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NPORT-EX 2 NPORT_3156_BBH_46716704_0622.htm HTML

AB Global High Income Fund

Portfolio of Investments

June 30, 2022 (unaudited)


	Principal Amount (000)			U.S. $ Value

CORPORATES - NON-INVESTMENT GRADE – 54.4%
Industrial – 46.4%
Basic – 3.5%
Advanced Drainage Systems, Inc. 5.00%, 09/30/2027^(a)		U.S.$	140	$	129,455
Ahlstrom-Munksjo Holding 3 Oy 3.625%, 02/04/2028^(a)		EUR	178		151,640
4.875%, 02/04/2028^(a)		U.S.$	972		814,919
Arconic Corp. 6.125%, 02/15/2028^(a)			220		204,381
ASP Unifrax Holdings, Inc. 5.25%, 09/30/2028^(a)			159		127,045
7.50%, 09/30/2029^(a)			246		171,648
Axalta Coating Systems LLC 3.375%, 02/15/2029^(a)			507		414,105
Baffinland Iron Mines Corp./Baffinland Iron Mines LP 8.75%, 07/15/2026^(a)			206		179,756
Big River Steel LLC/BRS Finance Corp. 6.625%, 01/31/2029^(a)			171		159,886
Cerdia Finanz GmbH 10.50%, 02/15/2027^(a)			419		345,548
Chemours Co. (The) 5.375%, 05/15/2027			13		11,636
5.75%, 11/15/2028^(a)			232		197,697
Cleveland-Cliffs, Inc. 5.875%, 06/01/2027			222		208,992
6.75%, 03/15/2026^(a)			290		287,803
Commercial Metals Co. 4.125%, 01/15/2030			80		67,616
4.375%, 03/15/2032			80		65,932
Compass Minerals International, Inc. 6.75%, 12/01/2027^(a)			161		145,772
Crown Americas LLC/Crown Americas Capital Corp. VI 4.75%, 02/01/2026			333		317,395
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125%, 06/15/2028^(a)			360		329,712
Domtar Corp. 6.75%, 10/01/2028^(a)			192		181,774
Element Solutions, Inc. 3.875%, 09/01/2028^(a)			993		821,173
ERP Iron Ore, LLC 9.039%, 12/31/2019^{(b) (c) (d) (e) (f)}			240		182,166
FMG Resources (August 2006) Pty Ltd. 4.375%, 04/01/2031^(a)			2,191		1,795,241
4.50%, 09/15/2027^(a)			1,045		934,866
5.125%, 05/15/2024^(a)			61		59,356
5.875%, 04/15/2030^(a)			76		68,893
6.125%, 04/15/2032^(a)			2,563		2,331,607


	Principal Amount (000)			U.S. $ Value

Glatfelter Corp. 4.75%, 11/15/2029^(a)		U.S.$	355	$	247,770
Graham Packaging Co., Inc. 7.125%, 08/15/2028^(a)			297		238,121
Graphic Packaging International LLC 3.75%, 02/01/2030^(a)			1,724		1,466,227
Guala Closures SpA 3.25%, 06/15/2028^(a)		EUR	956		806,893
Hecla Mining Co. 7.25%, 02/15/2028		U.S.$	282		262,869
Illuminate Buyer LLC/Illuminate Holdings IV, Inc. 9.00%, 07/01/2028^(a)			852		675,701
INEOS Quattro Finance 1 PLC 3.75%, 07/15/2026^(a)		EUR	101		84,746
INEOS Quattro Finance 2 PLC 3.375%, 01/15/2026^(a)		U.S.$	426		356,776
INEOS Styrolution Group GmbH 2.25%, 01/16/2027^(a)		EUR	1,008		815,211
Ingevity Corp. 3.875%, 11/01/2028^(a)		U.S.$	995		833,209
Intelligent Packaging Holdco Issuer LP 9.00% (9.00% Cash or 9.75% PIK), 01/15/2026^{(a) (f)}			611		537,940
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC 6.00%, 09/15/2028^(a)			361		299,442
Kleopatra Finco SARL 4.25%, 03/01/2026^(a) (g)		EUR	1,061		910,545
Kobe US Midco 2, Inc. 9.25% (9.25% Cash or 10.00% PIK), 11/01/2026^{(a) (f)}		U.S.$	1,300		1,144,450
LABL, Inc. 6.75%, 07/15/2026^(a)			222		199,422
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018^{(b) (c) (d) (e) (h)}			2,857		0
Mercer International, Inc. 5.125%, 02/01/2029			838		720,209
Methanex Corp. 5.125%, 10/15/2027			194		172,589
5.25%, 12/15/2029			213		179,941
Mineral Resources Ltd. 8.125%, 05/01/2027^(a)			158		156,178
Natural Resource Partners LP/NRP Finance Corp. 9.125%, 06/30/2025^(a)			80		81,900
Novelis Corp. 4.75%, 01/30/2030^(a)			135		112,264
Olin Corp. 5.00%, 02/01/2030			203		175,745
5.625%, 08/01/2029			480		427,836


	Principal Amount (000)			U.S. $ Value

PIC AU Holdings LLC/PIC AU Holdings Corp. 10.00%, 12/31/2024^(a)		U.S.$	213	$	220,455
Rain CII Carbon LLC/CII Carbon Corp. 7.25%, 04/01/2025^(a)			228		212,462
Rimini Bidco SpA 5.25% (EURIBOR 3 Month + 5.25%), 12/14/2026⁽ⁱ⁾		EUR	912		812,878
SCIL IV LLC/SCIL USA Holdings LLC 4.375%, 11/01/2026^(a)			320		271,615
5.375%, 11/01/2026^(a)		U.S.$	1,039		841,810
Sealed Air Corp. 4.00%, 12/01/2027^(a)			204		183,902
6.875%, 07/15/2033^(a)			183		185,943
SPCM SA 3.125%, 03/15/2027^(a)			655		552,682
3.375%, 03/15/2030^(a)			951		762,970
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 5.375%, 09/01/2025^(a)			181		154,397
Tronox, Inc. 4.625%, 03/15/2029^(a)			9		7,274
United States Steel Corp. 6.65%, 06/01/2037			37		28,978
6.875%, 03/01/2029			110		95,157
Valvoline, Inc. 4.25%, 02/15/2030^(a)			1,707		1,424,524
Vibrantz Technologies, Inc. 9.00%, 02/15/2030^(a)			3,758		2,666,676
WR Grace Holdings LLC 4.875%, 06/15/2027^(a)			1,031		897,029
5.625%, 10/01/2024-08/15/2029^(a)			447		423,011

					31,353,761


Capital Goods – 2.8%
ARD Finance SA 5.00% (5.00% Cash or 5.75% PIK), 06/30/2027^{(a) (f)}		EUR	689		519,276
6.50% (6.50% Cash or 7.25% PIK)(6.50% Cash or 7.25% PIK), 06/30/2027^(a) (f)		U.S.$	981		723,996
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 3.25%, 09/01/2028^(a)			500		426,875
4.00%, 09/01/2029^(a)			985		788,000
6.00%, 06/15/2027^(a)			684		676,975
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 5.25%, 04/30/2025-08/15/2027^(a)			447		365,669
Artera Services LLC 9.033%, 12/04/2025^(a)			192		155,026


	Principal Amount (000)			U.S. $ Value

Bombardier, Inc. 7.125%, 06/15/2026^(a)		U.S.$	179	$	146,035
7.50%, 12/01/2024-03/15/2025^(a)			2,064		1,873,340
7.875%, 04/15/2027^(a)			614		511,044
Clean Harbors, Inc. 4.875%, 07/15/2027^(a)			25		22,887
Cleaver-Brooks, Inc. 7.875%, 03/01/2023^(a)			633		592,392
Cornerstone Building Brands, Inc. 6.125%, 01/15/2029^(a)			237		152,646
Eco Material Technologies, Inc. 7.875%, 01/31/2027^(a)			1,595		1,419,940
Energizer Holdings, Inc. 4.375%, 03/31/2029^(a)			147		112,828
4.75%, 06/15/2028^(a)			348		276,790
EnerSys 4.375%, 12/15/2027^(a)			935		831,361
F-Brasile SpA/F-Brasile US LLC Series XR 7.375%, 08/15/2026^(a)			957		762,233
FXI Holdings, Inc. 12.25%, 11/15/2026^(a)			193		171,301
Gates Global LLC/Gates Corp. 6.25%, 01/15/2026^(a)			1,205		1,117,638
GFL Environmental, Inc. 4.75%, 06/15/2029^(a)			200		167,186
Granite US Holdings Corp. 11.00%, 10/01/2027^(a)			507		477,580
Griffon Corp. 5.75%, 03/01/2028			603		547,367
JELD-WEN, Inc. 4.625%, 12/15/2025^(a)			128		108,348
Madison IAQ LLC 5.875%, 06/30/2029^(a)			1,126		858,828
Mauser Packaging Solutions Holding Co. 5.50%, 04/15/2024^(a)			224		213,961
MIWD Holdco II LLC/MIWD Finance Corp. 5.50%, 02/01/2030^(a)			30		24,839
Moog, Inc. 4.25%, 12/15/2027^(a)			214		185,710
Oscar AcquisitionCo LLC/Oscar Finance, Inc. 9.50%, 04/15/2030^(a)			63		50,384
Owens-Brockway Glass Container, Inc. 6.625%, 05/13/2027^(a)			165		153,979
Renk AG/Frankfurt am Main 5.75%, 07/15/2025^(a)		EUR	1,560		1,495,264
Spirit AeroSystems, Inc. 4.60%, 06/15/2028		U.S.$	23		17,142
5.50%, 01/15/2025^(a)			163		151,614
SPX FLOW, Inc. 8.75%, 04/01/2030^(a)			1,926		1,627,174


	Principal Amount (000)			U.S. $ Value

Stevens Holding Co., Inc. 6.125%, 10/01/2026^(a)		U.S.$	141	$	135,699
Summit Materials LLC/Summit Materials Finance Corp. 5.25%, 01/15/2029^(a)			203		179,120
Tervita Corp. 11.00%, 12/01/2025^(a)			996		1,083,313
Titan Holdings II BV 5.125%, 07/15/2029^(a)		EUR	649		565,232
TK Elevator Holdco GmbH 7.625%, 07/15/2028^(a)		U.S.$	465		417,315
TK Elevator US Newco, Inc. 5.25%, 07/15/2027^(a)			306		273,276
TransDigm, Inc. 4.625%, 01/15/2029			290		233,471
4.875%, 05/01/2029			2,049		1,665,632
6.25%, 03/15/2026^(a)			556		537,266
8.00%, 12/15/2025^(a)			217		219,823
Triumph Group, Inc. 7.75%, 08/15/2025			428		329,339
8.875%, 06/01/2024^(a)			599		602,713
Trivium Packaging Finance BV 3.75%, 08/15/2026^(a)		EUR	100		96,083
5.50%, 08/15/2026^(a)		U.S.$	227		213,364
WESCO Distribution, Inc. 7.125%, 06/15/2025^(a)			188		187,563
7.25%, 06/15/2028^(a)			518		512,164

					24,977,001


Communications - Media – 6.8%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028^(a)			1,396		1,198,481
Allen Media LLC/Allen Media Co-Issuer, Inc. 10.50%, 02/15/2028^(a)			42		21,705
Altice Financing SA 5.75%, 08/15/2029^(a)			5,665		4,592,029
AMC Networks, Inc. 4.25%, 02/15/2029			1,084		879,867
Arches Buyer, Inc. 6.125%, 12/01/2028^(a)			666		543,620
Banijay Entertainment SASU 3.50%, 03/01/2025^(a)		EUR	210		196,299
5.375%, 03/01/2025^(a)		U.S.$	2,124		2,004,768
CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 01/15/2034^(a)			268		207,469
4.50%, 08/15/2030-06/01/2033^(a)			7,618		6,247,200
4.75%, 02/01/2032^{(a) (g)}			7,183		5,913,936
5.125%, 05/01/2027^(a)			327		308,558
Clear Channel Outdoor Holdings, Inc. 5.125%, 08/15/2027^(a)			512		432,352


	Principal Amount (000)			U.S. $ Value

CMG Media Corp. 8.875%, 12/15/2027^(a)		U.S.$	158	$	124,845
CSC Holdings LLC 4.50%, 11/15/2031^(a)			981		757,441
4.625%, 12/01/2030^(a)			243		162,764
5.00%, 11/15/2031^(a)			1,461		981,064
5.375%, 02/01/2028^(a)			1,278		1,116,974
5.75%, 01/15/2030^(a)			6,196		4,507,684
7.50%, 04/01/2028^(a)			1,150		970,384
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375%, 08/15/2026^(a)			299		76,289
DISH DBS Corp. 5.00%, 03/15/2023			178		170,534
5.125%, 06/01/2029			2,995		1,820,000
5.25%, 12/01/2026^(a)			2,496		1,955,963
5.75%, 12/01/2028^(a)			2,596		1,921,380
5.875%, 11/15/2024			2,331		1,976,506
7.375%, 07/01/2028			165		112,227
7.75%, 07/01/2026			691		536,303
Gray Escrow II, Inc. 5.375%, 11/15/2031^(a)			1,864		1,493,164
iHeartCommunications, Inc. 4.75%, 01/15/2028^(a)			60		49,439
5.25%, 08/15/2027^(a)			285		243,929
8.375%, 05/01/2027			202		161,344
Liberty Interactive LLC 3.75%, 02/15/2030^(j)			872		403,012
McGraw-Hill Education, Inc. 5.75%, 08/01/2028^(a)			1,123		961,602
8.00%, 08/01/2029^(a)			986		798,660
National CineMedia LLC 5.875%, 04/15/2028^(a)			623		439,431
Nexstar Media Inc. 4.75%, 11/01/2028^(a)			172		150,263
Outfront Media Capital LLC/Outfront Media Capital Corp. 4.625%, 03/15/2030^(a)			580		465,506
6.25%, 06/15/2025^(a)			160		152,733
Radiate Holdco LLC/Radiate Finance, Inc. 6.50%, 09/15/2028^(a)			55		42,555
Scripps Escrow, Inc. 5.875%, 07/15/2027^(a)			44		38,520
Sinclair Television Group, Inc. 4.125%, 12/01/2030^(a)			2,078		1,648,919
5.50%, 03/01/2030^(a)			1,031		763,011
Sirius XM Radio, Inc. 4.00%, 07/15/2028^(a)			5,699		4,931,200
4.125%, 07/01/2030^(a)			87		72,654
5.00%, 08/01/2027^(a)			213		197,593
5.50%, 07/01/2029^(a)			59		54,137


	Principal Amount (000)			U.S. $ Value

Stagwell Global LLC 5.625%, 08/15/2029^(a)		U.S.$	29	$	23,261
Summer BC Holdco B SARL 5.75%, 10/31/2026^(a)		EUR	1,395		1,269,059
TEGNA, Inc. 4.625%, 03/15/2028		U.S.$	221		206,694
4.75%, 03/15/2026^(a)			571		553,166
5.00%, 09/15/2029			907		857,757
Telenet Finance Luxembourg Notes SARL 5.50%, 03/01/2028^(a)			200		173,995
Townsquare Media, Inc. 6.875%, 02/01/2026^(a)			113		102,011
Univision Communications, Inc. 6.625%, 06/01/2027^(a)			1,593		1,519,116
7.375%, 06/30/2030^(a)			1,765		1,725,262
Urban One, Inc. 7.375%, 02/01/2028^(a)			2,221		1,902,862
Videotron Ltd. 3.625%, 06/15/2029^(a)			212		175,001
Ziggo Bond Co. BV 5.125%, 02/28/2030^(a)			299		235,007

					61,547,505


Communications - Telecommunications – 3.2%
Altice France SA/France 5.125%, 07/15/2029^(a)			6,254		4,745,163
5.50%, 10/15/2029^(a)			431		329,244
8.125%, 02/01/2027^(a)			224		202,016
British Telecommunications PLC 4.25%, 11/23/2081^(a)			214		187,117
Connect Finco SARL/Connect US Finco LLC 6.75%, 10/01/2026^(a)			1,954		1,755,923
Consolidated Communications, Inc. 5.00%, 10/01/2028^(a)			795		635,414
6.50%, 10/01/2028^(a)			392		333,392
DKT Finance ApS 7.00%, 06/17/2023^(a)		EUR	506		503,417
9.375%, 06/17/2023^(a)		U.S.$	895		864,255
Embarq Corp. 7.995%, 06/01/2036			2,199		1,662,333
Frontier Communications Holdings LLC 5.875%, 10/15/2027^(a)			69		62,100
5.875%, 11/01/2029			132		101,898
6.75%, 05/01/2029^(a)			524		430,770
8.75%, 05/15/2030^(a)			2,012		2,035,505
Hughes Satellite Systems Corp. 6.625%, 08/01/2026			465		406,948
Iliad Holding SASU 6.50%, 10/15/2026^(a)			519		467,084
7.00%, 10/15/2028^(a)			702		613,595


	Principal Amount (000)			U.S. $ Value

Intelsat Jackson Holdings SA 5.50%, 08/01/2023^{(b) (c) (d)}		U.S.$	1,675	$	0
Kaixo Bondco Telecom SA 5.125%, 09/30/2029^(a)		EUR	897		713,608
Level 3 Financing, Inc. 3.625%, 01/15/2029^(a)		U.S.$	64		49,117
3.75%, 07/15/2029^(a)			1,149		889,764
4.25%, 07/01/2028^(a)			540		432,702
4.625%, 09/15/2027^(a)			1,739		1,495,119
5.25%, 03/15/2026			164		157,193
Ligado Networks LLC 15.50%, 11/01/2023^(a) (f)			342		185,420
Lumen Technologies, Inc. 5.375%, 06/15/2029^(a)			169		134,066
Series G 6.875%, 01/15/2028			181		160,344
Series P 7.60%, 09/15/2039			73		57,629
Series U 7.65%, 03/15/2042			68		52,282
Sprint Capital Corp. 8.75%, 03/15/2032			695		837,709
Sprint Corp. 7.625%, 02/15/2025-03/01/2026			229		240,977
7.875%, 09/15/2023			165		170,420
Telecom Italia Capital SA 6.00%, 09/30/2034			77		58,398
7.20%, 07/18/2036			451		344,766
7.721%, 06/04/2038			1,622		1,290,792
Telesat Canada/Telesat LLC 5.625%, 12/06/2026^(a)			60		37,360
6.50%, 10/15/2027^(a)			132		56,589
United Group BV 4.875% (EURIBOR 3 Month + 4.88%), 02/01/2029⁽ⁱ⁾		EUR	896		825,664
United States Cellular Corp. 6.70%, 12/15/2033		U.S.$	121		115,954
Vmed O2 UK Financing I PLC 4.25%, 01/31/2031^(a)			530		425,871
4.75%, 07/15/2031^(a)			4,130		3,361,483
Vodafone Group PLC 4.125%, 06/04/2081			208		156,633
5.125%, 06/04/2081			115		77,598
7.00%, 04/04/2079			199		195,904
Windstream Escrow LLC/Windstream Escrow Finance Corp. 7.75%, 08/15/2028^(a)			235		189,349
Zayo Group Holdings, Inc. 6.125%, 03/01/2028^(a)			1,090		789,787

					28,838,672


	Principal Amount (000)			U.S. $ Value

Consumer Cyclical - Automotive – 2.7%
Adient Global Holdings Ltd. 4.875%, 08/15/2026^(a)		U.S.$	400	$	351,448
Allison Transmission, Inc. 5.875%, 06/01/2029^(a)			627		582,630
Aston Martin Capital Holdings Ltd. 10.50%, 11/30/2025^(a)			1,095		1,000,661
15.00% (8.89% Cash and 6.11% PIK), 11/30/2026^{(a) (f)}			2,023		1,820,587
Clarios Global LP/Clarios US Finance Co. 4.375%, 05/15/2026^(a)		EUR	210		191,589
Dana Financing Luxembourg SARL 5.75%, 04/15/2025^(a)		U.S.$	109		104,742
Dana, Inc. 4.25%, 09/01/2030			760		593,409
5.375%, 11/15/2027			109		94,807
5.625%, 06/15/2028			182		157,419
Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028^(a)			1,116		963,968
Exide Technologies
(Exchange Priority) 11.00%, 10/31/2024^{(b) (c) (d) (h)}			2,940		0
(First Lien) 11.00%, 10/31/2024^{(b) (c) (d) (h)}			1,207		0
Ford Motor Co. 3.25%, 02/12/2032			3,020		2,257,389
4.75%, 01/15/2043			243		173,215
5.291%, 12/08/2046			249		191,409
Ford Motor Credit Co. LLC 2.70%, 08/10/2026			793		676,071
3.81%, 01/09/2024			200		193,908
4.95%, 05/28/2027			1,160		1,076,545
Goodyear Tire & Rubber Co. (The) 5.00%, 07/15/2029			765		637,630
5.25%, 07/15/2031			14		11,329
5.625%, 04/30/2033			21		16,804
IHO Verwaltungs GmbH 3.625% (3.625% Cash or 4.375% PIK), 05/15/2025^{(a) (f)}		EUR	284		259,542
3.875% (3.875% Cash or 4.625% PIK), 05/15/2027^{(a) (f)}			338		276,550
4.75% (4.75% Cash or 5.50% PIK), 09/15/2026^{(a) (f)}		U.S.$	200		170,983
6.00% (6.00% Cash or 6.75% PIK), 05/15/2027^{(a) (f)}			686		619,985
Jaguar Land Rover Automotive PLC 4.50%, 10/01/2027^(a)			239		176,131
5.50%, 07/15/2029^(a)			1,206		904,427
5.875%, 11/15/2024^(a)		EUR	269		259,195
5.875%, 01/15/2028^(a)		U.S.$	1,495		1,141,999
7.75%, 10/15/2025^(a)			1,207		1,111,911
Mclaren Finance PLC 7.50%, 08/01/2026^(a)			1,973		1,473,212


