Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)

AB Global High Income Fund

Portfolio of Investments

December 31, 2023 (unaudited)


	Principal Amount (000)			U.S. $ Value

CORPORATES - NON-INVESTMENT GRADE – 56.1%
Industrial – 49.8%
Basic – 3.2%
Advanced Drainage Systems, Inc. 5.00%, 09/30/2027^(a)^(b)		U.S.$	140	$	136,110
6.375%, 06/15/2030^(b)			364		368,887
Arsenal AIC Parent LLC 8.00%, 10/01/2030^(b)			1,073		1,128,465
ASP Unifrax Holdings, Inc. 5.25%, 09/30/2028^(b)			1,976		1,440,824
7.50%, 09/30/2029^(b)			1,244		637,409
Baffinland Iron Mines Corp./Baffinland Iron Mines LP 8.75%, 07/15/2026^(b)			250		234,309
Cerdia Finanz GmbH 10.50%, 02/15/2027^(b)			419		426,314
Cleveland-Cliffs, Inc. 6.75%, 03/15/2026^(b)			597		600,838
Constellium SE 3.125%, 07/15/2029^(b)		EUR	1,109		1,124,275
Crown Americas LLC/Crown Americas Capital Corp. VI 4.75%, 02/01/2026		U.S.$	333		330,361
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125%, 06/15/2028^(b)			360		340,746
Domtar Corp. 6.75%, 10/01/2028^(b)			140		126,532
Element Solutions, Inc. 3.875%, 09/01/2028^(b)			1,370		1,263,610
ERP Iron Ore LLC 9.04%, 12/31/2019^(c)^{(d) (e) (f) (g)}			240		76,802
FMG Resources August 2006 Pty Ltd. 4.375%, 04/01/2031^(b)			2,125		1,922,853
4.50%, 09/15/2027^(b)			819		787,437
5.875%, 04/15/2030^(b)			162		160,773
6.125%, 04/15/2032^(b)			2,651		2,672,523
Glatfelter Corp. 4.75%, 11/15/2029^(b)			77		53,360
Graham Packaging Co., Inc. 7.125%, 08/15/2028^(b)			420		378,767
Graphic Packaging International LLC 3.75%, 02/01/2030^(b)			1,661		1,506,119
Hecla Mining Co. 7.25%, 02/15/2028			282		285,478
INEOS Quattro Finance 2 PLC 8.50%, 03/15/2029^(b)		EUR	1,726		2,010,282
9.625%, 03/15/2029^(b)		U.S.$	548		583,915
INEOS Styrolution Ludwigshafen GmbH 2.25%, 01/16/2027^(b)		EUR	104		105,643
Ingevity Corp. 3.875%, 11/01/2028^(b)		U.S.$	495		444,785
Intelligent Packaging Holdco Issuer LP 9.00% (9.00% Cash or 9.75% PIK), 01/15/2026^{(b) (c)}			611		517,258
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC 6.00%, 09/15/2028^(b)			361		337,702
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018^(d)^{(e) (f) (g) (h)}			2,857		0
Mineral Resources Ltd. 8.00%, 11/01/2027^(b)			192		196,212
8.125%, 05/01/2027^(b)			158		159,523
Novelis Corp. 3.25%, 11/15/2026^(b)			61		57,406
Olympus Water US Holding Corp. 4.25%, 10/01/2028^(b)			237		214,271
7.125%, 10/01/2027^(b)			755		754,606
9.75%, 11/15/2028^(b)			1,750		1,865,734


	Principal Amount (000)			U.S. $ Value

Roller Bearing Co. of America, Inc. 4.375%, 10/15/2029^(b)		U.S.$	143	$	132,749
SCIL IV LLC/SCIL USA Holdings LLC 4.375%, 11/01/2026^(b)		EUR	320		343,794
5.375%, 11/01/2026^(b)		U.S.$	1,039		995,893
Sealed Air Corp. 6.875%, 07/15/2033^(b)			564		598,660
Sealed Air Corp./Sealed Air Corp. US 6.125%, 02/01/2028^(b)			546		551,458
SNF Group SACA 3.125%, 03/15/2027^(b)			655		596,516
3.375%, 03/15/2030^(b)			951		813,419
SunCoke Energy, Inc. 4.875%, 06/30/2029^(b)			378		340,655
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 5.375%, 09/01/2025^(b)			58		50,201
Tronox, Inc. 4.625%, 03/15/2029^(b)			98		86,758
United States Steel Corp. 6.875%, 03/01/2029			110		112,558
Vibrantz Technologies, Inc. 9.00%, 02/15/2030^(b)			1,887		1,484,671
WR Grace Holdings LLC 4.875%, 06/15/2027^(b)			1,186		1,142,632
5.625%, 08/15/2029^(b)			61		53,877

					30,553,970


Capital Goods – 4.5%
ARD Finance SA 5.00% (5.00% Cash or 5.75% PIK), 06/30/2027^{(b) (c)}		EUR	3,069		1,669,149
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 4.00%, 09/01/2029^(b)		U.S.$	985		834,787
6.00%, 06/15/2027^(b)			684		678,870
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 4.125%, 08/15/2026^(b)			2,965		2,711,340
5.25%, 08/15/2027^(b)			235		182,613
Artera Services LLC 9.03%, 12/04/2025^(b)			400		379,408
Ball Corp. 6.00%, 06/15/2029			1,607		1,640,148
Bombardier, Inc. 6.00%, 02/15/2028^(b)			183		178,179
7.125%, 06/15/2026^(b)			169		169,097
7.50%, 02/01/2029^(b)⁽ⁱ⁾			303		308,506
7.875%, 04/15/2027^(b)			1,055		1,055,373
8.75%, 11/15/2030^(b)			1,295		1,379,840
Calderys Financing LLC 11.25%, 06/01/2028^(b)			2,089		2,189,065
Camelot Return Merger Sub, Inc. 8.75%, 08/01/2028^(b)			196		199,420
Clean Harbors, Inc. 4.875%, 07/15/2027^(b)			25		24,471
6.375%, 02/01/2031^(b)			11		11,182
Crown Americas LLC 5.25%, 04/01/2030			411		404,408
Eco Material Technologies, Inc. 7.875%, 01/31/2027^(b)			2,622		2,642,408
Emerald Debt Merger Sub LLC 6.625%, 12/15/2030^(b)			631		648,061
EnerSys 4.375%, 12/15/2027^(b)			935		895,307
Enviri Corp. 5.75%, 07/31/2027^(b)			1,384		1,284,308
F-Brasile SpA/F-Brasile US LLC Series XR 7.375%, 08/15/2026^(b)			957		947,902
GFL Environmental, Inc. 6.75%, 01/15/2031^(b)			523		538,843


	Principal Amount (000)			U.S. $ Value

Griffon Corp. 5.75%, 03/01/2028		U.S.$	1,079	$	1,060,724
LSB Industries, Inc. 6.25%, 10/15/2028^(a)^(b)			1,348		1,280,541
Madison IAQ LLC 5.875%, 06/30/2029^(b)			359		316,709
Masonite International Corp. 5.375%, 02/01/2028^(b)			374		361,583
MIWD Holdco II LLC/MIWD Finance Corp. 5.50%, 02/01/2030^(b)			84		74,462
Moog, Inc. 4.25%, 12/15/2027^(b)			353		334,838
Mueller Water Products, Inc. 4.00%, 06/15/2029^(b)			291		266,644
Oscar AcquisitionCo LLC/Oscar Finance, Inc. 9.50%, 04/15/2030^(b)			63		61,427
Paprec Holding SA 7.25%, 11/17/2029^(b)		EUR	569		674,546
Renk AG/Frankfurt am Main 5.75%, 07/15/2025^(b)			1,560		1,709,930
Rolls-Royce PLC 3.625%, 10/14/2025^(b)		U.S.$	918		885,329
Stericycle, Inc. 3.875%, 01/15/2029^(b)			696		634,127
Summit Materials LLC/Summit Materials Finance Corp. 5.25%, 01/15/2029^(b)			164		159,069
7.25%, 01/15/2031^(b)			15		15,817
Terex Corp. 5.00%, 05/15/2029^(b)			360		341,913
TK Elevator Midco GmbH 4.375%, 07/15/2027^(b)		EUR	885		944,521
TK Elevator US Newco, Inc. 5.25%, 07/15/2027^(b)		U.S.$	306		300,140
TransDigm, Inc. 4.625%, 01/15/2029			290		271,910
4.875%, 05/01/2029			1,954		1,829,648
6.75%, 08/15/2028^(b)			2,508		2,573,774
7.125%, 12/01/2031^(b)			3,137		3,293,722
Trinity Industries, Inc. 7.75%, 07/15/2028^(b)			1,073		1,117,201
Triumph Group, Inc. 7.75%, 08/15/2025			428		427,383
9.00%, 03/15/2028^(b)			2,516		2,673,949
Trivium Packaging Finance BV 3.75%, 08/15/2026^(b)		EUR	100		106,649
Tutor Perini Corp. 6.875%, 05/01/2025^(b)		U.S.$	61		59,750
WESCO Distribution, Inc. 7.125%, 06/15/2025^(b)			20		20,144
7.25%, 06/15/2028^(b)			271		278,478

					43,047,613


Communications - Media – 7.3%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028^(b)			723		666,284
Altice Financing SA 5.00%, 01/15/2028^(b)			516		469,207
5.75%, 08/15/2029^(b)			2,724		2,407,165
AMC Networks, Inc. 4.25%, 02/15/2029			1,084		832,471
4.75%, 08/01/2025			890		864,883
Arches Buyer, Inc. 6.125%, 12/01/2028^(b)			605		527,431
Banijay Entertainment SASU 7.00%, 05/01/2029^(b)		EUR	603		701,884
8.125%, 05/01/2029^(b)		U.S.$	805		830,313
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030^(b)			4,665		4,213,255
4.50%, 06/01/2033^(b)			2,851		2,405,357


	Principal Amount (000)			U.S. $ Value

4.75%, 02/01/2032^(b)		U.S.$	7,063	$	6,227,722
5.125%, 05/01/2027^(b)			327		316,397
6.375%, 09/01/2029^(b)			1,760		1,737,037
7.375%, 03/01/2031^(b)			2,762		2,831,947
Cimpress PLC 7.00%, 06/15/2026			347		339,274
Clear Channel Outdoor Holdings, Inc. 5.125%, 08/15/2027^(b)			512		488,377
CMG Media Corp. 8.875%, 12/15/2027^(b)			448		354,206
CSC Holdings LLC 4.50%, 11/15/2031^(b)			981		741,891
4.625%, 12/01/2030^(b)			1,142		684,791
5.375%, 02/01/2028^(b)			2,721		2,408,263
5.75%, 01/15/2030^(b)			3,862		2,404,629
7.50%, 04/01/2028^(b)			1,150		858,327
11.25%, 05/15/2028^(b)			824		848,852
Deluxe Corp. 8.00%, 06/01/2029^(b)			17		15,154
DISH DBS Corp. 5.125%, 06/01/2029			2,900		1,494,892
5.25%, 12/01/2026^(b)			2,798		2,404,218
5.75%, 12/01/2028^(b)			2,596		2,099,040
5.875%, 11/15/2024			1,821		1,715,686
7.375%, 07/01/2028			115		69,275
7.75%, 07/01/2026			816		569,667
Gray Escrow II, Inc. 5.375%, 11/15/2031^(b)			1,364		1,028,914
Gray Television, Inc. 7.00%, 05/15/2027^(b)			61		57,696
iHeartCommunications, Inc. 4.75%, 01/15/2028^(b)			60		46,163
5.25%, 08/15/2027^(b)			1,499		1,190,490
LCPR Senior Secured Financing DAC 5.125%, 07/15/2029^(b)			2,910		2,541,059
6.75%, 10/15/2027^(b)			200		195,609
Lions Gate Capital Holdings LLC 5.50%, 04/15/2029^(b)			536		397,251
McGraw-Hill Education, Inc. 5.75%, 08/01/2028^(b)			1,123		1,083,014
Outfront Media Capital LLC/Outfront Media Capital Corp. 4.625%, 03/15/2030^(b)			376		337,130
Paramount Global 6.25%, 02/28/2057			245		215,183
6.375%, 03/30/2062			56		50,366
Radiate Holdco LLC/Radiate Finance, Inc. 4.50%, 09/15/2026^(b)⁽ⁱ⁾			1,476		1,125,574
Scripps Escrow II, Inc. 3.875%, 01/15/2029^(b)			26		22,946
Sinclair Television Group, Inc. 4.125%, 12/01/2030^(b)			1,613		1,137,320
5.50%, 03/01/2030^(b)			771		576,951
Sirius XM Radio, Inc. 3.875%, 09/01/2031^(b)			145		123,809
4.00%, 07/15/2028^(b)			6,092		5,647,774
5.00%, 08/01/2027^(b)			837		810,829
Summer BC Holdco B SARL 5.75%, 10/31/2026^(b)		EUR	1,395		1,474,500
TEGNA, Inc. 5.00%, 09/15/2029		U.S.$	333		305,528
Townsquare Media, Inc. 6.875%, 02/01/2026^(b)			113		110,859
Univision Communications, Inc. 6.625%, 06/01/2027^(b)			2,173		2,167,328
7.375%, 06/30/2030^(b)			1,186		1,185,700
8.00%, 08/15/2028^(b)			1,261		1,303,447
Urban One, Inc. 7.375%, 02/01/2028^(b)			2,600		2,208,194


	Principal Amount (000)			U.S. $ Value

VZ Vendor Financing II BV 2.875%, 01/15/2029^(b)		EUR	885	$	856,340
Ziggo Bond Co. BV 5.125%, 02/28/2030^(b)		U.S.$	1,770		1,480,632

					70,208,501


Communications - Telecommunications – 2.7%
Altice France Holding SA 10.50%, 05/15/2027^(b)			2,710		1,748,444
Altice France SA/France 3.375%, 01/15/2028^(b)		EUR	885		770,954
5.125%, 07/15/2029^(b)		U.S.$	5,220		4,074,960
5.50%, 01/15/2028^(b)			492		404,603
5.50%, 10/15/2029^(b)			1,120		878,937
8.125%, 02/01/2027^(b)			526		483,234
British Telecommunications PLC 4.25%, 11/23/2081^(b)			439		408,847
Connect Finco SARL/Connect US Finco LLC 6.75%, 10/01/2026^(b)			305		303,299
Consolidated Communications, Inc. 6.50%, 10/01/2028^(b)			1,486		1,285,670
Embarq Corp. 7.995%, 06/01/2036			984		606,836
Frontier Communications Holdings LLC 6.75%, 05/01/2029^(b)			321		287,015
8.75%, 05/15/2030^(b)			893		919,211
Hughes Satellite Systems Corp. 6.625%, 08/01/2026			302		238,039
Iliad Holding SASU 6.50%, 10/15/2026^(b)			951		948,880
Level 3 Financing, Inc. 3.40%, 03/01/2027^(b)			557		520,226
3.75%, 07/15/2029^(b)			1,018		428,913
4.25%, 07/01/2028^(b)			769		382,058
4.625%, 09/15/2027^(b)			1,451		875,640
Lorca Telecom Bondco SA 4.00%, 09/18/2027^(b)		EUR	952		1,024,221
Rogers Communications, Inc. 5.25%, 03/15/2082^(b)		U.S.$	377		362,293
Telecom Italia Capital SA 7.20%, 07/18/2036			259		260,922
7.72%, 06/04/2038			1,565		1,609,221
United Group BV 3.625%, 02/15/2028^(b)		EUR	237		242,030
4.625%, 08/15/2028^(b)			481		502,521
8.84% (EURIBOR 3 Month + 4.88%), 02/01/2029^{(b) (j)}			676		749,082
United States Cellular Corp. 6.70%, 12/15/2033		U.S.$	353		359,811
Vmed O2 UK Financing I PLC 4.25%, 01/31/2031^(b)			530		464,492
4.75%, 07/15/2031^(b)			3,639		3,250,027
Vodafone Group PLC 5.125%, 06/04/2081			687		518,491
Windstream Escrow LLC/Windstream Escrow Finance Corp. 7.75%, 08/15/2028^(b)			471		412,635
Zayo Group Holdings, Inc. 4.00%, 03/01/2027^(b)			443		355,554
6.125%, 03/01/2028^(b)			128		92,160

					25,769,226


Consumer Cyclical - Automotive – 2.4%
Allison Transmission, Inc. 3.75%, 01/30/2031^(b)			231		203,947
5.875%, 06/01/2029^(b)			939		935,351
American Axle & Manufacturing, Inc. 5.00%, 10/01/2029			220		194,788


