Ab High Income Fund NPORT-P Ab High Income Fund Inc (Jan 2022 report)

AB High Income Fund

Portfolio of Investments

January 31, 2022 (unaudited)

	Principal Amount (000)			U.S. $ Value
CORPORATES - NON-INVESTMENT GRADE – 57.3%
Industrial – 49.0%
Basic – 3.2%
Advanced Drainage Systems, Inc. 5.00%, 09/30/2027(a)		U.S.$	759	$	764,381
Ahlstrom-Munksjo Holding 3 Oy 3.625%, 02/04/2028(a)		EUR	955		1,050,318
4.875%, 02/04/2028(a)		U.S.$	4,788		4,622,964
ASP Unifrax Holdings, Inc. 5.25%, 09/30/2028(a)			703		690,740
7.50%, 09/30/2029(a)			1,091		1,057,538
Axalta Coating Systems LLC 3.375%, 02/15/2029(a)			1,716		1,591,769
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV 4.75%, 06/15/2027(a)			1,485		1,522,144
Cleveland-Cliffs, Inc. 9.875%, 10/17/2025(a)			2,854		3,190,053
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125%, 06/15/2028(a)			897		912,671
Diamond BC BV 4.625%, 10/01/2029(a)			1,402		1,324,847
Element Solutions, Inc. 3.875%, 09/01/2028(a)			2,415		2,323,357
ERP Iron Ore, LLC 9.039%, 12/31/2019(b) (c) (d) (e) (f)			1,355		1,028,380
FMG Resources (August 2006) Pty Ltd. 4.375%, 04/01/2031(a)			12,055		12,069,794
4.50%, 09/15/2027(a)			1,475		1,513,179
Glatfelter Corp. 4.75%, 11/15/2029(a)			3,565		3,602,814
Graphic Packaging International LLC 3.75%, 02/01/2030(a)			6,296		6,049,293
Hecla Mining Co. 7.25%, 02/15/2028			983		1,049,877
Illuminate Buyer LLC/Illuminate Holdings IV, Inc. 9.00%, 07/01/2028(a)			5,122		5,426,846
INEOS Quattro Finance 1 PLC 3.75%, 07/15/2026(a)		EUR	108		117,181
INEOS Styrolution Group GmbH 2.25%, 01/16/2027(a)			5,634		5,951,607
Ingevity Corp. 3.875%, 11/01/2028(a)		U.S.$	4,788		4,527,932
Intelligent Packaging Holdco Issuer LP 9.00% (9.00% Cash or 9.75% PIK), 01/15/2026(a) (f)			3,201		3,328,601
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC 6.00%, 09/15/2028(a)			6,418		6,417,180

1

	Principal Amount (000)			U.S. $ Value
Joseph T Ryerson & Son, Inc. 8.50%, 08/01/2028(a)		U.S.$	2,189	$	2,365,180
Kleopatra Finco SARL 4.25%, 03/01/2026(a) (g)		EUR	5,384		5,660,780
Kobe US Midco 2, Inc. 9.25% (9.25% Cash or 10.00% PIK), 11/01/2026(a) (f)		U.S.$	6,077		6,165,628
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018(b) (c) (d) (e) (h)			16,121		0
Mercer International, Inc. 5.125%, 02/01/2029			3,306		3,273,836
Olin Corp. 5.625%, 08/01/2029			1,124		1,178,730
PIC AU Holdings LLC/PIC AU Holdings Corp. 10.00%, 12/31/2024(a)			500		516,250
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 4.00%, 10/15/2027(a)			8,776		8,313,379
Rimini Bidco SpA 5.25% (EURIBOR 3 Month + 5.25%), 12/14/2026(g) (i)		EUR	6,497		6,996,714
SCIL IV LLC/SCIL USA Holdings LLC 4.375%, 11/01/2026(a)			1,267		1,419,386
5.375%, 11/01/2026(a)		U.S.$	4,506		4,542,052
SPCM SA 3.125%, 03/15/2027(a)			3,640		3,487,701
3.375%, 03/15/2030(a)			4,197		3,944,105
Valvoline, Inc. 4.25%, 02/15/2030(a)			10,847		10,472,806
WR Grace Holdings LLC 4.875%, 06/15/2027(a)			3,382		3,366,075
					131,836,088
Capital Goods – 2.4%
Apex Tool Group LLC/BC Mountain Finance, Inc. 9.00%, 02/15/2023(a)			2,268		2,267,794
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 3.25%, 09/01/2028(a)			6,594		6,247,815
4.00%, 09/01/2029(a)			5,355		5,100,637
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 4.125%, 08/15/2026(a)			2,072		2,055,960
5.25%, 04/30/2025(a)			2,000		2,036,600
Bombardier, Inc. 7.50%, 12/01/2024-03/15/2025(a)			9,362		9,497,714
7.875%, 04/15/2027(a)			2,481		2,513,252
Cleaver-Brooks, Inc. 7.875%, 03/01/2023(a)			3,893		3,779,652

2

	Principal Amount (000)			U.S. $ Value
Eco Material Technologies, Inc. 7.875%, 01/31/2027(a)		U.S.$	5,828	$	5,910,463
EnerSys 4.375%, 12/15/2027(a)			5,050		5,128,076
F-Brasile SpA/F-Brasile US LLC Series XR 7.375%, 08/15/2026(a)			5,660		5,560,261
GFL Environmental, Inc. 4.25%, 06/01/2025(a)			333		337,180
5.125%, 12/15/2026(a)			2,000		2,068,175
Granite US Holdings Corp. 11.00%, 10/01/2027(a)			2,757		2,973,788
Griffon Corp. 5.75%, 03/01/2028			1,264		1,264,905
JELD-WEN, Inc. 4.625%, 12/15/2025(a)			1,036		1,031,384
Madison IAQ LLC 5.875%, 06/30/2029(a)			2,757		2,549,779
Mueller Water Products, Inc. 4.00%, 06/15/2029(a)			1,992		1,960,236
Renk AG/Frankfurt am Main 5.75%, 07/15/2025(a)		EUR	7,486		8,634,619
Tervita Corp. 11.00%, 12/01/2025(a)		U.S.$	5,242		6,061,736
Titan Holdings II BV 5.125%, 07/15/2029(a)		EUR	2,767		2,978,686
TK Elevator Holdco GmbH 7.625%, 07/15/2028(a)		U.S.$	526		552,422
TransDigm, Inc. 4.625%, 01/15/2029			3,591		3,410,244
4.875%, 05/01/2029			5,750		5,524,977
8.00%, 12/15/2025(a)			3,335		3,490,169
Triumph Group, Inc. 7.75%, 08/15/2025			2,289		2,271,408
8.875%, 06/01/2024(a)			3,221		3,443,588
Trivium Packaging Finance BV 3.75%, 08/15/2026(a)		EUR	132		146,974
Wesco Distribution, Inc. 7.25%, 06/15/2028(a)		U.S.$	2,462		2,639,996
					101,438,490
Communications - Media – 6.4%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028(a)			7,124		7,118,102
Altice Financing SA 5.75%, 08/15/2029(a)			25,958		24,228,135
AMC Networks, Inc. 4.25%, 02/15/2029			8,644		8,331,819
Arches Buyer, Inc. 6.125%, 12/01/2028(a)			1,056		1,025,604
Banijay Entertainment SASU 3.50%, 03/01/2025(a)		EUR	815		899,650
5.375%, 03/01/2025(a)		U.S.$	8,793		8,943,814

3

	Principal Amount (000)		U.S. $ Value
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030-06/01/2033(a)	U.S.$	36,644	$	35,405,209
4.75%, 02/01/2032(a)		25,422		25,004,051
Clear Channel Worldwide Holdings, Inc. 5.125%, 08/15/2027(a)		583		585,927
CSC Holdings LLC 4.50%, 11/15/2031(a)		6,832		6,367,880
5.00%, 11/15/2031(a)		4,734		4,268,848
5.375%, 02/01/2028(a)		4,139		4,153,117
5.75%, 01/15/2030(a)		2,452		2,310,171
7.50%, 04/01/2028(a)		2,326		2,407,219
DISH DBS Corp. 5.00%, 03/15/2023		1,148		1,165,913
5.125%, 06/01/2029		5,828		5,085,434
5.25%, 12/01/2026(a)		9,108		8,838,481
5.75%, 12/01/2028(a)		9,476		9,104,752
5.875%, 11/15/2024		1,199		1,207,072
7.375%, 07/01/2028		6,580		6,365,996
7.75%, 07/01/2026		335		345,160
DISH Network Corp. 3.375%, 08/15/2026(j)		4,275		3,967,012
Gray Escrow II, Inc. 5.375%, 11/15/2031(a)		8,103		7,996,531
iHeartCommunications, Inc. 6.375%, 05/01/2026		758		785,953
8.375%, 05/01/2027		1,375		1,439,342
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027(a)		4,636		4,824,809
Liberty Interactive LLC 3.75%, 02/15/2030(j)		2,211		1,614,079
McGraw-Hill Education, Inc. 5.75%, 08/01/2028(a)		4,714		4,478,300
8.00%, 08/01/2029(a)		4,714		4,407,590
National CineMedia LLC 5.875%, 04/15/2028(a)		3,387		2,874,178
Outfront Media Capital LLC/Outfront Media Capital Corp. 4.625%, 03/15/2030(a)		1,403		1,346,983
Scripps Escrow II, Inc. 5.375%, 01/15/2031(a)		2,485		2,457,582
Sinclair Television Group, Inc. 4.125%, 12/01/2030(a)		8,939		8,223,880
5.50%, 03/01/2030(a)		4,371		4,050,682
Sirius XM Radio, Inc.
4.00%, 07/15/2028(a)		30,900		29,891,115
5.50%, 07/01/2029(a)		110		114,228
TEGNA, Inc. 5.00%, 09/15/2029		1,803		1,777,597
Univision Communications, Inc. 4.50%, 05/01/2029(a)		2,116		2,097,255
6.625%, 06/01/2027(a)		1,134		1,197,547

4

	Principal Amount (000)			U.S. $ Value
Urban One, Inc. 7.375%, 02/01/2028(a)		U.S.$	12,257	$	12,458,002
Virgin Media Secured Finance PLC 4.50%, 08/15/2030(a)			3,734		3,554,572
5.50%, 05/15/2029(a)			333		340,647
Ziggo Bond Co. BV 5.125%, 02/28/2030(a)			985		940,263
					264,000,501
Communications - Telecommunications – 3.0%
Altice France SA/France 5.125%, 07/15/2029(a)			17,362		16,135,144
Connect Finco SARL/Connect US Finco LLC 6.75%, 10/01/2026(a)			7,696		7,977,289
Consolidated Communications, Inc. 5.00%, 10/01/2028(a)			987		958,028
6.50%, 10/01/2028(a)			10,220		10,542,911
CT Trust 5.125%, 02/03/2032(a)			707		717,614
DKT Finance ApS 7.00%, 06/17/2023(a)		EUR	3,874		4,377,664
9.375%, 06/17/2023(a)		U.S.$	3,093		3,121,287
Embarq Corp. 7.995%, 06/01/2036			8,721		8,980,422
Iliad Holding SASU 6.50%, 10/15/2026(a)			1,449		1,462,994
7.00%, 10/15/2028(a)			2,668		2,699,862
Intelsat Jackson Holdings SA 5.50%, 08/01/2023(b) (k)			7,915		3,494,150
9.75%, 07/15/2025(a) (b) (k)			1,446		639,998
Kaixo Bondco Telecom SA 5.125%, 09/30/2029(a)		EUR	3,977		4,356,261
Level 3 Financing, Inc. 4.25%, 07/01/2028(a)		U.S.$	2,458		2,347,704
Lumen Technologies, Inc. Series Y 7.50%, 04/01/2024			262		280,006
Lumen Technologies, Inc. 4.50%, 01/15/2029(a)			4,742		4,343,378
Sprint Capital Corp. 8.75%, 03/15/2032			3,300		4,610,018
Sprint Corp. 7.625%, 03/01/2026			137		157,257
Switch Ltd. 4.125%, 06/15/2029(a)			3,072		2,993,344
Telecom Italia Capital SA 7.20%, 07/18/2036			5,713		6,064,828
7.721%, 06/04/2038			6,995		7,574,748
United Group BV 4.317%, 02/01/2029		EUR	5,496		6,168,624
Vmed O2 UK Financing I PLC 4.75%, 07/15/2031(a)		U.S.$	21,380		20,490,576

5

	Principal Amount (000)			U.S. $ Value
Zayo Group Holdings, Inc. 6.125%, 03/01/2028(a)		U.S.$	4,424	$	4,191,700
					124,685,807
Consumer Cyclical - Automotive – 2.7%
Allison Transmission, Inc. 5.875%, 06/01/2029(a)			913		961,516
Aston Martin Capital Holdings Ltd. 10.50%, 11/30/2025(a)			6,401		6,851,847
15.00% (8.89% Cash and 6.11% PIK), 11/30/2026(a) (f)			8,693		9,945,812
Clarios Global LP/Clarios US Finance Co. 4.375%, 05/15/2026(a)		EUR	1,055		1,202,985
6.25%, 05/15/2026(a)		U.S.$	3,781		3,915,535
Dana, Inc. 4.25%, 09/01/2030			3,854		3,747,647
Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028(a)			5,841		6,023,668
Exide Technologies (Exchange Priority) 11.00%, 10/31/2024(b) (d) (e) (h)			18,493		0
(First Lien) 11.00%, 10/31/2024(b) (d) (e) (h)			7,590		0
Ford Motor Co. 3.25%, 02/12/2032			9,212		8,782,611
Ford Motor Credit Co. LLC 2.70%, 08/10/2026			388		375,976
5.125%, 06/16/2025			538		565,808
Goodyear Tire & Rubber Co. (The) 5.00%, 07/15/2029(a)			1,697		1,698,124
5.25%, 07/15/2031(a)			2,963		2,987,633
Jaguar Land Rover Automotive PLC 5.50%, 07/15/2029(a)			6,351		6,157,683
5.875%, 11/15/2024(a)		EUR	667		790,861
5.875%, 01/15/2028(a)		U.S.$	6,393		6,380,312
7.75%, 10/15/2025(a)			6,597		6,975,526
Mclaren Finance PLC 7.50%, 08/01/2026(a)			9,232		9,428,348
Meritor, Inc. 4.50%, 12/15/2028(a)			7,032		6,849,021
6.25%, 06/01/2025(a)			1,349		1,402,327
PM General Purchaser LLC 9.50%, 10/01/2028(a)			6,681		6,626,041
Real Hero Merger Sub 2, Inc. 6.25%, 02/01/2029(a)			1,262		1,231,846
Tenneco, Inc. 5.00%, 07/15/2026(g)			2,571		2,383,058
7.875%, 01/15/2029(a)			5,477		5,826,285
Titan International, Inc. 7.00%, 04/30/2028			7,168		7,531,389
ZF Europe Finance BV 2.00%, 02/23/2026(a)		EUR	1,200		1,331,256

6

	Principal Amount (000)			U.S. $ Value
ZF North America Capital, Inc. 4.75%, 04/29/2025(a)		U.S.$	4,288	$	4,385,519
					114,358,634
Consumer Cyclical - Entertainment – 2.9%
Carnival Corp. 4.00%, 08/01/2028(a)			8,433		8,004,182
5.75%, 03/01/2027(a)			6,463		6,212,559
9.875%, 08/01/2027(a)			3,689		4,134,668
10.125%, 02/01/2026(a)		EUR	3,260		4,067,944
Carnival PLC 1.00%, 10/28/2029			737		615,414
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.50%, 05/01/2025(a)		U.S.$	12,465		12,812,207
Cinemark USA, Inc. 5.25%, 07/15/2028(a)			2,584		2,448,595
Lindblad Expeditions LLC 6.75%, 02/15/2027(a)			1,512		1,529,566
Mattel, Inc. 3.75%, 04/01/2029(a)			9,492		9,491,840
Motion Bondco DAC 4.50%, 11/15/2027(a)		EUR	2,973		3,209,003
NCL Corp., Ltd. 5.875%, 03/15/2026(a)		U.S.$	9,466		8,965,164
Royal Caribbean Cruises Ltd. 5.375%, 07/15/2027(a)			6,220		6,011,008
5.50%, 08/31/2026-04/01/2028(a)			25,270		24,524,645
10.875%, 06/01/2023(a)			3,534		3,783,854
11.50%, 06/01/2025(a)			7,586		8,381,165
Six Flags Theme Parks, Inc. 7.00%, 07/01/2025(a)			1,901		1,983,512
Viking Cruises Ltd. 5.875%, 09/15/2027(a)			4,065		3,710,405
7.00%, 02/15/2029(a)			5,016		4,798,761
13.00%, 05/15/2025(a)			2,788		3,122,331
VOC Escrow Ltd. 5.00%, 02/15/2028(a)			1,018		984,312
					118,791,135
Consumer Cyclical - Other – 2.5%
Adams Homes, Inc. 7.50%, 02/15/2025(a)			4,216		4,340,835
Brookfield Residential Properties, Inc./Brookfield Residential US LLC 4.875%, 02/15/2030(a)			5,889		5,712,044
6.25%, 09/15/2027(a)			7,295		7,518,696
Caesars Entertainment, Inc. 4.625%, 10/15/2029(a)			4,934		4,728,828
6.25%, 07/01/2025(a)			507		525,485

