 01/30/2025(a)		3,365		3,472,890
MV24 Capital BV 6.748%, 06/01/2034(a)		2,964		3,223,117
Peru LNG SRL 5.375%, 03/22/2030(a)		8,294		6,386,380
Petrobras Global Finance BV 5.60%, 01/03/2031		3,031		3,380,625
8.75%, 05/23/2026		462		589,743
SEPLAT Energy PLC 7.75%, 04/01/2026(a)		4,308		4,474,720

40

	Principal Amount (000)			U.S. $ Value
SierraCol Energy Andina LLC 6.00%, 06/15/2028(a)		U.S.$	971	$	972,180
					36,535,103
Services – 0.0%
StoneCo Ltd. 3.95%, 06/16/2028(a)			1,046		1,037,895
					191,162,082
Utility – 0.4%
Electric – 0.4%
AES El Salvador Trust II 6.75%, 03/28/2023(a)			1,220		1,166,854
AES Gener SA 6.35%, 10/07/2079(a)			2,632		2,773,470
Cemig Geracao e Transmissao SA 9.25%, 12/05/2024(a)			9,085		10,425,037
Light Servicos de Eletricidade SA/Light Energia SA 4.375%, 06/18/2026(a)			3,586		3,622,936
Terraform Global Operating LLC 6.125%, 03/01/2026(g)			871		896,588
					18,884,885
Financial Institutions – 0.1%
Insurance – 0.1%
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)			2,138		2,263,139
Other Finance – 0.0%
OEC Finance Ltd. 4.375%, 10/25/2029(a) (f)			281		26,302
5.25%, 12/27/2033(a) (f)			4,929		490,635
7.125%, 12/26/2046(a) (f)			9,785		946,589
					1,463,526
					3,726,665
Total Emerging Markets - Corporate Bonds (cost $263,916,517)					213,773,632
GOVERNMENTS - TREASURIES – 4.1%
Colombia – 0.4%
Colombian TES Series B 5.75%, 11/03/2027		COP	67,778,500		16,787,326
United States – 3.7%
U.S. Treasury Bonds 6.125%, 11/15/2027(p) (q)		U.S.$	40,330		53,235,600

41

	Principal Amount (000)			U.S. $ Value
U.S. Treasury Notes 2.375%, 05/15/2029(p) (q)		U.S.$	90,097	$	98,740,462
3.125%, 11/15/2028(p) (q)			20,500		23,514,139
					175,490,201
Total Governments - Treasuries (cost $177,561,954)					192,277,527
	Shares
COMMON STOCKS – 2.4%
Energy – 0.7%
Energy Equipment & Services – 0.0%
Vantage Drilling International(b)			91,167		282,618
Oil, Gas & Consumable Fuels – 0.7%
Battalion Oil Corp.(b)			135		1,743
Berry Corp.			745,325		4,136,554
Bonanza Creek Energy, Inc.			24,592		946,054
CHC Group LLC(b) (r)			2,087,668		70,981
Denbury, Inc.(b)			66,101		4,343,497
Diamond Offshore Drilling, Inc.(e)			696,725		4,041,005
Diamond Offshore Drilling, Inc.(e) (g)			148,609		861,932
Golden Energy Offshore Services AS(b)			3,360,247		308,079
Gulfport Energy Operating Corp.(b)			241,118		16,468,359
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		10
Paragon Offshore Ltd. - Class A(b) (d)			62,040		6,204
Paragon Offshore Ltd. - Class B(b) (d)			93,060		930,600
SandRidge Energy, Inc.(b)			1,446		8,647
Whiting Petroleum Corp.(b)			48,817		2,289,517
					34,413,247
					34,695,865
Consumer Staples – 0.5%
Food & Staples Retailing – 0.5%
Southeastern Grocers, Inc.(b) (d) (e)			1,095,189		21,903,780
Consumer Discretionary – 0.4%
Auto Components – 0.4%
ATD New Holdings, Inc.(b) (d)			161,762		9,678,706
Exide Corp.(b) (d) (e)			4,045		8,797,875
					18,476,581
Hotels, Restaurants & Leisure – 0.0%
Caesars Entertainment, Inc.(b)			4,628		404,302
Carlson Travel, Inc.(d)			608		0
					404,302
Internet & Direct Marketing Retail – 0.0%
Golo Mobile, Inc.(b)			168,790		6,088
					18,886,971

42

Company	Shares		U.S. $ Value
Financials – 0.4%
Insurance – 0.4%
Mt. Logan Re Ltd.(b) (d) (e)		18,000	$	17,141,150
Information Technology – 0.2%
IT Services – 0.1%
Ag Tracker(d) (e)		444,369		1
Paysafe Ltd.(b)		562,779		6,072,385
				6,072,386
Software – 0.1%
Avaya Holdings Corp.(b)		125,330		3,035,492
Monitronics International, Inc.(b)		257,529		2,340,939
				5,376,431
				11,448,817
Communication Services – 0.1%
Media – 0.1%
iHeartMedia, Inc. - Class A(b)		164,799		4,260,054
Industrials – 0.1%
Building Products – 0.0%
New Cotai LLC/New Cotai Capital Corp.(b) (d) (e)		14		0
Construction & Engineering – 0.1%
WillScot Mobile Mini Holdings Corp.(b)		109,384		3,140,415
				3,140,415
Materials – 0.0%
Metals & Mining – 0.0%
BIS Industries Holdings Ltd.(b) (d) (e)		5,004,988		5
Neenah Enterprises, Inc.(b) (d) (e)		49,578		0
				5
Total Common Stocks (cost $156,057,255)				111,477,057
	Principal Amount (000)
COLLATERALIZED LOAN OBLIGATIONS – 2.1%
CLO - Floating Rate – 2.1%
Ares XXXIV CLO Ltd. Series 2015-2A, Class CR 2.134% (LIBOR 3 Month + 2.00%), 04/17/2033(a) (l)	U.S.$	11,494		11,503,254
Balboa Bay Loan Funding Ltd. Series 2020-1A, Class E 8.024% (LIBOR 3 Month + 7.89%), 01/20/2032(a) (l)		2,391		2,392,675

