AB Bond Fund, Inc.

AB FlexFee High Yield Portfolio

Portfolio of Investments

September 30, 2020 (unaudited)

	Principal Amount (000)			U.S. $ Value
CORPORATES - NON-INVESTMENT GRADE – 77.3%
Industrial – 69.9%
Basic – 7.0%
Advanced Drainage Systems, Inc. 5.00%, 09/30/2027 (a)		U.S.$	28	$	29,257
Arconic Corp. 6.125%, 02/15/2028 (a)			34		34,989
Berry Global, Inc. 5.125%, 07/15/2023			3		3,045
Big River Steel LLC/BRS Finance Corp. 6.625%, 01/31/2029 (a)			48		48,555
CF Industries, Inc. 3.45%, 06/01/2023			64		65,943
4.95%, 06/01/2043			27		31,419
5.15%, 03/15/2034			23		27,136
5.375%, 03/15/2044			73		87,711
Cleveland-Cliffs, Inc. 6.75%, 03/15/2026(a)			7		7,124
9.875%, 10/17/2025(a)			180		200,892
Commercial Metals Co. 4.875%, 05/15/2023			50		52,189
5.375%, 07/15/2027			45		47,433
Element Solutions, Inc. 3.875%, 09/01/2028 (a)			64		62,851
ERP Iron Ore, LLC 9.039%, 12/31/2019 (b) (c) (d) (e) (f) (g)			5		4,250
Flex Acquisition Co., Inc. 6.875%, 01/15/2025 (a)			31		31,021
FMG Resources (August 2006) Pty Ltd. 4.75%, 05/15/2022(a)			121		123,448
5.125%, 03/15/2023-05/15/2024(a)			100		105,843
Freeport-McMoRan, Inc. 5.00%, 09/01/2027			128		133,697
5.25%, 09/01/2029			128		137,160
Graham Packaging Co., Inc. 7.125%, 08/15/2028 (a)			10		10,406
Graphic Packaging International LLC 4.75%, 04/15/2021			26		26,210
4.75%, 07/15/2027(a)			28		30,576
Grinding Media, Inc./Moly-Cop AltaSteel Ltd. 7.375%, 12/15/2023 (a)			106		107,668
Illuminate Buyer LLC/Illuminate Holdings IV, Inc. 9.00%, 07/01/2028 (a)			37		39,752
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC 6.00%, 09/15/2028 (a)			112		113,690
Joseph T Ryerson & Son, Inc. 8.50%, 08/01/2028 (a)			80		84,192
Kaiser Aluminum Corp. 6.50%, 05/01/2025 (a)			21		21,638

1

	Principal Amount (000)			U.S. $ Value
Kraton Polymers LLC/Kraton Polymers Capital Corp. 7.00%, 04/15/2025 (a)		U.S.$	65	$	66,337
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018 (b) (c) (d) (f) (h)			60		0
NOVA Chemicals Corp. 5.25%, 06/01/2027 (a)			54		50,734
Novelis Corp. 5.875%, 09/30/2026 (a)			130		133,392
OCI NV 6.625%, 04/15/2023 (a)			210		216,987
Olin Corp. 5.00%, 02/01/2030			41		38,720
5.625%, 08/01/2029			57		55,996
Peabody Energy Corp. 6.00%, 03/31/2022(a)			96		62,605
6.375%, 03/31/2025(a)			30		13,612
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer 5.125%, 07/15/2023(a)			108		109,348
7.00%, 07/15/2024(a)			119		121,143
Sealed Air Corp. 5.25%, 04/01/2023(a)			35		36,926
5.50%, 09/15/2025(a)			33		36,721
SPCM SA 4.875%, 09/15/2025 (a)			58		60,129
United States Steel Corp. 12.00%, 06/01/2025 (a)			122		129,903
Valvoline, Inc. 4.25%, 02/15/2030 (a)			87		88,711
WR Grace & Co.-Conn 4.875%, 06/15/2027(a)			14		14,441
5.625%, 10/01/2024(a)			24		25,847
					2,929,647
Capital Goods – 7.0%
ARD Finance SA 5.00% (5.00% Cash or 5.75% PIK), 06/30/2027 (a) (g)		EUR	120		137,045
Ball Corp. 5.00%, 03/15/2022		U.S.$	50		52,016
Bombardier, Inc. 5.75%, 03/15/2022(a)			183		177,231
6.00%, 10/15/2022(a)			98		91,080
6.125%, 01/15/2023(a)			5		4,271
7.50%, 12/01/2024-03/15/2025(a)			111		84,570
7.875%, 04/15/2027(a)			10		7,408
Clean Harbors, Inc. 5.125%, 07/15/2029 (a)			11		11,931
Colfax Corp. 6.00%, 02/15/2024(a)			69		71,699
6.375%, 02/15/2026(a)			11		11,679

2

	Principal Amount (000)			U.S. $ Value
Cornerstone Building Brands, Inc. 8.00%, 04/15/2026 (a)		U.S.$	53	$	55,654
Crown Cork & Seal Co., Inc. 7.375%, 12/15/2026			20		23,758
Energizer Holdings, Inc. 4.75%, 06/15/2028(a)			40		41,374
7.75%, 01/15/2027(a)			28		30,588
EnerSys 4.375%, 12/15/2027 (a)			80		82,231
Gates Global LLC/Gates Corp. 6.25%, 01/15/2026 (a)			162		166,988
GFL Environmental, Inc. 3.75%, 08/01/2025(a)			70		70,375
7.00%, 06/01/2026(a)			20		21,077
8.50%, 05/01/2027(a)			23		25,035
Granite US Holdings Corp. 11.00%, 10/01/2027 (a)			18		18,540
Griffon Corp. 5.75%, 03/01/2028			101		105,573
JELD-WEN, Inc. 4.625%, 12/15/2025 (a)			6		6,037
Mauser Packaging Solutions Holding Co. 5.50%, 04/15/2024(a)			24		24,084
7.25%, 04/15/2025(a)			34		32,033
Moog, Inc. 4.25%, 12/15/2027 (a)			55		56,239
Mueller Water Products, Inc. 5.50%, 06/15/2026 (a)			44		45,612
RBS Global, Inc./Rexnord LLC 4.875%, 12/15/2025 (a)			97		98,347
Signature Aviation US Holdings, Inc. 4.00%, 03/01/2028(a)			65		60,340
5.375%, 05/01/2026(a)			50		50,458
SPX FLOW, Inc. 5.875%, 08/15/2026 (a)			68		70,846
Stevens Holding Co., Inc. 6.125%, 10/01/2026 (a)			20		21,397
Summit Materials LLC/Summit Materials Finance Corp. 5.25%, 01/15/2029 (a)			13		13,530
Terex Corp. 5.625%, 02/01/2025 (a)			92		92,058
Tervita Corp. 7.625%, 12/01/2021 (a)			35		32,102
TransDigm, Inc. 5.50%, 11/15/2027			214		205,595
6.25%, 03/15/2026(a)			110		114,864
6.375%, 06/15/2026			27		27,121
6.50%, 07/15/2024-05/15/2025			96		95,739
8.00%, 12/15/2025(a)			35		38,055
Triumph Group, Inc. 6.25%, 09/15/2024(a)			23		19,614

3

	Principal Amount (000)			U.S. $ Value
7.75%, 08/15/2025		U.S.$	46	$	29,457
8.875%, 06/01/2024(a)			59		62,825
Trivium Packaging Finance BV 3.75%, 08/15/2026 (a)		EUR	100		116,073
Vertical US Newco, Inc. 5.25%, 07/15/2027 (a)		U.S.$	200		207,857
Waste Pro USA, Inc. 5.50%, 02/15/2026 (a)			31		31,344
Wesco Distribution, Inc. 7.125%, 06/15/2025(a)			48		52,254
7.25%, 06/15/2028(a)			33		36,146
					2,930,150
Communications - Media – 7.8%
CCO Holdings LLC/CCO Holdings Capital Corp. 4.75%, 03/01/2030(a)			40		42,345
5.375%, 05/01/2025(a)			12		12,609
5.75%, 02/15/2026(a)			596		619,649
Clear Channel Worldwide Holdings, Inc. 5.125%, 08/15/2027 (a)			32		30,687
CSC Holdings LLC 3.375%, 02/15/2031(a)			208		201,582
5.50%, 05/15/2026(a)			253		263,146
5.875%, 09/15/2022			85		89,887
DISH DBS Corp. 5.875%, 07/15/2022			115		119,322
6.75%, 06/01/2021			242		248,148
7.75%, 07/01/2026			32		35,194
DISH Network Corp. 3.375%, 08/15/2026 (i)			27		24,806
iHeartCommunications, Inc. 4.75%, 01/15/2028(a)			35		33,048
6.375%, 05/01/2026			5		5,321
8.375%, 05/01/2027			65		64,423
Lamar Media Corp. 3.75%, 02/15/2028(a)			80		79,831
4.875%, 01/15/2029(a)			8		8,336
5.75%, 02/01/2026			20		20,715
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027 (a)			200		207,798
Meredith Corp. 6.875%, 02/01/2026			187		155,948
National CineMedia LLC 5.75%, 08/15/2026			21		14,176
5.875%, 04/15/2028(a)			80		66,969
Scripps Escrow, Inc. 5.875%, 07/15/2027 (a)			46		44,622
Sinclair Television Group, Inc. 5.125%, 02/15/2027(a)			9		8,394
5.50%, 03/01/2030(a)			20		18,601
5.625%, 08/01/2024(a)			59		58,693

4

	Principal Amount (000)			U.S. $ Value
Sirius XM Radio, Inc. 3.875%, 08/01/2022(a)		U.S.$	33	$	33,339
4.625%, 07/15/2024(a)			116		120,057
5.00%, 08/01/2027(a)			94		98,075
5.375%, 07/15/2026(a)			35		36,460
5.50%, 07/01/2029(a)			82		87,974
Summer BC Holdco B SARL 5.75%, 10/31/2026 (a)		EUR	100		115,444
TEGNA, Inc. 5.00%, 09/15/2029 (a)		U.S.$	177		174,600
Univision Communications, Inc. 5.125%, 02/15/2025(a)			58		54,722
6.625%, 06/01/2027(a)			50		49,048
9.50%, 05/01/2025(a)			25		26,860
					3,270,829
Communications - Telecommunications – 3.0%
CenturyLink, Inc. 5.125%, 12/15/2026(a)			120		122,915
Series G 6.875%, 01/15/2028			65		72,973
Series S 6.45%, 06/15/2021			34		34,910
Consolidated Communications, Inc. 6.50%, 10/01/2028 (a)			59		60,242
Embarq Corp. 7.995%, 06/01/2036			27		31,944
GTT Communications, Inc. 7.875%, 12/31/2024 (a)			6		3,119
Hughes Satellite Systems Corp. 6.625%, 08/01/2026			30		32,454
7.625%, 06/15/2021			19		19,967
Intelsat Jackson Holdings SA 5.50%, 08/01/2023(c) (j)			158		99,153
8.50%, 10/15/2024(a) (c) (j)			47		30,285
Intrado Corp. 8.50%, 10/15/2025 (a)			19		16,537
Level 3 Financing, Inc. 5.375%, 01/15/2024			53		53,406
Nexstar Broadcasting, Inc. 5.625%, 07/15/2027 (a)			21		22,037
Sprint Capital Corp. 8.75%, 03/15/2032			91		133,257
Sprint Communications, Inc. 6.00%, 11/15/2022			38		40,941
Sprint Corp. 7.875%, 09/15/2023			73		83,855
Switch Ltd. 3.75%, 09/15/2028 (a)			85		85,845
T-Mobile USA, Inc. 4.50%, 02/01/2026			207		213,240
4.75%, 02/01/2028			4		4,278
Telesat Canada/Telesat LLC 6.50%, 10/15/2027 (a)			30		30,217

