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AB Global High Income Fund

Portfolio of Investments

June 30, 2025 (unaudited)


	Principal Amount (000)			U.S. $ Value

CORPORATES - NON-INVESTMENT GRADE – 61.0%
Industrial – 52.6%
Basic – 3.9%
Advanced Drainage Systems, Inc. 5.00%, 09/30/2027^(a)^(b)		U.S.$	140		$ 138,866
Alumina Pty Ltd. 6.125%, 03/15/2030^(b)			450		455,348
6.375%, 09/15/2032^(b)			1,153		1,171,614
ASP Unifrax Holdings, Inc. 7.10% (7.10% Cash or 5.85% Cash and 1.25% PIK), 09/30/2029^(b)^(c)			2,675		1,222,558
11.175% (10.425% Cash or 11.175% PIK or 6.425% Cash and 4.75% PIK), 09/30/2029^(a)^(b)^(c)			2,936		2,672,820
Capstone Copper Corp. 6.75%, 03/31/2033^(b)			405		414,747
Cascades Inc/Cascades USA, Inc. 6.75%, 07/15/2030^(b)			454		456,229
Champion Iron Canada, Inc. 7.875%, 07/15/2032^(b)			534		540,949
Cleveland-Cliffs, Inc. 7.50%, 09/15/2031^(b)			1,482		1,429,432
Clydesdale Acquisition Holdings, Inc. 6.875%, 01/15/2030^(b)			85		87,185
Compass Minerals International, Inc. 8.00%, 07/01/2030^(b)			683		706,206
Constellium SE 3.125%, 07/15/2029^(b)		EUR	869		985,694
Crown Americas LLC/Crown Americas Capital Corp. V 4.25%, 09/30/2026		U.S.$	207		205,577
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125%, 06/15/2028^(b)			360		359,958
Domtar Corp. 6.75%, 10/01/2028^(b)			423		382,783
Element Solutions, Inc. 3.875%, 09/01/2028^(b)			2,215		2,142,789
FMG Resources August 2006 Pty Ltd. 4.375%, 04/01/2031^(b)			2,089		1,946,245
4.50%, 09/15/2027^(b)			190		186,641
5.875%, 04/15/2030^(b)			86		86,893
6.125%, 04/15/2032^(b)			2,651		2,689,860
Graham Packaging Co., Inc. 7.125%, 08/15/2028^(b)			688		684,801
Graphic Packaging International LLC 3.50%, 03/15/2028^(b)			845		808,861
3.75%, 02/01/2030^(b)			1,661		1,556,569
6.375%, 07/15/2032^(b)			1,662		1,696,803
INEOS Finance PLC 6.375%, 04/15/2029^(b)		EUR	1,160		1,382,616
INEOS Quattro Finance 2 PLC 8.50%, 03/15/2029^(b)			1,557		1,825,951
INEOS Styrolution Ludwigshafen GmbH 2.25%, 01/16/2027^(b)			104		118,546
Ingevity Corp. 3.875%, 11/01/2028^(b)		U.S.$	495		471,690
LABL, Inc. 5.875%, 11/01/2028^(b)			547		478,604
Magnera Corp. 7.25%, 11/15/2031^(b)			430		405,352
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2023^(d)^(e)(f)(g)(h)			2,857		0
Mineral Resources Ltd. 8.125%, 05/01/2027^(b)			158		157,696
8.50%, 05/01/2030^(b)			394		390,713
New Gold, Inc. 6.875%, 04/01/2032^(b)			878		904,633
Novelis Corp. 6.875%, 01/30/2030^(b)			267		276,072


	Principal Amount (000)			U.S. $ Value

Reno de Medici SpA 6.975% (EURIBOR 3 Month + 5.00%), 04/15/2029^(b)⁽ⁱ⁾		EUR	960		$ 923,293
Roller Bearing Co. of America, Inc. 4.375%, 10/15/2029^(b)		U.S.$	143		138,473
SCIL IV LLC/SCIL USA Holdings LLC 5.375%, 11/01/2026^(b)			1,039		1,032,277
Sealed Air Corp./Sealed Air Corp. US 6.125%, 02/01/2028^(b)			543		550,518
SNF Group SACA 3.125%, 03/15/2027^(b)			655		635,110
3.375%, 03/15/2030^(b)			1,151		1,061,043
4.50%, 03/15/2032^(b)		EUR	720		869,957
SunCoke Energy, Inc. 4.875%, 06/30/2029^(b)		U.S.$	414		385,608
Toucan FinCo Ltd./Toucan FinCo Can., Inc./Toucan FinCo US LLC 8.25%, 05/15/2030^(b)		EUR	489		574,390
9.50%, 05/15/2030^(b)		U.S.$	953		970,840
Vibrantz Technologies, Inc. 9.00%, 02/15/2030^(b)			1,073		737,077
WR Grace Holdings LLC 4.875%, 06/15/2027^(b)			1,400		1,389,241

					38,709,128


Capital Goods – 4.5%
Amsted Industries, Inc. 6.375%, 03/15/2033^(b)			206		209,284
Arcosa, Inc. 6.875%, 08/15/2032^(b)			1,237		1,282,065
ARD Finance SA 5.00% (5.00% Cash or 5.75% PIK), 06/30/2027^(b)^(c)		EUR	3,177		138,797
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 6.00%, 06/15/2027^(e)		U.S.$	1,156		1,157,896
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 4.125%, 08/15/2026^(b)			555		521,110
Artera Services LLC 8.50%, 02/15/2031^(b)			392		325,762
Axon Enterprise, Inc. 6.125%, 03/15/2030^(b)			1,931		1,986,523
6.25%, 03/15/2033^(b)			1,471		1,519,597
Bombardier, Inc. 6.00%, 02/15/2028^(b)			206		207,031
7.25%, 07/01/2031^(b)			862		904,291
7.45%, 05/01/2034^(b)			755		820,059
7.875%, 04/15/2027^(b)			111		111,608
8.75%, 11/15/2030^(b)			1,295		1,402,715
Brand Industrial Services, Inc. 10.375%, 08/01/2030^(b)			436		401,942
Calderys Financing LLC 11.25%, 06/01/2028^(b)			1,689		1,792,665
Camelot Return Merger Sub, Inc. 8.75%, 08/01/2028^(b)			446		411,347
Clean Harbors, Inc. 4.875%, 07/15/2027^(b)			25		24,850
Crown Americas LLC 5.25%, 04/01/2030			1,036		1,051,635
Efesto Bidco S.p.A Efesto US LLC Series XR 7.50%, 02/15/2032^(b)			2,133		2,165,673
GFL Environmental, Inc. 4.375%, 08/15/2029^(b)			207		201,005
Goat Holdco LLC 6.75%, 02/01/2032^(b)			647		658,677
Griffon Corp. 5.75%, 03/01/2028			683		682,304


	Principal Amount (000)			U.S. $ Value

LSB Industries, Inc. 6.25%, 10/15/2028^(a)^(b)		U.S.$	1,348		$ 1,337,647
Luna 2 5SARL 5.50%, 07/01/2032^(b)		EUR	249		298,860
Madison IAQ LLC 5.875%, 06/30/2029^(b)		U.S.$	1,113		1,093,687
Maxam Prill SARL 7.75%, 07/15/2030^(b)			1,688		1,688,841
Maxim Crane Works Holdings Capital LLC 11.50%, 09/01/2028^(b)			377		397,952
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC 6.75%, 04/01/2032^(b)			361		370,263
MIWD Holdco II LLC/MIWD Finance Corp. 5.50%, 02/01/2030^(b)			1,879		1,787,690
Moog, Inc. 4.25%, 12/15/2027^(b)			392		382,718
Mueller Water Products, Inc. 4.00%, 06/15/2029^(b)			435		418,504
Paprec Holding SA 7.25%, 11/17/2029^(b)		EUR	569		703,996
TK Elevator Midco GmbH 4.375%, 07/15/2027^(b)			585		688,875
TransDigm, Inc. 4.625%, 01/15/2029		U.S.$	290		284,477
4.875%, 05/01/2029			1,954		1,918,143
6.00%, 01/15/2033^(b)			3,691		3,711,695
6.375%, 03/01/2029^(b)			404		415,436
6.375%, 05/31/2033^(b)			452		454,115
6.75%, 08/15/2028^(b)			2,957		3,020,084
6.875%, 12/15/2030^(b)			1,667		1,729,650
Trinity Industries, Inc. 7.75%, 07/15/2028^(b)			1,388		1,445,760
Triumph Group, Inc. 9.00%, 03/15/2028^(b)			2,554		2,668,968
Trivium Packaging Finance BV 8.25%, 07/15/2030^(b)			207		218,770
Waste Pro USA, Inc. 7.00%, 02/01/2033^(b)			555		577,217
WESCO Distribution, Inc. 6.375%, 03/15/2029^(b)			371		381,990
6.375%, 03/15/2033^(b)			441		455,702

					44,427,876


Communications - Media – 7.9%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028^(b)			60		46,774
AMC Networks, Inc. 4.25%, 02/15/2029			1,084		867,439
10.25%, 01/15/2029^(b)			2,108		2,186,396
Arches Buyer, Inc. 6.125%, 12/01/2028^(b)			482		443,586
Banijay Entertainment SAS 8.125%, 05/01/2029^(b)			805		833,892
Cable One, Inc. 4.00%, 11/15/2030^(b)			470		370,157
CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 02/01/2031^(b)			2,762		2,577,417
4.50%, 08/15/2030^(b)			4,665		4,446,268
4.50%, 05/01/2032			950		884,134
4.50%, 06/01/2033^(b)			3,214		2,938,448
4.75%, 02/01/2032^(b)			7,063		6,695,243
6.375%, 09/01/2029^(b)			1,760		1,795,728
CSC Holdings LLC 4.625%, 12/01/2030^(b)			1,142		531,141
5.375%, 02/01/2028^(b)			1,928		1,765,550
5.50%, 04/15/2027^(b)			1,803		1,721,092
5.75%, 01/15/2030^(b)			5,461		2,703,180
7.50%, 04/01/2028^(b)			823		614,862
11.25%, 05/15/2028^(b)			824		820,025


	Principal Amount (000)			U.S. $ Value

11.75%, 01/31/2029^(b)		U.S.$	581		$ 550,807
Deluxe Corp. 8.125%, 09/15/2029^(b)			177		182,781
DISH DBS Corp. 5.125%, 06/01/2029			3,772		2,513,829
5.25%, 12/01/2026^(b)			3,571		3,241,560
5.75%, 12/01/2028^(b)			2,596		2,249,446
DISH Network Corp. 11.75%, 11/15/2027^(b)			69		71,042
Gray Media, Inc. 5.375%, 11/15/2031^(b)			671		501,466
7.00%, 05/15/2027^(b)			995		995,246
iHeartCommunications, Inc. 7.75%, 08/15/2030^(b)			39		30,324
9.125%, 05/01/2029^(b)^(j)			1,535		1,265,264
LCPR Senior Secured Financing DAC 5.125%, 07/15/2029^(b)			3,059		1,817,521
6.75%, 10/15/2027^(b)			1,366		918,027
McGraw-Hill Education, Inc. 5.75%, 08/01/2028^(b)			692		694,599
Millennium Escrow Corp. 6.625%, 08/01/2026^(b)			4,413		3,627,669
Neptune Bidco US, Inc. 9.29%, 04/15/2029^(b)			545		530,716
Nexstar Media, Inc. 4.75%, 11/01/2028^(b)			900		876,610
Paramount Global 6.25%, 02/28/2057			330		310,643
6.375%, 03/30/2062			1,344		1,316,818
Radiate Holdco LLC/Radiate Finance, Inc. 4.50%, 09/15/2026^(e)			1,331		1,140,519
Sinclair Television Group, Inc. 5.50%, 03/01/2030^(b)			320		259,402
8.125%, 02/15/2033^(b)			1,049		1,062,494
Sirius XM Radio LLC 4.00%, 07/15/2028^(b)			2,884		2,769,714
Snap, Inc. 6.875%, 03/01/2033^(b)			1,521		1,559,873
Summer BC Holdco B SARL 5.875%, 02/15/2030^(b)		EUR	199		232,388
TEGNA, Inc. 4.625%, 03/15/2028		U.S.$	770		748,679
5.00%, 09/15/2029			333		318,044
Univision Communications, Inc. 6.625%, 06/01/2027^(b)			1,593		1,589,139
7.375%, 06/30/2030^(b)			1,186		1,165,097
8.00%, 08/15/2028^(b)			1,261		1,279,719
8.50%, 07/31/2031^(b)			1,244		1,245,566
Virgin Media Secured Finance PLC 4.50%, 08/15/2030^(b)			508		473,357
VZ Secured Financing BV 5.00%, 01/15/2032^(b)			1,438		1,273,180
VZ Vendor Financing II BV 2.875%, 01/15/2029^(b)		EUR	149		159,362
Warnermedia Holdings, Inc. 4.28%, 03/15/2032		U.S.$	4,567		3,851,885
5.05%, 03/15/2042			2,443		1,641,660
5.14%, 03/15/2052			460		283,756
Ziggo Bond Co. BV 5.125%, 02/28/2030^(b)			2,639		2,295,170

					77,284,704


Communications - Telecommunications – 4.2%
Altice Financing SA 5.00%, 01/15/2028^(b)			516		388,459
5.75%, 08/15/2029^(b)			1,561		1,143,432
Altice France Holding SA 4.00%, 02/15/2028^(b)^(h)^(k)		EUR	332		137,328
6.00%, 02/15/2028^(b)^(h⁾^(k)		U.S.$	359		127,969
10.50%, 05/15/2027^(e)^(h)^(k)			2,710		941,241


	Principal Amount (000)			U.S. $ Value

Altice France SA 3.375%, 01/15/2028^(e)		EUR	885		$ 864,703
5.125%, 01/15/2029^(e)		U.S.$	391		328,812
5.125%, 07/15/2029^(e)			6,037		4,984,753
5.50%, 01/15/2028^(e)			1,656		1,393,994
5.50%, 10/15/2029^(e)			1,826		1,512,819
8.125%, 02/01/2027^(e)			1,393		1,253,805
British Telecommunications PLC 4.25%, 11/23/2081^(b)			412		403,501
Connect Finco SARL/Connect US Finco LLC 9.00%, 09/15/2029^(b)			312		313,026
EchoStar Corp. 6.75% (6.75% Cash or 6.75% PIK), 11/30/2030^(a)^(c)			2,791		2,552,893
10.75%, 11/30/2029			2,061		2,118,486
Fibercop SpA 7.20%, 07/18/2036^(b)			259		252,823
7.72%, 06/04/2038^(b)			1,055		1,048,409
Frontier Communications Holdings LLC 6.75%, 05/01/2029^(b)			300		303,991
GCI LLC 4.75%, 10/15/2028^(b)			405		391,683
Hughes Satellite Systems Corp. 5.25%, 08/01/2026			1,014		907,101
Level 3 Financing, Inc. 4.875%, 06/15/2029^(b)			936		874,246
6.875%, 06/30/2033^(b)^(d)			686		697,971
10.75%, 12/15/2030^(b)			2,111		2,393,122
11.00%, 11/15/2029^(b)			1,591		1,831,201
Lorca Telecom Bondco SA 4.00%, 09/18/2027^(b)		EUR	852		1,003,591
Rogers Communications, Inc. 5.25%, 03/15/2082^(b)		U.S.$	565		559,505
Telecom Italia Capital SA 7.72%, 06/04/2038			509		546,636
United Group BV 3.625%, 02/15/2028^(b)		EUR	237		272,628
4.625%, 08/15/2028^(b)			481		561,825
6.39% (EURIBOR 3 Month + 4.25%), 02/01/2029^(b)⁽ⁱ⁾			539		632,003
6.75%, 02/15/2031^(b)			616		742,331
Vmed O2 UK Financing I PLC 4.25%, 01/31/2031^(b)		U.S.$	980		894,291
4.75%, 07/15/2031^(b)			3,639		3,365,554
7.75%, 04/15/2032^(b)			2,512		2,603,934
Vodafone Group PLC 3.25%, 06/04/2081			624		615,514
7.00%, 04/04/2079			33		34,400
Windstream Services LLC/Windstream Escrow Finance Corp. 8.25%, 10/01/2031^(b)			1,648		1,726,016
Zayo Group Holdings, Inc. 4.00%, 03/01/2027^(b)			464		435,140

