Ab High Income Fund NPORTP (Jan 2024 report)

AB High Income Fund

Portfolio of Investments

January 31, 2024 (unaudited)


	Principal Amount (000)			U.S. $ Value

CORPORATES - NON-INVESTMENT GRADE – 57.0%
Industrial – 50.9%
Basic – 3.3%
Arsenal AIC Parent LLC 8.00%, 10/01/2030^(a)		U.S.$	2,679	$	2,802,531
ASP Unifrax Holdings, Inc. 5.25%, 09/30/2028^(a)			6,778		4,399,416
7.50%, 09/30/2029^(a)			2,128		1,013,801
Constellium SE 3.125%, 07/15/2029^(a)		EUR	4,303		4,279,949
3.75%, 04/15/2029^(a)		U.S.$	1,336		1,203,144
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125%, 06/15/2028^(a)			3,051		2,876,365
Element Solutions, Inc. 3.875%, 09/01/2028^(a)			5,469		5,001,437
ERP Iron Ore LLC 9.04%, 12/31/2019^(b) ^(c) ^(d) ^(e) ^(f)			1,355		433,573
FMG Resources August 2006 Pty Ltd. 4.375%, 04/01/2031^(a)			12,398		11,178,700
4.50%, 09/15/2027^(a)			1,475		1,415,756
5.875%, 04/15/2030^(a)			308		304,232
6.125%, 04/15/2032^(a)			8,694		8,598,622
Graphic Packaging International LLC 3.50%, 03/15/2028^(a)			1,084		1,007,509
INEOS Finance PLC 3.375%, 03/31/2026^(a)		EUR	1,428		1,527,961
6.375%, 04/15/2029^(a)			4,341		4,691,319
7.50%, 04/15/2029^(a)		U.S.$	2,775		2,756,269
INEOS Quattro Finance 2 PLC 8.50%, 03/15/2029^(a)		EUR	6,160		7,053,161
9.625%, 03/15/2029^(a)		U.S.$	600		630,733
INEOS Styrolution Ludwigshafen GmbH 2.25%, 01/16/2027^(a)		EUR	111		111,223
Ingevity Corp. 3.875%, 11/01/2028^(a)		U.S.$	3,288		2,899,373
Intelligent Packaging Holdco Issuer LP 9.00% (9.00% Cash or 9.75% PIK), 01/15/2026^(a) ^(b)			3,201		2,875,021
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC 6.00%, 09/15/2028^(a)			4,418		4,167,393
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018^(c) ^(d) ^(e) ^(f) ^(g)			16,121		0
Olympus Water US Holding Corp. 7.125%, 10/01/2027^(a)			2,996		3,016,611
9.75%, 11/15/2028^(a)			6,092		6,461,941
SCIL IV LLC/SCIL USA Holdings LLC 4.375%, 11/01/2026^(a)		EUR	1,267		1,342,539
5.375%, 11/01/2026^(a)		U.S.$	7,122		6,924,922
Sealed Air Corp. 6.875%, 07/15/2033^(a)			2,036		2,124,659
Sealed Air Corp./Sealed Air Corp. US 6.125%, 02/01/2028^(a)			1,970		1,979,447
SNF Group SACA 3.125%, 03/15/2027^(a)			1,487		1,378,281
Vibrantz Technologies, Inc. 9.00%, 02/15/2030^(a)			5,197		4,324,646
WR Grace Holdings LLC 4.875%, 06/15/2027^(a)			2,879		2,752,777
5.625%, 08/15/2029^(a)			1,965		1,733,311

					103,266,622


Capital Goods – 4.5%
ARD Finance SA 5.00% (5.00% Cash or 5.75% PIK), 06/30/2027^(a) ^(b)		EUR	5,856		3,056,092
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 4.00%, 09/01/2029^(a)		U.S.$	5,355		4,354,554


	Principal Amount (000)			U.S. $ Value

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 4.125%, 08/15/2026^(a)		U.S.$	6,634	$	5,965,263
5.25%, 04/30/2025^(a)			3,241		3,159,975
5.25%, 08/15/2027^(a)			1,966		1,511,363
Ball Corp. 6.00%, 06/15/2029			5,894		5,947,785
Bombardier, Inc. 6.00%, 02/15/2028^(a)			288		280,571
7.50%, 02/01/2029^(a) ^(h)			830		846,311
7.875%, 04/15/2027^(a)			2,899		2,899,755
8.75%, 11/15/2030^(a)			5,839		6,138,754
Calderys Financing LLC 11.25%, 06/01/2028^(a)			7,661		8,142,207
Chart Industries, Inc. 7.50%, 01/01/2030^(a)			3		3,087
Crown Americas LLC 5.25%, 04/01/2030			890		861,865
Eco Material Technologies, Inc. 7.875%, 01/31/2027^(a)			9,570		9,574,524
EnerSys 4.375%, 12/15/2027^(a)			5,050		4,776,331
6.625%, 01/15/2032^(a)			2,704		2,739,843
Enviri Corp. 5.75%, 07/31/2027^(a)			5,339		5,028,930
F-Brasile SpA/F-Brasile US LLC Series XR 7.375%, 08/15/2026^(a)			5,660		5,603,260
GFL Environmental, Inc. 6.75%, 01/15/2031^(a)			1,891		1,937,026
Griffon Corp. 5.75%, 03/01/2028			300		294,082
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC 9.00%, 02/15/2029^(a)			1,345		1,345,000
LSB Industries, Inc. 6.25%, 10/15/2028^(a) ⁽ⁱ⁾			5,922		5,636,699
Madison IAQ LLC 5.875%, 06/30/2029^(a)			1,225		1,085,854
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058^(a)			8,626		2,588
Paprec Holding SA 7.25%, 11/17/2029^(a)		EUR	1,947		2,249,062
Renk AG/Frankfurt am Main 5.75%, 07/15/2025^(a)			6,986		7,524,552
Rolls-Royce PLC 3.625%, 10/14/2025^(a)		U.S.$	1,142		1,106,456
5.75%, 10/15/2027^(a)			293		293,480
Stericycle, Inc. 3.875%, 01/15/2029^(a)			2,516		2,288,862
TK Elevator US Newco, Inc. 5.25%, 07/15/2027^(a)			2,961		2,856,169
TransDigm, Inc. 4.625%, 01/15/2029			3,591		3,353,520
4.875%, 05/01/2029			3,750		3,510,857
6.75%, 08/15/2028^(a)			13,387		13,601,637
7.125%, 12/01/2031^(a)			7,533		7,852,803
Trinity Industries, Inc. 7.75%, 07/15/2028^(a)			3,934		4,098,758
Triumph Group, Inc. 7.75%, 08/15/2025			1,658		1,658,581
9.00%, 03/15/2028^(a)			8,778		9,269,942
WESCO Distribution, Inc. 7.25%, 06/15/2028^(a)			2,164		2,223,336

					143,079,734


Communications - Media – 7.1%
Altice Financing SA 5.75%, 08/15/2029^(a)			11,729		10,232,067


	Principal Amount (000)			U.S. $ Value

AMC Networks, Inc. 4.25%, 02/15/2029		U.S.$	4,017	$	3,098,832
4.75%, 08/01/2025			4,337		4,179,760
Arches Buyer, Inc. 6.125%, 12/01/2028^(a)			1,056		912,281
Banijay Entertainment SASU 7.00%, 05/01/2029^(a)		EUR	2,077		2,361,845
8.125%, 05/01/2029^(a)		U.S.$	2,903		3,018,984
CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 01/15/2034^(a)			995		792,478
4.50%, 08/15/2030^(a)			23,087		20,043,420
4.50%, 06/01/2033^(a)			13,907		11,400,210
4.75%, 03/01/2030^(a)			1,939		1,722,798
4.75%, 02/01/2032^(a)			25,772		22,102,637
6.375%, 09/01/2029^(a)			5,119		4,982,045
7.375%, 03/01/2031^(a)			2,542		2,567,973
Clear Channel Outdoor Holdings, Inc. 5.125%, 08/15/2027^(a)			583		549,918
CSC Holdings LLC 3.375%, 02/15/2031^(a)			350		239,574
4.125%, 12/01/2030^(a)			412		298,481
4.50%, 11/15/2031^(a)			7,182		5,154,278
4.625%, 12/01/2030^(a)			4,460		2,302,847
5.00%, 11/15/2031^(a)			330		166,663
5.375%, 02/01/2028^(a)			9,343		8,035,701
5.75%, 01/15/2030^(a)			9,902		5,247,507
7.50%, 04/01/2028^(a)			3,026		2,021,563
11.25%, 05/15/2028^(a)			2,417		2,450,257
11.75%, 01/31/2029^(a)			2,095		2,127,291
DISH DBS Corp. 5.125%, 06/01/2029			4,409		1,633,692
5.25%, 12/01/2026^(a)			12,828		10,115,391
5.75%, 12/01/2028^(a)			9,476		6,382,776
5.875%, 11/15/2024			953		886,438
7.375%, 07/01/2028			6,580		2,901,604
7.75%, 07/01/2026			4,755		2,805,564
DISH Network Corp. 3.375%, 08/15/2026^(j)			4,275		2,496,636
Gray Television, Inc. 5.375%, 11/15/2031^(a)			6,031		4,719,373
iHeartCommunications, Inc. 5.25%, 08/15/2027^(a)			5,920		4,597,984
LCPR Senior Secured Financing DAC 5.125%, 07/15/2029^(a)			4,643		4,079,479
6.75%, 10/15/2027^(a)			5,536		5,364,142
McGraw-Hill Education, Inc. 5.75%, 08/01/2028^(a)			6,531		6,176,951
Radiate Holdco LLC/Radiate Finance, Inc. 4.50%, 09/15/2026^(a)			5,030		3,896,298
Scripps Escrow II, Inc. 3.875%, 01/15/2029^(a)			82		71,193
Sinclair Television Group, Inc. 4.125%, 12/01/2030^(a)			7,439		5,747,027
5.50%, 03/01/2030^(a)			1,834		1,412,370
Sirius XM Radio, Inc. 3.875%, 09/01/2031^(a)			505		421,342
4.00%, 07/15/2028^(a)			24,647		22,375,957
Univision Communications, Inc. 4.50%, 05/01/2029^(a)			5,716		5,086,299
7.375%, 06/30/2030^(a)			8,775		8,602,228
Urban One, Inc. 7.375%, 02/01/2028^(a)			3,954		3,504,702
Ziggo Bond Co. BV 5.125%, 02/28/2030^(a)			4,106		3,457,358
Ziggo BV 4.875%, 01/15/2030^(a)			900		810,847

					223,555,061


	Principal Amount (000)			U.S. $ Value

Communications - Telecommunications – 2.2%
Altice France Holding SA 10.50%, 05/15/2027^(a)		U.S.$	9,715	$	5,577,809
Altice France SA/France 5.125%, 07/15/2029^(a)			18,806		13,837,592
5.50%, 01/15/2028^(a)			1,537		1,203,084
5.50%, 10/15/2029^(a)			3,911		2,896,080
Connect Finco SARL/Connect US Finco LLC 6.75%, 10/01/2026^(a)			951		929,610
Consolidated Communications, Inc. 6.50%, 10/01/2028^(a)			1,767		1,537,112
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./Difl US 12.00%, 05/25/2027^(c)			1,817		1,803,453
Embarq Corp. 7.995%, 06/01/2036			4,321		2,517,012
Frontier Communications Holdings LLC 8.625%, 03/15/2031^(a)			2,925		2,967,985
Level 3 Financing, Inc. 3.75%, 07/15/2029^(a)			3,785		1,109,112
4.25%, 07/01/2028^(a)			4,638		1,553,693
4.625%, 09/15/2027^(a)			3,256		1,713,364
Lorca Telecom Bondco SA 4.00%, 09/18/2027^(a)		EUR	3,690		3,881,027
Telecom Italia Capital SA 7.72%, 06/04/2038		U.S.$	6,995		7,221,412
United Group BV 3.625%, 02/15/2028^(a)		EUR	752		746,319
4.00%, 11/15/2027^(a)			1,816		1,845,353
4.625%, 08/15/2028^(a)			344		349,773
6.75%, 02/15/2031^(a)			2,127		2,290,743
8.14% (EURIBOR 3 Month + 4.25%), 02/01/2029^(a) ^(k)			1,531		1,651,243
8.77% (EURIBOR 3 Month + 4.88%), 02/01/2029^(a) ^(k)			1,700		1,837,539
Vmed O2 UK Financing I PLC 4.25%, 01/31/2031^(a)		U.S.$	900		785,729
4.75%, 07/15/2031^(a)			12,630		11,315,863

					69,570,907


Consumer Cyclical - Automotive – 3.0%
Allison Transmission, Inc. 5.875%, 06/01/2029^(a)			3,279		3,259,486
American Axle & Manufacturing, Inc. 6.875%, 07/01/2028			3,190		3,113,204
Aston Martin Capital Holdings Ltd. 10.50%, 11/30/2025^(a)			3,409		3,429,976
15.00% (8.89% Cash and 6.11% PIK), 11/30/2026^(a) ^(b)			2,443		2,643,032
Clarios Global LP/Clarios US Finance Co. 4.375%, 05/15/2026^(a)		EUR	855		915,747
Dana, Inc. 4.25%, 09/01/2030		U.S.$	3,854		3,367,762
Exide Technologies 11.00%, 10/31/2024^(c) ^(e) ^(f) ^(g) ^(l)			26,083		0
Goodyear Tire & Rubber Co. (The) 5.25%, 07/15/2031			3,843		3,494,535
IHO Verwaltungs GmbH 4.75% (4.75% Cash or 5.50% PIK), 09/15/2026^(a) ^(b)			1,869		1,808,008
6.00% (6.00% Cash or 6.75% PIK), 05/15/2027^(a) ^(b)			7,306		7,232,797
8.75% (8.75% Cash or 9.50% PIK), 05/15/2028^(a) ^(b)		EUR	1,751		2,048,255
Jaguar Land Rover Automotive PLC 5.50%, 07/15/2029^(a)		U.S.$	6,351		6,063,732
5.875%, 01/15/2028^(a)			4,095		4,007,622
7.75%, 10/15/2025^(a)			4,597		4,627,970
Mclaren Finance PLC 7.50%, 08/01/2026^(a)			9,232		8,170,320


	Principal Amount (000)			U.S. $ Value

PM General Purchaser LLC 9.50%, 10/01/2028^(a)		U.S.$	5,980	$	6,041,076
Real Hero Merger Sub 2, Inc. 6.25%, 02/01/2029^(a)			5,613		4,870,144
Tenneco, Inc. 8.00%, 11/17/2028^(a)			9,915		8,663,996
Titan International, Inc. 7.00%, 04/30/2028			7,168		7,135,002
ZF Finance GmbH Series E 2.00%, 05/06/2027^(a)		EUR	200		199,802
3.75%, 09/21/2028^(a)			100		103,136
ZF North America Capital, Inc. 4.75%, 04/29/2025^(a)		U.S.$	9,312		9,188,541
6.875%, 04/14/2028^(a)			1,539		1,585,256
7.125%, 04/14/2030^(a)			1,539		1,623,103

