AB Bond Fund, Inc.

AB Limited Duration High Income Portfolio

Portfolio of Investments

June 30, 2021 (unaudited)

	Principal Amount (000)			U.S. $ Value
CORPORATES - NON-INVESTMENT GRADE – 44.1%
Industrial – 38.6%
Basic – 2.5%
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV 4.75%, 06/15/2027(a)		U.S.$	210	$	220,164
Cleveland-Cliffs, Inc. 6.75%, 03/15/2026(a)			294		316,847
9.875%, 10/17/2025(a)			245		286,579
FMG Resources (August 2006) Pty Ltd. 5.125%, 05/15/2024(a)			205		222,948
Freeport-McMoRan, Inc. 3.875%, 03/15/2023			521		543,017
Grinding Media, Inc./Moly-Cop AltaSteel Ltd. 7.375%, 12/15/2023(a)			329		336,409
Hecla Mining Co. 7.25%, 02/15/2028			298		326,075
INEOS Quattro Finance 1 PLC 3.75%, 07/15/2026(a)		EUR	100		121,983
INEOS Quattro Finance 2 PLC 2.50%, 01/15/2026(a)			257		307,502
3.375%, 01/15/2026(a)		U.S.$	311		314,141
Kleopatra Finco SARL 4.25%, 03/01/2026(a)		EUR	920		1,095,439
Kraton Polymers LLC/Kraton Polymers Capital Corp. 4.25%, 12/15/2025(a)		U.S.$	690		703,724
OCI NV 5.25%, 11/01/2024(a)			222		228,622
Peabody Energy Corp. 8.50% (6.00% Cash and 2.50% PIK), 12/31/2024(a) (b)			617		463,842
PIC AU Holdings LLC/PIC AU Holdings Corp. 10.00%, 12/31/2024(a)			695		692,227
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 4.00%, 10/15/2027(a)			1,423		1,412,954
Sealed Air Corp. 5.25%, 04/01/2023(a)			305		322,681
thyssenkrupp AG 2.875%, 02/22/2024(a)		EUR	343		412,520
WR Grace & Co.-Conn 4.875%, 06/15/2027(a)		U.S.$	516		546,908
					8,874,582
Capital Goods – 3.3%
ARD Finance SA 5.00% (5.00% Cash or 5.75% PIK), 06/30/2027(a) (b)		EUR	251		305,355

1

	Principal Amount (000)			U.S. $ Value
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 4.125%, 08/15/2026(a)		U.S.$	523	$	539,914
5.25%, 08/15/2027(a)			521		531,988
Ball Corp. 4.00%, 11/15/2023			700		741,965
Bombardier, Inc. 6.00%, 10/15/2022(a)			14		14,021
7.50%, 03/15/2025(a)			26		26,774
Clean Harbors, Inc. 4.875%, 07/15/2027(a)			852		894,217
Cleaver-Brooks, Inc. 7.875%, 03/01/2023(a)			72		71,271
Crown European Holdings SA 2.25%, 02/01/2023(a)		EUR	116		140,645
Gates Global LLC/Gates Corp. 6.25%, 01/15/2026(a)		U.S.$	1,143		1,197,310
GFL Environmental, Inc. 3.75%, 08/01/2025(a)			355		364,702
5.125%, 12/15/2026(a)			64		67,699
Griffon Corp. 5.75%, 03/01/2028			387		410,870
Madison IAQ LLC 4.125%, 06/30/2028(a)			696		702,960
Renk AG/Frankfurt am Main 5.75%, 07/15/2025(a)		EUR	931		1,145,734
Silgan Holdings, Inc. 2.25%, 06/01/2028			412		491,221
SPX FLOW, Inc. 5.875%, 08/15/2026(a)		U.S.$	264		272,778
Tervita Corp. 11.00%, 12/01/2025(a)			608		680,291
TransDigm, Inc. 8.00%, 12/15/2025(a)			275		297,077
Triumph Group, Inc. 6.25%, 09/15/2024(a)			491		498,542
8.875%, 06/01/2024(a)			341		381,020
Trivium Packaging Finance BV 3.75%, 08/15/2026(a)		EUR	440		529,232
5.50%, 08/15/2026(a)		U.S.$	232		243,602
Vertical US Newco, Inc. 5.25%, 07/15/2027(a)			847		892,238
Wesco Distribution, Inc. 7.125%, 06/15/2025(a)			262		283,167
					11,724,593
Communications - Media – 4.4%
Altice Financing SA 2.25%, 01/15/2025(a)		EUR	106		121,975
5.00%, 01/15/2028(a)		U.S.$	782		769,558
AMC Networks, Inc. 5.00%, 04/01/2024			284		288,388

2

	Principal Amount (000)			U.S. $ Value
Banijay Entertainment SASU 3.50%, 03/01/2025(a)		EUR	110	$	131,764
5.375%, 03/01/2025(a)		U.S.$	999		1,034,065
CCO Holdings LLC/CCO Holdings Capital Corp. 4.00%, 03/01/2023(a)			614		619,802
Clear Channel Worldwide Holdings, Inc. 5.125%, 08/15/2027(a)			1,168		1,194,829
CSC Holdings LLC 6.75%, 11/15/2021			346		352,920
DISH DBS Corp. 5.00%, 03/15/2023			63		66,027
5.875%, 07/15/2022			246		256,546
7.75%, 07/01/2026			145		164,137
iHeartCommunications, Inc. 6.375%, 05/01/2026			508		540,461
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027(a)			599		645,429
Meredith Corp. 6.875%, 02/01/2026			575		599,317
Netflix, Inc. 3.625%, 05/15/2027		EUR	1,136		1,548,956
Outfront Media Capital LLC/Outfront Media Capital Corp. 5.00%, 08/15/2027(a)		U.S.$	373		386,488
Sinclair Television Group, Inc. 5.50%, 03/01/2030(a)			431		439,112
Sirius XM Radio, Inc. 3.875%, 08/01/2022(a)			850		851,377
4.00%, 07/15/2028(a)			972		1,002,861
4.625%, 07/15/2024(a)			267		274,150
Summer BC Bidco B LLC 5.50%, 10/31/2026(a)			350		355,856
TEGNA, Inc. 4.75%, 03/15/2026(a)			605		644,585
Univision Communications, Inc. 5.125%, 02/15/2025(a)			357		364,211
6.625%, 06/01/2027(a)			304		329,393
UPC Holding BV 5.50%, 01/15/2028(a)			322		337,598
Urban One, Inc. 7.375%, 02/01/2028(a)			608		656,725
Virgin Media Secured Finance PLC 5.50%, 08/15/2026(a)			860		888,088
Ziggo BV 5.50%, 01/15/2027(a)			467		485,302
					15,349,920
Communications - Telecommunications – 1.3%
Altice France SA/France 7.375%, 05/01/2026(a)			255		265,083