7

	Principal Amount (000)			U.S. $ Value
Churchill Downs, Inc. 4.75%, 01/15/2028(a)		U.S.$	1,528	$	1,540,661
CP Atlas Buyer, Inc. 7.00%, 12/01/2028(a)			2,842		2,717,699
Empire Communities Corp. 7.00%, 12/15/2025(a)			1,563		1,594,455
Everi Holdings, Inc. 5.00%, 07/15/2029(a)			1,140		1,133,818
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, 11/15/2025(a)			6,001		6,191,264
Forestar Group, Inc. 3.85%, 05/15/2026(a)			2,881		2,841,723
Forterra Finance LLC/FRTA Finance Corp. 6.50%, 07/15/2025(a)			1,671		1,748,801
Hilton Domestic Operating Co., Inc. 3.625%, 02/15/2032(a)			5,459		5,185,096
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc 4.875%, 07/01/2031(a)			3,307		3,207,909
5.00%, 06/01/2029(a)			3,417		3,400,266
Installed Building Products, Inc. 5.75%, 02/01/2028(a)			838		864,130
International Game Technology PLC 3.50%, 06/15/2026(a)		EUR	1,026		1,158,423
Mattamy Group Corp. 4.625%, 03/01/2030(a)		U.S.$	4,691		4,625,869
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. 5.625%, 09/01/2029(a)			2,350		2,209,319
5.875%, 09/01/2031(a)			2,350		2,214,189
Scientific Games International, Inc. 3.375%, 02/15/2026(a)		EUR	970		1,097,172
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 02/15/2028-04/01/2029(a)		U.S.$	7,822		7,690,929
Standard Industries, Inc./NJ 4.375%, 07/15/2030(a)			594		568,737
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875%, 05/15/2025(a)			6,781		6,766,779
Taylor Morrison Communities, Inc. 5.75%, 01/15/2028(a)			2,782		2,973,643
5.875%, 06/15/2027(a)			493		529,093
Travel + Leisure Co. 4.50%, 12/01/2029(a)			3,509		3,387,270
4.625%, 03/01/2030(a)			10,068		9,855,692
6.625%, 07/31/2026(a)			3,533		3,796,053

8

	Principal Amount (000)			U.S. $ Value
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 4.25%, 05/30/2023(a)		U.S.$	333	$	335,741
5.50%, 03/01/2025(a)			2,020		2,030,131
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, 10/01/2029(a)			3,075		2,987,441
					105,478,191
Consumer Cyclical - Restaurants – 0.5%
1011778 BC ULC/New Red Finance, Inc. 3.875%, 01/15/2028(a)			6,965		6,800,627
4.00%, 10/15/2030(a)			8,721		8,096,182
4.375%, 01/15/2028(a)			83		81,781
IRB Holding Corp. 7.00%, 06/15/2025(a)			422		440,019
Stonegate Pub Co. Financing 2019 PLC 8.25%, 07/31/2025(a)		GBP	1,952		2,711,787
Yum! Brands, Inc. 4.625%, 01/31/2032		U.S.$	4,367		4,355,075
					22,485,471
Consumer Cyclical - Retailers – 2.6%
Arko Corp. 5.125%, 11/15/2029(a)			4,612		4,385,697
Asbury Automotive Group, Inc. 4.625%, 11/15/2029(a)			3,368		3,321,195
5.00%, 02/15/2032(a)			1,444		1,434,283
Bath & Body Works, Inc. 5.25%, 02/01/2028			531		557,331
6.625%, 10/01/2030(a)			3,212		3,457,691
6.75%, 07/01/2036			1,479		1,680,979
6.875%, 11/01/2035			7,429		8,542,455
7.50%, 06/15/2029			492		537,289
BCPE Ulysses Intermediate, Inc. 7.75% (7.75% Cash or 8.50% PIK), 04/01/2027(a) (f)			2,653		2,592,997
Dufry One BV 2.50%, 10/15/2024(a)		EUR	2,044		2,251,012
FirstCash, Inc. 5.625%, 01/01/2030(a)		U.S.$	9,711		9,710,546
Foundation Building Materials, Inc. 6.00%, 03/01/2029(a)			1,246		1,201,838
Gap, Inc. (The) 3.625%, 10/01/2029(a)			2,335		2,172,484
3.875%, 10/01/2031(a)			2,335		2,168,909
Kontoor Brands, Inc. 4.125%, 11/15/2029(a)			4,313		4,178,503
LBM Acquisition LLC 6.25%, 01/15/2029(a)			303		288,848
Levi Strauss & Co. 3.50%, 03/01/2031(a)			2,970		2,869,837
Michaels Cos, Inc. (The) 5.25%, 05/01/2028(a)			7,693		7,425,685
7.875%, 05/01/2029(a)			6,100		5,582,863

9

	Principal Amount (000)		U.S. $ Value
NMG Holding Co., Inc./Neiman Marcus Group LLC 7.125%, 04/01/2026(a)	U.S.$	139	$	143,922
PetSmart, Inc./PetSmart Finance Corp. 4.75%, 02/15/2028(a)		539		538,553
7.75%, 02/15/2029(a)		1,997		2,141,690
Rite Aid Corp. 7.50%, 07/01/2025(a)		6,326		6,240,425
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.375%, 09/30/2026(a)		6,261		6,442,963
SRS Distribution, Inc. 6.125%, 07/01/2029(a)		1,110		1,093,200
Staples, Inc. 7.50%, 04/15/2026(a)		2,855		2,814,857
10.75%, 04/15/2027(a)		6,383		5,946,490
TPro Acquisition Corp. 11.00%, 10/15/2024(a)		4,220		4,580,599
White Cap Buyer LLC 6.875%, 10/15/2028(a)		4,257		4,371,720
William Carter Co. (The) 5.50%, 05/15/2025(a)		4,156		4,304,946
Wolverine World Wide, Inc. 4.00%, 08/15/2029(a)		5,859		5,623,197
				108,603,004
Consumer Non-Cyclical – 7.3%
180 Medical, Inc. 3.875%, 10/15/2029(a)		4,968		4,863,322
Acadia Healthcare Co., Inc. 5.50%, 07/01/2028(a)		2,454		2,493,083
AdaptHealth LLC 4.625%, 08/01/2029(a)		5,234		5,006,506
6.125%, 08/01/2028(a)		1,532		1,592,111
AHP Health Partners, Inc. 5.75%, 07/15/2029(a)		4,713		4,617,681
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 4.625%, 01/15/2027(a)		3,290		3,366,423
4.875%, 02/15/2030(a)		2,263		2,305,934
7.50%, 03/15/2026(a)		333		353,466
Bausch Health Americas, Inc. 8.50%, 01/31/2027(a)		828		837,375
Bausch Health Cos., Inc. 4.875%, 06/01/2028(a)		11,713		11,134,944
6.25%, 02/15/2029(a)		900		762,781
7.25%, 05/30/2029(a)		711		637,978
CD&R Smokey Buyer, Inc. 6.75%, 07/15/2025(a)		419		436,396

10

	Principal Amount (000)			U.S. $ Value
Charles River Laboratories International, Inc. 3.75%, 03/15/2029(a)		U.S.$	3,048	$	2,940,995
4.00%, 03/15/2031(a)			4,027		3,877,938
CHS/Community Health Systems, Inc. 4.75%, 02/15/2031(a)			1,291		1,235,962
5.625%, 03/15/2027(a)			1,697		1,710,452
6.125%, 04/01/2030(a)			17,171		16,367,851
6.875%, 04/01/2028-04/15/2029(a)			14,378		14,134,402
Cidron Aida Finco SARL 5.00%, 04/01/2028(a)		EUR	949		1,030,975
DaVita, Inc. 3.75%, 02/15/2031(a)		U.S.$	3,645		3,348,103
4.625%, 06/01/2030(a)			10,593		10,308,723
Emergent BioSolutions, Inc. 3.875%, 08/15/2028(a)			7,410		6,844,491
Endo Luxembourg Finance Co. I SARL/Endo US, Inc. 6.125%, 04/01/2029(a)			1,302		1,237,186
Global Medical Response, Inc. 6.50%, 10/01/2025(a)			2,750		2,751,159
Grifols Escrow Issuer SA 3.875%, 10/15/2028(a)		EUR	6,477		7,054,428
4.75%, 10/15/2028(a)		U.S.$	3,582		3,580,173
Gruenenthal GmbH 4.125%, 05/15/2028(a)		EUR	738		828,152
IQVIA, Inc. 2.25%, 03/15/2029(a)			3,948		4,282,041
Jazz Securities DAC 4.375%, 01/15/2029(a)		U.S.$	5,382		5,316,062
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. 7.00%, 12/31/2027(a)			10,638		9,700,065
Lamb Weston Holdings, Inc. 4.125%, 01/31/2030(a)			5,418		5,356,161
4.375%, 01/31/2032(a)			5,802		5,730,275
Legacy LifePoint Health LLC 6.75%, 04/15/2025(a)			333		344,860
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 5.50%, 04/15/2025(a) (b) (k)			2,552		1,362,630
ModivCare Escrow Issuer, Inc. 5.00%, 10/01/2029(a)			643		622,533
ModivCare, Inc. 5.875%, 11/15/2025(a)			249		258,781
Mozart Debt Merger Sub, Inc. 3.875%, 04/01/2029(a)			6,982		6,726,834
5.25%, 10/01/2029(a)			14,103		13,715,168
Newell Brands, Inc. 4.70%, 04/01/2026			3,038		3,184,751
4.875%, 06/01/2025			748		785,881
Nidda Healthcare Holding GmbH 3.50%, 09/30/2024(a)		EUR	6,935		7,626,728

11

	Principal Amount (000)			U.S. $ Value
Option Care Health, Inc. 4.375%, 10/31/2029(a)		U.S.$	6,030	$	5,858,411
Organon & Co./Organon Foreign Debt Co-Issuer BV 5.125%, 04/30/2031(a)			11,223		11,219,059
Par Pharmaceutical, Inc. 7.50%, 04/01/2027(a)			5,068		5,099,499
Paysafe Finance PLC/Paysafe Holdings US Corp. 4.00%, 06/15/2029(a)			5,267		4,753,468
Performance Food Group, Inc. 4.25%, 08/01/2029(a)			5,952		5,591,068
Post Holdings, Inc. 4.50%, 09/15/2031(a)			7,969		7,582,782
4.625%, 04/15/2030(a)			6,624		6,384,137
5.50%, 12/15/2029(a)			5,372		5,517,618
Primo Water Holdings, Inc. 4.375%, 04/30/2029(a)			7,622		7,290,260
Radiology Partners, Inc. 9.25%, 02/01/2028(a)			533		530,592
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. 9.75%, 12/01/2026(a)			11,464		12,080,255
RP Escrow Issuer LLC 5.25%, 12/15/2025(a)			2,030		1,975,275
Spectrum Brands, Inc. 3.875%, 03/15/2031(a)			3,322		3,134,120
Sunshine Mid BV 6.50%, 05/15/2026(a)		EUR	5,784		6,628,956
Tempur Sealy International, Inc. 3.875%, 10/15/2031(a)		U.S.$	6,415		5,993,929
Tenet Healthcare Corp. 4.375%, 01/15/2030(a)			14,708		14,191,611
Triton Water Holdings, Inc. 6.25%, 04/01/2029(a)			3,458		3,243,180
US Acute Care Solutions LLC 6.375%, 03/01/2026			2,841		2,879,694
6.375%, 03/01/2026(a)			1,354		1,360,009
US Foods, Inc. 4.75%, 02/15/2029(a)			10,363		10,194,475
US Renal Care, Inc. 10.625%, 07/15/2027(a)			2,233		2,277,660
Vizient, Inc. 6.25%, 05/15/2027(a)			524		539,478
					304,997,296
Energy – 7.3%
Antero Resources Corp. 8.375%, 07/15/2026(a)			3,151		3,515,856
Athabasca Oil Corp. 9.75%, 11/01/2026(a)			5,996		6,033,475

12

	Principal Amount (000)		U.S. $ Value
Berry Petroleum Co. LLC 7.00%, 02/15/2026(a)	U.S.$	2,415	$	2,420,301
Blue Racer Midstream LLC/Blue Racer Finance Corp. 6.625%, 07/15/2026(a)		1,586		1,620,236
7.625%, 12/15/2025(a)		2,450		2,563,411
Callon Petroleum Co. 8.25%, 07/15/2025		253		249,811
9.00%, 04/01/2025(a)		6,898		7,420,825
Cheniere Energy Partners LP 4.50%, 10/01/2029		2,089		2,138,365
Citgo Holding, Inc. 9.25%, 08/01/2024(a)		2,595		2,597,605
CITGO Petroleum Corp. 6.375%, 06/15/2026(a)		2,387		2,376,030
7.00%, 06/15/2025(a)		9,430		9,499,446
Civitas Resources, Inc. 5.00%, 10/15/2026(a)		6,059		6,041,392
7.50%, 04/30/2026		264		263,233
CNX Resources Corp. 6.00%, 01/15/2029(a)		4,061		4,187,953
7.25%, 03/14/2027(a)		876		919,474
Comstock Resources, Inc. 5.875%, 01/15/2030(a)		4,700		4,674,358
6.75%, 03/01/2029(a)		2,289		2,362,094
7.50%, 05/15/2025(a)		991		1,008,069
CQP Holdco LP/BIP-V Chinook Holdco LLC 5.50%, 06/15/2031(a)		6,684		6,667,616
Crescent Energy Finance LLC 7.25%, 05/01/2026(a)		7,204		7,419,689
Diamond Foreign Asset Co./Diamond Finance LLC 9.00% (9.00% Cash or 13.00 % PIK), 04/22/2027(a) (f)		568		568,060
9.00% (9.00% Cash or 13.00 % PIK), 04/22/2027(f)		494		493,957
Encino Acquisition Partners Holdings LLC 8.50%, 05/01/2028(a)		8,923		9,024,756
EnLink Midstream LLC 5.625%, 01/15/2028(a)		6,096		6,257,087
EnLink Midstream Partners LP 4.15%, 06/01/2025		8,682		8,710,934
4.40%, 04/01/2024		2,333		2,348,831
Series C 6.00%, 12/15/2022(l)		12,323		9,281,120
EQM Midstream Partners LP 4.50%, 01/15/2029(a)		3,683		3,516,188
4.75%, 01/15/2031(a)		1,913		1,830,226
Genesis Energy LP/Genesis Energy Finance Corp. 6.25%, 05/15/2026		2,898		2,797,186
7.75%, 02/01/2028		8,431		8,304,858
8.00%, 01/15/2027		4,649		4,683,650