					93,592,502


Consumer Cyclical - Entertainment – 2.8%
Carnival Corp. 4.00%, 08/01/2028^(a)			8,433		7,808,737
5.75%, 03/01/2027^(a)			5,811		5,724,029
7.00%, 08/15/2029^(a)			1,418		1,467,630
7.625%, 03/01/2026^(a)		EUR	1,630		1,790,606
Cedar Fair LP 5.25%, 07/15/2029		U.S.$	30		28,676
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.375%, 04/15/2027			30		29,711
Lindblad Expeditions LLC 6.75%, 02/15/2027^(a)			1,512		1,511,205
Merlin Entertainments Group US Holdings, Inc. 7.375%, 02/15/2031^(a)			3,024		3,030,242
Motion Bondco DAC 4.50%, 11/15/2027^(a)		EUR	2,973		3,032,233
NCL Corp., Ltd. 5.875%, 03/15/2026^(a)		U.S.$	4,909		4,790,338
5.875%, 02/15/2027^(a)			1,300		1,280,939
8.125%, 01/15/2029^(a)			3,062		3,211,884
8.375%, 02/01/2028^(a)			1,042		1,093,441
Royal Caribbean Cruises Ltd. 5.375%, 07/15/2027^(a)			6,220		6,117,402
5.50%, 08/31/2026^(a)			5,098		5,046,965
5.50%, 04/01/2028^(a)			20,172		19,882,561
SeaWorld Parks & Entertainment, Inc. 5.25%, 08/15/2029^(a)			4,269		3,990,461
Six Flags Entertainment Corp. 7.25%, 05/15/2031^(a)			3,967		4,046,416
Viking Cruises Ltd. 5.875%, 09/15/2027^(a)			2,430		2,346,294
7.00%, 02/15/2029^(a)			6,171		6,157,351
9.125%, 07/15/2031^(a)			3,056		3,270,056
VOC Escrow Ltd. 5.00%, 02/15/2028^(a)			3,618		3,462,303

					89,119,480


Consumer Cyclical - Other – 3.4%
Adams Homes, Inc. 7.50%, 02/15/2025^(a)			1,124		1,120,044
Brookfield Residential Properties, Inc./Brookfield Residential US LLC 4.875%, 02/15/2030^(a)			5,889		5,256,442
6.25%, 09/15/2027^(a)			6,404		6,241,428
Builders FirstSource, Inc. 6.375%, 06/15/2032^(a)			2,339		2,386,765
Caesars Entertainment, Inc. 6.25%, 07/01/2025^(a) ^(h)			1,674		1,682,094
6.50%, 02/15/2032^(a)			1,482		1,496,586
7.00%, 02/15/2030^(a)			4,502		4,637,153


	Principal Amount (000)			U.S. $ Value

Churchill Downs, Inc. 4.75%, 01/15/2028^(a)		U.S.$	2,523	$	2,404,696
Cirsa Finance International SARL 6.50%, 03/15/2029^(a)		EUR	1,375		1,482,248
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, 11/15/2025		U.S.$	4,746		4,706,500
Forestar Group, Inc. 3.85%, 05/15/2026^(a)			2,881		2,735,930
Hilton Domestic Operating Co., Inc. 3.625%, 02/15/2032^(a)			6,167		5,293,387
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc 4.875%, 07/01/2031^(a)			1,162		1,031,168
5.00%, 06/01/2029^(a)			6,848		6,327,666
6.625%, 01/15/2032^(a)			1,802		1,806,525
Installed Building Products, Inc. 5.75%, 02/01/2028^(a)			838		821,528
Marriott Ownership Resorts, Inc. 4.50%, 06/15/2029^(a)			1,338		1,202,401
Mattamy Group Corp. 4.625%, 03/01/2030^(a)			8,025		7,309,601
MGM Resorts International 4.75%, 10/15/2028			4,015		3,790,435
5.50%, 04/15/2027			4,386		4,328,899
Miller Homes Group Finco PLC 7.00%, 05/15/2029^(a)		GBP	2,900		3,292,303
9.25% (EURIBOR 3 Month + 5.25%), 05/15/2028^(a) ^(k)		EUR	2,233		2,376,049
Playtech PLC 4.25%, 03/07/2026^(a)			776		819,461
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 02/15/2028		U.S.$	3,292		3,143,326
4.75%, 04/01/2029			4,530		4,262,193
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875%, 05/15/2025^(a)			4,781		4,726,040
Taylor Morrison Communities, Inc. 5.125%, 08/01/2030^(a)			328		313,275
5.75%, 01/15/2028^(a)			304		302,426
5.875%, 06/15/2027^(a)			294		294,014
Travel & Leisure Co. 4.50%, 12/01/2029^(a)			3,509		3,200,915
4.625%, 03/01/2030^(a)			10,068		9,062,379
6.625%, 07/31/2026^(a)			3,533		3,564,209
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25%, 05/15/2027^(a)			2,353		2,300,560
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, 10/01/2029^(a)			5,631		5,329,650

					109,048,296


Consumer Cyclical - Restaurants – 0.3%
1011778 BC ULC/New Red Finance, Inc. 3.875%, 01/15/2028^(a)			4,965		4,677,113
4.00%, 10/15/2030^(a)			1,843		1,646,607
4.375%, 01/15/2028^(a)			83		79,127
Raising Cane’s Restaurants LLC 9.375%, 05/01/2029^(a)			3,273		3,507,210

					9,910,057


Consumer Cyclical - Retailers – 2.6%
Arko Corp. 5.125%, 11/15/2029^(a)			4,612		4,063,915
Asbury Automotive Group, Inc. 4.625%, 11/15/2029^(a)			3,398		3,142,376
5.00%, 02/15/2032^(a)			340		307,119
Bath & Body Works, Inc. 6.625%, 10/01/2030^(a)			2,465		2,498,082
6.75%, 07/01/2036			1,479		1,458,564
6.875%, 11/01/2035			9,394		9,393,417


	Principal Amount (000)			U.S. $ Value

Beacon Roofing Supply, Inc. 6.50%, 08/01/2030^(a)		U.S.$	1,082	$	1,098,275
Carvana Co. 5.50%, 04/15/2027^(a)			1,469		1,091,575
12.00%, 12/01/2028^(a) ^(b) ⁽ⁱ⁾			3,397		3,006,359
Foundation Building Materials, Inc. 6.00%, 03/01/2029^(a)			1,246		1,094,898
Global Auto Holdings Ltd/AAG FH UK Ltd. 8.375%, 01/15/2029^(a)			3,363		3,169,763
8.75%, 01/15/2032^(a)			3,363		3,153,260
Group 1 Automotive, Inc. 4.00%, 08/15/2028^(a)			419		386,382
Kontoor Brands, Inc. 4.125%, 11/15/2029^(a)			3,885		3,526,995
LCM Investments Holdings II LLC 4.875%, 05/01/2029^(a)			330		298,334
8.25%, 08/01/2031^(a)			3,312		3,396,954
Levi Strauss & Co. 3.50%, 03/01/2031^(a)			3,914		3,391,082
Michaels Cos., Inc. (The) 5.25%, 05/01/2028^(a)			4,220		3,311,481
7.875%, 05/01/2029^(a)			4,330		2,761,777
NMG Holding Co., Inc./Neiman Marcus Group LLC 7.125%, 04/01/2026^(a)			2,793		2,725,913
Penske Automotive Group, Inc. 3.75%, 06/15/2029			1,215		1,076,787
PetSmart, Inc./PetSmart Finance Corp. 7.75%, 02/15/2029^(a)			3,529		3,424,509
Sonic Automotive, Inc. 4.625%, 11/15/2029^(a)			6,301		5,699,659
4.875%, 11/15/2031^(a)			525		459,417
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.375%, 09/30/2026^(a)			4,261		4,180,581
Staples, Inc. 7.50%, 04/15/2026^(a)			8,741		8,206,749
10.75%, 04/15/2027^(a)			2,830		2,191,691
White Cap Buyer LLC 6.875%, 10/15/2028^(a)			2,257		2,208,069
William Carter Co. (The) 5.625%, 03/15/2027^(a)			2,291		2,257,344
Wolverine World Wide, Inc. 4.00%, 08/15/2029^(a)			798		643,057

					83,624,384


Consumer Non-Cyclical – 6.7%
AdaptHealth LLC 5.125%, 03/01/2030^(a)			2,000		1,570,186
6.125%, 08/01/2028^(a)			132		115,518
AHP Health Partners, Inc. 5.75%, 07/15/2029^(a)			781		692,863
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 4.625%, 01/15/2027^(a)			3,290		3,192,351
4.875%, 02/15/2030^(a)			2,263		2,166,393
5.875%, 02/15/2028^(a)			1,997		1,994,271
6.50%, 02/15/2028^(a)			6,117		6,181,678
7.50%, 03/15/2026^(a)			333		339,623
Bausch & Lomb Escrow Corp. 8.375%, 10/01/2028^(a)			8,167		8,499,367
Bausch Health Cos., Inc. 4.875%, 06/01/2028^(a)			10,910		6,156,175
6.25%, 02/15/2029^(a)			4,938		2,109,857
CAB SELAS 3.375%, 02/01/2028^(a)		EUR	4,859		4,768,103
Cheplapharm Arzneimittel GmbH 7.50%, 05/15/2030^(a)			3,400		3,866,516


	Principal Amount (000)			U.S. $ Value

CHS/Community Health Systems, Inc. 4.75%, 02/15/2031^(a)		U.S.$	1,291	$	1,029,634
5.625%, 03/15/2027^(a)			697		645,397
6.00%, 01/15/2029^(a)			11,502		10,391,820
6.125%, 04/01/2030^(a)			7,452		4,915,347
6.875%, 04/01/2028^(a)			1,066		704,334
8.00%, 03/15/2026^(a)			1,119		1,101,644
DaVita, Inc. 3.75%, 02/15/2031^(a)			2,173		1,789,677
4.625%, 06/01/2030^(a)			14,428		12,762,127
Elanco Animal Health, Inc. 6.65%, 08/28/2028^(h) ⁽ⁱ⁾			8,293		8,500,055
Embecta Corp. 5.00%, 02/15/2030^(a)			10,568		8,646,414
Emergent BioSolutions, Inc. 3.875%, 08/15/2028^(a)			5,910		2,237,298
Fortrea Holdings, Inc. 7.50%, 07/01/2030^(a)			1,476		1,500,383
Garden Spinco Corp. 8.625%, 07/20/2030^(a)			3,395		3,633,296
Grifols SA 3.875%, 10/15/2028^(a)		EUR	8,197		7,496,733
Gruenenthal GmbH 4.125%, 05/15/2028^(a)			3,656		3,894,429
Iceland Bondco PLC 9.50% (EURIBOR 3 Month + 5.50%), 12/15/2027^(a) ^(k)			1,447		1,565,767
10.875%, 12/15/2027^(a)		GBP	430		582,765
IQVIA, Inc. 2.25%, 03/15/2029^(a)		EUR	3,948		3,873,074
6.50%, 05/15/2030^(a)		U.S.$	898		915,679
Jazz Securities DAC 4.375%, 01/15/2029^(a)			3,761		3,480,967
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. 7.00%, 12/31/2027^(a)			8,625		8,418,326
Lamb Weston Holdings, Inc. 4.125%, 01/31/2030^(a)			3,671		3,350,661
Medline Borrower LP 3.875%, 04/01/2029^(a)			6,982		6,322,348
5.25%, 10/01/2029^(a)			14,103		13,150,942
ModivCare Escrow Issuer, Inc. 5.00%, 10/01/2029^(a)			3,280		2,656,666
ModivCare, Inc. 5.875%, 11/15/2025^(a)			249		247,242
Newell Brands, Inc. 4.875%, 06/01/2025			748		733,725
5.20%, 04/01/2026⁽ⁱ⁾			736		715,590
6.375%, 09/15/2027			1,346		1,324,864
6.50%, 04/01/2046⁽ⁱ⁾			1,969		1,588,252
Organon & Co./Organon Foreign Debt Co-Issuer BV 4.125%, 04/30/2028^(a)			4,780		4,367,213
5.125%, 04/30/2031^(a)			7,607		6,541,381
Performance Food Group, Inc. 4.25%, 08/01/2029^(a)			328		300,565
Perrigo Finance Unlimited Co. 4.375%, 03/15/2026			295		288,371
4.65%, 06/15/2030⁽ⁱ⁾			1,525		1,400,894
Post Holdings, Inc. 4.50%, 09/15/2031^(a)			5,969		5,359,512
4.625%, 04/15/2030^(a)			414		380,784
Primo Water Holdings, Inc. 4.375%, 04/30/2029^(a)			9,327		8,513,493
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. 9.75%, 12/01/2026^(a)			6,224		6,221,299
Spectrum Brands, Inc. 3.875%, 03/15/2031^(a)			3,861		3,575,702


	Principal Amount (000)			U.S. $ Value

Tenet Healthcare Corp. 6.125%, 06/15/2030		U.S.$	1,026	$	1,026,136
Triton Water Holdings, Inc. 6.25%, 04/01/2029^(a)			3,651		3,162,570
US Acute Care Solutions LLC 6.375%, 03/01/2026^(a)			10,570		9,235,547
US Foods, Inc. 4.75%, 02/15/2029^(a)			314		297,868
6.875%, 09/15/2028^(a)			282		289,412

					210,789,104


Energy – 6.9%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375%, 06/15/2029^(a)			290		278,831
5.75%, 03/01/2027^(a)			280		277,872
5.75%, 01/15/2028^(a)			350		343,653
Berry Petroleum Co. LLC 7.00%, 02/15/2026^(a)			1,215		1,187,665
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.625%, 12/15/2025^(a)			2,179		2,202,104
Buckeye Partners LP 3.95%, 12/01/2026			30		28,520
4.125%, 03/01/2025^(a)			30		29,340
Callon Petroleum Co. 7.50%, 06/15/2030^(a)			4,640		4,887,940
8.00%, 08/01/2028^(a)			1,030		1,068,298
CITGO Petroleum Corp. 6.375%, 06/15/2026^(a)			2,387		2,383,355
7.00%, 06/15/2025^(a)			9,430		9,420,219
Civitas Resources, Inc. 5.00%, 10/15/2026^(a)			3,111		3,036,250
8.375%, 07/01/2028^(a)			5,057		5,317,702
8.625%, 11/01/2030^(a)			1,307		1,396,796
8.75%, 07/01/2031^(a)			4,169		4,444,697
CNX Resources Corp. 6.00%, 01/15/2029^(a)			1,665		1,608,818
7.25%, 03/14/2027^(a)			81		81,331
7.375%, 01/15/2031^(a)			350		355,275
Comstock Resources, Inc. 6.75%, 03/01/2029^(a)			1,289		1,185,689
Crescent Energy Finance LLC 7.25%, 05/01/2026^(a)			5,001		4,994,963
9.25%, 02/15/2028^(a)			2,282		2,380,993
Encino Acquisition Partners Holdings LLC 8.50%, 05/01/2028^(a)			6,469		6,419,936
EnLink Midstream Partners LP Series C 9.76% (CME Term SOFR 3 Month + 4.37%), 03/04/2024^(k) ^(m)			12,323		11,602,857
EQM Midstream Partners LP 4.50%, 01/15/2029^(a)			4,253		4,013,595
4.75%, 01/15/2031^(a)			4,179		3,899,450
5.50%, 07/15/2028			299		296,577
Genesis Energy LP/Genesis Energy Finance Corp. 6.25%, 05/15/2026			1,230		1,224,258
7.75%, 02/01/2028			5,793		5,807,273
8.00%, 01/15/2027			2,883		2,910,903
Global Partners LP/GLP Finance Corp. 6.875%, 01/15/2029			6,162		6,109,347
7.00%, 08/01/2027			2,149		2,161,890
Gulfport Energy Corp. 8.00%, 05/17/2026^(a)			3,335		3,363,392
8.00%, 05/17/2026			20		20,034
Hess Midstream Operations LP 4.25%, 02/15/2030^(a)			4,243		3,913,144
5.125%, 06/15/2028^(a)			2,208		2,150,216