					41,159,136


Consumer Cyclical - Automotive – 2.0%
Adient Global Holdings Ltd. 7.50%, 02/15/2033^(b)			495		506,472
Allison Transmission, Inc. 3.75%, 01/30/2031^(b)			845		774,957
Aston Martin Capital Holdings Ltd. 10.00%, 03/31/2029^(b)			2,125		1,985,560
Clarios Global LP/Clarios US Finance Co. 4.75%, 06/15/2031^(b)		EUR	711		840,882
Exide Technologies (Exchange Priority) 11.00%, 10/31/2024^(d)^(e)^(f)^(g)^(h)^(l)		U.S.$	2,940		0
Exide Technologies (First Lien) 11.00%, 10/31/2024^(d)^(e)^(f)^(g)^(h)^(l)			1,207		0
Forvia SE 8.00%, 06/15/2030^(b)			451		460,051


	Principal Amount (000)			U.S. $ Value

Goodyear Tire & Rubber Co. (The) 6.625%, 07/15/2030		U.S.$	1,916		$ 1,955,157
IHO Verwaltungs GmbH 6.375% (6.375% Cash or 7.125% PIK), 05/15/2029^(b)^(c)			200		200,180
6.75% (6.75% Cash or 7.50% PIK), 11/15/2029^(b)^(c)		EUR	511		627,747
7.75% (7.75% Cash or 8.50% PIK), 11/15/2030^(b)^(c)		U.S.$	695		709,149
8.00% (8.00% Cash or 8.75% PIK), 11/15/2032^(b)^(c)			310		316,453
8.75% (8.75% Cash or 9.50% PIK), 05/15/2028^(b)^(c)		EUR	306		377,116
Nissan Motor Acceptance Co. LLC 2.45%, 09/15/2028^(b)		U.S.$	575		509,393
2.75%, 03/09/2028^(b)			1,112		1,014,035
5.30%, 09/13/2027^(b)			434		426,068
7.05%, 09/15/2028^(b)			5		5,087
Nissan Motor Co., Ltd. 4.81%, 09/17/2030^(b)			233		212,551
PM General Purchaser LLC 9.50%, 10/01/2028^(b)^(j)			2,748		1,915,756
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC 10.00%, 01/15/2031^(b)			683		670,887
Tenneco, Inc. 8.00%, 11/17/2028^(b)			2,795		2,763,773
Titan International, Inc. 7.00%, 04/30/2028			1,422		1,424,708
ZF Finance GmbH Series E 2.00%, 05/06/2027^(b)		EUR	200		223,142
2.75%, 05/25/2027^(b)			900		1,012,109
ZF North America Capital, Inc. 6.75%, 04/23/2030^(b)		U.S.$	537		517,093
7.125%, 04/14/2030^(b)			504		492,602

					19,940,928


Consumer Cyclical - Entertainment – 0.4%
Carnival Corp. 5.75%, 03/01/2027^(b)			433		436,490
Lindblad Expeditions LLC 6.75%, 02/15/2027^(b)			365		367,476
Live Nation Entertainment, Inc. 3.75%, 01/15/2028^(b)			37		35,934
4.75%, 10/15/2027^(b)			468		462,835
6.50%, 05/15/2027^(b)			38		38,574
Motion Finco SARL 7.375%, 06/15/2030^(b)		EUR	531		586,982
8.375%, 02/15/2032^(b)		U.S.$	268		244,607
Six Flags Entertainment Corp./Canada’s
Wonderland Co./Magnum Management Corp. 5.25%, 07/15/2029			85		83,253
VOC Escrow Ltd. 5.00%, 02/15/2028^(b)			1,749		1,739,664

					3,995,815


Consumer Cyclical - Other – 3.7%
Affinity Interactive 6.875%, 12/15/2027^(b)			454		278,245
AmeriTex HoldCo Intermediate LLC 10.25%, 10/15/2028^(b)			303		321,653
Brookfield Residential Properties, Inc./Brookfield
Residential US LLC 4.875%, 02/15/2030^(b)			1,154		1,037,730
6.25%, 09/15/2027^(b)			405		403,542
Brundage-Bone Concrete Pumping Holdings, Inc. 7.50%, 02/01/2032^(b)			265		262,659
Builders FirstSource, Inc. 4.25%, 02/01/2032^(b)			650		601,929


	Principal Amount (000)			U.S. $ Value

6.375%, 03/01/2034^(b)		U.S.$	1,047		$ 1,066,590
6.75%, 05/15/2035^(b)			1,964		2,022,296
CD&R Smokey Buyer, Inc./Radio Systems Corp. 9.50%, 10/15/2029^(b)			449		368,206
Century Communities, Inc. 6.75%, 06/01/2027			25		25,062
Churchill Downs, Inc. 4.75%, 01/15/2028^(b)			491		484,712
5.75%, 04/01/2030^(b)			540		541,880
Cirsa Finance International SARL 6.50%, 03/15/2029^(b)		EUR	559		689,295
Great Canadian Gaming Corp./Raptor LLC 8.75%, 11/15/2029^(b)		U.S.$	1,178		1,154,852
Hilton Domestic Operating Co., Inc. 3.625%, 02/15/2032^(b)			1,538		1,392,434
3.75%, 05/01/2029^(b)			885		846,985
4.00%, 05/01/2031^(b)			448		421,156
5.875%, 04/01/2029^(b)			1,286		1,313,550
6.125%, 04/01/2032^(b)			738		755,707
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. 4.875%, 07/01/2031^(b)			465		428,436
5.00%, 06/01/2029^(b)			2,203		2,117,909
6.625%, 01/15/2032^(b)			595		604,526
LGI Homes, Inc. 7.00%, 11/15/2032^(b)			703		669,269
Lottomatica Group SpA 4.875%, 01/31/2031^(b)		EUR	493		595,539
Marriott Ownership Resorts, Inc. 4.50%, 06/15/2029^(b)		U.S.$	526		505,215
Masterbrand, Inc. 7.00%, 07/15/2032^(b)			1,047		1,069,869
Mattamy Group Corp. 4.625%, 03/01/2030^(b)			55		52,868
MGM Resorts International 4.625%, 09/01/2026			5		4,989
Miller Homes Group Finco PLC 6.53% (EURIBOR 3 Month + 4.25%), 10/15/2030^(b)⁽ⁱ⁾		EUR	306		365,407
7.00%, 05/15/2029^(b)		GBP	679		934,188
Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC 8.25%, 04/15/2030^(b)		U.S.$	760		784,195
11.875%, 04/15/2031^(b)			1,083		1,134,232
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. 5.625%, 09/01/2029^(b)			527		300,493
Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. 6.625%, 02/01/2033^(b)			1,032		1,034,125
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 04/01/2029			911		889,552
Standard Building Solutions, Inc. 6.50%, 08/15/2032^(b)			312		319,403
Standard Industries, Inc./NY 4.375%, 07/15/2030^(b)			764		723,096
4.75%, 01/15/2028^(b)			580		573,902
Taylor Morrison Communities, Inc. 5.125%, 08/01/2030^(b)			92		91,471
5.75%, 01/15/2028^(b)			582		589,880
5.875%, 06/15/2027^(b)			87		88,391
Thor Industries, Inc. 4.00%, 10/15/2029^(b)			1,179		1,108,782
Travel & Leisure Co. 4.50%, 12/01/2029^(b)			1,396		1,343,961
4.625%, 03/01/2030^(b)			2,415		2,314,088
6.00%, 04/01/2027^(a)			725		731,463
6.625%, 07/31/2026^(b)			473		477,850
Wyndham Hotels & Resorts, Inc. 4.375%, 08/15/2028^(b)			544		532,293


	Principal Amount (000)			U.S. $ Value

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25%, 05/15/2027^(b)		U.S.$	781		$ 781,507
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, 10/01/2029^(b)			739		733,226

					35,888,608


Consumer Cyclical - Restaurants – 0.6%
1011778 BC ULC/New Red Finance, Inc. 3.50%, 02/15/2029^(b)			90		85,766
3.875%, 01/15/2028^(b)			2,344		2,282,489
4.00%, 10/15/2030^(b)			630		587,507
4.375%, 01/15/2028^(b)			963		945,023
6.125%, 06/15/2029^(b)			2,000		2,054,755
Yum! Brands, Inc. 3.625%, 03/15/2031			174		160,890

					6,116,430


Consumer Cyclical - Retailers – 3.8%
Arko Corp. 5.125%, 11/15/2029^(b)			1,035		873,079
Asbury Automotive Group, Inc. 4.50%, 03/01/2028			541		534,925
4.625%, 11/15/2029^(b)			1,273		1,229,163
5.00%, 02/15/2032^(b)			827		787,674
Bath & Body Works, Inc. 5.25%, 02/01/2028			845		849,177
6.75%, 07/01/2036			542		551,749
6.875%, 11/01/2035			519		539,141
7.60%, 07/15/2037			261		266,222
Beach Acquisition Bidco LLC 5.25%, 07/15/2032^(b)		EUR	757		898,646
Carvana Co. 5.50%, 04/15/2027^(b)		U.S.$	415		405,011
9.00% (9.00% Cash or 12.00% PIK), 12/01/2028^(a)^(b)^(c)			588		603,743
9.00% (11.00% Cash or 13.00% PIK), 06/01/2030^(a)^(b)^(c)			2,001		2,104,801
9.00%, 06/01/2031^(a)^(b)^(c)			1,123		1,329,155
Champ Acquisition Corp. 8.375%, 12/01/2031^(b)			344		366,794
Cougar JV Subsidiary LLC 8.00%, 05/15/2032^(b)			2,172		2,316,087
CT Investment GmbH 6.375%, 04/15/2030^(b)		EUR	516		626,464
FirstCash, Inc. 5.625%, 01/01/2030^(b)		U.S.$	259		258,483
Gap, Inc. (The) 3.625%, 10/01/2029^(b)			298		276,735
3.875%, 10/01/2031^(b)			136		121,796
Global Auto Holdings Ltd/AAG FH UK Ltd. 8.375%, 01/15/2029^(b)			2,245		2,062,509
8.75%, 01/15/2032^(b)			1,125		944,003
11.50%, 08/15/2029^(b)			358		351,312
Group 1 Automotive, Inc. 4.00%, 08/15/2028^(b)			1,667		1,611,021
6.375%, 01/15/2030^(b)			352		362,271
Kontoor Brands, Inc. 4.125%, 11/15/2029^(b)			894		841,653
LCM Investments Holdings II LLC 4.875%, 05/01/2029^(b)			1,452		1,411,809
Lithia Motors, Inc. 3.875%, 06/01/2029^(b)			94		89,711
4.625%, 12/15/2027^(b)			206		204,282
Michaels Cos., Inc. (The) 5.25%, 05/01/2028^(b)			549		441,071
7.875%, 05/01/2029^(b)			878		578,822
Murphy Oil USA, Inc. 3.75%, 02/15/2031^(b)			206		189,980


	Principal Amount (000)			U.S. $ Value

Nordstrom, Inc. 4.375%, 04/01/2030		U.S.$	549		$ 506,025
5.00%, 01/15/2044			4		2,774
Patrick Industries, Inc. 4.75%, 05/01/2029^(b)			38		36,886
Penske Automotive Group, Inc. 3.75%, 06/15/2029			139		131,986
PetSmart, Inc./PetSmart Finance Corp. 7.75%, 02/15/2029^(b)			502		488,902
QXO Building Products, Inc. 6.75%, 04/30/2032^(b)			1,602		1,653,945
Saks Global Enterprises LLC 11.00%, 12/15/2029^(b)			1,409		533,835
Sally Holdings LLC/Sally Capital, Inc. 6.75%, 03/01/2032			388		398,430
Sonic Automotive, Inc. 4.625%, 11/15/2029^(b)			2,738		2,654,854
4.875%, 11/15/2031^(b)			144		136,796
Staples, Inc. 10.75%, 09/01/2029^(b)			2,506		2,380,185
12.75%, 01/15/2030^(b)			1,061		716,559
Under Armour, Inc. 7.25%, 07/15/2030^(b)			686		696,114
VF Corp. 2.95%, 04/23/2030			1,880		1,582,884
Victoria’s Secret & Co. 4.625%, 07/15/2029^(b)			428		399,260
Walgreens Boots Alliance, Inc. 3.45%, 06/01/2026			321		313,784
White Cap Buyer LLC 6.875%, 10/15/2028^(b)			161		160,721

					36,821,229


Consumer Non-Cyclical – 7.1%
Acadia Healthcare Co., Inc. 7.375%, 03/15/2033^(b)			1,256		1,295,675
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 03/15/2029^(b)			485		459,800
4.625%, 01/15/2027^(b)			834		828,223
Bausch & Lomb Corp. 8.375%, 10/01/2028^(b)			3,238		3,382,861
Bausch Health Americas, Inc. 8.50%, 01/31/2027^(b)			543		518,162
Bausch Health Cos., Inc. 4.875%, 06/01/2028^(b)			1,181		992,584
5.25%, 01/30/2030^(b)			8		5,040
11.00%, 09/30/2028^(b)			4,150		4,114,034
CAB SELAS 3.375%, 02/01/2028^(b)		EUR	1,533		1,716,090
CHS/Community Health Systems, Inc. 4.75%, 02/15/2031^(b)		U.S.$	493		423,146
5.625%, 03/15/2027^(b)			1,325		1,303,945
6.00%, 01/15/2029^(b)			1,466		1,414,466
6.125%, 04/01/2030^(b)			3,640		2,688,747
6.875%, 04/15/2029^(b)			1,328		1,058,739
10.875%, 01/15/2032^(b)			62		65,633
CVS Health Corp. 6.75%, 12/10/2054			152		152,682
7.00%, 03/10/2055			2,212		2,286,141
DaVita, Inc. 3.75%, 02/15/2031^(b)			710		645,696
4.625%, 06/01/2030^(b)			4,729		4,531,877
Elanco Animal Health, Inc. 6.65%, 08/28/2028^(a)			1,913		1,991,121
Embecta Corp. 5.00%, 02/15/2030^(b)			1,552		1,401,728
Emergent BioSolutions, Inc. 3.875%, 08/15/2028^(b)			1,516		1,212,754


	Principal Amount (000)			U.S. $ Value

Encompass Health Corp. 4.50%, 02/01/2028		U.S.$	636		$ 629,911
Fortrea Holdings, Inc. 7.50%, 07/01/2030^(b)			406		367,814
Global Medical Response, Inc. 9.50%, 10/31/2028^(a)^(b)^(c)			159		159,071
Grifols SA 3.875%, 10/15/2028^(b)		EUR	1,806		2,031,646
7.50%, 05/01/2030^(b)			1,300		1,601,280
Gruenenthal GmbH 6.75%, 05/15/2030^(b)			1,067		1,325,734
HLF Financing SARL LLC/Herbalife International, Inc. 12.25%, 04/15/2029^(b)		U.S.$	405		443,330
Iceland Bondco PLC 7.64% (EURIBOR 3 Month + 5.50%), 12/15/2027^(b)⁽ⁱ⁾		EUR	385		454,742
10.875%, 12/15/2027^(b)		GBP	162		235,802
Insulet Corp. 6.50%, 04/01/2033^(b)		U.S.$	314		327,440
IQVIA, Inc. 2.25%, 03/15/2029^(b)		EUR	862		972,094
6.25%, 06/01/2032^(b)		U.S.$	1,900		1,949,925
Kronos Acquisition Holdings, Inc. 8.25%, 06/30/2031^(b)			424		385,041
LifePoint Health, Inc. 8.375%, 02/15/2032^(b)			1,838		1,960,722
Medline Borrower LP 3.875%, 04/01/2029^(b)			357		342,770
5.25%, 10/01/2029^(b)			2,300		2,282,288
Medline Borrower LP/Medline Co-Issuer, Inc. 6.25%, 04/01/2029^(b)			189		194,040
Mehilainen Yhtiot Oy 5.125%, 06/30/2032^(b)		EUR	562		664,776
MPH Acquisition Holdings LLC 5.75%, 12/31/2030^(b)		U.S.$	1,289		1,063,916
6.75% (6.00% Cash and 0.75% PIK), 03/31/2031^(a)^(b)^(c)			690		514,079
11.50% (6.50% Cash and 5.00% PIK), 12/31/2030^(a)^(b)^(c)			928		918,478
Neogen Food Safety Corp. 8.625%, 07/20/2030^(b)			883		913,847
Newell Brands, Inc. 6.375%, 09/15/2027			407		412,323
8.50%, 06/01/2028^(b)			1,030		1,084,654
Opal Bidco SAS 5.50%, 03/31/2032^(b)		EUR	972		1,168,433
6.50%, 03/31/2032^(b)		U.S.$	479		487,962
Organon & Co./Organon Foreign Debt Co-Issuer BV 2.875%, 04/30/2028^(b)		EUR	885		1,017,013
4.125%, 04/30/2028^(b)		U.S.$	2,867		2,755,727
5.125%, 04/30/2031^(b)			922		800,445
7.875%, 05/15/2034^(b)			716		646,236
Owens & Minor, Inc. 4.50%, 03/31/2029^(b)			3		2,689
6.625%, 04/01/2030^(b)			275		258,454
Performance Food Group, Inc. 4.25%, 08/01/2029^(b)			92		88,748
Post Holdings, Inc. 4.50%, 09/15/2031^(b)			131		121,706
4.625%, 04/15/2030^(b)			821		789,696
5.50%, 12/15/2029^(b)			1,184		1,179,296
Primo Water Holdings, Inc./Triton Water Holdings, Inc. 4.375%, 04/30/2029^(b)			1,227		1,190,178
6.25%, 04/01/2029^(b)			696		698,756
Radiology Partners, Inc. 8.50%, 07/15/2032^(b)			691		692,727