5

	Principal Amount (000)			U.S. $ Value
Zayo Group Holdings, Inc. 4.00%, 03/01/2027(a)		U.S.$	36	$	35,435
6.125%, 03/01/2028(a)			39		40,247
Zayo Group LLC/Zayo Capital, Inc. 5.75%, 01/15/2027 (a)			1		817
					1,268,074
Consumer Cyclical - Automotive – 4.9%
Adient US LLC 9.00%, 04/15/2025 (a)			69		76,416
Allison Transmission, Inc. 5.00%, 10/01/2024(a)			35		35,333
5.875%, 06/01/2029(a)			30		32,440
American Axle & Manufacturing, Inc. 6.25%, 04/01/2025-03/15/2026			68		67,074
6.875%, 07/01/2028			75		72,761
Clarios Global LP/Clarios US Finance Co. 6.25%, 05/15/2026(a)			70		73,406
8.50%, 05/15/2027(a)			120		124,161
Dana Financing Luxembourg SARL 6.50%, 06/01/2026 (a)			87		90,655
Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028 (a)			20		20,476
Exide International Holdings LP (Superpriority Lien) 10.75%, 10/31/2021 (b) (c) (f) (h) (j)			39		34,408
Exide Technologies (Exchange Priority) 11.00%, 10/31/2024(b) (c) (f) (h) (j)			39		1,926
(First Lien) 11.00%, 10/31/2024(b) (c) (f) (h) (j)			13		0
Ford Motor Co. 8.50%, 04/21/2023			128		139,537
9.00%, 04/22/2025			36		41,255
Ford Motor Credit Co. LLC 3.096%, 05/04/2023			221		216,001
3.219%, 01/09/2022			221		221,293
Garrett LX I SARL/Garrett Borrowing LLC 5.125%, 10/15/2026(a) (c) (j)		EUR	200		221,542
IHO Verwaltungs GmbH 3.625% (3.625% Cash or 4.375% PIK), 05/15/2025 (a) (g)			100		117,594
Jaguar Land Rover Automotive PLC 6.875%, 11/15/2026 (a)			100		106,810
Meritor, Inc. 6.25%, 02/15/2024		U.S.$	30		30,508
6.25%, 06/01/2025(a)			8		8,363
Navistar International Corp. 6.625%, 11/01/2025(a)			107		109,210
9.50%, 05/01/2025(a)			4		4,501
PM General Purchaser LLC 9.50%, 10/01/2028 (a)			37		38,373

6

	Principal Amount (000)			U.S. $ Value
Tenneco, Inc. 5.00%, 07/15/2026		U.S.$	122	$	86,898
Titan International, Inc. 6.50%, 11/30/2023			38		28,531
Truck Hero, Inc. 8.50%, 04/21/2024 (a)			47		49,819
					2,049,291
Consumer Cyclical - Entertainment – 2.5%
AMC Entertainment Holdings, Inc. 5.75%, 06/15/2025			7		1,474
5.875%, 11/15/2026			31		6,682
Carnival Corp. 9.875%, 08/01/2027(a)			28		29,668
11.50%, 04/01/2023(a)			147		164,651
Cedar Fair LP 5.25%, 07/15/2029			15		14,421
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp. 5.375%, 06/01/2024			70		67,063
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.375%, 04/15/2027			39		38,805
5.50%, 05/01/2025(a)			92		94,329
Mattel, Inc. 6.75%, 12/31/2025 (a)			59		62,235
NCL Corp., Ltd. 3.625%, 12/15/2024 (a)			98		68,663
Royal Caribbean Cruises Ltd. 10.875%, 06/01/2023(a)			53		59,029
11.50%, 06/01/2025(a)			122		141,520
SeaWorld Parks & Entertainment, Inc. 8.75%, 05/01/2025(a)			33		34,847
9.50%, 08/01/2025(a)			42		43,636
Silversea Cruise Finance Ltd. 7.25%, 02/01/2025 (a)			34		34,544
Six Flags Entertainment Corp. 4.875%, 07/31/2024 (a)			61		57,376
Six Flags Theme Parks, Inc. 7.00%, 07/01/2025 (a)			23		24,488
Vail Resorts, Inc. 6.25%, 05/15/2025 (a)			17		18,038
Viking Cruises Ltd. 5.875%, 09/15/2027 (a)			43		33,430
VOC Escrow Ltd. 5.00%, 02/15/2028 (a)			69		61,187
					1,056,086
Consumer Cyclical - Other – 6.3%
Adams Homes, Inc. 7.50%, 02/15/2025 (a)			58		58,452

7

	Principal Amount (000)			U.S. $ Value
Ashton Woods USA LLC/Ashton Woods Finance Co. 6.75%, 08/01/2025 (a)		U.S.$	20	$	20,464
Beazer Homes USA, Inc. 5.875%, 10/15/2027			19		19,252
6.75%, 03/15/2025			28		29,139
7.25%, 10/15/2029			22		23,656
Boyd Gaming Corp. 4.75%, 12/01/2027			29		28,425
8.625%, 06/01/2025(a)			34		37,272
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. 4.875%, 02/15/2030(a)			16		14,970
6.25%, 09/15/2027(a)			151		152,398
Caesars Entertainment, Inc. 6.25%, 07/01/2025 (a)			78		81,505
Caesars Holdings, Inc. 5.00%, 10/01/2024 (i)			11		21,371
Churchill Downs, Inc. 5.50%, 04/01/2027 (a)			61		63,457
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, 11/15/2025 (a)			146		145,793
Forestar Group, Inc. 5.00%, 03/01/2028(a)			58		58,451
8.00%, 04/15/2024(a)			37		39,207
Forterra Finance LLC/FRTA Finance Corp. 6.50%, 07/15/2025 (a)			58		61,280
Hilton Domestic Operating Co., Inc. 4.25%, 09/01/2024			95		95,110
4.875%, 01/15/2030			17		17,521
5.125%, 05/01/2026			30		30,867
5.375%, 05/01/2025(a)			40		41,727
5.75%, 05/01/2028(a)			11		11,593
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. 6.125%, 12/01/2024			28		28,994
Installed Building Products, Inc. 5.75%, 02/01/2028 (a)			40		42,249
K. Hovnanian Enterprises, Inc. 10.00%, 07/15/2022 (a)			61		56,795
KB Home 4.80%, 11/15/2029			16		17,629
7.00%, 12/15/2021			22		23,229
7.50%, 09/15/2022			10		11,195
Marriott Ownership Resorts, Inc. 6.125%, 09/15/2025 (a)			20		20,620
Marriott Ownership Resorts, Inc./ILG LLC 6.50%, 09/15/2026			119		121,533
Mattamy Group Corp. 4.625%, 03/01/2030(a)			80		80,846
5.25%, 12/15/2027(a)			19		19,568

8

	Principal Amount (000)			U.S. $ Value
Meritage Homes Corp. 7.00%, 04/01/2022		U.S.$	29	$	31,317
MGM Resorts International 4.625%, 09/01/2026			27		26,999
5.75%, 06/15/2025			3		3,144
6.00%, 03/15/2023			70		72,681
7.75%, 03/15/2022			16		16,873
Scientific Games International, Inc. 7.00%, 05/15/2028 (a)			30		30,092
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 02/15/2028-04/01/2029(a)			120		120,087
6.125%, 04/01/2025(a)			58		59,856
Stars Group Holdings BV/Stars Group US Co-Borrower LLC 7.00%, 07/15/2026 (a)			57		60,347
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875%, 05/15/2025 (a)			16		15,594
Taylor Morrison Communities, Inc. 5.75%, 01/15/2028(a)			31		33,753
5.875%, 06/15/2027(a)			86		95,050
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc. 5.625%, 03/01/2024(a)			17		18,647
5.875%, 04/15/2023(a)			8		8,400
Twin River Worldwide Holdings, Inc. 6.75%, 06/01/2027 (a)			22		21,936
Wyndham Destinations, Inc. 4.625%, 03/01/2030(a)			67		63,915
6.625%, 07/31/2026(a)			54		56,963
Wyndham Hotels & Resorts, Inc. 5.375%, 04/15/2026 (a)			81		82,344
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25%, 05/15/2027(a)			4		3,719
5.50%, 03/01/2025(a)			236		223,029
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, 10/01/2029(a)			86		82,094
7.75%, 04/15/2025(a)			48		50,813
					2,652,221
Consumer Cyclical - Restaurants – 1.0%
1011778 BC ULC/New Red Finance, Inc. 4.25%, 05/15/2024(a)			45		45,827
4.375%, 01/15/2028(a)			70		71,661
5.75%, 04/15/2025(a)			66		70,411
Golden Nugget, Inc. 6.75%, 10/15/2024 (a)			58		48,376
IRB Holding Corp. 6.75%, 02/15/2026(a)			85		85,061

9

	Principal Amount (000)			U.S. $ Value
7.00%, 06/15/2025(a)		U.S.$	26	$	27,749
Yum! Brands, Inc. 7.75%, 04/01/2025 (a)			57		63,198
					412,283
Consumer Cyclical - Retailers – 3.2%
Burlington Coat Factory Warehouse Corp. 6.25%, 04/15/2025 (a)			20		21,057
Dufry One BV 2.50%, 10/15/2024 (a)		EUR	103		104,596
FirstCash, Inc. 4.625%, 09/01/2028 (a)		U.S.$	62		63,114
Group 1 Automotive, Inc. 4.00%, 08/15/2028 (a)			40		39,240
L Brands, Inc. 5.25%, 02/01/2028			20		19,350
5.625%, 02/15/2022-10/15/2023			139		145,172
6.625%, 10/01/2030(a)			51		52,047
6.75%, 07/01/2036			48		47,111
6.875%, 07/01/2025(a)			4		4,315
6.875%, 11/01/2035			88		86,744
7.50%, 06/15/2029			17		17,841
Murphy Oil USA, Inc. 5.625%, 05/01/2027			2		2,476
Penske Automotive Group, Inc. 3.50%, 09/01/2025			35		34,882
5.50%, 05/15/2026			52		53,617
5.75%, 10/01/2022			19		19,000
PetSmart, Inc. 7.125%, 03/15/2023 (a)			142		143,163
Rite Aid Corp. 7.50%, 07/01/2025(a)			25		24,692
8.00%, 11/15/2026(a)			11		10,985
Sonic Automotive, Inc. 6.125%, 03/15/2027			20		20,259
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.375%, 09/30/2026 (a)			130		132,354
Staples, Inc. 7.50%, 04/15/2026(a)			159		146,899
10.75%, 04/15/2027(a)			61		48,721
TPro Acquisition Corp. 11.00%, 10/15/2024 (a)			16		16,095
William Carter Co. (The) 5.50%, 05/15/2025(a)			25		26,310
5.625%, 03/15/2027(a)			44		46,393
					1,326,433
Consumer Non-Cyclical – 7.3%
Acadia Healthcare Co., Inc. 5.50%, 07/01/2028 (a)			43		44,257
AdaptHealth LLC 6.125%, 08/01/2028 (a)			45		46,599