	Principal Amount (000)			U.S. $ Value

Aston Martin Capital Holdings Ltd. 15.00% (8.89% Cash and 6.11% PIK), 11/30/2026^(b)^(c)		U.S.$	543	$	588,455
Clarios Global LP/Clarios US Finance Co. 4.375%, 05/15/2026^(b)		EUR	210		228,788
Dana Financing Luxembourg SARL 5.75%, 04/15/2025^(b)		U.S.$	55		54,855
Dana, Inc. 4.25%, 09/01/2030			760		679,987
5.375%, 11/15/2027			109		108,288
5.625%, 06/15/2028			182		180,388
Exide Technologies 11.00%, 10/31/2024^(d)^{(f) (g) (h) (k)}			4,147		0
Goodyear Tire & Rubber Co. (The) 5.25%, 07/15/2031			62		56,458
IHO Verwaltungs GmbH 3.75% (3.75% Cash or 4.50% PIK), 09/15/2026^{(b) (c)}		EUR	885		962,833
3.875% (3.875% Cash or 4.625% PIK), 05/15/2027^(b)^(c)			338		364,887
6.00% (6.00% Cash or 6.75% PIK), 05/15/2027^{(b) (c)}		U.S.$	1,984		1,944,863
8.75% (8.75% Cash or 9.50% PIK), 05/15/2028^{(b) (c)}		EUR	306		367,773
Jaguar Land Rover Automotive PLC 5.50%, 07/15/2029^(b)		U.S.$	1,206		1,169,935
5.875%, 01/15/2028^(b)			705		690,058
7.75%, 10/15/2025^(b)			1,207		1,218,780
Mclaren Finance PLC 7.50%, 08/01/2026^(b)			1,973		1,701,106
PM General Purchaser LLC 9.50%, 10/01/2028^(b)			1,339		1,359,694
Real Hero Merger Sub 2, Inc. 6.25%, 02/01/2029^(b)			1,530		1,325,560
Tenneco, Inc. 8.00%, 11/17/2028^(b)			3,668		3,135,731
Titan International, Inc. 7.00%, 04/30/2028			1,465		1,466,901
ZF Europe Finance BV 2.00%, 02/23/2026^(a)^(b)		EUR	200		210,457
ZF Finance GmbH Series E 2.00%, 05/06/2027^(b)			200		203,940
2.75%, 05/25/2027^(b)			900		943,939
ZF North America Capital, Inc. 4.75%, 04/29/2025^(b)		U.S.$	2,357		2,327,096
6.875%, 04/14/2028^(b)			504		523,967
7.125%, 04/14/2030^(b)			504		535,418

					23,684,243


Consumer Cyclical - Entertainment – 2.7%
AMC Entertainment Holdings, Inc. 7.50%, 02/15/2029^(b)			142		98,539
Carnival Corp. 4.00%, 08/01/2028^(b)			1,739		1,616,081
5.75%, 03/01/2027^(b)			1,171		1,141,109
7.00%, 08/15/2029^(b)			243		253,024
7.625%, 03/01/2026^(b)		EUR	311		347,588
Carnival Holdings Bermuda Ltd. 10.375%, 05/01/2028^(b)		U.S.$	3,548		3,876,190
Cedar Fair LP 5.25%, 07/15/2029			85		80,089
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.375%, 04/15/2027			85		83,352
5.50%, 05/01/2025^(b)			2,191		2,179,793
Cinemark USA, Inc. 5.25%, 07/15/2028^(b)			492		451,582
Lindblad Expeditions LLC 6.75%, 02/15/2027^(b)			365		365,292


	Principal Amount (000)			U.S. $ Value

Live Nation Entertainment, Inc. 6.50%, 05/15/2027^(b)		U.S.$	508	$	517,060
Motion Bondco DAC 4.50%, 11/15/2027^(b)		EUR	670		669,811
NCL Corp., Ltd. 5.875%, 03/15/2026^(b)		U.S.$	562		549,207
5.875%, 02/15/2027^(b)			80		79,043
7.75%, 02/15/2029^(b)			153		153,580
8.125%, 01/15/2029^(b)			922		968,100
8.375%, 02/01/2028^(b)			714		756,953
NCL Finance Ltd. 6.125%, 03/15/2028^(b)			39		37,269
Royal Caribbean Cruises Ltd. 5.375%, 07/15/2027^(b)			1,217		1,198,494
5.50%, 08/31/2026^(b)			948		939,902
5.50%, 04/01/2028^(b)			4,222		4,166,257
11.625%, 08/15/2027^(b)			158		171,081
Six Flags Entertainment Corp. 7.25%, 05/15/2031^(b)			1,082		1,084,664
Viking Cruises Ltd. 5.875%, 09/15/2027^(b)			715		696,793
7.00%, 02/15/2029^(b)			1,752		1,735,665
9.125%, 07/15/2031^(b)			83		88,876
VOC Escrow Ltd. 5.00%, 02/15/2028^(b)			1,749		1,678,594

					25,983,988


Consumer Cyclical - Other – 3.0%
Adams Homes, Inc. 7.50%, 02/15/2025^(b)			194		192,767
Affinity Interactive 6.875%, 12/15/2027^(b)			199		177,675
Brookfield Residential Properties, Inc./Brookfield Residential US LLC 4.875%, 02/15/2030^(b)			1,097		967,804
6.25%, 09/15/2027^(b)			1,411		1,372,728
Builders FirstSource, Inc. 6.375%, 06/15/2032^(b)			906		930,354
Caesars Entertainment, Inc. 6.25%, 07/01/2025^(b)			897		896,646
7.00%, 02/15/2030^(b)			876		900,603
Castle UK Finco PLC 7.00%, 05/15/2029^(b)		GBP	679		732,962
9.25% (EURIBOR 3 Month + 5.25%), 05/15/2028^{(b) (j)}		EUR	514		524,345
Century Communities, Inc. 3.875%, 08/15/2029^(b)		U.S.$	406		367,296
6.75%, 06/01/2027			30		30,336
Churchill Downs, Inc. 4.75%, 01/15/2028^(b)			491		466,603
Everi Holdings, Inc. 5.00%, 07/15/2029^(b)			240		218,716
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, 11/15/2025^(b)⁽ⁱ⁾			1,556		1,549,466
Forestar Group, Inc. 3.85%, 05/15/2026^(b)			385		367,801
Hilton Domestic Operating Co., Inc. 3.625%, 02/15/2032^(b)			1,538		1,339,197
5.375%, 05/01/2025^(b)			229		228,331
5.75%, 05/01/2028^(b)			246		246,237
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc 4.875%, 07/01/2031^(b)			989		871,954
5.00%, 06/01/2029^(b)			1,598		1,474,780
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.875%, 04/01/2027			648		637,199
Installed Building Products, Inc. 5.75%, 02/01/2028^(b)			291		283,597


	Principal Amount (000)			U.S. $ Value

Jacobs Entertainment, Inc. 6.75%, 02/15/2029^(b)		U.S.$	2	$	1,893
Marriott Ownership Resorts, Inc. 4.50%, 06/15/2029^(b)			514		454,567
Mattamy Group Corp. 4.625%, 03/01/2030^(b)			95		88,095
MGM Resorts International 4.75%, 10/15/2028			1,047		996,092
5.50%, 04/15/2027			1,163		1,153,743
5.75%, 06/15/2025			30		29,937
New Home Co., Inc. (The) 8.25%, 10/15/2027^(a)^(b)			211		196,391
Playtech PLC 4.25%, 03/07/2026^(b)		EUR	101		108,856
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 02/15/2028		U.S.$	549		520,289
4.75%, 04/01/2029			911		840,524
Standard Industries, Inc./NJ 4.375%, 07/15/2030^(b)			705		646,853
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875%, 05/15/2025^(b)			1,785		1,777,915
Taylor Morrison Communities, Inc. 5.125%, 08/01/2030^(b)			92		89,134
5.75%, 01/15/2028^(b)			376		379,380
5.875%, 06/15/2027^(b)			83		83,465
Thor Industries, Inc. 4.00%, 10/15/2029^(b)			230		205,254
TopBuild Corp. 4.125%, 02/15/2032^(b)			418		373,633
Travel & Leisure Co. 4.50%, 12/01/2029^(b)			911		815,796
4.625%, 03/01/2030^(b)			2,415		2,160,235
6.00%, 04/01/2027^(a)			112		111,444
6.625%, 07/31/2026^(b)			637		644,282
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25%, 05/15/2027^(b)			781		763,724
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, 10/01/2029^(b)			1,988		1,877,750

					29,096,649


Consumer Cyclical - Restaurants – 0.4%
1011778 BC ULC/New Red Finance, Inc. 3.875%, 01/15/2028^(b)			1,286		1,215,607
4.375%, 01/15/2028^(b)			118		112,725
CEC Entertainment LLC 6.75%, 05/01/2026^(b)			365		357,076
Raising Cane’s Restaurants LLC 9.375%, 05/01/2029^(b)			917		977,616
Yum! Brands, Inc. 4.625%, 01/31/2032			1,072		1,001,559

					3,664,583


Consumer Cyclical - Retailers – 2.5%
Arko Corp. 5.125%, 11/15/2029^(b)			1,035		897,940
Asbury Automotive Group, Inc. 4.625%, 11/15/2029^(b)			858		795,254
5.00%, 02/15/2032^(b)			919		837,284
Bath & Body Works, Inc. 6.625%, 10/01/2030^(b)			1,916		1,960,215
6.75%, 07/01/2036			98		98,914
6.875%, 11/01/2035			519		525,125
7.50%, 06/15/2029			107		111,487
7.60%, 07/15/2037			261		260,937
9.375%, 07/01/2025^(b)			41		43,227


	Principal Amount (000)			U.S. $ Value

BCPE Ulysses Intermediate, Inc. 7.75% (7.75% Cash or 8.50% PIK), 04/01/2027^(b) (c)		U.S.$	518	$	485,193
Beacon Roofing Supply, Inc. 6.50%, 08/01/2030^(b)			674		691,100
Carvana Co. 5.50%, 04/15/2027^(b)			415		291,020
12.00%, 12/01/2028^(a)^(b) (c)			941		798,116
Foundation Building Materials, Inc. 6.00%, 03/01/2029^(b)			246		222,280
Gap, Inc. (The) 3.625%, 10/01/2029^(b)			27		23,067
3.875%, 10/01/2031^(b)			56		46,139
Group 1 Automotive, Inc. 4.00%, 08/15/2028^(b)			507		470,323
Guitar Center, Inc. 8.50%, 01/15/2026^(b)			396		348,820
Kontoor Brands, Inc. 4.125%, 11/15/2029^(b)			894		810,567
LBM Acquisition LLC 6.25%, 01/15/2029^(b)			81		72,108
LCM Investments Holdings II LLC 4.875%, 05/01/2029^(b)			92		85,655
8.25%, 08/01/2031^(b)			511		534,483
Levi Strauss & Co. 3.50%, 03/01/2031^(b)			746		649,067
Lithia Motors, Inc. 4.375%, 01/15/2031^(b)			464		422,392
LSF9 Atlantis Holdings LLC/Victra Finance Corp. 7.75%, 02/15/2026^(b)			378		362,445
Michaels Cos., Inc. (The) 5.25%, 05/01/2028^(b)			1,475		1,175,999
7.875%, 05/01/2029^(b)			1,356		863,285
Murphy Oil USA, Inc. 3.75%, 02/15/2031^(b)			442		387,274
4.75%, 09/15/2029			16		15,194
5.625%, 05/01/2027			69		68,775
NMG Holding Co., Inc./Neiman Marcus Group LLC 7.125%, 04/01/2026^(b)			1,870		1,797,668
Nordstrom, Inc. 5.00%, 01/15/2044			4		2,867
Penske Automotive Group, Inc. 3.75%, 06/15/2029			903		807,341
QVC, Inc. 4.375%, 09/01/2028			5		3,612
4.45%, 02/15/2025			296		277,868
4.75%, 02/15/2027			193		152,661
Sally Holdings LLC/Sally Capital, Inc. 5.625%, 12/01/2025			343		342,846
Sonic Automotive, Inc. 4.625%, 11/15/2029^(b)			1,674		1,523,229
4.875%, 11/15/2031^(b)			144		128,263
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.375%, 09/30/2026^(b)			418		413,586
Staples, Inc. 7.50%, 04/15/2026^(b)			2,851		2,659,705
10.75%, 04/15/2027^(b)			1,207		881,011
White Cap Buyer LLC 6.875%, 10/15/2028^(b)			161		156,195
White Cap Parent LLC 8.25% (8.25% Cash or 9.00% PIK), 03/15/2026^{(b) (c)}			329		329,274
William Carter Co. (The) 5.625%, 03/15/2027^(b)			80		79,189

					23,909,000


Consumer Non-Cyclical – 6.7%
AdaptHealth LLC 6.125%, 08/01/2028^(b)			288		248,655


	Principal Amount (000)			U.S. $ Value

AHP Health Partners, Inc. 5.75%, 07/15/2029^(b)		U.S.$	162	$	141,177
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 4.625%, 01/15/2027^(b)			615		596,282
4.875%, 02/15/2030^(b)			200		191,571
6.50%, 02/15/2028^(b)			2,469		2,507,852
Bausch & Lomb Escrow Corp. 8.375%, 10/01/2028^(b)			2,278		2,404,405
Bausch Health Americas, Inc. 8.50%, 01/31/2027^(b)⁽ⁱ⁾			543		299,699
Bausch Health Cos., Inc. 4.875%, 06/01/2028^(b)			2,874		1,733,375
5.25%, 01/30/2030^(b)			8		3,582
5.50%, 11/01/2025^(b)			265		243,847
5.75%, 08/15/2027^(b)			70		45,137
6.125%, 02/01/2027^(b)			359		242,267
6.25%, 02/15/2029^(b)			911		393,891
7.25%, 05/30/2029^(b)			254		116,334
11.00%, 09/30/2028^(b)			403		293,571
CAB SELAS 3.375%, 02/01/2028^(b)		EUR	1,880		1,846,001
Cheplapharm Arzneimittel GmbH 7.50%, 05/15/2030^(b)			770		903,597
CHS/Community Health Systems, Inc. 4.75%, 02/15/2031^(b)		U.S.$	493		388,354
5.625%, 03/15/2027^(b)			573		532,395
6.00%, 01/15/2029^(b)			1,599		1,439,251
6.125%, 04/01/2030^(b)			3,702		2,382,902
6.875%, 04/01/2028^(b)			213		131,562
6.875%, 04/15/2029^(b)			1,497		977,173
8.00%, 03/15/2026^(b)			296		295,385
10.875%, 01/15/2032^(b)			79		82,960
DaVita, Inc. 3.75%, 02/15/2031^(b)			787		646,052
4.625%, 06/01/2030^(b)			3,975		3,474,897
Edgewell Personal Care Co. 4.125%, 04/01/2029^(b)			2		1,825
Elanco Animal Health, Inc. 6.65%, 08/28/2028^(a)⁽ⁱ⁾			1,496		1,552,473
Embecta Corp. 5.00%, 02/15/2030^(b)			2,586		2,195,622
Emergent BioSolutions, Inc. 3.875%, 08/15/2028^(b)			1,516		599,615
Fortrea Holdings, Inc. 7.50%, 07/01/2030^(b)			406		418,235
Garden Spinco Corp. 8.625%, 07/20/2030^(b)			883		946,622
Global Medical Response, Inc. 6.50%, 10/01/2025^(b)			309		245,383
Grifols SA 3.875%, 10/15/2028^(b)		EUR	2,222		2,246,103
Gruenenthal GmbH 3.625%, 11/15/2026^(b)			785		854,565
4.125%, 05/15/2028^(b)			1,141		1,244,307
Heartland Dental LLC/Heartland Dental Finance Corp. 10.50%, 04/30/2028^(b)		U.S.$	76		78,782
Herbalife Nutrition Ltd./HLF Financing, Inc. 7.875%, 09/01/2025^(b)			382		380,090
Iceland Bondco PLC 9.50% (EURIBOR 3 Month + 5.50%), 12/15/2027^{(b) (j)}		EUR	385		424,826
10.875%, 12/15/2027^(b)		GBP	162		215,464
IQVIA, Inc. 2.25%, 03/15/2029^(b)		EUR	862		872,344
6.50%, 05/15/2030^(b)		U.S.$	329		338,544
Jazz Securities DAC 4.375%, 01/15/2029^(b)			954		887,504


	Principal Amount (000)			U.S. $ Value

Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. 7.00%, 12/31/2027^(b)		U.S.$	1,929	$	1,841,865
Lamb Weston Holdings, Inc. 4.125%, 01/31/2030^(b)			1,062		979,727
Legacy LifePoint Health LLC 4.375%, 02/15/2027^(b)			3,277		3,034,800
Medline Borrower LP 3.875%, 04/01/2029^(b)			1,738		1,572,027
5.25%, 10/01/2029^(b)			3,167		2,990,823
Newell Brands, Inc. 4.875%, 06/01/2025			170		167,204
5.20%, 04/01/2026^(a)			452		445,061
6.375%, 09/15/2027			407		406,045
Organon & Co./Organon Foreign Debt Co-Issuer BV 2.875%, 04/30/2028^(b)		EUR	885		898,731
4.125%, 04/30/2028^(b)		U.S.$	915		842,173
5.125%, 04/30/2031^(b)			1,160		988,828
Performance Food Group, Inc. 4.25%, 08/01/2029^(b)			279		255,998
5.50%, 10/15/2027^(b)			290		285,950
Perrigo Finance Unlimited Co. 4.65%, 06/15/2030^(a)			691		628,371
Post Holdings, Inc. 4.50%, 09/15/2031^(b)			131		117,739
4.625%, 04/15/2030^(b)			821		758,235
5.50%, 12/15/2029^(b)			529		510,890
Prime Healthcare Services, Inc. 7.25%, 11/01/2025^(b)			225		219,949
Primo Water Holdings, Inc. 4.375%, 04/30/2029^(b)			1,227		1,132,709
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. 9.75%, 12/01/2026^(b)			775		772,643
RP Escrow Issuer LLC 5.25%, 12/15/2025^(b)			471		379,369
Spectrum Brands, Inc. 3.875%, 03/15/2031^(b)			1,170		1,062,517
Tempur Sealy International, Inc. 3.875%, 10/15/2031^(b)			473		399,214
4.00%, 04/15/2029^(b)			18		16,321
Tenet Healthcare Corp. 4.375%, 01/15/2030			2,307		2,141,548
6.125%, 10/01/2028			648		645,005
6.125%, 06/15/2030			1,017		1,028,327
Triton Water Holdings, Inc. 6.25%, 04/01/2029^(b)			884		775,700
US Acute Care Solutions LLC 6.375%, 03/01/2026^(b)			3,238		2,706,348
US Foods, Inc. 4.75%, 02/15/2029^(b)			88		83,713
6.875%, 09/15/2028^(b)			79		81,480
7.25%, 01/15/2032^(b)			77		80,443