	Principal Amount (000)			U.S. $ Value

Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 02/01/2029^(a)		U.S.$	1,324	$	1,285,617
6.00%, 02/01/2031^(a)			1,772		1,705,209
6.25%, 04/15/2032^(a)			318		307,097
8.375%, 11/01/2033^(a)			5,423		5,825,877
Howard Midstream Energy Partners LLC 8.875%, 07/15/2028^(a)			2,565		2,704,211
ITT Holdings LLC 6.50%, 08/01/2029^(a)			10,492		9,178,107
Kodiak Gas Services LLC 7.25%, 02/15/2029^(a)			1,279		1,294,962
Moss Creek Resources Holdings, Inc. 7.50%, 01/15/2026^(a)			10,225		10,177,400
Nabors Industries Ltd. 7.25%, 01/15/2026^(a)			1,898		1,862,147
7.50%, 01/15/2028^(a)			5,272		4,824,409
Nabors Industries, Inc. 7.375%, 05/15/2027^(a)			1,294		1,279,172
New Fortress Energy, Inc. 6.50%, 09/30/2026^(a)			4,297		4,161,506
6.75%, 09/15/2025^(a)			6,477		6,397,592
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.50%, 02/01/2026^(a)			6,914		7,036,794
8.125%, 02/15/2029^(a)			2,943		2,958,869
8.375%, 02/15/2032^(a)			3,687		3,714,888
NuStar Logistics LP 5.625%, 04/28/2027			300		297,717
5.75%, 10/01/2025			300		299,670
6.00%, 06/01/2026			300		299,286
6.375%, 10/01/2030			873		877,500
Southwestern Energy Co. 5.375%, 02/01/2029			1,481		1,448,851
8.375%, 09/15/2028			153		159,222
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. 9.00%, 10/15/2026^(a) ⁽ⁱ⁾			4,301		4,301,593
Sunoco LP/Sunoco Finance Corp. 4.50%, 05/15/2029			320		298,432
4.50%, 04/30/2030			300		277,675
5.875%, 03/15/2028			1,917		1,904,797
7.00%, 09/15/2028^(a)			283		289,709
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 6.00%, 12/31/2030^(a)			614		572,033
6.00%, 09/01/2031^(a)			269		248,760
Talos Production, Inc. 9.00%, 02/01/2029^(a)			1,792		1,818,505
9.375%, 02/01/2031^(a)			2,128		2,176,098
Transocean Aquila Ltd. 8.00%, 09/30/2028^(a)			3,908		3,993,543
Transocean, Inc. 8.75%, 02/15/2030^(a)			1,797		1,879,125
Venture Global Calcasieu Pass LLC 3.875%, 08/15/2029^(a)			332		296,583
3.875%, 11/01/2033^(a)			2,752		2,335,261
4.125%, 08/15/2031^(a)			2,299		2,035,180
6.25%, 01/15/2030^(a)			2,567		2,572,205
Venture Global LNG, Inc. 8.125%, 06/01/2028^(a)			5,462		5,525,969
8.375%, 06/01/2031^(a)			5,455		5,523,652
9.50%, 02/01/2029^(a)			2,769		2,941,567
9.875%, 02/01/2032^(a)			8,379		8,808,118

					216,698,091


Other Industrial – 0.5%
American Builders & Contractors Supply Co., Inc. 4.00%, 01/15/2028^(a)			361		338,610
Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028^(a)			8,346		8,266,631


	Principal Amount (000)			U.S. $ Value

Ritchie Bros Holdings, Inc. 6.75%, 03/15/2028^(a)		U.S.$	2,847	$	2,921,691
7.75%, 03/15/2031^(a)			2,629		2,768,182

					14,295,114


Services – 3.2%
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.00%, 06/01/2029^(a)			1,397		1,156,814
6.625%, 07/15/2026^(a)			1,989		1,961,568
9.75%, 07/15/2027^(a)			4,763		4,656,088
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 3.625%, 06/01/2028^(a)		EUR	1,105		1,092,021
4.625%, 06/01/2028^(a)		U.S.$	6,249		5,633,407
4.875%, 06/01/2028^(a)		GBP	3,580		3,994,102
ANGI Group LLC 3.875%, 08/15/2028^(a)		U.S.$	8,847		7,600,774
APX Group, Inc. 5.75%, 07/15/2029^(a)			7,313		6,944,631
6.75%, 02/15/2027^(a)			2,503		2,511,827
Aramark Services, Inc. 5.00%, 02/01/2028^(a)			3,832		3,699,811
Cars.com, Inc. 6.375%, 11/01/2028^(a)			4,403		4,297,758
Garda World Security Corp. 4.625%, 02/15/2027^(a)			1,684		1,592,462
7.75%, 02/15/2028^(a)			4,912		5,009,081
9.50%, 11/01/2027^(a)			495		498,008
Korn Ferry 4.625%, 12/15/2027^(a)			2,404		2,298,993
Millennium Escrow Corp. 6.625%, 08/01/2026^(a)			5,653		3,639,426
Monitronics International, Inc. 9.125%, 04/01/2020^(c) ^(d) ^(e) ^(f) ^(l)			6,914		0
MPH Acquisition Holdings LLC 5.50%, 09/01/2028^(a)			3,721		3,303,057
5.75%, 11/01/2028^(a)			9,782		7,778,448
Neptune Bidco US, Inc. 9.29%, 04/15/2029^(a)			7,757		7,406,170
Prime Security Services Borrower LLC/Prime Finance, Inc. 5.25%, 04/15/2024^(a)			19		18,980
6.25%, 01/15/2028^(a)			13,631		13,515,151
Q-Park Holding I BV 2.00%, 03/01/2027^(a)		EUR	946		956,033
Wand NewCo 3, Inc. 7.625%, 01/30/2032^(a)		U.S.$	2,584		2,669,162
WASH Multifamily Acquisition, Inc. 5.75%, 04/15/2026^(a)			265		255,319
ZipRecruiter, Inc. 5.00%, 01/15/2030^(a)			9,092		8,103,077

					100,592,168


Technology – 2.6%
AthenaHealth Group, Inc. 6.50%, 02/15/2030^(a)			7,398		6,618,843
CommScope, Inc. 4.75%, 09/01/2029^(a)			7,709		5,098,116
Entegris, Inc. 5.95%, 06/15/2030^(a)			7,475		7,380,419
Gen Digital, Inc. 6.75%, 09/30/2027^(a)			4,989		5,068,643
7.125%, 09/30/2030^(a)			2,161		2,240,547
GoTo Group, Inc. 5.50%, 09/01/2027^(a)			5,905		2,419,434
Imola Merger Corp. 4.75%, 05/15/2029^(a)			2,868		2,670,548
NCR Voyix Corp. 5.125%, 04/15/2029^(a)			5,205		4,897,812


	Principal Amount (000)			U.S. $ Value

Playtika Holding Corp. 4.25%, 03/15/2029^(a)		U.S.$	5,315	$	4,604,638
Presidio Holdings, Inc. 4.875%, 02/01/2027^(a)			302		292,897
8.25%, 02/01/2028^(a)			7,310		7,246,105
Rackspace Technology Global, Inc. 3.50%, 02/15/2028^(a)			14,232		5,651,929
Seagate HDD Cayman 8.25%, 12/15/2029^(a)			5,469		5,886,207
8.50%, 07/15/2031^(a)			5,795		6,297,399
Veritas US, Inc./Veritas Bermuda Ltd. 7.50%, 09/01/2025^(a)			8,701		7,425,467
Virtusa Corp. 7.125%, 12/15/2028^(a)			3,521		3,102,510
Western Digital Corp. 4.75%, 02/15/2026			4,600		4,480,277

					81,381,791


Transportation - Airlines – 0.7%
American Airlines, Inc. 7.25%, 02/15/2028^(a)			1,290		1,310,315
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%, 04/20/2026^(a)			8,069		7,989,228
5.75%, 04/20/2029^(a)			3,586		3,523,605
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. 5.75%, 01/20/2026^(a)			5,497		5,164,894
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 09/20/2025^(a)			5,914		3,872,745
United Airlines, Inc. 4.375%, 04/15/2026^(a)			299		288,695
4.625%, 04/15/2029^(a)			1,152		1,067,073

					23,216,555


Transportation - Services – 1.1%
Albion Financing 1 SARL/Aggreko Holdings, Inc. 5.25%, 10/15/2026^(a)		EUR	2,713		2,895,950
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 4.75%, 04/01/2028^(a)		U.S.$	6,655		6,135,896
5.375%, 03/01/2029^(a)			837		774,340
5.75%, 07/15/2027^(a)			1,477		1,426,992
BCP V Modular Services Finance PLC 6.75%, 11/30/2029^(a)		EUR	5,428		4,911,853
BCP V Modular Services Finance II PLC 4.75%, 11/30/2028^(a)			538		539,023
Boels Topholding BV 6.25%, 02/15/2029^(a)			2,823		3,188,103
Hertz Corp. (The) 4.625%, 12/01/2026^(a)		U.S.$	4,749		4,274,126
5.00%, 12/01/2029^(a)			8,778		6,952,897
Loxam SAS 2.875%, 04/15/2026^(a)		EUR	564		589,951
6.375%, 05/31/2029^(a)			1,153		1,280,330
XPO, Inc. 7.125%, 02/01/2032^(a)		U.S.$	2,995		3,054,776

					36,024,237

					1,607,764,103


Financial Institutions – 5.5%
Banking – 0.3%
Ally Financial, Inc.
Series C 4.70%, 05/15/2028^(m)			993		758,416
Bread Financial Holdings, Inc. 7.00%, 01/15/2026^(a) ^(h)			3,429		3,458,112
9.75%, 03/15/2029^(a)			5,284		5,288,400

					9,504,928


	Principal Amount (000)			U.S. $ Value

Brokerage – 0.7%
AG Issuer LLC 6.25%, 03/01/2028^(a)		U.S.$	3,644	$	3,595,796
AG TTMT Escrow Issuer LLC 8.625%, 09/30/2027^(a)			1,167		1,209,785
Aretec Group, Inc. 10.00%, 08/15/2030^(a)			5,904		6,409,554
NFP Corp. 6.875%, 08/15/2028^(a)			5,358		5,390,475
Osaic Holdings, Inc. 10.75%, 08/01/2027^(a)			6,141		6,308,444

					22,914,054


Finance – 2.2%
Castlelake Aviation Finance DAC 5.00%, 04/15/2027^(a)			4,612		4,377,818
CNG Holdings, Inc. 14.50%, 06/30/2026^(a)			4,422		3,725,535
Curo Group Holdings Corp. 7.50%, 08/01/2028^(a)			13,768		5,429,485
Curo SPV LLC 18.00%, 08/02/2027^(c) ^(e)			5,564		4,692,578
Encore Capital Group, Inc. 4.875%, 10/15/2025^(a)		EUR	1,440		1,552,394
Enova International, Inc. 8.50%, 09/15/2025^(a)		U.S.$	6,750		6,688,986
11.25%, 12/15/2028^(a)			2,594		2,710,928
GGAM Finance Ltd. 7.75%, 05/15/2026^(a)			2,431		2,480,049
8.00%, 02/15/2027^(a)			3,909		4,027,169
8.00%, 06/15/2028^(a)			3,918		4,083,597
goeasy Ltd. 9.25%, 12/01/2028^(a)			3,755		3,998,666
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5.00%, 08/15/2028^(a)			6,174		5,567,700
Navient Corp. 4.875%, 03/15/2028			6,959		6,326,499
5.00%, 03/15/2027			1,471		1,402,497
5.625%, 08/01/2033			1,834		1,457,803
6.75%, 06/25/2025			2,395		2,411,278
SLM Corp. 3.125%, 11/02/2026			1,440		1,347,388
Synchrony Financial 7.25%, 02/02/2033			7,131		7,106,876

					69,387,246


Insurance – 0.8%
Acrisure LLC/Acrisure Finance, Inc. 4.25%, 02/15/2029^(a)			328		294,500
8.25%, 02/01/2029^(a)			3,788		3,799,727
Ardonagh Midco 2 PLC 11.50% (11.50% Cash or 12.75% PIK), 01/15/2027^(a) ^(b) ^(h)			11,605		11,716,970
AssuredPartners, Inc. 5.625%, 01/15/2029^(a)			1,000		944,947
HUB International Ltd. 7.25%, 06/15/2030^(a)			5,570		5,725,207
7.375%, 01/31/2032^(a)			2,719		2,781,355

					25,262,706


Other Finance – 0.5%
Armor Holdco, Inc. 8.50%, 11/15/2029^(a)			8,586		8,050,493
Coinbase Global, Inc. 3.375%, 10/01/2028^(a)			5,564		4,558,017
3.625%, 10/01/2031^(a)			2,379		1,785,004

					14,393,514


REITs – 1.0%
Aedas Homes Opco SLU 4.00%, 08/15/2026^(a)		EUR	8,929		9,311,268


	Principal Amount (000)			U.S. $ Value

Agps Bondco PLC 5.50%, 11/13/2026^(a) ⁽ⁱ⁾		EUR	1,200	$	514,277
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 4.50%, 04/01/2027^(a)		U.S.$	5,028		4,452,762
Iron Mountain, Inc. 4.875%, 09/15/2027^(a)			602		582,396
5.25%, 07/15/2030^(a)			300		282,949
Office Properties Income Trust 3.45%, 10/15/2031			3,882		1,919,346
Service Properties Trust 8.625%, 11/15/2031^(a)			3,569		3,784,087
Via Celere Desarrollos Inmobiliarios SA 5.25%, 04/01/2026^(a)		EUR	5,665		6,015,068
Vivion Investments SARL 3.00%, 08/08/2024^(a)			2,500		2,567,699
Series E 7.90%, 02/28/2029^(a) ^(b) ⁽ⁱ⁾			2,400		2,052,265