3

	Principal Amount (000)			U.S. $ Value
Connect Finco SARL/Connect US Finco LLC 6.75%, 10/01/2026(a)		U.S.$	791	$	837,969
Consolidated Communications, Inc. 5.00%, 10/01/2028(a) 246					249,314
6.50%, 10/01/2028(a)			280		300,796
DKT Finance ApS 9.375%, 06/17/2023(a)			200		204,818
Hughes Satellite Systems Corp. 6.625%, 08/01/2026			307		344,089
Level 3 Financing, Inc. 4.625%, 09/15/2027(a)			154		159,792
Lumen Technologies, Inc. Series T 5.80%, 03/15/2022			260		267,779
Series Y 7.50%, 04/01/2024			372		417,700
T-Mobile USA, Inc. 2.25%, 02/15/2026			355		358,095
2.625%, 04/15/2026			657		671,789
2.875%, 02/15/2031			118		117,025
Zayo Group Holdings, Inc. 4.00%, 03/01/2027(a)			140		139,079
6.125%, 03/01/2028(a)			59		60,244
					4,393,572
Consumer Cyclical - Automotive – 2.2%
Adient US LLC 9.00%, 04/15/2025(a)			390		429,171
American Axle & Manufacturing, Inc. 6.25%, 04/01/2025			60		62,060
6.50%, 04/01/2027			211		223,502
Clarios Global LP/Clarios US Finance Co. 4.375%, 05/15/2026(a)		EUR	110		135,059
6.25%, 05/15/2026(a)		U.S.$	511		544,251
Ford Motor Co. 8.50%, 04/21/2023			624		696,353
9.00%, 04/22/2025			180		221,807
Ford Motor Credit Co. LLC 3.096%, 05/04/2023			1,041		1,062,111
Goodyear Tire & Rubber Co. (The) 5.00%, 07/15/2029(a)			419		437,897
IHO Verwaltungs GmbH 3.625% (3.625% Cash or 4.375% PIK), 05/15/2025(a) (b)		EUR	281		338,221
Jaguar Land Rover Automotive PLC 5.875%, 11/15/2024(a)			100		130,423
6.875%, 11/15/2026(a)			702		968,768
7.75%, 10/15/2025(a)		U.S.$	293		321,635
Meritor, Inc. 4.50%, 12/15/2028(a)			301		304,973
6.25%, 06/01/2025(a)			64		68,127
PM General Purchaser LLC 9.50%, 10/01/2028 (a)			148		155,893

4

	Principal Amount (000)			U.S. $ Value
Tenneco, Inc. 7.875%, 01/15/2029(a)		U.S.$	378	$	426,853
ZF North America Capital, Inc. 4.50%, 04/29/2022(a)			907		932,015
4.75%, 04/29/2025(a)			400		432,468
					7,891,587
Consumer Cyclical - Entertainment – 3.0%
Boyne USA, Inc. 4.75%, 05/15/2029(a)			197		204,047
Carnival Corp. 1.875%, 11/07/2022		EUR	785		921,599
10.125%, 02/01/2026(a)			182		251,902
11.50%, 04/01/2023(a)		U.S.$	868		980,102
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.50%, 05/01/2025(a)			1,294		1,353,007
Mattel, Inc. 3.375%, 04/01/2026(a)			1,100		1,140,359
NCL Corp., Ltd. 3.625%, 12/15/2024(a)			891		859,975
Royal Caribbean Cruises Ltd. 5.50%, 04/01/2028(a)			526		551,837
10.875%, 06/01/2023(a)			338		385,371
11.50%, 06/01/2025(a)			609		702,603
Six Flags Theme Parks, Inc. 7.00%, 07/01/2025(a)			517		557,171
Vail Resorts, Inc. 6.25%, 05/15/2025 (a)			1,353		1,447,872
Viking Cruises Ltd. 5.875%, 09/15/2027(a)			132		130,406
13.00%, 05/15/2025(a)			656		771,482
Viking Ocean Cruises Ship VII Ltd. 5.625%, 02/15/2029(a)			227		231,020
					10,488,753
Consumer Cyclical - Other – 3.4%
Adams Homes, Inc. 7.50%, 02/15/2025(a)			435		456,076
Brookfield Residential Properties, Inc./Brookfield Residential US LLC 6.25%, 09/15/2027(a)			545		577,062
Caesars Entertainment, Inc. 6.25%, 07/01/2025(a)			330		350,038
Churchill Downs, Inc. 4.75%, 01/15/2028(a)			331		342,558
Empire Communities Corp. 7.00%, 12/15/2025(a)			759		799,956
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, 11/15/2025(a)			460		485,728

5

	Principal Amount (000)			U.S. $ Value
Forestar Group, Inc. 3.85%, 05/15/2026(a)		U.S.$	464	$	468,872
Forterra Finance LLC/FRTA Finance Corp. 6.50%, 07/15/2025(a)			602		649,371
Hilton Domestic Operating Co., Inc. 4.875%, 01/15/2030			526		562,778
5.375%, 05/01/2025(a)			105		110,590
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. 6.125%, 12/01/2024			743		777,639
International Game Technology PLC 3.50%, 07/15/2024(a)		EUR	135		167,971
4.125%, 04/15/2026(a)		U.S.$	491		511,337
KB Home 7.50%, 09/15/2022			363		389,913
7.625%, 05/15/2023			355		385,857
Marriott Ownership Resorts, Inc. 4.50%, 06/15/2029(a)			139		140,928
Marriott Ownership Resorts, Inc./ILG LLC 6.50%, 09/15/2026			652		678,393
Mattamy Group Corp. 5.25%, 12/15/2027(a)			463		485,492
MGM Resorts International 7.75%, 03/15/2022			96		100,328
Samsonite Finco SARL 3.50%, 05/15/2026(a)		EUR	215		252,958
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 02/15/2028(a)		U.S.$	445		457,077
Stars Group Holdings BV/Stars Group US Co-Borrower LLC 7.00%, 07/15/2026(a)			355		368,192
Taylor Morrison Communities, Inc. 5.875%, 06/15/2027(a)			195		221,027
Travel + Leisure Co. 6.625%, 07/31/2026(a)			1,119		1,267,402
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.50%, 03/01/2025(a)			1,024		1,102,090
					12,109,633
Consumer Cyclical - Restaurants – 0.3%
1011778 BC ULC/New Red Finance, Inc. 5.75%, 04/15/2025(a)			452		478,677
IRB Holding Corp. 7.00%, 06/15/2025(a)			183		197,600
Yum! Brands, Inc. 7.75%, 04/01/2025(a)			375		408,716
					1,084,993

6

	Principal Amount (000)			U.S. $ Value
Consumer Cyclical - Retailers – 2.3%
Dufry One BV 2.50%, 10/15/2024(a)		EUR	748	$	883,278
Hanesbrands, Inc. 4.625%, 05/15/2024(a)		U.S.$	607		645,156
4.875%, 05/15/2026(a)			170		183,631
L Brands, Inc. 5.25%, 02/01/2028			1,102		1,235,794
Magic Mergeco, Inc. 5.25%, 05/01/2028(a)			965		990,833
Penske Automotive Group, Inc. 3.50%, 09/01/2025			580		600,700
PetSmart, Inc./PetSmart Finance Corp. 4.75%, 02/15/2028(a)			302		313,609
7.75%, 02/15/2029(a)			317		349,638
Rite Aid Corp. 7.50%, 07/01/2025(a)			134		135,989
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.375%, 09/30/2026(a)			735		770,692
SRS Distribution, Inc. 4.625%, 07/01/2028(a)			509		520,666
Staples, Inc. 7.50%, 04/15/2026(a)			556		576,077
TPro Acquisition Corp. 11.00%, 10/15/2024(a)			177		193,873
William Carter Co. (The) 5.625%, 03/15/2027(a)			547		575,307
					7,975,243
Consumer Non-Cyclical – 3.8%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 02/15/2023(a)			397		408,037
4.625%, 01/15/2027(a)			694		725,584
7.50%, 03/15/2026(a)			185		202,897
Avantor Funding, Inc. 2.625%, 11/01/2025(a)		EUR	346		420,075
CD&R Smokey Buyer, Inc. 6.75%, 07/15/2025(a)		U.S.$	321		343,916
Cheplapharm Arzneimittel GmbH 3.50%, 02/11/2027(a)		EUR	106		127,087
CHS/Community Health Systems, Inc. 6.625%, 02/15/2025(a)		U.S.$	357		377,335
Cidron Aida Finco Sarl 5.00%, 04/01/2028(a)		EUR	145		174,337
Emergent BioSolutions, Inc. 3.875%, 08/15/2028(a)		U.S.$	685		671,478
Global Medical Response, Inc. 6.50%, 10/01/2025(a)			290		298,068
Horizon Therapeutics USA, Inc. 5.50%, 08/01/2027(a)			760		806,793