	Principal Amount (000)			U.S. $ Value

Somnigroup International, Inc. 4.00%, 04/15/2029^(b)		U.S.$	207		$ 197,946
Sotera Health Holdings LLC 7.375%, 06/01/2031^(b)			1,245		1,293,782
Surgery Center Holdings, Inc. 7.25%, 04/15/2032^(b)			837		853,402
Tenet Healthcare Corp. 4.375%, 01/15/2030			307		297,473
US Acute Care Solutions LLC 9.75%, 05/15/2029^(b)			267		275,673
US Foods, Inc. 4.75%, 02/15/2029^(b)			658		647,226
Whirlpool Corp. 6.125%, 06/15/2030			189		190,749
6.50%, 06/15/2033			178		178,556

					69,557,740


Energy – 6.4%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375%, 06/15/2029^(b)			1,733		1,720,991
5.75%, 03/01/2027^(b)			9		8,992
Aris Water Holdings LLC 7.25%, 04/01/2030^(b)			1,500		1,546,218
Ascent Resources Utica Holdings LLC/ARU Finance Corp. 5.875%, 06/30/2029^(b)			214		214,261
Buckeye Partners LP 4.50%, 03/01/2028^(b)			227		223,556
6.875%, 07/01/2029^(b)			1,493		1,546,304
California Resources Corp. 8.25%, 06/15/2029^(b)			84		86,396
CITGO Petroleum Corp. 6.375%, 06/15/2026^(b)			471		470,735
8.375%, 01/15/2029^(b)			844		878,025
Civitas Resources, Inc. 8.375%, 07/01/2028^(b)			1,315		1,348,070
8.75%, 07/01/2031^(b)			891		901,961
9.625%, 06/15/2033^(b)			454		465,315
CNX Resources Corp. 6.00%, 01/15/2029^(b)			1,156		1,160,377
7.25%, 03/01/2032^(b)			983		1,019,019
7.375%, 01/15/2031^(b)			100		104,232
Crescent Energy Finance LLC 7.375%, 01/15/2033^(b)			160		153,119
7.625%, 04/01/2032^(b)			490		478,607
8.375%, 01/15/2034^(b)			687		687,276
9.25%, 02/15/2028^(b)			1,484		1,546,648
CVR Energy, Inc. 8.50%, 01/15/2029^(b)			408		408,555
Delek Logistics Partners LP/Delek Logistics Finance Corp. 7.375%, 06/30/2033^(b)			1,350		1,344,019
Encino Acquisition Partners Holdings LLC 8.50%, 05/01/2028^(b)			524		535,790
Enerflex Ltd. 9.00%, 10/15/2027^(b)			371		382,597
Excelerate Energy LP 8.00%, 05/15/2030^(b)			1,182		1,245,662
Global Partners LP/GLP Finance Corp. 6.875%, 01/15/2029			1,425		1,450,231
7.125%, 07/01/2033^(b)			685		694,522
Hess Midstream Operations LP 4.25%, 02/15/2030^(b)			798		767,372
5.875%, 03/01/2028^(b)			335		339,971
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 02/01/2029^(b)			313		308,997
6.00%, 02/01/2031^(b)			412		398,533
6.25%, 04/15/2032^(b)			89		85,088
6.875%, 05/15/2034^(b)			845		810,190


	Principal Amount (000)			U.S. $ Value

7.25%, 02/15/2035^(b)		U.S.$	677		$ 663,068
8.375%, 11/01/2033^(b)			1,299		1,348,742
Howard Midstream Energy Partners LLC 8.875%, 07/15/2028^(b)			702		736,806
ITT Holdings LLC 6.50%, 08/01/2029^(b)			2,664		2,534,373
Kimmeridge Texas Gas LLC 8.50%, 02/15/2030^(b)			392		405,738
Long Ridge Energy LLC 8.75%, 02/15/2032^(b)			270		280,532
Moss Creek Resources Holdings, Inc. 8.25%, 09/01/2031^(b)			947		921,156
Murphy Oil Corp. 6.00%, 10/01/2032			749		715,523
Nabors Industries Ltd. 7.50%, 01/15/2028^(b)^(j)			1,042		925,587
Nabors Industries, Inc. 7.375%, 05/15/2027^(b)			839		829,209
9.125%, 01/31/2030^(b)			128		122,544
NFE Financing LLC 12.00%, 11/15/2029^(b)			6,611		2,959,705
NGL Energy Operating LLC/NGL Energy Finance Corp. 8.125%, 02/15/2029^(b)			1,575		1,590,701
8.375%, 02/15/2032^(b)			1,242		1,243,178
NuStar Logistics LP 5.625%, 04/28/2027			1,329		1,340,442
6.00%, 06/01/2026			80		80,315
6.375%, 10/01/2030			97		100,511
Parkland Corp. 4.50%, 10/01/2029^(b)			27		25,948
5.875%, 07/15/2027^(b)			496		496,137
PBF Holding Co. LLC/PBF Finance Corp. 6.00%, 02/15/2028			426		407,415
7.875%, 09/15/2030^(b)			849		759,723
9.875%, 03/15/2030^(b)			1,286		1,250,041
Permian Resources Operating LLC 6.25%, 02/01/2033^(b)			949		957,715
Rockies Express Pipeline LLC 6.75%, 03/15/2033^(b)			605		631,807
Summit Midstream Holdings LLC 8.625%, 10/31/2029^(b)			1,424		1,452,222
Sunoco LP 6.25%, 07/01/2033^(b)			654		664,798
Sunoco LP/Sunoco Finance Corp. 4.50%, 05/15/2029			773		750,127
4.50%, 04/30/2030			422		405,694
6.00%, 04/15/2027			461		461,118
7.00%, 09/15/2028^(b)			79		81,417
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 6.00%, 12/31/2030^(b)			160		157,106
6.00%, 09/01/2031^(b)			72		70,228
Talos Production, Inc. 9.00%, 02/01/2029^(b)			490		502,500
9.375%, 02/01/2031^(b)			582		594,062
TGS ASA 8.50%, 01/15/2030^(b)			200		205,742
Tidewater, Inc. 9.125%, 07/15/2030^(b)			688		707,778
TransMontaigne Partners LLC 8.50%, 06/15/2030^(b)			606		630,593
Transocean Aquila Ltd. 8.00%, 09/30/2028^(b)			878		887,329
Transocean, Inc. 8.75%, 02/15/2030^(b)			666		686,892
USA Compression Partners LP/USA Compression Finance Corp. 6.875%, 09/01/2027			4		4,012


	Principal Amount (000)			U.S. $ Value

Venture Global LNG, Inc. 8.125%, 06/01/2028^(b)		U.S.$	1,633		$ 1,686,532
8.375%, 06/01/2031^(b)			569		591,157
9.00%, 09/30/2029^(b)^(m)			1,672		1,629,613
9.50%, 02/01/2029^(b)			1,166		1,270,583
9.875%, 02/01/2032^(b)			3,159		3,411,465
Venture Global Plaquemines LNG LLC 6.50%, 01/15/2034^(b)			161		161,000
6.75%, 01/15/2036^(b)			231		231,000
Vermilion Energy, Inc. 6.875%, 05/01/2030^(b)			178		171,442
7.25%, 02/15/2033^(b)			282		264,532
Viridien 10.00%, 10/15/2030^(b)			452		443,892

					62,781,379


Other Industrial – 0.4%
AECOM 5.125%, 03/15/2027			412		412,837
Benteler International AG 10.50%, 05/15/2028^(b)			366		385,215
Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028^(b)			1,116		1,075,186
Gates Corp./DE 6.875%, 07/01/2029^(b)			345		358,204
Pachelbel Bidco SpA 6.44% (EURIBOR 3 Month + 4.25%), 05/17/2031^(b)⁽ⁱ⁾		EUR	208		246,270
7.125%, 05/17/2031^(b)			734		930,180
RB Global Holdings, Inc. 7.75%, 03/15/2031^(b)		U.S.$	11		11,566
Resideo Funding, Inc. 4.00%, 09/01/2029^(b)			177		167,299
Velocity Vehicle Group LLC 8.00%, 06/01/2029^(b)			682		680,381

					4,267,138


Services – 3.2%
Acuris Finance US, Inc./Acuris Finance SARL 9.00%, 08/01/2029^(b)			403		413,446
ADT Security Corp. (The) 4.125%, 08/01/2029^(b)			959		925,420
4.875%, 07/15/2032^(b)			1,012		971,695
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.00%, 06/01/2029^(b)			327		318,072
6.875%, 06/15/2030^(b)			1,410		1,428,982
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 3.625%, 06/01/2028^(b)		EUR	255		293,072
4.625%, 06/01/2028^(b)		U.S.$	3,774		3,659,781
4.875%, 06/01/2028^(b)		GBP	1,010		1,329,392
AMN Healthcare, Inc. 4.625%, 10/01/2027^(b)		U.S.$	4		3,903
ANGI Group LLC 3.875%, 08/15/2028^(b)			2,420		2,259,837
APCOA Group GmbH 6.00%, 04/15/2031^(b)		EUR	990		1,174,239
Aramark International Finance SARL 4.375%, 04/15/2033^(b)			438		509,378
Champions Financing, Inc. 8.75%, 02/15/2029^(b)		U.S.$	386		372,025
Clarivate Science Holdings Corp. 3.875%, 07/01/2028^(b)			1,436		1,376,048
Engineering - Ingegneria Informatica - SpA 7.73% (EURIBOR 3 Month + 5.75%), 02/15/2030^(b)⁽ⁱ⁾		EUR	384		460,646
8.625%, 02/15/2030^(b)			258		325,294
Garda World Security Corp. 4.625%, 02/15/2027^(b)		U.S.$	394		391,641


	Principal Amount (000)			U.S. $ Value

6.00%, 06/01/2029^(b)		U.S.$	1,187		$ 1,158,098
7.75%, 02/15/2028^(b)			650		672,440
8.25%, 08/01/2032^(b)			838		861,183
8.375%, 11/15/2032^(b)			1,027		1,055,117
GrubHub Holdings, Inc. 5.50%, 07/01/2027^(b)			415		402,551
Korn Ferry 4.625%, 12/15/2027^(b)			402		399,218
Match Group Holdings II LLC 4.625%, 06/01/2028^(b)			207		201,894
Matthews International Corp. 8.625%, 10/01/2027^(b)			413		429,750
Monitronics International, Inc. 9.125%, 04/01/2020^(d)^(f)^(g)^(h)^(l)			958		0
OT Midco, Inc. 10.00%, 02/15/2030^(b)			451		348,713
Prime Security Services Borrower LLC/Prime Finance, Inc. 3.375%, 08/31/2027^(b)			938		907,419
6.25%, 01/15/2028^(b)			1,718		1,721,934
Q-Park Holding I BV 5.125%, 02/15/2030^(b)		EUR	556		675,167
Raven Acquisition Holdings LLC 6.875%, 11/15/2031^(b)		U.S.$	1,301		1,300,083
Sabre GLBL, Inc. 11.125%, 07/15/2030^(b)			1,782		1,864,838
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. 5.50%, 05/15/2033^(b)		EUR	864		1,052,674
Shutterfly Finance LLC 9.75%, 10/01/2027^(b)		U.S.$	7		7,004
Sotheby’s 7.375%, 10/15/2027^(b)			413		408,351
Techem Verwaltungsgesellschaft 675 mbH 5.375%, 07/15/2029^(b)		EUR	1,059		1,285,225
Wayfair LLC 7.75%, 09/15/2030^(b)		U.S.$	277		279,132

					31,243,662


Technology – 2.0%
Ahead DB Holdings LLC 6.625%, 05/01/2028^(b)			725		726,854
Almaviva-The Italian Innovation Co. SpA 5.00%, 10/30/2030^(b)		EUR	1,162		1,372,461
Amentum Holdings, Inc. 7.25%, 08/01/2032^(b)		U.S.$	2,042		2,097,978
AthenaHealth Group, Inc. 6.50%, 02/15/2030^(b)			1,754		1,725,738
CACI International, Inc. 6.375%, 06/15/2033^(b)			224		231,394
Capstone Borrower, Inc. 8.00%, 06/15/2030^(b)			500		520,536
CommScope LLC 9.50%, 12/15/2031^(b)			601		628,958
CoreWeave, Inc. 9.25%, 06/01/2030^(b)			259		264,796
Diebold Nixdorf, Inc. 7.75%, 03/31/2030^(b)			748		795,952
Ellucian Holdings, Inc. 6.50%, 12/01/2029^(b)			448		458,456
Fortress Intermediate 3, Inc. 7.50%, 06/01/2031^(b)			1,041		1,092,058
Gen Digital, Inc. 6.25%, 04/01/2033^(b)			1,057		1,086,602
GoTo Group, Inc. 5.50%, 05/01/2028^(b)			1,403		808,857
Imola Merger Corp. 4.75%, 05/15/2029^(b)			529		511,357


	Principal Amount (000)			U.S. $ Value

IPD 3 BV 5.50%, 06/15/2031^(b)		EUR	819		$ 977,355
Playtika Holding Corp. 4.25%, 03/15/2029^(b)		U.S.$	1,199		1,089,159
Rackspace Finance LLC 3.50%, 05/15/2028^(b)			3,030		1,222,819
Rocket Software, Inc. 9.00%, 11/28/2028^(b)			1,421		1,465,897
Science Applications International Corp. 4.875%, 04/01/2028^(b)			105		103,357
Sensata Technologies BV 4.00%, 04/15/2029^(b)			602		572,104
TeamSystem SpA 5.00%, 07/01/2031^(b)		EUR	956		1,125,344
Virtusa Corp. 7.125%, 12/15/2028^(b)		U.S.$	717		683,127

					19,561,159


Transportation - Airlines – 0.8%
Allegiant Travel Co. 7.25%, 08/15/2027^(b)			986		985,847
American Airlines, Inc. 7.25%, 02/15/2028^(b)			57		58,186
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%, 04/20/2026^(b)			490		489,795
5.75%, 04/20/2029^(b)			3,284		3,291,434
Avianca Midco 2 PLC 9.625%, 02/14/2030^(b)			449		413,825
JetBlue Airways Corp./JetBlue Loyalty LP 9.875%, 09/20/2031^(b)			1,837		1,781,890
OneSky Flight LLC 8.875%, 12/15/2029^(b)			268		278,962
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 11.00% (11.00% Cash or 8.00% Cash and 4.00% PIK), 03/12/2030^(a)^(b)(c)			680		487,427
VistaJet Malta Finance PLC/Vista Management Holding, Inc. 7.875%, 05/01/2027^(b)			449		451,146
9.50%, 06/01/2028^(b)			19		19,522

					8,258,034


Transportation - Railroads – 0.0%
Brightline East LLC 11.00%, 01/31/2030^(b)			473		350,269


Transportation - Services – 1.7%
Albion Financing 1 SARL/Aggreko Holdings, Inc. 5.375%, 05/21/2030^(b)		EUR	186		223,871
7.00%, 05/21/2030^(b)		U.S.$	373		381,795
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 4.75%, 04/01/2028^(b)			660		640,494
5.375%, 03/01/2029^(b)			267		257,293
5.75%, 07/15/2027^(b)			893		889,021
8.25%, 01/15/2030^(b)			185		193,128
8.375%, 06/15/2032^(b)			453		473,952
Avis Budget Finance PLC 7.25%, 07/31/2030^(b)		EUR	952		1,137,514
BCP V Modular Services Finance PLC 6.75%, 11/30/2029^(b)			1,214		1,275,336
BCP V Modular Services Finance II PLC 4.75%, 11/30/2028^(b)			582		672,986
Beacon Mobility Corp. 7.25%, 08/01/2030^(b)		U.S.$	542		553,139
Boels Topholding BV 6.25%, 02/15/2029^(b)		EUR	862		1,051,045
Dcli Bidco LLC 7.75%, 11/15/2029^(b)		U.S.$	581		588,369
Edge Finco PLC 8.125%, 08/15/2031^(b)		GBP	479		683,963