	Principal Amount (000)			U.S. $ Value

Meritor, Inc. 6.25%, 06/01/2025^(a)		U.S.$	409	$	420,806
PM General Purchaser LLC 9.50%, 10/01/2028^(a)			1,421		1,196,564
Real Hero Merger Sub 2, Inc. 6.25%, 02/01/2029^(a)			234		177,754
Tenneco, Inc. 5.00%, 07/15/2026			1,709		1,597,606
Titan International, Inc. 7.00%, 04/30/2028			1,465		1,375,025
ZF Europe Finance BV 2.00%, 02/23/2026^(a)		EUR	200		173,436
ZF North America Capital, Inc. 4.75%, 04/29/2025^(a)		U.S.$	2,357		2,175,094

					24,605,780


Consumer Cyclical - Entertainment – 2.4%
AMC Entertainment Holdings, Inc. 7.50%, 02/15/2029^(a)			192		162,392
Carnival Corp. 4.00%, 08/01/2028^(a)			1,739		1,425,980
5.75%, 03/01/2027^(a)			1,467		1,059,585
6.00%, 05/01/2029^(a)			151		105,511
7.625%, 03/01/2026^(a)			98		76,391
7.625%, 03/01/2026^(a)		EUR	311		254,305
9.875%, 08/01/2027^(a)		U.S.$	437		426,075
10.125%, 02/01/2026^(a)		EUR	310		320,648
Carnival PLC 1.00%, 10/28/2029			202		120,403
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.50%, 05/01/2025^(a)		U.S.$	2,191		2,129,999
Cinemark USA, Inc. 5.25%, 07/15/2028^(a)			521		418,245
Lindblad Expeditions LLC 6.75%, 02/15/2027^(a)			365		313,122
Mattel, Inc. 3.375%, 04/01/2026^(a)			1,152		1,057,995
3.75%, 04/01/2029^(a)			1,337		1,202,588
5.875%, 12/15/2027^(a)			578		565,027
Motion Bondco DAC 4.50%, 11/15/2027^(a)		EUR	670		541,605
NCL Corp., Ltd. 3.625%, 12/15/2024^(a)		U.S.$	25		21,011
5.875%, 03/15/2026^(a)			2,055		1,612,285
7.75%, 02/15/2029^(a)			37		28,148
NCL Finance Ltd. 6.125%, 03/15/2028^(a)			39		28,375
Royal Caribbean Cruises Ltd. 5.375%, 07/15/2027^(a)			1,159		842,442


	Principal Amount (000)			U.S. $ Value

5.50%, 08/31/2026-04/01/2028^(a)		U.S.$	5,543	$	3,894,310
10.875%, 06/01/2023^(a)			657		657,000
11.50%, 06/01/2025^(a)			1,476		1,516,590
SeaWorld Parks & Entertainment, Inc. 5.25%, 08/15/2029^(a)			207		175,400
Six Flags Theme Parks, Inc. 7.00%, 07/01/2025^(a)			157		159,345
Viking Cruises Ltd. 5.875%, 09/15/2027^(a)			791		594,879
7.00%, 02/15/2029^{(a) (g)}			1,461		1,095,859
13.00%, 05/15/2025^(a)			65		66,686
VOC Escrow Ltd. 5.00%, 02/15/2028^(a)			1,214		974,519

					21,846,720


Consumer Cyclical - Other – 2.9%
Adams Homes, Inc. 7.50%, 02/15/2025^(a)			800		755,942
Affinity Gaming 6.875%, 12/15/2027^(a)			130		109,305
Beazer Homes USA, Inc. 6.75%, 03/15/2025			355		327,256
Brookfield Residential Properties, Inc./Brookfield Residential US LLC 4.875%, 02/15/2030^(a)			1,097		798,408
5.00%, 06/15/2029^(a)			195		148,644
6.25%, 09/15/2027^(a)			1,222		1,022,819
Builders FirstSource, Inc. 4.25%, 02/01/2032^(a)			196		149,766
6.375%, 06/15/2032^(a)			1,739		1,558,818
Castle UK Finco PLC 4.829% (EURIBOR 3 Month + 5.25%), 05/15/2028⁽ⁱ⁾		EUR	514		452,935
7.00%, 05/15/2029		GBP	679		659,878
Century Communities, Inc. 3.875%, 08/15/2029^(a)		U.S.$	29		22,675
Churchill Downs, Inc. 4.75%, 01/15/2028^(a)			646		574,954
CP Atlas Buyer, Inc. 7.00%, 12/01/2028^(a)			553		399,727
Empire Communities Corp. 7.00%, 12/15/2025^(a)			303		240,361
Everi Holdings, Inc. 5.00%, 07/15/2029^(a)			240		203,393
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, 11/15/2025^(a)			1,969		1,653,181
Forestar Group, Inc. 3.85%, 05/15/2026^(a)			385		321,502
Hilton Domestic Operating Co., Inc. 3.625%, 02/15/2032^(a)			1,215		966,928
3.75%, 05/01/2029^(a)			62		52,773


	Principal Amount (000)			U.S. $ Value

4.00%, 05/01/2031^(a)		U.S.$	54	$	44,847
5.375%, 05/01/2025^(a)			229		224,876
5.75%, 05/01/2028^(a)			450		429,473
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc 4.875%, 07/01/2031^(a)			514		391,679
5.00%, 06/01/2029^(a)			709		574,523
Installed Building Products, Inc. 5.75%, 02/01/2028^(a)			291		259,089
International Game Technology PLC 3.50%, 06/15/2026^(a)		EUR	214		204,080
4.125%, 04/15/2026^(a)		U.S.$	1,352		1,233,193
Jacobs Entertainment, Inc. 6.75%, 02/15/2029^(a)			131		108,014
KB Home 7.50%, 09/15/2022			494		499,129
Marriott Ownership Resorts, Inc. 4.50%, 06/15/2029^(a)			206		171,771
6.125%, 09/15/2025^(a)			449		444,899
Mattamy Group Corp. 4.625%, 03/01/2030^(a)			170		125,347
MGM Resorts International 4.75%, 10/15/2028			126		106,051
5.50%, 04/15/2027			24		21,660
5.75%, 06/15/2025			30		28,601
Mohegan Gaming & Entertainment 8.00%, 02/01/2026^(a)			223		189,496
New Home Co., Inc. (The) 7.25%, 10/15/2025^(a)			211		172,469
Picasso Finance Sub, Inc. 6.125%, 06/15/2025^(a)			88		86,426
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. 5.625%, 09/01/2029^(a)			565		403,195
5.875%, 09/01/2031^(a)			535		371,113
Scientific Games Holdings LP/Scientific Games US FinCo, Inc. 6.625%, 03/01/2030^(a)			96		81,645
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 02/15/2028-04/01/2029^(a)			1,460		1,155,591
Standard Industries, Inc./NJ 4.375%, 07/15/2030^(a)			929		734,801
4.75%, 01/15/2028^(a)			211		180,405
Station Casinos LLC 4.625%, 12/01/2031^(a)			168		131,181
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875%, 05/15/2025^(a)			1,785		1,651,380
Taylor Morrison Communities, Inc. 5.75%, 01/15/2028^(a)			510		458,142
5.875%, 06/15/2027^(a)			191		176,442


	Principal Amount (000)			U.S. $ Value

Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc. 5.875%, 04/15/2023^(a)		U.S.$	875	$	872,813
Travel + Leisure Co. 4.50%, 12/01/2029^(a)			1,034		818,963
4.625%, 03/01/2030^(a)			2,415		1,871,817
6.00%, 04/01/2027			208		187,132
6.625%, 07/31/2026^(a)			637		608,408
Universal Entertainment Corp. 8.50%, 12/11/2024^(a)			200		194,185
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25%, 05/15/2027^(a)			45		38,536
5.50%, 03/01/2025^(a)			736		673,674
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, 10/01/2029^(a)			279		218,431

					26,562,742


Consumer Cyclical - Restaurants – 0.7%
1011778 BC ULC/New Red Finance, Inc. 3.875%, 01/15/2028^(a)			1,506		1,309,994
4.00%, 10/15/2030^(a)			2,061		1,654,319
4.375%, 01/15/2028^(a)			118		104,221
CEC Entertainment LLC 6.75%, 05/01/2026^(a)			95		83,588
Stonegate Pub Co., Financing PLC 8.00%, 07/13/2025^(a)		GBP	192		214,636
8.25%, 07/31/2025^(a)			1,245		1,385,900
Yum! Brands, Inc. 3.625%, 03/15/2031		U.S.$	212		179,433
4.625%, 01/31/2032			1,572		1,388,638
4.75%, 01/15/2030^(a)			85		77,216

					6,397,945


Consumer Cyclical - Retailers – 2.3%
Arko Corp. 5.125%, 11/15/2029^(a)			1,035		786,971
Asbury Automotive Group, Inc. 4.625%, 11/15/2029^(a)			773		638,529
5.00%, 02/15/2032^(a)			356		291,194
At Home Group, Inc. 7.125%, 07/15/2029^(a)			63		35,664
Bath & Body Works, Inc. 5.25%, 02/01/2028			11		9,275
6.75%, 07/01/2036			285		227,980
6.875%, 11/01/2035			551		447,557
7.50%, 06/15/2029			107		97,563
7.60%, 07/15/2037			261		213,857
9.375%, 07/01/2025^(a)			41		41,562


	Principal Amount (000)			U.S. $ Value

BCPE Ulysses Intermediate, Inc. 7.75% (7.75% Cash or 8.50% PIK), 04/01/2027^{(a) (f)}		U.S.$	518	$	318,624
Bed Bath & Beyond, Inc. 5.165%, 08/01/2044			58		12,900
Carvana Co. 5.50%, 04/15/2027^(a)			415		269,149
5.875%, 10/01/2028^(a)			1,298		824,874
Dufry One BV 2.50%, 10/15/2024^(a)		EUR	1,260		1,195,113
eG Global Finance PLC 6.75%, 02/07/2025^(a)		U.S.$	215		203,030
FirstCash, Inc. 5.625%, 01/01/2030^(a)			1,980		1,734,307
Foundation Building Materials, Inc. 6.00%, 03/01/2029^(a)			246		181,292
Gap, Inc. (The) 3.625%, 10/01/2029^(a)			548		385,313
3.875%, 10/01/2031^(a)			582		404,700
Group 1 Automotive, Inc. 4.00%, 08/15/2028^(a)			234		198,166
Guitar Center, Inc. 8.50%, 01/15/2026^(a)			123		108,513
Kontoor Brands, Inc. 4.125%, 11/15/2029^(a)			994		792,084
LBM Acquisition LLC 6.25%, 01/15/2029^(a)			222		141,947
LCM Investments Holdings II LLC 4.875%, 05/01/2029^(a)			13		9,949
Levi Strauss & Co. 3.50%, 03/01/2031^(a) (g)			602		493,392
LSF9 Atlantis Holdings LLC/Victra Finance Corp. 7.75%, 02/15/2026^(a)			106		90,144
Michaels Cos, Inc. (The) 5.25%, 05/01/2028^(a)			1,417		1,115,943
7.875%, 05/01/2029^(a)			1,378		912,453
Murphy Oil USA, Inc. 3.75%, 02/15/2031^(a)			228		194,422
5.625%, 05/01/2027			69		67,620
NMG Holding Co., Inc./Neiman Marcus Group LLC 7.125%, 04/01/2026^(a)			433		400,544
Party City Holdings, Inc. 8.75%, 02/15/2026^(a)			107		72,014
Penske Automotive Group, Inc. 3.50%, 09/01/2025			177		166,142
PetSmart, Inc./PetSmart Finance Corp. 7.75%, 02/15/2029^(a)			1,219		1,099,773
Rite Aid Corp. 7.50%, 07/01/2025^(a)			1,036		839,713
8.00%, 11/15/2026^(a)			67		52,114


	Principal Amount (000)			U.S. $ Value

Sonic Automotive, Inc. 4.625%, 11/15/2029^(a)		U.S.$	67	$	51,966
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.375%, 09/30/2026^(a)			418		346,814
SRS Distribution, Inc. 6.125%, 07/01/2029^(a)			329		259,272
Staples, Inc. 7.50%, 04/15/2026^(a)			2,498		2,071,452
10.75%, 04/15/2027^(a)			1,318		872,434
TPro Acquisition Corp. 11.00%, 10/15/2024^(a)			1,062		1,044,444
Victoria’s Secret & Co. 4.625%, 07/15/2029^(a)			58		43,721
White Cap Buyer LLC 6.875%, 10/15/2028^(a)			207		165,834
White Cap Parent LLC 8.25%, 03/15/2026^(a) (f)			329		276,813
Wolverine World Wide, Inc. 4.00%, 08/15/2029^(a)			1,052		843,468

					21,050,605


Consumer Non-Cyclical – 5.7%
180 Medical, Inc. 3.875%, 10/15/2029^(a)			1,040		901,718
AdaptHealth LLC 4.625%, 08/01/2029^(a)			266		218,681
6.125%, 08/01/2028^(a)			288		255,605
AHP Health Partners, Inc. 5.75%, 07/15/2029^(a)			988		741,037
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 03/15/2029^(a)			161		130,227
4.625%, 01/15/2027^(a)			821		734,385
4.875%, 02/15/2030^(a)			200		170,468
5.875%, 02/15/2028^(a)			99		92,575
Avantor Funding, Inc. 4.625%, 07/15/2028^(a)			120		109,867
B&G Foods, Inc. 5.25%, 04/01/2025			217		200,111
Bausch Health Americas, Inc. 8.50%, 01/31/2027^(a)			543		380,853
Bausch Health Cos., Inc. 4.875%, 06/01/2028^(a)			2,751		2,152,948
5.00%, 02/15/2029^(a)			1,431		743,383
5.25%, 01/30/2030^(a)			123		64,039
6.25%, 02/15/2029^(a)			1,027		548,240
7.00%, 01/15/2028^(a)			204		116,790
7.25%, 05/30/2029^(a)			432		234,435
9.00%, 12/15/2025^(a)			88		65,011


	Principal Amount (000)			U.S. $ Value

CD&R Smokey Buyer, Inc. 6.75%, 07/15/2025^(a)		U.S.$	72	$	63,917
Cheplapharm Arzneimittel GmbH 5.50%, 01/15/2028^(a)			200		169,833
CHS/Community Health Systems, Inc. 4.75%, 02/15/2031^(a)			493		362,655
5.25%, 05/15/2030^(a)			66		50,377
5.625%, 03/15/2027^(a)			416		352,065
6.125%, 04/01/2030^(a)			3,702		2,261,128
6.875%, 04/01/2028-04/15/2029^(a)			2,114		1,307,075
Cidron Aida Finco SARL 5.00%, 04/01/2028^(a)		EUR	236		206,023
Coty, Inc. 6.50%, 04/15/2026^(a)		U.S.$	53		48,857
Darling Ingredients, Inc. 5.25%, 04/15/2027^(a)			172		166,790
6.00%, 06/15/2030^(a)			762		760,043
DaVita, Inc. 3.75%, 02/15/2031^(a)			687		492,553
4.625%, 06/01/2030^(a)			1,198		933,877
Embecta Corp. 5.00%, 02/15/2030^(a)			334		282,397
Emergent BioSolutions, Inc. 3.875%, 08/15/2028^(a)			1,516		1,070,488
Encompass Health Corp. 4.75%, 02/01/2030			231		193,928
Global Medical Response, Inc. 6.50%, 10/01/2025^(a)			495		440,781
Grifols Escrow Issuer SA 3.875%, 10/15/2028^(a)		EUR	1,337		1,156,592
4.75%, 10/15/2028^(a)		U.S.$	836		725,045
Gruenenthal GmbH 4.125%, 05/15/2028^(a)		EUR	205		183,920
Herbalife Nutrition Ltd./HLF Financing, Inc. 7.875%, 09/01/2025^(a)		U.S.$	59		52,982
HLF Financing SARL LLC/Herbalife International, Inc. 4.875%, 06/01/2029^(a)			251		173,177
Hologic, Inc. 3.25%, 02/15/2029^(a)			236		201,635
IQVIA, Inc. 2.25%, 03/15/2029^(a)		EUR	862		714,120
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. 7.00%, 12/31/2027^{(a) (g)}		U.S.$	2,451		1,825,394
Lamb Weston Holdings, Inc. 4.125%, 01/31/2030^(a)			1,343		1,168,377
4.375%, 01/31/2032^(a)			1,240		1,078,320
Legacy LifePoint Health LLC 4.375%, 02/15/2027^(a)			2,626		2,309,907
LifePoint Health, Inc. 5.375%, 01/15/2029^(a)			65		47,733


	Principal Amount (000)			U.S. $ Value

Mallinckrodt International Finance SA/Mallinckrodt CB LLC 10.00%, 06/15/2029		EUR	108	$	76,435
Medline Borrower LP 3.875%, 04/01/2029^(a)		U.S.$	1,566		1,334,976
Mozart Debt Merger Sub, Inc. 5.25%, 10/01/2029^(a)			3,373		2,803,534
Nidda Healthcare Holding GmbH 3.50%, 09/30/2024^(a)		EUR	1,470		1,363,014
Option Care Health, Inc. 4.375%, 10/31/2029^(a)		U.S.$	1,384		1,186,837
Organon & Co./Organon Foreign Debt Co-Issuer BV 4.125%, 04/30/2028^(a)			200		176,990
5.125%, 04/30/2031^(a)			783		675,768
Oriflame Investment Holding PLC 5.125%, 05/04/2026^(a)			248		157,590
Owens & Minor, Inc. 4.50%, 03/31/2029^(a)			202		164,884
6.625%, 04/01/2030^(a)			76		69,304
Paysafe Finance PLC/Paysafe Holdings US Corp. 4.00%, 06/15/2029^(a)			990		707,850
Performance Food Group, Inc. 4.25%, 08/01/2029^(a)			995		831,197
Post Holdings, Inc. 4.50%, 09/15/2031^(a)			1,564		1,284,071
4.625%, 04/15/2030^(a)			821		692,638
5.50%, 12/15/2029^(a)			1,059		948,785
5.625%, 01/15/2028^(a)			798		757,337
Prime Healthcare Services, Inc. 7.25%, 11/01/2025^(a)			18		15,406
Primo Water Holdings, Inc. 4.375%, 04/30/2029^(a)			148		120,826
Radiology Partners, Inc. 9.25%, 02/01/2028^(a)			1,599		1,201,679
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. 9.75%, 12/01/2026^(a)			871		846,548
RP Escrow Issuer LLC 5.25%, 12/15/2025^(a)			481		416,796
Spectrum Brands, Inc. 3.875%, 03/15/2031^(a)			1,369		1,104,617
4.00%, 10/01/2026^(a)		EUR	530		522,900
Sunshine Mid BV 6.50%, 05/15/2026^(a)			823		860,646
Tempur Sealy International, Inc. 3.875%, 10/15/2031^(a)		U.S.$	1,264		947,572
Tenet Healthcare Corp. 4.375%, 01/15/2030^(a)			2,307		1,959,977
6.125%, 10/01/2028-06/15/2030^(a)			1,241		1,146,091


	Principal Amount (000)			U.S. $ Value

Triton Water Holdings, Inc. 6.25%, 04/01/2029^(a)		U.S.$	719	$	511,010
United Natural Foods, Inc. 6.75%, 10/15/2028^(a)			129		120,795
US Acute Care Solutions LLC 6.375%, 03/01/2026^(a)			942		845,212
US Foods, Inc. 4.75%, 02/15/2029^(a)			743		649,225
US Renal Care, Inc. 10.625%, 07/15/2027^(a)			791		306,512
Vector Group Ltd. 5.75%, 02/01/2029^(a)			22		18,318
10.50%, 11/01/2026^(a)			138		130,221
Vista Outdoor, Inc. 4.50%, 03/15/2029^(a)			202		153,045

					51,768,968


Energy – 6.3%
Aethon United BR LP/Aethon United Finance Corp. 8.25%, 02/15/2026^(a)			68		66,141
Antero Resources Corp. 7.625%, 02/01/2029^(a)			41		41,853
8.375%, 07/15/2026^(a)			39		41,226
Ascent Resources Utica Holdings LLC/ARU Finance Corp. 7.00%, 11/01/2026^(a)			203		189,305
Athabasca Oil Corp. 9.75%, 11/01/2026^(a)			1,144		1,195,480
Baytex Energy Corp. 8.75%, 04/01/2027^(a)			214		213,485
Berry Petroleum Co., LLC 7.00%, 02/15/2026^(a)			471		426,384
Blue Racer Midstream LLC/Blue Racer Finance Corp. 6.625%, 07/15/2026^(a)			284		256,810
7.625%, 12/15/2025^(a)			659		628,002
Buckeye Partners LP 4.125%, 03/01/2025^(a)			27		24,853
4.125%, 12/01/2027			214		181,918
4.15%, 07/01/2023			193		187,716
4.50%, 03/01/2028^(a)			214		181,074
California Resources Corp. 7.125%, 02/01/2026^(a)			206		199,829
Callon Petroleum, Co. 8.00%, 08/01/2028^(a)			48		46,164
8.25%, 07/15/2025			301		294,226
9.00%, 04/01/2025^(a)			799		851,120


	Principal Amount (000)			U.S. $ Value

Calumet Specialty Products Partners LP/Calumet Finance Corp. 11.00%, 04/15/2025^(a)		U.S.$	209	$	198,865
CGG SA 8.75%, 04/01/2027^(a)			200		170,312
Cheniere Energy Partners LP 4.50%, 10/01/2029			603		538,741
Chesapeake Energy Corp. 5.50%, 02/01/2026^(a)			82		78,225
5.875%, 02/01/2029^(a)			135		127,285
Citgo Holding, Inc. 9.25%, 08/01/2024^(a)			478		465,184
CITGO Petroleum Corp. 6.375%, 06/15/2026^(a)			471		435,882
7.00%, 06/15/2025^(a)			1,781		1,723,203
Civitas Resources, Inc. 5.00%, 10/15/2026^(a)			1,370		1,229,559
CNX Resources Corp. 6.00%, 01/15/2029^(a)			967		899,313
7.25%, 03/14/2027^(a)			218		213,939
Comstock Resources, Inc. 6.75%, 03/01/2029^(a)			794		712,971
CQP Holdco LP/BIP-V Chinook Holdco LLC 5.50%, 06/15/2031^(a)			444		379,475
Crescent Energy Finance LLC 7.25%, 05/01/2026^(a)			1,200		1,092,389
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 5.625%, 05/01/2027^(a)			182		162,094
6.00%, 02/01/2029^(a)			108		94,186
8.00%, 04/01/2029^(a)			101		93,806
CrownRock LP/CrownRock Finance, Inc. 5.625%, 10/15/2025^(a)			200		189,419
CVR Energy, Inc. 5.25%, 02/15/2025^(a)			223		205,006
Diamond Foreign Asset Co./Diamond Finance LLC 9.00% (9.00% Cash or 13.00% PIK), 04/22/2027^{(a) (f)}			90		88,315
9.00% (9.00% Cash or 13.00% PIK), 04/22/2027^(f)			79		77,234
Encino Acquisition Partners Holdings LLC 8.50%, 05/01/2028^(a)			1,848		1,749,566
EnLink Midstream LLC 5.625%, 01/15/2028^(a)			395		364,156
EnLink Midstream Partners LP 4.40%, 04/01/2024			67		65,457
5.05%, 04/01/2045			807		548,413
5.45%, 06/01/2047			116		82,292
5.60%, 04/01/2044			104		75,094
Series C 6.00%, 12/15/2022^(k)			2,734		1,832,263


