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AB Global High Income Fund

Portfolio of Investments

December 31, 2020 (unaudited)


	Principal Amount (000)			U.S. $ Value

CORPORATES - NON-INVESTMENT GRADE – 40.0%
Industrial – 33.5%
Basic – 2.7%
Advanced Drainage Systems, Inc. 5.00%, 09/30/2027^(a)		U.S.$	140	$	147,436
Alcoa Nederland Holding BV 6.125%, 05/15/2028^(a)			289		316,097
Allegheny Technologies, Inc. 7.875%, 08/15/2023			205		225,045
Ashland LLC 4.75%, 08/15/2022			48		50,301
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV 4.75%, 06/15/2027^(a)			350		371,000
Big River Steel LLC/BRS Finance Corp. 6.625%, 01/31/2029^(a)			1,403		1,516,168
CF Industries, Inc. 4.95%, 06/01/2043			620		763,417
5.375%, 03/15/2044			747		945,779
Cleveland-Cliffs, Inc. 5.875%, 06/01/2027			222		226,131
6.75%, 03/15/2026^(a)			107		115,367
9.875%, 10/17/2025^(a)			1,169		1,374,345
Crown Americas LLC/Crown Americas Capital Corp. VI 4.75%, 02/01/2026			751		779,267
Element Solutions, Inc. 3.875%, 09/01/2028^(a)			993		1,021,678
ERP Iron Ore, LLC 9.039%, 12/31/2021^{(b) (c) (d) (e)}			240		204,246
FMG Resources (August 2006) Pty Ltd. 4.50%, 09/15/2027^(a)			1,028		1,140,616
4.75%, 05/15/2022^(a)			217		223,687
5.125%, 03/15/2023^(a)			69		72,739
Freeport-McMoRan, Inc. 3.55%, 03/01/2022			220		224,260
3.875%, 03/15/2023			215		224,424
4.375%, 08/01/2028			168		178,333
4.625%, 08/01/2030			203		223,645
5.45%, 03/15/2043			694		864,205
Graham Packaging Co., Inc. 7.125%, 08/15/2028^(a)			297		326,711
Grinding Media, Inc./Moly-Cop AltaSteel Ltd. 7.375%, 12/15/2023^(a)			1,290		1,310,869
Hecla Mining Co. 7.25%, 02/15/2028			1,328		1,450,306
Illuminate Buyer LLC/Illuminate Holdings IV, Inc. 9.00%, 07/01/2028^(a)			852		941,469
Intelligent Packaging Holdco Issuer LP 9.00% (9.0% Cash or 9.75% PIK), 01/15/2026^(a) (c)			611		618,223


	Principal Amount (000)			U.S. $ Value

Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC 6.00%, 09/15/2028^(a)		U.S.$	1,134	$	1,165,987
Joseph T Ryerson & Son, Inc. 8.50%, 08/01/2028^(a)			619		701,696
Kaiser Aluminum Corp. 6.50%, 05/01/2025^(a)			277		297,747
Kraton Polymers LLC/Kraton Polymers Capital Corp. 5.25%, 05/15/2026^(a)		EUR	846		1,067,449
LABL Escrow Issuer LLC 6.75%, 07/15/2026^(a)		U.S.$	209		225,909
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018^{(b) (d) (e) (f) (g)}			2,857		0
Methanex Corp. 5.25%, 12/15/2029			207		224,163
Nouryon Holding BV 6.50%, 10/01/2026^(a)		EUR	1,010		1,300,642
8.00%, 10/01/2026^(a)		U.S.$	171		182,297
Novelis Corp. 4.75%, 01/30/2030^(a)			210		226,310
5.875%, 09/30/2026^(a)			1,523		1,595,045
Olin Corp. 5.625%, 08/01/2029			487		527,982
Peabody Energy Corp. 6.00%, 03/31/2022^(a)			438		323,605
Rain CII Carbon LLC/CII Carbon Corp. 7.25%, 04/01/2025^(a)			288		292,916
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 5.125%, 07/15/2023^(a)			29		29,356
SPCM SA 4.875%, 09/15/2025^(a)			975		1,005,181
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. 7.50%, 06/15/2025^(a)			233		231,093
United States Steel Corp. 12.00%, 06/01/2025^(a)			1,583		1,832,262
Valvoline, Inc. 4.25%, 02/15/2030^(a)			1,707		1,811,363
WR Grace & Co.-Conn 4.875%, 06/15/2027^(a)			413		439,152
5.625%, 10/01/2024^(a)			386		417,079

					29,752,998


Capital Goods – 2.5%
ARD Finance SA 5.00% (5.00% Cash or 5.75% PIK), 06/30/2027^(a) (c)		EUR	939		1,167,659
6.50% (6.5% Cash/7.25% PIK), 06/30/2027^(a) (c)		U.S.$	1,039		1,101,506


	Principal Amount (000)			U.S. $ Value

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 5.25%, 04/30/2025^(a)		U.S.$	212	$	223,395
Ball Corp. 2.875%, 08/15/2030			225		224,992
4.00%, 11/15/2023			162		173,035
4.875%, 03/15/2026			199		224,694
Bombardier, Inc. 5.75%, 03/15/2022^(a)			932		950,620
7.50%, 12/01/2024-03/15/2025^(a)			2,404		2,248,189
7.875%, 04/15/2027^(a)			386		354,903
Clean Harbors, Inc. 4.875%, 07/15/2027^(a)			25		26,396
Cleaver-Brooks, Inc. 7.875%, 03/01/2023^(a)			633		625,455
Colfax Corp. 6.00%, 02/15/2024^(a)			194		201,034
6.375%, 02/15/2026^(a)			207		221,389
Cornerstone Building Brands, Inc. 6.125%, 01/15/2029^(a)			211		224,362
Energizer Holdings, Inc. 4.75%, 06/15/2028^(a)			348		366,185
7.75%, 01/15/2027^(a)			202		224,453
EnerSys 4.375%, 12/15/2027^(a)			935		988,149
F-Brasile SpA/F-Brasile US LLC Series XR 7.375%, 08/15/2026^(a)			957		926,347
Gates Global LLC/Gates Corp. 6.25%, 01/15/2026^(a)			1,205		1,265,250
GFL Environmental, Inc. 8.50%, 05/01/2027^(a)			465		517,444
Granite US Holdings Corp. 11.00%, 10/01/2027^(a)			507		563,647
Griffon Corp. 5.75%, 03/01/2028			1,487		1,579,306
JELD-WEN, Inc. 4.625%, 12/15/2025^(a)			128		131,256
Liberty Tire Recycling LLC 9.50%, 01/15/2023^{(b) (f) (g)}			705		702,692
Mauser Packaging Solutions Holding Co. 5.50%, 04/15/2024^(a)			1,050		1,069,827
Moog, Inc. 4.25%, 12/15/2027^(a)			373		390,075
Rebecca Bidco GmbH 5.75%, 07/15/2025^(a)		EUR	384		493,388
Rolls-Royce PLC 3.625%, 10/14/2025^(a)		U.S.$	223		225,119
Signature Aviation US Holdings, Inc. 4.00%, 03/01/2028^(a)			700		704,081
5.375%, 05/01/2026^(a)			402		414,479


	Principal Amount (000)			U.S. $ Value

Stevens Holding Co., Inc. 6.125%, 10/01/2026^(a)		U.S.$	141	$	152,515
Summit Materials LLC/Summit Materials Finance Corp. 5.25%, 01/15/2029^(a)			367		385,467
Terex Corp. 5.625%, 02/01/2025^(a)			262		269,917
Tervita Corp. 11.00%, 12/01/2025^(a)			1,658		1,784,807
TransDigm, Inc. 6.25%, 03/15/2026^(a)			556		592,496
6.50%, 07/15/2024			1,529		1,556,620
8.00%, 12/15/2025^(a)			820		905,156
Triumph Group, Inc. 6.25%, 09/15/2024^(a)			392		387,739
7.75%, 08/15/2025			428		392,009
8.875%, 06/01/2024^(a)			716		785,705
Trivium Packaging Finance BV 3.75%, 08/15/2026^(a)		EUR	100		125,557
5.50%, 08/15/2026^(a)		U.S.$	227		239,728
8.50%, 08/15/2027^(a)			382		421,345
Vertical Holdco GmbH 7.625%, 07/15/2028^(a)			465		507,461
Vertical US Newco, Inc. 5.25%, 07/15/2027^(a)			306		323,784
Wesco Distribution, Inc. 7.125%, 06/15/2025^(a)			20		21,990
7.25%, 06/15/2028^(a)			532		604,398

					27,986,021


Communications - Media – 3.6%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028^(a)			1,651		1,744,801
Altice Financing SA 7.50%, 05/15/2026^(a)			1,782		1,875,982
AMC Networks, Inc. 4.75%, 08/01/2025			218		225,074
5.00%, 04/01/2024			221		225,368
Arches Buyer, Inc. 6.125%, 12/01/2028^(a)			446		460,483
Banijay Entertainment SASU 3.50%, 03/01/2025^(a)		EUR	210		255,963
5.375%, 03/01/2025^(a)		U.S.$	420		435,949
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030^(a)			213		226,990
4.75%, 03/01/2030^(a)			211		227,692
5.00%, 02/01/2028^(a)			212		223,857
5.125%, 05/01/2027^(a)			551		584,258
5.375%, 06/01/2029^(a)			206		225,983
5.75%, 02/15/2026^(a)			582		601,031
5.875%, 05/01/2027^(a)			215		223,871


	Principal Amount (000)		U.S. $ Value

Clear Channel Worldwide Holdings, Inc. 5.125%, 08/15/2027^(a)	U.S.$	908	$	928,512
CSC Holdings LLC 3.375%, 02/15/2031^(a)		231		227,788
4.125%, 12/01/2030^(a)		217		226,766
5.25%, 06/01/2024		207		223,942
5.375%, 02/01/2028^(a)		1,502		1,604,985
5.50%, 05/15/2026^(a)		200		208,168
7.50%, 04/01/2028^(a)		941		1,063,642
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375%, 08/15/2026^(a)		283		229,965
6.625%, 08/15/2027^(a)		369		223,214
DISH DBS Corp. 5.00%, 03/15/2023		178		184,644
5.875%, 11/15/2024		2,291		2,400,975
6.75%, 06/01/2021		333		339,659
7.75%, 07/01/2026		197		220,528
Gray Television, Inc. 7.00%, 05/15/2027^(a)		204		223,326
iHeartCommunications, Inc. 4.75%, 01/15/2028^(a)		60		61,560
5.25%, 08/15/2027^(a)		285		300,338
6.375%, 05/01/2026		207		221,533
8.375%, 05/01/2027		202		215,337
Lamar Media Corp. 4.875%, 01/15/2029		147		156,470
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027^(a)		2,489		2,644,770
Liberty Interactive LLC 3.75%, 02/15/2030^(h)		875		671,217
Lions Gate Capital Holdings LLC 6.375%, 02/01/2024^(a)		218		224,057
Meredith Corp. 6.875%, 02/01/2026		2,675		2,620,458
National CineMedia LLC 5.875%, 04/15/2028^(a)		623		523,964
Netflix, Inc. 4.375%, 11/15/2026		802		888,498
4.875%, 04/15/2028		471		531,252
5.875%, 11/15/2028		187		224,041
Outfront Media Capital LLC/Outfront Media Capital Corp. 4.625%, 03/15/2030^(a)		580		591,123
Scripps Escrow II, Inc. 5.375%, 01/15/2031^(a)		445		466,766
Scripps Escrow, Inc. 5.875%, 07/15/2027^(a)		639		667,657
Sinclair Television Group, Inc. 4.125%, 12/01/2030^(a)		224		229,094
5.50%, 03/01/2030^(a)		810		841,839
Sirius XM Radio, Inc. 3.875%, 08/01/2022^(a)		221		223,836


	Principal Amount (000)			U.S. $ Value

4.625%, 07/15/2024^(a)		U.S.$	216	$	223,904
5.50%, 07/01/2029^(a)			204		224,905
Summer BC Holdco B SARL 5.75%, 10/31/2026^(a)		EUR	1,395		1,795,557
TEGNA, Inc. 4.75%, 03/15/2026^(a)		U.S.$	346		368,729
5.00%, 09/15/2029			830		876,902
5.50%, 09/15/2024^(a)			68		69,405
Telenet Finance Luxembourg Notes Sarl 5.50%, 03/01/2028^(a)			200		213,372
Univision Communications, Inc. 6.625%, 06/01/2027^(a)			1,593		1,710,420
9.50%, 05/01/2025^(a)			309		343,739
UPC Holding BV 5.50%, 01/15/2028^(a)			2,223		2,347,113
Virgin Media Secured Finance PLC 4.50%, 08/15/2030^(a)			992		1,040,303
Ziggo Bond Co. BV 5.125%, 02/28/2030^(a)			299		315,240
6.00%, 01/15/2027^(a)			815		857,490
Ziggo BV 5.50%, 01/15/2027^(a)			1,644		1,723,079

					40,257,384


Communications - Telecommunications – 2.0%
Altice France SA/France 7.375%, 05/01/2026^(a)			1,421		1,494,608
8.125%, 02/01/2027^(a)			465		512,420
C&W Senior Financing DAC 6.875%, 09/15/2027^(a)			1,501		1,621,350
7.50%, 10/15/2026^(a)			395		420,093
CenturyLink, Inc. 5.125%, 12/15/2026^(a)			214		225,848
Series T 5.80%, 03/15/2022			78		81,891
Connect Finco SARL/Connect US Finco LLC 6.75%, 10/01/2026^(a)			1,321		1,420,471
Consolidated Communications, Inc. 6.50%, 10/01/2028^(a)			1,916		2,055,026
DKT Finance ApS 7.00%, 06/17/2023^(a)		EUR	506		636,880
9.375%, 06/17/2023^(a)		U.S.$	895		922,425
Embarq Corp. 7.995%, 06/01/2036			184		226,851
Frontier Communications Corp. 5.875%, 10/15/2027^(a)			777		836,817
6.75%, 05/01/2029^(a)			321		343,393
Hughes Satellite Systems Corp. 6.625%, 08/01/2026			730		825,516
7.625%, 06/15/2021			1,383		1,418,288


	Principal Amount (000)			U.S. $ Value

Intelsat Jackson Holdings SA 5.50%, 08/01/2023^(d) (i)		U.S.$	1,675	$	1,136,373
Intrado Corp. 8.50%, 10/15/2025^(a)			748		723,844
Level 3 Financing, Inc. 5.25%, 03/15/2026			164		169,257
5.375%, 01/15/2024			837		845,133
Sprint Capital Corp. 8.75%, 03/15/2032			83		131,394
T-Mobile USA, Inc. 4.75%, 02/01/2028			39		41,901
6.00%, 03/01/2023			743		744,857
Telecom Italia Capital SA 7.20%, 07/18/2036			483		652,712
7.721%, 06/04/2038			1,784		2,486,419
Telecom Italia SpA/Milano 5.303%, 05/30/2024^(a)			206		224,418
Vmed O2 UK Financing I PLC 4.25%, 01/31/2031^(a)			530		542,483
Windstream Escrow LLC/Windstream Escrow Finance Corp. 7.75%, 08/15/2028^(a)			223		223,802
Zayo Group Holdings, Inc. 6.125%, 03/01/2028^(a)			1,456		1,542,970

					22,507,440


Consumer Cyclical - Automotive – 2.6%
Adient US LLC 9.00%, 04/15/2025^(a)			989		1,106,130
Allison Transmission, Inc. 3.75%, 01/30/2031^(a)			221		226,084
5.875%, 06/01/2029^(a)			489		541,812
American Axle & Manufacturing, Inc. 6.25%, 04/01/2025			274		284,410
6.875%, 07/01/2028			1,414		1,521,567
Aston Martin Capital Holdings Ltd. 10.50%, 11/30/2025^(a)			1,095		1,190,813
15.00% (8.89% Cash and 6.11% PIK), 11/30/2026^(a) (c)			1,851		1,855,203
Clarios Global LP/Clarios US Finance Co. 6.25%, 05/15/2026^(a)			210		225,283
8.50%, 05/15/2027^(a)			1,939		2,103,693
Dana Financing Luxembourg SARL 5.75%, 04/15/2025^(a)			109		113,050
Dana, Inc. 5.375%, 11/15/2027			109		115,664
5.625%, 06/15/2028			182		196,181
Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028^(a)			1,116		1,174,525
Exide Technologies (Exchange Priority) 11.00%, 10/31/2024^{(b) (d) (f) (g)}			2,940		—
(First Lien) 11.00%, 10/31/2024^{(b) (d) (f) (g)}			1,207		—


	Principal Amount (000)			U.S. $ Value

Ford Motor Co. 5.291%, 12/08/2046		U.S.$	219	$	228,910
8.50%, 04/21/2023			1,891		2,126,475
9.00%, 04/22/2025			720		882,896
Ford Motor Credit Co. LLC 3.087%, 01/09/2023			221		224,955
3.219%, 01/09/2022			222		224,686
3.35%, 11/01/2022			221		224,388
3.37%, 11/17/2023			220		224,423
4.14%, 02/15/2023			217		223,187
4.271%, 01/09/2027			215		226,740
5.584%, 03/18/2024			207		223,922
Garrett LX I SARL/Garrett Borrowing LLC 5.125%, 10/15/2026^{(a) (d) (i)}		EUR	1,083		1,323,237
Goodyear Tire & Rubber Co. (The) 4.875%, 03/15/2027		U.S.$	222		227,838
IHO Verwaltungs GmbH 3.625% (3.625% Cash or 4.375% PIK), 05/15/2025^(a) (c)		EUR	284		353,667
3.875% (3.875% Cash or 4.625% PIK), 05/15/2027^(a) (c)			338		428,559
Jaguar Land Rover Automotive PLC 4.50%, 10/01/2027^(a)		U.S.$	239		224,058
5.875%, 11/15/2024^(a)		EUR	269		334,220
5.875%, 01/15/2028^(a)		U.S.$	1,295		1,308,671
7.75%, 10/15/2025^(a)			1,207		1,303,533
Meritor, Inc. 4.50%, 12/15/2028^(a)			1,539		1,578,472
6.25%, 02/15/2024			260		265,193
6.25%, 06/01/2025^(a)			409		441,535
Navistar International Corp. 6.625%, 11/01/2025^(a)			18		18,864
PM General Purchaser LLC 9.50%, 10/01/2028^(a)			573		634,192
Tenneco, Inc. 5.00%, 07/15/2024^(a)		EUR	300		371,996
5.00%, 07/15/2026		U.S.$	1,693		1,554,192
7.875%, 01/15/2029^(a)			800		898,240
Titan International, Inc. 6.50%, 11/30/2023			862		799,057
Truck Hero, Inc. 8.50%, 04/21/2024^(a)			792		838,886
ZF North America Capital, Inc. 4.50%, 04/29/2022^(a)			216		222,471
4.75%, 04/29/2025^(a)			721		776,299

					29,368,177


Consumer Cyclical - Entertainment – 1.7%
AMC Entertainment Holdings, Inc. 5.75%, 06/15/2025			100		13,167
5.875%, 11/15/2026			726		83,774
Carnival Corp. 7.625%, 03/01/2026^(a)		EUR	621		802,570
7.625%, 03/01/2026^(a)		U.S.$	1,110		1,209,334


	Principal Amount (000)			U.S. $ Value

9.875%, 08/01/2027^(a)		U.S.$	661	$	763,455
11.50%, 04/01/2023^(a)			1,470		1,699,326
Carnival PLC 1.00%, 10/28/2029		EUR	202		176,457
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.50%, 05/01/2025^(a)		U.S.$	2,191		2,288,829
Cinemark USA, Inc. 4.875%, 06/01/2023			241		229,951
Mattel, Inc. 5.875%, 12/15/2027^(a)			802		890,436
6.75%, 12/31/2025^(a)			114		120,334
NCL Corp. Ltd. 5.875%, 03/15/2026^(a)			1,288		1,351,711
Royal Caribbean Cruises Ltd. 10.875%, 06/01/2023^(a)			1,315		1,491,381
11.50%, 06/01/2025^(a)			2,370		2,764,723
SeaWorld Parks & Entertainment, Inc. 8.75%, 05/01/2025^(a)			991		1,069,851
9.50%, 08/01/2025^(a)			855		928,806
Silversea Cruise Finance Ltd. 7.25%, 02/01/2025^(a)			1,409		1,459,218
Six Flags Theme Parks, Inc. 7.00%, 07/01/2025^(a)			419		454,598
Vail Resorts, Inc. 6.25%, 05/15/2025^(a)			302		323,772
Viking Cruises Ltd. 5.875%, 09/15/2027^(a)			134		131,043
13.00%, 05/15/2025^(a)			65		77,935
VOC Escrow Ltd. 5.00%, 02/15/2028^(a)			1,061		1,047,231
WMG Acquisition Corp. 3.00%, 02/15/2031^(a)			231		226,176