43

	Principal Amount (000)		U.S. $ Value
Ballyrock CLO 15 Ltd. Series 2021-1A, Class D 6.386% (LIBOR 3 Month + 6.22%), 04/15/2034(a) (l)	U.S.$	2,000	$	1,959,436
Benefit Street Partners Clo XXII Ltd. Series 2020-22A, Class E 7.134% (LIBOR 3 Month + 7.00%), 01/20/2032(a) (l)		312		312,167
Bristol Park CLO Ltd. Series 2016-1A, Class DR 3.076% (LIBOR 3 Month + 2.95%), 04/15/2029(a) (l)		5,000		5,002,190
Dryden 49 Senior Loan Fund Series 2017-49A, Class E 6.434% (LIBOR 3 Month + 6.30%), 07/18/2030(a) (l)		2,424		2,419,580
Dryden 78 CLO Ltd. Series 2020-78A, Class C 2.084% (LIBOR 3 Month + 1.95%), 04/17/2033(a) (l)		2,270		2,274,249
Dryden CLO Ltd. Series 2018-57A, Class E 5.356% (LIBOR 3 Month + 5.20%), 05/15/2031(a) (l)		1,741		1,662,838
Series 2020-78A, Class D 3.134% (LIBOR 3 Month + 3.00%), 04/17/2033(a) (l)		11,286		11,310,235
Elevation CLO Ltd. Series 2020-11A, Class C 2.326% (LIBOR 3 Month + 2.20%), 04/15/2033(a) (l)		3,505		3,410,949
Series 2020-11A, Class D1 3.976% (LIBOR 3 Month + 3.85%), 04/15/2033(a) (l)		5,438		5,430,243
Elmwood CLO Ltd. Series 2021-2A, Class E 6.089% (LIBOR 3 Month + 5.95%), 07/20/2034(a) (l)		800		799,938
Elmwood CLO VII Ltd. Series 2020-4A, Class E 7.234% (LIBOR 3 Month + 7.10%), 01/17/2034(a) (l)		2,122		2,135,504
Elmwood CLO VIII Ltd. Series 2021-1A, Class E1 6.134% (LIBOR 3 Month + 6.00%), 01/20/2034(a) (l)		1,786		1,787,814
Flat Series 2021-1A, Class E 6.151% (LIBOR 3 Month + 6.00%), 07/19/2034(a) (l)		350		336,451
Kayne CLO 10 Ltd. Series 2021-10A, Class E 6.05% (LIBOR 3 Month + 5.85%), 04/23/2034(a) (l)		3,793		3,719,169

44

	Principal Amount (000)		U.S. $ Value
Kayne CLO 11 Ltd. Series 2021-11A, Class E 6.416% (LIBOR 3 Month + 6.25%), 04/15/2034(a) (l)	U.S.$	1,545	$	1,547,266
Kayne CLO 4 Ltd. Series 2019-4A, Class E 6.875% (LIBOR 3 Month + 6.75%), 04/25/2032(a) (l)		3,086		3,089,551
Kayne CLO 7 Ltd. Series 2020-7A, Class C 2.134% (LIBOR 3 Month + 2.00%), 04/17/2033(a) (l)		2,940		2,946,565
LCM 28 Ltd. Series 28A, Class D 3.084% (LIBOR 3 Month + 2.95%), 10/20/2030(a) (l)		500		488,924
Madison Park Funding LI Ltd. Series 2021-51A, Class E 6.42% (LIBOR 3 Month + 6.27%), 07/19/2034(a) (l)		1,600		1,599,726
OCP CLO Ltd. Series 2021-21A, Class E 6.46% (LIBOR 3 Month + 6.28%), 07/20/2034(a) (l)		2,250		2,241,439
Octagon Investment Partners 29 Ltd. Series 2016-1A, Class CR 2.075% (LIBOR 3 Month + 1.95%), 01/24/2033(a) (l)		8,719		8,720,396
Series 2016-1A, Class DR 3.225% (LIBOR 3 Month + 3.10%), 01/24/2033(a) (l)		7,987		7,969,742
OZLM XXII Ltd. Series 2018-22A, Class D 5.434% (LIBOR 3 Month + 5.30%), 01/17/2031(a) (l)		968		887,995
Palmer Square CLO Ltd. Series 2021-1A, Class D 6.134% (LIBOR 3 Month + 6.00%), 04/20/2034(a) (l)		6,063		6,062,437
Rockford Tower CLO 2019-2 Ltd. Series 2019-2A, Class B 2.085% (LIBOR 3 Month + 1.93%), 08/20/2032(a) (l)		2,743		2,742,975
Rockford Tower CLO Ltd. Series 2021-2A, Class E 6.54% (LIBOR 3 Month + 6.40%), 07/20/2034(a) (l)		1,100		1,080,200
Rockt Series 2019-1A, Class ER 6.454% (LIBOR 3 Month + 6.32%), 04/20/2034(a) (l)		2,000		1,947,764
Trimaran Cavu Ltd. Series 2019-1A, Class E 7.174% (LIBOR 3 Month + 7.04%), 07/20/2032(a) (l)		2,469		2,456,554
Total Collateralized Loan Obligations (cost $99,525,594)				100,238,226