	Principal Amount (000)			U.S. $ Value

EQM Midstream Partners LP 4.50%, 01/15/2029^(a)		U.S.$	742	$	602,771
4.75%, 01/15/2031^(a)			773		616,612
6.50%, 07/15/2048			157		116,993
Genesis Energy LP/Genesis Energy Finance Corp. 5.625%, 06/15/2024			412		386,238
6.25%, 05/15/2026			222		196,958
6.50%, 10/01/2025			781		713,881
7.75%, 02/01/2028			643		556,130
8.00%, 01/15/2027			1,098		971,694
Global Partners LP/GLP Finance Corp. 6.875%, 01/15/2029			439		372,108
7.00%, 08/01/2027			485		428,828
Gulfport Energy Corp. 6.00%, 10/15/2024^(d)			589		59
6.375%, 05/15/2025-01/15/2026^(d)			3,257		326
6.625%, 05/01/2023^(d)			161		16
8.00%, 05/17/2026^(a)			1,202		1,184,827
Harbour Energy PLC 5.50%, 10/15/2026^(a)			725		658,529
Hess Midstream Operations LP 5.125%, 06/15/2028^(a)			26		23,440
5.625%, 02/15/2026^(a)			698		664,955
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 02/01/2029^(a)			420		366,575
6.00%, 02/01/2031^(a)			435		376,545
Ithaca Energy North Sea PLC 9.00%, 07/15/2026^(a)			1,574		1,474,233
ITT Holdings LLC 6.50%, 08/01/2029^(a)			2,660		2,154,994
KLX Energy Services Holdings, Inc. 11.50%, 11/01/2025^(a)			64		39,105
Laredo Petroleum, Inc. 9.50%, 01/15/2025			207		205,965
Matador Resources Co. 5.875%, 09/15/2026			225		216,802
MEG Energy Corp. 5.875%, 02/01/2029^(a)			229		209,376
7.125%, 02/01/2027^(a)			207		208,826
Moss Creek Resources Holdings, Inc. 7.50%, 01/15/2026^(a)			1,638		1,466,527
10.50%, 05/15/2027^(a)			184		176,956
Murphy Oil Corp. 5.75%, 08/15/2025			52		51,524
5.875%, 12/01/2027			225		209,967
6.375%, 07/15/2028			199		184,099
Nabors Industries Ltd. 7.25%, 01/15/2026^(a)			477		423,376
7.375%, 05/15/2027^(a)			766		721,568
7.50%, 01/15/2028^(a)			2,085		1,796,825


	Principal Amount (000)			U.S. $ Value

Neptune Energy Bondco PLC 6.625%, 05/15/2025^(a)		U.S.$	400	$	385,174
New Fortress Energy, Inc. 6.50%, 09/30/2026^(a)			33		30,010
6.75%, 09/15/2025^(a)			1,440		1,360,998
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.50%, 02/01/2026^(a)			2,003		1,802,599
NGL Energy Partners LP/NGL Energy Finance Corp. 7.50%, 11/01/2023			224		203,279
Northern Oil and Gas, Inc. 8.125%, 03/01/2028^(a)			38		35,769
Occidental Petroleum Corp. 5.50%, 12/01/2025			192		189,501
5.875%, 09/01/2025			208		206,989
6.125%, 01/01/2031			365		370,344
6.20%, 03/15/2040			44		43,550
6.45%, 09/15/2036			128		133,325
6.625%, 09/01/2030			191		196,771
7.50%, 05/01/2031			179		192,873
8.00%, 07/15/2025			178		187,631
8.50%, 07/15/2027			184		202,497
8.875%, 07/15/2030			173		198,863
Parkland Corp. 4.50%, 10/01/2029^(a)			220		179,199
4.625%, 05/01/2030^(a)			220		178,507
PBF Holding Co. LLC/PBF Finance Corp. 7.25%, 06/15/2025			195		182,211
9.25%, 05/15/2025^(a)			1,071		1,121,714
PDC Energy, Inc. 5.75%, 05/15/2026			2,013		1,879,630
6.125%, 09/15/2024			593		589,417
Range Resources Corp. 8.25%, 01/15/2029			441		451,423
Rockies Express Pipeline LLC 6.875%, 04/15/2040^(a)			77		63,707
SM Energy Co. 6.75%, 09/15/2026			26		24,533
Southwestern Energy Co. 5.375%, 02/01/2029			187		173,750
5.95%, 01/23/2025			30		29,697
8.375%, 09/15/2028			269		283,773
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. 8.50%, 10/15/2026^(a)			1,031		928,123
Sunnova Energy Corp. 5.875%, 09/01/2026^(a)			647		559,860
Sunoco LP/Sunoco Finance Corp. 4.50%, 05/15/2029			114		93,961
5.875%, 03/15/2028			774		711,398
6.00%, 04/15/2027			117		111,575
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 6.00%, 09/01/2031^(a)			95		78,615


	Principal Amount (000)			U.S. $ Value

Talos Production, Inc. 12.00%, 01/15/2026		U.S.$	1,755	$	1,826,731
Transocean Guardian Ltd. 5.875%, 01/15/2024^(a)			170		157,935
Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024^(a)			975		943,363
Transocean Pontus Ltd. 6.125%, 08/01/2025^(a)			172		157,488
Transocean Poseidon Ltd. 6.875%, 02/01/2027^(a)			227		202,328
Transocean, Inc. 7.25%, 11/01/2025^(a)			359		267,906
7.50%, 01/15/2026^(a)			762		539,357
11.50%, 01/30/2027^(a)			445		416,109
USA Compression Partners LP/USA Compression Finance Corp. 6.875%, 04/01/2026-09/01/2027			409		367,074
Vantage Drilling International 7.125%, 04/01/2023^{(b) (c) (d)}			1,283		0
7.50%, 11/01/2019^{(b) (c) (d)}			2,176		0
Venture Global Calcasieu Pass LLC 4.125%, 08/15/2031^(a)			890		764,405
W&T Offshore, Inc. 9.75%, 11/01/2023^(a)			1,099		1,048,009
Weatherford International Ltd. 8.625%, 04/30/2030^(a)			213		176,740
11.00%, 12/01/2024^(a)			27		27,186

					56,971,755


Other Industrial – 0.1%
AECOM 5.125%, 03/15/2027			210		198,487
Interface, Inc. 5.50%, 12/01/2028^(a)			258		220,624
Univar Solutions USA, Inc./Washington 5.125%, 12/01/2027^(a)			214		199,697

					618,808


Services – 3.1%
ADT Security Corp. (The) 4.125%, 06/15/2023			83		81,619
4.125%, 08/01/2029^(a)			2,021		1,659,445
4.875%, 07/15/2032^(a)			54		43,080
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.00%, 06/01/2029^(a)			527		383,795
6.625%, 07/15/2026^(a)			312		286,121
9.75%, 07/15/2027^(a)			1,287		1,089,170
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 3.625%, 06/01/2028^(a)		EUR	255		201,373
4.625%, 06/01/2028^(a)		U.S.$	804		660,781
4.875%, 06/01/2028^(a)		GBP	1,010		963,854


	Principal Amount (000)			U.S. $ Value

ANGI Group LLC 3.875%, 08/15/2028^(a)		U.S.$	2,430	$	1,849,392
Aptim Corp. 7.75%, 06/15/2025^{(a) (g)}			1,424		971,281
APX Group, Inc. 5.75%, 07/15/2029^(a)			2,116		1,642,838
6.75%, 02/15/2027^(a)			916		860,273
Aramark Services, Inc. 5.00%, 02/01/2028^(a)			224		204,750
6.375%, 05/01/2025^(a)			562		550,424
ASGN, Inc. 4.625%, 05/15/2028^(a)			227		195,333
Block, Inc. 2.75%, 06/01/2026^(a)			1,440		1,279,906
3.50%, 06/01/2031^(a)			1,474		1,183,274
Cars.com, Inc. 6.375%, 11/01/2028^(a)			830		698,911
CoreLogic, Inc. 4.50%, 05/01/2028^(a)			20		15,589
Elis SA 1.625%, 04/03/2028^(a)		EUR	300		248,452
Garda World Security Corp. 6.00%, 06/01/2029^(a)		U.S.$	99		76,001
9.50%, 11/01/2027^(a)			439		403,437
GrubHub Holdings, Inc. 5.50%, 07/01/2027^(a)			254		176,187
IHS Markit Ltd. 4.125%, 08/01/2023			202		202,035
4.75%, 08/01/2028			104		105,112
ION Trading Technologies SARL 5.75%, 05/15/2028^(a)			1,067		823,716
Korn Ferry 4.625%, 12/15/2027^(a)			402		360,795
Millennium Escrow Corp. 6.625%, 08/01/2026^(a)			1,894		1,554,647
Monitronics International, Inc. Zero Coupon, 04/01/2020^{(b) (c) (d)}			958		0
MPH Acquisition Holdings LLC 5.50%, 09/01/2028^(a)			1,020		908,866
5.75%, 11/01/2028^{(a) (g)}			3,593		2,982,951
Nielsen Co. Luxembourg SARL (The) 5.00%, 02/01/2025^(a)			162		159,128
Nielsen Finance LLC/Nielsen Finance Co. 4.50%, 07/15/2029^(a)			205		185,613
4.75%, 07/15/2031^(a)			137		123,620
5.625%, 10/01/2028^(a)			106		98,409
5.875%, 10/01/2030^(a)			171		157,092
Photo Holdings Merger Sub, Inc. 8.50%, 10/01/2026^(a)			226		170,651


	Principal Amount (000)			U.S. $ Value

Prime Security Services Borrower LLC/Prime Finance, Inc. 3.375%, 08/31/2027^(a)		U.S.$	195	$	162,064
5.25%, 04/15/2024^(a)			25		24,484
6.25%, 01/15/2028^(a)			1,619		1,359,259
Q-Park Holding I BV 2.00%, 03/01/2027^(a)		EUR	245		204,179
Sabre GLBL, Inc. 9.25%, 04/15/2025^(a)		U.S.$	378		364,991
Service Corp. International/US 3.375%, 08/15/2030			239		197,174
4.00%, 05/15/2031			166		141,769
4.625%, 12/15/2027			198		186,247
Sotheby’s 7.375%, 10/15/2027^(a)			200		185,056
Sotheby’s/Bidfair Holdings, Inc. 5.875%, 06/01/2029^(a)			205		176,765
TriNet Group, Inc. 3.50%, 03/01/2029^(a)			173		142,510
TripAdvisor, Inc. 7.00%, 07/15/2025^(a)			422		410,775
Verisure Midholding AB 5.25%, 02/15/2029^(a)		EUR	954		763,140
Verscend Escrow Corp. 9.75%, 08/15/2026^(a)		U.S.$	551		535,742
WASH Multifamily Acquisition, Inc. 5.75%, 04/15/2026^(a)			8		7,540

					28,419,616


Technology – 2.9%
Ahead DB Holdings LLC 6.625%, 05/01/2028^(a)			725		590,947
Avaya, Inc. 6.125%, 09/15/2028^(a)			2,343		1,528,497
Boxer Parent Co., Inc. 7.125%, 10/02/2025^(a)			65		62,259
Cablevision Lightpath LLC 5.625%, 09/15/2028^(a)			1,060		825,635
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. 5.75%, 03/01/2025^(a)			217		211,568
Clarivate Science Holdings Corp. 4.875%, 07/01/2029^(a)			173		142,016
CommScope Technologies LLC 5.00%, 03/15/2027^(a)			220		163,658
CommScope, Inc. 4.75%, 09/01/2029^(a)			2,283		1,829,825
6.00%, 03/01/2026^(a)			276		254,428
7.125%, 07/01/2028^(a)			86		65,362
Conduent Business Services LLC/Conduent State & Local Solutions, Inc. 6.00%, 11/01/2029^(a)			14		11,660


	Principal Amount (000)			U.S. $ Value

Consensus Cloud Solutions, Inc. 6.50%, 10/15/2028^(a)		U.S.$	51	$	42,074
CWT Travel Group, Inc. 8.50%, 11/19/2026^(a)			1,164		1,048,037
Diebold Nixdorf, Inc. 9.375%, 07/15/2025^(a)			50		34,970
Elastic NV 4.125%, 07/15/2029^(a)			288		241,107
Entegris Escrow Corp. 5.95%, 06/15/2030^(a)			1,146		1,092,007
Imola Merger Corp. 4.75%, 05/15/2029^(a)			968		811,705
LogMeIn, Inc. 5.50%, 09/01/2027^(a)			633		433,229
MicroStrategy, Inc. 6.125%, 06/15/2028^(a)			40		31,847
Minerva Merger Sub, Inc. 6.50%, 02/15/2030^(a)			2,794		2,331,365
NCR Corp. 5.125%, 04/15/2029^(a)			3,420		2,899,595
5.75%, 09/01/2027^(a)			71		63,051
Pitney Bowes, Inc. 6.875%, 03/15/2027^(a)			485		386,221
Playtech PLC 4.25%, 03/07/2026^(a)		EUR	101		101,584
Playtika Holding Corp. 4.25%, 03/15/2029^(a)		U.S.$	1,117		928,467
Presidio Holdings, Inc. 4.875%, 02/01/2027^(a)			98		89,720
8.25%, 02/01/2028^(a)			1,374		1,209,355
Rackspace Technology Global, Inc. 3.50%, 02/15/2028^(a)			2,555		2,001,808
5.375%, 12/01/2028^(a)			82		53,762
Science Applications International Corp. 4.875%, 04/01/2028^(a)			105		97,919
Seagate HDD Cayman 3.375%, 07/15/2031			45		35,034
4.091%, 06/01/2029			1,382		1,181,142
4.125%, 01/15/2031			38		31,056
5.75%, 12/01/2034			61		53,707
Sensata Technologies BV 4.875%, 10/15/2023^(a)			154		151,518
5.00%, 10/01/2025^(a)			219		210,114
5.625%, 11/01/2024^(a)			215		212,821
Sensata Technologies, Inc. 3.75%, 02/15/2031^(a)			1,100		882,874
TTM Technologies, Inc. 4.00%, 03/01/2029^(a)			281		236,527
Vericast Corp. 11.00%, 09/15/2026^(a)			130		124,704
Veritas US, Inc./Veritas Bermuda Ltd. 7.50%, 09/01/2025^(a)			2,993		2,250,418


	Principal Amount (000)			U.S. $ Value

Virtusa Corp. 7.125%, 12/15/2028^(a)		U.S.$	717	$	575,937
Xerox Corp. 6.75%, 12/15/2039			42		35,574
Xerox Holdings Corp. 5.50%, 08/15/2028^(a)			226		189,765

					25,754,869


Transportation - Airlines – 0.4%
American Airlines Pass Through Trust 3.375%, 05/01/2027			204		179,754
American Airlines, Inc. 11.75%, 07/15/2025^(a)			190		196,648
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%, 04/20/2026^(a)			1,258		1,159,004
5.75%, 04/20/2029^(a)			1,115		951,990
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. 5.75%, 01/20/2026^(a)			965		865,081
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 09/20/2025^(a)			265		272,503

					3,624,980


Transportation - Services – 0.6%
Albion Financing 1 SARL/Aggreko Holdings, Inc. 5.25%, 10/15/2026^(a)		EUR	625		544,722
6.125%, 10/15/2026^(a)		U.S.$	228		196,176
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 4.75%, 04/01/2028^(a)			53		44,038
5.75%, 07/15/2027^(a)			1,031		920,976
BCP V Modular Services 6.75%, 11/30/2029		EUR	1,214		929,902
BCP V Modular Services Finance II PLC 4.75%, 11/30/2028^(a)			132		110,039
EC Finance PLC 3.00%, 10/15/2026			302		277,931
Herc Holdings, Inc. 5.50%, 07/15/2027^(a)		U.S.$	104		95,185
Loxam SAS 2.875%, 04/15/2026^(a)		EUR	301		266,678
4.50%, 02/15/2027			629		565,348
PROG Holdings, Inc. 6.00%, 11/15/2029^(a)		U.S.$	1,655		1,252,057
United Rentals North America, Inc. 5.50%, 05/15/2027			113		110,872

					5,313,924

					419,653,651


	Principal Amount (000)			U.S. $ Value

Financial Institutions – 6.6%
Banking – 2.0%
Ally Financial, Inc.
Series B 4.70%, 05/15/2026^(k)		U.S.$	2,950	$	2,360,479
Series C 4.70%, 05/15/2028^(k)			256		188,864
Banco Bilbao Vizcaya Argentaria SA Series 9 6.50%, 03/05/2025^(k)			1,200		1,097,829
Bread Financial Holdings, Inc. 4.75%, 12/15/2024^(a)			1,253		1,150,003
7.00%, 01/15/2026^(a)			600		572,940
CaixaBank SA 5.875%, 10/09/2027^{(a) (k)}		EUR	1,000		922,460
Credit Suisse Group AG 6.25%, 12/18/2024^(a) (k)		U.S.$	1,404		1,281,150
6.375%, 08/21/2026^{(a) (k)}			1,290		1,068,995
7.50%, 07/17/2023^{(a) (k)}			1,415		1,302,120
Discover Financial Services Series D 6.125%, 06/23/2025^(k)			3,470		3,456,057
Freedom Mortgage Corp. 7.625%, 05/01/2026^(a)			87		68,478
8.25%, 04/15/2025^(a)			222		187,590
Intesa Sanpaolo SpA 5.017%, 06/26/2024^(a)			540		517,986
5.71%, 01/15/2026^(a)			1,444		1,373,334
Societe Generale SA 8.00%, 09/29/2025^(a) (k)			2,608		2,560,456

					18,108,741


Brokerage – 0.7%
Advisor Group Holdings, Inc. 10.75%, 08/01/2027^(a)			1,425		1,417,064
Hightower Holding LLC 6.75%, 04/15/2029^(a)			2,936		2,210,342
LPL Holdings, Inc. 4.375%, 05/15/2031^(a)			75		64,162
NFP Corp. 6.875%, 08/15/2028^(a)			2,964		2,464,824

					6,156,392


Finance – 1.5%
Air Lease Corp. Series B 4.65%, 06/15/2026^(k)			1,229		1,027,814
Aircastle Ltd. 5.25%, 06/15/2026^{(a) (k)}			1,374		1,121,388
Castlelake Aviation Finance DAC 5.00%, 04/15/2027^(a)			1,036		867,249
CNG Holdings, Inc. 12.50%, 06/15/2024^(a)			861		799,117
Curo Group Holdings Corp. 7.50%, 08/01/2028^(a)			3,764		2,360,374


	Principal Amount (000)			U.S. $ Value

Enact Holdings, Inc. 6.50%, 08/15/2025^(a)		U.S.$	221	$	208,700
Enova International, Inc. 8.50%, 09/01/2024-09/15/2025^(a)			2,339		2,055,316
goeasy Ltd. 4.375%, 05/01/2026^(a)			389		328,830
Home Point Capital, Inc. 5.00%, 02/01/2026^(a)			9		6,207
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 4.375%, 02/01/2029			125		101,051
4.75%, 09/15/2024			149		139,729
6.25%, 05/15/2026			189		176,879
ILFC E-Capital Trust II 5.10% (LIBOR 3 Month +1.80%), 12/21/2065^{(a) (i)}			2,000		1,525,296
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5.00%, 08/15/2028^(a)			350		292,046
LD Holdings Group LLC 6.50%, 11/01/2025^(a)			127		86,546
Lincoln Financing SARL 3.625%, 04/01/2024^(a)		EUR	390		395,165
Midcap Financial Issuer Trust 5.625%, 01/15/2030^(a)		U.S.$	216		168,495
Nationstar Mortgage Holdings, Inc. 5.125%, 12/15/2030^(a)			190		142,196
Navient Corp. 4.875%, 03/15/2028			982		767,152
5.00%, 03/15/2027			100		82,485
5.50%, 03/15/2029			79		61,569
5.625%, 08/01/2033			69		48,398
OneMain Finance Corp. 3.50%, 01/15/2027			174		139,062
5.375%, 11/15/2029			124		100,548
PennyMac Financial Services, Inc. 5.75%, 09/15/2031^(a)			181		135,199
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. 3.625%, 03/01/2029^(a)			225		176,694
Springleaf Finance Corp. 7.125%, 03/15/2026			180		167,796
United Wholesale Mortgage LLC 5.75%, 06/15/2027^(a)			15		12,024
VistaJet Malta Finance PLC/XO Management Holding, Inc. 6.375%, 02/01/2030^(a)			15		11,962
7.875%, 05/01/2027^(a)			27		23,827

					13,529,114


Insurance – 0.7%
Acrisure LLC/Acrisure Finance, Inc. 7.00%, 11/15/2025^(a)			491		442,639
10.125%, 08/01/2026^(a)			1,086		1,060,909