13

	Principal Amount (000)		U.S. $ Value
Global Partners LP/GLP Finance Corp. 6.875%, 01/15/2029	U.S.$	2,289	$	2,362,026
7.00%, 08/01/2027		2,652		2,729,351
Gulfport Energy Corp. 6.375%, 01/15/2026(b)		9,247		286,657
8.00%, 05/17/2026		166		178,000
8.00%, 05/17/2026(a)		6,422		6,898,971
Harbour Energy PLC 5.50%, 10/15/2026(a)		3,674		3,652,185
Hess Midstream Operations LP 4.25%, 02/15/2030(a)		3,610		3,494,585
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 02/01/2029(a)		1,910		1,950,164
6.00%, 02/01/2031(a)		1,909		1,948,800
Ithaca Energy North Sea PLC 9.00%, 07/15/2026(a)		8,277		8,529,550
ITT Holdings LLC 6.50%, 08/01/2029(a)		12,224		11,730,103
Moss Creek Resources Holdings, Inc. 7.50%, 01/15/2026(a)		9,387		8,589,969
Nabors Industries Ltd. 7.25%, 01/15/2026(a)		2,551		2,442,411
7.50%, 01/15/2028(a)		7,663		7,214,928
Nabors Industries, Inc. 7.375%, 05/15/2027(a)		4,450		4,552,554
New Fortress Energy, Inc. 6.75%, 09/15/2025(a)		9,606		9,096,553
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.50%, 02/01/2026(a)		9,973		10,142,853
Occidental Petroleum Corp. 3.40%, 04/15/2026		421		415,854
5.50%, 12/01/2025		824		875,035
5.875%, 09/01/2025		1,346		1,438,229
6.125%, 01/01/2031		736		850,018
8.50%, 07/15/2027		558		670,717
8.875%, 07/15/2030		558		723,925
PBF Holding Co. LLC/PBF Finance Corp. 9.25%, 05/15/2025(a)		4,196		4,103,813
PDC Energy, Inc. 5.75%, 05/15/2026		8,038		8,177,999
6.125%, 09/15/2024		3,611		3,660,138
Renewable Energy Group, Inc. 5.875%, 06/01/2028(a)		2,783		2,793,172
SM Energy Co. 5.625%, 06/01/2025		3,730		3,711,398
6.50%, 07/15/2028		137		141,495
Southwestern Energy Co. 5.375%, 02/01/2029		1,844		1,875,441
8.375%, 09/15/2028		2,391		2,621,458
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. 8.50%, 10/15/2026(a)		4,596		4,708,341

14

	Principal Amount (000)			U.S. $ Value
Sunnova Energy Corp. 5.875%, 09/01/2026(a)		U.S.$	3,054	$	2,943,734
Sunoco LP/Sunoco Finance Corp. 5.875%, 03/15/2028			2,917		3,033,988
Talos Production, Inc. 12.00%, 01/15/2026			7,783		8,289,942
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.00%, 01/15/2032(a)			7,821		7,785,080
Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024(a)			4,201		4,244,288
Transocean Pontus Ltd. 6.125%, 08/01/2025(a)			1,073		1,052,644
Transocean Poseidon Ltd. 6.875%, 02/01/2027(a)			1,918		1,869,513
Transocean, Inc. 7.25%, 11/01/2025(a)			2,072		1,615,640
7.50%, 01/15/2026(a)			4,613		3,521,554
11.50%, 01/30/2027(a)			2,001		1,985,369
Vantage Drilling International 7.125%, 04/01/2023(b) (d) (e)			8,325		0
7.50%, 11/01/2019(b) (c) (d) (e)			8,860		0
Venture Global Calcasieu Pass LLC 4.125%, 08/15/2031(a)			6,566		6,614,957
W&T Offshore, Inc. 9.75%, 11/01/2023(a)			5,273		5,139,157
					302,458,651
Other Industrial – 0.1%
Interface, Inc. 5.50%, 12/01/2028(a)			1,364		1,404,835
KAR Auction Services, Inc. 5.125%, 06/01/2025(a)			1,590		1,590,495
Ritchie Bros Holdings, Inc. 4.75%, 12/15/2031(a)			1,306		1,314,727
					4,310,057
Services – 4.1%
ADT Security Corp. (The) 4.125%, 08/01/2029(a)			8,240		7,748,455
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.00%, 06/01/2029(a)			1,397		1,327,150
6.625%, 07/15/2026(a)			1,699		1,745,593
9.75%, 07/15/2027(a)			11,333		12,009,190
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 3.625%, 06/01/2028(a)		EUR	1,105		1,166,496
4.625%, 06/01/2028(a)		U.S.$	2,325		2,212,448
4.875%, 06/01/2028(a)		GBP	3,580		4,487,767
ANGI Group LLC 3.875%, 08/15/2028(a)		U.S.$	12,814		11,746,248

15

	Principal Amount (000)			U.S. $ Value
Aptim Corp. 7.75%, 06/15/2025(a)		U.S.$	11,051	$	9,576,986
APX Group, Inc. 5.75%, 07/15/2029(a)			9,301		8,718,536
6.75%, 02/15/2027(a)			2,701		2,773,209
Block, Inc. 2.75%, 06/01/2026(a)			7,220		7,002,635
3.50%, 06/01/2031(a)			7,394		7,043,286
Cars.com, Inc. 6.375%, 11/01/2028(a)			4,403		4,581,098
CWT Travel Group, Inc. 8.50%, 11/19/2026(a)			4,184		4,269,345
Elis SA 1.625%, 04/03/2028(a)		EUR	900		975,870
Garda World Security Corp. 9.50%, 11/01/2027(a)		U.S.$	7,591		8,008,592
ION Trading Technologies SARL 5.75%, 05/15/2028(a)			5,678		5,726,469
Korn Ferry 4.625%, 12/15/2027(a)			2,404		2,437,055
Millennium Escrow Corp. 6.625%, 08/01/2026(a)			8,204		8,144,232
MoneyGram International, Inc. 5.375%, 08/01/2026(a)			4,855		5,017,899
Monitronics International, Inc. 0.00%, 04/01/2020(b) (c) (d) (e)			6,914		0
MPH Acquisition Holdings LLC 5.50%, 09/01/2028(a)			4,164		3,997,785
5.75%, 11/01/2028(a) (g)			17,454		15,710,695
Prime Security Services Borrower LLC/Prime Finance, Inc. 5.25%, 04/15/2024(a)			135		139,215
6.25%, 01/15/2028(a)			13,331		13,313,852
Q-Park Holding I BV 2.00%, 03/01/2027(a)		EUR	1,096		1,132,301
Sabre GLBL, Inc. 7.375%, 09/01/2025(a)		U.S.$	1,580		1,624,469
9.25%, 04/15/2025(a)			673		752,733
Service Corp. International/US 3.375%, 08/15/2030			1,997		1,867,323
TripAdvisor, Inc. 7.00%, 07/15/2025(a)			2,089		2,187,488
Verisure Midholding AB 5.25%, 02/15/2029(a)		EUR	4,130		4,581,202
WASH Multifamily Acquisition, Inc. 5.75%, 04/15/2026(a)		U.S.$	1,265		1,279,985
ZipRecruiter, Inc. 5.00%, 01/15/2030(a)			6,831		6,764,238
					170,069,845

16

	Principal Amount (000)			U.S. $ Value
Technology – 2.7%
Ahead DB Holdings LLC 6.625%, 05/01/2028(a)		U.S.$	3,518	$	3,429,527
Austin BidCo, Inc. 7.125%, 12/15/2028(a)			3,521		3,583,063
Avaya, Inc. 6.125%, 09/15/2028(a)			10,982		11,230,904
Cablevision Lightpath LLC 5.625%, 09/15/2028(a)			4,374		4,178,355
Clarivate Science Holdings Corp. 4.875%, 07/01/2029(a)			723		688,678
CommScope, Inc. 4.75%, 09/01/2029(a)			7,430		7,115,527
Elastic NV 4.125%, 07/15/2029(a)			975		906,419
Imola Merger Corp. 4.75%, 05/15/2029(a)			4,868		4,737,671
Minerva Merger Sub, Inc. 6.50%, 02/15/2030(a)			12,687		12,655,283
NCR Corp. 5.125%, 04/15/2029(a)			12,758		12,733,678
5.75%, 09/01/2027(a)			1,558		1,588,663
6.125%, 09/01/2029(a)			1,207		1,266,093
Pitney Bowes, Inc. 6.875%, 03/15/2027(a)			2,627		2,595,365
Playtech PLC 4.25%, 03/07/2026(a)		EUR	776		882,356
Playtika Holding Corp. 4.25%, 03/15/2029(a)		U.S.$	5,044		4,821,685
Presidio Holdings, Inc. 8.25%, 02/01/2028(a)			819		866,394
Rackspace Technology Global, Inc. 3.50%, 02/15/2028(a)			12,300		11,491,394
Sensata Technologies BV 4.00%, 04/15/2029(a)			5,327		5,250,966
Sensata Technologies, Inc. 3.75%, 02/15/2031(a)			530		498,174
TTM Technologies, Inc. 4.00%, 03/01/2029(a)			2,513		2,397,283
Veritas US, Inc./Veritas Bermuda Ltd. 7.50%, 09/01/2025(a)			17,204		17,535,035
					110,452,513
Transportation - Airlines – 0.6%
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%, 04/20/2026(a)			5,556		5,687,366
5.75%, 04/20/2029(a)			6,083		6,234,191
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. 5.75%, 01/20/2026(a)			2,171		2,219,769

17

	Principal Amount (000)			U.S. $ Value
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 09/20/2025(a)		U.S.$	4,444	$	4,814,060
United Airlines, Inc. 4.625%, 04/15/2029(a)			5,794		5,758,403
					24,713,789
Transportation - Services – 0.7%
AerCap Global Aviation Trust 6.50%, 06/15/2045(a)			2,629		2,805,882
Albion Financing 1 SARL/Aggreko Holdings, Inc. 5.25%, 10/15/2026(a)		EUR	2,713		2,995,808
6.125%, 10/15/2026(a)		U.S.$	2,243		2,220,570
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.375%, 03/01/2029(a)			1,387		1,391,310
5.75%, 07/15/2027(a) (g)			1,477		1,519,051
BCP V Modular Services 6.75%, 11/30/2029		EUR	5,428		5,664,026
BCP V Modular Services Finance II PLC 4.75%, 11/30/2028(a)			538		578,614
EC Finance PLC 3.00%, 10/15/2026			1,905		2,160,581
Loxam SAS 2.875%, 04/15/2026(a)			934		1,007,458
PROG Holdings, Inc. 6.00%, 11/15/2029(a)		U.S.$	7,617		7,467,004
					27,810,304
					2,036,489,776
Financial Institutions – 6.7%
Banking – 1.7%
Alliance Data Systems Corp. 4.75%, 12/15/2024(a)			6,719		6,803,675
7.00%, 01/15/2026(a)			3,175		3,309,937
Ally Financial, Inc. Series B 4.70%, 05/15/2026(l)			14,614		14,631,388
Series C 4.70%, 05/15/2028(l)			993		983,070
Credit Suisse Group AG 6.25%, 12/18/2024(a) (l)			7,786		8,167,698
6.375%, 08/21/2026(a) (l)			8,766		9,150,171
Discover Financial Services Series D 6.125%, 06/23/2025(l)			19,736		21,279,724
Intesa Sanpaolo SpA 5.017%, 06/26/2024(a)			3,198		3,329,620
5.71%, 01/15/2026(a)			860		928,093
					68,583,376

18

	Principal Amount (000)		U.S. $ Value
Brokerage – 0.5%
Advisor Group Holdings, Inc. 10.75%, 08/01/2027(a)	U.S.$	4,238	$	4,669,422
Jane Street Group/JSG Finance, Inc. 4.50%, 11/15/2029(a)		4,426		4,338,337
Lehman Brothers Holdings, Inc. 6.875%, 05/02/2018(b) (c)		1,600		8,320
Series G 4.80%, 03/13/2014(b) (c)		1,800		9,360
NFP Corp. 6.875%, 08/15/2028(a)		13,298		12,653,684
				21,679,123
Finance – 1.5%
Air Lease Corp. Series B 4.65%, 06/15/2026(l)		5,818		5,861,979
Aircastle Ltd. 5.25%, 06/15/2026(a) (l)		2,836		2,847,428
Castlelake Aviation Finance DAC 5.00%, 04/15/2027(a)		4,612		4,502,969
CNG Holdings, Inc. 12.50%, 06/15/2024(a)		4,791		4,511,914
Compass Group Diversified Holdings LLC 5.25%, 04/15/2029(a)		167		165,876
Curo Group Holdings Corp. 7.50%, 08/01/2028(a)		10,659		10,025,867
Enova International, Inc. 8.50%, 09/01/2024-09/15/2025(a)		9,287		9,497,038
goeasy Ltd. 4.375%, 05/01/2026(a)		1,734		1,724,986
HighTower Holding, LLC 6.75%, 04/15/2029(a)		14,397		14,493,891
ILFC E-Capital Trust II 3.62% (H15T 30 Year + 1.80%), 12/21/2065(a) (i)		1,500		1,296,598
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5.00%, 08/15/2028(a)		4,418		4,369,272
Navient Corp. 4.875%, 03/15/2028		5,136		4,912,069
				64,209,887
Insurance – 1.0%
Acrisure LLC/Acrisure Finance, Inc. 7.00%, 11/15/2025(a)		3,945		3,936,257
10.125%, 08/01/2026(a)		5,867		6,384,192
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 6.75%, 10/15/2027(a)		9,816		9,709,761
Ardonagh Midco 2 PLC 11.50% (11.50% Cash or 12.75% PIK), 01/15/2027(a) (f) (g)		10,629		11,456,732

19

	Principal Amount (000)			U.S. $ Value
AssuredPartners, Inc. 5.625%, 01/15/2029(a)		U.S.$	9,002	$	8,363,279
					39,850,221
Other Finance – 0.5%
Altice France Holding SA 10.50%, 05/15/2027(a)			4,599		4,877,319
Asteroid Private Merger Sub, Inc. 8.50%, 11/15/2029(a)			8,586		8,747,736
Coinbase Global, Inc. 3.375%, 10/01/2028(a)			3,638		3,262,115
Intrum AB 4.875%, 08/15/2025		EUR	4,189		4,823,384
					21,710,554
REITs – 1.5%
ADLER Group SA 2.75%, 11/13/2026(a)			1,200		1,090,764
Aedas Homes Opco Sl 4.00%, 08/15/2026			8,929		10,125,097
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 4.50%, 04/01/2027(a)		U.S.$	8,411		7,965,192
5.75%, 05/15/2026(a)			2,813		2,813,011
Diversified Healthcare Trust 9.75%, 06/15/2025			5,638		5,992,040
Iron Mountain, Inc. 5.25%, 03/15/2028(a)			1,551		1,574,978
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 4.625%, 06/15/2025(a)			1,279		1,345,207
5.625%, 05/01/2024			2,333		2,468,887
5.75%, 02/01/2027			4,572		5,078,448
Neinor Homes SA 4.50%, 10/15/2026(a)		EUR	5,519		6,261,819
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer 4.875%, 05/15/2029(a)		U.S.$	5,143		5,089,966
Via Celere Desarrollos 5.25%, 04/01/2026		EUR	5,665		6,503,533
Vivion Investments SARL 3.00%, 08/08/2024(a)			2,800		2,999,381
3.50%, 11/01/2025(a)			1,900		2,036,352
					61,344,675
					277,377,836
Utility – 1.6%
Electric – 1.4%
Calpine Corp. 3.75%, 03/01/2031(a)		U.S.$	16,016		14,546,597
5.125%, 03/15/2028(a)			1,557		1,518,676

20

	Principal Amount (000)			U.S. $ Value
ContourGlobal Power Holdings SA 3.125%, 01/01/2028(a)		EUR	813	$	863,621
Talen Energy Supply LLC 6.50%, 06/01/2025		U.S.$	9,476		4,092,723
7.25%, 05/15/2027(a)			1,791		1,607,136
10.50%, 01/15/2026(a)			10,903		5,067,722
Vistra Corp. 7.00%, 12/15/2026(a) (l)			3,713		3,707,114
8.00%, 10/15/2026(a) (l)			4,495		4,667,144
Vistra Operations Co. LLC 4.375%, 05/01/2029(a)			16,340		15,750,024
5.625%, 02/15/2027(a)			7,170		7,312,844
					59,133,601
Other Utility – 0.2%
Solaris Midstream Holdings LLC 7.625%, 04/01/2026(a)			7,820		8,084,804
					67,218,405
Total Corporates - Non-Investment Grade (cost $2,433,735,407)					2,381,086,017
CORPORATES - INVESTMENT GRADE – 8.9%
Financial Institutions – 4.8%
Banking – 2.6%
Bank of America Corp. Series AA 6.10%, 03/17/2025(l)			1,000		1,071,300
Series B 8.05%, 06/15/2027			11,735		14,291,355
Series Z 6.50%, 10/23/2024(l)			4,009		4,311,142
Barclays Bank PLC 6.86%, 06/15/2032(a) (l)			838		1,112,500
Barclays PLC 7.25%, 03/15/2023(a) (l)		GBP	3,808		5,319,138
Citigroup, Inc. 5.95%, 01/30/2023(l)		U.S.$	14,778		15,183,306
Series M 6.30%, 05/15/2024(l)			7,000		7,216,727
Series Y 4.15%, 11/15/2026(l)			3,363		3,284,341
Credit Agricole SA 8.125%, 12/23/2025(a) (l)			6,629		7,663,689
Dresdner Funding Trust I 8.151%, 06/30/2031(a)			816		1,132,396
Goldman Sachs Group, Inc. (The) Series P 5.00%, 11/10/2022(g) (l)			13,633		13,352,276
HSBC Holdings PLC 6.375%, 03/30/2025(l)			2,076		2,195,370
Lloyds Banking Group PLC 3.369%, 12/14/2046			7,344		6,738,724