					31,482,117

					172,944,565


Utility – 0.6%
Electric – 0.5%
ContourGlobal Power Holdings SA 3.125%, 01/01/2028^(a)			813		793,757
NRG Energy, Inc. 3.375%, 02/15/2029^(a)		U.S.$	340		301,284
3.625%, 02/15/2031^(a)			340		291,225
3.875%, 02/15/2032^(a)			694		592,243
5.25%, 06/15/2029^(a)			300		287,671
10.25%, 03/15/2028^(a) ^(m)			3,572		3,761,173
Vistra Corp. 7.00%, 12/15/2026^(a) ^(m)			3,713		3,618,360
8.00%, 10/15/2026^(a) ^(m)			4,495		4,510,972
Vistra Operations Co. LLC 4.375%, 05/01/2029^(a)			326		301,074
5.00%, 07/31/2027^(a)			300		290,572
5.625%, 02/15/2027^(a)			300		295,814

					15,044,145


Natural Gas – 0.0%
AmeriGas Partners LP/AmeriGas Finance Corp. 5.75%, 05/20/2027			710		680,366
5.875%, 08/20/2026			530		512,432

					1,192,798


Other Utility – 0.1%
Solaris Midstream Holdings LLC 7.625%, 04/01/2026^(a)			4,331		4,358,761

					20,595,704


Total Corporates - Non-Investment Grade (cost $1,929,195,557)					1,801,304,372


CORPORATES - INVESTMENT GRADE – 18.7%
Financial Institutions – 9.3%
Banking – 7.0%
AIB Group PLC 4.26%, 04/10/2025^(a)			887		883,816
7.58%, 10/14/2026^(a)			5,343		5,518,397
Ally Financial, Inc. 6.85%, 01/03/2030			1,494		1,541,907
8.00%, 11/01/2031			1,002		1,109,181
Series B 4.70%, 05/15/2026^(m)			14,614		11,849,649
Banco de Credito del Peru SA 5.85%, 01/11/2029^(a)			2,106		2,144,399
Banco Santander SA 3.225%, 11/22/2032			200		166,961
6.92%, 08/08/2033			7,200		7,594,555
9.625%, 05/21/2033^(m)			5,000		5,383,149


	Principal Amount (000)			U.S. $ Value

Bank of America Corp. 2.97%, 02/04/2033		U.S.$	4,583	$	3,910,366
Series B 8.05%, 06/15/2027			8,700		9,324,341
Barclays PLC 6.125%, 12/15/2025^(m)			12,590		11,933,109
7.12%, 06/27/2034			2,695		2,847,535
BNP Paribas SA 4.625%, 02/25/2031^(a) ^(m)			2,811		2,278,987
8.50%, 08/14/2028^(a) ^(m)			2,618		2,719,065
BPCE SA 6.51%, 01/18/2035^(a)			3,925		3,975,619
CaixaBank SA 6.84%, 09/13/2034^(a)			4,443		4,729,656
Capital One Financial Corp. 6.05%, 02/01/2035			1,535		1,555,717
7.62%, 10/30/2031			4,386		4,844,401
Citigroup, Inc. 2.56%, 05/01/2032			5,407		4,522,977
7.625%, 11/15/2028^(m)			2,136		2,186,963
Credit Agricole SA 8.125%, 12/23/2025^(a) ^(m)			4,971		5,098,087
Deutsche Bank AG/New York NY 7.08%, 02/10/2034			4,299		4,384,736
7.15%, 07/13/2027			2,202		2,281,318
Dresdner Funding Trust I 8.15%, 06/30/2031^(a)			816		908,413
Fifth Third Bancorp 5.63%, 01/29/2032			1,061		1,071,190
Goldman Sachs Group, Inc. (The) 2.615%, 04/22/2032			4,675		3,944,653
Series P 8.505% (SOFR + 3.14%), 03/04/2024^(k) ^(m)			5,721		5,725,553
HSBC Holdings PLC 4.60%, 12/17/2030^(m)			986		819,948
4.76%, 03/29/2033			3,458		3,212,543
6.375%, 03/30/2025^(m)			418		413,297
8.11%, 11/03/2033			6,060		6,941,208
Intesa Sanpaolo SpA 4.20%, 06/01/2032^(a)			390		322,923
4.95%, 06/01/2042^(a)			1,000		727,513
5.02%, 06/26/2024^(a)			3,198		3,180,512
5.71%, 01/15/2026^(a)			1,145		1,141,715
6.625%, 06/20/2033^(a)			3,768		3,871,431
7.00%, 11/21/2025^(a)			972		995,841
7.20%, 11/28/2033^(a)			2,389		2,549,963
JPMorgan Chase & Co. 2.96%, 01/25/2033			3,724		3,199,163
Series Q 8.82% (SOFR + 3.51%), 05/01/2024^(k) ^(m)			4,444		4,470,117
Series R 8.87% (SOFR + 3.56%), 05/01/2024^(k) ^(m)			323		324,819
Lloyds Banking Group PLC 7.50%, 06/27/2024^(m)			798		789,084
7.50%, 09/27/2025^(m)			1,219		1,191,522
7.95%, 11/15/2033			2,680		3,032,789
8.00%, 09/27/2029^(m)			3,551		3,496,605
Morgan Stanley Series G 2.24%, 07/21/2032			5,576		4,558,323
PNC Financial Services Group, Inc. (The) 5.68%, 01/22/2035			1,911		1,961,878
Series R 8.68% (CME Term SOFR 3 Month + 3.30%), 03/01/2024^(k) ^(m)			985		986,557
Santander Holdings USA, Inc. 6.17%, 01/09/2030			1,656		1,664,634
6.565%, 06/12/2029			3,034		3,142,079
7.66%, 11/09/2031			524		569,350


	Principal Amount (000)			U.S. $ Value

Santander UK Group Holdings PLC 6.83%, 11/21/2026		U.S.$	8,370	$	8,547,848
Societe Generale SA 5.52%, 01/19/2028^(a)			12,052		12,050,104
Standard Chartered PLC 6.17%, 01/09/2027^(a)			1,187		1,205,692
6.19%, 07/06/2027^(a)			619		629,128
7.09% (CME Term SOFR 3 Month + 1.51%), 01/30/2027^(a) ^(h) ^(k) ^(m)			3,500		3,363,025
7.78%, 11/16/2025^(a)			2,240		2,278,757
Swedbank AB
Series NC5 5.625%, 09/17/2024^(a) ^(m)			600		592,785
Synchrony Bank 5.625%, 08/23/2027			1,521		1,495,898
Truist Financial Corp. Series L 8.75% (CME Term SOFR 3 Month + 3.36%), 12/15/2024^(k) ^(m)			5,127		5,162,674
UBS Group AG 6.37%, 07/15/2026^(a)			2,253		2,278,595
7.00%, 02/19/2025^(a) ^(m)			6,302		6,290,030
9.25%, 11/13/2028^(a) ^(m)			895		956,745
9.25%, 11/13/2033^(a) ^(m)			812		890,123
UniCredit SpA 1.98%, 06/03/2027^(a)			3,605		3,316,154
Wells Fargo & Co. 3.35%, 03/02/2033			4,075		3,576,822
7.625%, 09/15/2028^(m)			450		473,238

					221,106,132


Finance – 1.1%
Air Lease Corp. Series B 4.65%, 06/15/2026^(m)			5,818		5,364,821
Aircastle Ltd. 2.85%, 01/26/2028^(a)			1,274		1,141,619
5.25%, 06/15/2026^(a) ^(m)			2,836		2,488,136
5.95%, 02/15/2029^(a)			1,925		1,924,970
Aviation Capital Group LLC 1.95%, 09/20/2026^(a)			3,301		3,014,196
4.125%, 08/01/2025^(a)			2,077		2,023,001
4.875%, 10/01/2025^(a)			1,585		1,557,516
6.375%, 07/15/2030^(a)			3,889		4,033,670
6.75%, 10/25/2028^(a)			3,964		4,163,580
Huarong Finance 2017 Co., Ltd. 4.75%, 04/27/2027^(a)			751		707,066
Series E 4.25%, 11/07/2027^(a)			270		247,725
Huarong Finance 2019 Co., Ltd. Series E 3.25%, 11/13/2024^(a)			708		688,693
3.75%, 05/29/2024^(a)			412		407,105
Huarong Finance II Co., Ltd. Series E 4.625%, 06/03/2026^(a)			2,519		2,401,709
4.875%, 11/22/2026^(a)			710		676,497
5.50%, 01/16/2025^(a)			3,149		3,101,765
ILFC E-Capital Trust II 7.44% (CME Term SOFR 3 Month + 2.06%), 12/21/2065^(a) ^(k)			1,500		1,186,045

					35,128,114


Insurance – 0.9%
Liberty Mutual Group, Inc. 7.80%, 03/15/2037^(a)			12,355		12,581,114
MetLife Capital Trust IV 7.875%, 12/15/2037^(a)			9,269		10,036,489
MetLife, Inc. 10.75%, 08/01/2039			1,745		2,360,008


	Principal Amount (000)			U.S. $ Value

Nationwide Mutual Insurance Co. 7.94% (CME Term SOFR 3 Month + 2.29%), 12/15/2024^(a) ^(k)		U.S.$	5,000	$	5,009,741

					29,987,352


REITs – 0.3%
Trust Fibra Uno 4.87%, 01/15/2030^(a)			4,994		4,544,540
VICI Properties LP/VICI Note Co., Inc. 4.625%, 06/15/2025^(a)			1,279		1,260,692
5.625%, 05/01/2024^(a)			2,333		2,329,929

					8,135,161

					294,356,759


Industrial – 8.8%
Basic – 0.9%
AngloGold Ashanti Holdings PLC 3.375%, 11/01/2028			1,945		1,750,500
Braskem Netherlands Finance BV 4.50%, 01/10/2028^(a)			3,344		2,883,364
4.50%, 01/31/2030^(a)			4,684		3,691,461
7.25%, 02/13/2033^(a)			899		796,308
8.50%, 01/12/2031^(a)			1,662		1,579,530
Celanese US Holdings LLC 6.35%, 11/15/2028			1,424		1,483,241
Freeport Indonesia PT 4.76%, 04/14/2027^(a)			696		682,080
Glencore Funding LLC 6.50%, 10/06/2033^(a)			4,237		4,619,082
Nexa Resources SA 6.50%, 01/18/2028^(a)			3,219		3,224,794
Olin Corp. 5.125%, 09/15/2027			540		525,193
5.625%, 08/01/2029			3,127		3,087,246
Sociedad Quimica y Minera de Chile SA 6.50%, 11/07/2033^(a)			2,648		2,727,440
UPL Corp., Ltd. 4.50%, 03/08/2028^(a)			1,084		982,714
4.625%, 06/16/2030^(a)			2,376		2,053,755

					30,086,708


Capital Goods – 0.1%
Howmet Aerospace, Inc. 5.90%, 02/01/2027			805		817,016
Regal Rexnord Corp. 6.30%, 02/15/2030^(a)			852		874,625
Textron Financial Corp. 7.38% (CME Term SOFR 3 Month + 2.00%), 02/15/2042^(a) ^(k)			125		105,085

					1,796,726


Communications - Media – 0.7%
DIRECTV Financing LLC 8.875%, 02/01/2030^(a) ^(c)			2,829		2,851,946
DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc. 5.875%, 08/15/2027^(a)			8,766		8,327,899
Discovery Communications LLC 4.125%, 05/15/2029			736		697,278
Prosus NV 3.06%, 07/13/2031^(a)			6,509		5,223,473
4.03%, 08/03/2050^(a)			1,341		851,535
Warnermedia Holdings, Inc. 4.28%, 03/15/2032			4,249		3,890,065
Weibo Corp. 3.375%, 07/08/2030			1,896		1,639,926

					23,482,122


Communications - Telecommunications – 0.2%
Sprint Capital Corp. 8.75%, 03/15/2032			3,300		4,053,950


	Principal Amount (000)			U.S. $ Value

Sprint LLC 7.625%, 03/01/2026		U.S.$	137	$	143,004
Xiaomi Best Time International Ltd. 3.375%, 04/29/2030^(a)			2,112		1,873,365

					6,070,319


Consumer Cyclical - Automotive – 2.3%
Ford Motor Co. 3.25%, 02/12/2032			11,331		9,384,000
6.10%, 08/19/2032			2,919		2,918,740
Ford Motor Credit Co. LLC 2.70%, 08/10/2026			388		360,674
4.95%, 05/28/2027			3,213		3,144,763
5.11%, 05/03/2029			1,800		1,747,594
5.125%, 06/16/2025			538		533,252
6.80%, 05/12/2028			4,854		5,039,008
7.35%, 11/04/2027			7,208		7,578,702
General Motors Financial Co., Inc. 2.35%, 01/08/2031			1,925		1,595,667
2.70%, 06/10/2031			5,534		4,621,039
3.60%, 06/21/2030			962		870,951
5.85%, 04/06/2030			597		613,194
6.40%, 01/09/2033			6,351		6,721,267
Harley-Davidson Financial Services, Inc. 6.50%, 03/10/2028^(a)			13,050		13,458,505
Hyundai Capital America 6.10%, 09/21/2028^(a)			6,290		6,570,978
Nissan Motor Acceptance Co. LLC 1.85%, 09/16/2026^(a)			393		355,537
2.45%, 09/15/2028^(a)			3,310		2,849,538
2.75%, 03/09/2028^(a)			5,326		4,713,633
Nissan Motor Co., Ltd. 4.81%, 09/17/2030^(a)			434		404,939

					73,481,981


Consumer Cyclical - Entertainment – 0.2%
Mattel, Inc. 3.75%, 04/01/2029^(a)			5,792		5,311,049


Consumer Cyclical - Other – 0.7%
GENM Capital Labuan Ltd. 3.88%, 04/19/2031^(a)			391		334,794
International Game Technology PLC 3.50%, 06/15/2026^(a)		EUR	1,026		1,093,401
Las Vegas Sands Corp. 3.50%, 08/18/2026		U.S.$	268		255,879
MDC Holdings, Inc. 6.00%, 01/15/2043			9,963		10,080,988
Resorts World Las Vegas LLC/RWLV Capital, Inc. 4.625%, 04/16/2029^(a)			900		796,923
4.625%, 04/06/2031^(a)			5,800		4,839,960
8.45%, 07/27/2030^(a)			900		940,633
Sands China Ltd. 3.50%, 08/08/2031⁽ⁱ⁾			675		558,774
4.625%, 06/18/2030⁽ⁱ⁾			2,225		2,034,346
5.65%, 08/08/2028⁽ⁱ⁾			1,104		1,081,478

					22,017,176


Consumer Cyclical - Retailers – 0.4%
Macy’s Retail Holdings LLC 5.875%, 04/01/2029^(a)			1,195		1,158,250
5.875%, 03/15/2030^(a)			4,253		4,032,653
6.125%, 03/15/2032^(a)			2,121		2,004,950
Tapestry, Inc. 7.05%, 11/27/2025			340		347,872
7.70%, 11/27/2030			3,608		3,833,612
7.85%, 11/27/2033			1,093		1,168,806

