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AB Global High Income Fund

Portfolio of Investments

December 31, 2024 (unaudited)


	Principal Amount (000)			U.S. $ Value

CORPORATES - NON-INVESTMENT GRADE – 60.1%
Industrial – 52.0%
Basic – 3.9%
Advanced Drainage Systems, Inc. 5.00%, 09/30/2027^(a) (b)		U.S.$	140	$	137,353
Alcoa Nederland Holding BV 4.125%, 03/31/2029^(b)			295		274,627
7.125%, 03/15/2031^(b)			845		873,481
ASP Unifrax Holdings, Inc. 7.10% (7.10% Cash or 5.85% Cash and 1.25% PIK), 09/30/2029^(b)^(c)			2,659		1,747,514
10.425% (10.425% Cash and 11.175% PIK), 09/30/2029^(b)^(c)			2,868		2,898,862
Axalta Coating Systems LLC 3.375%, 02/15/2029^(b)			504		457,726
Chemours Co. (The) 8.00%, 01/15/2033^(b)			177		172,926
Cleveland-Cliffs, Inc. 7.00%, 03/15/2032^(b)			2,917		2,864,090
Clydesdale Acquisition Holdings, Inc. 6.625%, 04/15/2029^(b)			384		386,589
6.875%, 01/15/2030^(b)			85		85,562
Constellium SE 3.125%, 07/15/2029^(b)		EUR	1,009		992,054
Crown Americas LLC/Crown Americas Capital Corp. VI 4.75%, 02/01/2026		U.S.$	484		479,157
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125%, 06/15/2028^(b)			536		519,615
Domtar Corp. 6.75%, 10/01/2028^(b)			423		388,880
Element Solutions, Inc. 3.875%, 09/01/2028^(b)			2,215		2,100,517
ERP Iron Ore LLC 9.04%, 12/31/2019^(c)^{(d) (e) (f) (g)}			240		0
FMG Resources August 2006 Pty Ltd. 4.375%, 04/01/2031^(b)			2,125		1,924,838
5.875%, 04/15/2030^(b)			86		84,504
6.125%, 04/15/2032^(b)			2,651		2,629,594
Graham Packaging Co., Inc. 7.125%, 08/15/2028^(b)			619		609,853
Graphic Packaging International LLC 3.50%, 03/15/2028^(b)			1,347		1,256,231
3.75%, 02/01/2030^(b)			1,661		1,499,579
6.375%, 07/15/2032^(b)			1,662		1,665,697
Hudbay Minerals, Inc. 4.50%, 04/01/2026^(b)			434		427,900
INEOS Finance PLC 6.375%, 04/15/2029^(b)		EUR	1,160		1,260,049
INEOS Quattro Finance 2 PLC 8.50%, 03/15/2029^(b)			1,726		1,911,742
INEOS Styrolution Ludwigshafen GmbH 2.25%, 01/16/2027^(b)			104		104,957
Ingevity Corp. 3.875%, 11/01/2028^(b)		U.S.$	495		452,284
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC 6.00%, 09/15/2028^(b)			876		861,973
LABL, Inc. 5.875%, 11/01/2028^(b)			547		488,194
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2023^(d)^{(e) (f) (g) (h)}			2,857		0
Methanex US Operations, Inc. 6.25%, 03/15/2032^(b)			177		175,006
Mineral Resources Ltd. 8.125%, 05/01/2027^(b)			158		158,635
8.50%, 05/01/2030^(b)			394		402,408
9.25%, 10/01/2028^(b)			856		899,173


	Principal Amount (000)			U.S. $ Value

Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC 4.00%, 10/15/2027^(b)		U.S.$	510	$	506,300
Reno de Medici SpA 7.89% (EURIBOR 3 Month + 5.00%), 04/15/2029^(b)⁽ⁱ⁾		EUR	960		849,393
Roller Bearing Co. of America, Inc. 4.375%, 10/15/2029^(b)		U.S.$	143		133,136
SCIL IV LLC/SCIL USA Holdings LLC 4.375%, 11/01/2026^(b)		EUR	320		330,340
5.375%, 11/01/2026^(b)		U.S.$	1,039		1,017,646
Sealed Air Corp./Sealed Air Corp. US 6.125%, 02/01/2028^(b)			520		521,947
SNF Group SACA 3.125%, 03/15/2027^(b)			655		618,413
3.375%, 03/15/2030^(b)			951		832,681
SunCoke Energy, Inc. 4.875%, 06/30/2029^(b)			414		375,841
Vibrantz Technologies, Inc. 9.00%, 02/15/2030^(b)			382		352,608
WR Grace Holdings LLC 4.875%, 06/15/2027^(b)			1,686		1,633,427

					38,363,302


Capital Goods – 4.2%
Arcosa, Inc. 6.875%, 08/15/2032^(b)			1,237		1,257,199
ARD Finance SA 5.00% (5.00% Cash or 5.75% PIK), 06/30/2027^(b)^(c)		EUR	3,137		297,971
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 6.00%, 06/15/2027^(b)		U.S.$	1,156		1,146,798
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 2.125%, 08/15/2026^(b)		EUR	721		667,480
4.125%, 08/15/2026^(b)		U.S.$	555		482,740
Ball Corp. 2.875%, 08/15/2030			1,298		1,111,683
Bombardier, Inc. 6.00%, 02/15/2028^(b)			704		700,342
7.25%, 07/01/2031^(b)			862		888,999
7.875%, 04/15/2027^(b)			599		599,289
8.75%, 11/15/2030^(b)			1,295		1,393,201
Calderys Financing LLC 11.25%, 06/01/2028^(b)			1,689		1,810,438
Camelot Return Merger Sub, Inc. 8.75%, 08/01/2028^(b)			446		427,349
Clean Harbors, Inc. 4.875%, 07/15/2027^(b)			25		24,472
Crown Americas LLC 5.25%, 04/01/2030			411		400,161
Dycom Industries, Inc. 4.50%, 04/15/2029^(b)			391		365,123
Eco Material Technologies, Inc. 7.875%, 01/31/2027^(b)			2,786		2,831,967
EnerSys 4.375%, 12/15/2027^(b)			935		892,521
Esab Corp. 6.25%, 04/15/2029^(b)			654		662,374
F-Brasile SpA/F-Brasile US LLC Series XR 7.375%, 08/15/2026^(b)			957		957,375
GFL Environmental, Inc. 6.75%, 01/15/2031^(b)			523		537,529
Goat Holdco LLC 6.75%, 02/01/2032^(b)			850		841,659
Griffon Corp. 5.75%, 03/01/2028			683		669,489


	Principal Amount (000)			U.S. $ Value

Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC 9.00%, 02/15/2029^(b)		U.S.$	407	$	425,350
LSB Industries, Inc. 6.25%, 10/15/2028^(a)^(b)			1,348		1,302,223
Madison IAQ LLC 5.875%, 06/30/2029^(b)			1,113		1,050,494
Maxim Crane Works Holdings Capital LLC 11.50%, 09/01/2028^(b)			340		359,581
MIWD Holdco II LLC/MIWD Finance Corp. 5.50%, 02/01/2030^(b)			1,879		1,774,815
Moog, Inc. 4.25%, 12/15/2027^(b)			50		47,731
Mueller Water Products, Inc. 4.00%, 06/15/2029^(b)			291		268,789
Oscar AcquisitionCo LLC/Oscar Finance, Inc. 9.50%, 04/15/2030^(b)			381		357,491
Paprec Holding SA 7.25%, 11/17/2029^(b)		EUR	569		624,953
Silgan Holdings, Inc. 4.125%, 02/01/2028		U.S.$	384		366,612
Summit Materials LLC/Summit Materials Finance Corp. 7.25%, 01/15/2031^(b)			470		498,537
TK Elevator Midco GmbH 4.375%, 07/15/2027^(b)		EUR	585		605,188
TransDigm, Inc. 4.625%, 01/15/2029		U.S.$	290		271,595
4.875%, 05/01/2029			1,954		1,838,980
6.00%, 01/15/2033^(b)			3,691		3,617,545
6.75%, 08/15/2028^(b)			2,448		2,471,941
6.875%, 12/15/2030^(b)			1,667		1,696,125
Trinity Industries, Inc. 7.75%, 07/15/2028^(b)			1,388		1,439,995
Triumph Group, Inc. 9.00%, 03/15/2028^(b)			2,158		2,248,973
WESCO Distribution, Inc. 6.375%, 03/15/2029^(b)			916		926,762

					41,159,839


Communications - Media – 6.9%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028^(b)			164		155,138
AMC Networks, Inc. 4.25%, 02/15/2029			1,084		848,257
10.25%, 01/15/2029^(b)			2,531		2,688,066
Arches Buyer, Inc. 6.125%, 12/01/2028^(b)			658		587,194
Banijay Entertainment SAS 7.00%, 05/01/2029^(b)		EUR	603		658,134
8.125%, 05/01/2029^(b)		U.S.$	805		832,328
CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 02/01/2031^(b)			2,762		2,405,861
4.50%, 08/15/2030^(b)			4,665		4,186,888
4.50%, 05/01/2032			845		727,652
4.50%, 06/01/2033^(b)			3,276		2,754,589
4.75%, 02/01/2032^(b)			7,063		6,194,688
6.375%, 09/01/2029^(b)			1,760		1,745,592
Clear Channel Outdoor Holdings, Inc. 5.125%, 08/15/2027^(b)			328		315,818
CSC Holdings LLC 4.625%, 12/01/2030^(b)			1,142		593,837
5.375%, 02/01/2028^(b)			1,029		886,300
5.50%, 04/15/2027^(b)			1,803		1,612,221
5.75%, 01/15/2030^(b)			5,261		2,990,958
7.50%, 04/01/2028^(b)			823		562,791
11.25%, 05/15/2028^(b)			824		812,310
11.75%, 01/31/2029^(b)			581		572,731
Deluxe Corp. 8.125%, 09/15/2029^(b)			177		179,560


	Principal Amount (000)			U.S. $ Value

DISH DBS Corp. 5.125%, 06/01/2029		U.S.$	3,772	$	2,394,977
5.25%, 12/01/2026^(b)			3,571		3,249,163
5.75%, 12/01/2028^(b)			2,596		2,218,135
Gray Television, Inc. 5.375%, 11/15/2031^(b)			671		357,063
7.00%, 05/15/2027^(b)			995		964,012
iHeartCommunications, Inc. 7.75%, 08/15/2030^(b)			39		30,640
9.125%, 05/01/2029^(b)			1,535		1,335,818
LCPR Senior Secured Financing DAC 5.125%, 07/15/2029^(b)			3,694		2,978,869
6.75%, 10/15/2027^(b)			1,366		1,232,811
McGraw-Hill Education, Inc. 5.75%, 08/01/2028^(b)			688		671,030
Neptune Bidco US, Inc. 9.29%, 04/15/2029^(b)			545		507,289
Nexstar Media, Inc. 4.75%, 11/01/2028^(b)			557		519,593
Paramount Global 6.25%, 02/28/2057			423		403,723
6.375%, 03/30/2062			1,344		1,298,768
Radiate Holdco LLC/Radiate Finance, Inc. 4.50%, 09/15/2026^(b)			1,851		1,614,887
Sinclair Television Group, Inc. 4.125%, 12/01/2030^(b)			552		407,736
5.50%, 03/01/2030^(b)			320		215,818
Sirius XM Radio LLC 4.00%, 07/15/2028^(b)			2,835		2,612,390
Summer BC Holdco B SARL 5.75%, 10/31/2026^(b)		EUR	1,395		1,442,181
TEGNA, Inc. 4.625%, 03/15/2028		U.S.$	570		540,861
5.00%, 09/15/2029			333		311,625
Townsquare Media, Inc. 6.875%, 02/01/2026^(b)			379		377,188
Univision Communications, Inc. 6.625%, 06/01/2027^(b)			1,947		1,940,683
7.375%, 06/30/2030^(b)			1,186		1,135,795
8.00%, 08/15/2028^(b)			1,261		1,284,051
8.50%, 07/31/2031^(b)			1,244		1,221,538
Urban One, Inc. 7.375%, 02/01/2028^(b)			302		187,990
Virgin Media Secured Finance PLC 4.50%, 08/15/2030^(b)			508		437,656
VZ Secured Financing BV 5.00%, 01/15/2032^(b)			1,438		1,267,682
VZ Vendor Financing II BV 2.875%, 01/15/2029^(b)		EUR	885		839,896
Ziggo Bond Co. BV 5.125%, 02/28/2030^(b)		U.S.$	1,754		1,581,495

					67,892,276


Communications - Telecommunications – 3.8%
Altice Financing SA 5.00%, 01/15/2028^(b)			516		404,379
5.75%, 08/15/2029^(b)			2,023		1,484,790
Altice France Holding SA 4.00%, 02/15/2028^(b)		EUR	332		77,373
6.00%, 02/15/2028^(b)		U.S.$	359		93,668
10.50%, 05/15/2027^(b)			2,710		786,847
Altice France SA 3.375%, 01/15/2028^(b)		EUR	885		692,358
5.125%, 01/15/2029^(b)		U.S.$	391		295,273
5.125%, 07/15/2029^(b)			6,037		4,527,586
5.50%, 01/15/2028^(b)			492		366,797
5.50%, 10/15/2029^(b)			2,257		1,718,325
8.125%, 02/01/2027^(b)			1,393		1,128,508
Cogent Communications Group LLC 3.50%, 05/01/2026^(b)			450		435,679


	Principal Amount (000)			U.S. $ Value

Consolidated Communications, Inc. 6.50%, 10/01/2028^(b)		U.S.$	446	$	429,489
EchoStar Corp. 10.75%, 11/30/2029			3,817		4,105,147
Hughes Satellite Systems Corp. 5.25%, 08/01/2026			1,033		944,660
Iliad Holding SASU 7.00%, 04/15/2032^(b)			200		201,272
Intelsat Jackson Holdings SA 6.50%, 03/15/2030^(b)			571		527,828
Level 3 Financing, Inc. 4.875%, 06/15/2029^(b)			956		831,542
10.75%, 12/15/2030^(b)			2,111		2,366,561
11.00%, 11/15/2029^(b)			1,780		2,003,207
Lorca Telecom Bondco SA 4.00%, 09/18/2027^(b)		EUR	852		882,643
Optics Bidco SpA 7.20%, 07/18/2036^(b)		U.S.$	259		265,603
7.72%, 06/04/2038^(b)			1,055		1,114,352
Telecom Italia Capital SA 7.72%, 06/04/2038			509		528,285
United Group BV 3.625%, 02/15/2028^(b)		EUR	237		239,827
4.625%, 08/15/2028^(b)			481		493,881
6.75%, 02/15/2031^(b)			616		659,141
7.27% (EURIBOR 3 Month + 4.25%), 02/01/2029^(b)⁽ⁱ⁾			539		559,963
Vmed O2 UK Financing I PLC 4.25%, 01/31/2031^(b)		U.S.$	980		832,003
4.75%, 07/15/2031^(b)			3,639		3,124,867
7.75%, 04/15/2032^(b)			3,288		3,313,841
Windstream Services LLC/Windstream Escrow Finance Corp. 8.25%, 10/01/2031^(b)			1,305		1,347,653
Zayo Group Holdings, Inc. 4.00%, 03/01/2027^(b)			464		427,692