10

	Principal Amount (000)			U.S. $ Value
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.25%, 03/15/2026(a)		U.S.$	147	$	145,952
4.625%, 01/15/2027(a)			84		85,922
5.75%, 03/15/2025			47		48,574
Bausch Health Americas, Inc. 8.50%, 01/31/2027 (a)			189		207,669
Bausch Health Cos., Inc. 6.125%, 04/15/2025(a)			46		47,085
6.25%, 02/15/2029(a)			77		79,253
7.25%, 05/30/2029(a)			30		32,324
9.00%, 12/15/2025(a)			103		112,243
CD&R Smokey Buyer, Inc. 6.75%, 07/15/2025 (a)			14		14,786
Chobani LLC/Chobani Finance Corp., Inc. 7.50%, 04/15/2025 (a)			25		25,916
CHS/Community Health Systems, Inc. 6.25%, 03/31/2023			134		130,954
6.625%, 02/15/2025(a)			99		95,765
8.625%, 01/15/2024(a)			25		24,861
Coty, Inc. 6.50%, 04/15/2026 (a)			52		40,831
DaVita, Inc. 3.75%, 02/15/2031 (a)			85		81,892
Emergent BioSolutions, Inc. 3.875%, 08/15/2028 (a)			27		27,004
Encompass Health Corp. 5.75%, 09/15/2025			30		30,934
Endo Dac/Endo Finance LLC/Endo Finco, Inc. 9.50%, 07/31/2027 (a)			17		17,680
Envision Healthcare Corp. 8.75%, 10/15/2026 (a)			41		19,652
Hadrian Merger Sub, Inc. 8.50%, 05/01/2026 (a)			65		64,730
HCA, Inc. 5.375%, 09/01/2026			33		36,451
5.625%, 09/01/2028			35		40,062
5.875%, 02/15/2026			54		60,473
Hill-Rom Holdings, Inc. 4.375%, 09/15/2027 (a)			18		18,666
Kronos Acquisition Holdings, Inc. 9.00%, 08/15/2023 (a)			119		120,678
LifePoint Health, Inc. 4.375%, 02/15/2027(a)			18		18,011
6.75%, 04/15/2025(a)			20		21,066
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 5.50%, 04/15/2025 (a)			10		2,225
MEDNAX, Inc. 5.25%, 12/01/2023(a)			44		44,424
6.25%, 01/15/2027(a)			92		95,481

11

	Principal Amount (000)			U.S. $ Value
MPH Acquisition Holdings LLC 7.125%, 06/01/2024 (a)		U.S.$	32	$	32,843
Newell Brands, Inc. 4.70%, 04/01/2026			45		47,921
Par Pharmaceutical, Inc. 7.50%, 04/01/2027 (a)			26		27,215
Post Holdings, Inc. 4.625%, 04/15/2030(a)			58		59,658
5.625%, 01/15/2028(a)			54		57,027
Radiology Partners, Inc. 9.25%, 02/01/2028 (a)			37		38,481
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. 9.75%, 12/01/2026 (a)			156		166,044
Spectrum Brands, Inc. 5.75%, 07/15/2025			36		37,180
Tenet Healthcare Corp. 5.125%, 05/01/2025			115		116,040
5.125%, 11/01/2027(a)			104		106,844
6.25%, 02/01/2027(a)			33		34,030
6.75%, 06/15/2023			98		103,113
7.00%, 08/01/2025			4		4,116
7.50%, 04/01/2025(a)			58		62,641
8.125%, 04/01/2022			146		162,316
TreeHouse Foods, Inc. 4.00%, 09/01/2028			23		23,254
US Renal Care, Inc. 10.625%, 07/15/2027 (a)			86		91,542
Vizient, Inc. 6.25%, 05/15/2027 (a)			10		10,500
					3,063,185
Energy – 9.7%
Antero Resources Corp. 5.00%, 03/01/2025			30		18,685
5.625%, 06/01/2023			50		36,747
Apache Corp. 4.25%, 01/15/2030			98		88,329
4.375%, 10/15/2028			93		84,918
4.625%, 11/15/2025			8		7,624
4.875%, 11/15/2027			14		13,239
Berry Petroleum Co. LLC 7.00%, 02/15/2026 (a)			127		98,706
Blue Racer Midstream LLC/Blue Racer Finance Corp. 6.625%, 07/15/2026 (a)			14		12,397
Callon Petroleum, Co. 6.25%, 04/15/2023			52		16,850
8.25%, 07/15/2025			8		2,180
CHC Group LLC/CHC Finance Ltd. Series AI Zero Coupon, 10/01/2021 (i) (k)			65		9,775
Cheniere Energy Partners LP 4.50%, 10/01/2029			16		16,401
5.625%, 10/01/2026			68		70,730

12

	Principal Amount (000)			U.S. $ Value
Citgo Holding, Inc. 9.25%, 08/01/2024 (a)		U.S.$	18	$	17,145
CITGO Petroleum Corp. 6.25%, 08/15/2022(a)			16		15,895
7.00%, 06/15/2025(a)			50		48,811
Comstock Resources, Inc. 7.50%, 05/15/2025 (a)			105		99,297
DCP Midstream Operating LP 4.95%, 04/01/2022			35		35,378
Diamond Offshore Drilling, Inc. 4.875%, 11/01/2043(c) (j)			68		6,481
7.875%, 08/15/2025(c) (j)			62		5,203
EnLink Midstream Partners LP 4.15%, 06/01/2025			119		102,388
4.40%, 04/01/2024			11		9,900
4.85%, 07/15/2026			107		92,493
EP Energy LLC/Everest Acquisition Finance, Inc. 7.75%, 09/01/2022(c) (j)			73		4
8.00%, 11/29/2024(a) (c) (j)			16		13
9.388%, 05/01/2024(a) (c) (j)			101		1,298
EQM Midstream Partners LP 5.50%, 07/15/2028			53		53,336
EQT Corp. 7.875%, 02/01/2025			82		90,884
Genesis Energy LP/Genesis Energy Finance Corp. 5.625%, 06/15/2024			45		38,345
6.25%, 05/15/2026			21		17,501
6.50%, 10/01/2025			35		30,022
7.75%, 02/01/2028			12		10,420
Global Partners LP/GLP Finance Corp. 6.875%, 01/15/2029(a)			96		96,973
7.00%, 06/15/2023-08/01/2027			66		67,028
Gulfport Energy Corp. 6.00%, 10/15/2024			125		77,446
6.375%, 05/15/2025-01/15/2026			52		31,585
Hess Midstream Operations LP 5.625%, 02/15/2026 (a)			95		96,653
HighPoint Operating Corp. 7.00%, 10/15/2022			35		8,529
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 10/01/2025 (a)			107		97,811
Indigo Natural Resources LLC 6.875%, 02/15/2026 (a)			62		60,304
Moss Creek Resources Holdings, Inc. 10.50%, 05/15/2027 (a)			48		30,785
Murphy Oil Corp. 6.375%, 12/01/2042			21		17,464
Nabors Industries Ltd. 7.25%, 01/15/2026(a)			36		17,979
7.50%, 01/15/2028(a)			37		17,896
Nabors Industries, Inc. 5.75%, 02/01/2025			30		10,178

13

	Principal Amount (000)				U.S. $ Value
New Fortress Energy, Inc. 6.75%, 09/15/2025 (a)		U.S.$	102		$	106,614
NGL Energy Partners LP/NGL Energy Finance Corp. 7.50%, 11/01/2023			147			98,014
Occidental Petroleum Corp. 2.70%, 08/15/2022-02/15/2023			214			198,882
2.90%, 08/15/2024			182			154,453
3.40%, 04/15/2026			8			6,398
3.50%, 06/15/2025			23			19,209
5.55%, 03/15/2026			272			245,723
6.20%, 03/15/2040			69			57,498
8.50%, 07/15/2027			42			42,303
8.875%, 07/15/2030			42			43,066
Parkland Corp./Canada 6.00%, 04/01/2026 (a)			89			93,349
PBF Holding Co. LLC / PBF Finance Corp. 6.00%, 02/15/2028 (a)			36			23,892
PDC Energy, Inc. 5.75%, 05/15/2026			113			104,573
QEP Resources, Inc. 5.25%, 05/01/2023			31			22,546
5.375%, 10/01/2022			34			27,636
5.625%, 03/01/2026			47			26,673
Range Resources Corp. 5.00%, 03/15/2023			24			22,803
SandRidge Energy, Inc. 7.50%, 02/15/2023(b) (c) (f)			29			0
8.125%, 10/15/2022(b) (c) (f)			47			0
SM Energy Co. 5.00%, 01/15/2024			2			1,096
5.625%, 06/01/2025			34			15,799
6.125%, 11/15/2022			24			18,738
Southwestern Energy Co. 8.375%, 09/15/2028			27			26,484
Sunoco LP/Sunoco Finance Corp. 4.875%, 01/15/2023			40			40,303
5.50%, 02/15/2026			184			184,276
5.875%, 03/15/2028			16			16,437
6.00%, 04/15/2027			2			2,068
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.25%, 11/15/2023			42			41,323
6.50%, 07/15/2027			70			73,193
Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024 (a)			33			30,494
Transocean Poseidon Ltd. 6.875%, 02/01/2027 (a)			50			40,051
Transocean, Inc. 6.80%, 03/15/2038			0	**		22
7.50%, 01/15/2026(a)			18			3,955
8.00%, 02/01/2027(a)			89			24,911
11.50%, 01/30/2027(a)			32			13,081
Vantage Drilling International 7.50%, 11/01/2019 (b) (c) (d) (f)			46			0