					64,314,231


Energy – 6.3%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375%, 06/15/2029^(b)			80		77,027
5.75%, 03/01/2027^(b)			80		79,460
5.75%, 01/15/2028^(b)			100		98,946
Ascent Resources Utica Holdings LLC/ARU Finance Corp. 7.00%, 11/01/2026^(b)			3		3,017
Berry Petroleum Co. LLC 7.00%, 02/15/2026^(b)			245		238,844
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.625%, 12/15/2025^(b)			421		426,412


	Principal Amount (000)			U.S. $ Value

Buckeye Partners LP 3.95%, 12/01/2026		U.S.$	91	$	86,303
4.125%, 03/01/2025^(b)			85		82,634
California Resources Corp. 7.125%, 02/01/2026^(b)			348		353,404
Callon Petroleum Co. 7.50%, 06/15/2030^(b)			1,004		1,014,731
8.00%, 08/01/2028^(b)			85		86,983
CGG SA 8.75%, 04/01/2027^(b)			422		386,191
Chesapeake Energy Corp. 5.50%, 02/01/2026^(b)			432		429,035
CITGO Petroleum Corp. 6.375%, 06/15/2026^(b)			471		469,707
7.00%, 06/15/2025^(b)			1,781		1,777,443
8.375%, 01/15/2029^(b)			844		868,019
Civitas Resources, Inc. 5.00%, 10/15/2026^(b)			682		662,519
8.375%, 07/01/2028^(b)			1,735		1,814,579
8.625%, 11/01/2030^(b)			521		554,225
8.75%, 07/01/2031^(b)			1,137		1,208,005
CNX Resources Corp. 6.00%, 01/15/2029^(b)			710		682,345
7.375%, 01/15/2031^(b)			107		108,107
Comstock Resources, Inc. 5.875%, 01/15/2030^(b)			30		26,111
6.75%, 03/01/2029^(b)			294		270,092
Crescent Energy Finance LLC 7.25%, 05/01/2026^(b)			1,228		1,243,245
9.25%, 02/15/2028^(b)			1,134		1,176,792
Encino Acquisition Partners Holdings LLC 8.50%, 05/01/2028^(b)			1,318		1,302,049
Enerflex Ltd. 9.00%, 10/15/2027^(b)			337		326,501
EnLink Midstream Partners LP Series C 9.76% (CME Term SOFR 3 Month + 4.37%), 01/29/2024^(j)^(l)			2,734		2,520,801
EQM Midstream Partners LP 4.50%, 01/15/2029^(b)			898		849,633
4.75%, 01/15/2031^(b)			1,464		1,367,047
5.50%, 07/15/2028			84		83,540
FTAI Infra Escrow Holdings LLC 10.50%, 06/01/2027^(b)			351		364,906
Genesis Energy LP/Genesis Energy Finance Corp. 6.25%, 05/15/2026			92		91,858
7.75%, 02/01/2028			440		441,756
8.00%, 01/15/2027			730		742,904
8.25%, 01/15/2029			1,438		1,481,195
Global Partners LP/GLP Finance Corp. 6.875%, 01/15/2029			1,921		1,861,869
7.00%, 08/01/2027			403		394,009
Gulfport Energy Corp. 8.00%, 05/17/2026^(b)			610		617,638
8.00%, 05/17/2026			4		3,670
Hess Midstream Operations LP 4.25%, 02/15/2030^(b)			798		737,656
5.125%, 06/15/2028^(b)			470		454,056
5.625%, 02/15/2026^(b)			481		477,641
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 02/01/2029^(b)			313		304,054
6.00%, 02/01/2031^(b)			412		396,695
6.25%, 04/15/2032^(b)			185		178,005
8.375%, 11/01/2033^(b)			1,355		1,441,116
Howard Midstream Energy Partners LLC 8.875%, 07/15/2028^(b)			702		739,344
Ithaca Energy North Sea PLC 9.00%, 07/15/2026^(b)			200		197,866


	Principal Amount (000)			U.S. $ Value

ITT Holdings LLC 6.50%, 08/01/2029^(b)		U.S.$	2,299	$	2,032,439
KCA Deutag UK Finance PLC 9.875%, 12/01/2025^(b)			331		335,032
MEG Energy Corp. 5.875%, 02/01/2029^(b)			388		377,039
Moss Creek Resources Holdings, Inc. 7.50%, 01/15/2026^(b)			2,830		2,820,635
Murphy Oil Corp. 5.875%, 12/01/2027			265		263,443
Nabors Industries Ltd. 7.25%, 01/15/2026^(b)			403		386,073
7.50%, 01/15/2028^(b)			2,085		1,814,058
Nabors Industries, Inc. 7.375%, 05/15/2027^(b)			399		391,379
9.125%, 01/31/2030^(b)			159		160,309
New Fortress Energy, Inc. 6.50%, 09/30/2026^(b)			1,721		1,654,139
6.75%, 09/15/2025^(b)			1,558		1,546,381
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.50%, 02/01/2026^(b)			1,951		1,971,236
NuStar Logistics LP 5.625%, 04/28/2027			80		79,600
5.75%, 10/01/2025			80		79,813
6.00%, 06/01/2026			80		79,775
6.375%, 10/01/2030			225		225,516
Oceaneering International, Inc. 6.00%, 02/01/2028^(b)			85		82,820
Parkland Corp. 4.50%, 10/01/2029^(b)			220		202,810
4.625%, 05/01/2030^(b)			220		203,752
5.875%, 07/15/2027^(b)			46		45,826
PBF Holding Co. LLC/PBF Finance Corp. 6.00%, 02/15/2028			318		310,652
7.875%, 09/15/2030^(b)			77		78,424
PDC Energy, Inc. 5.75%, 05/15/2026⁽ⁱ⁾			1,351		1,348,565
Permian Resources Operating LLC 5.875%, 07/01/2029^(b)			448		435,890
Petrofac Ltd. 9.75%, 11/15/2026^(b)			200		104,000
Rockies Express Pipeline LLC 3.60%, 05/15/2025^(b)			442		428,007
Southwestern Energy Co. 5.375%, 02/01/2029			187		182,080
8.375%, 09/15/2028			120		124,716
Strathcona Resources Ltd./Alberta 6.875%, 08/01/2026^(b)			357		341,454
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. 9.00%, 10/15/2026^(a)^(b)			1,400		1,397,251
Sunoco LP/Sunoco Finance Corp. 4.50%, 05/15/2029			204		190,382
4.50%, 04/30/2030			80		74,094
5.875%, 03/15/2028			774		772,745
7.00%, 09/15/2028^(b)			79		81,553
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 6.00%, 12/31/2030^(b)			160		150,078
6.00%, 09/01/2031^(b)			72		66,709
Transocean Aquila Ltd. 8.00%, 09/30/2028^(b)			1,143		1,166,462
Transocean Titan Financing Ltd. 8.375%, 02/01/2028^(b)			343		354,954
Transocean, Inc. 8.75%, 02/15/2030^(b)			241		252,403
11.50%, 01/30/2027^(b)			211		220,652


	Principal Amount (000)			U.S. $ Value

USA Compression Partners LP/USA Compression Finance Corp. 6.875%, 09/01/2027		U.S.$	4	$	3,964
Venture Global Calcasieu Pass LLC 3.875%, 08/15/2029^(b)			93		83,751
3.875%, 11/01/2033^(b)			83		70,424
4.125%, 08/15/2031^(b)			973		859,697
Venture Global LNG, Inc. 8.125%, 06/01/2028^(b)			1,448		1,462,391
8.375%, 06/01/2031^(b)			1,107		1,107,242
9.50%, 02/01/2029^(b)			1,663		1,758,209
9.875%, 02/01/2032^(b)			1,239		1,290,257
Weatherford International Ltd. 8.625%, 04/30/2030^(b)			175		182,427

					61,251,493


Other Industrial – 0.3%
AECOM 5.125%, 03/15/2027			374		371,401
American Builders & Contractors Supply Co., Inc. 4.00%, 01/15/2028^(b)			100		94,882
Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028^(b)			1,116		1,106,487
Grand Canyon University 4.125%, 10/01/2024			223		212,033
Ritchie Bros Holdings, Inc. 6.75%, 03/15/2028^(b)			1,145		1,180,533
7.75%, 03/15/2031^(b)			14		14,931

					2,980,267


Services – 3.2%
ADT Security Corp. (The) 4.875%, 07/15/2032^(b)			1,012		938,990
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.00%, 06/01/2029^(b)			327		267,877
6.625%, 07/15/2026^(b)			393		391,377
9.75%, 07/15/2027^(b)			1,601		1,567,926
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 3.625%, 06/01/2028^(b)		EUR	255		247,063
4.625%, 06/01/2028^(b)		U.S.$	1,727		1,582,974
4.875%, 06/01/2028^(b)		GBP	1,010		1,083,598
AMN Healthcare, Inc. 4.625%, 10/01/2027^(b)		U.S.$	4		3,812
ANGI Group LLC 3.875%, 08/15/2028^(b)			2,420		2,043,721
Aptim Corp. 7.75%, 06/15/2025^(b)			362		343,560
APX Group, Inc. 5.75%, 07/15/2029^(b)			1,604		1,497,418
6.75%, 02/15/2027^(b)			776		776,617
Aramark Services, Inc. 5.00%, 02/01/2028^(b)			1,064		1,029,681
Block, Inc. 2.75%, 06/01/2026			923		869,174
Brink’s Co. (The) 4.625%, 10/15/2027^(b)			383		368,002
Cars.com, Inc. 6.375%, 11/01/2028^(b)			830		801,084
CoreLogic, Inc. 4.50%, 05/01/2028^(b)			119		104,289
Garda World Security Corp. 4.625%, 02/15/2027^(b)			188		180,664
6.00%, 06/01/2029^(b)			179		160,853
7.75%, 02/15/2028^(b)			1,333		1,385,971
9.50%, 11/01/2027^(b)			479		483,228
IHS Markit Ltd. 4.75%, 08/01/2028			104		101,588


	Principal Amount (000)			U.S. $ Value

Korn Ferry 4.625%, 12/15/2027^(b)		U.S.$	402	$	387,401
Millennium Escrow Corp. 6.625%, 08/01/2026^(b)			1,979		1,404,974
Mobius Merger Sub, Inc. 9.00%, 06/01/2030^(b)			351		344,017
Monitronics International, Inc. 9.125%, 04/01/2020^(d)^{(e) (f) (g) (k)}			958		0
MPH Acquisition Holdings LLC 5.50%, 09/01/2028^(b)			1,922		1,726,338
5.75%, 11/01/2028^(b)⁽ⁱ⁾			3,508		2,895,140
Neptune Bidco US, Inc. 9.29%, 04/15/2029^(b)			2,588		2,418,930
Prime Security Services Borrower LLC/Prime Finance, Inc. 3.375%, 08/31/2027^(b)			423		391,623
5.25%, 04/15/2024^(b)			3		2,991
6.25%, 01/15/2028^(b)			1,595		1,579,613
Q-Park Holding I BV 2.00%, 03/01/2027^(b)		EUR	579		591,183
Rakuten Group, Inc. 10.25%, 11/30/2024^(b)		U.S.$	402		412,045
Shutterfly Finance LLC 8.50% (4.25% Cash and 4.25% PIK), 10/01/2027^(a)^(b) (c)			59		39,485
9.75%, 10/01/2027^(b)			7		6,931
Sotheby’s 7.375%, 10/15/2027^(b)			212		204,306
TriNet Group, Inc. 3.50%, 03/01/2029^(b)			413		370,159
Uber Technologies, Inc. 6.25%, 01/15/2028^(b)			610		613,801
Verscend Escrow Corp. 9.75%, 08/15/2026^(b)			551		554,131
WASH Multifamily Acquisition, Inc. 5.75%, 04/15/2026^(b)			26		25,235
Williams Scotsman, Inc. 4.625%, 08/15/2028^(b)			76		72,030
WW International, Inc. 4.50%, 04/15/2029^(b)			468		309,544

					30,579,344


Technology – 2.6%
Ahead DB Holdings LLC 6.625%, 05/01/2028^(b)			725		637,494
AthenaHealth Group, Inc. 6.50%, 02/15/2030^(b)			1,754		1,591,597
Central Parent, Inc./CDK Global, Inc. 7.25%, 06/15/2029^(b)			33		33,636
CommScope Technologies LLC 5.00%, 03/15/2027^(b)			108		45,462
CommScope, Inc. 4.75%, 09/01/2029^(b)			637		431,493
6.00%, 03/01/2026^(b)			364		323,970
8.25%, 03/01/2027^(b)			86		45,360
Conduent Business Services LLC/Conduent State & Local Solutions, Inc. 6.00%, 11/01/2029^(b)			18		16,212
Consensus Cloud Solutions, Inc. 6.50%, 10/15/2028^(b)			51		46,626
Entegris Escrow Corp. 5.95%, 06/15/2030^(b)			1,146		1,138,694
Fair Isaac Corp. 4.00%, 06/15/2028^(b)			423		400,246
Gen Digital, Inc. 6.75%, 09/30/2027^(b)			1,271		1,292,801
7.125%, 09/30/2030^(b)			586		613,200
GoTo Group, Inc. 5.50%, 09/01/2027^(b)			2,165		1,042,210


	Principal Amount (000)			U.S. $ Value

Imola Merger Corp. 4.75%, 05/15/2029^(b)		U.S.$	968	$	918,631
MicroStrategy, Inc. 6.125%, 06/15/2028^(b)			352		342,513
NCR Voyix Corp. 5.125%, 04/15/2029^(b)			963		917,068
Newfold Digital Holdings Group, Inc. 11.75%, 10/15/2028^(b)			357		383,252
ON Semiconductor Corp. 3.875%, 09/01/2028^(b)			383		356,055
Playtika Holding Corp. 4.25%, 03/15/2029^(b)			1,199		1,050,939
Presidio Holdings, Inc. 4.875%, 02/01/2027^(b)			198		193,629
8.25%, 02/01/2028^(b)			1,740		1,753,519
PTC, Inc. 3.625%, 02/15/2025^(b)			380		371,005
Rackspace Technology Global, Inc. 3.50%, 02/15/2028^(b)			3,885		1,555,266
Science Applications International Corp. 4.875%, 04/01/2028^(b)			105		100,430
Seagate HDD Cayman 4.09%, 06/01/2029			1,555		1,440,929
4.125%, 01/15/2031			38		33,988
4.875%, 06/01/2027			246		241,558
8.25%, 12/15/2029^(b)			956		1,030,725
8.50%, 07/15/2031^(b)			1,012		1,100,151
Sensata Technologies, Inc. 3.75%, 02/15/2031^(b)			392		345,447
TTM Technologies, Inc. 4.00%, 03/01/2029^(b)			375		340,614
Vericast Corp. 11.00%, 09/15/2026^(b)			130		137,810
Veritas US, Inc./Veritas Bermuda Ltd. 7.50%, 09/01/2025^(b)			3,248		2,673,428
Virtusa Corp. 7.125%, 12/15/2028^(b)			717		616,260
Western Digital Corp. 4.75%, 02/15/2026			1,271		1,246,047
Xerox Corp. 6.75%, 12/15/2039			42		36,672
Xerox Holdings Corp. 5.50%, 08/15/2028^(b)			478		431,411

					25,276,348


Transportation - Airlines – 0.9%
Allegiant Travel Co. 7.25%, 08/15/2027^(b)			127		124,852
American Airlines, Inc. 7.25%, 02/15/2028^(b)			81		82,278
8.50%, 05/15/2029^(b)			959		1,014,401
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%, 04/20/2026^(b)			2,061		2,043,909
5.75%, 04/20/2029^(b)			1,208		1,178,083
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. 5.75%, 01/20/2026^(b)			2,825		2,666,670
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 09/20/2025^(b)			1,590		1,154,693
United Airlines, Inc. 4.375%, 04/15/2026^(b)			84		81,927
VistaJet Malta Finance PLC/Vista Management Holding, Inc. 6.375%, 02/01/2030^(b)			15		10,481
7.875%, 05/01/2027^(b)			428		369,869

					8,727,163


	Principal Amount (000)			U.S. $ Value

Transportation - Services – 1.1%
Albion Financing 1 SARL/Aggreko Holdings, Inc. 5.25%, 10/15/2026^(b)		EUR	625	$	689,057
6.125%, 10/15/2026^(b)		U.S.$	228		226,624
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 4.75%, 04/01/2028^(b)			660		611,329
5.375%, 03/01/2029^(b)			424		392,496
5.75%, 07/15/2027^(b)			1,031		996,651
8.00%, 02/15/2031^(b)			78		78,000
BCP V Modular Services Finance PLC 6.75%, 11/30/2029^(b)		EUR	1,214		1,099,884
BCP V Modular Services Finance II PLC 4.75%, 11/30/2028^(b)			132		134,767
Boels Topholding BV 6.25%, 02/15/2029^(b)			862		992,723
Hertz Corp. (The) 4.625%, 12/01/2026^(b)		U.S.$	1,260		1,145,652
5.00%, 12/01/2029^(b)			1,441		1,182,529
Loxam SAS 2.875%, 04/15/2026^(b)		EUR	301		321,466
4.50%, 02/15/2027^(b)			629		692,404
6.375%, 05/31/2029^(b)			172		196,727
PROG Holdings, Inc. 6.00%, 11/15/2029^(b)		U.S.$	374		348,698
Rand Parent LLC 8.50%, 02/15/2030^(b)			372		355,798
United Rentals North America, Inc. 4.00%, 07/15/2030			3		2,764
XPO, Inc. 7.125%, 02/01/2032^(b)			816		841,595