					37,211,040


Consumer Cyclical - Automotive – 2.2%
Allison Transmission, Inc. 3.75%, 01/30/2031^(b)			1,026		907,378
Aston Martin Capital Holdings Ltd. 10.00%, 03/31/2029^(b)			2,904		2,835,444
Dana Financing Luxembourg SARL 5.75%, 04/15/2025^(b)			55		54,835
Dana, Inc. 4.25%, 09/01/2030			760		706,555
5.375%, 11/15/2027			109		107,461
5.625%, 06/15/2028			182		179,514
Exide Technologies (Exchange Priority) 11.00%, 10/31/2024^(d)^{(e) (f) (g) (h) (j)}			2,940		0
Exide Technologies (First Lien) 11.00%, 10/31/2024^(d)^{(e) (f) (g) (h) (j)}			1,207		0
Garrett Motion Holdings, Inc./Garrett LX I SARL 7.75%, 05/31/2032^(b)			1,852		1,876,303
IHO Verwaltungs GmbH 6.375% (6.375% Cash or 7.125% PIK), 05/15/2029^(b)^(c)			200		192,502
6.75% (6.75% Cash or 7.50% PIK), 11/15/2029^(b)⁽^c)		EUR	511		541,213
7.75% (7.75% Cash or 8.50% PIK), 11/15/2030^(b)^(c)		U.S.$	695		696,949
8.75% (8.75% Cash or 9.50% PIK), 05/15/2028^(b)^(c)		EUR	306		334,339
Mclaren Finance PLC 7.50%, 08/01/2026^(b)		U.S.$	1,973		1,966,629
PM General Purchaser LLC 9.50%, 10/01/2028^(b)			1,250		1,241,765
Real Hero Merger Sub 2, Inc. 6.25%, 02/01/2029^(b)			1,530		1,316,852


	Principal Amount (000)			U.S. $ Value

Tenneco, Inc. 8.00%, 11/17/2028^(b)		U.S.$	2,795	$	2,600,011
Titan International, Inc. 7.00%, 04/30/2028			1,465		1,435,629
ZF Finance GmbH Series E 2.00%, 05/06/2027^(b)		EUR	200		194,472
2.75%, 05/25/2027^(b)			900		887,043
ZF North America Capital, Inc. 4.75%, 04/29/2025^(b)		U.S.$	1,460		1,453,558
6.75%, 04/23/2030^(b)			678		653,101
6.875%, 04/14/2028^(b)			892		893,927
7.125%, 04/14/2030^(b)			504		494,700

					21,570,180


Consumer Cyclical - Entertainment – 1.7%
Carnival Corp. 5.75%, 03/01/2027^(b)			433		431,574
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.25%, 07/15/2029			85		81,666
Lindblad Expeditions LLC 6.75%, 02/15/2027^(b)			365		365,257
Live Nation Entertainment, Inc. 3.75%, 01/15/2028^(b)			19		17,934
6.50%, 05/15/2027^(b)			521		526,675
Merlin Entertainments Group US Holdings, Inc. 7.375%, 02/15/2031^(b)			428		413,990
Motion Bondco DAC 4.50%, 11/15/2027^(b)		EUR	670		669,716
Motion Finco SARL 7.375%, 06/15/2030^(b)			531		560,060
NCL Corp., Ltd. 5.875%, 03/15/2026^(b)		U.S.$	545		544,421
5.875%, 02/15/2027^(b)			900		897,564
Royal Caribbean Cruises Ltd. 4.25%, 07/01/2026^(b)			93		90,908
5.375%, 07/15/2027^(b)			2,008		1,995,394
5.50%, 08/31/2026^(b)			948		947,134
5.50%, 04/01/2028^(b)			4,264		4,233,934
Six Flags Entertainment Corp./DE 7.25%, 05/15/2031^(b)			1,082		1,104,883
Viking Cruises Ltd. 7.00%, 02/15/2029^(b)			1,752		1,758,272
9.125%, 07/15/2031^(b)			83		89,187
VOC Escrow Ltd. 5.00%, 02/15/2028^(b)			1,749		1,703,387

					16,431,956


Consumer Cyclical - Other – 3.7%
Affinity Interactive 6.875%, 12/15/2027^(b)			454		339,201
AmeriTex HoldCo Intermediate LLC 10.25%, 10/15/2028^(b)			361		383,609
Boyd Gaming Corp. 4.75%, 12/01/2027			482		467,261
Brookfield Residential Properties, Inc./Brookfield Residential US LLC 4.875%, 02/15/2030^(b)			1,097		994,565
6.25%, 09/15/2027^(b)			416		412,146
Builders FirstSource, Inc. 4.25%, 02/01/2032^(b)			650		574,165
5.00%, 03/01/2030^(b)			466		443,275
6.375%, 03/01/2034^(b)			1,047		1,034,157
CD&R Smokey Buyer, Inc./Radio Systems Corp. 9.50%, 10/15/2029^(b)			618		608,373
Century Communities, Inc. 3.875%, 08/15/2029^(b)			406		363,775
6.75%, 06/01/2027			25		25,033


	Principal Amount (000)			U.S. $ Value

Churchill Downs, Inc. 4.75%, 01/15/2028^(b)		U.S.$	491	$	473,435
5.75%, 04/01/2030^(b)			540		529,946
Cirsa Finance International SARL 6.50%, 03/15/2029^(b)		EUR	559		610,011
Forestar Group, Inc. 3.85%, 05/15/2026^(b)		U.S.$	385		374,133
Great Canadian Gaming Corp. 8.75%, 11/15/2029^(b)			868		892,100
Hilton Domestic Operating Co., Inc. 3.625%, 02/15/2032^(b)			1,538		1,335,106
3.75%, 05/01/2029^(b)			885		815,826
5.875%, 04/01/2029^(b)			1,286		1,281,980
5.875%, 03/15/2033^(b)			1,690		1,661,471
6.125%, 04/01/2032^(b)			738		736,634
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. 4.875%, 07/01/2031^(b)			560		500,763
5.00%, 06/01/2029^(b)			1,598		1,501,862
6.625%, 01/15/2032^(b)			290		290,940
LGI Homes, Inc. 7.00%, 11/15/2032^(b)			703		696,501
Marriott Ownership Resorts, Inc. 4.50%, 06/15/2029^(b)			526		490,395
Masterbrand, Inc. 7.00%, 07/15/2032^(b)			1,047		1,054,568
Mattamy Group Corp. 4.625%, 03/01/2030^(b)			55		51,145
MGM Resorts International 4.625%, 09/01/2026			5		4,929
4.75%, 10/15/2028			833		797,242
Miller Homes Group Finco PLC 7.00%, 05/15/2029^(b)		GBP	679		825,123
8.27% (EURIBOR 3 Month + 5.25%), 05/15/2028^(b)⁽ⁱ⁾		EUR	514		535,519
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC 6.75%, 04/01/2032^(b)		U.S.$	361		362,692
Mohegan Tribal Gaming Authority 8.00%, 02/01/2026^(b)			459		456,049
Playtech PLC 4.25%, 03/07/2026^(b)		EUR	43		44,385
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. 5.625%, 09/01/2029^(b)		U.S.$	527		410,425
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 04/01/2029			911		854,749
Standard Building Solutions, Inc. 6.50%, 08/15/2032^(b)			488		489,326
Standard Industries, Inc./NY 4.375%, 07/15/2030^(b)			705		642,817
4.75%, 01/15/2028^(b)			580		556,128
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875%, 05/15/2025^(b)			1,785		1,782,029
Taylor Morrison Communities, Inc. 5.125%, 08/01/2030^(b)			92		87,966
5.75%, 01/15/2028^(b)			376		373,252
5.875%, 06/15/2027^(b)			87		87,199
Thor Industries, Inc. 4.00%, 10/15/2029^(b)			1,179		1,066,623
Travel & Leisure Co. 4.50%, 12/01/2029^(b)			911		850,069
4.625%, 03/01/2030^(b)			2,415		2,240,176
6.00%, 04/01/2027^(a)			725		725,020
6.625%, 07/31/2026^(b)			1,110		1,117,193
Wyndham Hotels & Resorts, Inc. 4.375%, 08/15/2028^(b)			409		387,811


	Principal Amount (000)			U.S. $ Value

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25%, 05/15/2027^(b)		U.S.$	781	$	771,698
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, 10/01/2029^(b)			1,988		1,904,135

					36,314,931


Consumer Cyclical - Restaurants – 0.5%
1011778 BC ULC/New Red Finance, Inc. 3.875%, 01/15/2028^(b)			1,286		1,216,015
4.00%, 10/15/2030^(b)			630		563,441
4.375%, 01/15/2028^(b)			963		921,452
6.125%, 06/15/2029^(b)			2,000		2,007,090
CEC Entertainment LLC 6.75%, 05/01/2026^(b)			382		379,778

					5,087,776


Consumer Cyclical - Retailers – 3.2%
Arko Corp. 5.125%, 11/15/2029^(b)			1,035		941,869
Asbury Automotive Group, Inc. 4.50%, 03/01/2028			541		518,266
4.625%, 11/15/2029^(b)			1,273		1,187,177
5.00%, 02/15/2032^(b)			827		756,889
Bath & Body Works, Inc. 5.25%, 02/01/2028			845		832,614
6.75%, 07/01/2036			98		99,581
6.875%, 11/01/2035			519		530,702
7.60%, 07/15/2037			261		263,610
9.375%, 07/01/2025^(b)			41		41,699
BCPE Ulysses Intermediate, Inc. 7.75% (7.75% Cash or 8.50% PIK), 04/01/2027^(b)^(c)			518		511,744
Beacon Roofing Supply, Inc. 6.50%, 08/01/2030^(b)			293		297,164
Carvana Co. 5.50%, 04/15/2027^(b)			415		386,519
9.00% (9.00% Cash or 12.00% PIK), 12/01/2028^(a)^{(b) (c)}			534		570,438
13.00% (11.00% Cash or 13.00% PIK), 06/01/2030^(a)^{(b) (c)}			2,001		2,204,273
14.00%, 06/01/2031^(a)^(b) (c)			993		1,190,769
Cougar JV Subsidiary LLC 8.00%, 05/15/2032^(b)			2,172		2,253,576
CT Investment GmbH 6.375%, 04/15/2030^(b)		EUR	516		557,199
eG Global Finance PLC 12.00%, 11/30/2028^(b)		U.S.$	392		438,325
FirstCash, Inc. 6.875%, 03/01/2032^(b)			1,871		1,878,011
Global Auto Holdings Ltd/AAG FH UK Ltd. 8.375%, 01/15/2029^(b)			1,503		1,389,820
8.75%, 01/15/2032^(b)			835		747,134
11.50%, 08/15/2029^(b)			358		364,891
Group 1 Automotive, Inc. 4.00%, 08/15/2028^(b)			1,195		1,117,486
6.375%, 01/15/2030^(b)			352		353,395
Hanesbrands, Inc. 4.875%, 05/15/2026^(b)			877		862,907
Kontoor Brands, Inc. 4.125%, 11/15/2029^(b)			894		823,272
LCM Investments Holdings II LLC 4.875%, 05/01/2029^(b)			1,452		1,355,790
Lithia Motors, Inc. 3.875%, 06/01/2029^(b)			480		438,739
Michaels Cos., Inc. (The) 5.25%, 05/01/2028^(b)			605		456,828
7.875%, 05/01/2029^(b)			878		532,429


	Principal Amount (000)			U.S. $ Value

Nordstrom, Inc. 4.375%, 04/01/2030		U.S.$	532	$	481,824
5.00%, 01/15/2044			4		2,989
PetSmart, Inc./PetSmart Finance Corp. 7.75%, 02/15/2029^(b)			502		485,122
Sonic Automotive, Inc. 4.625%, 11/15/2029^(b)			2,519		2,326,281
4.875%, 11/15/2031^(b)			144		129,054
Staples, Inc. 10.75%, 09/01/2029^(b)			2,506		2,467,401
12.75%, 01/15/2030^(b)			1,061		830,059
Victoria’s Secret & Co. 4.625%, 07/15/2029^(b)			428		388,771
White Cap Buyer LLC 6.875%, 10/15/2028^(b)			161		159,047

					31,173,664


Consumer Non-Cyclical – 7.1%
1375209 BC Ltd. 9.00%, 01/30/2028^(b)			652		650,493
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 4.625%, 01/15/2027^(b)			615		601,686
6.50%, 02/15/2028^(b)			2,565		2,598,347
Bausch & Lomb Corp. 8.375%, 10/01/2028^(b)			3,238		3,367,828
Bausch Health Americas, Inc. 8.50%, 01/31/2027^(b)			543		447,712
Bausch Health Cos., Inc. 4.875%, 06/01/2028^(b)			5,068		4,063,359
5.25%, 01/30/2030^(b)			8		4,376
5.75%, 08/15/2027^(b)			477		415,121
6.25%, 02/15/2029^(b)			640		396,282
7.25%, 05/30/2029^(b)			291		186,998
11.00%, 09/30/2028^(b)			1,262		1,198,576
CAB SELAS 3.375%, 02/01/2028^(b)		EUR	1,880		1,805,737
Cheplapharm Arzneimittel GmbH 7.50%, 05/15/2030^(b)			770		784,905
CHS/Community Health Systems, Inc. 4.75%, 02/15/2031^(b)		U.S.$	493		382,978
5.625%, 03/15/2027^(b)			1,371		1,314,716
6.00%, 01/15/2029^(b)			1,466		1,311,893
6.125%, 04/01/2030^(b)			3,640		2,496,574
6.875%, 04/01/2028^(b)			213		155,006
6.875%, 04/15/2029^(b)			1,328		1,000,980
10.875%, 01/15/2032^(b)			79		81,506
DaVita, Inc. 3.75%, 02/15/2031^(b)			710		613,759
4.625%, 06/01/2030^(b)			4,391		4,033,500
Elanco Animal Health, Inc. 6.65%, 08/28/2028^(a)			1,686		1,714,764
Embecta Corp. 5.00%, 02/15/2030^(b)			1,552		1,427,371
Emergent BioSolutions, Inc. 3.875%, 08/15/2028^(b)			1,516		1,240,333
Encompass Health Corp. 4.50%, 02/01/2028			484		466,707
Endo Finance Holdings, Inc. 8.50%, 04/15/2031^(b)			1,024		1,083,566
Fortrea Holdings, Inc. 7.50%, 07/01/2030^(b)			406		406,574
Global Medical Response, Inc. 10.00%, 10/31/2028^(a)^{(b) (c)}			158		158,781
Grifols SA 3.875%, 10/15/2028^(b)		EUR	1,806		1,688,775
7.50%, 05/01/2030^(b)			1,300		1,409,928
Gruenenthal GmbH 6.75%, 05/15/2030^(b)			1,067		1,178,593


	Principal Amount (000)			U.S. $ Value

HLF Financing SARL LLC/Herbalife International, Inc. 12.25%, 04/15/2029^(b)		U.S.$	422	$	441,150
Iceland Bondco PLC 8.52% (EURIBOR 3 Month + 5.50%), 12/15/2027^(b)⁽ⁱ⁾		EUR	385		402,967
10.875%, 12/15/2027^(b)		GBP	162		216,765
IQVIA, Inc. 2.25%, 03/15/2029^(b)		EUR	862		851,110
Lamb Weston Holdings, Inc. 4.125%, 01/31/2030^(b)		U.S.$	1,062		971,555
Medline Borrower LP 5.25%, 10/01/2029^(b)			2,300		2,214,336
Medline Borrower LP/Medline Co-Issuer, Inc. 6.25%, 04/01/2029^(b)			189		190,924
MPH Acquisition Holdings LLC 5.50%, 09/01/2028^(b)			1,922		1,647,539
5.75%, 11/01/2028^(b)			2,810		1,830,023
Neogen Food Safety Corp. 8.625%, 07/20/2030^(b)			883		947,137
Newell Brands, Inc. 5.70%, 04/01/2026^(a)			474		473,847
6.375%, 09/15/2027			407		410,374
6.375%, 05/15/2030			283		283,980
7.00%, 04/01/2046^(a)			245		234,028
Organon & Co./Organon Foreign Debt Co-Issuer BV 2.875%, 04/30/2028^(b)		EUR	885		890,331
4.125%, 04/30/2028^(b)		U.S.$	1,609		1,512,090
5.125%, 04/30/2031^(b)			922		829,052
6.75%, 05/15/2034^(b)			1,126		1,119,448
7.875%, 05/15/2034^(b)			716		731,292
Owens & Minor, Inc. 4.50%, 03/31/2029^(b)			12		10,719
6.625%, 04/01/2030^(b)			1,608		1,510,002
Performance Food Group, Inc. 4.25%, 08/01/2029^(b)			92		85,351
Post Holdings, Inc. 4.50%, 09/15/2031^(b)			131		117,350
4.625%, 04/15/2030^(b)			1,303		1,200,935
5.50%, 12/15/2029^(b)			1,184		1,145,826
6.25%, 10/15/2034^(b)			785		766,830
Primo Water Holdings, Inc. 4.375%, 04/30/2029^(b)			1,651		1,535,822
Select Medical Corp. 6.25%, 12/01/2032^(b)			200		192,537
Sotera Health Holdings LLC 7.375%, 06/01/2031^(b)			1,245		1,261,110
Star Parent, Inc. 9.00%, 10/01/2030^(b)			397		412,371
Surgery Center Holdings, Inc. 7.25%, 04/15/2032^(b)			837		853,904
Tenet Healthcare Corp. 4.375%, 01/15/2030			2,307		2,141,919
4.625%, 06/15/2028			449		430,047
TreeHouse Foods, Inc. 4.00%, 09/01/2028			400		362,654
Triton Water Holdings, Inc. 6.25%, 04/01/2029^(b)			696		690,580
US Acute Care Solutions LLC 9.75%, 05/15/2029^(b)			328		334,362
US Foods, Inc. 4.75%, 02/15/2029^(b)			634		607,808
5.75%, 04/15/2033^(b)			353		342,985
6.875%, 09/15/2028^(b)			79		80,762

