NPORT-EX 1 NPORT_8682062162725722.htm

HTML

AB Global High Income Fund

Portfolio of Investments

June 30, 2019 (unaudited)

		Principal Amount (000)				U.S. $ Value
CORPORATES - NON-INVESTMENT GRADE - 33.5%
Industrial - 26.3%
Basic - 2.5%
AK Steel Corp.
7.00%, 3/15/27 (a)		U.S.$	1,164			$	938,590
Alcoa Nederland Holding BV
6.125%, 5/15/28 (b)			289				301,127
Ashland LLC
4.75%, 8/15/22			421				440,095
Axalta Coating Systems LLC
4.875%, 8/15/24 (b)			516				533,292
Berry Global, Inc.
5.50%, 5/15/22			345				349,664
CF Industries, Inc.
4.95%, 6/01/43			595				534,950
5.375%, 3/15/44			747				701,085
Constellium NV
5.875%, 2/15/26 (b)			1,310				1,347,761
Crown Americas LLC/Crown Americas Capital Corp. VI
4.75%, 2/01/26			751				771,779
Eldorado Gold Corp.
9.50%, 6/01/24 (b)			1,545				1,549,201
ERP Iron Ore, LLC
9.039%, 12/31/19 (c)(d)(e)(f)(g)(h)			336				336,499
Flex Acquisition Co., Inc.
7.875%, 7/15/26 (b)			1,377				1,272,030
FMG Resources (August 2006) Pty Ltd.
5.125%, 3/15/23 (b)			69				71,011
Freeport-McMoRan, Inc.
5.45%, 3/15/43			3,414				3,128,573
Grinding Media, Inc./Moly-Cop AltaSteel Ltd.
7.375%, 12/15/23 (b)			1,290				1,237,402
Joseph T Ryerson & Son, Inc.
11.00%, 5/15/22 (b)			2,450				2,593,599
Kraton Polymers LLC/Kraton Polymers Capital Corp.
5.25%, 5/15/26 (b)		EUR	846				995,326
Lecta SA
6.50%, 8/01/23 (b)			227				196,946
Magnetation LLC/Mag Finance Corp.
11.00%, 5/15/18 (e)(g)(i)(j)		U.S.$	2,857				29
Novelis Corp.
5.875%, 9/30/26 (b)			1,523				1,545,938
OCI NV
5.00%, 4/15/23 (b)		EUR	1,300				1,564,832
6.625%, 4/15/23 (b)		U.S.$	840				877,579
Peabody Energy Corp.
6.00%, 3/31/22 (b)			245				251,186
6.375%, 3/31/25 (b)			350				355,533

		Principal Amount (000)				U.S. $ Value
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
5.125%, 7/15/23 (b)		U.S.$	717			$	730,546
Sealed Air Corp.
6.875%, 7/15/33 (b)			1,295				1,438,477
Smurfit Kappa Treasury Funding DAC
7.50%, 11/20/25			238				280,982
SPCM SA
4.875%, 9/15/25 (b)			975				980,969
Starfruit Finco BV/Starfruit US Holdco LLC
6.50%, 10/01/26		EUR	1,010				1,158,082
8.00%, 10/01/26 (b)		U.S.$	171				175,702
United States Steel Corp.
6.25%, 3/15/26			245				218,209
6.875%, 8/15/25			844				796,682
Valvoline, Inc.
5.50%, 7/15/24			278				287,866
WR Grace & Co.-Conn
5.625%, 10/01/24 (b)			386				416,113
							28,377,655
Capital Goods - 1.5%
ARD Finance SA
6.625% (6.625% Cash or 7.375% PIK), 9/15/23 (h)		EUR	1,126				1,330,076
7.125% (7.125% Cash or 7.875% PIK), 9/15/23 (h)		U.S.$	739				754,211
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
6.75%, 5/15/24 (b)		EUR	2,004				2,448,151
BBA US Holdings, Inc.
5.375%, 5/01/26 (b)		U.S.$	402				419,887
Bombardier, Inc.
5.75%, 3/15/22 (b)			932				946,761
7.50%, 3/15/25 (b)			1,839				1,846,194
7.875%, 4/15/27 (b)			386				386,472
BWAY Holding Co.
5.50%, 4/15/24 (b)			1,009				1,009,147
7.25%, 4/15/25 (b)			720				694,696
Cleaver-Brooks, Inc.
7.875%, 3/01/23 (b)			261				250,104
Colfax Corp.
6.00%, 2/15/24 (b)			194				205,235
6.375%, 2/15/26 (b)			207				222,279
Gates Global LLC/Gates Global Co.
6.00%, 7/15/22 (b)			352				351,751
GFL Environmental, Inc.
5.375%, 3/01/23 (b)			103				102,064
5.625%, 5/01/22 (b)			403				405,211
7.00%, 6/01/26 (b)			688				703,197
8.50%, 5/01/27 (b)			775				833,325

		Principal Amount (000)				U.S. $ Value
JELD-WEN, Inc.
4.625%, 12/15/25 (b)		U.S.$	128			$	125,598
4.875%, 12/15/27 (b)			182				176,014
Liberty Tire Recycling LLC
9.50%, 1/15/23 (d)(g)(j)			614				613,641
Stevens Holding Co., Inc.
6.125%, 10/01/26 (b)			141				148,528
TransDigm, Inc.
6.25%, 3/15/26 (b)			556				582,565
6.50%, 7/15/24			1,529				1,547,750
Triumph Group, Inc.
7.75%, 8/15/25			1,250				1,209,406
							17,312,263
Communications - Media - 3.2%
Altice Financing SA
6.625%, 2/15/23 (b)			2,892				2,962,796
7.50%, 5/15/26 (b)			1,782				1,791,430
Altice Luxembourg SA
7.25%, 5/15/22 (b)		EUR	1,332				1,554,820
7.75%, 5/15/22 (b)		U.S.$	397				403,067
10.50%, 5/15/27 (b)			2,439				2,500,370
CCO Holdings LLC/CCO Holdings Capital Corp.
5.00%, 2/01/28 (b)			65				66,344
5.125%, 5/01/27 (b)			551				570,643
5.375%, 5/01/25 (b)			74				76,598
5.75%, 1/15/24			112				114,540
5.75%, 2/15/26 (b)			346				363,936
Clear Channel Communications, Inc.
0.00%, 6/15/18 (c)(d)(e)(g)(i)			2,016				0
0.00%, 12/15/19 (c)(d)(e)(g)			927				0
0.00%, 3/01/21 (e)(g)			535				0
CSC Holdings LLC
5.375%, 2/01/28 (b)			1,502				1,559,573
5.50%, 5/15/26 (b)			200				209,981
6.625%, 10/15/25 (b)			274				293,180
7.50%, 4/01/28 (b)			941				1,035,365
10.875%, 10/15/25 (b)			765				876,474
DISH DBS Corp.
5.00%, 3/15/23			830				796,936
5.875%, 11/15/24			2,291				2,160,058
6.75%, 6/01/21			333				349,308
Gray Television, Inc.
5.125%, 10/15/24 (b)			987				1,004,133
iHeartCommunications, Inc.
6.375%, 5/01/26			111				118,195
8.375%, 5/01/27			202				211,341
Liberty Interactive LLC
3.75%, 2/15/30 (k)			878				603,846
Meredith Corp.
6.875%, 2/01/26			1,577				1,676,086
Netflix, Inc.
4.375%, 11/15/26			1,502				1,537,630
4.875%, 4/15/28			1,171				1,209,794

		Principal Amount (000)				U.S. $ Value
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.25%, 2/15/22		U.S.$	598			$	606,245
Radiate Holdco LLC/Radiate Finance, Inc.
6.625%, 2/15/25 (b)			1,057				1,026,479
6.875%, 2/15/23 (b)			451				451,912
Sinclair Television Group, Inc.
6.125%, 10/01/22			1,437				1,462,166
Sirius XM Radio, Inc.
5.00%, 8/01/27 (b)			65				66,213
TEGNA, Inc.
5.50%, 9/15/24 (b)			162				166,556
6.375%, 10/15/23			668				691,122
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
5.00%, 1/15/25 (b)			1,078				1,114,891
6.25%, 1/15/29 (b)		EUR	446				563,593
Univision Communications, Inc.
5.125%, 5/15/23-2/15/25 (b)		U.S.$	381				366,116
UPC Holding BV
5.50%, 1/15/28 (b)			2,223				2,256,092
UPCB Finance IV Ltd.
5.375%, 1/15/25 (b)			200				205,648
Virgin Media Receivables Financing Notes I DAC
5.50%, 9/15/24 (b)		GBP	128				167,936
Virgin Media Secured Finance PLC
5.25%, 1/15/26 (b)		U.S.$	200				204,789
Ziggo Bond Co. BV
5.875%, 1/15/25 (b)			1,034				1,044,425
6.00%, 1/15/27 (b)			815				818,697
7.125%, 5/15/24 (b)		EUR	252				298,231
Ziggo BV
5.50%, 1/15/27 (b)		U.S.$	1,363				1,383,584
							36,941,139
Communications - Telecommunications - 3.1%
Altice France SA/France
5.625%, 5/15/24 (b)		EUR	386				455,484
6.25%, 5/15/24 (b)		U.S.$	255				262,656
7.375%, 5/01/26 (b)			3,462				3,543,450
8.125%, 2/01/27 (b)			465				487,387
C&W Senior Financing DAC
6.875%, 9/15/27 (b)			1,720				1,777,768
7.50%, 10/15/26 (b)			395				413,343
CB Idearc, Inc.
0.00%, 3/01/21-3/15/23 (c)(d)(e)(g)			396				0
CB T-Mobile USA, Inc.
6.00%, 3/01/23 (c)(d)(e)(g)			743				0
6.375%, 3/01/25 (c)(d)(e)(g)			655				0

		Principal Amount (000)				U.S. $ Value
CenturyLink, Inc.
Series T
5.80%, 3/15/22		U.S.$	78			$	81,514
Cincinnati Bell, Inc.
7.00%, 7/15/24 (b)			1,151				1,015,846
DKT Finance ApS
7.00%, 6/17/23 (b)		EUR	989				1,229,116
Embarq Corp.
7.995%, 6/01/36		U.S.$	1,273				1,231,731
Frontier Communications Corp.
6.875%, 1/15/25			45				25,189
7.125%, 1/15/23			662				396,711
7.625%, 4/15/24			1,118				634,162
7.875%, 1/15/27			834				463,089
11.00%, 9/15/25			719				448,074
Hughes Satellite Systems Corp.
6.625%, 8/01/26			730				766,652
7.625%, 6/15/21			1,383				1,487,313
Intelsat Jackson Holdings SA
5.50%, 8/01/23			1,675				1,527,716
8.00%, 2/15/24 (b)			216				225,309
8.50%, 10/15/24 (b)			1,039				1,030,989
9.50%, 9/30/22 (b)			516				600,351
9.75%, 7/15/25 (b)			1,262				1,291,386
Level 3 Financing, Inc.
5.25%, 3/15/26			164				169,956
5.375%, 8/15/22-1/15/24			1,196				1,216,115
6.125%, 1/15/21			555				557,687
Level 3 Parent LLC
5.75%, 12/01/22			160				161,479
Nexstar Escrow, Inc.
5.625%, 7/15/27 (b)			596				610,433
Sable International Finance Ltd.
5.75%, 9/07/27 (b)			615				620,445
Sprint Capital Corp.
6.875%, 11/15/28			1,875				1,926,701
8.75%, 3/15/32			215				248,710
Sprint Corp.
7.625%, 3/01/26			359				382,344
7.875%, 9/15/23			986				1,070,531
T-Mobile USA, Inc.
4.75%, 2/01/28			39				40,180
6.00%, 3/01/23			743				760,027
6.375%, 3/01/25			655				679,166
Telecom Italia Capital SA
7.20%, 7/18/36			483				532,805
7.721%, 6/04/38			1,759				1,987,362
Telecom Italia SpA/Milano
5.303%, 5/30/24 (b)			1,002				1,037,579
West Corp.
8.50%, 10/15/25 (b)			748				656,273
Wind Tre SpA
5.00%, 1/20/26 (b)			1,103				1,075,473
Zayo Group LLC/Zayo Capital, Inc.
5.75%, 1/15/27 (b)			259				264,091
6.00%, 4/01/23			447				458,061
6.375%, 5/15/25			1,146				1,171,096
							35,021,750

		Principal Amount (000)				U.S. $ Value
Consumer Cyclical - Automotive - 1.8%
Allison Transmission, Inc.
5.875%, 6/01/29 (b)		U.S.$	416			$	437,964
American Axle & Manufacturing, Inc.
6.25%, 4/01/25			974				969,557
6.50%, 4/01/27			359				358,043
BCD Acquisition, Inc.
9.625%, 9/15/23 (b)			1,960				2,056,828
Cooper-Standard Automotive, Inc.
5.625%, 11/15/26 (b)			850				754,927
Dana Financing Luxembourg SARL
5.75%, 4/15/25 (b)			109				112,091
Exide Technologies
7.00%, 4/30/25 (d)(g)(h)(j)(k)			5,065				1,752,554
11.00%, 4/30/22 (g)(h)(j)(l)			4,606				3,638,460
Garrett LX I SARL/Garrett Borrowing LLC
5.125%, 10/15/26 (b)		EUR	677				737,099
IHO Verwaltungs GmbH
3.625% (3.625% Cash or 4.375% PIK), 5/15/25 (b)(h)			284				330,012
3.875% (3.875% Cash or 4.625% PIK), 5/15/27 (b)(h)			338				390,705
Meritor, Inc.
6.25%, 2/15/24		U.S.$	305				314,062
Navistar International Corp.
6.625%, 11/01/25 (b)			718				751,945
Panther BF Aggregator 2 LP/Panther Finance Co., Inc.
6.25%, 5/15/26 (b)			185				192,251
8.50%, 5/15/27 (b)			2,629				2,701,692
Tenneco, Inc.
5.00%, 7/15/24 (b)		EUR	300				336,013
5.00%, 7/15/26		U.S.$	2,174				1,748,990
Tesla, Inc.
5.30%, 8/15/25 (b)			599				526,360
Titan International, Inc.
6.50%, 11/30/23			1,093				948,539
Truck Hero, Inc.
8.50%, 4/21/24 (b)			1,151				1,160,449
							20,218,541
Consumer Cyclical - Entertainment - 0.2%
AMC Entertainment Holdings, Inc.
5.75%, 6/15/25			180				166,622
5.875%, 11/15/26			1,540				1,386,685
VOC Escrow Ltd.
5.00%, 2/15/28 (b)			1,036				1,049,579
							2,602,886

		Principal Amount (000)				U.S. $ Value
Consumer Cyclical - Other - 1.9%
Beazer Homes USA, Inc.
5.875%, 10/15/27		U.S.$	712			$	618,555
6.75%, 3/15/25			1,400				1,345,660
8.75%, 3/15/22			32				33,414
Caesars Entertainment Corp.
5.00%, 10/01/24 (g)(k)			121				205,458
Cirsa Finance International SARL
6.25%, 12/20/23 (b)		EUR	288				356,207
7.875%, 12/20/23 (b)		U.S.$	865				918,820
Cooperativa Muratori & Cementisti-CMC di Ravenna SC
6.00%, 2/15/23 (e)(f)(j)		EUR	176				9,625
Five Point Operating Co. LP/Five Point Capital Corp.
7.875%, 11/15/25 (b)		U.S.$	1,969				1,978,670
International Game Technology PLC
6.25%, 2/15/22 (b)			977				1,031,971
K. Hovnanian Enterprises, Inc.
5.00%, 11/01/21			1,714				1,555,263
10.00%, 7/15/22 (b)			352				296,305
10.50%, 7/15/24 (b)			354				272,555
KB Home
7.00%, 12/15/21			536				575,421
7.50%, 9/15/22			494				550,000
Marriott Ownership Resorts, Inc./ILG LLC
Series WI
6.50%, 9/15/26 (m)			1,225				1,313,813
MGM Resorts International
5.50%, 4/15/27			1,022				1,071,623
5.75%, 6/15/25			45				48,664
PulteGroup, Inc.
5.00%, 1/15/27			48				50,351
5.50%, 3/01/26			52				56,469
6.00%, 2/15/35			500				514,937
7.875%, 6/15/32			1,400				1,667,819
Shea Homes LP/Shea Homes Funding Corp.
5.875%, 4/01/23 (b)			420				429,023
6.125%, 4/01/25 (b)			830				846,726
Stars Group Holdings BV/Stars Group US Co-Borrower LLC
7.00%, 7/15/26 (b)			941				995,112
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.
5.875%, 5/15/25 (b)			1,785				1,751,924
Taylor Morrison Communities, Inc.
5.875%, 6/15/27 (b)			603				613,822
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.
5.875%, 4/15/23 (b)			875				916,563
Twin River Worldwide Holdings, Inc.
6.75%, 6/01/27 (b)			657				684,650