7

	Principal Amount (000)			U.S. $ Value
IQVIA, Inc. 1.75%, 03/15/2026(a)		EUR	798	$	955,738
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. 7.00%, 12/31/2027(a)		U.S.$	469		470,552
Legacy LifePoint Health LLC 4.375%, 02/15/2027(a)			147		148,789
6.75%, 04/15/2025(a)			469		499,546
MEDNAX, Inc. 6.25%, 01/15/2027(a)			427		452,210
ModivCare, Inc. 5.875%, 11/15/2025(a)			221		236,463
Newell Brands, Inc. 4.35%, 04/01/2023			72		75,656
4.70%, 04/01/2026			496		553,000
4.875%, 06/01/2025			122		135,175
Organon & Co./Organon Foreign Debt Co-Issuer BV 4.125%, 04/30/2028(a)			497		507,079
Par Pharmaceutical, Inc. 7.50%, 04/01/2027 (a)			835		853,905
Post Holdings, Inc. 5.75%, 03/01/2027(a)			517		541,444
RP Escrow Issuer LLC 5.25%, 12/15/2025(a)			570		595,388
Syneos Health, Inc. 3.625%, 01/15/2029(a)			757		749,089
Tenet Healthcare Corp. 4.875%, 01/01/2026(a)			678		702,313
7.50%, 04/01/2025(a)			546		589,058
US Acute Care Solutions LLC 6.375%, 03/01/2026(a)			220		227,388
WASH Multifamily Acquisition, Inc. 5.75%, 04/15/2026(a)			397		414,579
					13,262,979
Energy – 4.7%
Antero Resources Corp. 8.375%, 07/15/2026(a)			143		162,618
Apache Corp. 4.625%, 11/15/2025			108		116,378
4.875%, 11/15/2027			222		240,688
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.625%, 12/15/2025(a)			739		800,581
Bonanza Creek Energy, Inc. 7.50%, 04/30/2026			37		37,534
Callon Petroleum Co. 6.25%, 04/15/2023			273		273,393
8.25%, 07/15/2025			125		124,800
Cheniere Energy Partners LP 4.50%, 10/01/2029			193		207,487
CITGO Petroleum Corp. 6.375%, 06/15/2026(a)			356		370,667
7.00%, 06/15/2025(a)			376		391,634

8

	Principal Amount (000)		U.S. $ Value
CNX Resources Corp. 6.00%, 01/15/2029(a)	U.S.$	226	$	244,324
Comstock Resources, Inc. 7.50%, 05/15/2025(a)		24		24,911
DCP Midstream Operating LP 4.95%, 04/01/2022		1,011		1,029,966
EnLink Midstream LLC 5.625%, 01/15/2028(a)		433		459,045
EnLink Midstream Partners LP 4.15%, 06/01/2025		769		805,351
4.40%, 04/01/2024		54		56,704
4.85%, 07/15/2026		582		603,639
EQM Midstream Partners LP 4.75%, 07/15/2023		101		105,446
Genesis Energy LP/Genesis Energy Finance Corp. 5.625%, 06/15/2024		108		108,166
7.75%, 02/01/2028		680		702,848
8.00%, 01/15/2027		518		544,314
Gulfport Energy Corp. 6.00%, 10/15/2024(c)		400		15,000
Gulfport Energy Operating Corp. 8.00%, 05/17/2026		118		126,588
Hess Midstream Operations LP 5.625%, 02/15/2026(a)		195		203,258
Independence Energy Finance LLC 7.25%, 05/01/2026(a)		833		878,182
Nabors Industries Ltd. 7.25%, 01/15/2026(a)		356		348,958
Neptune Energy Bondco PLC 6.625%, 05/15/2025(a)		235		240,986
New Fortress Energy, Inc. 6.75%, 09/15/2025(a)		639		654,649
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.50%, 02/01/2026(a)		411		431,595
NGL Energy Partners LP/NGL Energy Finance Corp. 7.50%, 11/01/2023		821		808,833
Occidental Petroleum Corp. 2.90%, 08/15/2024		1,180		1,206,585
3.20%, 08/15/2026		87		87,680
PBF Holding Co. LLC/PBF Finance Corp. 9.25%, 05/15/2025(a)		628		632,716
PDC Energy, Inc. 5.75%, 05/15/2026		304		317,647
Range Resources Corp. 5.00%, 03/15/2023		246		255,956
Renewable Energy Group, Inc. 5.875%, 06/01/2028(a)		276		289,822
SM Energy Co. 5.625%, 06/01/2025		185		183,182
Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024(a)		187		193,752

9

	Principal Amount (000)			U.S. $ Value
Transocean Sentry Ltd. 5.375%, 05/15/2023(a)		U.S.$	487	$	475,249
Weatherford International Ltd. 11.00%, 12/01/2024(a)			109		113,254
Western Midstream Operating LP 4.00%, 07/01/2022 84					85,352
4.35%, 02/01/2025			184		194,409
5.30%, 02/01/2030			1,182		1,327,398
					16,481,545
Other Industrial – 0.2%
Avient Corp. 5.75%, 05/15/2025(a)			128		135,438
KAR Auction Services, Inc. 5.125%, 06/01/2025(a)			679		696,607
					832,045
Services – 3.4%
ADT Security Corp. (The) 4.125%, 06/15/2023			539		567,173
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.625%, 07/15/2026(a)			597		633,011
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 4.625%, 06/01/2028(a)			602		604,027
ANGI Group LLC 3.875%, 08/15/2028(a)			247		246,002
APX Group, Inc. 6.75%, 02/15/2027(a)			480		511,637
7.875%, 12/01/2022			415		416,544
Aramark Services, Inc. 5.00%, 04/01/2025(a)			506		518,822
Carlson Travel, Inc. 6.75%, 12/15/2025(d)			816		750,198
10.50%, 03/31/2025(d)			144		150,596
eDreams ODIGEO SA 5.50%, 09/01/2023(a)		EUR	415		488,519
Garda World Security Corp. 4.625%, 02/15/2027(a)		U.S.$	305		306,183
Intertrust Group BV 3.375%, 11/15/2025(a)		EUR	556		672,938
ION Trading Technologies SARL 5.75%, 05/15/2028(a)		U.S.$	556		577,562
Prime Security Services Borrower LLC/Prime Finance, Inc. 3.375%, 08/31/2027(a)			178		172,678
5.25%, 04/15/2024(a)			583		624,649
5.75%, 04/15/2026(a)			225		248,895
6.25%, 01/15/2028(a)			753		802,442
Ritchie Bros Auctioneers, Inc. 5.375%, 01/15/2025(a)			85		87,476