	Principal Amount (000)			U.S. $ Value

Hertz Corp. (The) 4.625%, 12/01/2026^(b)		U.S.$	1,853		$ 1,663,468
5.00%, 12/01/2029^(b)			1,256		883,136
12.625%, 07/15/2029^(b)			1,361		1,423,350
Kapla Holding SAS 5.00%, 04/30/2031^(b)		EUR	1,406		1,674,608
PROG Holdings, Inc. 6.00%, 11/15/2029^(b)		U.S.$	1,313		1,260,678
Rand Parent LLC 8.50%, 02/15/2030^(b)			372		373,215
Star Leasing Co. LLC 7.625%, 02/15/2030^(b)			271		268,665

					16,569,026

					516,932,261


Financial Institutions – 7.2%

Banking – 0.4%
Ally Financial, Inc. Series C 4.70%, 05/15/2028^(m)			256		229,871
Bread Financial Holdings, Inc. 8.375%, 06/15/2035^(b)			767		770,288
9.75%, 03/15/2029^(b)			2,435		2,621,618
Freedom Mortgage Corp. 12.25%, 10/01/2030^(b)			140		155,229

					3,777,006


Brokerage – 1.3%
AG Issuer LLC 6.25%, 03/01/2028^(b)			1,050		1,052,586
AG TTMT Escrow Issuer LLC 8.625%, 09/30/2027^(b)			784		812,292
Aretec Group, Inc. 7.50%, 04/01/2029^(b)			641		648,678
10.00%, 08/15/2030^(b)			1,885		2,070,981
Focus Financial Partners LLC 6.75%, 09/15/2031^(b)			850		867,883
Hightower Holding LLC 6.75%, 04/15/2029^(b)			2,936		2,926,189
Jane Street Group/JSG Finance, Inc. 6.75%, 05/01/2033^(b)			1,367		1,408,947
Osaic Holdings, Inc. 10.75%, 08/01/2027^(b)			1,670		1,677,130
VFH Parent LLC/Valor Co-Issuer, Inc. 7.50%, 06/15/2031^(b)			996		1,045,095

					12,509,781


Finance – 2.6%
Azorra Finance Ltd. 7.25%, 01/15/2031^(b)			688		701,682
CNG Holdings, Inc. 14.50%, 06/30/2026^(b)			794		714,593
Compass Group Diversified Holdings LLC 5.25%, 04/15/2029^(b)			1,897		1,703,169
Curo SPV LLC 13.00%, 08/02/2027^(d)^(g)			2,439		2,414,744
Enova International, Inc. 9.125%, 08/01/2029^(b)			1,916		2,017,230
11.25%, 12/15/2028^(b)			651		698,543
Freedom Mortgage Holdings LLC 8.375%, 04/01/2032^(b)			1,472		1,485,494
9.125%, 05/15/2031^(b)			7		7,219
9.25%, 02/01/2029^(b)			243		252,344
GGAM Finance Ltd. 6.875%, 04/15/2029^(b)			263		271,799
8.00%, 06/15/2028^(b)			1,069		1,130,912
goeasy Ltd. 6.875%, 05/15/2030^(b)			310		311,811
7.375%, 10/01/2030^(b)			618		631,134
7.625%, 07/01/2029^(b)			439		452,664


	Principal Amount (000)			U.S. $ Value

9.25%, 12/01/2028^(b)		U.S.$	1,043		$ 1,103,333
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 9.75%, 01/15/2029			495		483,553
10.00%, 11/15/2029^(b)			123		121,755
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5.00%, 08/15/2028^(b)			1,987		1,921,470
LFS Topco LLC 8.75%, 07/15/2030^(b)			688		676,263
Midcap Financial Issuer Trust 6.50%, 05/01/2028^(b)			431		427,047
Navient Corp. 4.875%, 03/15/2028			1,706		1,680,659
5.00%, 03/15/2027			585		581,807
5.50%, 03/15/2029			336		329,154
6.75%, 06/15/2026			835		845,316
7.875%, 06/15/2032			453		471,281
11.50%, 03/15/2031			845		957,012
OneMain Finance Corp. 6.625%, 05/15/2029			219		225,215
Phoenix Aviation Capital Ltd. 9.25%, 07/15/2030^(b)			1,577		1,636,352
Planet Financial Group LLC 10.50%, 12/15/2029^(b)			265		265,159
Rfna LP 7.875%, 02/15/2030^(b)			354		362,223
SLM Corp. 3.125%, 11/02/2026			188		184,343
6.50%, 01/31/2030			496		519,746
TrueNoord Capital DAC 8.75%, 03/01/2030^(b)			265		274,567

					25,859,593


Financial Services – 1.0%
1261229 BC Ltd. 10.00%, 04/15/2032^(b)			1,728		1,743,489
Armor Holdco, Inc. 8.50%, 11/15/2029^(b)			1,967		1,893,351
CCO IIA Credit Backed Loans Ltd. Zero Coupon, 10/15/2036^(d)^(g)(i)			226		245,747
7.54% (SOFR + 3.20%), 10/15/2036^(d)^(g)(i)			461		458,156
9.94% (SOFR + 5.60%), 10/15/2036^(d)^(g)(i)			163		161,870
Encore Capital Group, Inc. 8.50%, 05/15/2030^(b)			1,189		1,275,586
9.25%, 04/01/2029^(b)			606		644,838
Herc Holdings, Inc. 7.00%, 06/15/2030^(b)			926		969,519
7.25%, 06/15/2033^(b)			907		950,559
Jefferson Capital Holdings LLC 8.25%, 05/15/2030^(b)			430		445,426
Stonex Escrow Issuer LLC 6.875%, 07/15/2032^(b)			687		694,203
Titanium 2l Bondco SARL 6.25%, 01/14/2031^(c)		EUR	218		75,087

					9,557,831


Insurance – 0.6%
Acrisure LLC/Acrisure Finance, Inc. 6.00%, 08/01/2029^(b)		U.S.$	326		317,826
6.75%, 07/01/2032^(b)			261		264,678
7.50%, 11/06/2030^(b)			414		427,561
8.25%, 02/01/2029^(b)			1,048		1,084,087
8.50%, 06/15/2029^(b)			659		687,347
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 6.75%, 04/15/2028^(b)			285		289,656
AmWINS Group, Inc. 6.375%, 02/15/2029^(b)			479		488,160


	Principal Amount (000)			U.S. $ Value

APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Inves 7.875%, 11/01/2029^(b)		U.S.$	418		$ 427,619
Ardonagh Finco Ltd. 6.875%, 02/15/2031^(b)		EUR	286		345,709
7.75%, 02/15/2031^(b)		U.S.$	739		771,536
Ardonagh Group Finance Ltd. 8.875%, 02/15/2032^(b)			1,207		1,263,940

					6,368,119


REITs – 1.3%
Aedas Homes Opco SL 4.00%, 08/15/2026^(b)		EUR	1,580		1,860,502
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. 5.75%, 01/15/2029^(b)		U.S.$	9		7,901
9.75%, 04/15/2030^(b)			686		697,203
Brandywine Operating Partnership LP 8.875%, 04/12/2029			253		273,875
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 4.50%, 04/01/2027^(b)			373		362,847
5.75%, 05/15/2026^(b)			119		118,485
Crossgates, Inc. 11.00%, 07/25/2025^(d)^(g)			2,082		2,053,317
Cushman & Wakefield US Borrower LLC 8.875%, 09/01/2031^(b)			544		584,126
Five Point Operating Co. LP/Five Point Capital Corp. 10.50%, 01/15/2028^(a)^(b)			1,653		1,682,512
MPT Operating Partnership LP/MPT Finance Corp. 7.00%, 02/15/2032^(b)		EUR	149		179,854
8.50%, 02/15/2032^(b)		U.S.$	555		581,163
RHP Hotel Properties LP/RHP Finance Corp. 6.50%, 06/15/2033^(b)			453		466,390
Rithm Capital Corp. 8.00%, 04/01/2029^(b)			345		348,536
8.00%, 07/15/2030^(b)			686		688,533
RLJ Lodging Trust LP 4.00%, 09/15/2029^(b)			406		378,973
SBA Communications Corp. 3.125%, 02/01/2029			473		446,753
Service Properties Trust 8.375%, 06/15/2029			626		653,040
8.625%, 11/15/2031^(b)			991		1,063,004
Starwood Property Trust, Inc. 3.625%, 07/15/2026^(b)			288		283,159
Vivion Investments SARL Series E 6.50%, 02/28/2029^(a)^(b)(c)		EUR	3		3,255

					12,733,428

					70,805,758


Utility – 1.2%

Electric – 1.0%
Algonquin Power & Utilities Corp. 4.75%, 01/18/2082		U.S.$	405		393,618
Calpine Corp. 4.625%, 02/01/2029^(b)			206		203,277
EUSHI Finance, Inc. 7.625%, 12/15/2054			361		373,479
Lightning Power LLC 7.25%, 08/15/2032^(b)			225		236,805
NRG Energy, Inc. 3.375%, 02/15/2029^(b)			1,800		1,698,560
3.625%, 02/15/2031^(b)			445		409,699
3.875%, 02/15/2032^(b)			188		172,927
5.25%, 06/15/2029^(b)			80		79,601
5.75%, 07/15/2029^(b)			1,744		1,746,216


	Principal Amount (000)			U.S. $ Value

10.25%, 03/15/2028^(b)^(m)		U.S.$	842		$ 932,785
PG&E Corp. 7.375%, 03/15/2055			576		546,321
Vistra Corp. 7.00%, 12/15/2026^(b)^(m)			835		845,051
8.00%, 10/15/2026^(b)^(m)			1,003		1,026,715
Vistra Operations Co. LLC 5.50%, 09/01/2026^(b)			807		807,388
5.625%, 02/15/2027^(b)			80		79,971
XPLR Infrastructure Operating Partners LP 4.50%, 09/15/2027^(b)			18		17,550
7.25%, 01/15/2029^(b)			302		309,616

					9,879,579


Natural Gas – 0.2%
AltaGas Ltd. 7.20%, 10/15/2054^(b)			412		411,584
AmeriGas Partners LP/AmeriGas Finance Corp. 5.75%, 05/20/2027			36		35,720
9.375%, 06/01/2028^(b)			430		443,327
9.50%, 06/01/2030^(b)			453		469,487
Venture Global Plaquemines LNG LLC 7.50%, 05/01/2033^(b)			439		470,294

					1,830,412

					11,709,991

Total Corporates - Non-Investment Grade (cost $609,949,293)					599,448,010


CORPORATES - INVESTMENT GRADE – 14.2%

Industrial – 7.8%

Basic – 0.8%
Celanese US Holdings LLC 6.75%, 04/15/2033			555		560,698
Freeport Indonesia PT 4.76%, 04/14/2027^(b)			281		280,916
Industrias Penoles SAB de CV 5.65%, 09/12/2049^(b)			386		334,855
Inversiones CMPC SA 6.125%, 02/26/2034^(b)			453		463,093
MEGlobal Canada ULC 5.875%, 05/18/2030^(b)			343		354,782
Nexa Resources SA 6.75%, 04/09/2034^(b)^(j)			961		1,004,354
OCP SA 6.75%, 05/02/2034^(b)			412		426,230
Olin Corp. 5.625%, 08/01/2029			272		269,497
6.625%, 04/01/2033^(b)			914		900,522
Orbia Advance Corp. SAB de CV 7.50%, 05/13/2035^(b)			1,379		1,429,706
Sociedad Quimica y Minera de Chile SA 6.50%, 11/07/2033^(b)			406		429,091
Suzano Austria GmbH 3.75%, 01/15/2031			262		244,413
5.00%, 01/15/2030			218		217,440
6.00%, 01/15/2029			900		924,750
Series DM3N 3.125%, 01/15/2032			331		290,451

					8,130,798


Communications - Media – 1.1%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.80%, 03/01/2050			834		667,929
5.50%, 04/01/2063			213		180,048
6.48%, 10/23/2045			119		117,901
DIRECTV Financing LLC 8.875%, 02/01/2030^(b)			496		488,357


	Principal Amount (000)			U.S. $ Value

DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc. 5.875%, 08/15/2027^(b)		U.S.$	1,855		$ 1,848,656
10.00%, 02/15/2031^(b)			2,819		2,737,566
Grupo Televisa SAB 4.625%, 01/30/2026^(j)			495		489,813
Prosus NV 3.06%, 07/13/2031^(b)			1,998		1,768,230
4.03%, 08/03/2050^(b)			331		220,631
Time Warner Cable LLC 7.30%, 07/01/2038			17		18,527
Warnermedia Holdings, Inc. 4.05%, 03/15/2029			37		30,138
5.05%, 03/15/2042			3,169		1,870,835

					10,438,631


Communications - Telecommunications – 0.2%
TELUS Corp. 6.625%, 10/15/2055			802		806,970
7.00%, 10/15/2055			1,087		1,096,348

					1,903,318


Consumer Cyclical - Automotive – 0.7%
Adient Global Holdings Ltd. 7.00%, 04/15/2028^(b)			555		571,642
Aptiv Swiss Holdings Ltd. 6.875%, 12/15/2054			387		387,079
Ford Motor Co. 3.25%, 02/12/2032			4,123		3,476,529
Ford Motor Credit Co. LLC 3.815%, 11/02/2027			359		346,528
6.05%, 11/05/2031			764		760,095
Harley-Davidson Financial Services, Inc. 5.95%, 06/11/2029^(b)			92		93,575
Jaguar Land Rover Automotive PLC 4.50%, 10/01/2027^(b)			780		764,247
Phinia, Inc. 6.75%, 04/15/2029^(b)			562		579,526

					6,979,221


Consumer Cyclical - Entertainment – 0.9%
Carnival Corp. 4.00%, 08/01/2028^(b)			1,623		1,588,474
Royal Caribbean Cruises Ltd. 4.25%, 07/01/2026^(b)			93		92,525
5.375%, 07/15/2027^(b)			1,428		1,436,817
5.50%, 08/31/2026^(b)			948		951,299
5.50%, 04/01/2028^(b)			4,532		4,587,477

					8,656,592


Consumer Cyclical - Other – 1.4%
Flutter Treasury DAC 4.00%, 06/04/2031^(b)		EUR	644		759,413
5.00%, 04/29/2029^(b)			155		189,249
5.875%, 06/04/2031^(b)		U.S.$	368		370,849
6.125%, 06/04/2031^(b)		GBP	463		640,408
GENM Capital Labuan Ltd. 3.88%, 04/19/2031^(b)		U.S.$	891		799,672
JH North America Holdings, Inc. 5.875%, 01/31/2031^(b)			219		220,918
6.125%, 07/31/2032^(b)			1,001		1,017,655
Las Vegas Sands Corp. 5.625%, 06/15/2028			1,381		1,409,020
6.00%, 06/14/2030			702		724,043
MDC Holdings, Inc. 6.00%, 01/15/2043			1,881		1,695,841
Resorts World Las Vegas LLC/RWLV Capital, Inc. 4.625%, 04/16/2029^(b)			2,200		1,950,932
4.625%, 04/06/2031^(b)			1,100		897,075
Sands China Ltd. 2.85%, 03/08/2029^(a)			206		189,141


	Principal Amount (000)		U.S. $ Value

3.25%, 08/08/2031^(a)	U.S.$	285	$	250,693
4.375%, 06/18/2030^(a)		550		525,802
Voyager Parent LLC 9.25%, 07/01/2032^(b)		1,643		1,712,426

				13,353,137


Consumer Cyclical - Retailers – 0.3%
Levi Strauss & Co. 3.50%, 03/01/2031^(b)		230		210,422
Macy’s Retail Holdings LLC 5.875%, 03/15/2030^(b)		1,064		1,040,108
6.125%, 03/15/2032^(b)		1,021		974,974
Zhongsheng Group Holdings Ltd. 5.98%, 01/30/2028^(b)		490		485,726