					68,969,546


	Principal Amount (000)			U.S. $ Value

Energy – 7.5%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375%, 06/15/2029^(b)		U.S.$	80	$	77,821
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.00%, 07/15/2029^(b)			934		953,839
7.25%, 07/15/2032^(b)			444		456,224
Buckeye Partners LP 3.95%, 12/01/2026			615		592,684
4.125%, 03/01/2025^(b)			57		56,744
4.50%, 03/01/2028^(b)			18		17,082
6.875%, 07/01/2029^(b)			1,493		1,510,196
California Resources Corp. 8.25%, 06/15/2029^(b)			84		85,173
CITGO Petroleum Corp. 6.375%, 06/15/2026^(b)			471		471,577
7.00%, 06/15/2025^(b)			1,781		1,782,507
8.375%, 01/15/2029^(b)			844		869,224
Civitas Resources, Inc. 5.00%, 10/15/2026^(b)			1,527		1,503,885
8.375%, 07/01/2028^(b)			1,315		1,366,473
8.625%, 11/01/2030^(b)			521		545,854
8.75%, 07/01/2031^(b)			1,137		1,185,432
CNX Resources Corp. 6.00%, 01/15/2029^(b)			1,156		1,133,161
7.25%, 03/01/2032^(b)			876		890,786
7.375%, 01/15/2031^(b)			507		520,564
Comstock Resources, Inc. 6.75%, 03/01/2029^(b)			294		286,894
Crescent Energy Finance LLC 7.375%, 01/15/2033^(b)			160		155,690
7.625%, 04/01/2032^(b)			258		256,719
9.25%, 02/15/2028^(b)			1,484		1,550,959
CVR Energy, Inc. 8.50%, 01/15/2029^(b)			83		79,632
Encino Acquisition Partners Holdings LLC 8.50%, 05/01/2028^(b)			524		535,210
Enerflex Ltd. 9.00%, 10/15/2027^(b)			371		386,807
Genesis Energy LP/Genesis Energy Finance Corp. 8.25%, 01/15/2029			1,359		1,370,450
Global Partners LP/GLP Finance Corp. 6.875%, 01/15/2029			1,921		1,908,080
Hess Midstream Operations LP 4.25%, 02/15/2030^(b)			798		736,793
5.625%, 02/15/2026^(b)			536		534,879
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 02/01/2029^(b)			313		298,616
6.00%, 02/01/2031^(b)			412		382,574
6.25%, 04/15/2032^(b)			89		81,937
6.875%, 05/15/2034^(b)			845		788,684
7.25%, 02/15/2035^(b)			677		637,157
8.375%, 11/01/2033^(b)			1,299		1,326,328
Howard Midstream Energy Partners LLC 7.375%, 07/15/2032^(b)			568		577,366
8.875%, 07/15/2028^(b)			702		736,598
ITT Holdings LLC 6.50%, 08/01/2029^(b)			2,664		2,436,503
KCA Deutag UK Finance PLC 9.875%, 12/01/2025^(b)			331		331,347
Kodiak Gas Services LLC 7.25%, 02/15/2029^(b)			1,593		1,624,595
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp. 6.875%, 12/01/2032^(b)			177		175,470
Moss Creek Resources Holdings, Inc. 8.25%, 09/01/2031^(b)			947		927,821


	Principal Amount (000)			U.S. $ Value

Murphy Oil Corp. 6.00%, 10/01/2032		U.S.$	749	$	719,668
Nabors Industries Ltd. 7.50%, 01/15/2028^(b)			1,042		967,015
Nabors Industries, Inc. 7.375%, 05/15/2027^(b)			839		838,323
9.125%, 01/31/2030^(b)			128		130,069
NFE Financing LLC 12.00%, 11/15/2029^(b)			7,712		8,103,508
NGL Energy Operating LLC/NGL Energy Finance Corp. 8.125%, 02/15/2029^(b)			1,709		1,732,106
8.375%, 02/15/2032^(b)			1,242		1,251,422
NuStar Logistics LP 5.625%, 04/28/2027			1,371		1,363,045
6.00%, 06/01/2026			80		80,050
PBF Holding Co. LLC/PBF Finance Corp. 6.00%, 02/15/2028			744		713,664
7.875%, 09/15/2030^(b)			2,289		2,246,585
Permian Resources Operating LLC 6.25%, 02/01/2033^(b)			949		937,010
Saturn Oil & Gas, Inc. 9.625%, 06/15/2029^(b)			381		370,660
Seadrill Finance Ltd. 8.375%, 08/01/2030^(b)			351		357,687
Summit Midstream Holdings LLC 8.625%, 10/31/2029^(b)			823		853,039
Sunoco LP 7.00%, 05/01/2029^(b)			1,703		1,747,624
Sunoco LP/Sunoco Finance Corp. 4.50%, 05/15/2029			773		726,898
4.50%, 04/30/2030			422		390,790
7.00%, 09/15/2028^(b)			79		80,776
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 6.00%, 12/31/2030^(b)			160		151,649
6.00%, 09/01/2031^(b)			72		67,943
Talos Production, Inc. 9.00%, 02/01/2029^(b)			490		502,088
9.375%, 02/01/2031^(b)			582		593,453
TGS ASA 8.50%, 01/15/2030^(b)			200		205,846
Transocean Aquila Ltd. 8.00%, 09/30/2028^(b)			978		1,000,274
Transocean, Inc. 8.75%, 02/15/2030^(b)			708		730,535
USA Compression Partners LP/USA Compression Finance Corp. 6.875%, 09/01/2027			4		4,014
Venture Global Calcasieu Pass LLC 3.875%, 08/15/2029^(b)			93		85,455
3.875%, 11/01/2033^(b)			879		755,837
4.125%, 08/15/2031^(b)			1,829		1,641,112
6.25%, 01/15/2030^(b)			1,187		1,200,262
Venture Global LNG, Inc. 7.00%, 01/15/2030^(b)			174		176,658
8.125%, 06/01/2028^(b)			1,633		1,698,619
8.375%, 06/01/2031^(b)			1,107		1,154,396
9.00%, 09/30/2029^(b)^(k)			1,828		1,911,655
9.50%, 02/01/2029^(b)			1,663		1,837,798
9.875%, 02/01/2032^(b)			2,794		3,070,136
Viridien 8.75%, 04/01/2027^(b)			422		413,512

					72,957,516


Other Industrial – 0.4%
AECOM 5.125%, 03/15/2027			407		402,601
Benteler International AG 10.50%, 05/15/2028^(b)			366		384,990


	Principal Amount (000)			U.S. $ Value

Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028^(b)		U.S.$	1,116	$	1,094,058
Fluor Corp. 4.25%, 09/15/2028			397		377,428
Gates Corp./DE 6.875%, 07/01/2029^(b)			345		351,037
Pachelbel Bidco SpA 7.125%, 05/17/2031^(b)		EUR	734		813,000
7.30% (EURIBOR 3 Month + 4.25%), 05/17/2031^{(b) (i)}			208		217,244
Ritchie Bros Holdings, Inc. 7.75%, 03/15/2031^(b)		U.S.$	11		11,503
Velocity Vehicle Group LLC 8.00%, 06/01/2029^(b)			372		386,775

					4,038,636


Services – 2.8%
ADT Security Corp. (The) 4.125%, 08/01/2029^(b)			865		794,063
4.875%, 07/15/2032^(b)			1,012		926,646
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.00%, 06/01/2029^(b)			327		298,266
9.75%, 07/15/2027^(b)			1,287		1,295,497
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 3.625%, 06/01/2028^(b)		EUR	255		254,028
4.625%, 06/01/2028^(b)		U.S.$	4,055		3,827,254
4.875%, 06/01/2028^(b)		GBP	1,010		1,170,367
AMN Healthcare, Inc. 4.625%, 10/01/2027^(b)		U.S.$	4		3,796
ANGI Group LLC 3.875%, 08/15/2028^(b)			2,420		2,158,978
APCOA Group GmbH 6.00%, 04/15/2031^(b)		EUR	990		1,038,749
Aramark Services, Inc. 5.00%, 02/01/2028^(b)		U.S.$	436		423,308
Block, Inc. 6.50%, 05/15/2032^(b)			1,149		1,160,788
Garda World Security Corp. 4.625%, 02/15/2027^(b)			188		182,471
6.00%, 06/01/2029^(b)			368		348,503
7.75%, 02/15/2028^(b)			1,281		1,321,664
8.25%, 08/01/2032^(b)			838		852,019
8.375%, 11/15/2032^(b)			1,247		1,271,940
GrubHub Holdings, Inc. 5.50%, 07/01/2027^(b)			405		354,208
Korn Ferry 4.625%, 12/15/2027^(b)			402		386,305
Matthews International Corp. 8.625%, 10/01/2027^(b)			413		428,695
Millennium Escrow Corp. 6.625%, 08/01/2026^(b)			2,056		1,605,200
Monitronics International, Inc. 9.125%, 04/01/2020^(d)^{(e) (f) (g) (j)}			958		0
Prime Security Services Borrower LLC/Prime Finance, Inc. 3.375%, 08/31/2027^(b)			938		876,448
5.75%, 04/15/2026^(b)			590		589,868
6.25%, 01/15/2028^(b)			1,225		1,216,721
Q-Park Holding I BV 5.125%, 02/15/2030^(b)		EUR	556		591,965
Rakuten Group, Inc. 11.25%, 02/15/2027^(b)		U.S.$	441		481,121
Raven Acquisition Holdings LLC 6.875%, 11/15/2031^(b)			1,413		1,400,231
Sabre GLBL, Inc. 8.625%, 06/01/2027^(b)			305		300,671
10.75%, 11/15/2029^(b)			136		140,324


	Principal Amount (000)			U.S. $ Value

Shutterfly Finance LLC 9.75%, 10/01/2027^(b)		U.S.$	7	$	7,106
Sotheby’s 7.375%, 10/15/2027^(b)			413		408,141
Techem Verwaltungsgesellschaft 675 mbH 5.375%, 07/15/2029^(b)		EUR	1,059		1,134,214

					27,249,555


Technology – 2.0%
Ahead DB Holdings LLC 6.625%, 05/01/2028^(b)		U.S.$	725		710,455
Almaviva-The Italian Innovation Co. SpA 5.00%, 10/30/2030^(b)		EUR	1,162		1,223,452
Amentum Holdings, Inc. 7.25%, 08/01/2032^(b)		U.S.$	351		354,007
ASGN, Inc. 4.625%, 05/15/2028^(b)			406		385,557
AthenaHealth Group, Inc. 6.50%, 02/15/2030^(b)			1,754		1,667,803
CommScope LLC 4.75%, 09/01/2029^(b)			61		54,610
6.00%, 03/01/2026^(b)			616		612,474
Diebold Nixdorf, Inc. 7.75%, 03/31/2030^(b)			438		449,709
Ellucian Holdings, Inc. 6.50%, 12/01/2029^(b)			448		449,475
Fortress Intermediate 3, Inc. 7.50%, 06/01/2031^(b)			1,041		1,060,547
Gen Digital, Inc. 6.75%, 09/30/2027^(b)			433		438,980
GoTo Group, Inc. 5.50%, 05/01/2028^(b)			1,403		877,172
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL 8.75%, 05/01/2029^(b)			404		413,815
Imola Merger Corp. 4.75%, 05/15/2029^(b)			968		920,056
Open Text Corp. 3.875%, 02/15/2028^(b)			569		534,379
Playtika Holding Corp. 4.25%, 03/15/2029^(b)			1,199		1,085,709
PTC, Inc. 4.00%, 02/15/2028^(b)			410		388,636
Rackspace Finance LLC 3.50%, 05/15/2028^(b)			3,030		1,831,858
Rocket Software, Inc. 9.00%, 11/28/2028^(b)			1,421		1,467,462
Science Applications International Corp. 4.875%, 04/01/2028^(b)			105		101,071
Seagate HDD Cayman 4.09%, 06/01/2029			1,214		1,132,220
9.625%, 12/01/2032			1,355		1,527,315
Sensata Technologies BV 4.00%, 04/15/2029^(b)			602		552,459
TTM Technologies, Inc. 4.00%, 03/01/2029^(b)			410		380,338
Virtusa Corp. 7.125%, 12/15/2028^(b)			717		680,628

					19,300,187


Transportation - Airlines – 0.7%
Allegiant Travel Co. 7.25%, 08/15/2027^(b)			127		127,668
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%, 04/20/2026^(b)			1,212		1,209,012
5.75%, 04/20/2029^(b)			2,558		2,538,190
JetBlue Airways Corp./JetBlue Loyalty LP 9.875%, 09/20/2031^(b)			1,344		1,424,640
OneSky Flight LLC 8.875%, 12/15/2029^(b)			268		268,948


	Principal Amount (000)			U.S. $ Value

Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 09/20/2025^{(b) (g) (l)}		U.S.$	1,590	$	1,242,428
VistaJet Malta Finance PLC/Vista Management Holding, Inc. 7.875%, 05/01/2027^(b)			449		435,530
9.50%, 06/01/2028^(b)			19		19,000

					7,265,416


Transportation - Railroads – 0.0%
Brightline East LLC 11.00%, 01/31/2030^(b)			473		451,271


Transportation - Services – 1.4%
Albion Financing 1 SARL/Aggreko Holdings, Inc. 5.25%, 10/15/2026^(b)		EUR	525		548,098
6.125%, 10/15/2026^(b)		U.S.$	228		227,419
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 4.75%, 04/01/2028^(b)			660		616,791
5.375%, 03/01/2029^(b)			267		250,063
5.75%, 07/15/2027^(b)			1,031		1,009,395
8.25%, 01/15/2030^(b)			185		190,839
Avis Budget Finance PLC 7.25%, 07/31/2030^(b)		EUR	952		1,033,197
BCP V Modular Services Finance PLC 6.75%, 11/30/2029^(b)			1,214		1,137,159
BCP V Modular Services Finance II PLC 4.75%, 11/30/2028^(b)			132		134,063
Boels Topholding BV 6.25%, 02/15/2029^(b)			862		934,229
Dcli Bidco LLC 7.75%, 11/15/2029^(b)		U.S.$	581		593,728
Edge Finco PLC 8.125%, 08/15/2031^(b)		GBP	479		612,708
Herc Holdings, Inc. 5.50%, 07/15/2027^(b)		U.S.$	389		383,433
6.625%, 06/15/2029^(b)			84		85,024
Hertz Corp. (The) 4.625%, 12/01/2026^{(b) (m)}			1,432		1,204,562
5.00%, 12/01/2029^(b)			2,799		1,940,307
12.625%, 07/15/2029^(b)			1,232		1,312,248
Loxam SAS 4.50%, 02/15/2027^(b)		EUR	629		656,773
Rand Parent LLC 8.50%, 02/15/2030^(b)		U.S.$	372		374,081
United Rentals North America, Inc. 3.875%, 02/15/2031			19		16,977