					12,546,143


	Principal Amount (000)			U.S. $ Value

Consumer Non-Cyclical – 1.2%
Altria Group, Inc. 6.875%, 11/01/2033		U.S.$	3,640	$	4,008,420
BAT Capital Corp. 6.42%, 08/02/2033			4,358		4,557,163
7.75%, 10/19/2032			2,504		2,833,418
Bayer US Finance LLC 6.375%, 11/21/2030^(a)			5,737		5,852,476
Charles River Laboratories International, Inc. 3.75%, 03/15/2029^(a)			3,048		2,778,023
4.00%, 03/15/2031^(a)			2,554		2,269,706
IQVIA, Inc. 5.70%, 05/15/2028^(a)			958		976,554
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL 6.75%, 03/15/2034^(a)			4,861		5,131,736
Pilgrim’s Pride Corp. 3.50%, 03/01/2032			5,244		4,429,191
6.875%, 05/15/2034			5,713		6,099,349

					38,936,036


Energy – 1.5%
Apache Corp. 5.10%, 09/01/2040			1,548		1,330,387
Columbia Pipelines Operating Co. LLC 5.93%, 08/15/2030^(a)			829		861,862
Continental Resources, Inc./OK 2.875%, 04/01/2032^(a)			383		312,660
5.75%, 01/15/2031^(a)			788		783,821
Ecopetrol SA 4.625%, 11/02/2031			2,197		1,799,782
8.625%, 01/19/2029			6,145		6,490,656
EQT Corp. 5.75%, 02/01/2034			1,837		1,838,657
Hunt Oil Co. of Peru LLC Sucursal Del Peru 8.55%, 09/18/2033^(a)			1,452		1,544,057
KazMunayGas National Co. JSC 4.75%, 04/19/2027^(a)			1,189		1,156,674
5.375%, 04/24/2030^(a)			5,100		4,982,700
Occidental Petroleum Corp. 5.875%, 09/01/2025			346		348,571
7.50%, 05/01/2031			3,487		3,896,188
8.875%, 07/15/2030			558		655,284
Oleoducto Central SA 4.00%, 07/14/2027^(a)			610		562,916
ONEOK, Inc. 6.05%, 09/01/2033			2,579		2,706,665
Ovintiv, Inc. 6.25%, 07/15/2033			2,855		2,972,775
6.50%, 02/01/2038			1,273		1,316,690
Tengizchevroil Finance Co. International Ltd. 3.25%, 08/15/2030^(a)			4,529		3,713,780
TransCanada PipeLines Ltd. 7.85% (CME Term SOFR 3 Month + 2.21%), 05/15/2067^(k)			2,500		2,108,488
Var Energi ASA 7.50%, 01/15/2028^(a)			2,151		2,284,805
8.00%, 11/15/2032^(a)			4,260		4,825,580
Western Midstream Operating LP 3.95%, 06/01/2025			1,033		1,011,833

					47,504,831


Services – 0.2%
GTCR W-2 Merger Sub LLC 7.50%, 01/15/2031^(a)			4,362		4,544,796
GTCR W-2 Merger Sub LLC/GTCR W Dutch Finance Sub BV 8.50%, 01/15/2031^(a)		GBP	369		502,373

					5,047,169


	Principal Amount (000)			U.S. $ Value

Technology – 0.2%
Lenovo Group Ltd. 3.42%, 11/02/2030^(a)		U.S.$	735	$	649,475
5.83%, 01/27/2028^(a)			2,591		2,639,607
Western Digital Corp. 2.85%, 02/01/2029			203		173,770
3.10%, 02/01/2032			541		430,505
Xiaomi Best Time International Ltd. 2.875%, 07/14/2031^(a)			1,689		1,407,376

					5,300,733


Transportation - Airlines – 0.1%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.75%, 10/20/2028^(a)			2,971		2,922,184


Transportation - Railroads – 0.0%
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/2036^(a)			1,687		1,541,690


Transportation - Services – 0.1%
AerCap Global Aviation Trust 6.50%, 06/15/2045^(a)			3,384		3,381,183

					279,426,050


Utility – 0.6%
Electric – 0.6%
Alexander Funding Trust II 7.47%, 07/31/2028^(a)			1,615		1,706,222
Cometa Energia SA de CV 6.375%, 04/24/2035^(a)			1,649		1,585,532
Electricite de France SA 9.125%, 03/15/2033^(a) ^(m)			1,365		1,529,192
Minejesa Capital BV 4.625%, 08/10/2030^(a)			2,102		1,989,249
Niagara Mohawk Power Corp. 5.29%, 01/17/2034^(a)			2,733		2,734,393
NRG Energy, Inc. 4.45%, 06/15/2029^(a)			506		479,659
7.00%, 03/15/2033^(a)			1,192		1,257,083
Palomino Funding Trust I 7.23%, 05/17/2028^(a)			5,475		5,764,536

					17,045,866


Other Utility – 0.0%
Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy 7.875%, 02/15/2039^(a)			743		764,473

					17,810,339

Total Corporates - Investment Grade (cost $584,817,251)					591,593,148


EMERGING MARKETS - CORPORATE BONDS – 6.2%
Industrial – 5.5%
Basic – 1.5%
Braskem Idesa SAPI 6.99%, 02/20/2032^(a)			2,509		1,634,770
7.45%, 11/15/2029^(a)			6,736		4,654,239
Cia de Minas Buenaventura SAA 5.50%, 07/23/2026^(a)			3,245		3,082,750
CSN Inova Ventures 6.75%, 01/28/2028^(a)			10,378		9,936,935
Eldorado Gold Corp. 6.25%, 09/01/2029^(a)			4,648		4,415,925
First Quantum Minerals Ltd. 6.875%, 10/15/2027^(a)			8,370		7,434,150
Indika Energy Capital IV Pte Ltd. 8.25%, 10/22/2025^(a)			3,899		3,900,218
JSW Steel Ltd.
3.95%, 04/05/2027^(a)			813		755,074
5.05%, 04/05/2032^(a)			2,171		1,915,908


	Principal Amount (000)			U.S. $ Value

Sasol Financing USA LLC 8.75%, 05/03/2029^(a)		U.S.$	2,588	$	2,635,037
Stillwater Mining Co. 4.00%, 11/16/2026^(a)			2,031		1,793,627
4.50%, 11/16/2029^(a)			1,878		1,473,056
Vedanta Resources Finance II PLC 13.875%, 01/21/2027^(a)			2,186		2,056,480
Volcan Cia Minera SAA 4.375%, 02/11/2026^(a)			1,384		788,880

					46,477,049


Capital Goods – 0.4%
Cemex SAB de CV 5.125%, 06/08/2026^(a) ^(m)			4,107		3,897,543
Embraer Netherlands Finance BV 5.40%, 02/01/2027			8,145		8,063,550
IHS Holding Ltd. 5.625%, 11/29/2026^(a)			1,193		1,071,463
6.25%, 11/29/2028^(a)			537		451,080
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058^(g)			8,966		2,690

					13,486,326


Communications - Media – 0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030^(a)			4,541		3,831,469
Telecomunicaciones Digitales SA 4.50%, 01/30/2030^(a)			443		384,856
VTR Finance NV 6.375%, 07/15/2028^(g)			377		144,438

					4,360,763


Communications - Telecommunications – 0.1%
CT Trust 5.125%, 02/03/2032^(a)			2,145		1,879,943
Digicel Group Holdings Ltd. Zero Coupon, 12/31/2030^(c) ^(g)			691		10,326

					1,890,269


Consumer Cyclical - Other – 1.2%
Allwyn Entertainment Financing UK PLC 8.13% (EURIBOR 3 Month + 4.13%), 02/15/2028^(a) ^(k)		EUR	3,827		4,174,085
Allwyn International AS 3.875%, 02/15/2027^(a)			744		776,904
Melco Resorts Finance Ltd. 5.375%, 12/04/2029^(a)		U.S.$	6,251		5,539,949
5.625%, 07/17/2027^(a)			3,599		3,388,531
5.75%, 07/21/2028^(a)			3,277		3,047,610
MGM China Holdings Ltd. 4.75%, 02/01/2027^(a)			8,457		7,907,295
5.25%, 06/18/2025^(a)			437		424,846
5.375%, 05/15/2024^(a)			2,104		2,093,754
Studio City Co., Ltd. 7.00%, 02/15/2027^(a)			1,338		1,322,111
Studio City Finance Ltd. 5.00%, 01/15/2029^(a)			2,502		2,126,700
6.00%, 07/15/2025^(a)			1,011		989,506
6.50%, 01/15/2028^(a)			224		207,200
Wynn Macau Ltd. 5.125%, 12/15/2029^(a)			2,333		2,067,621
5.50%, 01/15/2026^(a)			825		797,156
5.50%, 10/01/2027^(a)			1,100		1,030,906
5.625%, 08/26/2028^(a)			2,442		2,260,071

					38,154,245


Consumer Cyclical - Retailers – 0.1%
Falabella SA 3.375%, 01/15/2032^(a)			3,073		2,274,020
3.75%, 10/30/2027^(a)			1,709		1,495,375


	Principal Amount (000)			U.S. $ Value

K201640219 South Africa Ltd. Zero Coupon, 06/25/2023^(c) ^(d) ^(e) ^(f)		ZAR	230	$	0
K2016470219 South Africa Ltd. 3.00%, 12/31/2022^(c) ^(d) ^(e) ^(f) ^(g)		U.S.$	5,622		0
K2016470260 South Africa Ltd. 25.00%, 12/31/2022^(a) ^(c) ^(d) ^(e) ^(f)			3,942		0

					3,769,395


Consumer Non-Cyclical – 0.9%
BBFI Liquidating Trust Zero Coupon, 12/30/2099^(c) ^(e) ^(g)			2,174		949,333
BRF SA 4.875%, 01/24/2030^(a)			1,952		1,722,030
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL 5.25%, 04/27/2029^(a)			1,443		1,341,990
MARB BondCo PLC 3.95%, 01/29/2031^(a)			7,573		6,012,962
Natura Cosmeticos SA 4.125%, 05/03/2028^(a)			1,117		1,018,215
Rede D’or Finance SARL 4.50%, 01/22/2030^(a)			1,785		1,577,940
4.95%, 01/17/2028^(a)			1,820		1,714,781
Teva Pharmaceutical Finance Netherlands II BV 3.75%, 05/09/2027		EUR	2,758		2,874,164
Teva Pharmaceutical Finance Netherlands III BV 4.75%, 05/09/2027		U.S.$	2,251		2,161,028
5.125%, 05/09/2029^(h)			2,251		2,161,658
7.875%, 09/15/2029			2,840		3,063,810
8.125%, 09/15/2031			2,840		3,123,197
Tonon Luxembourg SA 6.50%, 10/31/2024^(f) ^(g) ⁽ⁿ⁾			2,437		244
Ulker Biskuvi Sanayi AS 6.95%, 10/30/2025^(a)			1,248		1,221,870
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018^(c) ^(d) ^(e) ^(f) ^(g)			13,674		1,367
10.875%, 01/13/2020^(c) ^(d) ^(e) ^(f) ^(g)			2,500		250
11.75%, 02/09/2022^(c) ^(d) ^(e) ^(f) ^(g)			13,613		1,361

					28,946,200


Energy – 0.9%
Acu Petroleo Luxembourg SARL 7.50%, 01/13/2032^(a)			2,079		1,982,362
Canacol Energy Ltd. 5.75%, 11/24/2028^(a)			2,107		1,469,237
Cosan Luxembourg SA 5.50%, 09/20/2029^(a)			2,027		1,907,280
Geopark Ltd. 5.50%, 01/17/2027^(a)			1,883		1,669,986
Gran Tierra Energy, Inc. 9.50%, 10/15/2029^(a) ^(h)			2,785		2,454,281
Greenko Wind Projects Mauritius Ltd. 5.50%, 04/06/2025^(a)			3,868		3,790,640
Kosmos Energy Ltd. 7.50%, 03/01/2028^(a)			1,668		1,542,900
Leviathan Bond Ltd. 6.125%, 06/30/2025^(a)			2,565		2,465,628
6.50%, 06/30/2027^(a)			3,495		3,245,283
Medco Maple Tree Pte Ltd. 8.96%, 04/27/2029^(a)			1,936		1,979,560
MV24 Capital BV 6.75%, 06/01/2034^(a)			2,559		2,385,348
ReNew Pvt. Ltd. 5.875%, 03/05/2027^(a)			220		212,872
SEPLAT Energy PLC 7.75%, 04/01/2026^(a)			876		808,110
SierraCol Energy Andina LLC 6.00%, 06/15/2028^(a)			2,354		1,969,268

					27,882,755


	Principal Amount (000)			U.S. $ Value

Services – 0.1%
Bidvest Group UK PLC (The) 3.625%, 09/23/2026^(a)		U.S.$	1,631	$	1,516,830


Technology – 0.2%
CA Magnum Holdings 5.375%, 10/31/2026^(a)			8,243		7,696,901


Transportation - Services – 0.0%
JSW Infrastructure Ltd. 4.95%, 01/21/2029^(a)			564		525,225

					174,705,958


Utility – 0.5%
Electric – 0.5%
Adani Green Energy Ltd. 4.375%, 09/08/2024^(a)			2,044		2,002,609
AES Andes SA 6.35%, 10/07/2079^(a)			2,632		2,482,424
Continuum Energy Aura Pte Ltd. 9.50%, 02/24/2027^(a)			1,269		1,311,892
Diamond II Ltd. 7.95%, 07/28/2026^(a)			2,614		2,647,636
India Clean Energy Holdings 4.50%, 04/18/2027^(a)			2,606		2,337,256
Investment Energy Resources Ltd. 6.25%, 04/26/2029^(a)			1,321		1,250,300
JSW Hydro Energy Ltd. 4.125%, 05/18/2031^(a)			1,373		1,199,244

					13,231,361


Other Utility – 0.0%
Aegea Finance SARL 9.00%, 01/20/2031^(a)			484		509,958

					13,741,319


Financial Institutions – 0.2%
Banking – 0.2%
Turkiye Vakiflar Bankasi TAO 9.00%, 10/12/2028^(a)			2,914		3,041,983
Yapi ve Kredi Bankasi AS 9.25%, 10/16/2028^(a)			1,500		1,579,687

					4,621,670


Other Finance – 0.0%
OEC Finance Ltd. 4.375%, 10/25/2029^(a) ^(b) ⁽ⁱ⁾			329		13,140
5.25%, 12/27/2033^(a) ^(b) ⁽ⁱ⁾			5,947		267,614
7.125%, 12/26/2046^(a) ^(b) ⁽ⁱ⁾			12,605		701,955