	Principal Amount (000)			U.S. $ Value

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 6.75%, 10/15/2027^(a)		U.S.$	196	$	173,777
Ardonagh Midco 2 PLC 11.50% (11.50% Cash or 12.75% PIK)(11.50% Cash or 12.75% PIK), 01/15/2027^{(a) (f)}			1,811		1,892,100
AssuredPartners, Inc. 5.625%, 01/15/2029^(a)			2,110		1,706,343
HUB International Ltd. 7.00%, 05/01/2026^(a)			292		275,711
MBIA, Inc. 5.70%, 12/01/2034			16		14,702
MGIC Investment Corp. 5.25%, 08/15/2028			189		169,288
Molina Healthcare, Inc. 3.875%, 05/15/2032^(a)			206		173,107
4.375%, 06/15/2028^(a)			206		184,655

					6,093,231


Other Finance – 0.5%
Altice France Holding SA 10.50%, 05/15/2027^(a)			204		171,185
Armor Holdco, Inc. 8.50%, 11/15/2029^(a)			1,967		1,633,083
Coinbase Global, Inc. 3.375%, 10/01/2028^(a)			852		532,265
3.625%, 10/01/2031^(a)			841		470,438
Intrum AB 3.00%, 09/15/2027^{(a) (g)}		EUR	360		290,469
3.125%, 07/15/2024^(a)			489		473,529
3.50%, 07/15/2026^(a)			705		616,474
4.875%, 08/15/2025			683		647,388

					4,834,831


REITs – 1.2%
ADLER Group SA 2.75%, 11/13/2026^(a)			200		105,415
Aedas Homes Opco SLU 4.00%, 08/15/2026			1,580		1,394,595
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 4.50%, 04/01/2027^(a)		U.S.$	2,519		2,098,682
5.75%, 05/15/2026^(a)			406		369,780
Cushman & Wakefield US Borrower LLC 6.75%, 05/15/2028^(a)			199		184,911
Diversified Healthcare Trust 9.75%, 06/15/2025			477		471,341
Iron Mountain, Inc. 4.50%, 02/15/2031^(a)			53		43,409
4.875%, 09/15/2027-09/15/2029^(a)			385		337,624
5.25%, 03/15/2028^(a)			1,576		1,414,628
5.625%, 07/15/2032^(a)			157		132,871


	Principal Amount (000)			U.S. $ Value

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.75%, 06/15/2029^(a)		U.S.$	99	$	76,411
Neinor Homes SA 4.50%, 10/15/2026^(a)		EUR	786		668,244
New Residential Investment Corp. 6.25%, 10/15/2025^(a)		U.S.$	18		15,687
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer 4.875%, 05/15/2029^(a)			1,062		913,438
7.50%, 06/01/2025^(a)			69		68,956
Realogy Group LLC/Realogy Co-Issuer Corp. 5.25%, 04/15/2030^(a)			54		39,966
5.75%, 01/15/2029^(a)			236		180,340
RHP Hotel Properties LP/RHP Finance Corp. 4.50%, 02/15/2029^(a)			17		14,409
SBA Communications Corp. 3.125%, 02/01/2029			82		67,086
Service Properties Trust 4.95%, 10/01/2029			172		117,386
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC 7.875%, 02/15/2025^(a)			187		180,449
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC 4.75%, 04/15/2028^(a)			244		201,090
Via Celere Desarrollos 5.25%, 04/01/2026		EUR	771		693,830
Vivion Investments SARL 3.00%, 08/08/2024^(a) (g)			1,000		907,950
3.50%, 11/01/2025^(a)			400		356,166

					11,054,664

					59,776,973


Utility – 1.4%
Electric – 1.2%
Algonquin Power & Utilities Corp. 4.75%, 01/18/2082		U.S.$	242		202,439
Calpine Corp. 3.75%, 03/01/2031^(a)			3,323		2,705,829
5.125%, 03/15/2028^(a)			497		440,752
ContourGlobal Power Holdings SA 3.125%, 01/01/2028^(a)		EUR	167		136,132
NRG Energy, Inc. 3.375%, 02/15/2029^(a)		U.S.$	252		203,665
3.875%, 02/15/2032^(a)			12		9,527
5.25%, 06/15/2029^(a)			225		201,007
5.75%, 01/15/2028			173		159,025
6.625%, 01/15/2027			7		6,864
PG&E Corp. 5.00%, 07/01/2028			209		179,636
5.25%, 07/01/2030			38		31,239


	Principal Amount (000)			U.S. $ Value

Vistra Corp. 7.00%, 12/15/2026^{(a) (k)}		U.S.$	835	$	759,850
8.00%, 10/15/2026^{(a) (k)}			1,003		962,495
Vistra Operations Co. LLC 4.375%, 05/01/2029^(a)			4,724		3,968,414
5.00%, 07/31/2027^(a)			200		181,285
5.50%, 09/01/2026^(a)			115		108,515
5.625%, 02/15/2027^(a)			163		153,256

					10,409,930


Other Utility – 0.2%
Solaris Midstream Holdings LLC 7.625%, 04/01/2026^(a)			1,835		1,740,115

					12,150,045


Total Corporates - Non-Investment Grade (cost $586,893,188)					491,580,669


CORPORATES - INVESTMENT GRADE – 10.9%
Financial Institutions – 5.6%
Banking – 3.0%
Ally Financial, Inc. 8.00%, 11/01/2031			39		42,964
Banco Santander SA 4.175%, 03/24/2028			800		764,672
5.179%, 11/19/2025			400		400,960
Bank of America Corp.
Series DD 6.30%, 03/10/2026^(k)			3,043		3,041,265
Series Z 6.50%, 10/23/2024^(k)			57		56,932
Barclays PLC 7.125%, 06/15/2025^(k)		GBP	404		472,525
7.25%, 03/15/2023^{(a) (k)}			219		261,927
Citigroup, Inc. 5.95%, 01/30/2023^(k)		U.S.$	2,689		2,637,537
Series W 4.00%, 12/10/2025^(k)			413		357,245
Commerzbank AG 8.125%, 09/19/2023^(a)			200		205,557
Credit Agricole SA 8.125%, 12/23/2025^{(a) (k)}			1,461		1,495,699
8.125%, 03/23/2171^(k)			448		460,320
Deutsche Bank AG 5.882%, 07/08/2031			200		182,855
Dresdner Funding Trust I 8.151%, 06/30/2031^(a)			100		110,573
First-Citizens Bank & Trust Co. 3.929%, 06/19/2024			364		361,756
Goldman Sachs Group, Inc. (The) Series P 5.00%, 11/10/2022^(k)			2,134		1,810,388


	Principal Amount (000)			U.S. $ Value

HSBC Holdings PLC 4.762%, 03/29/2033		U.S.$	901	$	831,604
6.00%, 09/29/2023^{(a) (k)}		EUR	1,819		1,884,572
Series E 4.75%, 07/04/2029^{(a) (k)}			1,595		1,400,657
ING Groep NV 6.50%, 04/16/2025^(k)		U.S.$	520		490,170
Lloyds Banking Group PLC 3.369%, 12/14/2046			443		315,828
7.625%, 06/27/2023^{(a) (k)}		GBP	1,760		2,137,606
Nordea Bank Abp 6.625%, 03/26/2026^{(a) (k)}		U.S.$	3,065		2,926,498
Regions Bank/Birmingham AL 6.45%, 06/26/2037			1,500		1,677,778
Standard Chartered PLC 7.75%, 04/02/2023^(a) (k)			440		435,600
Swedbank AB Series NC5 5.625%, 09/17/2024^(a) (k)			1,000		956,400
UBS Group AG 7.00%, 02/19/2025^{(a) (k)}			620		613,927
UniCredit SpA 5.861%, 06/19/2032^(a)			401		353,773

					26,687,588


Brokerage – 0.1%
Charles Schwab Corp. (The) Series I 4.00%, 06/01/2026^(k)			1,251		1,063,774


Finance – 0.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.30%, 01/30/2032			1,371		1,100,422
Aircastle Ltd. 4.25%, 06/15/2026			33		30,397
5.25%, 08/11/2025^(a)			2,239		2,168,414
Aviation Capital Group LLC 3.50%, 11/01/2027^(a)			295		258,183
4.125%, 08/01/2025^(a)			395		379,010
4.875%, 10/01/2025^(a)			319		311,684
Huarong Finance 2017 Co., Ltd. 4.75%, 04/27/2027^(a)			200		179,500
Huarong Finance 2019 Co., Ltd. 3.75%, 05/29/2024^(a)			343		327,565
Huarong Finance II Co., Ltd. 4.875%, 11/22/2026^(a)			430		393,450
5.50%, 01/16/2025^(a)			1,082		1,045,482

					6,194,107


Insurance – 1.5%
Allstate Corp. (The) 6.50%, 05/15/2057			1,657		1,691,482


	Principal Amount (000)			U.S. $ Value

Centene Corp. 2.45%, 07/15/2028		U.S.$	220	$	183,513
2.625%, 08/01/2031			2,925		2,347,313
3.00%, 10/15/2030			137		113,551
3.375%, 02/15/2030			214		181,490
4.625%, 12/15/2029			226		210,742
Enstar Finance LLC 5.50%, 01/15/2042			216		177,540
Global Atlantic Fin Co. 4.70%, 10/15/2051^(a)			39		31,691
Liberty Mutual Group, Inc. 4.125%, 12/15/2051^(a)			43		34,447
7.80%, 03/15/2037^(a)			2,245		2,575,254
MetLife, Inc. 10.75%, 08/01/2039			2,350		3,095,145
Prudential Financial, Inc. 5.20%, 03/15/2044			340		321,877
5.625%, 06/15/2043			1,082		1,056,056
Radian Group, Inc. 6.625%, 03/15/2025			189		185,996
Transatlantic Holdings, Inc. 8.00%, 11/30/2039			1,261		1,628,103

					13,834,200


Other Finance – 0.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.45%, 04/03/2026			235		224,878


REITs – 0.3%
MPT Operating Partnership LP/MPT Finance Corp. 5.00%, 10/15/2027			120		110,037
5.25%, 08/01/2026			137		129,217
Office Properties Income Trust 3.45%, 10/15/2031			1,582		1,174,890
Trust Fibra Uno 4.869%, 01/15/2030^(a)			605		511,149
VICI Properties LP/VICI Note Co., Inc. 5.75%, 02/01/2027^(a)			767		731,383

					2,656,676

					50,661,223


Industrial – 5.2%
Basic – 0.7%
Alcoa Nederland Holding BV 4.125%, 03/31/2029^(a)			206		183,815
6.125%, 05/15/2028^(a)			400		389,105
ArcelorMittal SA 6.75%, 03/01/2041			362		357,998
7.00%, 10/15/2039			400		408,620
Arconic Corp. 6.00%, 05/15/2025^(a)			981		961,748
Braskem Netherlands Finance BV 4.50%, 01/31/2030^(a)			1,342		1,139,532


	Principal Amount (000)			U.S. $ Value

Freeport Indonesia PT 4.763%, 04/14/2027^(a)		U.S.$	281	$	269,058
Freeport-McMoRan, Inc. 5.45%, 03/15/2043			694		642,059
Georgia-Pacific LLC 8.875%, 05/15/2031			1		1,300
Industrias Penoles SAB de CV 5.65%, 09/12/2049^(a)			386		343,974
INEOS Finance PLC 2.875%, 05/01/2026^(a)		EUR	230		209,802
MEGlobal Canada ULC 5.875%, 05/18/2030^(a)		U.S.$	343		360,536
Nexa Resources SA 6.50%, 01/18/2028^(a)			973		929,397
Smurfit Kappa Treasury Funding DAC 7.50%, 11/20/2025			238		259,475
Suzano Austria GmbH 7.00%, 03/16/2047^(a)			231		219,999

					6,676,418


Capital Goods – 0.3%
Cellnex Finance Co. SA 3.875%, 07/07/2041^(a)			249		170,151
General Electric Co. Series D 5.159% (LIBOR 3 Month + 0.00%), 09/15/2022^{(i) (k)}			1,681		1,470,525
Howmet Aerospace, Inc. 3.00%, 01/15/2029			24		19,876
5.90%, 02/01/2027			119		117,930
5.95%, 02/01/2037			187		176,256
Textron Financial Corp. 3.146% (LIBOR 3 Month + 1.74%), 02/15/2042^{(a) (i)}			575		426,631

					2,381,369


Communications - Media – 0.3%
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. 5.875%, 08/15/2027^(a)			229		195,370
Magallanes, Inc. 3.755%, 03/15/2027^(a)			745		699,178
4.054%, 03/15/2029^(a)			179		164,102
4.279%, 03/15/2032^(a)			1,034		923,762
Netflix, Inc. 4.875%, 04/15/2028			247		233,199
5.375%, 11/15/2029^(a)			151		142,725
5.875%, 11/15/2028			175		171,314
Paramount Global 6.25%, 02/28/2057			200		174,951
6.375%, 03/30/2062			89		79,480


	Principal Amount (000)			U.S. $ Value

Prosus NV 4.027%, 08/03/2050^(a)		U.S.$	331	$	206,627

					2,990,708


Communications - Telecommunications – 0.8%
Hughes Satellite Systems Corp. 5.25%, 08/01/2026			211		195,112
T-Mobile USA, Inc. 2.625%, 04/15/2026-02/15/2029			1,040		886,817
3.375%, 04/15/2029^(a)			2,720		2,374,820
3.50%, 04/15/2031^(a)			3,775		3,242,327
4.75%, 02/01/2028			39		37,594
5.375%, 04/15/2027			169		167,399

					6,904,069


Consumer Cyclical - Automotive – 0.1%
General Motors Co. 5.20%, 04/01/2045			19		16,002
General Motors Financial Co., Inc. 5.65%, 01/17/2029			30		29,908
Lear Corp. 3.50%, 05/30/2030			3		2,612
4.25%, 05/15/2029			17		15,731
Nissan Motor Co., Ltd. 4.345%, 09/17/2027^(a)			1,084		995,194

					1,059,447


Consumer Cyclical - Other – 0.5%
Genting New York LLC/GENNY Capital, Inc. 3.30%, 02/15/2026^(a)			218		195,881
MDC Holdings, Inc. 6.00%, 01/15/2043			1,881		1,546,569
Owens Corning 7.00%, 12/01/2036			777		852,820
Resorts World Las Vegas LLC/RWLV Capital, Inc. 4.625%, 04/06/2031^(a)			1,100		884,562
Sands China Ltd. 3.25%, 08/08/2031^(a)			285		184,181
4.875%, 06/18/2030			935		673,855

					4,337,868


Consumer Cyclical - Retailers – 0.2%
Macy’s Retail Holdings LLC 5.875%, 04/01/2029-03/15/2030^(a)			817		690,145
6.125%, 03/15/2032^(a)			569		474,647
Nordstrom, Inc. 4.25%, 08/01/2031			188		142,762
4.375%, 04/01/2030			201		156,399
5.00%, 01/15/2044			52		37,053
QVC, Inc. 4.375%, 09/01/2028			5		3,677
4.75%, 02/15/2027			213		169,836

					1,674,519


	Principal Amount (000)		U.S. $ Value

Consumer Non-Cyclical – 0.4%
Charles River Laboratories International, Inc. 3.75%, 03/15/2029^(a)	U.S.$	770	$	668,234
4.00%, 03/15/2031^(a)		1,241		1,062,695
Newell Brands, Inc. 4.45%, 04/01/2026		687		654,074
4.875%, 06/01/2025		170		167,683
5.625%, 04/01/2036		57		49,297
5.75%, 04/01/2046		41		33,172
Pilgrim’s Pride Corp. 3.50%, 03/01/2032^(a)		1,249		979,176
5.875%, 09/30/2027^(a)		208		199,081

				3,813,412


Energy – 0.8%
Apache Corp. 4.25%, 01/15/2030		221		197,040
4.75%, 04/15/2043		74		57,833
5.10%, 09/01/2040		134		113,172
6.00%, 01/15/2037		76		70,164
Cenovus Energy, Inc. 6.75%, 11/15/2039		67		71,338
Continental Resources, Inc./OK 5.75%, 01/15/2031^(a)		970		936,808
DCP Midstream Operating LP 5.60%, 04/01/2044		45		36,412
6.75%, 09/15/2037^(a)		192		182,540
Ecopetrol SA 4.625%, 11/02/2031		588		443,940
5.875%, 11/02/2051		118		77,290
6.875%, 04/29/2030		1,035		909,765
Energy Transfer LP 3.90%, 07/15/2026		32		30,782
4.40%, 03/15/2027		1,466		1,414,461
4.75%, 01/15/2026		25		24,951
EQT Corp. 3.90%, 10/01/2027		291		271,942
Hunt Oil Co., of Peru LLC Sucursal Del Peru 6.375%, 06/01/2028^(a)		185		169,166
Oleoducto Central SA 4.00%, 07/14/2027^(a)		424		350,822
Patterson-UTI Energy, Inc. 3.95%, 02/01/2028		175		145,429
Western Midstream Operating LP 3.60%, 02/01/2025		114		105,445
3.95%, 06/01/2025		264		249,156
4.50%, 03/01/2028		216		194,973
4.55%, 02/01/2030		817		707,230
4.75%, 08/15/2028		453		414,353
5.30%, 03/01/2048		22		17,743
5.45%, 04/01/2044		193		160,263
5.75%, 02/01/2050		111		89,679

				7,442,697


	Principal Amount (000)			U.S. $ Value

Other Industrial – 0.2%
Alfa SAB de CV 5.25%, 03/25/2024^(a)		U.S.$	1,580	$	1,574,371
Fluor Corp. 4.25%, 09/15/2028			227		198,410

					1,772,781


Services – 0.0%
Expedia Group, Inc. 6.25%, 05/01/2025^(a)			176		181,514
Verisk Analytics, Inc. 5.50%, 06/15/2045			5		5,011

					186,525


Technology – 0.4%
Broadcom, Inc. 4.00%, 04/15/2029^(a)			211		195,896
4.15%, 04/15/2032^(a)			1,017		920,730
4.75%, 04/15/2029			85		82,602
CDW LLC/CDW Finance Corp. 4.125%, 05/01/2025			457		444,534
Dell International LLC/EMC Corp. 8.35%, 07/15/2046			130		161,972
HP, Inc. 5.50%, 01/15/2033			1,353		1,321,009
Nokia Oyj 6.625%, 05/15/2039			128		126,505

					3,253,248


Transportation - Airlines – 0.5%
American Airlines Pass Through Trust 4.95%, 01/15/2023			95		92,241
Delta Air Lines, Inc. 2.90%, 10/28/2024			154		142,683
7.00%, 05/01/2025^(a)			1,091		1,104,312
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.75%, 10/20/2028^(a)			716		673,040
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. 6.50%, 06/20/2027^(a)			2,484		2,439,748

					4,452,024

					46,945,085


Utility – 0.1%
Electric – 0.1%
FirstEnergy Transmission LLC 2.866%, 09/15/2028^(a)			237		201,734
4.35%, 01/15/2025^(a)			221		217,463
4.55%, 04/01/2049^(a)			205		166,817
5.45%, 07/15/2044^(a)			111		102,913

					688,927


Total Corporates - Investment Grade (cost $104,375,057)					98,295,235


	Principal Amount (000)			U.S. $ Value

COLLATERALIZED MORTGAGE OBLIGATIONS – 6.0%
Risk Share Floating Rate – 4.7%
Bellemeade Re Ltd.
Series 2018-3A, Class M2 4.374% (LIBOR 1 Month + 2.75%), 10/25/2028^{(a) (i)}		U.S.$	915	$	895,894
Series 2019-3A, Class M1C 3.574% (LIBOR 1 Month + 1.95%), 07/25/2029^{(a) (i)}			1,555		1,525,596
Series 2019-4A, Class M2 4.474% (LIBOR 1 Month + 2.85%), 10/25/2029^{(a) (i)}			475		455,434
Connecticut Avenue Securities Trust Series 2018-R07, Class 1B1 5.974% (LIBOR 1 Month + 4.35%), 04/25/2031^{(a) (i)}			441		436,941
Eagle Re Ltd. Series 2018-1, Class M2 4.624% (LIBOR 1 Month + 3.00%), 11/25/2028^{(a) (i)}			2,764		2,738,076
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2013-DN2, Class M2 5.874% (LIBOR 1 Month + 4.25%), 11/25/2023⁽ⁱ⁾			812		817,108
Series 2014-DN3, Class M3 5.624% (LIBOR 1 Month + 4.00%), 08/25/2024⁽ⁱ⁾			45		45,282
Series 2014-HQ2, Class M3 5.374% (LIBOR 1 Month + 3.75%), 09/25/2024⁽ⁱ⁾			1,621		1,639,317
Series 2015-DN1, Class B 13.124% (LIBOR 1 Month + 11.50%), 01/25/2025⁽ⁱ⁾			1,404		1,412,696
Series 2015-DNA1, Class B 10.824% (LIBOR 1 Month + 9.20%), 10/25/2027⁽ⁱ⁾			593		600,718
Series 2015-DNA1, Class M3 4.924% (LIBOR 1 Month + 3.30%), 10/25/2027⁽ⁱ⁾			55		55,675
Series 2015-DNA2, Class B 9.174% (LIBOR 1 Month + 7.55%), 12/25/2027⁽ⁱ⁾			1,448		1,412,464
Series 2015-DNA3, Class B 10.974% (LIBOR 1 Month + 9.35%), 04/25/2028⁽ⁱ⁾			1,016		1,030,921
Series 2015-HQ1, Class B 12.374% (LIBOR 1 Month + 10.75%), 03/25/2025⁽ⁱ⁾			2,029		2,043,174