21

	Principal Amount (000)		U.S. $ Value
Natwest Group PLC Series U 2.544% (LIBOR 3 Month + 2.32%), 09/30/2027(i) (l)	U.S.$	6,400	$	6,360,977
Regions Bank/Birmingham AL 6.45%, 06/26/2037(g)		5,300		7,102,934
Standard Chartered PLC 1.809% (LIBOR 3 Month + 1.51%), 01/30/2027(a) (i) (l)		3,500		3,367,906
7.75%, 04/02/2023(a) (l)		1,988		2,086,409
UBS Group AG 7.00%, 02/19/2025(a) (l)		6,302		6,853,378
				108,643,868
Finance – 0.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.30%, 01/30/2032		4,899		4,766,876
Aircastle Ltd. 2.85%, 01/26/2028(a)		1,274		1,246,675
4.25%, 06/15/2026		162		170,133
5.25%, 08/11/2025(a) (g)		11,719		12,627,533
Aviation Capital Group LLC 4.125%, 08/01/2025(a)		2,077		2,159,417
4.875%, 10/01/2025(a)		1,585		1,685,213
Huarong Finance 2017 Co., Ltd. 3.75%, 04/27/2022(a)		317		317,159
4.75%, 04/27/2027(a)		751		756,632
Huarong Finance 2019 Co., Ltd. 3.25%, 11/13/2024(a)		708		691,185
3.75%, 05/29/2024(a)		412		408,910
Huarong Finance II Co., Ltd. 4.625%, 06/03/2026(a)		1,899		1,908,495
4.875%, 11/22/2026(a)		1,016		1,031,240
5.50%, 01/16/2025(a)		4,811		4,944,986
				32,714,454
Insurance – 1.2%
Centene Corp. 2.625%, 08/01/2031		12,222		11,450,841
Liberty Mutual Group, Inc. 7.80%, 03/15/2037(a)		14,459		19,829,892
MetLife Capital Trust IV 7.875%, 12/15/2037(a)		9,269		12,301,513
MetLife, Inc. 10.75%, 08/01/2039		1,745		2,879,656
Nationwide Mutual Insurance Co. 2.493% (LIBOR 3 Month + 2.29%), 12/15/2024(a) (i)		5,000		4,974,965
				51,436,867

22

	Principal Amount (000)			U.S. $ Value
REITs – 0.2%
Office Properties Income Trust 3.45%, 10/15/2031		U.S.$	7,024	$	6,592,983
					199,388,172
Industrial – 4.1%
Basic – 1.1%
ArcelorMittal SA 6.75%, 03/01/2041			4,782		6,107,203
7.00%, 10/15/2039			1,241		1,615,325
Arconic Corp. 6.00%, 05/15/2025(a)			3,466		3,586,394
Braskem Netherlands Finance BV 4.50%, 01/31/2030(a)			8,224		8,352,501
CF Industries, Inc. 4.95%, 06/01/2043			7,664		8,770,452
5.375%, 03/15/2044			3,363		4,060,031
Freeport-McMoRan, Inc. 5.40%, 11/14/2034			33		38,119
5.45%, 03/15/2043			5,095		5,994,096
INEOS Finance PLC 2.875%, 05/01/2026(a)		EUR	835		914,641
Nexa Resources SA 6.50%, 01/18/2028(a)		U.S.$	5,519		5,944,308
					45,383,070
Capital Goods – 0.3%
General Electric Co. Series D 3.533% (LIBOR 3 Month + 3.33%), 03/15/2022(i) (l)			12,108		11,830,259
Howmet Aerospace, Inc. 5.90%, 02/01/2027			805		868,596
Textron Financial Corp. 1.891% (LIBOR 3 Month + 1.74%), 02/15/2042(a) (i)			125		106,317
					12,805,172
Communications - Media – 0.0%
Prosus NV 4.027%, 08/03/2050(a)			1,341		1,163,344
Communications - Telecommunications – 0.7%
T-Mobile USA, Inc. 2.625%, 02/15/2029 5,005					4,706,365
3.375%, 04/15/2029(a)			9,331		9,124,437
3.50%, 04/15/2031			7,818		7,645,557
3.50%, 04/15/2031(a)			7,412		7,250,078
					28,726,437
Consumer Cyclical - Other – 0.4%
MDC Holdings, Inc. 6.00%, 01/15/2043			9,963		11,655,277

23

	Principal Amount (000)		U.S. $ Value
Resorts World Las Vegas LLC/RWLV Capital, Inc. 4.625%, 04/06/2031(a)	U.S.$	5,800	$	5,551,963
				17,207,240
Consumer Non-Cyclical – 0.1%
Pilgrim’s Pride Corp. 3.50%, 03/01/2032(a)		5,244		4,997,763
Energy – 0.7%
Cenovus Energy, Inc. 6.75%, 11/15/2039		706		929,110
Continental Resources, Inc./OK 5.75%, 01/15/2031(a)		1,103		1,257,562
Ecopetrol SA 4.625%, 11/02/2031		2,197		2,020,757
5.875%, 05/28/2045		5,418		4,764,508
Energy Transfer LP 4.40%, 03/15/2027		7,547		8,020,642
4.95%, 05/15/2028		1,214		1,319,851
Hunt Oil Co. of Peru LLC Sucursal Del Peru 6.375%, 06/01/2028(a)		238		236,188
Oleoducto Central SA 4.00%, 07/14/2027(a)		610		592,036
TransCanada PipeLines Ltd. 2.366% (LIBOR 3 Month + 2.21%), 05/15/2067(i)		2,500		2,135,419
Western Midstream Operating LP 3.95%, 06/01/2025		1,219		1,248,114
4.50%, 03/01/2028		1,652		1,737,252
4.75%, 08/15/2028		1,563		1,658,592
5.30%, 02/01/2030		2,516		2,632,976
5.45%, 04/01/2044		916		1,013,609
				29,566,616
Technology – 0.1%
Dell International LLC/EMC Corp. 8.35%, 07/15/2046		690		1,089,696
Microchip Technology, Inc. 4.25%, 09/01/2025		3,341		3,442,830
				4,532,526
Transportation - Airlines – 0.7%
Delta Air Lines, Inc. 7.00%, 05/01/2025(a)		7,534		8,429,174
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.75%, 10/20/2028(a)		2,971		3,164,503

24

	Principal Amount (000)		U.S. $ Value
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. 6.50%, 06/20/2027(a)	U.S.$	14,434	$	15,345,250
				26,938,927
				171,321,095
Total Corporates - Investment Grade (cost $340,579,871)				370,709,267
BANK LOANS – 7.5%
Industrial – 6.7%
Basic – 0.1%
Nouryon Finance B.V. 3.105% (LIBOR 1 Month + 3.00%), 10/01/2025(m)		2,242		2,225,526
Capital Goods – 0.9%
ACProducts Holdings, Inc. 4.750% (LIBOR 3 Month + 4.25%), 05/17/2028(m)		10,435		10,367,471
Apex Tool Group, LLC 6.750% (LIBOR 1 Month + 5.50%), 08/01/2024(m)		15,472		15,436,423
Granite US Holdings Corporation 4.224% (LIBOR 3 Month + 4.00%), 09/30/2026(d) (m)		8,287		8,266,459
TransDigm, Inc. 2.354% (LIBOR 1 Month + 2.25%), 12/09/2025(m)		2,236		2,210,944
Welbilt, Inc. (fka Manitowoc Foodservice, Inc.) 2.605% (LIBOR 1 Month + 2.50%), 10/23/2025(m)		560		558,134
				36,839,431
Communications - Media – 0.4%
Advantage Sales & Marketing, Inc. 5.250% (LIBOR 1 Month + 4.50%), 10/28/2027(m)		24		23,888
5.250% (LIBOR 3 Month + 4.50%), 10/28/2027(m)		9,381		9,435,943
Clear Channel Outdoor Holdings, Inc. 3.605% (LIBOR 1 Month + 3.50%), 08/21/2026(m)		4		4,361
3.799% (LIBOR 3 Month + 3.50%), 08/21/2026(m)		1,726		1,701,016
iHeartCommunications, Inc. (fka Clear Channel Communications, Inc.) 3.105% (LIBOR 1 Month + 3.00%), 05/01/2026(m)		2,386		2,372,666

25

	Principal Amount (000)			U.S. $ Value
Univision Communications, Inc. 3.750% (LIBOR 1 Month + 2.75%), 03/15/2024(m)		U.S.$	4,775	$	4,767,956
					18,305,830
Communications - Telecommunications – 1.0%
Crown Subsea Communications Holding, Inc. 5.500% (LIBOR 1 Month + 4.75%), 04/27/2027(m)			7,268		7,307,819
DIRECTV Financing, LLC 5.750% (LIBOR 3 Month + 5.00%), 08/02/2027(m)			3,020		3,022,378
Intrado Corporation 5.000% (LIBOR 3 Month + 4.00%), 10/10/2024(m)			7,308		6,833,437
Proofpoint, Inc. 6.750% (LIBOR 3 Month + 6.25%), 08/31/2029(m)			12,450		12,539,515
Zacapa SARL 4.724% (LIBOR 3 Month + 4.50%), 07/02/2025(m)			12,722		12,721,638
					42,424,787
Consumer Cyclical - Automotive – 0.1%
Clarios Global LP 3.355% (LIBOR 1 Month + 3.25%), 04/30/2026(m)			2,493		2,479,026
Consumer Cyclical - Other – 0.4%
Caesars Resort Collection, LLC 2.855% (LIBOR 1 Month + 2.75%), 12/23/2024(m)			10,222		10,161,384
Golden Nugget Online Gaming, LLC 13.000% (LIBOR 1 Month + 12.00%), 10/04/2023(d) (m)			132		140,054
Scientific Games International, Inc. 2.855% (LIBOR 1 Month + 2.75%), 08/14/2024(m)			4,774		4,758,510
					15,059,948
Consumer Cyclical - Restaurants – 0.1%
IRB Holding Corp. 3.750% (LIBOR 3 Month + 2.75%), 02/05/2025(m)			5,085		5,070,373
Consumer Cyclical - Retailers – 0.2%
Great Outdoors Group, LLC 4.500% (LIBOR 3 Month + 3.75%), 03/06/2028(m)			2,614		2,611,737
PetSmart LLC 4.500% (LIBOR 3 Month + 3.75%), 02/11/2028(m)			5,808		5,795,561
					8,407,298

26

	Principal Amount (000)			U.S. $ Value
Consumer Non-Cyclical – 1.1%
Gainwell Acquisition Corp. 4.750% (LIBOR 3 Month + 4.00%), 10/01/2027(m)		U.S.$	6,900	$	6,902,439
Global Medical Response, Inc. 5.250% (LIBOR 3 Month + 4.25%), 03/14/2025(m)			5,193		5,179,987
Kronos Acquisition Holdings, Inc. 4.250% (LIBOR 3 Month + 3.75%), 12/22/2026(m)			4,663		4,511,356
LifePoint Health, Inc. (fka Regionalcare Hospital Partners Holdings, Inc.) 3.855% (LIBOR 1 Month + 3.75%), 11/16/2025(m)			5,146		5,129,539
Mallinckrodt International Finance S.A. 6.000% (LIBOR 3 Month + 5.25%), 09/24/2024(m)			4,715		4,402,802
Padagis LLC 5.250% (LIBOR 3 Month + 4.75%), 07/06/2028(d) (m)			1,995		1,989,069
U.S. Renal Care, Inc. 5.104% (LIBOR 1 Month + 5.00%), 06/26/2026(m)			8,221		8,106,424
US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.) 5.750% (LIBOR 3 Month + 5.25%), 12/15/2027(m)			10,967		10,951,113
					47,172,729
Energy – 0.5%
CITGO Petroleum Corporation 7.250% (LIBOR 1 Month + 6.25%), 03/28/2024(m)			2,789		2,785,755
GIP II Blue Holding, L.P. 5.500% (LIBOR 3 Month + 4.50%), 09/29/2028(m)			13,730		13,715,960
Parkway Generation, LLC 11/05/2028(n)			5,708		5,703,562
					22,205,277
Other Industrial – 0.4%
American Tire Distributors, Inc. 7.000% (LIBOR 3 Month + 6.25%), 10/20/2028(m)			10,239		10,290,396
Dealer Tire, LLC 4.355% (LIBOR 1 Month + 4.25%), 12/12/2025(m)			1,607		1,607,875
FCG Acquisitions, Inc. 7.250% (LIBOR 3 Month + 6.75%), 03/30/2029(d) (m)			3,390		3,415,425

27

	Principal Amount (000)			U.S. $ Value
Rockwood Service Corporation 4.105% (LIBOR 1 Month + 4.00%), 01/23/2027(m)		U.S.$	501	$	500,982
					15,814,678
Services – 0.3%
Amentum Government Services Holdings LLC 3.605% (LIBOR 1 Month + 3.50%), 01/29/2027(d) (m)			1,635		1,635,100
Team Health Holdings, Inc. 3.750% (LIBOR 1 Month + 2.75%), 02/06/2024(m)			4,831		4,654,221
Verscend Holding Corp. 4.105% (LIBOR 1 Month + 4.00%), 08/27/2025(m)			7,742		7,734,517
					14,023,838
Technology – 1.2%
Ascend Learning, LLC 6.250% (LIBOR 1 Month + 5.75%), 12/10/2029(m)			2,940		2,953,789
Athenahealth, Inc. 4.400% (LIBOR 3 Month + 4.25%), 02/11/2026(m)			10,905		10,896,411
Banff Guarantor, Inc. 6.000% (LIBOR 3 Month + 5.50%), 02/27/2026(m)			2,470		2,484,400
Boxer Parent Company, Inc. 3.974% (LIBOR 3 Month + 3.75%), 10/02/2025(m)			8,669		8,633,917
Endurance International Group Holdings, Inc. 4.250% (LIBOR 3 Month + 3.50%), 02/10/2028(m)			10,267		10,161,713
FINThrive Software Intermediate Holdings, Inc. 7.250% (LIBOR 3 Month + 6.75%), 12/17/2029(m)			2,810		2,800,643
Loyalty Ventures, Inc. 5.000% (LIBOR 1 Month + 4.50%), 11/03/2027(m)			6,769		6,749,326
Presidio Holdings, Inc. 3.610% (LIBOR 1 Month + 3.50%), 01/22/2027(m)			106		105,803
3.800% (LIBOR 3 Month + 3.50%), 01/22/2027(m)			2,027		2,021,050
Veritas US, Inc. 6.000% (LIBOR 3 Month + 5.00%), 09/01/2025(m)			3,587		3,579,286
					50,386,338
					280,415,079