45

	Principal Amount (000)		U.S. $ Value
QUASI-SOVEREIGNS – 1.5%
Quasi-Sovereign Bonds – 1.5%
Bahrain – 0.3%
Oil and Gas Holding Co. BSCC (The)
7.625%, 11/07/2024(a)	U.S.$	2,974	$	3,297,980
8.375%, 11/07/2028(a)		7,879		9,133,731
				12,431,711
Indonesia – 0.1%
Indonesia Asahan Aluminium Persero PT
4.75%, 05/15/2025(a)		1,062		1,165,213
5.45%, 05/15/2030(a)		725		840,456
				2,005,669
Mexico – 1.0%
Petroleos Mexicanos
5.95%, 01/28/2031		14,062		13,770,213
6.49%, 01/23/2027		2,418		2,559,332
6.50%, 01/23/2029		1,952		2,018,661
6.75%, 09/21/2047		12,275		10,881,174
6.84%, 01/23/2030		5,550		5,768,947
7.69%, 01/23/2050		13,727		13,291,168
				48,289,495
South Africa – 0.1%
Eskom Holdings SOC Ltd.
6.35%, 08/10/2028(a)		2,540		2,812,256
7.125%, 02/11/2025(a)		1,951		2,043,185
				4,855,441
Trinidad & Tobago – 0.0%
Trinidad Generation UnLtd. 5.25%, 11/04/2027(a)		703		722,992
Venezuela – 0.0%
Petroleos de Venezuela SA 6.00%, 11/15/2026(a) (b) (j)		5,000		212,500
Total Quasi-Sovereigns (cost $60,130,109)				68,517,808
COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.6%
Non-Agency Fixed Rate CMBS – 0.6%
Citigroup Commercial Mortgage Trust Series 2013-GC11, Class XA 1.359%, 04/10/2046(s)		6,573		113,643
Commercial Mortgage Trust Series 2012-CR3, Class F 4.75%, 10/15/2045(a)		1,000		136,683
Series 2012-CR3, Class XA 1.838%, 10/15/2045(s)		43,885		579,849

46

	Principal Amount (000)		U.S. $ Value
Series 2012-CR5, Class XA 1.506%, 12/10/2045(s)	U.S.$	8,536	$	138,577
Series 2013-LC6, Class XA 1.309%, 01/10/2046(s)		27,209		340,132
Series 2014-CR15, Class XA 0.716%, 02/10/2047(s)		6,811		113,035
Series 2014-CR20, Class XA 1.002%, 11/10/2047(s)		42,437		1,153,669
GS Mortgage Securities Corp. II Series 2013-GC10, Class XA 1.481%, 02/10/2046(s)		3,715		65,999
GS Mortgage Securities Trust Series 2011-GC5, Class C 5.184%, 08/10/2044(a)		7,937		6,666,667
Series 2012-GC6, Class C 5.76%, 01/10/2045(a)		1,177		1,191,499
Series 2013-GC13, Class D 4.085%, 07/10/2046(a)		1,500		962,650
Series 2014-GC18, Class D 4.988%, 01/10/2047(a)		2,261		580,731
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX, Class D 4.989%, 06/15/2045(a)		5,000		4,254,790
JPMCC Commercial Mortgage Securities Trust Series 2017-JP6, Class XA 1.13%, 07/15/2050(s)		31,874		1,433,644
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6, Class XA 1.596%, 11/15/2045(a) (s)		23,992		251,248
UBS-Barclays Commercial Mortgage Trust Series 2012-C4, Class XA 1.582%, 12/10/2045(a) (s)		2,974		39,293
WF-RBS Commercial Mortgage Trust Series 2011-C4, Class D 4.964%, 06/15/2044(a)		2,576		2,308,519
Series 2012-C7, Class XA 1.296%, 06/15/2045(a) (s)		6,357		28,178
Series 2012-C8, Class E 4.883%, 08/15/2045(a)		6,905		5,746,792
Series 2014-C20, Class D 3.986%, 05/15/2047(a)		3,701		1,628,479
				27,734,077
Non-Agency Floating Rate CMBS – 0.0%
Morgan Stanley Capital I Trust Series 2019-BPR, Class E 4.843% (LIBOR 1 Month + 4.75%), 05/15/2036(a) (l)		1,702		1,116,980
Total Commercial Mortgage-Backed Securities (cost $35,246,571)				28,851,057

47

	Shares		U.S. $ Value
PREFERRED STOCKS – 0.5%
Industrial – 0.4%
Energy – 0.3%
Gulfport Energy Corp.(b) (d)		31	$	148,800
Gulfport Energy Operating Corp. 10.00% (10.00 Cash or 15.00% PIK), 08/30/2021(d) (f) (i)		730		3,504,000
Targa Resources Corp. Series A 9.50%		11,000		11,758,434
				15,411,234
Industrial Conglomerates – 0.1%
WESCO International, Inc. Series A 10.625%		211,900		6,579,495
				21,990,729
Financial Institutions – 0.1%
Insurance – 0.1%
Hartford Financial Services Group, Inc. (The) 7.875%, 04/15/2042		95,901		2,536,582
Total Preferred Stocks (cost $20,586,746)				24,527,311
	Principal Amount (000)
ASSET-BACKED SECURITIES – 0.4%
Other ABS - Fixed Rate – 0.3%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2018-7, Class PT 11.483%, 06/15/2043(g)	U.S.$	421		413,840
Series 2019-24, Class PT 10.951%, 08/15/2044(g)		1,119		1,122,727
Series 2019-36, Class PT 13.592%, 10/17/2044(g)		1,654		1,671,665
Series 2019-43, Class PT 6.998%, 11/15/2044(g)		784		776,543
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-12, Class PT 15.756%, 06/15/2043(g)		447		444,690
Series 2018-4, Class PT 12.318%, 05/15/2043(g)		431		428,686
Consumer Loan Underlying Bond Credit Trust Series 2018-3, Class PT 12.519%, 03/16/2043(g)		98		96,439

