Ab High Income Fund NPORT-P/A Ab High Income Fund Inc (Jan 2023 report)

AB High Income Fund

Portfolio of Investments

January 31, 2023 (unaudited)

	Principal Amount (000)			U.S. $ Value
CORPORATES - NON-INVESTMENT GRADE – 56.4%
Industrial – 50.5%
Basic – 3.3%
Ahlstrom-Munksjo Holding 3 Oy 3.625%, 02/04/2028(a)		EUR	955	$	902,691
4.875%, 02/04/2028(a)		U.S.$	4,788		4,102,477
ASP Unifrax Holdings, Inc. 5.25%, 09/30/2028(a)			2,645		2,258,899
7.50%, 09/30/2029(a) (b)			4,355		3,151,974
Constellium SE 3.125%, 07/15/2029(a)		EUR	4,303		3,876,180
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125%, 06/15/2028(a)		U.S.$	527		478,570
Element Solutions, Inc. 3.875%, 09/01/2028(a)			2,415		2,135,688
ERP Iron Ore, LLC 9.039%, 12/31/2019(c) (d) (e) (f) (g)			1,355		903,863
FMG Resources (August 2006) Pty Ltd. 4.375%, 04/01/2031(a)			12,055		10,637,397
4.50%, 09/15/2027(a)			1,475		1,408,618
6.125%, 04/15/2032(a)			8,381		8,174,135
Guala Closures SpA 3.25%, 06/15/2028(a)		EUR	1,803		1,692,404
INEOS Quattro Finance 1 PLC 3.75%, 07/15/2026(a)			108		104,257
INEOS Styrolution Group GmbH 2.25%, 01/16/2027(a)			5,634		5,277,060
Ingevity Corp. 3.875%, 11/01/2028(a)		U.S.$	3,288		2,892,665
Intelligent Packaging Holdco Issuer LP 9.00% (9.00% Cash or 9.75% PIK), 01/15/2026(a) (g)			3,201		2,297,598
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC 6.00%, 09/15/2028(a)			4,418		3,940,247
Kleopatra Finco SARL 4.25%, 03/01/2026(a) (b)		EUR	5,384		4,901,817
Kobe US Midco 2, Inc. 9.25% (9.25% Cash or 10.00% PIK), 11/01/2026(a) (g)		U.S.$	6,077		4,491,794
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018(c) (d) (e) (f) (h)			16,121		0
Mercer International, Inc. 5.125%, 02/01/2029			2,306		1,973,123
Monitchem HoldCo 3 SA 5.25%, 03/15/2025(a)		EUR	524		552,577
Olympus Water US Holding Corp. 7.125%, 10/01/2027(a)		U.S.$	2,996		2,933,892
Rimini Bidco SpA 7.296% (EURIBOR 3 Month + 5.25%), 12/14/2026(b) (i)		EUR	6,497		6,764,467

1

	Principal Amount (000)			U.S. $ Value
SCIL IV LLC/SCIL USA Holdings LLC 4.375%, 11/01/2026(a)		EUR	1,267	$	1,225,903
5.375%, 11/01/2026(a)		U.S.$	6,449		5,950,507
Sealed Air Corp. 6.125%, 02/01/2028(a)			1,970		1,988,357
6.875%, 07/15/2033(a)			2,036		2,117,485
SPCM SA 3.125%, 03/15/2027(a)			1,487		1,311,319
Vibrantz Technologies, Inc. 9.00%, 02/15/2030(a)			14,230		11,015,259
WR Grace Holdings LLC 4.875%, 06/15/2027(a)			3,382		3,155,446
5.625%, 08/15/2029(a)			1,965		1,636,779
					104,253,448
Capital Goods – 2.9%
ARD Finance SA 5.00% (5.00% Cash or 5.75% PIK), 06/30/2027(a) (g)		EUR	8,856		7,268,743
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 4.00%, 09/01/2029(a)		U.S.$	5,355		4,417,875
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 4.125%, 08/15/2026(a)			8,327		7,601,234
5.25%, 08/15/2027(a)			1,966		1,604,256
Bombardier, Inc. 7.875%, 04/15/2027(a)			4,395		4,394,935
Chart Industries, Inc. 7.50%, 01/01/2030(a)			2,003		2,046,097
Clean Harbors, Inc. 6.375%, 02/01/2031(a)			1,891		1,926,326
Crown Americas LLC 5.25%, 04/01/2030			2,890		2,781,612
Eco Material Technologies, Inc. 7.875%, 01/31/2027(a)			9,472		9,120,781
EnerSys 4.375%, 12/15/2027(a)			5,050		4,664,938
F-Brasile SpA/F-Brasile US LLC Series XR 7.375%, 08/15/2026(a)			5,660		4,639,265
Granite US Holdings Corp. 11.00%, 10/01/2027(a)			2,757		2,906,970
Harsco Corp. 5.75%, 07/31/2027(a)			5,339		4,515,315
JELD-WEN, Inc. 4.625%, 12/15/2025(a)			1,036		916,789
Madison IAQ LLC 5.875%, 06/30/2029(a)			1,225		984,212
Mueller Water Products, Inc. 4.00%, 06/15/2029(a)			1,051		938,407

2

	Principal Amount (000)			U.S. $ Value
Renk AG/Frankfurt am Main 5.75%, 07/15/2025(a)		EUR	7,486	$	7,917,180
Rolls-Royce PLC 3.625%, 10/14/2025(a)		U.S.$	572		534,795
Stericycle, Inc. 3.875%, 01/15/2029(a)			2,516		2,235,877
Titan Holdings II BV 5.125%, 07/15/2029(a)		EUR	2,767		2,445,090
TransDigm, Inc. 4.625%, 01/15/2029		U.S.$	3,591		3,241,649
4.875%, 05/01/2029			3,750		3,391,510
8.00%, 12/15/2025(a)			3,335		3,403,703
Triumph Group, Inc. 6.25%, 09/15/2024(a)			1,892		1,828,873
7.75%, 08/15/2025(b)			2,289		1,947,374
8.875%, 06/01/2024(a)			1,533		1,562,217
Trivium Packaging Finance BV 3.75%, 08/15/2026(a)		EUR	132		133,647
WESCO Distribution, Inc. 7.25%, 06/15/2028(a)		U.S.$	2,462		2,532,199
					91,901,869
Communications - Media – 8.0%
Altice Financing SA 5.00%, 01/15/2028(a)			1,834		1,554,950
5.75%, 08/15/2029(a)			22,458		18,839,007
AMC Networks, Inc. 4.25%, 02/15/2029			4,017		2,465,140
4.75%, 08/01/2025			3,337		2,833,099
Arches Buyer, Inc. 6.125%, 12/01/2028(a) (b)			1,056		889,767
Banijay Entertainment SASU 3.50%, 03/01/2025(a)		EUR	815		856,099
5.375%, 03/01/2025(a)		U.S.$	6,993		6,731,744
CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 01/15/2034(a)			995		777,702
4.50%, 08/15/2030(a)			23,087		19,738,996
4.50%, 06/01/2033(a)			13,557		11,015,777
4.75%, 03/01/2030(a)			1,939		1,695,570
4.75%, 02/01/2032(a)			25,422		21,602,557
6.375%, 09/01/2029(a)			5,119		4,938,920
7.375%, 03/01/2031(a)			2,542		2,538,725
Clear Channel Outdoor Holdings, Inc. 5.125%, 08/15/2027(a)			583		531,067
CSC Holdings LLC 4.50%, 11/15/2031(a)			6,832		5,033,452
4.625%, 12/01/2030(a)			5,627		3,327,649
5.00%, 11/15/2031(a)			330		197,311
5.375%, 02/01/2028(a)			4,139		3,476,916
5.75%, 01/15/2030(a)			24,815		15,648,505
7.50%, 04/01/2028(a)			2,326		1,699,242

3

	Principal Amount (000)			U.S. $ Value
DISH DBS Corp. 5.125%, 06/01/2029		U.S.$	10,639	$	6,765,823
5.25%, 12/01/2026(a)			9,108		7,847,942
5.75%, 12/01/2028(a)			9,476		7,771,896
5.875%, 11/15/2024			953		899,856
7.375%, 07/01/2028			6,580		4,730,611
7.75%, 07/01/2026			3,040		2,466,128
DISH Network Corp. 3.375%, 08/15/2026(j)			4,275		2,790,582
Gray Escrow II, Inc. 5.375%, 11/15/2031(a)			8,103		6,231,847
iHeartCommunications, Inc. 5.25%, 08/15/2027(a)			5,920		5,307,507
6.375%, 05/01/2026			1,524		1,460,981
8.375%, 05/01/2027			1,375		1,232,454
LCPR Senior Secured Financing DAC 5.125%, 07/15/2029(a)			4,643		4,044,885
6.75%, 10/15/2027(a)			5,536		5,348,725
Liberty Interactive LLC 3.75%, 02/15/2030(j)			2,205		764,263
McGraw-Hill Education, Inc. 5.75%, 08/01/2028(a)			6,531		5,738,363
National CineMedia LLC 5.875%, 04/15/2028(a)			3,387		872,754
Radiate Holdco LLC/Radiate Finance, Inc. 4.50%, 09/15/2026(a)			5,030		3,852,893
Sinclair Television Group, Inc. 4.125%, 12/01/2030(a)			7,439		5,914,401
5.50%, 03/01/2030(a)			4,371		3,485,631
Sirius XM Radio, Inc. 4.00%, 07/15/2028(a)			26,374		23,444,742
5.50%, 07/01/2029(a)			110		103,138
Summer BidCo BV 9.00% (9.00% Cash or 9.75% PIK), 11/15/2025(a) (g)		EUR	3,315		2,698,944
Univision Communications, Inc.
4.50%, 05/01/2029(a)		U.S.$	2,116		1,820,207
7.375%, 06/30/2030(a)			8,775		8,602,243
Urban One, Inc. 7.375%, 02/01/2028(a)			7,907		7,139,403
Ziggo Bond Co. BV 5.125%, 02/28/2030(a)			4,106		3,389,860
Ziggo BV 4.875%, 01/15/2030(a)			900		784,539
					251,902,813
Communications - Telecommunications – 3.0%
Altice France SA/France 5.125%, 07/15/2029(a)			17,362		13,501,549
Connect Finco SARL/Connect US Finco LLC 6.75%, 10/01/2026(a)			8,905		8,515,406

4

	Principal Amount (000)			U.S. $ Value
Consolidated Communications, Inc. 5.00%, 10/01/2028(a)		U.S.$	987	$	753,741
6.50%, 10/01/2028(a)			9,296		7,587,940
DKT Finance ApS 7.00%, 06/17/2023(a)		EUR	3,874		4,212,146
9.375%, 06/17/2023(a)		U.S.$	3,093		3,094,335
Embarq Corp. 7.995%, 06/01/2036			8,721		4,202,650
Iliad Holding SASU 7.00%, 10/15/2028(a)			1,668		1,564,979
Intelsat Jackson Holdings SA 5.50%, 08/01/2023(c) (d) (e)			7,915		0
9.75%, 07/15/2025(c) (d) (e) (h)			1,446		0
Kaixo Bondco Telecom SA 5.125%, 09/30/2029(a)		EUR	3,977		3,735,124
Level 3 Financing, Inc. 3.75%, 07/15/2029(a)		U.S.$	3,785		2,770,268
4.25%, 07/01/2028(a)			4,459		3,532,538
4.625%, 09/15/2027(a)			3,435		2,913,381
Lorca Telecom Bondco SA 4.00%, 09/18/2027(a)		EUR	3,690		3,680,911
Telecom Italia Capital SA 7.20%, 07/18/2036		U.S.$	5,713		4,867,466
7.721%, 06/04/2038			6,995		6,032,990
United Group BV 3.625%, 02/15/2028(a)		EUR	752		645,854
4.00%, 11/15/2027(a)			1,179		1,022,767
4.625%, 08/15/2028(a)			825		727,020
5.25%, 02/01/2030(a)			689		594,225
6.516% (EURIBOR 3 Month + 4.88%), 02/01/2029(i)			5,496		5,350,229
Vmed O2 UK Financing I PLC 4.25%, 01/31/2031(a)		U.S.$	900		755,114
4.75%, 07/15/2031(a)			12,630		10,754,536
Zayo Group Holdings, Inc. 4.00%, 03/01/2027(a)			5,505		4,375,498
					95,190,667
Consumer Cyclical - Automotive – 4.2%
Allison Transmission, Inc. 5.875%, 06/01/2029(a)			3,279		3,158,097
Aston Martin Capital Holdings Ltd. 10.50%, 11/30/2025(a)			3,901		3,809,833
15.00% (8.89% Cash and 6.11% PIK), 11/30/2026(a) (g)			4,623		4,901,965
Clarios Global LP/Clarios US Finance Co. 4.375%, 05/15/2026(a)		EUR	1,055		1,091,198
Dana, Inc. 4.25%, 09/01/2030		U.S.$	3,854		3,267,816
Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028(a)			8,346		7,728,948

5

	Principal Amount (000)			U.S. $ Value
Exide Technologies
(Exchange Priority) 11.00%, 10/31/2024(c) (d) (e) (h)	U.S.$		18,493	$	0
(First Lien) 11.00%, 10/31/2024(c) (d) (e) (h)			7,590		0
Ford Motor Co. 3.25%, 02/12/2032			9,212		7,315,120
6.10%, 08/19/2032			17,381		17,055,106
Ford Motor Credit Co. LLC 2.70%, 08/10/2026			388		346,268
4.95%, 05/28/2027			6,465		6,205,141
5.113%, 05/03/2029			1,800		1,705,471
5.125%, 06/16/2025			538		527,263
7.35%, 11/04/2027			14,621		15,333,382
IHO Verwaltungs GmbH 4.75% (4.75% Cash or 5.50% PIK), 09/15/2026(a) (g)			1,575		1,442,204
6.00% (6.00% Cash or 6.75% PIK), 05/15/2027(a) (g)			7,018		6,489,483
Jaguar Land Rover Automotive PLC 5.50%, 07/15/2029(a)			6,351		4,964,600
5.875%, 01/15/2028(a)			6,393		5,434,932
7.75%, 10/15/2025(a)			6,597		6,511,942
Mclaren Finance PLC 7.50%, 08/01/2026(a)			9,232		6,801,021
PM General Purchaser LLC 9.50%, 10/01/2028(a)			5,980		4,574,400
Real Hero Merger Sub 2, Inc. 6.25%, 02/01/2029(a)			6,620		4,910,695
Titan International, Inc. 7.00%, 04/30/2028			7,168		6,865,672
ZF Europe Finance BV 2.00%, 02/23/2026(a)		EUR	1,200		1,178,980
3.00%, 10/23/2029(a)			1,600		1,429,859
ZF Finance GmbH 2.00%, 05/06/2027(a)			200		186,404
2.25%, 05/03/2028(a)			1,200		1,081,950
3.75%, 09/21/2028(a)			100		95,952
ZF North America Capital, Inc. 4.75%, 04/29/2025(a)		U.S.$	9,312		9,003,707
					133,417,409
Consumer Cyclical - Entertainment – 2.9%
Carnival Corp. 4.00%, 08/01/2028(a)			8,433		7,269,836
5.75%, 03/01/2027(a)			5,811		4,823,130
7.625%, 03/01/2026(a)		EUR	1,630		1,593,888
9.875%, 08/01/2027(a)		U.S.$	5,639		5,794,073
10.125%, 02/01/2026(a)		EUR	1,630		1,841,699
Carnival PLC 1.00%, 10/28/2029			737		407,985