	Principal Amount (000)		U.S. $ Value

Series 2015-HQA1, Class B 10.424% (LIBOR 1 Month + 8.80%), 03/25/2028⁽ⁱ⁾	U.S.$	1,002	$	1,003,514
Series 2016-DNA2, Class B 12.124% (LIBOR 1 Month + 10.50%), 10/25/2028⁽ⁱ⁾		854		894,490
Series 2016-DNA3, Class B 12.874% (LIBOR 1 Month + 11.25%), 12/25/2028⁽ⁱ⁾		2,751		2,953,170
Series 2016-DNA4, Class B 10.224% (LIBOR 1 Month + 8.60%), 03/25/2029⁽ⁱ⁾		393		385,206
Series 2016-HQA2, Class B 13.124% (LIBOR 1 Month + 11.50%), 11/25/2028⁽ⁱ⁾		421		458,277
Series 2017-DNA2, Class B1 6.774% (LIBOR 1 Month + 5.15%), 10/25/2029⁽ⁱ⁾		978		1,007,203
Series 2017-DNA3, Class B1 6.074% (LIBOR 1 Month + 4.45%), 03/25/2030⁽ⁱ⁾		323		320,049
Series 2018-HQA1, Class M2 3.924% (LIBOR 1 Month + 2.30%), 09/25/2030⁽ⁱ⁾		362		359,474
Series 2019-DNA3, Class M2 3.674% (LIBOR 1 Month + 2.05%), 07/25/2049^(a) (i)		315		312,969
Series 2020-HQA2, Class M2 4.724% (LIBOR 1 Month + 3.10%), 03/25/2050^(a) (i)		47		46,865
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C01, Class M2 6.024% (LIBOR 1 Month + 4.40%), 01/25/2024⁽ⁱ⁾		737		753,781
Series 2014-C04, Class 1M2 6.524% (LIBOR 1 Month + 4.90%), 11/25/2024⁽ⁱ⁾		1,095		1,126,382
Series 2015-C02, Class 1M2 5.624% (LIBOR 1 Month + 4.00%), 05/25/2025⁽ⁱ⁾		172		172,489
Series 2015-C03, Class 1M2 6.624% (LIBOR 1 Month + 5.00%), 07/25/2025⁽ⁱ⁾		512		517,951
Series 2015-C04, Class 1M2 7.324% (LIBOR 1 Month + 5.70%), 04/25/2028⁽ⁱ⁾		1,191		1,243,830
Series 2015-C04, Class 2M2 7.174% (LIBOR 1 Month + 5.55%), 04/25/2028⁽ⁱ⁾		384		396,697
Series 2016-C01, Class 1B 13.374% (LIBOR 1 Month + 11.75%), 08/25/2028⁽ⁱ⁾		675		744,986


	Principal Amount (000)			U.S. $ Value

Series 2016-C01, Class 1M2 8.374% (LIBOR 1 Month + 6.75%), 08/25/2028⁽ⁱ⁾		U.S.$	1,114	$	1,169,983
Series 2016-C01, Class 2M2 8.574% (LIBOR 1 Month + 6.95%), 08/25/2028⁽ⁱ⁾			218		228,464
Series 2016-C02, Class 1B 13.874% (LIBOR 1 Month + 12.25%), 09/25/2028⁽ⁱ⁾			447		500,487
Series 2016-C02, Class 1M2 7.624% (LIBOR 1 Month + 6.00%), 09/25/2028⁽ⁱ⁾			607		630,844
Series 2016-C03, Class 1B 13.374% (LIBOR 1 Month + 11.75%), 10/25/2028⁽ⁱ⁾			372		411,137
Series 2016-C03, Class 2B 14.374% (LIBOR 1 Month + 12.75%), 10/25/2028⁽ⁱ⁾			630		709,404
Series 2016-C04, Class 1B 11.874% (LIBOR 1 Month + 10.25%), 01/25/2029⁽ⁱ⁾			1,478		1,564,951
Series 2016-C05, Class 2B 12.40% (LIBOR 1 Month + 10.75%), 01/25/2029⁽ⁱ⁾			1,817		1,929,587
Series 2016-C06, Class 1B 10.874% (LIBOR 1 Month + 9.25%), 04/25/2029⁽ⁱ⁾			1,277		1,311,180
Series 2016-C07, Class 2B 11.124% (LIBOR 1 Month + 9.50%), 05/25/2029⁽ⁱ⁾			1,555		1,597,987
Series 2016-C07, Class 2M2 5.974% (LIBOR 1 Month + 4.35%), 05/25/2029⁽ⁱ⁾			127		131,358
Series 2017-C01, Class 1M2 5.174% (LIBOR 1 Month + 3.55%), 07/25/2029⁽ⁱ⁾			718		732,911
Series 2017-C03, Class 1B1 6.474% (LIBOR 1 Month + 4.85%), 10/25/2029⁽ⁱ⁾			142		146,826
Series 2017-C03, Class 1M2 4.624% (LIBOR 1 Month + 3.00%), 10/25/2029⁽ⁱ⁾			116		117,522
Series 2017-C05, Class 1B1 5.224% (LIBOR 1 Month + 3.60%), 01/25/2030⁽ⁱ⁾			319		313,021
Series 2017-C06, Class 2M2 4.424% (LIBOR 1 Month + 2.80%), 02/25/2030⁽ⁱ⁾			23		22,786
Series 2018-C01, Class 1B1 5.174% (LIBOR 1 Month + 3.55%), 07/25/2030⁽ⁱ⁾			1,102		1,087,950
Home Re Ltd. Series 2018-1, Class M2 4.624% (LIBOR 1 Month + 3.00%), 10/25/2028^{(a) (i)}			988		976,928


	Principal Amount (000)			U.S. $ Value

JPMorgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 7.124% (LIBOR 1 Month + 5.50%), 10/25/2025^{(h) (i)}		U.S.$	444	$	431,977
Mortgage Insurance-Linked Notes Series 2019-1, Class M2 4.524% (LIBOR 1 Month + 2.90%), 11/26/2029^{(a) (i)}			199		198,383
Traingle Re Ltd. Series 2020-1, Class M2 7.224% (LIBOR 1 Month + 5.60%), 10/25/2030^{(a) (i)}			480		481,652
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 7.124% (LIBOR 1 Month + 5.50%), 11/25/2025^{(h) (i)}			151		140,339

					42,642,306


Non-Agency Fixed Rate – 0.5%
Alternative Loan Trust
Series 2006-24CB, Class A15 5.75%, 08/25/2036			521		331,620
Series 2006-42, Class 1A6 6.00%, 01/25/2047			469		310,289
Series 2006-HY12, Class A5 3.359%, 08/25/2036			576		540,521
Series 2006-J1, Class 1A10 5.50%, 02/25/2036			597		463,776
Series 2006-J5, Class 1A1 6.50%, 09/25/2036			534		343,285
Bear Stearns ARM Trust
Series 2007-3, Class 1A1 3.278%, 05/25/2047			87		80,868
Series 2007-4, Class 22A1 3.615%, 06/25/2047			333		311,363
ChaseFlex Trust Series 2007-1, Class 1A3 6.50%, 02/25/2037			407		172,482
CHL Mortgage Pass-Through Trust Series 2007-HY4, Class 1A1 2.92%, 09/25/2047			100		90,358
Citigroup Mortgage Loan Trust Series 2007-AR4, Class 1A1A 3.313%, 03/25/2037			49		43,521
CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A4 5.75%, 03/25/2037			483		437,435
CSMC Mortgage-Backed Trust Series 2006-7, Class 3A12 6.25%, 08/25/2036			192		92,785
Residential Accredit Loans, Inc. Trust Series 2005-QS14, Class 3A1 6.00%, 09/25/2035			215		196,838


	Principal Amount (000)			U.S. $ Value

Residential Asset Securitization Trust Series 2006-A8, Class 3A4 6.00%, 08/25/2036		U.S.$	127	$	71,950
Washington Mutual Mortgage Pass-Through Certificates Trust Series 2006-9, Class A4 4.305%, 10/25/2036			1,254		388,378
Wells Fargo Mortgage Backed Securities Trust Series 2007-AR7, Class A1 2.767%, 12/28/2037			340		321,486

					4,196,955


Non-Agency Floating Rate – 0.4%
Alternative Loan Trust Series 2007-7T2, Class A3 2.224% (LIBOR 1 Month + 0.60%), 04/25/2037⁽ⁱ⁾			1,999		699,602
Countrywide Home Loan Mortgage Pass-Through Trust Series 2007-13, Class A7 2.224% (LIBOR 1 Month + 0.60%), 08/25/2037⁽ⁱ⁾			298		131,013
First Horizon Alternative Mortgage Securities Trust
Series 2007-FA2, Class 1A10 1.874% (LIBOR 1 Month + 0.25%), 04/25/2037⁽ⁱ⁾			214		59,772
Series 2007-FA2, Class 1A6 3.926% (5.55% - LIBOR 1 Month), 04/25/2037^{(i) (l)}			72		10,931
Lehman XS Trust Series 2007-10H, Class 2AIO 5.938% (7.00% - LIBOR 1 Month), 07/25/2037^{(i) (l)}			136		16,576
Residential Accredit Loans, Inc. Trust Series 2006-QS18, Class 2A2 4.926% (6.55% - LIBOR 1 Month), 12/25/2036^{(i) (l)}			1,935		217,071
Wachovia Mortgage Loan Trust Series 2006-ALT1, Class A2 1.984% (LIBOR 1 Month + 0.36%), 01/25/2037⁽ⁱ⁾			5,638		2,562,128

					3,697,093


Agency Fixed Rate – 0.4%
Federal Home Loan Mortgage Corp. REMICs Series 4767, Class KI 6.00%, 03/15/2048^(m)			10,893		2,299,910


	Principal Amount (000)			U.S. $ Value

Freddie Mac Strips Series 247, Class 54 5.50%, 04/15/2036^(m)		U.S.$	4,969	$	1,151,045

					3,450,955


Total Collateralized Mortgage Obligations (cost $56,726,858)					53,987,309


EMERGING MARKETS - CORPORATE BONDS – 5.4%
Industrial – 4.5%
Basic – 1.2%
Braskem Idesa SAPI 6.99%, 02/20/2032^(a)			652		505,300
7.45%, 11/15/2029^(a)			1,010		870,367
Cia de Minas Buenaventura SAA 5.50%, 07/23/2026^(a)			1,072		966,730
CSN Inova Ventures 6.75%, 01/28/2028^(a)			2,644		2,320,110
Eldorado Gold Corp. 6.25%, 09/01/2029^(a)			986		794,654
First Quantum Minerals Ltd. 6.875%, 10/15/2027^(a)			1,215		1,081,350
7.50%, 04/01/2025^(a)			261		247,461
Indika Energy Capital IV Pte Ltd. 8.25%, 10/22/2025^(a)			1,431		1,384,492
OCP SA 3.75%, 06/23/2031^(a)			403		304,265
Stillwater Mining Co. 4.00%, 11/16/2026^(a)			319		264,770
4.50%, 11/16/2029^(a)			309		242,565
Vedanta Resources Finance II PLC 13.875%, 01/21/2024^(a)			2,112		1,879,680
Volcan Cia Minera SAA 4.375%, 02/11/2026^(a)			99		86,180

					10,947,924


Capital Goods – 0.4%
Cemex SAB de CV 3.875%, 07/11/2031^(a)			1,090		820,988
5.125%, 06/08/2026^{(a) (k)}			505		428,619
7.375%, 06/05/2027^(a)			424		420,820
Embraer Netherlands Finance BV 5.40%, 02/01/2027			918		866,821
6.95%, 01/17/2028^(a)			724		700,832
IHS Holding Ltd. 5.625%, 11/29/2026^(a)			402		329,338
6.25%, 11/29/2028^(a)			383		305,443
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058^(h)			2,661		10,645

					3,883,506


	Principal Amount (000)			U.S. $ Value

Communications - Media – 0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030^(a)		U.S.$	1,130	$	877,168


Communications - Telecommunications – 0.3%
CT Trust 5.125%, 02/03/2032^(a)			230		184,288
Digicel Group Holdings Ltd. 7.00%, 07/18/2022^{(f) (h) (k)}			95		43,510
10.00% (8.00% Cash and 2.00% PIK), 04/01/2024^(f)			1,653		1,588,996
Digicel International Finance Ltd./Digicel international Holdings Ltd. 8.75%, 05/25/2024^(a)			657		602,081
MTN Mauritius Investments Ltd. 6.50%, 10/13/2026^(a)			380		373,184

					2,792,059


Consumer Cyclical - Other – 0.7%
Allwyn Entertainment Finance (UK) PLC 4.125% (EURIBOR 3 Month + 4.12%), 02/15/2028⁽ⁱ⁾		EUR	650		619,209
Allwyn International AS 3.875%, 02/15/2027^(a)			170		150,983
Melco Resorts Finance Ltd. 5.375%, 12/04/2029^(a)		U.S.$	1,356		806,820
5.625%, 07/17/2027^(a)			965		650,796
5.75%, 07/21/2028^(a)			1,255		790,650
MGM China Holdings Ltd. 4.75%, 02/01/2027^(a)			200		141,320
5.25%, 06/18/2025^(a)			222		170,843
5.375%, 05/15/2024^(a)			398		336,310
5.875%, 05/15/2026^(a)			414		314,329
Studio City Co., Ltd. 7.00%, 02/15/2027^(a)			289		247,095
Studio City Finance Ltd. 5.00%, 01/15/2029^(a)			609		303,663
6.00%, 07/15/2025^(a)			448		284,480
6.50%, 01/15/2028^(a)			199		111,938
Wynn Macau Ltd. 4.875%, 10/01/2024^(a)			286		207,527
5.50%, 01/15/2026-10/01/2027^(a)			1,481		985,457
5.625%, 08/26/2028^(a)			717		441,672

					6,563,092


Consumer Cyclical - Retailers – 0.0%
K201640219 South Africa Ltd. Zero Coupon, 06/25/2023^(b) (c)		ZAR	66		0
K2016470219 South Africa Ltd. 3.00%, 12/31/2022^{(b) (c) (f) (h)}		U.S.$	1,084		0


	Principal Amount (000)			U.S. $ Value

K2016470260 South Africa Ltd. 25.00%, 12/31/2022^{(b) (c) (f) (h)}		U.S.$	685	$	0

					0


Consumer Non-Cyclical – 0.8%
BBFI Liquidating Trust Zero Coupon, 12/30/2099^{(b) (c) (k)}			780		348,199
BRF SA 4.875%, 01/24/2030^(a)			455		360,815
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL 5.25%, 04/27/2029^(a)			161		141,660
MARB BondCo PLC 3.95%, 01/29/2031^(a)			2,318		1,770,998
Natura & Co. Luxembourg Holdings SARL 6.00%, 04/19/2029^(a)			837		736,560
Teva Pharmaceutical Finance Netherlands II BV 3.75%, 05/09/2027		EUR	446		395,175
4.375%, 05/09/2030			1,000		832,989
Teva Pharmaceutical Finance Netherlands III BV 4.75%, 05/09/2027		U.S.$	517		441,970
5.125%, 05/09/2029			517		425,879
7.125%, 01/31/2025			1,040		1,009,645
Tonon Luxembourg SA 6.50% (0.50% Cash and 6.00% PIK), 10/31/2024^{(c) (d) (f) (h) (n)}			621		62
Ulker Biskuvi Sanayi AS 6.95%, 10/30/2025^(a)			327		251,851
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018^{(b) (c) (d) (e) (h)}			4,090		410
10.875%, 01/13/2020^{(b) (c) (d) (e) (h)}			480		48
11.75%, 02/09/2022^{(b) (c) (d) (e) (h)}			1,620		162

					6,716,423


Energy – 0.7%
Acu Petroleo Luxembourg SARL 7.50%, 01/13/2032^(a)			549		461,160
Cosan SA 5.50%, 09/20/2029^(a)			461		425,215
Greenko Wind Projects Mauritius Ltd. 5.50%, 04/06/2025^(a)			957		888,814
Investment Energy Resources Ltd. 6.25%, 04/26/2029^(a)			403		341,744
Kosmos Energy Ltd. 7.50%, 03/01/2028^(a)			545		446,832
7.75%, 05/01/2027^(a)			200		169,000
Leviathan Bond Ltd. 5.75%, 06/30/2023^(a)			190		186,984
6.50%, 06/30/2027^(a)			1,197		1,099,221
Medco Platinum Road Pte Ltd. 6.75%, 01/30/2025^(a)			503		466,312


	Principal Amount (000)			U.S. $ Value

MV24 Capital BV 6.748%, 06/01/2034^(a)		U.S.$	493	$	441,786
Peru LNG Srl 5.375%, 03/22/2030^(a)			909		734,017
SEPLAT Energy PLC 7.75%, 04/01/2026^(a)			581		517,090
SierraCol Energy Andina LLC 6.00%, 06/15/2028^(a)			558		409,362

					6,587,537


Services – 0.1%
Bidvest Group UK PLC (The) 3.625%, 09/23/2026^(a)			454		398,470
StoneCo Ltd. 3.95%, 06/16/2028^(a)			309		243,975

					642,445


Technology – 0.2%
CA Magnum Holdings 5.375%, 10/31/2026^(a)			2,039		1,763,735


Transportation - Services – 0.0%
JSW Infrastructure Ltd. 4.95%, 01/21/2029^(a)			204		159,095

					40,932,984


Utility – 0.6%
Electric – 0.6%
Adani Green Energy Ltd. 4.375%, 09/08/2024^(a)			495		443,644
AES Andes SA 6.35%, 10/07/2079^(a)			495		445,809
Cemig Geracao e Transmissao SA 9.25%, 12/05/2024^(a)			1,927		2,003,237
India Clean Energy Holdings 4.50%, 04/18/2027^(a)			511		367,920
JSW Hydro Energy Ltd. 4.125%, 05/18/2031^(a)			501		399,867
Light Servicos de Eletricidade SA/Light Energia SA 4.375%, 06/18/2026^(a)			1,204		1,051,092
Star Energy Geothermal Wayang Windu Ltd. 6.75%, 04/24/2033^(a)			188		176,423
Terraform Global Operating LLC 6.125%, 03/01/2026^(h)			118		113,525

					5,001,517


Financial Institutions – 0.3%
Banking – 0.1%
Fidelity Bank PLC 10.50%, 10/16/2022^(a)			550		542,884


	Principal Amount (000)			U.S. $ Value

Finance – 0.0%
Global Aircraft Leasing Co., Ltd. 6.50% (6.50% Cash or 7.25% PIK), 09/15/2024^{(a) (f)}		U.S.$	232	$	175,669


Insurance – 0.0%
Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc. 7.625% (7.625% Cash or 8.375% PIK), 10/15/2025^{(a) (f)}			416		400,712


Other Finance – 0.0%
OEC Finance Ltd.
4.375%, 10/25/2029^{(a) (f)}			194		5,738
5.25%, 12/27/2033^{(a) (f)}			621		19,254
7.125%, 12/26/2046^{(a) (f)}			1,675		50,242

					75,234


REITs – 0.2%
Agile Group Holdings Ltd. 5.50%, 05/17/2026^(a)			298		95,360
China Aoyuan Group Ltd. 5.375%, 09/13/2022^{(a) (d) (n)}			247		19,760
5.88%, 03/01/2027^{(a) (d) (n)}			306		28,649
China Evergrande Group 11.50%, 01/22/2023^{(a) (d) (n)}			400		33,075
China SCE Group Holdings Ltd. 6.00%, 02/04/2026^(a)			631		170,370
CIFI Holdings Group Co., Ltd. 4.80%, 05/17/2028^(a)			320		171,060
Kaisa Group Holdings Ltd. 9.95%, 07/23/2025^{(a) (d) (n)}			206		28,171
11.65%, 06/01/2026^{(a) (d) (n)}			371		50,271
KWG Group Holdings Ltd. 5.95%, 08/10/2025^(a)			320		60,800
7.40%, 01/13/2027^(a)			254		44,450
Logan Group Co., Ltd. 4.85%, 12/14/2026^(a)			241		51,815
Powerlong Real Estate Holdings Ltd. 4.90%, 05/13/2026^(a)			201		32,160
5.95%, 04/30/2025^(a)			505		80,800
Ronshine China Holdings Ltd. 7.10%, 01/25/2025^(a)			206		20,600
8.10%, 06/09/2023^(a)			405		52,650
Scenery Journey Ltd. 11.50%, 10/24/2022^{(a) (d) (n)}			494		31,740
12.00%, 10/24/2023^{(a) (d) (n)}			1,128		72,121
Seazen Group Ltd. 4.45%, 07/13/2025^(a)			306		178,627
Shimao Group Holdings Ltd. 5.20%, 01/16/2027^(a)			256		26,880
5.60%, 07/15/2026^(a)			378		39,690


	Principal Amount (000)		U.S. $ Value

Sunac China Holdings Ltd. 5.95%, 04/26/2024^{(a) (d) (n)}	U.S.$	320	$	44,800
6.50%, 01/26/2026^{(a) (d) (n)}		334		46,760
Times China Holdings Ltd. 5.75%, 01/14/2027^(a)		320		43,200
6.20%, 03/22/2026^(a)		200		28,000
6.75%, 07/08/2025^(a)		313		43,820
Yango Justice International Ltd. 7.50%, 02/17/2025^{(a) (d) (n)}		206		12,360
8.25%, 11/25/2023^{(a) (d) (n)}		414		24,840
Zhenro Properties Group Ltd. 6.63%, 01/07/2026^{(a) (d) (n)}		320		20,800
7.35%, 02/05/2025^{(a) (d) (n)}		326		21,190

				1,574,819

				2,769,318


Total Emerging Markets - Corporate Bonds (cost $70,744,039)				48,703,819


BANK LOANS – 5.2%
Industrial – 4.7%
Capital Goods – 0.6%
ACProducts Holdings, Inc. 5.916% (LIBOR 3 Month + 4.25%), 05/17/2028^(o)		1,468		1,130,300
6.500% (LIBOR 3 Month + 4.25%), 05/17/2028^(o)		489		376,767
Apex Tool Group, LLC 6.534% (SOFR 1 Month + 5.25%), 02/08/2029^(o)		1,739		1,525,599
Chariot Buyer LLC 4.000% (LIBOR 1 Month + 3.50%), 11/03/2028^(o)		159		143,412
Granite US Holdings Corporation 6.313% (LIBOR 3 Month + 4.00%), 09/30/2026^{(b) (o)}		1,517		1,429,353
TransDigm, Inc. 3.916% (LIBOR 1 Month + 2.25%), 12/09/2025^(o)		344		325,422
Welbilt, Inc. (fka Manitowoc Foodservice, Inc.) 4.166% (LIBOR 1 Month + 2.50%), 10/23/2025^(o)		110		107,661

				5,038,514


Communications - Media – 0.2%
Advantage Sales & Marketing Inc. 6.166% (LIBOR 1 Month + 4.50%), 10/28/2027^(o)		1,724		1,581,541
Clear Channel Outdoor Holdings, Inc. 4.739% (LIBOR 3 Month + 3.50%), 08/21/2026^(o)		316		270,420