14

	Principal Amount (000)			U.S. $ Value
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp. 8.75%, 04/15/2023 (a)		U.S.$	92	$	62,450
Weatherford International Ltd. 11.00%, 12/01/2024 (a)			10		6,040
Western Midstream Operating LP 3.95%, 06/01/2025			33		31,119
4.00%, 07/01/2022			31		31,192
4.10%, 02/01/2025			72		68,520
4.50%, 03/01/2028			91		86,459
4.65%, 07/01/2026			41		39,846
4.75%, 08/15/2028			12		11,556
5.05%, 02/01/2030			49		47,684
5.45%, 04/01/2044			26		22,353
6.25%, 02/01/2050			34		31,549
					4,046,657
Other Industrial – 1.6%
American Builders & Contractors Supply Co., Inc. 4.00%, 01/15/2028(a)			84		85,179
5.875%, 05/15/2026(a)			76		78,806
Avient Corp. 5.75%, 05/15/2025 (a)			78		82,613
Belden, Inc. 3.875%, 03/15/2028 (a)		EUR	100		117,961
H&E Equipment Services, Inc. 5.625%, 09/01/2025		U.S.$	20		20,844
IAA, Inc. 5.50%, 06/15/2027 (a)			39		40,546
KAR Auction Services, Inc. 5.125%, 06/01/2025 (a)			83		82,799
Laureate Education, Inc. 8.25%, 05/01/2025 (a)			29		31,060
Rexel SA 2.625%, 06/15/2024 (a)		EUR	100		117,284
Univar Solutions USA, Inc./Washington 5.125%, 12/01/2027 (a)		U.S.$	17		17,452
					674,544
Services – 4.1%
ADT Security Corp. (The) 4.875%, 07/15/2032 (a)			42		42,872
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.625%, 07/15/2026(a)			34		36,152
9.75%, 07/15/2027(a)			105		114,197
ANGI Group LLC 3.875%, 08/15/2028 (a)			71		70,475
Aptim Corp. 7.75%, 06/15/2025 (a)			67		34,570
APX Group, Inc. 7.875%, 12/01/2022			161		161,398

15

	Principal Amount (000)			U.S. $ Value
Aramark Services, Inc. 5.00%, 02/01/2028(a)		U.S.$	73	$	73,520
6.375%, 05/01/2025(a)			95		98,817
Carriage Services, Inc. 6.625%, 06/01/2026 (a)			30		31,603
eDreams ODIGEO SA 5.50%, 09/01/2023 (a)		EUR	102		99,661
Garda World Security Corp. 4.625%, 02/15/2027(a)		U.S.$	35		34,649
9.50%, 11/01/2027(a)			59		63,322
Gartner, Inc. 4.50%, 07/01/2028 (a)			38		39,916
Korn Ferry 4.625%, 12/15/2027 (a)			50		50,500
Monitronics International, Inc. 0.00%, 04/01/2020 (b) (c) (d) (f)			14		0
Nielsen Co. Luxembourg SARL (The) 5.00%, 02/01/2025 (a)			60		60,858
Nielsen Finance LLC/Nielsen Finance Co. 5.00%, 04/15/2022(a)			30		30,038
5.625%, 10/01/2028(a)			10		10,294
5.875%, 10/01/2030(a)			9		9,356
Prime Security Services Borrower LLC/Prime Finance, Inc. 5.25%, 04/15/2024(a)			55		57,452
5.75%, 04/15/2026(a)			77		82,318
6.25%, 01/15/2028(a)			102		104,034
Refinitiv US Holdings, Inc. 6.25%, 05/15/2026(a)			23		24,626
8.25%, 11/15/2026(a)			43		47,090
Ritchie Bros Auctioneers, Inc. 5.375%, 01/15/2025 (a)			12		12,364
Sabre GLBL, Inc. 5.25%, 11/15/2023(a)			44		42,883
9.25%, 04/15/2025(a)			24		26,407
Service Corp. International/US 3.375%, 08/15/2030			94		94,129
TripAdvisor, Inc. 7.00%, 07/15/2025 (a)			32		33,410
Verscend Escrow Corp. 9.75%, 08/15/2026 (a)			137		148,992
					1,735,903
Technology – 3.0%
Ascend Learning LLC 6.875%, 08/01/2025 (a)			19		19,417
Avaya, Inc. 6.125%, 09/15/2028 (a)			47		47,829
Banff Merger Sub, Inc. 9.75%, 09/01/2026 (a)			78		82,412
Black Knight InfoServ LLC 3.625%, 09/01/2028 (a)			63		63,711

16

	Principal Amount (000)				U.S. $ Value
Boxer Parent Co., Inc. 7.125%, 10/02/2025 (a)		U.S.$	35		$	37,385
CDW LLC/CDW Finance Corp. 4.125%, 05/01/2025			148			152,649
CommScope, Inc. 8.25%, 03/01/2027 (a)			100			103,969
Conduent Finance, Inc./Conduent Business Services LLC 10.50%, 12/15/2024 (a)			0	**		149
Dell International LLC/EMC Corp. 7.125%, 06/15/2024 (a)			40			41,578
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 SARL/Greeneden US Ho 10.00%, 11/30/2024 (a)			7			7,411
Logan Merger Sub, Inc. 5.50%, 09/01/2027 (a)			24			24,286
Microchip Technology, Inc. 4.25%, 09/01/2025 (a)			32			33,188
NCR Corp. 5.75%, 09/01/2027(a)			24			25,075
6.125%, 09/01/2029(a)			56			59,323
8.125%, 04/15/2025(a)			30			33,168
ON Semiconductor Corp. 3.875%, 09/01/2028 (a)			63			63,962
Presidio Holdings, Inc. 4.875%, 02/01/2027(a)			5			5,061
8.25%, 02/01/2028(a)			5			5,236
Science Applications International Corp. 4.875%, 04/01/2028 (a)			15			15,260
Sensata Technologies, Inc. 3.75%, 02/15/2031 (a)			135			134,341
Solera LLC/Solera Finance, Inc. 10.50%, 03/01/2024 (a)			76			79,777
Veritas US, Inc./Veritas Bermuda Ltd. 7.50%, 09/01/2025 (a)			185			190,745
Xerox Corp. 4.375%, 03/15/2023			18			18,521
						1,244,453
Transportation – Airlines – 0.4%
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 09/20/2025 (a)			173			183,423
Transportation – Services – 1.1%
Algeco Global Finance PLC 6.50%, 02/15/2023 (a)		EUR	100			117,124
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.75%, 07/15/2027(a)		U.S.$	45			40,522
10.50%, 05/15/2025(a)			13			14,729

	Principal Amount (000)			U.S. $ Value
Herc Holdings, Inc. 5.50%, 07/15/2027 (a)		U.S.$	31	$	32,035
United Rentals North America, Inc. 3.875%, 02/15/2031			170		172,507
5.875%, 09/15/2026			50		52,688
XPO Logistics, Inc. 6.75%, 08/15/2024 (a)			28		29,638
					459,243
					29,302,422
Financial Institutions – 6.5%
Banking – 0.6%
Alliance Data Systems Corp. 4.75%, 12/15/2024(a)			103		96,466
7.00%, 01/15/2026(a)			47		46,770
Discover Financial Services Series D 6.125%, 06/23/2025 (l)			93		98,238
Societe Generale SA 8.00%, 09/29/2025 (a) (l)			3		3,352
					244,826
Brokerage – 0.5%
Lehman Brothers Holdings, Inc. 5.625%, 01/24/2013 (c) (d)			423		5,081
LPL Holdings, Inc. 5.75%, 09/15/2025 (a)			73		75,454
NFP Corp. 6.875%, 08/15/2028(a)			125		126,513
7.00%, 05/15/2025(a)			18		19,197
					226,245
Finance – 2.0%
CNG Holdings, Inc. 12.50%, 06/15/2024 (a)			32		28,152
Curo Group Holdings Corp. 8.25%, 09/01/2025 (a)			146		122,287
Enova International, Inc. 8.50%, 09/01/2024-09/15/2025(a)			96		90,793
goeasy Ltd. 5.375%, 12/01/2024 (a)			67		68,153
Navient Corp. 5.00%, 10/26/2020			45		45,067
5.50%, 01/25/2023			79		79,659
5.875%, 03/25/2021			1		589
6.50%, 06/15/2022			84		85,708
6.75%, 06/15/2026			30		29,701
7.25%, 01/25/2022-09/25/2023			72		74,006
OneMain Finance Corp. 6.875%, 03/15/2025			48		53,299
8.875%, 06/01/2025			100		110,548
SLM Corp. 5.125%, 04/05/2022			21		21,053

18

	Principal Amount (000)			U.S. $ Value
TMX Finance LLC/TitleMax Finance Corp. 11.125%, 04/01/2023 (a)		U.S.$	50	$	45,310
					854,325
Insurance – 1.2%
Acrisure LLC/Acrisure Finance, Inc. 7.00%, 11/15/2025(a)			79		77,449
8.125%, 02/15/2024(a)			91		95,204
10.125%, 08/01/2026(a)			40		44,347
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 6.75%, 10/15/2027 (a)			70		73,391
AmWINS Group, Inc. 7.75%, 07/01/2026 (a)			87		93,134
Genworth Holdings, Inc. 7.20%, 02/15/2021			30		30,320
7.625%, 09/24/2021			17		16,982
HUB International Ltd. 7.00%, 05/01/2026 (a)			40		41,430
USI, Inc./NY 6.875%, 05/01/2025 (a)			7		7,099
					479,356
Other Finance – 0.3%
Intrum AB 3.50%, 07/15/2026 (a)		EUR	100		106,522
REITS – 1.9%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 5.75%, 05/15/2026 (a)		U.S.$	231		183,359
Diversified Healthcare Trust 4.75%, 02/15/2028			39		34,415
6.75%, 12/15/2021			9		8,904
9.75%, 06/15/2025			49		54,489
GEO Group, Inc. (The) 6.00%, 04/15/2026			8		5,720
Iron Mountain, Inc. 4.50%, 02/15/2031 (a)			130		130,700
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 5.625%, 05/01/2024			117		124,107
5.75%, 02/01/2027			59		63,462
Realogy Group LLC/Realogy Co-Issuer Corp. 4.875%, 06/01/2023(a)			27		26,796
9.375%, 04/01/2027(a)			167		173,051
					805,003
					2,716,277

	Principal Amount (000)				U.S. $ Value
Utility – 0.9%
Electric – 0.9%
Calpine Corp. 4.625%, 02/01/2029 (a)		U.S.$	126		$	126,002
Talen Energy Supply LLC 4.60%, 12/15/2021			0	**		200
6.50%, 06/01/2025			101			65,942
7.25%, 05/15/2027(a)			44			43,764
Texas Competitive/TCEH 11.50%, 10/01/2020 (b) (c) (f) (h)			59			0
Vistra Operations Co. LLC 5.625%, 02/15/2027 (a)			157			165,708
						401,616
Total Corporates - Non-Investment Grade (cost $32,543,394)						32,420,315
CORPORATES – INVESTMENT GRADE – 11.1%
Industrial – 6.5%
Basic – 0.2%
ArcelorMittal SA 7.25%, 10/15/2039			45			57,152
Arconic Corp. 6.00%, 05/15/2025 (a)			20			21,356
Glencore Finance Canada Ltd. 6.00%, 11/15/2041 (a)			5			5,664
						84,172
Capital Goods – 0.1%
General Electric Co. Series D 5.00%, 01/21/2021 (l)			40			31,792
Howmet Aerospace, Inc. 5.90%, 02/01/2027			4			4,310
Westinghouse Air Brake Technologies Corp. 3.20%, 06/15/2025			7			7,384
						43,486
Communications – Telecommunications – 0.3%
Qwest Corp. 6.75%, 12/01/2021			78			82,663
7.25%, 09/15/2025			55			63,385
						146,048
Consumer Cyclical – Automotive – 0.7%
Lear Corp. 3.80%, 09/15/2027			56			58,942
Nissan Motor Acceptance Corp. 2.60%, 09/28/2022(a)			6			6,051
2.80%, 01/13/2022(a)			4			4,046
3.45%, 03/15/2023(a)			4			4,136