6

	Principal Amount (000)			U.S. $ Value
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.50%, 05/01/2025(a)		U.S.$	12,465	$	12,378,948
Cinemark USA, Inc. 5.25%, 07/15/2028(a)			2,584		2,119,007
Lindblad Expeditions LLC 6.75%, 02/15/2027(a)			1,512		1,480,495
Motion Bondco DAC 4.50%, 11/15/2027(a)		EUR	2,973		2,818,828
NCL Corp. Ltd. 5.875%, 03/15/2026(a)		U.S.$	9,466		8,187,828
8.375%, 02/01/2028(a)			768		780,809
Royal Caribbean Cruises Ltd. 5.375%, 07/15/2027(a)			6,220		5,383,410
5.50%, 08/31/2026(a)			5,098		4,537,220
5.50%, 04/01/2028(a)			20,172		17,347,920
Viking Cruises Ltd. 5.875%, 09/15/2027(a)			4,065		3,466,432
7.00%, 02/15/2029(a)			5,016		4,364,212
13.00%, 05/15/2025(a)			2,788		2,957,765
VOC Escrow Ltd. 5.00%, 02/15/2028(a)			3,318		2,920,081
					90,473,566
Consumer Cyclical - Other – 3.8%
Adams Homes, Inc. 7.50%, 02/15/2025(a)			3,468		2,991,991
Allwyn Entertainment Financing UK PLC 5.887% (EURIBOR 3 Month + 4.12%), 02/15/2028(i)		EUR	3,827		4,129,260
Brookfield Residential Properties, Inc./Brookfield Residential US LLC 4.875%, 02/15/2030(a)		U.S.$	5,889		4,580,574
6.25%, 09/15/2027(a)			7,295		6,500,392
Builders FirstSource, Inc. 4.25%, 02/01/2032(a)			950		817,475
6.375%, 06/15/2032(a)			6,873		6,730,738
Caesars Entertainment, Inc. 6.25%, 07/01/2025(a)			3,735		3,721,017
7.00%, 02/15/2030(a)			4,502		4,587,638
Castle UK Finco PLC 7.00%, 05/15/2029		GBP	2,900		2,627,965
7.012% (EURIBOR 3 Month + 5.25%), 05/15/2028(i)		EUR	2,233		1,917,809
Churchill Downs, Inc. 4.75%, 01/15/2028(a)		U.S.$	2,523		2,360,310
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, 11/15/2025(a)			6,001		5,402,260
Forestar Group, Inc. 3.85%, 05/15/2026(a)			2,881		2,582,456

7

	Principal Amount (000)			U.S. $ Value
Hilton Domestic Operating Co., Inc. 3.625%, 02/15/2032(a)		U.S.$	6,167	$	5,158,805
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc 4.875%, 07/01/2031(a)			1,162		1,007,184
5.00%, 06/01/2029(a)			6,848		6,121,786
Installed Building Products, Inc. 5.75%, 02/01/2028(a)			838		772,387
International Game Technology PLC 3.50%, 06/15/2026(a)		EUR	1,026		1,054,814
Mattamy Group Corp. 4.625%, 03/01/2030(a)		U.S.$	4,691		3,959,801
MGM Resorts International 4.75%, 10/15/2028			4,015		3,638,972
5.50%, 04/15/2027			4,386		4,237,084
NH Hotel Group SA 4.00%, 07/02/2026(a)		EUR	3,608		3,678,111
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 02/15/2028		U.S.$	3,292		2,931,636
4.75%, 04/01/2029			4,530		3,948,870
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875%, 05/15/2025(a)			4,781		4,499,922
Taylor Morrison Communities, Inc. 5.125%, 08/01/2030(a)			995		909,526
5.75%, 01/15/2028(a)			1,782		1,729,259
Travel & Leisure Co. 4.50%, 12/01/2029(a)			3,509		3,028,738
4.625%, 03/01/2030(a)			10,068		8,620,446
6.625%, 07/31/2026(a)			3,533		3,507,054
Wyndham Hotels & Resorts, Inc. 4.375%, 08/15/2028(a)			2,628		2,436,964
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25%, 05/15/2027(a)			2,353		2,222,410
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, 10/01/2029(a)			7,631		6,809,029
					119,222,683
Consumer Cyclical - Restaurants – 0.7%
1011778 BC ULC/New Red Finance, Inc. 3.875%, 01/15/2028(a)			4,965		4,538,035
4.00%, 10/15/2030(a)			7,591		6,459,278
4.375%, 01/15/2028(a)			83		76,608
Stonegate Pub Co. Financing 2019 PLC 8.00%, 07/13/2025(a)		GBP	963		1,090,375
8.25%, 07/31/2025(a)			6,836		7,820,316
Yum! Brands, Inc. 4.625%, 01/31/2032		U.S.$	867		789,747
					20,774,359

8

	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Retailers – 3.1%
Arko Corp. 5.125%, 11/15/2029(a)	U.S.$	4,612	$	3,652,639
Asbury Automotive Group, Inc. 4.625%, 11/15/2029(a)		3,368		2,975,823
5.00%, 02/15/2032(a)		3,986		3,442,910
Bath & Body Works, Inc. 6.625%, 10/01/2030(a)		3,743		3,657,549
6.75%, 07/01/2036		1,479		1,337,170
6.875%, 11/01/2035		9,394		8,620,620
7.50%, 06/15/2029		492		499,057
BCPE Ulysses Intermediate, Inc. 7.75% (7.75% Cash or 8.50% PIK), 04/01/2027(a) (g)		2,653		1,980,785
Carvana Co. 5.50%, 04/15/2027(a)		1,469		661,100
5.875%, 10/01/2028(a)		4,527		1,971,246
FirstCash, Inc. 5.625%, 01/01/2030(a)		160		146,881
Foundation Building Materials, Inc. 6.00%, 03/01/2029(a)		1,246		1,002,252
Kontoor Brands, Inc. 4.125%, 11/15/2029(a)		3,885		3,356,062
Levi Strauss & Co. 3.50%, 03/01/2031(a)		2,970		2,510,443
Michaels Cos, Inc. (The) 5.25%, 05/01/2028(a)		7,693		6,448,931
7.875%, 05/01/2029(a)		4,330		3,289,261
NMG Holding Co., Inc./Neiman Marcus Group LLC 7.125%, 04/01/2026(a)		6,621		6,352,180
Penske Automotive Group, Inc. 3.75%, 06/15/2029		2,885		2,450,988
PetSmart, Inc./PetSmart Finance Corp. 7.75%, 02/15/2029(a)		4,311		4,250,457
Rite Aid Corp. 7.50%, 07/01/2025(a)		4,738		3,124,944
Sonic Automotive, Inc. 4.625%, 11/15/2029(a)		5,847		4,863,038
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.375%, 09/30/2026(a)		4,261		3,837,314
SRS Distribution, Inc. 6.125%, 07/01/2029(a)		1,110		954,474
Staples, Inc. 7.50%, 04/15/2026(a)		12,372		10,983,905
10.75%, 04/15/2027(a)		6,383		4,835,812
TPro Acquisition Corp. 11.00%, 10/15/2024(a)		3,220		3,147,921

9

	Principal Amount (000)			U.S. $ Value
White Cap Buyer LLC 6.875%, 10/15/2028(a)		U.S.$	4,257	$	3,898,051
William Carter Co. (The) 5.625%, 03/15/2027(a)			1,991		1,942,652
Wolverine World Wide, Inc. 4.00%, 08/15/2029(a)			4,275		3,434,432
					99,628,897
Consumer Non-Cyclical – 5.8%
AdaptHealth LLC 6.125%, 08/01/2028(a)			132		125,261
AHP Health Partners, Inc. 5.75%, 07/15/2029(a)			4,713		3,873,749
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 4.625%, 01/15/2027(a)			3,290		3,122,924
4.875%, 02/15/2030(a)			2,263		2,085,901
5.875%, 02/15/2028(a)			1,997		1,952,610
7.50%, 03/15/2026(a)			333		342,632
Bausch Health Cos., Inc. 4.875%, 06/01/2028(a)			10,910		7,003,257
5.00%, 02/15/2029(a)			6,076		2,719,136
6.25%, 02/15/2029(a)			4,938		2,284,443
CAB SELAS 3.375%, 02/01/2028(a)		EUR	3,859		3,503,411
CHS/Community Health Systems, Inc. 4.75%, 02/15/2031(a)		U.S.$	1,291		991,828
5.625%, 03/15/2027(a)			697		616,886
6.125%, 04/01/2030(a)			17,171		10,397,796
6.875%, 04/01/2028(a) (b)			2,898		1,768,905
8.00%, 03/15/2026(a)			2,265		2,199,073
Cidron Aida Finco SARL 5.00%, 04/01/2028(a)		EUR	949		930,216
DaVita, Inc. 4.625%, 06/01/2030(a)		U.S.$	14,083		11,864,537
Elanco Animal Health, Inc. 6.40%, 08/28/2028			5,007		4,918,738
Embecta Corp. 5.00%, 02/15/2030(a)			9,223		7,595,253
Emergent BioSolutions, Inc. 3.875%, 08/15/2028(a)			7,410		3,218,740
Garden Spinco Corp. 8.625%, 07/20/2030(a)			3,395		3,649,728
Grifols Escrow Issuer SA 3.875%, 10/15/2028(a)		EUR	6,477		5,973,149
Gruenenthal GmbH 4.125%, 05/15/2028(a)			3,656		3,616,904
IQVIA, Inc. 2.25%, 03/15/2029(a)			3,948		3,613,111
Jazz Securities DAC 4.375%, 01/15/2029(a)		U.S.$	3,447		3,146,613

10

	Principal Amount (000)		U.S. $ Value
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. 7.00%, 12/31/2027(a)	U.S.$	9,238	$	8,042,477
Lamb Weston Holdings, Inc. 4.125%, 01/31/2030(a)		3,671		3,309,325
Legacy LifePoint Health LLC 6.75%, 04/15/2025(a)		333		324,539
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 10.00%, 06/15/2029(a)		636		364,622
Medline Borrower LP 3.875%, 04/01/2029(a)		6,982		5,974,071
5.25%, 10/01/2029(a)		14,103		11,835,552
ModivCare, Inc. 5.875%, 11/15/2025(a)		249		240,965
Organon & Co.,/Organon Foreign Debt Co-Issuer BV 4.125%, 04/30/2028(a)		3,474		3,152,497
Perrigo Finance Unlimited Co. 4.40%, 06/15/2030		200		175,140
Post Holdings, Inc. 4.50%, 09/15/2031(a)		5,969		5,148,145
4.625%, 04/15/2030(a)		414		364,332
Primo Water Holdings, Inc. 4.375%, 04/30/2029(a)		7,622		6,659,403
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. 9.75%, 12/01/2026(a)		11,464		10,041,605
RP Escrow Issuer LLC 5.25%, 12/15/2025(a)		3,960		3,230,619
Spectrum Brands, Inc. 3.875%, 03/15/2031(a)		8,864		7,148,461
Tenet Healthcare Corp. 6.125%, 10/01/2028		10,325		9,615,758
6.125%, 06/15/2030(a)		1,026		996,544
Triton Water Holdings, Inc. 6.25%, 04/01/2029(a)		5,317		4,217,429
US Acute Care Solutions LLC 6.375%, 03/01/2026(a)		10,570		9,572,608
US Renal Care, Inc. 10.625%, 07/15/2027(a)		1,739		569,481
				182,498,374
Energy – 4.3%
Berry Petroleum Co. LLC 7.00%, 02/15/2026(a)		1,215		1,169,425
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.625%, 12/15/2025(a)		2,179		2,212,495
Callon Petroleum Co. 8.25%, 07/15/2025		253		253,000
Citgo Holding, Inc. 9.25%, 08/01/2024(a)		2,595		2,614,320

11

	Principal Amount (000)		U.S. $ Value
CITGO Petroleum Corp. 6.375%, 06/15/2026(a)	U.S.$	2,387	$	2,340,216
7.00%, 06/15/2025(a)		9,430		9,354,585
Civitas Resources, Inc. 5.00%, 10/15/2026 (a)		3,111		2,912,128
CNX Resources Corp. 6.00%, 01/15/2029(a)		635		586,843
7.25%, 03/14/2027(a)		81		80,635
Comstock Resources, Inc. 6.75%, 03/01/2029(a)		1,289		1,187,588
Crescent Energy Finance LLC 7.25%, 05/01/2026(a)		4,001		3,839,968
Encino Acquisition Partners Holdings LLC 8.50%, 05/01/2028(a)		6,469		6,068,215
EnLink Midstream Partners LP Series C 8.879% (LIBOR 3 Month + 4.11%), 03/03/2023(i) (k)		12,323		10,354,564
EQM Midstream Partners LP 4.50%, 01/15/2029(a)		3,942		3,456,262
4.75%, 01/15/2031(a)		2,497		2,115,152
Genesis Energy LP/Genesis Energy Finance Corp. 6.25%, 05/15/2026		1,230		1,178,248
7.75%, 02/01/2028		5,793		5,609,057
8.00%, 01/15/2027		1,883		1,858,930
Global Partners LP/GLP Finance Corp. 6.875%, 01/15/2029		2,289		2,158,683
7.00%, 08/01/2027		2,149		2,073,711
Gulfport Energy Corp. 6.00%, 10/15/2024(c)		2,508		1,580
6.375%, 05/15/2025(c)		9,574		6,032
6.375%, 01/15/2026(c)		9,247		5,826
6.625%, 05/01/2023(c)		619		390
8.00%, 05/17/2026(a)		3,335		3,308,675
Harbour Energy PLC 5.50%, 10/15/2026(a)		2,718		2,499,734
Hess Midstream Operations LP 4.25%, 02/15/2030(a)		499		437,421
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 02/01/2029(a)		1,024		952,615
6.00%, 02/01/2031(a)		1,461		1,345,148
Ithaca Energy North Sea PLC 9.00%, 07/15/2026(a)		6,214		6,118,496
ITT Holdings LLC 6.50%, 08/01/2029(a)		10,492		9,121,124
Moss Creek Resources Holdings, Inc. 7.50%, 01/15/2026(a)		2,391		2,208,408
Nabors Industries Ltd. 7.25%, 01/15/2026(a)		1,898		1,845,799
7.50%, 01/15/2028(a)		7,663		7,302,468