				2,711,230


Consumer Non-Cyclical – 0.4%
BAT Capital Corp. 7.08%, 08/02/2053		313		348,617
Bayer US Finance LLC 6.875%, 11/21/2053^(b)		202		214,377
Cencosud SA 5.95%, 05/28/2031^(b)		481		495,190
Charles River Laboratories International, Inc. 3.75%, 03/15/2029^(b)		770		722,364
4.00%, 03/15/2031^(b)		45		41,222
Jazz Securities DAC 4.375%, 01/15/2029^(b)		1,835		1,773,137
Viatris, Inc. 2.70%, 06/22/2030		744		662,804

				4,257,711


Energy – 1.6%
APA Corp. 4.75%, 04/15/2043^(b)		2		1,499
Energy Transfer LP 8.00%, 05/15/2054		1,494		1,586,757
Enterprise Products Operating LLC Series E 5.25%, 08/16/2077		353		348,951
EQT Corp. 6.375%, 04/01/2029^(b)		315		324,820
Harbour Energy PLC 6.33%, 04/01/2035^(b)		1,248		1,238,872
KazMunayGas National Co. JSC 5.375%, 04/24/2030^(b)		998		1,001,563
Occidental Petroleum Corp. 7.50%, 05/01/2031		4		4,405
Raizen Fuels Finance SA 5.70%, 01/17/2035^(b)		926		865,173
6.25%, 07/08/2032^(b)		314		310,865
6.45%, 03/05/2034^(b)		464		461,851
6.70%, 02/25/2037^(b)		1,010		987,950
Tengizchevroil Finance Co. International Ltd. 3.25%, 08/15/2030^(b)		1,107		976,374
Var Energi ASA 5.875%, 05/22/2030^(b)		1,027		1,051,576
6.50%, 05/22/2035^(b)		581		600,098
8.00%, 11/15/2032^(b)		1,300		1,473,112
Venture Global Calcasieu Pass LLC 3.875%, 08/15/2029^(b)		93		87,751
3.875%, 11/01/2033^(b)		822		718,311
6.25%, 01/15/2030^(b)		1,454		1,499,574
Woodside Finance Ltd. 5.40%, 05/19/2030		616		623,806
6.00%, 05/19/2035		1,608		1,636,775

				15,800,083


Other Industrial – 0.1%
American Builders & Contractors Supply Co., Inc. 4.00%, 01/15/2028^(b)		203		198,530


	Principal Amount (000)			U.S. $ Value

RB Global Holdings, Inc. 6.75%, 03/15/2028^(b)		U.S.$	434	$	445,319

					643,849


Services – 0.0%
Boost Newco Borrower LLC/GTCR W Dutch
Finance Sub BV 8.50%, 01/15/2031^(b)		GBP	163		239,404


Technology – 0.0%
Gartner, Inc. 3.625%, 06/15/2029^(b)		U.S.$	7		6,661


Transportation - Airlines – 0.2%
Air Canada 3.875%, 08/15/2026^(b)			845		836,769
United Airlines, Inc. 4.375%, 04/15/2026^(b)			1,410		1,399,977
4.625%, 04/15/2029^(b)			223		216,523

					2,453,269


Transportation - Railroads – 0.0%
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/2036^(b)			348		327,405


Transportation - Services – 0.1%
Adani Ports & Special Economic Zone Ltd. 4.375%, 07/03/2029^(b)			1,175		1,100,094

					77,001,403


Financial Institutions – 5.3%
Banking – 3.8%
Ally Financial, Inc. 6.70%, 02/14/2033			500		520,244
6.85%, 01/03/2030			380		401,155
8.00%, 11/01/2031			281		319,852
Series B 4.70%, 05/15/2026^(m)			2,950		2,844,157
Banco Santander SA 3.225%, 11/22/2032			200		179,216
6.92%, 08/08/2033			2,600		2,810,158
Bank Leumi Le-Israel BM 7.13%, 07/18/2033^(b)			450		461,015
Barclays PLC 7.12%, 06/27/2034			361		393,006
BNP Paribas SA 4.625%, 02/25/2031^(b)^(j)(m)			1,574		1,398,874
4.625%, 02/25/2031^(b)^(m)			1,350		1,199,807
BPCE SA 3.12%, 10/19/2032^(b)			351		304,102
6.51%, 01/18/2035^(b)			759		784,205
CaixaBank SA 5.58%, 07/03/2036^(b)			575		578,762
5.875%, 10/09/2027^(b)(m)		EUR	1,000		1,221,115
6.84%, 09/13/2034^(b)		U.S.$	725		794,007
Capital One Financial Corp. 2.36%, 07/29/2032			427		362,005
7.96%, 11/02/2034			275		319,638
Citigroup, Inc.
Series AA 7.625%, 11/15/2028^(m)			339		356,857
Series W 4.00%, 12/10/2025^(m)			413		409,993
Citizens Financial Group, Inc. 6.645%, 04/25/2035			237		255,549
Deutsche Bank AG/New York NY 3.73%, 01/14/2032			1,435		1,311,435
7.08%, 02/10/2034			324		345,408
Fifth Third Bancorp 8.25%, 03/01/2038			234		281,840


	Principal Amount (000)			U.S. $ Value

HSBC Holdings PLC 6.50%, 09/15/2037		U.S.$	309	$	326,148
8.11%, 11/03/2033			225		259,898
Series E 4.75%, 07/04/2029^(b)(m)		EUR	1,595		1,869,116
Intesa Sanpaolo SpA 4.20%, 06/01/2032^(b)		U.S.$	845		775,009
5.71%, 01/15/2026^(b)			1,232		1,233,622
KeyCorp 6.40%, 03/06/2035			19		20,268
Lloyds Banking Group PLC 6.07%, 06/13/2036			207		211,971
7.50%, 09/27/2025^(m)			1,737		1,742,518
M&T Bank Corp. 5.05%, 01/27/2034			165		162,685
Nordea Bank Abp 6.625%, 03/26/2026^(b)(m)			3,065		3,079,723
Societe Generale SA 5.51%, 05/22/2031^(b)			4,167		4,243,240
7.37%, 01/10/2053^(b)			403		419,129
Synchrony Financial 5.935%, 08/02/2030^(j)			808		829,879
7.25%, 02/02/2033			1,230		1,286,867
UBS Group AG 3.875%, 06/02/2026^(b)(m)			352		343,667
7.125%, 08/10/2034^(b)^(m)			544		541,280
9.25%, 11/13/2028^(b)^(m)			448		488,325
UniCredit SpA 5.86%, 06/19/2032^(b)			845		850,893
Western Alliance Bancorp 3.00%, 06/15/2031			388		359,294

					36,895,932


Brokerage – 0.1%
BGC Group, Inc. 6.60%, 06/10/2029			83		86,010
Charles Schwab Corp. (The)
Series I 4.00%, 06/01/2026^(m)			1,251		1,231,752

					1,317,762


Finance – 0.5%
Air Lease Corp.
Series B 4.65%, 06/15/2026^(m)			1,229		1,218,555
Blackstone Private Credit Fund 2.625%, 12/15/2026			117		113,029
5.25%, 04/01/2030			88		87,225
CFAMC II Co., Ltd.
Series E 4.625%, 06/03/2026^(b)			200		199,800
4.875%, 11/22/2026^(b)			230		229,310
CFAMC III Co., Ltd. 4.75%, 04/27/2027^(b)			400		397,200
Golub Capital Private Credit Fund 5.875%, 05/01/2030			87		86,933
HAT Holdings I LLC/HAT Holdings II LLC 3.375%, 06/15/2026^(b)			77		75,440
HPS Corporate Lending Fund 6.25%, 09/30/2029			84		85,576
ILFC E-Capital Trust II 6.68% (CME Term SOFR 3 Month + 2.06%), 12/21/2065^(b)(i)			2,000		1,710,107
Jefferies Finance LLC/JFIN Co-Issuer Corp. 6.625%, 10/15/2031^(b)			395		393,773
Main Street Capital Corp. 6.50%, 06/04/2027			58		59,318
Oaktree Specialty Lending Corp. 6.34%, 02/27/2030			90		89,133


	Principal Amount (000)		U.S. $ Value

Oaktree Strategic Credit Fund 6.50%, 07/23/2029	U.S.$	85	$	87,071

				4,832,470


Insurance – 0.4%
Global Atlantic Fin Co. 4.70%, 10/15/2051^(b)		425		415,917
7.95%, 10/15/2054^(b)		24		24,967
Liberty Mutual Group, Inc. 4.125%, 12/15/2051^(b)		462		449,651
7.80%, 03/15/2037^(b)		2,187		2,544,379
MetLife, Inc. 10.75%, 08/01/2039		589		788,813

				4,223,727


REITs – 0.5%
Ladder Capital Finance Holdings LLLP/Ladder
Capital Finance Corp. 4.25%, 02/01/2027^(b)		80		78,803
4.75%, 06/15/2029^(b)		284		276,581
Newmark Group, Inc. 7.50%, 01/12/2029		2,277		2,412,201
Omega Healthcare Investors, Inc. 5.20%, 07/01/2030		577		580,471
Trust Fibra Uno 4.87%, 01/15/2030^(b)^(j)		1,498		1,418,681
7.375%, 02/13/2034^(b)		243		246,645
8.25%, 01/23/2037^(b)		228		239,970

				5,253,352

				52,523,243


Utility – 1.1%
Electric – 1.0%
Adani Electricity Mumbai Ltd. 3.87%, 07/22/2031^(b)		430		367,112
3.95%, 02/12/2030^(b)		806		719,355
AES Andes SA 6.30%, 03/15/2029^(b)		1,037		1,061,323
American Electric Power Co., Inc. 6.95%, 12/15/2054		594		620,796
Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy 7.875%, 02/15/2039^(b)		447		460,969
Cometa Energia SA de CV 6.375%, 04/24/2035^(b)		411		422,442
Edison International 8.125%, 06/15/2053		378		365,488
Electricite de France SA 9.125%, 03/15/2033^(b)^(m)		427		481,536
Empresas Publicas de Medellin ESP 4.25%, 07/18/2029^(b)		1,640		1,502,035
Enel Finance International NV 7.75%, 10/14/2052^(b)		275		327,900
Engie Energia Chile SA 6.375%, 04/17/2034^(b)		920		948,520
FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple 7.25%, 01/31/2041^(b)		220		222,152
FirstEnergy Corp.
Series C 4.85%, 07/15/2047^(a)		7		5,954
Israel Electric Corp., Ltd.
Series G 4.25%, 08/14/2028^(b)		871		845,079
Minejesa Capital BV 4.625%, 08/10/2030^(b)		1,175		1,148,970
Niagara Energy SAC 5.75%, 10/03/2034^(b)		492		486,157

				9,985,788


	Principal Amount (000)		U.S. $ Value

Other Utility – 0.1%
Buffalo Energy Mexico Holdings/Buffalo Energy
Infrastructure/Buffalo Energy 7.875%, 02/15/2039^(b)	U.S.$	470	$	484,688

				10,470,476


Total Corporates - Investment Grade (cost $136,288,643)				139,995,122


EMERGING MARKETS - CORPORATE BONDS – 6.0%
Industrial – 5.2%
Basic – 1.8%
Braskem Idesa SAPI 6.99%, 02/20/2032^(b)		439		303,884
7.45%, 11/15/2029^(b)		1,393		1,027,337
Braskem Netherlands Finance BV 4.50%, 01/10/2028^(b)		2,280		1,957,836
4.50%, 01/31/2030^(b)		966		743,820
8.00%, 10/15/2034^(b)		283		225,182
Cia de Minas Buenaventura SAA 6.80%, 02/04/2032^(b)		492		500,856
CSN Inova Ventures 6.75%, 01/28/2028^(b)		1,694		1,601,372
Eregli Demir ve Celik Fabrikalari TAS 8.375%, 07/23/2029^(b)		486		498,150
First Quantum Minerals Ltd. 6.875%, 10/15/2027^(b)		573		570,909
8.00%, 03/01/2033^(b)		1,055		1,082,052
9.375%, 03/01/2029^(b)		438		465,119
Indika Energy Tbk PT 8.75%, 05/07/2029^(b)		476		458,388
JSW Steel Ltd. 3.95%, 04/05/2027^(b)		409		393,887
5.05%, 04/05/2032^(b)^(j)		658		606,183
Sasol Financing USA LLC 8.75%, 05/03/2029^(b)		2,248		2,223,458
Stillwater Mining Co. 4.00%, 11/16/2026^(b)		1,698		1,649,978
4.50%, 11/16/2029^(b)^(j)		309		275,396
UPL Corp., Ltd. 4.50%, 03/08/2028^(b)		336		318,024
4.625%, 06/16/2030^(b)		673		608,729
Vedanta Resources Finance II PLC 10.25%, 06/03/2028^(b)		940		976,042
10.875%, 09/17/2029^(b)		584		605,187
Volcan Cia Minera SAA 8.75%, 01/24/2030^(b)		724		717,213

				17,809,002


Capital Goods – 0.3%
Ambipar Lux SARL 10.875%, 02/05/2033^(b)		1,460		1,386,147
IHS Holding Ltd. 6.25%, 11/29/2028^(b)		383		373,185
7.875%, 05/29/2030^(b)		535		535,941
IRB Infrastructure Developers Ltd. 7.11%, 03/11/2032^(b)		475		476,336

				2,771,609


Communications - Media – 0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030^(b)		437		412,069
Telecomunicaciones Digitales SA 4.50%, 01/30/2030^(b)		246		228,411

				640,480


Communications - Telecommunications – 0.2%
Digicel Group Holdings Ltd. Zero Coupon, 12/31/2030^(d)^(e)(g)		96		964
Millicom International Cellular SA 7.375%, 04/02/2032^(b)		552		565,437


	Principal Amount (000)			U.S. $ Value

Sable International Finance Ltd. 7.125%, 10/15/2032^(b)		U.S.$	688	$	688,932
Turk Telekomunikasyon AS 7.375%, 05/20/2029^(b)			481		490,471

					1,745,804


Consumer Cyclical - Other – 1.0%
Allwyn Entertainment Financing UK PLC 7.875%, 04/30/2029^(b)			200		208,438
Allwyn International AS 3.875%, 02/15/2027^(b)		EUR	170		199,501
Melco Resorts Finance Ltd. 5.375%, 12/04/2029^(b)		U.S.$	1,356		1,272,159
5.625%, 07/17/2027^(b)			965		962,587
5.75%, 07/21/2028^(b)			1,255		1,227,867
MGM China Holdings Ltd. 4.75%, 02/01/2027^(b)			1,122		1,112,182
5.875%, 05/15/2026^(b)			414		414,041
Studio City Co., Ltd. 7.00%, 02/15/2027^(b)			289		289,545
Studio City Finance Ltd. 6.00%, 07/15/2025^(b)			448		447,776
Wynn Macau Ltd. 5.125%, 12/15/2029^(b)			241		230,406
5.50%, 01/15/2026^(b)			1,496		1,492,540
5.50%, 10/01/2027^(b)			947		939,897
5.625%, 08/26/2028^(b)			717		703,198

					9,500,137


Consumer Cyclical - Retailers – 0.0%
Falabella SA 3.375%, 01/15/2032^(b)			583		509,542
K201640219 South Africa Ltd. Zero Coupon, 06/25/2023^(d)^(f)(g)(h)		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

					509,542


Consumer Non-Cyclical – 0.7%
Anadolu Efes Biracilik Ve Malt Sanayii AS 3.375%, 06/29/2028^(b)			550		494,142
Biocon Biologics Global PLC 6.67%, 10/09/2029^(b)			1,000		948,413
Central American Bottling Corp./CBC Bottling
Holdco SL/Beliv Holdco SL 5.25%, 04/27/2029^(b)			108		104,630
MARB BondCo PLC 3.95%, 01/29/2031^(b)			1,261		1,115,582
Natura &Co Luxembourg Holdings SARL 4.125%, 05/03/2028^(b)			1,066		1,002,336
Teva Pharmaceutical Finance Netherlands II BV 3.75%, 05/09/2027		EUR	446		526,716
4.375%, 05/09/2030			1,000		1,195,401
Teva Pharmaceutical Finance Netherlands III BV 4.75%, 05/09/2027		U.S.$	313		311,294
5.125%, 05/09/2029^(j)			517		517,000
8.125%, 09/15/2031			506		570,242

					6,785,756


Energy – 1.0%
Acu Petroleo Luxembourg SARL 7.50%, 01/13/2032^(b)			991		990,919
Azure Power Energy Ltd. 3.575%, 08/19/2026^(b)			516		495,815
Canacol Energy Ltd. 5.75%, 11/24/2028^(b)			544		189,818
Cosan Luxembourg SA 5.50%, 09/20/2029^(b)			461		449,452


