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NPORT-EX 2 NPORT_8763763865779643.htm HTML

AB Global High Income Fund

Portfolio of Investments

December 31, 2019 (unaudited)


		Principal Amount (000)		U.S. $ Value
CORPORATES - NON-INVESTMENT GRADE – 30.7%
Industrial – 23.7%
Basic – 2.6%
Advanced Drainage Systems, Inc. 5.00%, 9/30/27 ^(a)	U.S.$		140	$	144,367
AK Steel Corp. 7.00%, 3/15/27			380		383,107
Alcoa Nederland Holding BV 6.125%, 5/15/28 ^(a)			289		312,483
Ashland LLC 4.75%, 8/15/22			421		441,715
Axalta Coating Systems LLC 4.875%, 8/15/24 ^(a)			516		534,815
Berry Global, Inc. 5.50%, 5/15/22			345		349,566
CF Industries, Inc.
4.95%, 6/01/43			620		648,760
5.375%, 3/15/44			747		814,860
Crown Americas LLC/Crown Americas Capital Corp. VI 4.75%, 2/01/26			751		794,427
Eldorado Gold Corp. 9.50%, 6/01/24 ^(a)			1,931		2,081,325
Flex Acquisition Co., Inc. 7.875%, 7/15/26 ^(a)			1,377		1,395,475
FMG Resources (August 2006) Pty Ltd.
4.50%, 9/15/27^(a)			1,028		1,051,918
5.125%, 3/15/23^(a)			69		72,872
Freeport-McMoRan, Inc. 5.45%, 3/15/43			3,414		3,536,090
Grinding Media, Inc./Moly-Cop AltaSteel Ltd. 7.375%, 12/15/23 ^(a)			1,290		1,313,194
Joseph T Ryerson & Son, Inc. 11.00%, 5/15/22 ^(a)			2,450		2,584,436
Kraton Polymers LLC/Kraton Polymers Capital Corp. 5.25%, 5/15/26 ^(a)	EUR		846		982,388
Magnetation LLC/Mag Finance Corp. 11.00%, 5/15/18 ^{(b) (c) (d) (e) (f)}	U.S.$		2,857		29
Novelis Corp. 5.875%, 9/30/26 ^(a)			1,523		1,623,946
OCI NV
5.00%, 4/15/23^(a)	EUR		1,300		1,515,017
6.625%, 4/15/23^(a)	U.S.$		840		878,436
Olin Corp. 5.625%, 8/01/29			797		842,814
Peabody Energy Corp. 6.00%, 3/31/22 ^(a)			438		429,906
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 5.125%, 7/15/23 ^(a)			717		734,677


		Principal Amount (000)		U.S. $ Value
Sealed Air Corp. 6.875%, 7/15/33 ^(a)	U.S.$		1,295	$	1,527,924
Smurfit Kappa Treasury Funding DAC 7.50%, 11/20/25			238		292,907
SPCM SA 4.875%, 9/15/25 ^(a)			975		1,015,871
Starfruit Finco BV/Starfruit US Holdco LLC
6.50%, 10/01/26	EUR		1,010		1,215,291
8.00%, 10/01/26^(a)	U.S.$		171		181,688
United States Steel Corp.
6.25%, 3/15/26			245		209,829
6.875%, 8/15/25			844		789,236
Valvoline, Inc. 5.50%, 7/15/24			278		289,121
WR Grace & Co.-Conn 5.625%, 10/01/24 ^(a)			386		426,330

					29,414,820

Capital Goods – 1.8%
ARD Finance SA
5.00% (5.00% Cash or 5.75% PIK), 6/30/27^(a) (g)	EUR		939		1,061,492
6.50% (6.50% Cash or 7.25% PIK), 6/30/27^(a) (g)	U.S.$		1,039		1,074,229
Bombardier, Inc.
5.75%, 3/15/22^(a)			932		964,035
7.50%, 3/15/25^(a)			1,839		1,897,731
7.875%, 4/15/27^(a)			386		397,705
Clean Harbors, Inc. 4.875%, 7/15/27 ^(a)			25		26,403
Cleaver-Brooks, Inc. 7.875%, 3/01/23 ^(a)			261		260,167
Colfax Corp.
6.00%, 2/15/24^(a)			194		206,685
6.375%, 2/15/26^(a)			207		226,003
EnerSys 4.375%, 12/15/27 ^(a)			935		924,715
F-Brasile SpA/F-Brasile US LLC Series XR 7.375%, 8/15/26 ^(a)			957		1,010,084
Gates Global LLC/Gates Global Co. 6.25%, 1/15/26 ^(a)			1,205		1,225,106
GFL Environmental, Inc.
5.375%, 3/01/23^(a)			103		105,843
5.625%, 5/01/22^(a)			403		410,298
7.00%, 6/01/26^(a)			1,089		1,150,099
8.50%, 5/01/27^(a)			775		849,065
Granite Holdings US Acquisition Co. 11.00%, 10/01/27 ^(a)			507		515,872
JELD-WEN, Inc. 4.625%, 12/15/25 ^(a)			128		131,555


		Principal Amount (000)		U.S. $ Value
Liberty Tire Recycling LLC 9.50%, 1/15/23 ^{(b) (e) (f)}	U.S.$		643	$	642,788
Mauser Packaging Solutions Holding Co.
5.50%, 4/15/24^(a)			1,009		1,040,652
7.25%, 4/15/25^(a)			264		261,508
Moog, Inc. 4.25%, 12/15/27 ^(a)			373		379,647
Signature Aviation US Holdings, Inc.
4.00%, 3/01/28^(a)			700		691,525
5.375%, 5/01/26^(a)			402		424,215
Stevens Holding Co., Inc. 6.125%, 10/01/26 ^(a)			141		154,057
Terex Corp. 5.625%, 2/01/25 ^(a)			262		270,854
TransDigm, Inc.
6.25%, 3/15/26^(a)			556		602,860
6.50%, 7/15/24			1,529		1,580,620
Triumph Group, Inc.
6.25%, 9/15/24^(a)			135		142,039
7.75%, 8/15/25			1,250		1,306,609
Trivium Packaging Finance BV
3.75%, 8/15/26^(a)	EUR		100		118,782
5.50%, 8/15/26^(a)	U.S.$		227		240,356
8.50%, 8/15/27^(a)			382		424,975

					20,718,574

Communications - Media – 3.5%
Altice Financing SA
6.625%, 2/15/23^(a)			2,892		2,951,736
7.50%, 5/15/26^(a)			1,782		1,914,667
Altice Luxembourg SA 10.50%, 5/15/27 ^(a)			1,940		2,225,281
CCO Holdings LLC/CCO Holdings Capital Corp.
5.00%, 2/01/28^(a)			65		68,162
5.125%, 5/01/27^(a)			551		582,644
5.375%, 5/01/25^(a)			74		76,817
5.75%, 1/15/24			16		16,320
5.75%, 2/15/26^(a)			371		391,259
Clear Channel Communications, Inc.
Zero Coupon%, 6/15/18-12/15/19^{(b) (c) (d) (e) (h)}			2,943		0
Zero Coupon, 3/01/21^{(b) (d)}			535		0
Clear Channel Worldwide Holdings, Inc. 5.125%, 8/15/27 ^(a)			908		945,126
CSC Holdings LLC
5.375%, 2/01/28^(a)			1,502		1,605,121
5.50%, 5/15/26^(a)			200		211,867
6.625%, 10/15/25^(a)			274		290,783
7.50%, 4/01/28^(a)			941		1,061,716
10.875%, 10/15/25^(a)			765		860,979


		Principal Amount (000)		U.S. $ Value
Diamond Sports Group LLC/Diamond Sports Finance Co.
5.375%, 8/15/26^(a)	U.S.$		553	$	560,270
6.625%, 8/15/27^{(a) (i)}			442		429,999
DISH DBS Corp.
5.00%, 3/15/23			830		850,563
5.875%, 11/15/24			2,291		2,344,852
6.75%, 6/01/21			333		350,425
Gray Television, Inc. 5.125%, 10/15/24 ^(a)			987		1,023,056
iHeartCommunications, Inc.
4.75%, 1/15/28^(a)			60		61,440
5.25%, 8/15/27^(a)			285		298,616
6.375%, 5/01/26			111		121,145
8.375%, 5/01/27			202		222,787
LCPR Senior Secured Financing DAC 6.75%, 10/15/27 ^(a)			1,000		1,064,881
Liberty Interactive LLC 3.75%, 2/15/30 ^(j)			877		605,360
Meredith Corp. 6.875%, 2/01/26			1,577		1,639,892
National CineMedia LLC 5.875%, 4/15/28 ^(a)			623		663,505
Netflix, Inc.
4.375%, 11/15/26			1,502		1,539,338
4.875%, 4/15/28			1,171		1,219,313
Outfront Media Capital LLC/Outfront Media Capital Corp. 4.625%, 3/15/30 ^(a)			580		590,311
Radiate Holdco LLC/Radiate Finance, Inc.
6.625%, 2/15/25^(a)			1,057		1,062,145
6.875%, 2/15/23^(a)			451		461,063
Scripps Escrow, Inc. 5.875%, 7/15/27 ^(a)			639		669,103
Sinclair Television Group, Inc. 5.50%, 3/01/30 ^(a)			810		829,157
Sirius XM Radio, Inc.
5.00%, 8/01/27^(a)			390		412,128
5.50%, 7/01/29^(a)			25		27,054
Summer BC Holdco B SARL 5.75%, 10/31/26 ^(a)	EUR		1,395		1,631,314
TEGNA, Inc.
5.00%, 9/15/29^(a)	U.S.$		830		844,135
5.50%, 9/15/24^(a)			162		167,425
Univision Communications, Inc. 5.125%, 5/15/23-2/15/25^(a)			1,536		1,532,185
UPC Holding BV 5.50%, 1/15/28 ^(a)			2,223		2,268,044
UPCB Finance IV Ltd. 5.375%, 1/15/25 ^(a)			200		205,688
Virgin Media Receivables Financing Notes I DAC 5.50%, 9/15/24 ^(a)	GBP		128		174,267


		Principal Amount (000)		U.S. $ Value
Ziggo Bond Co. BV
5.875%, 1/15/25^(a)	U.S.$		329	$	338,976
6.00%, 1/15/27^(a)			815		862,093
Ziggo BV 5.50%, 1/15/27 ^(a)			1,827		1,944,132

					40,217,140

Communications - Telecommunications – 2.3%
Altice France SA/France
7.375%, 5/01/26^(a)			3,462		3,722,196
8.125%, 2/01/27^(a)			465		524,850
C&W Senior Financing DAC
6.875%, 9/15/27^(a)			1,501		1,602,324
7.50%, 10/15/26^(a)			395		428,554
CB Idearc, Inc. Zero Coupon 3/01/21-3/15/23^{(b) (d) (e) (h)}			396		0
CB T-Mobile USA, Inc.
6.00%, 3/01/23^{(b) (d) (e) (h)}			743		0
6.375%, 3/01/25^{(b) (d) (e) (h)}			655		0
CenturyLink, Inc. Series T 5.80%, 3/15/22			78		82,152
Cincinnati Bell, Inc. 7.00%, 7/15/24 ^(a)			1,151		1,206,374
Connect Finco SARL/Connect US Finco LLC 6.75%, 10/01/26 ^(a)			1,321		1,402,324
DKT Finance ApS 7.00%, 6/17/23 ^(a)	EUR		506		600,764
Hughes Satellite Systems Corp.
6.625%, 8/01/26	U.S.$		730		808,834
7.625%, 6/15/21			1,383		1,479,545
Intelsat Jackson Holdings SA
5.50%, 8/01/23			1,675		1,437,448
9.75%, 7/15/25^(a)			1,262		1,168,003
Intrado Corp. 8.50%, 10/15/25 ^(a)			748		602,222
Level 3 Financing, Inc.
5.25%, 3/15/26			164		170,931
5.375%, 8/15/22-1/15/24			1,139		1,152,862
Nexstar Broadcasting, Inc. 5.625%, 7/15/27 ^(a)			596		628,745
Sprint Capital Corp.
6.875%, 11/15/28			1,875		2,027,296
8.75%, 3/15/32			215		261,004
Sprint Corp.
7.625%, 3/01/26			359		396,261
7.875%, 9/15/23			986		1,088,128
T-Mobile USA, Inc.
4.75%, 2/01/28			39		40,903
6.00%, 3/01/23			743		755,719
6.375%, 3/01/25			655		679,265
Telecom Italia Capital SA
7.20%, 7/18/36			483		568,269


		Principal Amount (000)		U.S. $ Value
7.721%, 6/04/38	U.S.$		1,784	$	2,175,325
Zayo Group LLC/Zayo Capital, Inc.
5.75%, 1/15/27^(a)			259		264,270
6.00%, 4/01/23			447		458,491
6.375%, 5/15/25			1,146		1,184,272

					26,917,331

Consumer Cyclical - Automotive – 1.6%
Allison Transmission, Inc. 5.875%, 6/01/29 ^(a)			441		485,609
American Axle & Manufacturing, Inc. 6.25%, 4/01/25			974		1,014,159
BCD Acquisition, Inc. 9.625%, 9/15/23 ^(a)			1,456		1,496,623
Cooper-Standard Automotive, Inc. 5.625%, 11/15/26 ^(a)			850		806,148
Dana Financing Luxembourg SARL 5.75%, 4/15/25 ^(a)			109		114,226
Exide Technologies
(Exchange Priority)
11.00% (3.00% Cash and 8.00% PIK), 10/31/24^{(b) (e) (f) (g)}			3,583		3,085,134
(First Lien)
11.00% (3.00% Cash and 8.00% PIK), 10/31/24^{(b) (e) (f) (g)}			1,207		935,172
Garrett LX I SARL/Garrett Borrowing LLC 5.125%, 10/15/26 ^(a)	EUR		677		767,668
IHO Verwaltungs GmbH
3.625% (3.625% Cash or 4.375% PIK), 5/15/25^(a) (g)			284		333,276
3.875% (3.875% Cash or 4.625% PIK), 5/15/27^(a) (g)			338		401,181
Meritor, Inc. 6.25%, 2/15/24	U.S.$		305		312,388
Navistar International Corp. 6.625%, 11/01/25 ^(a)			718		734,512
Panther BF Aggregator 2 LP/Panther Finance Co., Inc.
6.25%, 5/15/26^(a)			210		226,947
8.50%, 5/15/27^(a)			2,629		2,793,468
Tenneco, Inc.
5.00%, 7/15/24^(a)	EUR		300		348,093
5.00%, 7/15/26	U.S.$		2,174		2,007,495
Tesla, Inc. 5.30%, 8/15/25 ^(a)			599		581,195
Titan International, Inc. 6.50%, 11/30/23			862		734,862
Truck Hero, Inc. 8.50%, 4/21/24 ^(a)			1,151		1,185,374

					18,363,530

Consumer Cyclical - Entertainment – 0.3%
AMC Entertainment Holdings, Inc.
5.75%, 6/15/25			180		166,515


		Principal Amount (000)		U.S. $ Value
5.875%, 11/15/26	U.S.$		1,540	$	1,389,319
Mattel, Inc. 5.875%, 12/15/27 ^(a)			920		970,246
VOC Escrow Ltd. 5.00%, 2/15/28 ^(a)			1,061		1,113,232

					3,639,312

Consumer Cyclical - Other – 2.1%
Beazer Homes USA, Inc.
5.875%, 10/15/27			419		422,744
6.75%, 3/15/25			1,228		1,292,890
Boyd Gaming Corp. 4.75%, 12/01/27 ^(a)			390		405,242
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. 6.25%, 9/15/27 ^(a)			995		1,055,215
Caesars Entertainment Corp. 5.00%, 10/01/24 ^(j)			121		231,758
Cirsa Finance International SARL 7.875%, 12/20/23 ^(a)			778		823,005
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, 11/15/25 ^(a)			1,969		1,985,534
Forestar Group, Inc. 8.00%, 4/15/24 ^(a)			590		642,288
Hilton Domestic Operating Co., Inc. 4.875%, 1/15/30			25		26,530
Installed Building Products, Inc. 5.75%, 2/01/28 ^(a)			291		310,993
International Game Technology PLC 6.25%, 2/15/22 ^(a)			977		1,032,041
K. Hovnanian Enterprises, Inc. 10.00%, 7/15/22 ^(a)			352		324,084
KB Home
7.00%, 12/15/21			536		576,383
7.50%, 9/15/22			494		555,167
Marriott Ownership Resorts, Inc./ILG LLC Series WI 6.50%, 9/15/26			1,250		1,364,543
Mattamy Group Corp. 5.25%, 12/15/27 ^(a)			471		491,720
MGM Resorts International
5.50%, 4/15/27			1,022		1,135,036
5.75%, 6/15/25			45		50,391
PulteGroup, Inc.
5.00%, 1/15/27			48		52,318
5.50%, 3/01/26			52		58,081
6.00%, 2/15/35			500		558,916
7.875%, 6/15/32			1,400		1,801,132
Scientific Games International, Inc.
7.00%, 5/15/28^(a)			172		184,566
7.25%, 11/15/29^(a)			172		186,806
Shea Homes LP/Shea Homes Funding Corp.
5.875%, 4/01/23^(a)			420		427,982


		Principal Amount (000)		U.S. $ Value
6.125%, 4/01/25^(a)	U.S.$		830	$	857,820
Stars Group Holdings BV/Stars Group US Co-Borrower LLC 7.00%, 7/15/26 ^(a)			941		1,018,653
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875%, 5/15/25 ^(a)			1,785		1,782,769
Taylor Morrison Communities, Inc.
5.75%, 1/15/28^(a)			510		556,203
5.875%, 6/15/27^(a)			628		690,073
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc. 5.875%, 4/15/23 ^(a)			875		942,812
Twin River Worldwide Holdings, Inc. 6.75%, 6/01/27 ^(a)			657		689,676
Wyndham Destinations, Inc. 4.625%, 3/01/30 ^(a)			839		837,435
Wyndham Hotels & Resorts, Inc. 5.375%, 4/15/26 ^(a)			25		26,387
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.25%, 5/15/27^(a)			45		47,811
5.50%, 3/01/25^(a)			736		790,922
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, 10/01/29 ^(a)			279		299,908