					982,709


REITs – 0.0%
Yango Justice International Ltd. 7.50%, 04/15/2024^(a) ^(f) ⁽ⁿ⁾			344		860
7.50%, 02/17/2025^(a) ^(f) ⁽ⁿ⁾			918		2,295
7.875%, 09/04/2024^(a) ^(f) ⁽ⁿ⁾			251		628
8.25%, 11/25/2023^(a) ^(d) ^(f)			400		1,000

					4,783

					5,609,162

Total Emerging Markets - Corporate Bonds (cost $260,580,122)					194,056,439


COLLATERALIZED MORTGAGE OBLIGATIONS – 4.8%
Risk Share Floating Rate – 4.4%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Debt Notes 2015-DNA1 Series 2015-DNA1, Class B 14.66% (CME Term SOFR + 9.31%), 10/25/2027^(k)			896		955,523


	Principal Amount (000)			U.S. $ Value

Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Debt Notes 2015-DNA2 Series 2015-DNA2, Class B 13.01% (CME Term SOFR + 7.66%), 12/25/2027^(k)		U.S.$	13,631	$	14,290,122
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Debt Notes 2015-DNA3 Series 2015-DNA3, Class B 14.81% (CME Term SOFR + 9.46%), 04/25/2028^(k)			7,440		8,113,520
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Debt Notes 2015-HQA1 Series 2015-HQA1, Class B 14.26% (CME Term SOFR + 8.91%), 03/25/2028^(k)			12,400		12,853,614
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Debt Notes 2015-HQA2 Series 2015-HQA2, Class B 15.96% (CME Term SOFR + 10.61%), 05/25/2028^(k)			6,951		7,493,336
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Debt Notes 2015-HQ2 Series 2015-HQ2, Class B 13.41% (CME Term SOFR + 8.06%), 05/25/2025^(k)			283		297,246
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Debt Notes 2016-DNA2 Series 2016-DNA2, Class B 15.96% (CME Term SOFR + 10.61%), 10/25/2028^(k)			4,996		5,568,898
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Debt Notes 2016-DNA3 Series 2016-DNA3, Class B 16.71% (CME Term SOFR + 11.36%), 12/25/2028^(k)			4,420		5,021,002
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Debt Notes 2016-DNA4 Series 2016-DNA4, Class B 14.06% (CME Term SOFR + 8.71%), 03/25/2029^(k)			1,804		1,962,662
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Debt Notes 2016-HQA1 Series 2016-HQA1, Class B 18.21% (CME Term SOFR + 12.86%), 09/25/2028^(k)			2,975		3,446,795
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Debt Notes 2016-HQA2 Series 2016-HQA2, Class B 16.96% (CME Term SOFR + 11.61%), 11/25/2028^(k)			3,905		4,425,258
Federal National Mortgage Association Connecticut Avenue Securities Series 2016-C01, Class 1B 17.21% (CME Term SOFR + 11.86%), 08/25/2028^(k)			4,001		4,618,381
Series 2016-C02, Class 1B 17.71% (CME Term SOFR + 12.36%), 09/25/2028^(k)			2,876		3,381,268


	Principal Amount (000)			U.S. $ Value

Series 2016-C03, Class 1B 17.21% (CME Term SOFR + 11.86%), 10/25/2028^(k)		U.S.$	7,084	$	8,276,851
Series 2016-C03, Class 2B 18.21% (CME Term SOFR + 12.86%), 10/25/2028^(k)			3,933		4,629,345
Series 2016-C04, Class 1B 15.71% (CME Term SOFR + 10.36%), 01/25/2029 ^(k)			13,227		15,110,278
Series 2016-C05, Class 2B 16.21% (CME Term SOFR + 10.86%), 01/25/2029^(k)			11,974		13,665,009
Series 2016-C06, Class 1B 14.71% (CME Term SOFR + 9.36%), 04/25/2029^(k)			8,443		9,543,199
Series 2016-C07, Class 2B 14.96% (CME Term SOFR + 9.61%), 05/25/2029^(k)			10,240		11,534,193
JP Morgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 10.96% (CME Term SOFR + 5.61%), 10/25/2025^(a) ^(k)			1,990		2,030,503
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 10.71% (CME Term SOFR + 5.36%), 11/25/2025^(a) ^(k)			1,337		1,367,037
Series 2015-WF1, Class 2M2 10.96% (CME Term SOFR + 5.61%), 11/25/2025^(a) ^(k)			641		665,604

					139,249,644


Non-Agency Fixed Rate – 0.3%
Alternative Loan Trust Series 2006-42, Class 1A6 6.00%, 01/25/2047			824		430,941
Series 2006-24CB, Class A15 5.75%, 08/25/2036			1,916		1,042,647
Series 2006-24CB, Class A16 5.75%, 08/25/2036			366		199,347
Series 2006-26CB, Class A6 6.25%, 09/25/2036			190		96,935
Series 2006-26CB, Class A8 6.25%, 09/25/2036			717		366,306
Series 2006-HY12, Class A5 4.15%, 08/25/2036			1,967		1,793,873
Series 2006-J1, Class 1A10 5.50%, 02/25/2036			648		448,959
Series 2006-J5, Class 1A1 6.50%, 09/25/2036			609		338,406
Series 2007-15CB, Class A19 5.75%, 07/25/2037			355		205,606
Series 2007-16CB, Class 1A7 6.00%, 08/25/2037			337		252,724
Bear Stearns ARM Trust Series 2007-3, Class 1A1 3.88%, 05/25/2047			309		272,963
Series 2007-4, Class 22A1 4.07%, 06/25/2047			1,223		1,082,608
ChaseFlex Trust Series 2007-1, Class 1A3 6.50%, 02/25/2037			472		161,219
CHL Mortgage Pass-Through Trust Series 2007-HY4, Class 1A1 4.43%, 09/25/2047			335		289,870
Citigroup Mortgage Loan Trust Series 2007-AR4, Class 1A1A 4.39%, 03/25/2037			199		164,498
CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A4 5.75%, 03/25/2037			537		477,848


	Principal Amount (000)			U.S. $ Value

First Horizon Alternative Mortgage Securities Trust Series 2006-AA3, Class A1 5.88%, 06/25/2036		U.S.$	240	$	184,273
Residential Accredit Loans, Inc. Trust Series 2005-QA10, Class A31 5.06%, 09/25/2035			1,163		780,907
Series 2005-QS14, Class 3A1 6.00%, 09/25/2035			707		582,083
Residential Asset Securitization Trust Series 2006-A8, Class 3A4 6.00%, 08/25/2036			493		232,318
Series 2007-A1, Class A8 6.00%, 03/25/2037			857		278,568
Series 2007-A5, Class 2A3 6.00%, 05/25/2037			213		108,805
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-9, Class A4 4.28%, 10/25/2036			1,557		434,300
Wells Fargo Mortgage Backed Securities Trust Series 2007-AR7, Class A1 5.89%, 12/28/2037			1,109		953,947

					11,179,951


Non-Agency Floating Rate – 0.1%
Alternative Loan Trust Series 2007-7T2, Class A3 6.00% (CME Term SOFR 1 Month + 0.71%), 04/25/2037^(k)			2,055		723,977
CHL Mortgage Pass-Through Trust Series 2007-13, Class A7 6.00% (CME Term SOFR 1 Month + 0.71%), 08/25/2037^(k)			305		121,349
First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A10 5.70% (CME Term SOFR 1 Month + 0.36%), 04/25/2037^(k)			899		211,082
Lehman Mortgage Trust Series 2007-1, Class 3A1 5.70% (CME Term SOFR 1 Month + 0.36%), 02/25/2037^(k)			2,853		403,989
Series 2007-1, Class 3A2 1.80% (7.14% - CME Term SOFR 1 Month), 02/25/2037^(k) ^(o)			2,853		221,742
Lehman XS Trust Series 2007-16N, Class 2A2 7.15% (CME Term SOFR 1 Month + 1.81%), 09/25/2047^(k)			337		290,723
PHH Alternative Mortgage Trust Series 2007-1, Class 1A1 5.77% (CME Term SOFR 1 Month + 0.43%), 02/25/2037^(k)			371		271,039
Series 2007-2, Class 1A3 6.11% (CME Term SOFR 1 Month + 0.77%), 05/25/2037^(k)			191		164,659

					2,408,560

Total Collateralized Mortgage Obligations (cost $146,681,963)					152,838,155


BANK LOANS – 3.3%
Industrial – 2.9%
Capital Goods – 0.1%
ACProducts Holdings, Inc. 9.86% (CME Term SOFR 3 Month + 4.25%), 05/17/2028^(p)			5,180		4,467,113
Apex Tool Group LLC 10.69% (CME Term SOFR 1 Month + 5.25%), 02/08/2029^(p)			186		164,108

					4,631,221


	Principal Amount (000)			U.S. $ Value

Communications - Media – 0.2%
Advantage Sales & Marketing, Inc. 10.09% (CME Term SOFR 3 Month + 4.50%), 10/28/2027^(p)		U.S.$	3,021	$	2,998,687
DIRECTV Financing, LLC 10.58% (CME Term SOFR 3 Month + 5.00%), 08/02/2029^(p)			2,464		2,461,195

					5,459,882


Communications - Telecommunications – 0.7%
Crown Subsea Communications Holding, Inc. 01/26/2031^(c) ^(p) ^(q)		U.S.$	6,910		6,910,000
Proofpoint, Inc. 11.70% (CME Term SOFR 1 Month + 6.25%), 08/31/2029^(p)			6,492		6,485,540
Zacapa SARL 9.35% (CME Term SOFR 3 Month + 4.00%), 03/22/2029^(p)			7,572		7,530,816

					20,926,356


Consumer Cyclical - Automotive – 0.1%
Garrett Motion SARL 9.81% (CME Term SOFR 3 Month + 4.50%), 04/30/2028^(c) ^(p)			3,136		3,135,714


Consumer Non-Cyclical – 0.5%
Gainwell Acquisition Corp. 9.45% (CME Term SOFR 3 Month + 4.00%), 10/01/2027^(p)			6,761		6,564,834
PetSmart LLC 9.18% (CME Term SOFR 1 Month + 3.75%), 02/11/2028^(p)			5,692		5,658,350
US Radiology Specialists, Inc. 10.75% (CME Term SOFR 3 Month + 5.25%), 12/15/2027^(p)			4,654		4,630,141

					16,853,325


Energy – 0.5%
GIP II Blue Holding LP 9.97% (CME Term SOFR 1 Month + 4.50%), 09/29/2028^(p)			10,187		10,185,437
Parkway Generation LLC 10.32% (CME Term SOFR 3 Month + 9.50%), 02/18/2029^(p)			5,620		5,531,151

					15,716,588


Other Industrial – 0.2%
American Tire Distributors, Inc. 11.83% (CME Term SOFR 3 Month + 6.25%), 10/20/2028^(p)			5,030		4,314,790
Dealer Tire Financial LLC 9.08% (CME Term SOFR 1 Month + 3.75%), 12/14/2027^(p)			1,579		1,576,978
Rockwood Service Corp. 9.70% (CME Term SOFR 1 Month + 4.25%), 01/23/2027^(p)			490		490,622

					6,382,390


Technology – 0.5%
Ascend Learning LLC 11.18% (CME Term SOFR 1 Month + 5.75%), 12/10/2029^(p)			2,940		2,710,327
Boxer Parent Co., Inc. 9.60% (CME Term SOFR 3 Month + 4.25%), 12/29/2028^(p)			8,493		8,497,587
FINThrive Software Intermediate Holdings, Inc. 12.20% (CME Term SOFR 1 Month + 6.75%), 12/17/2029^(p)			2,810		1,689,513
Loyalty Ventures, Inc. 14.00% (PRIME 3 Month + 5.50%), 11/03/2027^(c) ^(f) ⁽ⁿ⁾ ^(p)			5,905		51,665


	Principal Amount (000)			U.S. $ Value

Veritas US, Inc. 10.45% (CME Term SOFR 1 Month + 5.00%), 09/01/2025^(p)		U.S.$	3,514	$	3,017,894

					15,966,986


Transportation - Airlines – 0.1%
Delta Air Lines, Inc. 10/20/2027^(p) ^(q)			1,539		1,572,981

					90,645,443


Financial Institutions – 0.2%
Finance – 0.0%
Orbit Private Holdings I Ltd. 9.93% (CME Term SOFR 6 Month + 4.50%), 12/11/2028^(p)			882		883,834


Insurance – 0.2%
Asurion LLC 9.68% (CME Term SOFR 1 Month + 4.25%), 08/19/2028^(p)			6,183		6,106,850

					6,990,684


Utility – 0.2%
Electric – 0.2%
Granite Generation LLC 9.20% (CME Term SOFR 1 Month + 3.75%), 11/09/2026^(p)			7,016		6,985,193


Total Bank Loans (cost $112,651,009)					104,621,320


EMERGING MARKETS - SOVEREIGNS – 2.7%
Angola – 0.4%
Angolan Government International Bond 8.00%, 11/26/2029^(a)			6,204		5,381,970
9.125%, 11/26/2049^(a)			286		225,583
9.50%, 11/12/2025^(a)			5,861		5,750,813

					11,358,366


Argentina – 0.1%
Argentine Republic Government International Bond 0.75%, 07/09/2030⁽ⁱ⁾			1,687		682,360
1.00%, 07/09/2029			2,895		1,163,954
3.50%, 07/09/2041⁽ⁱ⁾			991		329,062
3.625%, 07/09/2035⁽ⁱ⁾			2,063		690,123
4.25%, 01/09/2038⁽ⁱ⁾			4,145		1,591,667

					4,457,166


Bahrain – 0.1%
Bahrain Government International Bond 5.45%, 09/16/2032^(a)			468		421,785
6.75%, 09/20/2029^(a)			1,973		1,980,399
7.00%, 10/12/2028^(a)			1,673		1,712,733

					4,114,917


Cote D’Ivoire – 0.3%
Ivory Coast Government International Bond 4.875%, 01/30/2032^(a)		EUR	7,815		7,073,249
6.375%, 03/03/2028^(a)		U.S.$	3,087		3,005,966
6.625%, 03/22/2048^(a)		EUR	732		620,003

					10,699,218


Dominican Republic – 0.4%
Dominican Republic International Bond 8.625%, 04/20/2027^(a)		U.S.$	12,151		12,705,389


Ecuador – 0.0%
Ecuador Government International Bond 3.50%, 07/31/2035^(a) ⁽ⁱ⁾			2,564		1,039,583


	Principal Amount (000)			U.S. $ Value

Egypt – 0.1%
Egypt Government International Bond 8.70%, 03/01/2049^(a)		U.S.$	612	$	379,440
8.875%, 05/29/2050^(a)			4,471		2,805,552

					3,184,992


El Salvador – 0.2%
El Salvador Government International Bond 6.375%, 01/18/2027^(a)			3,407		3,025,416
7.125%, 01/20/2050^(a)			2,430		1,731,375
8.625%, 02/28/2029^(a)			1,600		1,438,400

					6,195,191


Nigeria – 0.5%
Nigeria Government International Bond 6.125%, 09/28/2028^(a)			8,820		7,662,375
6.50%, 11/28/2027^(a)			2,200		1,992,100
7.14%, 02/23/2030^(a)			5,188		4,526,530
7.70%, 02/23/2038^(a)			671		528,882