					10,309,164

					479,355,783


Financial Institutions – 5.7%
Banking – 0.3%
Ally Financial, Inc. Series C 4.70%, 05/15/2028^(l)			256		174,894
Bread Financial Holdings, Inc. 7.00%, 01/15/2026^(b)			1,157		1,148,995
9.75%, 03/15/2029^(b)			783		811,555
Freedom Mortgage Corp. 7.625%, 05/01/2026^(b)			35		34,572
12.00%, 10/01/2028^(b)			77		83,962
UniCredit SpA 5.46%, 06/30/2035^(b)			243		228,857
7.30%, 04/02/2034^(b)			200		205,820

					2,688,655


Brokerage – 1.0%
AG Issuer LLC 6.25%, 03/01/2028^(b)			698		693,730
AG TTMT Escrow Issuer LLC 8.625%, 09/30/2027^(b)			784		825,142
Aretec Group, Inc. 10.00%, 08/15/2030^(b)			1,656		1,759,931
Hightower Holding LLC 6.75%, 04/15/2029^(b)			2,936		2,664,760
NFP Corp. 6.875%, 08/15/2028^(b)			326		331,598
7.50%, 10/01/2030^(b)			1,323		1,412,724
Osaic Holdings, Inc. 10.75%, 08/01/2027^(b)			1,425		1,449,777

					9,137,662


Finance – 2.4%
Castlelake Aviation Finance DAC 5.00%, 04/15/2027^(b)			1,036		972,424
CNG Holdings, Inc. 14.50%, 06/30/2026^(b)			794		674,900


	Principal Amount (000)			U.S. $ Value

Compass Group Diversified Holdings LLC 5.25%, 04/15/2029^(b)		U.S.$	1,277	$	1,187,828
Curo Group Holdings Corp. 7.50%, 08/01/2028^(b)			3,647		1,226,897
Curo SPV LLC 18.00%, 08/02/2027^(d)^(f)			1,572		1,375,159
Encore Capital Group, Inc. 4.875%, 10/15/2025^(b)		EUR	880		967,923
Enova International, Inc. 8.50%, 09/01/2024^(b)		U.S.$	343		343,000
8.50%, 09/15/2025^(b)			1,996		1,973,274
11.25%, 12/15/2028^(b)			651		671,485
GGAM Finance Ltd. 7.75%, 05/15/2026^(b)			662		673,757
8.00%, 02/15/2027^(b)			1,084		1,112,498
8.00%, 06/15/2028^(b)			1,069		1,109,240
goeasy Ltd. 9.25%, 12/01/2028^(b)			1,043		1,114,635
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5.00%, 08/15/2028^(b)			2,234		2,023,971
LD Holdings Group LLC 6.125%, 04/01/2028^(b)			421		361,160
6.50%, 11/01/2025^(b)			85		78,784
Midcap Financial Issuer Trust 5.625%, 01/15/2030^(b)			216		190,508
6.50%, 05/01/2028^(b)			231		216,224
Nationstar Mortgage Holdings, Inc. 6.00%, 01/15/2027^(b)			499		495,407
Navient Corp. 4.875%, 03/15/2028			2,003		1,861,753
5.00%, 03/15/2027			600		579,427
5.50%, 03/15/2029			79		72,884
5.625%, 08/01/2033			40		32,957
6.75%, 06/25/2025			954		965,935
6.75%, 06/15/2026			835		848,283
OneMain Finance Corp. 3.50%, 01/15/2027			174		161,440
9.00%, 01/15/2029			76		80,379
SLM Corp. 3.125%, 11/02/2026			188		175,987
Synchrony Financial 7.25%, 02/02/2033			1,884		1,873,930

					23,422,049


Insurance – 0.5%
Acrisure LLC/Acrisure Finance, Inc. 4.25%, 02/15/2029^(b)			152		138,512
10.125%, 08/01/2026^(b)			559		586,160
Ardonagh Midco 2 PLC 11.50% (11.50% Cash or 12.75% PIK), 01/15/2027^(b)^(c)			1,926		1,907,188
HUB International Ltd. 7.00%, 05/01/2026^(b)			292		292,425
7.25%, 06/15/2030^(b)			1,476		1,558,266
Molina Healthcare, Inc. 4.375%, 06/15/2028^(b)			456		432,223

					4,914,774


Other Finance – 0.4%
Armor Holdco, Inc. 8.50%, 11/15/2029^(b)			1,967		1,789,214
Coinbase Global, Inc. 3.375%, 10/01/2028^(b)			1,281		1,065,771
3.625%, 10/01/2031^(b)			694		530,966

					3,385,951


REITs – 1.1%
Aedas Homes Opco SLU 4.00%, 08/15/2026^(b)		EUR	1,580		1,648,466
Agps Bondco PLC 5.50%, 11/13/2026^(a)^(b)			200		76,481


	Principal Amount (000)			U.S. $ Value

Apollo Commercial Real Estate Finance, Inc. 4.625%, 06/15/2029^(b)		U.S.$	409	$	344,254
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 4.50%, 04/01/2027^(b)			1,121		1,009,518
5.75%, 05/15/2026^(b)			350		339,914
Iron Mountain, Inc. 4.875%, 09/15/2027^(b)			168		163,700
4.875%, 09/15/2029^(b)			252		238,008
5.25%, 03/15/2028^(b)			1,943		1,888,679
5.25%, 07/15/2030^(b)			80		76,102
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.75%, 06/15/2029^(b)			99		89,273
MPT Operating Partnership LP/MPT Finance Corp. 5.00%, 10/15/2027			257		210,833
Office Properties Income Trust 3.45%, 10/15/2031			863		430,969
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75%, 01/15/2029^(b)			9		7,000
Service Properties Trust 4.75%, 10/01/2026			89		83,779
4.95%, 02/15/2027			406		369,530
4.95%, 10/01/2029			85		70,227
8.625%, 11/15/2031^(b)			991		1,038,790
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC 10.50%, 02/15/2028^(b)			593		601,509
Via Celere Desarrollos Inmobiliarios SA 5.25%, 04/01/2026^(b)		EUR	771		816,476
Vivion Investments SARL 3.00%, 08/08/2024^(b)			1,000		1,033,717
Series E 7.90%, 02/28/2029^(a)^(b) (c)			400		334,611

					10,871,836

					54,420,927


Utility – 0.6%
Electric – 0.5%
Calpine Corp. 5.125%, 03/15/2028^(b)		U.S.$	304		291,318
ContourGlobal Power Holdings SA 3.125%, 01/01/2028^(b)		EUR	167		162,221
NextEra Energy Operating Partners LP 4.50%, 09/15/2027^(b)		U.S.$	108		103,978
NRG Energy, Inc. 3.375%, 02/15/2029^(b)			253		223,520
3.625%, 02/15/2031^(b)			90		77,418
3.875%, 02/15/2032^(b)			188		160,990
5.25%, 06/15/2029^(b)			80		77,753
6.625%, 01/15/2027			7		7,040
10.25%, 03/15/2028^(b)^(l)			842		876,489
Pike Corp. 8.625%, 01/31/2031^(b)			78		82,047
Vistra Corp. 7.00%, 12/15/2026^(b)^(l)			835		827,476
8.00%, 10/15/2026^(b)^(l)			1,003		999,557
Vistra Operations Co. LLC 4.375%, 05/01/2029^(b)			91		84,394
5.00%, 07/31/2027^(b)			80		77,898
5.625%, 02/15/2027^(b)			318		314,432

					4,366,531


Natural Gas – 0.0%
AmeriGas Partners LP/AmeriGas Finance Corp. 5.75%, 05/20/2027			183		177,992
5.875%, 08/20/2026			140		138,308

					316,300


	Principal Amount (000)			U.S. $ Value

Other Utility – 0.1%
Solaris Midstream Holdings LLC 7.625%, 04/01/2026^(b)		U.S.$	1,376	$	1,398,470

					6,081,301


Total Corporates - Non-Investment Grade (cost $567,348,851)					539,858,011


CORPORATES - INVESTMENT GRADE – 19.2%
Industrial – 9.7%
Basic – 1.0%
AngloGold Ashanti Holdings PLC 3.375%, 11/01/2028			283		254,929
Braskem Netherlands Finance BV 4.50%, 01/10/2028^(b)			1,265		1,027,180
4.50%, 01/31/2030^(b)			1,515		1,159,278
8.50%, 01/12/2031^(b)			601		557,427
Celanese US Holdings LLC 6.35%, 11/15/2028			389		407,887
6.55%, 11/15/2030			940		995,259
Freeport Indonesia PT 4.76%, 04/14/2027^(b)			281		276,816
Georgia-Pacific LLC 8.875%, 05/15/2031			1		1,250
Glencore Funding LLC 6.50%, 10/06/2033^(b)			1,173		1,280,081
Industrias Penoles SAB de CV 5.65%, 09/12/2049^(b)			386		347,400
INEOS Finance PLC 3.375%, 03/31/2026^(b)		EUR	351		379,788
MEGlobal Canada ULC 5.875%, 05/18/2030^(b)		U.S.$	343		351,896
Nexa Resources SA 6.50%, 01/18/2028^(b)			773		773,155
Olin Corp. 5.625%, 08/01/2029			735		724,236
Suzano Austria GmbH 3.75%, 01/15/2031			262		229,168
5.00%, 01/15/2030			218		209,416
Series DM3N 3.125%, 01/15/2032			331		273,489
UPL Corp., Ltd. 4.50%, 03/08/2028^(b)			272		239,360
4.625%, 06/16/2030^(b)			673		563,006

					10,051,021


Capital Goods – 0.1%
Howmet Aerospace, Inc. 5.90%, 02/01/2027			601		616,483
Regal Rexnord Corp. 6.30%, 02/15/2030^(b)			235		241,909
6.40%, 04/15/2033^(b)			277		289,273
Weir Group PLC (The) 2.20%, 05/13/2026^(b)			200		185,729

					1,333,394


Communications - Media – 0.7%
Cox Communications, Inc. 5.70%, 06/15/2033^(b)			442		460,920
DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc. 5.875%, 08/15/2027^(b)			2,651		2,489,271
Prosus NV 3.06%, 07/13/2031^(b)			1,744		1,401,740
4.03%, 08/03/2050^(b)			331		215,771
Time Warner Cable LLC 6.55%, 05/01/2037			330		325,365
Warnermedia Holdings, Inc. 4.28%, 03/15/2032			1,034		945,971


	Principal Amount (000)			U.S. $ Value

Weibo Corp. 3.375%, 07/08/2030		U.S.$	513	$	441,739

					6,280,777


Communications - Telecommunications – 0.2%
Hughes Satellite Systems Corp. 5.25%, 08/01/2026			118		104,863
Sprint Capital Corp. 8.75%, 03/15/2032			666		821,818
Sprint LLC 7.625%, 03/01/2026			186		194,257
Xiaomi Best Time International Ltd. 3.375%, 04/29/2030^(b)			718		629,291

					1,750,229


Consumer Cyclical - Automotive – 2.2%
Ford Motor Co. 3.25%, 02/12/2032			3,259		2,711,289
6.10%, 08/19/2032			709		715,319
Ford Motor Credit Co. LLC 2.70%, 08/10/2026			793		734,637
4.95%, 05/28/2027			1,160		1,132,533
6.80%, 05/12/2028			756		789,702
7.35%, 11/04/2027			2,541		2,677,247
Series G 4.39%, 01/08/2026			200		194,443
General Motors Co. 5.20%, 04/01/2045			19		17,131
General Motors Financial Co., Inc. 2.35%, 01/08/2031			525		434,174
2.70%, 06/10/2031			1,516		1,271,817
3.60%, 06/21/2030			264		240,003
5.65%, 01/17/2029			30		30,708
5.85%, 04/06/2030			164		169,246
6.40%, 01/09/2033			1,708		1,819,007
Harley-Davidson Financial Services, Inc. 6.50%, 03/10/2028^(b)			3,503		3,634,994
Hyundai Capital America 6.10%, 09/21/2028^(b)			1,745		1,812,881
Lear Corp. 3.50%, 05/30/2030			3		2,685
4.25%, 05/15/2029			17		16,353
Nissan Motor Acceptance Co. LLC 1.85%, 09/16/2026^(b)			126		113,339
2.45%, 09/15/2028^(b)			575		492,423
2.75%, 03/09/2028^(b)			1,245		1,098,175
6.95%, 09/15/2026^(b)			77		79,603
7.05%, 09/15/2028^(b)			77		81,178
Nissan Motor Co., Ltd. 4.345%, 09/17/2027^(b)			1,084		1,037,162
4.81%, 09/17/2030^(b)			233		218,015

					21,524,064


Consumer Cyclical - Entertainment – 0.2%
Mattel, Inc. 3.375%, 04/01/2026^(b)			1,152		1,096,987
3.75%, 04/01/2029^(b)			383		350,132
5.875%, 12/15/2027^(b)			578		577,516

					2,024,635


Consumer Cyclical - Other – 0.9%
GENM Capital Labuan Ltd. 3.88%, 04/19/2031^(b)			234		199,266
Genting New York LLC/GENNY Capital, Inc. 3.30%, 02/15/2026^(b)			239		220,393
International Game Technology PLC 3.50%, 06/15/2026^(b)		EUR	214		234,448
4.125%, 04/15/2026^(b)		U.S.$	1,352		1,313,083
Las Vegas Sands Corp. 3.50%, 08/18/2026			74		70,668


	Principal Amount (000)		U.S. $ Value

MDC Holdings, Inc. 6.00%, 01/15/2043	U.S.$	1,881	$	1,755,178
Owens Corning 7.00%, 12/01/2036^(a)		777		892,459
Resorts World Las Vegas LLC/RWLV Capital, Inc. 4.625%, 04/16/2029^(b)		1,400		1,217,718
4.625%, 04/06/2031^(b)		1,100		912,127
8.45%, 07/27/2030^(b)		200		205,691
Sands China Ltd. 3.50%, 08/08/2031^(a)		285		237,173
4.30%, 01/08/2026^(a)		200		192,063
4.625%, 06/18/2030^(a)		935		851,741

				8,302,008


Consumer Cyclical - Retailers – 0.2%
Macy’s Retail Holdings LLC 5.875%, 04/01/2029^(b)		316		303,800
5.875%, 03/15/2030^(b)		1,064		1,004,878
6.125%, 03/15/2032^(b)		509		481,701
Tapestry, Inc. 7.00%, 11/27/2026		258		267,661
7.05%, 11/27/2025		149		152,510

				2,210,550


Consumer Non-Cyclical – 1.3%
Altria Group, Inc. 6.875%, 11/01/2033		1,024		1,127,095
BAT Capital Corp. 6.42%, 08/02/2033		1,197		1,253,384
7.08%, 08/02/2043		77		81,874
7.08%, 08/02/2053		77		82,389
7.75%, 10/19/2032		665		750,138
Bayer US Finance LLC 6.375%, 11/21/2030^(b)		1,601		1,644,565
Charles River Laboratories International, Inc. 3.75%, 03/15/2029^(b)		770		708,997
4.00%, 03/15/2031^(b)		45		40,822
IQVIA, Inc. 5.70%, 05/15/2028^(b)		340		346,934
6.25%, 02/01/2029^(b)		943		984,759
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL 6.75%, 03/15/2034^(b)		1,344		1,417,200
7.25%, 11/15/2053^(b)		77		83,555
Mylan, Inc. 5.20%, 04/15/2048		403		334,041
Pilgrim’s Pride Corp. 3.50%, 03/01/2032		1,249		1,058,135
6.875%, 05/15/2034		1,581		1,706,988
PRA Health Sciences, Inc. 2.875%, 07/15/2026^(b)		363		339,655
Reynolds American, Inc. 5.85%, 08/15/2045		171		161,095

				12,121,626


Energy – 2.1%
Apache Corp. 4.75%, 04/15/2043		8		6,325
5.10%, 09/01/2040		24		20,568
Cenovus Energy, Inc. 6.75%, 11/15/2039		30		32,755
Cheniere Energy Partners LP 4.50%, 10/01/2029		603		576,005
Columbia Pipelines Operating Co. LLC 5.93%, 08/15/2030^(b)		228		235,934
6.04%, 11/15/2033^(b)		320		335,468
Continental Resources, Inc./OK 2.875%, 04/01/2032^(b)		343		278,284
5.75%, 01/15/2031^(b)		692		688,433