					13,261,094

					508,698,185


Financial Institutions – 6.7%
Banking – 0.5%
Ally Financial, Inc. Series C 4.70%, 05/15/2028^(k)			256		223,172
Bread Financial Holdings, Inc. 7.00%, 01/15/2026^(b)			106		105,789
9.75%, 03/15/2029^(b)			2,779		2,987,561
Freedom Mortgage Corp. 12.25%, 10/01/2030^(b)			326		360,805
Synchrony Financial 7.25%, 02/02/2033			1,230		1,271,662

					4,948,989


Brokerage – 1.2%
AG Issuer LLC 6.25%, 03/01/2028^(b)			1,309		1,297,819


	Principal Amount (000)			U.S. $ Value

AG TTMT Escrow Issuer LLC 8.625%, 09/30/2027^(b)		U.S.$	784	$	812,733
Aretec Group, Inc. 7.50%, 04/01/2029^(b)			641		637,035
10.00%, 08/15/2030^(b)			1,885		2,056,132
Focus Financial Partners LLC 6.75%, 09/15/2031^(b)			1,213		1,205,285
Hightower Holding LLC 6.75%, 04/15/2029^(b)			2,936		2,919,509
Osaic Holdings, Inc. 10.75%, 08/01/2027^(b)			1,425		1,471,941
VFH Parent LLC/Valor Co-Issuer, Inc. 7.50%, 06/15/2031^(b)			996		1,024,033

					11,424,487


Finance – 2.2%
Castlelake Aviation Finance DAC 5.00%, 04/15/2027^(b)			1,036		1,040,982
CNG Holdings, Inc. 14.50%, 06/30/2026^(b)			794		714,600
Compass Group Diversified Holdings LLC 5.25%, 04/15/2029^(b)			1,277		1,221,732
Curo SPV LLC 18.00%, 08/02/2027^(d)^(f)			2,288		2,374,209
Enova International, Inc. 9.125%, 08/01/2029^(b)			1,884		1,956,954
11.25%, 12/15/2028^(b)			651		702,713
Freedom Mortgage Holdings LLC 9.125%, 05/15/2031^(b)			7		7,227
9.25%, 02/01/2029^(b)			243		250,679
GGAM Finance Ltd. 8.00%, 02/15/2027^(b)			1,324		1,366,480
8.00%, 06/15/2028^(b)			1,069		1,122,736
goeasy Ltd. 7.625%, 07/01/2029^(b)			439		448,584
9.25%, 12/01/2028^(b)			1,043		1,111,361
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 9.75%, 01/15/2029			495		496,322
10.00%, 11/15/2029^(b)			177		177,482
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5.00%, 08/15/2028^(b)			2,434		2,281,812
Midcap Financial Issuer Trust 6.50%, 05/01/2028^(b)			431		420,861
Navient Corp. 4.875%, 03/15/2028			1,706		1,625,666
5.00%, 03/15/2027			585		573,067
6.75%, 06/25/2025			954		955,594
6.75%, 06/15/2026			835		844,142
11.50%, 03/15/2031			845		945,280
Planet Financial Group LLC 10.50%, 12/15/2029^(b)			265		269,700
SFA Issuer LLC 11.00%, 12/15/2029^(b)			179		172,420
SLM Corp. 3.125%, 11/02/2026			188		179,378

					21,259,981


Insurance – 0.9%
Acrisure LLC/Acrisure Finance, Inc. 4.25%, 02/15/2029^(b)			152		143,020
7.50%, 11/06/2030^(b)			414		425,902
8.25%, 02/01/2029^(b)			1,048		1,081,797
8.50%, 06/15/2029^(b)			985		1,025,079
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 6.50%, 10/01/2031^(b)			990		980,381
6.75%, 04/15/2028^(b)			285		285,247
AmWINS Group, Inc. 6.375%, 02/15/2029^(b)			479		481,119


	Principal Amount (000)			U.S. $ Value

Ardonagh Finco Ltd. 6.875%, 02/15/2031^(b)		EUR	286	$	305,223
7.75%, 02/15/2031^(b)		U.S.$	739		761,998
Ardonagh Group Finance Ltd. 8.875%, 02/15/2032^(b)			417		433,491
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC 7.25%, 02/15/2031^(b)			880		894,163
HUB International Ltd. 7.25%, 06/15/2030^(b)			1,725		1,768,734

					8,586,154


Other Finance – 0.5%
Armor Holdco, Inc. 8.50%, 11/15/2029^(b)			1,967		1,989,835
Coinbase Global, Inc. 3.375%, 10/01/2028^(b)			852		766,219
3.625%, 10/01/2031^(b)			694		585,958
Encore Capital Group, Inc. 8.50%, 05/15/2030^(b)			1,096		1,154,392
9.25%, 04/01/2029^(b)			606		645,713
Titanium 2l Bondco SARL 6.25%, 01/14/2031^(c)		EUR	218		75,484

					5,217,601


REITs – 1.4%
Aedas Homes Opco SL 4.00%, 08/15/2026^(b)			1,580		1,629,600
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. 5.75%, 01/15/2029^(b)		U.S.$	9		7,234
Apollo Commercial Real Estate Finance, Inc. 4.625%, 06/15/2029^(b)			428		371,290
Blackstone Mortgage Trust, Inc. 7.75%, 12/01/2029^(b)			177		181,772
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 4.50%, 04/01/2027^(b)			902		855,576
5.75%, 05/15/2026^(b)			160		158,151
Crossgates, Inc. 11.00%, 07/25/2025^(d)			2,209		2,174,295
Five Point Operating Co. LP/Five Point Capital Corp. 10.50%, 01/15/2028^(a)^(b)			1,653		1,684,685
Hudson Pacific Properties LP 4.65%, 04/01/2029			549		413,527
Iron Mountain, Inc. 4.875%, 09/15/2027^(b)			1,051		1,024,602
5.00%, 07/15/2028^(b)			904		872,502
5.25%, 03/15/2028^(b)			1,352		1,323,391
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.75%, 06/15/2029^(b)			8		7,548
MPT Operating Partnership LP/MPT Finance Corp. 5.25%, 08/01/2026			614		564,981
Rithm Capital Corp. 8.00%, 04/01/2029^(b)			345		345,716
Service Properties Trust 8.375%, 06/15/2029			626		605,748
8.625%, 11/15/2031^(b)			991		1,032,677
Starwood Property Trust, Inc. 6.50%, 07/01/2030^(b)			268		268,262
Vivion Investments SARL Series E 8.00%, 02/28/2029^(a)^{(b) (c)}		EUR	3		2,853


	Principal Amount (000)			U.S. $ Value

XHR LP 6.625%, 05/15/2030^(b)		U.S.$	177	$	177,575

					13,701,985

					65,139,197


Utility – 1.4%
Electric – 1.3%
Alpha Generation LLC 6.75%, 10/15/2032^(b)			515		509,173
Calpine Corp. 4.50%, 02/15/2028^(b)			850		815,321
EUSHI Finance, Inc. 7.625%, 12/15/2054^(b)			361		375,456
Lightning Power LLC 7.25%, 08/15/2032^(b)			1,225		1,260,827
NextEra Energy Operating Partners LP 4.50%, 09/15/2027^(b)			18		17,155
7.25%, 01/15/2029^(b)			427		437,010
NRG Energy, Inc. 3.375%, 02/15/2029^(b)			1,631		1,479,204
3.625%, 02/15/2031^(b)			445		388,704
3.875%, 02/15/2032^(b)			188		163,560
5.25%, 06/15/2029^(b)			124		120,519
5.75%, 07/15/2029^(b)			1,744		1,711,498
6.00%, 02/01/2033^(b)			510		495,424
6.25%, 11/01/2034(^b)			443		434,728
10.25%, 03/15/2028^{(b) (k)}			842		930,591
PG&E Corp. 5.00%, 07/01/2028			1,041		1,016,799
Vistra Corp. 7.00%, 12/15/2026^{(b) (k)}			835		834,919
8.00%, 10/15/2026^{(b) (k)}			1,003		1,021,254
Vistra Operations Co. LLC 4.375%, 05/01/2029^(b)			91		85,681
5.625%, 02/15/2027^(b)			80		79,762
7.75%, 10/15/2031^(b)			990		1,037,066

					13,214,651


Natural Gas – 0.1%
AmeriGas Partners LP/AmeriGas Finance Corp. 5.75%, 05/20/2027			201		186,624
9.375%, 06/01/2028^(b)			430		413,577

					600,201

					13,814,852


Total Corporates - Non-Investment Grade (cost $606,213,188)					587,652,234


CORPORATES - INVESTMENT GRADE – 14.4%
Industrial – 6.9%
Basic – 0.7%
AngloGold Ashanti Holdings PLC 3.375%, 11/01/2028			647		595,441
Freeport Indonesia PT 4.76%, 04/14/2027^(b)			281		278,190
Industrias Penoles SAB de CV 5.65%, 09/12/2049^(b)			386		336,063
Inversiones CMPC SA 6.125%, 02/26/2034^(b)			453		456,214
MEGlobal Canada ULC 5.875%, 05/18/2030^(b)			343		349,174
Nexa Resources SA 6.50%, 01/18/2028^(b)			524		528,915
6.75%, 04/09/2034^(b)			961		972,773
OCP SA 6.75%, 05/02/2034^(b)			412		419,622
Olin Corp. 5.625%, 08/01/2029			272		264,609
Sociedad Quimica y Minera de Chile SA 6.50%, 11/07/2033^(b)			406		418,992


	Principal Amount (000)		U.S. $ Value

Suzano Austria GmbH 3.75%, 01/15/2031	U.S.$	262	$	230,785
5.00%, 01/15/2030		218		208,599
6.00%, 01/15/2029		1,125		1,126,688
Series DM3N 3.125%, 01/15/2032		331		274,111

				6,460,176


Capital Goods – 0.4%
Boeing Co. (The) 3.25%, 02/01/2028		906		853,084
5.15%, 05/01/2030		463		456,935
6.53%, 05/01/2034		1,640		1,717,984
Embraer Netherlands Finance BV 5.40%, 02/01/2027		918		917,137
St. Marys Cement, Inc. Canada 5.75%, 04/02/2034^(b)		222		213,815

				4,158,955


Communications - Media – 1.3%
Charter Communications Operating LLC/Charter Communications Operating Capital 3.50%, 06/01/2041		256		175,529
4.80%, 03/01/2050		834		626,579
5.50%, 04/01/2063		213		169,185
DIRECTV Financing LLC 8.875%, 02/01/2030^(b)		78		76,749
DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc. 5.875%, 08/15/2027^(b)		2,806		2,730,058
Grupo Televisa SAB 4.625%, 01/30/2026^(m)		495		483,338
Paramount Global 4.20%, 06/01/2029		140		132,115
4.20%, 05/19/2032		825		726,901
4.95%, 01/15/2031		565		527,903
5.50%, 05/15/2033		504		473,373
6.875%, 04/30/2036		564		573,031
7.875%, 07/30/2030		270		292,477
Prosus NV 3.06%, 07/13/2031^(b)		1,998		1,679,579
4.03%, 08/03/2050^(b)		331		222,184
Time Warner Cable LLC 7.30%, 07/01/2038		17		17,316
Warnermedia Holdings, Inc. 4.28%, 03/15/2032		1,780		1,568,228
5.05%, 03/15/2042		397		318,625
5.39%, 03/15/2062		23		16,928
Weibo Corp. 3.375%, 07/08/2030		1,562		1,396,428

				12,206,526


Consumer Cyclical - Automotive – 0.9%
Adient Global Holdings Ltd. 7.00%, 04/15/2028^(b)		452		457,448
Ford Motor Co. 3.25%, 02/12/2032		4,123		3,431,195
Ford Motor Credit Co. LLC 6.05%, 11/05/2031		764		758,110
Harley-Davidson Financial Services, Inc. 5.95%, 06/11/2029^(b)		127		127,141
6.50%, 03/10/2028^(b)		1,489		1,523,635
Jaguar Land Rover Automotive PLC 4.50%, 10/01/2027^(b)		470		455,325
Nissan Motor Acceptance Co. LLC 2.45%, 09/15/2028^(b)		575		509,660
2.75%, 03/09/2028^(b)		1,112		1,010,639
5.30%, 09/13/2027^(b)		434		429,623
7.05%, 09/15/2028^(b)		5		5,180


	Principal Amount (000)			U.S. $ Value

Nissan Motor Co., Ltd. 4.81%, 09/17/2030^(b)		U.S.$	233	$	219,005

					8,926,961


Consumer Cyclical - Entertainment – 0.3%
Carnival Corp. 4.00%, 08/01/2028^(b)			3,157		2,990,986


Consumer Cyclical - Other – 0.7%
Flutter Treasury DAC 5.00%, 04/29/2029^(b)		EUR	155		166,978
GENM Capital Labuan Ltd. 3.88%, 04/19/2031^(b)		U.S.$	891		785,194
International Game Technology PLC 6.25%, 01/15/2027^(b)			473		475,239
Las Vegas Sands Corp. 2.90%, 06/25/2025			4		3,956
MDC Holdings, Inc. 6.00%, 01/15/2043			1,881		1,875,753
Resorts World Las Vegas LLC/RWLV Capital, Inc. 4.625%, 04/16/2029^(b)			2,200		1,963,415
4.625%, 04/06/2031^(b)			1,100		937,884
Sands China Ltd. 2.85%, 03/08/2029^(a)			206		183,575
3.25%, 08/08/2031^(a)			285		243,675
4.375%, 06/18/2030^(a)			550		512,716

					7,148,385


Consumer Cyclical - Retailers – 0.2%
Macy’s Retail Holdings LLC 5.875%, 03/15/2030^(b)			1,064		1,016,193
6.125%, 03/15/2032^(b)			509		477,911
Zhongsheng Group Holdings Ltd. 5.98%, 01/30/2028^(b)			490		484,765

					1,978,869


Consumer Non-Cyclical – 0.6%
BAT Capital Corp. 7.08%, 08/02/2053			313		343,669
Cencosud SA 5.95%, 05/28/2031^(b)			481		478,744
Charles River Laboratories International, Inc. 3.75%, 03/15/2029^(b)			770		705,596
4.00%, 03/15/2031^(b)			45		40,071
CVS Health Corp. 6.75%, 12/10/2054			152		149,108
7.00%, 03/10/2055			1,683		1,689,586
Imperial Brands Finance PLC 5.875%, 07/01/2034^(b)			1,250		1,248,602
Jazz Securities DAC 4.375%, 01/15/2029^(b)			1,487		1,401,665

					6,057,041


Energy – 1.1%
Apache Corp. 4.75%, 04/15/2043			8		6,367
Energy Transfer LP 8.00%, 05/15/2054			1,494		1,567,819
EnLink Midstream Partners LP 5.05%, 04/01/2045			403		345,106
5.60%, 04/01/2044			52		47,663
Enterprise Products Operating LLC Series E 5.25%, 08/16/2077			353		344,305
EQM Midstream Partners LP 4.50%, 01/15/2029^(b)			830		792,198
6.375%, 04/01/2029^(b)			315		316,112
Harbour Energy PLC 5.50%, 10/15/2026^(b)			375		372,739
Hunt Oil Co. of Peru LLC Sucursal Del Peru 8.55%, 09/18/2033^(b)			403		438,387


	Principal Amount (000)			U.S. $ Value

KazMunayGas National Co. JSC 5.375%, 04/24/2030^(b)		U.S.$	1,928	$	1,873,939
Occidental Petroleum Corp. 7.50%, 05/01/2031			4		4,369
ONEOK, Inc. 3.95%, 03/01/2050			397		286,647
5.70%, 11/01/2054			968		912,108
Raizen Fuels Finance SA 6.45%, 03/05/2034^(b)			464		458,532
Tengizchevroil Finance Co. International Ltd. 3.25%, 08/15/2030^(b)			1,902		1,617,290
Var Energi ASA 8.00%, 11/15/2032^(b)			1,300		1,462,179

					10,845,760


Other Industrial – 0.1%
American Builders & Contractors Supply Co., Inc. 4.00%, 01/15/2028^(b)			100		95,774
Ritchie Bros Holdings, Inc. 6.75%, 03/15/2028^(b)			418		427,074

					522,848


Services – 0.0%
Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV 8.50%, 01/15/2031^(b)		GBP	163		217,324