10

	Principal Amount (000)			U.S. $ Value
Sabre GLBL, Inc. 7.375%, 09/01/2025(a)		U.S.$	585	$	635,907
9.25%, 04/15/2025(a)			141		167,635
Square, Inc. 2.75%, 06/01/2026(a)			1,157		1,177,132
TripAdvisor, Inc. 7.00%, 07/15/2025(a)			961		1,035,506
Verisure Holding AB 3.25%, 02/15/2027(a)		EUR	638		757,265
					12,152,797
Technology – 2.5%
Austin BidCo, Inc. 7.125%, 12/15/2028(a)		U.S.$	269		275,507
Avaya, Inc. 6.125%, 09/15/2028(a)			547		585,470
Black Knight InfoServ LLC 3.625%, 09/01/2028(a)			438		436,327
Clarivate Science Holdings Corp. 3.875%, 06/30/2028(a)			1,039		1,044,808
CommScope, Inc. 5.50%, 03/01/2024(a)			362		372,701
Dell International LLC/EMC Corp. 7.125%, 06/15/2024(a)			671		688,225
Microchip Technology, Inc. 4.25%, 09/01/2025			238		249,969
NCR Corp. 5.75%, 09/01/2027(a)			309		325,664
8.125%, 04/15/2025(a)			148		161,589
Pitney Bowes, Inc. 6.875%, 03/15/2027(a)			315		332,574
Presidio Holdings, Inc. 4.875%, 02/01/2027(a)			543		559,659
Rackspace Technology Global, Inc. 3.50%, 02/15/2028(a)			959		927,804
Seagate HDD Cayman 4.875%, 03/01/2024			218		236,002
Veritas US, Inc./Veritas Bermuda Ltd. 7.50%, 09/01/2025(a)			1,857		1,933,007
Xerox Corp. 4.375%, 03/15/2023			798		832,817
					8,962,123
Transportation - Airlines – 0.6%
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%, 04/20/2026(a)			602		639,107
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. 5.75%, 01/20/2026(a)			414		444,484
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 09/20/2025(a)			618		700,870

11

	Principal Amount (000)			U.S. $ Value
United Airlines, Inc. 4.375%, 04/15/2026 (a)		U.S.$	395	$	408,916
					2,193,377
Transportation - Services – 0.7%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.75%, 07/15/2027(a)			69		72,412
Modulaire Global Finance PLC 6.50%, 02/15/2023(a)		EUR	109		131,939
8.00%, 02/15/2023(a)		U.S.$	806		831,276
XPO Logistics, Inc. 6.125%, 09/01/2023(a)			1,311		1,321,213
					2,356,840
					136,134,582
Financial Institutions – 4.7%
Banking – 1.8%
Alliance Data Systems Corp. 4.75%, 12/15/2024(a)			1,128		1,159,020
Ally Financial, Inc. 5.75%, 11/20/2025			785		900,411
Banco Santander SA 6.75%, 04/25/2022(a) (e)		EUR	600		741,793
CaixaBank SA 5.875%, 10/09/2027(a) (e)			200		271,589
Discover Financial Services Series D 6.125%, 06/23/2025(e)		U.S.$	811		910,161
Intesa Sanpaolo SpA 5.017%, 06/26/2024(a)			914		993,125
5.71%, 01/15/2026(a)			347		389,938
Societe Generale SA 8.00%, 09/29/2025(a) (e)			386		454,727
UniCredit SpA 9.25%, 06/03/2022(a) (e)		EUR	427		542,355
					6,363,119
Finance – 1.1%
Enova International, Inc. 8.50%, 09/15/2025(a)		U.S.$	646		669,644
goeasy Ltd. 4.375%, 05/01/2026(a)			495		508,627
5.375%, 12/01/2024(a)			852		882,246
Lincoln Financing SARL 3.625%, 04/01/2024(a)		EUR	327		392,269
Navient Corp. 5.50%, 01/25/2023		U.S.$	506		533,476
6.50%, 06/15/2022			117		122,002
7.25%, 09/25/2023			137		152,081

12

	Principal Amount (000)			U.S. $ Value
SLM Corp. 5.125%, 04/05/2022		U.S.$	449	$	460,135
					3,720,480
Other Finance – 0.3%
Intrum AB 2.75%, 07/15/2022(a)		EUR	63		74,847
3.50%, 07/15/2026(a)			250		302,500
4.875%, 08/15/2025(a)			145		180,690
Nordic Aviation Capital 5.04%, 02/27/2024(f)		U.S.$	767		576,947
					1,134,984
REITS – 1.5%
Aedas Homes Opco SLU 4.00%, 08/15/2026(a)		EUR	567		688,221
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 5.75%, 05/15/2026(a)		U.S.$	236		247,972
Diversified Healthcare Trust 9.75%, 06/15/2025			353		391,728
Iron Mountain, Inc. 4.875%, 09/15/2027(a)			323		334,877
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 5.625%, 05/01/2024			696		754,513
5.75%, 02/01/2027			200		223,226
Neinor Homes SA 4.50%, 10/15/2026(a)		EUR	821		998,364
Realogy Group LLC/Realogy Co-Issuer Corp. 9.375%, 04/01/2027(a)		U.S.$	285		316,512
Via Celere Desarrollos Inmobiliarios SA 5.25%, 04/01/2026(a)		EUR	806		994,268
VICI Properties LP/VICI Note Co., Inc. 3.50%, 02/15/2025(a)		U.S.$	435		445,718
					5,395,399
					16,613,982
Utility – 0.8%
Electric – 0.5%
Calpine Corp. 4.50%, 02/15/2028(a)			879		896,378
Talen Energy Supply LLC 7.25%, 05/15/2027(a)			394		368,043
Vistra Operations Co. LLC 5.50%, 09/01/2026(a)			528		544,780
					1,809,201

13

	Principal Amount (000)			U.S. $ Value
Other Utility – 0.3%
Solaris Midstream Holdings LLC 7.625%, 04/01/2026(a)		U.S.$	833	$	883,771
					2,692,972
Total Corporates - Non-Investment Grade (cost $148,955,346)					155,441,536
CORPORATES - INVESTMENT GRADE – 19.9%
Industrial – 12.3%
Basic – 1.6%
Anglo American Capital PLC 3.625%, 09/11/2024(a)			1,323		1,429,318
Arconic Corp. 6.00%, 05/15/2025(a)			285		303,576
Celulosa Arauco y Constitucion SA 4.50%, 08/01/2024			399		428,750
Glencore Finance Canada Ltd. 4.25%, 10/25/2022(a)			610		638,438
Glencore Finance Europe Ltd. 1.875%, 09/13/2023(a)		EUR	290		356,412
Industrias Penoles SAB de CV 5.65%, 09/12/2049(a)		U.S.$	395		473,704
MEGlobal Canada ULC 5.00%, 05/18/2025(a)			248		278,070
Nexa Resources SA 5.375%, 05/04/2027(a)			411		440,489
Smurfit Kappa Acquisitions ULC 2.875%, 01/15/2026(a)		EUR	334		438,278
Vale Overseas Ltd. 3.75%, 07/08/2030		U.S.$	37		39,350
Westlake Chemical Corp. 3.60%, 08/15/2026			843		920,033
					5,746,418
Capital Goods – 0.4%
CNH Industrial NV 4.50%, 08/15/2023			854		920,732
General Electric Co. 3.45%, 05/01/2027			188		206,813
Westinghouse Air Brake Technologies Corp. 3.20%, 06/15/2025			91		96,963
4.40%, 03/15/2024			50		54,223
					1,278,731
Communications - Telecommunications – 0.1%
Qwest Corp. 6.75%, 12/01/2021			265		271,601
Consumer Cyclical - Automotive – 1.6%
General Motors Financial Co., Inc. 2.20%, 04/01/2024(a)		EUR	472		591,329
5.10%, 01/17/2024		U.S.$	837		921,830
Harley-Davidson Financial Services, Inc. 3.35%, 06/08/2025(a)			768		821,553