		Principal Amount (000)				U.S. $ Value
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.25%, 5/15/27 (b)		U.S.$	45			$	45,081
5.50%, 3/01/25 (b)			711				734,854
							21,489,355
Consumer Cyclical - Restaurants - 0.2%
Golden Nugget, Inc.
6.75%, 10/15/24 (b)			857				882,801
8.75%, 10/01/25 (b)			708				743,512
IRB Holding Corp.
6.75%, 2/15/26 (b)			453				454,162
							2,080,475
Consumer Cyclical - Retailers - 0.9%
Dufry Finance SCA
4.50%, 8/01/23 (b)		EUR	1,208				1,411,854
JC Penney Corp., Inc.
6.375%, 10/15/36		U.S.$	421				113,496
7.40%, 4/01/37			486				137,605
L Brands, Inc.
7.60%, 7/15/37			1,000				865,756
Levi Strauss & Co.
5.00%, 5/01/25			1,150				1,191,915
Murphy Oil USA, Inc.
5.625%, 5/01/27			69				71,785
6.00%, 8/15/23			562				578,600
PetSmart, Inc.
5.875%, 6/01/25 (b)			690				669,239
7.125%, 3/15/23 (b)			688				645,261
Sonic Automotive, Inc.
5.00%, 5/15/23			473				478,863
6.125%, 3/15/27			817				804,611
Staples, Inc.
7.50%, 4/15/26 (b)			1,538				1,527,133
10.75%, 4/15/27 (b)			822				811,842
William Carter Co. (The)
5.625%, 3/15/27 (b)			385				403,010
							9,710,970
Consumer Non-Cyclical - 2.9%
Air Medical Group Holdings, Inc.
6.375%, 5/15/23 (b)			636				569,229
Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson’s LLC
5.75%, 3/15/25			701				707,405
6.625%, 6/15/24			1,385				1,434,735
Aveta, Inc.
10.50%, 3/01/21 (c)(d)(e)(g)			13,116				0
Bausch Health Americas, Inc.
8.50%, 1/31/27 (b)			513				564,784
Bausch Health Cos., Inc.
5.50%, 3/01/23 (b)			396				400,039
6.125%, 4/15/25 (b)			507				518,090
7.00%, 1/15/28 (b)			254				263,106
7.25%, 5/30/29 (b)			254				264,041
9.00%, 12/15/25 (b)			336				375,662

		Principal Amount (000)				U.S. $ Value
BCPE Cycle Merger Sub II, Inc.
10.625%, 7/15/27 (b)		U.S.$	698			$	706,725
Catalent Pharma Solutions, Inc.
4.75%, 12/15/24 (b)		EUR	400				474,318
4.875%, 1/15/26 (b)		U.S.$	416				423,126
CHS/Community Health Systems, Inc.
6.25%, 3/31/23			1,368				1,316,774
8.125%, 6/30/24 (b)			635				475,937
DaVita, Inc.
5.00%, 5/01/25			1,034				1,021,324
Eagle Holding Co. II LLC
7.625% (7.625% Cash or 8.375% PIK), 5/15/22 (b)(h)			179				180,921
7.75%, 5/15/22 (b)(h)			1,795				1,818,960
Endo Dac/Endo Finance LLC/Endo Finco, Inc.
6.00%, 7/15/23 (b)			647				465,840
Envision Healthcare Corp.
8.75%, 10/15/26 (b)			2,302				1,604,565
First Quality Finance Co., Inc.
4.625%, 5/15/21 (b)			3,174				3,172,578
Hadrian Merger Sub, Inc.
8.50%, 5/01/26 (b)			784				746,806
HCA, Inc.
5.875%, 2/15/26			110				121,441
Kinetic Concepts, Inc./KCI USA, Inc.
7.875%, 2/15/21 (b)			382				391,556
Lamb Weston Holdings, Inc.
4.625%, 11/01/24 (b)			407				421,644
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
5.50%, 4/15/25 (b)			184				123,382
5.625%, 10/15/23 (b)			311				235,158
MPH Acquisition Holdings LLC
7.125%, 6/01/24 (b)			1,673				1,567,708
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA
6.625%, 5/15/22 (b)			539				520,186
Post Holdings, Inc.
5.00%, 8/15/26 (b)			410				416,353
5.50%, 3/01/25 (b)			610				630,824
5.625%, 1/15/28 (b)			798				819,895
RegionalCare Hospital Partners Holdings, Inc.
8.25%, 5/01/23 (b)			49				52,075
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.
9.75%, 12/01/26 (b)			2,775				2,906,430
Spectrum Brands, Inc.
4.00%, 10/01/26 (b)		EUR	530				634,020
6.125%, 12/15/24		U.S.$	361				374,915
6.625%, 11/15/22			245				251,061

		Principal Amount (000)				U.S. $ Value
Sunshine Mid BV
6.50%, 5/15/26 (b)		EUR	823			$	971,280
Synlab Unsecured Bondco PLC
8.25%, 7/01/23 (b)			700				830,508
Tenet Healthcare Corp.
6.00%, 10/01/20		U.S.$	25				25,781
6.75%, 6/15/23 (a)			1,903				1,913,297
7.00%, 8/01/25 (a)			119				118,638
8.125%, 4/01/22			682				715,021
Tonon Luxembourg SA
6.50%, 10/31/24 (d)(g)(j)			525				26,233
Vizient, Inc.
6.25%, 5/15/27 (b)			222				234,427
West Street Merger Sub, Inc.
6.375%, 9/01/25 (b)			1,350				1,259,059
							33,065,857
Energy - 4.3%
Berry Petroleum Co. LLC
6.375%, 9/15/22 (c)(d)(e)(g)			2,383				0
Bruin E&P Partners LLC
8.875%, 8/01/23 (b)			753				642,586
California Resources Corp.
5.50%, 9/15/21			269				193,389
8.00%, 12/15/22 (b)			1,052				792,618
Carrizo Oil & Gas, Inc.
6.25%, 4/15/23 (a)			608				588,970
8.25%, 7/15/25			301				297,246
CHC Group LLC/CHC Finance Ltd.
Series AI
Zero Coupon, 10/01/20 (k)(n)			2,948				825,499
Cheniere Corpus Christi Holdings LLC
7.00%, 6/30/24			683				785,564
Cheniere Energy Partners LP
5.25%, 10/01/25			730				754,830
Chesapeake Energy Corp.
4.875%, 4/15/22			1,528				1,452,084
7.00%, 10/01/24			911				818,264
Covey Park Energy LLC/Covey Park Finance Corp.
7.50%, 5/15/25 (b)			1,015				730,344
Denbury Resources, Inc.
7.75%, 2/15/24 (b)			824				686,006
9.25%, 3/31/22 (b)			604				570,139
Diamond Offshore Drilling, Inc.
7.875%, 8/15/25			2,725				2,589,753
Ensco Rowan PLC
5.20%, 3/15/25			889				658,228
7.75%, 2/01/26			406				304,284
EP Energy LLC/Everest Acquisition Finance, Inc.
7.75%, 9/01/22			1,552				79,531
7.75%, 5/15/26 (b)			631				563,599
8.00%, 2/15/25 (b)			228				50,096
9.375%, 5/01/24 (b)			887				204,151

		Principal Amount (000)				U.S. $ Value
Genesis Energy LP/Genesis Energy Finance Corp.
5.625%, 6/15/24		U.S.$	412			$	398,675
6.25%, 5/15/26			1,038				1,001,797
6.50%, 10/01/25			1,088				1,069,626
6.75%, 8/01/22			115				116,623
Gulfport Energy Corp.
6.00%, 10/15/24			481				371,838
6.375%, 5/15/25-1/15/26			2,237				1,702,700
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp.
5.625%, 2/15/26 (b)			1,587				1,636,691
HighPoint Operating Corp.
7.00%, 10/15/22			534				504,358
8.75%, 6/15/25			462				442,732
Hilcorp Energy I LP/Hilcorp Finance Co.
5.75%, 10/01/25 (b)			1,576				1,584,150
Indigo Natural Resources LLC
6.875%, 2/15/26 (b)			1,095				985,512
Laredo Petroleum, Inc.
6.25%, 3/15/23			109				101,019
Nabors Industries, Inc.
5.50%, 1/15/23			1,170				1,094,190
NGL Energy Partners LP/NGL Energy Finance Corp.
7.50%, 11/01/23			1,889				1,972,303
Nine Energy Service, Inc.
8.75%, 11/01/23 (b)			525				514,705
Noble Holding International Ltd.
5.25%, 3/15/42			191				101,798
6.20%, 8/01/40			276				152,709
7.75%, 1/15/24			190				145,946
7.95%, 4/01/25			375				270,470
Parkland Fuel Corp.
6.00%, 4/01/26 (b)			1,147				1,172,808
PDC Energy, Inc.
5.75%, 5/15/26			633				628,078
6.125%, 9/15/24			1,185				1,190,933
QEP Resources, Inc.
5.25%, 5/01/23			973				936,802
Range Resources Corp.
4.875%, 5/15/25			583				511,548
5.00%, 8/15/22-3/15/23			963				912,279
5.875%, 7/01/22			97				96,875
Rowan Cos., Inc.
5.85%, 1/15/44			536				310,904
7.375%, 6/15/25			1,144				894,258
SandRidge Energy, Inc.
7.50%, 2/15/23 (c)(d)(e)(g)			865				0
8.125%, 10/15/22 (c)(d)(e)(g)			2,076				0
SemGroup Corp.
6.375%, 3/15/25			594				576,584
7.25%, 3/15/26			540				528,743
SemGroup Corp./Rose Rock Finance Corp.
5.625%, 11/15/23			438				421,230

		Principal Amount (000)				U.S. $ Value
SM Energy Co.
5.00%, 1/15/24		U.S.$	957			$	887,136
5.625%, 6/01/25			1,116				1,013,811
SRC Energy, Inc.
6.25%, 12/01/25			800				728,136
Sunoco LP/Sunoco Finance Corp.
5.50%, 2/15/26			1,355				1,409,972
5.875%, 3/15/28			964				1,000,148
6.00%, 4/15/27 (b)			62				65,078
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
5.125%, 2/01/25			157				161,888
5.875%, 4/15/26			650				690,970
Transocean Phoenix 2 Ltd.
7.75%, 10/15/24 (b)			912				973,308
Transocean, Inc.
6.80%, 3/15/38			1,456				1,091,889
7.25%, 11/01/25 (b)			359				341,142
7.50%, 1/15/26 (b)			762				727,801
Vantage Drilling International
7.125%, 4/01/23 (c)(d)(e)(g)			1,283				0
7.50%, 11/01/19 (c)(d)(e)(g)			2,176				0
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp.
8.75%, 4/15/23 (b)			2,405				1,543,447
Weatherford International Ltd.
6.50%, 8/01/36			145				74,776
6.75%, 9/15/40			849				435,422
7.00%, 3/15/38			409				209,193
Whiting Petroleum Corp.
5.75%, 3/15/21			177				178,280
6.25%, 4/01/23			483				481,977
6.625%, 1/15/26			477				461,316
WPX Energy, Inc.
5.75%, 6/01/26			528				548,554
8.25%, 8/01/23			187				213,131
							49,173,440
Other Industrial - 0.4%
Global Partners LP/GLP Finance Corp.
6.25%, 7/15/22			2,475				2,508,628
H&E Equipment Services, Inc.
5.625%, 9/01/25			437				448,963
IAA Spinco, Inc.
5.50%, 6/15/27 (b)			290				301,626
KAR Auction Services, Inc.
5.125%, 6/01/25 (b)			458				466,950
Laureate Education, Inc.
8.25%, 5/01/25 (b)			839				916,913
							4,643,080
Services - 1.5%
Allied Universal Holdco LLC
6.625%, 7/15/26 (b)			312				316,680
9.75%, 7/15/27 (b)			2,083				2,075,189

		Principal Amount (000)				U.S. $ Value
Aptim Corp.
7.75%, 6/15/25 (b)		U.S.$	927			$	709,034
APX Group, Inc.
7.875%, 12/01/22			1,211				1,162,528
8.75%, 12/01/20			439				416,704
Aramark Services, Inc.
5.00%, 2/01/28 (b)			654				672,600
5.125%, 1/15/24			242				248,656
Carlson Travel, Inc.
6.75%, 12/15/23 (b)			782				791,736
Carriage Services, Inc.
6.625%, 6/01/26 (b)			698				719,028
eDreams ODIGEO SA
5.50%, 9/01/23 (b)		EUR	478				567,882
Gartner, Inc.
5.125%, 4/01/25 (b)		U.S.$	482				495,523
Harsco Corp.
5.75%, 7/31/27 (b)			950				988,770
Monitronics International, Inc.
9.125%, 4/01/20 (e)(f)(n)			958				53,964
Nielsen Finance LLC/Nielsen Finance Co.
5.00%, 4/15/22 (b)			549				548,943
Prime Security Services Borrower LLC/Prime Finance, Inc.
9.25%, 5/15/23 (b)			855				897,782
Refinitiv US Holdings, Inc.
6.25%, 5/15/26 (b)			273				280,986
8.25%, 11/15/26 (b)			1,150				1,183,774
Ritchie Bros Auctioneers, Inc.
5.375%, 1/15/25 (b)			366				379,259
Sabre GLBL, Inc.
5.25%, 11/15/23 (b)			300				308,989
5.375%, 4/15/23 (b)			656				672,976
Team Health Holdings, Inc.
6.375%, 2/01/25 (a)(b)			1,645				1,244,306
Verscend Escrow Corp.
9.75%, 8/15/26 (b)			1,775				1,846,190
							16,581,499
Technology - 1.1%
ADT Security Corp. (The)
4.125%, 6/15/23			83				83,036
Banff Merger Sub, Inc.
9.75%, 9/01/26 (b)			2,405				2,086,174
CommScope, Inc.
5.50%, 3/01/24 (b)			545				559,267
6.00%, 3/01/26 (b)			760				779,231
8.25%, 3/01/27 (b)			952				971,960
Dell International LLC/EMC Corp.
7.125%, 6/15/24 (b)			187				197,382
Dell, Inc.
6.50%, 4/15/38			1,297				1,353,843

		Principal Amount (000)				U.S. $ Value
Infor US, Inc.
6.50%, 5/15/22		U.S.$	1,222			$	1,243,632
IQVIA, Inc.
3.25%, 3/15/25 (b)		EUR	782				915,929
Rackspace Hosting, Inc.
8.625%, 11/15/24 (b)		U.S.$	55				50,590
Solera LLC/Solera Finance, Inc.
10.50%, 3/01/24 (b)			1,941				2,103,225
Veritas US, Inc./Veritas Bermuda Ltd.
7.50%, 2/01/23 (b)			964				902,256
10.50%, 2/01/24 (b)			1,613				1,383,728
							12,630,253
Transportation - Services - 0.8%
Algeco Global Finance PLC
8.00%, 2/15/23 (b)			1,821				1,840,931
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.75%, 7/15/27 (b)			270				272,025
Herc Holdings, Inc.
5.50%, 7/15/27 (b)			881				886,408
Hertz Corp. (The)
5.50%, 10/15/24 (b)			2,105				2,012,258
7.625%, 6/01/22 (b)			641				665,761
Loxam SAS
3.50%, 4/15/22 (b)		EUR	186				215,728
4.25%, 4/15/24 (b)			138				164,749
United Rentals North America, Inc.
5.50%, 5/15/27		U.S.$	418				439,887
XPO Logistics, Inc.
6.125%, 9/01/23 (b)			498				516,083
6.75%, 8/15/24 (b)			1,510				1,609,825
							8,623,655
							298,472,818
Financial Institutions - 6.4%
Banking - 3.3%
Allied Irish Banks PLC
Series E
7.375%, 12/03/20 (b)(o)		EUR	871				1,069,420
Ally Financial, Inc.
8.00%, 11/01/31		U.S.$	1,821				2,402,554
Banco Bilbao Vizcaya Argentaria SA
5.875%, 5/24/22-9/24/23 (b)(o)		EUR	1,800				2,118,956
8.875%, 4/14/21 (b)(o)			1,000				1,267,565
Banco de Sabadell SA
6.50%, 5/18/22 (b)(o)			1,000				1,134,092
Banco Santander SA
5.481%, 9/12/19 (b)(o)			400				457,114
6.25%, 9/11/21 (b)(o)			500				598,496
6.75%, 4/25/22 (b)(o)			1,500				1,859,158

		Principal Amount (000)				U.S. $ Value
Bank of Ireland
7.375%, 6/18/20 (b)(o)		EUR	1,455			$	1,745,897
Barclays PLC
7.125%, 6/15/25		GBP	404				535,985
7.25%, 3/15/23 (b)(o)			219				289,645
8.00%, 12/15/20 (o)		EUR	343				421,539
8.00%, 6/15/24 (o)		U.S.$	354				371,695
Citigroup, Inc.
5.95%, 1/30/23 (o)			2,689				2,780,327
Citizens Financial Group, Inc.
Series B
6.00%, 7/06/23 (o)			970				981,150
Credit Suisse Group AG
6.25%, 12/18/24 (b)(o)			1,404				1,464,692
7.50%, 12/11/23 (b)(o)			3,043				3,351,104
Danske Bank A/S
6.125%, 3/28/24 (b)(o)			265				257,596
Series E
5.875%, 4/06/22 (b)(o)		EUR	1,096				1,315,351
Goldman Sachs Group, Inc. (The)
Series P
5.00%, 11/10/22 (o)		U.S.$	1,599				1,534,025
Royal Bank of Scotland Group PLC
8.625%, 8/15/21 (o)			3,518				3,782,972
Series U
4.65% (LIBOR 3 Month + 2.32%), 9/30/27 (o)(p)			1,100				1,043,698
SNS Bank NV
Series E
11.25%, 12/31/49 (c)(e)(g)		EUR	620				0
Societe Generale SA
7.375%, 9/13/21 (b)(o)		U.S.$	1,000				1,048,750
8.00%, 9/29/25 (b)(o)			1,477				1,628,921
Standard Chartered PLC
7.50%, 4/02/22 (b)(o)			1,269				1,345,140
7.75%, 4/02/23 (b)(o)			440				468,834
UniCredit SpA
9.25%, 6/03/22 (b)(o)		EUR	1,554				1,974,643
							37,249,319
Brokerage - 0.1%
Lehman Brothers Holdings, Inc.
6.875%, 5/02/18 (c)(e)(g)(i)		U.S.$	1,690				29,406
LPL Holdings, Inc.
5.75%, 9/15/25 (b)			1,517				1,562,122
							1,591,528
Finance - 1.3%
CNG Holdings, Inc.
12.50%, 6/15/24 (b)			861				829,988
Compass Group Diversified Holdings LLC
8.00%, 5/01/26 (b)			838				873,561