					14,709,887


Senegal – 0.3%
Senegal Government International Bond 4.75%, 03/13/2028^(a)		EUR	1,709		1,687,620
6.25%, 05/23/2033^(a)		U.S.$	5,674		4,893,825
6.75%, 03/13/2048^(a)			3,641		2,712,545

					9,293,990


Ukraine – 0.1%
Ukraine Government International Bond 7.25%, 03/15/2035^(a) ⁽ⁱ⁾			3,980		900,475
7.375%, 09/25/2034^(a) ⁽ⁱ⁾			3,486		787,836
7.75%, 09/01/2025^(a) ⁽ⁱ⁾			5,795		1,584,933

					3,273,244


Venezuela – 0.2%
Venezuela Government International Bond 7.65%, 04/21/2025^(a) ^(f) ⁽ⁿ⁾			6,636		962,220
9.00%, 05/07/2023^(a) ^(d) ^(f)			538		75,320
9.25%, 09/15/2027^(f) ⁽ⁿ⁾			18,939		3,380,612
9.25%, 05/07/2028^(a) ^(f) ⁽ⁿ⁾			1,500		242,250

					4,660,402


Total Emerging Markets - Sovereigns (cost $116,707,441)					85,692,345


COLLATERALIZED LOAN OBLIGATIONS – 2.2%
CLO - Floating Rate – 2.2%
Ares XXXIV CLO Ltd. Series 2015-2A, Class CR 7.58% (CME Term SOFR 3 Month + 2.26%), 04/17/2033^(a) ^(k)			11,494		11,319,473
Ballyrock CLO 15 Ltd. Series 2021-1A, Class D 11.80% (CME Term SOFR 3 Month + 6.48%), 04/15/2034^(a) ^(k)			2,000		1,910,002
Bristol Park CLO Ltd. Series 2016-1A, Class DR 8.53% (CME Term SOFR 3 Month + 3.21%), 04/15/2029^(a) ^(k)			5,000		5,001,455
Dryden 78 CLO Ltd. Series 2020-78A, Class C 7.53% (CME Term SOFR 3 Month + 2.21%), 04/17/2033^(a) ^(k)			2,270		2,242,874
Series 2020-78A, Class D 8.58% (CME Term SOFR 3 Month + 3.26%), 04/17/2033^(a) ^(k)			11,286		11,187,669


	Principal Amount (000)			U.S. $ Value

Elevation CLO Ltd. Series 2020-11A, Class C 7.78% (CME Term SOFR 3 Month + 2.46%), 04/15/2033^(a) ^(k)		U.S.$	3,505	$	3,392,111
Series 2020-11A, Class D1 9.43% (CME Term SOFR 3 Month + 4.11%), 04/15/2033^(a) ^(k)			5,438		5,415,137
Elmwood CLO VIII Ltd. Series 2021-1A, Class E1 11.58% (CME Term SOFR 3 Month + 6.26%), 01/20/2034^(a) ^(k)			1,786		1,769,580
Flatiron CLO 21 Ltd. Series 2021-1A, Class E 11.57% (CME Term SOFR 3 Month + 6.26%), 07/19/2034^(a) ^(k)			350		349,979
LCM 28 Ltd. Series 28A, Class D 8.53% (CME Term SOFR 3 Month + 3.21%), 10/20/2030^(a) ^(k)			500		466,287
OCP CLO Ltd. Series 2021-21A, Class E 11.86% (CME Term SOFR 3 Month + 6.54%), 07/20/2034^(a) ^(k)			2,250		2,221,031
Octagon Investment Partners 29 Ltd. Series 2016-1A, Class CR 7.53% (CME Term SOFR 3 Month + 2.21%), 01/24/2033^(a) ^(k)			8,719		8,561,873
Series 2016-1A, Class DR 8.68% (CME Term SOFR 3 Month + 3.36%), 01/24/2033^(a) ^(k)			7,987		7,787,700
Rad CLO 7 Ltd. Series 2020-7A, Class C 7.58% (CME Term SOFR 3 Month + 2.26%), 04/17/2033^(a) ^(k)			2,940		2,931,406
Rad CLO 10 Ltd. Series 2021-10A, Class E 11.43% (CME Term SOFR 3 Month + 6.11%), 04/23/2034^(a) ^(k)			3,793		3,682,907


Total Collateralized Loan Obligations (cost $68,782,869)					68,239,484


GOVERNMENTS - TREASURIES – 1.4%
United States – 1.4%
U.S. Treasury Bonds 6.125%, 11/15/2027^(r) ^(s)			9,763		10,489,016
U.S. Treasury Notes 2.375%, 05/15/2029^(r) ^(t)			15,542		14,417,818
3.125%, 11/15/2028^(r) ^(t)			12,054		11,648,867
4.00%, 02/29/2028^(r)			7,478		7,496,895


Total Governments - Treasuries (cost $46,418,172)					44,052,596


QUASI-SOVEREIGNS – 1.1%
Quasi-Sovereign Bonds – 1.1%
Chile – 0.1%
Corp. Nacional del Cobre de Chile 5.95%, 01/08/2034^(a)			3,223		3,215,587
6.44%, 01/26/2036^(a)			1,317		1,363,095

					4,578,682


Mexico – 0.7%
Comision Federal de Electricidad 3.35%, 02/09/2031^(a)			2,528		2,088,760
4.69%, 05/15/2029^(a)			5,842		5,487,829
Petroleos Mexicanos 5.95%, 01/28/2031			3,362		2,629,084
6.49%, 01/23/2027			1,276		1,200,014
6.50%, 03/13/2027			376		351,936
6.50%, 01/23/2029			1,268		1,119,783
6.70%, 02/16/2032			3,899		3,163,844
6.75%, 09/21/2047			6,363		4,070,411
7.69%, 01/23/2050			2,298		1,600,557

					21,712,218


	Principal Amount (000)			U.S. $ Value

South Africa – 0.2%
Eskom Holdings SOC Ltd. 7.125%, 02/11/2025^(a)		U.S.$	1,951	$	1,938,806
Transnet SOC Ltd. 8.25%, 02/06/2028^(a)			4,870		4,894,837

					6,833,643


Trinidad and Tobago – 0.0%
Trinidad Generation UnLtd. 5.25%, 11/04/2027^(a)			202		197,813


Turkey – 0.1%
TC Ziraat Bankasi AS 8.00%, 01/16/2029^(a)			1,389		1,395,202
Turkiye Ihracat Kredi Bankasi AS 9.00%, 01/28/2027^(a)			612		634,950

					2,030,152


Venezuela – 0.0%
Petroleos de Venezuela SA 6.00%, 11/15/2026^(a) ^(f) ⁽ⁿ⁾			5,000		537,500


Total Quasi-Sovereigns (cost $39,101,633)					35,890,008


	Shares

COMMON STOCKS – 0.7%
Consumer Staples – 0.4%
Household Products – 0.4%
Southeastern Grocers, Inc.^(c) ^(e) ^(f)			508,189		12,958,820


Consumer Discretionary – 0.2%
Broadline Retail – 0.2%
ATD New Holdings, Inc.^(c) ^(f)			161,762		4,044,050
K201640219 South Africa Ltd. - Class A^(c) ^(e) ^(f)			64,873,855		65
K201640219 South Africa Ltd. - Class B^(c) ^(e) ^(f)			10,275,684		10

					4,044,125


Diversified Consumer Services – 0.0%
AG Tracker^(c) ^(e) ^(f)			341,874		1
Paysafe Ltd.^(f)			46,899		697,857

					697,858


Hotels, Restaurants & Leisure – 0.0%
Caesars Entertainment, Inc.^(f)			4,628		203,030


Leisure Products – 0.0%
New Cotai LLC/New Cotai Capital Corp.^(c) ^(e) ^(f)			14		0

					4,945,013


Industrials – 0.1%
Electrical Equipment – 0.1%
Exide Technologies^(c) ^(e) ^(f)			4,045		1,314,625


Communication Services – 0.0%
Media – 0.0%
National CineMedia, Inc.^(f)			321,350		1,314,321


Financials – 0.0%
Insurance – 0.0%
Mt. Logan Re, Ltd. (Preference Shares)^(c) ^(e) ^(f)			2,575		982,018


Energy – 0.0%
Energy Equipment & Services – 0.0%
BIS Industries Holdings Ltd.^(c) ^(e) ^(f)			5,004,988		5
CHC Group LLC^(e) ^(f)			104,383		21

					26


Oil, Gas & Consumable Fuels – 0.0%
Battalion Oil Corp.^(f)			135		925
Golden Energy Offshore Services AS^(f)			3,360,247		479,248


Company	Shares			U.S. $ Value

SandRidge Energy, Inc.			1,446	$	21,111

					501,284

					501,310


Information Technology – 0.0%
IT Services – 0.0%
GOLO Mobile, Inc.^(c) ^(e) ^(f)			168,790		0


Total Common Stocks (cost $72,266,954)					22,016,107


	Principal Amount (000)

LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.4%
United States – 0.4%
State of California Series 2010 7.60%, 11/01/2040		U.S.$	1,200		1,530,835
7.625%, 03/01/2040			1,250		1,571,864
State of Illinois Series 2010 7.35%, 07/01/2035			3,531		3,848,613
Wisconsin Public Finance Authority Series 2021 5.75%, 07/25/2041^(g)			7,240		6,531,958


Total Local Governments - US Municipal Bonds (cost $13,263,425)					13,483,270


INFLATION-LINKED SECURITIES – 0.4%
Colombia – 0.4%
Fideicomiso PA Concesion Ruta al Mar 6.75%, 02/15/2044^(g)		COP	14,562,910		2,318,820
Fideicomiso PA Costera 6.25%, 01/15/2034^(g)			7,580,000		1,905,115
Fideicomiso PA Pacifico Tres 7.00%, 01/15/2035^(g)			36,247,335		8,354,441


Total Inflation-Linked Securities (cost $18,063,053)					12,578,376


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.$	201		10,086
GS Mortgage Securities Trust Series 2011-GC5, Class C 5.30%, 08/10/2044^(a)			7,937		5,863,786
Series 2013-GC13, Class D 3.96%, 07/10/2046^(a)			1,500		769,110
Series 2014-GC18, Class D 5.20%, 01/10/2047^(a)			904		225,863
WFRBS Commercial Mortgage Trust Series 2011-C4, Class D 5.145%, 06/15/2044^(a)			2,576		2,153,124
Series 2014-C20, Class D 3.99%, 05/15/2047^(a)			3,701		1,137,426

					10,159,395


Non-Agency Floating Rate CMBS – 0.1%
Morgan Stanley Capital I Trust Series 2019-BPR, Class E 10.695% (CME Term SOFR 1 Month + 5.34%), 05/15/2036^(a) ^(k)			1,702		1,526,792


Total Commercial Mortgage-Backed Securities (cost $17,167,827)					11,686,187


Company	Shares			U.S. $ Value

PREFERRED STOCKS – 0.2%
Industrials – 0.2%
Trading Companies & Distributors – 0.2%
WESCO International, Inc. Series A 10.625% (cost $5,716,711)			211,900	$	5,681,039


	Principal Amount (000)

GOVERNMENTS - SOVEREIGN BONDS – 0.2%
Colombia – 0.1%
Colombia Government International Bond 8.00%, 11/14/2035		U.S.$	1,923		2,021,073


Panama – 0.1%
Panama Notas del Tesoro 3.75%, 04/17/2026			1,503		1,413,076


Romania – 0.0%
Romanian Government International Bond 6.375%, 01/30/2034^(a)			1,114		1,136,391


Total Governments - Sovereign Bonds (cost $4,397,447)					4,570,540


ASSET-BACKED SECURITIES – 0.0%
Autos - Fixed Rate – 0.0%
Flagship Credit Auto Trust Series 2019-1, Class E 5.06%, 06/15/2026^(a)			791		781,509


Other ABS - Fixed Rate – 0.0%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-24, Class PT 9.87%, 08/15/2044^(g)			61		58,157
Series 2019-36, Class PT 10.66%, 10/17/2044^(g)			136		132,379
Pagaya AI Debt Trust Series 2022-6, Class A4 44.44%, 05/15/2030^(a) ^(c)			169		217,862

					408,398


Total Asset-Backed Securities (cost $1,157,005)					1,189,907


	Shares

RIGHTS – 0.0%
Vistra Energy Corp., expiring 12/31/2049^(c) ^(f)(cost $0)			45,881		63,775


SHORT-TERM INVESTMENTS – 1.5%
Investment Companies – 0.8%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.24%^(u) ^(v) ^(w)(cost $27,507,949)			27,507,949		27,507,949


	Principal Amount (000)

Time Deposits – 0.7%
BBH, New York 6.42%, 02/01/2024		ZAR	110		5,886


	Principal Amount (000)			U.S. $ Value

Citibank, London 2.85%, 02/01/2024		EUR	658	$	711,538
Citibank, New York 4.67%, 02/01/2024		U.S.$	20,821		20,821,442


Total Time Deposits (cost $21,538,866)					21,538,866


Emerging Markets - Corporate Bonds – 0.0%
Financial Institutions – 0.0%
REITs – 0.0%
Yango Justice International Ltd. 10.25%, 09/15/2022^(d) ^(f)			264		660


(cost $195,700)			264,000		660


Total Short-Term Investments (cost $49,242,515)					49,047,475


Total Investments – 101.2% (cost $3,486,210,954)^(x)					3,198,604,543
Other assets less liabilities – (1.2)%					(38,617,009	)


Net Assets – 100.0%				$	3,159,987,534

FUTURES


Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. Long Bond (CBT) Futures		65		March 2024		$	7,952,344		$	410,234
U.S. T-Note 5 Yr (CBT) Futures		2,267		March 2024			245,721,547			4,665,055
U.S. T-Note 10 Yr (CBT) Futures		135		March 2024			15,164,297			461,617
U.S. Ultra Bond (CBT) Futures		143		March 2024			18,478,281			986,477

									$	6,523,383

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America NA		USD	2,863		CAD	3,825		03/15/2024		$	(16,382	)
Brown Brothers Harriman & Co.		EUR	1,500		USD	1,646		03/14/2024			21,634
HSBC Bank USA		COP	65,115,083		USD	16,276		03/15/2024			(316,443	)
Morgan Stanley Capital Services LLC		GBP	9,317		USD	11,823		04/19/2024			7,564
Morgan Stanley Capital Services LLC		USD	6,411		GBP	5,052		04/19/2024			(4,102	)
NatWest Markets PLC		EUR	115,130		USD	126,653		03/14/2024			2,013,530

										$	1,705,801

CENTRALLY CLEARED CREDIT DEFAULT SWAPS


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at January 31, 2024		Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Sale Contracts
CDX-NAHY Series 41, 5 Year Index, 12/20/2028*		5.00	%		Quarterly		3.61%		USD	85,663		$	5,256,165		$	318,216		$	4,937,949
iTraxx Europe Crossover Series 40, 5 Year Index, 12/20/2028*		5.00	%		Quarterly		3.27		EUR	14,870			1,231,263			577,906			653,357