14

	Principal Amount (000)		U.S. $ Value
Hyundai Capital America 5.875%, 04/07/2025(a)	U.S.$	771	$	892,479
Lear Corp. 3.80%, 09/15/2027		395		435,499
Nissan Motor Acceptance Corp. 2.60%, 09/28/2022(a)		22		22,459
2.80%, 01/13/2022(a)		19		19,208
3.45%, 03/15/2023(a)		29		30,205
Nissan Motor Co., Ltd. 4.345%, 09/17/2027(a)		1,110		1,221,322
Volkswagen Group of America Finance LLC 3.35%, 05/13/2025(a)		785		846,583
				5,802,467
Consumer Cyclical - Other – 1.5%
Genting New York LLC/GENNY Capital, Inc. 3.30%, 02/15/2026(a)		588		593,804
Las Vegas Sands Corp. 3.20%, 08/08/2024		545		571,945
3.90%, 08/08/2029		674		718,160
Lennar Corp. 4.50%, 04/30/2024		614		671,845
4.75%, 11/15/2022		650		680,010
Marriott International, Inc./MD Series EE 5.75%, 05/01/2025		112		129,324
PulteGroup, Inc. 5.50%, 03/01/2026		345		404,161
Sands China Ltd. 3.80%, 01/08/2026		437		465,654
Toll Brothers Finance Corp. 4.375%, 04/15/2023		867		907,073
5.875%, 02/15/2022		237		241,861
				5,383,837
Consumer Cyclical - Retailers – 0.4%
Advance Auto Parts, Inc. 3.90%, 04/15/2030		719		803,921
PVH Corp. 4.625%, 07/10/2025		246		274,484
Ross Stores, Inc. 4.70%, 04/15/2027		142		164,557
				1,242,962
Consumer Non-Cyclical – 0.7%
BAT Capital Corp. 2.259%, 03/25/2028		735		730,854
HCA, Inc. 5.375%, 02/01/2025		173		195,134
5.875%, 02/15/2026		373		431,621
Kimberly-Clark de Mexico SAB de CV 2.431%, 07/01/2031(a)		343		339,356

15

	Principal Amount (000)		U.S. $ Value
Kraft Heinz Foods Co. 4.625%, 01/30/2029	U.S.$	556	$	647,089
Zimmer Biomet Holdings, Inc. 3.55%, 03/20/2030		220		240,904
				2,584,958
Energy – 4.1%
Boardwalk Pipelines LP 5.95%, 06/01/2026		513		607,967
Cenovus Energy, Inc. 3.80%, 09/15/2023		30		31,638
4.25%, 04/15/2027		830		928,098
Cheniere Corpus Christi Holdings LLC 7.00%, 06/30/2024		511		585,192
Continental Resources, Inc./OK 3.80%, 06/01/2024		483		510,777
Devon Energy Corp. 4.50%, 01/15/2030(a)		345		379,603
Empresa Electrica Cochrane SpA 5.50%, 05/14/2027(a)		709		734,521
Enable Midstream Partners LP 3.90%, 05/15/2024		1,564		1,665,582
Energy Transfer LP 3.90%, 07/15/2026		20		21,851
4.25%, 03/15/2023		509		534,195
4.75%, 01/15/2026		253		284,810
Hunt Oil Co. of Peru LLC Sucursal Del Peru 6.375%, 06/01/2028(a)		200		209,250
Marathon Petroleum Corp. 4.50%, 05/01/2023		398		424,598
4.70%, 05/01/2025		345		389,088
5.125%, 12/15/2026		1,656		1,949,526
MPLX LP 4.875%, 06/01/2025		783		884,038
Oleoducto Central SA 4.00%, 07/14/2027(a)		560		578,130
ONEOK, Inc. 2.20%, 09/15/2025		374		384,831
4.35%, 03/15/2029		323		364,702
6.35%, 01/15/2031		200		258,670
Ovintiv Exploration, Inc. 5.625%, 07/01/2024		1,029		1,145,195
Plains All American Pipeline LP/PAA Finance Corp. 4.50%, 12/15/2026		57		64,038
4.65%, 10/15/2025		681		761,991
Raizen Fuels Finance SA 5.30%, 01/20/2027(a)		392		441,980
Sabine Pass Liquefaction LLC 5.75%, 05/15/2024		387		434,555
				14,574,826

16

	Principal Amount (000)		U.S. $ Value
Services – 0.1%
Booking Holdings, Inc. 4.625%, 04/13/2030	U.S.$	195	$	233,271
Expedia Group, Inc. 6.25%, 05/01/2025(a)		50		58,164
				291,435
Technology – 1.0%
Baidu, Inc. 3.075%, 04/07/2025		234		247,710
Broadcom, Inc. 4.15%, 11/15/2030		369		414,081
5.00%, 04/15/2030		700		827,400
CDW LLC/CDW Finance Corp. 4.125%, 05/01/2025		999		1,043,596
Dell International LLC/EMC Corp. 6.02%, 06/15/2026		339		406,580
Ingram Micro, Inc. 5.45%, 12/15/2024		89		101,271
Western Digital Corp. 4.75%, 02/15/2026		460		511,207
				3,551,845
Transportation - Airlines – 0.8%
Delta Air Lines, Inc. 7.00%, 05/01/2025(a)		321		374,562
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.50%, 10/20/2025(a)		272		292,421
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. 6.50%, 06/20/2027(a)		1,112		1,224,323
Southwest Airlines Co. 5.25%, 05/04/2025		690		788,187
				2,679,493
Transportation - Railroads – 0.0%
Lima Metro Line 2 Finance Ltd. 5.875%, 07/05/2034(a)		103		119,742
				43,528,315
Financial Institutions – 7.1%
Banking – 3.6%
ABN AMRO Bank NV 7.75%, 05/15/2023(d)		200		222,510
Ally Financial, Inc. 5.80%, 05/01/2025		108		125,552
Banco de Credito del Peru 3.125%, 07/01/2030(a)		248		245,433
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 5.375%, 04/17/2025(a)		266		302,147
Banco Santander SA 5.179%, 11/19/2025		400		457,608