	Principal Amount (000)			U.S. $ Value
Nissan Motor Co., Ltd. 4.345%, 09/17/2027 (a)		U.S.$	200	$	200,773
					273,948
Consumer Cyclical - Other – 1.5%
Lennar Corp. 4.50%, 04/30/2024			42		45,114
4.75%, 11/29/2027			72		82,212
6.25%, 12/15/2021(a)			1		752
8.375%, 01/15/2021			20		20,346
Marriott International, Inc./MD Series EE 5.75%, 05/01/2025			16		17,825
MDC Holdings, Inc. 6.00%, 01/15/2043			87		105,386
PulteGroup, Inc. 5.50%, 03/01/2026			30		34,211
6.00%, 02/15/2035			57		70,867
7.875%, 06/15/2032			17		24,136
Standard Industries, Inc./NJ 4.75%, 01/15/2028 (a)			104		108,039
Toll Brothers Finance Corp. 4.875%, 03/15/2027			93		104,009
5.875%, 02/15/2022			35		36,701
					649,598
Consumer Cyclical - Retailers – 0.1%
PVH Corp. 4.625%, 07/10/2025 (a)			35		36,554
Consumer Non-Cyclical – 0.1%
Sysco Corp. 5.65%, 04/01/2025			13		15,367
5.95%, 04/01/2030			8		10,104
					25,471
Energy – 1.4%
Cenovus Energy, Inc. 4.25%, 04/15/2027			65		59,062
5.375%, 07/15/2025			34		32,828
5.40%, 06/15/2047			61		51,570
6.75%, 11/15/2039			1		1,461
Hess Corp. 7.30%, 08/15/2031			36		43,900
Marathon Oil Corp. 6.80%, 03/15/2032			34		36,546
ONEOK, Inc. 2.20%, 09/15/2025			77		75,958
5.85%, 01/15/2026			35		40,333
Parsley Energy LLC/Parsley Finance Corp. 5.625%, 10/15/2027 (a)			59		58,720
PBF Holding Co. LLC/PBF Finance Corp. 9.25%, 05/15/2025 (a)			83		85,487

21

	Principal Amount (000)			U.S. $ Value
Plains All American Pipeline LP/PAA Finance Corp. 4.65%, 10/15/2025		U.S.$	44	$	47,319
WPX Energy, Inc. 4.50%, 01/15/2030			70		68,856
					602,040
Services – 0.2%
Expedia Group, Inc. 6.25%, 05/01/2025(a)			11		12,116
7.00%, 05/01/2025(a)			56		60,366
					72,482
Technology – 0.5%
Broadcom, Inc. 4.15%, 11/15/2030			68		76,282
Dell International LLC/EMC Corp. 5.85%, 07/15/2025 (a)			33		38,527
Nokia Oyj 3.375%, 06/12/2022			16		16,292
6.625%, 05/15/2039			64		79,496
					210,597
Transportation - Airlines – 1.0%
Delta Air Lines, Inc. 7.00%, 05/01/2025 (a)			60		65,987
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.50%, 10/20/2025(a)			39		40,287
4.75%, 10/20/2028(a)			45		46,680
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. 6.50%, 06/20/2027 (a)			248		258,286
					411,240
Transportation - Services – 0.4%
Aviation Capital Group LLC 2.875%, 01/20/2022(a)			42		41,703
3.50%, 11/01/2027(a)			18		16,056
3.875%, 05/01/2023(a)			29		28,713
4.125%, 08/01/2025(a)			16		15,328
4.375%, 01/30/2024(a)			36		35,801
4.875%, 10/01/2025(a)			6		5,901
5.50%, 12/15/2024(a)			41		42,242
					185,744
					2,741,380
Financial Institutions – 4.6%
Banking – 1.7%
Barclays Bank PLC 6.86%, 06/15/2032 (a) (l)			15		18,494
CIT Group, Inc. 3.929%, 06/19/2024			37		37,301

22

	Principal Amount (000)			U.S. $ Value
4.75%, 02/16/2024		U.S.$	45	$	46,364
5.25%, 03/07/2025			32		33,859
Citigroup, Inc.
Series T 6.25%, 08/15/2026(l)			38		42,116
Series U 5.00%, 09/12/2024(l)			70		69,844
Series V 4.70%, 01/30/2025(l)			41		39,681
Credit Agricole SA 6.50%, 06/23/2021 (a) (l)		EUR	100		119,871
Goldman Sachs Group, Inc. (The) Series P 5.00%, 11/10/2022 (l)		U.S.$	44		42,117
JPMorgan Chase & Co.
Series FF 5.00%, 08/01/2024(l)			80		79,832
Series HH 4.60%, 02/01/2025(l)			49		47,647
Lloyds Banking Group PLC 6.00%, 06/07/2032 (l)		GBP	8		9,806
Natwest Group PLC 8.625%, 08/15/2021 (l)		U.S.$	117		120,143
					707,075
Brokerage – 0.2%
Charles Schwab Corp. (The) Series G 5.375%, 06/01/2025 (l)			58		62,731
Finance – 0.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.65%, 07/21/2027			161		147,335
Air Lease Corp.
2.25%, 01/15/2023			39		39,120
3.875%, 07/03/2023			2		2,082
4.25%, 02/01/2024			8		8,320
Aircastle Ltd. 5.25%, 08/11/2025 (a)			148		144,844
					341,701
Insurance – 1.4%
ACE Capital Trust II 9.70%, 04/01/2030			20		29,881
Allstate Corp. (The) 6.50%, 05/15/2057			10		13,426
Centene Corp. 4.25%, 12/15/2027			109		114,037
4.75%, 01/15/2025			24		24,652
5.25%, 04/01/2025(a)			176		182,953
5.375%, 08/15/2026(a)			82		86,964
Liberty Mutual Group, Inc. 7.80%, 03/15/2037 (a)			61		74,287

23

	Principal Amount (000)			U.S. $ Value
Prudential Financial, Inc.
5.20%, 03/15/2044		U.S.$	20	$	21,106
5.625%, 06/15/2043			50		53,242
					600,548
REITS – 0.5%
MPT Operating Partnership LP/MPT Finance Corp. 4.625%, 08/01/2029			45		46,774
5.00%, 10/15/2027			73		76,232
5.25%, 08/01/2026			40		40,743
5.50%, 05/01/2024			26		26,380
Office Properties Income Trust 4.50%, 02/01/2025			27		27,338
					217,467
					1,929,522
Total Corporates - Investment Grade (cost $4,310,330)					4,670,902
BANK LOANS – 5.3%
Industrial – 4.8%
Basic – 0.2%
Graham Packaging Co., Inc. 4.500% (LIBOR 1 Month + 3.75%), 08/04/2027(m)			44		43,688
Illuminate Buyer, LLC 4.147% (LIBOR 1 Month + 4.00%), 06/30/2027(m)			20		19,813
Nouryon Finance B.V. (fka AkzoNobel) 3.151% (LIBOR 1 Month + 3.00%), 10/01/2025(m)			10		9,278
					72,779
Capital Goods – 0.6%
Apex Tool Group, LLC 6.500% (LIBOR 1 Month + 5.25%), 08/01/2024(m)			58		54,509
Brookfield WEC Holdings Inc. (fka Westinghouse Electric Company LLC) 3.75% (LIBOR 1 Month + 3.00%), 08/01/2025(m)			29		27,979
BWay Holding Company 3.523% (LIBOR 3 Month + 3.25%), 04/03/2024(m)			84		78,708
Garrett Motion SARL (fka Garrett Motion Inc.) 5.750% (PRIME 3 Month + 2.50%), 09/27/2025(m)			28		27,178
Granite US Holdings Corporation 6.322% (LIBOR 3 Month + 5.25%), 09/30/2026(f) (m)			55		52,391
					240,765

24

	Principal Amount (000)			U.S. $ Value
Communications - Media – 0.2%
Clear Channel Outdoor Holdings, Inc. 3.761% (LIBOR 3 Month + 3.50%), 08/21/2026(m)		U.S.$	12	$	10,784
iHeartCommunications, Inc. (fka Clear Channel Communications, Inc.) 3.147% (LIBOR 1 Month + 3.00%), 05/01/2026(m)			20		18,792
Nielsen Finance LLC 4.750% (LIBOR 1 Month + 3.75%), 06/04/2025(m)			20		19,910
Univision Communications Inc. 3.750% (LIBOR 1 Month + 2.75%), 03/15/2024(m)			53		50,701
					100,187
Communications - Telecommunications – 0.1%
Intrado Corporation 5.000% (LIBOR 1 Month + 4.00%), 10/10/2024(m)			29		26,286
Consumer Cyclical - Automotive – 0.1%
Clarios Global LP 3.647% (LIBOR 1 Month + 3.50%), 04/30/2026(m)			50		48,154
Navistar, Inc. 3.660% (LIBOR 1 Month + 3.50%), 11/06/2024(m)			9		9,401
					57,555
Consumer Cyclical - Entertainment – 0.1%
Seaworld Parks & Entertainment, Inc. (fka SW Acquisitions Co., Inc.) 3.750% (LIBOR 1 Month + 3.00%), 04/01/2024(m)			24		22,551
Consumer Cyclical - Other – 0.7%
Caesars Resort Collection, LLC 2.897% (LIBOR 1 Month + 2.75%), 12/23/2024(m)			38		35,282
Flutter Entertainment PLC 3.720% (LIBOR 3 Month + 3.50%), 07/10/2025(m)			5		4,984
Golden Nugget Online Gaming, Inc. 13.000% (LIBOR 3 Month + 12.00%), 10/04/2023(f) (m)			1		853
13.000% (LIBOR 1 Month + 12.00%), 10/04/2023(f) (m)			9		10,632
Playtika Holding Corp. 7.000% (LIBOR 3 Month + 6.00%), 12/10/2024(m)			132		131,814
Ply Gem Midco, Inc. 3.901% (LIBOR 1 Month + 3.75%), 04/12/2025(m)			20		19,297