					24,535,834

Consumer Cyclical - Restaurants – 0.2%
1011778 BC ULC/New Red Finance, Inc. 4.375%, 1/15/28 ^(a)			520		523,930
Golden Nugget, Inc.
6.75%, 10/15/24^(a)			857		886,663
8.75%, 10/01/25^(a)			708		758,163
IRB Holding Corp. 6.75%, 2/15/26 ^(a)			453		474,270

					2,643,026

Consumer Cyclical - Retailers – 0.6%
JC Penney Corp., Inc.
6.375%, 10/15/36			126		41,597
7.40%, 4/01/37			486		171,559
L Brands, Inc. 7.60%, 7/15/37			1,000		864,740
Levi Strauss & Co. 5.00%, 5/01/25			1,150		1,186,799
Murphy Oil USA, Inc. 5.625%, 5/01/27			69		74,276
PetSmart, Inc. 7.125%, 3/15/23 ^(a)			1,455		1,426,544
Sonic Automotive, Inc. 6.125%, 3/15/27			817		850,687


		Principal Amount (000)		U.S. $ Value
Staples, Inc.
7.50%, 4/15/26^(a)	U.S.$		842	$	876,042
10.75%, 4/15/27^(a)			822		836,891
TPro Acquisition Corp. 11.00%, 10/15/24 ^(a)			639		654,863
William Carter Co. (The) 5.625%, 3/15/27 ^(a)			410		439,993

					7,423,991

Consumer Non-Cyclical – 2.5%
Air Medical Group Holdings, Inc. 6.375%, 5/15/23 ^(a)			636		566,254
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 6.625%, 6/15/24			1,385		1,450,702
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 5.75%, 3/15/25			701		727,239
Bausch Health Americas, Inc. 8.50%, 1/31/27 ^(a)			767		874,571
Bausch Health Cos., Inc.
5.50%, 3/01/23-11/01/25^(a)			421		424,403
6.125%, 4/15/25^(a)			507		524,638
7.25%, 5/30/29^(a)			254		289,975
9.00%, 12/15/25^(a)			336		381,995
BCPE Cycle Merger Sub II, Inc. 10.625%, 7/15/27 ^(a)			698		715,450
Catalent Pharma Solutions, Inc.
4.75%, 12/15/24^(a)	EUR		400		461,087
4.875%, 1/15/26^(a)	U.S.$		416		430,537
CHS/Community Health Systems, Inc.
6.25%, 3/31/23			1,368		1,387,990
8.125%, 6/30/24^(a)			635		520,179
DaVita, Inc. 5.00%, 5/01/25			1,034		1,063,356
Eagle Holding Co. II LLC
7.625% (7.625% Cash or 8.375% PIK), 5/15/22^(a) (g)			179		181,674
7.75% (7.75% Cash or 8.50% PIK), 5/15/22^(a) (g)			1,795		1,821,394
Envision Healthcare Corp. 8.75%, 10/15/26 ^(a)			2,302		1,439,393
Hadrian Merger Sub, Inc. 8.50%, 5/01/26 ^(a)			476		490,991
HCA, Inc. 5.875%, 2/15/26			110		125,287
Lamb Weston Holdings, Inc. 4.625%, 11/01/24 ^(a)			407		431,866
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
5.50%, 4/15/25^(a)			125		44,121
5.625%, 10/15/23^(a)			311		120,825
MEDNAX, Inc.


		Principal Amount (000)		U.S. $ Value
5.25%, 12/01/23^(a)	U.S.$		221	$	226,619
6.25%, 1/15/27^(a)			345		353,737
MPH Acquisition Holdings LLC 7.125%, 6/01/24 ^(a)			1,118		1,086,602
Post Holdings, Inc.
5.00%, 8/15/26^(a)			410		434,496
5.50%, 3/01/25^(a)			610		639,828
5.625%, 1/15/28^(a)			798		861,350
RegionalCare Hospital Partners Holdings, Inc. 8.25%, 5/01/23 ^(a)			49		52,020
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. 9.75%, 12/01/26 ^(a)			2,775		3,140,702
Spectrum Brands, Inc.
4.00%, 10/01/26^(a)	EUR		530		628,530
6.125%, 12/15/24	U.S.$		361		372,957
Sunshine Mid BV 6.50%, 5/15/26 ^(a) (i)	EUR		823		988,013
Synlab Unsecured Bondco PLC 8.25%, 7/01/23^(a)			700		822,711
Tenet Healthcare Corp.
6.75%, 6/15/23⁽ⁱ⁾	U.S.$		1,903		2,092,392
7.00%, 8/01/25			119		125,712
8.125%, 4/01/22			682		753,981
Vizient, Inc. 6.25%, 5/15/27 ^(a)			222		238,706
West Street Merger Sub, Inc. 6.375%, 9/01/25 ^(a)			1,350		1,343,480

					28,635,763

Energy – 3.0%
Antero Resources Corp. 5.125%, 12/01/22			484		433,147
California Resources Corp. 8.00%, 12/15/22 ^(a)			238		106,402
Carrizo Oil & Gas, Inc.
6.25%, 4/15/23⁽ⁱ⁾			296		300,504
8.25%, 7/15/25			301		308,650
CHC Group LLC/CHC Finance Ltd. Series AI Zero Coupon, 10/01/20 ^{(j) (k)}			2,948		589,642
Cheniere Energy Partners LP
4.50%, 10/01/29^(a)			603		619,426
5.25%, 10/01/25			730		759,990
Covey Park Energy LLC/Covey Park Finance Corp. 7.50%, 5/15/25 ^(a)			1,015		873,652
Denbury Resources, Inc.
7.75%, 2/15/24^(a)			824		716,660
9.25%, 3/31/22^(a)			604		567,760
Diamond Offshore Drilling, Inc. 7.875%, 8/15/25			2,725		2,367,973


		Principal Amount (000)		U.S. $ Value
EP Energy LLC/Everest Acquisition Finance, Inc.
7.75%, 9/01/22^{(d) (l)}	U.S.$		1,552	$	1,552
7.75%, 5/15/26^{(a) (d) (l)}			631		450,881
8.00%, 2/15/25^{(a) (d) (l)}			228		3,064
9.375%, 5/01/24^{(a) (d) (l)}			887		20,684
Genesis Energy LP/Genesis Energy Finance Corp.
5.625%, 6/15/24			412		399,092
6.25%, 5/15/26			222		211,814
6.50%, 10/01/25			820		797,821
6.75%, 8/01/22			115		116,415
Global Partners LP/GLP Finance Corp. 7.00%, 8/01/27 ^(a)			485		516,246
Gulfport Energy Corp.
6.00%, 10/15/24			481		342,049
6.375%, 5/15/25-1/15/26			1,810		1,128,847
Hess Midstream Operations LP 5.625%, 2/15/26 ^(a)			1,587		1,658,159
HighPoint Operating Corp. 7.00%, 10/15/22			227		215,944
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 10/01/25 ^(a)			1,576		1,535,562
Indigo Natural Resources LLC 6.875%, 2/15/26 ^(a)			1,095		1,035,911
Ithaca Energy North Sea PLC 9.375%, 7/15/24 ^(a)			679		706,535
Nabors Industries, Inc. 5.50%, 1/15/23			1,170		1,128,175
NGL Energy Partners LP/NGL Energy Finance Corp. 7.50%, 11/01/23			1,455		1,462,068
Nine Energy Service, Inc. 8.75%, 11/01/23 ^(a)			525		427,865
Noble Holding International Ltd.
5.25%, 3/15/42			191		69,202
6.20%, 8/01/40			276		105,254
7.75%, 1/15/24			190		102,413
7.95%, 4/01/25			375		190,886
Parkland Fuel Corp. 6.00%, 4/01/26 ^(a)			1,147		1,213,017
PDC Energy, Inc.
5.75%, 5/15/26			633		630,228
6.125%, 9/15/24			1,185		1,209,822
QEP Resources, Inc. 5.25%, 5/01/23			818		813,336
Range Resources Corp.
4.875%, 5/15/25⁽ⁱ⁾			464		399,103
5.00%, 8/15/22-3/15/23			442		415,103
5.875%, 7/01/22			97		96,061
Rowan Cos., Inc. 5.85%, 1/15/44			536		262,621
SandRidge Energy, Inc.
7.50%, 2/15/23^{(b) (d) (e) (h)}			865		0
8.125%, 10/15/22^{(b) (d) (e) (h)}			2,076		0
SM Energy Co.


		Principal Amount (000)		U.S. $ Value
5.00%, 1/15/24	U.S.$		525	$	503,199
5.625%, 6/01/25			546		517,810
SRC Energy, Inc. 6.25%, 12/01/25			421		424,049
Sunoco LP/Sunoco Finance Corp.
5.50%, 2/15/26			779		809,154
5.875%, 3/15/28			964		1,026,405
6.00%, 4/15/27			35		37,292
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 5.125%, 2/01/25			157		162,974
Transocean Phoenix 2 Ltd. 7.75%, 10/15/24 ^(a)			851		901,901
Transocean, Inc.
6.80%, 3/15/38			1,188		843,601
7.25%, 11/01/25^(a)			359		353,256
7.50%, 1/15/26^(a)			762		752,266
Valaris PLC 7.75%, 2/01/26			406		229,391
Vantage Drilling International
7.125%, 4/01/23^{(b) (d) (e) (h)}			1,283		0
7.50%, 11/01/19^{(b) (c) (d) (e) (h)}			2,176		0
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp. 8.75%, 4/15/23 ^(a)			2,755		1,349,950
Whiting Petroleum Corp.
5.75%, 3/15/21			75		71,071
6.25%, 4/01/23			483		406,537
6.625%, 1/15/26			477		324,142
WPX Energy, Inc. 8.25%, 8/01/23			107		123,161

					34,145,695

Other Industrial – 0.3%
American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/28 ^(a)			903		916,561
H&E Equipment Services, Inc. 5.625%, 9/01/25			437		459,132
IAA, Inc. 5.50%, 6/15/27 ^(a)			315		336,713
KAR Auction Services, Inc. 5.125%, 6/01/25 ^(a)			483		502,415
Laureate Education, Inc. 8.25%, 5/01/25 ^(a)			839		904,513
Performance Food Group, Inc. 5.50%, 10/15/27 ^(a)			413		440,900

					3,560,234

Services – 1.2%
Aptim Corp. 7.75%, 6/15/25 ^(a) (i)			927		558,510
Aramark Services, Inc.
5.00%, 2/01/28^(a)			654		688,871


		Principal Amount (000)		U.S. $ Value
5.125%, 1/15/24	U.S.$		242	$	248,354
Carlson Travel, Inc. 6.75%, 12/15/23 ^(a)			782		800,291
Carriage Services, Inc. 6.625%, 6/01/26 ^(a)			698		743,161
eDreams ODIGEO SA 5.50%, 9/01/23 ^(a)	EUR		478		567,082
Gartner, Inc. 5.125%, 4/01/25 ^(a)	U.S.$		482		502,308
GW B-CR Security Corp. 9.50%, 11/01/27 ^(a)			1,084		1,157,171
Harsco Corp. 5.75%, 7/31/27 ^(a)			975		1,039,337
Korn Ferry 4.625%, 12/15/27 ^(a)			586		588,930
Monitronics International, Inc. Zero Coupon, 4/01/20 ^{(b) (d) (e) (h)}			958		0
Nielsen Finance LLC/Nielsen Finance Co. 5.00%, 4/15/22 ^(a)			549		551,886
Prime Security Services Borrower LLC/Prime Finance, Inc.
5.25%, 4/15/24^(a)			25		26,508
9.25%, 5/15/23^(a)			855		896,097
Refinitiv US Holdings, Inc.
6.25%, 5/15/26^(a)			273		298,186
8.25%, 11/15/26^(a)			1,150		1,295,686
Ritchie Bros Auctioneers, Inc. 5.375%, 1/15/25 ^(a)			366		381,100
Sabre GLBL, Inc.
5.25%, 11/15/23^(a)			300		308,208
5.375%, 4/15/23^(a)			656		672,821
Team Health Holdings, Inc. 6.375%, 2/01/25 ^(a)			1,645		1,103,409
Verscend Escrow Corp. 9.75%, 8/15/26 ^(a)			1,775		1,945,660

					14,373,576

Technology – 1.1%
ADT Security Corp. (The) 4.125%, 6/15/23			83		85,755
APX Group, Inc. 7.875%, 12/01/22			1,211		1,222,773
Banff Merger Sub, Inc. 9.75%, 9/01/26 ^(a)			2,405		2,440,280
CommScope, Inc.
5.50%, 3/01/24^(a)			570		595,012
6.00%, 3/01/26^(a)			760		808,683
8.25%, 3/01/27^(a)			952		1,002,023
Dell International LLC/EMC Corp. 7.125%, 6/15/24 ^(a)			187		197,616
Infor US, Inc. 6.50%, 5/15/22			1,222		1,242,498


		Principal Amount (000)		U.S. $ Value
IQVIA, Inc. 3.25%, 3/15/25 ^(a)	EUR		782	$	894,878
NCR Corp.
5.75%, 9/01/27^(a)	U.S.$		295		314,416
6.125%, 9/01/29^(a)			227		246,468
Rackspace Hosting, Inc. 8.625%, 11/15/24 ^(a)			55		53,792
Solera LLC/Solera Finance, Inc. 10.50%, 3/01/24 ^(a)			1,941		2,062,395
Veritas US, Inc./Veritas Bermuda Ltd.
7.50%, 2/01/23^(a)			964		961,688
10.50%, 2/01/24^{(a) (i)}			662		614,869

					12,743,146

Transportation - Services – 0.6%
Algeco Global Finance PLC 8.00%, 2/15/23 ^(a)			1,821		1,774,355
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.75%, 7/15/27 ^(a)			270		282,152
Herc Holdings, Inc. 5.50%, 7/15/27 ^(a)			881		930,607
Hertz Corp. (The)
5.50%, 10/15/24^(a)			845		868,372
6.00%, 1/15/28^(a)			415		416,093
United Rentals North America, Inc.
5.50%, 5/15/27			418		448,414
6.50%, 12/15/26			25		27,512
XPO Logistics, Inc.
6.125%, 9/01/23^(a)			498		514,568
6.75%, 8/15/24^(a)			962		1,045,042

					6,307,115

					273,639,087

Financial Institutions – 6.2%
Banking – 3.1%
Alliance Data Systems Corp. 4.75%, 12/15/24 ^(a)			724		722,670
Allied Irish Banks PLC Series E 7.375%, 12/03/20 ^{(a) (m)}	EUR		871		1,038,731
Banco Bilbao Vizcaya Argentaria SA
5.875%, 5/24/22-9/24/23^{(a) (m)}			1,800		2,187,258
Series 9
6.50%, 3/05/25^(m)	U.S.$		1,200		1,272,498
Banco Santander SA
5.481%, 3/12/20^{(a) (m)}	EUR		400		452,847
6.75%, 4/25/22^{(a) (m)}			2,000		2,474,836
Bank of Ireland 7.375%, 6/18/20 ^(a) (m)			1,455		1,681,758
Barclays PLC


		Principal Amount (000)		U.S. $ Value
7.125%, 6/15/25^(m)	GBP		404	$	604,838
7.25%, 3/15/23^{(a) (m)}			219		316,185
8.00%, 12/15/20^(m)	EUR		343		410,232
8.00%, 6/15/24^(m)	U.S.$		354		396,984
CaixaBank SA 6.75%, 6/13/24 ^(a) (m)	EUR		400		504,059
Citigroup, Inc.
5.95%, 1/30/23^(m)	U.S.$		2,689		2,852,754
Series U
5.00%, 9/12/24^(m)			105		109,828
Citizens Financial Group, Inc. Series B 6.00%, 7/06/23 ^(m)			970		1,026,257
Credit Suisse Group AG
6.25%, 12/18/24^{(a) (m)}			1,404		1,529,323
6.375%, 8/21/26^{(a) (m)}			1,290		1,392,054
7.50%, 7/17/23^{(a) (m)}			1,820		1,994,652
Danske Bank A/S Series E 5.875%, 4/06/22 ^{(a) (m)}	EUR		1,096		1,316,734
Goldman Sachs Group, Inc. (The) Series P 5.00%, 11/10/22 ^(m)	U.S.$		1,599		1,614,755
Royal Bank of Scotland Group PLC
8.625%, 8/15/21^(m)			3,518		3,803,837
Series U
4.265% (LIBOR 3 Month + 2.32%), 9/30/27^(m) (n)			1,100		1,084,939
SNS Bank NV Series E 11.25%, 12/31/49 ^{(b) (d) (e) (h)}	EUR		620		0
Societe Generale SA 8.00%, 9/29/25^(a) (m)	U.S.$		2,608		3,061,281
Standard Chartered PLC
7.50%, 4/02/22^{(a) (m)}			1,269		1,366,008
7.75%, 4/02/23^{(a) (m)}			440		486,329
UniCredit SpA 9.25%, 6/03/22 ^(a) (m)	EUR		1,554		2,022,649

					35,724,296

Brokerage – 0.2%
Lehman Brothers Holdings, Inc. 6.875%, 5/02/18 ^{(c) (d) (h)}	U.S.$		1,690		21,970
LPL Holdings, Inc. 5.75%, 9/15/25 ^(a)			1,542		1,615,586
NFP Corp. 8.00%, 7/15/25 ^(a)			1,008		1,008,174