		Principal Amount (000)				U.S. $ Value
Curo Group Holdings Corp.
8.25%, 9/01/25 (b)		U.S.$	2,426			$	2,031,486
Enova International, Inc.
8.50%, 9/01/24-9/15/25 (b)			1,273				1,206,199
goeasy Ltd.
7.875%, 11/01/22 (b)			466				487,654
ILFC E-Capital Trust II
4.34% (H15T 30 Year + 1.80%), 12/21/65 (b)(p)			2,000				1,454,142
Jefferies Finance LLC/JFIN Co-Issuer Corp.
6.25%, 6/03/26 (b)			428				431,599
Lincoln Financing SARL
3.625%, 4/01/24 (b)		EUR	390				459,067
Navient Corp.
5.50%, 1/25/23		U.S.$	2,011				2,065,749
5.875%, 3/25/21			275				286,378
6.50%, 6/15/22			357				379,508
6.625%, 7/26/21			74				78,725
6.75%, 6/15/26			616				638,858
7.25%, 1/25/22-9/25/23			909				975,498
8.00%, 3/25/20			184				190,365
SLM Corp.
5.125%, 4/05/22			605				601,587
Springleaf Finance Corp.
6.875%, 3/15/25			735				805,415
TMX Finance LLC/TitleMax Finance Corp.
11.125%, 4/01/23 (b)			890				838,852
							14,634,631
Insurance - 0.6%
Ambac Assurance Corp.
5.10%, 6/07/20 (b)(g)			15				20,713
ASR Nederland NV
4.625%, 10/19/27 (b)(o)		EUR	840				966,831
Galaxy Bidco Ltd.
6.375%, 11/15/20 (b)		GBP	133				168,087
Genworth Holdings, Inc.
7.625%, 9/24/21		U.S.$	1,975				1,935,648
Polaris Intermediate Corp.
8.50% (8.50% Cash or 9.25% PIK), 12/01/22 (b)(h)			3,251				2,870,214
WellCare Health Plans, Inc.
5.375%, 8/15/26 (b)			570				605,001
							6,566,494
Other Finance - 0.5%
Intrum AB
2.75%, 7/15/22 (b)		EUR	977				1,122,716
3.125%, 7/15/24 (b)			489				564,954
LHC3 PLC
4.125% (4.125% Cash or 4.875% PIK), 8/15/24 (b)(h)			239				279,485

		Principal Amount (000)				U.S. $ Value
NVA Holdings, Inc./United States
6.875%, 4/01/26 (b)		U.S.$	1,013			$	1,060,970
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.
6.75%, 6/01/25 (b)			2,464				2,538,260
							5,566,385
REITS - 0.6%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL
5.75%, 5/15/26 (b)			925				952,750
Forestar Group, Inc.
8.00%, 4/15/24 (b)			590				620,774
GEO Group, Inc. (The)
5.125%, 4/01/23			162				145,000
5.875%, 1/15/22-10/15/24			670				645,524
6.00%, 4/15/26			633				550,895
Iron Mountain, Inc.
4.875%, 9/15/27 (b)			230				227,917
5.25%, 3/15/28 (b)			1,576				1,581,314
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
5.75%, 2/01/27 (b)			966				1,040,436
Realogy Group LLC/Realogy Co-Issuer Corp.
9.375%, 4/01/27 (b)			1,794				1,575,453
							7,340,063
							72,948,420
Utility - 0.8%
Electric - 0.8%
AES Corp./VA
4.875%, 5/15/23			976				992,880
Calpine Corp.
5.375%, 1/15/23			1,314				1,330,810
5.50%, 2/01/24			1,279				1,273,026
NRG Energy, Inc.
7.25%, 5/15/26			1,754				1,931,319
Talen Energy Supply LLC
6.50%, 6/01/25			1,741				1,461,051
7.25%, 5/15/27 (b)			339				347,728
10.50%, 1/15/26 (b)			802				792,335
Texas Competitive/TCEH
11.50%, 10/01/20 (c)(d)(e)(g)			626				0
Vistra Energy Corp.
7.625%, 11/01/24			920				969,583

		Principal Amount (000)				U.S. $ Value
Vistra Operations Co. LLC
5.625%, 2/15/27 (b)		U.S.$	600			$	635,157
							9,733,889
Total Corporates - Non-Investment Grade (cost $394,927,935)							381,155,127
GOVERNMENTS - TREASURIES - 11.3%
Colombia - 0.6%
Colombian TES
Series B
10.00%, 7/24/24		COP	18,165,600				6,831,984
Indonesia - 2.8%
Indonesia Treasury Bond
Series FR56
8.375%, 9/15/26		IDR	25,513,000				1,918,780
Series FR70
8.375%, 3/15/24			15,308,000				1,146,949
Series FR77
8.125%, 5/15/24			290,356,000				21,610,995
Series FR78
8.25%, 5/15/29			100,018,000				7,509,845
							32,186,569
Malaysia - 0.2%
Malaysia Government Bond
Series 3/04
5.734%, 7/30/19		MYR	9,297				2,254,205
Mexico - 0.2%
Mexican Bonos
Series M 20
7.50%, 6/03/27		MXN	46,433				2,410,553
Russia - 0.8%
Russian Federal Bond - OFZ
Series 6209
7.60%, 7/20/22		RUB	37,074				593,882
Series 6212
7.05%, 1/19/28			220,100				3,437,195
Series 6217
7.50%, 8/18/21			274,943				4,385,262
							8,416,339
United States - 6.7%
U.S. Treasury Bonds
2.75%, 11/15/42 (q)		U.S.$	2,200				2,306,219
4.50%, 2/15/36			2,400				3,165,750
5.00%, 5/15/37 (q)			1,900				2,678,109
5.25%, 2/15/29 (r)			5,350				6,870,571
6.125%, 11/15/27 (s)			1,000				1,322,187
6.25%, 5/15/30			5,800				8,180,719
8.125%, 5/15/21			5,250				5,852,930

		Principal Amount (000)				U.S. $ Value
U.S. Treasury Notes
2.25%, 2/15/27 (r)(s)		U.S.$	26,373			$	27,028,206
2.875%, 8/15/28			17,670				18,989,728
							76,394,419
Total Governments - Treasuries (cost $122,783,530)							128,494,069
COLLATERALIZED MORTGAGE OBLIGATIONS - 9.7%
Risk Share Floating Rate - 7.6%
Bellemeade Re Ltd.
Series 2015-1A, Class M2
6.704% (LIBOR 1 Month + 4.30%), 7/25/25 (b)(p)			40				39,522
Series 2018-2A, Class M1B
3.754% (LIBOR 1 Month + 1.35%), 8/25/28 (b)(p)			1,968				1,972,337
Series 2018-3A, Class M2
5.154% (LIBOR 1 Month + 2.75%), 10/25/28 (b)(p)			915				908,752
Connecticut Avenue Securities Trust
Series 2018-R07, Class 1B1
6.754% (LIBOR 1 Month + 4.35%), 4/25/31 (b)(p)			441				462,349
Eagle RE Ltd.
Series 2018-1, Class M2
5.404% (LIBOR 1 Month + 3.00%), 11/25/28 (b)(p)			264				266,000
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2013-DN2, Class M2
6.654% (LIBOR 1 Month + 4.25%), 11/25/23 (p)			1,643				1,776,198
Series 2014-DN1, Class M3
6.904% (LIBOR 1 Month + 4.50%), 2/25/24 (p)			1,939				2,152,196
Series 2014-HQ1, Class M3
6.504% (LIBOR 1 Month + 4.10%), 8/25/24 (p)			1,579				1,657,497
Series 2014-HQ2, Class M3
6.154% (LIBOR 1 Month + 3.75%), 9/25/24 (p)			3,710				4,043,797
Series 2014-HQ3, Class M3
7.154% (LIBOR 1 Month + 4.75%), 10/25/24 (p)			3,753				4,006,161
Series 2015-DN1, Class B
13.904% (LIBOR 1 Month + 11.50%), 1/25/25 (p)			2,198				3,075,205
Series 2015-DN1, Class M3
6.554% (LIBOR 1 Month + 4.15%), 1/25/25 (p)			1,162				1,220,641
Series 2015-DNA1, Class B
11.604% (LIBOR 1 Month + 9.20%), 10/25/27 (p)			596				788,761
Series 2015-DNA2, Class B
9.954% (LIBOR 1 Month + 7.55%), 12/25/27 (p)			1,457				1,777,012

		Principal Amount (000)				U.S. $ Value
Series 2015-DNA3, Class B
11.754% (LIBOR 1 Month + 9.35%), 4/25/28 (p)		U.S.$	1,025			$	1,342,270
Series 2015-HQ1, Class B
13.154% (LIBOR 1 Month + 10.75%), 3/25/25 (p)			3,859				5,205,358
Series 2015-HQ1, Class M3
6.204% (LIBOR 1 Month + 3.80%), 3/25/25 (p)			477				491,293
Series 2015-HQA1, Class B
11.204% (LIBOR 1 Month + 8.80%), 3/25/28 (p)			1,008				1,222,866
Series 2016-DNA2, Class B
12.904% (LIBOR 1 Month + 10.50%), 10/25/28 (p)			859				1,178,058
Series 2016-DNA3, Class B
13.654% (LIBOR 1 Month + 11.25%), 12/25/28 (p)			2,770				3,860,874
Series 2016-DNA3, Class M3
7.404% (LIBOR 1 Month + 5.00%), 12/25/28 (p)			1,113				1,223,342
Series 2016-DNA4, Class B
11.004% (LIBOR 1 Month + 8.60%), 3/25/29 (p)			396				491,424
Series 2016-HQA2, Class B
13.904% (LIBOR 1 Month + 11.50%), 11/25/28 (p)			422				572,346
Series 2017-DNA2, Class B1
7.554% (LIBOR 1 Month + 5.15%), 10/25/29 (p)			415				472,521
Series 2017-DNA2, Class M2
5.854% (LIBOR 1 Month + 3.45%), 10/25/29 (p)			599				639,352
Series 2017-DNA3, Class B1
6.854% (LIBOR 1 Month + 4.45%), 3/25/30 (p)			615				666,273
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C01, Class M2
6.804% (LIBOR 1 Month + 4.40%), 1/25/24 (p)			3,991				4,362,828
Series 2014-C03, Class 1M2
5.404% (LIBOR 1 Month + 3.00%), 7/25/24 (p)			948				993,982
Series 2014-C04, Class 1M2
7.304% (LIBOR 1 Month + 4.90%), 11/25/24 (p)			2,413				2,660,807
Series 2015-C01, Class 1M2
6.704% (LIBOR 1 Month + 4.30%), 2/25/25 (p)			2,292				2,451,463
Series 2015-C01, Class 2M2
6.954% (LIBOR 1 Month + 4.55%), 2/25/25 (p)			993				1,044,697

		Principal Amount (000)				U.S. $ Value
Series 2015-C02, Class 1M2
6.404% (LIBOR 1 Month + 4.00%), 5/25/25 (p)		U.S.$	689			$	733,939
Series 2015-C03, Class 1M2
7.404% (LIBOR 1 Month + 5.00%), 7/25/25 (p)			2,118				2,316,670
Series 2015-C04, Class 1M2
8.104% (LIBOR 1 Month + 5.70%), 4/25/28 (p)			2,477				2,751,126
Series 2015-C04, Class 2M2
7.954% (LIBOR 1 Month + 5.55%), 4/25/28 (p)			872				946,497
Series 2016-C01, Class 1B
14.154% (LIBOR 1 Month + 11.75%), 8/25/28 (p)			681				984,503
Series 2016-C01, Class 1M2
9.154% (LIBOR 1 Month + 6.75%), 8/25/28 (p)			1,951				2,203,371
Series 2016-C01, Class 2M2
9.354% (LIBOR 1 Month + 6.95%), 8/25/28 (p)			640				720,328
Series 2016-C02, Class 1B
14.654% (LIBOR 1 Month + 12.25%), 9/25/28 (p)			449				653,089
Series 2016-C02, Class 1M2
8.404% (LIBOR 1 Month + 6.00%), 9/25/28 (p)			2,252				2,489,213
Series 2016-C03, Class 1B
14.154% (LIBOR 1 Month + 11.75%), 10/25/28 (p)			372				532,608
Series 2016-C03, Class 2B
15.154% (LIBOR 1 Month + 12.75%), 10/25/28 (p)			631				899,370
Series 2016-C03, Class 2M2
8.304% (LIBOR 1 Month + 5.90%), 10/25/28 (p)			3,341				3,675,465
Series 2016-C04, Class 1B
12.654% (LIBOR 1 Month + 10.25%), 1/25/29 (p)			1,490				1,974,130
Series 2016-C05, Class 2B
13.15% (LIBOR 1 Month + 10.75%), 1/25/29 (p)			1,820				2,367,933
Series 2016-C06, Class 1B
11.654% (LIBOR 1 Month + 9.25%), 4/25/29 (p)			1,286				1,636,253
Series 2016-C07, Class 2B
11.904% (LIBOR 1 Month + 9.50%), 5/25/29 (p)			1,558				1,938,389
Series 2017-C01, Class 1B1
8.154% (LIBOR 1 Month + 5.75%), 7/25/29 (p)			148				175,787
Series 2017-C02, Class 2M2
6.054% (LIBOR 1 Month + 3.65%), 9/25/29 (p)			1,152				1,225,946

		Principal Amount (000)				U.S. $ Value
Series 2018-C01, Class 1B1
5.954% (LIBOR 1 Month + 3.55%), 7/25/30 (p)		U.S.$	909			$	930,988
Home Re Ltd.
Series 2018-1, Class M2
5.43% (LIBOR 1 Month + 3.00%), 10/25/28 (b)(p)			988				1,002,987
JP Morgan Madison Avenue Securities Trust
Series 2015-CH1, Class M2
7.904% (LIBOR 1 Month + 5.50%), 10/25/25 (j)(p)			1,427				1,611,548
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 2M2
7.904% (LIBOR 1 Month + 5.50%), 11/25/25 (j)(p)			592				681,347
							85,477,669
Non-Agency Fixed Rate - 0.8%
Alternative Loan Trust
Series 2006-24CB, Class A15
5.75%, 8/01/36			765				633,461
Series 2006-42, Class 1A6
6.00%, 1/25/47			661				576,663
Series 2006-HY12, Class A5
3.936%, 8/25/36			1,257				1,306,869
Series 2006-J1, Class 1A10
5.50%, 2/25/36			1,081				979,339
Series 2006-J5, Class 1A1
6.50%, 9/25/36			873				750,689
Bear Stearns ARM Trust
Series 2007-3, Class 1A1
4.392%, 5/25/47			184				172,587
Series 2007-4, Class 22A1
4.027%, 6/25/47			731				696,026
ChaseFlex Trust
Series 2007-1, Class 1A3
6.50%, 2/25/37			522				309,948
Citigroup Mortgage Loan Trust
Series 2007-AR4, Class 1A1A
4.626%, 3/25/37			127				126,111
CitiMortgage Alternative Loan Trust
Series 2007-A3, Class 1A4
5.75%, 3/25/37			876				867,872
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2007-HY4, Class 1A1
4.025%, 9/25/47			204				192,196
CSMC Mortgage-Backed Trust
Series 2006-7, Class 3A12
6.25%, 8/25/36			323				262,554
Residential Accredit Loans, Inc. Trust
Series 2005-QS14, Class 3A1
6.00%, 9/25/35			453				436,148
Residential Asset Securitization Trust
Series 2006-A8, Class 3A4
6.00%, 8/25/36			188				153,660

		Principal Amount (000)				U.S. $ Value
Washington Mutual Mortgage Pass-Through Certificates Trust
Series 2006-9, Class A4
4.657%, 10/25/36		U.S.$	1,496			$	713,942
Wells Fargo Mortgage Backed Securities Trust
Series 2007-AR7, Class A1
4.785%, 12/28/37			834				827,086
							9,005,151
Non-Agency Floating Rate - 0.7%
Alternative Loan Trust
Series 2007-7T2, Class A3
3.004% (LIBOR 1 Month + 0.60%), 4/25/37 (p)			2,519				1,069,344
Citigroup Mortgage Loan Trust
Series 2005-8, Class 2A2
2.396% (4.80% - LIBOR 1 Month), 9/25/35 (p)(t)			297				10,589
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2007-13, Class A7
3.004% (LIBOR 1 Month + 0.60%), 8/25/37 (p)			494				317,672
First Horizon Alternative Mortgage Securities Trust
Series 2007-FA2, Class 1A10
2.654% (LIBOR 1 Month + 0.25%), 4/25/37 (p)			305				152,020
Series 2007-FA2, Class 1A6
3.146% (5.55% - LIBOR 1 Month), 4/25/37 (p)(t)			103				17,789
Lehman XS Trust
Series 2007-10H, Class 2AIO
4.56% (7.00% - LIBOR 1 Month), 7/25/37 (p)(t)			285				48,412
Residential Accredit Loans, Inc. Trust
Series 2006-QS18, Class 2A2
4.146% (6.55% - LIBOR 1 Month), 12/25/36 (p)(t)			3,796				731,190
Wachovia Mortgage Loan Trust
Series 2006-ALT1, Class A2
2.584% (LIBOR 1 Month + 0.18%), 1/25/37 (p)			8,912				5,843,502
							8,190,518
Agency Fixed Rate - 0.6%
Federal Home Loan Mortgage Corp. REMICs
Series 4767
6.00%, 3/15/48 (u)			21,533				5,066,355