48

	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.$	1,545	$	737,750
Series 2017-3, Class R Zero Coupon, 05/25/2026(d) (e) (g)			56		2,461,994
Series 2017-5, Class R1 Zero Coupon, 09/25/2026(d) (e) (g)			80		1,600,000
SoFi Consumer Loan Program Trust Series 2018-1, Class R1 Zero Coupon, 02/25/2027(d) (e) (g)			114		3,142,248
					12,896,582
Home Equity Loans - Fixed Rate – 0.1%
CSAB Mortgage-Backed Trust Series 2006-2, Class A6A 6.22%, 09/25/2036			688		324,925
CWABS Asset-Backed Certificates Trust Series 2005-7, Class AF5W 5.554%, 10/25/2035			900		907,061
GSAA Home Equity Trust Series 2005-12, Class AF5 6.159%, 09/25/2035			991		848,607
Series 2006-10, Class AF3 5.985%, 06/25/2036			1,271		524,883
Series 2006-6, Class AF4 6.621%, 03/25/2036			3,132		1,310,761
Series 2006-6, Class AF5 6.741%, 03/25/2036			2,535		1,061,046
					4,977,283
Autos - Fixed Rate – 0.0%
Flagship Credit Auto Trust Series 2019-1, Class E 5.06%, 06/15/2026(a)			791		830,834
Home Equity Loans - Floating Rate – 0.0%
Lehman XS Trust Series 2007-6, Class 3A5 4.479%, 05/25/2037			94		96,319
Total Asset-Backed Securities (cost $40,230,023)					18,801,018
INFLATION-LINKED SECURITIES – 0.3%
Colombia – 0.3%
Fideicomiso PA Concesion Ruta al Mar 6.75%, 02/15/2044(a)		COP	14,562,910		3,299,937
Fideicomiso PA Costera 6.25%, 01/15/2034(a)			7,580,000		2,027,303
Fideicomiso PA Pacifico Tres 7.00%, 01/15/2035(g)			36,247,335		10,180,660
Total Inflation-Linked Securities (cost $17,982,278)					15,507,900

49

	Principal Amount (000)			U.S. $ Value
LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.2%
United States – 0.2%
State of California Series 2010 7.60%, 11/01/2040		U.S.$	1,200	$	2,134,622
7.625%, 03/01/2040			1,250		2,141,054
State of Illinois Series 2010 7.35%, 07/01/2035			4,120		5,427,030
Total Local Governments - US Municipal Bonds (cost $6,611,176)					9,702,706
EMERGING MARKETS - TREASURIES – 0.1%
Dominican Republic – 0.1%
Dominican Republic International Bond 12.00%, 01/20/2022(a) (cost $7,833,404)		DOP	347,740		6,331,898
	Shares
WARRANTS – 0.1%
Avaya Holdings Corp., expiring 12/15/2022(b)			385,763		1,928,815
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
SandRidge Energy, Inc., A-CW22, expiring 10/04/2022(b)			304,120		5,474
SandRidge Energy, Inc., B-CW22, expiring 10/04/2022(b)			130,889		2,264
Willscot Corp., expiring 11/29/2022(b) (d) (e)			169,364		2,311,006
Total Warrants (cost $3,612,897)					4,247,559
RIGHTS – 0.0%
Vistra Energy Corp., expiring 12/31/2049(b) (d) (cost $0)			45,881		58,407
	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

50

	Shares				U.S. $ Value
SHORT-TERM INVESTMENTS – 1.2%
Investment Companies – 0.8%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(t) (u) (v) (cost $37,436,343)			37,436,343		$	37,436,343
	Principal Amount (000)
Time Deposits – 0.4%
ANZ, London 0.00%, 08/02/2021		U.S.$	13,334			13,334,106
BBH, Grand Cayman (0.22)%, 08/02/2021		AUD	32			23,539
0.01%, 08/02/2021		CAD	593			475,150
3.75%, 08/02/2021		ZAR	0	**		2
Citibank, London (0.78)%, 08/02/2021		EUR	2,392			2,837,377
0.00%, 08/02/2021		GBP	69			95,938
Total Time Deposits (cost $16,766,112)						16,766,112
Total Short-Term Investments (cost $54,202,455)						54,202,455
Total Investments – 102.6% (cost $4,766,797,835)(w)						4,823,441,283
Other assets less liabilities – (2.6)%						(123,891,897	)
Net Assets – 100.0%					$	4,699,549,386

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. Long Bond (CBT) Futures		74		September 2021		$	12,189,188		$	569,290
U.S. T-Note 5 Yr (CBT) Futures		939		September 2021			116,854,149			756,570
U.S. T-Note 10 Yr (CBT) Futures		198		September 2021			26,621,719			497,969
U.S. Ultra Bond (CBT) Futures		274		September 2021			54,671,562			3,760,171
									$	5,584,000