12

	Principal Amount (000)			U.S. $ Value
New Fortress Energy, Inc. 6.75%, 09/15/2025(a)		U.S.$	6,051	$	5,805,103
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.50%, 02/01/2026(a)			6,914		6,568,247
NuStar Logistics LP 6.375%, 10/01/2030			873		841,167
Occidental Petroleum Corp. 5.875%, 09/01/2025			346		350,284
6.125%, 01/01/2031			435		454,746
8.875%, 07/15/2030			558		656,223
PDC Energy, Inc. 5.75%, 05/15/2026			6,047		5,847,872
6.125%, 09/15/2024			3,611		3,591,226
Southwestern Energy Co. 5.375%, 02/01/2029			1,481		1,392,319
8.375%, 09/15/2028			153		160,660
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. 8.50%, 10/15/2026(a)			4,596		4,472,889
Sunnova Energy Corp. 5.875%, 09/01/2026(a)			1,654		1,488,679
Sunoco LP/Sunoco Finance Corp. 5.875%, 03/15/2028			1,917		1,879,148
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 6.00%, 12/31/2030(a)			614		559,258
6.00%, 09/01/2031(a)			269		242,505
Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024(a)			3,361		3,406,386
Transocean Pontus Ltd. 6.125%, 08/01/2025(a)			897		921,889
Transocean Poseidon Ltd. 6.875%, 02/01/2027(a)			1,678		1,666,221
					136,882,563
Other Industrial – 0.2%
Belden, Inc. 3.375%, 07/15/2031(a)		EUR	6,204		5,736,042
Services – 3.9%
ADT Security Corp. (The) 4.875%, 07/15/2032(a)		U.S.$	3,517		3,144,444
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.00%, 06/01/2029(a)			1,397		1,122,973
6.625%, 07/15/2026(a)			1,699		1,635,950
9.75%, 07/15/2027(a)			7,999		7,641,437
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 3.625%, 06/01/2028(a)		EUR	1,105		996,482
4.625%, 06/01/2028(a)		U.S.$	4,924		4,211,440
4.875%, 06/01/2028(a)		GBP	3,580		3,642,427

13

	Principal Amount (000)			U.S. $ Value
ANGI Group LLC 3.875%, 08/15/2028(a)		U.S.$	8,847	$	6,782,277
Aptim Corp. 7.75%, 06/15/2025(a)			10,736		7,646,027
APX Group, Inc. 5.75%, 07/15/2029(a)			5,963		5,164,307
6.75%, 02/15/2027(a)			1,148		1,125,452
Aramark Services, Inc. 5.00%, 02/01/2028(a)			2,216		2,090,620
Block, Inc. 3.50%, 06/01/2031			5,394		4,525,684
Cars.com, Inc. 6.375%, 11/01/2028(a)			4,403		4,086,314
Garda World Security Corp. 4.625%, 02/15/2027(a)			378		345,876
7.75%, 02/15/2028(a)			4,912		4,976,240
9.50%, 11/01/2027(a)			495		491,055
ION Trading Technologies SARL 5.75%, 05/15/2028(a)			2,109		1,808,878
Korn Ferry 4.625%, 12/15/2027(a)			2,404		2,259,760
Millennium Escrow Corp. 6.625%, 08/01/2026(a)			8,204		5,702,360
Monitronics International, Inc. 0.00%, 04/01/2020(c) (d) (e) (f)			6,914		0
MPH Acquisition Holdings LLC 5.50%, 09/01/2028(a)			3,721		3,090,897
5.75%, 11/01/2028(a) (b)			17,454		12,676,459
Neptune Bidco US, Inc. 9.29%, 04/15/2029(a)			7,757		7,548,916
Prime Security Services Borrower LLC/Prime Finance, Inc. 5.25%, 04/15/2024(a)			135		133,883
6.25%, 01/15/2028(a)			13,331		12,641,644
Q-Park Holding I BV 1.50%, 03/01/2025(a)		EUR	586		591,576
2.00%, 03/01/2027(a)			946		870,714
Sabre GLBL, Inc. 7.375%, 09/01/2025(a)		U.S.$	1,580		1,561,264
9.25%, 04/15/2025(a)			673		687,330
11.25%, 12/15/2027(a)			8,348		8,848,488
Verisure Holding AB 3.875%, 07/15/2026(a)		EUR	3,620		3,645,934
WASH Multifamily Acquisition, Inc. 5.75%, 04/15/2026(a)		U.S.$	265		245,323
					121,942,431

14

	Principal Amount (000)			U.S. $ Value
Technology – 2.5%
Ahead DB Holdings LLC 6.625%, 05/01/2028(a)		U.S.$	3,518	$	2,974,179
AthenaHealth Group, Inc. 6.50%, 02/15/2030(a)			7,398		6,105,227
Cablevision Lightpath LLC 5.625%, 09/15/2028(a)			4,374		3,352,644
Centurion Bidco SpA 5.875%, 09/30/2026(a)		EUR	3,669		3,643,537
Entegris Escrow Corp. 5.95%, 06/15/2030(a)		U.S.$	4,475		4,298,542
Gen Digital, Inc. 6.75%, 09/30/2027(a)			4,989		5,058,916
7.125%, 09/30/2030(a)			3,489		3,541,102
GoTo Group, Inc. 5.50%, 09/01/2027(a)			5,905		2,974,541
Imola Merger Corp. 4.75%, 05/15/2029(a)			4,868		4,236,860
NCR Corp. 5.125%, 04/15/2029(a)			5,205		4,528,819
6.125%, 09/01/2029(a)			1,207		1,195,340
Playtech PLC 4.25%, 03/07/2026(a)		EUR	776		808,086
Playtika Holding Corp. 4.25%, 03/15/2029(a)		U.S.$	3,037		2,523,236
Presidio Holdings, Inc. 8.25%, 02/01/2028(a)			9,310		8,951,330
Rackspace Technology Global, Inc. 3.50%, 02/15/2028(a)			14,232		8,556,990
TeamSystem SpA 3.50%, 02/15/2028(a)		EUR	1,629		1,550,463
Veritas US, Inc./Veritas Bermuda Ltd. 7.50%, 09/01/2025(a)		U.S.$	17,204		11,348,799
Virtusa Corp. 7.125%, 12/15/2028(a)			3,521		2,958,445
					78,607,056
Transportation - Airlines – 0.8%
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%, 04/20/2026(a)			3,807		3,733,537
5.75%, 04/20/2029(a)			12,053		11,668,589
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. 5.75%, 01/20/2026(a)			4,795		4,583,435
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 09/20/2025(a)			5,914		6,051,081
United Airlines, Inc. 4.625%, 04/15/2029(a)			1,152		1,051,117
					27,087,759

15

	Principal Amount (000)			U.S. $ Value
Transportation - Services – 1.1%
AerCap Global Aviation Trust 6.50%, 06/15/2045(a)		EUR	3,384	$	3,308,228
Albion Financing 1 SARL/Aggreko Holdings, Inc. 5.25%, 10/15/2026(a)			2,713		2,648,197
Atlantia SpA 1.875%, 02/12/2028(a)			3,996		3,744,814
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 4.75%, 04/01/2028(a)		U.S.$	3,655		3,231,828
5.375%, 03/01/2029(a) (b)			1,387		1,240,823
5.75%, 07/15/2027(a)			1,477		1,389,047
BCP V Modular Services Finance II PLC 4.75%, 11/30/2028(a)		EUR	538		510,561
BCP V Modular Services Finance PLC 6.75%, 11/30/2029			5,428		4,676,838
EC Finance PLC 3.00%, 10/15/2026			1,905		1,881,905
Hertz Corp. (The) 4.625%, 12/01/2026(a)		U.S.$	5,020		4,460,232
5.00%, 12/01/2029(a)			3,561		2,910,343
Kapla Holding SAS 3.375%, 12/15/2026(a)		EUR	306		299,022
Loxam SAS 2.875%, 04/15/2026(a)			934		934,166
PROG Holdings, Inc. 6.00%, 11/15/2029(a)		U.S.$	4,240		3,593,464
					34,829,468
					1,594,349,404
Financial Institutions – 5.3%
Banking – 0.7%
Ally Financial, Inc. Series C 4.70%, 05/15/2028(k)			993		762,127
Bread Financial Holdings, Inc. 4.75%, 12/15/2024(a)			6,719		6,094,060
7.00%, 01/15/2026(a)			3,175		2,920,203
Credit Suisse Group AG 6.25%, 12/18/2024(a) (k)			7,786		6,819,403
6.375%, 08/21/2026(a) (k)			8,766		7,115,581
					23,711,374
Brokerage – 0.5%
Advisor Group Holdings, Inc. 10.75%, 08/01/2027(a)			6,141		6,345,797
AG Issuer LLC 6.25%, 03/01/2028(a)			3,354		3,169,561
AG TTMT Escrow Issuer LLC 8.625%, 09/30/2027(a)			897		925,053
NFP Corp. 6.875%, 08/15/2028(a)			6,358		5,505,342
					15,945,753

16

	Principal Amount (000)			U.S. $ Value
Finance – 1.6%
Aircastle Ltd. 5.25%, 06/15/2026(a) (k)		U.S.$	2,836	$	2,327,243
Castlelake Aviation Finance DAC 5.00%, 04/15/2027(a)			4,612		4,205,360
CNG Holdings, Inc. 12.50%, 06/15/2024(a)			4,791		4,059,241
Compass Group Diversified Holdings LLC 5.25%, 04/15/2029(a)			4,831		4,350,072
Curo Group Holdings Corp. 7.50%, 08/01/2028(a)			13,768		6,247,230
Enova International, Inc. 8.50%, 09/01/2024(a)			2,537		2,482,254
8.50%, 09/15/2025(a)			6,750		6,421,698
ILFC E-Capital Trust II 6.538% (LIBOR 3 Month + 1.80%), 12/21/2065(a) (i)			1,500		1,010,465
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5.00%, 08/15/2028(a)			4,831		4,125,968
Navient Corp. 4.875%, 03/15/2028			6,959		6,156,276
5.00%, 03/15/2027			1,471		1,343,647
5.625%, 08/01/2033			1,834		1,435,741
6.75%, 06/25/2025			2,395		2,389,851
Synchrony Financial 7.25%, 02/02/2033			4,700		4,694,010
					51,249,056
Insurance – 0.5%
Acrisure LLC/Acrisure Finance, Inc. 10.125%, 08/01/2026(a)			1,473		1,479,927
Ardonagh Midco 2 PLC 11.50% (11.50% Cash or 12.75% PIK), 01/15/2027(a) (b) (g)			11,171		10,509,212
AssuredPartners, Inc. 5.625%, 01/15/2029(a)			3,000		2,561,806
					14,550,945
Other Finance – 0.8%
Altice France Holding SA 10.50%, 05/15/2027(a)			4,599		3,932,012
Armor Holdco, Inc. 8.50%, 11/15/2029(a)			8,586		7,331,733
Coinbase Global, Inc. 3.375%, 10/01/2028(a)			5,564		3,588,584
3.625%, 10/01/2031(a)			2,379		1,382,538
Intrum AB 4.875%, 08/15/2025		EUR	4,189		4,283,937
Motion Finco SARL 7.00%, 05/15/2025(a)			3,433		3,775,409
					24,294,213

17

	Principal Amount (000)				U.S. $ Value
REITs – 1.2%
ADLER Group SA 2.75%, 11/13/2026(a)		EUR	1,200		$	535,321
Aedas Homes Opco SLU 4.00%, 08/15/2026			8,929			8,550,893
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 4.50%, 04/01/2027(a)		U.S.$	8,411			7,404,254
5.75%, 05/15/2026(a)			2,813			2,652,442
Diversified Healthcare Trust 9.75%, 06/15/2025			2,820			2,767,487
Neinor Homes SA 4.50%, 10/15/2026(a)		EUR	5,519			5,242,647
Via Celere Desarrollos Inmobiliarios SA 5.25%, 04/01/2026			5,665			5,702,995
Vivion Investments SARL 3.00%, 08/08/2024(a) (b)			4,600			4,213,482
3.50%, 11/01/2025(a) (b)			2,400			2,099,785
						39,169,306
						168,920,647
Utility – 0.6%
Electric – 0.3%
ContourGlobal Power Holdings SA 3.125%, 01/01/2028(a)			813			738,157
Vistra Corp. 7.00%, 12/15/2026(a) (k)		U.S.$	3,713			3,495,280
8.00%, 10/15/2026(a) (k)			4,495			4,402,787
				��
						8,636,224
Natural Gas – 0.2%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.75%, 05/20/2027			710			669,130
AmeriGas Partners LP/AmeriGas Finance Corp. 5.875%, 08/20/2026			530			511,938
UGI International LLC 2.50%, 12/01/2029(a)		EUR	4,535			4,005,477
						5,186,545
Other Utility – 0.1%
Solaris Midstream Holdings LLC 7.625%, 04/01/2026(a)		U.S.$	4,331			4,333,172
						18,155,941
Total Corporates - Non-Investment Grade (cost $2,028,770,732)						1,781,425,992

18

	Principal Amount (000)			U.S. $ Value
CORPORATES - INVESTMENT GRADE – 13.6%
Industrial – 6.8%
Basic – 0.8%
Arconic Corp. 6.00%, 05/15/2025(a)		U.S.$	3,466	$	3,448,622
Braskem Netherlands Finance BV 4.50%, 01/31/2030(a)			4,661		4,088,629
Celanese US Holdings LLC 5.90%, 07/05/2024			2,405		2,419,019
6.05%, 03/15/2025			2,405		2,423,774
Freeport Indonesia PT 4.763%, 04/14/2027(a)			696		675,197
INEOS Finance PLC 2.875%, 05/01/2026(a)		EUR	3,007		2,942,108
3.375%, 03/31/2026(a)			1,428		1,413,271
Nexa Resources SA 6.50%, 01/18/2028(a)		U.S.$	3,219		3,177,555
Olin Corp. 5.125%, 09/15/2027			540		524,293
5.625%, 08/01/2029			3,127		3,048,376
					24,160,844
Capital Goods – 0.5%
General Electric Co. Series D 8.099% (LIBOR 3 Month + 3.33%), 03/15/2023(i) (k)			12,108		12,064,660
Howmet Aerospace, Inc. 5.90%, 02/01/2027			805		818,888
Regal Rexnord Corp. 6.30%, 02/15/2030(a)			852		867,453
6.40%, 04/15/2033(a)			1,008		1,032,255
Textron Financial Corp. 6.341% (LIBOR 3 Month + 1.74%), 02/15/2042(a) (i)			125		94,661
					14,877,917
Communications - Media – 0.6%
Directv Financing LLC/Directv Financing Co-Obligor, Inc. 5.875%, 08/15/2027(a)			8,766		7,939,900
Discovery Communications LLC 4.125%, 05/15/2029			736		676,299
Prosus NV 4.027%, 08/03/2050(a)			1,341		897,632
Telecomunicaciones Digitales SA 4.50%, 01/30/2030(a)			443		390,117
Warnermedia Holdings, Inc. 3.755%, 03/15/2027(a)			3,059		2,866,082
4.279%, 03/15/2032(a)			4,249		3,778,738
Weibo Corp. 3.375%, 07/08/2030			3,744		3,126,240
					19,675,008