		Principal Amount (000)				U.S. $ Value
Freddie Mac Strips
Series 247
5.50%, 4/15/36 (u)		U.S.$	9,211			$	1,980,664
							7,047,019
Total Collateralized Mortgage Obligations (cost $99,998,262)							109,720,357
CORPORATES - INVESTMENT GRADE - 9.0%
Financial Institutions - 5.1%
Banking - 2.7%
ABN AMRO Bank NV
Series E
6.25%, 4/27/22 (b)			292				316,705
Bank of America Corp.
Series DD
6.30%, 3/10/26 (o)			3,043				3,390,261
Series Z
6.50%, 10/23/24 (o)			57				63,004
Barclays Bank PLC
6.86%, 6/15/32 (b)(o)			166				190,166
BNP Paribas SA
6.75%, 3/14/22 (b)(o)			418				438,867
7.625%, 3/30/21 (b)(o)			406				429,748
BPCE SA
5.70%, 10/22/23 (b)			208				227,822
Citigroup, Inc.
4.40%, 6/10/25			105				112,164
Credit Agricole SA
8.125%, 12/23/25 (b)(o)			1,909				2,211,466
DNB Bank ASA
6.50%, 3/26/22 (b)(o)			1,555				1,640,654
HSBC Holdings PLC
6.00%, 9/29/23 (b)(o)		EUR	389				510,979
Series E
4.75%, 7/04/29 (b)(o)			2,675				3,197,632
ING Groep NV
6.50%, 4/16/25 (o)		U.S.$	520				538,200
6.875%, 4/16/22 (b)(o)			250				263,317
Intesa Sanpaolo SpA
2.75%, 3/20/20 (b)		EUR	482				558,991
5.017%, 6/26/24 (b)		U.S.$	331				330,892
5.71%, 1/15/26 (b)			1,232				1,242,286
JPMorgan Chase & Co.
Series V
5.639% (LIBOR 3 Month + 3.32%), 10/01/19 (o)(p)			210				208,948
Lloyds Banking Group PLC
6.413%, 10/01/35 (b)(o)			235				245,221
6.657%, 5/21/37 (b)(o)			98				103,435
7.625%, 6/27/23 (b)(o)		GBP	1,760				2,435,778
Nationwide Building Society
4.302%, 3/08/29 (b)		U.S.$	1,500				1,568,208

		Principal Amount (000)				U.S. $ Value
Nordea Bank Abp
6.625%, 3/26/26 (b)(o)		U.S.$	3,065			$	3,238,516
Regions Bank/Birmingham AL
6.45%, 6/26/37			1,500				1,897,431
Santander Holdings USA, Inc.
4.40%, 7/13/27			1,090				1,138,474
Skandinaviska Enskilda Banken AB
5.625%, 5/13/22 (b)(o)			400				404,046
Swedbank AB
6.00%, 3/17/22 (b)(o)			1,000				1,003,335
UBS Group Funding Switzerland AG
6.875%, 3/22/21 (b)(o)			200				208,250
7.00%, 2/19/25 (b)(o)			2,492				2,734,123
							30,848,919
Insurance - 1.9%
Aegon NV
5.50%, 4/11/48			757				778,381
Allstate Corp. (The)
6.50%, 5/15/57			1,657				1,884,088
American International Group, Inc.
6.82%, 11/15/37			1,425				1,798,520
Aon Corp.
8.205%, 1/01/27			690				851,319
Assicurazioni Generali SpA
Series E
5.50%, 10/27/47 (b)		EUR	1,500				1,955,048
Caisse Nationale de Reassurance Mutuelle Agricole Groupama
6.00%, 1/23/27			1,400				1,981,558
CNP Assurances
4.50%, 6/10/47 (b)			1,500				1,995,822
Liberty Mutual Group, Inc.
7.80%, 3/15/37 (b)		U.S.$	2,559				3,198,975
MetLife, Inc.
10.75%, 8/01/39			2,350				3,729,441
Prudential Financial, Inc.
5.20%, 3/15/44			340				351,231
5.625%, 6/15/43			1,082				1,143,354
SCOR SE
3.00%, 6/08/46 (b)		EUR	200				248,048
Transatlantic Holdings, Inc.
8.00%, 11/30/39		U.S.$	1,261				1,794,189
							21,709,974
REITS - 0.5%
EPR Properties
5.75%, 8/15/22			915				981,653
GLP Capital LP/GLP Financing II, Inc.
5.375%, 4/15/26			674				728,762
5.75%, 6/01/28			67				73,862
MPT Operating Partnership LP/MPT Finance Corp.
5.00%, 10/15/27			319				328,639
5.25%, 8/01/26			137				143,792
5.50%, 5/01/24			264				271,320

		Principal Amount (000)				U.S. $ Value
Sabra Health Care LP/Sabra Capital Corp.
4.80%, 6/01/24		U.S.$	710			$	728,727
Senior Housing Properties Trust
6.75%, 12/15/21			1,350				1,437,427
Spirit Realty LP
4.45%, 9/15/26			193				201,713
							4,895,895
							57,454,788
Industrial - 3.9%
Basic - 0.5%
Anglo American Capital PLC
3.625%, 9/11/24 (b)			200				204,386
4.75%, 4/10/27 (b)			637				671,753
ArcelorMittal
6.75%, 3/01/41			362				420,619
7.00%, 10/15/39			624				740,294
Fresnillo PLC
5.50%, 11/13/23 (b)			306				331,761
Georgia-Pacific LLC
8.875%, 5/15/31			1				1,552
Glencore Finance Canada Ltd.
6.00%, 11/15/41 (b)			272				294,766
Glencore Funding LLC
4.625%, 4/29/24 (b)			341				360,938
Minsur SA
6.25%, 2/07/24 (b)			891				980,276
WestRock MWV LLC
7.95%, 2/15/31			1,000				1,345,175
							5,351,520
Capital Goods - 0.2%
Arconic, Inc.
5.90%, 2/01/27			119				128,847
General Electric Co.
Series D
5.00%, 1/21/21 (o)			1,681				1,613,793
Textron Financial Corp.
4.253% (LIBOR 3 Month + 1.74%), 2/15/42 (b)(p)			575				440,139
							2,182,779
Communications - Media - 0.1%
Charter Communications Operating LLC/Charter Communications Operating Capital
4.908%, 7/23/25			1,195				1,296,792
Communications - Telecommunications - 0.4%
Qwest Corp.
6.875%, 9/15/33			1,335				1,328,015

		Principal Amount (000)				U.S. $ Value
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
4.738%, 3/20/25 (b)		U.S.$	1,340			$	1,391,173
5.152%, 3/20/28 (b)			1,340				1,392,287
							4,111,475
Consumer Cyclical - Automotive - 0.2%
General Motors Co.
5.20%, 4/01/45			337				322,564
6.25%, 10/02/43			116				122,835
6.75%, 4/01/46			456				508,522
ZF North America Capital, Inc.
4.75%, 4/29/25 (b)			1,065				1,092,073
							2,045,994
Consumer Cyclical - Entertainment - 0.1%
Silversea Cruise Finance Ltd.
7.25%, 2/01/25 (b)			1,409				1,514,404
Consumer Cyclical - Other - 0.7%
James Hardie International Finance DAC
4.75%, 1/15/25 (b)			285				290,324
5.00%, 1/15/28 (b)			273				270,842
Lennar Corp.
6.625%, 5/01/20			1,332				1,371,137
MDC Holdings, Inc.
5.50%, 1/15/24			150				160,557
6.00%, 1/15/43			2,908				2,719,736
Owens Corning
7.00%, 12/01/36			777				921,504
Standard Industries, Inc./NJ
4.75%, 1/15/28 (b)			76				75,405
6.00%, 10/15/25 (b)			934				991,207
Toll Brothers Finance Corp.
4.875%, 3/15/27			1,124				1,180,661
							7,981,373
Consumer Non-Cyclical - 0.4%
CVS Health Corp.
4.78%, 3/25/38			2,140				2,231,757
HCA, Inc.
4.25%, 10/15/19			1,405				1,409,786
4.50%, 2/15/27			65				69,302
5.00%, 3/15/24			330				359,461
5.25%, 6/15/26			165				182,487
MEDNAX, Inc.
5.25%, 12/01/23 (b)			541				534,557
							4,787,350
Energy - 0.5%
AI Candelaria Spain SLU
7.50%, 12/15/28 (b)			1,166				1,269,482
Antero Resources Corp.
5.125%, 12/01/22			484				464,663
Cenovus Energy, Inc.
6.75%, 11/15/39			67				79,411

		Principal Amount (000)				U.S. $ Value
Energy Transfer Operating LP
7.50%, 10/15/20		U.S.$	251			$	266,221
Energy Transfer Partners LP/Regency Energy Finance Corp.
4.50%, 11/01/23			546				577,439
Kinder Morgan, Inc./DE
Series G
7.75%, 1/15/32			328				450,127
7.80%, 8/01/31			1,066				1,424,567
Southern Star Central Corp.
5.125%, 7/15/22 (b)			796				803,216
							5,335,126
Other Industrial - 0.1%
Alfa SAB de CV
5.25%, 3/25/24 (b)			1,580				1,690,600
Services - 0.1%
Verisk Analytics, Inc.
5.50%, 6/15/45			636				746,508
Technology - 0.6%
Dell International LLC/EMC Corp.
6.02%, 6/15/26 (b)			1,318				1,451,385
8.35%, 7/15/46 (b)			524				661,384
Micron Technology, Inc.
5.50%, 2/01/25			686				705,657
Nokia Oyj
6.625%, 5/15/39			527				579,206
Seagate HDD Cayman
4.75%, 1/01/25			1,948				1,964,864
4.875%, 6/01/27			1,082				1,080,089
Western Digital Corp.
4.75%, 2/15/26			1,023				1,004,619
							7,447,204
Transportation - Airlines - 0.0%
Northwest Airlines Pass Through Trust
Series 2000-1, Class G
7.15%, 10/01/19 (c)			61				60,496
							44,551,621
Total Corporates - Investment Grade (cost $92,370,454)							102,006,409
EMERGING MARKETS - SOVEREIGNS - 8.4%
Angola - 0.3%
Angolan Government International Bond
8.25%, 5/09/28 (b)			400				428,000
9.50%, 11/12/25 (b)			2,756				3,155,620
Republic of Angola Via Northern Lights III BV
7.00%, 8/17/19 (b)			85				85,544
							3,669,164

		Principal Amount (000)				U.S. $ Value
Argentina - 0.6%
Argentine Republic Government International Bond
5.875%, 1/11/28		U.S.$	2,580			$	1,951,931
6.875%, 1/26/27-1/11/48			4,381				3,366,546
7.82%, 12/31/33		EUR	1,236				1,173,337
Series NY
3.75%, 12/31/38		U.S.$	796				465,125
							6,956,939
Bahrain - 0.2%
Bahrain Government International Bond
6.75%, 9/20/29 (b)			528				557,040
7.00%, 10/12/28 (b)			1,253				1,349,716
							1,906,756
Brazil - 0.3%
Brazilian Government International Bond
4.625%, 1/13/28			3,530				3,706,500
Cameroon - 0.1%
Republic of Cameroon International Bond
9.50%, 11/19/25 (b)			1,222				1,325,106
Dominican Republic - 0.9%
Dominican Republic International Bond
5.95%, 1/25/27 (b)			1,553				1,669,475
7.45%, 4/30/44 (b)			1,283				1,486,676
8.625%, 4/20/27 (b)			5,719				6,805,610
							9,961,761
Ecuador - 0.2%
Ecuador Government International Bond
7.95%, 6/20/24 (b)			667				698,057
10.50%, 3/24/20 (b)			200				208,731
10.75%, 1/31/29 (b)			1,301				1,470,537
							2,377,325
Egypt - 0.6%
Egypt Government International Bond
6.125%, 1/31/22 (b)			3,559				3,679,117
6.20%, 3/01/24 (b)			2,743				2,849,291
							6,528,408
El Salvador - 0.1%
El Salvador Government International Bond
5.875%, 1/30/25 (b)			300				297,375
7.625%, 9/21/34 (b)			762				796,290
7.75%, 1/24/23 (b)			339				364,001
							1,457,666

		Principal Amount (000)				U.S. $ Value
Gabon - 0.3%
Gabon Government International Bond
6.375%, 12/12/24 (b)		U.S.$	2,052			$	2,024,193
6.95%, 6/16/25 (b)			1,050				1,049,344
							3,073,537
Ghana - 0.1%
Ghana Government International Bond
10.75%, 10/14/30 (b)			780				988,650
Honduras - 0.3%
Honduras Government International Bond
6.25%, 1/19/27 (b)			1,748				1,881,285
7.50%, 3/15/24 (b)			730				804,825
8.75%, 12/16/20 (b)			320				343,800
							3,029,910
Iraq - 0.1%
Iraq International Bond
5.80%, 1/15/28 (b)			264				259,875
6.752%, 3/09/23 (b)			402				413,055
							672,930
Ivory Coast - 0.4%
Ivory Coast Government International Bond
5.125%, 6/15/25 (b)		EUR	168				199,151
5.75%, 12/31/32 (b)		U.S.$	1,702				1,652,832
6.375%, 3/03/28 (b)			2,678				2,647,873
6.625%, 3/22/48 (b)		EUR	331				367,088
							4,866,944
Jamaica - 0.1%
Jamaica Government International Bond
7.625%, 7/09/25		U.S.$	506				585,695
7.875%, 7/28/45			722				893,475
							1,479,170
Jordan - 0.1%
Jordan Government International Bond
5.75%, 1/31/27 (b)			634				641,133
Kenya - 0.5%
Kenya Government International Bond
6.875%, 6/24/24 (b)			3,550				3,776,312
7.00%, 5/22/27 (b)			837				871,526
7.25%, 2/28/28 (b)			649				673,338
							5,321,176
Lebanon - 0.3%
Lebanon Government International Bond
6.65%, 4/22/24 (b)			427				351,341
6.85%, 3/23/27 (b)			436				345,802
Series G
6.20%, 2/26/25 (b)			987				787,441

		Principal Amount (000)				U.S. $ Value
6.60%, 11/27/26 (b)		U.S.$	1,654			$	1,308,211
6.65%, 11/03/28 (b)			292				228,946
							3,021,741
Mongolia - 0.2%
Mongolia Government International Bond
5.125%, 12/05/22 (b)			2,426				2,451,018
10.875%, 4/06/21 (a)(b)			200				222,500
							2,673,518
Nigeria - 0.4%
Nigeria Government International Bond
6.375%, 7/12/23 (b)			740				781,625
6.50%, 11/28/27 (b)			388				388,485
6.75%, 1/28/21 (b)			288				300,240
7.625%, 11/21/25 (b)			1,785				1,948,981
7.875%, 2/16/32 (b)			489				511,005
							3,930,336
Oman - 0.4%
Oman Government International Bond
4.125%, 1/17/23 (b)			4,265				4,131,719
4.75%, 6/15/26 (b)			550				508,750
							4,640,469
Senegal - 0.2%
Senegal Government International Bond
6.25%, 5/23/33 (b)			593				574,469
6.75%, 3/13/48 (b)			1,928				1,815,332
8.75%, 5/13/21 (b)			310				337,126
							2,726,927
Sri Lanka - 0.4%
Sri Lanka Government International Bond
6.125%, 6/03/25 (b)			350				340,812
6.20%, 5/11/27 (b)			685				649,894
6.85%, 3/14/24 (b)			2,085				2,130,734
7.85%, 3/14/29 (b)			1,518				1,569,919
							4,691,359
Turkey - 0.5%
Turkey Government International Bond
3.25%, 3/23/23			1,808				1,646,975
4.875%, 10/09/26-4/16/43			824				667,462
7.25%, 12/23/23			1,394				1,441,047
7.375%, 2/05/25			1,107				1,142,632
7.50%, 11/07/19			1,243				1,260,091
							6,158,207

		Principal Amount (000)				U.S. $ Value
Ukraine - 0.6%
Ukraine Government International Bond
7.75%, 9/01/21-9/01/24 (b)		U.S.$	6,169			$	6,509,792
Venezuela - 0.1%
Venezuela Government International Bond
9.25%, 9/15/27 (c)(e)(f)			7,978				1,595,600
9.25%, 5/07/28 (e)(f)(j)			300				60,000
							1,655,600
Zambia - 0.1%
Zambia Government International Bond
8.50%, 4/14/24 (b)			1,475				984,563
Total Emerging Markets - Sovereigns (cost $94,791,318)							94,955,587
BANK LOANS - 4.1%
Industrial - 4.0%
Basic - 0.0%
Foresight Energy LLC
8.272% (LIBOR 3 Month + 5.75%), 3/28/22 (v)			485				393,945
Capital Goods - 0.5%
Apex Tool Group, LLC
6.152% (LIBOR 1 Month + 3.75%), 2/01/22 (v)			2,304				2,209,699
Brookfield WEC Holdings Inc. (fka Westinghouse Electric Company LLC)
5.902% (LIBOR 1 Month + 3.50%), 8/01/25 (v)			878				875,954
9.152% (LIBOR 1 Month + 6.75%), 8/03/26 (v)			307				310,503
BWay Holding Company
4/03/24 (w)			1,007				971,601
Gardner Denver, Inc.
5.152% (LIBOR 1 Month + 2.75%), 7/30/24 (v)			709				709,896
Panther BF Aggregator 2 L P
5.902% (LIBOR 1 Month + 3.50%), 4/30/26 (v)			510				505,859
Transdigm Inc.
4.830% (LIBOR 3 Month + 2.50%), 6/09/23 (v)			355				347,815
Welbilt, Inc. (fka Manitowoc Foodservice, Inc.)
4.902% (LIBOR 1 Month + 2.50%), 10/23/25 (g)(v)			110				107,341
							6,038,668