	Principal Amount (000)			U.S. $ Value

iHeartCommunications, Inc. (fka Clear Channel Communications, Inc.) 4.666% (LIBOR 1 Month + 3.00%), 05/01/2026^(o)		U.S.$	355	$	328,818

					2,180,779


Communications - Telecommunications – 0.8%
Crown Subsea Communications Holding, Inc. 5.812% (LIBOR 1 Month + 4.75%), 04/27/2027^{(b) (o)}			1,515		1,438,860
DIRECTV Financing, LLC 6.666% (LIBOR 1 Month + 5.00%), 08/02/2027^(o)			653		599,172
Intrado Corporation 5.666% (LIBOR 1 Month + 4.00%), 10/10/2024^(o)			957		809,721
Proofpoint, Inc. 7.825% (LIBOR 3 Month + 6.25%), 08/31/2029^(o)			2,480		2,368,400
Zacapa SARL 6.304% (SOFR 3 Month + 4.25%), 03/22/2029^(o)			2,137		1,989,515

					7,205,668


Consumer Cyclical - Automotive – 0.0%
Clarios Global LP 4.916% (LIBOR 1 Month + 3.25%), 04/30/2026^{(b) (o)}			431		401,421


Consumer Cyclical - Other – 0.1%
Caesars Resort Collection, LLC 4.416% (LIBOR 1 Month + 2.75%), 12/23/2024^(o)			1,366		1,312,527


Consumer Cyclical - Restaurants – 0.1%
IRB Holding Corp. 4.416% (LIBOR 1 Month + 2.75%), 02/05/2025^(o)			831		786,317


Consumer Cyclical - Retailers – 0.4%
Great Outdoors Group, LLC 5.416% (LIBOR 1 Month + 3.75%), 03/06/2028^(o)			479		435,633
PetSmart LLC 4.500% (LIBOR 3 Month + 3.75%), 02/11/2028^(o)			2,213		2,077,158
Restoration Hardware, Inc. 4.875% (SOFR 1 Month + 3.25%), 10/20/2028^(o)			840		747,600

					3,260,391


	Principal Amount (000)			U.S. $ Value

Consumer Non-Cyclical – 0.7%
Gainwell Acquisition Corp. 6.250% (LIBOR 3 Month + 4.00%), 10/01/2027^(o)		U.S.$	1,221	$	1,152,696
Global Medical Response, Inc. 5.916% (LIBOR 1 Month + 4.25%), 03/14/2025^(o)			893		829,240
Kronos Acquisition Holdings, Inc. 5.416% (LIBOR 1 Month + 3.75%), 12/22/2026^(o)			778		704,615
LifePoint Health, Inc. (fka Regionalcare Hospital Partners Holdings, Inc.) 4.810% (LIBOR 1 Month + 3.75%), 11/16/2025^(o)			793		738,015
Mallinckrodt International Finance S.A. 6.246% (LIBOR 1 Month + 5.25%), 09/24/2024^(o)			864		738,151
Padagis LLC 5.719% (LIBOR 3 Month + 4.75%), 07/06/2028^(b) (o)			471		431,765
US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.) 6.256% (LIBOR 3 Month + 5.25%), 12/15/2027^{(b) (o)}			1,955		1,720,685

					6,315,167


Energy – 0.5%
CITGO Petroleum Corporation 7.916% (LIBOR 1 Month + 6.25%), 03/28/2024^(o)			512		506,782
GIP II Blue Holding, L.P. 6.750% (LIBOR 3 Month + 4.50%), 09/29/2028^(o)			2,954		2,856,808
Parkway Generation, LLC 6.420% (LIBOR 1 Month + 4.75%), 02/18/2029^(o)			998		958,141

					4,321,731


Other Industrial – 0.3%
American Tire Distributors, Inc. 7.000% (LIBOR 3 Month + 6.25%), 10/20/2028^(o)			2,109		1,987,370
Dealer Tire, LLC 5.916% (LIBOR 1 Month + 4.25%), 12/12/2025^(o)			293		279,214
FCG Acquisitions, Inc. 9.000% (LIBOR 3 Month + 6.75%), 03/30/2029^{(b) (o)}			640		611,200
Rockwood Service Corporation 5.916% (LIBOR 1 Month + 4.25%), 01/23/2027^{(b) (o)}			84		81,560

					2,959,344


	Principal Amount (000)		U.S. $ Value

Services – 0.1%
Amentum Government Services Holdings LLC 5.416% (LIBOR 1 Month + 3.75%), 01/29/2027^(o)	U.S.$	314	$	297,726
Verscend Holding Corp. 5.666% (LIBOR 1 Month + 4.00%), 08/27/2025^(o)		748		714,146

				1,011,872


Technology – 0.9%
Ascend Learning, LLC 6.810% (LIBOR 1 Month + 5.75%), 12/10/2029^{(b) (o)}		840		768,600
Banff Guarantor, Inc. 7.166% (LIBOR 1 Month + 5.50%), 02/27/2026^(o)		690		646,447
Boxer Parent Company, Inc. 5.416% (LIBOR 1 Month + 3.75%), 10/02/2025^(o)		1,493		1,386,998
Endurance International Group Holdings, Inc. 4.620% (LIBOR 1 Month + 3.50%), 02/10/2028^(o)		1,974		1,768,200
FINThrive Software Intermediate Holdings, Inc. 8.416% (LIBOR 1 Month + 6.75%), 12/17/2029^(o)		660		584,100
Loyalty Ventures, Inc. 6.166% (LIBOR 1 Month + 4.50%), 11/03/2027^(o)		1,675		1,301,842
Peraton Corp. 5.416% (LIBOR 1 Month + 3.75%), 02/01/2028^(o)		621		581,432
Presidio Holdings, Inc. 4.740% (LIBOR 3 Month + 3.50%), 01/22/2027^(o)		373		351,730
5.170% (LIBOR 1 Month + 3.50%), 01/22/2027^(o)		18		16,535
Veritas US, Inc. 7.25% (LIBOR 3 Month + 5.00%), 09/01/2025^(o)		577		470,556

				7,876,440

				42,670,171


Financial Institutions – 0.3%
Finance – 0.0%
Orbit Private Holdings I Ltd. 6.705% (LIBOR 3 Month + 4.50%), 12/11/2028^{(b) (o)}		239		225,666


	Principal Amount (000)			U.S. $ Value

Insurance – 0.3%
Jones DesLauriers Insurance Management, Inc. 9.313% (CDOR 3 Month + 7.50%), 03/26/2029^{(b) (o)}		CAD	1,725	$	1,243,248
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) 5.416% (LIBOR 1 Month + 3.75%), 09/03/2026^(o)		U.S.$	1,370		1,299,674

					2,542,922

					2,768,588


Utility – 0.2%
Electric – 0.2%
Granite Generation LLC 5.416% (LIBOR 1 Month + 3.75%), 11/09/2026^(o)			1,564		1,433,068
6.000% (LIBOR 3 Month + 3.75%), 11/09/2026^(o)			313		286,832

					1,719,900


Total Bank Loans (cost $50,898,505)					47,158,659


EMERGING MARKETS - SOVEREIGNS – 4.6%
Angola – 0.3%
Angolan Government International Bond 8.00%, 11/26/2029^(a)			835		662,781
8.25%, 05/09/2028^(a)			200		166,000
9.50%, 11/12/2025^(a)			2,118		1,945,913

					2,774,694


Argentina – 0.4%
Argentine Republic Government International Bond 0.50%, 07/09/2030			952		207,958
1.00%, 07/09/2029			1,099		256,594
1.125%, 07/09/2035			10,982		2,295,335
2.00%, 01/09/2038			1,323		383,672
2.50%, 07/09/2041			562		144,843

					3,288,402


Bahrain – 0.5%
Bahrain Government International Bond 5.45%, 09/16/2032^(a)			1,146		961,780
5.625%, 09/30/2031^(a)			1,193		1,026,204
6.75%, 09/20/2029^(a)			528		504,174
7.00%, 10/12/2028^(a)			1,253		1,240,705


	Principal Amount (000)			U.S. $ Value

CBB International Sukuk Programme Co. WLL 6.25%, 11/14/2024^(a)		U.S.$	1,116	$	1,132,252

					4,865,115


Dominican Republic – 0.7%
Dominican Republic International Bond 8.625%, 04/20/2027^(a)			5,719		5,938,109


Ecuador – 0.2%
Ecuador Government International Bond Zero Coupon, 07/31/2030^(a)			371		157,754
0.50%, 07/31/2040^(a)			864		367,594
5.00%, 07/31/2030^(a)			1,426		933,963

					1,459,311


Egypt – 0.2%
Egypt Government International Bond 7.625%, 05/29/2032^(a)			1,075		698,750
8.50%, 01/31/2047^(a)			862		506,425
8.70%, 03/01/2049^(a)			611		360,490
8.875%, 05/29/2050^(a)			1,096		657,600

					2,223,265


El Salvador – 0.1%
El Salvador Government International Bond 5.875%, 01/30/2025^(a)			160		57,980
7.125%, 01/20/2050^(a)			577		175,192
7.625%, 09/21/2034-02/01/2041^(a)			1,786		548,518
7.75%, 01/24/2023^(a)			339		238,317
9.50%, 07/15/2052^(a)			520		174,297

					1,194,304


Gabon – 0.2%
Gabon Government International Bond 6.625%, 02/06/2031^(a)			2,609		1,918,104


Ghana – 0.2%
Ghana Government International Bond 6.375%, 02/11/2027^(a)			1,144		652,080
8.627%, 06/16/2049^(a)			215		100,351
8.95%, 03/26/2051^(a)			858		402,349
10.75%, 10/14/2030^(a)			780		663,000

					1,817,780


Ivory Coast – 0.4%
Ivory Coast Government International Bond 4.875%, 01/30/2032^(a)		EUR	1,223		919,018
5.125%, 06/15/2025^(a)			168		164,865
5.875%, 10/17/2031^(a)			1,880		1,539,546
6.125%, 06/15/2033^(a)		U.S.$	434		338,059


	Principal Amount (000)			U.S. $ Value

6.375%, 03/03/2028^(a)		U.S.$	583	$	515,336
6.625%, 03/22/2048^(a)		EUR	331		231,168

					3,707,992


Nigeria – 0.6%
Nigeria Government International Bond 6.375%, 07/12/2023^(a)		U.S.$	740		725,200
6.50%, 11/28/2027^(a)			388		293,910
7.625%, 11/21/2025-11/28/2047^(a)			4,304		3,341,735
7.696%, 02/23/2038^(a)			610		378,200
7.875%, 02/16/2032^(a)			489		338,632

					5,077,677


Oman – 0.3%
Oman Government International Bond 4.125%, 01/17/2023^(a)			1,832		1,827,420
4.875%, 02/01/2025^(a)			991		968,702

					2,796,122


Senegal – 0.2%
Senegal Government International Bond 6.25%, 05/23/2033^(a)			593		447,715
6.75%, 03/13/2048^(a)			2,946		1,862,056

					2,309,771


Ukraine – 0.2%
Ukraine Government International Bond 7.253%, 03/15/2033^(a)			1,886		462,070
7.375%, 09/25/2032^(a)			1,164		285,180
7.75%, 09/01/2023^(a)			3,507		1,087,170

					1,834,420


Venezuela – 0.1%
Venezuela Government International Bond 9.25%, 09/15/2027^{(d) (n)}			7,978		678,130
9.25%, 05/07/2028^{(a) (d) (n)}			300		25,500

					703,630


Total Emerging Markets - Sovereigns (cost $65,439,980)					41,908,696


COLLATERALIZED LOAN OBLIGATIONS – 4.6%
CLO - Floating Rate – 4.6%
AMMC CLO 25 Ltd. Series 2022-25A, Class E 8.678%, 04/15/2035^(a)			5,000		4,503,985
Ares XXXIV CLO Ltd. Series 2015-2A, Class CR 3.044% (LIBOR 3 Month + 2.00%), 04/17/2033^{(a) (i)}			2,358		2,189,534


	Principal Amount (000)		U.S. $ Value

Balboa Bay Loan Funding 2022-1 Ltd. Series 2022-1A, Class E 8.97%, 04/20/2034^(a)	U.S.$	3,700	$	3,389,556
Balboa Bay Loan Funding Ltd.
Series 2020-1A, Class ER 7.463% (LIBOR 3 Month + 6.40%), 01/20/2032^{(a) (i)}		3,100		2,686,048
Series 2021-2A, Class E 6.812% (LIBOR 3 Month + 6.60%), 01/20/2035^{(a) (i)}		1,000		870,038
Ballyrock CLO 15 Ltd. Series 2021-1A, Class D 7.264% (LIBOR 3 Month + 6.22%), 04/15/2034^{(a) (i)}		250		213,689
Crown Point CLO 11 Ltd. Series 2021-11A, Class E 7.056% (LIBOR 3 Month + 6.81%), 01/17/2034^{(a) (i)}		2,000		1,772,066
Dryden 49 Senior Loan Fund Series 2017-49A, Class E 7.344% (LIBOR 3 Month + 6.30%), 07/18/2030^{(a) (i)}		417		370,051
Dryden 57 CLO Ltd. Series 2018-57A, Class E 6.611% (LIBOR 3 Month + 5.20%), 05/15/2031^{(a) (i)}		275		233,416
Dryden 78 CLO Ltd.
Series 2020-78A, Class C 2.994% (LIBOR 3 Month + 1.95%), 04/17/2033^{(a) (i)}		3,000		2,783,625
Series 2020-78A, Class D 4.044% (LIBOR 3 Month + 3.00%), 04/17/2033^{(a) (i)}		1,329		1,232,928
Dryden 98 CLO Ltd. Series 2022-98A, Class E 7.304%, 04/20/2035^(a)		541		479,935
Elevation CLO Ltd.
Series 2020-11A, Class C 3.244% (LIBOR 3 Month + 2.20%), 04/15/2033^{(a) (i)}		648		592,094
Series 2020-11A, Class D1 4.894% (LIBOR 3 Month + 3.85%), 04/15/2033^{(a) (i)}		1,006		913,575
Elmwood CLO Ltd. Series 2021-2A, Class E 7.013% (LIBOR 3 Month + 5.95%), 07/20/2034^{(a) (i)}		250		218,198
Elmwood CLO VII Ltd. Series 2020-4A, Class E 8.144% (LIBOR 3 Month + 7.10%), 01/17/2034^{(a) (i)}		402		372,441
Elmwood CLO VIII Ltd. Series 2021-1A, Class E1 7.063% (LIBOR 3 Month + 6.00%), 01/20/2034^{(a) (i)}		350		305,421


	Principal Amount (000)		U.S. $ Value

Elmwood CLO XII Ltd. Series 2021-5A, Class E 7.413% (LIBOR 3 Month + 6.35%), 01/20/2035^{(a) (i)}	U.S.$	650	$	576,336
Flatiron CLO Ltd. Series 2021-1A, Class E 7.044% (LIBOR 3 Month + 6.00%), 07/19/2034^{(a) (i)}		400		338,672
Galaxy 30 CLO Ltd. Series 2022-30A, Class E 7.642%, 04/15/2035^(a)		2,000		1,780,773
Madison Park Funding LI Ltd. Series 2021-51A, Class E 7.314% (EURIBOR 3 Month + 6.27%), 07/19/2034^{(a) (i)}		250		221,468
OCP CLO Ltd. Series 2021-21A, Class E 7.343% (EURIBOR 3 Month + 6.28%), 07/20/2034^{(a) (i)}		250		214,358
Octagon Investment Partners 29 Ltd. Series 2016-1A, Class DR 4.284% (EURIBOR 3 Month + 3.10%), 01/24/2033^{(a) (i)}		1,701		1,512,646
OZLM XXII Ltd. Series 2018-22A, Class D 6.344% (EURIBOR 3 Month + 5.30%), 01/17/2031^{(a) (i)}		349		277,269
Palmer Square CLO Ltd. Series 2021-1A, Class D 7.063% (EURIBOR 3 Month + 6.00%), 04/20/2034^{(a) (i)}		1,202		1,044,927
Series 2021-3A, Class E 6.383% (EURIBOR 3 Month + 6.15%), 01/15/2035^{(a) (i)}		4,100		3,597,713
Rad CLO 4 Ltd. Series 2019-4A, Class E 7.934% (EURIBOR 3 Month + 6.75%), 04/25/2032^{(a) (i)}		585		530,577
Rad CLO 10 Ltd. Series 2021-10A, Class E 7.034% (EURIBOR 3 Month + 5.85%), 04/23/2034^{(a) (i)}		750		647,810
Rad CLO 11 Ltd. Series 2021-11A, Class E 7.294% (EURIBOR 3 Month + 6.25%), 04/15/2034^{(a) (i)}		355		311,957
Regatta XIX Funding Ltd. Series 2022-1A, Class E 7.959%, 04/20/2035^(a)		349		312,301
Regatta XXIV Funding Ltd. Series 2021-5A, Class E 7.863% (EURIBOR 3 Month + 6.80%), 01/20/2035^{(a) (i)}		3,600		3,003,145
Rockford Tower CLO Ltd.
Series 2019-1A, Class ER 7.383% (EURIBOR 3 Month + 6.32%), 04/20/2034^{(a) (i)}		250		213,600


	Principal Amount (000)		U.S. $ Value

Series 2021-2A, Class E 7.463% (EURIBOR 3 Month + 6.40%), 07/20/2034^{(a) (i)}	U.S.$	250	$	214,534
Series 2021-3A, Class E 7.783% (EURIBOR 3 Month + 6.72%), 10/20/2034^{(a) (i)}		1,062		930,978
Sixth Street CLO XVIII Ltd. Series 2021-18A, Class E 7.563% (EURIBOR 3 Month + 6.50%), 04/20/2034^{(a) (i)}		1,238		1,102,737
Sixth Street CLO XX Ltd. Series 2021-20A, Class E 7.213% (EURIBOR 3 Month + 6.15%), 10/20/2034^{(a) (i)}		679		596,812
Trimaran Cavu Ltd. Series 2019-1A, Class E 8.103% (EURIBOR 3 Month + 7.04%), 07/20/2032^{(a) (i)}		485		425,355
Voya CLO Ltd. Series 2019-1A, Class DR 3.894% (EURIBOR 3 Month + 2.85%), 04/15/2031^{(a) (i)}		1,050		904,671


Total Collateralized Loan Obligations (cost $46,909,357)				41,885,239


GOVERNMENTS - TREASURIES – 3.6%
United States – 3.6%
U.S. Treasury Bonds 2.75%, 11/15/2042^(p)		2,154		1,938,600
5.00%, 05/15/2037^(p)		1,824		2,261,190
5.25%, 02/15/2029^(q)		320		362,100
6.125%, 11/15/2027^(r)		1,000		1,149,687
U.S. Treasury Notes 2.25%, 02/15/2027^{(q) (r)}		16,761		16,184,551
2.875%, 08/15/2028^(q)		10,316		10,208,202


Total Governments - Treasuries (cost $32,097,433)				32,104,330


	Shares

COMMON STOCKS – 1.5%
Energy – 0.4%
Energy Equipment & Services – 0.0%
Vantage Drilling International^(d)		18,414		322,245


Oil, Gas & Consumable Fuels – 0.4%
Berry Corp.		75,597		576,049
CHC Group LLC^(d)		21,009		4
Civitas Resources, Inc.		3,393		177,420
Denbury, Inc.^(d)		6,529		391,675
Diamond Offshore Drilling, Inc.^{(d) (h)}		134,770		793,795


Company	Shares		U.S. $ Value

Golden Energy Offshore Services AS^(d)		916,212	$	177,202
K201640219 South Africa Ltd. A Shares^{(b) (c) (d)}		12,695,187		13
K201640219 South Africa Ltd. B Shares^{(b) (c) (d)}		2,009,762		2
SandRidge Energy, Inc.^(d)		243		3,808
Whiting Petroleum Corp.		15,070		1,025,212

				3,145,180

				3,467,425


Consumer Staples – 0.3%
Food & Staples Retailing – 0.3%
Southeastern Grocers, Inc.^{(b) (c) (d)}		105,865		2,408,429


Consumer Discretionary – 0.2%
Auto Components – 0.1%
ATD New Holdings, Inc.^{(b) (d)}		20,185		1,412,950
Ep Energy Corp.^(d)		6,941		55,528
Exide Corp.^{(b) (c) (d)}		643		305,425

				1,773,903


Hotels, Restaurants & Leisure – 0.0%
Caesars Entertainment, Inc.^(d)		1,674		64,114


Internet & Direct Marketing Retail – 0.0%
Golo Mobile, Inc.^{(b) (c) (d)}		38,543		0


Leisure Products – 0.1%
Carlson Travel, Inc.^{(b) (d)}		23,801		452,219

				2,290,236


Financials – 0.2%
Insurance – 0.2%
Mt. Logan Re Ltd.^{(b) (c) (d)}		1,541		1,491,584
Mt. Logan Re Ltd. (Series 1) (Preference Shares)^{(b) (c) (d)}		350		359,036

				1,850,620


Materials – 0.2%
Metals & Mining – 0.2%
BIS Industries Holdings Ltd.^{(b) (c) (d)}		838,296		1
Neenah Enterprises, Inc.^{(b) (c) (d)}		58,200		1,666,266

				1,666,267


Communication Services – 0.1%
Diversified Telecommunication Services – 0.1%
Intelsat Jackson Holdings SA^{(b) (c) (d)}		3,280		0
Intelsat SA^(b)		15,662		426,790

				426,790


Media – 0.0%
iHeartMedia, Inc. - Class A^(d)		25,545		201,550

				628,340


Company	Shares			U.S. $ Value

Industrials – 0.1%
Building Products – 0.0%
New Cotai LLC/New Cotai Capital Corp.^{(b) (c) (d)}			3	$	0


Construction & Engineering – 0.1%
WillScot Mobile Mini Holdings Corp.^(d)			18,809		609,788

					609,788


Information Technology – 0.0%
IT Services – 0.0%
Ag Tracker^{(b) (c) (d)}			91,299		0
Paysafe Ltd.^(d)			128,508		250,590

					250,590


Software – 0.0%
Avaya Holdings Corp.^(d)			18,153		40,663
Monitronics International, Inc.			17,878		8,939