Technology – 0.0%
Gartner, Inc. 3.625%, 06/15/2029^(b)		U.S.$	7		6,513
Lenovo Group Ltd. 3.42%, 11/02/2030^(b)			289		259,175

					265,688


Transportation - Airlines – 0.4%
Air Canada 3.875%, 08/15/2026^(b)			1,303		1,266,475
AS Mileage Plan IP Ltd. 5.02%, 10/20/2029^(b)			173		168,583
5.31%, 10/20/2031^(b)			345		336,687
United Airlines, Inc. 4.375%, 04/15/2026^(b)			2,032		1,997,209

					3,768,954


Transportation - Railroads – 0.0%
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/2036^(b)			360		329,236


Transportation - Services – 0.2%
Adani Ports & Special Economic Zone Ltd. 4.375%, 07/03/2029^(b)			1,175		1,008,297
AerCap Global Aviation Trust 6.50%, 06/15/2045^(b)			235		234,475
United Rentals North America, Inc. 3.875%, 11/15/2027			832		796,203

					2,038,975

					67,916,684


Financial Institutions – 6.1%
Banking – 4.1%
Ally Financial, Inc. 5.75%, 11/20/2025			17		17,085
6.70%, 02/14/2033			500		504,444
6.85%, 01/03/2030			380		394,138
8.00%, 11/01/2031			281		310,901
Series B 4.70%, 05/15/2026^(k)			2,950		2,752,224
Banco de Credito del Peru SA 5.85%, 01/11/2029^(b)			664		672,981
Banco Santander SA 3.225%, 11/22/2032			200		170,291
6.92%, 08/08/2033			2,600		2,736,524
9.625%, 05/21/2033^(k)			1,400		1,611,567


	Principal Amount (000)			U.S. $ Value

Bank Leumi Le-Israel BM 7.13%, 07/18/2033^(b)		U.S.$	450	$	458,617
Barclays PLC 7.12%, 06/27/2034			361		383,884
BBVA Bancomer SA/Texas 5.25%, 09/10/2029^(b)			461		451,089
BNP Paribas SA 4.625%, 02/25/2031^(b)^(k)			2,924		2,453,791
BPCE SA 6.51%, 01/18/2035^(b)			1,245		1,250,540
Series E 0.75%, 03/03/2031^(b)		EUR	600		526,850
4.125%, 03/08/2033^(b)			100		105,917
CaixaBank SA 5.875%, 10/09/2027^{(b) (k)}			1,000		1,063,365
Capital One Financial Corp. 2.36%, 07/29/2032		U.S.$	427		343,738
6.05%, 02/01/2035			654		664,632
Citigroup, Inc. 5.59%, 11/19/2034			1,782		1,767,837
Series AA 7.625%, 11/15/2028^(k)			339		353,520
Series W 4.00%, 12/10/2025^(k)			413		402,328
Citizens Financial Group, Inc. 6.645%, 04/25/2035			237		249,948
Deutsche Bank AG/New York NY 3.73%, 01/14/2032			1,435		1,254,462
7.08%, 02/10/2034			324		333,712
Discover Financial Services 7.96%, 11/02/2034			567		647,717
Fifth Third Bancorp 8.25%, 03/01/2038			234		280,739
HSBC Holdings PLC 6.50%, 09/15/2037			309		315,562
8.11%, 11/03/2033			225		253,549
Series E 4.75%, 07/04/2029^{(b) (k)}		EUR	1,595		1,631,576
Intesa Sanpaolo SpA 4.20%, 06/01/2032^(b)		U.S.$	845		735,830
5.71%, 01/15/2026^(b)			1,232		1,232,116
6.625%, 06/20/2033^(b)			997		1,041,841
7.20%, 11/28/2033^(b)			832		902,073
7.80%, 11/28/2053^(b)			448		500,828
KeyCorp 6.40%, 03/06/2035			19		19,786
Lloyds Banking Group PLC 5.59%, 11/26/2035			1,168		1,159,448
7.50%, 09/27/2025^(k)			1,737		1,748,796
M&T Bank Corp. 5.05%, 01/27/2034			165		157,891
NatWest Group PLC 6.475%, 06/01/2034			248		254,643
8.125%, 11/10/2033^(k)			415		440,923
Nordea Bank Abp 6.625%, 03/26/2026^{(b) (k)}			3,065		3,072,286
Santander Holdings USA, Inc. 6.17%, 01/09/2030			676		689,863
Societe Generale SA 3.625%, 03/01/2041^(b)			203		136,172
7.37%, 01/10/2053^(b)			203		199,074
Synchrony Financial 4.875%, 06/13/2025			6		5,991
5.935%, 08/02/2030^(m)			808		815,210
UBS Group AG 3.875%, 06/02/2026^{(b) (k)}			682		652,439
9.25%, 11/13/2028^{(b) (k)}			448		484,417
9.25%, 11/13/2033^{(b) (k)}			380		436,352


	Principal Amount (000)		U.S. $ Value

UniCredit SpA 5.86%, 06/19/2032^(b)	U.S.$	1,048	$	1,047,975
Western Alliance Bancorp 3.00%, 06/15/2031		407		385,477

				40,482,959


Brokerage – 0.1%
BGC Group, Inc. 6.60%, 06/10/2029		83		85,059
Charles Schwab Corp. (The) Series I 4.00%, 06/01/2026^(k)		1,251		1,208,197

				1,293,256


Finance – 0.7%
Air Lease Corp. Series B 4.65%, 06/15/2026^(k)		1,229		1,188,242
Apollo Debt Solutions BDC 6.70%, 07/29/2031^(b)		85		87,274
6.90%, 04/13/2029^(b)		84		86,764
Blackstone Private Credit Fund 2.625%, 12/15/2026		117		111,470
5.25%, 04/01/2030^(b)		88		85,509
CFAMC II Co., Ltd. Series E 4.625%, 06/03/2026^(b)		200		197,000
4.875%, 11/22/2026^(b)		230		226,435
5.50%, 01/16/2025^(b)		1,082		1,081,675
CFAMC III Co., Ltd. 4.75%, 04/27/2027^(b)		400		390,800
HAT Holdings I LLC/HAT Holdings II LLC 3.375%, 06/15/2026^(b)		358		346,784
HPS Corporate Lending Fund 6.25%, 09/30/2029^(b)		84		85,265
ILFC E-Capital Trust II 6.54% (CME Term SOFR 3 Month + 2.06%), 12/21/2065^{(b) (i)}		2,000		1,670,712
Jefferies Finance LLC/JFIN Co-Issuer Corp. 6.625%, 10/15/2031^(b)		395		394,119
Main Street Capital Corp. 6.50%, 06/04/2027		58		59,057
Oaktree Strategic Credit Fund 6.50%, 07/23/2029		85		85,966
Sixth Street Lending Partners 5.75%, 01/15/2030^(b)		87		85,225
6.50%, 03/11/2029^(b)		84		85,046

				6,267,343


Insurance – 0.8%
Allstate Corp. (The) 6.50%, 05/15/2057		828		850,619
Athene Global Funding 5.53%, 07/11/2031^(b)		1,822		1,825,754
Global Atlantic Fin Co. 4.70%, 10/15/2051^(b)		425		407,971
7.95%, 10/15/2054^(b)		24		25,039
Liberty Mutual Group, Inc. 4.125%, 12/15/2051^(b)		462		438,970
7.80%, 03/15/2037^(b)		2,187		2,442,451
MetLife, Inc. 9.25%, 04/08/2038^(b)		277		325,485
10.75%, 08/01/2039		787		1,048,281
Prudential Financial, Inc. 5.375%, 05/15/2045		339		336,707

				7,701,277


REITs – 0.4%
Newmark Group, Inc. 7.50%, 01/12/2029		2,131		2,227,848


	Principal Amount (000)		U.S. $ Value

Trust Fibra Uno 4.87%, 01/15/2030^(b)	U.S.$	1,280	$	1,158,400
5.25%, 01/30/2026^(b)		209		208,413

				3,594,661

				59,339,496


Utility – 1.4%
Electric – 1.4%
Adani Electricity Mumbai Ltd. 3.87%, 07/22/2031^(b)		430		328,950
3.95%, 02/12/2030^(b)		806		649,838
AES Andes SA 6.30%, 03/15/2029^(b)		1,037		1,039,012
Alexander Funding Trust II 7.47%, 07/31/2028^(b)		685		723,200
American Electric Power Co., Inc. 6.95%, 12/15/2054		594		614,764
Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy 7.875%, 02/15/2039^(b)		447		460,718
Cometa Energia SA de CV 6.375%, 04/24/2035^(b)		584		574,770
Edison International 8.125%, 06/15/2053		388		400,099
Electricite de France SA 9.125%, 03/15/2033^(b) (k)		427		481,226
Empresas Publicas de Medellin ESP 4.25%, 07/18/2029^(b)		1,640		1,457,222
Enel Finance International NV 7.75%, 10/14/2052^(b)		275		324,853
Engie Energia Chile SA 6.375%, 04/17/2034^(b)		920		931,500
FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple 7.25%, 01/31/2041^(b)		221		217,572
FirstEnergy Corp. Series C 4.85%, 07/15/2047^(a)		7		5,953
Israel Electric Corp., Ltd. 7.75%, 12/15/2027^(b)		555		586,460
Series G 4.25%, 08/14/2028^(b)		871		834,226
Kallpa Generacion SA 4.125%, 08/16/2027^(b)		488		470,271
Minejesa Capital BV 4.625%, 08/10/2030^(b)		1,280		1,235,546
Niagara Energy SAC 5.75%, 10/03/2034^(b)		492		474,682
NRG Energy, Inc. 7.00%, 03/15/2033^(b)		323		347,833
Palomino Funding Trust I 7.23%, 05/17/2028^(b)		806		843,707
Vistra Operations Co. LLC 5.70%, 12/30/2034^(b)		281		277,498

				13,279,900


Other Utility – 0.0%
Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy 7.875%, 02/15/2039^(b)		470		484,424

				13,764,324


Total Corporates - Investment Grade (cost $138,784,762)				141,020,504


EMERGING MARKETS - CORPORATE BONDS – 6.2%
Industrial – 5.6%
Basic – 1.9%
Aris Mining Corp. 8.00%, 10/31/2029^(b)		275		272,267


	Principal Amount (000)		U.S. $ Value

Braskem Idesa SAPI 6.99%, 02/20/2032^(b)	U.S.$	904	$	664,440
7.45%, 11/15/2029^{(b) (m)}		1,393		1,108,549
Braskem Netherlands Finance BV 4.50%, 01/10/2028^(b)		1,720		1,572,725
4.50%, 01/31/2030^(b)		966		811,305
8.00%, 10/15/2034^(b)		283		269,653
Cia de Minas Buenaventura SAA 5.50%, 07/23/2026^(b)		1,072		1,064,496
CSN Inova Ventures 6.75%, 01/28/2028^(b)		1,694		1,584,415
Eregli Demir ve Celik Fabrikalari TAS 8.375%, 07/23/2029^(b)		486		493,594
First Quantum Minerals Ltd. 6.875%, 10/15/2027^(b)		1,215		1,208,548
9.375%, 03/01/2029^(b)		438		464,096
Indika Energy Tbk PT 8.75%, 05/07/2029^(b)		476		489,090
JSW Steel Ltd. 3.95%, 04/05/2027^(b)		409		392,129
5.05%, 04/05/2032^(b)		658		590,759
Navoi Mining & Metallurgical Combinat 6.70%, 10/17/2028^(b)		319		317,642
Sasol Financing USA LLC 8.75%, 05/03/2029^(b)		1,527		1,549,923
Stillwater Mining Co. 4.00%, 11/16/2026^(b)		1,698		1,604,610
4.50%, 11/16/2029^(b)		309		259,560
UPL Corp., Ltd. 4.50%, 03/08/2028^(b)		336		310,800
4.625%, 06/16/2030^(b)		673		593,923
Vedanta Resources Finance II PLC 10.25%, 06/03/2028^(b)		940		959,319
10.875%, 09/17/2029^(b)		985		1,022,478
Volcan Cia Minera SAA 8.75%, 01/24/2030^(b)		724		689,168

				18,293,489


Capital Goods – 0.3%
Cemex SAB de CV 5.125%, 06/08/2026^{(b) (k)}		1,028		1,007,440
9.125%, 03/14/2028^{(b) (k)}		646		664,774
IHS Holding Ltd. 6.25%, 11/29/2028^(b)		383		362,414
7.875%, 05/29/2030^(b)		306		301,509
Usiminas International SARL 5.875%, 07/18/2026^(b)		518		512,913

				2,849,050


Communications - Media – 0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030^(b)		437		388,956
Telecomunicaciones Digitales SA 4.50%, 01/30/2030^(b)		246		223,476

				612,432


Communications - Telecommunications – 0.1%
Digicel Group Holdings Ltd. Zero Coupon, 12/31/2030^{(d) (f) (h)}		98		1,362
Millicom International Cellular SA 7.375%, 04/02/2032^(b)		343		343,907
Sable International Finance Ltd. 7.125%, 10/15/2032^(b)		688		674,848
Turk Telekomunikasyon AS 7.375%, 05/20/2029^(b)		481		488,518

				1,508,635


Consumer Cyclical - Other – 1.0%
Allwyn Entertainment Financing UK PLC 7.875%, 04/30/2029^(b)		200		204,882


	Principal Amount (000)			U.S. $ Value

Allwyn International AS 3.875%, 02/15/2027^(b)		EUR	170	$	175,462
Melco Resorts Finance Ltd. 5.375%, 12/04/2029^(b)		U.S.$	1,356		1,237,363
5.625%, 07/17/2027^(b)			965		930,019
5.75%, 07/21/2028^(b)			1,255		1,192,250
MGM China Holdings Ltd. 4.75%, 02/01/2027^(b)			1,122		1,086,590
5.25%, 06/18/2025^(b)			222		221,001
5.875%, 05/15/2026^(b)			414		411,930
Studio City Co., Ltd. 7.00%, 02/15/2027^(b)			289		290,174
Studio City Finance Ltd. 6.00%, 07/15/2025^(b)			448		446,320
Wynn Macau Ltd. 5.125%, 12/15/2029^(b)			241		222,925
5.50%, 01/15/2026^(b)			1,496		1,481,504
5.50%, 10/01/2027^(b)			947		917,454
5.625%, 08/26/2028^(b)			717		688,320

					9,506,194


Consumer Cyclical - Retailers – 0.1%
Falabella SA 3.375%, 01/15/2032^(b)			583		479,700
3.75%, 10/30/2027^(b)			950		891,812
K201640219 South Africa Ltd. Zero Coupon, 06/25/2023^{(d) (e) (f) (g)}		ZAR	45		0
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

					1,371,512


Consumer Non-Cyclical – 0.8%
Anadolu Efes Biracilik Ve Malt Sanayii AS 3.375%, 06/29/2028^(b)			269		232,012
BRF SA 4.875%, 01/24/2030^(b)			655		603,307
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL 5.25%, 04/27/2029^(b)			108		102,533
MARB BondCo PLC 3.95%, 01/29/2031^(b)			1,762		1,470,442
Natura &Co Luxembourg Holdings SARL 4.125%, 05/03/2028^(b)			1,066		975,312
Rede D’or Finance SARL 4.95%, 01/17/2028^(b)			445		423,863
Teva Pharmaceutical Finance Netherlands II BV 3.75%, 05/09/2027		EUR	446		464,465
4.375%, 05/09/2030			1,000		1,057,883
Teva Pharmaceutical Finance Netherlands III BV 4.75%, 05/09/2027		U.S.$	517		504,106
5.125%, 05/09/2029^(m)			517		504,721
7.875%, 09/15/2029			506		544,807
8.125%, 09/15/2031			506		563,940
Virgolino de Oliveira Finance SA 10.50%, 01/28/2025^{(d) (f) (g) (h) (l)}			4,062		406
10.875%, 01/13/2020^{(d) (e) (f) (g) (h)}			480		48
11.75%, 02/09/2025^{(d) (f) (g) (h) (l)}			1,609		161