					2,645,730

Finance – 0.9%
CNG Holdings, Inc. 12.50%, 6/15/24 ^(a)			861		770,433


		Principal Amount (000)		U.S. $ Value
Compass Group Diversified Holdings LLC 8.00%, 5/01/26 ^(a)	U.S.$		838	$	908,455
Curo Group Holdings Corp. 8.25%, 9/01/25 ^(a)			2,426		2,135,071
Enova International, Inc. 8.50%, 9/01/24-9/15/25^(a)			1,273		1,206,046
goeasy Ltd. 5.375%, 12/01/24 ^(a)			560		571,105
ILFC E-Capital Trust II 4.15% (H15T 30 Year + 1.80%), 12/21/65 ^{(a) (n)}			2,000		1,616,501
Jefferies Finance LLC/JFIN Co-Issuer Corp. 6.25%, 6/03/26 ^(a)			428		448,253
Lincoln Financing SARL 3.625%, 4/01/24 ^(a)	EUR		390		453,187
Navient Corp. 8.00%, 3/25/20	U.S.$		60		60,750
SLM Corp. 5.125%, 4/05/22			605		625,909
Springleaf Finance Corp. 6.875%, 3/15/25			735		836,614
TMX Finance LLC/TitleMax Finance Corp. 11.125%, 4/01/23 ^(a)			890		810,874

					10,443,198

Insurance – 0.8%
Acrisure LLC/Acrisure Finance, Inc.
7.00%, 11/15/25^(a)			987		955,284
10.125%, 8/01/26^(a)			1,086		1,166,585
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 6.75%, 10/15/27 ^(a)			887		951,505
ASR Nederland NV 4.625%, 10/19/27 ^(a) (m)	EUR		840		1,006,142
Genworth Holdings, Inc. 7.625%, 9/24/21	U.S.$		958		1,010,259
Polaris Intermediate Corp. 8.50% (8.50% Cash or 9.25% PIK), 12/01/22 ^{(a) (g)}			3,010		2,799,867
WellCare Health Plans, Inc. 5.375%, 8/15/26 ^(a)			595		634,913

					8,524,555

Other Finance – 0.7%
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.625%, 7/15/26^(a)			312		335,180
9.75%, 7/15/27^(a)			2,083		2,227,058
Intrum AB
2.75%, 7/15/22^(a)	EUR		298		338,786
3.00%, 9/15/27^(a)			360		397,195
3.125%, 7/15/24^(a)			489		559,496


		Principal Amount (000)		U.S. $ Value
3.50%, 7/15/26^(a)	EUR		260	$	297,827
NVA Holdings, Inc. 6.875%, 4/01/26 ^(a)	U.S.$		1,013		1,095,306
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. 6.75%, 6/01/25 ^(a)			2,094		2,163,630

					7,414,478

REITS – 0.5%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 5.75%, 5/15/26 ^(a)			950		1,006,281
GEO Group, Inc. (The) 6.00%, 4/15/26			144		127,740
Iron Mountain, Inc.
4.875%, 9/15/27^(a)			255		263,016
5.25%, 3/15/28^(a)			1,576		1,644,516
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 5.75%, 2/01/27 ^(a)			991		1,107,451
Realogy Group LLC/Realogy Co-Issuer Corp. 9.375%, 4/01/27 ^(a)			1,794		1,871,210

					6,020,214

					70,772,471

Utility – 0.8%
Electric – 0.8%
Calpine Corp.
5.125%, 3/15/28^(a)			2,633		2,684,807
5.50%, 2/01/24			1,279		1,296,247
NRG Energy, Inc.
6.625%, 1/15/27			25		27,192
7.25%, 5/15/26			1,754		1,916,251
Talen Energy Supply LLC
6.50%, 6/01/25			1,741		1,485,282
7.25%, 5/15/27^(a)			339		356,906
10.50%, 1/15/26^(a)			802		763,378
Texas Competitive/TCEH 11.50%, 10/01/20 ^{(b) (d) (e) (h)}			626		0
Vistra Operations Co. LLC 5.625%, 2/15/27 ^(a)			625		658,883

					9,188,946

Total Corporates - Non-Investment Grade (cost $353,091,839)					353,600,504


		Principal Amount (000)		U.S. $ Value
GOVERNMENTS - TREASURIES – 11.5%
Colombia – 0.6%
Colombian TES Series B 10.00%, 7/24/24	COP		18,165,600	$	6,537,722

Indonesia – 2.9%
Indonesia Treasury Bond
Series FR56
8.375%, 9/15/26	IDR		25,513,000		1,971,865
Series FR70
8.375%, 3/15/24			15,308,000		1,179,871
Series FR77
8.125%, 5/15/24			290,356,000		22,316,575
Series FR78
8.25%, 5/15/29			100,018,000		7,831,411

					33,299,722

Mexico – 0.2%
Mexican Bonos Series M 20 7.50%, 6/03/27	MXN		46,433		2,545,192

Russia – 0.8%
Russian Federal Bond - OFZ
Series 6209
7.60%, 7/20/22	RUB		37,074		624,693
Series 6212
7.05%, 1/19/28			220,100		3,745,330
Series 6217
7.50%, 8/18/21			274,943		4,557,632

					8,927,655

United States – 7.0%
U.S. Treasury Bonds
2.75%, 11/15/42^(o)	U.S.$		2,200		2,352,625
4.50%, 2/15/36			2,400		3,186,375
5.00%, 5/15/37^(o)			1,900		2,692,656
5.25%, 2/15/29^(p)			5,350		6,843,820
6.125%, 11/15/27^(q)			1,000		1,313,750
6.25%, 5/15/30			5,800		8,159,875
8.125%, 5/15/21			5,250		5,711,836
U.S. Treasury Notes
1.625%, 8/15/29			4,745		4,626,375
2.25%, 2/15/27^{(p) (q) (r)}			26,373		27,114,741
2.875%, 8/15/28			17,670		19,055,991

					81,058,044

Total Governments - Treasuries (cost $124,696,627)					132,368,335

EMERGING MARKETS - SOVEREIGNS – 9.4%
Angola – 0.4%
Angolan Government International Bond
8.00%, 11/26/29^(a)			835		889,275
8.25%, 5/09/28^(a)			400		431,250


		Principal Amount (000)		U.S. $ Value
9.50%, 11/12/25^(a)	U.S.$		2,756	$	3,220,214

					4,540,739

Argentina – 1.1%
Argentine Republic Government International Bond
5.625%, 1/26/22			482		250,489
5.875%, 1/11/28			1,165		547,186
6.625%, 7/06/28			443		209,318
6.875%, 1/26/27-1/11/48			17,959		8,798,034
7.50%, 4/22/26			4,510		2,335,334
7.82%, 12/31/33	EUR		1,236		798,343
Series NY
3.75%, 12/31/38	U.S.$		796		389,925

					13,328,629

Bahrain – 0.3%
Bahrain Government International Bond
5.625%, 9/30/31^(a)			1,193		1,276,510
6.75%, 9/20/29^(a)			528		613,800
7.00%, 10/12/28^(a)			1,253		1,479,323

					3,369,633

Brazil – 0.3%
Brazilian Government International Bond 4.625%, 1/13/28			3,530		3,799,163

Cameroon – 0.1%
Republic of Cameroon International Bond 9.50%, 11/19/25 ^(a)			1,222		1,369,404

Costa Rica – 0.3%
Costa Rica Government International Bond 6.125%, 2/19/31 ^(a)			3,310		3,515,841

Dominican Republic – 0.9%
Dominican Republic International Bond
5.95%, 1/25/27^(a)			1,553		1,717,521
7.45%, 4/30/44^(a)			1,283		1,548,420
8.625%, 4/20/27^(a)			5,719		6,946,798

					10,212,739

Ecuador – 0.3%
Ecuador Government International Bond
7.95%, 6/20/24^(a)			667		631,983
10.50%, 3/24/20^(a)			200		202,980
10.75%, 3/28/22^(a)			2,808		2,858,895

					3,693,858

Egypt – 0.6%
Egypt Government International Bond
6.125%, 1/31/22^(a)			3,559		3,696,912


		Principal Amount (000)		U.S. $ Value
6.20%, 3/01/24^(a)	U.S.$		2,743	$	2,955,582

					6,652,494

El Salvador – 0.1%
El Salvador Government International Bond
5.875%, 1/30/25^(a)			300		315,750
7.125%, 1/20/50^(a)			273		290,489
7.625%, 9/21/34^(a)			762		842,962
7.75%, 1/24/23^(a)			339		371,947

					1,821,148

Gabon – 0.3%
Gabon Government International Bond
6.375%, 12/12/24^(a)			2,052		2,145,414
6.95%, 6/16/25^(a)			1,050		1,105,125

					3,250,539

Ghana – 0.1%
Ghana Government International Bond 10.75%, 10/14/30 ^(a)			780		998,400

Honduras – 0.3%
Honduras Government International Bond
6.25%, 1/19/27^(a)			1,748		1,907,505
7.50%, 3/15/24^(a)			730		812,809
8.75%, 12/16/20^(a)			320		337,300

					3,057,614

Iraq – 0.1%
Iraq International Bond
5.80%, 1/15/28^(a)			264		259,050
6.752%, 3/09/23^(a)			402		411,799

					670,849

Ivory Coast – 0.5%
Ivory Coast Government International Bond
5.125%, 6/15/25^(a)	EUR		168		207,349
5.875%, 10/17/31^(a)			1,880		2,187,876
6.375%, 3/03/28^(a)	U.S.$		2,678		2,831,985
6.625%, 3/22/48^(a)	EUR		331		373,603

					5,600,813

Jamaica – 0.1%
Jamaica Government International Bond 7.625%, 7/09/25	U.S.$		506		600,559

Jordan – 0.1%
Jordan Government International Bond 5.75%, 1/31/27 ^(a)			634		668,672


		Principal Amount (000)		U.S. $ Value
Kenya – 0.5%
Kenya Government International Bond
6.875%, 6/24/24^(a)	U.S.$		3,550	$	3,835,110
7.00%, 5/22/27^(a)			837		887,220
7.25%, 2/28/28^(a)			649		701,731

					5,424,061

Lebanon – 0.1%
Lebanon Government International Bond
6.65%, 4/22/24^(a)			427		191,483
6.85%, 3/23/27^(a)			454		201,746
Series G
6.60%, 11/27/26^(a)			1,654		737,064

					1,130,293

Mongolia – 0.2%
Mongolia Government International Bond
5.125%, 12/05/22^(a)			2,426		2,481,343
10.875%, 4/06/21^(a)			200		218,063

					2,699,406

Nigeria – 0.5%
Nigeria Government International Bond
6.375%, 7/12/23^(a)			740		789,195
6.50%, 11/28/27^(a)			388		396,366
6.75%, 1/28/21^(a)			288		298,890
7.625%, 11/21/25^(a)			3,385		3,737,840
7.875%, 2/16/32^(a)			489		506,879

					5,729,170

Oman – 0.4%
Oman Government International Bond
4.125%, 1/17/23^(a)			4,265		4,374,290
4.75%, 6/15/26^(a)			550		558,422
6.00%, 8/01/29^(a)			210		219,319

					5,152,031

Pakistan – 0.0%
Pakistan Government International Bond 6.875%, 12/05/27 ^(a)			215		223,452

Senegal – 0.2%
Senegal Government International Bond
6.25%, 5/23/33^(a)			593		623,762
6.75%, 3/13/48^(a)			1,928		1,943,062
8.75%, 5/13/21^(a)			310		336,544

					2,903,368

Sri Lanka – 0.4%
Sri Lanka Government International Bond
6.125%, 6/03/25^(a)			350		339,055
6.20%, 5/11/27^(a)			685		639,835


		Principal Amount (000)		U.S. $ Value
6.85%, 3/14/24^(a)	U.S.$		2,085	$	2,114,128
7.85%, 3/14/29^(a)			1,518		1,536,850

					4,629,868

Turkey – 0.4%
Turkey Government International Bond
3.25%, 3/23/23			3,202		3,077,923
4.875%, 10/09/26-4/16/43			824		707,341
7.375%, 2/05/25			1,107		1,209,743

					4,995,007

Ukraine – 0.6%
Ukraine Government International Bond 7.75%, 9/01/21-9/01/24^(a)			6,169		6,649,751

Venezuela – 0.1%
Venezuela Government International Bond
9.25%, 9/15/27^{(d) (h) (l)}			7,978		917,470
9.25%, 5/07/28^{(d) (f) (l)}			300		34,500

					951,970

Zambia – 0.1%
Zambia Government International Bond 8.50%, 4/14/24 ^(a)			1,475		1,015,445

Total Emerging Markets - Sovereigns (cost $110,358,206)					108,654,916

CORPORATES - INVESTMENT GRADE – 9.3%
Financial Institutions – 5.5%
Banking – 3.0%
ABN AMRO Bank NV Series E 6.25%, 4/27/22 ^(a)			292		315,172
Ally Financial, Inc. 8.00%, 11/01/31			1,456		2,012,189
Bank of America Corp.
Series DD
6.30%, 3/10/26^(m)			3,043		3,527,659
Series Z
6.50%, 10/23/24^(m)			57		64,702
Barclays Bank PLC 6.86%, 6/15/32 ^(a) (m)			166		201,214
BNP Paribas SA
6.75%, 3/14/22^{(a) (m)}			418		445,871
7.625%, 3/30/21^{(a) (m)}			93		98,252
BPCE SA 5.70%, 10/22/23 ^(a)			208		230,320
Credit Agricole SA 8.125%, 12/23/25^(a) (m)			1,909		2,299,901
DNB Bank ASA 6.50%, 3/26/22 ^(a) (m)			1,555		1,648,210


		Principal Amount (000)		U.S. $ Value
HSBC Holdings PLC Series E 4.75%, 7/04/29 ^{(a) (m)}	EUR		3,200	$	4,043,590
ING Groep NV
6.50%, 4/16/25^(m)	U.S.$		520		559,709
6.875%, 4/16/22^{(a) (m)}			250		267,251
Intesa Sanpaolo SpA
2.75%, 3/20/20^(a)	EUR		482		544,157
5.017%, 6/26/24^(a)	U.S.$		331		346,648
5.71%, 1/15/26^(a)			1,232		1,334,989
JPMorgan Chase & Co.
Series FF
5.00%, 8/01/24^(m)			1,621		1,694,777
Series V
5.229% (LIBOR 3 Month + 3.32%), 4/01/20^(m) (n)			210		211,751
Lloyds Banking Group PLC
6.413%, 10/01/35^{(a) (m)}			235		273,313
6.657%, 5/21/37^{(a) (m)}			98		116,930
7.625%, 6/27/23^{(a) (m)}	GBP		1,760		2,614,931
Nationwide Building Society 4.302%, 3/08/29 ^(a)	U.S.$		1,500		1,639,181
Nordea Bank Abp 6.625%, 3/26/26 ^(a) (m)			3,065		3,396,159
Regions Bank/Birmingham AL 6.45%, 6/26/37			1,500		1,963,131
Santander Holdings USA, Inc. 4.40%, 7/13/27			1,090		1,178,339
Swedbank AB Series NC5 5.625%, 9/17/24 ^(a) (m)			1,000		1,030,381
UBS Group AG 7.00%, 1/31/24-2/19/25^{(a) (m)}			2,692		3,066,289

					35,125,016

Insurance – 1.9%
Aegon NV 5.50%, 4/11/48			757		818,720
Allstate Corp. (The) 6.50%, 5/15/57			1,657		2,058,296
American International Group, Inc. 6.82%, 11/15/37			1,425		1,881,142
Aon Corp. 8.205%, 1/01/27			690		882,688
Assicurazioni Generali SpA Series E 5.50%, 10/27/47 ^(a)	EUR		1,500		2,069,326
Caisse Nationale de Reassurance Mutuelle Agricole Groupama 6.00%, 1/23/27			1,400		2,000,048
Centene Corp.
4.25%, 12/15/27^(a)	U.S.$		430		442,823
4.625%, 12/15/29^(a)			491		517,066


		Principal Amount (000)		U.S. $ Value
Liberty Mutual Group, Inc. 7.80%, 3/15/37 ^(a)	U.S.$		2,559	$	3,378,975
MetLife, Inc. 10.75%, 8/01/39			2,350		3,854,019
Prudential Financial, Inc.
5.20%, 3/15/44			340		362,266
5.625%, 6/15/43			1,082		1,166,249
SCOR SE 3.00%, 6/08/46 ^(a)	EUR		200		253,576
Transatlantic Holdings, Inc. 8.00%, 11/30/39	U.S.$		1,261		1,877,002

					21,562,196

REITS – 0.6%
GLP Capital LP/GLP Financing II, Inc.
3.35%, 9/01/24			206		210,642
4.00%, 1/15/30			180		184,347
5.25%, 6/01/25			130		142,842
5.375%, 4/15/26			733		811,235
5.75%, 6/01/28			67		76,110
MPT Operating Partnership LP/MPT Finance Corp.
4.625%, 8/01/29			342		352,813
5.00%, 10/15/27			344		365,573
5.25%, 8/01/26			137		144,714
5.50%, 5/01/24			264		271,144
Sabra Health Care LP/Sabra Capital Corp. 4.80%, 6/01/24			710		755,211
Senior Housing Properties Trust 6.75%, 12/15/21			1,350		1,431,687
Service Properties Trust
4.35%, 10/01/24			1,040		1,070,704
4.75%, 10/01/26			520		536,145
Spirit Realty LP 4.45%, 9/15/26			193		207,575

					6,560,742

					63,247,954

Industrial – 3.7%
Basic – 0.6%
Anglo American Capital PLC
3.625%, 9/11/24^(a)			200		207,713
4.75%, 4/10/27^(a)			637		698,591
ArcelorMittal SA
6.75%, 3/01/41			362		435,262
7.00%, 10/15/39			624		762,037
Braskem Netherlands Finance BV 4.50%, 1/31/30 ^(a)			1,037		1,030,648
Fresnillo PLC 5.50%, 11/13/23 ^(a)			306		332,201
Georgia-Pacific LLC 8.875%, 5/15/31			1		1,559
Glencore Finance Canada Ltd. 6.00%, 11/15/41 ^(a)			272		303,069