51

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		EUR	4,555		USD	5,528		08/03/2021	$	124,243
Bank of America, NA		EUR	1,508		USD	1,782		08/03/2021		(6,842	)
Bank of America, NA		RUB	71,687		USD	960		09/30/2021		(10,218	)
Barclays Bank PLC		EUR	1,035		USD	1,236		08/03/2021		7,986
BNP Paribas SA		EUR	2,564		USD	3,052		08/03/2021		10,199
Brown Brothers Harriman & Co.		EUR	6,648		USD	8,032		08/03/2021		146,197
Brown Brothers Harriman & Co.		EUR	3,221		USD	3,801		08/03/2021		(19,446	)
Brown Brothers Harriman & Co.		USD	5,171		EUR	4,366		08/03/2021		7,778
Brown Brothers Harriman & Co.		ZAR	5,711		USD	411		09/16/2021		23,090
Citibank, NA		EUR	15,358		USD	18,116		08/03/2021		(103,001	)
Citibank, NA		GBP	3,076		USD	4,331		08/26/2021		55,578
Citibank, NA		MXN	18,187		USD	897		08/27/2021		(13,813	)
Deutsche Bank AG		EUR	1,225		USD	1,450		08/03/2021		(3,238	)
HSBC Bank USA		EUR	101,046		USD	123,951		08/03/2021		4,084,986
Morgan Stanley Capital Services LLC		EUR	1,488		USD	1,757		08/03/2021		(8,250	)
Morgan Stanley Capital Services LLC		CAD	7,357		USD	5,903		09/24/2021		6,126
Royal Bank of Scotland PLC		COP	159,353,359		USD	41,196		09/16/2021		203,671
UBS AG		EUR	137,317		USD	163,243		11/08/2021		28,646
									$	4,533,692

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at July 31, 2021			Notional Amount (000)			Market Value		Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*		5.00	%		Quarterly		2.75	%		USD	31,735	$	3,069,339	$	1,248,897		$	1,820,442
CDX-NAHY Series 36, 5 Year Index, 06/20/2026*		5.00			Quarterly		2.93			USD	249,795		24,277,434		22,164,767			2,112,667
Ford Motor Company, 4.346% 12/08/2026, 06/20/2023*		5.00			Quarterly		1.18			USD	4,420		342,818		(245,677	)		588,495
iTraxx Europe Crossover Series 27, 5 Year Index, 06/20/2022*		5.00			Quarterly		0.89			EUR	1		46		12			34
iTraxx Europe Crossover Series 35, 5 Year Index, 06/20/2026*		5.00			Quarterly		2.36			EUR	74,910		11,192,356		9,033,380			2,158,976
												$	38,881,993	$	32,201,379		$	6,680,614

* Termination date

52

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at July 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		10.00	%		USD	2,932	$	(1,317,652	)	$	(1,448,318	)	$	130,666
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		10.00			USD	1,443		(648,382	)		(701,476	)		53,094
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	3,750		(989,313	)		(1,340,127	)		350,814
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	3,714		(979,815	)		(460,491	)		(519,324	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	6,122		(1,615,086	)		(743,976	)		(871,110	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	8,746		(2,307,341	)		(1,058,858	)		(1,248,483	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	15,706		(4,143,505	)		(1,918,530	)		(2,224,975	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	40,000		(10,549,333	)		(4,572,611	)		(5,976,722	)
Credit Suisse International
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		10.00			USD	530		(237,883	)		(75,498	)		(162,385	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		10.00			USD	1,324		(594,925	)		(188,815	)		(406,110	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		10.00			USD	1,324		(595,477	)		(184,150	)		(411,327	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		10.00			USD	2,648		(1,179,094	)		(367,803	)		(811,291	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		10.00			USD	25,985		(11,675,977	)		(3,886,927	)		(7,789,050	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	247		(65,163	)		(29,700	)		(35,463	)

53

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at July 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		10.00	%		USD	7,560	$	(1,994,454	)	$	(903,127	)	$	(1,091,327	)
International Game Technology, 4.750%, 02/15/2023, 06/20/2022*		5.00			Quarterly		0.61			EUR	1,640		88,121			33,051			55,070
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	2,395		(632,040	)		(270,357	)		(361,683	)
Goldman Sachs International
Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023*		5.00			Quarterly		1.33			USD	1,300		118,737			39,964			78,773
Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023*		5.00			Quarterly		1.33			USD	1,440		131,525			69,280			62,245
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		10.00			USD	289		(129,676	)		(140,111	)		10,435
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		10.00			USD	289		(129,676	)		(140,111	)		10,435
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		10.00			USD	110,001		(48,951,745	)		(24,592,489	)		(24,359,256	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	561		(147,954	)		(146,738	)		(1,216	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	561		(148,048	)		(122,313	)		(25,735	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	1,122		(296,096	)		(252,733	)		(43,363	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	1,122		(296,096	)		(252,733	)		(43,363	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	1,433		(378,049	)		(176,953	)		(201,096	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	26,762		(7,060,262	)		(3,723,517	)		(3,336,745	)

54

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at July 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		0.54	%		USD	4,590	$	107,325		$	(28,802	)	$	136,127
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	6,340		(1,672,598	)		(778,917	)		(893,681	)
Morgan Stanley & Co. International PLC
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		10.00			USD	5,325		(2,392,618	)		(2,793,779	)		401,161
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		10.00			USD	577		(259,353	)		(274,258	)		14,905
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		10.00			USD	1,788		(803,733	)		(802,122	)		(1,611	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		10.00			USD	977		(439,072	)		(416,425	)		(22,647	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		10.00			USD	1,788		(803,733	)		(741,233	)		(62,500	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		10.00			USD	1,788		(803,733	)		(736,898	)		(66,835	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		10.00			USD	1,788		(803,733	)		(732,563	)		(71,170	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		10.00			USD	1,788		(803,733	)		(728,229	)		(75,504	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		10.00			USD	1,955		(869,874	)		(710,303	)		(159,571	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		10.00			USD	1,955		(878,580	)		(705,612	)		(172,968	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	2,805		(740,239	)		(747,232	)		6,993
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	2,805		(739,772	)		(692,933	)		(46,839	)
												$	(108,628,105	)	$	(58,445,473	)	$	(50,182,632	)