					19,604,078


Consumer Cyclical - Other – 2.5%
Adams Homes, Inc. 7.50%, 02/15/2025^(a)			800		835,400
Bally’s Corp. 6.75%, 06/01/2027^(a)			1,095		1,177,576
Beazer Homes USA, Inc. 5.875%, 10/15/2027			419		440,332
6.75%, 03/15/2025			1,228		1,277,989
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. 4.875%, 02/15/2030^(a)			1,097		1,133,975
6.25%, 09/15/2027^(a)			995		1,056,798
Builders FirstSource, Inc. 6.75%, 06/01/2027^(a)			208		225,670
Caesars Entertainment, Inc. 6.25%, 07/01/2025^(a)			1,201		1,278,791


	Principal Amount (000)			U.S. $ Value

Caesars Holdings, Inc. 5.00%, 10/01/2024^(h)		U.S.$	121	$	264,205
CP Atlas Buyer, Inc. 7.00%, 12/01/2028^(a)			328		341,120
Diamond Resorts International, Inc. 7.75%, 09/01/2023^(a)			219		225,018
Empire Communities Corp. 7.00%, 12/15/2025^(a)			223		234,862
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, 11/15/2025^(a)			1,969		2,083,465
Forestar Group, Inc. 5.00%, 03/01/2028^(a)			411		423,381
8.00%, 04/15/2024^(a)			590		621,003
Forterra Finance LLC/FRTA Finance Corp. 6.50%, 07/15/2025^(a)			284		306,868
Hilton Domestic Operating Co., Inc. 5.375%, 05/01/2025^(a)			229		244,675
5.75%, 05/01/2028^(a)			246		268,589
Installed Building Products, Inc. 5.75%, 02/01/2028^(a)			291		309,429
International Game Technology PLC 5.25%, 01/15/2029^(a)			799		859,886
K. Hovnanian Enterprises, Inc. 10.00%, 07/15/2022^(a)			352		352,577
KB Home 7.00%, 12/15/2021			536		557,446
7.50%, 09/15/2022			494		540,554
Marriott Ownership Resorts, Inc. 6.125%, 09/15/2025^(a)			773		824,585
Marriott Ownership Resorts, Inc./ILG LLC 6.50%, 09/15/2026			1,250		1,306,265
Mattamy Group Corp. 4.625%, 03/01/2030^(a)			544		581,121
5.25%, 12/15/2027^(a)			471		500,353
MGM Resorts International 5.75%, 06/15/2025			30		33,178
Picasso Finance Sub, Inc. 6.125%, 06/15/2025^(a)			210		224,708
Scientific Games International, Inc. 5.00%, 10/15/2025^(a)			426		439,352
7.00%, 05/15/2028^(a)			172		184,653
7.25%, 11/15/2029^(a)			172		188,505
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 02/15/2028-04/01/2029^(a)			1,460		1,506,981
Stars Group Holdings BV/Stars Group US Co-Borrower LLC 7.00%, 07/15/2026^(a)			241		253,969


	Principal Amount (000)			U.S. $ Value

Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875%, 05/15/2025^(a)		U.S.$	1,785	$	1,756,249
Taylor Morrison Communities, Inc. 5.75%, 01/15/2028^(a)			510		577,249
5.875%, 06/15/2027^(a)			628		711,260
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc. 5.875%, 04/15/2023^(a)			875		918,514
Wyndham Destinations, Inc. 4.625%, 03/01/2030^(a)			839		886,436
6.625%, 07/31/2026^(a)			637		729,774
Wyndham Hotels & Resorts, Inc. 5.375%, 04/15/2026^(a)			25		25,832
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25%, 05/15/2027^(a)			45		46,399
5.50%, 03/01/2025^(a)			736		768,424
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, 10/01/2029^(a)			279		291,721

					27,815,137


Consumer Cyclical - Restaurants – 0.3%
1011778 BC ULC/New Red Finance, Inc. 3.50%, 02/15/2029^(a)			224		224,515
3.875%, 01/15/2028^(a)			220		223,936
4.375%, 01/15/2028^(a)			520		535,630
Golden Nugget, Inc. 6.75%, 10/15/2024^(a)			1,356		1,344,478
IRB Holding Corp. 6.75%, 02/15/2026^(a)			453		468,856
Yum! Brands, Inc. 3.625%, 03/15/2031			223		226,039
4.75%, 01/15/2030^(a)			207		226,749

					3,250,203


Consumer Cyclical - Retailers – 1.8%
Bed Bath & Beyond, Inc. 5.165%, 08/01/2044			263		226,278
Burlington Coat Factory Warehouse Corp. 6.25%, 04/15/2025^(a)			142		151,307
Dufry One BV 2.50%, 10/15/2024^(a)		EUR	1,260		1,475,404
eG Global Finance PLC 6.75%, 02/07/2025^(a)		U.S.$	218		224,790
FirstCash, Inc. 4.625%, 09/01/2028^(a)			262		270,352
Hanesbrands, Inc. 4.625%, 05/15/2024^(a)			213		223,612
4.875%, 05/15/2026^(a)			208		225,356


	Principal Amount (000)		U.S. $ Value

L Brands, Inc. 5.25%, 02/01/2028	U.S.$	116	$	120,948
6.625%, 10/01/2030^(a)		607		670,660
6.75%, 07/01/2036		322		358,841
6.875%, 07/01/2025^(a)		158		171,447
6.875%, 11/01/2035		743		833,487
7.50%, 06/15/2029		107		118,837
7.60%, 07/15/2037		261		279,406
9.375%, 07/01/2025^(a)		272		333,896
LBM Acquisition LLC 6.25%, 01/15/2029^(a)		222		230,333
Levi Strauss & Co. 5.00%, 05/01/2025		450		462,290
Lithia Motors, Inc. 4.375%, 01/15/2031^(a)		210		224,875
Macy’s Retail Holdings LLC 2.875%, 02/15/2023		234		224,734
3.625%, 06/01/2024		236		226,727
Murphy Oil USA, Inc. 5.625%, 05/01/2027		69		73,035
Penske Automotive Group, Inc. 3.50%, 09/01/2025		795		808,244
5.50%, 05/15/2026		165		171,257
PetSmart, Inc. 7.125%, 03/15/2023^(a)		2,122		2,122,078
Rite Aid Corp. 7.50%, 07/01/2025^(a)		1,462		1,527,143
8.00%, 11/15/2026^(a)		214		228,796
Sonic Automotive, Inc. 6.125%, 03/15/2027		817		860,554
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.375%, 09/30/2026^(a)		1,953		2,063,933
Staples, Inc. 7.50%, 04/15/2026^(a)		842		878,434
10.75%, 04/15/2027^(a)		1,431		1,422,265
TPro Acquisition Corp. 11.00%, 10/15/2024^(a)		639		702,701
White Cap Buyer LLC 6.875%, 10/15/2028^(a)		1,613		1,720,542
William Carter Co. (The) 5.50%, 05/15/2025^(a)		438		465,402

				20,097,964


Consumer Non-Cyclical – 3.5%
Acadia Healthcare Co., Inc. 5.50%, 07/01/2028^(a)		881		947,144
AdaptHealth LLC 4.625%, 08/01/2029^(a)		1,369		1,405,220
6.125%, 08/01/2028^(a)		288		309,682
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 4.625%, 01/15/2027^(a)		615		653,457


	Principal Amount (000)			U.S. $ Value

4.875%, 02/15/2030^(a)		U.S.$	424	$	466,572
5.75%, 03/15/2025			561		578,154
5.875%, 02/15/2028^(a)			99		107,746
7.50%, 03/15/2026^(a)			201		224,423
Avantor Funding, Inc. 4.625%, 07/15/2028^(a)			212		225,517
B&G Foods, Inc. 5.25%, 04/01/2025-09/15/2027			431		451,286
Bausch Health Americas, Inc. 8.50%, 01/31/2027^(a)			767		853,404
Bausch Health Cos., Inc. 6.125%, 04/15/2025^(a)			507		522,375
7.25%, 05/30/2029^(a)			254		285,272
Catalent Pharma Solutions, Inc. 4.875%, 01/15/2026(a)			416		421,935
CD&R Smokey Buyer, Inc. 6.75%, 07/15/2025^(a)			72		77,075
Charles River Laboratories International, Inc. 4.25%, 05/01/2028^(a)			213		223,565
5.50%, 04/01/2026^(a)			192		201,006
CHS/Community Health Systems, Inc. 5.625%, 03/15/2027^(a)			631		677,932
6.00%, 01/15/2029^(a)			326		351,879
6.625%, 02/15/2025^(a)			215		226,315
8.125%, 06/30/2024^(a)			635		659,817
8.625%, 01/15/2024^(a)			214		223,237
Coty, Inc. 4.00%, 04/15/2023^(a)		EUR	136		159,633
6.50%, 04/15/2026^(a)		U.S.$	953		926,513
DaVita, Inc. 3.75%, 02/15/2031^(a)			1,000		1,014,758
4.625%, 06/01/2030^(a)			211		224,377
Edgewell Personal Care Co. 5.50%, 06/01/2028^(a)			209		224,440
Elanco Animal Health, Inc. 5.90%, 08/28/2028			190		225,667
Emergent BioSolutions, Inc. 3.875%, 08/15/2028^(a)			135		139,759
Encompass Health Corp. 4.50%, 02/01/2028			213		223,149
4.75%, 02/01/2030			211		225,843
Endo Dac/Endo Finance LLC/Endo Finco, Inc. 6.00%, 06/30/2028^(a)			920		765,465
9.50%, 07/31/2027^(a)			812		906,395
Envision Healthcare Corp. 8.75%, 10/15/2026^(a)			1,208		754,757
Global Medical Response, Inc. 6.50%, 10/01/2025^(a)			495		517,893
HCA, Inc. 5.375%, 02/01/2025-09/01/2026			344		391,372
5.625%, 09/01/2028			190		224,121
5.875%, 02/15/2026-02/01/2029			382		449,719


	Principal Amount (000)			U.S. $ Value

IQVIA, Inc. 3.25%, 03/15/2025^(a)		EUR	782	$	965,715
5.00%, 10/15/2026-05/15/2027^(a)		U.S.$	427		451,253
JBS Investments II GmbH 7.00%, 01/15/2026^(a)			200		215,277
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. 5.50%, 01/15/2030^(a)			197		226,428
6.50%, 04/15/2029^(a)			195		226,999
Kronos Acquisition Holdings, Inc. 9.00%, 08/15/2023^(a)			704		720,882
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. 7.00%, 12/31/2027^(a)			1,466		1,533,373
Lamb Weston Holdings, Inc. 4.625%, 11/01/2024^(a)			407		425,453
4.875%, 11/01/2026^(a)			216		225,552
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 5.50%, 04/15/2025^{(a) (d) (i)}			125		41,019
5.625%, 10/15/2023^{(a) (d) (i)}			311		103,315
Newell Brands, Inc. 4.70%, 04/01/2026			206		227,083
Par Pharmaceutical, Inc. 7.50%, 04/01/2027^(a)			949		1,024,782
Pilgrim’s Pride Corp. 5.875%, 09/30/2027^(a)			208		225,502
Post Holdings, Inc. 4.625%, 04/15/2030^(a)			821		863,566
5.00%, 08/15/2026^(a)			410		423,972
5.50%, 12/15/2029^(a)			205		223,654
5.625%, 01/15/2028^(a)			798		852,422
Providence Service Corp. (The) 5.875%, 11/15/2025^(a)			188		198,809
Radiology Partners, Inc. 9.25%, 02/01/2028^(a)			1,599		1,796,447
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. 9.75%, 12/01/2026^(a)			2,775		3,036,071
RP Escrow Issuer LLC 5.25%, 12/15/2025^(a)			399		416,882
Spectrum Brands, Inc. 4.00%, 10/01/2026^(a)		EUR	530		668,304
6.125%, 12/15/2024		U.S.$	361		369,123
Sunshine Mid BV 6.50%, 05/15/2026^(a)		EUR	823		1,043,116
Teleflex, Inc. 4.25%, 06/01/2028^(a)		U.S.$	212		225,340
4.625%, 11/15/2027			203		218,157
Tenet Healthcare Corp. 4.625%, 07/15/2024			103		105,523
4.625%, 09/01/2024^(a)			181		187,858


	Principal Amount (000)		U.S. $ Value

6.125%, 10/01/2028^(a)	U.S.$	505	$	525,816
6.75%, 06/15/2023		1,203		1,291,376
7.00%, 08/01/2025		119		123,002
7.50%, 04/01/2025^(a)		205		224,347
US Renal Care, Inc. 10.625%, 07/15/2027^(a)		791		871,547
Vizient, Inc. 6.25%, 05/15/2027^(a)		222		237,149
West Street Merger Sub, Inc. 6.375%, 09/01/2025^(a)		1,660		1,708,632

				39,690,620


Energy – 4.8%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375%, 09/15/2024		231		225,809
5.75%, 03/01/2027^(a)		101		99,259
7.875%, 05/15/2026^(a)		189		196,274
Antero Resources Corp. 5.125%, 12/01/2022		484		483,897
5.625%, 06/01/2023		236		230,773
8.375%, 07/15/2026^(a)		887		902,528
Apache Corp. 4.625%, 11/15/2025		214		225,364
4.875%, 11/15/2027		171		181,002
Berry Petroleum Co. LLC 7.00%, 02/15/2026^(a)		140		118,448
Blue Racer Midstream LLC/Blue Racer Finance Corp. 6.625%, 07/15/2026^(a)		284		286,062
7.625%, 12/15/2025^(a)		472		502,528
Callon Petroleum, Co. 6.25%, 04/15/2023		296		191,348
8.25%, 07/15/2025		301		162,529
Calumet Specialty Products Partners LP/Calumet Finance Corp. 11.00%, 04/15/2025^(a)		223		225,363
Cheniere Energy Partners LP 4.50%, 10/01/2029		603		637,284
5.25%, 10/01/2025		730		750,293
Citgo Holding, Inc. 9.25%, 08/01/2024^(a)		478		447,361
CITGO Petroleum Corp. 6.25%, 08/15/2022^(a)		677		671,570
7.00%, 06/15/2025^(a)		1,781		1,790,296
CNX Resources Corp. 6.00%, 01/15/2029^(a)		770		789,878
7.25%, 03/14/2027^(a)		166		178,321
Comstock Resources, Inc. 7.50%, 05/15/2025^(a)		1,015		1,039,462
9.75%, 08/15/2026		563		604,195
CVR Energy, Inc. 5.25%, 02/15/2025^(a)		246		240,955


	Principal Amount (000)		U.S. $ Value

DCP Midstream LLC 5.85%, 05/21/2043^(a)	U.S.$	257	$	222,901
DCP Midstream Operating LP 5.375%, 07/15/2025		206		226,320
Diamond Offshore Drilling, Inc. 7.875%, 08/15/2025^(d) (i)		2,725		330,180
Endeavor Energy Resources LP/EER Finance, Inc. 5.50%, 01/30/2026^(a)		218		223,565
EnLink Midstream LLC 5.625%, 01/15/2028^(a)		1,162		1,185,655
EnLink Midstream Partners LP 4.40%, 04/01/2024		67		66,072
EQT Corp. 3.90%, 10/01/2027		515		510,664
8.75%, 02/01/2030		180		220,841
Genesis Energy LP/Genesis Energy Finance Corp. 5.625%, 06/15/2024		412		401,883
6.25%, 05/15/2026		222		208,455
6.50%, 10/01/2025		820		796,943
7.75%, 02/01/2028		846		811,342
8.00%, 01/15/2027		1,086		1,075,783
Global Partners LP/GLP Finance Corp. 6.875%, 01/15/2029^(a)		439		475,748
7.00%, 08/01/2027		485		519,420
Gulfport Energy Corp. 6.00%, 10/15/2024^(d) (i)		589		397,575
6.375%, 05/15/2025-01/15/2026^(d) (i)		3,257		2,177,963
6.625%, 05/01/2023^{(d) (i)}		161		108,862
Hess Midstream Operations LP 5.625%, 02/15/2026^(a)		1,587		1,655,459
HighPoint Operating Corp. 7.00%, 10/15/2022		227		88,587
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 10/01/2025^(a)		1,041		1,049,312
6.25%, 11/01/2028^(a)		220		225,063
Indigo Natural Resources LLC 6.875%, 02/15/2026^(a)		547		560,675
Ithaca Energy North Sea PLC 9.375%, 07/15/2024^(a)		679		664,079
Laredo Petroleum, Inc. 9.50%, 01/15/2025		266		231,670
Matador Resources Co. 5.875%, 09/15/2026		240		235,111
MEG Energy Corp. 7.125%, 02/01/2027^(a)		218		225,297
Murphy Oil Corp. 5.75%, 08/15/2025		227		226,411
5.875%, 12/01/2027		233		229,265
Nabors Industries Ltd. 7.25%, 01/15/2026^(a)		478		334,871
7.50%, 01/15/2028^(a)		476		325,389


	Principal Amount (000)		U.S. $ Value

New Fortress Energy, Inc. 6.75%, 09/15/2025^(a)	U.S.$	1,802	$	1,913,128
NGL Energy Partners LP/NGL Energy Finance Corp. 7.50%, 11/01/2023		2,797		1,980,589
Occidental Petroleum Corp. 2.70%, 02/15/2023		665		665,576
2.90%, 08/15/2024		923		889,621
3.40%, 04/15/2026		109		103,905
3.50%, 06/15/2025		599		578,331
5.50%, 12/01/2025		158		164,661
5.875%, 09/01/2025		245		260,687
6.125%, 01/01/2031		365		390,729
6.375%, 09/01/2028		215		227,792
6.45%, 09/15/2036		221		230,422
6.625%, 09/01/2030		210		227,907
7.50%, 05/01/2031		203		229,038
8.00%, 07/15/2025		387		440,300
8.50%, 07/15/2027		184		212,480
8.875%, 07/15/2030		184		216,860
Parkland Corp./Canada 6.00%, 04/01/2026^(a)		1,147		1,205,105
PBF Holding Co. LLC/PBF Finance Corp. 7.25%, 06/15/2025		326		212,338
9.25%, 05/15/2025^(a)		1,753		1,731,179
PDC Energy, Inc. 5.75%, 05/15/2026		633		653,980
6.125%, 09/15/2024		1,185		1,217,041
QEP Resources, Inc. 5.25%, 05/01/2023		818		862,741
Range Resources Corp. 4.875%, 05/15/2025		97		91,558
5.00%, 03/15/2023		139		136,223
9.25%, 02/01/2026		216		225,689
SandRidge Energy, Inc. 7.50%, 02/15/2023^{(b) (d) (f)}		865		—
8.125%, 10/15/2022^{(b) (d) (f)}		2,076		—
SM Energy Co. 5.00%, 01/15/2024		525		454,510
5.625%, 06/01/2025		546		451,364
Southwestern Energy Co. 6.45%, 01/23/2025		216		225,324
7.50%, 04/01/2026		213		223,590
8.375%, 09/15/2028		429		466,149
Sunoco LP/Sunoco Finance Corp. 5.50%, 02/15/2026		79		81,294
5.875%, 03/15/2028		964		1,039,186
6.00%, 04/15/2027		35		37,186
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 5.125%, 02/01/2025		157		160,985
5.50%, 03/01/2030		198		214,787
5.875%, 04/15/2026		212		222,694
TerraForm Power Operating LLC 4.75%, 01/15/2030^(a)		207		222,489
Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024^(a)		730		711,725


	Principal Amount (000)		U.S. $ Value

Transocean Poseidon Ltd. 6.875%, 02/01/2027^(a)	U.S.$	253	$	230,067
Transocean, Inc. 7.25%, 11/01/2025^(a)		359		180,549
7.50%, 01/15/2026^(a)		762		349,953
11.50%, 01/30/2027^(a)		445		322,242
USA Compression Partners LP/USA Compression Finance Corp. 6.875%, 09/01/2027		209		222,453
Vantage Drilling International 7.125%, 04/01/2023^{(b) (d) (f)}		1,283		—
7.50%, 11/01/2019^{(b) (d) (e) (f)}		2,176		—
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp. 8.75%, 04/15/2023^(a)		2,755		2,216,705
Weatherford International Ltd. 8.75%, 09/01/2024^(a)		223		225,166
Western Midstream Operating LP 3.95%, 06/01/2025		264		269,828
4.00%, 07/01/2022		277		284,582
4.10%, 02/01/2025		569		584,373
4.50%, 03/01/2028		216		224,086
4.75%, 08/15/2028		453		472,797
5.05%, 02/01/2030		603		672,933
5.45%, 04/01/2044		193		194,985
6.25%, 02/01/2050		212		232,927