25

	Principal Amount (000)			U.S. $ Value
Scientific Games International, Inc. 2.897% (LIBOR 1 Month + 2.75%), 08/14/2024(m)		U.S.$	15	$	14,535
3.612% (LIBOR 3 Month + 2.75%), 08/14/2024(m)			63		59,416
					276,813
Consumer Cyclical - Restaurants – 0.0%
IRB Holding Corp. (fka Arby’s/Buffalo Wild Wings) 3.750% (LIBOR 3 Month + 2.75%), 02/05/2025(m)			6		5,808
Whatabrands LLC 2.906% (LIBOR 1 Month + 2.75%), 07/31/2026(m)			15		14,877
					20,685
Consumer Cyclical - Retailers – 0.2%
Bass Pro Group, LLC 5.750% (LIBOR 3 Month + 5.00%), 09/25/2024(m)			17		16,756
PetSmart, Inc. 4.500% (LIBOR 3 Month + 3.50%), 03/11/2022(m)			44		43,794
Serta Simmons Bedding, LLC 9.000% (LIBOR 3 Month + 8.00%), 11/08/2024(f) (m)			28		8,170
					68,720
Consumer Non-Cyclical – 1.0%
Aldevron, L.L.C. 5.250% (LIBOR 1 Month + 4.25%), 10/12/2026(m)			67		66,779
Alphabet Holding Company, Inc. (fka Nature’s Bounty) 7.897% (LIBOR 1 Month + 7.75%), 09/26/2025(m)			54		52,020
BI-LO, LLC 9.000% (LIBOR 1 Month + 8.00%), 05/31/2024(m)			76		76,232
Chobani, LLC (Chobani Idaho, LLC) 4.500% (LIBOR 1 Month + 3.50%), 10/10/2023(m)			39		38,894
Envision Healthcare Corporation 3.897% (LIBOR 1 Month + 3.75%), 10/10/2025(m)			28		20,187
Froneri International Limited 5.897% (LIBOR 1 Month + 5.75%), 01/31/2028(f) (m)			10		9,925
Global Medical Response, Inc. (fka Air Medical)
4.250% (LIBOR 3 Month + 3.25%), 04/28/2022(m)			21		20,939
5.250% (LIBOR 3 Month + 4.25%), 03/14/2025(m)			16		15,321

26

	Principal Amount (000)			U.S. $ Value
LifePoint Health, Inc. (fka Regionalcare Hospital Partners Holdings, Inc.) 3.897% (LIBOR 1 Month + 3.75%), 11/16/2025(m)		U.S.$	32	$	30,636
Milano Acquisition Corp. 08/17/2027(f) (n)			40		39,500
U.S. Renal Care, Inc. 5.147% (LIBOR 1 Month + 5.00%), 06/26/2026(m)			59		57,781
					428,214
Energy – 0.2%
CITGO Petroleum Corporation 6.000% (LIBOR 3 Month + 5.00%), 03/28/2024(m)			35		33,164
Triton Solar US Acquisition Co. 6.220% (LIBOR 3 Month + 6.00%), 10/29/2024(m)			71		60,825
					93,989
Other Industrial – 0.1%
American Tire Distributors, Inc. 8.500% (LIBOR 3 Month + 7.50%), 09/02/2024(m)			2		1,379
8.500% (LIBOR 1 Month + 7.50%), 09/02/2024(m)			14		11,442
Core & Main LP 3.750% (LIBOR 3 Month + 2.75%), 08/01/2024(m)			5		4,755
Dealer Tire, LLC 4.399% (LIBOR 1 Month + 4.25%), 12/12/2025(f) (m)			20		19,354
Rockwood Service Corporation 4.397% (LIBOR 1 Month + 4.25%), 01/23/2027(f) (m)			3		3,370
					40,300
Services – 0.4%
Amentum Government Services Holdings LLC 3.647% (LIBOR 1 Month + 3.50%), 01/29/2027(m)			20		19,609
Garda World Security Corporation 4.900% (LIBOR 1 Month + 4.75%), 10/30/2026(m)			10		9,544
Parexel International Corporation 2.897% (LIBOR 1 Month + 2.75%), 09/27/2024(m)			9		8,686
Pi Lux Finco SARL 8.322% (LIBOR 6 Month + 7.25%), 01/01/2026(f) (m)			100		90,000

	Principal Amount (000)			U.S. $ Value
Refinitiv US Holdings Inc. (fka Financial & Risk US Holdings, Inc.) 3.397% (LIBOR 1 Month + 3.25%), 10/01/2025(m)		U.S.$	15	$	14,577
Verscend Holding Corp. 4.647% (LIBOR 1 Month + 4.50%), 08/27/2025(m)			26		26,017
					168,433
Technology – 0.9%
athenahealth, Inc. 4.750% (LIBOR 3 Month + 4.50%), 02/11/2026(m)			71		70,107
Avaya Inc. 4.401% (LIBOR 1 Month + 4.25%), 12/15/2024(m)			36		36,097
Boxer Parent Company Inc. (fka BMC Software, Inc.) 4.397% (LIBOR 1 Month + 4.25%), 10/02/2025(m)			59		57,159
MTS Systems Corporation 4.000% (LIBOR 1 Month + 3.25%), 07/05/2023(f) (m)			10		9,797
Pitney Bowes Inc. 5.650% (LIBOR 1 Month + 5.50%), 01/07/2025(m)			39		37,850
Presidio Holdings Inc. 3.770% (LIBOR 3 Month + 3.50%), 01/22/2027(f) (m)			15		14,993
Solera, LLC (Solera Finance, Inc.) 2.938% (LIBOR 2 Month + 2.75%), 03/03/2023(m)			58		56,911
Veritas Us Inc. 6.500% (LIBOR 3 Month + 5.50%), 09/01/2025(m)			85		82,660
					365,574
Transportation - Airlines – 0.0%
Delta Air Lines, Inc. 5.750% (LIBOR 3 Month + 4.75%), 04/29/2023(m)			10		9,950
					1,992,801
Financial Institutions – 0.4%
Finance – 0.0%
Jefferies Finance LLC 3.438% (LIBOR 1 Month + 3.25%), 06/03/2026(f) (m)			8		7,564
Insurance – 0.4%
Cross Financial Corp. 5.500% (LIBOR 1 Month + 4.50%), 09/15/2027(f) (m)			45		44,775

28

	Principal Amount (000)			U.S. $ Value
Hub International Limited 5.000% (LIBOR 3 Month + 4.00%), 04/25/2025(m)		U.S.$	68	$	67,420
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) 4.147% (LIBOR 1 Month + 4.00%), 09/03/2026(m)			50		49,339
					161,534
					169,098
Utility – 0.1%
Electric – 0.1%
Granite Generation LLC 4.750% (LIBOR 3 Month + 3.75%), 11/09/2026(m)			46		46,172
4.750% (LIBOR 1 Month + 3.75%), 11/09/2026(m)			9		8,504
					54,676
Total Bank Loans (cost $2,283,402)					2,216,575
EMERGING MARKETS - CORPORATE BONDS – 1.5%
Industrial – 1.4%
Basic – 0.3%
Eldorado Gold Corp. 9.50%, 06/01/2024 (a)			75		80,153
First Quantum Minerals Ltd. 7.25%, 04/01/2023 (a)			58		57,610
					137,763
Communications - Telecommunications – 0.5%
Sable International Finance Ltd. 5.75%, 09/07/2027 (a)			200		209,306
Consumer Cyclical - Other – 0.5%
Wynn Macau Ltd. 5.50%, 01/15/2026 (a)			209		205,727
Consumer Cyclical - Retailers – 0.0%
K2016470219 (South Africa) Ltd. 3.00%, 12/31/2022(g) (h)			16		8
3.00%, 12/31/2022(b) (g) (h)			1		0
K2016470260 (South Africa) Ltd. 25.00%, 12/31/2022 (g) (h)			7		7
					15
Consumer Non-Cyclical – 0.0%
Tonon Luxembourg SA 6.50% (0.50% Cash and 6.00% PIK), 10/31/2024 (b) (f) (g) (h)			2		63

29

	Principal Amount (000)			U.S. $ Value
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018 (c) (d) (h)		U.S.$	96	$	868
					931
Energy – 0.1%
Petrobras Global Finance BV 5.093%, 01/15/2030			19		19,966
5.999%, 01/27/2028			27		29,982
					49,948
					603,690
Utility – 0.1%
Electric – 0.1%
Terraform Global Operating LLC 6.125%, 03/01/2026 (h)			28		28,461
Financial Institutions – 0.0%
Insurance – 0.0%
Ambac LSNI LLC 6.00% (LIBOR 3 Month + 5.00%), 02/12/2023 (a) (e)			7		7,459
Total Emerging Markets - Corporate Bonds (cost $743,213)					639,610
GOVERNMENTS - TREASURIES – 1.1%
Mexico – 0.2%
Mexican Bonos Series M 5.75%, 03/05/2026		MXN	1,202		55,652
Series M 20 10.00%, 12/05/2024			480		25,799
					81,451
Russia – 0.1%
Russian Federal Bond - OFZ Series 6217 7.50%, 08/18/2021		RUB	3,986		52,692
United States – 0.8%
U.S. Treasury Notes 2.75%, 05/31/2023		U.S.$	300		320,765
Total Governments - Treasuries (cost $461,462)					454,908
ASSET-BACKED SECURITIES – 0.6%
Other ABS - Fixed Rate – 0.4%
DB Master Finance LLC Series 2017-1A, Class A2I 3.629%, 11/20/2047 (a)			57		58,237
Taco Bell Funding LLC Series 2016-1A, Class A23 4.97%, 05/25/2046 (a)			16		16,742

30

	Principal Amount (000)			U.S. $ Value
Wendy’s Funding LLC Series 2018-1A, Class A2I 3.573%, 03/15/2048 (a)		U.S.$	69	$	71,367
					146,346
Home Equity Loans - Fixed Rate – 0.2%
CWABS Asset-Backed Certificates Trust Series 2005-7, Class AF5W 5.054%, 10/25/2035 (e)			43		43,494
GSAA Home Equity Trust Series 2006-6, Class AF5 6.241%, 03/25/2036 (e)			67		28,579
					72,073
Home Equity Loans - Floating Rate – 0.0%
Lehman XS Trust Series 2007-6, Class 3A5 4.588%, 05/25/2037 (e)			12		11,448
Total Asset-Backed Securities (cost $232,031)					229,867
	Shares
COMMON STOCKS – 0.5%
Consumer Staples – 0.2%
Food & Staples Retailing – 0.2%
Southeastern Grocers, Inc. Npv(b) (c) (f)		828			55,890
Energy – 0.2%
Energy Equipment & Services – 0.1%
Tervita Corp.(c)		12,129			23,683
Oil, Gas & Consumable Fuels – 0.1%
CHC Group LLC(c) (k)		1,219			12
Denbury, Inc.(c)		1,554			27,350
Edcon Ltd.(b) (f)		8,218			0
K201640219 (South Africa) Ltd. A Shares(b) (c) (f)		191,574			0
K201640219 (South Africa) Ltd. B Shares(b) (c) (f)		30,276			0
Paragon Offshore Ltd. - Class A(c) (f)		267			27
Paragon Offshore Ltd. - Class B(c) (f)			401		301
Vantage Drilling International(c)			235		1,528
Whiting Petroleum Corp.(c)		142			2,455
					31,673
					55,356
Information Technology – 0.1%
Software – 0.1%
Avaya Holdings Corp.(c)			2,770		42,104
Monitronics International, Inc.(c)			316		1,043
Monitronics International, Inc.(b) (c) (f)			262		832
					43,979