17

	Principal Amount (000)			U.S. $ Value
Banistmo SA 4.25%, 07/31/2027(a)		U.S.$	436	$	456,519
BNP Paribas SA 6.75%, 03/14/2022(a) (e)			383		396,018
CIT Group, Inc. 5.00%, 08/15/2022			108		112,831
5.25%, 03/07/2025			746		839,578
Citigroup Capital XVIII 0.968% (LIBOR 3 Month + 0.89%), 06/28/2067(g)		GBP	643		795,748
Citigroup, Inc. 3.875%, 02/18/2026(e)		U.S.$	154		158,264
5.95%, 01/30/2023(e)			305		321,031
Series V 4.70%, 01/30/2025(e)			147		151,563
Series W 4.00%, 12/10/2025(e)			207		213,945
Cooperatieve Rabobank UA 3.95%, 11/09/2022			250		261,683
Danske Bank A/S 3.244%, 12/20/2025(a)			358		381,034
DNB Bank ASA 6.50%, 03/26/2022(a) (e)			200		207,402
Fifth Third Bancorp Series L 4.50%, 09/30/2025(e)			86		93,338
Lloyds Banking Group PLC 7.625%, 06/27/2023(a) (e)		GBP	410		620,862
Natwest Group PLC 8.625%, 08/15/2021(e)		U.S.$	1,050		1,058,536
Series U 2.467% (LIBOR 3 Month + 2.32%), 09/30/2027(e) (g)			900		892,557
Standard Chartered PLC 5.20%, 01/26/2024(a)			506		554,940
Truist Financial Corp. Series P 4.95%, 09/01/2025(e)			1,025		1,125,060
UBS Group AG 7.00%, 01/31/2024-02/19/2025(a) (e)			744		840,680
UniCredit SpA 2.569%, 09/22/2026(a)			468		474,267
5.861%, 06/19/2032(a)			426		471,467
Wells Fargo & Co. Series BB 3.90%, 03/15/2026(e)			878		907,747
					12,688,320
Brokerage – 0.3%
Charles Schwab Corp. (The) Series G 5.375%, 06/01/2025(e)			819		907,198

18

	Principal Amount (000)		U.S. $ Value
Finance – 1.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 6.50%, 07/15/2025	U.S.$	291	$	341,206
Aircastle Ltd. 2.85%, 01/26/2028(a)		39		39,229
4.125%, 05/01/2024		25		26,695
4.25%, 06/15/2026		5		5,427
4.40%, 09/25/2023		59		63,181
5.00%, 04/01/2023		6		6,419
5.25%, 08/11/2025(a)		1,078		1,210,788
Aviation Capital Group LLC 1.95%, 01/30/2026(a)		12		12,000
2.875%, 01/20/2022(a)		296		299,034
3.50%, 11/01/2027(a)		96		100,816
3.875%, 05/01/2023(a)		232		242,971
4.125%, 08/01/2025(a)		3		3,239
4.375%, 01/30/2024(a)		308		330,490
4.875%, 10/01/2025(a)		31		34,343
5.50%, 12/15/2024(a)		105		118,791
GE Capital Funding LLC 4.40%, 05/15/2030		570		664,398
Huarong Finance II Co., Ltd. 4.625%, 06/03/2026(a)		685		479,500
Synchrony Financial 4.25%, 08/15/2024		1,070		1,169,424
				5,147,951
Insurance – 0.6%
Centene Corp. 2.45%, 07/15/2028		1,056		1,069,897
4.25%, 12/15/2027		169		178,283
4.625%, 12/15/2029		20		22,016
Hartford Financial Services Group, Inc. (The) Series ICON 2.281% (LIBOR 1 Month + 2.13%), 02/12/2047(a) (g)		859		827,698
				2,097,894
REITS – 1.1%
EPR Properties 5.25%, 07/15/2023		200		211,184
GLP Capital LP/GLP Financing II, Inc. 3.35%, 09/01/2024		13		13,773
5.25%, 06/01/2025		191		215,167
5.375%, 04/15/2026		79		90,913
MPT Operating Partnership LP/MPT Finance Corp. 5.25%, 08/01/2026		530		545,889
Office Properties Income Trust 4.50%, 02/01/2025		279		303,276
Omega Healthcare Investors, Inc. 3.375%, 02/01/2031		440		452,091

19

	Principal Amount (000)		U.S. $ Value
Sabra Health Care LP 3.90%, 10/15/2029	U.S.$	334	$	352,831
4.80%, 06/01/2024		371		405,633
Spirit Realty LP 4.45%, 09/15/2026		303		338,418
Trust Fibra Uno 4.869%, 01/15/2030(a)		211		232,269
Vornado Realty LP 2.15%, 06/01/2026		839		851,073
				4,012,517
				24,853,880
Utility – 0.5%
Electric – 0.5%
Adani Transmission Ltd. 4.00%, 08/03/2026(a)		273		285,848
AES Panama Generation Holdings SRL 4.375%, 05/31/2030(a)		291		302,698
Empresas Publicas de Medellin ESP 4.25%, 07/18/2029(a)		427		421,609
Engie Energia Chile SA 3.40%, 01/28/2030(a)		289		296,099
Fenix Power Peru SA 4.317%, 09/20/2027(a)		425		431,966
				1,738,220
Total Corporates - Investment Grade (cost $66,182,193)				70,120,415
BANK LOANS – 7.9%
Industrial – 7.3%
Basic – 0.0%
Nouryon Finance B.V. (fka AkzoNobel) 2.840% (LIBOR 1 Month + 2.75%), 10/01/2025(h)		78		77,206
5.000% (LIBOR 3 Month + 1.75%), 10/01/2025(h)		12		11,978
				89,184
Capital Goods – 0.9%
ACProducts Holdings, Inc. 4.417% (LIBOR 3 Month + 4.25%), 05/17/2028(h)		675		671,146
Apex Tool Group, LLC 6.500% (LIBOR 1 Month + 5.25%), 08/01/2024(h)		902		905,367
Gates Global LLC 3.500% (LIBOR 1 Month + 2.75%), 03/31/2027(h)		287		286,730
GFL Environmental Inc. 3.500% (LIBOR 1 Month + 3.00%), 05/30/2025(h)		196		195,823

20

	Principal Amount (000)			U.S. $ Value
Granite US Holdings Corporation 4.147% (LIBOR 3 Month + 4.00%), 09/03/2026(f) (h)		U.S.$	546	$	547,646
TransDigm, Inc. 2.354% (LIBOR 1 Month + 2.25%), 12/09/2025(h)			666		655,665
Welbilt, Inc. (fka Manitowoc Foodservice, Inc.) 2.604% (LIBOR 1 Month + 2.50%), 10/23/2025(f) (h)			58		57,418
					3,319,795
Communications - Media – 0.1%
Clear Channel Outdoor Holdings, Inc. 3.686% (LIBOR 3 Month + 3.50%), 08/21/2026(h)			83		80,501
Univision Communications Inc. 3.750% (LIBOR 1 Month + 2.75%), 03/15/2024(h)			252		251,321
					331,822
Communications - Telecommunications – 0.8%
Crown Subsea Communications Holding, Inc. 5.750% (LIBOR 1 Month + 5.00%), 04/27/2027(h)			604		607,632
Intrado Corporation 5.000% (LIBOR 3 Month + 4.00%), 10/10/2024(h)			506		494,770
Proofpoint, Inc. 06/08/2029(f) (i)			850		857,437
Zacapa SARL 4.703% (LIBOR 3 Month + 4.50%), 07/02/2025(h)			915		916,908
					2,876,747
Consumer Cyclical - Automotive – 0.2%
Clarios Global LP 3.354% (LIBOR 1 Month + 3.25%), 04/30/2026(h)			118		116,944
Dana Incorporated 2.354% (LIBOR 1 Month + 2.25%), 02/27/2026(h)			409		407,938
Navistar, Inc. 3.600% (LIBOR 1 Month + 3.50%), 11/06/2024(h)			277		276,962
					801,844
Consumer Cyclical - Entertainment – 0.3%
Seaworld Parks & Entertainment, Inc. (fka SW Acquisitions Co., Inc.) 3.750% (LIBOR 1 Month + 3.00%), 04/01/2024(f) (h)			1,004		996,555