		Principal Amount (000)		U.S. $ Value
Glencore Funding LLC 4.625%, 4/29/24 ^(a)	U.S.$		341	$	364,207
Minsur SA 6.25%, 2/07/24 ^(a)			891		979,736
WestRock MWV LLC 7.95%, 2/15/31			1,000		1,378,671

					6,493,694

Capital Goods – 0.2%
Arconic, Inc. 5.90%, 2/01/27			119		135,685
General Electric Co. Series D 5.00%, 1/21/21 ^(m)			1,681		1,647,121
Textron Financial Corp. 3.645% (LIBOR 3 Month + 1.74%), 2/15/42 ^{(a) (n)}			575		453,049

					2,235,855

Communications - Media – 0.1%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.908%, 7/23/25			1,195		1,317,109

Communications - Telecommunications – 0.4%
Qwest Corp. 6.875%, 9/15/33			1,360		1,366,615
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
4.738%, 3/20/25^(a)			1,340		1,421,041
5.152%, 3/20/28^(a)			1,340		1,458,749

					4,246,405

Consumer Cyclical - Automotive – 0.2%
General Motors Co.
5.20%, 4/01/45			337		340,759
6.25%, 10/02/43			116		129,532
6.75%, 4/01/46			456		535,743
ZF North America Capital, Inc. 4.75%, 4/29/25 ^(a)			1,065		1,123,055

					2,129,089

Consumer Cyclical - Entertainment – 0.1%
Silversea Cruise Finance Ltd. 7.25%, 2/01/25 ^(a)			1,409		1,490,228

Consumer Cyclical - Other – 0.6%
James Hardie International Finance DAC
4.75%, 1/15/25^(a)			285		295,738
5.00%, 1/15/28^(a)			273		286,567
Lennar Corp.
4.75%, 11/29/27			25		26,962
6.625%, 5/01/20			1,332		1,351,915


		Principal Amount (000)		U.S. $ Value
MDC Holdings, Inc. 6.00%, 1/15/43	U.S.$		2,105	$	2,193,827
Owens Corning 7.00%, 12/01/36			777		966,093
Standard Industries, Inc./NJ
4.75%, 1/15/28^(a)			76		77,939
6.00%, 10/15/25^(a)			934		981,867
Toll Brothers Finance Corp. 4.875%, 3/15/27			1,124		1,218,978

					7,399,886

Consumer Non-Cyclical – 0.3%
CVS Health Corp. 4.78%, 3/25/38			2,140		2,434,838
HCA, Inc.
4.50%, 2/15/27			65		70,224
5.00%, 3/15/24			330		360,895
5.25%, 6/15/26			165		184,984

					3,050,941

Energy – 0.5%
AI Candelaria Spain SLU 7.50%, 12/15/28 ^(a)			1,166		1,307,377
Cenovus Energy, Inc. 6.75%, 11/15/39			67		85,280
Cheniere Corpus Christi Holdings LLC 7.00%, 6/30/24			683		788,656
Energy Transfer Operating LP 7.50%, 10/15/20			251		261,044
Energy Transfer Partners LP/Regency Energy Finance Corp. 4.50%, 11/01/23			546		577,259
Kinder Morgan, Inc./DE
Series G
7.75%, 1/15/32			328		449,629
7.80%, 8/01/31			1,066		1,460,903
Southern Star Central Corp. 5.125%, 7/15/22 ^(a)			796		803,842

					5,733,990

Other Industrial – 0.1%
Alfa SAB de CV 5.25%, 3/25/24 ^(a)			1,580		1,705,906

Services – 0.1%
Verisk Analytics, Inc. 5.50%, 6/15/45			636		789,561

Technology – 0.5%
Dell International LLC/EMC Corp.
6.02%, 6/15/26^(a)			1,318		1,521,690
8.35%, 7/15/46^(a)			524		717,282
Nokia Oyj 6.625%, 5/15/39			527		610,455
Seagate HDD Cayman
4.75%, 1/01/25			953		1,015,570


		Principal Amount (000)		U.S. $ Value
4.875%, 6/01/27	U.S.$		1,082	$	1,148,495
Western Digital Corp. 4.75%, 2/15/26			1,023		1,067,269

					6,080,761

					42,673,425

Utility – 0.1%
Electric – 0.1%
AES Corp./VA 4.875%, 5/15/23			840		852,994

Total Corporates - Investment Grade (cost $93,307,718)					106,774,373

COLLATERALIZED MORTGAGE OBLIGATIONS – 9.0%
Risk Share Floating Rate – 7.1%
Bellemeade Re Ltd.
Series 2018-2A, Class M1B
3.142% (LIBOR 1 Month + 1.35%), 8/25/28^(a) (n)			1,968		1,971,137
Series 2018-3A, Class M2
4.542% (LIBOR 1 Month + 2.75%), 10/25/28^(a) (n)			915		925,275
Series 2019-3A, Class M1C
3.742% (LIBOR 1 Month + 1.95%), 7/25/29^(a) (n)			1,555		1,559,496
Connecticut Avenue Securities Trust Series 2018-R07, Class 1B1 6.142% (LIBOR 1 Month + 4.35%), 4/25/31 ^{(a) (n)}			441		474,740
Eagle Re Ltd. Series 2018-1, Class M2 4.792% (LIBOR 1 Month + 3.00%), 11/25/28 ^{(a) (n)}			264		267,647
Federal Home Loan Mortgage Corp. Series 2019-DNA3, Class M2 3.842% (LIBOR 1 Month + 2.05%), 7/25/49 ^{(a) (n)}			170		171,159
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2013-DN2, Class M2
6.042% (LIBOR 1 Month + 4.25%), 11/25/23⁽ⁿ⁾			1,514		1,632,222
Series 2014-DN1, Class M3
6.292% (LIBOR 1 Month + 4.50%), 2/25/24⁽ⁿ⁾			1,939		2,123,569
Series 2014-HQ1, Class M3
5.892% (LIBOR 1 Month + 4.10%), 8/25/24⁽ⁿ⁾			1,327		1,405,244
Series 2014-HQ2, Class M3
5.542% (LIBOR 1 Month + 3.75%), 9/25/24⁽ⁿ⁾			3,710		4,006,930
Series 2014-HQ3, Class M3
6.542% (LIBOR 1 Month + 4.75%), 10/25/24⁽ⁿ⁾			3,152		3,337,053


		Principal Amount (000)		U.S. $ Value
Series 2015-DN1, Class B
13.292% (LIBOR 1 Month + 11.50%), 1/25/25⁽ⁿ⁾	U.S.$		2,183	$	2,957,008
Series 2015-DN1, Class M3
5.942% (LIBOR 1 Month + 4.15%), 1/25/25⁽ⁿ⁾			935		975,535
Series 2015-DNA1, Class B
10.992% (LIBOR 1 Month + 9.20%), 10/25/27⁽ⁿ⁾			595		771,356
Series 2015-DNA2, Class B
9.342% (LIBOR 1 Month + 7.55%), 12/25/27⁽ⁿ⁾			1,455		1,745,124
Series 2015-DNA3, Class B
11.142% (LIBOR 1 Month + 9.35%), 4/25/28⁽ⁿ⁾			1,022		1,318,663
Series 2015-HQ1, Class B
12.542% (LIBOR 1 Month + 10.75%), 3/25/25⁽ⁿ⁾			3,845		5,031,507
Series 2015-HQ1, Class M3
5.592% (LIBOR 1 Month + 3.80%), 3/25/25⁽ⁿ⁾			358		367,019
Series 2015-HQA1, Class B
10.592% (LIBOR 1 Month + 8.80%), 3/25/28⁽ⁿ⁾			1,006		1,235,549
Series 2016-DNA2, Class B
12.292% (LIBOR 1 Month + 10.50%), 10/25/28⁽ⁿ⁾			857		1,176,916
Series 2016-DNA3, Class B
13.042% (LIBOR 1 Month + 11.25%), 12/25/28⁽ⁿ⁾			2,766		3,849,230
Series 2016-DNA3, Class M3
6.792% (LIBOR 1 Month + 5.00%), 12/25/28⁽ⁿ⁾			1,113		1,213,014
Series 2016-DNA4, Class B
10.392% (LIBOR 1 Month + 8.60%), 3/25/29⁽ⁿ⁾			395		492,215
Series 2016-HQA2, Class B
13.292% (LIBOR 1 Month + 11.50%), 11/25/28⁽ⁿ⁾			422		578,670
Series 2017-DNA2, Class B1
6.942% (LIBOR 1 Month + 5.15%), 10/25/29⁽ⁿ⁾			415		478,997
Series 2017-DNA2, Class M2
5.242% (LIBOR 1 Month + 3.45%), 10/25/29⁽ⁿ⁾			599		638,055
Series 2017-DNA3, Class B1
6.242% (LIBOR 1 Month + 4.45%), 3/25/30⁽ⁿ⁾			615		680,145
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C01, Class M2
6.192% (LIBOR 1 Month + 4.40%), 1/25/24⁽ⁿ⁾			3,793		4,122,564
Series 2014-C03, Class 1M2


		Principal Amount (000)		U.S. $ Value
4.792% (LIBOR 1 Month + 3.00%), 7/25/24⁽ⁿ⁾	U.S.$		869	$	913,678
Series 2014-C04, Class 1M2
6.692% (LIBOR 1 Month + 4.90%), 11/25/24⁽ⁿ⁾			2,192		2,407,911
Series 2015-C01, Class 1M2
6.092% (LIBOR 1 Month + 4.30%), 2/25/25⁽ⁿ⁾			2,005		2,134,374
Series 2015-C01, Class 2M2
6.342% (LIBOR 1 Month + 4.55%), 2/25/25⁽ⁿ⁾			778		808,153
Series 2015-C02, Class 1M2
5.792% (LIBOR 1 Month + 4.00%), 5/25/25⁽ⁿ⁾			607		643,926
Series 2015-C03, Class 1M2
6.792% (LIBOR 1 Month + 5.00%), 7/25/25⁽ⁿ⁾			1,860		2,024,614
Series 2015-C04, Class 1M2
7.492% (LIBOR 1 Month + 5.70%), 4/25/28⁽ⁿ⁾			2,172		2,411,295
Series 2015-C04, Class 2M2
7.342% (LIBOR 1 Month + 5.55%), 4/25/28⁽ⁿ⁾			724		772,155
Series 2016-C01, Class 1B
13.542% (LIBOR 1 Month + 11.75%), 8/25/28⁽ⁿ⁾			679		959,056
Series 2016-C01, Class 1M2
8.542% (LIBOR 1 Month + 6.75%), 8/25/28⁽ⁿ⁾			1,674		1,862,498
Series 2016-C01, Class 2M2
8.742% (LIBOR 1 Month + 6.95%), 8/25/28⁽ⁿ⁾			529		578,261
Series 2016-C02, Class 1B
14.042% (LIBOR 1 Month + 12.25%), 9/25/28⁽ⁿ⁾			448		646,820
Series 2016-C02, Class 1M2
7.792% (LIBOR 1 Month + 6.00%), 9/25/28⁽ⁿ⁾			1,941		2,136,285
Series 2016-C03, Class 1B
13.542% (LIBOR 1 Month + 11.75%), 10/25/28⁽ⁿ⁾			373		528,020
Series 2016-C03, Class 2B
14.542% (LIBOR 1 Month + 12.75%), 10/25/28⁽ⁿ⁾			631		909,939
Series 2016-C03, Class 2M2
7.692% (LIBOR 1 Month + 5.90%), 10/25/28⁽ⁿ⁾			2,811		3,035,808
Series 2016-C04, Class 1B
12.042% (LIBOR 1 Month + 10.25%), 1/25/29⁽ⁿ⁾			1,488		1,987,267
Series 2016-C05, Class 2B
12.542% (LIBOR 1 Month + 10.75%), 1/25/29⁽ⁿ⁾			1,820		2,428,796
Series 2016-C06, Class 1B


		Principal Amount (000)		U.S. $ Value
11.042% (LIBOR 1 Month + 9.25%), 4/25/29⁽ⁿ⁾	U.S.$		1,285	$	1,647,952
Series 2016-C07, Class 2B
11.292% (LIBOR 1 Month + 9.50%), 5/25/29⁽ⁿ⁾			1,558		1,976,013
Series 2017-C01, Class 1B1
7.542% (LIBOR 1 Month + 5.75%), 7/25/29⁽ⁿ⁾			148		174,915
Series 2017-C02, Class 2M2
5.442% (LIBOR 1 Month + 3.65%), 9/25/29⁽ⁿ⁾			1,152		1,210,262
Series 2018-C01, Class 1B1
5.342% (LIBOR 1 Month + 3.55%), 7/25/30⁽ⁿ⁾			909		958,563
Home Re Ltd. Series 2018-1, Class M2 4.792% (LIBOR 1 Month + 3.00%), 10/25/28 ^{(a) (n)}			988		1,003,256
JP Morgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 7.292% (LIBOR 1 Month + 5.50%), 10/25/25 ^{(f) (n)}			1,351		1,477,852
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 7.292% (LIBOR 1 Month + 5.50%), 11/25/25 ^{(f) (n)}			526		594,060

					81,737,768

Non-Agency Fixed Rate – 0.7%
Alternative Loan Trust
Series 2006-24CB, Class A15
5.75%, 8/25/36			731		592,082
Series 2006-42, Class 1A6
6.00%, 1/25/47			639		561,254
Series 2006-HY12, Class A5
3.955%, 8/25/36			1,124		1,171,426
Series 2006-J1, Class 1A10
5.50%, 2/25/36			977		875,737
Series 2006-J5, Class 1A1
6.50%, 9/25/36			817		680,776
Bear Stearns ARM Trust
Series 2007-3, Class 1A1
4.333%, 5/25/47			162		157,406
Series 2007-4, Class 22A1
4.028%, 6/25/47			676		647,609
ChaseFlex Trust Series 2007-1, Class 1A3 6.50%, 2/25/37			495		277,833
CHL Mortgage Pass-Through Trust Series 2007-HY4, Class 1A1 3.794%, 9/25/47			179		170,316
Citigroup Mortgage Loan Trust Series 2007-AR4, Class 1A1A 4.54%, 3/25/37			116		114,675


		Principal Amount (000)		U.S. $ Value
CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A4 5.75%, 3/25/37	U.S.$		813	$	808,940
CSMC Mortgage-Backed Trust Series 2006-7, Class 3A12 6.25%, 8/25/36			310		235,837
Residential Accredit Loans, Inc. Trust Series 2005-QS14, Class 3A1 6.00%, 9/25/35			409		393,078
Residential Asset Securitization Trust Series 2006-A8, Class 3A4 6.00%, 8/25/36			176		138,854
Washington Mutual Mortgage Pass-Through Certificates Trust Series 2006-9, Class A4 4.581%, 10/25/36			1,446		648,744
Wells Fargo Mortgage Backed Securities Trust Series 2007-AR7, Class A1 4.354%, 12/28/37			737		708,051

					8,182,618

Non-Agency Floating Rate – 0.6%
Alternative Loan Trust Series 2007-7T2, Class A3 2.392% (LIBOR 1 Month + 0.60%), 4/25/37 ⁽ⁿ⁾			2,413		979,892
Citigroup Mortgage Loan Trust Series 2005-8, Class 2A2 3.008% (4.80% – LIBOR 1 Month), 9/25/35 ^{(n) (s)}			252		8,990
Countrywide Home Loan Mortgage Pass-Through Trust Series 2007-13, Class A7 2.392% (LIBOR 1 Month + 0.60%), 8/25/37 ⁽ⁿ⁾			444		271,291
First Horizon Alternative Mortgage Securities Trust
Series 2007-FA2, Class 1A10
2.042% (LIBOR 1 Month + 0.25%), 4/25/37⁽ⁿ⁾			288		118,971
Series 2007-FA2, Class 1A6
3.758% (5.55% – LIBOR 1 Month), 4/25/37^(n) (s)			97		21,361
Lehman XS Trust Series 2007-10H, Class 2AIO 5.309% (7.00% – LIBOR 1 Month), 7/25/37 ^{(n) (s)}			244		40,614
Residential Accredit Loans, Inc. Trust Series 2006-QS18, Class 2A2 4.758% (6.55% – LIBOR 1 Month), 12/25/36 ^{(n) (s)}			3,513		545,499


		Principal Amount (000)		U.S. $ Value
Wachovia Mortgage Loan Trust Series 2006-ALT1, Class A2 1.972% (LIBOR 1 Month + 0.18%), 1/25/37 ⁽ⁿ⁾	U.S.$		8,354	$	5,152,225

					7,138,843

Agency Fixed Rate – 0.6%
Federal Home Loan Mortgage Corp. REMICs Series 4767 6.00%, 3/15/48 ^(t)			20,309		4,861,357
Freddie Mac Strips Series 247 5.50%, 4/15/36 ^(t)			9,653		2,059,898

					6,921,255

Total Collateralized Mortgage Obligations (cost $94,718,606)					103,980,484

BANK LOANS – 5.3%
Industrial – 4.9%
Capital Goods – 0.6%
Apex Tool Group, LLC 7.299% (LIBOR 1 Month + 5.50%), 8/01/24^(u)			2,275		2,239,066
Brookfield WEC Holdings Inc. (fka Westinghouse Electric Company LLC) 5.299% (LIBOR 1 Month + 3.50%), 8/01/25^(u)			874		879,058
BWay Holding Company 5.234%, 4/03/24^(u)			1,002		997,760
Gardner Denver, Inc. 4.549% (LIBOR 1 Month + 2.75%), 7/30/24^(u)			709		713,572
Granite US Holdings Corporation 7.211% (LIBOR 3 Month + 5.25%), 9/30/26^{(b) (u)}			1,554		1,557,990
Panther BF Aggregator 2 L P 5.305% (LIBOR 1 Month + 3.50%), 4/30/26^(u)			509		509,681
Transdigm Inc. 4.299% (LIBOR 1 Month + 2.50%), 6/09/23^(u)			353		353,734
Welbilt, Inc. (fka Manitowoc Foodservice, Inc.) 4.299% (LIBOR 1 Month + 2.50%), 10/23/25^{(b) (u)}			110		109,805