	Principal Amount (000)			U.S. $ Value

Ecopetrol SA 4.625%, 11/02/2031		U.S.$	841	$	711,433
6.875%, 04/29/2030			782		770,270
8.625%, 01/19/2029			2,054		2,190,077
EnLink Midstream LLC 5.625%, 01/15/2028^(b)			434		427,907
EnLink Midstream Partners LP 4.85%, 07/15/2026			440		433,093
5.05%, 04/01/2045			807		670,255
5.60%, 04/01/2044			104		91,648
Enterprise Products Operating LLC Series E 5.25%, 08/16/2077			345		331,332
EQT Corp. 3.90%, 10/01/2027			291		278,599
HF Sinclair Corp. 5.00%, 02/01/2028^(b)			377		365,022
Hunt Oil Co. of Peru LLC Sucursal Del Peru 8.55%, 09/18/2033^(b)			403		435,776
KazMunayGas National Co. JSC 4.75%, 04/19/2027^(b)			543		528,801
5.375%, 04/24/2030^(b)			1,383		1,368,306
Occidental Petroleum Corp. 4.40%, 04/15/2046			62		50,779
6.20%, 03/15/2040			2		2,062
6.45%, 09/15/2036			59		62,580
7.50%, 05/01/2031			1,673		1,876,760
Oleoducto Central SA 4.00%, 07/14/2027^(b)			424		392,153
ONEOK, Inc. 6.05%, 09/01/2033			703		744,070
Ovintiv, Inc. 5.65%, 05/15/2028			777		793,465
6.25%, 07/15/2033			782		809,124
6.50%, 02/01/2038			350		361,314
Tengizchevroil Finance Co. International Ltd. 3.25%, 08/15/2030^(b)			1,212		993,840
Var Energi ASA 7.50%, 01/15/2028^(b)			894		950,236
8.00%, 11/15/2032^(b)			1,585		1,786,498
Western Midstream Operating LP 3.95%, 06/01/2025			225		219,778
5.45%, 04/01/2044			193		174,923

					19,993,873


Other Industrial – 0.1%
LKQ Corp. 6.25%, 06/15/2033			945		987,553


Services – 0.2%
Gartner, Inc. 3.625%, 06/15/2029^(b)			262		236,967
4.50%, 07/01/2028^(b)			86		81,487
GTCR W-2 Merger Sub LLC 7.50%, 01/15/2031^(b)			1,210		1,283,741
GTCR W-2 Merger Sub LLC/GTCR W Dutch Finance Sub BV 8.50%, 01/15/2031^(b)		GBP	163		225,038
Verisk Analytics, Inc. 5.50%, 06/15/2045		U.S.$	5		4,934

					1,832,167


Technology – 0.1%
Lenovo Group Ltd. 3.42%, 11/02/2030^(b)			289		254,684
5.83%, 01/27/2028^(b)			597		608,295
Western Digital Corp. 2.85%, 02/01/2029			59		50,620
3.10%, 02/01/2032			130		103,528
Xiaomi Best Time International Ltd. 2.875%, 07/14/2031^(b)			318		262,560

					1,279,687


	Principal Amount (000)			U.S. $ Value

Transportation - Airlines – 0.3%
Delta Air Lines, Inc. 2.90%, 10/28/2024		U.S.$	427	$	415,979
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.75%, 10/20/2028^(b)			716		703,915
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. 6.50%, 06/20/2027^(b)			1,739		1,743,905

					2,863,799


Transportation - Railroads – 0.0%
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/2036^(b)			384		349,540


Transportation - Services – 0.1%
AerCap Global Aviation Trust 6.50%, 06/15/2045^(b)			235		235,280
United Rentals North America, Inc. 3.875%, 11/15/2027			712		679,893

					915,173

					93,820,096


Financial Institutions – 8.9%
Banking – 6.3%
AIB Group PLC 4.26%, 04/10/2025^(b)			526		523,235
6.61%, 09/13/2029^(b)			429		451,968
Ally Financial, Inc. 6.70%, 02/14/2033			1,192		1,192,841
6.85%, 01/03/2030			41		42,159
8.00%, 11/01/2031			548		600,246
Series B 4.70%, 05/15/2026^(l)			2,950		2,225,371
Banco Santander SA 2.75%, 12/03/2030			400		332,212
3.225%, 11/22/2032			200		166,989
6.92%, 08/08/2033			2,600		2,763,851
9.625%, 05/21/2033^(l)			1,400		1,530,721
Bank of America Corp. Series U 8.77% (CME Term SOFR 3 Month + 3.40%), 01/29/2024^(j)^(l)			316		316,068
Series X 6.25%, 09/05/2024^(l)			1,199		1,190,878
Barclays PLC 6.125%, 12/15/2025^(l)			3,088		2,944,283
7.12%, 06/27/2034			361		384,498
7.125%, 06/15/2025^(l)		GBP	404		501,441
BNP Paribas SA 4.625%, 02/25/2031^(b)^(l)		U.S.$	1,350		1,089,774
7.375%, 08/19/2025^(b)^(l)			755		756,713
8.50%, 08/14/2028^(b)^(l)			1,205		1,262,314
CaixaBank SA 5.875%, 10/09/2027^(b)^(l)		EUR	1,000		1,068,725
6.84%, 09/13/2034^(b)		U.S.$	1,227		1,298,145
Capital One Financial Corp. 2.36%, 07/29/2032			423		321,177
5.82%, 02/01/2034			17		16,931
7.62%, 10/30/2031			1,234		1,353,868
Citigroup, Inc. 7.625%, 11/15/2028^(l)			592		604,315
Series W 4.00%, 12/10/2025^(l)			413		380,522
Credit Agricole SA 8.125%, 12/23/2025^(b)^(l)			1,909		1,945,361
Deutsche Bank AG/New York NY 1.45%, 04/01/2025			150		148,170
6.72%, 01/18/2029			1,317		1,379,347
6.82%, 11/20/2029			269		283,118
7.08%, 02/10/2034			1,509		1,550,449
7.15%, 07/13/2027			573		594,949


	Principal Amount (000)			U.S. $ Value

Discover Financial Services 7.96%, 11/02/2034		U.S.$	270	$	300,356
Goldman Sachs Group, Inc. (The) Series P 8.505% (SOFR + 3.14%), 01/29/2024^(j)^(l)			1,130		1,127,781
HSBC Holdings PLC 4.76%, 03/29/2033			901		839,718
8.11%, 11/03/2033			1,024		1,179,721
Series E 4.75%, 07/04/2029^(b)^(l)		EUR	1,595		1,591,071
Intesa Sanpaolo SpA 5.02%, 06/26/2024^(b)		U.S.$	331		327,621
5.71%, 01/15/2026^(b)			1,650		1,643,040
6.625%, 06/20/2033^(b)			997		1,020,487
7.20%, 11/28/2033^(b)			832		888,108
7.80%, 11/28/2053^(b)			201		221,686
JPMorgan Chase & Co. Series Q 8.89% (SOFR + 3.51%), 02/01/2024^(j)^(l)			1,212		1,216,538
Series R 8.94% (SOFR + 3.56%), 02/01/2024^(j)^(l)			89		89,325
KeyBank NA/Cleveland OH 3.30%, 06/01/2025			304		292,495
Lloyds Banking Group PLC 7.50%, 09/27/2025^(l)			939		921,861
7.95%, 11/15/2033			854		979,673
8.00%, 09/27/2029^(l)			801		799,804
Nordea Bank Abp 6.625%, 03/26/2026^(b)^(l)			3,065		3,022,921
PNC Financial Services Group, Inc. (The) Series R 8.68% (CME Term SOFR 3 Month + 3.30%), 03/01/2024^(j)^(l)			503		502,584
Santander Holdings USA, Inc. 6.50%, 03/09/2029			1,967		2,034,756
6.565%, 06/12/2029			1,616		1,667,879
7.66%, 11/09/2031			183		198,097
Santander UK Group Holdings PLC 6.83%, 11/21/2026			2,533		2,581,705
Societe Generale SA 7.37%, 01/10/2053^(b)			203		214,113
Standard Chartered PLC 6.17%, 01/09/2027^(b)			449		455,542
6.19%, 07/06/2027^(b)			433		440,104
Swedbank AB Series NC5 5.625%, 09/17/2024^(b) ^(l)			1,000		982,770
Synchrony Bank 5.625%, 08/23/2027			727		715,117
Truist Financial Corp. Series L 8.75% (CME Term SOFR 3 Month + 3.36%), 12/15/2024^(j)^(l)			1,397		1,395,738
UBS Group AG 6.37%, 07/15/2026^(b)			712		721,218
7.00%, 02/19/2025^(b)^(l)			620		615,676
9.25%, 11/13/2028^(b)^(l)			448		482,861
9.25%, 11/13/2033^(b)^(l)			380		421,621
UniCredit SpA 1.98%, 06/03/2027^(b)			915		836,423
Wells Fargo & Co. 7.625%, 09/15/2028^(l)			294		308,187

					60,257,236


Brokerage – 0.1%
Charles Schwab Corp. (The) Series I 4.00%, 06/01/2026^(l)			1,251		1,103,067


	Principal Amount (000)			U.S. $ Value

Finance – 1.1%
Air Lease Corp. Series B 4.65%, 06/15/2026^(l)		U.S.$	1,229	$	1,106,390
Aircastle Ltd. 5.25%, 06/15/2026^(b) ^(l)			1,374		1,181,274
Aviation Capital Group LLC 1.95%, 09/20/2026^(b)			844		765,159
3.50%, 11/01/2027^(b)			295		271,664
4.125%, 08/01/2025^(b)			395		383,361
4.875%, 10/01/2025^(b)			319		312,728
6.375%, 07/15/2030^(b)			1,098		1,130,612
6.75%, 10/25/2028^(b)			1,181		1,230,507
Blackstone Private Credit Fund 7.30%, 11/27/2028^(b)			78		80,844
Blue Owl Capital Corp. 3.40%, 07/15/2026			337		313,357
Blue Owl Credit Income Corp. 7.75%, 01/15/2029^(b)			78		80,293
Enact Holdings, Inc. 6.50%, 08/15/2025^(b)			215		214,464
Golub Capital BDC, Inc. 7.05%, 12/05/2028			79		83,041
Huarong Finance 2017 Co., Ltd. 4.75%, 04/27/2027^(b)			200		186,812
Huarong Finance 2019 Co., Ltd. Series E 3.75%, 05/29/2024^(b)			343		337,865
Huarong Finance II Co., Ltd. Series E 4.625%, 06/03/2026^(b)			200		189,750
4.875%, 11/22/2026^(b)			430		407,156
5.50%, 01/16/2025^(b)			1,082		1,064,756
ILFC E-Capital Trust II 7.44% (CME Term SOFR 3 Month + 2.06%), 12/21/2065^(b)^(j)			2,000		1,542,162
Synchrony Financial 4.875%, 06/13/2025			23		22,601

					10,904,796


Insurance – 1.2%
Aegon Ltd. 5.50%, 04/11/2048			314		299,069
Allstate Corp. (The) 6.50%, 05/15/2057			1,657		1,647,144
American International Group, Inc. Series A-9 5.75%, 04/01/2048			335		331,143
Argentum Netherlands BV for Swiss Re Ltd. 5.625%, 08/15/2052^(b)			308		299,373
Enstar Finance LLC 5.50%, 01/15/2042			262		222,600
Global Atlantic Fin Co. 4.70%, 10/15/2051^(b)			62		53,402
Liberty Mutual Group, Inc. 4.125%, 12/15/2051^(b)			43		36,074
4.30%, 02/01/2061^(b)			610		403,048
7.80%, 03/15/2037^(b)			2,187		2,196,615
MetLife, Inc. 10.75%, 08/01/2039			2,350		3,176,514
Prudential Financial, Inc. 5.20%, 03/15/2044			340		338,733
Sagicor Financial Co., Ltd. 5.30%, 05/13/2028^(b)			357		342,616
Sammons Financial Group, Inc. 3.35%, 04/16/2031^(b)			388		312,323
Transatlantic Holdings, Inc. 8.00%, 11/30/2039			1,261		1,639,138

					11,297,792


	Principal Amount (000)		U.S. $ Value

REITs – 0.2%
Necessity Retail REIT, Inc. (The)/American Finance Operating Partner LP 4.50%, 09/30/2028^(b)	U.S.$	424	$	356,870
Trust Fibra Uno 4.87%, 01/15/2030^(b)		1,480		1,332,925
WEA Finance LLC 2.875%, 01/15/2027^(b)		117		104,245

				1,794,040

				85,356,931


Utility – 0.6%
Electric – 0.6%
Alexander Funding Trust II 7.47%, 07/31/2028^(b)		685		719,484
Cometa Energia SA de CV 6.375%, 04/24/2035^(b)		441		424,338
Edison International 8.125%, 06/15/2053		333		342,975
Electricite de France SA 9.125%, 03/15/2033^(b)^(l)		427		475,185
Enel Finance International NV 7.50%, 10/14/2032^(b)		1,190		1,358,610
FirstEnergy Corp. Series C 5.10%, 07/15/2047^(a)		7		6,409
NRG Energy, Inc. 4.45%, 06/15/2029^(b)		154		145,440
7.00%, 03/15/2033^(b)		323		341,312
Pacific Gas & Electric Co. 6.75%, 01/15/2053		76		82,886
Palomino Funding Trust I 7.23%, 05/17/2028^(b)		1,703		1,791,824

				5,688,463


Total Corporates - Investment Grade (cost $180,468,834)				184,865,490


EMERGING MARKETS - CORPORATE BONDS – 5.1%
Industrial – 4.6%
Basic – 1.1%
Braskem Idesa SAPI 6.99%, 02/20/2032^(b)		1,556		879,327
7.45%, 11/15/2029^(b)		1,393		856,277
Cia de Minas Buenaventura SAA 5.50%, 07/23/2026^(b)		1,072		1,022,656
Consolidated Energy Finance SA 5.625%, 10/15/2028^(b)		196		167,496
CSN Inova Ventures 6.75%, 01/28/2028^(b)		1,694		1,641,079
Eldorado Gold Corp. 6.25%, 09/01/2029^(b)		986		930,084
First Quantum Minerals Ltd. 6.875%, 10/15/2027^(b)		1,215		1,026,687
8.625%, 06/01/2031^(b)		832		700,394
Indika Energy Capital IV Pte Ltd. 8.25%, 10/22/2025^(b)		905		906,980
JSW Steel Ltd. 3.95%, 04/05/2027^(b)		409		378,325
5.05%, 04/05/2032^(b)		658		569,170
Sasol Financing USA LLC 8.75%, 05/03/2029^(b)		668		681,652
Stillwater Mining Co. 4.00%, 11/16/2026^(b)		319		282,315
4.50%, 11/16/2029^(b)		309		242,565
Vedanta Resources Finance II PLC 13.875%, 01/21/2024^(b)		414		366,614


	Principal Amount (000)			U.S. $ Value

Volcan Cia Minera SAA 4.375%, 02/11/2026^(b)		U.S.$	345	$	208,725

					10,860,346


Capital Goods – 0.3%
Cemex SAB de CV 5.125%, 06/08/2026^(b)^(l)			1,028		971,378
Embraer Netherlands Finance BV 5.40%, 02/01/2027			918		906,819
IHS Holding Ltd. 5.625%, 11/29/2026^(b)			402		347,227
6.25%, 11/29/2028^(b)			383		307,357
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058^(h)			2,661		2,848

					2,535,629


Communications - Media – 0.2%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030^(b)			1,130		971,020
Telecomunicaciones Digitales SA 4.50%, 01/30/2030^(b)			505		436,825

					1,407,845


Communications - Telecommunications – 0.1%
CT Trust 5.125%, 02/03/2032^(b)			764		663,507
Digicel Group Holdings Ltd. Zero Coupon, 12/31/2030^(d)^(h)			99		2,035
Digicel International Finance Ltd./Digicel International Holdings Ltd. Series 1441 8.75%, 05/25/2024^(b)⁽ⁱ⁾			657		613,993

					1,279,535


Consumer Cyclical - Other – 1.1%
Allwyn Entertainment Financing UK PLC 7.875%, 04/30/2029^(b)			200		205,832
8.13% (EURIBOR 3 Month + 4.13%), 02/15/2028^(b) (j)		EUR	650		729,979
Allwyn International AS 3.875%, 02/15/2027^(b)			170		180,165
Melco Resorts Finance Ltd. 5.375%, 12/04/2029^(b)		U.S.$	1,356		1,193,280
5.625%, 07/17/2027^(b)			965		904,989
5.75%, 07/21/2028^(b)			1,255		1,155,384
MGM China Holdings Ltd. 4.75%, 02/01/2027^(b)			1,122		1,064,497
5.25%, 06/18/2025^(b)			222		217,282
5.375%, 05/15/2024^(b)			174		173,147
5.875%, 05/15/2026^(b)			414		403,650
Studio City Co., Ltd. 7.00%, 02/15/2027^(b)			289		283,943
Studio City Finance Ltd. 5.00%, 01/15/2029^(b)			609		508,896
6.00%, 07/15/2025^(b)			448		438,200
6.50%, 01/15/2028^(b)			199		183,764
Wynn Macau Ltd. 4.875%, 10/01/2024^(b)			286		282,068
5.125%, 12/15/2029^(b)			241		213,436
5.50%, 01/15/2026^(b)			734		713,815
5.50%, 10/01/2027^(b)			947		888,108
5.625%, 08/26/2028^(b)			717		662,553

					10,402,988


Consumer Cyclical - Retailers – 0.1%
Falabella SA 3.375%, 01/15/2032^(b)			583		433,971
3.75%, 10/30/2027^(b)			476		416,946
K201640219 South Africa Ltd. Zero Coupon, 06/25/2023^(d)^{(e) (f) (g)}		ZAR	45		0


	Principal Amount (000)			U.S. $ Value

K2016470219 South Africa Ltd. 3.00%, 12/31/2022^(d)^{(e) (f) (g) (h)}		U.S.$	1,100	$	0
K2016470260 South Africa Ltd. 25.00%, 12/31/2022^(d)^{(e) (f) (g) (h)}			771		0