					49,602

					300,192


Health Care – 0.0%
Pharmaceuticals – 0.0%
Mallinckrodt PLC			3,821		94,894


Total Common Stocks (cost $26,639,316)					13,316,191

	Principal Amount (000)

COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.2%
Non-Agency Fixed Rate CMBS – 1.2%
Citigroup Commercial Mortgage Trust
Series 2013-GC11, Class XA 1.489%, 04/10/2046^(m)		U.S.$	1,238		8,013
Series 2013-GC17, Class D 5.252%, 11/10/2046^(a)			902		823,933
Commercial Mortgage Trust
Series 2012-CR3, Class F 4.75%, 10/15/2045^(a)			182		28,641
Series 2012-CR3, Class XA 1.98%, 10/15/2045^(m)			4,195		954
Series 2012-CR5, Class XA 1.646%, 12/10/2045^(m)			1,315		1,804
Series 2013-LC6, Class D 4.425%, 01/10/2046^(a)			3,916		3,767,169
Series 2014-CR15, Class XA 0.775%, 02/10/2047^(m)			1,217		10,883
Series 2014-CR20, Class XA 1.132%, 11/10/2047^(m)			8,829		156,022
GS Mortgage Securities Corp. II Series 2013-GC10, Class XA 1.606%, 02/10/2046^(m)			694		3,175


	Principal Amount (000)			U.S. $ Value

Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6, Class XA 1.695%, 11/15/2045^{(a) (m)}		U.S.$	3,205	$	123
UBS-Barclays Commercial Mortgage Trust Series 2012-C4, Class XA 1.687%, 12/10/2045^{(a) (m)}			367		634
WF-RBS Commercial Mortgage Trust
Series 2011-C4, Class D 5.026%, 06/15/2044^(a)			1,022		902,108
Series 2012-C10, Class XA 1.614%, 12/15/2045^{(a) (m)}			2,652		2,479
Series 2012-C8, Class E 5.031%, 08/15/2045^(a)			3,766		3,752,150
Series 2014-C25, Class D 3.803%, 11/15/2047^(a)			1,807		1,594,883

					11,052,971


Non-Agency Floating Rate CMBS – 0.0%
Morgan Stanley Capital I Trust Series 2019-BPR, Class E 6.324% (LIBOR 1 Month + 5.00%), 05/15/2036^{(a) (i)}			301		224,950


Total Commercial Mortgage-Backed Securities (cost $11,336,984)					11,277,921


QUASI-SOVEREIGNS – 0.9%
Quasi-Sovereign Bonds – 0.9%
Bahrain – 0.1%
Oil and Gas Holding Co., BSCC (The) 7.625%, 11/07/2024^(a)			269		276,700
8.375%, 11/07/2028^(a)			872		920,124

					1,196,824


Indonesia – 0.0%
Indonesia Asahan Aluminium Persero PT 5.71%, 11/15/2023^(a)			224		227,332


Mexico – 0.6%
Comision Federal de Electricidad 4.688%, 05/15/2029^(a)			650		581,872
Petroleos Mexicanos 5.95%, 01/28/2031			3,604		2,629,478
6.49%, 01/23/2027			463		396,513
6.75%, 09/21/2047			2,113		1,294,212
6.95%, 01/28/2060			579		356,375

					5,258,450


Oman – 0.1%
Lamar Funding Ltd. 3.958%, 05/07/2025^(a)			837		794,784


	Principal Amount (000)			U.S. $ Value

Panama – 0.0%
Aeropuerto Internacional de Tocumen SA 4.00%, 08/11/2041^(a)		U.S.$	249	$	202,281
5.125%, 08/11/2061^(a)			236		185,747

					388,028


South Africa – 0.1%
Eskom Holdings SOC Ltd. 7.125%, 02/11/2025^(a)			237		199,124
Transnet SOC Ltd. 4.00%, 07/26/2022^(a)			200		191,663

					390,787


Total Quasi-Sovereigns (cost $9,230,550)					8,256,205


LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.5%
United States – 0.5%
State of California Series 2010 7.60%, 11/01/2040			750		1,035,677
State of Illinois Series 2010 7.35%, 07/01/2035			1,915		2,088,878
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The)) Series 2021 5.75%, 07/25/2041^(a)			1,435		1,357,014


Total Local Governments - US Municipal Bonds (cost $4,113,086)					4,481,569


INFLATION-LINKED SECURITIES – 0.2%
Colombia – 0.2%
Fideicomiso PA Concesion Ruta al Mar 6.75%, 02/15/2044^(a)		COP	1,437,090		231,070
Fideicomiso PA Costera 6.25%, 01/15/2034^(a)			1,230,800		277,534
Fideicomiso PA Pacifico Tres 7.00%, 01/15/2035^(h)			6,642,880		1,584,164


Total Inflation-Linked Securities (cost $2,841,712)					2,092,768


	Shares

PREFERRED STOCKS – 0.2%
Industrial – 0.2%
Energy – 0.1%
Gulfport Energy Corp. 10.00%^{(b) (d)}			142		830,700


Industrial Conglomerates – 0.1%
WESCO International, Inc. Series A 10.625%			35,175		964,498


Total Preferred Stocks (cost $1,065,763)					1,795,198


	Principal Amount (000)			U.S. $ Value

ASSET-BACKED SECURITIES – 0.1%
Autos - Fixed Rate – 0.1%
Flagship Credit Auto Trust Series 2019-4, Class E 4.11%, 03/15/2027^(a)		U.S.$	770	$	746,254


Other ABS - Fixed Rate – 0.0%
Consumer Loan Underlying Bond Certificate Issuer Trust I
Series 2018-7, Class PT 11.324%, 06/15/2043^(h)			28		26,587
Series 2019-24, Class PT 11.355%, 08/15/2044^(h)			76		73,587
Series 2019-36, Class PT 13.657%, 10/17/2044^(h)			143		138,922
Series 2019-43, Class PT 5.547%, 11/15/2044^(h)			27		26,092
Consumer Loan Underlying Bond Club Certificate Issuer Trust I
Series 2018-4, Class PT 11.547%, 05/15/2043^(h)			20		19,521
Series 2018-12, Class PT 14.736%, 06/15/2043^(h)			20		19,404
Consumer Loan Underlying Bond Credit Trust Series 2018-3, Class PT 9.747%, 03/16/2043^(h)			4		4,184
Marlette Funding Trust Series 2018-3A, Class C 4.63%, 09/15/2028^(a)			172		171,244
SoFi Consumer Loan Program LLC Series 2016-1, Class R Zero Coupon, 08/25/2025^{(b) (c) (h)}			88		85,408

					564,949


Total Asset-Backed Securities (cost $1,286,874)					1,311,203


GOVERNMENTS - SOVEREIGN BONDS – 0.1%
Colombia – 0.1%
Colombia Government International Bond 4.125%, 05/15/2051			1,058		635,329


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


Total Governments - Sovereign Bonds (cost $1,895,057)					635,329


Company	Shares			U.S. $ Value

WARRANTS – 0.1%
Avaya Holdings Corp., expiring 12/15/2022^(d)			53,489	$	267
Encore Automotive Acceptance, expiring 07/05/2031^{(b) (c) (d)}			8		0
Flexpath Capital, Inc., expiring 04/15/2031^{(b) (c) (d)}			10,974		0
SandRidge Energy, Inc., A-CW22, expiring 10/03/2022^(d)			47,161		1,415
SandRidge Energy, Inc., B-CW22, expiring 10/03/2022^(d)			19,860		993
Willscot Corp., expiring 11/29/2022^{(b) (c) (d)}			29,123		497,779


Total Warrants (cost $385,302)					500,454


RIGHTS – 0.0%
Vistra Energy Corp., expiring 12/31/2049^{(b) (d)} (cost $0)			10,721		13,584


SHORT-TERM INVESTMENTS – 0.8%
Investment Companies – 0.5%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.30%^{(s) (t) (u)} (cost $4,850,511)			4,850,511		4,850,511


	Principal Amount (000)

Time Deposits – 0.3%
BBH, Grand Cayman 0.52%, 07/01/2022		GBP	45		54,433
3.60%, 07/01/2022		ZAR	22		1,335
Citibank, London (0.78)%, 07/01/2022		EUR	99		104,258
Citibank, New York 0.91%, 07/01/2022		U.S.$	2,291		2,291,159
Royal Bank of Canada, Toronto 0.51%, 07/04/2022		CAD	33		26,007


Total Time Deposits (cost $2,477,192)					2,477,192


Total Short-Term Investments (cost $7,327,703)					7,327,703


Total Investments – 100.3% (cost $1,080,206,764)^(v)					906,632,081
Other assets less liabilities – (0.3)%					(2,873,474	)


Net Assets – 100.0%				$	903,758,607

FUTURES


Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures		105		September 2022		$	13,374,375		$	(210,820	)
U.S. Long Bond (CBT) Futures		55		September 2022			7,624,375			(123,859	)
U.S. T-Note 5 Yr (CBT) Futures		774		September 2022			86,881,500			(505,977	)
U.S. T-Note 10 Yr (CBT) Futures		255		September 2022			30,225,469			(375,070	)
U.S. Ultra Bond (CBT) Futures		46		September 2022			7,099,813			(217,735	)

									$	(1,433,461	)

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date	Unrealized Appreciation/ (Depreciation)
Bank of America, NA		INR	12,517		USD	161	07/07/2022	$	2,591
Bank of America, NA		CLP	111,571		USD	125	07/15/2022		3,450
Bank of America, NA		USD	22		CLP	19,002	07/15/2022		(1,128	)
Bank of America, NA		KRW	21,377		USD	17	07/27/2022		270
Bank of America, NA		TWD	3,037		USD	104	07/27/2022		1,305
Bank of America, NA		TWD	4,505		USD	152	07/27/2022		(176	)
Bank of America, NA		USD	77		KRW	99,983	07/27/2022		435
Bank of America, NA		USD	61		KRW	77,230	07/27/2022		(1,487	)
Bank of America, NA		USD	17		TWD	518	07/27/2022		8
Bank of America, NA		USD	114		TWD	3,384	07/27/2022		(306	)
Bank of America, NA		USD	940		EUR	900	07/28/2022		4,215
Bank of America, NA		USD	1,087		EUR	1,024	07/28/2022		(11,978	)
Bank of America, NA		USD	77		INR	6,148	09/28/2022		(155	)
Barclays Bank PLC		BRL	402		USD	82	07/05/2022		5,736
Barclays Bank PLC		BRL	118		USD	23	07/05/2022		(20	)
Barclays Bank PLC		USD	51		BRL	269	07/05/2022		45
Barclays Bank PLC		USD	51		BRL	255	07/05/2022		(2,450	)
Barclays Bank PLC		INR	1,022		USD	13	07/07/2022		179
Barclays Bank PLC		USD	11		INR	890	07/07/2022		(113	)
Barclays Bank PLC		CLP	24,999		USD	29	07/15/2022		1,931
Barclays Bank PLC		KRW	171,109		USD	135	07/27/2022		2,419
Barclays Bank PLC		KRW	152,232		USD	117	07/27/2022		(773	)
Barclays Bank PLC		TWD	352		USD	12	07/27/2022		141
Barclays Bank PLC		USD	62		KRW	76,822	07/27/2022		(2,269	)
Barclays Bank PLC		USD	29		TWD	851	07/27/2022		(628	)
Barclays Bank PLC		USD	1		IDR	14,265	07/28/2022		(11	)
Barclays Bank PLC		BRL	86		USD	16	08/02/2022		95
Barclays Bank PLC		USD	22		BRL	114	08/02/2022		(98	)
Barclays Bank PLC		GBP	5,341		USD	6,694	08/25/2022		186,687
BNP Paribas SA		BRL	257		USD	52	07/05/2022		2,932
BNP Paribas SA		BRL	127		USD	24	07/05/2022		(21	)
BNP Paribas SA		USD	49		BRL	257	07/05/2022		43
BNP Paribas SA		USD	26		BRL	127	07/05/2022		(2,095	)
BNP Paribas SA		INR	7,662		USD	99	07/07/2022		1,536
BNP Paribas SA		USD	61		INR	4,752	07/07/2022		(1,127	)
BNP Paribas SA		COP	13,572,390		USD	3,316	07/15/2022		52,493
BNP Paribas SA		USD	1		COP	2,987	07/15/2022		(12	)
BNP Paribas SA		TWD	1,173		USD	40	07/27/2022		1,000
BNP Paribas SA		USD	30		KRW	36,868	07/27/2022		(920	)
BNP Paribas SA		USD	205		TWD	5,998	07/27/2022		(2,606	)
BNP Paribas SA		IDR	125,698		USD	9	07/28/2022		195
BNP Paribas SA		USD	9		IDR	124,594	07/28/2022		(175	)
BNP Paribas SA		BRL	123		USD	23	08/02/2022		66
Brown Brothers Harriman & Co.		PLN	620		USD	140	07/07/2022		2,190


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date	Unrealized Appreciation/ (Depreciation)
Brown Brothers Harriman & Co.		PLN	480		USD	106	07/07/2022	$	(524	)
Brown Brothers Harriman & Co.		USD	19		PLN	87	07/07/2022		78
Brown Brothers Harriman & Co.		USD	194		PLN	849	07/07/2022		(4,583	)
Brown Brothers Harriman & Co.		SGD	316		USD	230	07/08/2022		2,102
Brown Brothers Harriman & Co.		SGD	38		USD	28	07/08/2022		(27	)
Brown Brothers Harriman & Co.		USD	18		SGD	25	07/08/2022		37
Brown Brothers Harriman & Co.		USD	338		SGD	466	07/08/2022		(2,754	)
Brown Brothers Harriman & Co.		CHF	36		USD	38	07/13/2022		410
Brown Brothers Harriman & Co.		CHF	11		USD	11	07/13/2022		0
Brown Brothers Harriman & Co.		CHF	347		USD	362	07/13/2022		(4,238	)
Brown Brothers Harriman & Co.		USD	248		CHF	244	07/13/2022		6,729
Brown Brothers Harriman & Co.		USD	97		CHF	90	07/13/2022		(2,220	)
Brown Brothers Harriman & Co.		JPY	3,152		USD	24	07/15/2022		768
Brown Brothers Harriman & Co.		USD	126		JPY	16,144	07/15/2022		(6,635	)
Brown Brothers Harriman & Co.		MXN	2,459		USD	124	07/20/2022		2,112
Brown Brothers Harriman & Co.		MXN	1,823		USD	89	07/20/2022		(1,225	)
Brown Brothers Harriman & Co.		USD	174		MXN	3,532	07/20/2022		1,403
Brown Brothers Harriman & Co.		USD	66		MXN	1,314	07/20/2022		(855	)
Brown Brothers Harriman & Co.		AUD	348		USD	249	07/21/2022		9,919
Brown Brothers Harriman & Co.		AUD	13		USD	9	07/21/2022		(71	)
Brown Brothers Harriman & Co.		CAD	482		USD	384	07/21/2022		8,340
Brown Brothers Harriman & Co.		CAD	119		USD	93	07/21/2022		(520	)
Brown Brothers Harriman & Co.		CNH	185		USD	28	07/21/2022		38
Brown Brothers Harriman & Co.		CNH	803		USD	119	07/21/2022		(367	)
Brown Brothers Harriman & Co.		USD	11		AUD	16	07/21/2022		43
Brown Brothers Harriman & Co.		USD	227		AUD	320	07/21/2022		(5,070	)
Brown Brothers Harriman & Co.		USD	17		CAD	23	07/21/2022		127
Brown Brothers Harriman & Co.		USD	178		CAD	225	07/21/2022		(3,046	)
Brown Brothers Harriman & Co.		USD	167		CNH	1,120	07/21/2022		764
Brown Brothers Harriman & Co.		USD	48		CNH	320	07/21/2022		(126	)
Brown Brothers Harriman & Co.		EUR	118		USD	127	07/28/2022		2,594
Brown Brothers Harriman & Co.		EUR	24		USD	25	07/28/2022		(108	)
Brown Brothers Harriman & Co.		USD	18		EUR	17	07/28/2022		135
Brown Brothers Harriman & Co.		USD	58		EUR	56	07/28/2022		(636	)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date	Unrealized Appreciation/ (Depreciation)
Brown Brothers Harriman & Co.		USD	45		ZAR	725	08/18/2022	$	(729	)
Brown Brothers Harriman & Co.		ZAR	1,123		USD	70	08/18/2022		1,043
Brown Brothers Harriman & Co.		ZAR	173		USD	10	08/18/2022		(104	)
Brown Brothers Harriman & Co.		GBP	58		USD	71	08/25/2022		421
Brown Brothers Harriman & Co.		USD	34		GBP	28	08/25/2022		81
Brown Brothers Harriman & Co.		USD	49		GBP	39	08/25/2022		(1,278	)
Brown Brothers Harriman & Co.		NZD	156		USD	100	08/26/2022		2,885
Brown Brothers Harriman & Co.		USD	27		NZD	44	08/26/2022		6
Brown Brothers Harriman & Co.		USD	65		NZD	103	08/26/2022		(1,046	)
Brown Brothers Harriman & Co.		NOK	171		USD	17	09/22/2022		(119	)
Brown Brothers Harriman & Co.		SEK	473		USD	47	09/22/2022		123
Brown Brothers Harriman & Co.		SEK	321		USD	31	09/22/2022		(95	)
Brown Brothers Harriman & Co.		USD	108		NOK	1,075	09/22/2022		1,772
Brown Brothers Harriman & Co.		USD	54		SEK	549	09/22/2022		(353	)
Citibank, NA		USD	7		CLP	6,507	07/15/2022		(410	)
Deutsche Bank AG		BRL	61		USD	12	07/05/2022		(51	)
Deutsche Bank AG		USD	12		BRL	61	07/05/2022		10
Deutsche Bank AG		EUR	40,578		USD	42,886	07/28/2022		297,046
Deutsche Bank AG		USD	12		BRL	61	08/02/2022		41
Goldman Sachs Bank USA		INR	3,353		USD	43	07/07/2022		872
Goldman Sachs Bank USA		USD	10		INR	770	07/07/2022		(282	)
Goldman Sachs Bank USA		USD	59		KRW	73,969	07/27/2022		(1,354	)
Goldman Sachs Bank USA		USD	41		TWD	1,207	07/27/2022		(692	)
HSBC Bank USA		BRL	148		USD	28	07/05/2022		(25	)
HSBC Bank USA		USD	29		BRL	148	07/05/2022		(595	)
HSBC Bank USA		USD	18		KRW	22,483	07/27/2022		(590	)
JPMorgan Chase Bank, NA		BRL	236		USD	45	07/05/2022		(39	)
JPMorgan Chase Bank, NA		USD	49		BRL	236	07/05/2022		(4,235	)
JPMorgan Chase Bank, NA		INR	3,637		USD	47	07/07/2022		764
JPMorgan Chase Bank, NA		USD	238		INR	18,460	07/07/2022		(3,883	)
JPMorgan Chase Bank, NA		CLP	27,045		USD	30	07/15/2022		518
JPMorgan Chase Bank, NA		CLP	16,662		USD	18	07/15/2022		(158	)
JPMorgan Chase Bank, NA		USD	30		CLP	26,178	07/15/2022		(1,920	)
JPMorgan Chase Bank, NA		AUD	18		USD	13	07/21/2022		407
JPMorgan Chase Bank, NA		KRW	29,957		USD	23	07/27/2022		136
JPMorgan Chase Bank, NA		KRW	30,872		USD	24	07/27/2022		(7	)
JPMorgan Chase Bank, NA		TWD	903		USD	31	07/27/2022		206
JPMorgan Chase Bank, NA		USD	81		KRW	102,349	07/27/2022		(1,300	)
Morgan Stanley Capital Services LLC		BRL	64		USD	12	07/05/2022		(11	)
Morgan Stanley Capital Services LLC		USD	13		BRL	64	07/05/2022		(821	)
Morgan Stanley Capital Services LLC		INR	1,491		USD	19	07/07/2022		600
Morgan Stanley Capital Services LLC		USD	20		INR	1,554	07/07/2022		(660	)
Morgan Stanley Capital Services LLC		CLP	26,577		USD	32	07/15/2022		3,032
Morgan Stanley Capital Services LLC		USD	18		CLP	17,072	07/15/2022		406
Morgan Stanley Capital Services LLC		USD	15		CLP	12,447	07/15/2022		(1,368	)
Morgan Stanley Capital Services LLC		CNH	772		USD	113	07/21/2022		(2,413	)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services LLC		KRW	135,768		USD	107		07/27/2022	$	1,966
Morgan Stanley Capital Services LLC		TWD	2,791		USD	95		07/27/2022		699
Morgan Stanley Capital Services LLC		USD	45		KRW	59,121		07/27/2022		467
Morgan Stanley Capital Services LLC		USD	23		TWD	678		07/27/2022		(672	)
Morgan Stanley Capital Services LLC		USD	978		EUR	912		07/28/2022		(21,396	)
Royal Bank of Scotland PLC		USD	41		INR	3,155		07/07/2022		(760	)
Royal Bank of Scotland PLC		USD	45		CLP	39,668		07/15/2022		(1,610	)
Royal Bank of Scotland PLC		USD	48		TWD	1,419		07/27/2022		(369	)
Royal Bank of Scotland PLC		USD	1,276		EUR	1,213		07/28/2022		(2,951	)
Standard Chartered Bank		BRL	201		USD	41		07/05/2022		2,385
Standard Chartered Bank		BRL	145		USD	28		07/05/2022		(24	)
Standard Chartered Bank		USD	38		BRL	201		07/05/2022		33
Standard Chartered Bank		USD	28		BRL	145		07/05/2022		(267	)
Standard Chartered Bank		INR	3,491		USD	45		07/07/2022		764
Standard Chartered Bank		USD	19		INR	1,525		07/07/2022		(170	)
Standard Chartered Bank		USD	47		CLP	41,400		07/15/2022		(2,145	)
Standard Chartered Bank		KRW	15,293		USD	12		07/27/2022		38
Standard Chartered Bank		KRW	36,126		USD	28		07/27/2022		(2	)
Standard Chartered Bank		USD	60		KRW	77,426		07/27/2022		511
Standard Chartered Bank		USD	1		KRW	1,254		07/27/2022		(5	)
Standard Chartered Bank		USD	20		TWD	580		07/27/2022		(43	)
Standard Chartered Bank		USD	46		INR	3,659		09/28/2022		(34	)
UBS AG		BRL	55		USD	11		07/05/2022		897
UBS AG		USD	11		BRL	55		07/05/2022		9
UBS AG		CLP	23,852		USD	29		07/15/2022		2,761
UBS AG		USD	2		CLP	1,433		07/15/2022		(125	)
UBS AG		KRW	11,484		USD	9		07/27/2022		235
UBS AG		TWD	1,129		USD	38		07/27/2022		314
UBS AG		USD	16		KRW	19,770		07/27/2022		(370	)
UBS AG		USD	2,495		EUR	2,390		07/28/2022		13,374