31

Company	Shares		U.S. $ Value
Communication Services – 0.0%
Media – 0.0%
DISH Network Corp. - Class A(c)		100	$	2,903
iHeartMedia, Inc. - Class A(c)		1,033		8,388
				11,291
Materials – 0.0%
Containers & Packaging – 0.0%
Westrock Co.		6		209
Metals & Mining – 0.0%
BIS Industries Holdings Ltd.(b) (c) (f)		21,027		0
Constellium SE(c)		1,317		10,339
Neenah Enterprises, Inc.(b) (c) (f)		4,481		0
				10,339
				10,548
Consumer Discretionary – 0.0%
Auto Components – 0.0%
ATD New Holdings, Inc.(c) (f)		1,009		10,090
Exide Corp.(b) (c) (f)		20,356		0
Exide Technologies(b) (c) (f)		511		0
				10,090
Industrials – 0.0%
Construction & Engineering – 0.0%
WillScot Mobile Mini Holdings Corp.(c)		508		8,473
Total Common Stocks (cost $520,469)				195,627
	Principal Amount (000)
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.2%
Risk Share Floating Rate – 0.2%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2013-DN2, Class M2
4.398% (LIBOR 1 Month + 4.25%), 11/25/2023(e)	U.S.$	34		31,216
Series 2014-HQ2, Class M3
3.898% (LIBOR 1 Month + 3.75%), 09/25/2024(e)		54		55,095
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C01, Class M2
4.548% (LIBOR 1 Month + 4.40%), 01/25/2024(e)		11		9,851
Series 2015-C03, Class 2M2
5.148% (LIBOR 1 Month + 5.00%), 07/25/2025(e)		1		870
				97,032

32

	Principal Amount (000)			U.S. $ Value
Non-Agency Fixed Rate – 0.0%
Alternative Loan Trust Series 2006-28CB, Class A14 6.25%, 10/25/2036		U.S.$	5	$	3,458
CSMC Mortgage-Backed Trust Series 2006-7, Class 3A12 6.25%, 08/25/2036			5		3,588
					7,046
Total Collateralized Mortgage Obligations (cost $108,607)					104,078
EMERGING MARKETS - TREASURIES – 0.2%
Brazil – 0.2%
Brazil Notas do Tesouro Nacional Series F 10.00%, 01/01/2021		BRL	349		63,322
South Africa – 0.0%
Republic of South Africa Government Bond Series 2023 7.75%, 02/28/2023		ZAR	283		18,089
Total Emerging Markets– Treasuries (cost $118,849)					81,411
	Shares
PREFERRED STOCKS – 0.2%
Industrial – 0.1%
Consumer Cyclical - Other – 0.0%
Hovnanian Enterprises, Inc. 7.625%			490		3,376
Industrial Conglomerates – 0.1%
WESCO International, Inc. Series A 10.625%			1,425		39,900
					43,276
Financials – 0.1%
Capital Markets – 0.1%
Ladenburg Thalmann Financial Services, Inc. Series A 8.00%			2,175		32,408
Total Preferred Stocks (cost $63,317)					75,684

33

	Principal Amount (000)				U.S. $ Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.1%
Non-Agency Fixed Rate CMBS – 0.1%
Citigroup Commercial Mortgage Trust Series 2014-GC23, Class D 4.635%, 07/10/2047 (a)		U.S.$	15		$	12,899
GS Mortgage Securities Trust Series 2014-GC18, Class D 5.155%, 01/10/2047 (a)			29			20,631
JPMBB Commercial Mortgage Securities Trust Series 2013-C17, Class D 5.055%, 01/15/2047 (a)			29			25,444
Total Commercial Mortgage-Backed Securities (cost $71,268)						58,974
LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.1%
United States – 0.1%
State of California
Series 2010
7.60%, 11/01/2040			25			44,618
7.95%, 03/01/2036			0	**		5
Total Local Governments - US Municipal Bonds (cost $24,782)						44,623
	Shares
INVESTMENT COMPANIES – 0.1%
Funds and Investment Trusts – 0.1%
iShares MSCI Global Metals & Mining Producers ETF(o) (cost $27,153)			805			21,558
WARRANTS – 0.0%
Avaya Holdings Corp., expiring 12/15/2022(c)		1,210				1,682
Battalion Oil Corp., expiring 10/08/2022(c) (f)			3			0
Battalion Oil Corp., expiring 10/08/2022(c) (f)			4			0
Battalion Oil Corp., expiring 10/08/2022(c) (f)			2			0
iHeartMedia, Inc., expiring 05/01/2039(c)			12			88
SandRidge Energy, Inc., A-CW22, expiring 10/03/2022(c)		1,975				10
SandRidge Energy, Inc., B-CW22, expiring 10/03/2022(c)			830			5
Willscot Corp., expiring 11/29/2022(b) (c) (f)			787			3,443
Total Warrants (cost $13,325)						5,228
RIGHTS – 0.0%
Vistra Energy Corp., expiring 12/31/2049(c) (f) (cost $0)			3,442			3,759

34

Compa ny	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 1.3%
Investment Companies – 1.3%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 0.05%(o) (p) (q) (cost $529,395)		529,395	$	529,395
Total Investments – 99.6%
(cost $42,050,997)(r)				41,752,514
Other assets less liabilities – 0.4%				170,149
Net Assets – 100.0%			$	41,922,663

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
E-Mini Russell 2000 Index Futures		1		December 2020	$	75,220	$	(805	)
U.S. T-Note 5 Yr (CBT) Futures		20		December 2020		2,520,625		3,281
U.S. T-Note 10 Yr (CBT) Futures		19		December 2020		2,651,094		2,820
Sold Contracts
Euro-OAT Futures		1		December 2020		197,616		(1,032	)
							$	4,264

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Brown Brothers Harriman & Co.		MXN	1,467		USD	65		10/08/2020	$	(1,312	)
Brown Brothers Harriman & Co.		EUR	93		USD	110		10/15/2020		929
Brown Brothers Harriman & Co.		CAD	53		USD	40		10/09/2020		(163	)
Brown Brothers Harriman & Co.		USD	54		EUR	46		10/15/2020		(377	)
Goldman Sachs Bank USA		RUB	4,120		USD	54		11/19/2020		717
Goldman Sachs Bank USA		EUR	1,290		USD	1,515		10/15/2020		2,359
Morgan Stanley Capital Services LLC		BRL	380		USD	68		11/04/2020		243
Morgan Stanley Capital Services LLC		BRL	380		USD	67		10/02/2020		(298	)
Morgan Stanley Capital Services LLC		USD	68		BRL	380		10/02/2020		(235	)
Royal Bank of Scotland PLC		BRL	380		USD	68		10/02/2020		184
Royal Bank of Scotland PLC		USD	67		BRL	380		10/02/2020		298
									$	2,345

35

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2020		Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
CDX-NAHY Series 33, 5 Year Index, 12/20/2024*		(5.00	)%		Quarterly		3.66%		USD	188	$	(9,604	)	$	(9,194	)	$	(410	)
CDX-NAHY Series 33, 5 Year Index, 12/20/2024*		(5.00	)		Quarterly		3.66		USD	937		(47,930	)		(48,603	)		673
CDX-NAHY Series 33, 5 Year Index, 12/20/2024*		(5.00	)		Quarterly		3.66		USD	188		(9,604	)		(9,626	)		22
CDX-NAHY Series 33, 5 Year Index, 12/20/2024*		(5.00	)		Quarterly		3.66		USD	188		(9,604	)		(9,194	)		(410	)
CDX-NAHY Series 34, 5 Year Index, 06/20/2025		(5.00	)		Quarterly		3.83		USD	192		(9,384	)		(9,813	)		429
iTraxx Europe Crossover Series 25, 5 Year Index, 06/20/2021*		(5.00	)		Quarterly		4.14		EUR	13		(115	)		(281	)		166
Sale Contracts
CDX-NAHY Series 33, 5 Year Index, 12/20/2024*		5.00			Quarterly		3.66		USD	2,100		110,529			120,514			(9,985	)
CDX-NAHY Series 34, 5 Year Index, 06/20/2025		5.00			Quarterly		3.83		USD	1,529		76,746			(1,807	)		78,553
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*		5.00			Quarterly		4.09		USD	212		8,761			8,268			493
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*		5.00			Quarterly		4.09		USD	212		8,761			8,268			493
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*		5.00			Quarterly		4.09		USD	893		36,905			37,685			(780	)
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*		5.00			Quarterly		4.09		USD	209		8,637			8,987			(350	)
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*		5.00			Quarterly		4.09		USD	177		7,315			7,346			(31	)
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*		5.00			Quarterly		4.09		USD	59		2,520			2,401			119

36

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2020			Notional Amount (000)			Market Value		Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*		5.00	%		Quarterly		4.09	%		USD	88	$	3,637	$	3,546		$	91
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*		5.00			Quarterly		4.09			USD	27		1,103		1,103			0
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*		5.00			Quarterly		4.09			USD	1,110		47,415		45,371			2,044
Ford Motor Company, 4.346%, 12/08/2026, 06/20/2023*		5.00			Quarterly		3.35			USD	103		4,374		(15,749	)		20,123
Ford Motor Company, 4.346%, 12/08/2026, 06/20/2023*		5.00			Quarterly		3.35			USD	57		2,421		(9,842	)		12,263
iTraxx Europe Crossover Series 25, 5 Year Index, 06/20/2021*		5.00			Quarterly		4.14			EUR	13		115		383			(268	)
iTraxx Europe Crossover Series 34, 5 Year Index, 12/20/2025*		5.00			Quarterly		3.45			EUR	330		28,168		24,379			3,789
												$	261,166	$	154,142		$	107,024

* 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	1,770	03/06/2023	3 Month LIBOR	2.714%	Quarterly /Semi- Annual	$	109,763		$	—		$	109,763
USD	2,835	09/02/2025	2.248%	3 Month LIBOR	Semi- Annual/ Quarterly		(268,920	)		(8,311	)		(260,609	)
USD	961	01/15/2026	1.978%	3 Month LIBOR	Semi- Annual/ Quarterly		(84,681	)		5,398			(90,079	)
USD	651	02/16/2026	1.625%	3 Month LIBOR	Semi- Annual/ Quarterly		(44,402	)		7,434			(51,836	)
USD	150	03/31/2026	1.693%	3 Month LIBOR	Semi- Annual/ Quarterly		(10,728	)		—			(10,728	)

37

			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	100	05/03/2026	1.770%	3 Month LIBOR	Semi- Annual/ Quarterly	$	(8,333	)	$	—	$	(8,333	)
USD	800	06/01/2026	1.714%	3 Month LIBOR	Semi- Annual/ Quarterly		(63,609	)		32,362		(95,971	)
USD	4,650	04/28/2027	3 Month LIBOR	2.330%	Quarterly/ Semi- Annual		608,626			16,658		591,968
USD	350	05/03/2027	2.285%	3 Month LIBOR	Semi- Annual/ Quarterly		(44,676	)		112		(44,788	)
USD	940	03/06/2028	2.876%	3 Month LIBOR	Semi- Annual/ Quarterly		(163,661	)		—		(163,661	)
						$	29,379		$	53,653	$	(24,274	)