				53,454,969


Other Industrial – 0.3%
AECOM 5.125%, 03/15/2027		201		223,475
5.875%, 10/15/2024		203		225,349
American Builders & Contractors Supply Co., Inc. 4.00%, 01/15/2028^(a)		203		210,945
5.875%, 05/15/2026^(a)		214		222,712
Avient Corp. 5.25%, 03/15/2023		208		224,184
5.75%, 05/15/2025^(a)		400		424,501
IAA, Inc. 5.50%, 06/15/2027^(a)		315		333,900
Interface, Inc. 5.50%, 12/01/2028^(a)		258		271,850
KAR Auction Services, Inc. 5.125%, 06/01/2025^(a)		483		496,720
Laureate Education, Inc. 8.25%, 05/01/2025^(a)		839		888,654
Stena AB 7.00%, 02/01/2024^(a)		225		225,494

				3,747,784


Services – 2.3%
ADT Security Corp. (The) 4.125%, 06/15/2023		83		88,429


	Principal Amount (000)			U.S. $ Value

Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.625%, 07/15/2026^(a)		U.S.$	312	$	332,530
9.75%, 07/15/2027^(a)			2,083		2,262,885
ANGI Group LLC 3.875%, 08/15/2028^(a)			2,430		2,448,107
Aptim Corp. 7.75%, 06/15/2025^(a)			944		736,824
APX Group, Inc. 6.75%, 02/15/2027^(a)			265		284,810
7.875%, 12/01/2022			911		912,828
Aramark Services, Inc. 5.00%, 04/01/2025-02/01/2028^(a)			763		801,090
6.375%, 05/01/2025^(a)			569		608,129
Carlson Travel, Inc. 6.75%, 12/15/2025^(a)			782		629,556
10.50%, 03/31/2025^(j)			138		139,102
Carriage Services, Inc. 6.625%, 06/01/2026^(a)			698		745,695
Cars.com, Inc. 6.375%, 11/01/2028^(a)			830		880,897
eDreams ODIGEO SA 5.50%, 09/01/2023^(a)		EUR	478		552,845
Garda World Security Corp. 9.50%, 11/01/2027^(a)		U.S.$	1,474		1,636,389
Gartner, Inc. 3.75%, 10/01/2030^(a)			215		226,384
4.50%, 07/01/2028^(a)			512		540,462
Jaguar Holding Co. II/PPD Development LP 4.625%, 06/15/2025^(a)			200		210,982
5.00%, 06/15/2028^(a)			210		225,999
Korn Ferry 4.625%, 12/15/2027^(a)			586		609,440
Match Group Holdings II LLC 4.125%, 08/01/2030^(a)			216		223,974
Monitronics International, Inc. 0.00%, 04/01/2020^{(b) (d) (e) (f)}			958		0
MPH Acquisition Holdings LLC 5.75%, 11/01/2028^(a)			2,667		2,617,833
Nielsen Finance LLC/Nielsen Finance Co. 5.625%, 10/01/2028^(a)			106		115,265
5.875%, 10/01/2030^(a)			85		96,176
Prime Security Services Borrower LLC/Prime Finance, Inc. 5.25%, 04/15/2024^(a)			25		26,700
6.25%, 01/15/2028^(a)			1,595		1,711,065
Refinitiv US Holdings, Inc. 8.25%, 11/15/2026^(a)			1,150		1,257,648
Ritchie Bros Auctioneers, Inc. 5.375%, 01/15/2025^(a)			366		376,465
Sabre GLBL, Inc. 5.25%, 11/15/2023^(a)			300		303,957


	Principal Amount (000)			U.S. $ Value

7.375%, 09/01/2025^(a)		U.S.$	820	$	892,027
9.25%, 04/15/2025^(a)			378		450,568
Service Corp. International/US 3.375%, 08/15/2030			1,114		1,157,959
TripAdvisor, Inc. 7.00%, 07/15/2025^(a⁾			422		456,426
Verscend Escrow Corp. 9.75%, 08/15/2026^(a)			1,075		1,168,511

					25,727,957


Technology – 2.2%
Austin BidCo, Inc. 7.125%, 12/15/2028^(a)			210		219,457
Avaya, Inc. 6.125%, 09/15/2028^(a)			2,343		2,502,040
Banff Merger Sub, Inc. 9.75%, 09/01/2026^(a)			2,564		2,768,747
Cablevision Lightpath LLC 5.625%, 09/15/2028^(a)			1,060		1,106,271
CDK Global, Inc. 5.00%, 10/15/2024			203		224,431
5.875%, 06/15/2026			214		224,360
CDW LLC/CDW Finance Corp. 4.125%, 05/01/2025			681		712,527
CommScope, Inc. 5.50%, 03/01/2024^(a)			570		587,383
6.00%, 03/01/2026^(a)			500		526,315
8.25%, 03/01/2027^(a)			471		503,954
EMC Corp. 3.375%, 06/01/2023			217		226,587
LogMeIn, Inc. 5.50%, 09/01/2027^(a)			551		576,967
Microchip Technology, Inc. 4.25%, 09/01/2025^(a)			612		646,897
MSCI, Inc. 3.875%, 02/15/2031^(a)			213		225,706
NCR Corp. 5.75%, 09/01/2027^(a)			295		313,077
6.125%, 09/01/2029^(a)			227		251,785
8.125%, 04/15/2025^(a)			352		391,473
Open Text Holdings, Inc. 4.125%, 02/15/2030^(a)			214		227,532
Presidio Holdings, Inc. 4.875%, 02/01/2027^(a)			98		103,722
8.25%, 02/01/2028^(a)			154		169,783
PTC, Inc. 3.625%, 02/15/2025^(a)			219		225,351
Qorvo, Inc. 3.375%, 04/01/2031^(a)			219		225,966
4.375%, 10/15/2029			206		226,593
Science Applications International Corp. 4.875%, 04/01/2028^(a)			105		111,682


	Principal Amount (000)		U.S. $ Value

Seagate HDD Cayman 4.091%, 06/01/2029^(a)	U.S.$	1,573	$	1,684,763
4.75%, 06/01/2023		211		227,942
4.875%, 03/01/2024-06/01/2027		754		840,122
Sensata Technologies, Inc. 3.75%, 02/15/2031^(a)		1,100		1,139,512
Solera LLC/Solera Finance, Inc. 10.50%, 03/01/2024^(a)		1,941		2,013,172
SS&C Technologies, Inc. 5.50%, 09/30/2027^(a)		209		223,190
Veritas US, Inc./Veritas Bermuda Ltd. 7.50%, 02/01/2023-09/01/2025^(a)		3,945		4,023,579
10.50%, 02/01/2024^{(a) (k)}		662		670,291
Xerox Holdings Corp. 5.50%, 08/15/2028^(a)		214		227,951

				24,349,128


Transportation - Airlines – 0.2%
American Airlines, Inc. 11.75%, 07/15/2025^(a)		196		226,109
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 09/20/2025^(a)		1,692		1,905,002

				2,131,111


Transportation - Services – 0.5%
Algeco Global Finance PLC 8.00%, 02/15/2023^(a)		1,821		1,852,169
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.75%, 07/15/2027^(a)		1,031		1,049,006
10.50%, 05/15/2025^(a)		667		784,840
Fortress Transportation and Infrastructure Investors LLC 6.50%, 10/01/2025^(a)		217		226,645
Herc Holdings, Inc. 5.50%, 07/15/2027^(a)		181		193,367
United Rentals North America, Inc. 3.875%, 02/15/2031		215		225,918
4.00%, 07/15/2030		214		225,617
5.50%, 05/15/2027		418		447,533
XPO Logistics, Inc. 6.75%, 08/15/2024^(a)		262		278,890

				5,283,985

				375,024,956

Financial Institutions – 5.9%
Banking – 2.3%
Alliance Data Systems Corp. 4.75%, 12/15/2024^(a)		1,253		1,266,689
7.00%, 01/15/2026^(a)		1,311		1,386,776


	Principal Amount (000)			U.S. $ Value

Banco Bilbao Vizcaya Argentaria SA 5.875%, 05/24/2022^(a) (l)		EUR	400	$	500,823
Series 9 6.50%, 03/05/2025^(l)		U.S.$	1,200		1,282,138
Banco Santander SA 6.75%, 04/25/2022^{(a) (l)}		EUR	2,000		2,579,544
CaixaBank SA 5.875%, 10/09/2027^{(a) (l)}			1,000		1,346,079
Citizens Financial Group, Inc. Series B 6.00%, 07/06/2023^(l)		U.S.$	970		983,766
Credit Suisse Group AG 6.25%, 12/18/2024^(a) (l)			1,404		1,535,182
6.375%, 08/21/2026^{(a) (l)}			1,290		1,437,538
7.50%, 07/17/2023^{(a) (l)}			1,820		1,981,011
Discover Financial Services Series D 6.125%, 06/23/2025^(l)			3,470		3,915,413
Freedom Mortgage Corp. 7.625%, 05/01/2026^(a)			219		231,441
8.25%, 04/15/2025^(a)			215		224,870
Intesa Sanpaolo SpA 5.017%, 06/26/2024^(a)			331		361,860
5.71%, 01/15/2026^(a)			1,232		1,402,235
Societe Generale SA 8.00%, 09/29/2025^(a) (l)			2,608		3,065,002
UniCredit SpA 9.25%, 06/03/2022^{(a) (l)}		EUR	1,554		2,078,143

					25,578,510


Brokerage – 0.5%
Lehman Brothers Holdings, Inc. 6.875%, 05/02/2018^(d) (e)		U.S.$	1,690		19,435
LPL Holdings, Inc. 5.75%, 09/15/2025^(a)			1,542		1,594,207
NFP Corp. 6.875%, 08/15/2028^(a)			2,964		3,165,320
7.00%, 05/15/2025^(a)			502		542,107

					5,321,069


Finance – 1.0%
CNG Holdings, Inc. 12.50%, 06/15/2024^(a)			861		775,145
Curo Group Holdings Corp. 8.25%, 09/01/2025^(a)			2,426		2,315,407
Enova International, Inc. 8.50%, 09/01/2024-09/15/2025^(a)			1,456		1,431,360
Genworth Mortgage Holdings, Inc. 6.50%, 08/15/2025^(a)			209		225,804
goeasy Ltd. 5.375%, 12/01/2024^(a)			869		905,724


	Principal Amount (000)			U.S. $ Value

Icahn Enterprises LP/Icahn Enterprises Finance Corp. 4.75%, 09/15/2024		U.S.$	218	$	227,129
ILFC E-Capital Trust II 3.48% (H15T 30 Year + 1.80%), 12/21/2065^{(a) (m)}			2,000		1,391,579
Lincoln Financing SARL 3.625%, 04/01/2024^(a)		EUR	390		481,136
Navient Corp. 5.00%, 03/15/2027		U.S.$	211		213,002
6.50%, 06/15/2022			358		377,793
OneMain Finance Corp. 6.875%, 03/15/2025			35		40,687
8.875%, 06/01/2025			200		226,130
Quicken Loans LLC 5.25%, 01/15/2028^(a)			99		105,764
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. 3.625%, 03/01/2029^(a)			225		229,502
3.875%, 03/01/2031^(a)			220		228,143
SLM Corp. 4.20%, 10/29/2025			228		241,051
5.125%, 04/05/2022			605		620,349
TMX Finance LLC/TitleMax Finance Corp. 11.125%, 04/01/2023^(a)			890		873,187

					10,908,892


Insurance – 0.9%
Acrisure LLC/Acrisure Finance, Inc. 7.00%, 11/15/2025^(a)			1,488		1,548,017
10.125%, 08/01/2026^(a)			1,086		1,245,156
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 6.75%, 10/15/2027^(a)			2,055		2,194,703
Ardonagh Midco 2 PLC 11.50%, 01/15/2027^(a)			1,504		1,598,703
AssuredPartners, Inc. 5.625%, 01/15/2029^(a)			2,110		2,200,155
Genworth Holdings, Inc. 7.625%, 09/24/2021			958		977,306
HUB International Ltd. 7.00%, 05/01/2026^(a)			292		305,258

					10,069,298


Other Finance – 0.4%
Intrum AB 2.75%, 07/15/2022^(a)		EUR	60		72,807
3.00%, 09/15/2027^(a)			360		422,511
3.125%, 07/15/2024^(a)			489		597,389
3.50%, 07/15/2026^(a)			705		851,299
4.875%, 08/15/2025			683		862,676


	Principal Amount (000)		U.S. $ Value

Tempo Acquisition LLC/Tempo Acquisition Finance Corp. 6.75%, 06/01/2025^(a)	U.S.$	2,094	$	2,160,564

				4,967,246


REITS – 0.8%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 5.75%, 05/15/2026^(a)		950		937,147
Diversified Healthcare Trust 6.75%, 12/15/2021		1,350		1,372,379
9.75%, 06/15/2025		953		1,080,388
GEO Group, Inc. (The) 6.00%, 04/15/2026		144		114,488
Hospitality Properties Trust 4.50%, 06/15/2023		223		224,245
Howard Hughes Corp. (The) 5.375%, 08/01/2028^(a)		210		226,131
Iron Mountain, Inc. 4.875%, 09/15/2027^(a)		255		266,942
5.25%, 03/15/2028^(a)		1,576		1,664,638
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 5.625%, 05/01/2024		207		224,658
5.75%, 02/01/2027		991		1,111,414
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer 7.50%, 06/01/2025^(a)		207		224,125
Realogy Group LLC/Realogy Co-Issuer Corp. 9.375%, 04/01/2027^(a)		1,794		1,989,387
SBA Communications Corp. 3.875%, 02/15/2027^(a)		215		225,114

				9,661,056

				66,506,071


Utility – 0.6%
Electric – 0.6%
Calpine Corp. 3.75%, 03/01/2031^(a)		226		223,716
4.50%, 02/15/2028^(a)		217		226,643
5.125%, 03/15/2028^(a)		528		556,012
Clearway Energy Operating LLC 4.75%, 03/15/2028^(a)		208		222,714
NRG Energy, Inc. 6.625%, 01/15/2027		25		26,416
7.25%, 05/15/2026		1,754		1,851,089
PG&E Corp. 5.00%, 07/01/2028		210		224,357
5.25%, 07/01/2030		205		225,907
Talen Energy Supply LLC 6.50%, 06/01/2025		1,741		1,415,304


	Principal Amount (000)			U.S. $ Value

7.25%, 05/15/2027^(a)		U.S.$	339	$	359,862
10.50%, 01/15/2026^(a)			802		713,854
Texas Competitive/TCEH 11.50%, 10/01/2020^{(b) (d) (e) (f)}			626		0
Vistra Operations Co. LLC 5.625%, 02/15/2027^(a)			625		664,437

					6,710,311


Total Corporates - Non-Investment Grade (cost $432,592,493)					448,241,338


CORPORATES - INVESTMENT GRADE – 12.7%
Financial Institutions – 7.7%
Banking – 4.7%
Ally Financial, Inc. 8.00%, 11/01/2031			1,456		2,106,580
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 5.375%, 04/17/2025^(a)			847		966,732
Banco Santander SA 5.179%, 11/19/2025			400		468,642
Bank of America Corp. Series DD 6.30%, 03/10/2026^(l)			3,043		3,535,586
Series Z 6.50%, 10/23/2024^(l)			57		65,220
Barclays Bank PLC 6.86%, 06/15/2032^{(a) (l)}			166		235,165
Barclays PLC 7.125%, 06/15/2025^(l)		GBP	404		616,004
7.25%, 03/15/2023^{(a) (l)}			219		317,451
7.875%, 03/15/2022^{(a) (l)}		U.S.$	243		255,098
BNP Paribas SA 6.75%, 03/14/2022^{(a) (l)}			418		437,456
CIT Group, Inc. 3.929%, 06/19/2024			364		384,231
5.25%, 03/07/2025			199		227,151
Citigroup, Inc. 5.95%, 01/30/2023^(l)			2,689		2,826,753
Series U 5.00%, 09/12/2024^(l)			105		109,038
Series V 4.70%, 01/30/2025^(l)			868		891,523
Series W 4.00%, 12/10/2025^(l)			413		424,273
Comerica, Inc. 5.625%, 07/01/2025^(l)			2,340		2,597,400
Credit Agricole SA 8.125%, 12/23/2025^(a) (l)			1,909		2,319,862
Danske Bank A/S Series E 5.875%, 04/06/2022^(a) (l)		EUR	1,096		1,399,015


	Principal Amount (000)			U.S. $ Value

Fifth Third Bancorp Series L 4.50%, 09/30/2025^(l)		U.S.$	235	$	250,815
Goldman Sachs Group, Inc. (The) Series O 5.30%, 11/10/2026^(l)			157		172,679
Series P 5.00%, 11/10/2022^(l)			1,429		1,441,634
HSBC Holdings PLC 6.00%, 09/29/2023^{(a) (l)}		EUR	1,819		2,433,702
Series E 4.75%, 07/04/2029^{(a) (l)}			1,595		2,172,245
ING Groep NV 6.50%, 04/16/2025^(l)		U.S.$	520		572,205
6.875%, 04/16/2022^{(a) (l)}			250		261,314
JPMorgan Chase & Co. Series V 3.558% (LIBOR 3 Month + 3.32%), 04/01/2021^{(l) (m)}			210		206,081
Lloyds Banking Group PLC 6.413%, 10/01/2035^(a) (l)			235		289,839
6.657%, 05/21/2037^{(a) (l)}			98		124,209
7.625%, 06/27/2023^{(a) (l)}		GBP	1,760		2,641,941
Natwest Group PLC 8.625%, 08/15/2021^(l)		U.S.$	3,518		3,650,571
Series U 2.574% (LIBOR 3 Month + 2.32%), 09/30/2027^{(l) (m)}			1,100		1,062,536
Nordea Bank Abp 6.625%, 03/26/2026^{(a) (l)}			3,065		3,518,688
Regions Bank/Birmingham AL 6.45%, 06/26/2037			1,500		2,124,181
Santander Holdings USA, Inc. 4.40%, 07/13/2027			1,181		1,345,119
Standard Chartered PLC 7.50%, 04/02/2022^(a) (l)			1,269		1,321,833
7.75%, 04/02/2023^{(a) (l)}			440		476,470
Swedbank AB Series NC5 5.625%, 09/17/2024^(a) (l)			1,000		1,061,590
Truist Financial Corp.
Series P 4.95%, 09/01/2025^(l)			2,201		2,414,690
Series Q 5.10%, 03/01/2030^(l)			855		976,542
UBS Group AG 7.00%, 02/19/2025^{(a) (l)}			2,492		2,834,192
UniCredit SpA 5.861%, 06/19/2032^(a)			201		226,183
7.296%, 04/02/2034^(a)			200		241,797

					52,004,236


	Principal Amount (000)			U.S. $ Value

Finance – 0.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 2.875%, 08/14/2024		U.S.$	192	$	199,452
3.65%, 07/21/2027			546		591,282
3.875%, 01/23/2028			354		380,543
4.125%, 07/03/2023			192		205,401
4.50%, 09/15/2023			492		532,901
6.50%, 07/15/2025			297		355,034
Aircastle Ltd. 4.125%, 05/01/2024			137		145,609
4.25%, 06/15/2026			25		26,483
4.40%, 09/25/2023			341		363,881
5.00%, 04/01/2023			29		31,105
5.25%, 08/11/2025^(a)			2,210		2,431,654
Aviation Capital Group LLC 3.50%, 11/01/2027^(a)			295		295,409
3.875%, 05/01/2023^(a)			701		730,922
4.125%, 08/01/2025^(a)			395		412,492
4.375%, 01/30/2024^(a)			297		313,392
4.875%, 10/01/2025^(a)			319		341,625
5.50%, 12/15/2024^(a)			831		917,709

					8,274,894


Insurance – 1.9%
Allstate Corp. (The) 6.50%, 05/15/2057			1,657		2,198,355
American International Group, Inc. 6.82%, 11/15/2037			1,425		2,059,393
Assicurazioni Generali SpA Series E 5.50%, 10/27/2047^(a)		EUR	1,500		2,255,290
Caisse Nationale de Reassurance Mutuelle Agricole Groupama 6.00%, 01/23/2027			1,400		2,141,894
Centene Corp. 3.375%, 02/15/2030		U.S.$	214		225,089
4.625%, 12/15/2029			205		227,333
4.75%, 01/15/2025			491		503,980
5.375%, 08/15/2026^(a)			595		629,145
Liberty Mutual Group, Inc. 7.80%, 03/15/2037^(a)			2,559		3,237,506
MetLife, Inc. 10.75%, 08/01/2039			2,350		3,998,865
Prudential Financial, Inc. 5.20%, 03/15/2044			340		363,978
5.625%, 06/15/2043			1,082		1,166,265
SCOR SE 3.00%, 06/08/2046^(a)		EUR	200		275,600
Transatlantic Holdings, Inc. 8.00%, 11/30/2039		U.S.$	1,261		2,003,327