28

		Principal Amount (000)			U.S. $ Value
Financial Institutions – 0.5%
Finance – 0.0%
Orbit Private Holdings I Ltd. 5.000% (LIBOR 3 Month + 4.50%), 12/11/2028(d) (m)			U.S.$	900	$	900,000
Insurance – 0.5%
Hub International Limited 4.000% (LIBOR 2 Month + 3.25%), 04/25/2025(m)				16		15,658
4.000% (LIBOR 3 Month + 3.25%), 04/25/2025(m)				6,199		6,184,920
Jones DesLauriers Insurance Management, Inc. 8.000% (CDOR 3 Month + 7.50%), 03/26/2029(d) (m)	��		CAD	6,926		5,455,420
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) 3.855% (LIBOR 1 Month + 3.75%), 09/03/2026(m)			U.S.$	7,492		7,474,698
						19,130,696
						20,030,696
Utility – 0.3%
Electric – 0.3%
Generation Bridge, LLC 5.750% (LIBOR 3 Month + 5.00%), 12/01/2028(d) (m)				3,110		3,117,775
Granite Generation LLC 4.750% (LIBOR 1 Month + 3.75%), 11/09/2026(m)				6,422		6,351,835
4.750% (LIBOR 3 Month + 3.75%), 11/09/2026(m)				1,270		1,256,367
						10,725,977
Total Bank Loans (cost $309,328,469)						311,171,752
EMERGING MARKETS - CORPORATE BONDS – 5.5%
Industrial – 4.5%
Basic – 1.3%
Braskem Idesa SAPI 6.99%, 02/20/2032(a)				2,258		2,229,775
7.45%, 11/15/2029(a)				5,151		5,261,772
Cia de Minas Buenaventura SAA 5.50%, 07/23/2026(a)				2,206		2,187,525
CSN Inova Ventures 6.75%, 01/28/2028(a)				10,898		11,415,883
Eldorado Gold Corp. 6.25%, 09/01/2029(a)				4,648		4,654,275
First Quantum Minerals Ltd. 6.875%, 10/15/2027(a)				8,370		8,893,125

29

	Principal Amount (000)			U.S. $ Value
Indika Energy Capital IV Pte Ltd. 8.25%, 10/22/2025(a)		U.S.$	7,781	$	7,781,000
OCP SA 3.75%, 06/23/2031(a)			1,450		1,392,000
Stillwater Mining Co. 4.00%, 11/16/2026(a)			2,031		1,937,980
4.50%, 11/16/2029(a)			1,878		1,751,235
Vedanta Resources Finance II PLC 13.875%, 01/21/2024(a)			6,866		7,126,908
Volcan Cia Minera SAA 4.375%, 02/11/2026(a)			1,044		1,002,110
					55,633,588
Capital Goods – 0.5%
Cemex SAB de CV 5.125%, 06/08/2026(a) (l)			1,885		1,887,846
7.375%, 06/05/2027(a)			1,733		1,884,464
Embraer Netherlands Finance BV 5.40%, 02/01/2027			8,145		8,333,353
6.95%, 01/17/2028(a)			2,712		2,932,350
IHS Holding Ltd. 5.625%, 11/29/2026(a)			1,729		1,741,968
6.25%, 11/29/2028(a)			537		542,800
Klabin Austria GmbH 7.00%, 04/03/2049(a)			2,182		2,375,936
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058(a)			8,626		51,757
Zero Coupon, 09/10/2058(h)			8,966		53,794
					19,804,268
Communications - Media – 0.0%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(a)			1,071		993,353
VTR Finance NV 6.375%, 07/15/2028(a)			632		641,480
					1,634,833
Communications - Telecommunications – 0.6%
C&W Senior Financing DAC 6.875%, 09/15/2027(a)			5,076		5,286,100
Digicel Group Holdings Ltd. 7.00%, 02/16/2022(f) (h) (l)			646		555,487
10.00% (8.00% Cash and 2.00% PIK), 04/01/2024(f)			6,405		6,409,062
Digicel International Finance Ltd./Digicel international Holdings Ltd. 8.75%, 05/25/2024(a)			1,816		1,861,656
HTA Group Ltd/.Mauritius 7.00%, 12/18/2025(a)			4,000		4,148,250
MTN Mauritius Investments Ltd. 6.50%, 10/13/2026(a)			1,282		1,408,037

30

	Principal Amount (000)			U.S. $ Value
Sable International Finance Ltd. 5.75%, 09/07/2027(a)		U.S.$	5,348	$	5,448,149
					25,116,741
Consumer Cyclical - Other – 0.4%
Melco Resorts Finance Ltd. 5.375%, 12/04/2029(a)			2,124		2,004,525
5.625%, 07/17/2027(a)			3,599		3,460,214
MGM China Holdings Ltd. 5.25%, 06/18/2025(a)			437		430,527
5.375%, 05/15/2024(a)			2,104		2,095,847
Sazka Group AS 3.875%, 02/15/2027(a)		EUR	744		827,488
Studio City Finance Ltd. 5.00%, 01/15/2029(a)		U.S.$	2,502		2,163,917
6.00%, 07/15/2025(a)			1,011		961,587
6.50%, 01/15/2028(a)			224		211,120
Wynn Macau Ltd. 5.125%, 12/15/2029(a)			2,333		2,105,533
5.50%, 01/15/2026-10/01/2027(a)			1,925		1,797,098
5.625%, 08/26/2028(a)			2,442		2,203,905
					18,261,761
Consumer Cyclical - Retailers – 0.0%
K2016470219 South Africa Ltd. 3.00%, 12/31/2022(d) (e) (f) (h)			5,539		0
K2016470260 South Africa Ltd. 25.00%, 12/31/2022(d) (e) (f) (h)			3,504		0
					0
Consumer Non-Cyclical – 0.5%
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL 5.25%, 04/27/2029(a)			673		683,095
Teva Pharmaceutical Finance Netherlands II BV 3.75%, 05/09/2027		EUR	2,758		2,999,324
4.375%, 05/09/2030			4,381		4,692,046
Teva Pharmaceutical Finance Netherlands III BV 4.75%, 05/09/2027		U.S.$	2,251		2,169,852
5.125%, 05/09/2029			2,251		2,170,639
7.125%, 01/31/2025			5,610		5,850,164
Tonon Luxembourg SA 6.50% (0.50% Cash and 6.00% PIK), 10/31/2024(b) (d) (e) (f) (h) (k)			2,437		244
Ulker Biskuvi Sanayi AS 6.95%, 10/30/2025(a)			1,248		1,187,004
USJ-Acucar e Alcool S/A 9.875%, 11/09/2023(a) (b) (k)			1,866		970,566
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018(b) (c) (d) (e) (h)			13,674		1,367
10.875%, 01/13/2020(b) (c) (d) (e) (h)			2,500		250
11.75%, 02/09/2022(b) (d) (e) (h) (k)			13,613		1,361
					20,725,912

31

	Principal Amount (000)		U.S. $ Value
Energy – 0.8%
Cosan SA 5.50%, 09/20/2029(a)	U.S.$	2,027	$	2,084,389
Investment Energy Resources Ltd. 6.25%, 04/26/2029(a)		1,321		1,367,235
Kosmos Energy Ltd. 7.50%, 03/01/2028(a)		2,896		2,765,680
Leviathan Bond Ltd. 5.75%, 06/30/2023(a)		452		462,678
6.125%, 06/30/2025(a)		2,565		2,687,342
6.50%, 06/30/2027(a)		3,495		3,726,996
Medco Oak Tree Pte Ltd. 7.375%, 05/14/2026(a)		559		568,084
Medco Platinum Road Pte Ltd. 6.75%, 01/30/2025(a)		3,365		3,378,250
MV24 Capital BV 6.748%, 06/01/2034(a)		2,866		2,857,029
Peru LNG SRL 5.375%, 03/22/2030(a)		7,893		6,787,980
Petrobras Global Finance BV 8.75%, 05/23/2026		462		554,631
SEPLAT Energy PLC 7.75%, 04/01/2026(a)		4,308		4,313,385
SierraCol Energy Andina LLC 6.00%, 06/15/2028(a)		2,354		2,184,512
				33,738,191
Services – 0.1%
Bidvest Group UK PLC (The) 3.625%, 09/23/2026(a)		1,631		1,606,535
StoneCo Ltd. 3.95%, 06/16/2028(a)		1,046		878,509
				2,485,044
Technology – 0.2%
CA Magnum Holdings 5.375%, 10/31/2026(a)		8,243		8,405,387
Transportation - Services – 0.1%
Acu Petroleo Luxembourg SARL 7.50%, 01/13/2032(a)		2,144		2,082,896
JSW Infrastructure Ltd. 4.95%, 01/21/2029(a)		564		547,538
				2,630,434
				188,436,159

32

	Principal Amount (000)		U.S. $ Value
Financial Institutions – 0.5%
Banking – 0.1%
Banco Bradesco SA/Cayman Islands 4.375%, 03/18/2027(a)	U.S.$	2,144	$	2,179,590
Banco do Brasil SA/Cayman 4.875%, 01/11/2029(a)		1,220		1,235,250
				3,414,840
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)		2,227		2,299,793
Other Finance – 0.0%
OEC Finance Ltd. 4.375%, 10/25/2029(a) (f)		290		11,590
5.25%, 12/27/2033(a) (f)		5,123		208,130
7.125%, 12/26/2046(a) (f)		10,308		406,312
				626,032
REITs – 0.3%
Agile Group Holdings Ltd. 5.50%, 05/17/2026(a)		917		375,970
6.05%, 10/13/2025(a)		353		148,260
Central China Real Estate Ltd. 7.25%, 04/24/2023-08/13/2024(a)		1,686		873,510
7.50%, 07/14/2025(a)		522		255,780
7.75%, 05/24/2024(a)		703		351,500
7.90%, 11/07/2023(a)		207		109,710
China Aoyuan Group Ltd. 5.88%, 03/01/2027(a) (b) (k)		1,894		321,980
5.98%, 08/18/2025(a) (b) (k)		380		64,600
7.98%, 02/19/2023(a) (b) (k)		579		101,325
China Evergrande Group 7.50%, 06/28/2023(a) (b) (k)		636		101,760
11.50%, 01/22/2023(a) (b) (k)		2,906		464,960
12.00%, 01/22/2024(a) (b) (k)		477		76,320
China SCE Group Holdings Ltd. 5.95%, 09/29/2024(a)		878		645,330
6.00%, 02/04/2026(a)		1,449		1,007,055
7.00%, 05/02/2025(a)		200		141,000
CIFI Holdings Group Co., Ltd. 4.80%, 05/17/2028(a)		200		165,000
Kaisa Group Holdings Ltd. 9.95%, 07/23/2025(a) (b) (k)		2,585		688,741
11.65%, 06/01/2026(a) (b) (k)		200		52,850
KWG Group Holdings Ltd. 5.95%, 08/10/2025(a)		1,120		604,800
6.00%, 08/14/2026(a)		400		214,179
7.40%, 01/13/2027(a)		740		395,900

33

	Principal Amount (000)		U.S. $ Value
Logan Group Co., Ltd. 4.50%, 01/13/2028(a)	U.S.$	200	$	141,000
Powerlong Real Estate Holdings Ltd. 4.90%, 05/13/2026(a)		428		299,600
5.95%, 04/30/2025(a)		433		311,760
Ronshine China Holdings Ltd. 6.75%, 08/05/2024(a)		536		134,000
7.10%, 01/25/2025(a)		1,706		426,500
8.10%, 06/09/2023(a)		687		178,620
Scenery Journey Ltd. 11.50%, 10/24/2022(a) (b) (k)		1,997		199,700
12.00%, 10/24/2023(a) (b) (k)		1,325		132,500
Seazen Group Ltd. 4.45%, 07/13/2025(a)		1,259		856,120
Shimao Group Holdings Ltd. 5.20%, 01/16/2027(a)		200		87,000
Sunac China Holdings Ltd. 5.95%, 04/26/2024(a)		702		410,670
6.50%, 01/10/2025-01/26/2026(a)		1,127		651,565
6.65%, 08/03/2024(a)		230		136,850
7.00%, 07/09/2025(a)		214		124,120
Times China Holdings Ltd. 5.55%, 06/04/2024(a)		563		275,870
5.75%, 01/14/2027(a)		992		446,400
6.20%, 03/22/2026(a)		200		94,000
6.60%, 03/02/2023(a)		200		105,000
6.75%, 07/08/2025(a)		590		283,200
Yango Justice International Ltd. 7.50%, 04/15/2024-02/17/2025(a)		1,513		290,910
7.875%, 09/04/2024(a)		790		150,100
8.25%, 11/25/2023(a)		400		80,000
10.25%, 09/15/2022		264		52,800
Yuzhou Group Holdings Co., Ltd. 6.35%, 01/13/2027(a)		1,429		307,235
7.375%, 01/13/2026(a)		508		109,220
7.70%, 02/20/2025(a)		200		43,000
7.85%, 08/12/2026(a)		605		130,000
8.375%, 10/30/2024(a)		291		64,020
Zhenro Properties Group Ltd. 6.63%, 01/07/2026(a)		1,540		631,400
6.70%, 08/04/2026(a)		600		246,000
7.10%, 09/10/2024(a)		351		157,950
7.35%, 02/05/2025(a)		200		82,000
				14,799,640
				21,140,305

34

	Principal Amount (000)		U.S. $ Value
Utility – 0.5%
Electric – 0.5%
AES Andes SA 6.35%, 10/07/2079(a)	U.S.$	2,632	$	2,665,558
AES El Salvador Trust II 6.75%, 03/28/2023(a)		1,220		1,077,717
Cemig Geracao e Transmissao SA 9.25%, 12/05/2024(a)		9,085		10,063,341
India Clean Energy Holdings 4.50%, 04/18/2027(a)		2,606		2,514,790
JSW Hydro Energy Ltd. 4.125%, 05/18/2031(a)		386		362,840
Light Servicos de Eletricidade SA/Light Energia SA 4.375%, 06/18/2026(a)		3,986		3,909,469
				20,593,715
Total Emerging Markets - Corporate Bonds (cost $300,262,172)				230,170,179
EMERGING MARKETS - SOVEREIGNS – 5.0%
Angola – 0.5%
Angolan Government International Bond 8.00%, 11/26/2029(a)		8,825		8,738,405
9.125%, 11/26/2049(a)		686		653,758
9.50%, 11/12/2025(a)		9,305		10,158,734
				19,550,897
Argentina – 0.6%
Argentine Republic Government International Bond 0.50%, 07/09/2030		21,552		7,284,486
1.00%, 07/09/2029		4,233		1,496,509
1.125%, 07/09/2035		46,112		14,225,464
2.00%, 01/09/2038		6,494		2,461,213
2.50%, 07/09/2041		1,565		556,411
				26,024,083
Bahrain – 0.5%
Bahrain Government International Bond 5.45%, 09/16/2032(a)		1,237		1,167,419
6.75%, 09/20/2029(a)		6,245		6,544,760
7.00%, 10/12/2028(a)		5,668		6,029,335
7.375%, 05/14/2030(a)		2,005		2,165,149
CBB International Sukuk Programme Co. WLL 6.25%, 11/14/2024(a)		5,791		6,166,691
				22,073,354
Dominican Republic – 0.4%
Dominican Republic International Bond 6.875%, 01/29/2026(a)		130		146,250
8.625%, 04/20/2027(a)		12,151		14,262,236
				14,408,486

35

	Principal Amount (000)			U.S. $ Value
Ecuador – 0.2%
Ecuador Government International Bond Zero Coupon, 07/31/2030(a)		U.S.$	1,718	$	1,004,012
0.50%, 07/31/2040(a)			6,518		3,983,061
5.00%, 07/31/2030(a)			5,710		4,972,252
					9,959,325
Egypt – 0.4%
Egypt Government International Bond 7.625%, 05/29/2032(a)			10,480		9,405,800
8.70%, 03/01/2049(a)			1,012		853,875
8.875%, 05/29/2050(a)			5,208		4,452,840
					14,712,515
El Salvador – 0.2%
El Salvador Government International Bond 6.375%, 01/18/2027(a)			4,281		2,390,136
7.125%, 01/20/2050(a)			5,957		3,091,311
7.625%, 09/21/2034-02/01/2041(a)			2,523		1,340,424
7.75%, 01/24/2023(a)			2,341		1,845,439
					8,667,310
Gabon – 0.2%
Gabon Government International Bond 6.625%, 02/06/2031(a)			9,007		8,707,517
Ghana – 0.4%
Ghana Government International Bond 6.375%, 02/11/2027(a)			9,806		7,820,285
8.627%, 06/16/2049(a)			260		193,050
8.95%, 03/26/2051(a)			1,152		858,240
10.75%, 10/14/2030(a)			5,612		5,948,720
					14,820,295
Ivory Coast – 0.4%
Ivory Coast Government International Bond 4.875%, 01/30/2032(a)		EUR	7,193		7,585,006
6.125%, 06/15/2033(a)		U.S.$	3,547		3,629,689
6.375%, 03/03/2028(a)			4,804		5,121,665
6.625%, 03/22/2048(a)		EUR	1,146		1,225,755
					17,562,115
Nigeria – 0.3%
Nigeria Government International Bond 6.50%, 11/28/2027(a)		U.S.$	1,419		1,422,548
7.625%, 11/21/2025-11/28/2047(a)			9,737		10,068,240
7.696%, 02/23/2038(a)			1,071		963,900
7.875%, 02/16/2032(a)			1,949		1,890,530
					14,345,218