					7,448,006


Energy – 1.2%
Acu Petroleo Luxembourg SARL 7.50%, 01/13/2032^(b)			519		507,183
Azure Power Energy Ltd. 3.575%, 08/19/2026^(b)			542		492,341
Canacol Energy Ltd. 5.75%, 11/24/2028^(b)			544		301,659
Cosan Luxembourg SA 5.50%, 09/20/2029^(b)			461		429,163


	Principal Amount (000)		U.S. $ Value

Ecopetrol SA 4.625%, 11/02/2031	U.S.$	841	$	695,137
6.875%, 04/29/2030		782		762,059
8.625%, 01/19/2029		2,054		2,175,494
Gran Tierra Energy, Inc. 9.50%, 10/15/2029^(b)		1,006		931,113
Greenko Wind Projects Mauritius Ltd. 5.50%, 04/06/2025^(b)		1,462		1,456,825
Leviathan Bond Ltd. 6.125%, 06/30/2025^(b)		1,007		1,000,233
6.50%, 06/30/2027^(b)		1,327		1,287,174
Medco Maple Tree Pte Ltd. 8.96%, 04/27/2029^(b)		840		883,311
MV24 Capital BV 6.75%, 06/01/2034^(b)		417		394,733
Oleoducto Central SA 4.00%, 07/14/2027^(b)		424		400,812
SierraCol Energy Andina LLC 6.00%, 06/15/2028^(b)		319		287,256

				12,004,493


Other Industrial – 0.0%
Telecommunications co Telekom Srbija AD Belgrade 7.00%, 10/28/2029^(b)		275		274,830


Transportation - Services – 0.1%
JSW Infrastructure Ltd. 4.95%, 01/21/2029^(b)		204		196,605
Kingston Airport Revenue Finance Ltd. 6.75%, 12/15/2036^(b)		495		497,228

				693,833

				54,562,474


Utility – 0.5%
Electric – 0.4%
AES Andes SA 6.35%, 10/07/2079^(b)		286		283,535
8.15%, 06/10/2055^(b)		274		277,710
Continuum Energy Aura Pte Ltd. 9.50%, 02/24/2027^(b)		401		419,799
Continuum Green Energy India Pvt./Co-Issuers 7.50%, 06/26/2033^(b)		470		485,628
Diamond II Ltd. 7.95%, 07/28/2026^(b)		597		604,975
India Clean Energy Holdings 4.50%, 04/18/2027^(b)		511		482,895
Investment Energy Resources Ltd. 6.25%, 04/26/2029^(b)		618		594,244
Sorik Marapi Geothermal Power PT 7.75%, 08/05/2031^(b)		420		413,700
Terraform Global Operating LP 6.125%, 03/01/2026^(b)		118		117,739
Zorlu Enerji Elektrik Uretim AS 11.00%, 04/23/2030^(b)		490		492,450

				4,172,675


Other Utility – 0.1%
Aegea Finance SARL 6.75%, 05/20/2029^(b)		367		355,320
9.00%, 01/20/2031^(b)		276		280,842

				636,162

				4,808,837


Financial Institutions – 0.1%
Banking – 0.1%
Akbank TAS 7.50%, 01/20/2030^(b)		263		266,040
Turkiye Vakiflar Bankasi TAO 9.00%, 10/12/2028^(b)		465		495,518
Yapi ve Kredi Bankasi AS 9.25%, 10/16/2028^(b)		400		431,252

				1,192,810


	Principal Amount (000)		U.S. $ Value

Other Finance – 0.0%
BBFI Liquidating Trust Zero Coupon, 12/30/2099^{(d) (f) (h)}	U.S.$	780	$	219,833

				1,412,643


Total Emerging Markets - Corporate Bonds (cost $66,877,069)				60,783,954


BANK LOANS – 4.7%
Industrial – 4.2%
Capital Goods – 0.2%
ACProducts Holdings, Inc. 8.84% (CME Term SOFR 3 Month + 4.25%), 05/17/2028⁽ⁿ⁾		1,908		1,537,138
Chariot Buyer LLC 7.71% (CME Term SOFR 1 Month + 3.25%), 11/03/2028⁽ⁿ⁾		155		155,937
TransDigm, Inc. 6.83% (CME Term SOFR 3 Month + 2.50%), 02/28/2031⁽ⁿ⁾		290		290,125

				1,983,200


Communications - Media – 0.7%
Advantage Sales & Marketing, Inc. 9.12% (CME Term SOFR 3 Month + 4.25%), 10/28/2027⁽ⁿ⁾		1,677		1,669,911
DIRECTV Financing, LLC 10.10% (CME Term SOFR 3 Month + 5.25%), 08/02/2029⁽ⁿ⁾		1,605		1,573,800
Gray Television, Inc. 7.67% (CME Term SOFR 1 Month + 3.00%), 12/01/2028⁽ⁿ⁾		2,275		2,097,277
Inizio Group Ltd. 8.68% (CME Term SOFR 3 Month + 4.25%), 08/19/2028^{(d) (n)}		1,276		1,258,455

				6,599,443


Communications - Telecommunications – 0.5%
Crown Subsea Communications Holding, Inc. 8.57% (CME Term SOFR 1 Month + 4.00%), 01/30/2031⁽ⁿ⁾		1,423		1,442,855
iHeartCommunications, Inc. 05/01/2026^(o)	U.S.$	1,250		1,106,250
Lumen Technologies, Inc. 04/15/2029^(o)		359		336,841
Zacapa S.a r.l. 8.08% (CME Term SOFR 3 Month + 3.75%), 03/22/2029⁽ⁿ⁾		2,083		2,093,465

				4,979,411


Consumer Cyclical - Restaurants – 0.0%
IRB Holding Corp. 6.86% (CME Term SOFR 1 Month + 2.50%), 12/15/2027⁽ⁿ⁾		158		157,631


Consumer Cyclical - Retailers – 0.0%
Great Outdoors Group LLC 8.22% (CME Term SOFR 1 Month + 3.75%), 03/06/2028⁽ⁿ⁾		467		468,807


Consumer Non-Cyclical – 1.0%
Agiliti Health, Inc. 7.26% (CME Term SOFR 6 Month + 6.00%), 05/01/2030^{(d) (n)}		1,286		1,260,030
Gainwell Acquisition Corp. 8.43% (CME Term SOFR 3 Month + 4.00%), 10/01/2027⁽ⁿ⁾		1,190		1,150,391


	Principal Amount (000)		U.S. $ Value

ModivCare, Inc. 9.08% (CME Term SOFR 3 Month + 4.75%), 07/01/2031⁽ⁿ⁾	U.S.$	1,312	$	1,235,193
Neptune Bidco US, Inc. 9.76% (CME Term SOFR 3 Month + 5.00%), 04/11/2029⁽ⁿ⁾		2,075		1,857,260
PetSmart LLC 8.21% (CME Term SOFR 1 Month + 3.75%), 02/11/2028⁽ⁿ⁾		2,158		2,146,737
US Radiology Specialists, Inc. 9.08% (CME Term SOFR 3 Month + 4.75%), 12/15/2027⁽ⁿ⁾		1,911		1,921,265

				9,570,876


Energy – 0.2%
GIP II Blue Holding LP 8.11% (CME Term SOFR 1 Month + 3.75%), 09/29/2028⁽ⁿ⁾		1,461		1,468,489


Other Industrial – 0.2%
American Tire Distributors, Inc. 13.16% (CME Term SOFR 3 Month + 8.25%), 10/20/2028^{(d) (n)}		2,061		824,421
Dealer Tire Financial, LLC 7.86% (CME Term SOFR 1 Month + 3.50%), 07/02/2031⁽ⁿ⁾		287		286,670
LTR Intermediate Holdings, Inc. 8.97% (CME Term SOFR 1 Month + 4.50%), 05/05/2028⁽ⁿ⁾		863		845,509

				1,956,600


Technology – 1.0%
Ascend Learning LLC 10.21% (CME Term SOFR 1 Month + 5.75%), 12/10/2029⁽ⁿ⁾		840		831,600
Boxer Parent Co., Inc. 8.335% (CME Term SOFR 3 Month + 3.75%), 07/30/2031⁽ⁿ⁾		1,464		1,474,466
Clover Holdings Ltd. 7.75% (FIXED 1 + 7.75%), 11/01/2031^(d)		2,132		2,132,000
Clover Holdings SPV III LLC 12/09/2027^(d) (o)		140		140,597
FinThrive Software Intermediate Holdings, Inc. 8.49% (CME Term SOFR 1 Month + 4.00%), 12/17/2028^{(d) (n)}		66		56,760
11.24% (CME Term SOFR 1 Month + 6.75%), 12/17/2029^{(d) (n)}		363		234,135
Icon Parent Inc. 7.52% (CME Term SOFR 3 Month + 3.00%), 11/13/2031⁽ⁿ⁾		1,273		1,276,577
Loyalty Ventures, Inc. 14.00% (PRIME 3 Month + 5.50%), 11/03/2027^{(d) (f) (g) (l) (n)}		1,518		11,388
Peraton Corp. 8.21% (CME Term SOFR 1 Month + 3.75%), 02/01/2028⁽ⁿ⁾		603		559,706
Polaris Newco, LLC 8.85% (CME Term SOFR 3 Month + 4.00%), 06/02/2028⁽ⁿ⁾		1,271		1,272,013
Project Alpha Intermediate Holdings, Inc. 11/22/2032^(d) (o)		1,240		1,254,731
Veritas US, Inc. 12/09/2029^{(d) (o)}		340		338,077

				9,582,050


Transportation - Airlines – 0.2%
AS Mileage Plan IP Ltd. 6.66% (CME Term SOFR 3 Month + 2.00%), 10/15/2031⁽ⁿ⁾		710		712,485


	Principal Amount (000)		U.S. $ Value

Delta Air Lines, Inc. 8.37% (CME Term SOFR 3 Month + 3.75%), 10/20/2027⁽ⁿ⁾	U.S.$	211	$	214,248
JetBlue Airways Corp. 9.85% (CME Term SOFR 3 Month + 5.50%), 08/27/2029⁽ⁿ⁾		1,341		1,349,301

				2,276,034


Transportation - Services – 0.2%
Third Coast Infrastructure LLC 8.61% (CME Term SOFR 1 Month + 4.25%), 09/25/2030^{(d) (n)}		1,700		1,694,696

				40,737,237


Financial Institutions – 0.5%
Banking – 0.0%
Orbit Private Holdings I Ltd. 8.11% (CME Term SOFR 3 Month + 3.75%), 12/11/2028^{(d) (n)}		233		235,436


Brokerage – 0.1%
Jane Street Group LLC 6.40% (CME Term SOFR 3 Month + 2.00%), 12/10/2031⁽ⁿ⁾		1,526		1,519,433


Insurance – 0.4%
Asurion LLC 8.71% (CME Term SOFR 1 Month + 4.25%), 08/19/2028⁽ⁿ⁾		1,631		1,630,950
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) 7.585% (CME Term SOFR 3 Month + 3.00%), 07/31/2031⁽ⁿ⁾		1,262		1,268,147
Truist Insurance Holdings 9.08% (CME Term SOFR 3 Month + 4.75%), 05/06/2032⁽ⁿ⁾		768		784,911

				3,684,008

				5,438,877


Total Bank Loans (cost $49,068,199)				46,176,114


COLLATERALIZED MORTGAGE OBLIGATIONS – 2.4%
Risk Share Floating Rate – 1.6%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2015-DNA1, Class B 13.88% (CME Term SOFR + 9.31%), 10/25/2027⁽ⁱ⁾		591		604,700
Series 2015-DNA2, Class B 12.23% (CME Term SOFR + 7.66%), 12/25/2027⁽ⁱ⁾		1,124		1,155,058
Series 2015-DNA3, Class B 14.03% (CME Term SOFR + 9.46%), 04/25/2028⁽ⁱ⁾		1,011		1,071,868
Series 2015-HQA1, Class B 13.48% (CME Term SOFR + 8.91%), 03/25/2028⁽ⁱ⁾		998		1,035,612
Series 2016-DNA4, Class B 13.28% (CME Term SOFR + 8.71%), 03/25/2029⁽ⁱ⁾		389		430,814
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C04, Class 1M2 10.38% (CME Term SOFR + 5.81%), 04/25/2028⁽ⁱ⁾		757		785,179
Series 2015-C04, Class 2M2 10.23% (CME Term SOFR + 5.66%), 04/25/2028⁽ⁱ⁾		176		176,582


	Principal Amount (000)		U.S. $ Value

Series 2016-C01, Class 1B 16.43% (CME Term SOFR + 11.86%), 08/25/2028⁽ⁱ⁾	U.S.$	670	$	740,418
Series 2016-C01, Class 2M2 11.63% (CME Term SOFR + 7.06%), 08/25/2028⁽ⁱ⁾		73		76,386
Series 2016-C02, Class 1B 16.93% (CME Term SOFR + 12.36%), 09/25/2028⁽ⁱ⁾		445		500,165
Series 2016-C02, Class 1M2 10.68% (CME Term SOFR + 6.11%), 09/25/2028⁽ⁱ⁾		166		171,002
Series 2016-C03, Class 1B 16.43% (CME Term SOFR + 11.86%), 10/25/2028⁽ⁱ⁾		370		416,565
Series 2016-C03, Class 2B 17.43% (CME Term SOFR + 12.86%), 10/25/2028⁽ⁱ⁾		629		715,568
Series 2016-C04, Class 1B 14.93% (CME Term SOFR + 10.36%), 01/25/2029⁽ⁱ⁾		1,471		1,650,989
Series 2016-C05, Class 2B 15.43% (CME Term SOFR + 10.86%), 01/25/2029⁽ⁱ⁾		1,805		2,030,067
Series 2016-C06, Class 1B 13.93% (CME Term SOFR + 9.36%), 04/25/2029⁽ⁱ⁾		1,271		1,427,816
Series 2016-C07, Class 2B 14.18% (CME Term SOFR + 9.61%), 05/25/2029⁽ⁱ⁾		1,549		1,745,832
JP Morgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 10.18% (CME Term SOFR + 5.61%), 10/25/2025^(b)⁽ⁱ⁾		339		348,780
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 10.18% (CME Term SOFR + 5.61%), 11/25/2025^(b)⁽ⁱ⁾		109		113,222

				15,196,623


Non-Agency Fixed Rate – 0.3%
Alternative Loan Trust Series 2006-HY12, Class A5 4.47%, 08/25/2036		398		366,896
Series 2006-42, Class 1A6 6.00%, 01/25/2047		435		225,589
Series 2006-24CB, Class A15 5.75%, 08/25/2036⁽ⁱ⁾		465		232,884
Series 2006-J1, Class 1A10 5.50%, 02/25/2036		484		324,577
Series 2006-J5, Class 1A1 6.50%, 09/25/2036		453		234,981
Bear Stearns ARM Trust Series 2007-3, Class 1A1 4.275%, 05/25/2047		65		57,718
Series 2007-4, Class 22A1 4.43%, 06/25/2047		276		247,658
ChaseFlex Trust Series 2007-1, Class 1A3 6.50%, 02/25/2037		399		136,655
CHL Mortgage Pass-Through Trust Series 2007-HY4, Class 1A1 4.94%, 09/25/2047		77		69,111
Citigroup Mortgage Loan Trust Series 2007-AR4, Class 1A1A 4.71%, 03/25/2037		41		34,277
CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A4 5.75%, 03/25/2037		382		338,644


	Principal Amount (000)		U.S. $ Value

Residential Accredit Loans, Inc. Trust Series 2005-QS14, Class 3A1 6.00%, 09/25/2035	U.S.$	158	$	135,506
Residential Asset Securitization Trust Series 2006-A8, Class 3A4 6.00%, 08/25/2036		126		55,863
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-9, Class A4 4.20%, 10/25/2036		1,196		321,603
Wells Fargo Mortgage Backed Securities Trust Series 2007-AR7, Class A1 6.68%, 12/28/2037		236		206,814