					850,917


Consumer Non-Cyclical – 0.8%
BBFI Liquidating Trust Zero Coupon, 12/30/2099^(d)^(f) (h)			780		346,153
BRF SA 4.875%, 01/24/2030^(b)			655		573,380
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL 5.25%, 04/27/2029^(b)			377		353,076
MARB BondCo PLC 3.95%, 01/29/2031^(b)			2,334		1,884,938
Rede D’or Finance SARL 4.50%, 01/22/2030^(b)			223		198,711
4.95%, 01/17/2028^(b)			735		697,434
Teva Pharmaceutical Finance Netherlands II BV 3.75%, 05/09/2027		EUR	446		474,317
4.375%, 05/09/2030			1,000		1,034,776
Teva Pharmaceutical Finance Netherlands III BV 4.75%, 05/09/2027		U.S.$	517		495,912
5.125%, 05/09/2029⁽ⁱ⁾			517		492,515
7.875%, 09/15/2029			506		545,132
8.125%, 09/15/2031			506		552,543
Tonon Luxembourg SA 0.065%, 10/31/2024^(g)^(h) (m)			621		62
Ulker Biskuvi Sanayi AS 6.95%, 10/30/2025^(b)			327		320,153
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018^(d)^{(e) (f) (g) (h)}			4,090		410
10.875%, 01/13/2020^(d)^{(e) (f) (g) (h)}			480		48
11.75%, 02/09/2022^(d)^{(e) (f) (g) (h)}			1,620		162

					7,969,722


Energy – 0.7%
Acu Petroleo Luxembourg SARL 7.50%, 01/13/2032^(b)			539		508,989
Canacol Energy Ltd. 5.75%, 11/24/2028^(b)			544		397,648
Cosan Luxembourg SA 5.50%, 09/20/2029^(b)			461		436,728
Geopark Ltd. 5.50%, 01/17/2027^(b)			561		494,179
Gran Tierra Energy, Inc. 9.50%, 10/15/2029^(b)			746		649,020
Greenko Wind Projects Mauritius Ltd. 5.50%, 04/06/2025^(b)			957		937,860
Kosmos Energy Ltd. 7.50%, 03/01/2028^(b)			314		286,525
7.75%, 05/01/2027^(b)			200		186,500
Leviathan Bond Ltd. 6.50%, 06/30/2027^(b)			1,197		1,123,693
MV24 Capital BV 6.75%, 06/01/2034^(b)			448		416,964
ReNew Pvt. Ltd. 5.875%, 03/05/2027^(b)			202		192,726
SEPLAT Energy PLC 7.75%, 04/01/2026^(b)			381		349,568
SierraCol Energy Andina LLC 6.00%, 06/15/2028^(b)			558		464,590

					6,444,990


Services – 0.0%
Bidvest Group UK PLC (The) 3.625%, 09/23/2026^(b)			454		419,382


	Principal Amount (000)			U.S. $ Value

Technology – 0.2%
CA Magnum Holdings 5.375%, 10/31/2026^(b)		U.S.$	2,039	$	1,896,270


Transportation - Services – 0.0%
JSW Infrastructure Ltd. 4.95%, 01/21/2029^(b)			204		187,935

					44,255,559


Utility – 0.3%
Electric – 0.3%
Adani Green Energy Ltd. 4.375%, 09/08/2024^(b)			495		477,675
AES Andes SA 6.35%, 10/07/2079^(b)			495		462,825
Continuum Energy Aura Pte Ltd. 9.50%, 02/24/2027^(b)			401		408,519
Diamond II Ltd. 7.95%, 07/28/2026^(b)			597		597,741
India Clean Energy Holdings 4.50%, 04/18/2027^(b)			511		449,041
Investment Energy Resources Ltd. 6.25%, 04/26/2029^(b)			403		377,740
JSW Hydro Energy Ltd. 4.125%, 05/18/2031^(b)			439		380,923
Star Energy Geothermal Wayang Windu Ltd. 6.75%, 04/24/2033^(b)			186		184,571
Terraform Global Operating LP 6.125%, 03/01/2026^(b)			118		116,800

					3,455,835


Financial Institutions – 0.2%
Banking – 0.2%
Turkiye Vakiflar Bankasi TAO 9.00%, 10/12/2028^(b)			928		972,950
Yapi ve Kredi Bankasi AS 9.25%, 10/16/2028^(b)			400		423,000

					1,395,950


Other Finance – 0.0%
OEC Finance Ltd. 4.375%, 10/25/2029^(a)^(b) (c)			213		8,540
5.25%, 12/27/2033^(a)^(b) (c)			694		27,747
7.125%, 12/26/2046^(a)^(b) (c)			1,944		118,542

					154,829


REITs – 0.0%
Yango Justice International Ltd. 8.25%, 11/25/2023^(b)^(e) (g)			414		1,035

					1,551,814


Total Emerging Markets - Corporate Bonds (cost $61,154,545)					49,263,208


COLLATERALIZED LOAN OBLIGATIONS – 4.2%
CLO - Floating Rate – 4.2%
AMMC CLO 25 Ltd. Series 2022-25A, Class E 12.98% (CME Term SOFR 3 Month + 7.59%), 04/15/2035^(b)^(j)			5,000		4,953,210
Ares XXXIV CLO Ltd. Series 2015-2A, Class CR 7.66% (CME Term SOFR 3 Month + 2.26%), 04/17/2033^(b)^(j)			2,358		2,305,390
Balboa Bay Loan Funding Ltd. Series 2020-1A, Class ER 12.07% (CME Term SOFR 3 Month + 6.66%), 01/20/2032^(b)^(j)			3,100		2,975,051
Series 2021-2A, Class E 12.27% (CME Term SOFR 3 Month + 6.86%), 01/20/2035^(b)^(j)			1,000		903,331


	Principal Amount (000)		U.S. $ Value

Series 2022-1A, Class E 13.35% (CME Term SOFR 3 Month + 7.93%), 04/20/2034^(b)^(j)	U.S.$	3,700	$	3,644,426
Ballyrock CLO 15 Ltd. Series 2021-1A, Class D 11.875% (CME Term SOFR 3 Month + 6.48%), 04/15/2034^(b)^(j)		250		235,440
Crown Point CLO 11 Ltd. Series 2021-11A, Class E 12.47% (CME Term SOFR 3 Month + 7.07%), 01/17/2034^(b)^(j)		2,000		1,945,258
Dryden 78 CLO Ltd. Series 2020-78A, Class C 7.61% (CME Term SOFR 3 Month + 2.21%), 04/17/2033^(b)^(j)		3,000		2,940,855
Series 2020-78A, Class D 8.66% (CME Term SOFR 3 Month + 3.26%), 04/17/2033^(b)^(j)		1,329		1,306,215
Elevation CLO Ltd. Series 2020-11A, Class C 7.855% (CME Term SOFR 3 Month + 2.46%), 04/15/2033^(b)^(j)		648		628,398
Series 2020-11A, Class D1 9.505% (CME Term SOFR 3 Month + 4.11%), 04/15/2033^(b)^(j)		1,006		972,799
Elmwood CLO IX Ltd. Series 2021-2A, Class E 11.63% (CME Term SOFR 3 Month + 6.21%), 07/20/2034^(b)^(j)		250		247,047
Elmwood CLO VIII Ltd. Series 2021-1A, Class E1 11.68% (CME Term SOFR 3 Month + 6.26%), 01/20/2034^(b)^(j)		350		345,092
Elmwood CLO XII Ltd. Series 2021-5A, Class E 12.03% (CME Term SOFR 3 Month + 6.61%), 01/20/2035^(b)^(j)		650		649,929
Flatiron CLO 21 Ltd. Series 2021-1A, Class E 11.66% (CME Term SOFR 3 Month + 6.26%), 07/19/2034^(b)^(j)		400		394,466
Galaxy 30 CLO Ltd. Series 2022-30A, Class E 12.34% (CME Term SOFR 3 Month + 6.95%), 04/15/2035^(b)^(j)		2,000		1,933,088
Madison Park Funding LI Ltd. Series 2021-51A, Class E 11.93% (CME Term SOFR 3 Month + 6.53%), 07/19/2034^(b)^(j)		250		249,581
OCP CLO Ltd. Series 2021-21A, Class E 11.96% (CME Term SOFR 3 Month + 6.54%), 07/20/2034^(b)^(j)		250		242,656
Octagon Investment Partners 29 Ltd. Series 2016-1A, Class DR 8.76% (CME Term SOFR 3 Month + 3.36%), 01/24/2033^(b)^(j)		1,701		1,632,849
Palmer Square CLO Ltd. Series 2021-3A, Class E 11.805% (CME Term SOFR 3 Month + 6.41%), 01/15/2035^(b)^(j)		4,100		4,090,644
Rad CLO 10 Ltd. Series 2021-10A, Class E 11.52% (CME Term SOFR 3 Month + 6.11%), 04/23/2034^(b)^(j)		750		723,474
Rad CLO 11 Ltd. Series 2021-11A, Class E 11.905% (CME Term SOFR 3 Month + 6.51%), 04/15/2034^(b)^(j)		355		345,580


	Principal Amount (000)		U.S. $ Value

Regatta XIX Funding Ltd. Series 2022-1A, Class E 12.30% (CME Term SOFR 3 Month + 6.88%), 04/20/2035^(b)^(j)	U.S.$	349	$	348,532
Regatta XXIV Funding Ltd. Series 2021-5A, Class E 12.48% (CME Term SOFR 3 Month + 7.06%), 01/20/2035^(b)^(j)		3,600		3,599,600
Sixth Street CLO XVIII Ltd. Series 2021-18A, Class E 12.18% (CME Term SOFR 3 Month + 6.76%), 04/20/2034^(b)^(j)		1,238		1,232,708
Sixth Street CLO XX Ltd. Series 2021-20A, Class E 11.83% (CME Term SOFR 3 Month + 6.41%), 10/20/2034^(b)^(j)		679		675,771
Voya CLO Ltd. Series 2019-1A, Class DR 8.505% (CME Term SOFR 3 Month + 3.11%), 04/15/2031^(b)^(j)		1,050		1,026,049


Total Collateralized Loan Obligations (cost $41,140,021)				40,547,439


BANK LOANS – 3.4%
Industrial – 3.0%
Capital Goods – 0.3%
ACProducts Holdings, Inc. 9.86% (CME Term SOFR 3 Month + 4.25%), 05/17/2028⁽ⁿ⁾		1,928		1,686,088
Apex Tool Group LLC 10.71% (CME Term SOFR 1 Month + 5.25%), 02/08/2029⁽ⁿ⁾		1,037		906,678
Chariot Buyer LLC 8.71% (CME Term SOFR 1 Month + 3.25%), 11/03/2028⁽ⁿ⁾		157		156,268
TransDigm, Inc. 8.60% (CME Term SOFR 3 Month + 3.25%), 08/24/2028⁽ⁿ⁾		291		292,282

				3,041,316


Communications - Media – 0.2%
Advantage Sales & Marketing, Inc. 10.18% (CME Term SOFR 3 Month + 4.50%), 10/28/2027⁽ⁿ⁾		1,697		1,683,249
Clear Channel Outdoor Holdings, Inc. 9.145% (CME Term SOFR 3 Month + 3.50%), 08/21/2026⁽ⁿ⁾		313		308,924
iHeartCommunications, Inc. 8.47% (CME Term SOFR 1 Month + 3.00%), 05/01/2026⁽ⁿ⁾		355		305,002

				2,297,175


Communications - Telecommunications – 0.7%
Crown Subsea Communications Holding, Inc. 10.46% (CME Term SOFR 1 Month + 5.00%), 04/27/2027⁽ⁿ⁾		1,515		1,521,783
Directv Financing LLC 10.65% (CME Term SOFR 3 Month + 5.00%), 08/02/2027⁽ⁿ⁾		558		557,625
Proofpoint, Inc. 11.72% (CME Term SOFR 1 Month + 6.25%), 08/31/2029⁽ⁿ⁾		2,480		2,498,600
Zacapa SARL 9.39% (CME Term SOFR 3 Month + 4.00%), 03/22/2029⁽ⁿ⁾		2,110		2,102,274

				6,680,282


	Principal Amount (000)		U.S. $ Value

Consumer Cyclical - Automotive – 0.1%
Garrett Motion SARL 9.88% (CME Term SOFR 3 Month + 4.50%), 04/30/2028^(d)⁽ⁿ⁾	U.S.$	850	$	850,000


Consumer Cyclical - Restaurants – 0.0%
IRB Holding Corp. 8.46% (CME Term SOFR 1 Month + 3.00%), 12/15/2027⁽ⁿ⁾		158		158,500


Consumer Cyclical - Retailers – 0.1%
Great Outdoors Group LLC 9.22% (CME Term SOFR 1 Month + 3.75%), 03/06/2028⁽ⁿ⁾		472		471,529


Consumer Non-Cyclical – 0.5%
Gainwell Acquisition Corp. 9.45% (CME Term SOFR 3 Month + 4.00%), 10/01/2027⁽ⁿ⁾		1,203		1,166,716
PetSmart LLC 9.21% (CME Term SOFR 1 Month + 3.75%), 02/11/2028⁽ⁿ⁾		2,180		2,152,577
US Radiology Specialists, Inc. 10.75% (CME Term SOFR 3 Month + 5.25%), 12/15/2027⁽ⁿ⁾		1,926		1,903,373

				5,222,666


Energy – 0.4%
GIP II Blue Holding LP 9.97% (CME Term SOFR 1 Month + 4.50%), 09/29/2028⁽ⁿ⁾		2,206		2,211,974
Parkway Generation LLC 10.395% (CME Term SOFR 3 Month + 9.50%), 02/18/2029⁽ⁿ⁾		1,396		1,339,864

				3,551,838


Other Industrial – 0.2%
American Tire Distributors, Inc. 11.905% (CME Term SOFR 3 Month + 6.25%), 10/20/2028⁽ⁿ⁾		2,077		1,725,910
Dealer Tire Financial LLC 9.86% (CME Term SOFR 1 Month + 4.50%), 12/14/2027⁽ⁿ⁾		289		289,375
Rockwood Service Corp. 9.72% (CME Term SOFR 1 Month + 4.25%), 01/23/2027⁽ⁿ⁾		83		83,125

				2,098,410


Technology – 0.5%
Amentum Government Services Holdings LLC 9.47% (CME Term SOFR 1 Month + 4.00%), 01/29/2027⁽ⁿ⁾		309		308,510
Ascend Learning LLC 11.21% (CME Term SOFR 1 Month + 5.75%), 12/10/2029⁽ⁿ⁾		840		717,898
Banff Guarantor, Inc. 10.97% (CME Term SOFR 1 Month + 5.50%), 02/27/2026⁽ⁿ⁾		690		686,764
Boxer Parent Co., Inc. 12/02/2028⁽ⁿ⁾^(o)		1,471		1,479,463
FINThrive Software Intermediate Holdings, Inc. 12.22% (CME Term SOFR 1 Month + 6.75%), 12/17/2029⁽ⁿ⁾		660		388,245
Loyalty Ventures, Inc. 11.25% (PRIME 3 Month + 5.50%), 11/03/2027^(g)^(m) (n)		1,518		13,286
Peraton Corp. 9.21% (CME Term SOFR 1 Month + 3.75%), 02/01/2028⁽ⁿ⁾		609		609,942
Presidio Holdings, Inc. 8.96% (CME Term SOFR 1 Month + 3.50%), 01/22/2027⁽ⁿ⁾		12		11,556
8.98% (CME Term SOFR 3 Month + 3.50%), 01/22/2027⁽ⁿ⁾		373		372,994


	Principal Amount (000)		U.S. $ Value

Veritas US, Inc. 10.47% (CME Term SOFR 1 Month + 5.00%), 09/01/2025⁽ⁿ⁾	U.S.$	570	$	472,172

				5,060,830

				29,432,546


Financial Institutions – 0.2%
Finance – 0.0%
Orbit Private Holdings I Ltd. 9.93% (CME Term SOFR 6 Month + 4.50%), 12/11/2028⁽ⁿ⁾		235		235,494


Insurance – 0.2%
Asurion LLC 9.71% (CME Term SOFR 1 Month + 4.25%), 08/19/2028⁽ⁿ⁾		1,648		1,639,609

				1,875,103


Utility – 0.2%
Electric – 0.2%
Granite Generation LLC 9.22% (CME Term SOFR 1 Month + 3.75%), 11/09/2026⁽ⁿ⁾		1,729		1,722,208