					7,360,666
Communications - Media – 0.1%
Clear Channel Outdoor Holdings, Inc. 5.299% (LIBOR 1 Month + 3.50%), 8/21/26^(u)			324		325,441


		Principal Amount (000)		U.S. $ Value
Diamond Sports Group, LLC 5.03% (LIBOR 1 Month + 3.25%), 8/24/26^(u)	U.S.$		299	$	298,628
iHeartCommunications, Inc. (fka Clear Channel Communications, Inc.) 5.691% (LIBOR 1 Month + 4.00%), 5/01/26^(u)			376		378,280
LCPR Loan Financing LLC 6.74% (LIBOR 1 Month + 5.00%), 10/15/26^(u)			578		584,907

					1,587,256

Communications - Telecommunications – 0.1%
Intelsat Jackson Holdings S.A.
6.432% (LIBOR 6 Month + 4.50%), 1/02/24^(u)			69		69,229
6.625%, 1/02/24			115		116,519
West Corporation 5.927% (LIBOR 3 Month + 4.00%), 10/10/24^(u)			1,110		938,185

					1,123,933

Consumer Cyclical - Automotive – 0.0%
Navistar, Inc. 5.24% (LIBOR 1 Month + 3.50%), 11/06/24^(u)			349		347,120

Consumer Cyclical - Entertainment – 0.2%
Motion Acquisition Limited
5.151% (LIBOR 3 Month + 3.25%), 11/12/26^(u)			637		643,755
Seaworld Parks & Entertainment, Inc. (fka SW Acquisitions Co., Inc.) 4.799%, 4/01/24^(u)			962		965,525

					1,609,280

Consumer Cyclical - Other – 0.5%
Caesars Resort Collection, LLC (fka Caesars Growth Properties Holdings, LLC) 4.549% (LIBOR 1 Month + 2.75%), 12/23/24^(u)			1,401		1,402,946
Playtika Holding Corp. 7.736% (LIBOR 3 Month + 6.00%), 12/10/24^(u)			3,096		3,125,412
Scientific Games International, Inc.
4.452% (LIBOR 1 Month + 2.75%), 8/14/24^(u)			699		700,607
4.549% (LIBOR 1 Month + 2.75%), 8/14/24^(u)			169		169,766


		Principal Amount (000)		U.S. $ Value
Stars Group Holdings B.V. 5.445% (LIBOR 3 Month + 3.50%), 7/10/25^(u)	U.S.$		268	$	269,640

					5,668,371

Consumer Cyclical - Restaurants – 0.1%
IRB Holding Corp. (fka Arby’s/Buffalo Wild Wings) 5.216% (LIBOR 3 Month + 3.25%), 2/05/25^(u)			853		857,181
Whatabrands LLC 4.944% (LIBOR 1 Month + 3.25%), 8/02/26^(u)			399		400,923

					1,258,104

Consumer Cyclical - Retailers – 0.3%
Bass Pro Group, LLC 6.799% (LIBOR 1 Month + 5.00%), 9/25/24^(u)			492		489,700
PetSmart, Inc. 5.74% (LIBOR 1 Month + 4.00%), 3/11/22^(u)			1,051		1,038,750
Serta Simmons Bedding, LLC 9.785% (LIBOR 1 Month + 8.00%), 11/08/24^(u)			1,270		373,613
Specialty Building Products Holdings, LLC 7.549% (LIBOR 1 Month + 5.75%), 10/01/25^(u)			1,180		1,172,641

					3,074,704
Consumer Non-Cyclical – 1.3%
Acadia Healthcare Company, Inc. 4.299% (LIBOR 1 Month + 2.50%), 2/16/23^(u)			448		448,253
Air Medical Group Holdings, Inc.
5.035% (LIBOR 1 Month + 3.25%), 4/28/22^(u)			1,201		1,173,529
5.952% (LIBOR 1 Month + 4.25%), 3/14/25^(u)			919		889,240
Aldevron, L.L.C. 6.195% (LIBOR 3 Month + 4.25%), 10/12/26^{(b) (u)}			818		826,036
Alphabet Holding Company, Inc. (fka Nature’s Bounty) 9.549% (LIBOR 1 Month + 7.75%), 9/26/25^(u)			1,866		1,634,688
Arbor Pharmaceuticals, LLC 6.945% (LIBOR 3 Month + 5.00%), 7/05/23^(u)			1,118		977,351
athenahealth, Inc. 6.401% (LIBOR 3 Month + 4.50%), 2/11/26^(u)			2,036		2,043,948


		Principal Amount (000)		U.S. $ Value
BI-LO, LLC
9.850% (LIBOR 3 Month + 8.00%), 5/31/24^(u)	U.S.$		1,209	$	1,112,268
9.892% (LIBOR 3 Month + 8.00%), 5/31/24^(u)			1,189		1,093,462
9.894% (LIBOR 3 Month + 8.00%), 5/31/24^(u)			1,246		1,146,299
Mallinckrodt International Finance S.A. 4.695% (LIBOR 3 Month + 2.75%), 9/24/24^(u)			941		766,241
Regionalcare Hospital Partners Holdings, Inc. 6.202% (LIBOR 1 Month + 4.50%), 11/16/25^(u)			1,036		1,043,682
U.S. Renal Care, Inc. 6.813% (LIBOR 1 Month + 5.00%), 6/26/26^(u)			1,566		1,550,414

					14,705,411

Energy – 0.5%
California Resources Corporation 12.18% (LIBOR 1 Month + 10.38%), 12/31/21^(v)			2,196		1,629,008
Chesapeake Energy Corporation 9.928% (LIBOR 3 Month + 8.00%), 6/24/24^(v)			2,077		2,135,841
CITGO Petroleum Corporation 6.945% (LIBOR 3 Month + 5.00%), 3/28/24^{(b) (u)}			576		577,236
Triton Solar US Acquisition Co. 7.799% (LIBOR 1 Month + 6.00%), 10/29/24^(u)			2,315		1,932,829

					6,274,914

Other Industrial – 0.1%
American Tire Distributors, Inc.
7.928% (LIBOR 3 Month + 6.00%), 9/01/23^(h) (u)			221		217,337
9.299% (LIBOR 1 Month + 7.50%), 9/02/24^(h) (u)			635		564,004
9.445% (LIBOR 1 Month + 7.50%), 9/02/24^(h) (u)			82		72,777
Core & Main LP
4.441% (LIBOR 3 Month + 2.75%), 8/01/24^(u)			120		120,042
4.664% (LIBOR 3 Month + 2.75%), 8/01/24^(u)			77		77,212

					1,051,372

Services – 0.5%
Allied Universal Holdco LLC (fka USAGM Holdco, LLC)
6.049% (LIBOR 1 Month + 4.25%), 7/10/26^(u)			263		264,362
6.055% (LIBOR 1 Month + 4.25%), 7/10/26^(u)			26		26,174


		Principal Amount (000)		U.S. $ Value
Garda World Security Corporation 6.66% (LIBOR 3 Month + 4.75%), 10/30/26^{(b) (u)}	U.S.$		151	$	151,641
Parexel International Corporation 4.452% (LIBOR 1 Month + 2.75%), 9/27/24^(u)			231		226,479
Pi Lux Finco SARL 8.952% (LIBOR 1 Month + 7.25%), 1/01/26^{(b) (u)}			3,100		3,038,000
Refinitiv US Holdings Inc. (fka Financial & Risk US Holdings, Inc.) 5.049% (LIBOR 1 Month + 3.25%), 10/01/25^(u)			386		389,382
Team Health Holdings, Inc. 4.549% (LIBOR 1 Month + 2.75%), 2/06/24^(u)			744		600,291
Verscend Holding Corp. 6.299% (LIBOR 1 Month + 4.50%), 8/27/25^(u)			765		769,564

					5,465,893

Technology – 0.6%
Avaya Inc. 5.99% (LIBOR 1 Month + 4.25%), 12/15/24^(u)			936		916,456
Boxer Parent Company Inc. (fka BMC Software, Inc.) 6.049% (LIBOR 1 Month + 4.25%), 10/02/25^(u)			1,546		1,526,714
Pitney Bowes Inc. 1/17/25^(v)			1,131		1,117,213
Solera, LLC (Solera Finance, Inc.) 4.549% (LIBOR 1 Month + 2.75%), 3/03/23^(u)			2,536		2,538,572
Veritas US Inc.
6.299% (LIBOR 1 Month + 4.50%), 1/27/23^(u)			497		477,154
6.445% (LIBOR 1 Month + 4.50%), 1/27/23^(u)			95		91,665

					6,667,774

					56,194,798

Financial Institutions – 0.3%
Finance – 0.1%
Ellie Mae, Inc. 5.945% (LIBOR 3 Month + 4.00%), 4/17/26^{(b) (u)}			1,014		1,018,084
Jefferies Finance LLC 5.50% (LIBOR 1 Month + 3.75%), 6/03/26^(u)			302		301,473

					1,319,557


		Principal Amount (000)		U.S. $ Value
Insurance – 0.2%
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) 5.799% (LIBOR 1 Month + 4.00%), 9/03/26^(u)	U.S.$		1,405	$	1,416,611

					2,736,168

Utility – 0.1%
Electric – 0.1%
Granite Generation LLC
5.549% (LIBOR 3 Month + 3.75%), 11/09/26^(b) (u)			1,322		1,308,532
5.695% (LIBOR 3 Month + 3.75%), 11/09/26^(b) (u)			233		230,918

					1,539,450

Total Bank Loans (cost $62,671,600)					60,470,416

EMERGING MARKETS - CORPORATE BONDS – 3.1%
Industrial – 2.7%
Basic – 0.7%
ABJA Investment Co. Pte Ltd. 4.85%, 1/31/20 ^(a)			1,070		1,072,006
Consolidated Energy Finance SA 6.875%, 6/15/25 ^(a)			949		904,643
CSN Resources SA
6.50%, 7/21/20^(a)			903		915,134
7.625%, 2/13/23-4/17/26^(a)			1,290		1,374,500
First Quantum Minerals Ltd.
7.00%, 2/15/21^(a)			53		53,186
7.25%, 5/15/22-4/01/23^(a)			1,935		1,977,001
7.50%, 4/01/25^(a)			261		267,941
Vedanta Resources Finance II PLC
8.00%, 4/23/23^(a)			1,023		1,019,066
9.25%, 4/23/26^(a)			225		224,186
Vedanta Resources Ltd. 6.375%, 7/30/22 ^(a)			793		776,397

					8,584,060

Capital Goods – 0.0%
Odebrecht Finance Ltd.
4.375%, 4/25/25^{(a) (d) (l)}			349		16,359
5.25%, 6/27/29^{(a) (d) (l)}			1,070		53,233
7.125%, 6/26/42^{(a) (d) (l)}			2,665		119,925

					189,517

Communications - Telecommunications – 0.4%
Comunicaciones Celulares SA Via Comcel Trust 6.875%, 2/06/24 ^(a)			535		550,381


		Principal Amount (000)		U.S. $ Value
Digicel Group One Ltd. 8.25%, 12/30/22 ^(f)	U.S.$		262	$	146,860
Digicel Group Two Ltd.
8.25%, 9/30/22^(a)			285		66,441
9.125% (7.125% Cash and 2.00% PIK), 4/01/24^(a) (g)			454		67,452
Digicel Ltd. 6.00%, 4/15/21 ^(a)			1,356		1,051,307
Millicom International Cellular SA
6.25%, 3/25/29^(a)			270		297,926
6.625%, 10/15/26^(a)			824		912,050
MTN Mauritius Investments Ltd. 6.50%, 10/13/26 ^(a)			380		420,850
Network i2i Ltd. 5.65%, 1/15/25 ^(a) (m)			515		509,850
Sable International Finance Ltd. 5.75%, 9/07/27 ^(a)			615		649,721

					4,672,838

Consumer Cyclical - Other – 0.3%
Melco Resorts Finance Ltd. 5.625%, 7/17/27 ^(a)			965		1,003,977
MGM China Holdings Ltd.
5.375%, 5/15/24^(a)			398		414,915
5.875%, 5/15/26^(a)			414		440,185
Wynn Macau Ltd.
4.875%, 10/01/24^(a)			286		292,435
5.50%, 10/01/27^(a)			747		775,672

					2,927,184

Consumer Cyclical - Retailers – 0.0%
K2016470219 South Africa Ltd. 3.00%, 12/31/22 ^{(f) (g)}			1,006		2,510
K2016470260 South Africa Ltd. 25.00%, 12/31/22 ^{(f) (g)}			428		355

					2,865

Consumer Non-Cyclical – 0.9%
Cosan Ltd. 5.50%, 9/20/29 ^(a)			461		482,000
MARB BondCo PLC 6.875%, 1/19/25 ^(a)			1,430		1,519,309
Marfrig Holdings Europe BV 8.00%, 6/08/23 ^(a)			1,220		1,271,087
Minerva Luxembourg SA
5.875%, 1/19/28^(a)			200		210,061
6.50%, 9/20/26^(a)			1,098		1,168,684
NBM US Holdings, Inc. 7.00%, 5/14/26 ^(a)			1,250		1,355,143
Rede D’or Finance SARL 4.95%, 1/17/28 ^(a)			576		596,308


		Principal Amount (000)		U.S. $ Value
Teva Pharmaceutical Finance Netherlands III BV 7.125%, 1/31/25 ^(a)	U.S.$		1,040	$	1,067,637
Tonon Luxembourg SA 6.50% (0.50% Cash and 6.00% PIK), 10/31/24 ^{(b) (e) (f) (g)}			615		18,514
Turkiye Sise ve Cam Fabrikalari AS 6.95%, 3/14/26 ^(a)			1,426		1,513,342
USJ Acucar e Alcool SA 10.50%, 11/09/23 ^(a) (g)			670		468,710
Virgolino de Oliveira Finance SA
10.50%, 1/28/18^{(c) (d) (f)}			4,090		138,483
10.875%, 1/13/20^{(d) (f) (l)}			480		85,395
11.75%, 2/09/22^{(d) (f) (l)}			1,620		64,283

					9,958,956

Energy – 0.3%
Medco Platinum Road Pte Ltd. 6.75%, 1/30/25 ^(a)			503		511,802
Mongolian Mining Corp./Energy Resources LLC 9.25%, 4/15/24 ^(a)			670		611,402
MV24 Capital BV 6.748%, 6/01/34 ^(a)			547		575,846
Petrobras Global Finance BV 5.093%, 1/15/30 ^(a)			1,195		1,281,571
YPF SA 16.50%, 5/09/22^(f)	ARS		17,395		104,516

					3,085,137

Other Industrial – 0.1%
KOC Holding AS 6.50%, 3/11/25 ^(a)	U.S.$		1,006		1,059,129

Transportation - Airlines – 0.0%
Guanay Finance Ltd. 6.00%, 12/15/20 ^(a)			152		152,296

Transportation - Services – 0.0%
Rumo Luxembourg SARL 7.375%, 2/09/24 ^(a)			468		504,124

					31,136,106

Utility – 0.3%
Electric – 0.3%
AES Gener SA 6.35%, 10/07/79 ^(a)			495		506,137
Cemig Geracao e Transmissao SA 9.25%, 12/05/24 ^(a)			958		1,102,868
Light Servicos de Eletricidade SA/Light Energia SA 7.25%, 5/03/23 ^(a)			494		528,117


		Principal Amount (000)		U.S. $ Value
Star Energy Geothermal Wayang Windu Ltd. 6.75%, 4/24/33 ^(a)	U.S.$		395	$	417,865
Terraform Global Operating LLC 6.125%, 3/01/26 ^(f)			292		303,640

					2,858,627

Financial Institutions – 0.1%
Banking – 0.1%
Fidelity Bank PLC 10.50%, 10/16/22 ^(a)			892		999,341

Insurance – 0.0%
Ambac LSNI LLC 6.945% (LIBOR 3 Month + 5.00%), 2/12/23 ^{(a) (n)}			62		63,221

REITS – 0.0%
Scenery Journey Ltd. 11.00%, 11/06/20 ^(a)			500		511,250

					1,573,812

Total Emerging Markets - Corporate Bonds (cost $43,877,802)					35,568,545

EMERGING MARKETS - TREASURIES – 3.0%
Argentina – 0.0%
Argentine Bonos del Tesoro
15.50%, 10/17/26^(h)	ARS		6,600		29,985
18.20%, 10/03/21^(h)			34,142		175,077

					205,062

Brazil – 2.3%
Brazil Notas do Tesouro Nacional Series F 10.00%, 1/01/21	BRL		100,732		26,321,275

South Africa – 0.7%
Republic of South Africa Government Bond Series 2030 8.00%, 1/31/30	ZAR		125,644		8,365,112

Total Emerging Markets - Treasuries (cost $36,490,100)					34,891,449

COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.8%
Non-Agency Fixed Rate CMBS – 1.7%
225 Liberty Street Trust Series 2016-225L, Class E 4.649%, 2/10/36 ^(a)	U.S.$		974		1,013,059
CGBAM Commercial Mortgage Trust Series 2015-SMRT, Class F 3.786%, 4/10/28 ^(a)			270		269,846
Citigroup Commercial Mortgage Trust
Series 2013-GC11, Class XA