19

	Principal Amount (000)		U.S. $ Value
Communications - Telecommunications – 0.1%
Level 3 Financing, Inc. 3.875%, 11/15/2029(a)	U.S.$	950	$	769,639
Sprint Capital Corp. 8.75%, 03/15/2032		3,300		4,074,447
Sprint LLC 7.625%, 03/01/2026		137		144,863
				4,988,949
Consumer Cyclical - Entertainment – 0.2%
Mattel, Inc. 3.75%, 04/01/2029(a)		5,792		5,202,420
Consumer Cyclical - Other – 0.5%
MDC Holdings, Inc. 6.00%, 01/15/2043		9,963		8,836,632
Resorts World Las Vegas LLC/RWLV Capital, Inc. 4.625%, 04/16/2029(a)		900		737,001
4.625%, 04/06/2031(a)		5,800		4,481,018
Sands China Ltd. 3.75%, 08/08/2031		675		565,244
4.875%, 06/18/2030		2,225		2,029,344
5.90%, 08/08/2028		1,104		1,076,400
				17,725,639
Consumer Cyclical - Retailers – 0.2%
Macy’s Retail Holdings LLC 5.875%, 04/01/2029(a)		1,195		1,113,705
5.875%, 03/15/2030(a)		4,253		3,885,095
6.125%, 03/15/2032(a)		2,121		1,900,421
				6,899,221
Consumer Non-Cyclical – 1.1%
180 Medical, Inc. 3.875%, 10/15/2029(a)		4,968		4,417,059
BAT Capital Corp. 7.75%, 10/19/2032		2,504		2,794,275
Charles River Laboratories International, Inc. 3.75%, 03/15/2029(a)		3,048		2,720,672
4.00%, 03/15/2031(a)		4,554		4,026,594
Newell Brands, Inc. 4.45%, 04/01/2026		3,038		2,885,820
4.875%, 06/01/2025		748		730,881
5.75%, 04/01/2046		1,969		1,639,461
6.375%, 09/15/2027		5,026		5,053,140
6.625%, 09/15/2029(b)		5,026		5,095,223
Pilgrim’s Pride Corp. 3.50%, 03/01/2032(a)		5,244		4,268,415
				33,631,540
Energy – 1.5%
Apache Corp. 5.10%, 09/01/2040		1,548		1,350,180

20

	Principal Amount (000)			U.S. $ Value
Cheniere Energy Partners LP 4.50%, 10/01/2029		U.S.$	2,089	$	1,960,587
Continental Resources, Inc./OK 5.75%, 01/15/2031(a)			1,103		1,082,740
Ecopetrol SA 4.625%, 11/02/2031			2,197		1,730,247
5.875%, 11/02/2051			5,917		4,090,126
8.875%, 01/13/2033			1,720		1,760,936
Energy Transfer LP 4.40%, 03/15/2027			7,547		7,374,673
4.95%, 05/15/2028			1,214		1,200,196
Hunt Oil Co. of Peru LLC Sucursal Del Peru 6.375%, 06/01/2028(a)			217		207,919
Oleoducto Central SA 4.00%, 07/14/2027(a)			610		539,583
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.00%, 01/15/2032			7,821		6,875,525
Tengizchevroil Finance Co. International Ltd. 3.25%, 08/15/2030(a)			4,529		3,413,734
TransCanada PipeLines Ltd. 6.816% (LIBOR 3 Month + 2.21%), 05/15/2067(i)			2,500		2,053,839
Var Energi ASA 7.50%, 01/15/2028(a)			2,151		2,260,059
8.00%, 11/15/2032(a)			4,260		4,620,051
Western Midstream Operating LP 3.95%, 06/01/2025			1,033		989,863
4.30%, 02/01/2030			2,516		2,303,399
4.50%, 03/01/2028			1,652		1,560,647
4.75%, 08/15/2028			1,563		1,486,480
5.45%, 04/01/2044			916		805,572
					47,666,356
Services – 0.0%
Elis SA 1.625%, 04/03/2028(a)		EUR	900		844,118
Technology – 0.7%
Broadcom, Inc. 4.00%, 04/15/2029(a)		U.S.$	1,006		941,674
4.15%, 04/15/2032(a)			4,859		4,437,828
Dell International LLC/EMC Corp. 8.35%, 07/15/2046			690		833,791
HP, Inc. 5.50%, 01/15/2033			5,346		5,251,344
Lenovo Group Ltd. 3.421%, 11/02/2030(a)			735		621,672
5.831%, 01/27/2028(a)			2,591		2,617,765
Microchip Technology, Inc. 4.25%, 09/01/2025			3,341		3,274,049
SK Hynix, Inc. 6.25%, 01/17/2026(a)			679		685,145

21

	Principal Amount (000)			U.S. $ Value
6.375%, 01/17/2028(a)		U.S.$	1,089	$	1,104,546
6.50%, 01/17/2033(a)			934		943,723
Western Digital Corp. 2.85%, 02/01/2029			203		165,522
3.10%, 02/01/2032			573		439,981
					21,317,040
Transportation - Airlines – 0.5%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.75%, 10/20/2028(a)			2,971		2,889,030
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. 6.50%, 06/20/2027(a)			12,991		13,131,311
					16,020,341
Transportation - Railroads – 0.1%
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/2036(a)			1,789		1,601,538
					214,610,931
Financial Institutions – 6.7%
Banking – 4.2%
AIB Group PLC 7.583%, 10/14/2026(a)			6,233		6,442,552
Ally Financial, Inc. Series B 4.70%, 05/15/2026(k)			14,614		12,019,283
Banco Santander SA 3.225%, 11/22/2032			200		161,004
Bank of America Corp. Series B 8.05%, 06/15/2027			9,500		10,284,022
Bank of Ireland Group PLC 6.253%, 09/16/2026(a)			2,592		2,621,540
Barclays PLC 7.25%, 03/15/2023(a) (k)		GBP	3,808		4,686,405
7.385%, 11/02/2028		U.S.$	6,480		7,007,973
8.00%, 03/15/2029(k)			3,721		3,731,903
BNP Paribas SA 4.625%, 02/25/2031(a) (k)			2,811		2,305,940
7.75%, 08/16/2029(a) (k)			3,758		3,862,705
Citigroup, Inc. 8.87% (LIBOR 3 Month + 4.07%), 04/30/2023(i) (k)			6,097		6,134,090
Credit Agricole SA 8.125%, 12/23/2025(a) (k)			1,767		1,828,845
8.125%, 03/23/2171(k)			4,862		5,021,104
Credit Suisse Group AG 6.373%, 07/15/2026(a)			2,253		2,185,702
Deutsche Bank AG/New York NY 1.447%, 04/01/2025			150		141,709
6.72%, 01/18/2029			4,598		4,829,614

22

	Principal Amount (000)		U.S. $ Value
Dresdner Funding Trust I 8.151%, 06/30/2031(a)	U.S.$	816	$	886,814
Goldman Sachs Group, Inc. (The) Series P 7.466% (LIBOR 3 Month + 2.87%), 03/03/2023(i) (k)		5,561		5,504,778
HSBC Holdings PLC 4.60%, 12/17/2030(k)		986		830,015
4.762%, 03/29/2033		3,458		3,187,896
6.375%, 03/30/2025(k)		418		410,685
7.336%, 11/03/2026		6,216		6,554,240
8.113%, 11/03/2033		1,106		1,266,274
Intesa Sanpaolo SpA 5.017%, 06/26/2024(a)		3,198		3,113,915
5.71%, 01/15/2026(a)		860		843,387
7.00%, 11/21/2025(a)		972		1,002,962
KBC Group NV 5.796%, 01/19/2029(a)		1,142		1,156,323
Lloyds Banking Group PLC 7.953%, 11/15/2033		2,680		3,054,500
NatWest Group PLC 7.472%, 11/10/2026		2,715		2,869,533
Santander UK Group Holdings PLC 6.833%, 11/21/2026		12,101		12,506,829
Standard Chartered PLC 6.312% (LIBOR 3 Month + 1.51%), 01/30/2027(a) (i) (k)		3,500		3,058,585
7.75%, 04/02/2023(a) (k)		1,457		1,455,863
7.75%, 08/15/2027(a) (k)		255		260,562
7.776%, 11/16/2025(a)		4,220		4,397,602
Swedbank AB Series NC5 5.625%, 09/17/2024(a) (k)		600		583,500
UBS Group AG 7.00%, 02/19/2025(a) (k)		6,302		6,350,018
				132,558,672
Finance – 0.9%
Air Lease Corp. Series B 4.65%, 06/15/2026(k)		5,818		5,166,007
Aircastle Ltd. 2.85%, 01/26/2028(a)		1,274		1,109,356
4.25%, 06/15/2026		162		156,171
5.25%, 08/11/2025(a)		11,719		11,466,311
Aviation Capital Group LLC 4.125%, 08/01/2025(a)		2,077		1,959,367
4.875%, 10/01/2025(a)		1,585		1,513,752
Huarong Finance 2017 Co., Ltd. 4.75%, 04/27/2027(a)		751		678,622
Huarong Finance 2019 Co., Ltd. 3.25%, 11/13/2024(a)		708		661,892
3.75%, 05/29/2024(a)		412		393,151

23

	Principal Amount (000)		U.S. $ Value
Huarong Finance II Co., Ltd. 4.625%, 06/03/2026(a)	U.S.$	1,899	$	1,742,333
5.50%, 01/16/2025(a)		4,811		4,651,034
				29,497,996
Insurance – 1.2%
Liberty Mutual Group, Inc. 7.80%, 03/15/2037(a)		12,355		13,719,979
MetLife Capital Trust IV 7.875%, 12/15/2037(a)		9,269		10,195,900
MetLife, Inc. 10.75%, 08/01/2039		1,745		2,398,903
Nationwide Mutual Insurance Co. 7.059% (LIBOR 3 Month + 2.29%), 12/15/2024(a) (i)		5,000		5,028,502
Prudential Financial, Inc. 5.625%, 06/15/2043		4,922		4,893,377
				36,236,661
REITs – 0.4%
Office Properties Income Trust 3.45%, 10/15/2031		4,643		3,233,059
VICI Properties LP/VICI Note Co., Inc. 4.625%, 06/15/2025(a)		1,279		1,239,355
5.625%, 05/01/2024(a)		2,333		2,330,149
5.75%, 02/01/2027(a)		4,572		4,550,258
				11,352,821
				209,646,150
Utility – 0.1%
Electric – 0.1%
Cometa Energia SA de CV 6.375%, 04/24/2035(a)		464		455,321
Enel Finance International NV 7.50%, 10/14/2032(a)		2,963		3,326,410
				3,781,731
Total Corporates - Investment Grade (cost $435,921,123)				428,038,812
EMERGING MARKETS - CORPORATE BONDS – 6.3%
Industrial – 5.8%
Basic – 1.6%
Braskem Idesa SAPI 6.99%, 02/20/2032(a)		2,258		1,660,985
7.45%, 11/15/2029(a)		5,151		4,228,327
Cia de Minas Buenaventura SAA 5.50%, 07/23/2026(a)		3,245		2,839,375
CSN Inova Ventures 6.75%, 01/28/2028(a)		10,898		10,887,102
Eldorado Gold Corp. 6.25%, 09/01/2029(a)		4,648		4,193,367

24

	Principal Amount (000)			U.S. $ Value
First Quantum Minerals Ltd. 6.875%, 10/15/2027(a)		U.S.$	8,370	$	8,072,656
Indika Energy Capital IV Pte Ltd. 8.25%, 10/22/2025(a)			6,367		6,335,165
OCP SA 3.75%, 06/23/2031(a)			1,450		1,221,625
Stillwater Mining Co. 4.00%, 11/16/2026(a)			2,031		1,878,675
4.50%, 11/16/2029(a)			1,878		1,605,690
Vedanta Resources Finance II PLC 13.875%, 01/21/2024(a)			6,186		5,471,904
Volcan Cia Minera SAA 4.375%, 02/11/2026(a)			1,384		1,218,439
					49,613,310
Capital Goods – 0.5%
Cemex SAB de CV 5.125%, 06/08/2026(a) (k)			1,885		1,729,488
7.375%, 06/05/2027(a)			1,733		1,779,358
Embraer Netherlands Finance BV 5.40%, 02/01/2027			8,145		7,992,281
6.95%, 01/17/2028(a)			2,712		2,774,376
IHS Holding Ltd. 5.625%, 11/29/2026(a)			1,729		1,449,507
6.25%, 11/29/2028(a)			537		439,569
Odebrecht Holdco Finance Ltd. Zero Coupon 09/10/2058(a)			17,592		30,612
					16,195,191
Communications - Media – 0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(a)			4,541		3,857,864
VTR Finance NV 6.375%, 07/15/2028(h)			632		261,256
					4,119,120
Communications - Telecommunications – 0.2%
CT Trust 5.125%, 02/03/2032(a)			707		616,857
Digicel Group Holdings Ltd. 7.00%, 02/16/2023(g) (h) (k)			692		55,354
Digicel International Finance Ltd./Digicel international Holdings Ltd. 8.75%, 05/25/2024(a)			1,816		1,561,180
HTA Group Ltd./Mauritius 7.00%, 12/18/2025(a)			4,000		3,758,250
					5,991,641
Consumer Cyclical - Other – 1.0%
Allwyn International AS 3.875%, 02/15/2027(a)		EUR	744		754,243

25

	Principal Amount (000)			U.S. $ Value
Melco Resorts Finance Ltd. 5.375%, 12/04/2029(a)		U.S.$	6,251	$	5,360,232
5.625%, 07/17/2027(a)			3,599		3,264,518
5.75%, 07/21/2028(a)			3,277		2,932,915
MGM China Holdings Ltd. 4.75%, 02/01/2027(a)			8,457		7,621,871
5.25%, 06/18/2025(a)			437		414,686
5.375%, 05/15/2024(a)			2,104		2,040,880
Studio City Co., Ltd. 7.00%, 02/15/2027(a)			1,338		1,291,170
Studio City Finance Ltd. 5.00%, 01/15/2029(a)			2,502		2,012,534
6.00%, 07/15/2025(a)			1,011		937,702
6.50%, 01/15/2028(a)			224		198,800
Wynn Macau Ltd. 5.125%, 12/15/2029(a)			2,333		1,933,474
5.50%, 01/15/2026(a)			825		771,375
5.50%, 10/01/2027(a)			1,100		984,500
5.625%, 08/26/2028(a)			2,442		2,161,170
					32,680,070
Consumer Cyclical - Retailers – 0.0%
K201640219 South Africa Ltd. Zero Coupon, 06/25/2023(d) (e)		ZAR	336		0
Consumer Non-Cyclical – 1.0%
BBFI Liquidating Trust 0.00%, 12/30/2099(d) (e) (h) (k)		U.S.$	2,174		1,330,344
BRF SA 4.875%, 01/24/2030(a)			1,552		1,307,851
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL 5.25%, 04/27/2029(a)			1,443		1,376,680
MARB BondCo PLC 3.95%, 01/29/2031(a)			8,907		6,989,813
Natura & Co. Luxembourg Holdings SARL 6.00%, 04/19/2029(a)			3,592		3,144,168
Natura Cosmeticos SA 4.125%, 05/03/2028(a)			2,056		1,696,611
Rede D’or Finance SARL 4.50%, 01/22/2030(a)			728		638,137
4.95%, 01/17/2028(a)			1,820		1,680,451
Teva Pharmaceutical Finance Netherlands II BV 3.75%, 05/09/2027		EUR	2,758		2,700,960
Teva Pharmaceutical Finance Netherlands III BV 4.75%, 05/09/2027		U.S.$	2,251		2,077,954
5.125%, 05/09/2029(b)			2,251		2,081,725
7.125%, 01/31/2025			5,610		5,661,472