36

	Principal Amount (000)		U.S. $ Value
Oman – 0.2%
Oman Government International Bond 4.875%, 02/01/2025(a)	U.S.$	1,186	$	1,220,098
6.25%, 01/25/2031(a)		4,589		4,875,812
				6,095,910
Senegal – 0.3%
Senegal Government International Bond 6.25%, 05/23/2033(a)		7,320		7,338,300
6.75%, 03/13/2048(a)		6,157		5,727,164
				13,065,464
Ukraine – 0.3%
Ukraine Government International Bond 7.253%, 03/15/2033(a)		4,760		3,998,400
7.375%, 09/25/2032(a)		4,093		3,454,492
7.75%, 09/01/2023(a)		6,783		6,233,153
				13,686,045
Venezuela – 0.1%
Venezuela Government International Bond 7.65%, 04/21/2025(a) (b) (k)		6,636		381,570
9.00%, 05/07/2023(a) (b) (k)		538		30,935
9.25%, 09/15/2027(b) (k)		34,020		1,956,150
9.25%, 05/07/2028(a) (b) (k)		1,500		86,250
				2,454,905
Total Emerging Markets - Sovereigns (cost $250,444,384)				206,133,439
COLLATERALIZED MORTGAGE OBLIGATIONS – 4.6%
Risk Share Floating Rate – 4.1%
Bellemeade Re Ltd. Series 2018-1A, Class B1 4.358% (LIBOR 1 Month + 4.25%), 04/25/2028(a) (i)		230		229,999
Series 2019-4A, Class B1 3.958% (LIBOR 1 Month + 3.85%), 10/25/2029(h) (i)		1,607		1,623,704
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2015-DN1, Class B 11.608% (LIBOR 1 Month + 11.50%), 01/25/2025(i)		12,067		12,252,089
Series 2015-DNA1, Class B 9.308% (LIBOR 1 Month + 9.20%), 10/25/2027(i)		897		1,013,917

37

	Principal Amount (000)		U.S. $ Value
Series 2015-DNA2, Class B 7.658% (LIBOR 1 Month + 7.55%), 12/25/2027(i)	U.S.$	16,055	$	16,838,017
Series 2015-DNA3, Class B 9.458% (LIBOR 1 Month + 9.35%), 04/25/2028(i)		7,469		8,187,094
Series 2015-HQ2, Class B 8.058% (LIBOR 1 Month + 7.95%), 05/25/2025(i)		285		295,760
Series 2015-HQA1, Class B 8.908% (LIBOR 1 Month + 8.80%), 03/25/2028(i)		12,416		13,071,965
Series 2015-HQA2, Class B 10.608% (LIBOR 1 Month + 10.50%), 05/25/2028(i)		6,959		7,771,051
Series 2016-DNA2, Class B 10.608% (LIBOR 1 Month + 10.50%), 10/25/2028(i)		5,019		5,742,519
Series 2016-DNA3, Class B 11.358% (LIBOR 1 Month + 11.25%), 12/25/2028(i)		4,449		5,171,226
Series 2016-DNA4, Class B 8.708% (LIBOR 1 Month + 8.60%), 03/25/2029(i)		1,818		1,933,608
Series 2016-HQA1, Class B 12.858% (LIBOR 1 Month + 12.75%), 09/25/2028(i)		2,986		3,613,730
Series 2016-HQA2, Class B 11.608% (LIBOR 1 Month + 11.50%), 11/25/2028(i)		3,915		4,581,992
Series 2017-DNA1, Class B1 5.058% (LIBOR 1 Month + 4.95%), 07/25/2029(i)		3,134		3,396,684
Series 2019-FTR3, Class B2 4.902% (LIBOR 1 Month + 4.80%), 09/25/2047(h) (i)		1,160		1,126,260
Federal National Mortgage Association Connecticut Avenue Securities Series 2016-C01, Class 1B 11.858% (LIBOR 1 Month + 11.75%), 08/25/2028(i)		4,013		4,472,713
Series 2016-C02, Class 1B 12.358% (LIBOR 1 Month + 12.25%), 09/25/2028(i)		2,879		3,296,336
Series 2016-C03, Class 1B 11.858% (LIBOR 1 Month + 11.75%), 10/25/2028(i)		7,099		8,077,766
Series 2016-C03, Class 2B 12.858% (LIBOR 1 Month + 12.75%), 10/25/2028(i)		3,936		4,642,256
Series 2016-C04, Class 1B 10.358% (LIBOR 1 Month + 10.25%), 01/25/2029(i)		13,247		14,600,211

38

	Principal Amount (000)		U.S. $ Value
Series 2016-C05, Class 2B 11.244% (LIBOR 1 Month + 10.75%), 01/25/2029(i)	U.S.$	11,992	$	13,001,062
Series 2016-C06, Class 1B 9.358% (LIBOR 1 Month + 9.25%), 04/25/2029(i)		8,456		9,235,616
Series 2016-C07, Class 2B 9.608% (LIBOR 1 Month + 9.50%), 05/25/2029(i)		10,243		11,055,152
Series 2017-C01, Class 1B1 5.858% (LIBOR 1 Month + 5.75%), 07/25/2029(i)		2,248		2,540,638
Series 2017-C02, Class 2B1 5.608% (LIBOR 1 Month + 5.50%), 09/25/2029(i)		416		465,947
Series 2017-C04, Class 2B1 5.158% (LIBOR 1 Month + 5.05%), 11/25/2029(i)		974		1,091,234
Home Re Ltd. Series 2019-1, Class M2 3.358% (LIBOR 1 Month + 3.25%), 05/25/2029(a) (i)		3,500		3,515,295
JPMorgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 5.608% (LIBOR 1 Month + 5.50%), 10/25/2025(h) (i)		2,783		2,806,966
Radnor Re Ltd. Series 2020-1, Class B1 3.108% (LIBOR 1 Month + 3.00%), 01/25/2030(h) (i)		488		483,300
Traingle Re Ltd. Series 2020-1, Class M2 5.708% (LIBOR 1 Month + 5.60%), 10/25/2030(a) (i)		1,000		1,022,061
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.358% (LIBOR 1 Month + 5.25%), 11/25/2025(h) (i)		1,804		1,744,348
Series 2015-WF1, Class 2M2 5.608% (LIBOR 1 Month + 5.50%), 11/25/2025(h) (i)		932		923,415
				169,823,931
Non-Agency Fixed Rate – 0.4%
Alternative Loan Trust Series 2006-24CB, Class A15 5.75%, 08/25/2036		2,188		1,620,221
Series 2006-24CB, Class A16 5.75%, 08/25/2036		418		309,775
Series 2006-26CB, Class A6 6.25%, 09/25/2036		196		133,379
Series 2006-26CB, Class A8 6.25%, 09/25/2036		742		504,025
Series 2006-42, Class 1A6 6.00%, 01/25/2047		913		722,417

39

	Principal Amount (000)		U.S. $ Value
Series 2006-HY12, Class A5 3.082%, 08/25/2036	U.S.$	2,503	$	2,518,767
Series 2006-J1, Class 1A10 5.50%, 02/25/2036		790		699,052
Series 2006-J5, Class 1A1 6.50%, 09/25/2036		713		551,814
Series 2007-15CB, Class A19 5.75%, 07/25/2037		418		329,140
Series 2007-16CB, Class 1A7 6.00%, 08/25/2037		430		403,053
Bear Stearns ARM Trust Series 2007-3, Class 1A1 3.164%, 05/25/2047		413		409,539
Series 2007-4, Class 22A1 3.294%, 06/25/2047		1,733		1,729,385
ChaseFlex Trust Series 2007-1, Class 1A3 6.50%, 02/25/2037		492		249,735
CHL Mortgage Pass-Through Trust Series 2007-HY4, Class 1A1 2.929%, 09/25/2047		418		399,728
Citigroup Mortgage Loan Trust Series 2007-AR4, Class 1A1A 3.149%, 03/25/2037		273		271,897
CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A4 5.75%, 03/25/2037		682		677,480
CSMC Mortgage-Backed Trust Series 2006-7, Class 3A12 6.25%, 08/25/2036		821		476,580
First Horizon Alternative Mortgage Securities Trust Series 2006-AA3, Class A1 2.518%, 06/25/2036		384		345,151
Residential Accredit Loans, Inc. Trust Series 2005-QA10, Class A31 3.797%, 09/25/2035		1,434		1,217,334
Series 2005-QS14, Class 3A1 6.00%, 09/25/2035		982		972,785
Residential Asset Securitization Trust Series 2006-A8, Class 3A4 6.00%, 08/25/2036		524		351,905
Series 2007-A1, Class A8 6.00%, 03/25/2037		862		428,647
Series 2007-A5, Class 2A3 6.00%, 05/25/2037		230		175,174
Washington Mutual Mortgage Pass-Through Certificates Trust Series 2006-9, Class A4 4.301%, 10/25/2036		1,642		617,206
Wells Fargo Mortgage Backed Securities Trust Series 2007-AR7, Class A1 2.665%, 12/28/2037		1,567		1,563,899
				17,678,088

40

	Principal Amount (000)		U.S. $ Value
Non-Agency Floating Rate – 0.1%
Alternative Loan Trust Series 2007-7T2, Class A3 0.708% (LIBOR 1 Month + 0.60%), 04/25/2037(i)	U.S.$	2,222	$	667,585
Countrywide Home Loan Mortgage Pass-Through Trust Series 2007-13, Class A7 0.708% (LIBOR 1 Month + 0.60%), 08/25/2037(i)		334		134,929
First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A10 0.358% (LIBOR 1 Month + 0.25%), 04/25/2037(i)		995		251,918
Lehman Mortgage Trust Series 2007-1, Class 3A1 0.358% (LIBOR 1 Month + 0.25%), 02/25/2037(i)		2,860		262,392
Series 2007-1, Class 3A2 7.142% (LIBOR 1 Month + 7.25%), 02/25/2037(i) (o)		2,860		577,066
Lehman XS Trust Series 2007-16N, Class 2A2 0.958% (LIBOR 1 Month + 0.85%), 09/25/2047(i)		438		450,442
PHH Alternative Mortgage Trust Series 2007-1, Class 1A1 0.428% (LIBOR 1 Month + 0.32%), 02/25/2037(i)		476		365,797
Series 2007-2, Class 1A3 0.768% (LIBOR 1 Month + 0.66%), 05/25/2037(i)		357		353,573
				3,063,702
Total Collateralized Mortgage Obligations (cost $180,891,846)				190,565,721
GOVERNMENTS - TREASURIES – 3.8%
United States – 3.8%
U.S. Treasury Bonds 6.125%, 11/15/2027(p) (q)		36,930		45,960,537
U.S. Treasury Notes 2.375%, 05/15/2029(p) (q)		87,447		91,217,944
3.125%, 11/15/2028(p) (q)		20,350		22,149,703
Total Governments - Treasuries (cost $152,629,971)				159,328,184
COLLATERALIZED LOAN OBLIGATIONS – 2.6%
CLO - Floating Rate – 2.6%
Ares XXXIV CLO Ltd. Series 2015-2A, Class CR 2.241% (LIBOR 3 Month + 2.00%), 04/17/2033(a) (i)		11,494		11,497,564

41

	Principal Amount (000)		U.S. $ Value
Ballyrock CLO 15 Ltd. Series 2021-1A, Class D 6.461% (LIBOR 3 Month + 6.22%), 04/15/2034(a) (i)	U.S.$	2,000	$	1,942,642
Benefit Street Partners CLO Ltd. Series 2020-22A, Class E 7.254% (LIBOR 3 Month + 7.00%), 01/20/2032(a) (i)		312		313,237
Bristol Park CLO Ltd. Series 2016-1A, Class DR 3.191% (LIBOR 3 Month + 2.95%), 04/15/2029(a) (i)		5,000		5,000,675
Dryden 49 Senior Loan Fund Series 2017-49A, Class E 6.541% (LIBOR 3 Month + 6.30%), 07/18/2030(a) (i)		2,424		2,411,330
Dryden CLO Ltd. Series 2018-57A, Class E 5.356% (LIBOR 3 Month + 5.20%), 05/15/2031(a) (i)		1,741		1,662,511
Series 2020-78A, Class C 2.191% (LIBOR 3 Month + 1.95%), 04/17/2033(a) (i)		2,270		2,271,394
Series 2020-78A, Class D 3.241% (LIBOR 3 Month + 3.00%), 04/17/2033(a) (i)		11,286		11,274,165
Elevation CLO Ltd. Series 2020-11A, Class C 2.441% (LIBOR 3 Month + 2.20%), 04/15/2033(a) (i)		3,505		3,500,252
Series 2020-11A, Class D1 4.091% (LIBOR 3 Month + 3.85%), 04/15/2033(a) (i)		5,438		5,441,832
Elmwood CLO Ltd. Series 2021-2A, Class E 6.204% (LIBOR 3 Month + 5.95%), 07/20/2034(a) (i)		800		797,732
Elmwood CLO VII Ltd. Series 2020-4A, Class E 7.341% (LIBOR 3 Month + 7.10%), 01/17/2034(a) (i)		2,122		2,129,994
Elmwood CLO VIII Ltd. Series 2021-1A, Class E1 6.254% (LIBOR 3 Month + 6.00%), 01/20/2034(a) (i)		1,786		1,771,131
Elmwood CLO XII Ltd. Series 2021-5A, Class E 6.471% (LIBOR 3 Month + 6.35%), 01/20/2035(a) (i)		3,650		3,647,919
Flatiron CLO Ltd. Series 2021-1A, Class E 6.248% (LIBOR 3 Month + 6.00%), 07/19/2034(a) (i)		350		333,884

42

	Principal Amount (000)		U.S. $ Value
LCM 28 Ltd. Series 28A, Class D 3.204% (LIBOR 3 Month + 2.95%), 10/20/2030(a) (i)	U.S.$	500	$	486,459
Madison Park Funding LI Ltd. Series 2021-51A, Class E 6.518% (LIBOR 3 Month + 6.27%), 07/19/2034(a) (i)		1,600		1,588,950
OCP CLO Ltd. Series 2021-21A, Class E 6.534% (LIBOR 3 Month + 6.28%), 07/20/2034(a) (i)		2,250		2,219,243
Octagon Investment Partners 29 Ltd. Series 2016-1A, Class CR 2.209% (LIBOR 3 Month + 1.95%), 01/24/2033(a) (i)		8,719		8,721,198
Series 2016-1A, Class DR 3.359% (LIBOR 3 Month + 3.10%), 01/24/2033(a) (i)		7,987		7,989,134
OZLM XXII Ltd. Series 2018-22A, Class D 5.541% (LIBOR 3 Month + 5.30%), 01/17/2031(a) (i)		968		875,500
Palmer Square CLO Ltd. Series 2021-1A, Class D 6.254% (LIBOR 3 Month + 6.00%), 04/20/2034(a) (i)		6,063		6,045,770
Rad CLO 4 Ltd. Series 2019-4A, Class E 7.008% (LIBOR 3 Month + 6.75%), 04/25/2032(a) (i)		3,086		3,088,625
Rad CLO 7 Ltd. Series 2020-7A, Class C 2.241% (LIBOR 3 Month + 2.00%), 04/17/2033(a) (i)		2,940		2,942,120
Rad CLO 10 Ltd. Series 2021-10A, Class E 6.109% (LIBOR 3 Month + 5.85%), 04/23/2034(a) (i)		3,793		3,707,188
Rad CLO 11 Ltd. Series 2021-11A, Class E 6.491% (LIBOR 3 Month + 6.25%), 04/15/2034(a) (i)		1,545		1,545,884
Rockford Tower CLO Ltd. Series 2019-1A, Class ER 6.574% (LIBOR 3 Month + 6.32%), 04/20/2034(a) (i)		2,000		1,933,138
Series 2021-2A, Class E 6.654% (LIBOR 3 Month + 6.40%), 07/20/2034(a) (i)		1,100		1,086,512
Series 2021-3A, Class E 6.847% (LIBOR 3 Month + 6.72%), 10/20/2034(a) (i)		4,738		4,656,877