					21,286,020


	Principal Amount (000)			U.S. $ Value

Other Finance – 0.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.45%, 04/03/2026		U.S.$	235	$	263,659


REITS – 0.4%
GLP Capital LP/GLP Financing II, Inc. 5.25%, 06/01/2025			130		146,514
5.375%, 04/15/2026			733		841,119
MPT Operating Partnership LP/MPT Finance Corp. 4.625%, 08/01/2029			342		366,964
5.00%, 10/15/2027			344		365,889
5.25%, 08/01/2026			137		143,400
Sabra Health Care LP 4.80%, 06/01/2024			710		760,222
Spirit Realty LP 4.45%, 09/15/2026			193		217,879
Trust Fibra Uno 4.869%, 01/15/2030^(a)			1,228		1,400,687
6.39%, 01/15/2050^(a)			395		460,175

					4,702,849

					86,531,658

Industrial – 5.0%
Basic – 0.8%
ArcelorMittal SA 3.60%, 07/16/2024			113		121,845
4.55%, 03/11/2026			202		227,802
7.00%, 03/01/2041			362		501,601
7.25%, 10/15/2039			624		875,021
Arconic Corp. 6.00%, 05/15/2025^(a)			774		827,197
Georgia-Pacific LLC 8.875%, 05/15/2031			1		1,617
Glencore Finance Canada Ltd. 6.00%, 11/15/2041^(a)			272		342,803
GUSAP III LP 4.25%, 01/21/2030^(a)			616		688,188
Industrias Penoles SAB de CV 5.65%, 09/12/2049^(a)			386		500,714
MEGlobal Canada ULC 5.875%, 05/18/2030^(a)			343		427,639
Minsur SA 6.25%, 02/07/2024^(a)			891		980,657
OCP SA 5.625%, 04/25/2024^(a)			524		580,003
Smurfit Kappa Treasury Funding DAC 7.50%, 11/20/2025			238		291,313
Suzano Austria GmbH 7.00%, 03/16/2047^(a)			1,004		1,340,340
Vale Overseas Ltd. 3.75%, 07/08/2030			197		219,780


	Principal Amount (000)		U.S. $ Value

WestRock MWV LLC 7.95%, 02/15/2031	U.S.$	1,000	$	1,421,273

				9,347,793


Capital Goods – 0.2%
General Electric Co. Series D 5.00%, 03/15/2021^(l)		1,681		1,563,420
Howmet Aerospace, Inc. 5.90%, 02/01/2027		119		140,469
Textron Financial Corp. 1.956% (LIBOR 3 Month + 1.74%), 02/15/2042^{(a) (m)}		575		422,374

				2,126,263


Communications - Media – 0.1%
Prosus NV 4.027%, 08/03/2050^(a)		331		343,985
ViacomCBS, Inc. 5.875%, 02/28/2057		201		208,247
6.25%, 02/28/2057		200		224,520

				776,752


Consumer Cyclical - Automotive – 0.4%
Fiat Chrysler Automobiles NV 5.25%, 04/15/2023		209		224,189
General Motors Co. 5.20%, 04/01/2045		337		407,800
6.25%, 10/02/2043		116		156,585
6.75%, 04/01/2046		456		652,489
General Motors Financial Co., Inc. 5.65%, 01/17/2029		270		334,250
Lear Corp. 3.50%, 05/30/2030		366		399,911
3.80%, 09/15/2027		391		437,807
4.25%, 05/15/2029		275		313,608
Nissan Motor Acceptance Corp. 3.45%, 03/15/2023^(a)		74		77,475
3.875%, 09/21/2023^(a)		258		275,022
Nissan Motor Co., Ltd. 4.345%, 09/17/2027^(a)		1,084		1,191,876

				4,471,012


Consumer Cyclical - Other – 0.9%
James Hardie International Finance DAC 4.75%, 01/15/2025^(a)		285		291,751
5.00%, 01/15/2028^(a)		273		290,561
Marriott International, Inc./MD Series EE 5.75%, 05/01/2025		314		367,382
MDC Holdings, Inc. 6.00%, 01/15/2043		2,105		2,820,916
Owens Corning 7.00%, 12/01/2036		777		1,107,073


	Principal Amount (000)		U.S. $ Value

PulteGroup, Inc. 5.00%, 01/15/2027	U.S.$	48	$	56,646
6.00%, 02/15/2035		500		683,235
7.875%, 06/15/2032		1,400		2,093,090
Standard Industries, Inc./NJ 4.375%, 07/15/2030^(a)		929		994,108
4.75%, 01/15/2028^(a)		211		222,743
Toll Brothers Finance Corp. 4.875%, 03/15/2027		1,124		1,288,925

				10,216,430


Consumer Cyclical - Retailers – 0.1%
QVC, Inc. 4.375%, 03/15/2023-09/01/2028		325		338,674
4.75%, 02/15/2027		213		226,719

				565,393


Consumer Non-Cyclical – 0.4%
CVS Health Corp. 4.78%, 03/25/2038		2,140		2,710,047
Kraft Heinz Foods Co. 3.00%, 06/01/2026		214		223,360
3.875%, 05/15/2027^(a)		207		222,989
4.25%, 03/01/2031^(a)		201		224,487
4.375%, 06/01/2046		210		226,311
4.625%, 10/01/2039^(a)		203		225,700
5.20%, 07/15/2045		102		120,855
6.50%, 02/09/2040		169		228,907
6.875%, 01/26/2039		161		223,721

				4,406,377


Energy – 0.9%
Cenovus Energy, Inc. 6.75%, 11/15/2039		67		87,336
Continental Resources, Inc./OK 4.50%, 04/15/2023		217		223,631
5.75%, 01/15/2031^(a)		970		1,077,013
Ecopetrol SA 5.875%, 05/28/2045		117		141,058
6.875%, 04/29/2030		1,035		1,327,646
Energy Transfer Operating LP 4.75%, 01/15/2026		806		912,743
Kinder Morgan, Inc. Series G 7.75%, 01/15/2032		328		478,305
7.80%, 08/01/2031		1,066		1,520,142
Oleoducto Central SA 4.00%, 07/14/2027^(a)		424		459,775
ONEOK, Inc. 5.85%, 01/15/2026		849		1,016,763
Ovintiv, Inc. 6.50%, 08/15/2034		199		229,059
Parsley Energy LLC/Parsley Finance Corp. 5.625%, 10/15/2027^(a)		394		431,393


	Principal Amount (000)		U.S. $ Value

Plains All American Pipeline LP/PAA Finance Corp. 3.60%, 11/01/2024	U.S.$	221	$	235,990
4.50%, 12/15/2026		388		434,882
4.65%, 10/15/2025		1,193		1,333,722
Raizen Fuels Finance SA 5.30%, 01/20/2027^(a)		359		409,409
Rockies Express Pipeline LLC 4.95%, 07/15/2029^(a)		217		225,535
Sunoco Logistics Partners Operations LP 3.90%, 07/15/2026		121		132,540

				10,676,942


Other Industrial – 0.2%
Alfa SAB de CV 5.25%, 03/25/2024^(a)		1,580		1,740,962
Fluor Corp. 3.50%, 12/15/2024		228		225,050
4.25%, 09/15/2028		202		201,259

				2,167,271


Services – 0.1%
Expedia Group, Inc. 6.25%, 05/01/2025^(a)		400		463,916
Verisk Analytics, Inc. 5.50%, 06/15/2045		636		900,122

				1,364,038


Technology – 0.3%
Broadcom, Inc. 5.00%, 04/15/2030		691		840,411
Dell International LLC/EMC Corp. 8.35%, 07/15/2046^(a)		524		790,213
Nokia Oyj 4.375%, 06/12/2027		207		226,848
6.625%, 05/15/2039		527		670,956
VeriSign, Inc. 4.75%, 07/15/2027		210		225,291
Western Digital Corp. 4.75%, 02/15/2026		323		358,048

				3,111,767


Transportation - Airlines – 0.6%
American Airlines 2013-2 Class A Pass Through Trust 4.95%, 01/15/2023		106		101,065
American Airlines 2015-1 Class A Pass Through Trust 3.375%, 05/01/2027		176		162,067
Delta Air Lines, Inc. 2.90%, 10/28/2024		230		226,701
3.80%, 04/19/2023		162		165,754
7.00%, 05/01/2025^(a)		1,091		1,263,620
7.375%, 01/15/2026		198		226,847


	Principal Amount (000)		U.S. $ Value

Delta Air Lines, Inc./SkyMiles IP Ltd. 4.50%, 10/20/2025^(a)	U.S.$	617	$	661,769
4.75%, 10/20/2028^(a)		716		779,394
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. 6.50%, 06/20/2027^(a)		2,484		2,682,120

				6,269,337

				55,499,375


Total Corporates - Investment Grade (cost $120,593,967)				142,031,033


EMERGING MARKETS - SOVEREIGNS – 10.9%
Angola – 0.4%
Angolan Government International Bond 8.00%, 11/26/2029^(a)		835		785,161
8.25%, 05/09/2028^(a)		400		383,875
9.125%, 11/26/2049^(a)		399		368,327
9.375%, 05/08/2048^(a)		222		209,582
9.50%, 11/12/2025^(a)		2,756		2,867,101

				4,614,046


Argentina – 0.9%
Argentine Republic Government International Bond 0.125%, 07/09/2030-07/09/2041		25,911		9,798,103
1.00%, 07/09/2029		1,218		529,789

				10,327,892


Bahrain – 0.5%
Bahrain Government International Bond 5.45%, 09/16/2032^(a)		1,146		1,203,300
5.625%, 09/30/2031^(a)		1,193		1,261,598
6.75%, 09/20/2029^(a)		528		605,550
7.00%, 10/12/2028^(a)		1,253		1,447,215
CBB International Sukuk Programme Co. SPC 6.25%, 11/14/2024^(a)		1,547		1,705,567

				6,223,230


Brazil – 0.6%
Brazilian Government International Bond 3.875%, 06/12/2030		2,191		2,311,505
4.625%, 01/13/2028		3,530		3,958,012

				6,269,517


Costa Rica – 0.3%
Costa Rica Government International Bond 6.125%, 02/19/2031^(a)		3,310		3,082,437


	Principal Amount (000)		U.S. $ Value

Dominican Republic – 1.0%
Dominican Republic International Bond 5.50%, 01/27/2025^(a)	U.S.$	149	$	168,044
5.95%, 01/25/2027^(a)		1,553		1,811,672
6.40%, 06/05/2049^(a)		605		710,308
7.45%, 04/30/2044^(a)		1,283		1,654,268
8.625%, 04/20/2027^(a)		5,719		7,268,491

				11,612,783


Ecuador – 0.3%
Ecuador Government International Bond Zero Coupon, 07/31/2030^(a)		371		175,308
0.50%, 07/31/2030-07/31/2040^(a)		5,017		2,830,703

				3,006,011


Egypt – 1.1%
Egypt Government International Bond 6.125%, 01/31/2022^(a)		3,559		3,709,145
6.20%, 03/01/2024^(a)		2,743		2,962,440
7.625%, 05/29/2032^(a)		1,075		1,215,758
8.50%, 01/31/2047^(a)		1,378		1,562,307
8.70%, 03/01/2049^(a)		998		1,153,626
8.875%, 05/29/2050^(a)		1,096		1,284,718

				11,887,994


El Salvador – 0.3%
El Salvador Government International Bond 5.875%, 01/30/2025^(a)		146		137,514
7.125%, 01/20/2050^(a)		2,402		2,139,281
7.625%, 09/21/2034^(a)		762		695,087
7.65%, 06/15/2035^(a)		16		15,060
7.75%, 01/24/2023^(a)		339		334,550

				3,321,492


Gabon – 0.4%
Gabon Government International Bond 6.375%, 12/12/2024^(a)		789		820,236
6.625%, 02/06/2031^(a)		2,986		3,074,647
6.95%, 06/16/2025^(a)		1,050		1,126,453

				5,021,336


Ghana – 0.4%
Ghana Government International Bond 6.375%, 02/11/2027^(a)		2,087		2,163,306
8.627%, 06/16/2049^(a)		215		219,031
8.95%, 03/26/2051^(a)		858		894,733
10.75%, 10/14/2030^(a)		780		1,041,544

				4,318,614


	Principal Amount (000)			U.S. $ Value

Guatemala – 0.1%
Guatemala Government Bond 5.375%, 04/24/2032^(a)		U.S.$	200	$	243,250
6.125%, 06/01/2050^(a)			357		470,794

					714,044


Honduras – 0.2%
Honduras Government International Bond 6.25%, 01/19/2027^(a)			1,748		2,020,032
7.50%, 03/15/2024^(a)			730		813,722

					2,833,754


Iraq – 0.1%
Iraq International Bond 5.80%, 01/15/2028^(a)			248		229,866
6.752%, 03/09/2023^(a)			402		391,447

					621,313


Ivory Coast – 0.6%
Ivory Coast Government International Bond 4.875%, 01/30/2032^(a)		EUR	1,223		1,532,745
5.125%, 06/15/2025^(a)			168		227,492
5.875%, 10/17/2031^(a)			1,880		2,537,138
6.125%, 06/15/2033^(a)		U.S.$	752		847,175
6.375%, 03/03/2028^(a)			1,409		1,608,021
6.625%, 03/22/2048^(a)		EUR	331		447,204

					7,199,775


Jamaica – 0.1%
Jamaica Government International Bond 7.625%, 07/09/2025		U.S.$	506		595,499


Jordan – 0.1%
Jordan Government International Bond 5.75%, 01/31/2027^(a)			634		697,004


Kenya – 0.5%
Kenya Government International Bond 6.875%, 06/24/2024^(a)			3,550		3,886,140
7.00%, 05/22/2027^(a)			837		920,177
7.25%, 02/28/2028^(a)			649		728,097

					5,534,414


Lebanon – 0.0%
Lebanon Government International Bond 6.65%, 04/22/2024^{(a) (d) (i)}			427		51,240
6.85%, 03/23/2027^{(a) (d) (i)}			454		54,480
Series G 1.00%, 11/27/2026^{(a) (d) (i)}			1,654		198,480

					304,200


	Principal Amount (000)		U.S. $ Value

Mongolia – 0.2%
Mongolia Government International Bond 5.125%, 12/05/2022^(a)	U.S.$	1,580	$	1,639,744
10.875%, 04/06/2021^(a)		200		205,000

				1,844,744


Nigeria – 0.8%
Nigeria Government International Bond 6.375%, 07/12/2023^(a)		740		799,431
6.50%, 11/28/2027^(a)		388		417,949
6.75%, 01/28/2021^(a)		288		287,910
7.625%, 11/21/2025-11/28/2047^(a)		5,383		5,987,494
7.696%, 02/23/2038^(a)		810		860,878
7.875%, 02/16/2032^(a)		489		538,359

				8,892,021


Oman – 0.4%
Oman Government International Bond 4.125%, 01/17/2023^(a)		4,265		4,300,986
4.75%, 06/15/2026^(a)		550		548,797
6.00%, 08/01/2029^(a)		210		216,497

				5,066,280


Pakistan – 0.0%
Pakistan Government International Bond 6.875%, 12/05/2027^(a)		215		223,197


Senegal – 0.4%
Senegal Government International Bond 6.25%, 05/23/2033^(a)		593		664,901
6.75%, 03/13/2048^(a)		3,345		3,675,319
8.75%, 05/13/2021^(a)		310		317,556

				4,657,776


South Africa – 0.3%
Republic of South Africa Government International Bond 5.75%, 09/30/2049		3,262		3,255,884


Sri Lanka – 0.0%
Sri Lanka Government International Bond 6.20%, 05/11/2027^(a)		485		274,177


Ukraine – 0.8%
Ukraine Government International Bond 7.253%, 03/15/2033^(a)		1,886		2,055,740
7.375%, 09/25/2032^(a)		1,400		1,538,250
7.75%, 09/01/2022-09/01/2024^(a)		5,067		5,549,206

				9,143,196


Venezuela – 0.1%
Venezuela Government International Bond 9.25%, 09/15/2027^{(d) (i)}		7,978		718,020


	Principal Amount (000)		U.S. $ Value

9.25%, 05/07/2028	U.S.$	300	$	27,000

				745,020


Total Emerging Markets - Sovereigns (cost $120,088,382)				122,287,650


COLLATERALIZED MORTGAGE OBLIGATIONS – 9.4%
Risk Share Floating Rate – 7.9%
Bellemeade Re Ltd. Series 2018-3A, Class M2 2.898% (LIBOR 1 Month + 2.75%), 10/25/2028^{(a) (m)}		915		913,536
Series 2019-3A, Class M1C 2.098% (LIBOR 1 Month + 1.95%), 07/25/2029^{(a) (m)}		1,555		1,550,089
Series 2019-4A, Class M2 2.998% (LIBOR 1 Month + 2.85%), 10/25/2029^{(a) (m)}		475		477,046
Connecticut Avenue Securities Trust Series 2018-R07, Class 1B1 4.498% (LIBOR 1 Month + 4.35%), 04/25/2031^{(a) (m)}		441		446,191
Series 2019-R05, Class 1M2 2.148% (LIBOR 1 Month + 2.00%), 07/25/2039^{(a) (m)}		424		423,996
Series 2020-SBT1, Class 1M2 3.798% (LIBOR 1 Month + 3.65%), 02/25/2040^(a) (m)		1,062		1,065,580
Series 2020-SBT1, Class 2M2 3.798% (LIBOR 1 Month + 3.65%), 02/25/2040^(a) (m)		182		182,714
Eagle Re Ltd. Series 2018-1, Class M2 3.148% (LIBOR 1 Month + 3.00%), 11/25/2028 ^{(a) (m)}		2,764		2,774,183
Series 2019-1, Class M2 3.448% (LIBOR 1 Month + 3.30%), 04/25/2029^{(a) (m)}		180		178,223
Series 2020-1, Class M2 2.148% (LIBOR 1 Month + 2.00%), 01/25/2030^{(a) (m)}		558		523,275
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2013-DN2, Class M2 4.398% (LIBOR 1 Month + 4.25%), 11/25/2023^(m)		1,343		1,335,316
Series 2014-DN3, Class M3 4.148% (LIBOR 1 Month + 4.00%), 08/25/2024^(m)		119		121,701
Series 2014-HQ1, Class M3 4.248% (LIBOR 1 Month + 4.10%), 08/25/2024^(m)		607		612,900
Series 2014-HQ2, Class M3 3.898% (LIBOR 1 Month + 3.75%), 09/25/2024^(m)		3,668		3,764,755


	Principal Amount (000)		U.S. $ Value

Series 2014-HQ3, Class M3 4.898% (LIBOR 1 Month + 4.75%), 10/25/2024^(m)	U.S.$	1,341	$	1,354,302
Series 2015-DN1, Class B 11.648% (LIBOR 1 Month + 11.50%), 01/25/2025^(m)		2,165		2,386,906
Series 2015-DN1, Class M3 4.298% (LIBOR 1 Month + 4.15%), 01/25/2025^(m)		243		245,586
Series 2015-DNA1, Class B 9.348% (LIBOR 1 Month + 9.20%), 10/25/2027^(m)		593		689,992
Series 2015-DNA1, Class M3 3.448% (LIBOR 1 Month + 3.30%), 10/25/2027^(m)		224		229,573
Series 2015-DNA2, Class B 7.698% (LIBOR 1 Month + 7.55%), 12/25/2027^(m)		1,450		1,593,036
Series 2015-DNA3, Class B 9.498% (LIBOR 1 Month + 9.35%), 04/25/2028^(m)		1,018		1,206,786
Series 2015-DNA3, Class M3 4.848% (LIBOR 1 Month + 4.70%), 04/25/2028^(m)		504		524,352
Series 2015-HQ1, Class B 10.898% (LIBOR 1 Month + 10.75%), 03/25/2025^(m)		3,826		4,129,945
Series 2015-HQ1, Class M3 3.948% (LIBOR 1 Month + 3.80%), 03/25/2025^(m)		25		24,955
Series 2015-HQA1, Class B 8.948% (LIBOR 1 Month + 8.80%), 03/25/2028^(m)		1,004		1,093,225
Series 2016-DNA2, Class B 10.648% (LIBOR 1 Month + 10.50%), 10/25/2028^(m)		855		1,003,072
Series 2016-DNA3, Class B 11.398% (LIBOR 1 Month + 11.25%), 12/25/2028^(m)		2,759		3,258,630
Series 2016-DNA3, Class M3 5.148% (LIBOR 1 Month + 5.00%), 12/25/2028^(m)		888		927,993
Series 2016-DNA4, Class B 8.748% (LIBOR 1 Month + 8.60%), 03/25/2029^(m)		394		409,826
Series 2016-DNA4, Class M3 3.948% (LIBOR 1 Month + 3.80%), 03/25/2029^(m)		1,645		1,702,619
Series 2016-HQA2, Class B 11.648% (LIBOR 1 Month + 11.50%), 11/25/2028^(m)		422		500,419
Series 2016-HQA2, Class M3 5.298% (LIBOR 1 Month + 5.15%), 11/25/2028^(m)		945		991,884