26

	Principal Amount (000)			U.S. $ Value
Tonon Luxembourg SA 6.50%, 10/31/2024(c) (d) (h) (l)		U.S.$	2,437	$	244
Ulker Biskuvi Sanayi AS 6.95%, 10/30/2025(a)			1,248		1,103,154
Virgolino de Oliveira Finance SA Zero Coupon, 01/13/2020(c) (d) (e) (f) (h)			2,500		250
10.50%, 01/28/2018(c) (d) (e) (f) (h)			13,674		1,367
11.75%, 02/09/2022(c) (d) (e) (f) (h)			13,613		1,361
					31,792,542
Energy – 1.1%
Acu Petroleo Luxembourg SARL 7.50%, 01/13/2032(a)			2,131		1,994,103
Cosan SA 5.50%, 09/20/2029(a)			2,027		1,920,962
Gran Tierra Energy, Inc. 7.75%, 05/23/2027(a)			2,731		2,316,858
Greenko Wind Projects Mauritius Ltd. 5.50%, 04/06/2025(a)			3,868		3,641,480
Kosmos Energy Ltd. 7.50%, 03/01/2028(a)			2,896		2,473,546
Leviathan Bond Ltd. 5.75%, 06/30/2023(a)			452		449,966
6.125%, 06/30/2025(a)			2,565		2,534,243
6.50%, 06/30/2027(a)			3,495		3,438,623
Medco Platinum Road Pte Ltd. 6.75%, 01/30/2025(a)			1,011		996,972
MV24 Capital BV 6.748%, 06/01/2034(a)			2,719		2,579,886
Peru LNG SRL 5.375%, 03/22/2030(a)			5,787		4,752,574
ReNew Power Pvt Ltd. 5.875%, 03/05/2027(a)			220		209,660
SEPLAT Energy PLC 7.75%, 04/01/2026(a)			4,308		3,739,344
SierraCol Energy Andina LLC 6.00%, 06/15/2028(a)			2,354		1,941,756
					32,989,973
Services – 0.1%
Bidvest Group UK PLC (The) 3.625%, 09/23/2026(a)			1,631		1,492,671
Technology – 0.2%
CA Magnum Holdings 5.375%, 10/31/2026(a)			8,243		7,583,560
Transportation - Services – 0.0%
JSW Infrastructure Ltd. 4.95%, 01/21/2029(a)			564		496,250
					182,954,328

27

	Principal Amount (000)			U.S. $ Value
Utility – 0.3%
Electric – 0.3%
Adani Green Energy Ltd. 4.375%, 09/08/2024(a)		U.S.$	2,044	$	1,553,440
AES Andes SA 6.35%, 10/07/2079(a)			2,632		2,483,950
India Clean Energy Holdings 4.50%, 04/18/2027(a)			2,606		2,169,984
Investment Energy Resources Ltd. 6.25%, 04/26/2029(a)			1,321		1,258,500
JSW Hydro Energy Ltd. 4.125%, 05/18/2031(a)			1,509		1,282,586
Light Servicos de Eletricidade SA/Light Energia SA 4.375%, 06/18/2026(a)			2,488		1,416,294
					10,164,754
Financial Institutions – 0.2%
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) (g)			1,366		1,263,514
Other Finance – 0.0%
OEC Finance Ltd. 4.375%, 10/25/2029(a) (g)			309		3,091
5.25%, 12/27/2033(a) (g)			5,534		149,577
7.125%, 12/26/2046(a) (g)			11,439		460,312
					612,980
REITs – 0.1%
China Aoyuan Group Ltd. 5.88%, 03/01/2027(a) (c) (l)			1,125		115,312
5.98%, 08/18/2025(a) (c) (l)			380		38,950
7.95%, 02/19/2023(a) (c) (l)			579		60,795
CIFI Holdings Group Co., Ltd. 4.80%, 05/17/2028(a) (c) (l)			200		61,350
Country Garden Holdings Co., Ltd. 3.125%, 10/22/2025(a)			400		275,000
KWG Group Holdings Ltd. 5.95%, 08/10/2025(a)			880		338,800
6.00%, 08/14/2026(a)			400		148,000
7.40%, 01/13/2027(a)			370		135,050
Powerlong Real Estate Holdings Ltd. 4.90%, 05/13/2026(a)			700		206,500
5.95%, 04/30/2025(a)			772		228,126
Scenery Journey Ltd. 11.50%, 10/24/2022(a) (c) (f)			952		64,260
Shimao Group Holdings Ltd.
5.20%, 01/30/2025(a) (c) (l)			219		48,728

28

	Principal Amount (000)			U.S. $ Value
5.20%, 01/16/2027(a) (c) (l)		U.S.$	1,065	$	231,637
5.60%, 07/15/2026(a) (c) (l)			630		138,600
Sunac China Holdings Ltd. 5.95%, 04/26/2024(a) (c) (l)			702		198,315
6.50%, 01/10/2025(a) (c) (l)			708		201,780
6.50%, 01/26/2026(a) (c) (l)			419		119,415
6.65%, 08/03/2024(a) (c) (l)			230		65,550
7.00%, 07/09/2025(a) (c) (l)			214		60,455
Times China Holdings Ltd. 5.55%, 06/04/2024(a) (c) (l)			563		111,298
5.75%, 01/14/2027(a) (c) (l)			992		191,766
6.20%, 03/22/2026(a) (c) (l)			200		38,350
6.60%, 03/02/2023(a) (c) (l)			200		43,538
6.75%, 07/08/2025(a) (c) (l)			590		110,625
Yango Justice International Ltd. 7.50%, 04/15/2024(a) (c) (l)			344		6,880
7.50%, 02/17/2025(a) (c) (l)			1,169		23,380
7.875%, 09/04/2024(a) (c) (l)			527		10,540
8.25%, 11/25/2023(a) (c) (l)			400		8,000
10.25%, 09/15/2022(c) (f)			264		5,280
					3,286,280
					5,162,774
Total Emerging Markets - Corporate Bonds (cost $271,169,208)					198,281,856
BANK LOANS – 6.1%
Industrial – 5.8%
Capital Goods – 0.9%
ACProducts Holdings, Inc. 8.980% (LIBOR 3 Month + 4.25%), 05/17/2028(m)			10,330		8,303,629
Apex Tool Group, LLC 9.828% (SOFR 1 Month + 5.25%), 02/08/2029(m)			12,397		10,808,364
Granite US Holdings Corporation 8.750% (LIBOR 3 Month + 4.00%), 09/30/2026(m)			8,204		8,191,341
					27,303,334
Communications - Media – 0.3%
Advantage Sales & Marketing, Inc. 9.288% (LIBOR 3 Month + 4.50%), 10/28/2027(m)			9,310		7,759,326
Communications - Telecommunications – 1.1%
Crown Subsea Communications Holding, Inc. 9.316% (LIBOR 1 Month + 4.75%), 04/27/2027(m)			7,268		7,230,266

29

	Principal Amount (000)			U.S. $ Value
DIRECTV Financing, LLC 9.570% (LIBOR 1 Month + 5.00%), 08/02/2027(m)		U.S.$	2,742	$	2,692,957
Proofpoint, Inc. 10.985% (LIBOR 3 Month + 6.25%), 08/31/2029(m)			12,450		11,952,000
Zacapa SARL 8.830% (SOFR 3 Month + 4.25%), 03/22/2029(m)			12,626		12,373,701
					34,248,924
Consumer Cyclical - Automotive – 0.1%
Clarios Global LP 7.820% (LIBOR 1 Month + 3.25%), 04/30/2026(m)			2,493		2,481,345
Consumer Cyclical - Other – 0.3%
Caesars Entertainment, Inc. 01/20/2030(n)			2,900		2,895,969
Caesars Resort Collection, LLC 7.320% (LIBOR 1 Week + 2.75%), 12/23/2024(m)			7,737		7,726,596
					10,622,565
Consumer Cyclical - Retailers – 0.1%
Restoration Hardware, Inc. 7.911% (SOFR 1 Month + 3.25%), 10/20/2028(m)			4,499		4,369,387
Consumer Non-Cyclical – 1.0%
Gainwell Acquisition Corp. 8.730% (LIBOR 3 Month + 4.00%), 10/01/2027(m)			6,831		6,659,289
Kronos Acquisition Holdings, Inc. 8.485% (LIBOR 3 Month + 3.75%), 12/22/2026(m)			4,616		4,480,003
Mallinckrodt International Finance S.A. 9.986% (LIBOR 3 Month + 5.25%), 09/30/2027(m)			4,640		3,540,774
PetSmart, LLC 8.411% (SOFR 1 Month + 3.75%), 02/11/2028(m)			5,750		5,703,217
US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.) 9.875% (LIBOR 1 Month + 5.25%), 12/15/2027(m)			10,857		10,348,565
					30,731,848

	Principal Amount (000)		U.S. $ Value
Energy – 0.6%
GIP II Blue Holding, L.P. 9.230% (LIBOR 3 Month + 4.50%), 09/29/2028(m)	U.S.$	13,157	$	13,128,520
Parkway Generation, LLC 9.430% (SOFR 1 Month + 4.75%), 02/18/2029(m)		5,670		5,583,889
				18,712,409
Other Industrial – 0.3%
American Tire Distributors, Inc. 11.068% (LIBOR 3 Month + 6.25%), 10/20/2028(m)		5,081		4,659,616
Dealer Tire Financial, LLC 9.061% (SOFR 1 Month + 4.50%), 12/14/2027(m)		1,037		1,036,790
9.170% (SOFR 3 Month + 4.50%), 12/14/2027(m)		558		557,616
FCG Acquisitions, Inc. 11.480% (LIBOR 3 Month + 6.75%), 03/30/2029(m)		3,390		3,169,650
Rockwood Service Corporation 8.820% (LIBOR 1 Month + 4.25%), 01/23/2027(m)		495		493,989
				9,917,661
Services – 0.2%
Verscend Holding Corp. 8.570% (LIBOR 1 Month + 4.00%), 08/27/2025(m)		7,664		7,641,872
Technology – 0.9%
Ascend Learning, LLC 10.320% (LIBOR 1 Month + 5.75%), 12/10/2029(m)		2,940		2,542,042
Banff Guarantor, Inc. 10.070% (LIBOR 1 Month + 5.50%), 02/27/2026(e) (m)		2,470		2,321,800
Boxer Parent Company, Inc. 8.320% (LIBOR 1 Month + 3.75%), 10/02/2025(m)		8,569		8,409,050
Endurance International Group Holdings, Inc. 7.884% (LIBOR 1 Month + 3.50%), 02/10/2028(m)		10,163		9,570,525
FINThrive Software Intermediate Holdings, Inc. 11.320% (LIBOR 1 Month + 6.75%), 12/17/2029(e) (m)		2,810		1,921,337
Loyalty Ventures, Inc. 11.000% (PRIME 3 Month + 3.50%), 11/03/2027(m)		6,261		2,426,296

31

	Principal Amount (000)		U.S. $ Value
Veritas US, Inc. 9.730% (LIBOR 3 Month + 5.00%), 09/01/2025(m)	U.S.$	3,551	$	2,401,037
				29,592,087
				183,380,758
Utility – 0.2%
Electric – 0.2%
Granite Generation LLC 8.320% (LIBOR 1 Month + 3.75%), 11/09/2026 (m)		7,289		7,090,865
Financial Institutions – 0.1%
Finance – 0.1%
Orbit Private Holdings I Ltd. 9.541% (SOFR 6 Month + 4.50%), 12/11/2028(m)		891		889,512
Total Bank Loans (cost $204,065,743)				191,361,135
COLLATERALIZED MORTGAGE OBLIGATIONS – 5.0%
Risk Share Floating Rate – 4.5%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2015-DN1, Class B 16.006% (LIBOR 1 Month + 11.50%), 01/25/2025(i)		9,863		10,046,223
Series 2015-DNA1, Class B 13.706% (LIBOR 1 Month + 9.20%), 10/25/2027(i)		896		939,976
Series 2015-DNA2, Class B 12.056% (LIBOR 1 Month + 7.55%), 12/25/2027(i)		15,084		15,565,011
Series 2015-DNA3, Class B 13.856% (LIBOR 1 Month + 9.35%), 04/25/2028(i)		7,460		7,664,780
Series 2015-HQ2, Class B 12.456% (LIBOR 1 Month + 7.95%), 05/25/2025(i)		284		288,676
Series 2015-HQA1, Class B 13.306% (LIBOR 1 Month + 8.80%), 03/25/2028(i)		12,402		12,613,579
Series 2015-HQA2, Class B 15.006% (LIBOR 1 Month + 10.50%), 05/25/2028(i)		6,956		7,376,781
Series 2016-DNA2, Class B 15.006% (LIBOR 1 Month + 10.50%), 10/25/2028(i)		5,011		5,368,607
Series 2016-DNA3, Class B 15.756% (LIBOR 1 Month + 11.25%), 12/25/2028(i)		4,442		4,862,948
Series 2016-DNA4, Class B 13.106% (LIBOR 1 Month + 8.60%), 03/25/2029(i)		1,815		1,848,125