		Principal Amount (000)				U.S. $ Value
Communications - Media - 0.1%
iHeartCommunications, Inc. (fka Clear Channel Communications, Inc.)
6.579% (LIBOR 3 Month + 4.00%), 5/01/26 (v)		U.S.$	582			$	582,473
Communications - Telecommunications - 0.1%
Intelsat Jackson Holdings S.A.
6.625%, 1/02/24			115				115,688
6.904% (LIBOR 1 Month + 4.50%), 1/02/24 (v)			69				68,885
West Corporation
6.522% (LIBOR 3 Month + 4.00%), 10/10/24 (v)			1,116				1,039,518
							1,224,091
Consumer Cyclical - Automotive - 0.0%
Navistar, Inc.
5.910% (LIBOR 1 Month + 3.50%), 11/06/24 (v)			350				349,143
Consumer Cyclical - Entertainment - 0.1%
Seaworld Parks & Entertainment, Inc. (fka SW Acquisitions Co., Inc.)
5.402% (LIBOR 1 Month + 3.00%), 4/01/24 (v)			966				962,313
Consumer Cyclical - Other - 0.2%
Caesars Resort Collection, LLC (fka Caesars Growth Properties Holdings, LLC)
5.152% (LIBOR 1 Month + 2.75%), 12/23/24 (v)			1,409				1,383,692
Scientific Games International, Inc.
5.150% (LIBOR 1 Month + 2.75%), 8/14/24 (v)			169				166,776
5.230% (LIBOR 1 Month + 2.75%), 8/14/24 (v)			704				692,620
Stars Group Holdings B.V.
5.830% (LIBOR 3 Month + 3.50%), 7/10/25 (v)			278				277,655
							2,520,743
Consumer Cyclical - Restaurants - 0.1%
IRB Holding Corp. (fka Arby’s / Buffalo Wild Wings)
5.644% (LIBOR 1 Month + 3.25%), 2/05/25 (v)			857				845,371
Consumer Cyclical - Retailers - 0.2%
PetSmart, Inc.
3/11/22 (w)			416				404,767
Serta Simmons Bedding, LLC
10.394% (LIBOR 1 Month + 8.00%), 11/08/24 (v)			1,270				556,286

		Principal Amount (000)				U.S. $ Value
Specialty Building Products Holdings, LLC
8.152% (LIBOR 1 Month + 5.75%), 10/01/25 (g)(v)		U.S.$	1,185			$	1,176,569
							2,137,622
Consumer Non-Cyclical - 1.3%
Acadia Healthcare Company, Inc.
4.902% (LIBOR 1 Month + 2.50%), 2/16/23 (v)			457				453,981
Air Medical Group Holdings, Inc.
5.644% (LIBOR 1 Month + 3.25%), 4/28/22 (v)			1,207				1,134,670
6.652% (LIBOR 1 Month + 4.25%), 3/14/25 (v)			921				864,320
Alphabet Holding Company, Inc. (fka Nature’s Bounty)
10.152% (LIBOR 1 Month + 7.75%), 9/26/25 (v)			2,066				1,825,352
Arbor Pharmaceuticals, LLC
7.330% (LIBOR 3 Month + 5.00%), 7/05/23 (v)			1,150				1,068,313
athenahealth, Inc.
7.045% (LIBOR 3 Month + 4.50%), 2/11/26 (v)			2,457				2,448,390
BI-LO, LLC
10.470% (LIBOR 3 Month + 8.00%), 5/31/24 (v)			1,189				1,135,560
10.560% (LIBOR 3 Month + 8.00%), 5/31/24 (v)			1,246				1,190,432
10.590% (LIBOR 3 Month + 8.00%), 5/31/24 (v)			1,237				1,181,596
Mallinckrodt International Finance S.A.
5.080% (LIBOR 3 Month + 2.75%), 9/24/24 (v)			946				848,903
Regionalcare Hospital Partners Holdings, Inc.
6.904% (LIBOR 1 Month + 4.50%), 11/16/25 (v)			1,039				1,031,914
U.S. Renal Care, Inc.
6/12/26 (w)			1,570				1,538,851
							14,722,282
Energy - 0.4%
California Resources Corporation
12.777% (LIBOR 1 Month + 10.38%), 12/31/21 (v)			2,088				2,114,939
Triton Solar US Acquisition Co.
8.330% (LIBOR 3 Month + 6.00%), 10/29/24 (g)(v)			2,345				2,183,440
							4,298,379

		Principal Amount (000)				U.S. $ Value
Other Industrial - 0.1%
American Tire Distributors, Inc.
8.522% (LIBOR 3 Month + 6.00%), 9/01/23 (c)(v)		U.S.$	221			$	219,134
9.981% (LIBOR 2 Month + 7.50%), 9/02/24 (c)(v)			721				673,515
Core & Main LP
5.520% (LIBOR 3 Month + 3.00%), 8/01/24 (v)			198				197,661
							1,090,310
Services - 0.4%
Allied Universal Holdco LLC (fka USAGM Holdco, LLC)
6/26/26 (w)			26				25,914
Parexel International Corporation
9/27/24 (w)			245				234,572
Pi Lux Finco Sarl
9.652% (LIBOR 1 Month + 7.25%), 1/01/26 (g)(v)			3,100				3,038,000
Refinitiv US Holdings Inc. (fka Financial & Risk US Holdings, Inc.)
6.152% (LIBOR 1 Month + 3.75%), 10/01/25 (v)			388				376,044
Team Health Holdings, Inc.
5.152% (LIBOR 1 Month + 2.75%), 2/06/24 (g)(v)			748				661,121
Verscend Holding Corp.
6.902% (LIBOR 1 Month + 4.50%), 8/27/25 (v)			769				768,501
							5,104,152
Technology - 0.5%
Avaya Inc.
6.651% (LIBOR 1 Month + 4.25%), 12/15/24 (v)			1,027				981,160
Boxer Parent Company Inc. (fka BMC Software, Inc.)
6.580% (LIBOR 3 Month + 4.25%), 10/02/25 (v)			1,554				1,468,630
Solera, LLC (Solera Finance, Inc.)
5.152% (LIBOR 1 Month + 2.75%), 3/03/23 (v)			2,549				2,529,452
Veritas US Inc.
6.830% (LIBOR 3 Month + 4.50%), 1/27/23 (v)			99				89,499
6.900% (LIBOR 3 Month + 4.50%), 1/27/23 (v)			497				450,902
							5,519,643
							45,789,135

		Principal Amount (000)				U.S. $ Value
Financial Institutions - 0.1%
Finance - 0.1%
Ellie Mae, Inc.
6.525% (LIBOR 3 Month + 4.00%), 4/17/26 (v)		U.S.$	844			$	840,949
Jefferies Finance LLC
6.250% (LIBOR 1 Month + 3.75%), 6/03/26 (v)			304				303,088
							1,144,037
Total Bank Loans (cost $48,506,605)							46,933,172
EMERGING MARKETS - CORPORATE BONDS - 4.1%
Industrial - 3.0%
Basic - 0.8%
ABJA Investment Co. Pte Ltd.
4.85%, 1/31/20 (b)			1,070				1,077,022
Consolidated Energy Finance SA
6.875%, 6/15/25 (b)			949				972,761
CSN Resources SA
6.50%, 7/21/20 (b)			903				919,839
7.625%, 2/13/23 (b)			600				634,798
First Quantum Minerals Ltd.
6.875%, 3/01/26 (b)			582				539,312
7.00%, 2/15/21 (b)			53				53,754
7.25%, 5/15/22 (a)(b)			1,144				1,136,145
7.25%, 4/01/23 (b)			1,300				1,260,657
7.50%, 4/01/25 (b)			261				246,645
Vedanta Resources Finance II PLC
8.00%, 4/23/23 (b)			1,023				1,038,529
9.25%, 4/23/26 (b)			430				435,635
Vedanta Resources Ltd.
6.375%, 7/30/22 (b)			793				783,831
							9,098,928
Capital Goods - 0.1%
CIMPOR Financial Operations BV
5.75%, 7/17/24 (b)			201				175,875
Indika Energy Capital III Pte Ltd.
5.875%, 11/09/24 (b)			558				546,142
Odebrecht Finance Ltd.
4.375%, 4/25/25 (b)(e)(f)			349				22,523
5.25%, 6/27/29 (b)(e)(f)			1,070				70,888
7.125%, 6/26/42 (b)(e)(f)			2,665				176,556
							991,984
Communications - Telecommunications - 0.3%
Comunicaciones Celulares SA Via Comcel Trust
6.875%, 2/06/24 (b)			535				552,555

		Principal Amount (000)				U.S. $ Value
Digicel Group One Ltd.
8.25%, 12/30/22 (b)		U.S.$	262			$	144,013
Digicel Group Two Ltd.
8.25%, 9/30/22 (b)			285				73,844
9.125% (7.125% Cash and 2.00% PIK), 4/01/24 (b)(h)			450				101,231
Digicel Ltd.
6.00%, 4/15/21 (b)			1,356				1,013,610
Millicom International Cellular SA
5.125%, 1/15/28 (b)			479				485,246
6.625%, 10/15/26 (b)			615				671,205
MTN Mauritius Investments Ltd.
6.50%, 10/13/26 (a)(b)			380				410,875
							3,452,579
Consumer Cyclical - Other - 0.3%
MGM China Holdings Ltd.
5.375%, 5/15/24 (b)			398				408,158
5.875%, 5/15/26 (b)			414				425,849
Servicios Corporativos Javer SAB de CV
9.875%, 4/06/21 (b)			491				492,074
Studio City Co., Ltd.
5.875%, 11/30/19 (b)			737				740,685
Wynn Macau Ltd.
4.875%, 10/01/24 (b)			286				281,807
5.50%, 10/01/27 (b)			747				722,525
							3,071,098
Consumer Cyclical - Retailers - 0.0%
K2016470219 South Africa Ltd.
3.00%, 12/31/22 (g)(h)(j)			991				6,956
K2016470260 South Africa Ltd.
25.00%, 12/31/22 (g)(h)(j)			338				6,930
Prime Bloom Holdings Ltd.
7.50%, 12/19/19 (b)			560				528,780
							542,666
Consumer Non-Cyclical - 0.9%
Central American Bottling Corp.
5.75%, 1/31/27 (b)			928				958,160
Cosan Ltd.
5.95%, 9/20/24 (b)			430				449,153
MARB BondCo PLC
6.875%, 1/19/25 (b)			1,430				1,487,340
Marfrig Holdings Europe BV
8.00%, 6/08/23 (b)			1,220				1,268,800
Minerva Luxembourg SA
5.875%, 1/19/28 (b)			200				199,485
6.50%, 9/20/26 (b)			1,098				1,139,854
NBM US Holdings, Inc.
7.00%, 5/14/26 (b)			1,250				1,314,948

		Principal Amount (000)				U.S. $ Value
Rede D’or Finance SARL
4.95%, 1/17/28 (b)		U.S.$	576			$	570,504
Turkiye Sise ve Cam Fabrikalari AS
6.95%, 3/14/26 (b)			1,426				1,431,347
USJ Acucar e Alcool SA
10.50%, 11/09/23 (b)(h)			639				511,871
Virgolino de Oliveira Finance SA
10.50%, 1/28/18 (e)(g)(i)(j)			4,090				201,343
10.875%, 1/13/20 (e)(f)(j)			480				133,320
11.75%, 2/09/22 (e)(f)(j)			1,620				40,500
							9,706,625
Energy - 0.5%
Azure Power Energy Ltd.
5.50%, 11/03/22 (b)			788				794,257
Cosan Luxembourg SA
7.00%, 1/20/27 (b)			201				219,640
Medco Platinum Road Pte Ltd.
6.75%, 1/30/25 (b)			860				855,356
Mongolian Mining Corp./Energy Resources LLC
9.25%, 4/15/24 (b)			670				665,813
Petrobras Global Finance BV
6.25%, 3/17/24			2,143				2,344,013
ReNew Power Synthetic
6.67%, 3/12/24 (b)			666				679,776
YPF SA
16.50%, 5/09/22 (b)		ARS	17,395				248,895
							5,807,750
Other Industrial - 0.1%
KOC Holding AS
6.50%, 3/11/25 (b)		U.S.$	1,006				1,000,970
Transportation - Airlines - 0.0%
Guanay Finance Ltd.
6.00%, 12/15/20 (b)			225				227,397
Transportation - Services - 0.0%
Rumo Luxembourg SARL
7.375%, 2/09/24 (b)			468				504,270
							34,404,267
Financial Institutions - 0.8%
Banking - 0.5%
Ecobank Transnational, Inc.
9.50%, 4/18/24 (b)			1,550				1,702,094
Fidelity Bank PLC
10.50%, 10/16/22 (b)			1,100				1,193,629
Turkiye Vakiflar Bankasi TAO
5.75%, 1/30/23 (b)			1,146				1,055,867

		Principal Amount (000)				U.S. $ Value
Yapi ve Kredi Bankasi AS
5.125%, 10/22/19 (b)		U.S.$	620			$	621,937
8.25%, 10/15/24 (b)			648				656,631
							5,230,158
Finance - 0.1%
Unifin Financiera SAB de CV SOFOM ENR
7.00%, 1/15/25 (b)			575				561,470
Insurance - 0.0%
Ambac LSNI LLC
7.319% (LIBOR 3 Month + 5.00%), 2/12/23 (b)(g)(p)			63				63,921
REITS - 0.2%
China Evergrande Group
8.25%, 3/23/22 (b)			500				483,125
New Metro Global Ltd.
7.125%, 5/23/21 (b)			900				918,000
Scenery Journey Ltd.
11.00%, 11/06/20 (b)			500				520,000
Yuzhou Properties Co., Ltd.
7.90%, 5/11/21 (b)			668				690,963
							2,612,088
							8,467,637
Utility - 0.3%
Electric - 0.3%
Cemig Geracao e Transmissao SA
9.25%, 12/05/24 (b)			958				1,097,808
Genneia SA
8.75%, 1/20/22 (b)			753				687,348
Light Servicos de Eletricidade SA/Light Energia SA
7.25%, 5/03/23 (b)			769				806,248
Star Energy Geothermal Wayang Windu Ltd.
6.75%, 4/24/33 (b)			411				414,450
Terraform Global Operating LLC
6.125%, 3/01/26 (j)			292				292,957
							3,298,811
Total Emerging Markets - Corporate Bonds (cost $53,001,534)							46,170,715
EMERGING MARKETS - TREASURIES - 2.5%
Argentina - 0.1%
Argentine Bonos del Tesoro
15.50%, 10/17/26		ARS	6,600				109,012
18.20%, 10/03/21			34,142				549,679
							658,691

		Principal Amount (000)				U.S. $ Value
Brazil - 2.4%
Brazil Notas do Tesouro Nacional
Series F
10.00%, 1/01/21		BRL	100,732			$	27,682,616
Total Emerging Markets - Treasuries (cost $28,891,947)							28,341,307
COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.0%
Non-Agency Fixed Rate CMBS - 1.8%
225 Liberty Street Trust
Series 2016-225L, Class E
4.804%, 2/10/36 (b)(g)		U.S.$	974				1,020,521
CGBAM Commercial Mortgage Trust
Series 2015-SMRT, Class F
3.912%, 4/10/28 (b)(g)			270				272,289
Citigroup Commercial Mortgage Trust
Series 2013-GC11, Class XA
1.539%, 4/10/46 (u)			1,421				62,565
Series 2013-GC17, Class D
5.262%, 11/10/23 (b)(g)			902				926,438
Series 2014-GC23, Class D
4.647%, 7/10/47 (b)(g)			856				826,968
Commercial Mortgage Trust
Series 2012-CR1, Class XA
2.039%, 5/15/45 (u)			1,746				78,175
Series 2012-CR3, Class XA
2.024%, 10/15/45 (u)			7,692				388,407
Series 2012-CR5, Class XA
1.686%, 12/10/45 (u)			1,842				81,989
Series 2013-LC6, Class D
4.404%, 1/10/46 (b)(g)			3,916				4,003,329
Series 2014-CR15, Class XA
1.095%, 2/10/47 (u)			1,713				59,609
Series 2014-CR20, Class XA
1.255%, 11/10/47 (u)			10,353				456,405
GS Mortgage Securities Corp. II
Series 2013-GC10, Class XA
1.657%, 2/10/46 (u)			844				38,595
GS Mortgage Securities Trust
Series 2012-GC6, Class D
5.84%, 1/10/45 (b)(g)			1,765				1,809,146
Series 2012-GCJ9, Class D
4.902%, 11/10/45 (b)(g)			700				713,591
JPMBB Commercial Mortgage Securities Trust
Series 2015-C32, Class C
4.816%, 11/15/48 (g)			825				869,851
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2012-C6, Class XA
1.769%, 11/15/45 (b)(u)			6,093				260,671
UBS-Barclays Commercial Mortgage Trust
Series 2012-C4, Class XA
1.784%, 12/10/45 (b)(u)			816				36,070

		Principal Amount (000)				U.S. $ Value
WF-RBS Commercial Mortgage Trust
Series 2011-C4, Class D
5.397%, 6/15/44 (b)(g)		U.S.$	1,022			$	1,031,790
Series 2012-C10, Class XA
1.703%, 12/15/45 (b)(u)			3,149				140,835
Series 2012-C6, Class D
5.768%, 4/15/45 (b)(g)			2,450				2,565,409
Series 2012-C7, Class XA
1.518%, 6/15/45 (b)(u)			1,341				41,289
Series 2012-C8, Class E
5.053%, 8/15/45 (b)(g)			3,766				3,774,393
Series 2014-C25, Class D
3.803%, 11/15/47 (b)(g)			1,807				1,656,501
							21,114,836
Non-Agency Floating Rate CMBS - 0.2%
CLNS Trust
Series 2017-IKPR, Class F
6.912% (LIBOR 1 Month + 4.50%), 6/11/32 (b)(g)(p)			956				963,166
DBWF Mortgage Trust
Series 2018-GLKS, Class E
5.409% (LIBOR 1 Month + 3.02%), 11/19/35 (b)(g)(p)			838				844,519
Morgan Stanley Capital I Trust
Series 2019-BPR, Class E
7.144% (LIBOR 1 Month + 4.75%), 5/15/36 (b)(g)(p)			301				301,347
							2,109,032
Total Commercial Mortgage-Backed Securities (cost $22,102,998)							23,223,868
		Shares
COMMON STOCKS - 1.7%
Energy - 0.8%
Energy Equipment & Services - 0.4%
Tervita Corp. (e)			1,005,046				5,218,825
Oil, Gas & Consumable Fuels - 0.4%
Berry Petroleum Corp.			172,644				1,830,026
CHC Group LLC (e)(n)			51,655				5,166
Golden Energy Offshore Services AS (c)(e)			916,212				644,429
K201640219 (South Africa) Ltd. A Shares (c)(d)(e)(g)			12,695,187				13
K201640219 (South Africa) Ltd. B Shares (c)(d)(e)(g)			2,009,762				2
Paragon Offshore Ltd. - Class A (c)(e)(g)			11,814				4,135
Paragon Offshore Ltd. - Class B (c)(e)(g)			17,721				487,327
Peabody Energy Corp.			12,408				299,033
Roan Resources, Inc. (e)			674				1,173