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2020			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Credit Suisse International
CDX-CMBX.NA.BB Series 6, 05/11/2063*		(5.00	)%		Monthly		25.00	%		USD	180	$	90,426		$	21,928		$	68,498
Goldman Sachs International
CDX-CMBX.NA.BBB Series 6, 05/11/2063*		(3.00	)		Monthly		25.00			USD	192		64,032			19,701			44,331
Sale Contracts
BNP Paribas SA
Altice France SA, 6/20/2024*		5.00			Quarterly		2.54			EUR	70		7,104			4,689			2,415
Credit Suisse International
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00			USD	29		(14,569	)		(3,483	)		(11,086	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00			USD	69		(34,663	)		(7,691	)		(26,972	)
International Game Technology, 4.750%, 02/15/2023, 06/20/2022*		5.00			Quarterly		1.62			EUR	100		6,575			4,676			1,899
Deutsche Bank AG
CDX-CMBX.NA.BBB Series 6, 05/11/2063*		3.00			Monthly		25.00			USD	252		(84,084	)		(16,902	)		(67,182	)

38

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at September 30, 2020			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB Series 6, 05/11/2063*		3.00	%		Monthly		25.00	%		USD	75	$	(25,025	)	$	(4,900	)	$	(20,125	)
Goldman Sachs International
Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023*		5.00			Quarterly		5.86			USD	20		(463	)		1,298			(1,761	)
Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023*		5.00			Quarterly		5.86			USD	10		(231	)		415			(646	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		25.00			USD	163		(81,838	)		(28,538	)		(53,300	)
												$	(72,736	)	$	(8,807	)	$	(63,929	)

* Termination date

TOTAL RETURN SWAPS

Counterparty & Referenced Obligation	Payment Frequency		Rate Paid/ Received		Current Notional (000)		Maturity Date		Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Obligation
Credit Suisse International
iBoxx $ Liquid High Yield Index		3 Month LIBOR		Quarterly USD		1,685		12/20/2020	$	(15,056	)
Goldman Sachs International
iBoxx USD Contingent Convertible Liquid Developed Market AT1		3 Month LIBOR		Quarterly USD		800		12/20/2020		219,608
Pay Total Return on Reference Obligation
Barclays Bank PLC iBoxx $ Liquid High Yield Index		3 Month LIBOR		Quarterly USD		1,872		12/20/2020		(146,915	)
									$	57,637

** Principal amount less than 500.

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2020, the aggregate market value of these securities amounted to $24,618,893 or 58.7% of net assets.

(b) Fair valued by the Adviser.

(c) Non-income producing security.

(d) Defaulted matured security.

(e) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2020.

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

(g) 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 September 30, 2020.

39

(h) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.15% of net assets as of September 30, 2020, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Exide International Holdings LP(Superpriority Lien) 10.75%, 10/31/2021		06/18/2019	$	36,105	$	34,408		0.08	%
Exide Technologies(Exchange Priority) 11.00%, 10/31/2024		05/23/2017		36,578		1,926		0.00	%
Exide Technologies(First Lien) 11.00%, 10/31/2024		05/23/2017		10,623		0		0.00	%
K2016470219 (South Africa) Ltd. 3.00%, 12/31/2022		02/05/2020		16,158		8		0.00	%
K2016470260 (South Africa) Ltd. 25.00%, 12/31/2022		12/22/2016		7,248		7		0.00	%
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018		02/19/2015		36,767		0		0.00	%
Terraform Global Operating LLC 6.125%, 03/01/2026		02/08/2018		28,035		28,461		0.07	%
Texas Competitive/TCEH 11.50%, 10/01/2020		10/03/2016		0		0		0.00	%
Tonon Luxembourg SA 6.50%, 10/31/2024		05/03/2019		4,191		63		0.00	%
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018		02/13/2013		96,161		868		0.00	%

(i) Convertible security.

(j) Defaulted.

(k) Restricted and illiquid security.

Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
CHC Group LLC		03/10/2017	$	62,260	$	12		0.00	%
CHC Group LLC/CHC Finance Ltd.Series AI Zero Coupon, 10/01/2021		03/10/2017		65,170		9,775		0.02	%

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

(m) The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at September 30, 2020.

(n) This position or a portion of this position represents an unsettled loan purchase. The coupon rate will be determined at the time of settlement and will be based upon the London-Interbank Offered Rate (“LIBOR”) plus a premium which was determined at the time of purchase.

(o) 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.

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

(q) Affiliated investments.

(r) As of September 30, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $3,023,120 and gross unrealized depreciation of investments was $(3,238,536), resulting in net unrealized depreciation of $(215,416).

Currency Abbreviations:

BRL – Brazilian Real

CAD – Canadian Dollar

EUR – Euro

40

GBP – Great British Pound

MXN – Mexican Peso

RUB – Russian Ruble

USD – United States Dollar

ZAR – South African Rand

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

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

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

CMBS – Commercial Mortgage-Backed Securities

ETF – Exchange Traded Fund

LIBOR – London Interbank Offered Rate

MSCI – Morgan Stanley Capital International

OAT – Obligations Assimilables du Trésor

REIT – Real Estate Investment Trust

41

AB FlexFee High Yield Portfolio

September 30, 2020 (unaudited)

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

• Level 1—quoted prices in active markets for identical investments

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

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

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

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

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively, the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options generally will be classified as Level 2. For options that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

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

Bank loan prices are provided by third party pricing services and consist of a composite of the quotes received by the vendor into a consensus price. Certain bank loans are classified as Level 3, as 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.

42

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of September 30, 2020:

Investments in Securities	Level 1			Level 2			Level 3			Total
Assets:
Corporates - Non-Investment Grade	$	-0-		$	32,379,731		$	40,584	#		32,420,315
Corporates - Investment Grade		-0-			4,670,902			-0-			4,670,902
Bank Loans		-0-			1,905,251			311,324			2,216,575
Emerging Markets - Corporate Bonds		-0-			639,547	#		63			639,610
Governments - Treasuries		-0-			454,908			-0-			454,908
Asset-Backed Securities		-0-			229,867			-0-			229,867
Common Stocks		128,475			12			67,140	#		195,627
Collateralized Mortgage Obligations		-0-			104,078			-0-			104,078
Emerging Markets - Treasuries		-0-			81,411			-0-			81,411
Preferred Stocks		43,276			32,408			-0-			75,684
Commercial Mortgage-Backed Securities		-0-			58,974			-0-			58,974
Local Governments - US Municipal Bonds		-0-			44,623			-0-			44,623
Investment Companies		21,558			-0-			-0-			21,558
Warrants		1,785			-0-			3,443	#		5,228
Rights		-0-			-0-			3,759			3,759
Short-Term Investments:
Investment Companies		529,395			-0-			-0-			529,395
Total Investments in Securities		724,489			40,601,712			426,313			41,752,514
Other Financial Instruments*:
Assets
Futures		6,101			-0-			-0-			6,101
Forward Currency Exchange Contracts		-0-			4,730			-0-			4,730
Centrally Cleared Credit Default Swaps		-0-			347,407			-0-			347,407
Centrally Cleared Interest Rate Swaps		-0-			718,389			-0-			718,389
Credit Default Swaps		-0-			168,137			-0-			168,137
Total Return Swaps		-0-			219,608			-0-			219,608
Liabilities
Futures		(1,837	)		-0-			-0-			(1,837	)
Forward Currency Exchange Contracts		-0-			(2,385	)		-0-			(2,385	)
Centrally Cleared Credit Default Swaps		-0-			(86,241	)		-0-			(86,241	)
Centrally Cleared Interest Rate Swaps		-0-			(689,010	)		-0-			(689,010	)
Credit Default Swaps		-0-			(240,873	)		-0-			(240,873	)
Total Return Swaps		-0-			(161,971	)		-0-			(161,971	)
Total	$	728,753		$	40,879,503		$	426,313		$	42,034,569

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

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

43

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

	Corporates - Non- Investment Grade#			Bank Loans			Emerging Markets - Corporate Bonds			Common Stocks#
Balance as of 12/31/19	$	87,446		$	405,559		$	63		$	91,942
Accrued discounts/ (premiums)		328			63			(929	)		-0-
Realized gain (loss)		2,671			186			-0-			(19,404	)
Change in unrealized appreciation/ depreciation		(46,037	)		(11,776	)		929			765
Purchases		856			143,186			-0-			-0-
Sales		(4,680	)		(36,725	)		-0-			-0-
Transfers into level 3		-0-			16,221			-0-			-0-
Transfers out of level 3		-0-			(205,390	)		-0-			(6,163	)
Balance as of 9/30/20	$	40,584		$	311,324		$	63		$	67,140
Net change in unrealized appreciation/depreciation from investments held as of 9/30/20	$	(46,037	)	$	(11,442	)	$	929		$	(31,963	)

	Warrants#			Rights		Total
Balance as of 12/31/19	$	4,806		$	3,363	$	593,179
Accrued discounts/ (premiums)		-0-			-0-		(538	)
Realized gain (loss)		-0-			-0-		(16,547	)
Change in unrealized appreciation/ depreciation		(1,363	)		396		(57,086	)
Purchases		-0-			-0-		144,042
Sales		-0-			-0-		(41,405	)
Transfers into level 3		-0-			-0-		16,221
Transfers out of level 3		-0-			-0-		(211,553	)
Balance as of 9/30/20	$	3,443		$	3,759	$	426,313
Net change in unrealized appreciation/depreciation from investments held as of 9/30/20	$	(2,289	)	$	396	$	(90,406	)

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

44

The following presents information about significant unobservable inputs related to the Fund’s Level 3 investments at September 30, 2020. Securities priced (i) by third party vendors or (ii) by brokers, are excluded from the following table.

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at 9/30/20		Valuation Technique		Unobservable Input		Input
Corporates - Non-Investment Grade	$	34,408		Discounted Cash Flow		Discount Rate on Future Cash Flows		15.2	%
	$	4,250		Recovery Analysis		Collateral Value	$	85.10
	$	1,926		Residual Value Waterfall Analysis		Estimated Value Remaining		$34.3 Million
	$	-0-		Qualitative Assessment			$	0.00
	$	-0-		Qualitative Assessment			$	0.00
	$	40,584
Common Stocks	$	832		Market Approach		10% Haircut to Last Traded Price	$	3.17
	$	-0-		Qualitative Assessment			$	0.00
	$	-0-		Qualitative Assessment			$	0.00
	$	-0-		Qualitative Assessment			$	0.00
	$	-0-		Qualitative Assessment			$	0.00
	$	832
Warrants	$	3,443		Option Pricing Model		Exercise Price	$	4.37

Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. Significant increases (decreases) in Collateral Value, Last Traded Price and Exercise Price in insolation would be expected to result in a significant higher (lower) fair value measurement. A significant increase (decrease) in Discount Rate on Future Cash Flows and Estimated Value Remaining in isolation would be expected to result in a significant lower (higher) fair value measurement.

A summary of the Fund’s transactions in AB mutual funds for the nine months ended September 30, 2020 is as follows:

Fund	Market Value 12/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/20 (000)		Dividend Income (000)
Government Money Market Portfolio	$	2,551	$	13,908	$	15,930	$	529	$	3

45