21

	Principal Amount (000)			U.S. $ Value
Consumer Cyclical - Other – 0.4%
Caesars Resort Collection, LLC 2.854% (LIBOR 1 Month + 2.75%), 12/23/2024(h)		U.S.$	425	$	420,758
Flutter Entertainment PLC 3.647% (LIBOR 3 Month + 3.50%), 07/10/2025(h)			80		80,278
Marriott Ownership Resorts, Inc. 1.854% (LIBOR 1 Month + 1.75%), 08/29/2025(h)			311		306,180
Scientific Games International, Inc. 2.854% (LIBOR 1 Month + 2.75%), 08/14/2024(h)			508		504,371
					1,311,587
Consumer Cyclical - Restaurants – 0.7%
1011778 B.C. Unlimited Liability Company (New Red Finance, Inc.) (fka Burger King/Tim Hortons) 1.854% (LIBOR 1 Month + 1.75%), 11/19/2026(h)			1,628		1,604,300
IRB Holding Corp. (fka Arby’s/Buffalo Wild Wings) 3.750% (LIBOR 3 Month + 2.75%), 02/05/2025(h)			473		472,184
Whatabrands LLC 2.832% (LIBOR 1 Month + 2.75%), 07/31/2026(h)			190		189,097
					2,265,581
Consumer Cyclical - Retailers – 0.2%
Great Outdoors Group, LLC 5.000% (LIBOR 3 Month + 4.25%), 03/06/2028(h)			129		129,595
PetSmart LLC 4.500% (LIBOR 3 Month + 3.75%), 02/11/2028(h)			720		720,180
					849,775
Consumer Non-Cyclical – 1.8%
Aldevron, LLC 4.250% (LIBOR 1 Month + 3.25%), 10/12/2026(h)			784		783,409
Allied Universal Holdco LLC (fka USAGM Holdco, LLC) 4.250% (LIBOR 3 Month + 3.75%), 05/12/2028(h)			572		573,652
Alphabet Holding Company, Inc. (fka Nature’s Bounty) 7.854% (LIBOR 1 Month + 7.75%), 09/26/2025(h)			199		199,221
Arbor Pharmaceuticals, LLC 6.000% (LIBOR 3 Month + 5.00%), 07/05/2023(h)			752		746,416

22

	Principal Amount (000)		U.S. $ Value
Envision Healthcare Corporation 3.854% (LIBOR 1 Month + 3.75%), 10/10/2025(h)	U.S.$	271	$	231,633
Kronos Acquisition Holdings Inc. 4.250% (LIBOR 3 Month + 3.75%), 12/22/2026(h)		557		552,787
LifePoint Health, Inc. (fka Regionalcare Hospital Partners Holdings, Inc.) 3.854% (LIBOR 1 Month + 3.75%), 11/16/2025(h)		694		691,937
Milano Acquisition Corp. 4.750% (LIBOR 3 Month + 4.00%), 10/01/2027(h)		398		398,895
MPH Acquisition Holdings LLC 3.750% (LIBOR 3 Month + 2.75%), 06/07/2023(h)		460		458,625
Padagis 06/29/2028(f) (i)		250		248,438
U.S. Renal Care, Inc. 5.125% (LIBOR 1 Month + 5.00%), 06/26/2026(h)		821		824,278
US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.) 6.250% (LIBOR 1 Month + 5.50%), 12/15/2027(h)		537		540,099
				6,249,390
Energy – 0.3%
CITGO Petroleum Corporation 7.250% (LIBOR 3 Month + 6.25%), 03/28/2024(h)		268		269,604
Enviva Holdings, LP 6.500% (LIBOR 3 Month + 5.50%), 02/17/2026(f) (h)		800		804,470
				1,074,074
Other Industrial – 0.3%
Core & Main LP 3.750% (LIBOR 3 Month + 2.75%), 08/01/2024(h)		24		24,199
3.750% (LIBOR 1 Month + 2.75%), 08/01/2024(h)		37		36,676
Dealer Tire, LLC 4.354% (LIBOR 1 Month + 4.25%), 12/12/2025(h)		81		81,000
4.355% (LIBOR 1 Month + 4.25%), 12/12/2025(h)		47		46,986
KAR Auction Services, Inc. 2.375% (LIBOR 1 Month + 2.25%), 09/19/2026(f) (h)		106		104,303
Rockwood Service Corporation 4.104% (LIBOR 1 Month + 4.00%), 01/23/2027(h)		36		35,735

23

	Principal Amount (000)		U.S. $ Value
RS IVY Holdco., Inc. 6.500% (LIBOR 1 Month + 5.50%), 12/23/2027(f) (h)	U.S.$	577	$	577,100
				905,999
Services – 0.4%
Amentum Government Services Holdings LLC 3.604% (LIBOR 1 Month + 3.50%), 01/29/2027(h)		59		59,207
Garda World Security Corporation 10/30/2026(i)		457		458,514
Parexel International Corporation 2.854% (LIBOR 1 Month + 2.75%), 09/27/2024(h)		289		287,320
Sabre GLBL, Inc. 4.750% (LIBOR 1 Month + 4.00%), 12/17/2027(h)		229		229,994
Team Health Holdings, Inc. 3.750% (LIBOR 1 Month + 2.75%), 02/06/2024(h)		528		511,115
				1,546,150
Technology – 0.9%
athenahealth, Inc. 4.410% (LIBOR 3 Month + 4.25%), 02/11/2026(h)		529		530,115
Boxer Parent Company, Inc. (fka BMC Software, Inc.) 3.854% (LIBOR 1 Month + 3.75%), 10/02/2025(h)		1,007		1,000,321
Endurance International Group Holdings, Inc. 4.250% (LIBOR 3 Month + 3.50%), 02/10/2028(h)		630		626,586
Playtika Holding Corp. 2.854% (LIBOR 1 Month + 2.75%), 03/13/2028(h)		805		800,869
Presidio Holdings, Inc. 3.610% (LIBOR 1 Month + 3.50%), 01/22/2027(h)		6		5,994
3.690% (LIBOR 3 Month + 3.50%), 01/22/2027(h)		104		103,902
Veritas US Inc. 6.000% (LIBOR 3 Month + 5.00%), 09/01/2025(h)		97		97,940
				3,165,727
				25,784,230

24

	Principal Amount (000)			U.S. $ Value
Financial Institutions – 0.4%
Insurance – 0.4%
Cross Financial Corp. 4.750% (LIBOR 1 Month + 4.00%), 09/15/2027(h)		U.S.$	419	$	419,822
Hub International Limited 4.000% (LIBOR 3 Month + 3.25%), 04/25/2025(h)			717		716,122
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) 3.854% (LIBOR 1 Month + 3.75%), 09/03/2026(h)			363		362,343
					1,498,287
Utility – 0.2%
Electric – 0.2%
Granite Generation LLC 4.750% (LIBOR 1 Month + 3.75%), 11/09/2026(h)			481		468,071
4.750% (LIBOR 3 Month + 3.75%), 11/09/2026(h)			93		90,997
					559,068
Total Bank Loans (cost $27,747,124)					27,841,585
EMERGING MARKETS - SOVEREIGNS – 6.2%
Angola – 0.5%
Angolan Government International Bond 9.125%, 11/26/2049(a)			850		869,816
9.50%, 11/12/2025(a)			710		778,692
					1,648,508
Bahrain – 0.3%
Bahrain Government International Bond 7.00%, 10/12/2028(a)			570		639,825
CBB International Sukuk Programme Co. WLL 6.25%, 11/14/2024(a)			305		332,602
					972,427
Brazil – 0.2%
Brazilian Government International Bond 2.875%, 06/06/2025			547		562,316