32

	Principal Amount (000)			U.S. $ Value
Series 2016-HQA1, Class B 17.256% (LIBOR 1 Month + 12.75%), 09/25/2028(i)		U.S.$	2,979	$	3,344,144
Series 2016-HQA2, Class B 16.006% (LIBOR 1 Month + 11.50%), 11/25/2028(i)			3,910		4,328,812
Federal National Mortgage Association Connecticut Avenue Securities
Series 2016-C01, Class 1B 16.256% (LIBOR 1 Month + 11.75%), 08/25/2028(i)			4,006		4,314,538
Series 2016-C02, Class 1B 16.756% (LIBOR 1 Month + 12.25%), 09/25/2028(i)			2,874		3,224,332
Series 2016-C03, Class 1B 16.256% (LIBOR 1 Month + 11.75%), 10/25/2028(i)			7,089		7,681,272
Series 2016-C03, Class 2B 17.256% (LIBOR 1 Month + 12.75%), 10/25/2028(i)			3,932		4,333,322
Series 2016-C04, Class 1B 14.756% (LIBOR 1 Month + 10.25%), 01/25/2029(i)			13,228		13,911,817
Series 2016-C05, Class 2B 15.256% (LIBOR 1 Month + 10.75%), 01/25/2029(i)			11,986		12,591,910
Series 2016-C06, Class 1B 13.756% (LIBOR 1 Month + 9.25%), 04/25/2029(i)			8,454		8,609,946
Series 2016-C07, Class 2B 14.006% (LIBOR 1 Month + 9.50%), 05/25/2029(i)			10,243		10,416,841
JPMorgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 10.006% (LIBOR 1 Month + 5.50%), 10/25/2025(h) (i)			2,211		2,166,835
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2 9.756% (LIBOR 1 Month + 5.25%), 11/25/2025(h) (i)			1,454		1,351,311
Series 2015-WF1, Class 2M2 10.006% (LIBOR 1 Month + 5.50%), 11/25/2025(h) (i)			729		692,248
					143,542,034
Non-Agency Fixed Rate – 0.4%
Alternative Loan Trust
Series 2006-24CB, Class A15 5.75%, 08/25/2036			1,998		1,140,688
Series 2006-24CB, Class A16 5.75%, 08/25/2036			382		218,092
Series 2006-26CB, Class A6 6.25%, 09/25/2036			193		108,189

33

	Principal Amount (000)			U.S. $ Value
Series 2006-26CB, Class A8 6.25%, 09/25/2036		U.S.$	731	$	408,833
Series 2006-42, Class 1A6 6.00%, 01/25/2047			851		516,630
Series 2006-HY12, Class A5 3.564%, 08/25/2036			2,108		1,795,854
Series 2006-J1, Class 1A10 5.50%, 02/25/2036			703		508,296
Series 2006-J5, Class 1A1 6.50%, 09/25/2036			644		371,592
Series 2007-15CB, Class A19 5.75%, 07/25/2037			368		231,739
Series 2007-16CB, Class 1A7 6.00%, 08/25/2037			367		284,203
Bear Stearns ARM Trust
Series 2007-3, Class 1A1 3.253%, 05/25/2047			332		293,591
Series 2007-4, Class 22A1 3.696%, 06/25/2047			1,344		1,204,973
ChaseFlex Trust Series 2007-1, Class 1A3 6.50%, 02/25/2037			474		186,154
CHL Mortgage Pass-Through Trust Series 2007-HY4, Class 1A1 3.632%, 09/25/2047			368		320,218
Citigroup Mortgage Loan Trust Series 2007-AR4, Class 1A1A 3.652%, 03/25/2037			219		191,466
CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A4 5.75%, 03/25/2037			576		506,682
CSMC Mortgage-Backed Trust Series 2006-7, Class 3A12 6.25%, 08/25/2036			781		332,282
First Horizon Alternative Mortgage Securities Trust Series 2006-AA3, Class A1 4.442%, 06/25/2036			294		233,508
Residential Accredit Loans, Inc. Trust
Series 2005-QA10, Class A31 4.412%, 09/25/2035			1,247		834,009
Series 2005-QS14, Class 3A1 6.00%, 09/25/2035			785		689,170
Residential Asset Securitization Trust
Series 2006-A8, Class 3A4 6.00%, 08/25/2036			494		262,047
Series 2007-A1, Class A8 6.00%, 03/25/2037			856		306,656
Series 2007-A5, Class 2A3 6.00%, 05/25/2037			220		127,825
Washington Mutual Mortgage Pass-Through Certificates Trust Series 2006-9, Class A4 5.986%, 10/25/2036			1,580		452,354

34

	Principal Amount (000)			U.S. $ Value
Wells Fargo Mortgage Backed Securities Trust Series 2007-AR7, Class A1 4.332%, 12/28/2037		U.S.$	1,256	$	1,093,622
					12,618,673
Non-Agency Floating Rate – 0.1%
Alternative Loan Trust Series 2007-7T2, Class A3 5.106% (LIBOR 1 Month + 0.60%), 04/25/2037(i)			2,090		696,087
Countrywide Home Loan Mortgage Pass-Through Trust Series 2007-13, Class A7 5.106% (LIBOR 1 Month + 0.60%), 08/25/2037(i)			310		127,962
First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A10 4.756% (LIBOR 1 Month + 0.25%), 04/25/2037(i)			905		230,294
Lehman Mortgage Trust
Series 2007-1, Class 3A1 4.756% (LIBOR 1 Month + 0.25%), 02/25/2037(i)			2,852		360,485
Series 2007-1, Class 3A2 2.744% (7.25% - LIBOR 1 Month), 02/25/2037(i) (o)			2,852		259,242
Lehman XS Trust Series 2007-16N, Class 2A2 6.206% (LIBOR 1 Month + 1.70%), 09/25/2047(i)			377		317,242
PHH Alternative Mortgage Trust
Series 2007-1, Class 1A1 4.826% (LIBOR 1 Month + 0.32%), 02/25/2037(i)			411		285,912
Series 2007-2, Class 1A3 5.166% (LIBOR 1 Month + 0.66%), 05/25/2037(i)			244		222,191
					2,499,415
Total Collateralized Mortgage Obligations (cost $160,532,462)					158,660,122
COLLATERALIZED LOAN OBLIGATIONS – 3.2%
CLO - Floating Rate – 3.2%
Ares XXXIV CLO Ltd. Series 2015-2A, Class CR 6.792% (LIBOR 3 Month + 2.00%), 04/17/2033(a) (i)			11,494		10,951,154
Ballyrock CLO 15 Ltd. Series 2021-1A, Class D 11.012% (LIBOR 3 Month + 6.22%), 04/15/2034(a) (i)			2,000		1,831,968

35

	Principal Amount (000)		U.S. $ Value
Bristol Park CLO Ltd. Series 2016-1A, Class DR 7.742% (LIBOR 3 Month + 2.95%), 04/15/2029(a) (i)	U.S.$	5,000	$	4,699,665
Dryden 49 Senior Loan Fund Series 2017-49A, Class E 11.095% (LIBOR 3 Month + 6.30%), 07/18/2030(a) (i)		2,424		2,120,163
Dryden 57 CLO Ltd. Series 2018-57A, Class E 9.806% (LIBOR 3 Month + 5.20%), 05/15/2031(a) (i)		1,741		1,452,323
Dryden 78 CLO Ltd.
Series 2020-78A, Class C 6.742% (LIBOR 3 Month + 1.95%), 04/17/2033(a) (i)		2,270		2,169,587
Series 2020-78A, Class D 7.792% (LIBOR 3 Month + 3.00%), 04/17/2033(a) (i)		11,286		10,605,763
Dryden 98 CLO Ltd. Series 2022-98A, Class E 11.039% (SOFR + 6.40%), 04/20/2035(a) (i)		4,009		3,487,834
Elevation CLO Ltd.
Series 2020-11A, Class C 6.992% (LIBOR 3 Month + 2.20%), 04/15/2033(a) (i)		3,505		3,272,539
Series 2020-11A, Class D1 8.642% (LIBOR 3 Month + 3.85%), 04/15/2033(a) (i)		5,438		4,996,076
Elmwood CLO VII Ltd. Series 2020-4A, Class E 11.892% (LIBOR 3 Month + 7.10%), 01/17/2034(a) (i)		2,122		2,019,199
Elmwood CLO VIII Ltd. Series 2021-1A, Class E1 10.808% (LIBOR 3 Month + 6.00%), 01/20/2034(a) (i)		1,786		1,612,412
Elmwood CLO IX Ltd. Series 2021-2A, Class E 10.758% (LIBOR 3 Month + 5.95%), 07/20/2034(a) (i)		800		726,978
Elmwood CLO XII Ltd. Series 2021-5A, Class E 11.158% (LIBOR 3 Month + 6.35%), 01/20/2035(a) (i)		3,650		3,346,229
Flatiron CLO 21 Ltd. Series 2021-1A, Class E 10.798% (LIBOR 3 Month + 6.00%), 07/19/2034(a) (i)		350		312,579
LCM 28 Ltd. Series 28A, Class D 7.758% (LIBOR 3 Month + 2.95%), 10/20/2030(a) (i)		500		416,311

36

	Principal Amount (000)			U.S. $ Value
Madison Park Funding LI Ltd. Series 2021-51A, Class E 11.068% (LIBOR 3 Month + 6.27%), 07/19/2034(a) (i)		U.S.$	1,600	$	1,449,941
OCP CLO Ltd. Series 2021-21A, Class E 11.088% (LIBOR 3 Month + 6.28%), 07/20/2034(a) (i)			2,250		2,022,845
Octagon Investment Partners 29 Ltd.
Series 2016-1A, Class CR 6.766% (LIBOR 3 Month + 1.95%), 01/24/2033(a) (i)			8,719		8,269,709
Series 2016-1A, Class DR 7.916% (LIBOR 3 Month + 3.10%), 01/24/2033(a) (i)			7,987		7,323,796
OZLM XXII Ltd. Series 2018-22A, Class D 10.092% (LIBOR 3 Month + 5.30%), 01/17/2031(a) (i)			968		773,903
Palmer Square CLO Ltd. Series 2021-1A, Class D 10.808% (LIBOR 3 Month + 6.00%), 04/20/2034(a) (i)			6,063		5,417,111
Rad CLO 4 Ltd. Series 2019-4A, Class E 11.568% (LIBOR 3 Month + 6.75%), 04/25/2032(a) (i)			3,086		2,821,882
Rad CLO 7 Ltd. Series 2020-7A, Class C 6.792% (LIBOR 3 Month + 2.00%), 04/17/2033(a) (i)			2,940		2,827,192
Rad CLO 10 Ltd. Series 2021-10A, Class E 10.665% (LIBOR 3 Month + 5.85%), 04/23/2034(a) (i)			3,793		3,397,752
Rad CLO 11 Ltd. Series 2021-11A, Class E 11.042% (LIBOR 3 Month + 6.25%), 04/15/2034(a) (i)			1,545		1,402,014
Regatta XIX Funding Ltd. Series 2022-1A, Class E 11.519% (SOFR + 6.88%), 04/20/2035(a) (i)			1,451		1,315,303
Rockford Tower CLO Ltd.
Series 2019-1A, Class ER 11.128% (LIBOR 3 Month + 6.32%), 04/20/2034(a) (i)			2,000		1,675,556
Series 2021-2A, Class E 11.208% (LIBOR 3 Month + 6.40%), 07/20/2034(a) (i)			1,100		930,655
Series 2021-3A, Class E 11.528% (LIBOR 3 Month + 6.72%), 10/20/2034(a) (i)			4,738		4,115,418

37

	Principal Amount (000)			U.S. $ Value
Sixth Street CLO XX Ltd. Series 2021-20A, Class E 10.958% (LIBOR 3 Month + 6.15%), 10/20/2034(a) (i)		U.S.$	3,021	$	2,762,403
Trimaran Cavu Ltd. Series 2019-1A, Class E 11.848% (LIBOR 3 Month + 7.04%), 07/20/2032(a) (i)			2,469		2,238,542
Total Collateralized Loan Obligations (cost $111,264,543)					102,764,802
EMERGING MARKETS - SOVEREIGNS – 2.8%
Angola – 0.4%
Angolan Government International Bond 8.00%, 11/26/2029(a)			6,204		5,754,210
9.125%, 11/26/2049(a)			286		250,250
9.50%, 11/12/2025(a)			5,861		6,117,419
					12,121,879
Argentina – 0.2%
Argentine Republic Government International Bond 0.50%, 07/09/2030			3,546		1,255,251
1.00%, 07/09/2029			2,895		987,334
1.50%, 07/09/2035			2,555		786,934
3.50%, 07/09/2041			991		336,496
3.875%, 01/09/2038			4,145		1,514,985
					4,881,000
Bahrain – 0.3%
Bahrain Government International Bond 5.45%, 09/16/2032(a)			468		423,540
6.75%, 09/20/2029(a)			1,973		1,980,399
7.00%, 10/12/2028(a)			1,673		1,725,595
7.375%, 05/14/2030(a)			571		591,699
CBB International Sukuk Programme Co. WLL 6.25%, 11/14/2024(a)			3,791		3,833,648
					8,554,881
Dominican Republic – 0.4%
Dominican Republic International Bond 8.625%, 04/20/2027(a)			12,151		12,776,017
Ecuador – 0.2%
Ecuador Government International Bond 1.50%, 07/31/2040(a)			6,518		2,730,462
2.50%, 07/31/2035(a)			4,282		2,078,993
5.50%, 07/31/2030(a)			3,921		2,601,836
					7,411,291

38

	Principal Amount (000)			U.S. $ Value
Egypt – 0.1%
Egypt Government International Bond 8.70%, 03/01/2049(a)		U.S.$	612	$	431,460
8.875%, 05/29/2050(a)			4,471		3,179,999
					3,611,459
El Salvador – 0.2%
El Salvador Government International Bond 6.375%, 01/18/2027(a)			3,407		1,867,036
7.125%, 01/20/2050(a)			2,430		1,119,774
7.625%, 09/21/2034(a)			631		296,570
7.625%, 02/01/2041(a)			1,445		678,518
9.50%, 07/15/2052(a)			2,190		1,141,264
					5,103,162
Gabon – 0.1%
Gabon Government International Bond 6.625%, 02/06/2031(a)			4,626		3,865,023
Ivory Coast – 0.3%
Ivory Coast Government International Bond 4.875%, 01/30/2032(a)		EUR	7,815		6,637,561
6.375%, 03/03/2028(a)		U.S.$	3,087		2,986,672
6.625%, 03/22/2048(a)		EUR	732		573,966
					10,198,199
Nigeria – 0.1%
Nigeria Government International Bond 7.143%, 02/23/2030(a)		U.S.$	500		380,000
7.625%, 11/28/2047(a)			1,784		1,166,290
7.696%, 02/23/2038(a)			671		462,067
7.875%, 02/16/2032(a)			1,321		997,355
					3,005,712
Oman – 0.1%
Oman Government International Bond 4.875%, 02/01/2025(a)			415		410,020
6.25%, 01/25/2031(a)			1,630		1,684,809
					2,094,829
Senegal – 0.2%
Senegal Government International Bond 6.25%, 05/23/2033(a)			5,674		4,908,010
6.75%, 03/13/2048(a)			3,641		2,721,647
					7,629,657
Ukraine – 0.1%
Ukraine Government International Bond 7.253%, 03/15/2035(a)			3,980		775,602
7.375%, 09/25/2034(a)			3,486		688,485
7.75%, 09/01/2025(a)			5,795		1,323,071
					2,787,158