Company		Shares				U.S. $ Value
Vantage Drilling International (c)(e)(g)			6,103			$	1,525,750
							4,797,054
							10,015,879
Financials - 0.3%
Consumer Finance - 0.1%
Paysafe Group Ltd. (c)(d)(e)(g)			3,960				846,213
Insurance - 0.2%
Mt. Logan Re Ltd. (Preference Shares) (e)(g)(n)			2,953				2,860,640
							3,706,853
Consumer Discretionary - 0.2%
Auto Components - 0.1%
ATD New Holdings, Inc. (c)(e)(g)			20,185				615,643
Exide Technologies (d)(e)(g)(n)			74,438				0
							615,643
Automobiles - 0.1%
Liberty Tire Recycling LLC (c)(d)(e)(g)(o)			7,822				1,026,117
Diversified Consumer Services - 0.0%
Laureate Education, Inc. - Class A (e)			15,746				247,370
Hotels, Restaurants & Leisure - 0.0%
Caesars Entertainment Corp. (e)			25,004				295,547
							2,184,677
Consumer Staples - 0.1%
Food & Staples Retailing - 0.1%
Southeastern Grocers, Inc. (c)(d)(e)(g)			38,084				1,332,940
Materials - 0.1%
Metals & Mining - 0.1%
BIS Industries Holdings Ltd. (c)(d)(e)(g)			838,296				31,855
Constellium NV - Class A (e)			81,732				820,590
Neenah Enterprises, Inc. (c)(d)(e)(g)			58,200				57,618
							910,063
Information Technology - 0.1%
Software - 0.1%
Avaya Holdings Corp. (e)			72,599				864,654
Communication Services - 0.1%
Media - 0.1%
Clear Channel Outdoor Holdings, Inc. (e)			47,504				224,219
iHeartMedia, Inc. - Class A (c)(e)			25,267				380,268
							604,487
Industrials - 0.0%
Building Products - 0.0%
New Cotai LLC/New Cotai Capital Corp. (c)(d)(e)(g)			3				0

Company		Shares				U.S. $ Value
Construction & Engineering - 0.0%
Willscot Corp. (e)			18,809			$	282,887
							282,887
Total Common Stocks (cost $27,077,356)							19,902,440
		Principal Amount (000)
ASSET-BACKED SECURITIES - 1.3%
Other ABS - Fixed Rate - 0.8%
Atlas Ltd.
Series 2014-1, Class B
6.875%, 12/15/39 (c)(d)(g)		U.S.$	939				840,421
Clubc PT
Series 2019-24, Class PT
9.248%, 8/15/44 (b)			609				592,474
Consumer Loan Underlying Bond Certificate Issuer Trust I
Series 2018-7, Class PT
8.317%, 6/15/43 (b)(g)			852				862,922
Consumer Loan Underlying Bond Club Certificate Issuer Trust I
Series 2018-12, Class PT
10.718%, 6/15/43 (b)(g)			522				529,633
Series 2018-4, Class PT
8.28%, 5/15/43 (g)(j)			742				753,916
Consumer Loan Underlying Bond Credit Trust
Series 2018-3, Class PT
8.309%, 3/16/43 (g)(j)			175				178,447
Marlette Funding Trust
Series 2018-3A, Class C
4.63%, 9/15/28 (b)(g)			1,350				1,390,399
SoFi Consumer Loan Program LLC
Series 2016-1, Class R
Zero Coupon, 8/25/25 (d)(g)(j)			1,784				475,778
Series 2017-3, Class R
Zero Coupon, 5/25/26 (d)(g)(j)			10				463,000
Series 2017-5, Class R1
Zero Coupon, 9/25/26 (d)(g)(j)			12				570,225
SoFi Consumer Loan Program Trust
Series 2018-1, Class R1
Zero Coupon, 2/25/27 (d)(g)(j)			16				1,020,635
Taco Bell Funding LLC
Series 2016-1A, Class A23
4.97%, 5/25/46 (b)(g)			785				825,645
							8,503,495
Home Equity Loans - Fixed Rate - 0.3%
CSAB Mortgage-Backed Trust
Series 2006-2, Class A6A
5.72%, 9/25/36 (g)			679				383,860

		Principal Amount (000)				U.S. $ Value
CWABS Asset-Backed Certificates Trust
Series 2005-7, Class AF5W
5.054%, 10/25/35 (g)		U.S.$	895			$	897,116
GSAA Home Equity Trust
Series 2005-12, Class AF5
5.659%, 9/25/35 (g)			1,080				941,607
Series 2006-10, Class AF3
5.985%, 6/25/36 (g)			1,094				498,075
Series 2006-6, Class AF4
6.121%, 3/25/36 (g)			1,541				754,611
Series 2006-6, Class AF5
6.241%, 3/25/36 (g)			571				279,544
							3,754,813
Autos - Fixed Rate - 0.2%
CPS Auto Trust
Series 2018-C, Class D
4.40%, 6/17/24 (b)			1,050				1,086,633
Exeter Automobile Receivables Trust
Series 2019-2A, Class E
4.68%, 5/15/26 (b)			1,050				1,072,734
							2,159,367
Home Equity Loans - Floating Rate - 0.0%
Lehman XS Trust
Series 2007-6, Class 3A5
4.705%, 5/25/37 (g)			128				126,441
Total Asset-Backed Securities (cost $17,293,543)							14,544,116
		Shares
INVESTMENT COMPANIES - 0.5%
Funds and Investment Trusts - 0.5%
iShares JP Morgan USD Emerging Markets Bond ETF (x) (cost $5,351,457)			49,000				5,551,210
		Principal Amount (000)
LOCAL GOVERNMENTS - US MUNICIPAL BONDS - 0.5%
United States - 0.5%
State of California
Series 2010
7.60%, 11/01/40		U.S.$	750				1,217,010
7.95%, 3/01/36			1,915				1,987,081
State of Illinois
Series 2010
7.35%, 7/01/35			1,915				2,258,225
Total Local Governments - US Municipal Bonds (cost $4,596,259)							5,462,316

		Principal Amount (000)				U.S. $ Value
QUASI-SOVEREIGNS - 0.3%
Quasi-Sovereign Bonds - 0.3%
Bahrain - 0.2%
Oil and Gas Holding Co. BSCC (The)
7.625%, 11/07/24 (b)		U.S.$	469			$	509,343
8.375%, 11/07/28 (b)			1,346				1,495,322
							2,004,665
Indonesia - 0.0%
Indonesia Asahan Aluminium Persero PT
5.71%, 11/15/23 (b)			224				245,560
Kazakhstan - 0.1%
KazMunayGas National Co. JSC
5.375%, 4/24/30 (b)			660				731,336
Mexico - 0.0%
Petroleos Mexicanos
6.50%, 1/23/29			318				307,665
Turkey - 0.0%
TC Ziraat Bankasi AS
4.25%, 7/03/19 (b)			314				314,392
Total Quasi-Sovereigns (cost $3,409,963)							3,603,618
GOVERNMENTS - SOVEREIGN BONDS - 0.3%
United Arab Emirates - 0.3%
Emirate of Dubai Government International Bonds
7.75%, 10/05/20 (b) (cost $3,316,613)			3,310				3,512,738
		Shares
PREFERRED STOCKS - 0.3%
Utility - 0.0%
Electric - 0.0%
SCE Trust III
Series H
5.75%			11,025				269,561
Financial Institutions - 0.3%
Banking - 0.2%
GMAC Capital Trust I
Series 2
8.303%			16,325				426,572
Paysafe Holdings UK Ltd.
0.00% (c)(d)(e)(g)			1,134,442				1,134,442
							1,561,014
Insurance - 0.1%
Hartford Financial Services Group, Inc. (The)
7.875%			45,050				1,255,994

		Shares				U.S. $ Value
REITS - 0.0%
Hersha Hospitality Trust
Series C
6.875%			15,950			$	403,130
							3,220,138
Total Preferred Stocks (cost $3,370,127)							3,489,699
		Principal Amount (000)
INFLATION-LINKED SECURITIES - 0.3%
Colombia - 0.3%
Fideicomiso PA Concesion Ruta al Mar
6.75%, 2/15/44 (b)		COP	1,437,090				434,906
Fideicomiso PA Costera
6.25%, 1/15/34 (b)			1,230,800				395,799
Fideicomiso PA Pacifico Tres
7.00%, 1/15/35 (j)			6,642,880				2,191,210
Total Inflation-Linked Securities (cost $2,824,197)							3,021,915
LOCAL GOVERNMENTS - REGIONAL BONDS - 0.1%
Argentina - 0.1%
Provincia de Buenos Aires/Argentina
7.875%, 6/15/27 (b)		U.S.$	843				621,976
48.77% (BADLAR + 3.83%), 5/31/22 (p)		ARS	26,500				510,516
Provincia de Cordoba
7.45%, 9/01/24 (b)		U.S.$	313				244,140
Total Local Governments - Regional Bonds (cost $2,643,272)							1,376,632
COLLATERALIZED LOAN OBLIGATIONS - 0.1%
CLO - Floating Rate - 0.1%
Dryden CLO Ltd.
Series 2018-57A, Class E
7.718% (LIBOR 3 Month + 5.20%), 5/15/31 (b)(g)(p)			275				251,021
Dryden Senior Loan Fund
Series 2017-49A, Class E
8.901% (LIBOR 3 Month + 6.30%), 7/18/30 (b)(g)(p)			417				407,162
OZLM Ltd.
Series 2018-22A, Class D
7.888% (LIBOR 3 Month + 5.30%), 1/17/31 (b)(g)(p)			349				321,555
Total Collateralized Loan Obligations (cost $1,037,421)							979,738
WHOLE LOAN TRUSTS - 0.0%
Performing Asset - 0.0%
Sheridan Auto Loan Holdings I LLC
10.00%, 12/31/20-9/30/21 (c)(d)(g) (cost $1,155,823)			1,156				276,457

		Shares				U.S. $ Value
WARRANTS - 0.0%
Avaya Holdings Corp., expiring 12/15/22 (e)			53,489			$	53,489
Encore Automotive Acceptance, expiring 7/05/31 (c)(d)(e)(g)			8				0
Flexpath Capital, Inc., expiring 4/15/31 (c)(d)(e)(g)			10,974				0
iHeartMedia, Inc., expiring 5/01/39 (c)(e)			278				3,822
Midstates Petroleum Co., Inc., expiring 4/21/20 (c)(e)			39,269				5,890
SandRidge Energy, Inc., B-CW22, expiring 10/03/22 (e)			19,772				24
SandRidge Energy, Inc., A-CW22, expiring 10/03/22 (e)			46,951				1,409
Willscot Corp., expiring 11/29/22 (c)(d)(e)(g)			29,123				124,938
Total Warrants (cost $645,006)							189,572
RIGHTS - 0.0%
Vistra Energy Corp., expiring 12/31/49 (e)(g)(o) (cost $0)			10,721				8,223
SHORT-TERM INVESTMENTS - 10.7%
Investment Companies - 7.2%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 2.33% (x)(y)(z) (cost $81,628,391)			81,628,391				81,628,391
		Principal Amount (000)
U.S. Treasury Bills - 2.6%
U.S. Treasury Bill
Zero Coupon, 10/31/19 (cost $29,758,389)		U.S.$	30,000				29,794,125
Governments - Treasuries - 0.6%
Egypt - 0.5%
Egypt Treasury Bills
Zero Coupon, 7/09/19		EGP	48,150				2,879,627
Series 273D
Zero Coupon, 7/02/19			45,200				2,719,418
							5,599,045
Nigeria - 0.1%
Nigeria Treasury Bills
Zero Coupon, 4/09/20		NGN	376,455				950,004
Total Governments - Treasuries (cost $6,327,414)							6,549,049
Time Deposits - 0.3%
ANZ, London
1.76%, 7/01/19		U.S.$	1,650				1,649,856
BBH Grand Cayman

		Principal Amount (000)				U.S. $ Value
0.36%, 7/01/19		GBP	38			$	47,648
0.65%, 7/01/19		NZD	57				38,024
2.10%, 7/02/19		HKD	0	**			12
BNP Paribas, Paris
(0.58)%, 7/01/19		EUR	1,234				1,403,371
Total Time Deposits (cost $3,119,496)							3,138,911
Total Short-Term Investments (cost $120,833,690)							121,110,476
Total Investments - 100.7% (cost $1,150,929,310) (aa)							1,144,029,761
Other assets less liabilities - (0.7)%							(8,250,386	)
Net Assets - 100.0%						$	1,135,779,375

FUTURES

Description		Number of Contracts				Expiration Month				Current Notional				Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures			141				September 2019			$	19,475,625			$	623,485
U.S. Long Bond (CBT) Futures			35				September 2019				5,445,781				167,617
U.S. T-Note 10 Yr (CBT) Futures			601				September 2019				76,909,219				1,509,172
Sold Contracts
U.S. T-Note 5 Yr (CBT) Futures			457				September 2019				53,997,406				(667,508	)
														$	1,632,766

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty		Contracts to Deliver (000)				In Exchange For (000)				Settlement Date				Unrealized Appreciation/ (Depreciation)
Australia and New Zealand Banking Group Ltd.		INR	93,976			USD	1,338				7/16/19			$	(22,240	)
Australia and New Zealand Banking Group Ltd.		GBP	404			USD	516				8/28/19				1,611
Bank of America, NA		USD	2,894			EUR	2,572				7/10/19				32,388
Bank of America, NA		USD	1,798			CAD	2,420				7/24/19				50,832
Bank of America, NA		USD	10,659			RUB	693,404				8/06/19				256,133
Barclays Bank PLC		KRW	3,645,388			USD	3,152				8/26/19				3,152,168
Barclays Bank PLC		USD	3,152			KRW	3,645,388				8/26/19				(3,152,168	)
Barclays Bank PLC		TWD	43,805			USD	1,419				9/11/19				(570	)
Barclays Bank PLC		USD	1,419			TWD	43,805				9/11/19				570
BNP Paribas SA		EUR	5,055			CZK	129,749				7/11/19				50,763
BNP Paribas SA		CAD	22,865			USD	16,989				7/24/19				(480,125	)
BNP Paribas SA		USD	11,099			CAD	14,735				7/24/19				159,170
BNP Paribas SA		RUB	88,915			USD	1,401				8/06/19				1,866
BNP Paribas SA		USD	1,401			RUB	88,915				8/06/19				(1,866	)
BNP Paribas SA		USD	11,120			SGD	15,104				8/22/19				53,629
BNP Paribas SA		USD	1,216			KRW	1,419,435				8/26/19				12,017
BNP Paribas SA		USD	5,719			AUD	8,168				9/05/19				27,239
BNP Paribas SA		CHF	11,345			USD	11,677				9/12/19				(22,173	)
BNP Paribas SA		ZAR	83,161			USD	5,755				9/18/19				(90,336	)

Counterparty		Contracts to Deliver (000)						In Exchange For (000)						Settlement Date				Unrealized Appreciation/ (Depreciation)
Brown Brothers Harriman & Co.		EUR			482			USD			543				7/10/19			$	(5,669	)
Brown Brothers Harriman & Co.		USD			926			EUR			827				7/10/19				14,568
Brown Brothers Harriman & Co.		USD			330			EUR			290				7/10/19				(45	)
Brown Brothers Harriman & Co.		PLN			14,055			USD			3,765				7/11/19				(607	)
Brown Brothers Harriman & Co.		USD			3,765			PLN			14,055				7/11/19				607
Brown Brothers Harriman & Co.		ILS			17,023			USD			4,771				7/16/19				(2,815	)
Brown Brothers Harriman & Co.		USD			4,771			ILS			17,023				7/16/19				2,815
Brown Brothers Harriman & Co.		SGD			3,177			USD			2,350				8/22/19				(843	)
Brown Brothers Harriman & Co.		USD			2,350			SGD			3,177				8/22/19				843
Brown Brothers Harriman & Co.		AUD			5,366			USD			3,772				9/05/19				(3,560	)
Brown Brothers Harriman & Co.		USD			3,772			AUD			5,366				9/05/19				3,560
Brown Brothers Harriman & Co.		USD			18			CHF			17				9/12/19				279
Brown Brothers Harriman & Co.		USD			5,767			ZAR			83,273				9/18/19				86,019
Brown Brothers Harriman & Co.		ZAR			72			USD			5				9/18/19				(79	)
Brown Brothers Harriman & Co.		NOK			5,908			USD			695				9/20/19				1,338
Citibank, NA		EUR			44,942			USD			51,020				7/10/19				(118,720	)
Citibank, NA		PLN			9,014			USD			2,374				7/11/19				(40,860	)
Citibank, NA		USD			8,807			INR			619,471				7/16/19				160,396
Citibank, NA		USD			5,713			RUB			362,288				8/06/19				(9,718	)
Citibank, NA		IDR			16,576,291			USD			1,144				8/22/19				(21,490	)
Citibank, NA		USD			2,383			IDR			35,099,495				8/22/19				85,323
Citibank, NA		USD			5,332			KRW			6,192,427				8/26/19				27,022
Citibank, NA		AUD			6,225			USD			4,322				9/05/19				(57,584	)
Credit Suisse International		EUR			7,743			USD			8,706				7/10/19				(104,377	)
Credit Suisse International		USD			9,842			EUR			8,707				7/10/19				65,213
Credit Suisse International		USD			8,337			EUR			7,324				7/10/19				(3,914	)
Credit Suisse International		PLN			16,025			USD			4,177				7/11/19				(115,693	)
Credit Suisse International		USD			5,665			PLN			21,293				7/11/19				39,434
Credit Suisse International		NZD			3,181			AUD			3,036				7/29/19				(4,835	)
Credit Suisse International		MXN			269,823			USD			13,518				8/29/19				(399,614	)
Deutsche Bank AG		AUD			3,036			NZD			3,180				7/29/19				4,736
Deutsche Bank AG		IDR			15,357,547			USD			1,051				8/22/19				(29,125	)
Goldman Sachs Bank USA		INR			1,171,268			USD			16,714				7/16/19				(240,923	)
Goldman Sachs Bank USA		USD			13,848			BRL			53,111				8/02/19				(57,080	)
Goldman Sachs Bank USA		IDR			8,681,557			USD			585				8/22/19				(25,277	)
HSBC Bank USA		USD			3,921			TWD			121,391				9/11/19				12,243
JPMorgan Chase Bank, NA		EUR			31,258			USD			35,275				7/10/19				(292,100	)
JPMorgan Chase Bank, NA		USD			1,238			EUR			1,096				7/10/19				8,128
JPMorgan Chase Bank, NA		CZK			129,648			EUR			5,019				7/11/19				(87,813	)
JPMorgan Chase Bank, NA		HUF			1,604,752			USD			5,568				7/11/19				(83,325	)
JPMorgan Chase Bank, NA		USD			5,671			HUF			1,601,973				7/11/19				(29,014	)
JPMorgan Chase Bank, NA		IDR			14,370,085			USD			980				8/22/19				(30,807	)
JPMorgan Chase Bank, NA		SGD			7,568			USD			5,593				8/22/19				(5,806	)
JPMorgan Chase Bank, NA		USD			10,879			KRW			12,572,504				8/26/19				759
JPMorgan Chase Bank, NA		GBP			2,654			USD			3,389				8/28/19				8,886
JPMorgan Chase Bank, NA		USD			6,077			MXN			117,808				8/29/19				(485	)
Morgan Stanley Capital Services LLC		EUR			9,926			USD			11,139				7/10/19				(156,007	)
Morgan Stanley Capital Services LLC		EUR			454			USD			517				7/10/19				497
Morgan Stanley Capital Services LLC		USD			740			EUR			658				7/10/19				8,796
Morgan Stanley Capital Services LLC		PLN			16,025			USD			4,174				7/11/19				(119,608	)