* Termination date

55

TOTAL RETURN SWAPS

Counterparty & Referenced Obligation	Rate Paid/ Received		Payment Frequency		Current Notional (000)			Maturity Date		Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Obligation
Goldman Sachs International
Markit iBoxx EUR Contingent Convertible Liquid Developed Market AT1		3 Month EURIBOR		Maturity		EUR	26,402		09/20/2021	$	260,333

REVERSE REPURCHASE AGREEMENTS

Broker	Interest Rate			Maturity		U.S. $ Value at July 31, 2021
Barclays Capital, Inc.†		(0.25	)%*		—	$	1,193,823
Barclays Capital, Inc.†		(0.25	)%*		—		1,929,083
Barclays Capital, Inc.†		(0.25	)%*		—		2,044,702
Barclays Capital, Inc.†		(0.25	)%*		—		2,396,029
Barclays Capital, Inc.†		0.00	%		—		1,587,775
Barclays Capital, Inc.†		0.00	%		—		2,355,495
Barclays Capital, Inc.†		0.40	%		—		10,925,243
Barclays Capital, Inc.†		0.40	%		—		14,604,532
Credit Suisse Securities (USA) LLC†		(1.50	)%*		—		1,836,358
Credit Suisse Securities (USA) LLC†		(1.25	)%*		—		601,975
Credit Suisse Securities (USA) LLC†		(0.50	)%*		—		2,916,890
Credit Suisse Securities (USA) LLC†		(0.50	)%*		—		4,366,382
Credit Suisse Securities (USA) LLC†		0.01	%		—		360,002
						$	47,118,289

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

* Interest payment due from counterparty.

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

	Overnight and Continuous		Up to 30 Days		31-90 Days		Greater than 90 Days		Total
Corporates - Non-Investment Grade	$	21,228,512	$	0	$	0	$	0	$	21,228,512
Corporates - Investment Grade		25,889,777		0		0		0		25,889,777
Total	$	47,118,289	$	0	$	0	$	0	$	47,118,289

** Principal amount less than 500.

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At July 31, 2021, the aggregate market value of these securities amounted to $3,097,922,189 or 65.9% of net assets.

(b) Non-income producing security.

(c) Defaulted matured security.

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

(e) Fair valued by the Adviser.

(f) Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at July 31, 2021.

56

(g) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.85% of net assets as of July 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 3.939%, 10/25/2029	04/16/2020	$	1,114,610	$	1,580,560		0.03	%
Carlson Travel, Inc. 6.75%, 12/15/2025	08/18/2020		2,440,140		3,105,444		0.07	%
Carlson Travel, Inc. 10.50%, 03/31/2025	08/18/2020- 08/21/2020		592,381		633,762		0.01	%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2018-7, Class PT 11.483%, 06/15/2043	04/25/2018- 06/01/2020		421,088		413,840		0.01	%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-24, Class PT 10.951%, 08/15/2044	06/27/2019		1,091,554		1,122,727		0.02	%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-36, Class PT 13.592%, 10/17/2044	09/04/2019		1,642,067		1,671,665		0.04	%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-43, Class PT 6.998%, 11/15/2044	10/09/2019		777,647		776,543		0.02	%
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-12, Class PT 15.756%, 06/15/2043	06/26/2018		448,080		444,690		0.01	%
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-4, Class PT 12.318%, 05/15/2043	03/27/2018- 05/11/2018		433,412		428,686		0.01	%
Consumer Loan Underlying Bond Credit Trust Series 2018-3, Class PT 12.519%, 03/16/2043	03/07/2018		98,372		96,439		0.00	%
Diamond Offshore Drilling, Inc.	04/23/2021		2,371,457		861,932		0.02	%
Digicel Group Holdings Ltd. 7.00%, 08/16/2021	11/28/2016- 04/01/2021		675,073		486,777		0.01	%
Exide Technologies (Exchange Priority) 11.00%, 10/31/2024	10/29/2020		0		0		0.00	%
Exide Technologies (First Lien) 11.00%, 10/31/2024	10/29/2020		0		0		0.00	%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2019-FTR3, Class B2 4.892%, 09/25/2047	06/03/2020		932,862		1,154,215		0.02	%
Fideicomiso PA Pacifico Tres 7.00%, 01/15/2035	03/04/2016		10,720,266		10,180,660		0.22	%
JPMorgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 5.589%, 10/25/2025	09/18/2015		3,588,998		3,398,056		0.07	%
K2016470219 South Africa Ltd. 3.00%, 12/31/2022	01/31/2017- 06/30/2021		5,478,125		0		0.00	%
K2016470260 South Africa Ltd. 25.00%, 12/31/2022	01/31/2017		3,114,592		0		0.00	%