				2,988,776


Non-Agency Floating Rate – 0.3%
Alternative Loan Trust Series 2007-7T2, Class A3 5.05% (CME Term SOFR 1 Month + 0.71%), 04/25/2037⁽ⁱ⁾		1,935		662,082
CHL Mortgage Pass-Through Trust Series 2007-13, Class A7 5.05% (CME Term SOFR 1 Month + 0.71%), 08/25/2037⁽ⁱ⁾		286		100,101
First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A6 1.10% (5.44% - CME Term SOFR 1 Month), 04/25/2037⁽ⁱ⁾^(p)		70		4,652
Series 2007-FA2, Class 1A10 4.70% (CME Term SOFR 1 Month + 0.36%), 04/25/2037⁽ⁱ⁾		208		48,813
Lehman XS Trust Series 2007-10H, Class 2AIO 2.33% (6.89% - CME Term SOFR 1 Month), 07/25/2037⁽ⁱ⁾^(p)		92		7,926
Residential Accredit Loans, Inc. Trust Series 2006-QS18, Class 2A2 2.10% (6.44% - CME Term SOFR 1 Month), 12/25/2036⁽ⁱ⁾^(p)		1,495		137,882
Wachovia Mortgage Loan Trust Series 2006-ALT1, Class A2 1.85% (CME Term SOFR 1 Month + 0.47%), 01/25/2037⁽ⁱ⁾		4,851		1,806,118

				2,767,574


Agency Fixed Rate – 0.2%
Federal Home Loan Mortgage Corp. REMICS Series 4767, Class KI 6.00%, 03/15/2048^(q)		7,276		1,437,696
Federal Home Loan Mortgage Corp. Strips Series 247, Class 54 5.50%, 04/15/2036^(q)		3,384		634,059

				2,071,755


Total Collateralized Mortgage Obligations (cost $26,946,257)				23,024,728


EMERGING MARKETS - SOVEREIGNS – 2.3%
Angola – 0.3%
Angolan Government International Bond 8.00%, 11/26/2029^(b)		835		744,494
8.25%, 05/09/2028^(b)		200		188,062
9.50%, 11/12/2025^(b)		2,118		2,122,342

				3,054,898


Argentina – 0.1%
Argentine Republic Government International Bond 0.75%, 07/09/2030^(a)		191		147,471
4.125%, 07/09/2035^(a)^(m)		480		318,421

				465,892


	Principal Amount (000)			U.S. $ Value

Dominican Republic – 0.8%
Dominican Republic Central Bank Notes 10.50%, 01/17/2025^(b)		DOP	146,500	$	2,399,999
Dominican Republic International Bond 8.625%, 04/20/2027^(b)		U.S.$	5,719		5,856,256

					8,256,255


Ecuador – 0.1%
Ecuador Government International Bond 5.50%, 07/31/2035^(a) (b)			1,308		739,897


Egypt – 0.2%
Egypt Government International Bond 5.875%, 02/16/2031^(b)			316		263,073
8.50%, 01/31/2047^(b)			862		668,318
8.70%, 03/01/2049^(b)			611		479,470
8.875%, 05/29/2050^(b)			1,096		875,101

					2,285,962


El Salvador – 0.2%
El Salvador Government International Bond 8.625%, 02/28/2029^(b)			1,181		1,221,154
9.65%, 11/21/2054^(b)			350		366,296

					1,587,450


Guatemala – 0.0%
Guatemala Government Bond 6.05%, 08/06/2031^(b)			420		411,205


Nigeria – 0.5%
Nigeria Government International Bond 6.125%, 09/28/2028^(b)			3,176		2,877,265
6.50%, 11/28/2027^(b)			1,418		1,343,910
7.14%, 02/23/2030^(b)			721		650,385

					4,871,560


Ukraine – 0.1%
Ukraine Government International Bond Zero Coupon, 02/01/2030^(a)^(b)			109		59,274
Zero Coupon, 02/01/2034^(a)^(b)			409		168,733
1.75%, 02/01/2029^(a)^(b)			1,012		694,767
1.75%, 02/01/2035^(a)^(b)			111		61,212
1.75%, 02/01/2036^(a)^(b)			159		85,856

					1,069,842


Total Emerging Markets - Sovereigns (cost $22,091,472)					22,742,961


COLLATERALIZED LOAN OBLIGATIONS – 2.3%
CLO - Floating Rate – 2.3%
AMMC CLO 25 Ltd. Series 2022-25A, Class ER 11.41% (CME Term SOFR 3 Month + 6.75%), 04/15/2035^{(b) (i)}			5,000		5,013,955
Ares XXXIV CLO Ltd. Series 2015-2A, Class CR 6.91% (CME Term SOFR 3 Month + 2.26%), 04/17/2033^{(b) (i)}			2,358		2,361,348
Balboa Bay Loan Funding Ltd. Series 2021-2A, Class E 11.48% (CME Term SOFR 3 Month + 6.86%), 01/20/2035^{(b) (i)}			1,000		997,913
Series 2022-1A, Class E 12.55% (CME Term SOFR 3 Month + 7.93%), 04/20/2034^{(b) (i)}			3,700		3,701,428
Ballyrock CLO 15 Ltd. Series 2021-1A, Class D 11.14% (CME Term SOFR 3 Month + 6.48%), 04/15/2034^{(b) (i)}			250		251,182


	Principal Amount (000)			U.S. $ Value

Crown Point CLO 11 Ltd. Series 2021-11A, Class E 11.72% (CME Term SOFR 3 Month + 7.07%), 01/17/2034^(b)⁽ⁱ⁾		U.S.$	2,000	$	2,003,980
Elmwood CLO IX Ltd. Series 2021-2A, Class E 10.83% (CME Term SOFR 3 Month + 6.21%), 07/20/2034^(b)⁽ⁱ⁾			250		251,032
OCP CLO Ltd. Series 2021-21A, Class E 11.16% (CME Term SOFR 3 Month + 6.54%), 07/20/2034^(b)⁽ⁱ⁾			250		251,116
Palmer Square CLO Ltd. Series 2021-3A, Class E 11.07% (CME Term SOFR 3 Month + 6.41%), 01/15/2035^(b)⁽ⁱ⁾			4,100		4,115,978
Rad CLO 10 Ltd. Series 2021-10A, Class E 10.74% (CME Term SOFR 3 Month + 6.11%), 04/23/2034^(b)⁽ⁱ⁾			750		752,279
Rad CLO 11 Ltd. Series 2021-11A, Class E 11.17% (CME Term SOFR 3 Month + 6.51%), 04/15/2034^(b)⁽ⁱ⁾			355		356,628
Regatta XIX Funding Ltd. Series 2022-1A, Class E 11.50% (CME Term SOFR 3 Month + 6.88%), 04/20/2035^(b)⁽ⁱ⁾			349		351,037
Sixth Street CLO XVIII Ltd. Series 2021-18A, Class E 11.38% (CME Term SOFR 3 Month + 6.76%), 04/20/2034^(b)⁽ⁱ⁾			1,238		1,245,098
Sixth Street CLO XX Ltd. Series 2021-20A, Class E 11.03% (CME Term SOFR 3 Month + 6.41%), 10/20/2034^(b)⁽ⁱ⁾			679		682,778


Total Collateralized Loan Obligations (cost $22,151,945)					22,335,752


GOVERNMENTS - TREASURIES – 1.8%
Colombia – 0.2%
Colombian TES Series B 7.25%, 10/26/2050		COP	14,439,300		1,934,096


United States – 7 1.6%
U.S. Treasury Bonds 2.75%, 11/15/2042^(r)		U.S.$	2,154		1,610,451
5.00%, 05/15/2037^(r)			1,824		1,888,980
5.25%, 02/15/2029			320		331,050
6.125%, 11/15/2027^(s)			1,000		1,047,188
U.S. Treasury Notes 2.25%, 02/15/2027^(s)			10,811		10,373,204
2.875%, 08/15/2028			606		576,553

					15,827,426


Total Governments - Treasuries (cost $19,276,669)					17,761,522


QUASI-SOVEREIGNS – 1.2%
Quasi-Sovereign Bonds – 1.2%
Azerbaijan – 0.1%
Southern Gas Corridor CJSC 6.875%, 03/24/2026^(b)			1,045		1,056,871


Chile – 0.2%
Corp. Nacional del Cobre de Chile 3.00%, 09/30/2029^(b)			915		813,600
5.95%, 01/08/2034^(b)			979		973,187
6.44%, 01/26/2036^(b)			453		461,352

					2,248,139


	Principal Amount (000)		U.S. $ Value

Mexico – 0.5%
Comision Federal de Electricidad 3.35%, 02/09/2031^(b)	U.S.$	775	$	639,638
4.69%, 05/15/2029^(b)		1,603		1,500,969
4.75%, 02/23/2027^(b)		258		252,358
Petroleos Mexicanos 6.49%, 01/23/2027		463		448,387
6.50%, 01/23/2029		355		330,402
8.75%, 06/02/2029		2,077		2,078,156

				5,249,910


South Africa – 0.3%
Eskom Holdings SOC Ltd. 7.125%, 02/11/2025^(b)		1,261		1,259,424
Transnet SOC Ltd. 8.25%, 02/06/2028^(b)		1,300		1,325,597

				2,585,021


Turkey – 0.1%
TC Ziraat Bankasi AS 8.00%, 01/16/2029^(b)		354		366,545
Turkiye Ihracat Kredi Bankasi AS 9.00%, 01/28/2027^(b)		208		218,855

				585,400


Total Quasi-Sovereigns (cost $11,746,207)				11,725,341


GOVERNMENTS - SOVEREIGN BONDS – 0.5%
Colombia – 0.2%
Colombia Government International Bond 4.125%, 05/15/2051		1,058		606,763
8.00%, 11/14/2035		954		959,724

				1,566,487


Panama – 0.1%
Panama Government International Bond 7.50%, 03/01/2031		447		453,565
Panama Notas del Tesoro 3.75%, 04/17/2026		468		451,812

				905,377


Romania – 0.2%
Romanian Government International Bond 5.75%, 03/24/2035^(b)		1,630		1,453,764
6.375%, 01/30/2034^(b)		336		320,870

				1,774,634


Trinidad and Tobago – 0.0%
Trinidad & Tobago Government International Bond 4.50%, 08/04/2026^(b)		240		234,750

Total Governments - Sovereign Bonds (cost $5,083,706)				4,481,248


LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.4%
United States – 0.4%
State of California Series 2010 7.60%, 11/01/2040		750		893,130
State of Illinois Series 2010 7.35%, 07/01/2035		1,505		1,604,176
Wisconsin Public Finance Authority Series 2021 5.75%, 07/25/2041^(h)		1,435		1,272,305


Total Local Governments - US Municipal Bonds (cost $3,698,648)				3,769,611


	Principal Amount (000)			U.S. $ Value

COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.3%
Non-Agency Fixed Rate CMBS – 0.3%
Commercial Mortgage Trust Series 2012-CR3, Class F 4.29%, 10/15/2045^(b)		U.S.$	41	$	2,325
Series 2013-LC6, Class D 3.92%, 01/10/2046^(b)			1,032		972,274
WFRBS Commercial Mortgage Trust Series 2011-C4, Class D 4.98%, 06/15/2044^(b)			748		689,169
Series 2014-C25, Class D 3.80%, 11/15/2047^(b)			1,807		1,734,827


Total Commercial Mortgage-Backed Securities (cost $3,392,264)					3,398,595


ASSET-BACKED SECURITIES – 0.3%
Other ABS - Floating Rate – 0.2%
Pagaya AI Debt Series 2024-S1, Class ABC 7.29%, 09/15/2031^(b)^(d)			1,957		1,991,533
Pagaya AI Debt Trust Series 2022-6, Class A4 21.12%, 05/15/2030^(b)^(d)			62		62,344

					2,053,877


Autos - Fixed Rate – 0.1%
Flagship Credit Auto Trust Series 2019-4, Class E 4.11%, 03/15/2027^(b)			770		765,915


Other ABS - Fixed Rate – 0.0%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-36, Class PT 0.505%, 10/17/2044^(h)			1		1,098


Total Asset-Backed Securities (cost $2,790,891)					2,820,890


EMERGING MARKETS - TREASURIES – 0.2%
South Africa – 0.2%
Republic of South Africa Government Bond Series 2035 8.875%, 02/28/2035 (cost $2,319,291)			45,755		2,205,890


INFLATION-LINKED SECURITIES – 0.2%
Colombia – 0.2%
Fideicomiso PA Pacifico Tres 7.00%, 01/15/2035^(h)(cost $3,071,502)			10,747,102		2,171,112


	Shares

COMMON STOCKS – 0.2%
Financial Institutions – 0.1%
Other Finance – 0.1%
Curo Group Holdings LLC^(d)^{(f) (g)}			161,756		778,531


Energy – 0.1%
Energy Equipment & Services – 0.0%
BIS Industries Holdings Ltd.^(d)^{(f) (g)}			838,296		1
CHC Group LLC^(d)^{(f) (g)}			21,009		4

					5


Oil, Gas & Consumable Fuels – 0.1%
New Fortress Energy, Inc.^(f)^(g)			49,249		744,652

					744,657


Company	Shares			U.S. $ Value

Consumer Discretionary – 0.0%
Broadline Retail – 0.0%
ATD New Holdings, Inc.^(d)^(g)			20,185	$	20
K201640219 South Africa Ltd. - Class A^(d)^{(f) (g)}			12,695,187		13
K201640219 South Africa Ltd. - Class B^(d)⁽^{f) (g)}			2,009,762		2

					35


Diversified Consumer Services – 0.0%
AG Tracker^(d)^{(f) (g)}			68,037		0
CWT Travel Holdings, Inc.^(d)^(g)			3,766		13,181
Paysafe Ltd.^(g)			10,709		183,124

					196,305


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

					196,340


Industrials – 0.0%
Electrical Equipment – 0.0%
Exide Technologies^(d)^{(f) (g)}			643		120,884


Consumer Staples – 0.0%
Household Products – 0.0%
Southeastern Grocers, Inc.^(d)^{(f) (g) (j)}			105,865		15,880


Total Common Stocks (cost $13,850,031)					1,856,292


PREFERRED STOCKS – 0.1%
Industrials – 0.1%
Technology – 0.0%
Veritas US, Inc.^(g)			7,516		154,364


Trading Companies & Distributors – 0.1%
WESCO International, Inc. Series A 10.625%			35,175		897,666


Total Preferred Stocks (cost $1,103,327)					1,052,030


RIGHTS – 0.0%
Vistra Energy Corp., expiring 12/31/2049^(d)^(g) (cost $0)			10,721		13,133


SHORT-TERM INVESTMENTS – 1.6%
Investment Companies – 1.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.43%^(t)^{(u) (v)}(cost $11,116,802)			11,116,802		11,116,802


	Principal Amount (000)

Time Deposits – 0.4%
BBH, New York 2.35%, 01/02/2025		NOK	1,720		151,110
Citibank, London 1.71%, 01/02/2025		EUR	773		800,517
Citibank, New York 3.68%, 01/02/2025		U.S.$	2,267		2,266,698
Royal Bank of Canada, London 3.67%, 01/02/2025		GBP	65		81,325
Royal Bank of Canada, Toronto 2.05%, 01/02/2025		CAD	1,155		803,475
SEB, Stockholm (0.93)%, 01/02/2025		SEK	10		918


	Principal Amount (000)			U.S. $ Value

Standard Chartered Bank, Johannesburg 6.00%, 01/02/2025		ZAR	38	$	2,013


Total Time Deposits (cost $4,106,056)					4,106,056


Corporates – Non-Investment Grade - 0.1%
Industrial – 0.1%
Transportation – Airlines – 0.1%
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 11.30% (SOFR + 0.07%), 12/19/2025 (f) (h) (i)		U.S.$	533		533,000

(cost $533,000)					533,000


Total Short-Term Investments (cost $15,755,858)					15,755,858


Total Investments – 99.2% (cost $1,014,221,286)^(w)					970,747,769
Other assets less liabilities – 0.8%					7,683,394


Net Assets – 100.0%				$	978,431,163

FUTURES


Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures		90		March 2025		$	10,018,125		$	(139,187	)
U.S. T-Note 5 Yr (CBT) Futures		513		March 2025			54,534,305			(267,742	)
Sold Contracts
U.S. Long Bond (CBT) Futures		65		March 2025			7,399,844			299,320
U.S. T-Note 10 Yr (CBT) Futures		234		March 2025			25,447,500			258,766