	Principal Amount (000)		U.S. $ Value

Series 2016-HQA4, Class M3 4.048% (LIBOR 1 Month + 3.90%), 04/25/2029^(m)	U.S.$	968	$	1,004,560
Series 2017-DNA1, Class B1 5.098% (LIBOR 1 Month + 4.95%), 07/25/2029^(m)		310		325,989
Series 2017-DNA2, Class B1 5.298% (LIBOR 1 Month + 5.15%), 10/25/2029^(m)		978		1,039,195
Series 2017-DNA2, Class M2 3.598% (LIBOR 1 Month + 3.45%), 10/25/2029^(m)		1,374		1,419,046
Series 2017-DNA3, Class B1 4.598% (LIBOR 1 Month + 4.45%), 03/25/2030^(m)		615		631,865
Series 2017-HQA1, Class M2 3.698% (LIBOR 1 Month + 3.55%), 08/25/2029^(m)		1,815		1,862,706
Series 2018-HQA1, Class M2 2.448% (LIBOR 1 Month + 2.30%), 09/25/2030^(m)		381		379,965
Series 2018-HQA2, Class M2 2.448% (LIBOR 1 Month + 2.30%), 10/25/2048^(a) (m)		2,257		2,234,269
Series 2019-DNA1, Class M2 2.798% (LIBOR 1 Month + 2.65%), 01/25/2049^(a) (m)		409		407,934
Series 2019-DNA3, Class M2 2.198% (LIBOR 1 Month + 2.05%), 07/25/2049^(a) (m)		444		441,843
Series 2020-DNA1, Class M1 0.848% (LIBOR 1 Month + 0.70%), 01/25/2050^(a) (m)		45		44,536
Series 2020-HQA2, Class M2 3.248% (LIBOR 1 Month + 3.10%), 03/25/2050^(a) (m)		99		99,058
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C01, Class M2 4.548% (LIBOR 1 Month + 4.40%), 01/25/2024^(m)		1,526		1,537,867
Series 2014-C03, Class 2M2 3.048% (LIBOR 1 Month + 2.90%), 07/25/2024^(m)		73		72,687
Series 2014-C04, Class 1M2 5.048% (LIBOR 1 Month + 4.90%), 11/25/2024^(m)		2,195		2,251,574
Series 2015-C01, Class 1M2 4.448% (LIBOR 1 Month + 4.30%), 02/25/2025^(m)		1,275		1,299,240
Series 2015-C01, Class 2M2 4.698% (LIBOR 1 Month + 4.55%), 02/25/2025^(m)		268		272,226


	Principal Amount (000)		U.S. $ Value

Series 2015-C02, Class 1M2 4.148% (LIBOR 1 Month + 4.00%), 05/25/2025^(m)	U.S.$	396	$	402,587
Series 2015-C03, Class 1M2 5.148% (LIBOR 1 Month + 5.00%), 07/25/2025^(m)		1,199		1,232,440
Series 2015-C04, Class 1M2 5.848% (LIBOR 1 Month + 5.70%), 04/25/2028^(m)		1,543		1,646,065
Series 2015-C04, Class 2M2 5.698% (LIBOR 1 Month + 5.55%), 04/25/2028^(m)		472		496,744
Series 2016-C01, Class 1B 11.898% (LIBOR 1 Month + 11.75%), 08/25/2028^(m)		677		828,361
Series 2016-C01, Class 1M2 6.898% (LIBOR 1 Month + 6.75%), 08/25/2028^(m)		1,773		1,901,254
Series 2016-C01, Class 2M2 7.098% (LIBOR 1 Month + 6.95%), 08/25/2028^(m)		298		316,232
Series 2016-C02, Class 1B 12.398% (LIBOR 1 Month + 12.25%), 09/25/2028^(m)		448		558,695
Series 2016-C02, Class 1M2 6.148% (LIBOR 1 Month + 6.00%), 09/25/2028^(m)		1,108		1,174,612
Series 2016-C03, Class 1B 11.898% (LIBOR 1 Month + 11.75%), 10/25/2028^(m)		372		455,910
Series 2016-C03, Class 2B 12.898% (LIBOR 1 Month + 12.75%), 10/25/2028^(m)		631		772,755
Series 2016-C03, Class 2M2 6.048% (LIBOR 1 Month + 5.90%), 10/25/2028^(m)		2,246		2,360,447
Series 2016-C04, Class 1B 10.398% (LIBOR 1 Month + 10.25%), 01/25/2029^(m)		1,483		1,740,362
Series 2016-C05, Class 2B 11.244% (LIBOR 1 Month + 10.75%), 01/25/2029^(m)		1,818		2,186,326
Series 2016-C06, Class 1B 9.398% (LIBOR 1 Month + 9.25%), 04/25/2029^(m)		1,282		1,434,729
Series 2016-C07, Class 2B 9.648% (LIBOR 1 Month + 9.50%), 05/25/2029^(m)		1,558		1,767,158
Series 2016-C07, Class 2M2 4.498% (LIBOR 1 Month + 4.35%), 05/25/2029^(m)		154		160,393
Series 2017-C01, Class 1B1 5.898% (LIBOR 1 Month + 5.75%), 07/25/2029^(m)		460		491,325


	Principal Amount (000)		U.S. $ Value

Series 2017-C01, Class 1M2 3.698% (LIBOR 1 Month + 3.55%), 07/25/2029^(m)	U.S.$	946	$	973,123
Series 2017-C02, Class 2M2 3.798% (LIBOR 1 Month + 3.65%), 09/25/2029^(m)		1,053		1,077,569
Series 2017-C03, Class 1B1 4.998% (LIBOR 1 Month + 4.85%), 10/25/2029^(m)		312		324,303
Series 2017-C03, Class 1M2 3.148% (LIBOR 1 Month + 3.00%), 10/25/2029^(m)		164		166,103
Series 2017-C05, Class 1B1 3.748% (LIBOR 1 Month + 3.60%), 01/25/2030^(m)		319		319,374
Series 2017-C06, Class 2M2 2.948% (LIBOR 1 Month + 2.80%), 02/25/2030^(m)		26		26,028
Series 2018-C01, Class 1B1 3.698% (LIBOR 1 Month + 3.55%), 07/25/2030^(m)		1,102		1,098,742
Series 2018-C04, Class 2M2 2.698% (LIBOR 1 Month + 2.55%), 12/25/2030^(m)		362		363,097
Home Re Ltd. Series 2018-1, Class M2 3.148% (LIBOR 1 Month + 3.00%), 10/25/2028^{(a) (m)}		988		991,148
JP Morgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 5.648% (LIBOR 1 Month + 5.50%), 10/25/2025^{(g) (m)}		960		884,589
Mortgage Insurance-Linked Notes Series 2019-1, Class M2 3.048% (LIBOR 1 Month + 2.90%), 11/26/2029^{(a) (m)}		2,683		2,556,945
Oaktown Re III Ltd. Series 2019-1A, Class M2 2.698% (LIBOR 1 Month + 2.55%), 07/25/2029^{(a) (m)}		3,150		3,144,926
Oaktown Re Ltd. Series 2017-1A, Class M2 4.148% (LIBOR 1 Month + 4.00%), 04/25/2027^{(a) (m)}		278		278,304
Radnor Re Ltd. Series 2018-1, Class M2 2.848% (LIBOR 1 Month + 2.70%), 03/25/2028^{(a) (m)}		150		150,305


	Principal Amount (000)		U.S. $ Value

Series 2019-1, Class M2 3.348% (LIBOR 1 Month + 3.20%), 02/25/2029^{(a) (m)}	U.S.$	1,500	$	1,475,557
STACR Trust Series 2018-DNA3, Class M2 2.248% (LIBOR 1 Month + 2.10%), 09/25/2048^{(a) (n)}		1,631		1,612,319
Traingle Re Ltd. Series 2020-1, Class M2 5.748% (LIBOR 1 Month + 5.60%), 10/25/2030^{(a) (m)}		480		481,268
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 5.648% (LIBOR 1 Month + 5.50%), 11/25/2025^{(g) (m)}		317		311,758

				88,129,019


Non-Agency Fixed Rate – 0.6%
Alternative Loan Trust Series 2006-24CB, Class A15 5.75%, 08/25/2036		646		516,126
Series 2006-42, Class 1A6 6.00%, 01/25/2047		559		446,076
Series 2006-HY12, Class A5 3.256%, 08/25/2036		869		910,401
Series 2006-J1, Class 1A10 5.50%, 02/25/2036		802		738,873
Series 2006-J5, Class 1A1 6.50%, 09/25/2036		679		555,719
Bear Stearns ARM Trust Series 2007-3, Class 1A1 3.80%, 05/25/2047		133		129,729
Series 2007-4, Class 22A1 3.607%, 06/25/2047		560		546,885
ChaseFlex Trust Series 2007-1, Class 1A3 6.50%, 02/25/2037		453		243,969
CHL Mortgage Pass-Through Trust Series 2007-HY4, Class 1A1 2.997%, 09/25/2047		145		135,872
Citigroup Mortgage Loan Trust Series 2007-AR4, Class 1A1A 3.849%, 03/25/2037		89		86,713
CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A4 5.75%, 03/25/2037		690		693,470
CSMC Mortgage-Backed Trust Series 2006-7, Class 3A12 6.25%, 08/25/2036		256		168,223
Residential Accredit Loans, Inc. Trust Series 2005-QS14, Class 3A1 6.00%, 09/25/2035		321		315,446
Residential Asset Securitization Trust Series 2006-A8, Class 3A4 6.00%, 08/25/2036		158		111,611


	Principal Amount (000)		U.S. $ Value

Washington Mutual Mortgage Pass-Through Certificates Trust Series 2006-9, Class A4 4.535%, 10/25/2036	U.S.$	1,367	$	531,768
Wells Fargo Mortgage Backed Securities Trust Series 2007-AR7, Class A1 2.91%, 12/28/2037		552		517,261

				6,648,142


Non-Agency Floating Rate – 0.5%
Alternative Loan Trust Series 2007-7T2, Class A3 0.748% (LIBOR 1 Month + 0.60%), 04/25/2037^(m)		2,313		670,797
Citigroup Mortgage Loan Trust Series 2005-8, Class 2A2 4.652% (4.80% - LIBOR 1 Month), 09/25/2035^{(m) (n)}		120		4,115
Countrywide Home Loan Mortgage Pass-Through Trust Series 2007-13, Class A7 0.748% (LIBOR 1 Month + 0.60%), 08/25/2037^(m)		394		174,788
First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A10 0.398% (LIBOR 1 Month + 0.25%), 04/25/2037^(m)		261		71,255
Series 2007-FA2, Class 1A6 5.402% (5.55% - LIBOR 1 Month), 04/25/2037^{(m) (n)}		88		17,584
Lehman XS Trust Series 2007-10H, Class 2AIO 6.845% (7.00% - LIBOR 1 Month), 07/25/2037^{(m) (n)}		213		41,227
Residential Accredit Loans, Inc. Trust Series 2006-QS18, Class 2A2 6.402% (6.55% - LIBOR 1 Month), 12/25/2036^{(m) (n)}		2,722		577,032
Wachovia Mortgage Loan Trust Series 2006-ALT1, Class A2 0.508% (LIBOR 1 Month + 0.36%), 01/25/2037^(m)		7,184		3,958,200

				5,514,998


Agency Fixed Rate – 0.4%
Federal Home Loan Mortgage Corp. REMICs Series 4767, Class KI 6.00%, 03/15/2048^(o)		16,119		3,565,840


	Principal Amount (000)			U.S. $ Value

Freddie Mac Strips Series 247, Class 54 5.50%, 04/15/2036^(o)		U.S.$	7,619	$	1,522,760

					5,088,600


Total Collateralized Mortgage Obligations (cost $101,044,288)					105,380,759


GOVERNMENTS - TREASURIES – 6.3%
Colombia – 0.6%
Colombian TES Series B 10.00%, 07/24/2024		COP	18,165,600		6,458,135


Mexico – 0.2%
Mexican Bonos Series M 20 7.50%, 06/03/2027		MXN	46,433		2,649,518


Russia – 0.7%
Russian Federal Bond - OFZ Series 6209 7.60%, 07/20/2022		RUB	37,074		524,758
Series 6212 7.05%, 01/19/2028			220,100		3,207,722
Series 6217 7.50%, 08/18/2021			274,943		3,791,394

					7,523,874


United States – 4.8%
U.S. Treasury Bonds 2.75%, 11/15/2042^(p)		U.S.$	2,200		2,724,219
5.00%, 05/15/2037^(p)			1,900		2,976,172
5.25%, 02/15/2029^(q)			3,350		4,536,633
6.125%, 11/15/2027^(r)			1,000		1,372,031
U.S. Treasury Notes 2.25%, 02/15/2027^{(q) (r) (s)}			23,373		25,834,469
2.875%, 08/15/2028^(q)			13,970		16,227,028

					53,670,552


Total Governments - Treasuries (cost $63,459,812)					70,302,079


BANK LOANS – 5.1%
Industrial – 4.8%
Basic – 0.0%
Illuminate Buyer, LLC 4.147% (LIBOR 1 Month + 4.00%), 06/30/2027^(t)			559		558,365


Capital Goods – 0.5%
Apex Tool Group, LLC 6.500% (LIBOR 1 Month + 5.25%), 08/01/2024^(t)			2,217		2,187,525


	Principal Amount (000)		U.S. $ Value

Brookfield WEC Holdings, Inc. (fka Westinghouse Electric Company LLC) 3.750% (LIBOR 1 Month + 3.00%), 08/01/2025^(t)	U.S.$	865	$	861,823
BWay Holding Company 3.480% (LIBOR 3 Month + 3.25%), 04/03/2024^(t)		992		955,906
Granite US Holdings Corporation 5.504% (LIBOR 3 Month + 5.25%), 09/30/2026^{(b) (t)}		1,539		1,534,679
TransDigm, Inc. 2.397% (LIBOR 1 Month + 2.25%), 12/09/2025^(t)		349		341,794
Welbilt, Inc. (fka Manitowoc Foodservice, Inc.) 2.645% (LIBOR 1 Month + 2.50%), 10/23/2025^(t)		110		103,507

				5,985,234


Communications - Media – 0.3%
Advantage Sales & Marketing, Inc. 6.000% (LIBOR 3 Month + 5.25%), 10/28/2027^(t)		1,750		1,741,985
Clear Channel Outdoor Holdings, Inc. 3.714% (LIBOR 3 Month + 3.50%), 08/21/2026^(t)		321		308,091
iHeartCommunications, Inc. (fka Clear Channel Communications, Inc.) 3.147% (LIBOR 1 Month + 3.00%), 05/01/2026^(t)		396		389,070
LCPR Loan Financing LLC 5.159% (LIBOR 1 Month + 5.00%), 10/15/2026^(t)		578		579,967
Nielsen Finance LLC 4.750% (LIBOR 1 Month + 3.75%), 06/04/2025^(t)		448		449,895

				3,469,008


Communications - Telecommunications – 0.3%
Intrado Corporation 5.000% (LIBOR 3 Month + 4.00%), 10/10/2024^(t)		1,099		1,062,145
Zacapa S.A.R.L. 07/02/2025^(u)		2,170		2,161,190

				3,223,335


Consumer Cyclical - Automotive – 0.1%
Clarios Global LP 3.647% (LIBOR 1 Month + 3.50%), 04/30/2026^(t)		495		491,941


	Principal Amount (000)		U.S. $ Value

Navistar, Inc. 3.660% (LIBOR 1 Month + 3.50%), 11/06/2024^(t)	U.S.$	345	$	344,250

				836,191


Consumer Cyclical - Entertainment – 0.1%
Seaworld Parks & Entertainment, Inc. (fka SW Acquisitions Co., Inc.) 3.750% (LIBOR 1 Month + 3.00%), 04/01/2024^(t)		952		923,080


Consumer Cyclical - Other – 0.5%
Caesars Resort Collection, LLC 2.897% (LIBOR 1 Month + 2.75%), 12/23/2024^(t)		1,387		1,359,277
Flutter Entertainment PLC 3.754% (LIBOR 3 Month + 3.50%), 07/10/2025^(t)		127		127,236
Playtika Holding Corp. 7.000% (LIBOR 3 Month + 6.00%), 12/10/2024^(t)		2,941		2,955,582
Scientific Games International, Inc. 2.897% (LIBOR 1 Month + 2.75%), 08/14/2024^(t)		860		838,791

				5,280,886


Consumer Cyclical - Restaurants – 0.1%
IRB Holding Corp. (fka Arby’s/Buffalo Wild Wings) 3.750% (LIBOR 3 Month + 2.75%), 02/05/2025^(t)		844		835,847
Whatabrands LLC 2.904% (LIBOR 1 Month + 2.75%), 07/31/2026^(t)		381		377,099

				1,212,946


Consumer Cyclical - Retailers – 0.2%
Bass Pro Group, LLC 5.750% (LIBOR 1 Month + 5.00%), 09/25/2024^(t)		487		487,385
PetSmart, Inc. 4.500% (LIBOR 3 Month + 3.50%), 03/11/2022^(t)		796		794,066
Serta Simmons Bedding, LLC 9.000% (LIBOR 3 Month + 8.00%), 11/08/2024^(t)		1,270		471,510

				1,752,961


Consumer Non-Cyclical – 1.1%
Acadia Healthcare Company, Inc. 2.647% (LIBOR 1 Month + 2.50%), 02/16/2023^(t)		443		441,003


	Principal Amount (000)		U.S. $ Value

Aldevron, L.L.C. 5.250% (LIBOR 1 Month + 4.25%), 10/12/2026^(t)	U.S.$	812	$	813,412
Alphabet Holding Company, Inc. (fka Nature’s Bounty) 7.897% (LIBOR 1 Month + 7.75%), 09/26/2025^(t)		1,866		1,854,312
Arbor Pharmaceuticals, LLC 6.000% (LIBOR 3 Month + 5.00%), 07/05/2023^{(b) (t)}		1,055		1,013,040
Froneri International Limited 5.897% (LIBOR 1 Month + 5.75%), 01/31/2028^{(b) (t)}		160		160,800
Global Medical Response, Inc. (fka Air Medical) 5.250% (LIBOR 3 Month + 4.25%), 03/14/2025^(t)		907		897,373
Kronos Acquisition Holdings, Inc. 12/22/2026^(u)		790		789,012
LifePoint Health, Inc. (fka Regionalcare Hospital Partners Holdings, Inc.) 3.897% (LIBOR 1 Month + 3.75%), 11/16/2025^(t)		793		789,568
Mallinckrodt International Finance S.A. 5.500% (LIBOR 3 Month + 4.75%), 09/24/2024^(t)		932		875,057
Milano Acquisition Corp. 4.750% (LIBOR 3 Month + 4.00%), 10/01/2027^(t)		1,240		1,237,929
U.S. Renal Care, Inc. 5.146% (LIBOR 1 Month + 5.00%), 06/26/2026^(t)		1,554		1,544,586
US Radiology Specialists, Inc. 6.250% (LIBOR 3 Month + 5.50%), 12/15/2027^(t)		1,980		1,963,289

				12,379,381


Energy – 0.0%
CITGO Petroleum Corporation 7.250% (LIBOR 3 Month + 6.25%), 03/28/2024^(t)		520		514,680


Other Industrial – 0.3%
American Tire Distributors, Inc. 7.000% (LIBOR 3 Month + 6.00%), 09/01/2023^(t)		221		213,822
8.500% (LIBOR 3 Month + 7.50%), 09/02/2024^(t)		75		71,085
8.500% (LIBOR 1 Month + 7.50%), 09/02/2024^(t)		635		604,041
Core & Main LP 3.750% (LIBOR 3 Month + 2.75%), 08/01/2024^(t)		195		194,184


	Principal Amount (000)		U.S. $ Value

Dealer Tire, LLC 4.397% (LIBOR 1 Month + 4.25%), 12/12/2025^(t)	U.S.$	297	$	294,276
Rockwood Service Corporation 4.397% (LIBOR 1 Month + 4.25%), 01/23/2027^{(b) (t)}		88		87,507
RS IVY Holdco ,Inc. 6.500%, 12/23/2027^(b) (u)		1,390		1,376,100