Total Bank Loans (cost $35,416,644)				33,029,857


COLLATERALIZED MORTGAGE OBLIGATIONS – 3.3%
Risk Share Floating Rate – 2.4%
Bellemeade Re Ltd. Series 2019-3A, Class M1C 7.42% (CME Term SOFR 1 Month + 2.06%), 07/25/2029^(b)^(j)		732		733,328
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2014-DN3, Class M3 9.45% (CME Term SOFR + 4.11%), 08/25/2024^(j)		31		31,252
Series 2014-HQ2, Class M3 9.20% (CME Term SOFR + 3.86%), 09/25/2024^(j)		1,210		1,231,300
Series 2015-DNA1, Class B 14.65% (CME Term SOFR + 9.31%), 10/25/2027^(j)		592		634,160
Series 2015-DNA2, Class B 13.00% (CME Term SOFR + 7.66%), 12/25/2027^(j)		1,240		1,302,986
Series 2015-DNA3, Class B 14.80% (CME Term SOFR + 9.46%), 04/25/2028^(j)		1,013		1,108,648
Series 2015-HQA1, Class B 14.25% (CME Term SOFR + 8.91%), 03/25/2028^(j)		1,002		1,041,639
Series 2016-DNA2, Class B 15.95% (CME Term SOFR + 10.61%), 10/25/2028^(j)		851		952,427
Series 2016-DNA3, Class B 16.70% (CME Term SOFR + 11.36%), 12/25/2028^(j)		2,737		3,121,444
Series 2016-DNA4, Class B 14.05% (CME Term SOFR + 8.71%), 03/25/2029^(j)		390		425,594
Series 2016-HQA2, Class B 16.95% (CME Term SOFR + 11.61%), 11/25/2028^(j)		420		477,892
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C01, Class M2 9.85% (CME Term SOFR + 4.51%), 01/25/2024^(j)		595		596,322


	Principal Amount (000)			U.S. $ Value

Series 2015-C04, Class 1M2 11.15% (CME Term SOFR + 5.81%), 04/25/2028^(j)		U.S.$	898	$	956,242
Series 2015-C04, Class 2M2 11.00% (CME Term SOFR + 5.66%), 04/25/2028^(j)			239		248,354
Series 2016-C01, Class 1B 17.20% (CME Term SOFR + 11.86%), 08/25/2028^(j)			674		781,528
Series 2016-C01, Class 2M2 12.40% (CME Term SOFR + 7.06%), 08/25/2028^(j)			117		122,441
Series 2016-C02, Class 1B 17.70% (CME Term SOFR + 12.36%), 09/25/2028^(j)			446		527,568
Series 2016-C02, Class 1M2 11.45% (CME Term SOFR + 6.11%), 09/25/2028^(j)			313		327,121
Series 2016-C03, Class 1B 17.20% (CME Term SOFR + 11.86%), 10/25/2028^(j)			371		435,739
Series 2016-C03, Class 2B 18.20% (CME Term SOFR + 12.86%), 10/25/2028^(j)			630		745,286
Series 2016-C04, Class 1B 15.70% (CME Term SOFR + 10.36%), 01/25/2029^(j)			1,476		1,693,217
Series 2016-C05, Class 2B 16.20% (CME Term SOFR + 10.86%), 01/25/2029^(j)			1,815		2,079,202
Series 2016-C06, Class 1B 14.70% (CME Term SOFR + 9.36%), 04/25/2029^(j)			1,276		1,446,689
Series 2016-C07, Class 2B 14.95% (CME Term SOFR + 9.61%), 05/25/2029^(j)			1,555		1,756,475
JP Morgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 10.95% (CME Term SOFR + 5.61%), 10/25/2025^{(b) (j)}			370		377,035
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 10.95% (CME Term SOFR + 5.61%), 11/25/2025^{(b) (j)}			120		124,039

					23,277,928


Non-Agency Fixed Rate – 0.3%
Alternative Loan Trust Series 2006-42, Class 1A6 6.00%, 01/25/2047			444		233,723
Series 2006-24CB, Class A15 5.75%, 08/25/2036			486		267,837
Series 2006-HY12, Class A5 4.15%, 08/25/2036			484		442,990
Series 2006-J1, Class 1A10 5.50%, 02/25/2036			523		364,459
Series 2006-J5, Class 1A1 6.50%, 09/25/2036			479		269,623
Bear Stearns ARM Trust Series 2007-3, Class 1A1 3.88%, 05/25/2047			71		63,796
Series 2007-4, Class 22A1 4.07%, 06/25/2047			289		258,717
ChaseFlex Trust Series 2007-1, Class 1A3 6.50%, 02/25/2037			400		137,471
CHL Mortgage Pass-Through Trust Series 2007-HY4, Class 1A1 4.43%, 09/25/2047			84		73,269


	Principal Amount (000)			U.S. $ Value

Citigroup Mortgage Loan Trust Series 2007-AR4, Class 1A1A 4.20%, 03/25/2037		U.S.$	44	$	37,782
CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A4 5.75%, 03/25/2037			417		370,752
Residential Accredit Loans, Inc. Trust Series 2005-QS14, Class 3A1 6.00%, 09/25/2035			176		146,014
Residential Asset Securitization Trust Series 2006-A8, Class 3A4 6.00%, 08/25/2036			126		59,728
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-9, Class A4 4.28%, 10/25/2036			1,215		341,966
Wells Fargo Mortgage Backed Securities Trust Series 2007-AR7, Class A1 5.89%, 12/28/2037			280		242,789

					3,310,916


Non-Agency Floating Rate – 0.3%
Alternative Loan Trust Series 2007-7T2, Class A3 6.00% (CME Term SOFR 1 Month + 0.71%), 04/25/2037^(j)			1,939		687,590
CHL Mortgage Pass-Through Trust Series 2007-13, Class A7 6.00% (CME Term SOFR 1 Month + 0.71%), 08/25/2037^(j)			285		114,271
First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A6 0.08% (5.44% + CME Term SOFR 1 Month), 04/25/2037^(j)^(p)			71		6,618
Series 2007-FA2, Class 1A10 5.72% (CME Term SOFR 1 Month + 0.36%), 04/25/2037^(j)			209		49,557
Lehman XS Trust Series 2007-10H, Class 2AIO 1.54% (6.89% + CME Term SOFR 1 Month), 07/25/2037^(j)^(p)			109		10,425
Residential Accredit Loans, Inc. Trust Series 2006-QS18, Class 2A2 1.08% (6.44% + CME Term SOFR 1 Month), 12/25/2036^(j)^(p)			1,681		196,947
Wachovia Mortgage Loan Trust Series 2006-ALT1, Class A2 1.85% (CME Term SOFR 1 Month + 0.47%), 01/25/2037^(j)			4,995		1,806,118

					2,871,526


Agency Fixed Rate – 0.3%
Federal Home Loan Mortgage Corp. REMICS Series 4767, Class KI 6.00%, 03/15/2048^(q)			8,547		1,643,824
Federal Home Loan Mortgage Corp. Strips Series 247, Class 54 5.50%, 04/15/2036^(q)			3,827		764,595

					2,408,419


Total Collateralized Mortgage Obligations (cost $34,826,406)					31,868,789


EMERGING MARKETS - SOVEREIGNS – 2.3%
Angola – 0.3%
Angolan Government International Bond 8.00%, 11/26/2029^(b)			835		741,062
8.25%, 05/09/2028^(b)			200		184,000
9.50%, 11/12/2025^(b)			2,118		2,083,583

					3,008,645


	Principal Amount (000)			U.S. $ Value

Argentina – 0.2%
Argentine Republic Government International Bond 0.75%, 07/09/2030^(a)		U.S.$	199	$	79,609
1.00%, 07/09/2029			1,099		435,254
3.50%, 07/09/2041^(a)			562		190,546
3.625%, 07/09/2035^(a)			835		282,635
4.25%, 01/09/2038^(a)			1,323		522,084

					1,510,128


Dominican Republic – 0.6%
Dominican Republic International Bond 8.625%, 04/20/2027^(b)			5,719		5,982,074


Ecuador – 0.0%
Ecuador Government International Bond 3.50%, 07/31/2035^(a)^(b)			371		131,527


Egypt – 0.2%
Egypt Government International Bond 8.50%, 01/31/2047^(b)			862		534,979
8.70%, 03/01/2049^(b)			611		380,920
8.875%, 05/29/2050^(b)			1,096		695,618

					1,611,517


El Salvador – 0.2%
El Salvador Government International Bond 7.625%, 09/21/2034^(b)			762		559,594
7.625%, 02/01/2041^(b)			826		616,403
8.625%, 02/28/2029^(b)			860		766,206

					1,942,203


Nigeria – 0.5%
Nigeria Government International Bond 6.125%, 09/28/2028^(b)			3,176		2,810,760
6.50%, 11/28/2027^(b)			1,418		1,293,039
7.14%, 02/23/2030^(b)			721		648,224

					4,752,023


Senegal – 0.0%
Senegal Government International Bond 4.75%, 03/13/2028^(b)		EUR	465		473,232


Ukraine – 0.2%
Ukraine Government International Bond 7.25%, 03/15/2035^(a)^(b)		U.S.$	1,886		437,552
7.375%, 09/25/2034^(a)^(b)			1,164		270,630
7.75%, 09/01/2025^(a)^(b)			3,507		1,031,058

					1,739,240


Venezuela – 0.1%
Venezuela Government International Bond 9.25%, 09/15/2027^(g)^(m)			5,197		971,189
9.25%, 05/07/2028^(b)^(g) (m)			300		49,125

					1,020,314


Total Emerging Markets - Sovereigns (cost $31,532,830)					22,170,903


GOVERNMENTS - TREASURIES – 1.7%
United States – 1.7%
U.S. Treasury Bonds 2.75%, 11/15/2042^(r)			2,154		1,746,759
5.00%, 05/15/2037^(r)			1,824		2,044,590
5.25%, 02/15/2029^(s)^(t)			320		339,300
6.125%, 11/15/2027^(s)			1,000		1,076,563
U.S. Treasury Notes 2.25%, 02/15/2027^(s)^(t)			10,811		10,265,097
2.875%, 08/15/2028^(s)^(t)			606		580,531


Total Governments - Treasuries (cost $16,612,552)					16,052,840


	Principal Amount (000)		U.S. $ Value

QUASI-SOVEREIGNS – 0.8%
Quasi-Sovereign Bonds – 0.8%
Chile – 0.0%
Corp. Nacional del Cobre de Chile 5.95%, 01/08/2034^(b)	U.S.$	467	$	472,371


Mexico – 0.6%
Comision Federal de Electricidad 4.69%, 05/15/2029^(b)		650		611,203
Petroleos Mexicanos 5.95%, 01/28/2031		3,174		2,518,569
6.49%, 01/23/2027		463		431,840
6.50%, 03/13/2027		355		329,928
6.70%, 02/16/2032		465		384,788
6.75%, 09/21/2047		2,113		1,382,430

				5,658,758


South Africa – 0.2%
Eskom Holdings SOC Ltd. 7.125%, 02/11/2025^(b)		237		236,778
Transnet SOC Ltd. 8.25%, 02/06/2028^(b)		1,300		1,305,687

				1,542,465


Turkey – 0.0%
Turkiye Ihracat Kredi Bankasi AS 9.00%, 01/28/2027^(b)		208		216,385


Total Quasi-Sovereigns (cost $8,064,917)				7,889,979


	Shares

COMMON STOCKS – 0.5%
Consumer Staples – 0.3%
Household Products – 0.3%
Southeastern Grocers, Inc.^(d)^(f) (g)		105,865		2,686,324


Consumer Discretionary – 0.2%
Broadline Retail – 0.1%
ATD New Holdings, Inc.^(d)^(g)		20,185		581,328
K201640219 South Africa Ltd. - Class A^(d)^(f) (g)		12,695,187		12
K201640219 South Africa Ltd. - Class B^(d)^(f) (g)		2,009,762		2

				581,342


Diversified Consumer Services – 0.1%
AG Tracker^(d)^(f) (g)		78,082		0
CWT Travel Holdings, Inc.(b) (d) (g)		3,766		89,031
Paysafe Ltd.^(g)		10,709		433,997

				523,028


Hotels, Restaurants & Leisure – 0.0%
Caesars Entertainment, Inc.^(g)		1,674		78,477


Leisure Products – 0.0%
New Cotai LLC/New Cotai Capital Corp.^(d)^(f) (g)		3		0

				1,182,847


Financials – 0.0%
Insurance – 0.0%
Mt. Logan Re, Ltd. Special Investment, Series 1, June 2022 - Class U-2^(d)^(f) (g)		100		76,245
Mt. Logan Re, Ltd. Special Investment, Series 2, June 2022 - Class U-2^(d)^(f) (g)		441		335,697

				411,942


Communication Services – 0.0%
Media – 0.0%
National CineMedia, Inc.^(g)		59,108		244,707


Company	Shares		U.S. $ Value

Industrials – 0.0%
Electrical Equipment – 0.0%
Exide Technologies^(d)^(f) (g)		643	$	176,825


Energy – 0.0%
Energy Equipment & Services – 0.0%
BIS Industries Holdings Ltd.^(d)^(f) (g)		838,296		1
CHC Group LLC^(f)^(g)		21,009		4

				5


Oil, Gas & Consumable Fuels – 0.0%
Berry Corp.		3,436		24,155
Golden Energy Offshore Services AS^(g)		916,212		127,153
SandRidge Energy, Inc.		243		3,322

				154,630

				154,635


Information Technology – 0.0%
IT Services – 0.0%
GOLO Mobile, Inc.^(d)^(f) (g)		38,543		0


Total Common Stocks (cost $13,367,362)				4,857,280


	Principal Amount (000)

COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.5%
Non-Agency Fixed Rate CMBS – 0.5%
Citigroup Commercial Mortgage Trust Series 2013-GC17, Class D 5.07%, 11/10/2046^(b)		902		765,661
Commercial Mortgage Trust Series 2012-CR3, Class F 4.75%, 10/15/2045^(b)		29		1,433
Series 2012-CR3, Class XA 0.88%, 10/15/2045^(q)		38		2
Series 2013-LC6, Class D 3.96%, 01/10/2046^(b)		1,411		1,291,271
Series 2014-CR15, Class XA 0.405%, 02/10/2047^(q)		646		15
Series 2014-CR20, Class XA 0.92%, 11/10/2047^(q)		8,180		26,544
WFRBS Commercial Mortgage Trust Series 2011-C4, Class D 4.98%, 06/15/2044^(b)		1,022		813,507
Series 2014-C25, Class D 3.80%, 11/15/2047^(b)		1,807		1,578,786

				4,477,219


Non-Agency Floating Rate CMBS – 0.0%
Morgan Stanley Capital I Trust Series 2019-BPR, Class E 10.685% (SOFR + 5.34%), 05/15/2036^(b)^(j)		301		268,112


Total Commercial Mortgage-Backed Securities (cost $5,289,856)				4,745,331


LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.4%
United States – 0.4%
State of California Series 2010 7.60%, 11/01/2040		750		954,928
State of Illinois Series 2010 7.35%, 07/01/2035		1,641		1,782,866


	Principal Amount (000)			U.S. $ Value

Wisconsin Public Finance Authority Series 2021 5.75%, 07/25/2041^(h)		U.S.$	1,435	$	1,293,399


Total Local Governments - US Municipal Bonds (cost $3,836,839)					4,031,193


INFLATION-LINKED SECURITIES – 0.2%
Colombia – 0.2%
Fideicomiso PA Concesion Ruta al Mar 6.75%, 02/15/2044^(h)		COP	1,437,090		252,229
Fideicomiso PA Costera 6.25%, 01/15/2034^(h)			1,230,800		313,757
Fideicomiso PA Pacifico Tres 7.00%, 01/15/2035^(h)			6,642,880		1,564,154


Total Inflation-Linked Securities (cost $2,850,046)					2,130,140


GOVERNMENTS - SOVEREIGN BONDS – 0.1%
Colombia – 0.1%
Colombia Government International Bond 4.125%, 05/15/2051		U.S.$	1,058		701,256
8.00%, 11/14/2035			464		507,065


Total Governments - Sovereign Bonds (cost $1,498,449)					1,208,321


	Shares

PREFERRED STOCKS – 0.1%
Industrials – 0.1%
Trading Companies & Distributors – 0.1%
WESCO International, Inc. Series A 10.625% (cost $948,963)			35,175		929,324


	Principal Amount (000)

ASSET-BACKED SECURITIES – 0.1%
Autos - Fixed Rate – 0.1%
Flagship Credit Auto Trust Series 2019-4, Class E 4.11%, 03/15/2027^(b)			770		739,824


Other ABS - Fixed Rate – 0.0%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-24, Class PT 10.50%, 08/15/2044^(h)			13		12,427
Series 2019-36, Class PT 11.58%, 10/17/2044^(h)			29		27,901
Pagaya AI Debt Trust Series 2022-6, Class A4 46.91%, 05/15/2030^(b)^(d)			62		79,557

					119,885


Total Asset-Backed Securities (cost $873,867)					859,709


Company	Shares			U.S. $ Value

RIGHTS – 0.0%
Vistra Energy Corp., expiring 12/31/2049^(d) (g)(cost $0)			10,721	$	13,830


SHORT-TERM INVESTMENTS – 1.9%
Investment Companies – 1.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.27%^{(u) (v) (w)} (cost $12,855,171)			12,855,171		12,855,170


	Principal Amount (000)

Time Deposits – 0.5%
JPMorgan Chase, New York 4.68%, 01/02/2024			5,105		5,104,548
Royal Bank of Canada, London 2.71%, 01/02/2024		EUR	43		47,650
4.16%, 01/02/2024		GBP	7		9,488
Royal Bank of Canada, Toronto 3.79%, 01/02/2024		CAD	2		1,757
Standard Chartered Bank, Johannesburg 6.04%, 01/02/2024		ZAR	21		1,172


Total Time Deposits (cost $5,164,615)					5,164,615


Total Short-Term Investments (cost $18,019,786)					18,019,785


Total Investments – 99.9% (cost $1,023,250,768)^(x)					962,341,429
Other assets less liabilities – 0.1%					626,730


Net Assets – 100.0%				$	962,968,159

FUTURES


Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures		97		March 2024		$	11,447,516		$	535,859
U.S. Long Bond (CBT) Futures		53		March 2024			6,621,687			472,078
U.S. T-Note 5 Yr (CBT) Futures		616		March 2024			67,004,438			1,503,235
U.S. T-Note 10 Yr (CBT) Futures		68		March 2024			7,676,562			270,172