		Principal Amount (000)		U.S. $ Value
1.38%, 4/10/46^(t)	U.S.$		1,376	$	51,297
Series 2013-GC17, Class D
5.11%, 11/10/46^(a)			902		930,035
Series 2014-GC23, Class D
4.491%, 7/10/47^(a)			856		845,502
Commercial Mortgage Trust
Series 2012-CR3, Class XA
1.859%, 10/15/45^(t)			7,613		316,347
Series 2012-CR5, Class XA
1.528%, 12/10/45^(t)			1,816		69,932
Series 2013-LC6, Class D
4.265%, 1/10/46^(a)			3,916		3,994,119
Series 2014-CR15, Class XA
0.941%, 2/10/47^(t)			1,693		51,935
Series 2014-CR20, Class XA
1.028%, 11/10/47^(t)			9,775		406,789
GS Mortgage Securities Corp. II Series 2013-GC10, Class XA 1.502%, 2/10/46 ^(t)			817		31,543
GS Mortgage Securities Trust
Series 2012-GC6, Class D
5.651%, 1/10/45^(a)			1,765		1,808,867
Series 2012-GCJ9, Class D
4.744%, 11/10/45^(a)			700		715,086
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6, Class XA 1.613%, 11/15/45 ^{(a) (t)}			6,000		210,575
UBS-Barclays Commercial Mortgage Trust Series 2012-C4, Class XA 1.628%, 12/10/45 ^{(a) (t)}			803		29,116
WF-RBS Commercial Mortgage Trust
Series 2011-C4, Class D
5.23%, 6/15/44^(a)			1,022		1,041,275
Series 2012-C6, Class D
5.581%, 4/15/45^(a)			2,450		2,570,731
Series 2012-C7, Class XA
1.345%, 6/15/45^{(a) (t)}			1,322		31,968
Series 2012-C8, Class E
4.885%, 8/15/45^(a)			3,766		3,813,718
Series 2012-C10, Class XA
1.539%, 12/15/45^{(a) (t)}			3,042		117,492
Series 2014-C25, Class D
3.803%, 11/15/47^(a)			1,807		1,689,225

					20,008,457

Non-Agency Floating Rate CMBS – 0.1%
DBWF Mortgage Trust Series 2018-GLKS, Class E 4.782% (LIBOR 1 Month + 3.02%), 11/19/35 ^{(a) (n)}			838		840,096


		Principal Amount (000)		U.S. $ Value
Morgan Stanley Capital I Trust Series 2019-BPR, Class E 6.49% (LIBOR 1 Month + 4.75%), 5/15/36 ^{(a) (n)}	U.S.$		301	$	300,808

					1,140,904

Total Commercial Mortgage-Backed Securities (cost $20,075,879)					21,149,361


		Shares
COMMON STOCKS – 1.6%
Energy – 0.7%
Energy Equipment & Services – 0.5%
Tervita Corp.^(d)			923,693		5,270,929

Oil, Gas & Consumable Fuels – 0.2%
Berry Petroleum Corp.			133,464		1,258,565
CHC Group LLC^{(d) (k)}			51,655		12,914
Golden Energy Offshore Services AS^(d) (h)			916,212		375,698
K201640219 (South Africa) Ltd. A Shares^{(b) (d) (e) (h)}			12,695,187		13
K201640219 (South Africa) Ltd. B Shares^{(b) (d) (e) (h)}			2,009,762		2
Paragon Offshore Ltd. - Class B^{(b) (d) (h)}			29,535		265,218
Vantage Drilling Internation^{(b) (d) (e) (h)}			17,501		458,976

					2,371,386

					7,642,315

Financials – 0.3%
Consumer Finance – 0.1%
Paysafe Group Ltd.^{(b) (d) (e) (h)}			3,960		645,955

Insurance – 0.2%
Mt. Logan Re Ltd. (Preference Shares)^{(b) (d) (k)}			2,953		2,842,654

					3,488,609

Consumer Discretionary – 0.3%
Auto Components – 0.1%
ATD New Holdings, Inc.^{(b) (d) (h)}			20,185		504,625
Exide Corp.^{(b) (e) (h)}			248,194		233,302
Exide Technologies^{(b) (d)}			681,469		640,581
Exide Technologies^{(b) (e) (h)}			59,185		55,634
Exide Technologies^{(b) (d) (e)}			15,253		14,338

					1,448,480

Automobiles – 0.1%
Liberty Tire Recycling LLC^{(b) (d) (e) (h)}			7,822		1,380,464

Hotels, Restaurants & Leisure – 0.1%
Caesars Entertainment Corp.^(d)			25,004		340,054


Company		Shares		U.S. $ Value
				$	3,168,998

Consumer Staples – 0.1%
Food & Staples Retailing – 0.1%
Southeastern Grocers, Inc. Npv^{(b) (d) (e) (h)}			38,084		1,294,856

Information Technology – 0.1%
Software – 0.1%
Avaya Holdings Corp.^(d)			72,613		980,275
Monitronics International, Inc.^(d)			17,804		151,334
Monitronics International, Inc.^{(b) (d) (e) (h)}			17,878		136,767

					1,268,376

Materials – 0.1%
Metals & Mining – 0.1%
BIS Industries Holdings Ltd.^{(b) (d) (e) (h)}			838,296		26,825
Constellium SE^(d)			72,619		973,095
Neenah Enterprises, Inc.^{(b) (d) (e) (h)}			58,200		73,332

					1,073,252

Communication Services – 0.0%
Media – 0.0%
Clear Channel Outdoor Holdings, Inc.^(d)			47,504		135,862
iHeartMedia, Inc. - Class A^(d) (h)			25,267		427,012

					562,874

Industrials – 0.0%
Building Products – 0.0%
New Cotai LLC/New Cotai Capital Corp.^{(b) (d) (e) (h)}			3		0

Construction & Engineering – 0.0%
Willscot Corp.			18,809		347,778

					347,778

Total Common Stocks (cost $27,502,877)					18,847,058


		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 ^{(b) (e) (h)}	U.S.$		810		753,607
Consumer Loan Underlying Bond Certificate Issuer Trust I
Series 2018-4, Class PT
8.558%, 5/15/43^(f)			489		476,374
Series 2018-7, Class PT
8.35%, 6/15/43^(a)			566		540,576
Series 2018-12, Class PT
8.71%, 6/15/43^(a)			367		354,211
Series 2019-24, Class PT
9.74%, 8/15/44^(a)			526		504,019
Series 2019-36, Class PT


		Principal Amount (000)		U.S. $ Value
12.707%, 10/17/44^(a)	U.S.$		602	$	582,871
Series 2019-43, Class PT
8.058%, 11/15/44^(a)			474		468,021
Consumer Loan Underlying Bond Credit Trust
Series 2018-3, Class PT
8.27%, 3/16/43^(f)			113		108,082
Series 2019-HP1, Class C
4.70%, 12/15/26^(a)			1,000		997,403
Marlette Funding Trust Series 2018-3A, Class C 4.63%, 9/15/28 ^(a)			1,350		1,382,100
SoFi Consumer Loan Program LLC
Series 2016-1, Class R
Zero Coupon, 8/25/25^{(b) (e) (f)}			1,343		331,501
Series 2017-3, Class R
Zero Coupon, 5/25/26^{(b) (e) (f)}			10		370,698
Series 2017-5, Class R1
Zero Coupon, 9/25/26^{(b) (e) (f)}			12		428,017
SoFi Consumer Loan Program Trust Series 2018-1, Class R1 Zero Coupon, 2/25/27 ^{(b) (e) (f)}			16		798,859
Taco Bell Funding LLC Series 2016-1A, Class A23 4.97%, 5/25/46 ^(a)			781		833,595

					8,929,934
Home Equity Loans - Fixed Rate – 0.3%
CSAB Mortgage-Backed Trust Series 2006-2, Class A6A 5.72%, 9/25/36			651		344,554
CWABS Asset-Backed Certificates Trust Series 2005-7, Class AF5W 5.054%, 10/25/35			890		887,929
GSAA Home Equity Trust
Series 2005-12, Class AF5
5.659%, 9/25/35			1,031		894,960
Series 2006-6, Class AF4
6.121%, 3/25/36			1,489		696,719
Series 2006-6, Class AF5
6.241%, 3/25/36			552		258,090
Series 2006-10, Class AF3
5.985%, 6/25/36			1,068		465,571

					3,547,823

Autos - Fixed Rate – 0.2%
CPS Auto Trust Series 2018-C, Class D 4.40%, 6/17/24 ^(a)			1,050		1,081,512
Exeter Automobile Receivables Trust Series 2019-2A, Class E 4.68%, 5/15/26 ^(a)			1,050		1,075,050


		Principal Amount (000)		U.S. $ Value
Flagship Credit Auto Trust Series 2019-4, Class E 4.11%, 3/15/27 ^(a)	U.S.$		770	$	766,143

					2,922,705

Home Equity Loans - Floating Rate – 0.0%
Lehman XS Trust Series 2007-6, Class 3A5 4.647%, 5/25/37			108		106,385

Total Asset-Backed Securities (cost $18,906,398)					15,506,847


		Shares
INVESTMENT COMPANIES – 0.5%
Funds and Investment Trusts – 0.5%
iShares JP Morgan USD Emerging Markets Bond ETF^(w) (cost $5,351,457)			49,000		5,613,440


		Principal Amount (000)
QUASI-SOVEREIGNS – 0.5%
Quasi-Sovereign Bonds – 0.5%
Bahrain – 0.2%
Oil and Gas Holding Co. BSCC (The)
7.625%, 11/07/24^(a)	U.S.$		469		544,187
8.375%, 11/07/28^(a)			1,346		1,631,604

					2,175,791

Indonesia – 0.0%
Indonesia Asahan Aluminium Persero PT 5.71%, 11/15/23 ^(a)			224		247,660

Kazakhstan – 0.1%
KazMunayGas National Co. JSC 5.375%, 4/24/30 ^(a)			660		765,528

Mexico – 0.2%
Petroleos Mexicanos
6.49%, 1/23/27^(a)			507		539,955
6.50%, 1/23/29			318		334,099
6.84%, 1/23/30^(a)			753		805,634
7.69%, 1/23/50^(a)			173		189,558

					1,869,246

United States – 0.0%
Citgo Holding, Inc. 9.25%, 8/01/24 ^(a)			478		513,379

Total Quasi-Sovereigns (cost $5,002,076)					5,571,604


		Principal Amount (000)		U.S. $ Value
LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.5%
United States – 0.5%
State of California
Series 2010
7.60%, 11/01/40	U.S.$		750	$	1,238,032
7.95%, 3/01/36			1,915		1,933,116
State of Illinois Series 2010 7.35%, 7/01/35			1,915		2,324,427

Total Local Governments - US Municipal Bonds (cost $4,594,980)					5,495,575


		Shares
PREFERRED STOCKS – 0.3%
Financial Institutions – 0.3%
Banking – 0.1%
GMAC Capital Trust I Series 2 7.695%			16,325		425,266
Paysafe Holdings UK Ltd. 0.00% ^{(b) (d) (e) (h)}			1,104,716		1,104,716

					1,529,982

Insurance – 0.1%
Hartford Financial Services Group, Inc. (The) 7.875%			45,050		1,278,969

REITS – 0.1%
Hersha Hospitality Trust Series C 6.875%			15,950		400,026

					3,208,977

Utility – 0.0%
Electric – 0.0%
SCE Trust III Series H 5.75%			11,025		268,900

Total Preferred Stocks (cost $3,340,401)					3,477,877


		Principal Amount (000)
GOVERNMENTS - SOVEREIGN BONDS – 0.3%
United Arab Emirates – 0.3%
Emirate of Dubai Government International Bonds 7.75%, 10/05/20 ^(a) (cost $3,314,054)	U.S.$		3,310		3,446,538

INFLATION-LINKED SECURITIES – 0.3%
Colombia – 0.3%
Fideicomiso PA Concesion Ruta al Mar 6.75%, 2/15/44 ^(a)	COP		1,437,090		432,802


		Principal Amount (000)		U.S. $ Value
Fideicomiso PA Costera 6.25%, 1/15/34 ^(a)	U.S.$		1,230,800	$	417,009
Fideicomiso PA Pacifico Tres 7.00%, 1/15/35 ^(f)			6,642,880		2,222,895

Total Inflation-Linked Securities (cost $2,826,563)					3,072,706

COLLATERALIZED LOAN OBLIGATIONS – 0.1%
CLO - Floating Rate – 0.1%
Dryden CLO Ltd. Series 2018-57A, Class E 7.11% (LIBOR 3 Month + 5.20%), 5/15/31 ^{(a) (n)}			275		255,459
Dryden Senior Loan Fund Series 2017-49A, Class E 8.303% (LIBOR 3 Month + 6.30%), 7/18/30 ^{(a) (n)}			417		407,939
OZLM Ltd. Series 2018-22A, Class D 7.302% (LIBOR 3 Month + 5.30%), 1/17/31 ^{(a) (n)}			349		304,915

Total Collateralized Loan Obligations (cost $1,037,426)					968,313


		Shares
WARRANTS – 0.0%
Amplify Energy Corp., expiring 4/21/20^{(d) (h)}			39,269		4
Avaya Holdings Corp., expiring 12/15/22^(d)			53,489		66,861
Encore Automotive Acceptance, expiring 7/05/31^{(b) (d) (e) (h)}			8		0
Flexpath Capital, Inc., expiring 4/15/31^{(b) (d) (e) (h)}			10,974		0
iHeartMedia, Inc., expiring 5/01/39^(d) (h)			278		4,274
SandRidge Energy, Inc., B-CW22, expiring 10/04/22^{(d) (h)}			19,772		8,700
SandRidge Energy, Inc., A-CW22, expiring 10/04/22^{(d) (h)}			46,951		188
Willscot Corp., expiring 11/29/22^{(b) (d) (e) (h)}			29,123		177,854
Total Warrants (cost $645,006)					257,881

		Principal Amount (000)
WHOLE LOAN TRUSTS – 0.0%
Performing Asset – 0.0%
Sheridan Auto Loan Holdings I LLC 10.00%, 12/31/20-9/30/21^{(b) (e) (h)} (cost $1,127,058)	U.S.$		1,127		184,161

Principal
Amount
(000)

U.S. $ Value

LOCAL GOVERNMENTS - REGIONAL BONDS – 0.0%

Argentina – 0.0%

Provincia de Buenos Aires/Government Bonds
45.979% (BADLAR + 3.83%), 5/31/22 ^{(h) (n)}
(cost $1,660,869)

ARS

26,500

139,925

Notional
Amount

OPTIONS PURCHASED - PUTS – 0.0%

Swaptions – 0.0%

IRS Swaption
Expiration: Feb 2020; Contracts: 14,275,000; Exercise Rate: USD 2.11%;
Counterparty: Bank of America, NA ^(d)

USD

14,275,000

28,039

IRS Swaption
Expiration: Feb 2020; Contracts: 14,275,000; Exercise Rate: USD 2.07%;
Counterparty: Bank of America, NA ^(d)

USD

14,275,000

37,201

IRS Swaption
Expiration: Feb 2020; Contracts: 4,900,000; Exercise Rate: USD 2.07%;
Counterparty: Deutsche Bank AG ^(d)

USD

4,900,000

13,140

Total Options Purchased - Puts
(premiums paid $166,046)

78,380

Shares

RIGHTS – 0.0%

Vistra Energy Corp., expiring 12/31/49^{(b) (d)}
(cost $0)

10,721

10,474

SHORT-TERM INVESTMENTS – 11.3%

Investment Companies – 10.3%

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.53%^{(w) (x) (y)}
(cost $119,241,454)

119,241,454

Principal
Amount
(000)

Governments - Treasuries – 0.7%

Egypt – 0.5%

Egypt Treasury Bills

Series 273D

Zero Coupon, 4/21/20

EGP

51,000

3,039,710

Series 364D

Zero Coupon, 1/21/20

37,000

2,290,587

5,330,297

Nigeria – 0.2%

Nigeria Treasury Bills
Zero Coupon, 4/09/20-9/03/20

NGN

1,119,455

2,875,623


		Principal Amount (000)			U.S. $ Value
Total Governments - Treasuries (cost $8,148,214)					$	8,205,920

Time Deposits – 0.3%
BBH Grand Cayman
0.50%, 1/03/20	NZD		0	**		117
0.82%, 1/02/20	CAD		55			42,285
1.66%, 1/02/20	HKD		0	**		12
Citibank, London
(0.68)%, 1/02/20	EUR		296			332,097
0.36%, 1/02/20	GBP		51			67,900
JPMorgan Chase, New York 1.56%, 1/02/20	U.S.$		2,885			2,885,101

Total Time Deposits (cost $3,327,512)						3,327,512

Total Short-Term Investments (cost $130,717,180)						130,774,886

Total Investments – 99.8% (cost $1,145,480,768)^(z)						1,150,904,048
Other assets less liabilities – 0.2%						2,695,250

Net Assets – 100.0%					$	1,153,599,298

FUTURES


Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures		128		March 2020	$	18,010,000	$	(271,656	)
U.S. Long Bond (CBT) Futures		35		March 2020		5,456,719		(105,719	)
U.S. T-Note 10 Yr (CBT) Futures		866		March 2020		111,213,344		(857,704	)
Sold Contracts
U.S. T-Note 5 Yr (CBT) Futures		402		March 2020		47,680,969		167,235

							$	(1,067,844	)

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.		KRW	11,355		USD	10		2/06/20	$	(307	)
Bank of America, NA		RUB	256,942		USD	3,997		1/17/20		(135,302	)
Bank of America, NA		ZAR	116,317		USD	7,802		1/23/20		(480,715	)
Bank of America, NA		KRW	35,190		USD	30		2/06/20		(260	)
Bank of America, NA		CLP	18,011		USD	23		1/15/20		(801	)
Bank of America, NA		GBP	2,844		USD	3,666		1/10/20		(101,093	)
Bank of America, NA		INR	1,206		USD	17		1/16/20		58
Bank of America, NA		INR	1,088		USD	15		1/16/20		(46	)
Bank of America, NA		USD	23		INR	1,649		1/16/20		149
Bank of America, NA		USD	903		RUB	57,851		1/17/20		27,745