39

	Principal Amount (000)		U.S. $ Value
Venezuela – 0.1%
Venezuela Government International Bond 7.65%, 04/21/2025(a) (c) (l)	U.S.$	6,636	$	530,880
9.00%, 05/07/2023(a) (c) (l)		538		43,040
9.25%, 09/15/2027(c) (l)		34,020		2,721,600
9.25%, 05/07/2028(a) (c) (l)		1,500		120,000
				3,415,520
Total Emerging Markets - Sovereigns (cost $135,450,128)				87,455,787
GOVERNMENTS - TREASURIES – 2.6%
United States – 2.6%
U.S. Treasury Bonds 6.125%, 11/15/2027(p)		27,763		30,660,653
U.S. Treasury Notes 2.375%, 05/15/2029(b) (p)		33,942		31,566,246
3.125%, 11/15/2028(p) (q)		20,054		19,502,320
Total Governments - Treasuries (cost $86,808,746)				81,729,219
	Shares
COMMON STOCKS – 1.3%
Consumer Staples – 0.4%
Household Products – 0.4%
Southeastern Grocers, Inc.(c) (d) (e)		508,189		11,688,347
Consumer Discretionary – 0.3%
Diversified Consumer Services – 0.0%
AG Tracker(c) (d) (e)		399,741		0
Carlson Travel, Inc.(c) (e)		104,524		796,996
Monitronics International, Inc.(c)		129,032		19,355
				816,351
Hotels, Restaurants & Leisure – 0.0%
Caesars Entertainment, Inc.(c)		4,628		240,934
Internet & Direct Marketing Retail – 0.0%
GOLO Mobile, Inc.(c) (d) (e)		168,790		0
Leisure Products – 0.0%
New Cotai LLC/New Cotai Capital Corp.(c) (d) (e)		14		0
Multiline Retail – 0.3%
ATD New Holdings, Inc.(c) (e)		161,762		9,899,834
K201640219 South Africa Ltd. A Shares(c) (d) (e)		64,873,855		65
K201640219 South Africa Ltd. B Shares(c) (d) (e)		10,275,684		10
				9,899,909
				10,957,194

40

Company	Shares		U.S. $ Value
Energy – 0.3%
Energy Equipment & Services – 0.1%
BIS Industries Holdings Ltd.(c) (d) (e)		5,004,988	$	5
CHC Group LLC(c)		104,383		157
Diamond Offshore Drilling, Inc.(a) (c)		148,609		1,703,059
Vantage Drilling International(c)		34,001		476,014
				2,179,235
Oil, Gas & Consumable Fuels – 0.2%
Battalion Oil Corp.(c)		135		1,393
Berry Corp.		211,000		1,941,200
Civitas Resources, Inc.		24,592		1,636,598
Denbury, Inc.(c)		33,050		2,868,079
Golden Energy Offshore Services AS^ (c)		3,360,247		521,798
SandRidge Energy, Inc.(c)		1,446		22,861
				6,991,929
				9,171,164
Communication Services – 0.1%
Diversified Telecommunication Services – 0.1%
Intelsat Jackson Holdings SA(c) (d) (e)		18,378		0
Intelsat SA/Luxembourg(c) (e)		87,751		2,010,990
				2,010,990
Media – 0.0%
iHeartMedia, Inc. - Class A(c)		164,799		1,277,192
				3,288,182
Financials – 0.1%
Insurance – 0.1%
Mt Logan Re Ltd. (Special Investment)(c) (d) (e)		2,575		2,184,711
Industrials – 0.1%
Construction & Engineering – 0.0%
WillScot Mobile Mini Holdings Corp.(c)		10,569		512,174
Electrical Equipment – 0.1%
Exide Corp.(c) (d) (e)		4,045		1,415,750
				1,927,924
Information Technology – 0.0%
IT Services – 0.0%
Paysafe Ltd.(c)		46,898		986,734
Health Care – 0.0%
Pharmaceuticals – 0.0%
Mallinckrodt PLC(c)		22,361		167,707
Total Common Stocks (cost $96,375,376)				40,371,963

41

	Principal Amount (000)			U.S. $ Value
QUASI-SOVEREIGNS – 0.8%
Quasi-Sovereign Bonds – 0.8%
Kazakhstan – 0.1%
KazMunayGas National Co. JSC 5.375%, 04/24/2030(a)		U.S.$	1,752	$	1,616,220
Mexico – 0.5%
Comision Federal de Electricidad 4.688%, 05/15/2029(a)			2,363		2,168,496
Petroleos Mexicanos 5.95%, 01/28/2031			3,818		3,048,291
6.49%, 01/23/2027			1,276		1,193,634
6.50%, 01/23/2029			1,268		1,145,067
6.70%, 02/16/2032			3,899		3,226,422
6.75%, 09/21/2047			6,363		4,398,424
7.69%, 01/23/2050			2,298		1,716,032
					16,896,366
Panama – 0.0%
Aeropuerto Internacional de Tocumen SA 4.00%, 08/11/2041(a)			394		326,478
5.125%, 08/11/2061(a)			223		180,881
					507,359
South Africa – 0.2%
Eskom Holdings SOC Ltd. 7.125%, 02/11/2025(a)			1,951		1,861,742
Transnet SOC Ltd. 8.25%, 02/06/2028(a)			4,300		4,316,125
					6,177,867
Trinidad & Tobago – 0.0%
Trinidad Generation UnLtd. 5.25%, 11/04/2027(a)			202		194,779
Venezuela – 0.0%
Petroleos de Venezuela SA 6.00%, 11/15/2026(a) (c) (l)			5,000		225,000
Total Quasi-Sovereigns (cost $28,793,420)					25,617,591
LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.4%
United States – 0.4%
State of California Series 2010 7.60%, 11/01/2040			1,200		1,626,665
7.625%, 03/01/2040			1,250		1,656,091
State of Illinois Series 2010 7.35%, 07/01/2035			3,826		4,123,483
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The)) Series 2021 5.75%, 07/25/2041(a)			7,240		6,681,006
Total Local Governments - US Municipal Bonds (cost $13,557,178)					14,087,245

42

	Principal Amount (000)			U.S. $ Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.4%
Non-Agency Fixed Rate CMBS – 0.3%
Commercial Mortgage Trust
Series 2012-CR3, Class F 4.75%, 10/15/2045(a)		U.S.$	1,000	$	343,653
Series 2014-CR15, Class XA 0.617%, 02/10/2047(r)			6,077		27,310
GS Mortgage Securities Trust
Series 2011-GC5, Class C 5.154%, 08/10/2044(a)			7,937		5,757,168
Series 2013-GC13, Class D 4.079%, 07/10/2046(a)			1,500		649,922
Series 2014-GC18, Class D 5.055%, 01/10/2047(a)			904		339,140
WF-RBS Commercial Mortgage Trust
Series 2011-C4, Class D 4.845%, 06/15/2044(a)			2,576		2,320,782
Series 2014-C20, Class D 3.986%, 05/15/2047(a)			3,701		1,319,339
					10,757,314
Non-Agency Floating Rate CMBS – 0.1%
Morgan Stanley Capital I Trust Series 2019-BPR, Class E 9.459% (LIBOR 1 Month + 5.00%), 05/15/2036(a) (i)			1,702		1,394,895
Total Commercial Mortgage-Backed Securities (cost $17,296,889)					12,152,209
INFLATION-LINKED SECURITIES – 0.4%
Colombia – 0.4%
Fideicomiso PA Concesion Ruta al Mar 6.75%, 02/15/2044(a)		COP	14,562,910		1,779,013
Fideicomiso PA Costera 6.25%, 01/15/2034(a)			7,580,000		1,511,269
Fideicomiso PA Pacifico Tres 7.00%, 01/15/2035 (h)			36,247,335		8,287,399
Total Inflation-Linked Securities (cost $18,028,408)					11,577,681
	Shares
PREFERRED STOCKS – 0.3%
Industrial – 0.3%
Energy – 0.1%
Gulfport Energy Corp. 10.00%(c) (e)			789		3,629,400

43

Company	Shares			U.S. $ Value
Industrial Conglomerates – 0.2%
WESCO International, Inc. Series A 10.625%			211,900	$	5,763,680
Total Preferred Stocks (cost $6,361,031)					9,393,080
	Principal Amount (000)
ASSET-BACKED SECURITIES – 0.1%
Other ABS - Fixed Rate – 0.1%
Consumer Loan Underlying Bond Certificate Issuer Trust I
Series 2018-7, Class PT 2.694%, 06/15/2043(h)		U.S.$	51		45,860
Series 2019-24, Class PT 10.897%, 08/15/2044(h)			235		228,072
Series 2019-36, Class PT 12.563%, 10/17/2044(h)			457		445,935
Series 2019-43, Class PT (9.569)%, 11/15/2044(h)			6		5,996
Consumer Loan Underlying Bond Club Certificate Issuer Trust I
Series 2018-4, Class PT 7.882%, 05/15/2043(h)			38		35,961
Series 2018-12, Class PT 8.225%, 06/15/2043(h)			53		50,463
Consumer Loan Underlying Bond Credit Trust Series 2018-3, Class PT 1.823%, 03/16/2043 (h)			9		7,884
Pagaya AI Debt Trust Series 2022-6, Class A 11.00%, 05/15/2030(a)			2,530		2,531,341
					3,351,512
Autos - Fixed Rate – 0.0%
Flagship Credit Auto Trust Series 2019-1, Class E 5.06%, 06/15/2026(a)			791		760,721
Total Asset-Backed Securities (cost $4,158,642)					4,112,233
	Shares
RIGHTS – 0.0%
Vistra Energy Corp., expiring 12/31/2049(c) (e) (cost $0)			45,881		54,277
WARRANTS – 0.0%
Encore Automotive Acceptance, expiring 07/05/2031(c) (d) (e)			44		0

44

Company	Shares				U.S. $ Value
Flexpath Capital, Inc., expiring 04/15/2031(c) (d) (e)			189,795		$	0
Total Warrants (cost $0)						0
	Principal Amount (000)
GOVERNMENTS - SOVEREIGN BONDS – 0.0%
Netherlands – 0.0%
SNS Bank NV Series E 11.25%, 12/31/2049(c) (d) (e) (k) (cost $1,373,314)		EUR	1,001			0
SHORT-TERM INVESTMENTS – 1.5%
Time Deposits – 0.7%
BBH, Grand Cayman 2.41%, 02/01/2023		GBP	321			395,135
5.48%, 02/01/2023		ZAR	0	**		13
Citibank, London 1.13%, 02/01/2023		EUR	509			553,200
Citibank, New York 3.68%, 02/01/2023		U.S.$	21,712			21,711,872
Total Time Deposits (cost $22,660,220)						22,660,220
	Shares
Investment Companies – 0.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.15%(s) (t) (u) (cost $18,486,298)			18,486,298			18,486,298
	Principal Amount (000)
U.S. Treasury Bills – 0.2%
U.S. Treasury Bill Zero Coupon, 05/25/2023 (cost $8,002,035)		U.S.$	8,117			7,999,869
Total Short-Term Investments (cost $49,148,553)						49,146,387
Total Investments – 101.2% (cost $3,669,075,496)(v)						3,196,230,391
Other assets less liabilities – (1.2)%						(38,688,310	)
Net Assets – 100.0%					$	3,157,542,081

45

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. Long Bond (CBT) Futures		68		March 2023		$	8,831,500		$	163,187
U.S. T-Note 5 Yr (CBT) Futures		2,452		March 2023			267,861,845			2,986,361
U.S. T-Note 10 Yr (CBT) Futures		154		March 2023			17,635,406			268,297
U.S. Ultra Bond (CBT) Futures		157		March 2023			22,254,750			723,844
									$	4,141,689

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)				In Exchange For (000)				Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America, NA		EUR	2,000			USD	2,149			02/27/2023		$	(29,052	)
Bank of America, NA		USD	8,821			EUR	8,097			02/27/2023			(4,995	)
Bank of America, NA		COP	65,115,083			USD	13,515			03/17/2023			(315,134	)
Bank of America, NA		GBP	16,250			USD	19,820			03/24/2023			(235,977	)
Brown Brothers Harriman & Co.		EUR	0	***		USD	0	***		02/02/2023			(1	)
Brown Brothers Harriman & Co.		EUR	2,108			USD	2,253			02/27/2023			(42,872	)
Brown Brothers Harriman & Co.		USD	3,335			EUR	3,159			02/27/2023			104,360
Citibank, NA		EUR	3,388			USD	3,670			02/27/2023			(19,305	)
JPMorgan Chase Bank, NA		EUR	3,933			USD	4,147			02/27/2023			(135,869	)
Morgan Stanley Capital Services LLC		USD	3,693			EUR	3,457			02/27/2023			70,529
Royal Bank of Scotland PLC		EUR	4,738			USD	5,100			02/27/2023			(58,860	)
UBS AG		EUR	152,588			USD	161,074			02/27/2023			(5,065,683	)
												$	(5,732,859	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at January 31, 2023		Notional Amount (000)			Market Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Sale Contracts
CDX-NAHY Series 39, 5 Year Index, 12/20/2027*		5.00	%		Quarterly		4.29%		USD	65	$	2,177,201	$	(1,722,293	)	$	3,899,494
iTraxx Europe Crossover Series 38, 5 Year Index, 12/20/2027*		5.00			Quarterly		4.15		EUR	28		1,221,757		(1,884,853	)		3,106,610
											$	3,398,958	$	(3,607,146	)	$	7,006,104

* Termination date

46

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at January 31, 2023		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	1,018	$	(375,516	)	$	(477,435	)	$	101,919
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	2,320		(565,965	)		(799,100	)		233,135
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	2,297		(560,340	)		(274,585	)		(285,755	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	3,787		(923,641	)		(443,623	)		(480,018	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	5,410		(1,319,530	)		(631,382	)		(688,148	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	9,715		(2,369,602	)		(1,143,993	)		(1,225,609	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	24,742		(6,034,897	)		(2,726,586	)		(3,308,311	)
Credit Suisse International
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	374		(137,753	)		(51,385	)		(86,368	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	935		(344,509	)		(128,510	)		(215,999	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	1,869		(689,546	)		(250,333	)		(439,213	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	153		(37,265	)		(17,709	)		(19,556	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	4,676		(1,140,595	)		(538,522	)		(602,073	)
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	1,481		(357,759	)		(161,211	)		(196,548	)

47

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at January 31, 2023	Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Goldman Sachs International
Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023*		5.00	%	Quarterly	1.38%		USD	1,300	$	48,474		$	14,805		$	33,669
Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023*		5.00		Quarterly	1.38		USD	1,440		53,694			25,662			28,032
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	204		(75,103	)		(95,362	)		20,259
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	204		(75,103	)		(95,362	)		20,259
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	347		(84,639	)		(87,498	)		2,859
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	347		(84,697	)		(72,933	)		(11,764	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	694		(169,395	)		(150,702	)		(18,693	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	694		(169,395	)		(150,702	)		(18,693	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	886		(216,200	)		(105,515	)		(110,685	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	16,553		(4,037,648	)		(2,220,283	)		(1,817,365	)
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	3,922		(956,531	)		(464,457	)		(492,074	)
Morgan Stanley & Co. International PLC
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	3,759		(1,385,611	)		(1,901,489	)		515,878
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	1,262		(465,489	)		(545,937	)		80,448
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	1,262		(465,489	)		(504,495	)		39,006
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	407		(150,206	)		(186,664	)		36,458