43

	Principal Amount (000)			U.S. $ Value
Sixth Street CLO XX Ltd. Series 2021-20A, Class E 6.282% (LIBOR 3 Month + 6.15%), 10/20/2034(a) (i)		U.S.$	3,021	$	3,007,683
Trimaran Cavu Ltd. Series 2019-1A, Class E 7.294% (LIBOR 3 Month + 7.04%), 07/20/2032(a) (i)			2,469		2,432,645
Total Collateralized Loan Obligations (cost $106,033,192)					106,323,188
	Shares
COMMON STOCKS – 2.3%
Energy – 0.9%
Energy Equipment & Services – 0.0%
Vantage Drilling International(b)			91,167		547,002
Oil, Gas & Consumable Fuels – 0.9%
Battalion Oil Corp.(b)			135		2,032
Berry Corp.			745,325		6,476,874
CHC Group LLC(b)			104,383		21
Civitas Resources, Inc.			24,592		1,340,264
Denbury, Inc.(b)			66,101		4,966,829
Diamond Offshore Drilling, II(b)			696,725		3,692,643
Diamond Offshore Drilling, Inc.(b) (h)			148,609		787,628
Golden Energy Offshore Services AS(b)			3,360,247		302,248
Gulfport Energy Corp.(b)			239,990		15,707,346
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
SandRidge Energy, Inc.(b)			1,446		16,629
Whiting Petroleum Corp.(b)			48,817		3,624,662
					36,917,251
					37,464,253
Consumer Discretionary – 0.6%
Auto Components – 0.5%
ATD New Holdings, Inc.(b) (d)			161,762		13,237,470
Exide Corp.(b) (d) (e)			4,045		6,674,250
					19,911,720
Hotels, Restaurants & Leisure – 0.0%
Caesars Entertainment, Inc.(b)			4,628		352,376
Internet & Direct Marketing Retail – 0.0%
Golo Mobile, Inc.(b) (d) (e)			168,790		0
Leisure Products – 0.1%
Carlson Travel, Inc.(b) (d)			104,524		3,428,387
					23,692,483

44

Company	Shares		U.S. $ Value
Consumer Staples – 0.3%
Food & Staples Retailing – 0.3%
Southeastern Grocers, Inc.(b) (d) (e)		508,189	$	11,942,442
Financials – 0.2%
Insurance – 0.2%
Mt. Logan Re Ltd.(b) (d) (e)		9,000		8,468,423
Information Technology – 0.1%
IT Services – 0.0%
Ag Tracker(b) (d) (e)		399,741		0
Paysafe Ltd.(b)		562,779		2,042,888
				2,042,888
Software – 0.1%
Avaya Holdings Corp.(b)		125,330		2,283,513
Monitronics International, Inc.(b)		257,529		643,822
				2,927,335
				4,970,223
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		4,051,583
				4,051,583
Communication Services – 0.1%
Media – 0.1%
iHeartMedia, Inc. - Class A(b)		164,799		3,320,700
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 $140,971,437)				93,910,112
	Principal Amount (000)
QUASI-SOVEREIGNS – 0.8%
Quasi-Sovereign Bonds – 0.8%
Bahrain – 0.2%
Oil and Gas Holding Co. BSCC (The) 7.625%, 11/07/2024(a)	U.S.$	1,579		1,687,556
8.375%, 11/07/2028(a)		4,439		4,988,327
				6,675,883

45

	Principal Amount (000)			U.S. $ Value
Indonesia – 0.1%
Indonesia Asahan Aluminium Persero PT
4.75%, 05/15/2025(a)		U.S.$	1,062	$	1,107,252
5.45%, 05/15/2030(a)			725		789,887
					1,897,139
Mexico – 0.4%
Petroleos Mexicanos 5.95%, 01/28/2031			3,818		3,620,896
6.49%, 01/23/2027			1,276		1,331,506
6.50%, 01/23/2029			1,268		1,288,922
6.70%, 02/16/2032(a)			3,899		3,850,652
6.75%, 09/21/2047			6,363		5,427,639
7.69%, 01/23/2050			2,298		2,123,352
					17,642,967
Panama – 0.0%
Aeropuerto Internacional de Tocumen SA 4.00%, 08/11/2041(a)			649		629,246
5.125%, 08/11/2061(a)			478		463,600
					1,092,846
South Africa – 0.1%
Eskom Holdings SOC Ltd. 6.35%, 08/10/2028(a)			2,540		2,657,475
7.125%, 02/11/2025(a)			1,951		1,973,315
					4,630,790
Trinidad & Tobago – 0.0%
Trinidad Generation UnLtd 5.25%, 11/04/2027(a)			703		712,798
Venezuela – 0.0%
Petroleos de Venezuela SA 6.00%, 11/15/2026(a) (k)			5,000		175,000
Total Quasi-Sovereigns (cost $31,621,778)					32,827,423
	Shares
PREFERRED STOCKS – 0.6%
Industrial – 0.5%
Energy – 0.4%
Gulfport Energy Corp. 10.00%(b) (d)			789		4,655,100
Targa Resources Corp. Series A 9.50%			11,000		11,831,644
					16,486,744
Industrial Conglomerates – 0.1%
WESCO International, Inc. Series A 10.625%			211,900		6,458,712
					22,945,456

46

Company	Shares			U.S. $ Value
Financial Institutions – 0.1%
Insurance – 0.1%
Hartford Financial Services Group, Inc. (The) 7.875%			95,901	$	2,442,598
Total Preferred Stocks (cost $20,586,746)					25,388,054
	Principal Amount (000)
COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.6%
Non-Agency Fixed Rate CMBS – 0.6%
Citigroup Commercial Mortgage Trust Series 2013-GC11, Class XA 1.351%, 04/10/2046(r)		U.S.$	6,444		77,385
Commercial Mortgage Trust Series 2012-CR3, Class F 4.75%, 10/15/2045(a)			1,000		250,811
Series 2012-CR5, Class XA 1.495%, 12/10/2045(r)			8,345		61,297
Series 2013-LC6, Class XA 1.267%, 01/10/2046(r)			26,186		160,156
Series 2014-CR15, Class XA 0.651%, 02/10/2047(r)			6,299		77,542
GS Mortgage Securities Corp. II Series 2013-GC10, Class XA 1.474%, 02/10/2046(r)			3,646		38,422
GS Mortgage Securities Trust Series 2011-GC5, Class C 5.158%, 08/10/2044(a)			7,937		6,805,556
Series 2013-GC13, Class D 4.064%, 07/10/2046(a)			1,500		627,188
Series 2014-GC18, Class D 4.975%, 01/10/2047(a)			885		393,972
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX, Class D 4.799%, 06/15/2045(a)			5,000		4,626,016
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6, Class XA 1.587%, 11/15/2045(a) (r)			22,762		60,810
UBS-Barclays Commercial Mortgage Trust Series 2012-C4, Class XA 1.574%, 12/10/2045(a) (r)			2,934		17,244
WF-RBS Commercial Mortgage Trust Series 2011-C4, Class D 4.887%, 06/15/2044(a)			2,576		2,436,484
Series 2012-C7, Class XA 1.192%, 06/15/2045(a) (r)			4,391		1,364
Series 2012-C8, Class E 4.857%, 08/15/2045(a)			6,905		6,826,365
Series 2014-C20, Class D 3.986%, 05/15/2047(a)			3,701		1,554,457
					24,015,069

47

	Principal Amount (000)			U.S. $ Value
Non-Agency Floating Rate CMBS – 0.0%
Morgan Stanley Capital I Trust Series 2019-BPR, Class E 4.856% (LIBOR 1 Month + 4.75%), 05/15/2036(a) (i)		U.S.$	1,702	$	1,233,969
Total Commercial Mortgage-Backed Securities (cost $29,336,048)					25,249,038
LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.4%
United States – 0.4%
State of California Series 2010 7.60%, 11/01/2040			1,200		1,979,063
7.625%, 03/01/2040			1,250		1,993,792
State of Illinois Series 2010 7.35%, 07/01/2035			4,120		5,076,023
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The)) Series 2021 5.75%, 07/25/2041(a)			7,240		7,635,946
Total Local Governments - US Municipal Bonds (cost $13,850,748)					16,684,824
INFLATION-LINKED SECURITIES – 0.4%
Colombia – 0.4%
Fideicomiso PA Concesion Ruta al Mar 6.75%, 02/15/2044(a)		COP	14,562,910		2,614,889
Fideicomiso PA Costera 6.25%, 01/15/2034(a)			7,580,000		1,945,565
Fideicomiso PA Pacifico Tres 7.00%, 01/15/2035(h)			36,247,335		10,000,696
Total Inflation-Linked Securities (cost $17,995,595)					14,561,150
ASSET-BACKED SECURITIES – 0.2%
Other ABS - Fixed Rate – 0.2%
Consumer Loan Underlying Bond Certificate Issuer Trust Series 2018-7, Class PT 10.79%, 06/15/2043(h)		U.S.$	280		270,359
Series 2019-24, Class PT 10.365%, 08/15/2044(h)			686		684,104
Series 2019-36, Class PT 12.539%, 10/17/2044(h)			1,136		1,134,682
Series 2019-43, Class PT 5.271%, 11/15/2044(h)			386		380,306
Consumer Loan Underlying Bond Club Certificate Issuer Trust Series 2018-4, Class PT 11.884%, 05/15/2043(h)			256		250,588
Series 2018-12, Class PT 10.789%, 06/15/2043(h)			250		245,719

48

	Principal Amount (000)			U.S. $ Value
Consumer Loan Underlying Bond Credit Trust Series 2018-3, Class PT 10.81%, 03/16/2043(h)		U.S.$	55	$	52,937
SoFi Consumer Loan Program LLC Series 2016-1, Class R Zero Coupon, 08/25/2025(d) (e) (h)			828		847,021
SoFi Consumer Loan Program Trust Series 2018-1, Class R1 Zero Coupon, 02/25/2027(d) (e) (h)			114		1,950,357
					5,816,073
Autos - Fixed Rate – 0.0%
Flagship Credit Auto Trust Series 2019-1, Class E 5.06%, 06/15/2026(a)			791		817,244
Total Asset-Backed Securities (cost $15,711,362)					6,633,317
	Shares
WARRANTS – 0.1%
Avaya Holdings Corp., expiring 12/15/2022(b)			385,763		428,197
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		4,866
SandRidge Energy, Inc., B-CW22, expiring 10/04/2022(b)			130,889		15,039
Willscot Corp., expiring 11/29/2022(b) (d) (e)			169,364		3,668,916
Total Warrants (cost $3,612,897)					4,117,018
RIGHTS – 0.0%
Vistra Energy Corp., expiring 12/31/2049(b) (d) (cost $0)			45,881		60,792
	Principal Amount (000)
GOVERNMENTS - SOVEREIGN BONDS – 0.0%
Netherlands – 0.0%
SNS Bank NV Series E 11.25%, 12/31/2049(b) (d) (e) (l) (cost $1,373,314)		EUR	1,001		0

49

Company	Shares			U.S. $ Value
SHORT-TERM INVESTMENTS – 1.6%
Investment Companies – 1.1%
AB Fixed Income Shares, Inc. - AB Government Money Market Portfolio - Class AB, 0.01%(s) (t) (u) (cost $46,425,768)			46,425,768	$	46,425,768
	Principal Amount (000)
Time Deposits – 0.5%
Citibank, London (0.79)%, 02/01/2022		EUR	3,186		3,579,335
Royal Bank of Canada, Toronto 0.00%, 02/01/2022		CAD	596		469,063
SEB, Stockholm 0.01%, 02/01/2022		U.S.$	17,335		17,334,689
Total Time Deposits (cost $21,383,087)					21,383,087
Total Short-Term Investments (cost $67,808,855)					67,808,855
Total Investments – 102.2% (cost $4,416,774,092)(v)					4,242,728,330
Other assets less liabilities – (2.2)%					(89,661,927	)
Net Assets – 100.0%				$	4,153,066,403

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. Long Bond (CBT) Futures		74		March 2022	$	11,516,250	$	(161,297	)
U.S. T-Note 5 Yr (CBT) Futures		853		March 2022		101,680,266		(1,512,742	)
U.S. T-Note 10 Yr (CBT) Futures		188		March 2022		24,058,125		(229,125	)
U.S. Ultra Bond (CBT) Futures		160		March 2022		30,230,000		(520,000	)
							$	(2,423,164	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		EUR	2,700		USD	3,062		02/10/2022	$	28,307
Barclays Bank PLC		USD	4,797		EUR	4,306		02/10/2022		40,892
BNP Paribas SA		EUR	1,003		USD	1,140		02/10/2022		12,831
Brown Brothers Harriman & Co.		CAD	871		USD	687		02/10/2022		1,223
Brown Brothers Harriman & Co.		EUR	9,614		USD	11,069		02/10/2022		266,469

50

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Brown Brothers Harriman & Co.		USD	14,779		EUR	13,100		02/10/2022	$	(59,948	)
Citibank, NA		GBP	6,380		USD	8,728		03/17/2022		149,761
JPMorgan Chase Bank, NA		EUR	471		USD	531		02/10/2022		1,779
JPMorgan Chase Bank, NA		GBP	2,028		USD	2,741		03/17/2022		13,827
Morgan Stanley Capital Services LLC		CAD	7,185		USD	5,709		02/10/2022		55,982
Morgan Stanley Capital Services LLC		EUR	7,918		USD	9,134		02/10/2022		237,052
Morgan Stanley Capital Services LLC		MXN	18,187		USD	882		03/24/2022		7,443
Morgan Stanley Capital Services LLC		COP	65,115,083		USD	16,384		03/25/2022		(8,503	)
Royal Bank of Scotland PLC		EUR	6,400		USD	7,230		02/10/2022		39,261
Standard Chartered Bank		EUR	121,126		USD	140,172		02/10/2022		4,070,709
									$	4,857,085

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at January 31, 2022		Notional Amount (000)			Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Sale Contracts
Morgan Stanley & Co. LLC
CDX-NAHY Series 37, 5 Year Index, 12/20/2026*		5.00	%		Quarterly		3.38%		USD	172,840	$	12,898,351	$	15,515,140	$	(2,616,789	)
iTraxx Europe Crossover Series 27, 5 Year Index, 06/20/2022*		5.00			Quarterly		1.10		EUR	1		22		6		16
iTraxx Europe Crossover Series 36, 5 Year Index, 12/20/2026*		5.00			Quarterly		2.88		EUR	74,910		8,383,751		9,871,060		(1,487,309	)
											$	21,282,124	$	25,386,206	$	(4,104,082	)

* Termination date

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at January 31, 2022		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		7.50%		USD	2,907	$	(1,254,044	)	$	(1,418,792	)	$	164,748

51

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at January 31, 2022	Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00	%	Monthly	7.50%		USD	1,430	$	(617,083	)	$	(687,177	)	$	70,094
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	3,743		(929,472	)		(1,321,617	)		392,145
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	3,707		(920,241	)		(454,132	)		(466,109	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	6,111		(1,516,885	)		(733,699	)		(783,186	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	8,730		(2,167,050	)		(1,044,233	)		(1,122,817	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	15,678		(3,891,572	)		(1,892,031	)		(1,999,541	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	39,929		(9,911,045	)		(4,509,455	)		(5,401,590	)
Credit Suisse International
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	525		(226,394	)		(73,960	)		(152,434	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	1,313		(566,191	)		(184,965	)		(381,226	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	1,313		(566,739	)		(180,397	)		(386,342	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	2,626		(1,133,063	)		(360,305	)		(772,758	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	25,766		(11,108,611	)		(3,807,689	)		(7,300,922	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	247		(61,201	)		(29,290	)		(31,911	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	7,547		(1,873,187	)		(890,652	)		(982,535	)
International Game Technology, 4.750%, 02/15/2023, 06/20/2022*		5.00		Quarterly	0.50		EUR	1,640		43,232			14,281			28,951