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	18		CLP	14,311		1/15/20	$	1,105
Barclays Bank PLC		IDR	322,248		USD	23		2/27/20		(287	)
Barclays Bank PLC		KRW	19,186		USD	16		2/06/20		(162	)
Barclays Bank PLC		TWD	962		USD	32		2/20/20		(401	)
Barclays Bank PLC		MYR	434		USD	104		2/13/20		(2,624	)
Barclays Bank PLC		MYR	61		USD	15		2/13/20		18
Barclays Bank PLC		USD	73		MYR	303		2/13/20		1,439
Barclays Bank PLC		USD	19		PEN	63		1/15/20		322
Barclays Bank PLC		USD	102		INR	7,352		1/16/20		1,080
Barclays Bank PLC		USD	13		INR	958		1/16/20		(27	)
Barclays Bank PLC		USD	61		TWD	1,835		2/20/20		866
Barclays Bank PLC		USD	23		IDR	327,719		2/27/20		288
BNP Paribas SA		COP	32,899,505		USD	9,890		1/15/20		(113,200	)
BNP Paribas SA		USD	11		RUB	675		1/17/20		33
BNP Paribas SA		USD	2		COP	5,047		1/15/20		17
Brown Brothers Harriman & Co.		MXN	47,683		USD	2,463		1/07/20		(57,601	)
Brown Brothers Harriman & Co.		HUF	17,712		USD	59		1/09/20		(981	)
Brown Brothers Harriman & Co.		HUF	10,161		USD	35		1/09/20		170
Brown Brothers Harriman & Co.		JPY	8,794		USD	81		1/30/20		363
Brown Brothers Harriman & Co.		NOK	8,358		USD	931		1/08/20		(20,506	)
Brown Brothers Harriman & Co.		CHF	4,813		USD	4,911		1/10/20		(63,009	)
Brown Brothers Harriman & Co.		JPY	5,550		USD	51		1/30/20		(289	)
Brown Brothers Harriman & Co.		EUR	1,340		USD	1,490		1/16/20		(14,462	)
Brown Brothers Harriman & Co.		THB	4,010		USD	133		1/16/20		(1,270	)
Brown Brothers Harriman & Co.		CZK	1,116		USD	49		1/09/20		(652	)
Brown Brothers Harriman & Co.		ZAR	2,296		USD	156		1/23/20		(7,039	)
Brown Brothers Harriman & Co.		TRY	906		USD	153		1/30/20		2,169
Brown Brothers Harriman & Co.		SEK	2,386		USD	247		1/08/20		(7,515	)
Brown Brothers Harriman & Co.		TRY	371		USD	62		1/30/20		(84	)
Brown Brothers Harriman & Co.		NZD	365		USD	238		1/17/20		(8,457	)
Brown Brothers Harriman & Co.		PLN	774		USD	200		1/09/20		(4,069	)
Brown Brothers Harriman & Co.		SEK	109		USD	12		1/08/20		21
Brown Brothers Harriman & Co.		SEK	89		USD	10		3/12/20		35
Brown Brothers Harriman & Co.		ILS	246		USD	70		1/15/20		(951	)
Brown Brothers Harriman & Co.		PLN	61		USD	16		1/09/20		12
Brown Brothers Harriman & Co.		AUD	270		USD	185		1/23/20		(4,211	)
Brown Brothers Harriman & Co.		CNH	53		USD	8		2/20/20		(54	)
Brown Brothers Harriman & Co.		SGD	237		USD	172		1/16/20		(1,899	)
Brown Brothers Harriman & Co.		CAD	161		USD	121		1/23/20		(2,238	)
Brown Brothers Harriman & Co.		CHF	30		USD	31		1/10/20		31
Brown Brothers Harriman & Co.		GBP	293		USD	381		1/10/20		(7,119	)
Brown Brothers Harriman & Co.		EUR	17		USD	19		1/16/20		11


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Brown Brothers Harriman & Co.		USD	286		GBP	220		1/10/20	$	6,156
Brown Brothers Harriman & Co.		USD	4,978		CHF	4,878		1/10/20		65,043
Brown Brothers Harriman & Co.		USD	3,510		EUR	3,161		1/16/20		37,848
Brown Brothers Harriman & Co.		USD	284		CAD	374		1/23/20		3,999
Brown Brothers Harriman & Co.		USD	148		AUD	217		1/23/20		3,967
Brown Brothers Harriman & Co.		USD	234		SGD	318		1/16/20		2,488
Brown Brothers Harriman & Co.		USD	181		NZD	279		1/17/20		8,077
Brown Brothers Harriman & Co.		USD	81		CZK	1,864		1/09/20		1,638
Brown Brothers Harriman & Co.		USD	297		PLN	1,150		1/09/20		6,612
Brown Brothers Harriman & Co.		USD	39		ILS	136		1/15/20		653
Brown Brothers Harriman & Co.		USD	17		CNH	120		2/20/20		109
Brown Brothers Harriman & Co.		USD	260		NOK	2,376		1/08/20		10,463
Brown Brothers Harriman & Co.		USD	188		TRY	1,103		1/30/20		(3,387	)
Brown Brothers Harriman & Co.		USD	298		SEK	2,866		1/08/20		8,046
Brown Brothers Harriman & Co.		USD	92		ZAR	1,361		1/23/20		4,659
Brown Brothers Harriman & Co.		USD	20		TRY	118		1/30/20		27
Brown Brothers Harriman & Co.		USD	318		MXN	6,120		1/07/20		5,590
Brown Brothers Harriman & Co.		USD	132		THB	3,980		1/16/20		1,254
Brown Brothers Harriman & Co.		USD	15		THB	447		1/16/20		(31	)
Brown Brothers Harriman & Co.		USD	72		JPY	7,745		1/30/20		(225	)
Brown Brothers Harriman & Co.		USD	41		JPY	4,432		1/30/20		236
Brown Brothers Harriman & Co.		USD	97		HUF	29,133		1/09/20		1,779
Brown Brothers Harriman & Co.		USD	24		HUF	7,062		1/09/20		(5	)
Citibank, NA		IDR	466,563,879		USD	32,891		2/27/20		(692,895	)
Citibank, NA		KRW	11,327		USD	10		2/06/20		(120	)
Citibank, NA		INR	1,630		USD	23		1/16/20		(280	)
Citibank, NA		EUR	1,533		USD	1,694		1/16/20		(27,150	)
Citibank, NA		USD	17		RUB	1,050		1/17/20		9
Citibank, NA		USD	3,282		EUR	2,932		1/16/20		10,251
Citibank, NA		USD	14		KRW	16,207		2/06/20		171
Citibank, NA		USD	3,319		INR	239,598		1/16/20		41,174
Citibank, NA		USD	1,225		IDR	17,301,549		2/27/20		20,080
Credit Suisse International		BRL	86,631		USD	20,533		1/03/20		(1,003,071	)
Credit Suisse International		BRL	21		USD	5		2/04/20		(79	)
Credit Suisse International		USD	21,491		BRL	86,631		1/03/20		44,916
Deutsche Bank AG		BRL	86,396		USD	21,434		1/03/20		(43,184	)
Deutsche Bank AG		BRL	86,207		USD	21,108		2/04/20		(301,325	)
Deutsche Bank AG		EUR	675		USD	751		1/16/20		(6,725	)
Deutsche Bank AG		PEN	39		USD	12		1/15/20		(115	)
Deutsche Bank AG		USD	46		BRL	189		2/04/20		662
Deutsche Bank AG		USD	21,181		BRL	86,396		1/03/20		295,882
Goldman Sachs Bank USA		IDR	244,054		USD	17		2/27/20		(192	)
Goldman Sachs Bank USA		COP	148,804		USD	44		1/15/20		(1,662	)
Goldman Sachs Bank USA		KRW	10,641		USD	9		2/06/20		(29	)
Goldman Sachs Bank USA		RUB	8,730		USD	136		1/17/20		(3,975	)
Goldman Sachs Bank USA		INR	4,296		USD	60		1/16/20		(578	)
Goldman Sachs Bank USA		TWD	1,519		USD	50		2/20/20		(932	)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Goldman Sachs Bank USA		BRL	182		USD	45		1/03/20	$	(569	)
Goldman Sachs Bank USA		BRL	34		USD	8		2/04/20		(96	)
Goldman Sachs Bank USA		USD	12		BRL	49		2/04/20		134
Goldman Sachs Bank USA		USD	44		BRL	182		1/03/20		909
Goldman Sachs Bank USA		USD	42		TWD	1,263		2/20/20		522
Goldman Sachs Bank USA		USD	69		RUB	4,405		1/17/20		2,207
Goldman Sachs Bank USA		USD	12		RUB	743		1/17/20		(45	)
Goldman Sachs Bank USA		USD	14		INR	1,022		1/16/20		8
Goldman Sachs Bank USA		USD	15		KRW	16,876		2/06/20		(29	)
Goldman Sachs Bank USA		USD	44		COP	150,920		1/15/20		2,007
Goldman Sachs Bank USA		USD	25		IDR	347,045		2/27/20		429
Goldman Sachs Bank USA		USD	9,418		JPY	1,017,850		1/30/20		(36,296	)
JPMorgan Chase Bank, NA		IDR	353,393		USD	25		2/27/20		(535	)
JPMorgan Chase Bank, NA		COP	65,840		USD	20		1/15/20		92
JPMorgan Chase Bank, NA		COP	28,228		USD	8		1/15/20		(426	)
JPMorgan Chase Bank, NA		KRW	27,074		USD	23		2/06/20		(553	)
JPMorgan Chase Bank, NA		INR	2,849		USD	40		1/16/20		(410	)
JPMorgan Chase Bank, NA		TWD	569		USD	19		2/20/20		(111	)
JPMorgan Chase Bank, NA		BRL	549		USD	136		1/03/20		(853	)
JPMorgan Chase Bank, NA		PEN	32		USD	10		1/15/20		(136	)
JPMorgan Chase Bank, NA		USD	132		BRL	549		1/03/20		4,437
JPMorgan Chase Bank, NA		USD	25		TWD	759		2/20/20		361
JPMorgan Chase Bank, NA		USD	15		INR	1,044		1/16/20		(27	)
JPMorgan Chase Bank, NA		USD	53		COP	175,676		1/15/20		664
Morgan Stanley Capital Services LLC		COP	137,173		USD	40		1/15/20		(1,709	)
Morgan Stanley Capital Services LLC		CLP	23,847		USD	32		1/15/20		515
Morgan Stanley Capital Services LLC		KRW	11,742		USD	10		2/06/20		(35	)
Morgan Stanley Capital Services LLC		INR	1,683		USD	23		1/16/20		(173	)
Morgan Stanley Capital Services LLC		EUR	806		USD	893		1/16/20		(11,881	)
Morgan Stanley Capital Services LLC		USD	37		MYR	154		2/13/20		820
Morgan Stanley Capital Services LLC		USD	15		TWD	458		2/20/20		147
Morgan Stanley Capital Services LLC		USD	1,445		EUR	1,306		1/16/20		21,698
Morgan Stanley Capital Services LLC		USD	29		CLP	22,601		1/15/20		740
Morgan Stanley Capital Services LLC		USD	35		KRW	41,287		2/06/20		319
Morgan Stanley Capital Services LLC		USD	10		KRW	12,038		2/06/20		(13	)
Royal Bank of Scotland PLC		COP	129,069		USD	38		1/15/20		(1,701	)
Royal Bank of Scotland PLC		COP	51,511		USD	16		1/15/20		9
Royal Bank of Scotland PLC		EUR	44,836		USD	49,456		1/16/20		(878,133	)
Royal Bank of Scotland PLC		CLP	42,138		USD	53		1/15/20		(3,249	)
Royal Bank of Scotland PLC		KRW	21,854		USD	19		2/06/20		(245	)
Royal Bank of Scotland PLC		INR	1,266		USD	18		1/16/20		(19	)
Royal Bank of Scotland PLC		TWD	718		USD	24		2/20/20		(66	)
Royal Bank of Scotland PLC		PEN	181		USD	54		1/15/20		(623	)
Royal Bank of Scotland PLC		USD	62		PEN	207		1/15/20		576
Royal Bank of Scotland PLC		USD	8		TWD	227		2/20/20		99
Royal Bank of Scotland PLC		USD	27		RUB	1,766		1/17/20		1,000
Royal Bank of Scotland PLC		USD	39		INR	2,788		1/16/20		158


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Royal Bank of Scotland PLC		USD	29		KRW	34,276		2/06/20	$	400
Royal Bank of Scotland PLC		USD	28		CLP	21,941		1/15/20		1,414
Royal Bank of Scotland PLC		USD	66		COP	228,594		1/15/20		3,832
Royal Bank of Scotland PLC		USD	25		IDR	359,745		2/27/20		595
Standard Chartered Bank		COP	45,413		USD	13		1/15/20		(714	)
Standard Chartered Bank		KRW	37,690		USD	32		2/06/20		(883	)
Standard Chartered Bank		USD	13		BRL	51		2/04/20		99
Standard Chartered Bank		USD	15		RUB	965		1/17/20		80
Standard Chartered Bank		USD	16		INR	1,143		1/16/20		(27	)
Standard Chartered Bank		USD	1,969		EUR	1,781		1/16/20		31,188
Standard Chartered Bank		USD	33		KRW	38,720		2/06/20		584
Standard Chartered Bank		USD	11		COP	36,997		1/15/20		514
Standard Chartered Bank		USD	11		IDR	158,851		2/27/20		107
UBS AG		CAD	5,883		USD	4,427		1/23/20		(104,106	)
UBS AG		USD	18		KRW	20,935		2/06/20		402

									$	(3,472,467	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS



Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2019			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
CDX-NAHY Series 28, 5 Year Index, 6/20/22*		(5.00	)%		Quarterly		2.31	%	USD	12,875	$	(834,164	)	$	(545,793	)	$	(288,371	)
CDX-NAHY Series 29, 5 Year Index, 12/20/22*		(5.00	)		Quarterly		2.43		USD	38,976		(2,860,082	)		(1,789,173	)		(1,070,909	)
CDX-NAHY Series 30, 5 Year Index, 6/20/23*		(5.00	)		Quarterly		2.44		USD	16,992		(1,423,320	)		(791,418	)		(631,902	)
iTraxx Europe Crossover Series 27, 5 Year Index, 6/20/22*		(5.00	)		Quarterly		1.58		EUR	12,729		(1,212,974	)		(1,044,765	)		(168,209	)
Sale Contracts
Brazilian Government International Bond, 4.250%, 1/07/25, 12/20/24*		1.00			Quarterly		0.99		USD	3,333		2,482			(49,732	)		52,214
CDX-NAHY Series 28, 5 Year Index, 6/20/22*		5.00			Quarterly		2.31		USD	5		308			218			90
CDX-NAHY Series 28, 5 Year Index, 6/20/22*		5.00			Quarterly		2.31		USD	12,875		834,164			591,934			242,230


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2019			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-NAHY Series 29, 5 Year Index, 12/20/22*		5.00	%		Quarterly		2.43	%	USD	38,976	$	2,860,082		$	1,812,331		$	1,047,751
CDX-NAHY Series 30, 5 Year Index, 6/20/23*		5.00			Quarterly		2.44		USD	16,992		1,423,320			637,940			785,380
CDX-NAHY Series 33, 5 Year Index, 12/20/24*		5.00			Quarterly		2.80		USD	197,479		19,377,545			11,359,665			8,017,880
iTraxx Europe Crossover Series 27, 5 Year Index, 6/20/22*		5.00			Quarterly		1.58		EUR	12,729		1,212,882			1,076,323			136,559
iTraxx Europe Crossover Series 32, 5 Year Index, 12/20/24*		5.00			Quarterly		2.07		EUR	41,574		6,429,422			5,853,909			575,513
Republic of Turkey, 11.875%, 1/15/30, 12/20/24*		1.00			Quarterly		2.79		USD	3,269		(261,506	)		(395,103	)		133,597
South Africa Government International Bond, 5.500%, 3/09/20, 12/20/24*		1.00			Quarterly		1.62		USD	2,640		(75,710	)		(96,560	)		20,850

											$	25,472,449		$	16,619,776		$	8,852,673

*	Termination date

CREDIT DEFAULT SWAPS


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 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		5.13	%	USD	454	$	(22,972	)	$	(50,983	)	$	28,011
Credit Suisse International
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			Monthly		9.98		USD	5,000		(561,833	)		(777,513	)		215,680


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2019			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
International Game Technology, 4.750%, 2/15/23, 6/20/22*		5.00	%		Quarterly		3.04	%	EUR	310	$	41,085		$	17,393		$	23,692
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.13		USD	258		(13,055	)		(28,624	)		15,569
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.13		USD	364		(18,449	)		(42,647	)		24,198
Goldman Sachs Bank USA
United States Steel Corp., 6.650%, 6/01/37, 12/20/21*		5.00			Quarterly		1.70		USD	700		45,598			(22,271	)		67,869
Goldman Sachs International
Avis Budget Car Rental LLC, 5.250%, 3/15/25, 12/20/23*		5.00			Quarterly		1.34		USD	270		37,872			13,802			24,070
Avis Budget Car Rental LLC, 5.250%, 3/15/25, 12/20/23*		5.00			Quarterly		1.34		USD	300		42,080			24,000			18,080
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			Monthly		9.98		USD	2,929		(329,154	)		(431,215	)		102,061
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			Monthly		9.98		USD	2,071		(232,679	)		(304,826	)		72,147
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			Monthly		9.98		USD	10,000		(1,123,667	)		(1,483,148	)		359,481
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			Monthly		9.98		USD	13,500		(1,516,950	)		(1,999,560	)		482,610
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			Monthly		9.98		USD	5,000		(561,139	)		(820,574	)		259,435
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			Monthly		9.98		USD	5,000		(561,833	)		(859,351	)		297,518
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.13		USD	371		(18,804	)		(31,308	)		12,504
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.13		USD	1,041		(52,675	)		(112,260	)		59,585


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 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		5.13	%	USD	530	$	(26,818	)	$	(56,775	)	$	29,957
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.13		USD	133		(6,730	)		(14,350	)		7,620
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.13		USD	719		(36,441	)		(77,580	)		41,139
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.13		USD	360		(18,246	)		(35,539	)		17,293
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.13		USD	360		(18,246	)		(32,842	)		14,596
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.13		USD	180		(9,123	)		(16,123	)		7,000
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.13		USD	2,158		(109,375	)		(186,379	)		77,004
JPMorgan Chase Bank, NA
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.13		USD	6,400		(323,840	)		(770,382	)		446,542
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.13		USD	12,000		(607,200	)		(1,377,714	)		770,514
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.13		USD	10,000		(506,000	)		(110,647	)		(395,353	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.13		USD	1,188		(60,113	)		(124,728	)		64,615
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		5.13		USD	1,272		(64,363	)		(139,071	)		74,708

											$	(6,633,070	)	$	(9,851,215	)	$	3,218,145

*	Termination date

TOTAL RETURN SWAPS

Counterparty &
Referenced Obligation

Rate Paid/
Received

Payment
Frequency

Current
Notional
(000)

Maturity
Date

Unrealized
Appreciation/
(Depreciation)

Receive Total Return on Reference Obligation

Citibank, NA
iBoxx EUR Contingent Convertible Liquid Developed
Market AT1

3 Month
EURIBOR

Quarterly

EUR

8,931

3/20/20

2,933

REVERSE REPURCHASE AGREEMENTS


Broker	Principal Amount (000)		Currency		Interest Rate			Maturity		U.S. $ Value at December 31, 2019
Barclays Capital, Inc.†		303		USD		(8.25	)%*		—	$	310,707
Barclays Capital, Inc.†		354		USD		(8.25	)%*		—		363,812
Barclays Capital, Inc.†		290		USD		(0.25	)%*		—		291,901
Barclays Capital, Inc.†		628		USD		0.25	%		—		627,619
Barclays Capital, Inc.†		415		USD		0.75	%		—		414,080
Barclays Capital, Inc.†		445		USD		1.25	%		—		444,635
Credit Suisse Securities (USA) LLC†		629		EUR		(1.25	)%*		—		709,468
RBC Capital Markets†		1,374		USD		1.40	%		—		1,367,364

										$	4,529,586

†	The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on December 31, 2019.