48

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at January 31, 2023	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	1,262	$	(465,489	)	$	(501,544	)	$	36,055
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	1,262		(465,489	)		(498,594	)		33,105
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	1,262		(465,489	)		(495,644	)		30,155
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	690		(254,292	)		(283,425	)		29,133
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	1,380		(508,837	)		(480,250	)		(28,587	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	1,735		(423,486	)		(445,565	)		22,079
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	1,735		(423,197	)		(413,186	)		(10,011	)
									$	(26,096,535	)	$	(17,303,514	)	$	(8,793,021	)

* 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		EURIBOR		Maturity		EUR	27,955		03/20/2023	$	1,838,515

REVERSE REPURCHASE AGREEMENTS

Broker	Currency	Principal Amount (000)		Interest Rate			Maturity		U.S. $ Value at January 31, 2023
Barclays Capital, Inc.	USD		1,724		(7.00	)%*		02/03/2023		$	1,717,604
Barclays Capital, Inc.	USD		10,479		(1.00	)%*		02/03/2023			10,473,318
Barclays Capital, Inc.†	USD		845		0.25	%		—			850,667
Barclays Capital, Inc.†	USD		739		0.50	%		—			744,244
Barclays Capital, Inc.†	USD		2,575		3.50	%		—			2,588,551
Credit Suisse Securities (USA) LLC	USD		1,008		(0.50	)%*		02/03/2023			1,006,544
Credit Suisse Securities (USA) LLC	EUR		6,270		1.50	%		02/07/2023			6,817,989

49

Broker	Currency		Principal Amount (000)		Interest Rate			Maturity		U.S. $ Value at January 31, 2023
Credit Suisse Securities (USA) LLC		USD		5,240		2.00	%		02/03/2023	$	5,245,427
Credit Suisse Securities (USA) LLC		USD		1,984		2.25	%		02/03/2023		1,995,462
Credit Suisse Securities (USA) LLC		USD		2,009		3.00	%		02/03/2023		2,009,937
Credit Suisse Securities (USA) LLC†		EUR		1,944		(1.35	)%*		—		2,112,944
Credit Suisse Securities (USA) LLC†		EUR		3,933		0.25	%		—		4,275,939
Credit Suisse Securities (USA) LLC†		EUR		4,630		1.50	%		—		5,044,981
HSBC Securities (USA), Inc.†		USD		11,488		4.40	%		—		11,584,207
										$	56,467,814

† The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on January 31, 2023.

* 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	$	15,617,326	$	22,025,392	$	0	$	0	$	37,642,718
Corporates - Investment Grade		0		5,245,427		0		0		5,245,427
Emerging Markets - Corporate Bonds		0		1,995,462		0		0		1,995,462
Governments - Treasuries		11,584,207		0		0		0		11,584,207
Total	$	27,201,533	$	29,266,281	$	0	$	0	$	56,467,814

^ Deemed an affiliated company as defined by the Investment Company Act of 1940 since the Fund owns 5% or more of the outstanding voting securities.

** Principal amount less than 500.

*** Contract amount less than 500.

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At January 31, 2023, the aggregate market value of these securities amounted to $2,131,518,592 or 67.5% of net assets.

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

(c) Non-income producing security.

(d) Fair valued by the Adviser.

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

(f) Defaulted matured security.

(g) 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, 2023.

(h) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.46% of net assets as of January 31, 2023, are considered illiquid and restricted. Additional information regarding such securities follows:

50

144A/Restricted & Illiquid Securities	Acquisition Date	Cost		Market Value		Percentage of Net Assets
BBFI Liquidating Trust 0.00%, 12/30/2099	02/04/2013 – 11/12/2019	$	1,856,123	$	1,330,344		0.04	%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2018-7, Class PT 2.694%, 06/15/2043	04/25/2018 – 06/01/2020		50,621		45,860		0.00	%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-24, Class PT 10.897%, 08/15/2044	06/27/2019		229,620		228,072		0.01	%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-36, Class PT 12.563%, 10/17/2044	09/04/2019		455,448		445,935		0.01	%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-43, Class PT (9.569)%, 11/15/2044	10/09/2019		6,368		5,996		0.00	%
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-4, Class PT 7.882%, 05/15/2043	10/09/2019		38,414		35,961		0.00	%
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-12, Class PT 8.225%, 06/15/2043	06/26/2018		53,327		50,463		0.00	%
Consumer Loan Underlying Bond Credit Trust Series 2018-3, Class PT 1.823%, 03/16/2043	03/07/2018		8,658		7,884		0.00	%
Digicel Group Holdings Ltd. 7.00%, 02/16/2023	11/28/2016 – 04/01/2021		742,886		55,354		0.00	%
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	%
Fideicomiso PA Pacifico Tres 7.00%, 01/15/2035	03/04/2016		10,758,745		8,287,399		0.26	%
Intelsat Jackson Holdings SA 9.75%, 07/15/2025	06/21/2017 – 11/20/2017		0		0		0.00	%
JPMorgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 10.006%, 10/25/2025	09/18/2015 – 01/31/2027		2,211,258		2,166,835		0.07	%
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018	05/15/2013 – 02/19/2015		12,955,188		0		0.00	%
Tonon Luxembourg SA 6.50%, 10/31/2024	05/03/2019 – 10/31/2020		4,733,143		244		0.00	%
VTR Finance NV 6.375%, 07/15/2028	06/24/2020		632,000		261,256		0.01	%
Virgolino de Oliveira Finance SA 0.0%, 01/13/2020	06/09/2014		2,486,550		250		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 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 9.756%, 11/25/2025	09/06/2016		1,453,947		1,351,311		0.04	%

51

144A/Restricted & Illiquid Securities	Acquisition Date	Cost		Market Value		Percentage of Net Assets
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 10.006%, 11/25/2025	09/28/2015 – 02/26/2018	$	728,536	$	692,248		0.02	%

(i) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at January 31, 2023.

(j) Convertible security.

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

(l) Defaulted.

(m) The stated coupon rate represents the greater of the LIBOR or an alternate base rate such as the PRIME/SOFR or the LIBOR/PRIME/SOFR floor rate plus spread at January 31, 2023.

(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) Affiliated investments.

(t) 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.

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

(v) As of January 31, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $73,086,308 and gross unrealized depreciation of investments was $(547,470,985), resulting in net unrealized depreciation of $(474,384,677).

Currency Abbreviations:

COP – Colombian Peso

EUR – Euro

GBP – Great British Pound

USD – United States Dollar

ZAR – South African Rand

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

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

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

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

EURIBOR – Euro Interbank Offered Rate

LIBOR – London Interbank Offered Rate

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

COUNTRY BREAKDOWN¹

January 31, 2023 (unaudited)

69.1	%	United States
5.2	%	United Kingdom
2.1	%	Luxembourg
2.0	%	Canada
1.8	%	Brazil
1.3	%	France
1.3	%	Italy
1.3	%	Germany
1.2	%	Spain
0.8	%	Mexico
0.8	%	Hong Kong
0.7	%	Colombia
0.7	%	Switzerland
10.2	%	Other
1.5	%	Short-Term Investments
100.0	%	Total Investments

¹  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 0.7% or less in the following: Angola, Argentina, Australia, Bahrain, Belgium, Bermuda, Chile, China, Czech Republic, Denmark, Dominican Republic, Ecuador, Egypt, El Salvador, Finland, Gabon, Ghana, Guatemala, India, Indonesia, Ireland, Israel, Ivory Coast, Jamaica, Jersey (Channel Islands), Kazakhstan, Macau, Morocco, Netherlands, Nigeria, Norway, Oman, Panama, Peru, Senegal, South Africa, South Korea, Sweden, Trinidad & Tobago, Turkey, Ukraine, United Republic of Tanzania, Venezuela and Zambia.

52

AB High Income Fund

January 31, 2023 (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.

53

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2023:

Investments in Securities	Level 1			Level 2			Level 3			Total
Assets:
Corporates - Non-Investment Grade	$	-0-		$	1,780,522,129		$	903,863	#	$	1,781,425,992
Corporates - Investment Grade		2,305,940			425,732,872			-0-			428,038,812
Emerging Markets - Corporate Bonds		-0-			196,948,534			1,333,322	#		198,281,856
Bank Loans		-0-			187,117,998			4,243,137			191,361,135
Collateralized Mortgage Obligations		-0-			158,660,122			-0-			158,660,122
Collateralized Loan Obligations		-0-			102,764,802			-0-			102,764,802
Emerging Markets - Sovereigns		-0-			87,455,787			-0-			87,455,787
Governments - Treasuries		-0-			81,729,219			-0-			81,729,219
Common Stocks		12,375,098			157			27,996,708	#		40,371,963
Quasi-Sovereigns		-0-			25,617,591			-0-			25,617,591
Local Governments - US Municipal Bonds		-0-			14,087,245			-0-			14,087,245
Commercial Mortgage-Backed Securities		-0-			12,152,209			-0-			12,152,209
Inflation-Linked Securities		-0-			11,577,681			-0-			11,577,681
Preferred Stocks		5,763,680			-0-			3,629,400			9,393,080
Asset Backed Securities		-0-			4,112,233			-0-			4,112,233
Rights		-0-			-0-			54,277			54,277
Warrants		-0-			-0-			0	#		0
Governments - Sovereign Bonds		-0-			-0-			0	#		0
Short-Term Investments:
Time Deposits		-0-			22,660,220			-0-			22,660,220
Investment Companies		18,486,298			-0-			-0-			18,486,298
U.S. Treasury Bills		-0-			7,999,869			-0-			7,999,869
Total Investments in Securities		38,931,016			3,119,138,668			38,160,707			3,196,230,391
Other Financial Instruments*:
Assets
Futures		4,141,689			-0-			-0-			4,141,689
Forward Currency Exchange Contracts		-0-			174,889			-0-			174,889
Centrally Cleared Credit Default Swaps		-0-			3,398,958			-0-			3,398,958
Credit Default Swaps		-0-			102,168			-0-			102,168
Total Return Swaps		-0-			1,838,515			-0-			1,838,515
Liabilities
Forward Currency Exchange Contracts		-0-			(5,907,748	)		-0-			(5,907,748	)
Credit Default Swaps		-0-			(26,198,703	)		-0-			(26,198,703	)
Reverse Repurchase Agreements		(56,467,814	)		-0-			-0-			(56,467,814	)
Total	$	(13,395,109	)	$	3,092,546,747		$	38,160,707		$	3,117,312,345

# 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, written options and written swaptions which are valued at market value.

54

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

	Corporates - Non- Investment Grade#			Emerging Markets - Corporate Bonds#			Bank Loans			Common Stocks#
Balance as of 10/31/22	$	903,863		$	1,307,709		$	26,419,137		$	12,067,358
Accrued discounts/(premiums)		- 0 -			960			- 0 -			- 0 -
Realized gain (loss)		- 0 -			- 0 -			(550,595	)		30,652
Change in unrealized appreciation/ depreciation		- 0 -			24,653			652,055			1,464,238
Sales		- 0 -			- 0 -			(7,323,766	)		(30,835	)
Transfers into Level 3		- 0 -			- 0 -			4,666,135			14,465,295
Transfers out of Level 3		- 0 -			- 0 -			(19,619,829	)		- 0 -
Balance as of 1/31/23	$	903,863		$	1,333,322		$	4,243,137		$	27,996,708
Net change in unrealized appreciation/depreciation from investments held as of 1/31/23	$	- 0 -		$	24,653		$	(422,997	)	$	1,985,540
	Preferred Stocks			Asset-Backed Securities			Rights			Warrants#
Balance as of 10/31/22	$	4,734,000		$	158,281		$	51,616		$	4,585,073
Accrued discounts/(premiums)		- 0 -			2,967			- 0 -			- 0 -
Realized gain (loss)		- 0 -			34,420			- 0 -			(772,300	)
Change in unrealized appreciation/depreciation		(1,104,600	)		(32,346	)		2,661			(3,812,773	)
Paydowns		- 0 -			(163,322	)		- 0 -			- 0 -
Transfers into Level 3		- 0 -			- 0 -			- 0 -			- 0 -
Transfers out of Level 3		- 0 -			- 0 -			- 0 -			- 0 -
Balance as of 1/31/23	$	3,629,400		$	- 0 -		$	54,277		$	- 0 -
Net change in unrealized appreciation/depreciation from investments held as of 1/31/23	$	(1,104,600	)	$	- 0 -		$	2,661		$	- 0 -
	Governments - Sovereign Bonds#			Total
Balance as of 10/31/22	$	- 0 -		$	50,227,037
Accrued discounts/(premiums)		- 0 -			3,927
Realized gain (loss)		- 0 -			(1,257,823	)
Change in unrealized appreciation/depreciation		- 0 -			(2,806,112	)
Sales/Paydowns		- 0 -			(7,517,923	)
Transfers into Level 3		- 0 -			19,131,430
Transfers out of Level 3		- 0 -			(19,619,829	)
Balance as of 1/31/23	$	- 0 -		$	38,160,707
Net change in unrealized appreciation/depreciation from investments held as of 1/31/23	$	- 0 -		$	485,257

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

55

The following presents information about significant unobservable inputs related to the Fund’s Level 3 investments at January 31, 2023. 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 1/31/23		Valuation Technique	Unobservable Input	Input
Corporates - Non-Investment Grade	$	903,863	Recovery	Discount Rate		20	%
	$	-0-	Qualitative Assessment		$	0.00
	$	903,863
Emerging Markets - Corporate Bonds	$	1,330,344	Recovery	Expected Sale Price	$	61.19
	$	1,367	Transaction (Sale) Price	Trade Price	$	0.01
	$	1,361	Transaction (Sale) Price	Trade Price	$	0.01
	$	250	Transaction (Sale) Price	Trade Price	$	0.01
	$	1,333,322
Common Stocks	$	2,184,711	NAV Calculation	Catastrophe Claims	$	848.54
			Guideline Public Company and
	$	1,415,750		Volatility		27	%
			Optional Value
	$	5	Qualitative Assessment		$	0.00
	$	-0-	Qualitative Assessment		$	0.00
	$	3,600,466
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 Discount Rate, Expected Sale Price, Trade Price, Catastrophe Claims and Volatility 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, 2023 is as follows:

Fund	Market Value 10/31/22 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (000)		Change in Unrealized Appr. (Depr.) (000)			Market Value 1/31/23 (000)		Dividend Income (000)
Government Money Market
Portfolio	$	10,097	$	266,026	$	257,637	$	-0-	$	-0-		$	18,486	$	191
Golden Energy Offshore
Services AS		564		-0-		-0-		-0-		(42	)		522		-0-
Total							$	-0-	$	(42	)	$	19,008	$	191

56