57

144A/Restricted & Illiquid Securities	Acquisition Date	Cost		Market Value		Percentage of Net Assets
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018	05/15/2013- 02/19/2015	$	12,955,188	$	0		0.00	%
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058	01/22/2021		2,385,658		85,173		0.00	%
Radnor Re Ltd. Series 2020-1, Class B1 3.089%, 01/25/2030	04/15/2020		287,802		483,591		0.01	%
SoFi Consumer Loan Program LLC Series 2016-1, Class R Zero Coupon, 08/25/2025	07/28/2017- 08/01/2017		879,122		737,750		0.02	%
SoFi Consumer Loan Program LLC Series 2017-3, Class R Zero Coupon, 05/25/2026	05/11/2017		6,200,880		2,461,994		0.05	%
SoFi Consumer Loan Program LLC Series 2017-5, Class R1 Zero Coupon, 09/25/2026	09/18/2017		8,413,600		1,600,000		0.03	%
SoFi Consumer Loan Program Trust Series 2018-1, Class R1 Zero Coupon, 02/25/2027	02/01/2018		11,354,952		3,142,248		0.07	%
Terraform Global Operating LLC 6.125%, 03/01/2026	02/08/2018		871,000		896,588		0.02	%
Tonon Luxembourg SA 6.50%, 10/31/2024	05/03/2019- 10/31/2020		4,721,019		24,492		0.00	%
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018	10/19/2012- 02/27/2014		8,550,341		137,082		0.00	%
Virgolino de Oliveira Finance SA 10.875%, 01/13/2020	06/09/2014		2,486,550		312,500		0.01	%
Virgolino de Oliveira Finance SA 11.75%, 02/09/2022	07/26/2012- 02/05/2014		11,383,331		68,235		0.00	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.339%, 11/25/2025	09/06/2016		2,299,841		2,241,422		0.05	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 5.589%, 11/25/2025	02/26/2018- 09/28/2015		1,213,757		1,204,212		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 July 31, 2021.

(m) The stated coupon rate represents the greater of the LIBOR or an alternate base rate such as the CDOR or the LIBOR/CDOR floor rate plus a spread at July 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) Restricted and illiquid security.

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Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
CHC Group LLC		03/10/2017	$	33,044,260	$	70,981		0.00	%

(s) IO - Interest Only.

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

(u) 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.

(v) Affiliated investments.

(w) As of July 31, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $349,747,255 and gross unrealized depreciation of investments was $(326,227,800), resulting in net unrealized appreciation of $23,519,455.

Currency Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

COP – Colombian Peso

DOP – Dominican Peso

EUR – Euro

GBP – Great British Pound

MXN – Mexican Peso

RUB – Russian Ruble

USD – United States Dollar

ZAR – South African Rand

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

CDOR – Canadian Dealer Offered Rate

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

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

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

EURIBOR – Euro Interbank Offered Rate

LIBOR – London Interbank Offered Rate

REIT – Real Estate Investment Trust

COUNTRY BREAKDOWN¹

July 31, 2021 (unaudited)

70.4	%	United States
2.9	%	United Kingdom
2.6	%	Canada
1.7	%	Luxembourg
1.3	%	Brazil
1.2	%	Mexico
1.1	%	France
0.9	%	Argentina
0.9	%	Egypt
0.9	%	Bahrain
0.9	%	Switzerland
0.8	%	Colombia
0.8	%	Ivory Coast
12.5	%	Other
1.1	%	Short-Term
100.0	%	Total Investments

¹  All data are as of July 31, 2021. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 0.7% or less in the following: Angola, Australia, Bermuda, Chile, China, Czech Republic, Denmark, Dominican Republic, Ecuador, El Salvador, Finland, Gabon, Germany, Ghana, Guatemala, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Jamaica, Jersey (Channel Islands), Macau, Morocco, Netherlands, Nigeria, Norway, Oman, Panama, Peru, Senegal, South Africa, Spain, Sweden, Trinidad & Tobago, Turkey, Ukraine, United Republic of Tanzania, Venezuela and Zambia.

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AB High Income Fund

July 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.

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset-backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

Bank loan prices are provided by third party pricing services and consist of a composite of the quotes received by the vendor into a consensus price. Certain bank loans are classified as Level 3, as a significant input used in the fair value measurement of these instruments is the market quotes that are received by the vendor and these inputs are not observable.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

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

Investments in Securities	Level 1			Level 2			Level 3			Total
Assets:
Corporates - Non-Investment Grade	$	-0-		$	2,636,248,666		$	2,212,130	#	$	2,638,460,796
Emerging Markets - Sovereigns		-0-			401,055,061			-0-			401,055,061
Corporates - Investment Grade		-0-			359,931,134			-0-			359,931,134
Bank Loans		-0-			270,078,599			45,435,725			315,514,324
Collateralized Mortgage Obligations		-0-			259,965,407			-0-			259,965,407
Emerging Markets - Corporate Bonds		-0-			213,749,140			24,492	#		213,773,632
Governments - Treasuries		-0-			192,277,527			-0-			192,277,527
Common Stocks		48,115,724			4,902,937			58,458,396	#		111,477,057
Collateralized Loan Obligations		-0-			100,238,226			-0-			100,238,226
Quasi-Sovereigns		-0-			68,517,808			-0-			68,517,808
Commercial Mortgage-Backed Securities		-0-			28,851,057			-0-			28,851,057
Preferred Stocks		9,116,077			11,758,434			3,652,800			24,527,311
Asset-Backed Securities		-0-			10,859,026			7,941,992			18,801,018
Inflation-Linked Securities		-0-			15,507,900			-0-			15,507,900
Local Governments - US Municipal Bonds		-0-			9,702,706			-0-			9,702,706
Emerging Markets - Treasuries		-0-			6,331,898			-0-			6,331,898
Warrants		1,936,553			-0-			2,311,006	#		4,247,559
Rights		-0-			-0-			58,407			58,407
Governments - Sovereign Bonds		-0-			-0-			0	#		0
Short-Term Investments:
Investment Companies		37,436,343			-0-			-0-			37,436,343
Time Deposits		-0-			16,766,112			-0-			16,766,112
Total Investments in Securities		96,604,697			4,606,741,638			120,094,948			4,823,441,283
Other Financial Instruments*:
Assets
Futures		5,584,000			-0-			-0-			5,584,000
Forward Currency Exchange Contracts		-0-			4,698,500			-0-			4,698,500
Centrally Cleared Credit Default Swaps		-0-			38,881,993			-0-			38,881,993
Credit Default Swaps		-0-			445,708			-0-			445,708
Total Return Swaps		-0-			260,333			-0-			260,333
Liabilities
Forward Currency Exchange Contracts		-0-			(164,808	)		-0-			(164,808	)
Credit Default Swaps		-0-			(109,073,813	)		-0-			(109,073,813	)
Reverse Repurchase Agreements		(47,118,289	)		-0-			-0-			(47,118,289	)
Total	$	55,070,408		$	4,541,789,551		$	120,094,948		$	4,716,954,907