									$	2,781,344

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America NA		EUR	1,245		USD	1,338		01/10/2024		$	(36,713	)
Bank of America NA		CLP	32,350		USD	36		01/17/2024			(222	)
Bank of America NA		COP	127,369		USD	32		01/17/2024			(1,195	)
Bank of America NA		PEN	146		USD	39		01/17/2024			86
Bank of America NA		PEN	247		USD	65		01/17/2024			(1,800	)
Bank of America NA		KRW	43,234		USD	34		01/18/2024			186
Bank of America NA		IDR	577,512		USD	37		01/25/2024			(765	)
Bank of America NA		TWD	972		USD	31		02/26/2024			(1,106	)
Barclays Bank PLC		BRL	98		USD	20		01/03/2024			68
Barclays Bank PLC		USD	20		BRL	98		01/03/2024			244
Barclays Bank PLC		KRW	3,310		USD	2		01/18/2024			(99	)
Barclays Bank PLC		USD	37		IDR	567,993		01/25/2024			256


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Barclays Bank PLC		USD	46		INR	3,842		03/14/2024		$	73
BNP Paribas SA		USD	31		CLP	27,824		01/17/2024			763
BNP Paribas SA		USD	68		TWD	2,113		02/26/2024			1,828
Brown Brothers Harriman & Co.		CAD	94		USD	69		01/10/2024			(1,993	)
Brown Brothers Harriman & Co.		EUR	29		USD	32		01/10/2024			223
Brown Brothers Harriman & Co.		EUR	2,126		USD	2,292		01/10/2024			(55,403	)
Brown Brothers Harriman & Co.		USD	30		CAD	41		01/10/2024			1,053
Brown Brothers Harriman & Co.		USD	84		EUR	77		01/10/2024			1,574
Brown Brothers Harriman & Co.		CNH	1,221		USD	169		01/11/2024			(2,630	)
Brown Brothers Harriman & Co.		NZD	95		USD	57		01/11/2024			(2,516	)
Brown Brothers Harriman & Co.		USD	163		CNH	1,178		01/11/2024			2,511
Brown Brothers Harriman & Co.		USD	31		CNH	223		01/11/2024			(6	)
Brown Brothers Harriman & Co.		USD	73		NZD	121		01/11/2024			3,450
Brown Brothers Harriman & Co.		USD	99		JPY	14,619		01/12/2024			4,859
Brown Brothers Harriman & Co.		MXN	589		USD	35		01/18/2024			21
Brown Brothers Harriman & Co.		MXN	549		USD	32		01/18/2024			(448	)
Brown Brothers Harriman & Co.		SGD	93		USD	69		01/18/2024			(1,539	)
Brown Brothers Harriman & Co.		USD	61		MXN	1,068		01/18/2024			1,975
Brown Brothers Harriman & Co.		USD	97		SGD	130		01/18/2024			1,365
Brown Brothers Harriman & Co.		AUD	108		USD	71		01/25/2024			(2,074	)
Brown Brothers Harriman & Co.		GBP	24		USD	31		01/25/2024			95
Brown Brothers Harriman & Co.		USD	85		AUD	126		01/25/2024			1,050
Brown Brothers Harriman & Co.		USD	109		GBP	88		01/25/2024			2,291
Brown Brothers Harriman & Co.		USD	17		ZAR	330		02/07/2024			722
Brown Brothers Harriman & Co.		ZAR	767		USD	41		02/07/2024			(302	)
Brown Brothers Harriman & Co.		CHF	27		USD	33		02/15/2024			67
Brown Brothers Harriman & Co.		CHF	74		USD	84		02/15/2024			(4,489	)
Brown Brothers Harriman & Co.		USD	34		CHF	30		02/15/2024			1,373
Brown Brothers Harriman & Co.		NOK	145		USD	13		02/16/2024			(974	)
Brown Brothers Harriman & Co.		SEK	999		USD	98		02/16/2024			(1,591	)
Brown Brothers Harriman & Co.		CZK	1,624		USD	73		02/22/2024			320
Brown Brothers Harriman & Co.		HUF	33,946		USD	96		02/22/2024			(748	)
Brown Brothers Harriman & Co.		PLN	350		USD	88		02/22/2024			(621	)
Brown Brothers Harriman & Co.		USD	32		HUF	11,020		02/22/2024			6
Brown Brothers Harriman & Co.		USD	88		PLN	353		02/22/2024			1,990
Citibank NA		USD	1,132		EUR	1,065		01/10/2024			43,620
Citibank NA		USD	33		CNH	237		01/11/2024			643
Citibank NA		CLP	26,772		USD	31		01/17/2024			377
Citibank NA		USD	31		IDR	478,353		01/25/2024			452
Citibank NA		TWD	1,002		USD	32		02/26/2024			(1,016	)
Citibank NA		USD	9		TWD	286		02/26/2024			269
Deutsche Bank AG		EUR	982		USD	1,072		01/10/2024			(12,303	)
JPMorgan Chase Bank NA		BRL	154		USD	31		01/03/2024			(411	)
JPMorgan Chase Bank NA		USD	32		BRL	154		01/03/2024			(107	)
Morgan Stanley Capital Services LLC		BRL	56		USD	12		01/03/2024			39
Morgan Stanley Capital Services LLC		USD	12		BRL	56		01/03/2024			(66	)
Morgan Stanley Capital Services LLC		EUR	43,849		USD	46,748		01/10/2024			(1,672,122	)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services LLC		COP	13,693,582		USD	3,307		01/17/2024		$	(215,894	)
Morgan Stanley Capital Services LLC		USD	69		CLP	60,958		01/17/2024			129
Morgan Stanley Capital Services LLC		USD	82		COP	341,003		01/17/2024			5,411
Morgan Stanley Capital Services LLC		USD	31		PEN	115		01/17/2024			88
Morgan Stanley Capital Services LLC		USD	33		KRW	44,984		01/18/2024			1,435
Morgan Stanley Capital Services LLC		GBP	3,136		USD	3,907		01/25/2024			(90,783	)
Morgan Stanley Capital Services LLC		USD	1,816		GBP	1,461		01/25/2024			47,281
Morgan Stanley Capital Services LLC		USD	32		IDR	505,793		01/25/2024			1,101
Morgan Stanley Capital Services LLC		BRL	56		USD	12		02/02/2024			40
Morgan Stanley Capital Services LLC		USD	32		INR	2,703		03/14/2024			(30	)
UBS AG		USD	1,765		CAD	2,430		01/10/2024			68,953
UBS AG		CNH	247		USD	34		01/11/2024			(656	)
UBS AG		USD	30		KRW	40,499		01/18/2024			1,322

										$	(1,911,013	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2023		Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Sale Contracts
Brazilian Government International Bond, 4.250%, 01/07/2025, 12/20/2028*		1.00	%		Quarterly		1.31%		USD	320	$	(4,390	)	$	(11,445	)	$	7,055
CDX-NAHY Series 41, 5 Year Index, 12/20/2028*		5.00			Quarterly		3.56		USD	109,946		6,570,371			458,824			6,111,547
iTraxx Europe Crossover Series 40, 5 Year Index, 12/20/2028*		5.00			Quarterly		3.10		EUR	33,120		2,965,103			1,309,526			1,655,577
South Africa Government International Bond, 5.875%, 09/16/2025, 12/20/2028*		1.00			Quarterly		2.04		USD	2,380		(107,696	)		(159,368	)		51,672

											$	9,423,388		$	1,597,537		$	7,825,851

*	Termination date

CREDIT DEFAULT SWAPS


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2023		Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00	%		Monthly		7.50%		USD	211	$	(27,301	)	$	(21,473	)	$	(5,828	)


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2023		Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Deutsche Bank AG
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00	%		Monthly		7.50%		USD	169	$	(21,903	)	$	(17,962	)	$	(3,941	)
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	120		(15,514	)		(12,056	)		(3,458	)
Goldman Sachs International
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	172		(22,323	)		(13,187	)		(9,136	)
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	1,001		(129,851	)		(78,500	)		(51,351	)
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	84		(10,831	)		(6,791	)		(4,040	)
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	167		(21,661	)		(13,833	)		(7,828	)
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	167		(21,661	)		(14,969	)		(6,692	)
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	334		(43,263	)		(32,676	)		(10,587	)
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	483		(62,598	)		(47,282	)		(15,316	)
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	246		(31,870	)		(23,913	)		(7,957	)
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	62		(7,998	)		(6,044	)		(1,954	)
JPMorgan Securities LLC
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	5,568		(721,596	)		(580,273	)		(141,323	)
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	2,970		(384,851	)		(324,473	)		(60,378	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	1,550		(200,844	)		(15,565	)		(185,279	)
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	551		(71,438	)		(52,534	)		(18,904	)
CDX-CMBX.NA.BBB-Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	590		(76,489	)		(58,575	)		(17,914	)

											$	(1,871,992	)	$	(1,320,106	)	$	(551,886	)

*	Termination date

TOTAL RETURN SWAPS

Counterparty &

Referenced Obligation

Rate Paid/
Received

Payment
Frequency

Notional
Amount
(000)

Maturity
Date

Unrealized

Appreciation

(Depreciation)

Receive Total Return on Reference Obligation

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

3 Month

EURIBOR

Quarterly

EUR

9,787

03/20/2024

933,045

REVERSE REPURCHASE AGREEMENTS


Broker	Currency	Principal Amount (000)		Interest Rate			Maturity		U.S. $ Value at December 31, 2023
Barclays Capital, Inc.†	USD		1,851		(2.00	)%*		—	$	1,849,560
Barclays Capital, Inc.†	USD		473		2.25	%		—		474,031
Barclays Capital, Inc.†	USD		1,434		3.75	%		—		1,438,628
Barclays Capital, Inc.†	USD		1,544		4.50	%		—		1,547,612
Jefferies LLC†	USD		267		0.50	%		—		267,628
Jefferies LLC†	USD		300		3.00	%		—		301,295
Jefferies LLC†	USD		705		4.00	%		—		709,200
Jefferies LLC†	USD		1,048		4.50	%		—		1,050,651
Jefferies LLC†	USD		432		4.75	%		—		431,950

									$	8,070,555

†	The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on December 31, 2023.

*	Interest payment due from counterparty.


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

Corporates - Non-Investment Grade	$	7,164,574	$	–	$	–	$	–	$	7,164,574
Emerging Markets - Corporate Bonds		905,981		–		–		–		905,981

(a)

Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at December 31, 2023.

(b)

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 December 31, 2023, the aggregate market value of these securities amounted to $686,422,356 or 71.28% of net assets.

(c)

Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at December 31, 2023.

(d)

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

(e)

Defaulted matured security.

(f)

Fair valued by the Adviser.

(g)

Non-income producing security.

(h)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.39% of net assets as of December 31, 2023, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities

Acquisition

Date

Cost

Market
Value

Percentage
of
Net Assets

BBFI Liquidating Trust
Zero Coupon, 12/30/2099

01/18/2013 - 06/17/2022

667,125

346,153

0.04%

Consumer Loan Underlying Bond Certificate Issuer Trust I
Series 2019-24, Class PT
10.50%, 08/15/2044

06/27/2019

12,619

12,427

0.00%

Consumer Loan Underlying Bond Certificate Issuer Trust I
Series 2019-36, Class PT
11.58%, 10/17/2044

09/04/2019

28,657

27,901

0.00%

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

11/14/2023

7,966

2,035

0.00%

Exide Technologies
11.00%, 10/31/2024

10/29/2020

0.00%

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

12/14/2017

476,801

252,229

0.03%

Fideicomiso PA Costera
6.25%, 01/15/2034

06/30/2016

396,782

313,757

0.03%

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

03/04/2016

1,976,463

1,564,154

0.16%

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

01/31/2017 - 06/30/2022

1,100,178

0.00%

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

01/31/2017 - 06/30/2022

770,975

0.00%

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

05/15/2013 - 02/19/2015

2,295,760

0.00%

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

01/22/2021

674,753

2,848

0.00%

Tonon Luxembourg SA
0.065%, 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 - 02/05/2014

838,866

162

0.00%

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

08/03/2021

1,435,000

1,293,399

0.13%

(i)

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

(j)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at December 31, 2023.

(k)

Escrow Shares.

(l)

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

(m)

Defaulted.

(n)

The stated coupon rate represents the greater of the SOFR or an alternate base rate such as the PRIME or the SOFR/PRIME floor rate plus a spread at December 31, 2023.

(o)

This position or a portion of this position represents an unsettled loan purchase. The coupon rate will be determined at the time of settlement and will be based upon the Secured Overnight Financing Rate (“SOFR”) plus a premium which was determined at the time of purchase.

(p)

Inverse interest only security.

(q)

IO - Interest Only.

(r)

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

(s)

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

(t)

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

(u)

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

(v)

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

(w)

Affiliated investments.

(x)

As of December 31, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $38,385,703 and gross unrealized depreciation of investments was $(91,150,746), resulting in net unrealized depreciation of $(52,765,043).

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

CZK – Czech Koruna

EUR – Euro

GBP – Great British Pound

HUF – Hungarian Forint

IDR – Indonesian Rupiah

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

NOK – Norwegian Krone

NZD – New Zealand Dollar

PEN – Peruvian Sol

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

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

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

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

EURIBOR – Euro Interbank Offered Rate

IRB – Industrial Revenue Bond

JSC – Joint Stock Company

LP – Limited Partnership

REIT – Real Estate Investment Trust

REMICS – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

COUNTRY BREAKDOWN¹

December 31, 2023 (unaudited)


70.3	%	United States
3.8	%	United Kingdom
2.4	%	France
2.1	%	Germany
1.9	%	Canada
1.3	%	Spain
1.3	%	Luxembourg
1.3	%	Brazil
1.1	%	Mexico
1.0	%	Italy
1.0	%	Colombia
0.8	%	India
0.8	%	Australia
9.0	%	Other
1.9	%	Short Term Investments

100.0	%	Total Investments

The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 0.6% or less in the following: Angola, Argentina, Chile, China, Czech Republic, Dominican Republic, Ecuador, Egypt, El Salvador, Finland, Ghana, Guatemala, Hong Kong, Indonesia, Ireland, Israel, Jamaica, Japan, Jersey (Channel Islands), Kazakhstan, Kuwait, Macau, Malaysia, Netherlands, Nigeria, Norway, Panama, Peru, Senegal, Slovenia, South Africa, Sweden, Switzerland, Trinidad and Tobago, Turkey, Ukraine, Venezuela and Zambia.

AB Global High Income Fund

December 31, 2023 (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 December 31, 2023:


Investments in Securities	Level 1			Level 2			Level 3			Total
Assets:
Corporates - Non-Investment Grade	$	-0-		$	538,406,050		$	1,451,961	^#	$	539,858,011
Corporates - Investment Grade		-0-			184,865,490			-0-			184,865,490
Emerging Markets - Corporate Bonds		-0-			48,914,400			348,808			49,263,208
Collateralized Loan Obligations		-0-			40,547,439			-0-			40,547,439
Bank Loans		-0-			32,179,857			850,000			33,029,857
Collateralized Mortgage Obligations		-0-			31,868,789			-0-			31,868,789
Emerging Markets - Sovereigns		-0-			22,170,903			-0-			22,170,903
Governments - Treasuries		-0-			16,052,840			-0-			16,052,840
Quasi-Sovereigns		-0-			7,889,979			-0-			7,889,979
Common Stocks		911,811			4			3,945,465	^#		4,857,280
Commercial Mortgage-Backed Securities		-0-			4,745,331			-0-			4,745,331
Local Governments - US Municipal Bonds		-0-			4,031,193			-0-			4,031,193
Inflation-Linked Securities		-0-			2,130,140			-0-			2,130,140
Governments - Sovereign Bonds		-0-			1,208,321			-0-			1,208,321
Preferred Stocks		929,324			-0-			-0-			929,324
Asset-Backed Securities		-0-			780,152			79,557			859,709
Rights		-0-			-0-			13,830			13,830
Short-Term Investments:
Investment Companies		12,855,170			-0-			-0-			12,855,170
Time Deposits		-0-			5,164,615			-0-			5,164,615

Total Investments in Securities		14,696,305			940,955,503			6,689,621			962,341,429
*Other Financial Instruments:**
Assets
Futures		2,781,344			-0-			-0-			2,781,344
Forward Currency Exchange Contracts		-0-			199,609			-0-			199,609
Centrally Cleared Credit Default Swaps		-0-			9,535,474			-0-			9,535,474
Total Return Swaps		-0-			933,045			-0-			933,045
Liabilities
Forward Currency Exchange Contracts		-0-			(2,110,622	)		-0-			(2,110,622	)
Centrally Cleared Credit Default Swaps		-0-			(112,086	)		-0-			(112,086	)
Credit Default Swaps		-0-			(1,871,992	)		-0-			(1,871,992	)
Reverse Repurchase Agreements		(8,070,555	)		-0-			-0-			(8,070,555	)

Total	$	9,407,094		$	947,528,931		$	6,689,621		$	963,625,646

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

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

A summary of the Fund’s transactions in AB mutual funds for the nine months ended December 31, 2023 is as follows:

Fund

Market Value
3/31/23

(000)

Purchases
at Cost
(000)

Sales
Proceeds
(000)

Market Value
12/31/23
(000)

Dividend
Income
(000)

Government Money Market Portfolio

10,074

149,968

147,187

12,855

243

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