									$	523,349

CREDIT DEFAULT SWAPTIONS WRITTEN

Description

Counterparty

Buy/Sell
Protection

Strike
Rate

Expiration
Month

Notional
Amount
(000)

Premiums
Received

Market
Value

CDX-NAHY Series 38, 5 Year Index

BNP Paribas

Sell

95.00

Aug 2022

USD

44,780

694,090

(681,422

)

INTEREST RATE SWAPTIONS WRITTEN


Description	Index	Counterparty	Strike Rate			Expiration Date		Notional Amount (000)			Premiums Received		Market Value
OTC - 1 Year Interest Rate Swap	1 DAY SOFR	Citibank, NA		2.81	%		01/08/2022		USD	47	$	588	$	(567	)
OTC - 1 Year Interest Rate Swap	1 DAY SOFR	Citibank, NA		2.71			07/01/2022		USD	47		501		(251	)
OTC - 1 Year Interest Rate Swap	1 DAY SOFR	Citibank, NA		2.81			07/08/2022		USD	47		500		(117	)
OTC - 1 Year Interest Rate Swap	1 DAY SOFR	Citibank, NA		2.85			07/11/2022		USD	47		498		(97	)
OTC - 1 Year Interest Rate Swap	1 DAY SOFR	Citibank, NA		3.15			07/13/2022		USD	47		619		(2	)
OTC - 1 Year Interest Rate Swap	1 DAY SOFR	Citibank, NA		3.23			07/14/2022		USD	47		616		(1	)
OTC - 1 Year Interest Rate Swap	1 DAY SOFR	Citibank, NA		3.10			07/20/2022		USD	47		606		(40	)
OTC - 1 Year Interest Rate Swap	1 DAY SOFR	Citibank, NA		2.90			07/25/2022		USD	47		586		(296	)
OTC - 1 Year Interest Rate Swap	1 DAY SOFR	Citibank, NA		3.01			07/28/2022		USD	47		596		(236	)
OTC - 1 Year Interest Rate Swap	1 DAY SOFR	Citibank, NA		2.93			07/29/2022		USD	47		585		(354	)
OTC - 1 Year Interest Rate Swap	1 DAY SOFR	JPMorgan Chase Bank, NA		2.77			07/05/2022		USD	47		469		(139	)
OTC - 1 Year Interest Rate Swap	1 DAY SOFR	JPMorgan Chase Bank, NA		2.80			07/07/2022		USD	47		477		(123	)
OTC - 1 Year Interest Rate Swap	1 DAY SOFR	JPMorgan Chase Bank, NA		3.20			07/15/2022		USD	47		611		(2	)
OTC - 1 Year Interest Rate Swap	1 DAY SOFR	JPMorgan Chase Bank, NA		3.10			07/18/2022		USD	47		620		(25	)
OTC - 1 Year Interest Rate Swap	1 DAY SOFR	JPMorgan Chase Bank, NA		2.97			07/22/2022		USD	47		588		(146	)
OTC - 1 Year Interest Rate Swap	1 DAY SOFR	JPMorgan Chase Bank, NA		2.94			07/26/2022		USD	47		583		(267	)
OTC - 1 Year Interest Rate Swap	1 DAY SOFR	Morgan Stanley Capital Services LLC		2.86			07/06/2022		USD	47		475		(40	)
OTC - 1 Year Interest Rate Swap	1 DAY SOFR	Morgan Stanley Capital Services LLC		2.96			07/12/2022		USD	47		521		(26	)
OTC - 1 Year Interest Rate Swap	1 DAY SOFR	Morgan Stanley Capital Services LLC		3.02			07/27/2022		USD	47		574		(202	)

											$	10,613	$	(2,931	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Morgan Stanley & Co. LLC
Brazilian Government International Bond, 4.250%, 1/07/2025, 06/20/2027*		1.00	%		Quarterly		2.92	%		USD	320	$	(26,709	)	$	(16,442	)	$	(10,267	)
CDX-NAHY Series 38, 5 Year Index, 06/20/27		5.00			Quarterly		5.76			USD	184,457		(5,121,965	)		7,202,924			(12,324,889	)
iTraxx Europe Crossover Series 37, 5 Year Index, 06/20/27		5.00			Quarterly		5.80			EUR	36,820		(1,137,255	)		2,354,517			(3,491,772	)
South Africa Government International Bond, 5.875%, 09/16/2025, 06/20/2027*		1.00			Quarterly		3.14			USD	2,380		(218,845	)		(117,257	)		(101,588	)

												$	(6,504,774	)	$	9,423,742		$	(15,928,516	)

*	Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS


			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
USD	53	02/18/2032	1.864%	1 DAY SOFR	Annual	$	3,782		$	—	$	3,782
USD	30	03/14/2032	1.811%	1 DAY SOFR	Annual		2,334			—		2,334
USD	30	04/06/2032	1 DAY SOFR	1.203%	Annual		(1,344	)		—		(1,344	)

						$	4,772		$	—	$	4,772

CREDIT DEFAULT SWAPS


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2022		Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00	%		Monthly		7.50%		USD	269	$	(104,549	)	$	(128,179	)	$	23,630
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	396		(90,562	)		(41,892	)		(48,670	)
Credit Suisse International
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	4,599		(1,784,109	)		(673,955	)		(1,110,154	)
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	225		(51,465	)		(23,522	)		(27,943	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	317		(72,636	)		(35,043	)		(37,593	)
Goldman Sachs International
Avis Budget Group, Inc., 5.250%, 03/15/2025, 12/20/2023*		5.00			Quarterly		2.40		USD	270		9,639			5,121			4,518
Avis Budget Group, Inc., 5.250%, 03/15/2025, 12/20/2023*		5.00			Quarterly		2.40		USD	300		10,710			8,905			1,805
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	54		(21,052	)		(25,777	)		4,725
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	54		(21,052	)		(25,777	)		4,725
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	1,533		(594,822	)		(248,347	)		(346,475	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	1,905		(738,876	)		(264,226	)		(474,650	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	2,694		(1,045,233	)		(373,781	)		(671,452	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	4,599		(1,782,832	)		(711,281	)		(1,071,551	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	9,198		(3,568,219	)		(1,285,606	)		(2,282,613	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	12,417		(4,817,095	)		(1,733,236	)		(3,083,859	)


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at June 30, 2022	Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%	Monthly	7.50%		USD	116	$	(26,530	)	$	(11,791	)	$	(14,739	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	157		(35,919	)		(13,248	)		(22,671	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	314		(71,837	)		(29,202	)		(42,635	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	314		(71,837	)		(26,986	)		(44,851	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	323		(74,032	)		(25,725	)		(48,307	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	462		(105,722	)		(46,651	)		(59,071	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	627		(143,475	)		(63,747	)		(79,728	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	908		(207,654	)		(92,242	)		(115,412	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	1,882		(430,625	)		(153,145	)		(277,480	)
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	5,580		(1,277,108	)		(633,013	)		(644,095	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	10,463		(2,394,578	)		(1,132,050	)		(1,262,528	)
Morgan Stanley & Co. International PLC
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	335		(129,883	)		(146,892	)		17,009
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	335		(129,883	)		(135,741	)		5,858
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	335		(129,883	)		(134,947	)		5,064
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	334		(129,526	)		(133,785	)		4,259
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	334		(129,526	)		(132,993	)		3,467


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2022		Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00	%		Monthly		7.50%		USD	108	$	(41,748	)	$	(50,029	)	$	8,281
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	1,036		(236,977	)		(102,488	)		(134,489	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	1,109		(253,733	)		(114,273	)		(139,460	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	2,912		(666,491	)		(30,366	)		(636,125	)

											$	(21,359,120	)	$	(8,765,910	)	$	(12,593,210	)

TOTAL RETURN SWAPS

Counterparty &
Referenced Obligation

Rate Paid/
Received

Payment
Frequency

Current
Notional
(000)

Maturity
Date

Unrealized
Appreciation/
(Depreciation)

Receive Total Return on Reference Obligation

Goldman Sachs International Markit iBoxx EUR Contingent Convertible Liquid Developed Market AT1 TRI

3 Month
EURIBOR

Quarterly

EUR

8,212

09/20/2022

(751,971

)

REVERSE REPURCHASE AGREEMENTS


Broker	Currency	Principal Amount (000)		Interest Rate			Maturity		U.S. $ Value at June 30, 2022
Barclays Capital, Inc.†	USD		2,831		(2.00	)%*		—	$	2,827,827
Barclays Capital, Inc.†	USD		1,125		1.00	%		—		1,124,880
Barclays Capital, Inc.†	USD		524		1.25	%		—		523,500
Barclays Capital, Inc.†	USD		4,231		1.57	%		—		4,231,250
Credit Suisse International†	EUR		905		(6.00	)%*		—		948,395
Credit Suisse International†	USD		471		(3.75	)%*		—		470,798
Credit Suisse International†	EUR		322		(1.50	)%*		—		337,649
Credit Suisse International†	EUR		944		(1.00	)%*		—		989,569
Credit Suisse International†	USD		1,914		1.25	%		—		1,914,000

									$	13,367,868

†	The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on June 30, 2022.

*	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	$	13,367,868	$	0	$	0	$	0	$	13,367,868

(a)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At June 30, 2022, the aggregate market value of these securities amounted to $618,750,869 or 68.5% of net assets.

(b)

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

(c)

Fair valued by the Adviser.

(d)

Non-income producing security.

(e)

Defaulted matured security.

(f)

Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at June 30, 2022.

(g)

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

(h)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.32% of net assets as of June 30, 2022, 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
11.324%, 06/15/2043

04/25/2018 -
06/01/2020

28,453

26,587

0.00%

Consumer Loan Underlying Bond Certificate Issuer Trust I
Series 2019-24, Class PT
11.355%, 08/15/2044

06/27/2019

73,975

73,587

0.01%

Consumer Loan Underlying Bond Certificate Issuer Trust I
Series 2019-36, Class PT
13.657%, 10/17/2044

09/04/2019

142,240

138,922

0.02%

Consumer Loan Underlying Bond Certificate Issuer Trust I
Series 2019-43, Class PT
5.547%, 11/15/2044

10/09/2019

26,584

26,092

0.00%

Consumer Loan Underlying Bond Club Certificate Issuer Trust I
Series 2018-12, Class PT
14.736%, 06/15/2043

06/26/2018

20,288

19,404

0.00%

Consumer Loan Underlying Bond Club Certificate Issuer Trust I
Series 2018-4, Class PT
11.547%, 05/15/2043

03/27/2018-
05/11/2018

20,562

19,521

0.00%

Consumer Loan Underlying Bond Credit Trust
Series 2018-3, Class PT
9.747%, 03/16/2043

03/07/2018

4,476

4,184

0.00%

Diamond Offshore Drilling, Inc.

04/23/2021

475,210

138,085

0.02%

Digicel Group Holdings Ltd.
7.00%, 07/18/2022

11/28/2016-
10/01/2021

149,625

43,510

0.00%

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

10/29/2020

0.00%

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

10/29/2020

0.00%

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

03/04/2016

1,969,344

1,584,164

0.18%

JPMorgan Madison Avenue Securities Trust
Series 2015-CH1, Class M2
7.124%, 10/25/2025

09/18/2015

443,749

431,977

0.05%

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

01/31/2017-
06/30/2021

1,083,919

0.00%

144A/Restricted & Illiquid Securities

Acquisition
Date

Cost

Market
Value

Percentage
of
Net Assets

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

01/31/2017-
06/30/2021

685,311

0.00%

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

05/05/2013-
02/19/2015

2,295,760

0.00%

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

01/22/2021

635,905

10,645

0.00%

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

07/28/2017

28,158

85,408

0.01%

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

02/08/2018

118,000

113,525

0.01%

Tonon Luxembourg SA
6.50%, 10/31/2024

05/03/2019-
10/31/2021

1,209,003

0.00%

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

01/23/2014-
01/27/2014

2,401,853

410

0.00%

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

06/09/2014

477,418

0.00%

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

01/29/2014

838,866

162

0.00%

Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 2M2
7.124%, 11/25/2025

02/26/2018

150,918

140,339

0.02%

(i)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at June 30, 2022.

(j)

Convertible security.

(k)

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

(l)

Inverse interest only security.

(m)

IO - Interest Only.

(n)

Defaulted.

(o)

The stated coupon rate represents the greater of the LIBOR or an alternate base rate such as the CDOR, SOFR or the LIBOR/CDOR/SOFR floor rate plus a spread at June 30, 2022.

(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)

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

(t)

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

(u)

Affiliated investments.

(v)

As of June 30, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $13,696,265 and gross unrealized depreciation of investments was $(217,429,635), resulting in net unrealized depreciation of $(203,733,370).

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

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

SEK – Swedish Krona

SGD – Singapore Dollar

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

CDOR – Canadian Dealer Offered Rate

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

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

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

EURIBOR – Euro Interbank Offered Rate

LIBOR – London Interbank Offered Rate

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

COUNTRY BREAKDOWN¹

June 30, 2022 (unaudited)


72.2	%	United States
3.5	%	United Kingdom
2.0	%	Canada
1.7	%	France
1.6	%	Luxembourg
1.6	%	Brazil
1.2	%	Mexico
1.0	%	Germany
1.0	%	Spain
0.7	%	Nigeria
0.7	%	Italy
0.7	%	Bahrain
0.6	%	Dominican Republic
10.7	%	Other
0.8	%	Short-Term

100.0	%	Total Investments

All data are as of June 30, 2022. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 0.6% or less in the following: Angola, Argentina, Australia, Belgium, Bermuda, Cayman Islands, Chile, China, Colombia, Czech Republic, Denmark, Ecuador, Egypt, El Salvador, Finland, Gabon, Ghana, Guatemala, Hong Kong, India, Indonesia, Ireland, Israel, Ivory Coast, Jamaica, Japan, Jersey (Channel Islands), Kuwait, Macau, Morocco, Netherlands, Norway, Oman, Panama, Peru, Senegal, South Africa, Sweden, Switzerland, Turkey, Ukraine, Venezuela and Zambia.

AB Global High Income Fund

June 30, 2022 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

•

Level 1 - quoted prices in active markets for identical investments

•

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

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

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively, the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options generally will be classified as Level 2. For options that do not trade on an 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 June 30, 2022:


Investments in Securities	Level 1			Level 2			Level 3			Total
Assets:
Corporates - Non-Investment Grade	$	-0-		$	491,398,503		$	182,166	#	$	491,580,669
Corporates - Investment Grade		-0-			98,295,235			-0-			98,295,235
Collateralized Mortgage Obligations		-0-			53,987,309			-0-			53,987,309
Emerging Markets - Corporate Bonds		-0-			48,355,000			348,819	#		48,703,819
Bank Loans		-0-			38,806,301			8,352,358			47,158,659
Emerging Markets - Sovereigns		-0-			41,908,696			-0-			41,908,696
Collateralized Loan Obligations		-0-			41,885,239			-0-			41,885,239
Governments - Treasuries		-0-			32,104,330			-0-			32,104,330
Common Stocks		4,415,699			377,777			8,522,715	#		13,316,191
Commercial Mortgage-Backed Securities		-0-			11,277,921			-0-			11,277,921
Quasi-Sovereigns		-0-			8,256,205			-0-			8,256,205
Local Governments - US Municipal Bonds		-0-			4,481,569			-0-			4,481,569
Inflation-Linked Securities		-0-			2,092,768			-0-			2,092,768
Preferred Stocks		964,498			-0-			830,700			1,795,198
Asset Backed Securities		-0-			1,225,795			85,408			1,311,203
Governments - Sovereign Bonds		-0-			635,329			0	#		635,329
Warrants		2,675			-0-			497,779	#		500,454
Rights		-0-			-0-			13,584			13,584
Short-Term Investments:
Investment Companies		4,850,511			-0-			-0-			4,850,511
Time Deposits		-0-			2,477,192			-0-			2,477,192

Total Investments in Securities		10,233,383			877,565,169	+		18,833,529			906,632,081
*Other Financial Instruments:**
Assets
Forward Currency Exchange Contracts		-0-			640,383			-0-			640,383
Centrally Cleared Interest Rate Swaps		-0-			6,116			-0-			6,116	^†
Credit Default Swaps		-0-			20,349			-0-			20,349
Liabilities
Futures		(1,433,461	)		-0-			-0-			(1,433,461	)^†
Forward Currency Exchange Contracts		-0-			(117,034	)		-0-			(117,034	)
Credit Default Swaptions Written		-0-			(681,422	)		-0-			(681,422	)
Interest Rate Swaptions Written		-0-			(2,931	)		-0-			(2,931	)
Centrally Cleared Credit Default Swaps		-0-			(6,504,774	)		-0-			(6,504,774	)^†
Centrally Cleared Interest Rate Swaps		-0-			(1,344	)		-0-			(1,344	)^†
Credit Default Swaps		-0-			(21,379,469	)		-0-			(21,379,469	)
Total Return Swaps		-0-			(751,971	)		-0-			(751,971	)
Reverse Repurchase Agreements		(13,367,868	)		-0-			-0-			(13,367,868	)

Total	$	(4,567,946	)	$	848,793,072		$	18,833,529		$	863,058,655

#	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.

+	A significant portion of the Fund’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available.

†

Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here 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#			Emerging Markets - Corporate Bonds#			Bank Loans			Collateralized Loan Obligations
Balance as of 3/31/22	$	182,166		$	620		$	9,912,086		$	1,980,000
Accrued discounts/(premiums)		-0-			141			-0-			-0-
Realized gain (loss)		-0-			1,443			16,682			-0-
Change in unrealized appreciation/depreciation		-0-			(316,908	)		(629,539	)		-0-
Purchases		-0-			664,970			-0-			-0-
Sales		-0-			(1,447	)		(675,285	)		-0-
Transfers into Level 3		-0-			-0-			4,120,389			-0-
Transfers out of Level 3		-0-			-0-			(4,391,975	)		(1,980,000	)

Balance as of 6/30/22	$	182,166		$	348,819		$	8,352,358		$	-0-

Net change in unrealized appreciation/depreciation from investments held as of 6/30/22	$	-0-		$	(316,908	)	$	(619,743	)	$	-0-

	Common Stocks#			Preferred Stocks			Asset-Backed Securities			Governments - Sovereign Bonds#
Balance as of 3/31/22	$	7,870,611		$	823,600		$	142,297		$	-0-
Realized gain (loss)		-0-			-0-			39,546			-0-
Change in unrealized appreciation/depreciation		652,104			7,100			(38,172	)		-0-
Paydowns		-0-			-0-			(58,263	)		-0-

Balance as of 6/30/22	$	8,522,715		$	830,700		$	85,408		$	-0-

Net change in unrealized appreciation/depreciation from investments held as of 6/30/22	$	652,104		$	7,100		$	(38,172	)	$	-0-

	Warrants#			Rights			Total
Balance as of 3/31/22	$	692,912		$	13,937		$	21,618,229
Accrued discounts/(premiums)		-0-			-0-			141
Realized gain (loss)		-0-			-0-			57,671
Change in unrealized appreciation/depreciation		(195,133	)		(353	)		(520,901	)
Purchases		-0-			-0-			664,970
Sales/Paydowns		-0-			-0-			(734,995	)
Transfers into Level 3		-0-			-0-			4,120,389
Transfers out of Level 3		-0-			-0-			(6,371,975	)

Balance as of 6/30/22	$	497,779		$	13,584		$	18,833,529

Net change in unrealized appreciation/depreciation from investments held as of 6/30/22	$	(195,133	)	$	(353	)	$	(511,105	)

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

The following presents information about significant unobservable inputs related to the Fund’s Level 3 investments at June 30, 2022. 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 6/30/2022		Valuation Technique	Unobservable Input	Input
Corporates - Non-Investment Grade	$	182,166	Recovery Analysis	Collateral Value	$	75.90
	$	-0-	Qualitative Assessment		$	0.00

	$	182,166

Emerging Markets - Corporate Bonds	$	348,199	Market Approach	Market Neutral Price	$	44.65
	$	410	Qualitative Assessment		$	0.01
	$	162	Qualitative Assessment		$	0.01
	$	48	Qualitative Assessment		$	0.01
	$	-0-	Qualitative Assessment		$	0.00

	$	348,819

Common Stocks				EBITDA* Projection	$	62mm
	$	1,666,266	Market Approach	EBITDA* Multiples		8.48x
	$	1,491,584	Market Approach	NAV Equivalent	$	967.89
	$	359,036	Market Approach	NAV Equivalent	$	1,025.82
	$	305,425	Market Approach	EBITDA* Projection	$	463.5mm to $500.6mm
				EBITDA* Multiples		6.3x-6.8x
	$	1	Qualitative Assessment		$	0.00
	$	-0-	Qualitative Assessment		$	0.00

	$	3,822,312

Governments - Sovereign Bonds	$	-0-	Qualitative Assessment		$	0.00
Warrants	$	497,779	Option Pricing Model	Exercise Price	$	17.09

*	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, Market Neutral Price, NAV Equivalent, EBITDA projections and EBITDA Multiple and Exercise Price in isolation would be expected to result in a significantly higher (lower) fair value measurement.

A summary of the Fund’s transactions in AB mutual funds for the three months ended June 30, 2022 is as follows:

Fund

Market Value
3/31/22

(000)

Purchases
at Cost
(000)

Sales
Proceeds
(000)

Market Value
6/30/22

(000)

Dividend
Income
(000)

Government Money Market Portfolio

7,990

54,388

57,527

4,851