				2,841,015


Services – 0.6%
Allied Universal Holdco LLC (fka USAGM Holdco, LLC) 4.397% (LIBOR 1 Month + 4.25%), 07/10/2026^(t)		286		284,709
Amentum Government Services Holdings LLC 3.647% (LIBOR 1 Month + 3.50%), 01/29/2027^(t)		318		317,206
Garda World Security Corporation 4.990% (LIBOR 3 Month + 4.75%), 10/30/2026^(t)		104		103,604
Parexel International Corporation 2.897% (LIBOR 1 Month + 2.75%), 09/27/2024^(t)		231		226,960
Pi Lux Finco SARL 8.250% (LIBOR 3 Month + 7.25%), 01/01/2026^{(b) (t)}		3,100		3,053,500
Refinitiv US Holdings, Inc. (fka Financial & Risk US Holdings, Inc.) 3.397% (LIBOR 1 Month + 3.25%), 10/01/2025^(t)		382		381,405
Sabre GLBL, Inc. 12/17/2027^{(b) (u)}		620		620,775
Team Health Holdings, Inc. 3.750% (LIBOR 1 Month + 2.75%), 02/06/2024^(t)		737		654,137
Verscend Holding Corp. 4.647% (LIBOR 1 Month + 4.50%), 08/27/2025^(t)		757		755,837

				6,398,133


Technology – 0.7%
athenahealth, Inc. 4.648% (LIBOR 1 Month + 4.50%), 02/11/2026^(t)		2,016		2,010,252
Avaya, Inc. 4.409% (LIBOR 1 Month + 4.25%), 12/15/2024^(t)		46		46,199
Boxer Parent Company, Inc. (fka BMC Software, Inc.) 4.397% (LIBOR 1 Month + 4.25%), 10/02/2025^(t)		1,530		1,522,081


	Principal Amount (000)		U.S. $ Value

Pitney Bowes, Inc. 5.650% (LIBOR 1 Month + 5.50%), 01/07/2025^(t)	U.S.$	1,089	$	1,077,930
Presidio Holdings, Inc. 3.720% (LIBOR 3 Month + 3.50%), 01/22/2027^(t)		396		394,402
Solera, LLC (Solera Finance, Inc.) 2.897% (LIBOR 1 Month + 2.75%), 03/03/2023^(t)		2,510		2,487,876
Veritas Us, Inc. 6.500% (LIBOR 3 Month + 5.50%), 09/01/2025^(t)		588		585,306

				8,124,046


Transportation - Airlines – 0.0%
Delta Air Lines, Inc. 5.750% (LIBOR 3 Month + 4.75%), 04/29/2023^(t)		169		171,537

				53,670,798


Utility – 0.2%
Electric – 0.2%
Granite Generation LLC 4.750% (LIBOR 1 Month + 3.75%), 11/09/2026^(t)		1,667		1,667,616
4.750% (LIBOR 3 Month + 3.75%), 11/09/2026^(t)		313		313,182

				1,980,798


Financial Institutions – 0.1%
Insurance – 0.1%
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) 4.147% (LIBOR 1 Month + 4.00%), 09/03/2026^(t)		1,391		1,384,985


Total Bank Loans (cost $57,674,213)				57,036,581


EMERGING MARKETS – CORPORATE BONDS – 4.5%
Industrial – 4.0%
Basic – 1.7%
Braskem America Finance Co. 7.125%, 07/22/2041^(a)		944		1,089,730
Braskem Netherlands Finance BV 4.50%, 01/31/2030^(a)		1,342		1,376,808
Consolidated Energy Finance SA 6.875%, 06/15/2025^(a)		949		959,088
CSN Inova Ventures 6.75%, 01/28/2028^(a)		305		331,402
CSN Resources SA 7.625%, 02/13/2023-04/17/2026^(a)		3,080		3,275,931


	Principal Amount (000)		U.S. $ Value

Eldorado Gold Corp. 9.50%, 06/01/2024^(a)	U.S.$	1,503	$	1,664,702
First Quantum Minerals Ltd. 6.875%, 10/15/2027^(a)		1,215		1,316,706
7.25%, 04/01/2023^(a)		4,236		4,343,256
7.50%, 04/01/2025^(a)		261		270,787
Indika Energy Capital IV Pte Ltd. 8.25%, 10/22/2025^(a)		1,681		1,817,581
Vedanta Resources Finance II PLC 13.875%, 01/21/2024^(a)		2,112		2,226,441

				18,672,432


Capital Goods – 0.2%
Cemex SAB de CV 5.20%, 09/17/2030^(a)		200		218,500
7.375%, 06/05/2027^(a)		424		481,638
Embraer Netherlands Finance BV 5.40%, 02/01/2027		918		973,654
6.95%, 01/17/2028^(a)		724		819,133
Odebrecht Finance Ltd. 4.375%, 04/25/2025^{(a) (d) (i)}		349		14,178
5.25%, 06/27/2029^{(a) (d) (i)}		1,070		45,141
7.125%, 06/26/2042^{(a) (d) (i)}		2,665		118,259

				2,670,503


Communications - Media – 0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030^(a)		481		514,820
VTR Finance NV 6.375%, 07/15/2028^(a)		322		351,609

				866,429


Communications - Telecommunications – 0.2%
Digicel Group 0.5 Ltd. 7.00%, 01/15/2021^{(c) (g) (l)}		85		23,462
8.00% (5.00% Cash and 3.00% PIK), 04/01/2025^{(a) (c)}		140		73,673
10.00% (8.00% Cash and 2.00% PIK), 04/01/2024^(c)		259		228,013
Digicel Holdings Bermuda Ltd./Digicel International Finance Ltd. 8.75%, 05/25/2024^(a)		657		692,057
MTN Mauritius Investments Ltd. 6.50%, 10/13/2026^(a)		380		435,100
Sable International Finance Ltd. 5.75%, 09/07/2027^(a)		615		655,639
VTR Comunicaciones SpA 5.125%, 01/15/2028^(a)		423		450,230

				2,558,174


	Principal Amount (000)		U.S. $ Value

Consumer Cyclical - Other – 0.5%
Melco Resorts Finance Ltd. 5.625%, 07/17/2027^(a)	U.S.$	1,178	$	1,240,535
5.75%, 07/21/2028^(a)		212		225,884
MGM China Holdings Ltd. 5.25%, 06/18/2025^(a)		222		231,067
5.375%, 05/15/2024^(a)		398		411,968
5.875%, 05/15/2026^(a)		414		436,207
Studio City Finance Ltd. 6.00%, 07/15/2025^(a)		448		472,640
6.50%, 01/15/2028^(a)		423		453,007
Wynn Macau Ltd. 4.875%, 10/01/2024^(a)		286		290,111
5.50%, 01/15/2026-10/01/2027^(a)		1,481		1,535,521
5.625%, 08/26/2028^(a)		717		749,008

				6,045,948


Consumer Cyclical - Retailers – 0.0%
K2016470219 South Africa Ltd. 3.00%, 12/31/2022^{(b) (c) (f) (g)}		1,052		0
K2016470260 South Africa Ltd. 25.00%, 12/31/2022^{(b) (c) (f) (g)}		541		0

				0


Consumer Non-Cyclical – 0.4%
BRF GmbH 4.35%, 09/29/2026^(a)		798		843,087
BRF SA 4.875%, 01/24/2030^(a)		1,018		1,104,848
Cosan Ltd. 5.50%, 09/20/2029^(a)		461		504,795
Minerva Luxembourg SA 6.50%, 09/20/2026^(a)		449		470,749
Teva Pharmaceutical Finance Netherlands III BV 7.125%, 01/31/2025		1,040		1,149,056
Tonon Luxembourg SA 6.50% (0.50% Cash and 6.00% PIK), 10/31/2024^{(b) (c) (f) (g)}		618		18,606
Ulker Biskuvi Sanayi AS 6.95%, 10/30/2025^(a)		327		353,820
USJ Acucar e Alcool SA 9.875%, 11/09/2023^{(a) (d) (i)}		670		194,180
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018^{(d) (e) (g)}		4,090		34,807
10.875%, 01/13/2020^{(d) (e) (g)}		480		96,000
11.75%, 02/09/2022^{(d) (g) (i)}		1,620		8,100

				4,778,048


	Principal Amount (000)		U.S. $ Value

Energy – 0.8%
Geopark Ltd. 5.50%, 01/17/2027^(a)	U.S.$	214	$	214,335
Leviathan Bond Ltd. 6.50%, 06/30/2027^(a)		1,197		1,349,114
Medco Platinum Road Pte Ltd. 6.75%, 01/30/2025^(a)		503		527,521
MV24 Capital BV 6.748%, 06/01/2034^(a)		525		576,087
Peru LNG Srl 5.375%, 03/22/2030^(a)		2,064		1,813,740
Petrobras Global Finance BV 5.093%, 01/15/2030		500		559,301
5.60%, 01/03/2031		3,345		3,844,491

				8,884,589


Transportation - Services – 0.1%
Rumo Luxembourg SARL 7.375%, 02/09/2024^(a)		468		487,451

				44,963,574


Utility – 0.4%
Electric – 0.4%
AES Gener SA 6.35%, 10/07/2079^(a)		495		546,975
Cemig Geracao e Transmissao SA 9.25%, 12/05/2024^(a)		1,927		2,229,298
Light Servicos de Eletricidade SA/Light Energia SA 7.25%, 05/03/2023^(a)		1,120		1,175,650
Star Energy Geothermal Wayang Windu Ltd. 6.75%, 04/24/2033^(a)		208		234,575
Terraform Global Operating LLC 6.125%, 03/01/2026^(g)		118		121,158

				4,307,656


Financial Institutions – 0.1%
Banking – 0.0%
Fidelity Bank PLC 10.50%, 10/16/2022^(a)		550		582,141


Finance – 0.0%
Global Aircraft Leasing Co., Ltd. 6.50% (6.50% Cash or 7.25% PIK), 09/15/2024^{(a) (c)}		247		220,422


Insurance – 0.1%
Ambac LSNI LLC 6.00% (LIBOR 3 Month + 5.00%), 02/12/2023^{(a) (m)}		54		53,487


	Principal Amount (000)			U.S. $ Value

Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc. 7.625% (7.625% Cash or 8.375% PIK), 10/15/2025^{(a) (c)}		U.S.$	674	$	720,507

					773,994

					1,576,557


Total Emerging Markets - Corporate Bonds (cost $55,431,497)					50,847,787


EMERGING MARKETS - TREASURIES – 1.8%
Brazil – 1.8%
Brazil Notas do Tesouro Nacional Series F 10.00%, 01/01/2023 (cost $19,115,826)		BRL	96,422		20,499,516


	Shares

COMMON STOCKS – 1.5%
Financials – 0.5%
Consumer Finance – 0.1%
Paysafe Group Ltd. - Class B^{(b) (d) (f)}			3,960		1,362,115


Insurance – 0.4%
Mt. Logan Re Ltd. (Preference Shares)^(b)			700		764,307
Mt. Logan Re Ltd. (Preference Shares)^{(b) (d) (f) (j)}			2,953		3,067,311

					3,831,618

					5,193,733


Energy – 0.3%
Energy Equipment & Services – 0.1%
Tervita Corp.^(d)			397,910		906,543
Vantage Drilling International^(d)			18,414		55,242

					961,785


Oil, Gas & Consumable Fuels – 0.2%
Berry Corp.			133,464		491,148
CHC Group LLC^{(d) (j)}			420,181		7,563
Denbury, Inc.^(d)			36,197		929,901
Golden Energy Offshore Services AS^(d)			916,212		104,185
K201640219 South Africa Ltd. A Shares^{(b) (d) (f)}			12,695,187		13
K201640219 South Africa Ltd. B Shares^{(b) (d) (f)}			2,009,762		2
Paragon Offshore Ltd. - Class A^{(b) (d)}			11,814		1,181
Paragon Offshore Ltd. - Class B^{(b) (d)}			17,721		115,186
Whiting Petroleum Corp.^(d)			15,070		376,750

					2,025,929

					2,987,714


Company	Shares		U.S. $ Value

Consumer Discretionary – 0.3%
Auto Components – 0.2%
ATD New Holdings, Inc.^{(b) (d)}		20,185	$	470,977
Ep Energy Corp.^{(b) (d) (f)}		6,941		138,820
Exide Corp.^{(b) (f)}		945,559		1,077,026
Exide Technologies^{(b) (d) (f)}		59,185		0

				1,686,823


Automobiles – 0.1%
Liberty Tire Recycling LLC^{(b) (d) (f)}		7,822		1,068,983


Hotels, Restaurants & Leisure – 0.0%
Carlson Travel, Inc.^(b)		138		59,078

				2,814,884


Consumer Staples – 0.2%
Food & Staples Retailing – 0.2%
Southeastern Grocers, Inc.^{(b) (d) (f)}		38,084		2,723,006


Information Technology – 0.1%
Software – 0.1%
Avaya Holdings Corp.^(d)		36,303		695,202
Monitronics International, Inc.^(d)		35,682		446,025

				1,141,227


Materials – 0.1%
Metals & Mining – 0.1%
BIS Industries Holdings Ltd.^{(b) (d) (f)}		838,296		1
Constellium SE^(d)		40,866		571,715
Neenah Enterprises, Inc.^{(b) (d) (f)}		58,200		0

				571,716


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


Construction & Engineering – 0.0%
Willscot Corp.		18,809		435,805

				435,805


Communication Services – 0.0%
Media – 0.0%
iHeartMedia, Inc. - Class A^(d)		25,267		327,966

Total Common Stocks (cost $30,193,321)				16,196,051


	Principal Amount (000)		U.S. $ Value

COLLATERALIZED LOAN OBLIGATIONS – 1.4%
CLO - Floating Rate – 1.4%
Ares XXXIV CLO Ltd. Series 2015-2A, Class CR 2.218% (LIBOR 3 Month + 2.00%), 04/17/2033^{(a) (m)}	U.S.$	2,358	$	2,332,493
Balboa Bay Loan Funding 2020-1 Ltd. Series 2020-1A, Class E 8.03% (LIBOR 3 Month + 7.89%), 01/20/2032^{(a) (m)}		359		359,138
Dryden CLO Ltd. Series 2018-57A, Class E 5.421% (LIBOR 3 Month + 5.20%), 05/15/2031^{(a) (m)}		275		254,878
Series 2020-78A, Class C 2.168% (LIBOR 3 Month + 1.95%), 04/17/2033^{(a) (m)}		3,000		3,001,923
Series 2020-78A, Class D 3.218% (LIBOR 3 Month + 3.00%), 04/17/2033^{(a) (m)}		1,329		1,311,536
Dryden Senior Loan Fund Series 2017-49A, Class E 6.518% (LIBOR 3 Month + 6.30%), 07/18/2030^{(a) (m)}		417		412,579
Elevation CLO Ltd. Series 2020-11A, Class C 2.437% (LIBOR 3 Month + 2.20%), 04/15/2033^{(a) (m)}		648		634,306
Series 2020-11A, Class D1 4.087% (LIBOR 3 Month + 3.85%), 04/15/2033^{(a) (m)}		1,006		1,006,112
Elmwood CLO VII Ltd. Series 2020-4A, Class E 7.249% (LIBOR 3 Month + 7.10%), 01/17/2034^{(a) (m)}		402		403,152
Kayne CLO 4 Ltd. Series 2019-4A, Class E 6.965% (LIBOR 3 Month + 6.75%), 04/25/2032^{(a) (m)}		585		585,841
Kayne CLO II Ltd. Series 2018-2A, Class E 6.337% (LIBOR 3 Month + 6.10%), 10/15/2031^{(a) (m)}		250		244,903
Octagon Investment Partners 29 Ltd. Series 2016-1A, Class DR 3.315% (LIBOR 3 Month + 3.10%), 01/24/2033^{(a) (m)}		1,701		1,663,047
OZLM Ltd. Series 2018-22A, Class D 5.518% (LIBOR 3 Month + 5.30%), 01/17/2031^{(a) (m)}		349		307,942
THL Credit Wind River CLO Ltd. Series 2017-1A, Class AR 1.358% (LIBOR 3 Month + 1.14%), 04/18/2029^{(a) (m)}		2,490		2,486,285


	Principal Amount (000)		U.S. $ Value

Voya CLO Ltd. Series 2019-1A, Class DR 3.087% (LIBOR 3 Month + 2.85%), 04/15/2031^{(a) (m)}	U.S.$	1,050	$	1,001,198


Total Collateralized Loan Obligations (cost $16,080,149)				16,005,333


QUASI-SOVEREIGNS – 1.4%
Quasi-Sovereign Bonds – 1.4%
Bahrain – 0.2%
Oil and Gas Holding Co. BSCC (The) 7.625%, 11/07/2024^(a)		469		524,547
8.375%, 11/07/2028^(a)		1,346		1,584,915

				2,109,462


Indonesia – 0.0%
Indonesia Asahan Aluminium Persero PT 5.71%, 11/15/2023^(a)		224		247,730


Kazakhstan – 0.1%
KazMunayGas National Co. JSC 5.375%, 04/24/2030^(a)		660		814,733


Mexico – 0.9%
Petroleos Mexicanos
5.95%, 01/28/2031		4,130		4,119,675
6.49%, 01/23/2027		507		534,885
6.50%, 01/23/2029		318		328,136
6.75%, 09/21/2047		2,105		1,973,438
6.84%, 01/23/2030		1,144		1,190,904
7.69%, 01/23/2050		2,469		2,489,369

				10,636,407


South Africa – 0.1%
Eskom Holdings SOC Ltd.
6.35%, 08/10/2028^(a)		562		623,117
7.125%, 02/11/2025^(a)		437		446,423

				1,069,540


United Arab Emirates – 0.1%
DP World Crescent Ltd. 3.875%, 07/18/2029^(a)		225		246,938
DP World PLC 5.625%, 09/25/2048^(a)		332		422,885

				669,823


Total Quasi-Sovereigns (cost $12,833,579)				15,547,695


COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.3%
Non-Agency Fixed Rate CMBS – 1.2%
225 Liberty Street Trust Series 2016-225L, Class E 4.649%, 02/10/2036^(a)		691		723,620


	Principal Amount (000)		U.S. $ Value

Citigroup Commercial Mortgage Trust Series 2013-GC11, Class XA 1.367%, 04/10/2046^(o)	U.S.$	1,315	$	32,347
Series 2013-GC17, Class D 5.109%, 11/10/2046^(a)		902		785,711
Series 2014-GC23, Class D 4.485%, 07/10/2047^(a)		856		764,476
Commercial Mortgage Trust Series 2012-CR3, Class F 4.75%, 10/15/2045^(a)		182		55,497
Series 2012-CR3, Class XA 1.846%, 10/15/2045^(o)		7,120		167,329
Series 2012-CR5, Class XA 1.514%, 12/10/2045^(o)		1,703		41,392
Series 2013-LC6, Class D 4.311%, 01/10/2046^(a)		3,916		3,542,293
Series 2014-CR15, Class XA 0.93%, 02/10/2047^(o)		1,649		37,096
Series 2014-CR20, Class XA 1.022%, 11/10/2047^(o)		9,567		309,047
GS Mortgage Securities Corp. II Series 2013-GC10, Class XA 1.489%, 02/10/2046^(o)		742		20,337
GS Mortgage Securities Trust Series 2012-GC6, Class D 5.651%, 01/10/2045^(a)		1,765		1,475,456
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6, Class XA 1.606%, 11/15/2045^{(a) (o)}		5,812		113,872
UBS-Barclays Commercial Mortgage Trust Series 2012-C4, Class XA 1.603%, 12/10/2045^{(a) (o)}		772		16,965
WF-RBS Commercial Mortgage Trust Series 2011-C4, Class D 5.193%, 06/15/2044^(a)		1,022		900,079
Series 2012-C7, Class XA 1.306%, 06/15/2045^{(a) (o)}		1,267		14,525
Series 2012-C8, Class E 4.885%, 08/15/2045^(a)		3,766		2,784,077
Series 2012-C10, Class XA 1.523%, 12/15/2045^{(a) (o)}		2,944		73,992
Series 2014-C25, Class D 3.803%, 11/15/2047^(a)		1,807		1,577,929

				13,436,040


Non-Agency Floating Rate CMBS – 0.1%
DBWF Mortgage Trust Series 2018-GLKS, Class E 3.17% (LIBOR 1 Month + 3.02%), 12/19/2030^{(a) (m)}		838		790,782


	Principal Amount (000)		U.S. $ Value

Morgan Stanley Capital I Trust Series 2019-BPR, Class E 4.909% (LIBOR 1 Month + 4.75%), 05/15/2036^{(a) (m)}	U.S.$	301	$	181,686