	Principal Amount (000)		U.S. $ Value

Ecopetrol SA 6.875%, 04/29/2030	U.S.$	782	$	772,616
8.625%, 01/19/2029		2,054		2,169,804
Gran Tierra Energy, Inc. 9.50%, 10/15/2029^(b)		1,006		764,993
Greenko Wind Projects Mauritius Ltd. 7.25%, 09/27/2028^(b)		697		702,576
Leviathan Bond Ltd. 6.50%, 06/30/2027^(b)		1,327		1,317,452
Medco Cypress Tree Pte. Ltd. 8.625%, 05/19/2030^(b)		411		420,967
Medco Maple Tree Pte. Ltd. 8.96%, 04/27/2029^(b)		565		586,894
MV24 Capital BV 6.75%, 06/01/2034^(b)		406		393,639
Oleoducto Central SA 4.00%, 07/14/2027^(b)		424		411,899
SierraCol Energy Andina LLC 6.00%, 06/15/2028^(b)		319		294,971

				9,961,815


Other Industrial – 0.0%
Telecommunications co Telekom Srbija AD Belgrade 7.00%, 10/28/2029^(b)		275		274,416


Transportation - Services – 0.1%
JSW Infrastructure Ltd. 4.95%, 01/21/2029^(b)		204		198,900
Kingston Airport Revenue Finance Ltd. 6.75%, 12/15/2036^(b)		495		499,331
TAV Havalimanlari Holding AS 8.50%, 12/07/2028^(b)		470		489,684

				1,187,915

				51,186,476


Utility – 0.6%
Electric – 0.5%
AES Andes SA 8.15%, 06/10/2055^(b)		896		925,926
Continuum Green Energy India Pvt./Co-Issuers 7.50%, 06/26/2033^(b)		269		277,121
India Clean Energy Holdings 4.50%, 04/18/2027^(b)		511		492,859
Investment Energy Resources Ltd. 6.25%, 04/26/2029^(b)		618		603,514
Limak Yenilenebilir Enerji AS 9.625%, 08/12/2030^(b)		240		237,074
Saavi Energia SARL 8.875%, 02/10/2035^(b)		490		509,991
Sorik Marapi Geothermal Power PT 7.75%, 08/05/2031^(b)		415		415,703
Terraform Global Operating LP 6.125%, 03/01/2026^(b)		56		55,720
Zorlu Enerji Elektrik Uretim AS 11.00%, 04/23/2030^(b)		1,098		1,011,708

				4,529,616


Other Utility – 0.1%
Aegea Finance SARL 6.75%, 05/20/2029^(b)		709		708,218
9.00%, 01/20/2031^(b)		276		291,394

				999,612

				5,529,228


Financial Institutions – 0.2%
Banking – 0.2%
Akbank TAS 7.50%, 01/20/2030^(b)		263		266,616


	Principal Amount (000)		U.S. $ Value

Turkiye Vakiflar Bankasi TAO 9.00%, 10/12/2028^(b)	U.S.$	465	$	492,756
Yapi ve Kredi Bankasi AS 7.25%, 03/03/2030^(b)		990		988,268
9.25%, 10/16/2028^(b)		400		427,124

				2,174,764


Financial Services – 0.0%
BBFI Liquidating Trust Zero Coupon, 12/30/2099^(d)^(e)(g)		780		0

				2,174,764

Total Emerging Markets - Corporate Bonds (cost $61,438,559)				58,890,468


BANK LOANS – 5.8%
Industrial – 4.8%
Capital Goods – 0.4%
ACProducts Holdings, Inc. 8.81% (CME Term SOFR 3 Month + 4.25%), 05/17/2028⁽ⁿ⁾		1,898		1,428,185
Chariot Buyer LLC 7.68% (CME Term SOFR 1 Month + 3.25%), 11/03/2028⁽ⁿ⁾		154		154,557
ECO Material Technologies, Inc. 7.47% (CME Term SOFR 6 Month + 3.25%), 02/12/2032⁽ⁿ⁾		1,750		1,759,485
TransDigm, Inc. 6.80% (CME Term SOFR 3 Month + 2.50%), 02/28/2031⁽ⁿ⁾		288		288,768

				3,630,995


Communications - Media – 0.6%
DIRECTV Financing LLC 9.79% (CME Term SOFR 3 Month + 5.25%), 08/02/2029⁽ⁿ⁾		1,526		1,510,956
DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc. 9.83% (CME Term SOFR 1 Month + 5.50%), 02/17/2031⁽ⁿ⁾		329		313,043
Gray Television, Inc. 7.44% (CME Term SOFR 1 Month + 3.00%), 12/01/2028⁽ⁿ⁾		2,250		2,173,631
iHeartCommunications, Inc. 10.63% (CME Term SOFR 1 Month + 5.78%), 05/01/2029⁽ⁿ⁾		1,182		960,020
Inizio Group Ltd. 8.65% (CME Term SOFR 3 Month + 4.25%), 08/19/2028^(d)(n)		1,276		1,212,200

				6,169,850


Communications - Telecommunications – 0.4%
Crown Subsea Communications Holding, Inc. 8.33% (CME Term SOFR 3 Month + 4.00%), 01/30/2031⁽ⁿ⁾		1,416		1,423,373
Lumen Technologies, Inc. 6.79% (CME Term SOFR 1 Month + 2.35%), 04/16/2029⁽ⁿ⁾		357		352,492
Zacapa S.a r.l. 8.05% (CME Term SOFR 3 Month + 3.75%), 03/22/2029⁽ⁿ⁾		2,073		2,077,903

				3,853,768


Consumer Cyclical - Automotive – 0.1%
MPH Acquisition Holdings LLC 9.44% (CME Term SOFR 1 Month + 5.00%), 01/31/2028⁽ⁿ⁾		1,025		929,504


Consumer Cyclical - Other – 0.0%
Weber-Stephen Products LLC 0% 10/30/27 7.69% (CME Term SOFR 1 Month + 3.25%),


	Principal Amount (000)		U.S. $ Value

10/30/2027⁽ⁿ⁾	U.S.$	507	$	502,602


Consumer Cyclical - Restaurants – 0.0%
IRB Holding Corp. 6.83% (CME Term SOFR 1 Month + 2.50%), 12/15/2027⁽ⁿ⁾		157		156,753


Consumer Cyclical - Retailers – 0.3%
Foundation Building Materials, Inc. 9.55% (CME Term SOFR 3 Month + 5.25%), 01/29/2031⁽ⁿ⁾		2,140		2,106,573
Great Outdoors Group LLC 7.58% (CME Term SOFR 1 Month + 3.25%), 01/23/2032⁽ⁿ⁾		465		463,531

				2,570,104


Consumer Non-Cyclical – 1.1%
Agiliti Health, Inc. 7.22% (CME Term SOFR 6 Month + 3.00%), 05/01/2030^(d)(n)		837		809,092
7.30% (CME Term SOFR 3 Month + 3.00%), 05/01/2030^(d)(n)		442		426,969
Gainwell Acquisition Corp. 8.40% (CME Term SOFR 3 Month + 4.00%), 10/01/2027⁽ⁿ⁾		1,184		1,138,904
ModivCare, Inc. 9.05% (CME Term SOFR 3 Month + 4.75%), 07/01/2031⁽ⁿ⁾		1,312		953,151
11.71% (CME Term SOFR 3 Month + 7.50%), 01/10/2026⁽ⁿ⁾		188		142,376
MPH Acquisition Holdings LLC 8.03% (CME Term SOFR 3 Month + 3.75%), 12/31/2030⁽ⁿ⁾		343		337,423
Neptune Bidco US, Inc. 9.33% (CME Term SOFR 3 Month + 5.00%), 04/11/2029⁽ⁿ⁾		2,064		1,947,348
Opal Bidco SAS 7.54% (CME Term SOFR 3 Month + 3.25%), 04/28/2032⁽ⁿ⁾		847		849,914
PetSmart LLC 8.18% (CME Term SOFR 1 Month + 3.75%), 02/11/2028⁽ⁿ⁾		2,146		2,119,996
US Radiology Specialists, Inc. 9.05% (CME Term SOFR 3 Month + 4.75%), 12/15/2027⁽ⁿ⁾		1,902		1,904,427

				10,629,600


Other Industrial – 0.1%
American Tire Distributors, Inc. 14.75% (PRIME 3 Month + 7.25%), 10/20/2028^(d)(n)		824		247,326
LTR Intermediate Holdings, Inc. 8.94% (CME Term SOFR 1 Month + 4.50%), 05/05/2028⁽ⁿ⁾		858		827,542

				1,074,868


Technology – 1.4%
Ascend Learning LLC 10.18% (CME Term SOFR 1 Month + 5.75%), 12/10/2029⁽ⁿ⁾		395		394,868
Boxer Parent Co., Inc. 7.33% (CME Term SOFR 3 Month + 3.00%), 07/30/2031⁽ⁿ⁾		1,460		1,449,858
Clover Holdings Ltd. 7.75% (FIXED 4 + 7.75%), 12/09/2031^(d)		2,132		2,147,990
Clover Holdings SPV III LLC 15.00% (FIXED 4 + 15.00%), 12/09/2027⁽ⁿ⁾		152		150,303
Commscope, Inc. 12/17/2029^(o)		2,178		2,201,446


	Principal Amount (000)		U.S. $ Value

Icon Parent Inc. 7.205% (CME Term SOFR 6 Month + 3.00%), 11/13/2031⁽ⁿ⁾	U.S.$	1,270	$	1,270,859
Loyalty Ventures, Inc. 14.00% (PRIME 3 Month + 5.50%), 11/03/2027^(d)^(g)(h)(k)(n)		1,518		11,388
Peraton Corp. 8.18% (CME Term SOFR 1 Month + 3.75%), 02/01/2028⁽ⁿ⁾		1,783		1,569,824
12.18% (CME Term SOFR 3 Month + 7.75%), 02/01/2029⁽ⁿ⁾		1,020		708,900
Polaris Newco, LLC 8.29% (CME Term SOFR 3 Month + 3.75%), 06/02/2028⁽ⁿ⁾		2,127		2,070,485
Project Alpha Intermediate Holdings, Inc. 10.12% (CME Term SOFR 3 Month + 5.00%), 05/09/2033^(d)(n)		1,240		1,230,700
Veritas US, Inc. 4.50% (PIK Interest 4 + 4.50%), 12/09/2029⁽ⁿ⁾		173		173,372
12.30% (CME Term SOFR 3 Month + 8.00%), 12/09/2029⁽ⁿ⁾		173		173,372

				13,553,365


Transportation - Airlines – 0.2%
AS Mileage Plan IP Ltd. 6.27% (CME Term SOFR 3 Month + 2.00%), 10/15/2031⁽ⁿ⁾		706		708,746
Delta Air Lines, Inc. 8.02% (CME Term SOFR 3 Month + 3.75%), 10/20/2027⁽ⁿ⁾		176		176,461
JetBlue Airways Corp. 9.07% (CME Term SOFR 3 Month + 4.75%), 08/27/2029⁽ⁿ⁾		1,334		1,246,721

				2,131,928


Transportation - Services – 0.2%
Third Coast Infrastructure LLC 8.58% (CME Term SOFR 1 Month + 4.25%), 09/25/2030^(d)(n)		1,679		1,686,103

				46,889,440


Financial Institutions – 0.9%
Banking – 0.0%
Orbit Private Holdings I Ltd. 7.92% (CME Term SOFR 6 Month + 3.75%), 12/11/2028⁽ⁿ⁾		232		232,576


Brokerage – 0.2%
Jane Street Group LLC 6.33% (CME Term SOFR 3 Month + 2.00%), 12/15/2031⁽ⁿ⁾		1,518		1,516,119


Financial Services – 0.2%
Colossus Acquireco LLC 06/11/2032^(o)		700		694,925
Osttra Group Ltd. 05/20/2032^(o)		990		992,970

				1,687,895


Insurance – 0.5%
AssuredPartners, Inc. 7.83% (CME Term SOFR 1 Month + 3.50%), 02/14/2031⁽ⁿ⁾		1,611		1,614,659
Asurion LLC 8.68% (CME Term SOFR 1 Month + 4.25%), 08/19/2028⁽ⁿ⁾		1,623		1,603,811
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) 7.33% (CME Term SOFR 1 Month + 3.00%), 07/31/2031⁽ⁿ⁾		1,256		1,259,442


	Principal Amount (000)			U.S. $ Value

Truist Insurance Holdings 9.05% (CME Term SOFR 3 Month + 4.75%), 05/06/2032⁽ⁿ⁾		U.S.$	768	$	776,590

					5,254,502

					8,691,092


Utility – 0.1%
Electric – 0.1%
Vistra Zero Operating Co. LLC 6.33% (CME Term SOFR 1 Month + 2.00%), 04/30/2031⁽ⁿ⁾			1,350		1,330,100


Total Bank Loans (cost $59,838,365)					56,910,632


EMERGING MARKETS - SOVEREIGNS – 2.7%
Angola – 0.5%
Angolan Government International Bond 8.00%, 11/26/2029^(b)			2,750		2,488,750
8.25%, 05/09/2028^(b)			200		188,850
9.50%, 11/12/2025^(b)			2,578		2,584,445

					5,262,045


Argentina – 0.0%
Argentine Republic Government International Bond 0.75%, 07/09/2030^(a)			175		139,059
4.125%, 07/09/2035^(a)			480		322,020

					461,079


Dominican Republic – 0.4%
Dominican Republic International Bond 8.625%, 04/20/2027^(b)			3,813		3,942,298


Ecuador – 0.2%
Ecuador Government International Bond 5.50%, 07/31/2035^(a)(b)			2,378		1,727,602
6.90%, 07/31/2030^(a)(b)			313		271,682

					1,999,284


Egypt – 0.3%
Egypt Government International Bond 7.625%, 05/29/2032^(b)			310		286,905
8.625%, 02/04/2030^(b)			2,140		2,162,470

					2,449,375


El Salvador – 0.1%
El Salvador Government International Bond 8.625%, 02/28/2029^(b)			1,181		1,231,635


Guatemala – 0.0%
Guatemala Government Bond 6.05%, 08/06/2031^(b)			420		426,720


Nigeria – 0.5%
Nigeria Government International Bond 6.125%, 09/28/2028^(b)			3,772		3,590,491
6.50%, 11/28/2027^(b)			822		813,780
7.14%, 02/23/2030^(b)			721		685,174

					5,089,445


Senegal – 0.3%
Senegal Government International Bond Series 7Y 7.75%, 06/10/2031^(b)			3,405		2,501,619


Turkey – 0.2%
Hazine Mustesarligi Varlik Kiralama AS 6.75%, 09/01/2030^(b)			289		288,907


	Principal Amount (000)			U.S. $ Value

Turkiye Government International Bond Series 10Y 5.25%, 03/13/2030		U.S.$	1,334	$	1,269,634

					1,558,541


Ukraine – 0.1%
Ukraine Government International Bond Zero Coupon, 02/01/2030^(a)(b)			109		52,350
Zero Coupon, 02/01/2035^(a)(b)			34		15,837
1.75%, 02/01/2029^(a)(b)			1,012		623,376
1.75%, 02/01/2035^(a)(b)			85		43,077
1.75%, 02/01/2036^(a)(b)			159		78,900

					813,540


Uzbekistan – 0.1%
Republic of Uzbekistan International Bond 6.95%, 05/25/2032^(b)			990		1,018,463


Total Emerging Markets - Sovereigns (cost $25,939,723)					26,754,044


COLLATERALIZED MORTGAGE OBLIGATIONS – 1.9%
Risk Share Floating Rate – 1.1%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2015-DNA3, Class B 13.77% (CME Term SOFR + 9.46%), 04/25/2028⁽ⁱ⁾			1,010		1,032,155
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C04, Class 1M2 10.12% (CME Term SOFR + 5.81%), 04/25/2028⁽ⁱ⁾			691		702,350
Series 2016-C01, Class 1B 16.17% (CME Term SOFR + 11.86%), 08/25/2028⁽ⁱ⁾			668		708,875
Series 2016-C01, Class 2M2 11.37% (CME Term SOFR + 7.06%), 08/25/2028⁽ⁱ⁾			54		55,470
Series 2016-C02, Class 1B 16.67% (CME Term SOFR + 12.36%), 09/25/2028⁽ⁱ⁾			444		476,155
Series 2016-C02, Class 1M2 10.42% (CME Term SOFR + 6.11%), 09/25/2028⁽ⁱ⁾			102		104,379
Series 2016-C03, Class 1B 16.17% (CME Term SOFR + 11.86%), 10/25/2028⁽ⁱ⁾			370		397,736
Series 2016-C03, Class 2B 17.17% (CME Term SOFR + 12.86%), 10/25/2028⁽ⁱ⁾			628		680,902
Series 2016-C04, Class 1B 14.67% (CME Term SOFR + 10.36%), 01/25/2029⁽ⁱ⁾			1,469		1,589,245
Series 2016-C05, Class 2B 15.17% (CME Term SOFR + 10.86%), 01/25/2029⁽ⁱ⁾			1,801		1,956,876
Series 2016-C06, Class 1B 13.67% (CME Term SOFR + 9.36%), 04/25/2029⁽ⁱ⁾			1,269		1,377,282
Series 2016-C07, Class 2B 13.92% (CME Term SOFR + 9.61%), 05/25/2029⁽ⁱ⁾			1,546		1,675,174
JP Morgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 9.92% (CME Term SOFR + 5.61%), 10/25/2025^(b)(i)			324		334,779