Counterparty		Contracts to Deliver (000)								In Exchange For (000)								Settlement Date				Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services LLC			USD				11,330				PLN				42,713				7/11/19			$	112,979
Morgan Stanley Capital Services LLC			COP				32,899,505				USD				9,913				7/12/19				(318,889	)
Morgan Stanley Capital Services LLC			RUB				560,224				USD				8,469				8/06/19				(349,852	)
Royal Bank of Scotland PLC			BRL				136,963				USD				35,740				7/02/19				72,132
Royal Bank of Scotland PLC			USD				35,817				BRL				136,963				7/02/19				(148,771	)
Royal Bank of Scotland PLC			USD				2,815				EUR				2,487				7/10/19				15,192
Royal Bank of Scotland PLC			USD				10,732				PLN				40,988				7/11/19				249,211
Royal Bank of Scotland PLC			ILS				40,106				USD				11,306				7/16/19				58,705
Royal Bank of Scotland PLC			ILS				8,620				USD				2,387				7/16/19				(30,780	)
Royal Bank of Scotland PLC			INR				93,470				USD				1,339				7/16/19				(14,113	)
Royal Bank of Scotland PLC			USD				2,387				ILS				8,620				7/16/19				30,780
Royal Bank of Scotland PLC			USD				1,339				INR				93,470				7/16/19				14,113
Royal Bank of Scotland PLC			BRL				4,461				USD				1,107				7/22/19				(52,600	)
Royal Bank of Scotland PLC			BRL				141,553				USD				36,908				8/02/19				152,655
Royal Bank of Scotland PLC			USD				1,196				BRL				4,591				8/02/19				(4,061	)
Royal Bank of Scotland PLC			RUB				147,780				USD				2,322				8/06/19				(4,456	)
Royal Bank of Scotland PLC			USD				2,322				RUB				147,780				8/06/19				4,456
Royal Bank of Scotland PLC			SGD				2,619				USD				1,933				8/22/19				(4,958	)
Royal Bank of Scotland PLC			USD				1,933				SGD				2,619				8/22/19				4,958
Royal Bank of Scotland PLC			USD				5,324				MXN				107,077				8/29/19				198,540
Royal Bank of Scotland PLC			AUD				4,127				USD				2,920				9/05/19				16,074
Royal Bank of Scotland PLC			USD				4,353				AUD				6,225				9/05/19				25,817
Royal Bank of Scotland PLC			USD				2,920				AUD				4,127				9/05/19				(16,074	)
Royal Bank of Scotland PLC			NZD				4,864				USD				3,202				9/09/19				(70,110	)
Royal Bank of Scotland PLC			USD				3,202				NZD				4,864				9/09/19				70,110
Royal Bank of Scotland PLC			TWD				59,648				USD				1,937				9/11/19				4,053
Royal Bank of Scotland PLC			USD				1,937				TWD				59,648				9/11/19				(4,053	)
Societe Generale			USD				11,428				CHF				11,246				9/12/19				169,863
Standard Chartered Bank			BRL				157,849				USD				39,064				7/02/19				(2,043,251	)
Standard Chartered Bank			BRL				20,887				USD				5,450				7/02/19				11,000
Standard Chartered Bank			USD				46,644				BRL				178,736				7/02/19				(97,548	)
Standard Chartered Bank			INR				295,542				USD				4,181				7/16/19				(97,611	)
Standard Chartered Bank			USD				13,436				INR				949,519				7/16/19				308,741
Standard Chartered Bank			IDR				420,998,030				USD				28,939				8/22/19				(670,858	)
Standard Chartered Bank			SGD				30,600				USD				22,451				8/22/19				(185,061	)
Standard Chartered Bank			USD				4,862				IDR				71,159,951				8/22/19				143,305
Standard Chartered Bank			TWD				1,057,998				USD				33,721				9/11/19				(558,120	)
Standard Chartered Bank			USD				23,007				TWD				714,933				9/11/19				156,030
UBS AG			USD				5,975				EUR				5,293				7/10/19				47,643
UBS AG			USD				7,265				TWD				224,546				9/11/19				9,905
																						$	(4,282,327	)

CURRENCY OPTIONS WRITTEN

Description/ Counterparty		Exercise Price								Expiration Month				Contracts				Notional Amount (000)								Premiums Received				U.S. $ Value
Call
NZD vs. AUD/ Deutsche Bank AG			NZD				1.010				07/2019				15,523,700				NZD				15,524			$	51,070			$	(2,200	)
Put
AUD vs. USD/ Barclays Bank PLC			USD				0.690				06/2019				28,100,000				AUD				28,100				152,012				(3,452	)
BRL vs. USD/ Natwest Markets PLC (ab)			BRL				4.260				07/2019				30,246,000				BRL				30,246				52,043				(2,387	)
BRL vs. USD/ HSBC Bank USA (ab)			BRL				4.000				08/2019				28,260,000				BRL				28,260				71,180				(50,618	)
KRW vs. USD/ JPMorgan Chase Bank, NA (ab)			KRW				1,200.000				09/2019				5,640,000,000				KRW				5,640,000				16,097				(17,770	)
MXN vs. USD/ Morgan Stanley Capital Services LLC (ab)			MXN				20.504				07/2019				38,957,600				MXN				38,958				9,775				(743	)
NZD vs. CAD/ JPMorgan Chase Bank, NA			NZD				0.860				07/2019				16,205,000				NZD				16,205				73,449				(12,781	)
RUB vs. USD/ Natwest Markets PLC (ab)			RUB				68.325				12/2019				386,036,250				RUB				386,036				69,552				(71,199	)
TRY vs. USD/ Morgan Stanley Capital Services LLC (ab)			TRY				5.900				07/2019				22,266,600				TRY				22,267				12,341				(13,213	)
TRY vs. USD/ Natwest Markets PLC (ab)			TRY				8.200				11/2019				38,540,000				TRY				38,540				124,127				(31,688	)
																										$	631,646			$	(206,051	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description		Fixed Rate (Pay) Receive				Payment Frequency				Implied Credit Spread at June 30, 2019				Notional Amount (000)								Market Value				Upfront Premiums Paid (Received)				Unrealized Appreciation/ (Depreciation)
Buy Contracts
Argentine Republic Government Bond, 7.500%, 4/22/26, 6/20/24*			(5.00	)%			Quarterly				9.72	%			USD				3,065			$	498,972			$	249,676			$	249,296
CDX-NAHY Series 28, 5 Year Index, 6/20/22*			(5.00	)			Quarterly				2.41				USD				13,011				(960,201	)			(664,048	)			(296,153	)
CDX-NAHY Series 29, 5 Year Index, 12/20/22*			(5.00	)			Quarterly				2.64				USD				39,382				(3,032,738	)			(2,113,339	)			(919,399	)
CDX-NAHY Series 30, 5 Year Index, 6/20/23*			(5.00	)			Quarterly				2.72				USD				17,169				(1,433,338	)			(915,793	)			(517,545	)
iTraxx Europe Crossover Series 27, 5 Year Index, 6/20/22*			(5.00	)			Quarterly				1.85				EUR				12,906				(1,352,778	)			(1,275,161	)			(77,617	)
Sale Contracts
Argentine Republic Government Bond, 7.500%, 4/22/26, 6/20/24*			5.00				Quarterly				9.72				USD				3,065				(498,973	)			(845,865	)			346,892
Brazilian Government International Bond, 4.250%, 1/07/25, 6/20/24*			1.00				Quarterly				1.50				USD				3,333				(76,124	)			(103,737	)			27,613
CDX-NAHY Series 28, 5 Year Index, 6/20/22*			5.00				Quarterly				2.41				USD				5				354				266				88
CDX-NAHY Series 28, 5 Year Index, 6/20/22*			5.00				Quarterly				2.41				USD				13,011				960,201				720,185				240,016
CDX-NAHY Series 29, 5 Year Index, 12/20/22*			5.00				Quarterly				2.64				USD				39,382				3,032,738				2,141,755				890,983
CDX-NAHY Series 30, 5 Year Index, 6/20/23*			5.00				Quarterly				2.72				USD				17,169				1,433,338				738,651				694,687
CDX-NAHY Series 32, 5 Year Index, 6/20/24*			5.00				Quarterly				3.25				USD				133,472				10,282,330				10,233,668				48,662

Description		Fixed Rate (Pay) Receive				Payment Frequency				Implied Credit Spread at June 30, 2019				Notional Amount (000)								Market Value				Upfront Premiums Paid (Received)				Unrealized Appreciation/ (Depreciation)
iTraxx Europe Crossover Series 27, 5 Year Index, 6/20/22*			5.00	%			Quarterly				1.85	%			EUR				12,905			$	1,352,676			$	1,313,891			$	38,785
iTraxx-XOVER Series 31, 5 Year Index, 6/20/24*			5.00				Quarterly				2.53				EUR				41,574				5,353,710				4,780,655				573,055
Citigroup Global Markets, Inc./(INTRCONX)
Republic of Turkey, 11.875%, 1/15/30, 6/20/24*			1.00				Quarterly				3.95				USD				10,099				(1,277,650	)			(1,044,394	)			(233,256	)
South Africa Government International Bond, 5.500%, 3/09/20, 6/20/24*			1.00				Quarterly				1.67				USD				2,640				(81,618	)			(105,489	)			23,871
																						$	14,200,899			$	13,110,921			$	1,089,978
CREDIT DEFAULT SWAPS
Swap Counterparty & Referenced Obligation		Fixed Rate (Pay) Receive				Payment Frequency				Implied Credit Spread at June 30, 2019				Notional Amount (000)								Market Value				Upfront Premiums Paid (Received)				Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citibank, NA CDX-CMBX.NA.BBB- Series 6, 5/11/63*			3.00	%			Monthly				6.63	%			USD				454			$	(45,392	)		$	(51,575	)		$	6,183
Credit Suisse International
CDX-CMBX.NA.BB Series 6, 5/11/63*			5.00				Monthly				13.23				USD				5,000				(1,032,333	)			(786,547	)			(245,786	)
International Game Technology, 4.750%, 2/15/23, 6/20/22*			5.00				Quarterly				1.09				EUR				310				41,728				20,941				20,787
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 5/11/63*			3.00				Monthly				6.63				USD				258				(25,796	)			(28,957	)			3,161
CDX-CMBX.NA.BBB- Series 6, 5/11/63*			3.00				Monthly				6.63				USD				364				(36,424	)			(43,142	)			6,718
Goldman Sachs Bank USA
United States Steel Corp., 6.650%, 6/01/37, 12/20/21*			5.00				Quarterly				1.97				USD				700				48,198				(27,963	)			76,161

Swap Counterparty & Referenced Obligation		Fixed Rate (Pay) Receive				Payment Frequency		Implied Credit Spread at June 30, 2019				Notional Amount (000)						Market Value				Upfront Premiums Paid (Received)				Unrealized Appreciation/ (Depreciation)
Goldman Sachs International
Avis Budget Car Rental LLC, 5.250%, 3/15/25, 12/20/23*			5.00	%		Quarterly			2.04	%		USD			550			$	66,710			$	31,683			$	35,027
Avis Budget Group, Inc., 5.250%, 3/15/25, 12/20/23*			5.00			Quarterly			2.04			USD			610				73,987				54,993				18,994
CDX-CMBX.NA.BB Series 6, 5/11/63*			5.00			Monthly			13.23			USD			5,000				(1,010,806	)			(869,335	)			(141,471	)
CDX-CMBX.NA.BB Series 6, 5/11/63*			5.00			Monthly			13.23			USD			5,000				(1,032,333	)			(830,108	)			(202,225	)
CDX-CMBX.NA.BB Series 6, 5/11/63*			5.00			Monthly			13.23			USD			2,929				(604,800	)			(436,225	)			(168,575	)
CDX-CMBX.NA.BB Series 6, 5/11/63*			5.00			Monthly			13.23			USD			2,071				(427,533	)			(308,368	)			(119,165	)
CDX-CMBX.NA.BB Series 6, 5/11/63*			5.00			Monthly			13.23			USD			10,000				(2,064,667	)			(1,500,380	)			(564,287	)
CDX-CMBX.NA.BB Series 6, 5/11/63*			5.00			Monthly			13.23			USD			13,500				(2,787,300	)			(2,022,792	)			(764,508	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*			3.00			Monthly			6.63			USD			371				(37,125	)			(31,672	)			(5,453	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*			3.00			Monthly			6.63			USD			1,041				(104,083	)			(113,564	)			9,481
CDX-CMBX.NA.BBB- Series 6, 5/11/63*			3.00			Monthly			6.63			USD			530				(52,991	)			(57,434	)			4,443
CDX-CMBX.NA.BBB- Series 6, 5/11/63*			3.00			Monthly			6.63			USD			133				(13,298	)			(14,517	)			1,219
CDX-CMBX.NA.BBB- Series 6, 5/11/63*			3.00			Monthly			6.63			USD			719				(71,948	)			(78,482	)			6,534
CDX-CMBX.NA.BBB- Series 6, 5/11/63*			3.00			Monthly			6.63			USD			360				(36,024	)			(35,952	)			(72	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*			3.00			Monthly			6.63			USD			360				(36,024	)			(33,224	)			(2,800	)

Swap Counterparty & Referenced Obligation		Fixed Rate (Pay) Receive				Payment Frequency				Implied Credit Spread at June 30, 2019				Notional Amount (000)								Market Value				Upfront Premiums Paid (Received)				Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*			3.00	%			Monthly				6.63	%			USD				180			$	(18,012	)		$	(16,310	)		$	(1,702	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*			3.00				Monthly				6.63				USD				2,158				(215,944	)			(188,544	)			(27,400	)
JPMorgan Chase Bank, NA
CDX-CMBX.NA.BBB- Series 6, 5/11/63*			3.00				Monthly				6.63				USD				6,400				(639,360	)			(779,332	)			139,972
CDX-CMBX.NA.BBB- Series 6, 5/11/63*			3.00				Monthly				6.63				USD				12,000				(1,198,800	)			(1,393,721	)			194,921
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 5/11/63*			3.00				Monthly				6.63				USD				10,000				(999,000	)			(111,932	)			(887,068	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*			3.00				Monthly				6.63				USD				1,188				(118,780	)			(126,177	)			7,397
CDX-CMBX.NA.BBB- Series 6, 5/11/63*			3.00				Monthly				6.63				USD				1,272				(127,179	)			(140,687	)			13,508
Weatherford International Ltd., 4.500% 4/15/22, 6/20/22*			1.00				Quarterly				127.56				USD				190				(91,614	)			(38,830	)			(52,784	)
																						$	(12,596,943	)		$	(9,958,153	)		$	(2,638,790	)

TOTAL RETURN SWAPS

Counterparty & Referenced Obligation

Rate Paid/ Received

Payment Frequency

Current Notional (000)

Maturity Date

Unrealized Appreciation/ (Depreciation)

Receive Total Return on Reference Obligation

Goldman Sachs International

iBoxx $ Liquid High Yield Index

EURIBOR

Quarterly

EUR

9,048

9/20/19

$

143,450

Morgan Stanley Capital Services LLC

iBoxx $ Liquid High Yield Index

LIBOR

Quarterly

USD

28,158

9/20/19

295,741

iBoxx $ Liquid High Yield Index

LIBOR

Quarterly

USD

15,867

9/20/19

157,194

$

596,385

REVERSE REPURCHASE AGREEMENTS

Broker		Interest Rate				Maturity				U.S. $ Value at June 30, 2019
Barclays Capital, Inc.†			1.00	%			–			$	594,302
Barclays Capital, Inc.†			1.75	%			–				222,648
Barclays Capital, Inc.†			1.75	%			–				1,182,431
Barclays Capital, Inc.†			2.00	%			–				122,979
Credit Suisse Securities (USA) LLC†			1.65	%			–				216,609
JPMorgan Chase Bank, NA†			0.00	%			–				1,291,325
RBC Capital Markets†			(1.10	)%*			–				922,691
RBC Capital Markets†			2.15	%			–				1,352,881
										$	5,905,866

† The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on June 30, 2019.