				972,468


Total Commercial Mortgage-Backed Securities (cost $16,097,795)				14,408,508


ASSET-BACKED SECURITIES – 1.0%
Other ABS - Fixed Rate – 0.4%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2018-7, Class PT 9.868%, 06/15/2043^(g)		184		173,800
Series 2019-24, Class PT 10.463%, 08/15/2044^(g)		315		294,292
Series 2019-36, Class PT 13.636%, 10/17/2044^(g)		423		392,972
Series 2019-43, Class PT 6.544%, 11/15/2044^(g)		266		254,573
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-4, Class PT 10.442%, 05/15/2043^(g)		152		147,644
Series 2018-12, Class PT 12.419%, 06/15/2043^(g)		144		134,015
Consumer Loan Underlying Bond Credit Trust Series 2018-3, Class PT 10.793%, 03/16/2043^(g)		32		31,368
Marlette Funding Trust Series 2018-3A, Class C 4.63%, 09/15/2028^(a)		1,350		1,370,479
SoFi Consumer Loan Program LLC Series 2016-1, Class R Zero Coupon, 08/25/2025^{(b) (f) (g)}		628		117,101
Series 2017-3, Class R Zero Coupon, 05/25/2026^{(b) (f) (g)}		10		384,000
Series 2017-5, Class R1 Zero Coupon, 09/25/2026^{(b) (f) (g)}		12		289,219
SoFi Consumer Loan Program Trust Series 2018-1, Class R1 Zero Coupon, 02/25/2027^{(b) (f) (g)}		16		605,823
Taco Bell Funding LLC Series 2016-1A, Class A23 4.97%, 05/25/2046^(a)		773		833,321

				5,028,607


Autos - Fixed Rate – 0.3%
CPS Auto Trust Series 2018-C, Class D 4.40%, 06/17/2024^(a)		1,050		1,087,364


	Principal Amount (000)		U.S. $ Value

Exeter Automobile Receivables Trust Series 2019-2A, Class E 4.68%, 05/15/2026^(a)	U.S.$	1,050	$	1,101,082
Flagship Credit Auto Trust Series 2019-4, Class E 4.11%, 03/15/2027^(a)		770		794,485

				2,982,931


Home Equity Loans - Fixed Rate – 0.3%
CSAB Mortgage-Backed Trust Series 2006-2, Class A6A 6.22%, 09/25/2036		594		272,999
CWABS Asset-Backed Certificates Trust Series 2005-7, Class AF5W 5.554%, 10/25/2035		618		624,231
GSAA Home Equity Trust Series 2005-12, Class AF5 6.159%, 09/25/2035		887		729,754
Series 2006-10, Class AF3 5.985%, 06/25/2036		1,002		403,961
Series 2006-6, Class AF4 6.121%, 03/25/2036		1,398		578,892
Series 2006-6, Class AF5 6.241%, 03/25/2036		518		214,437

				2,824,274


Home Equity Loans - Floating Rate – 0.0%
Lehman XS Trust Series 2007-6, Class 3A5 4.552%, 05/25/2037		79		78,261


Total Asset-Backed Securities (cost $14,782,451)				10,914,073


	Shares

INVESTMENT COMPANIES – 0.5%
Funds and Investment Trusts – 0.5%
iShares JP Morgan USD Emerging Markets Bond ETF^(v) (cost $5,351,457)		49,000		5,679,590


PREFERRED STOCKS – 0.3%
Financial Institutions – 0.2%
Banking – 0.1%
Paysafe Holdings UK Ltd. 0.00%^{(b) (d) (f)}		1,240,623		1,418,244


Insurance – 0.1%
Hartford Financial Services Group, Inc. (The) 7.875%		42,175		1,164,452

				2,582,696


Company	Shares			U.S. $ Value

Industrial – 0.1%
Industrial Conglomerates – 0.1%
WESCO International, Inc. Series A 10.625%			35,175	$	1,099,219


Total Preferred Stocks (cost $3,243,961)					3,681,915


	Principal Amount (000)

LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.3%
United States – 0.3%
State of California Series 2010 7.60%, 11/01/2040		U.S.$	750		1,356,585
State of Illinois Series 2010 7.35%, 07/01/2035			1,915		2,283,178


Total Local Governments - US Municipal Bonds (cost $2,679,006)					3,639,763


INFLATION-LINKED SECURITIES – 0.3%
Colombia – 0.3%
Fideicomiso PA Concesion Ruta al Mar 6.75%, 02/15/2044^(a)		COP	1,437,090		337,270
Fideicomiso PA Costera 6.25%, 01/15/2034^(a)			1,230,800		410,582
Fideicomiso PA Pacifico Tres 7.00%, 01/15/2035^(g)			6,642,880		2,118,409


Total Inflation-Linked Securities (cost $2,832,057)					2,866,261


GOVERNMENTS - SOVEREIGN BONDS – 0.2%
Colombia – 0.1%
Colombia Government International Bond 4.125%, 05/15/2051		U.S.$	1,258		1,397,638


Mexico – 0.1%
Mexico Government International Bond
4.75%, 04/27/2032			534		641,801
5.00%, 04/27/2051			461		574,752

					1,216,553


Netherlands – 0.0%
SNS Bank NV Series E 11.25%, 12/31/2049^{(b) (d) (f) (l)}		EUR	620		0


Total Governments - Sovereign Bonds (cost $3,041,824)					2,614,191


Company	Shares				U.S. $ Value

WARRANTS – 0.1%
Avaya Holdings Corp., expiring 12/15/2022^(d)			53,489		$	176,514
Encore Automotive Acceptance, expiring 07/05/2031^{(b) (d) (f)}			8			0
Flexpath Capital, Inc., expiring 04/15/2031^{(b) (d) (f)}			10,974			0
iHeartMedia, Inc., expiring 05/01/2039^(d)			278			3,575
SandRidge Energy, Inc., A-CW22, expiring 10/04/2022^(d)			46,951			526
SandRidge Energy, Inc., B-CW22, expiring 10/04/2022^(d)			19,772			257
Willscot Corp., expiring 11/29/2022^{(b) (d) (f)}			29,123			265,281


Total Warrants (cost $389,758)						446,153


	Notional Amount

OPTIONS PURCHASED - PUTS – 0.0%
Swaptions – 0.0%
IRS Swaption Expiration: Jan 2021; Contracts: 4,120,000; Exercise Rate: 0.02%; Counterparty: JPMorgan Chase Bank, NA (cost $73,846)		USD	4,120,000			30,309


	Shares

RIGHTS – 0.0%
Vistra Energy Corp., expiring 12/31/2049^{(b) (d) (l)} (cost $0)			10,721			10,721


SHORT-TERM INVESTMENTS – 1.2%
Investment Companies – 0.7%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.03%^{(v) (w) (x)} (cost $7,402,887)			7,402,887			7,402,887


	Principal Amount (000)

Governments - Treasuries – 0.3%
Egypt – 0.3%
Egypt Treasury Bills Zero Coupon, 03/23/2021		EGP	28,000			1,732,743
Series 364D Zero Coupon, 03/16/2021			31,850			1,976,890


Total Governments - Treasuries (cost $3,712,818)						3,709,633


Time Deposits – 0.2%
BBH, Grand Cayman (0.20)%, 01/05/2021		NZD	0	^**		135
Citibank, London (0.72)%, 01/04/2021		EUR	31			37,699
0.01%, 01/04/2021		GBP	45			61,149


	Principal Amount (000)		U.S. $ Value

Citibank, New York 0.01%, 01/04/2021	U.S.$	2,473	$	2,473,343


Total Time Deposits (cost $2,572,326)				2,572,326


Total Short-Term Investments (cost $13,688,031)				13,684,846


Total Investments – 100.2% (cost $1,091,287,713)^(y)				1,122,352,152
Other assets less liabilities – (0.2)%				(1,878,921	)


Net Assets – 100.0%			$	1,120,473,231

FUTURES


Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures		109		March 2021		$	17,043,172		$	(52,797	)
U.S. Long Bond (CBT) Futures		58		March 2021			10,044,874			(128,149	)
U.S. T-Note 10 Yr (CBT) Futures		404		March 2021			55,783,563			87,805
U.S. Ultra Bond (CBT) Futures		72		March 2021			15,376,500			(298,797	)
Sold Contracts
CBOE VIX Futures		42		February 2021			1,074,150			(36,179	)
U.S. T-Note 5 Yr (CBT) Futures		309		March 2021			38,984,695			(89,320	)

									$	(517,437	)

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	11		CLP	7,583		01/14/2021		$	(9)
Bank of America, NA		USD	12		IDR	186,293		01/15/2021			887
Bank of America, NA		RUB	622,990		USD	8,462		01/22/2021			57,088
Barclays Bank PLC		USD	25		KRW	27,931		01/14/2021			438
Barclays Bank PLC		INR	543		USD	7		01/15/2021			(93)
Barclays Bank PLC		TWD	379		USD	14		01/27/2021			75
Brown Brothers Harriman & Co.		SGD	210		USD	155		01/07/2021			(3,243)
Brown Brothers Harriman & Co.		USD	162		SGD	218		01/07/2021			2,944
Brown Brothers Harriman & Co.		AUD	99		USD	73		01/12/2021			(3,829)
Brown Brothers Harriman & Co.		USD	90		AUD	124		01/12/2021			5,214
Brown Brothers Harriman & Co.		NOK	209		USD	23		01/15/2021			(1,259)
Brown Brothers Harriman & Co.		SEK	72		USD	9		01/15/2021			57
Brown Brothers Harriman & Co.		SEK	832		USD	97		01/15/2021			(4,514)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Brown Brothers Harriman & Co.		USD	45		NOK	404		01/15/2021	$	1,828
Brown Brothers Harriman & Co.		USD	90		SEK	791		01/15/2021		6,078
Brown Brothers Harriman & Co.		GBP	33		USD	44		01/21/2021		(1,320	)
Brown Brothers Harriman & Co.		USD	28		GBP	21		01/21/2021		555
Brown Brothers Harriman & Co.		USD	9		TRY	69		01/21/2021		581
Brown Brothers Harriman & Co.		CHF	79		USD	87		01/29/2021		(2,350	)
Brown Brothers Harriman & Co.		USD	10		CHF	9		01/29/2021		(32	)
Brown Brothers Harriman & Co.		USD	55		ZAR	829		02/04/2021		1,532
Brown Brothers Harriman & Co.		ZAR	549		USD	37		02/04/2021		138
Brown Brothers Harriman & Co.		ZAR	1,203		USD	78		02/04/2021		(3,380	)
Brown Brothers Harriman & Co.		CNH	60		USD	9		02/10/2021		(27	)
Brown Brothers Harriman & Co.		USD	50		CNH	330		02/10/2021		128
Brown Brothers Harriman & Co.		CAD	136		USD	106		02/18/2021		(674	)
Brown Brothers Harriman & Co.		USD	94		CAD	120		02/18/2021		540
Brown Brothers Harriman & Co.		MXN	572		USD	29		02/25/2021		111
Brown Brothers Harriman & Co.		MXN	337		USD	17		02/25/2021		(224	)
Brown Brothers Harriman & Co.		USD	7		MXN	143		02/25/2021		12
Brown Brothers Harriman & Co.		USD	88		MXN	1,761		02/25/2021		(191	)
Brown Brothers Harriman & Co.		JPY	769		USD	7		02/26/2021		14
Brown Brothers Harriman & Co.		JPY	2,691		USD	26		02/26/2021		(203	)
Brown Brothers Harriman & Co.		USD	47		NZD	67		03/05/2021		557
Brown Brothers Harriman & Co.		EUR	399		USD	490		03/17/2021		1,403
Brown Brothers Harriman & Co.		EUR	206		USD	251		03/17/2021		(858	)
Brown Brothers Harriman & Co.		PLN	98		USD	27		03/24/2021		368
Citibank, NA		BRL	137,193		USD	25,632		01/05/2021		(781,015	)
Citibank, NA		USD	21,238		BRL	110,369		01/05/2021		10,222
Citibank, NA		USD	5,295		BRL	26,824		01/05/2021		(130,962	)
Citibank, NA		AUD	7,395		USD	5,243		01/12/2021		(458,579	)
Citibank, NA		USD	10,811		AUD	14,901		01/12/2021		678,046
Citibank, NA		CLP	17,065		USD	22		01/14/2021		(1,634	)
Citibank, NA		USD	70		CLP	53,623		01/14/2021		4,971
Citibank, NA		USD	7		KRW	7,884		01/14/2021		316
Citibank, NA		USD	8		BRL	44		02/02/2021		(12	)
Citibank, NA		CNH	222		USD	34		02/10/2021		(185	)
Citibank, NA		USD	8,182		EUR	6,679		03/17/2021		(9,355	)
Credit Suisse International		USD	5,511		ZAR	81,602		02/04/2021		17,827
Credit Suisse International		MXN	52,470		USD	2,632		02/25/2021		10,342
Deutsche Bank AG		USD	1,898		IDR	27,050,461		01/15/2021		44,568
Deutsche Bank AG		USD	3,245		INR	240,567		01/15/2021		45,924
Goldman Sachs Bank USA		BRL	197		USD	39		01/05/2021		600
Goldman Sachs Bank USA		BRL	296		USD	57		01/05/2021		(27	)
Goldman Sachs Bank USA		USD	78		BRL	409		01/05/2021		1,122
Goldman Sachs Bank USA		USD	16		BRL	84		01/05/2021		(209	)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Goldman Sachs Bank USA		AUD	7,500		USD	5,286		01/12/2021	$	(496,711	)
Goldman Sachs Bank USA		CLP	62,550		USD	83		01/14/2021		(5,425	)
Goldman Sachs Bank USA		COP	44,504		USD	13		01/14/2021		(243	)
Goldman Sachs Bank USA		KRW	42,147		USD	38		01/14/2021		(1,093	)
Goldman Sachs Bank USA		USD	30		CLP	22,093		01/14/2021		942
Goldman Sachs Bank USA		USD	30		COP	105,652		01/14/2021		1,381
Goldman Sachs Bank USA		USD	37		KRW	41,166		01/14/2021		823
Goldman Sachs Bank USA		IDR	116,867,779		USD	7,798		01/15/2021		(596,090	)
Goldman Sachs Bank USA		INR	240,159		USD	3,242		01/15/2021		(43,177	)
Goldman Sachs Bank USA		USD	65		IDR	961,836		01/15/2021		3,597
Goldman Sachs Bank USA		USD	79		INR	5,857		01/15/2021		1,016
Goldman Sachs Bank USA		RUB	1,542		USD	21		01/22/2021		74
Goldman Sachs Bank USA		RUB	2,367		USD	31		01/22/2021		(984	)
Goldman Sachs Bank USA		USD	25		RUB	1,914		01/22/2021		938
Goldman Sachs Bank USA		TWD	285		USD	10		01/27/2021		19
Goldman Sachs Bank USA		USD	52		TWD	1,474		01/27/2021		205
Goldman Sachs Bank USA		USD	32		TWD	895		01/27/2021		(69	)
Goldman Sachs Bank USA		IDR	151,755		USD	11		04/15/2021		1
Goldman Sachs Bank USA		IDR	219,844		USD	16		04/15/2021		(140	)
HSBC Bank USA		USD	3,996		IDR	56,896,176		01/15/2021		90,938
HSBC Bank USA		USD	44		RUB	3,431		01/22/2021		1,792
JPMorgan Chase Bank, NA		CLP	35,849		USD	47		01/14/2021		(3,404	)
JPMorgan Chase Bank, NA		INR	1,137		USD	15		01/15/2021		(241	)
JPMorgan Chase Bank, NA		USD	8		IDR	117,344		01/15/2021		517
JPMorgan Chase Bank, NA		USD	16		INR	1,194		01/15/2021		143
JPMorgan Chase Bank, NA		TWD	469		USD	17		01/27/2021		(8	)
JPMorgan Chase Bank, NA		USD	14		TWD	380		01/27/2021		(16	)
JPMorgan Chase Bank, NA		INR	703		USD	10		04/15/2021		(15	)
JPMorgan Chase Bank, NA		KRW	13,432		USD	12		04/22/2021		3
Morgan Stanley Capital Services LLC		BRL	83,446		USD	16,057		01/05/2021		(7,729	)
Morgan Stanley Capital Services LLC		USD	15,863		BRL	83,446		01/05/2021		202,475
Morgan Stanley Capital Services LLC		CLP	17,057		USD	23		01/14/2021		(1,137	)
Morgan Stanley Capital Services LLC		KRW	12,233		USD	11		01/14/2021		20
Morgan Stanley Capital Services LLC		USD	8		COP	27,641		01/14/2021		29
Morgan Stanley Capital Services LLC		USD	16		KRW	17,976		01/14/2021		191
Morgan Stanley Capital Services LLC		USD	3,154		IDR	44,655,322		01/15/2021		53,657
Morgan Stanley Capital Services LLC		USD	15		INR	1,113		01/15/2021		168
Morgan Stanley Capital Services LLC		GBP	2,528		USD	3,352		01/21/2021		(105,167	)
Morgan Stanley Capital Services LLC		BRL	83,446		USD	15,856		02/02/2021		(203,563	)
Morgan Stanley Capital Services LLC		USD	712		EUR	580		03/17/2021		(2,613	)
Royal Bank of Scotland PLC		COP	39,019		USD	11		01/14/2021		(200	)
Royal Bank of Scotland PLC		KRW	12,368		USD	11		01/14/2021		(433	)
Royal Bank of Scotland PLC		USD	18		COP	64,375		01/14/2021		1,280
Royal Bank of Scotland PLC		IDR	231,773		USD	16		01/15/2021		(269	)
Royal Bank of Scotland PLC		INR	1,550		USD	21		01/15/2021		(469	)
Royal Bank of Scotland PLC		USD	31		IDR	441,629		01/15/2021		695
Royal Bank of Scotland PLC		USD	27		INR	2,001		01/15/2021		274
Royal Bank of Scotland PLC		RUB	1,067		USD	14		01/22/2021		(145	)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Royal Bank of Scotland PLC		USD	11		RUB	822		01/22/2021	$	200
Royal Bank of Scotland PLC		TWD	350		USD	12		01/27/2021		(120	)
Royal Bank of Scotland PLC		USD	18		TWD	507		01/27/2021		65
Standard Chartered Bank		KRW	17,795		USD	16		01/14/2021		41
Standard Chartered Bank		USD	1,885		IDR	26,734,403		01/15/2021		35,451
Standard Chartered Bank		RUB	1,350		USD	18		01/22/2021		42
UBS AG		COP	36,198,210		USD	9,663		01/14/2021		(935,121	)
UBS AG		KRW	16,237		USD	15		01/14/2021		(81	)
UBS AG		USD	10		KRW	11,484		01/14/2021		418
UBS AG		INR	530		USD	7		01/15/2021		(117	)
UBS AG		USD	14		INR	1,077		01/15/2021		238
UBS AG		RUB	192,935		USD	2,501		01/22/2021		(101,594	)
UBS AG		USD	2,735		RUB	204,559		01/22/2021		24,663
UBS AG		USD	15		TWD	420		01/27/2021		34
UBS AG		USD	12		TWD	325		01/27/2021		(36	)
UBS AG		EUR	37,470		USD	45,772		03/17/2021		(77,497	)

									$	(2,671,275	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS


Description	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at December 31, 2020			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
CDX-NAHY Series 28, 5 Year Index, 06/20/2022*		(5.00	)%	Quarterly		0.16	%		USD	11,791	$	(598,119	)	$	(297,018	)	$	(301,101	)
CDX-NAHY Series 29, 5 Year Index, 12/20/2022*		(5.00	)	Quarterly		0.19			USD	35,322		(2,185,558	)		(1,079,838	)		(1,105,720	)
CDX-NAHY Series 30, 5 Year Index, 06/20/2023*		(5.00	)	Quarterly		0.21			USD	15,399		(1,090,589)			(510,038	)		(580,551	)
iTraxx Europe Crossover Series 27, 5 Year Index, 06/20/2022*		(5.00	)	Quarterly		0.13			EUR	12,022		(1,010,142)			(586,759	)		(423,383	)
Sale Contracts
Brazilian Government International Bond, 4.250%, 01/07/2025, 06/20/2025*		1.00		Quarterly		0.13			USD	2,923		(29,822	)		(202,067	)		172,245
CDX-NAHY Series 28, 5 Year Index, 06/20/2022*		5.00		Quarterly		0.16			USD	11,791		598,119			322,127			275,992
CDX-NAHY Series 28, 5 Year Index, 06/20/2022*		5.00		Quarterly		0.16			USD	4		276			119			157