*	Interest payment due from counterparty.

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


	Overnight and Continuous		Up to 30 Days		31-90 Days		Greater than 90 Days		Total
Corporates - Non-Investment Grade	$	4,529,586	$	0	$	0	$	0	$	4,529,586

**	Principal amount less than 500.

(a)

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 December 31, 2019, the aggregate market value of these securities amounted to $455,570,249 or 39.5% of net assets.

(b)

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

(c)

Defaulted matured security.

(d)

Non-income producing security.

(e)

Fair valued by the Adviser.

(f)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 1.08% of net assets as of December 31, 2019, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid
Securities

Acquisition
Date

Cost

Market
Value

Percentage
of
Net Assets

Consumer Loan Underlying Bond Certificate Issuer Trust I

Series 2018-4, Class PT
8.558%, 5/15/43

3/27/18

491,409

476,374

0.04

Consumer Loan Underlying Bond Credit Trust

Series 2018-3, Class PT
8.27%, 3/16/43

3/07/18

113,091

108,082

0.01

Digicel Group One Ltd.
8.25%, 12/30/22

1/14/19

280,045

146,860

0.01

Exide Technologies (Exchange Priority)
11.00%, 10/31/24

4/30/15

3,524,207

3,085,134

0.27

Exide Technologies(First Lien)
11.00%, 10/31/24

4/30/15

1,019,882

935,172

0.08

Fideicomiso PA Pacifico Tres
7.00%, 1/15/35

3/04/16

1,956,492

2,222,895

0.19

JP Morgan Madison Avenue Securities Trust

Series 2015-CH1, Class M2
7.292%, 10/25/25

9/18/15

1,347,171

1,477,852

0.13

K2016470219 South Africa Ltd.
3.00%, 12/31/22

1/31/17

1,068,617

2,510

0.00

K2016470260 South Africa Ltd.
25.00%, 12/31/22

1/31/17

426,524

355

0.00

Liberty Tire Recycling LLC
9.50%, 1/15/23

1/03/18

642,788

0.06

Magnetation LLC/Mag Finance Corp.
11.00%, 5/15/18

5/15/13

2,295,760

0.00

SoFi Consumer Loan Program LLC

Series 2016-1, Class R
Zero Coupon, 8/25/25

7/28/17

431,502

331,501

0.03

SoFi Consumer Loan Program LLC

Series 2017-3, Class R
Zero Coupon, 5/25/26

5/11/17

1,107,300

370,698

0.03

SoFi Consumer Loan Program LLC

Series 2017-5, Class R1
Zero Coupon, 9/25/26

9/18/17

1,313,468

428,017

0.04

SoFi Consumer Loan Program Trust

Series 2018-1, Class R1
Zero Coupon, 2/25/27

2/01/18

1,569,021

798,859

0.07

Terraform Global Operating LLC
6.125%, 3/01/26

2/08/18

292,000

303,640

0.03

Tonon Luxembourg SA
6.50%, 10/31/24

5/03/19

1,507,991

18,514

0.00

Venezuela Government International Bond
9.25%, 5/07/28

4/10/14

247,835

34,500

0.00

Virgolino de Oliveira Finance SA
10.50%, 1/28/18

1/23/14-

2/27/14

2,401,853

138,483

0.01

Virgolino de Oliveira Finance SA
10.875%, 1/13/20

6/09/14

477,417

85,395

0.01

Virgolino de Oliveira Finance SA
11.75%, 2/09/22

1/29/14-

6/09/14

838,866

64,283

0.01

Wells Fargo Credit Risk Transfer Securities Trust

Series 2015-WF1, Class 2M2
7.292%, 11/25/25

9/28/15

525,966

594,060

0.05

YPF SA
16.50%, 5/09/22

7/25/17

1,037,834

104,516

0.01

(g)

Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at December 31, 2019.

(h)

Illiquid security.

(i)

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

(j)

Convertible security.

(k)

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

12,914

0.00

CHC Group LLC/CHC Finance Ltd.

Series AI
Zero Coupon, 10/01/2020

3/10/17

2,900,675

589,642

0.05

Mt. Logan Re Ltd. (Preference Shares)

12/30/14

2,953,000

2,842,654

0.25

(l)

Defaulted.

(m)

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

(n)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at December 31, 2019.

(o)

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

(p)

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

(q)

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

(r)

Position, or a portion thereof, has been segregated to collateralize margin requirements for open exchange-traded derivatives.

(s)

Inverse interest only security.

(t)

IO - Interest Only.

(u)

The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at December 31, 2019.

(v)

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.

(w)

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.

(x)

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

(y)

Affiliated investments.

(z)

As of December 31, 2019, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $84,470,585 and gross unrealized depreciation of investments was $(71,513,865), resulting in net unrealized appreciation of $12,956,720.

Currency Abbreviations:

ARS – Argentine Peso

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CLP – Chilean Peso

CNH – Chinese Yuan Renminbi (Offshore)

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

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

MYR – Malaysian Ringgit

NGN – Nigerian Naira

NOK – Norwegian Krone

NZD – New Zealand Dollar

PEN – Peruvian Sol

PLN – Polish Zloty

RUB – Russian Ruble

SEK – Swedish Krona

SGD – Singapore Dollar

THB – Thailand Baht

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

CLO – Collateralized Loan Obligations

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

IRS – Interest Rate Swaption

JSC – Joint Stock Company

LIBOR – London Interbank Offered Rates

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits


COUNTRY BREAKDOWN¹ December 31, 2019 (unaudited)
	55.1%	United States
	3.9%	Brazil
	3.0%	Indonesia
	2.1%	United Kingdom
	1.7%	Canada
	1.3%	Luxembourg
	1.3%	Netherlands
	1.2%	Argentina
	1.2%	France
	0.9%	Colombia
	0.9%	Dominican Republic
	0.9%	Italy
	0.8%	South Africa
	14.3%	Other
	11.4%	Short-Term

	100.0%	Total Investments

All data are as of December 31, 2019. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 0.8% or less in the following: Angola, Australia, Bahrain, Bermuda, Cameroon, Cayman Islands, Chile, China, Costa Rica, Denmark, Ecuador, Egypt, El Salvador, Finland, Gabon, Germany, Ghana, Honduras, Hong Kong, India, Iraq, Ireland, Israel, Ivory Coast, Jamaica, Jordan, Kazakhstan, Kenya, Lebanon, Macau, Mexico, Mongolia, Nigeria, Norway, Oman, Pakistan, Peru, Russia, Senegal, Spain, Sri Lanka, Sweden, Switzerland, Trinidad & Tobago, Turkey, Ukraine, United Arab Emirates, Venezuela and Zambia.

AB Global High Income Fund

December 31, 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 rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

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 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 pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

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

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon

industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of December 31, 2019:


Investments in Securities	Level 1			Level 2			Level 3			Total
Assets:
Corporates - Non-Investment Grade	$	-0-		$	348,937,381		$	4,663,123	^#	$	353,600,504
Governments - Treasuries		-0-			132,368,335			-0-			132,368,335
Emerging Markets - Sovereigns		-0-			108,654,916			-0-			108,654,916
Corporates - Investment Grade		-0-			106,774,373			-0-			106,774,373
Collateralized Mortgage Obligations		-0-			103,980,484			-0-			103,980,484
Bank Loans		-0-			51,652,174			8,818,242			60,470,416
Emerging Markets - Corporate Bonds		-0-			35,550,031			18,514			35,568,545
Emerging Markets - Treasuries		-0-			34,891,449			-0-			34,891,449
Commercial Mortgage-Backed Securities		-0-			21,149,361			-0-			21,149,361
Common Stocks		10,273,516			-0-			8,573,542	^#		18,847,058
Asset-Backed Securities		-0-			12,824,165			2,682,682			15,506,847
Investment Companies		5,613,440			-0-			-0-			5,613,440
Quasi-Sovereigns		-0-			5,571,604			-0-			5,571,604
Local Governments - US Municipal Bonds		-0-			5,495,575			-0-			5,495,575
Preferred Stocks		2,373,161			-0-			1,104,716			3,477,877
Governments - Sovereign Bonds		-0-			3,446,538			-0-			3,446,538
Inflation-Linked Securities		-0-			3,072,706			-0-			3,072,706
Collateralized Loan Obligations		-0-			968,313			-0-			968,313
Warrants		80,027			-0-			177,854	^#		257,881
Whole Loan Trusts		-0-			-0-			184,161			184,161
Local Governments - Regional Bonds		-0-			139,925			-0-			139,925
Options Purchased- Puts		-0-			78,380			-0-			78,380
Rights		-0-			-0-			10,474			10,474
Short-Term Investments:
Investment Companies		119,241,454			-0-			-0-			119,241,454
Governments - Treasuries		-0-			8,205,920			-0-			8,205,920
Time Deposits		-0-			3,327,512			-0-			3,327,512

Total Investments in Securities		137,581,598			987,089,142			26,233,308			1,150,904,048
*Other Financial Instruments:**
Assets
Futures		167,235			-0-			-0-			167,235
Forward Currency Exchange Contracts		-0-			694,787			-0-			694,787
Centrally Cleared Credit Default Swaps		-0-			32,140,205			-0-			32,140,205
Credit Default Swaps		-0-			166,635			-0-			166,635
Total Return Swaps		-0-			2,933			-0-			2,933
Liabilities
Futures		(1,235,079	)		-0-			-0-			(1,235,079	)
Forward Currency Exchange Contracts		-0-			(4,167,254	)		-0-			(4,167,254	)
Centrally Cleared Credit Default Swaps		-0-			(6,667,756	)		-0-			(6,667,756	)
Credit Default Swaps		-0-			(6,799,705	)		-0-			(6,799,705	)
Reverse Repurchase Agreements		(4,529,586	)		-0-			-0-			(4,529,586	)

Total	$	131,984,168		$	1,002,458,987		$	26,233,308		$	1,160,676,463

#	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)		84,988			4,325			(63,563	)		680
Realized gain (loss)		(2,653,006	)		111			429			103,513
Change in unrealized appreciation/ depreciation		5,585,891			101,668			35,477			(83,119	)
Purchases/Payups		4,909,711			5,598,836			1,571,555			- 0 -
Sales/Paydowns		(11,539,487	)		(9,336	)		(1,625,028	)		(1,828,324	)
Transfers into Level 3		- 0 -			- 0 -			- 0 -			- 0 -
Transfers out of Level 3		(206,733	)		(5,486,458	)		(143,005	)		(19,102,835	)

Balance as of 12/31/19	$	4,663,123		$	8,818,242		$	18,514		$	- 0 -

Net change in unrealized appreciation/depreciation from investments held as of 12/31/19	$	(530,784	)	$	101,668		$	(1,489,478	)	$	- 0 -

	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 -			461			- 0 -			- 0 -
Realized gain (loss)		418			479,679			24,862			- 0 -
Change in unrealized appreciation/ depreciation		(1,270,157	)		(719,957	)		- 0 -			- 0 -
Purchases		4,933,891			- 0 -			- 0 -			- 0 -
Sales/Paydowns		(3,504,330	)		(845,753	)		(54,587	)		- 0 -
Transfers into Level 3		- 0 -			- 0 -			- 0 -			- 0 -
Transfers out of Level 3		- 0 -			(8,846,731	)		- 0 -			(980,782	)

Balance as of 12/31/19	$	8,573,542		$	2,682,682		$	1,104,716		$	- 0 -

Net change in unrealized appreciation/depreciation from investments held as of 12/31/19	$	(3,226,959	)	$	(719,957	)	$	- 0 -		$	- 0 -

	Warrants#			Whole Loan Trusts			Rights			Total
Balance as of 3/31/19	$	60,161		$	339,307		$	7,698		$	61,794,681
Accrued discounts/ (premiums)		- 0 -			- 0 -			- 0 -			26,891
Realized gain (loss)		- 0 -			- 0 -			- 0 -			(2,043,994	)
Change in unrealized appreciation/ depreciation		117,693			(105,584	)		2,776			3,664,688
Purchases/Payups		- 0 -			- 0 -			- 0 -			17,013,993
Sales/Paydowns		- 0 -			(49,562	)		- 0 -			(19,456,407	)
Transfers into Level 3		- 0 -			- 0 -			- 0 -			- 0 -
Transfers out of Level 3		- 0 -			- 0 -			- 0 -			(34,766,544	)

Balance as of 12/31/19	$	177,854		$	184,161		$	10,474		$	26,233,308	+

Net change in unrealized appreciation/depreciation from investments held as of 12/31/19	$	119,899		$	(105,584	)	$	2,776		$	(5,848,419	)

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

Amounts of $206,733, $5,486,458, $143,005, $19,102,835, $8,846,731 and 980,782 for Corporates–Non- Investment Grade, Bank Loans, Emerging Markets–Corporate Bonds, Commercial Mortgage-Backed Securities, Asset-Backed Securities and Collateralized Loan Obligations, respectively, were transferred out of Level 3 into Level 2 as improved transparency of price inputs received from pricing vendors has increased the observability during the reporting period.

The following presents information about significant unobservable inputs related to the Fund’s Level 3 investments at December 31, 2019. Securities priced (i) by the third party vendors or (ii) by brokers, are excluded from the following table:


	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at
	12/31/19		Valuation Technique	Unobservable Input	Input
Corporates - Non-Investment Grade	$	3,085,134	Discounted Cash Flow	Discount Rate on Future Cash Flows		14.53	%
	$	935,172	Discounted Cash Flow	Discount Rate on Future Cash Flows		17.03	%
	$	642,788	Qualitative Assessment	Par Value	$	100.00
	$	29	Qualitative Assessment		$	0.00

	$	4,663,123

Common Stocks	$	2,842,654	Market Approach	NAV Equivalent	$	962.63
	$	1,380,464	Market Approach	EBITDA* Projection	$	53.0mm
				EBITDA* Multiples		8.3X
	$	943,855	Market Approach	Projected Enterprise Value	$	911.1mm
	$	645,955	Market Approach	EBITDA* Projection	$	530mm
				EBITDA* Multiples		14.8X
	$	458,976	Recovery Analysis	Issuer’s Exchange Ratio		2.86767782
	$	136,767	Market Approach	10% Haircut to Last Traded Price	$	7.65
	$	73,332	Market Approach	EBITDA* Projection	$	44.6 mm
				EBITDA* Multiples		3.7X
	$	26,825	Market Approach	EBITDA* Projection	$	84mm
				EBITDA* Multiples		4.4X
	$	-0-	Qualitative Assessment		$	0.00

	$	6,508,828

Preferred Stocks	$	1,104,716	Market Approach	EBITDA* Projection	$	530mm
				EBITDA* Multiples		14.8X
Warrants.	$	177,854	Option Pricing Model	Exercise Price	$	6.11
Whole Loan Trusts	$	143,553	Recovery Analysis	Cumulative Loss		30	%
	$	40,608	Recovery Analysis	Cumulative Loss		33	%

	$	184,161

*	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. A significant increase (decrease) in NAV Equivalent, Projected Enterprise Value, Last Traded Price, Exercise Price, EBITDA projections and EBITDA Multiple in insolation would be expected to result in a significant higher (lower) fair value measurement. A significant increase (decrease) in Discount Rate on Future Cash Flows, Issuer’s Exchange Ratio and 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 nine months ended December 31, 2019 is as follows:

Market Value

Purchases

Sales

Market Value

Dividend

3/31/19

at Cost

Proceeds

12/31/19

Income

Fund

(000)

Government Money Market Portfolio

52,078

258,515

191,352

119,241

1,195