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

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

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

	Corporates - Non-						Emerging Markets -
	Investment Grade#			Bank Loans			Corporate Bonds#			Common Stocks#
Balance as of 10/31/20	$	2,209,876		$	58,220,720		$	72,627		$	46,790,997
Accrued discounts/(premiums)		2,748			- 0 -			(90,074	)		- 0 -
Realized gain (loss)		13,172			20,422			- 0 -			(3,087,918	)
Change in unrealized appreciation/depreciation		91,284			2,424,246			(783,906	)		20,836,894
Purchases/Payups		1,015,266			43,842,800			825,845			18,000,000
Sales		(1,120,216	)		(44,987,112	)		- 0 -			(23,660,781	)
Transfers into Level 3		- 0 -			510,442			- 0 -			- 0 -
Transfers out of Level 3		- 0 -			(14,595,793	)		- 0 -			(420,796	)
Balance as of 7/31/21	$	2,212,130		$	45,435,725		$	24,492		$	58,458,396
Net change in unrealized appreciation/depreciation from investments held as of 7/31/21	$	91,284		$	712,696		$	(783,906	)	$	15,727,211
	Preferred Stocks			Asset-Backed Securities			Warrants#			Rights
Balance as of 10/31/20	$	5,431,939		$	11,596,706		$	954,044		$	48,955
Accrued discounts/(premiums)		- 0 -			310,891			- 0 -			- 0 -
Realized gain (loss)		(236	)		(6,293,816	)		- 0 -			- 0 -
Change in unrealized appreciation/depreciation		3,008,480			4,100,888			1,356,962			9,452
Purchases		1,470,190			- 0 -			- 0 -			- 0 -
Sales/Paydowns		(6,257,573	)		(1,772,677	)		- 0 -			- 0 -
Transfers into Level 3		- 0 -			- 0 -			- 0 -			- 0 -
Transfers out of Level 3		- 0 -			- 0 -			- 0 -			- 0 -
Balance as of 7/31/21	$	3,652,800		$	7,941,992		$	2,311,006		$	58,407
Net change in unrealized appreciation/depreciation from investments held as of 7/31/21	$	3,008,480		$	(702,837	)	$	1,356,962		$	9,452
	Governments - Sovereign Bonds#			Whole Loan Trusts			Total
Balance as of 10/31/20	$	- 0 -		$	330,713		$	125,656,577
Accrued discounts/(premiums)		- 0 -			- 0 -			223,565
Realized gain (loss)		- 0 -			(5,908,393	)		(15,256,769	)
Change in unrealized appreciation/depreciation		- 0 -			5,789,464			36,833,764
Purchases/Payups		- 0 -			- 0 -			65,154,101
Sales/Paydowns		- 0 -			(211,784	)		(78,010,143	)
Transfers into Level 3		- 0 -			- 0 -			510,442
Transfers out of Level 3		- 0 -			- 0 -			(15,016,589	)
Balance as of 7/31/21	$	- 0 -		$	- 0 -		$	120,094,948
Net change in unrealized appreciation/depreciation from investments held as of 7/31/21	$	- 0 -		$	- 0 -		$	19,419,342

# 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 July 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 7/31/21		Valuation Technique	Unobservable Input	Input
Corporates - Non-Investment Grade	$	1,153,032	Recovery Analysis	Collateral Value	$85.10
	$	-0-	Qualitative Assessment		$0.00
	$	1,153,032
Common Stocks	$	17,141,150	Market Approach	NAV Equivalent	$952.29
	$	8,797,875	Market Approach	Projected Enterprise Value	$592.7mm to $658.7mm
	$	5	Qualitative Assessment		$0.00
	$	-0-	Qualitative Assessment		$0.00
	$	-0-	Qualitative Assessment		$0.00
	$	25,939,030
Warrants	$	2,311,006	Option Pricing Model	Exercise Price	$13.65
	$	-0-	Qualitative Assessment		$0.00
	$	-0-	Qualitative Assessment		$0.00
	$	-0-	Qualitative Assessment		$0.00
	$	2,311,006
Governments - Sovereign Bonds	$	-0-	Qualitative Assessment		$0.00

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

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

Fund	Market Value 10/31/20 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 7/31/21 (000)		Dividend Income (000)
Government Money
Market Portfolio	$	22,537	$	1,242,833	$	1,227,934	$	37,436	$	9

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