Description	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at December 31, 2020			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-NAHY Series 29, 5 Year Index, 12/20/2022*		5.00	%	Quarterly		0.19	%		USD	35,322	$	2,185,558		$	1,088,390		$	1,097,168
CDX-NAHY Series 30, 5 Year Index, 06/20/2023*		5.00		Quarterly		0.21			USD	15,399		1,090,589			408,581			682,008
CDX-NAHY Series 33, 5 Year Index, 12/20/2024*		5.00		Quarterly		0.25			USD	24,879		2,334,077			1,037,273			1,296,804
CDX-NAHY Series 34, 5 Year Index, 06/20/2025*		5.00		Quarterly		0.28			USD	44,971		4,241,681			341,447			3,900,234
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*		5.00		Quarterly		0.29			USD	142,095		13,468,007			4,868,553			8,599,454
Ford Motor Company, 4.346% 12/08/2026, 06/20/2023*		5.00		Quarterly		0.19			USD	760		66,686			(55,235	)		121,921
iTraxx Europe Crossover Series 27, 5 Year Index, 06/20/2022*		5.00		Quarterly		0.13			EUR	12,022		1,010,065			604,064			406,001
iTraxx Europe Crossover Series 34, 5 Year Index, 12/20/2025*		5.00		Quarterly		0.24			EUR	45,460		6,682,356			3,987,726			2,694,630
South Africa Government International Bond, 5.875%, 09/16/2025, 06/20/2025*		1.00		Quarterly		0.19			USD	2,376		(83,536	)		(281,547	)		198,011

											$	26,679,648		$	9,645,778		$	17,033,870

*	Termination date

CREDIT DEFAULT SWAPS


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2020			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citibank, NA
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		1.50	%		USD	454	$	(120,991	)	$	(49,805	)	$	(71,186	)
CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		1.50			USD	293		(124,116	)		(144,457	)		20,341
Credit Suisse International
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		1.50			USD	5,000		(2,118,722	)		(759,545	)		(1,359,177	)
International Game Technology, 4.750%, 02/15/2023, 06/20/2022*		5.00			Quarterly		0.09			EUR	310		23,296			10,335			12,961
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		1.50			USD	258		(68,757	)		(27,963	)		(40,794	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		1.50			USD	364		(97,036	)		(41,661	)		(55,375	)
Goldman Sachs International
Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023*		5.00			Quarterly		0.33			USD	270		13,178			10,318			2,860
Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023*		5.00			Quarterly		0.33			USD	300		14,642			17,942			(3,300	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		1.50			USD	2,071		(877,454	)		(297,782	)		(579,672	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		1.50			USD	2,929		(1,241,269	)		(421,250	)		(820,019	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		1.50			USD	5,000		(2,118,722	)		(839,491	)		(1,279,231	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		1.50			USD	5,000		(2,116,639	)		(801,610	)		(1,315,029	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		1.50			USD	10,000		(4,237,444	)		(1,448,872	)		(2,788,572	)


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2020			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00	%		Monthly		2.00	%		USD	13,500	$	(5,720,550	)	$	(1,953,350	)	$	(3,767,200	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		1.50			USD	133		(35,445	)		(14,019	)		(21,426	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		1.50			USD	180		(47,985	)		(15,750	)		(32,235	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		1.50			USD	360		(95,970	)		(34,718	)		(61,252	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		1.50			USD	360		(95,970	)		(32,083	)		(63,887	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		1.50			USD	371		(98,902	)		(30,585	)		(68,317	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		1.50			USD	530		(141,245	)		(55,462	)		(85,783	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		1.50			USD	719		(191,673	)		(75,788	)		(115,885	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		1.50			USD	1,041		(277,427	)		(109,665	)		(167,762	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		1.50			USD	2,158		(575,287	)		(182,071	)		(393,216	)
CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		1.50			USD	59		(24,993	)		(29,051	)		4,058
CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		1.50			USD	59		(24,993	)		(29,051	)		4,058
United States Steel Corp., 6.650%, 06/01/2037, 12/20/2021*		5.00			Quarterly		0.21			USD	700		21,021			(10,950	)		31,971
JPMorgan Chase Bank, NA
Rolls-Royce PLC, 2.125%, 06/18/2021, 06/20/2025*		1.00			Quarterly		0.29			EUR	768		(74,833	)		(137,623	)		62,790
Rolls-Royce PLC, 2.125%, 06/18/2021, 06/20/2025*		1.00			Quarterly		0.29			EUR	722		(70,351	)		(128,650	)		58,299


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2020			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		1.50	%		USD	6,400	$	(1,706,667	)	$	(752,578	)	$	(954,089	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		1.50			USD	12,000		(3,200,000	)		(1,345,875	)		(1,854,125	)
Morgan Stanley & Co. International PLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		1.50			USD	1,272		(338,988	)		(135,857	)		(203,131	)
CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		1.50			USD	364		(154,192	)		(152,980	)		(1,212	)
CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		1.50			USD	364		(154,192	)		(152,085	)		(2,107	)
CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		1.50			USD	363		(153,769	)		(150,775	)		(2,994	)
CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		1.50			USD	363		(153,769	)		(149,883	)		(3,886	)
CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		1.50			USD	364		(154,192	)		(165,546	)		11,354
CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		1.50			USD	117		(49,562	)		(56,382	)		6,820
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		1.50			USD	1,188		(316,602	)		(121,846	)		(194,756	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		1.50			USD	10,000		(2,666,667	)		(108,090	)		(2,558,577	)

												$	(29,573,237	)	$	(10,924,554	)	$	(18,648,683	)

*	Termination date

TOTAL RETURN SWAPS

Counterparty &
Referenced Obligation

Rate Paid/
Received

Payment
Frequency

Current
Notional
(000)

Maturity
Date

Unrealized
Appreciation/
(Depreciation)

Receive Total Return on Reference Obligation

Goldman Sachs International

iBoxx EUR Contingent Convertible Liquid Developed Market AT1

3 Month EURIBOR

Quarterly

EUR 9,029

03/20/2021

122,509

REVERSE REPURCHASE AGREEMENTS

Broker

Interest
Rate

Maturity

U.S. $
Value at
December 31, 2020

Barclays Capital, Inc.†

(0.25

)%*

$ 695,032

†	The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on December 31, 2020

*	Interest payment due from counterparty.

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


	Overnight and Continuous		Up to 30 Days		31-90 Days		Greater than 90 Days		Total
Corporates - Non-Investment Grade	$	695,032	$	0	$	0	$	0	$	695,032

**	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, 2020, the aggregate market value of these securities amounted to $605,259,429 or 54.0% of net assets.

(b)

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

(c)

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, 2020.

(d)

Non-income producing security.

(e)

Defaulted matured security.

(f)

Fair valued by the Adviser.

(g)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.63% of net assets as of December 31, 2020, 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 2018-7, Class PT
9.868%, 06/15/2043

04/25/2018

184,157

173,800

0.02

Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-24, Class PT
10.463%, 08/15/2044

06/27/2019

306,624

294,292

0.03

Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-36, Class PT
13.636%, 10/17/2044

09/04/2019

419,157

392,972

0.04

Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-43, Class PT
6.544%, 11/15/2044

10/09/2019

263,957

254,573

0.02

Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-12, Class PT
12.419%, 06/15/2043

06/26/2018

144,101

134,015

0.01

144A/Restricted & Illiquid Securities

Acquisition
Date

Cost

Market
Value

Percentage
of
Net Assets

Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-4, Class PT
10.442%, 05/15/2043

05/11/2018

153,079

147,644

0.01

Consumer Loan Underlying Bond Credit Trust Series 2018-3, Class PT
10.793%, 03/16/2043

03/07/2018

32,507

31,368

0.00

Digicel Group 0.5 Ltd.
7.00%, 01/15/2021

11/28/2016

104,597

23,462

0.00

Exide Technologies (Exchange Priority)
11.00%, 10/31/2024

06/28/2019

0.00

Exide Technologies (First Lien)
11.00%, 10/31/2024

04/30/2015

0.00

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

03/04/2016

1,961,195

2,118,409

0.19

JP Morgan Madison Avenue Securities Trust Series 2015-CH1, Class M2
5.648%, 10/25/2025

09/18/2015

958,313

884,589

0.08

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

01/31/2017

1,051,633

0.00

K2016470260 South Africa Ltd.
25.00%, 12/31/2022

01/31/2017

541,317

0.00

Liberty Tire Recycling LLC
9.50%, 01/15/2023

12/15/2018

705,302

702,692

0.06

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

05/15/2013

2,295,760

0.00

SoFi Consumer Loan Program LLC Series 2016-1, Class R
Zero Coupon, 08/25/2025

07/28/2017

201,601

117,101

0.01

SoFi Consumer Loan Program LLC Series 2017-3, Class R
Zero Coupon, 05/25/2026

05/11/2017

1,107,300

384,000

0.03

SoFi Consumer Loan Program LLC Series 2017-5, Class R1
Zero Coupon, 09/25/2026

09/18/2017

1,313,468

289,219

0.03

SoFi Consumer Loan Program Trust Series 2018-1, Class R1
Zero Coupon, 02/25/2027

02/01/2018

1,569,021

605,823

0.05

Terraform Global Operating LLC
6.125%, 03/01/2026

02/08/2018

118,000

121,158

0.01

Tonon Luxembourg SA
6.50%, 10/31/2024

05/03/2019

1,205,912

18,606

0.00

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

01/23/2014 –
02/27/2014

2,401,854

34,807

0.00

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

06/09/2014

477,418

96,000

0.01

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

01/29/2014 –
06/09/2014

838,866

8,100

0.00

Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 5.648%, 11/25/2025

02/26/2018

316,930

311,758

0.03

(h)

Convertible security.

(i)

Defaulted.

(j)

Restricted and illiquid security.

Restricted & Illiquid Securities

Acquisition
Date

Cost

Market
Value

Percentage
of
Net Assets

CHC Group LLC

03/10/2017

6,645,689

7,563

0.00

Carlson Travel, Inc.
10,50%, 03/31/2025

08/18/2020

134,490

139,102

0.01

Mt. Logan Re Ltd. (Preference Shares)

12/30/2014

2,953,000

3,067,311

0.27

(k)

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

(l)

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

(m)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at December 31, 2020.

(n)

Inverse interest only security.

(o)

IO - Interest Only.

(p)

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

(q)

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

(r)

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

(s)

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

(t)

The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at December 31, 2020.

(u)

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.

(v)

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

(w)

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

(x)

Affiliated investments.

(y)

As of December 31, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $116,246,709 and gross unrealized depreciation of investments was $(89,863,286), resulting in net unrealized appreciation of $26,383,423.

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CLP – Chilean Peso

CNH – Chinese Yuan Renminbi (Offshore)

COP – Colombian Peso

EGP – Egyptian Pound

EUR – Euro

GBP – Great British Pound

IDR – Indonesian Rupiah

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

NOK – Norwegian Krone

NZD – New Zealand Dollar

PLN – Polish Zloty

RUB – Russian Ruble

SEK – Swedish Krona

SGD – Singapore Dollar

TRY – Turkish Lira

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

Glossary:

ABS – Asset-Backed Securities

CBOE – Chicago Board Options Exchange

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 Rate

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

COUNTRY BREAKDOWN¹

December 31, 2020 (unaudited)


63.7	%	United States
4.5	%	Brazil
2.6	%	United Kingdom
1.8	%	Canada
1.8	%	Mexico
1.1	%	Colombia
1.1	%	France
1.1	%	Egypt
1.0	%	Dominican Republic
1.0	%	Cayman Islands
1.0	%	Luxembourg
1.0	%	Italy
0.9	%	Argentina
16.2	%	Other
1.2	%	Short-Term

100.0	%	Total Investments

All data are as of December 31, 2020. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 0.9% or less in the following: Angola, Australia, Bahrain, Belgium, Bermuda, Chile, China, Costa Rica, Denmark, Ecuador, El Salvador, Finland, Gabon, Germany, Ghana, Guatemala, Honduras, Hong Kong, India, Indonesia, Iraq, Ireland, Israel, Ivory Coast, Jamaica, Japan, Jersey (Channel Islands), Jordan, Kazakhstan, Kenya, Kuwait, Lebanon, Macau, Mongolia, Morocco, Netherlands, Nigeria, Norway, Oman, Pakistan, Peru, Russia, Senegal, South Africa, Spain, Sri Lanka, Sweden, Switzerland, Trinidad & Tobago, Turkey, Ukraine, United Arab Emirates, Venezuela and Zambia.

AB Global High Income Fund

December 31,2020 (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 uncertainly, 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, 2020:


Investments in Securities	Level 1			Level 2			Level 3			Total
Assets:
Corporates - Non-Investment Grade	$	-0-		$	447,334,400		$	906,938	#	$	448,241,338
Corporates - Investment Grade		-0-			142,031,033			-0-			142,031,033
Emerging Markets - Sovereigns		-0-			122,287,650			-0-			122,287,650
Collateralized Mortgage Obligations		-0-			105,380,759			-0-			105,380,759
Governments - Treasuries		-0-			70,302,079			-0-			70,302,079
Bank Loans		-0-			49,190,180			7,846,401			57,036,581
Emerging Markets - Corporate Bonds		-0-			50,829,181			18,606	#		50,847,787
Emerging Markets - Treasuries		-0-			20,499,516			-0-			20,499,516
Common Stocks		5,348,045			-0-			10,848,006	#		16,196,051
Collateralized Loan Obligations		-0-			16,005,333			-0-			16,005,333
Quasi-Sovereigns		-0-			15,547,695			-0-			15,547,695
Commercial Mortgage-Backed Securities		-0-			14,408,508			-0-			14,408,508
Asset-Backed Securities		-0-			9,517,930			1,396,143			10,914,073
Investment Companies		5,679,590			-0-			-0-			5,679,590
Preferred Stocks		2,263,671			-0-			1,418,244			3,681,915
Local Governments - US Municipal Bonds		-0-			3,639,763			-0-			3,639,763
Inflation-Linked Securities		-0-			2,866,261			-0-			2,866,261
Governments - Sovereign Bonds		-0-			2,614,191			0	#		2,614,191
Warrants		180,872			-0-			265,281	#		446,153
Options Purchased - Puts		-0-			30,309			-0-			30,309
Rights		-0-			-0-			10,721			10,721
Short-Term Investments:
Investment Companies		7,402,887			-0-			-0-			7,402,887
Governments - Treasuries		-0-			3,709,633			-0-			3,709,633
Time Deposits		-0-			2,572,326			-0-			2,572,326

Total Investments in Securities		20,875,065			1,078,766,747			22,710,340			1,122,352,152
*Other Financial Instruments:**
Assets
Futures		87,805			-0-			-0-			87,805
Forward Currency Exchange Contracts		-0-			1,316,816			-0-			1,316,816
Centrally Cleared Credit Default Swaps		-0-			31,677,414			-0-			31,677,414
Credit Default Swaps		-0-			72,137			-0-			72,137
Total Return Swaps		-0-			122,509			-0-			122,509
Liabilities
Futures		(605,242	)		-0-			-0-			(605,242	)
Forward Currency Exchange Contracts		-0-			(3,988,091	)		-0-			(3,988,091	)
Centrally Cleared Credit Default Swaps		-0-			(4,997,766	)		-0-			(4,997,766	)
Credit Default Swaps		-0-			(29,645,374	)		-0-			(29,645,374	)
Reverse Repurchase Agreements		(695,032	)		-0-			-0-			(695,032	)

Total	$	19,662,596		$	1,073,324,392		$	22,710,340		$	1,115,697,328

#	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#			Common Stocks#
Balance as of 3/31/20	$	2,724,178		$	17,168,828		$	18,514		$	5,027,722
Accrued discounts/(premiums)		(4,094	)		- 0 -			(231,628	)		- 0 -
Realized gain (loss)		(2,881,883	)		(46,176	)		(9,405	)		- 0 -
Change in unrealized appreciation/depreciation		2,770,547			1,220,979			101,008			3,970,249
Purchases/Payups		62,514			1,987,350			147,587			3,184,643
Sales/Paydowns		(1,764,324	)		(2,933,148	)		(10,525	)		(1,209,057	)
Transfers into Level 3		- 0 -			786,910			3,055			- 0 -
Transfers out of Level 3		- 0 -			(10,338,342	)		- 0 -			(125,551	)

Balance as of 12/31/20	$	906,938		$	7,846,401		$	18,606		$	10,848,006

Net change in unrealized appreciation/depreciation from investments held as of 12/31/20	$	93,809		$	893,190		$	(108,765	)	$	2,761,193

	Asset-Backed Securities			Preferred Stocks			Governments - Sovereign Bonds#			Warrants#
Balance as of 3/31/20	$	1,293,663		$	955,220		$	- 0 -		$	127,104
Accrued discounts/(premiums)		- 0 -			- 0 -			- 0 -			- 0 -
Realized gain (loss)		346,466			- 0 -			- 0 -			- 0 -
Change in unrealized appreciation/depreciation		266,461			462,946			- 0 -			138,177
Purchases/Payups		- 0 -			78			- 0 -			- 0 -
Sales/Paydowns		(510,447	)		- 0 -			- 0 -			- 0 -
Transfers into Level 3		- 0 -			- 0 -			- 0 -			- 0 -
Transfers out of Level 3		- 0 -			- 0 -			- 0 -			- 0 -

Balance as of 12/31/20	$	1,396,143		$	1,418,244		$	- 0 -		$	265,281

Net change in unrealized appreciation/depreciation from investments held as of 12/31/20	$	266,461		$	462,946		$	- 0 -		$	138,177

	Rights			Short-Term Investments: Governments- Treasuries			Whole Loan Trusts			Total
Balance as of 3/31/20	$	11,439		$	978,639		$	112,600		$	28,417,907
Accrued discounts/(premiums)		- 0 -			8,328			- 0 -			(227,394	)
Realized gain (loss)		- 0 -			(51,710	)		(1,069,096	)		(3,711,804	)
Change in unrealized appreciation/depreciation		(718	)		93,873			1,005,412			10,028,934
Purchases/Payups		- 0 -			- 0 -			- 0 -			5,382,172
Sales/Paydowns		- 0 -			(1,029,130	)		(48,916	)		(7,505,547	)
Transfers into Level 3		- 0 -			- 0 -			- 0 -			789,965
Transfers out of Level 3		- 0 -			- 0 -			- 0 -			(10,463,893	)

Balance as of 12/31/20	$	10,721		$	- 0 -		$	- 0 -		$	22,710,340	+

Net change in unrealized appreciation/depreciation from investments held as of 12/31/20	$	(718	)	$	- 0 -		$	- 0 -		$	4,506,293

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

+	An amount of $10,338,342 for Bank Loans was transferred out of Level 3 into Level 2 as improved transparency of price inputs 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, 2020. Securities priced (i) by third party vendors, (ii) by brokers or (iii) using prior transaction prices, which approximates fair value, are excluded from the following table.


	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at 12/31/2020		Valuation Technique	Unobservable Input	Input
Corporates - Non-Investment Grade	$	702,692	Discounted Cashflow	0.07 spread adjustment
	$	204,246	Recovery Analysis	Collateral Value	$85.10
	$	-0-	Qualitative Assessment		$0.00

	$	906,938

Common Stocks	$	3,067,311	Market Approach	NAV Equivalent	$1,038.71
	$	1,362,115	Implied Price based on Pro Forma Equity Valuation		7,185mm
	$	1,077,026	Market Approach	Projected Enterprise Value	$502.6mm to $554.7mm
	$	1,068,983	Market Approach	EBITDA* Projection EBITDA* Multiples	$63.3mm 8.0X
	$	764,307	Market Approach	NAV Equivalent	$1,091.87
	$	138,820	Market Approach	Market Neutral Price	$20.00
	$	59,078	Market Approach	EBITDA* Projection EBITDA* Multiples	$203mm 8.4X
	$	1	Qualitative Assessment		$0.00
	$	-0-	Qualitative Assessment		$0.00
	$	-0-	Qualitative Assessment		$0.00
	$	-0-	Qualitative Assessment		$0.00

	$	7,537,641

Governments - Sovereign Bonds	$	-0-	Qualitative Assessment		$0.00
Preferred Stocks	$	1,418,244	Implied Price based on Pro Forma Equity Valuation		7,185mm
Warrants	$	265,281	Option Pricing Model	Exercise Price	$9.11

*	Earnings Before Interest, Taxes, Depreciation and Amortization.

Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. Significant increases (decreases) in Collateral Value, NAV Equivalent, Projected Enterpise Value, Market Neutral Price, Exercise Price, EBITDA projections and EBITDA Multiple in isolation would be expected to result in a significantly higher (lower) fair value measurement. A significant increase (decrease) in 0.07 spread adjustment in isolation would be expected to result in a significantly lower (higher) fair value measurement.

A summary of the Fund’s transactions in AB mutual funds for the nine months ended December 31, 2020 is as follows:

Fund

Market Value
3/31/20

(000)

Purchases
at Cost
(000)

Sales
Proceeds
(000)

Market Value
12/31/20
(000)

Dividend
Income
(000)

Government Money Market Portfolio

72,301

211,430

276,328

7,403