	Principal Amount (000)			U.S. $ Value

Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 9.92% (CME Term SOFR + 5.61%), 11/25/2025^(b)(i)		U.S.$	104	$	108,508

					11,199,886


Non-Agency Fixed Rate – 0.3%
Alternative Loan Trust Series 2006-HY12, Class A5 4.28%, 08/25/2036			374		350,426
Series 2006-42, Class 1A6 6.00%, 01/25/2047			429		218,143
Series 2006-24CB, Class A15 5.75%, 08/25/2036⁽ⁱ⁾			458		225,106
Series 2006-J1, Class 1A10 5.50%, 02/25/2036			477		322,738
Series 2006-J5, Class 1A1 6.50%, 09/25/2036			453		234,313
Bear Stearns ARM Trust Series 2007-3, Class 1A1 4.25%, 05/25/2047			62		55,530
Series 2007-4, Class 22A1 4.32%, 06/25/2047			268		235,285
ChaseFlex Trust Series 2007-1, Class 1A3 6.50%, 02/25/2037			392		131,499
CHL Mortgage Pass-Through Trust Series 2007-HY4, Class 1A1 4.86%, 09/25/2047			74		66,501
Citigroup Mortgage Loan Trust Series 2007-AR4, Class 1A1A 4.74%, 03/25/2037			41		34,330
CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A4 5.75%, 03/25/2037			346		301,455
Residential Accredit Loans, Inc. Trust Series 2005-QS14, Class 3A1 6.00%, 09/25/2035			144		126,265
Residential Asset Securitization Trust Series 2006-A8, Class 3A4 6.00%, 08/25/2036			126		54,971
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-9, Class A4 4.18%, 10/25/2036			1,185		319,158
Wells Fargo Mortgage Backed Securities Trust Series 2007-AR7, Class A1 6.68%, 12/28/2037			212		192,792

					2,868,512


Non-Agency Floating Rate – 0.3%
Alternative Loan Trust Series 2007-7T2, Class A3 5.03% (CME Term SOFR 1 Month + 0.71%), 04/25/2037⁽ⁱ⁾			1,932		660,633
CHL Mortgage Pass-Through Trust Series 2007-13, Class A7 5.03% (CME Term SOFR 1 Month + 0.71%), 08/25/2037⁽ⁱ⁾			280		98,303
First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A6 1.12% (5.44% - CME Term SOFR 1 Month), 04/25/2037^(i)(p)			70		5,713
Series 2007-FA2, Class 1A10 4.68% (CME Term SOFR 1 Month + 0.36%), 04/25/2037⁽ⁱ⁾			208		48,103
Lehman XS Trust Series 2007-10H, Class 2AIO 2.56% (6.89% - CME Term SOFR 1 Month), 07/25/2037^(i)(p)			89		11,342


	Principal Amount (000)			U.S. $ Value

Residential Accredit Loans, Inc. Trust Series 2006-QS18, Class 2A2 2.12% (6.44% - CME Term SOFR 1 Month), 12/25/2036^(i)(p)		U.S.$	1,427	$	173,776
Wachovia Mortgage Loan Trust Series 2006-ALT1, Class A2 4.88% (CME Term SOFR 1 Month + 0.47%), 01/25/2037⁽ⁱ⁾			4,678		1,657,188

					2,655,058


Agency Fixed Rate – 0.2%
Federal Home Loan Mortgage Corp. REMICS Series 4767, Class KI 6.00%, 03/15/2048^(q)			6,739		1,285,377
Federal Home Loan Mortgage Corp. Strips Series 247, Class 54 5.50%, 04/15/2036^(q)			3,046		543,327

					1,828,704


Total Collateralized Mortgage Obligations (cost $23,042,843)					18,552,160


QUASI-SOVEREIGNS – 1.7%
Quasi-Sovereign Bonds – 1.7%
Azerbaijan – 0.1%
Southern Gas Corridor CJSC 6.875%, 03/24/2026^(b)			1,045		1,055,523


Brazil – 0.1%
Caixa Economica Federal 5.625%, 05/13/2030^(b)			655		655,000


Chile – 0.2%
Corp. Nacional del Cobre de Chile 5.95%, 01/08/2034^(b)			979		997,356
6.44%, 01/26/2036^(b)			453		472,706

					1,470,062


Mexico – 0.9%
Comision Federal de Electricidad 4.69%, 05/15/2029^(b)			1,603		1,561,322
4.75%, 02/23/2027^(b)			258		258,103
Petroleos Mexicanos 5.50%, 06/27/2044			1,116		746,604
5.625%, 01/23/2046			930		613,800
6.35%, 02/12/2048			676		470,429
6.375%, 01/23/2045			1,292		907,475
6.49%, 01/23/2027			463		459,759
6.50%, 01/23/2029			355		347,506
8.75%, 06/02/2029			3,763		3,889,525

					9,254,523


South Africa – 0.2%
Transnet SOC Ltd. 8.25%, 02/06/2028^(b)			1,870		1,934,870


Trinidad and Tobago – 0.0%
Trinidad Generation UnLtd. 7.75%, 06/16/2033^(b)			373		385,029


Turkey – 0.2%
TC Ziraat Bankasi AS 7.25%, 02/04/2030^(b)			812		810,579
8.00%, 01/16/2029^(b)			354		364,488
Turkiye Ihracat Kredi Bankasi AS 6.875%, 07/03/2028^(b)			502		502,990
9.00%, 01/28/2027^(b)			208		217,231

					1,895,288


Total Quasi-Sovereigns (cost $16,171,483)					16,650,295


	Principal Amount (000)			U.S. $ Value

GOVERNMENTS - TREASURIES – 1.6%
United States – 1.6%
U.S. Treasury Bonds 2.75%, 11/15/2042^(r)		U.S.$	2,154	$	1,641,836
5.00%, 05/15/2037^(r)			1,824		1,938,499
5.25%, 02/15/2029^(s)			320		336,500
6.125%, 11/15/2027^(s)			1,000		1,052,305
U.S. Treasury Notes 2.25%, 02/15/2027^(s)			10,811		10,545,500
2.875%, 08/15/2028^(s)			606		591,234


Total Governments - Treasuries (cost $16,644,040)					16,105,874


COLLATERALIZED LOAN OBLIGATIONS – 1.6%
CLO - Floating Rate – 1.6%
AMMC CLO 25 Ltd. Series 2022-25A, Class ER 11.01% (CME Term SOFR 3 Month + 6.75%), 04/15/2035^(b)⁽ⁱ⁾			5,000		4,979,735
Ares XXXIV CLO Ltd. Series 2015-2A, Class CR 6.54% (CME Term SOFR 3 Month + 2.26%), 04/17/2033^(b)(i)			2,358		2,360,069
Balboa Bay Loan Funding Ltd. Series 2021-2A, Class E 11.13% (CME Term SOFR 3 Month + 6.86%), 01/20/2035^(b)⁽ⁱ⁾			1,000		981,199
Palmer Square CLO Ltd. Series 2021-3A, Class E 10.67% (CME Term SOFR 3 Month + 6.41%), 01/15/2035^(b)⁽ⁱ⁾			4,100		4,073,863
Rad CLO 10 Ltd. Series 2021-10A, Class E 10.39% (CME Term SOFR 3 Month + 6.11%), 04/23/2034^(b)⁽ⁱ⁾			750		748,946
Rad CLO 11 Ltd. Series 2021-11A, Class E 10.77% (CME Term SOFR 3 Month + 6.51%), 04/15/2034^(b)⁽ⁱ⁾			355		354,867
Regatta XIX Funding Ltd. Series 2022-1A, Class E 11.15% (CME Term SOFR 3 Month + 6.88%), 04/20/2035^(b)⁽ⁱ⁾			349		350,227
Sixth Street CLO XVIII Ltd. Series 2021-18A, Class E 11.03% (CME Term SOFR 3 Month + 6.76%), 04/20/2034^(b)⁽ⁱ⁾			1,238		1,242,021
Sixth Street CLO XX Ltd. Series 2021-20A, Class E 10.68% (CME Term SOFR 3 Month + 6.41%), 10/20/2034^(b)(i)			679		678,837


Total Collateralized Loan Obligations (cost $15,814,856)					15,769,764


GOVERNMENTS - SOVEREIGN BONDS – 0.5%
Colombia – 0.2%
Colombia Government International Bond 4.125%, 05/15/2051			1,058		603,811
7.375%, 04/25/2030			756		782,082
8.00%, 11/14/2035			464		466,900

					1,852,793


Hungary – 0.0%
Hungary Government International Bond 6.75%, 09/23/2055^(b)			500		504,000


Panama – 0.1%
Panama Government International Bond 7.50%, 03/01/2031			447		475,608


	Principal Amount (000)			U.S. $ Value

Panama Notas del Tesoro 3.75%, 04/17/2026		U.S.$	468	$	463,727

					939,335


Romania – 0.2%
Romanian Government International Bond 5.75%, 03/24/2035^(b)			1,630		1,508,370
6.375%, 01/30/2034^(b)			336		328,944

					1,837,314


Trinidad and Tobago – 0.0%
Trinidad & Tobago Government International Bond 4.50%, 08/04/2026^(b)			240		236,880


Total Governments - Sovereign Bonds (cost $5,837,024)					5,370,322


LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.4%
United States – 0.4%
State of California Series 2010 7.60%, 11/01/2040			750		904,370
State of Illinois Series 2010 7.35%, 07/01/2035			1,505		1,608,763
Wisconsin Public Finance Authority Series 2021 5.75%, 07/25/2041^(e)			1,435		1,291,667


Total Local Governments - US Municipal Bonds (cost $3,698,355)					3,804,800


EMERGING MARKETS - TREASURIES – 0.3%
Brazil – 0.3%
Brazil Notas do Tesouro Nacional Series F 10.00%, 01/01/2035 (cost $2,367,728)			17,785		2,699,085


INFLATION-LINKED SECURITIES – 0.3%
Colombia – 0.3%
Fideicomiso PA Pacifico Tres 7.00%, 01/15/2035^(e) (cost $3,179,902)			11,185,353		2,443,652


COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.2%
Non-Agency Fixed Rate CMBS – 0.2%
Commercial Mortgage Trust Series 2012-CR3, Class F 4.29%, 10/15/2045^(b)			41		2,382
Series 2013-LC6, Class D 3.86%, 01/10/2046^(b)			350		335,755
WFRBS Commercial Mortgage Trust Series 2011-C4, Class D 5.15%, 06/15/2044^(b)			722		696,855
Series 2014-C25, Class D 3.80%, 11/15/2047^(b)			1,465		1,393,795


Total Commercial Mortgage-Backed Securities (cost $2,406,959)					2,428,787


ASSET-BACKED SECURITIES – 0.2%
Other ABS - Floating Rate – 0.1%
Pagaya AI Debt Series 2024-S1, Class ABC 7.29%, 09/15/2031^(b)(d)			1,430		1,444,668


Autos - Fixed Rate – 0.1%
Flagship Credit Auto Trust Series 2019-4, Class E 4.11%, 03/15/2027^(b)			513		512,526


Total Asset-Backed Securities (cost $1,943,203)					1,957,194


Company	Shares			U.S. $ Value

COMMON STOCKS – 0.2%
Financial Institutions – 0.1%
Financial Services – 0.1%
Curo Group Holdings LLC^(h)			161,756	$	835,793


Industrials – 0.1%
Electrical Equipment – 0.1%
Exide Technologies^(d)^(g)(h)			643		281,634


Transportation Infrastructure – 0.0%
Spirit Aviation Holdings, Inc.^(h)			51,326		256,117

					537,751


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

					5


Oil, Gas & Consumable Fuels – 0.0%
New Fortress Energy, Inc.^(g)(h)			49,249		163,508

					163,513


Consumer Discretionary – 0.0%
Broadline Retail – 0.0%
ATD New Holdings, Inc.^(d)^(g)(h)			20,185		0
K201640219 South Africa Ltd. - Class A^(d)^(g)(h)			12,695,187		13
K201640219 South Africa Ltd. - Class B^(d)^(g)(h)			2,009,762		2

					15


Diversified Consumer Services – 0.0%
AG Tracker^(d)^(g)(h)			68,037		0
CWT Travel Holdings, Inc.^(d)^(h)			3,766		15,064
Paysafe Ltd.^(h)			10,709		135,147

					150,211


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

					150,226


Consumer Staples – 0.0%
Household Products – 0.0%
Southeastern Grocers, Inc.^(d)^(g)			105,865		19,056


Total Common Stocks (cost $14,516,756)					1,706,339

	Principal Amount (000)

GOVERNMENTS - SOVEREIGN AGENCIES – 0.1%
Kazakhstan – 0.1%
Baiterek National Managing Holding JSC 5.45%, 05/08/2028^(b) (cost $518,290)		U.S.$	521		526,596

	Shares

PREFERRED STOCKS – 0.0%
Industrials – 0.0%
Technology – 0.0%
Veritas US, Inc.^(d)^(e)(h) (cost $154,379)			7,516		169,110


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


Company	Shares				U.S. $ Value

SHORT-TERM INVESTMENTS – 2.9%
Investment Companies – 1.8%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.17%^(t)(u)(v) (cost $18,179,506)			18,179,506		$	18,179,506


	Principal Amount (000)

Time Deposits – 1.1%
BBH, New York 2.00%, 07/01/2025		NZD	2			1,002
Citibank, London 0.86%, 07/01/2025		EUR	939			1,106,574
3.17%, 07/01/2025		GBP	32			44,446
JPMorgan Chase, New York 3.68%, 07/01/2025		U.S.$	9,105			9,105,189
Nordea, Oslo 2.94%, 07/01/2025		NOK	1,738			172,440
Royal Bank of Canada, Toronto 1.55%, 07/02/2025		CAD	0	^**		2
SEB, Stockholm 0.80%, 07/01/2025		SEK	0	^**		10
Standard Chartered Bank, Johannesburg 5.16%, 07/01/2025		ZAR	1,880			106,200


Total Time Deposits (cost $10,535,863)						10,535,863


Total Short-Term Investments (cost $28,715,369)						28,715,369


Total Investments – 101.6% (cost $1,028,465,770)^(w)						998,910,756
Other assets less liabilities – (1.6)%						(15,647,511	)


Net Assets – 100.0%					$	983,263,245

FUTURES


Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures		82		September 2025		$	9,369,781		$	206,086
U.S. T-Note 5 Yr (CBT) Futures		450		September 2025			49,050,000			682,031
Sold Contracts
U.S. Long Bond (CBT) Futures		67		September 2025			7,736,406			(196,102	)
U.S. T-Note 2 Yr (CBT) Futures		7		September 2025			1,456,164			(5,797	)
U.S. T-Note 10 Yr (CBT) Futures		225		September 2025			25,228,125			(417,828	)
U.S. Ultra Bond (CBT) Futures		11		September 2025			1,310,375			(35,531	)

									$	232,859

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America NA		BRL	13,431		USD	2,460		07/02/2025		$	(12,129	)
Bank of America NA		USD	2,415		BRL	13,431		07/02/2025			57,335
Bank of America NA		COP	138,879		USD	33		07/15/2025			(523	)
Bank of America NA		USD	31		PEN	113		07/15/2025			1,234
Bank of America NA		KRW	49,492		USD	34		07/17/2025			(2,252	)
Bank of America NA		USD	33		KRW	45,256		07/17/2025			801
Bank of America NA		BRL	13,077		USD	2,332		08/04/2025			(54,435	)
Bank of America NA		USD	63		BRL	354		08/04/2025			1,473
Barclays Bank PLC		USD	33		INR	2,877		08/14/2025			62
BNP Paribas SA		PEN	131		USD	36		07/15/2025			(759	)
BNP Paribas SA		USD	32		COP	134,124		07/15/2025			811
BNP Paribas SA		USD	37		KRW	52,518		07/17/2025			2,246