* Interest payment due from counterparty.

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

Overnight and Continuous

Up to 30 Days

31-90 Days

Greater than 90 Days

Total

Corporates - Non-Investment Grade

$

4,284,178

$

– 0

–

$

– 0

–

$

– 0

–

$

4,284,178

Emerging Markets - Sovereigns

222,648

– 0

–

– 0

–

– 0

–

222,648

Emerging Markets - Corporate Bonds

1,399,040

– 0

–

– 0

–

– 0

–

1,399,040

Total

$

5,905,866

$

– 0

–

$

– 0

–

$

– 0

–

$

5,905,866

** Principal amount less than 500.

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

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2019, the aggregate market value of these securities amounted to $435,575,674 or 38.4% of net assets.

(c) Illiquid security.

(d) Fair valued by the Adviser.

(e) Non-income producing security.

(f) Defaulted.

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

(h) 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 June 30, 2019.

(i) Defaulted matured security.

(j) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 1.29% of net assets as of June 30, 2019, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities		Acquisition Date				Cost				Market Value				Percentageof Net Assets
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-4, Class PT
8.46%, 5/15/43			3/27/18			$	745,976			$	753,916				0.07	%
Consumer Loan Underlying Bond Credit Trust Series 2018-3, Class PT
8.55%, 3/16/43			3/07/18				176,164				178,447				0.02	%
Cooperativa Muratori & Cementisti-CMC di Ravenna SC
6.00%, 2/15/23			11/16/17				203,905				9,625				0.00	%
Exide Technologies
7.00%, 4/30/25			4/30/15				4,986,802				1,752,554				0.15	%
Exide Technologies
11.00%, 4/30/22			4/30/15				4,342,122				3,638,460				0.32	%
Fideicomiso PA Pacifico Tres
7.00%, 1/15/35			3/04/16				1,954,450				2,191,210				0.19	%
JP Morgan Madison Avenue Securities Trust Series 2015-CH1, Class M2
7.986%, 10/25/25			9/18/15				1,422,679				1,611,548				0.14	%
K2016470219 South Africa Ltd.
3.00%, 12/31/22			2/01/17				1,125,899				6,956				0.00	%
K2016470260 South Africa Ltd.
25.00%, 12/31/22			2/01/17				335,596				6,930				0.00	%
Liberty Tire Recycling LLC
9.50%, 1/15/23			1/03/18				613,641				613,641				0.05	%
Magnetation LLC/Mag Finance Corp.
11.00%, 5/15/18			5/15/13				2,295,760				29				0.00	%
SoFi Consumer Loan Program LLC Series 2016-1, Class R
Zero Coupon, 8/25/25			7/28/17				573,092				475,778				0.04	%
SoFi Consumer Loan Program LLC Series 2017-3, Class R
Zero Coupon, 5/25/26			5/11/17				1,107,300				463,000				0.04	%
SoFi Consumer Loan Program LLC Series 2017-5, Class R1
Zero Coupon, 9/25/26			9/18/17				1,313,468				570,225				0.05	%
SoFi Consumer Loan Program Trust Series 2018-1, Class R1
Zero Coupon, 2/25/27			2/01/18				1,569,021				1,020,635				0.09	%
Terraform Global Operating LLC
6.125%, 3/01/26			2/08/18				292,000				292,957				0.03	%
Tonon Luxembourg SA
9.25%, 1/24/20			1/16/13				1,576,402				26,233				0.00	%
Venezuela Government International Bond
9.25%, 5/07/28			4/10/14				247,835				60,000				0.01	%
Virgolino de Oliveira Finance SA
10.50%, 1/28/18			1/23/14-6/09/14				2,401,853				201,343				0.02	%
Virgolino de Oliveira Finance SA
10.875%, 1/13/20			6/09/14				477,417				133,320				0.01	%
Virgolino de Oliveira Finance SA
11.75%, 2/09/22			1/29/14				838,866				40,500				0.00	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2
7.986%, 11/25/25			9/28/15				592,395				681,347				0.06	%

(k) Convertible security.

(l) Pays 11% cash or up to 7% PIK and remaining in cash.

(m) When-Issued or delayed delivery security.

(n) Restricted and illiquid security.

Restricted & Illiquid Securities		Acquisition Date				Cost				Market Value				Percentage of Net Assets
CHC Group LLC			3/10/17			$	3,697,478			$	5,166				0.00	%
CHC Group LLC/CHC Finance Ltd. Series AI
Zero Coupon, 10/01/20			10/01/12				2,667,234				825,499				0.07	%
Exide Technologies			4/30/15				141,191				– 0	–			0.00	%
Monitronics International, Inc.
9.125%, 04/01/20			1/16/18				847,428				53,964				0.00	%
Mt. Logan Re Ltd.
(Preference Shares)			12/30/14				2,953,000				2,860,640				0.25	%

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

(p) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at June 30, 2019.

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

(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 centrally cleared swaps.

(t) Inverse interest only security.

(u) IO - Interest Only.

(v) The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at June 30, 2019.

(w) This position or a portion of this position represents an unsettled loan purchase. The coupon rate will be determined at the time of settlement and will be based upon the London-Interbank Offered Rate (“LIBOR”) plus a premium which was determined at the time of purchase.

(x) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

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

(z) Affiliated investments.

(aa) As of June 30, 2019, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $69,210,593 and gross unrealized depreciation of investments was $(80,549,827), resulting in net unrealized depreciation of $(11,339,234).

(ab) One contract relates to 1 share.

Currency Abbreviations:

ARS		-		Argentine Peso
AUD		-		Australian Dollar
BRL		-		Brazilian Real
CAD		-		Canadian Dollar
CHF		-		Swiss Franc
COP		-		Colombian Peso
CZK		-		Czech Koruna
EGP		-		Egyptian Pound
EUR		-		Euro
GBP		-		Great British Pound
HKD		-		Hong Kong Dollar
HUF		-		Hungarian Forint
IDR		-		Indonesian Rupiah
ILS		-		Israeli Shekel
INR		-		Indian Rupee
KRW		-		South Korean Won
MXN		-		Mexican Peso
MYR		-		Malaysian Ringgit
NGN		-		Nigerian Naira
NOK		-		Norwegian Krone
NZD		-		New Zealand Dollar

PLN		-		Polish Zloty
RUB		-		Russian Ruble
SGD		-		Singapore Dollar
TRY		-		Turkish Lira
TWD		-		New Taiwan Dollar
USD		-		United States Dollar
ZAR		-		South African Rand

Glossary:

ABS		-		Asset-Backed Securities
BADLAR		-		Argentina Deposit Rates Badlar Private Banks
CBT		-		Chicago Board of Trade
CDX-CMBX.NA		-		North American Commercial Mortgage-Backed Index
CDX-NAHY		-		North American High Yield Credit Default Swap Index
CMBS		-		Commercial Mortgage-Backed Securities
ETF		-		Exchange Traded Fund
EURIBOR		-		Euro Interbank Offered Rate
H15T		-		U.S. Treasury Yield Curve Rate T Note Constant Maturity
JSC		-		Joint Stock Company
LIBOR		-		London Interbank Offered Rates
REIT		-		Real Estate Investment Trust
REMICs		-		Real Estate Mortgage Investment Conduits

Country Breakdown¹

June 30, 2019 (unaudited)

	56.1%			United States
	4.0%			Brazil
	3.0%			Indonesia
	1.9%			United Kingdom
	1.5%			Luxembourg
	1.4%			France
	1.4%			Canada
	1.2%			Netherlands
	1.0%			Turkey
	1.0%			Colombia
	0.9%			Spain
	0.9%			Italy
	0.9%			Dominican Republic
	14.2%			Other
	10.6%			Short-Term
	100.0%			Total Investments

1 All data are as of June 30, 2019. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 0.9% or less in the following countries: Angola, Argentina, Australia, Bahrain, Bermuda, Cameroon, Cayman Islands, Chile, China, Denmark, Ecuador, Egypt, El Salvador, Finland, Gabon, Germany, Ghana, Honduras, Hong Kong, India, Iraq, Ireland, Ivory Coast, Jamaica, Jersey (Channel Islands), Jordan, Kazakhstan, Kenya, Lebanon, Macau, Malaysia, Mexico, Mongolia, Nigeria, Norway, Oman, Peru, Russia, Senegal, South Africa, Sri Lanka, Sweden, Switzerland, Togo, Trinidad & Tobago, Ukraine, United Arab Emirates, Venezuela, Virgin Islands (BVI) and Zambia.

AB Global High Income Fund

June 30, 2019 (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 rates, coupon rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is 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. In addition, non-agency rated investments are 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, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option or warrant as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options generally will be classified as Level 2. For options that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset-backed securities for which management has collected current observable data through brokers or 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 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 June 30, 2019:

Investments in Securities

Level 1

Level 2

Level 3

Total

Assets:

Corporates - Non-Investment Grade

$

– 0

–

$

374,532,134

$

6,622,993

#

$

381,155,127

Governments - Treasuries

– 0

–

128,494,069

– 0

–

128,494,069

Collateralized Mortgage Obligations

– 0

–

109,720,357

– 0

–

109,720,357

Corporates - Investment Grade

– 0

–

102,006,409

– 0

–

102,006,409

Emerging Markets - Sovereigns

– 0

–

94,955,587

– 0

–

94,955,587

Bank Loans

– 0

–

39,740,787

7,192,385

46,933,172

Emerging Markets - Corporate Bonds

– 0

–

45,891,565

279,150

46,170,715

Emerging Markets - Treasuries

– 0

–

28,341,307

– 0

–

28,341,307

Commercial Mortgage-Backed Securities

– 0

–

1,644,610

21,579,258

23,223,868

Common Stocks

11,109,021

5,166

8,788,253

#

19,902,440

Asset-Backed Securities

– 0

–

2,751,841

11,792,275

14,544,116

Investment Companies

5,551,210

– 0

–

– 0

–

5,551,210

Local Governments - US Municipal Bonds

– 0

–

5,462,316

– 0

–

5,462,316

Quasi-Sovereigns

– 0

–

3,603,618

– 0

–

3,603,618

Governments - Sovereign Bonds

– 0

–

3,512,738

– 0

–

3,512,738

Preferred Stocks

2,355,257

– 0

–

1,134,44

2

3,489,699

Inflation-Linked Securities

– 0

–

3,021,915

– 0

–

3,021,915

Local Governments - Regional Bonds

– 0

–

1,376,632

– 0

–

1,376,632

Collateralized Loan Obligations

– 0

–

– 0

–

979,738

979,738

Whole Loan Trusts

– 0

–

– 0

–

276,457

276,457

Warrants

64,634

– 0

–

124,938

#

189,572

Rights

– 0

–

– 0

–

8,223

8,223

Short-Term Investments:

Investment Companies

81,628,391

– 0

–

– 0

–

81,628,391

U.S. Treasury Bills

– 0

–

29,794,125

– 0

–

29,794,125

Governments - Treasuries

– 0

–

6,549,049

– 0

–

6,549,049

Time Deposits

– 0

–

3,138,911

– 0

–

3,138,911

Total Investments in Securities

100,708,513

984,543,136

58,778,112

1,144,029,761

Other Financial Instruments*:

Assets

Futures

2,300,274

– 0

–

– 0

–

2,300,274

Forward Currency Exchange Contracts

– 0

–

6,206,110

– 0

–

6,206,110

Centrally Cleared Credit Default Swaps

– 0

–

22,914,319

– 0

–

22,914,319

Credit Default Swaps

– 0

–

230,623

– 0

–

230,623

Total Return Swaps

– 0

–

596,385

– 0

–

596,385

Liabilities

Futures

(667,508

)

– 0

–

– 0

–

(667,508

)

Forward Currency Exchange Contracts

– 0

–

(10,488,437

)

– 0

–

(10,488,437

)

Currency Options Written

– 0

–

(206,051

)

– 0

–

(206,051

)

Centrally Cleared Credit Default Swaps

– 0

–

(8,713,420

)

– 0

–

(8,713,420

)

Credit Default Swaps

– 0

–

(12,827,566

)

– 0

–

(12,827,566

)

Reverse Repurchase Agreements

(5,905,866

)

– 0

–

– 0

–

(5,905,866

)

Total

$

96,435,413

$

982,255,099

$

58,778,112

$

1,137,468,624

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

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

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

		Corporates - Non- Investment Grade#				Bank Loans				Emerging Markets - Corporate Bonds				Commercial Mortgage-Backed Securities
Balance as of 3/31/19		$	8,481,759			$	8,609,096			$	242,649			$	20,910,085
Accrued discounts/ (premiums)			13,683				10,321				(37,569	)			11,322
Realized gain (loss)			(2,670,666	)			1,092				429				– 0	–
Change in unrealized appreciation/depreciation			675,159				27,089				1,646,496				356,851
Purchases/Payups			1,979,457				720,077				52,172				301,000
Sales/Paydowns			(1,856,399	)			(19,818	)			(1,625,027	)			– 0	–
Transfers into Level 3			– 0	–			– 0	–			– 0	–			– 0	–
Transfers out of Level 3			– 0	–			(2,155,472	)			– 0	–			– 0	–
Balance as of 6/30/19		$	6,622,993			$	7,192,385			$	279,150			$	21,579,258
Net change in unrealized appreciation/depreciation from investments held as of 6/30/19		$	(1,963,631	)		$	27,089			$	57,687			$	356,851
		Common Stocks#				Asset-Backed Securities				Preferred Stocks				Collateralized Loan Obligations
Balance as of 3/31/19		$	8,413,720			$	12,614,983			$	1,134,441			$	980,782
Accrued discounts/(premiums)			– 0	–			24,270				– 0	–			49
Realized gain (loss)			418				163,985				24,862				– 0	–
Change in unrealized appreciation/ depreciation			374,533				(224,679	)			– 0	–			(1,093	)
Purchases			– 0	–			– 0	–			– 0	–			– 0	–
Sales/Paydowns			(418	)			(786,284	)			(24,861	)			– 0	–
Transfers into Level 3			– 0	–			– 0	–			– 0	–			– 0	–
Transfers out of Level 3			– 0	–			– 0	–			– 0	–			– 0	–
Balance as of 6/30/19		$	8,788,253			$	11,792,275			$	1,134,442			$	979,738
Net change in unrealized appreciation/depreciation from investments held as of 6/30/19		$	374,533			$	(224,679	)		$	– 0	–		$	(1,093	)

		Whole Loan Trusts				Warrants#				Rights				Total
Balance as of 3/31/19		$	339,307			$	60,161			$	7,698			$	61,794,681
Accrued discounts/ (premiums)			– 0	–			– 0	–			– 0	–			22,076
Realized gain (loss)			– 0	–			– 0	–			– 0	–			(2,479,880	)
Change in unrealized appreciation/ depreciation			(42,054	)			64,777				525				2,877,604
Purchases/Payups			– 0	–			– 0	–			– 0	–			3,052,706
Sales/Paydowns			(20,796	)			– 0	–			– 0	–			(4,333,603	)
Transfers into Level 3			– 0	–			– 0	–			– 0	–			– 0	–
Transfers out of Level 3			– 0	–			– 0	–			– 0	–			(2,155,472	)
Balance as of 6/30/19		$	276,457			$	124,938			$	8,223			$	58,778,112	+
Net change in unrealized appreciation/depreciation from investments held as of 6/30/19		$	(42,054	)		$	66,983			$	525			$	(1,347,789	)

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

+ There were de minimis transfers under 1% of net assets during the reporting period.

The following presents information about significant unobservable inputs related to the Fund’s Level 3 investments at June 30, 2019. Securities priced (i) by the third party vendors or (ii) by brokers, which approximates fair value, are excluded from the following table:

Quantitative Information about Level 3 Fair Value Measurements

Fair Value at 6/30/2019

Valuation Technique

Unobservable Input

Input

Corporates—Non-Investment Grade

$

1,752,554

Market Approach

EBITDA* Projection

$

117.0mm/ N/A

EBITDA* Multiples

4.6X – 6.6X/5.6X

$

613,641

Qualitative Assessment

Par Value

$

100.00/ N/A

$

336,499

Recovery Analysis

Collateral Value

$

100.00/ N/A

$

2,702,694

Common Stocks

$

2,860,640

Market Approach

NAV Equivalent

$

968.72/ N/A

$

1,026,118

Market Approach

EBITDA* Projection

$

48.8 mm/ N/A

EBITDA* Multiples

7.2X – 9.2X/ 8.2X

$

846,213

Market Approach

EBITDA* Projection

$

530mm/ N/A

EBITDA* Multiples

15.5X/ N/A

$

57,618

Market Approach

EBITDA* Projection

$

50.6 mm/ N/A

EBITDA* Multiples

2.0X – 4.0X/3.0X

$

31,855

Market Approach

EBITDA* Projection

$

72mm/ N/A

EBITDA* Multiples

4.8X/ NA

$

– 0

–

Qualitative Assessment

$

0.00/ N/A

$

– 0

–

Qualitative Assessment

$

0.00/ N/A

$

4,822,444

Preferred Stocks

$

1,134,442

Market Approach

EBITDA* Projection

$

530mm/ N/A

EBITDA* Multiples

15.5X/ N/A

Whole Loan Trusts

$

276,457

Recovery Analysis

Cumulative Loss

<20%/ N/A

Warrants

$

124,938

Option Pricing Model

Exercise Price

$

4.29/ N/A

* Earnings Before Interest, Taxes, Depreciation and Amortization.

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

A summary of the Fund’s transactions in AB mutual funds for the three months ended June 30, 2019 is as follows:

Fund		Market Value 3/31/19 (000)				Purchases at Cost (000)				Sales Proceeds (000)				Market Value 6/30/19 (000)				Dividend Income (000)
Government Money Market Portfolio		$	52,078			$	124,546			$	94,996			$	81,628			$	227