52

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at January 31, 2022		Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		7.50%		USD	2,391	$	(593,822	)	$	(266,625	)	$	(327,197	)
Goldman Sachs International
Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023*		5.00			Quarterly		1.19		USD	1,300		100,089			31,531			68,558
Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023*		5.00			Quarterly		1.19		USD	1,440		110,868			54,661			56,207
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	286		(123,416	)		(137,255	)		13,839
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	286		(123,416	)		(137,255	)		13,839
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	109,073		(47,024,609	)		(24,091,149	)		(22,933,460	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	560		(139,002	)		(144,711	)		5,709
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	560		(139,096	)		(120,624	)		(18,472	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	1,120		(278,191	)		(249,241	)		(28,950	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	1,120		(278,191	)		(249,241	)		(28,950	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	1,430		(355,063	)		(174,509	)		(180,554	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	26,715		(6,630,985	)		(3,672,088	)		(2,958,897	)
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	6,329		(1,570,901	)		(768,159	)		(802,742	)
Morgan Stanley & Co. International PLC
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	5,280		(2,277,088	)		(2,736,825	)		459,737

53

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at January 31, 2022		Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00	%		Monthly		7.50%		USD	572	$	(246,833	)	$	(268,667	)	$	21,834
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	1,773		(764,934	)		(785,770	)		20,836
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	969		(417,877	)		(407,936	)		(9,941	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	1,773		(764,934	)		(726,122	)		(38,812	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	1,773		(764,934	)		(721,876	)		(43,058	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	1,773		(764,934	)		(717,630	)		(47,304	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	1,773		(764,934	)		(713,383	)		(51,551	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	1,938		(836,168	)		(695,823	)		(140,345	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	1,938		(836,168	)		(691,228	)		(144,940	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	2,800		(695,479	)		(736,912	)		41,433
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	2,800		(695,012	)		(683,362	)		(11,650	)
											$	(103,574,576	)	$	(57,384,312	)	$	(46,190,264	)

* Termination date

TOTAL RETURN SWAPS

Counterparty & Referenced Obligation

Rate Paid/ Received

Payment Frequency

Current Notional (000)

Maturity Date

Unrealized Appreciation/ (Depreciation)

Receive Total Return on Reference Obligation

Goldman Sachs International

Markit iBoxx EUR Contingent Convertible Liquid Developed Market AT1

3 Month EURIBOR

Maturity

EUR

25,685

03/21/2022

$

(559,161

)

54

REVERSE REPURCHASE AGREEMENTS

Broker	Currency		Principal Amount (000)		Interest Rate			Maturity		U.S. $ Value at January 31, 2022
Barclays Capital, Inc.†		USD		2,447		(1.75	)%*		—	$	2,439,381
Barclays Capital, Inc.���		USD		4,619		(0.30	)%		—		4,616,248
Barclays Capital, Inc.†		USD		1,988		(0.25	)%*		—		1,986,644
Barclays Capital, Inc.†		USD		2,569		(0.25	)%*		—		2,567,507
Barclays Capital, Inc.†		USD		1,556		0.00	%		—		1,556,389
Barclays Capital, Inc.†		USD		11,063		0.40	%		—		11,063,115
Credit Suisse Securities (USA) LLC†		EUR		984		(1.00	)%*		—		1,104,707
Credit Suisse Securities (USA) LLC†		EUR		5,276		(1.00	)%*		—		5,915,991
Credit Suisse Securities (USA) LLC†		EUR		5,354		(1.00	)%*		—		6,013,702
Credit Suisse Securities (USA) LLC†		USD		2,639		(0.25	)%*		—		2,637,621
Credit Suisse Securities (USA) LLC†		USD		361		0.01	%		—		361,256
										$	40,262,561

† The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on January 31, 2022.

* 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	$	26,851,546	$	0	$	0	$	0	$	26,851,546
Corporates - Investment Grade		13,411,015		0		0		0		13,411,015
Total	$	40,262,561	$	0	$	0	$	0	$	40,262,561

(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 January 31, 2022, the aggregate market value of these securities amounted to $2,772,258,822 or 66.8% 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 January 31, 2022.

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

(h) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.64% of net assets as of January 31, 2022, are considered illiquid and restricted. Additional information regarding such securities follows:

55

144A/Restricted & Illiquid Securities	Acquisition Date	Cost		Market Value		Percentage of Net Assets
Bellemeade Re Ltd. Series 2019-4A, Class B1 3.958%, 10/25/2029	04/16/2020	$	1,159,830	$	1,623,704		0.04	%
Consumer Loan Underlying Bond Certificate Issuer Trust Series 2018-7, Class PT 10.79%, 06/15/2043	04/25/2018- 06/01/2020		280,093		270,359		0.01	%
Consumer Loan Underlying Bond Certificate Issuer Trust Series 2019-24, Class PT 10.365%, 08/15/2044	06/27/2019		669,305		684,104		0.02	%
Consumer Loan Underlying Bond Certificate Issuer Trust Series 2019-36, Class PT 12.539%, 10/17/2044	09/04/2019		1,128,814		1,134,682		0.03	%
Consumer Loan Underlying Bond Certificate Issuer Trust Series 2019-43, Class PT 5.271%, 11/15/2044	10/09/2019		382,425		380,306		0.01	%
Consumer Loan Underlying Bond Club Certificate Issuer Trust Series 2018-12, Class PT 10.789%, 06/15/2043	06/26/2018		250,751		245,719		0.01	%
Consumer Loan Underlying Bond Club Certificate Issuer Trust Series 2018-4, Class PT 11.884%, 05/15/2043	03/27/2018- 05/11/2018		256,883		250,588		0.01	%
Consumer Loan Underlying Bond Credit Trust Series 2018-3, Class PT 10.81%, 03/16/2043	03/07/2018		55,004		52,937		0.00	%
Diamond Offshore Drilling, Inc.	04/23/2021		2,371,457		787,628		0.02	%
Digicel Group Holdings Ltd. 7.00%, 02/16/2022	11/28/2016- 04/01/2021		696,905		555,487		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 4.902%, 09/25/2047	06/03/2020		937,473		1,126,260		0.03	%
Fideicomiso PA Pacifico Tres 7.00%, 01/15/2035	03/04/2016		10,731,863		10,000,696		0.24	%
JPMorgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 5.608%, 10/25/2025	09/18/2015		2,781,277		2,806,966		0.07	%
K2016470219 South Africa Ltd. 3.00%, 12/31/2022	01/31/2017- 06/30/2021		5,538,934		0		0.00	%
K2016470260 South Africa Ltd. 25.00%, 12/31/2022	01/31/2017		3,503,915		0		0.00	%
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018	05/15/2013- 02/19/2015		12,955,187		0		0.00	%
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058	01/22/2021		2,428,634		53,794		0.00	%
Radnor Re Ltd. Series 2020-1, Class B1 3.108%, 01/25/2030	04/15/2020		304,977		483,300		0.01	%
SoFi Consumer Loan Program LLC Series 2016-1, Class R Zero Coupon, 08/25/2025	07/28/2017- 08/01/2017		540,813		847,021		0.02	%

56

144A/Restricted & Illiquid Securities	Acquisition Date	Cost		Market Value		Percentage of Net Assets
SoFi Consumer Loan Program Trust Series 2018-1, Class R1 Zero Coupon, 02/25/2027	02/01/2018	$	11,354,951	$	1,950,357		0.05	%
Tonon Luxembourg SA 6.50%, 10/31/2024	05/03/2019- 10/31/2020		4,733,143		244		0.00	%
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018	10/19/2012- 02/27/2014		8,550,341		1,367		0.00	%
Virgolino de Oliveira Finance SA 10.875%, 01/13/2020	06/09/2014		2,486,550		250		0.00	%
Virgolino de Oliveira Finance SA 11.75%, 02/09/2022	07/26/2012- 02/05/2014		11,383,331		1,361		0.00	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.358%, 11/25/2025	09/06/2016		1,804,442		1,744,348		0.04	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 5.608%, 11/25/2025	09/28/2015- 02/26/2018		932,140		923,415		0.02	%

(i) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at January 31, 2022.

(j) Convertible security.

(k) Defaulted.

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

(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 January 31, 2022.

(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 OTC derivatives outstanding.

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

(r) IO - Interest Only.

(s) 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.

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

(u) Affiliated investments.

(v) As of January 31, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $170,424,268 and gross unrealized depreciation of investments was $(392,889,616), resulting in net unrealized depreciation of $(222,465,348).

Currency Abbreviations:

CAD – Canadian Dollar

COP – Colombian Peso

EUR – Euro

GBP – Great British Pound

MXN – Mexican Peso

USD – United States Dollar

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

57

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

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

LIBOR – London Interbank Offered Rate

REIT – Real Estate Investment Trust

COUNTRY BREAKDOWN¹

January 31, 2022 (unaudited)

72.5	%	United States
3.3	%	United Kingdom
2.6	%	Canada
1.8	%	Luxembourg
1.6	%	Brazil
1.1	%	France
0.9	%	Spain
0.8	%	Italy
0.7	%	Mexico
0.7	%	Bahrain
0.7	%	Germany
0.6	%	Switzerland
0.6	%	Argentina
10.5	%	Other
1.6	%	Short-Term
100.0	%	Total Investments

¹ All data are as of January 31, 2022. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 0.6% or less in the following: Angola, Australia, Bermuda, Chile, China, Colombia, Czech Republic, Denmark, Dominican Republic, Ecuador, Egypt, El Salvador, Finland, Gabon, Ghana, Guatemala, Hong Kong, India, Indonesia, Ireland, Israel, Ivory Coast, Jamaica, Jersey (Channel Islands), Macau, Morocco, Netherlands, Nigeria, Norway, Oman, Panama, Peru, Senegal, South Africa, Sweden, Trinidad & Tobago, Turkey, Ukraine, United Republic of Tanzania, Venezuela and Zambia.

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AB High Income Fund

January 31, 2022 (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 January 31, 2022:

Investments in Securities	Level 1			Level 2			Level 3			Total
Assets:
Corporates - Non-Investment Grade	$	-0-		$	2,380,057,637		$	1,028,380	#	$	2,381,086,017
Corporates - Investment Grade		-0-			370,709,267			-0-			370,709,267
Bank Loans		-0-			286,252,450			24,919,302			311,171,752
Emerging Markets - Corporate Bonds		-0-			230,166,957			3,222	#		230,170,179
Emerging Markets - Sovereigns		-0-			206,133,439			-0-			206,133,439
Collateralized Mortgage Obligations		-0-			190,565,721			-0-			190,565,721
Governments - Treasuries		-0-			159,328,184			-0-			159,328,184
Collateralized Loan Obligations		-0-			106,323,188			-0-			106,323,188
Common Stocks		45,678,768			4,480,292			43,751,052	#		93,910,112
Quasi-Sovereigns		-0-			32,827,423			-0-			32,827,423
Preferred Stocks		8,901,310			11,831,644			4,655,100			25,388,054
Commercial Mortgage-Backed Securities		-0-			25,249,038			-0-			25,249,038
Local Governments - US Municipal Bonds		-0-			16,684,824			-0-			16,684,824
Inflation-Linked Securities		-0-			14,561,150			-0-			14,561,150
Asset-Backed Securities		-0-			3,835,939			2,797,378			6,633,317
Warrants		448,102			-0-			3,668,916	#		4,117,018
Rights		-0-			-0-			60,792			60,792
Governments - Sovereign Bonds		-0-			-0-			0	#		0
Short-Term Investments:
Investment Companies		46,425,768			-0-			-0-			46,425,768
Time Deposits		-0-			21,383,087			-0-			21,383,087
Total Investments in Securities		101,453,948			4,060,390,240			80,884,142			4,242,728,330
Other Financial Instruments*:
Assets
Forward Currency Exchange Contracts		-0-			4,925,536			-0-			4,925,536
Centrally Cleared Credit Default Swaps		-0-			21,282,124			-0-			21,282,124
Credit Default Swaps		-0-			254,189			-0-			254,189
Liabilities
Futures		(2,423,164	)		-0-			-0-			(2,423,164	)
Forward Currency Exchange Contracts		-0-			(68,451	)		-0-			(68,451	)
Credit Default Swaps		-0-			(103,828,765	)		-0-			(103,828,765	)
Total Return Swaps		-0-			(559,161	)		-0-			(559,161	)
Reverse Repurchase Agreements		(40,262,561	)		-0-			-0-			(40,262,561	)
Total	$	58,768,223		$	3,982,395,712		$	80,884,142		$	4,122,048,077

# 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- lnvestment Grade#		Bank Loans			Emerging Markets - Corporate Bonds#			Common Stocks#
Balance as of 10/31/21	$	1,028,380	$	39,398,248		$	24,976		$	49,557,924
Accrued discounts/(premiums)		-0-		-0-			-0-			-0-
Realized gain (loss)		-0-		1,737			-0-			323,233
Change in unrealized appreciation/depreciation		-0-		(106,116	)		(1,022,876	)		1,536,616
Purchases/Payups		-0-		680,120			483,305			2,601,576
Sales		-0-		(145,436	)		-0-			(10,268,297	)
Transfers into Level 3		-0-		5,016,880			517,817			-0-
Transfers out of Level 3		-0-		(19,926,131	)		-0-			-0-
Balance as of 1/31/22	$	1,028,380	$	24,919,302		$	3,222		$	43,751,052
Net change in unrealized appreciation/depreciation from investments held as of 1/31/22	$	-0-	$	(106,116	)	$	(1,022,876	)	$	1,536,616
	Preferred Stocks		Asset-Backed Securities			Warrants#			Rights
Balance as of 10/31/21	$	4,609,800	$	5,305,374		$	3,285,967		$	61,481
Accrued discounts/(premiums)		-0-		42,634			-0-			-0-
Realized gain (loss)		-0-		(8,216,024	)		-0-			-0-
Change in unrealized appreciation/depreciation		45,300		6,068,254			382,949			(689	)
Purchases		-0-		-0-			-0-			-0-
Sales/Paydowns		-0-		(402,860	)		-0-			-0-
Transfers into Level 3		-0-		-0-			-0-			-0-
Transfers out of Level 3		-0-		-0-			-0-			-0-
Balance as of 1/31/22	$	4,655,100	$	2,797,378		$	3,668,916		$	60,792
Net change in unrealized appreciation/depreciation from investments held as of 1/31/22	$	45,300	$	(665,345	)	$	382,949		$	(689	)
	Governments - Sovereign Bonds#		Total
Balance as of 10/31/21	$	-0-	$	103,272,150
Accrued discounts/(premiums)		-0-		42,634
Realized gain (loss)		-0-		(7,891,054	)
Change in unrealized appreciation/depreciation		-0-		6,903,438
Purchase/Payups		-0-		3,765,001
Sales/Paydowns		-0-		(10,816,593	)
Transfers into Level 3		-0-		5,534,697
Transfers out of Level 3		-0-		(19,926,131	)
Balance as of 1/31/22	$	-0-	$	80,884,142
Net change in unrealized appreciation/depreciation from investments held as of 1/31/22	$	-0-	$	169,839

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

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The following presents information about significant unobservable inputs related to the Fund’s Level 3 investments at January 31, 2022. Securities priced (i) by third party vendors, (ii) by brokers or (iii) using prior transaction prices, which approximates fair value, are excluded from the following table.

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at 1/31/22		Valuation Technique	Unobservable Input	Input
Corporates - Non-Investment Grade	$	1,028,380	Recovery Analysis	Collateral Value	$	75.90
	$	-0-	Qualitative Assessment		$	0.00
	$	1,028,380
Emerging Markets - Corporate Bonds	$	1,367	Qualitative Assessment		$	0.00
	$	1,361	Qualitative Assessment		$	0.00
	$	250	Qualitative Assessment		$	0.00
	$	2,978
Common Stocks	$	8,468,423	Market Approach	NAV Equivalent	$	940.94
	$	6,674,250	Market Approach	Projected Enterprise Value	$	681.6mm to $754.1mm
	$	5	Qualitative Assessment		$	0.00
	$	-0-	Qualitative Assessment		$	0.00
	$	-0-	Qualitative Assessment		$	0.00
	$	15,142,678
Warrants	$	3,668,916	Option Pricing Model	Exercise Price	$	21.66
	$	-0-	Qualitative Assessment		$	0.00
	$	-0-	Qualitative Assessment		$	0.00
	$	-0-	Qualitative Assessment		$	0.00
	$	3,668,916
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 three months ended January 31, 2022 is as follows:

Fund	Market Value 10/31/21 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 1/31/22 (000)		Dividend Income (000)
Government Money
Market Portfolio	$	118,010	$	256,621	$	328,205	$	46,426	$	1

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