												$	6,487,428		$	896,122		$	5,591,306

* Termination date

CREDIT DEFAULT SWAPS


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at January 31, 2024			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00	%		Monthly		7.50	%		USD	18,473	$	(2,327,945	)		$ (1,985,288	)	$	(342,657	)
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	7,254		(914,068	)		(832,967	)		(81,101	)
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,715		(216,150	)		(199,931	)		(16,219	)
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	4,039		(509,005	)		(459,724	)		(49,281	)
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	2,827		(356,292	)		(323,011	)		(33,281	)
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,732		(218,389	)		(581,842	)		363,453
Credit Suisse International
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	3,491		(439,982	)		(392,110	)		(47,872	)
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	114		(14,375	)		(12,895	)		(1,480	)
Deutsche Bank AG
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,106		(139,570	)		(117,382	)		(22,188	)
Goldman Sachs International
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	12,360		(1,557,512	)		(1,616,637	)		59,125
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	662		(83,399	)		(76,828	)		(6,571	)
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	259		(32,649	)		(63,709	)		31,060
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	518		(65,472	)		(109,729	)		44,257
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	518		(65,472	)		(109,729	)		44,257
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	259		(32,736	)		(53,105	)		20,369


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at January 31, 2024			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
JPMorgan Securities LLC
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00	%`		Monthly		7.50	%		USD	2,928	$	(368,979	)	$	(338,182	)	$	(30,797	)
Morgan Stanley & Co., International PLC
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,295		(163,679	)		(324,426	)		160,747
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	1,295		(163,247	)		(300,850	)		137,603

												$	(7,668,921	)	$	(7,898,345	)	$	229,424

* Termination date

TOTAL RETURN SWAPS

Counterparty &

Referenced Obligation

Rate Paid/
Received

Payment
Frequency

Notional
Amount

(000)

Maturity
Date

Unrealized
Appreciation
(Depreciation)

Receive Total Return on Reference Obligation

BNP Paribas Markit iBoxx EUR Contingent Convertible Liquid Developed Market AT1 TRI

3 Month
EURIBOR

Quarterly

EUR

29,104

03/20/2024

3,005,633

REVERSE REPURCHASE AGREEMENTS


Broker	Currency	Principal Amount (000)		Interest Rate			Maturity		U.S. $ Value at January 31, 2024
Barclays Capital, Inc.†	USD		275		2.25	%		—	$	275,598
Barclays Capital, Inc.†	USD		3,150		3.75	%		—		3,163,941
Barclays Capital, Inc.†	USD		5,238		3.75	%		—		5,262,051
Barclays Capital, Inc.†	USD		2,626		4.00	%		—		2,652,026
Barclays Capital, Inc.†	USD		3,112		4.25	%		—		3,132,805
Barclays Capital, Inc.†	USD		938		4.25	%		—		946,133
Barclays Capital, Inc.†	USD		4,044		4.50	%		—		4,051,019
Jefferies LLC	USD		489		3.00	%		2/01/2024		491,668
Jefferies LLC†	USD		721		3.50	%		—		721,911
Nomura UK†	USD		1,404		3.50	%		—		1,411,917
RBC Capital Markets†	USD		347		3.50	%		—		348,976

									$	22,458,045

†	The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on January 31, 2024.


	Overnight and Continuous		Up to 30 Days		31-90 Days		Greater than 90 Days		Total

Emerging Markets - Sovereigns	$	1,411,917	$	—	$	—	$	—	$	1,411,917
Emerging Markets - Corporate Bonds		624,574		—		—		—		624,574
Corporates - Non-Investment Grade		18,983,753		491,668		—		—		19,475,421
Corporates - Investment Grade		946,133		—		—		—		946,133

(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, 2024, the aggregate market value of these securities amounted to $2,284,978,634 or 72.31% of net assets.

(b)

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, 2024.

(c)

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

(d)

Defaulted matured security.

(e)

Fair valued by the Adviser.

(f)

Non-income producing security.

(g)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.65% of net assets as of January 31, 2024, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities

Acquisition
Date

Cost

Market
Value

Percentage
of
Net Assets

BBFI Liquidating Trust
Zero Coupon, 12/30/2099

02/04/2013 –11/12/2019

1,859,937

949,333

0.03

Consumer Loan Underlying Bond Certificate Issuer Trust I
Series 2019-24, Class PT
9.87%, 08/15/2044

06/27/2019

59,183

58,157

0.00

Consumer Loan Underlying Bond Certificate Issuer Trust I
Series 2019-36, Class PT
10.66%, 10/17/2044

09/04/2019

136,112

132,379

0.00

Digicel Group Holdings Ltd.
Zero Coupon, 12/31/2030

11/14/2023

57,513

10,325

0.00

Exide Technologies
11.00%, 10/31/2024

10/29/2020

0.00

Fideicomiso PA Concesion Ruta al Mar
6.75%, 02/15/2044

12/14/2017

4,831,648

2,318,820

0.07

Fideicomiso PA Costera
6.25%, 01/15/2034

06/30/2016

2,444,071

1,905,115

0.06

Fideicomiso PA Pacifico Tres
7.00%, 01/15/2035

03/04/2016

10,787,334

8,354,441

0.26

K2016470219 South Africa Ltd.
3.00%, 12/31/2022

01/31/2017 – 06/30/2022

5,622,018

0.00

Magnetation LLC/Mag Finance Corp.
11.00%, 05/15/2018

05/15/2013 – 02/19/2015

12,955,187

0.00

Odebrecht Holdco Finance Ltd.
Zero Coupon, 09/10/2058

01/22/2021

2,606,913

2,690

0.00

Tonon Luxembourg SA
6.50%, 10/31/2024

05/03/2019 – 10/31/2021

4,733,143

244

0.00

Virgolino de Oliveira Finance SA
10.50%, 01/28/2018

10/19/2012 – 01/27/2014

8,550,341

1,367

0.00

Virgolino de Oliveira Finance SA
10.875%, 01/13/2020

06/09/2014

2,486,550

250

0.00

Virgolino de Oliveira Finance SA
11.75%, 02/09/2022

07/26/2012 – 02/05/2014

11,383,331

1,361

0.00

VTR Finance NV
6.375%, 07/15/2028

06/24/2020

377,000

144,438

0.00

Wisconsin Public Finance Authority
Series 2021 5.75%, 07/25/2041

08/03/2021

7,240,000

6,531,958

0.21

(h)

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

(i)

Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at January 31, 2024.

(j)

Convertible security.

(k)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at January 31, 2024.

(l)

Escrow Shares.

(m)

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

(n)

Defaulted.

(o)

Inverse interest only security.

(p)

The stated coupon rate represents the greater of the SOFR or an alternate base rate such as the PRIME or the SOFR/PRIME floor rate plus a spread at January 31, 2024.

(q)

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 Secured Overnight Financing Rate (“SOFR”) plus a premium which was determined at the time of purchase.

(r)

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

(s)

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

(t)

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

(u)

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

(v)

To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

(w)

Affiliated investments.

(x)

As of January 31, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $106,229,715 and gross unrealized depreciation of investments was $(376,780,579), resulting in net unrealized depreciation of $(270,550,864).

Currency Abbreviations:

CAD – Canadian Dollar

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

CME – Chicago Mercantile Exchange

EURIBOR – Euro Interbank Offered Rate

JSC – Joint Stock Company

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

COUNTRY BREAKDOWN¹

January 31, 2024 (unaudited)


68.1	%	United States
4.5	%	United Kingdom
2.5	%	Canada
2.2	%	France
1.7	%	Germany
1.6	%	Brazil
1.4	%	Spain
1.3	%	Luxembourg
1.2	%	Mexico
1.0	%	Colombia
0.9	%	India
0.9	%	Italy
0.9	%	Australia
10.3	%	Other
1.5	%	Short Term Investments

100.0	%	Total Investments

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, Bahrain, Cayman Islands, Chile, China, Cote D’Ivoire, Czech Republic, Dominican Republic, Ecuador, Egypt, El Salvador, Ghana, Guatemala, Hong Kong, Indonesia, Ireland, Israel, Jamaica, Japan, Jersey (Channel Islands), Kazakhstan, Macau, Malaysia, Netherlands, Nigeria, Norway, Panama, Peru, Romania, Senegal, Slovenia, South Africa, Sweden, Switzerland, Trinidad and Tobago, Turkey, Ukraine, Venezuela and Zambia.

AB High Income Fund

January 31, 2024 (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.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2024:


Investments in Securities	Level 1			Level 2			Level 3			Total
Assets:
Corporates - Non-Investment Grade	$	-0-		$	1,794,374,768		$	6,929,604	^#	$	1,801,304,372
Corporates - Investment Grade		-0-			588,741,202			2,851,946			591,593,148
Emerging Markets - Corporate Bonds		-0-			193,093,802			962,637	^#		194,056,439
Collateralized Mortgage Obligations		-0-			152,838,155			-0-			152,838,155
Bank Loans		-0-			94,523,941			10,097,379			104,621,320
Emerging Markets - Sovereigns		-0-			85,692,345			-0-			85,692,345
Collateralized Loan Obligations		-0-			68,239,484			-0-			68,239,484
Governments - Treasuries		-0-			44,052,596			-0-			44,052,596
Quasi-Sovereigns		-0-			35,890,008			-0-			35,890,008
Common Stocks		2,716,492			21			19,299,594	^#		22,016,107
Local Governments - US Municipal Bonds		-0-			13,483,270			-0-			13,483,270
Inflation-Linked Securities		-0-			12,578,376			-0-			12,578,376
Commercial Mortgage-Backed Securities		-0-			11,686,187			-0-			11,686,187
Preferred Stocks		5,681,039			-0-			-0-			5,681,039
Governments - Sovereign Bonds		-0-			4,570,540			-0-			4,570,540
Asset-Backed Securities		-0-			972,045			217,862			1,189,907
Rights		-0-			-0-			63,775			63,775
Short-Term Investments:
Investment Companies		27,507,949			-0-			-0-			27,507,949
Time Deposits		-0-			21,538,866			-0-			21,538,866
Emerging Markets - Corporate Bonds		-0-			660			-0-			660

Total Investments in Securities		35,905,480			3,122,276,266			40,422,797			3,198,604,543
*Other Financial Instruments:**
Assets
Futures		6,523,383			-0-			-0-			6,523,383
Forward Currency Exchange Contracts		-0-			2,042,728			-0-			2,042,728
Centrally Cleared Credit Default Swaps		-0-			6,487,428			-0-			6,487,428
Total Return Swaps		-0-			3,005,633			-0-			3,005,633
Liabilities
Forward Currency Exchange Contracts		-0-			(336,927	)		-0-			(336,927	)
Credit Default Swaps		-0-			(7,668,921	)		-0-			(7,668,921	)
Reverse Repurchase Agreements		(22,458,045	)		-0-			-0-			(22,458,045	)

Total	$	19,970,818		$	3,125,806,207		$	40,422,797		$	3,186,199,822

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

Other financial instruments include reverse repurchase agreements and derivative instruments, such as futures, forwards and swaps. Derivative instruments 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.

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


	Corporates - Non- Investment Grade#			Corporates - Investment Grade			Emerging Markets - Corporate Bonds#			Bank Loans
Balance as of 10/31/23	$	5,485,103		$	-0-		$	932,380		$	4,049,487
Accrued discounts/(premiums)		4,305			(80	)		5,438			-0-
Realized gain (loss)		224			-0-			7,436			-0-
Change in unrealized appreciation (depreciation)		(524,895	)		10,775			(28,217	)		91,242
Purchases		1,965,091			2,841,251			53,711			6,840,900
Sales		(224	)		-0-			(8,111	)		-0-
Transfers into Level 3		-0-			-0-			-0-			-0-
Transfers out of Level 3		-0-			-0-			-0-			(884,250	)

Balance as of 01/31/24	$	6,929,604		$	2,851,946		$	962,637		$	10,097,379

Net change in unrealized appreciation (depreciation) from investments held as of 01/31/24	$	(524,895	)	$	10,775		$	(28,217	)	$	91,242

	Common Stocks#			Asset-Backed Securities			Rights			Total
Balance as of 10/31/23	$	24,052,523		$	1,759,587		$	325,354		$	36,604,434
Accrued discounts/(premiums)		-0-			(180	)		-0-			9,483
Realized gain (loss)		(4,662,456	)		(14,080	)		(1,041,094	)		(5,709,970	)
Change in unrealized appreciation (depreciation)		2,108,201			15,628			908,441			2,581,175
Purchases		-0-			-0-			-0-			11,700,953
Sales/Paydowns		(2,198,674	)		(1,543,093	)		(128,926	)		(3,879,028	)
Transfers into Level 3		-0-			-0-			-0-			-0-
Transfers out of Level 3		-0-			-0-			-0-			(884,250	)

Balance as of 01/31/24	$	19,299,594		$	217,862		$	63,775		$	40,422,797

Net change in unrealized appreciation (depreciation) from investments held as of 01/31/24	$	(2,659,792	)	$	1,739		$	6,882		$	(3,102,266	)

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

The following presents information about significant unobservable inputs related to the Fund’s Level 3 investments at January 31, 2024. 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 01/31/24		Valuation Technique	Unobservable Input	Input
Corporates - Non-Investment Grade	$	1,803,453	Exchange Terms	Asset Value	$	94.22
	$	433,573	Recovery	Discount Rate and Assumed Recovery on Claim		20% & 50	%
	$	-0-	Qualitative Assessment		$	0.00

	$	2,237,026

Emerging Markets - Corporate Bonds	$	949,333	Recovery	Expected Sale Price	$	43.67
	$	-0-	Qualitative Assessment		$	0.00
	$	-0-	Qualitative Assessment		$	0.00

	$	949,333

Common Stocks	$	1,314,625	Guideline Public Company,	Volatility, Weighted Average	$	325.00
			Discounted Cash Flow, and Optional Value	Cost of Capital, and Discount Rate
	$	982,018	NAV Calculation	Catastrophe Claims	$	381.42
	$	5	Qualitative Assessment		$	0.00
	$	-0-	Qualitative Assessment		$	0.00

	$	2,296,648

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 Asset Value, Assumed Recovery on Claim, Expected Sale Price, Volatility, Weighted Average Cost of Capital and Catastrophe Claims in isolation would be expected to result in a significantly higher (lower) fair value measurement. Significant increases (decreases) in Discount Rate in isolation would be expected to result in a significantly lower (higher) fair value measurement.

A summary of the Fund’s transactions in AB mutual funds for the three months ended January 31, 2024 is as follows:

Fund

Market Value

10/31/23

(000)

Purchases

at Cost

(000)

Sales

Proceeds

(000)

Market Value

01/31/24

(000)

Dividend

Income

(000)

Government Money Market Portfolio

78,576

207,900

258,968

27,508

515

Ab High Income Fund NPORT-PAb High Income Fund Inc (Jan 2024 report)