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Brown Brothers Harriman & Co.		CHF	78		USD	96		07/09/2025		$	(3,129	)
Brown Brothers Harriman & Co.		EUR	3,706		USD	4,162		07/09/2025			(205,828	)
Brown Brothers Harriman & Co.		USD	30		CHF	25		07/09/2025			464
Brown Brothers Harriman & Co.		USD	877		EUR	766		07/09/2025			25,790
Brown Brothers Harriman & Co.		GBP	464		USD	628		07/16/2025			(8,898	)
Brown Brothers Harriman & Co.		USD	69		GBP	51		07/16/2025			1,418
Brown Brothers Harriman & Co.		SGD	101		USD	78		07/17/2025			(1,010	)
Brown Brothers Harriman & Co.		CZK	1,079		USD	49		07/18/2025			(2,158	)
Brown Brothers Harriman & Co.		HUF	18,106		USD	51		07/18/2025			(2,697	)
Brown Brothers Harriman & Co.		PLN	310		USD	83		07/18/2025			(2,849	)
Brown Brothers Harriman & Co.		USD	38		PLN	141		07/18/2025			1,287
Brown Brothers Harriman & Co.		USD	26		CNH	189		08/07/2025			108
Brown Brothers Harriman & Co.		USD	20		ZAR	361		08/07/2025			247
Brown Brothers Harriman & Co.		AUD	70		USD	46		08/21/2025			(398	)
Brown Brothers Harriman & Co.		NZD	63		USD	38		08/21/2025			(104	)
Brown Brothers Harriman & Co.		USD	61		NZD	100		08/21/2025			679
Brown Brothers Harriman & Co.		MXN	1,158		USD	61		08/22/2025			(835	)
Brown Brothers Harriman & Co.		USD	31		MXN	602		08/22/2025			717
Brown Brothers Harriman & Co.		CAD	91		USD	67		08/28/2025			306
Brown Brothers Harriman & Co.		USD	48		CAD	66		08/28/2025			424
Brown Brothers Harriman & Co.		NOK	294		USD	29		09/04/2025			(84	)
Brown Brothers Harriman & Co.		SEK	326		USD	34		09/04/2025			(173	)
Brown Brothers Harriman & Co.		USD	88		NOK	889		09/04/2025			263
Brown Brothers Harriman & Co.		USD	25		SEK	237		09/04/2025			150
Citibank NA		BRL	868		USD	159		07/02/2025			(703	)
Citibank NA		USD	157		BRL	868		07/02/2025			3,083
Citibank NA		GBP	3,143		USD	4,180		07/16/2025			(134,805	)
Citibank NA		USD	2,156		GBP	1,621		07/16/2025			69,526
Citibank NA		KRW	48,028		USD	33		07/17/2025			(2,336	)
Citibank NA		USD	36		IDR	614,473		07/24/2025			1,530
Citibank NA		BRL	868		USD	156		08/04/2025			(2,914	)
HSBC Bank USA		EUR	934		USD	1,097		07/09/2025			(2,989	)
HSBC Bank USA		PEN	63		USD	17		07/15/2025			(494	)
HSBC Bank USA		TWD	1,176		USD	40		08/22/2025			(1,198	)
JPMorgan Chase Bank NA		USD	34		IDR	572,875		07/24/2025			1,449
JPMorgan Chase Bank NA		USD	70		TWD	2,043		08/22/2025			1,551
Morgan Stanley Capital Services LLC		BRL	14,299		USD	2,514		07/02/2025			(117,895	)
Morgan Stanley Capital Services LLC		USD	2,618		BRL	14,299		07/02/2025			14,273
Morgan Stanley Capital Services LLC		EUR	51,609		USD	58,860		07/09/2025			(1,960,980	)
Morgan Stanley Capital Services LLC		COP	10,664,024		USD	2,489		07/15/2025			(116,303	)
Morgan Stanley Capital Services LLC		USD	48		CLP	45,305		07/15/2025			626
Morgan Stanley Capital Services LLC		USD	64		COP	275,547		07/15/2025			3,005
Morgan Stanley Capital Services LLC		USD	32		KRW	42,977		07/17/2025			(18	)
UBS AG		USD	1,818		CAD	2,454		08/28/2025			(10,485	)

										$	(2,458,523	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2025		Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
United Mexican States, 4.150%, 03/28/2027, 06/20/2030*		1.00	%		Quarterly		1.07%		USD	2,440	$	7,440		$	40,086		$	(32,646	)
Sale Contracts
CDX-NAHY Series 44, 5 Year Index, 6/20/2030*		5.00			Quarterly		3.18		USD	67,140		5,150,391			2,709,185			2,441,206
Hertz Corp. (The), 5.000%, 12/01/2029, 06/20/2029*		5.00			Quarterly		17.22		USD	140		(46,803	)		(17,162	)		(29,641	)
iTraxx-XOVER Series 43, 5 Year Index, 6/20/2030*		5.00			Quarterly		2.83		EUR	46,230		5,150,678			3,958,001			1,192,677

											$	10,261,706		$	6,690,110		$	3,571,596

*	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	10	12/30/2034		1 Day SOFR		4.141	%		Annual	$	363	$	—	$	363

REVERSE REPURCHASE AGREEMENTS


Broker	Currency		Principal Amount (000)		Interest Rate			Maturity		U.S. $ Value at June 30, 2025
Barclays Capital, Inc.†		USD		1,290		2.50	%		—	$	1,291,792
Barclays Capital, Inc.†		USD		977		2.75			—		978,367
Barclays Capital, Inc.†		USD		507		3.00			—		508,433
Barclays Capital, Inc.†		USD		1,096		4.00			—		1,103,143
Clear Street LLC†		USD		836		3.75			—		838,022
Jefferies LLC†		USD		586		2.50			—		587,206
Jefferies LLC		USD		1,413		4.00			7/09/2025		1,413,293
Nomura UK†		USD		502		0.50			—		502,558
Nomura UK†		USD		923		3.75			—		926,440
Standard Chartered Bank†		USD		1,412		3.25			—		1,415,561
Standard Chartered Bank		USD		275		4.00			7/03/2025		275,163

										$	9,839,978

†	The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on June 30, 2025.

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	$	3,373,302	$	-0-	$	-0-	$	-0-	$	3,373,302
Corporates - Investment Grade		3,682,581		1,413,293		-0-		-0-		5,095,874
Emerging Markets - Corporate Bonds		1,095,639		275,163		-0-		-0-		1,370,802

Total	$	8,151,522	$	1,688,456	$	-0-	$	-0-	$	9,839,978

**	Principal amount less than 500.

(a)

Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at June 30, 2025.

(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 June 30, 2025, the aggregate market value of these securities amounted to $728,129,272 or 74.05% 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 June 30, 2025.

(d)

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

(e)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 1.79% of net assets as of June 30, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities

Acquisition
Date

Cost

Market
Value

Percentage
of
Net Assets

Altice France Holding SA
10.50%, 05/15/2027

07/20/2023

1,646,459

941,241

0.10%

Altice France SA
3.375%, 01/15/2028

08/17/2022

819,219

864,703

0.09%

Altice France SA
5.125%, 01/15/2029

03/20/2024

305,217

328,812

0.03%

Altice France SA
5.125%, 07/15/2029

04/13/2021 -
12/02/2024

5,093,331

4,984,753

0.51%

Altice France SA
5.50%, 01/15/2028

09/25/2023 -
02/28/2025

1,376,598

1,393,994

0.14%

Altice France SA
5.50%, 10/15/2029

09/21/2023 -
12/02/2024

1,403,610

1,512,819

0.15%

Altice France SA
8.125%, 02/01/2027

08/29/2018 -
06/10/2024

1,245,284

1,253,805

0.13%

Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
6.00%, 06/15/2027

06/01/2022 -
04/02/2024

1,147,007

1,157,896

0.12%

BBFI Liquidating Trust
Zero Coupon, 12/30/2099

01/18/2013 -
06/17/2022

669,180

-0-

0.00%

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

11/14/2023

13,326

964

0.00%

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

10/29/2020

-0-

0.00%

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

10/29/2020

-0-

0.00%

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

03/04/2016

3,179,902

2,443,652

0.25%

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

01/31/2017 -
06/30/2022

1,100,178

-0-

0.00%

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

01/31/2017 -
06/30/2022

770,975

-0-

0.00%

Magnetation LLC/Mag Finance Corp.
11.00%, 05/15/2023

05/15/2013 -
02/19/2015

2,295,760

-0-

0.00%

Radiate Holdco LLC/Radiate Finance, Inc.
4.50%, 09/15/2026

07/21/2022 -
06/04/2024

1,241,240

1,140,519

0.12%

Veritas US, Inc.

12/09/2024

154,379

169,110

0.02%

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

08/03/2021

1,435,000

1,291,667

0.13%

(f)

Defaulted matured security.

(g)

Fair valued by the Adviser.

(h)

Non-income producing security.

(i)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at June 30, 2025.

(j)

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

(k)

Defaulted.

(l)

Escrow Shares.

(m)

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

(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 June 30, 2025.

(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. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(v)

Affiliated investments.

(w)

As of June 30, 2025, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $31,772,642 and gross unrealized depreciation of investments was $(59,981,361), resulting in net unrealized depreciation of $(28,208,719).

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CLP – Chilean Peso

CNH – Chinese Yuan Renminbi (Offshore)

COP – Colombian Peso

CZK – Czech Koruna

EUR – Euro

GBP – Great British Pound

HUF – Hungarian Forint

IDR – Indonesian Rupiah

INR – Indian Rupee

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

June 30, 2025 (unaudited)


65.3	%	United States
3.3	%	France
3.0	%	United Kingdom
2.9	%	Canada
1.9	%	Brazil
1.7	%	Mexico
1.3	%	Italy
1.3	%	Spain
1.1	%	Germany
1.1	%	Colombia
0.9	%	India
0.9	%	Luxembourg
0.9	%	Turkey
11.5	%	Other
2.9	%	Short-Term Investments

100.0	%	Total Investments

The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 0.8% or less in the following: Angola, Argentina, Australia, Austria, Azerbaijan, Cayman Islands, Chile, China, Czech Republic, Dominican Republic, Ecuador, Egypt, El Salvador, Finland, Guatemala, Hong Kong, Hungary, Indonesia, Ireland, Israel, Jamaica, Japan, Jersey (Channel Islands), Kazakhstan, Kuwait, Macau, Malaysia, Morocco, Netherlands, Nigeria, Norway, Panama, Peru, Puerto Rico, Romania, Senegal, Serbia, Slovenia, South Africa, Switzerland, Trinidad and Tobago, Ukraine, Uzbekistan and Zambia.

AB Global High Income Fund

June 30, 2025 (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.

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset-backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

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

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of June 30, 2025:


Investments in Securities	Level 1			Level 2			Level 3			Total
Assets:
Corporates - Non-Investment Grade	$	-0-		$	593,416,205		$	6,031,805	^#	$	599,448,010
Corporates - Investment Grade		-0-			139,995,122			-0-			139,995,122
Emerging Markets - Corporate Bonds		-0-			58,889,504			964	^#		58,890,468
Bank Loans		-0-			49,138,864			7,771,768			56,910,632
Emerging Markets - Sovereigns		-0-			26,754,044			-0-			26,754,044
Collateralized Mortgage Obligations		-0-			18,552,160			-0-			18,552,160
Quasi-Sovereigns		-0-			16,650,295			-0-			16,650,295
Governments - Treasuries		-0-			16,105,874			-0-			16,105,874
Collateralized Loan Obligations		-0-			15,769,764			-0-			15,769,764
Governments - Sovereign Bonds		-0-			5,370,322			-0-			5,370,322
Local Governments - US Municipal Bonds		-0-			3,804,800			-0-			3,804,800
Emerging Markets - Treasuries		-0-			2,699,085			-0-			2,699,085
Inflation-Linked Securities		-0-			2,443,652			-0-			2,443,652
Commercial Mortgage-Backed Securities		-0-			2,428,787			-0-			2,428,787
Asset-Backed Securities		-0-			512,526			1,444,668			1,957,194
Common Stocks		554,772			835,793			315,774	^#		1,706,339
Governments - Sovereign Agencies		-0-			526,596			-0-			526,596
Preferred Stocks		-0-			-0-			169,110			169,110
Rights		-0-			-0-			13,133			13,133
Short-Term Investments:
Investment Companies		18,179,506			-0-			-0-			18,179,506
Time Deposits		10,535,863			-0-			-0-			10,535,863

Total Investments in Securities		29,270,141			953,893,393			15,747,222			998,910,756
*Other Financial Instruments:**
Assets
Futures		888,117			-0-			-0-			888,117
Forward Currency Exchange Contracts		-0-			190,858			-0-			190,858
Centrally Cleared Credit Default Swaps		-0-			10,308,509			-0-			10,308,509
Centrally Cleared Interest Rate Swaps		-0-			363			-0-			363
Liabilities
Futures		(655,258	)		-0-			-0-			(655,258	)
Forward Currency Exchange Contracts		-0-			(2,649,381	)		-0-			(2,649,381	)
Centrally Cleared Credit Default Swaps		-0-			(46,803	)		-0-			(46,803	)

Total	$	29,503,000		$	961,696,939		$	15,747,222		$	1,006,947,161

#	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 03/31/25	$	5,422,586		$	225,084		$	9,862,336		$	1,714,655
Accrued discounts/(premiums)		20,571			1,448			-0-			-0-
Realized gain (loss)		(238,969	)		(3,639,414	)		(1,222,520	)		-0-
Change in unrealized appreciation (depreciation)		129,495			3,470,067			914,075			(15,187	)
Purchases		761,758			-0-			-0-			-0-
Sales/Paydowns		(63,636	)		(56,221	)		(298,403	)		(254,800	)
Transfers into Level 3*		-0-			-0-			3,070,136			-0-
Transfers out of Level 3^		-0-			-0-			(4,553,856	)		-0-

Balance as of 06/30/25	$	6,031,805		$	964		$	7,771,768		$	1,444,668

Net change in unrealized appreciation (depreciation) from investments held as of 06/30/25	$	(110,512	)	$	(224,953	)	$	912,377		$	(15,187	)

	Common Stocks#			Preferred Stocks			Rights			Total
Balance as of 03/31/25	$	1,705,166		$	172,868		$	13,133		$	19,115,828
Accrued discounts/(premiums)		-0-			-0-			-0-			22,019
Realized gain (loss)		-0-			-0-			-0-			(5,100,903	)
Change in unrealized appreciation (depreciation)		170,031			(3,758	)		-0-			4,664,723
Purchases		-0-			-0-			-0-			761,758
Sales/Paydowns		-0-			-0-			-0-			(673,060	)
Transfers into Level 3*		-0-			-0-			-0-			3,070,136
Transfers out of Level 3^		(1,559,423	)		-0-			-0-			(6,113,279	)

Balance as of 06/30/25	$	315,774		$	169,110		$	13,133		$	15,747,222

Net change in unrealized appreciation (depreciation) from investments held as of 06/30/25	$	170,031		$	(3,758	)	$	-0-		$	727,998

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

*	Amounts were transferred into Level 3 as the observability of price inputs has decreased during the reporting period.

^	Amounts were transferred out of Level 3 as the observability of price inputs has increased during the reporting period.

The following presents information about significant unobservable inputs related to the Fund’s Level 3 investments at June 30, 2025. 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 06/30/25		Valuation Technique	Unobservable Input	Input
Corporates - Non-Investment Grade	$	-0-	Qualitative Assessment		$	0.00
	$	2,053,317	Discounted Cash Flow	Discount Rate		13.48% to 14.48%

	$	2,053,317

Emerging Markets - Corporate Bonds.	$	-0-	Recovery	Expected Sale Price	$	0.00
	$	-0-	Qualitative Assessment		$	0.00
	$	-0-	Qualitative Assessment		$	0.00
	$	-0-	Qualitative Assessment		$	0.00

	$	-0-

Common Stocks	$	281,634	Guideline Public Company, Discounted Cash Flow, and Optional Value	Asset Value	$	438.00
	$	1	Qualitative Assessment		$	0.00
	$	-0-	Qualitative Assessment		$	0.00

	$	281,635

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 Asset Value 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 three months ended June 30, 2025 is as follows:

Fund

Market Value
3/31/25

(000)

Purchases
at Cost
(000)

Sales
Proceeds
(000)

Market Value
6/30/25

(000)

Dividend
Income
(000)

AB Government Money Market Portfolio

3,946

77,196

62,962

18,180

149