									$	151,157

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)				In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America NA		BRL	372			USD	60		01/03/2025		$	(140	)
Bank of America NA		USD	64			BRL	372		01/03/2025			(3,677	)
Bank of America NA		GBP	3,169			USD	4,081		01/16/2025			113,722
Bank of America NA		PEN	162			USD	43		01/16/2025			(96	)
Bank of America NA		USD	15			CLP	14,403		01/16/2025			(472	)
Bank of America NA		USD	2,014			GBP	1,564		01/16/2025			(56,124	)
Bank of America NA		DOP	106,564			USD	1,751		01/17/2025			4,501
Bank of America NA		KRW	42,944			USD	30		01/17/2025			477
Bank of America NA		USD	0	**		TWD	6		02/27/2025			(3	)
Barclays Bank PLC		USD	32			PEN	120		01/16/2025			(412	)
Barclays Bank PLC		KRW	41,977			USD	31		01/17/2025			2,122
Barclays Bank PLC		USD	34			INR	2,871		03/06/2025			(393	)
BNP Paribas SA		ZAR	41,563			USD	2,278		02/14/2025			83,846
Brown Brothers Harriman & Co.		GBP	42			USD	54		01/16/2025			1,492
Brown Brothers Harriman & Co.		CNH	860			USD	118		01/23/2025			1,186
Brown Brothers Harriman & Co.		USD	71			CNH	517		01/23/2025			(842	)
Brown Brothers Harriman & Co.		CZK	1,209			USD	51		01/24/2025			969
Brown Brothers Harriman & Co.		HUF	16,678			USD	43		01/24/2025			935
Brown Brothers Harriman & Co.		PLN	304			USD	74		01/24/2025			750
Brown Brothers Harriman & Co.		USD	29			PLN	120		01/24/2025			(167	)
Brown Brothers Harriman & Co.		AUD	127			USD	82		02/05/2025			2,992
Brown Brothers Harriman & Co.		CAD	41			USD	30		02/05/2025			1,144
Brown Brothers Harriman & Co.		NOK	355			USD	31		02/05/2025			53
Brown Brothers Harriman & Co.		NZD	14			USD	8		02/05/2025			386
Brown Brothers Harriman & Co.		USD	99			AUD	156		02/05/2025			(1,863	)
Brown Brothers Harriman & Co.		USD	1,020			CAD	1,409		02/05/2025			(38,858	)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Brown Brothers Harriman & Co.		USD	81		NOK	904		02/05/2025		$	(2,057	)
Brown Brothers Harriman & Co.		USD	73		SEK	801		02/05/2025			(390	)
Brown Brothers Harriman & Co.		USD	3		SGD	4		02/14/2025			(38	)
Brown Brothers Harriman & Co.		USD	63		ZAR	1,167		02/14/2025			(1,416	)
Brown Brothers Harriman & Co.		MXN	589		USD	29		02/20/2025			901
Brown Brothers Harriman & Co.		USD	34		MXN	702		02/20/2025			(1,025	)
Brown Brothers Harriman & Co.		EUR	116		USD	121		02/27/2025			1,431
Brown Brothers Harriman & Co.		USD	3		CHF	3		02/27/2025			(62	)
Citibank NA		KRW	89,824		USD	67		01/17/2025			6,241
Citibank NA		USD	38		KRW	53,472		01/17/2025			(1,678	)
Citibank NA		USD	70		IDR	1,087,689		01/24/2025			(2,406	)
Citibank NA		INR	2,529		USD	30		03/06/2025			255
Deutsche Bank AG		EUR	51,538		USD	54,216		02/27/2025			707,795
HSBC Bank USA		USD	29		PEN	110		01/16/2025			116
Morgan Stanley Capital Services LLC		BRL	372		USD	60		01/03/2025			106
Morgan Stanley Capital Services LLC		USD	60		BRL	372		01/03/2025			140
Morgan Stanley Capital Services LLC		COP	24,282,391		USD	5,464		01/16/2025			(37,127	)
Morgan Stanley Capital Services LLC		USD	44		COP	197,285		01/16/2025			302
Morgan Stanley Capital Services LLC		KRW	41,951		USD	30		01/17/2025			1,619
Morgan Stanley Capital Services LLC		USD	33		KRW	45,059		01/17/2025			(2,236	)
Morgan Stanley Capital Services LLC		USD	60		BRL	372		02/04/2025			(123	)

										$	781,876

CENTRALLY CLEARED CREDIT DEFAULT SWAPS


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2024		Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
Qatar Government International Bond, 9.75%, 06/15/2030, 12/20/2029*		1.00	%		Quarterly		0.44%		USD	9,910	$	(251,199	)	$	(252,224	)	$	1,025
Saudi Government International Bond, 4.00%, 04/17/2025, 12/20/2029*		1.00			Quarterly		0.65		USD	4,960		(79,912	)		(78,566	)		(1,346	)
Sale Contracts
CDX-NAHY Series 43, 5 Year Index, 12/20/2029*		5.00			Quarterly		3.12		USD	82,310		6,475,479			5,561,524			913,955
Hertz Corp. (The), 5.000%, 12/01/2029, 06/20/2029*		5.00			Quarterly		19.29		USD	140		(51,607	)		(19,303	)		(32,304	)
iTraxx- XOVER Series 42, 5 Year Index, 12/20/2029*		5.00			Quarterly		3.14		EUR	46,230		3,838,465			3,949,644			(111,179	)

											$	9,931,226		$	9,161,075		$	770,151

*	Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS


				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
USD	20		11/21/2034	3.869%	1 Day SOFR	Annual	$	346	$	—	$	346
USD	10		12/30/2034	1 Day SOFR	4.141%	Annual		55		—		55

							$	401	$	—	$	401

REVERSE REPURCHASE AGREEMENTS


Broker	Currency	Principal Amount (000)		Interest Rate			Maturity		U.S. $ Value at December 31, 2024
Barclays Capital, Inc.†	USD		508		1.25	%		—	$	508,164
Barclays Capital, Inc.†	USD		1,041		2.50			—		1,041,880
Clear Street LLC†	USD		838		3.75			—		847,108
Nomura UK†	USD		491		2.50			—		493,580
Standard Chartered Bank†	USD		716		2.25			—		719,118
Standard Chartered Bank†	USD		254		4.00			—		256,504

									$	3,866,354

†	The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on December 31, 2024.

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


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

Corporates - Non-Investment Grade	$	1,041,880	$	-0-	$	-0-	$	-0-	$	1,041,880
Corporates - Investment Grade		1,340,688		-0-		-0-		-0-		1,340,688
Emerging Markets - Corporate Bonds		1,227,282		-0-		-0-		-0-		1,227,282
Emerging Markets - Sovereigns		256,504		-0-		-0-		-0-		256,504

Total	$	3,866,354	$	-0-	$	-0-	$	-0-	$	3,866,354

**	Contract amount less than 500.

(a)

Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at December 31, 2024.

(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, 2024, the aggregate market value of these securities amounted to $729,112,478 or 74.52% 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, 2024.

(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 0.42% of net assets as of December 31, 2024, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities

Acquisition

Date

Cost

Market

Value

Percentage

Net Assets

BBFI Liquidating Trust
Zero Coupon, 12/30/2099

01/18/2013 - 06/17/2022

668,497

219,833

0.02%

Consumer Loan Underlying Bond
Certificate Issuer Trust I
Series 2019-36, Class PT
0.505%, 10/17/2044

09/04/2019

1,115

1,098

0.00%

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

11/14/2023

11,262

1,362

0.00%

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

10/29/2020

0.00%

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

10/29/2020

0.00%

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

03/04/2016

3,071,502

2,171,112

0.22%

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%, 05/15/2023

05/15/2013 - 02/19/2015

2,295,760

0.00%

Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.
11.30%, 12/19/2025

12/23/2024

533,000

0.05%

Virgolino de Oliveira Finance SA
10.50%, 01/28/2025

01/23/2014 - 01/27/2014

2,385,177

406

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%, 02/09/2025

01/29/2014 - 02/05/2014

833,041

161

0.00%

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

08/03/2021

1,435,000

1,272,305

0.13%

(i)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at December 31, 2024.

(j)

Escrow Shares.

(k)

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

(l)

Defaulted.

(m)

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

(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, 2024.

(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)

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

(u)

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.

(v)

Affiliated investments.

(w)

As of December 31, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $21,468,652 and gross unrealized depreciation of investments was $(63,238,584), resulting in net unrealized depreciation of $(41,769,932).

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

DOP – Dominican Peso

EUR – Euro

GBP – Great British Pound

HUF – Hungarian Forint

IDR – Indonesian Rupiah

INR – Indian Rupee

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

AD – Assessment District

CBT – Chicago Board of Trade

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

CJSC – Closed Joint Stock Company

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

CVR – Contingent Value Right

EURIBOR – Euro Interbank Offered Rate

JSC – Joint Stock Company

REIT – Real Estate Investment Trust

REMICS – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

COUNTRY BREAKDOWN¹

December 31, 2024 (unaudited)


67.7	%	United States
3.4	%	United Kingdom
2.4	%	Canada
2.3	%	France
1.5	%	Brazil
1.4	%	Colombia
1.4	%	Germany
1.3	%	Mexico
1.2	%	Spain
1.2	%	Italy
1.0	%	India
1.0	%	Luxembourg
0.9	%	Dominican Republic
11.7	%	Other
1.6	%	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 0.8% or less in the following: Angola, Argentina, Australia, Austria, Azerbaijan, Cayman Islands, Chile, China, Czech Republic, Ecuador, Egypt, El Salvador, Finland, Guatemala, Hong Kong, Indonesia, Ireland, Israel, Jamaica, Japan, Jersey (Channel Islands), Kazakhstan, Kuwait, Macau, Malaysia, Morocco, Netherlands, Nigeria, Norway, Panama, Peru, Puerto Rico, Romania, Serbia, Slovenia, South Africa, Switzerland, Trinidad and Tobago, Turkey, Ukraine, Uzbekistan and Zambia.

AB Global High Income Fund

December 31, 2024 (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, 2024:


Investments in Securities	Level 1			Level 2			Level 3			Total

Assets:
Corporates - Non-Investment Grade	$	-0-		$	583,103,730		$	4,548,504	^#	$	587,652,234
Corporates - Investment Grade		-0-			141,020,504			-0-			141,020,504
Emerging Markets - Corporate Bonds		-0-			60,562,144			221,810	^#		60,783,954
Bank Loans		-0-			36,735,388			9,440,726			46,176,114
Collateralized Mortgage Obligations		-0-			23,024,728			-0-			23,024,728
Emerging Markets - Sovereigns		-0-			22,742,961			-0-			22,742,961
Collateralized Loan Obligations		-0-			22,335,752			-0-			22,335,752
Governments - Treasuries		-0-			17,761,522			-0-			17,761,522
Quasi-Sovereigns		-0-			11,725,341			-0-			11,725,341
Governments - Sovereign Bonds		-0-			4,481,248			-0-			4,481,248
Local Governments - US Municipal Bonds		-0-			3,769,611			-0-			3,769,611
Commercial Mortgage-Backed Securities		-0-			3,398,595			-0-			3,398,595
Asset-Backed Securities		-0-			767,013			2,053,877			2,820,890
Emerging Markets - Treasuries		-0-			2,205,890			-0-			2,205,890
Inflation-Linked Securities		-0-			2,171,112			-0-			2,171,112
Common Stocks		927,776			-0-			928,516	^#		1,856,292
Preferred Stocks		897,666			154,364			-0-			1,052,030
Rights		-0-			-0-			13,133			13,133
Short-Term Investments:
Investment Companies		11,116,802			-0-			-0-			11,116,802
Time Deposits		4,106,056			-0-			-0-			4,106,056
Corporates - Non-Investment Grade		-0-			533,000			-0-			533,000

Total Investments in Securities		17,048,300			936,492,903			17,206,566			970,747,769
*Other Financial Instruments:**
Assets
Futures		558,086			-0-			-0-			558,086
Forward Currency Exchange Contracts		-0-			933,481			-0-			933,481
Centrally Cleared Credit Default Swaps		-0-			10,313,944			-0-			10,313,944
Centrally Cleared Interest Rate Swaps		-0-			401			-0-			401
Liabilities
Futures		(406,929	)		-0-			-0-			(406,929	)
Forward Currency Exchange Contracts		-0-			(151,605	)		-0-			(151,605	)
Centrally Cleared Credit Default Swaps		-0-			(382,718	)		-0-			(382,718	)

Total	$	17,199,457		$	947,206,406		$	17,206,566		$	981,612,429

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

Other financial instruments include 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.

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


	Corporates - Non- Investment Grade#			Emerging Markets - Corporate Bonds#			Bank Loans			Asset-Backed Securities
Balance as of 03/31/24	$	1,389,097		$	227,898		$	1,157,447		$	80,047
Accrued discounts/(premiums)		16,723			3,716			-0-			(75	)
Realized gain (loss)		-0-			15,103			29,137			-0-
Change in unrealized appreciation (depreciation)		260,717			12,769			(831,285	)		16,624
Purchases		2,881,967			3,238,390			8,453,655			2,860,000
Sales/Paydowns		-0-			(3,276,066	)		(1,156,964	)		(902,719	)
Transfers into Level 3		-0-			-0-			1,788,736			-0-
Transfers out of Level 3		-0-			-0-			-0-			-0-

Balance as of 12/31/24	$	4,548,504		$	221,810		$	9,440,726		$	2,053,877

Net change in unrealized appreciation (depreciation) from investments held as of 12/31/24	$	260,716		$	(3,227,275	)	$	(795,485	)	$	16,624

	Common Stocks#			Rights			Total
Balance as of 03/31/24	$	1,169,581		$	13,133		$	4,037,203
Accrued discounts/(premiums)		-0-			-0-			20,364
Realized gain (loss)		(417,832	)		-0-			(373,592	)
Change in unrealized appreciation (depreciation)		(3,230,875	)		-0-			(3,772,050	)
Purchases		3,417,696			-0-			20,851,708
Sales/Paydowns		(10,058	)		-0-			(5,345,807	)
Transfers into Level 3		4			-0-			1,788,740
Transfers out of Level 3		-0-			-0-			-0-

Balance as of 12/31/24	$	928,516		$	13,133		$	17,206,566

Net change in unrealized appreciation (depreciation) from investments held as of 12/31/24	$	(3,452,423	)	$	-0-		$	(7,197,843	)

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

The following presents information about significant unobservable inputs related to the Fund’s Level 3 investments at December 31, 2024. Securities priced (i) by third party vendors, (ii) by brokers or (iii) using prior transaction prices, which approximates fair value, are excluded from the following table.


	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at 12/31/24		Valuation Technique	Unobservable Input	Input
Corporates - Non-Investment Grade	$	-0-	Qualitative Assessment		$	0.00
	$	-0-	Recovery		$	0.00

	$	-0-

Emerging Markets - Corporate Bonds.	$	219,833	Recovery	Expected Sale Price	$	28.19
	$	-0-	Qualitative Assessment		$	0.00
	$	-0-	Qualitative Assessment		$	0.00
	$	-0-	Qualitative Assessment		$	0.00

	$	219,833

Common Stocks	$	120,884	Guideline Public Company, Discounted Cash Flow, and Optional Value	Volatility, Weighted Average Cost of Capital, and Discount Rate	$	188.00
	$	1	Qualitative Assessment		$	0.00
	$	-0-	Qualitative Assessment		$	0.00

	$	120,885

Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. Significant increases (decreases) in Expected Sale Price and Volatility, Weighted Average Cost of Capital in isolation would be expected to result in a significantly higher (lower) fair value measurement. Significant increases (decreases) in Discount Rate in isolation would be expected to result in a significantly lower (higher) fair value measurement.

A summary of the Fund’s transactions in AB mutual funds for the nine months ended December 31, 2024 is as follows:

Fund

Market Value

3/31/24

(000)

Purchases

at Cost

(000)

Sales

Proceeds

(000)

Market Value

12/31/24

(000)

Dividend

Income

(000)

AB Government Money Market Portfolio

7,585

187,736

184,204

11,117

436