25

	Principal Amount (000)			U.S. $ Value
Costa Rica – 0.3%
Costa Rica Government International Bond 4.375%, 04/30/2025(a)		U.S.$	1,054	$	1,079,889
Dominican Republic – 0.6%
Dominican Republic International Bond 5.50%, 01/27/2025(a)			1,023		1,125,172
6.875%, 01/29/2026(a)			777		899,281
					2,024,453
Ecuador – 0.2%
Ecuador Government International Bond Zero Coupon, 07/31/2030(a)			34		18,750
0.50%, 07/31/2030-07/31/2040(a)			1,070		747,628
					766,378
Egypt – 0.8%
Egypt Government International Bond 5.75%, 05/29/2024(a)			1,008		1,072,764
6.20%, 03/01/2024(a)			1,033		1,107,764
7.50%, 01/31/2027(a)			755		847,393
					3,027,921
El Salvador – 0.1%
El Salvador Government International Bond 7.75%, 01/24/2023(a)			300		296,250
Ghana – 0.4%
Ghana Government International Bond 6.375%, 02/11/2027(a)			224		224,812
7.875%, 03/26/2027(a)			1,101		1,161,073
					1,385,885
Honduras – 0.2%
Honduras Government International Bond 6.25%, 01/19/2027(a)			614		668,799
Ivory Coast – 0.2%
Ivory Coast Government International Bond 6.375%, 03/03/2028(a)			760		835,430
Kenya – 0.2%
Kenya Government International Bond 6.875%, 06/24/2024(a)			572		628,413
Lebanon – 0.0%
Lebanon Government International Bond 6.10%, 10/04/2022(a) (c) (j)			210		26,158
6.85%, 03/23/2027(a) (c) (j)			11		1,357
Series G 6.60%, 11/27/2026(a) (c) (j)			51		6,273
					33,788

26

	Principal Amount (000)			U.S. $ Value
Mongolia – 0.1%
Mongolia Government International Bond 5.125%, 12/05/2022(a)		U.S.$	260	$	270,205
Nigeria – 0.6%
Nigeria Government International Bond 7.625%, 11/21/2025-11/28/2047(a)			2,059		2,237,352
Oman – 0.4%
Oman Government International Bond 4.125%, 01/17/2023(a)			200		205,725
4.875%, 02/01/2025(a)			1,247		1,306,077
					1,511,802
Senegal – 0.3%
Senegal Government International Bond 4.75%, 03/13/2028(a)		EUR	499		617,132
6.75%, 03/13/2048(a)		U.S.$	483		486,411
					1,103,543
South Africa – 0.3%
Republic of South Africa Government International Bond 4.30%, 10/12/2028			208		214,864
4.85%, 09/27/2027-09/30/2029			740		792,426
					1,007,290
Ukraine – 0.5%
State Agency of Roads of Ukraine 6.25%, 06/24/2028(a)			653		651,368
Ukraine Government International Bond 7.75%, 09/01/2021-09/01/2024(a)			1,252		1,318,135
					1,969,503
Total Emerging Markets - Sovereigns (cost $21,318,760)					22,030,152
COLLATERALIZED MORTGAGE OBLIGATIONS – 5.7%
Risk Share Floating Rate – 5.7%
Bellemeade Re Ltd.
Series 2019-1A, Class M2 2.792% (LIBOR 1 Month + 2.70%), 03/25/2029(a) (g)			185		185,337
Series 2019-2A, Class M1C 2.092% (LIBOR 1 Month + 2.00%), 04/25/2029(a) (g)			342		343,471
Series 2019-3A, Class M1C 2.042% (LIBOR 1 Month + 1.95%), 07/25/2029(a) (g)			853		853,000

27

	Principal Amount (000)			U.S. $ Value
Series 2019-4A, Class M1C 2.592% (LIBOR 1 Month + 2.50%), 10/25/2029(a) (g)		U.S.$	465	$	464,864
Series 2019-4A, Class M2 2.942% (LIBOR 1 Month + 2.85%), 10/25/2029(a) (g)			884		887,043
Connecticut Avenue Securities Trust
Series 2018-R07, Class 1M2 2.492% (LIBOR 1 Month + 2.40%), 04/25/2031(a) (g)			281		282,709
Series 2019-R01, Class 2M2 2.542% (LIBOR 1 Month + 2.45%), 07/25/2031(a) (g)			271		272,736
Series 2019-R02, Class 1M2 2.392% (LIBOR 1 Month + 2.30%), 08/25/2031(a) (g)			83		83,921
Series 2019-R03, Class 1M2 2.242% (LIBOR 1 Month + 2.15%), 09/25/2031(a) (g)			23		22,765
Series 2019-R05, Class 1M2 2.092% (LIBOR 1 Month + 2.00%), 07/25/2039(a) (g)			150		150,885
Series 2019-R06, Class 2M2 2.192% (LIBOR 1 Month + 2.10%), 09/25/2039(a) (g)			288		288,867
Series 2019-R07, Class 1M2 2.192% (LIBOR 1 Month + 2.10%), 10/25/2039(a) (g)			431		433,257
Series 2020-SBT1, Class 2M2 3.742% (LIBOR 1 Month + 3.65%), 02/25/2040(a) (g)			51		52,914
Federal Home Loan Mortgage Corp.
Series 2018-HQA2, Class M2 2.392% (LIBOR 1 Month + 2.30%), 10/25/2048(a) (g)			602		607,475
Series 2019-DNA1, Class M2 2.742% (LIBOR 1 Month + 2.65%), 01/25/2049(a) (g)			435		441,179
Series 2019-DNA3, Class M2 2.142% (LIBOR 1 Month + 2.05%), 07/25/2049(a) (g)			97		98,091
Series 2019-HQA1, Class M2 2.442% (LIBOR 1 Month + 2.35%), 02/25/2049(a) (g)			202		203,788
Series 2020-DNA1, Class M2 1.792% (LIBOR 1 Month + 1.70%), 01/25/2050(a) (g)			1,314		1,319,920
Series 2020-HQA2, Class M2 3.192% (LIBOR 1 Month + 3.10%), 03/25/2050(a) (g)			83		84,297
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2015-DNA1, Class M3 3.392% (LIBOR 1 Month + 3.30%), 10/25/2027(g)			134		135,593

28

	Principal Amount (000)			U.S. $ Value
Series 2015-DNA2, Class M3 3.992% (LIBOR 1 Month + 3.90%), 12/25/2027(g)		U.S.$	223	$	226,536
Series 2015-HQA1, Class M3 4.792% (LIBOR 1 Month + 4.70%), 03/25/2028(g)			179		184,401
Series 2016-DNA3, Class M3 5.092% (LIBOR 1 Month + 5.00%), 12/25/2028(g)			196		204,455
Series 2016-DNA4, Class M3 3.892% (LIBOR 1 Month + 3.80%), 03/25/2029(g)			1,103		1,142,523
Series 2016-HQA2, Class M3 5.242% (LIBOR 1 Month + 5.15%), 11/25/2028(g)			271		283,390
Series 2016-HQA3, Class M3 3.942% (LIBOR 1 Month + 3.85%), 03/25/2029(g)			610		631,957
Series 2017-DNA2, Class M2 3.542% (LIBOR 1 Month + 3.45%), 10/25/2029(g)			923		964,175
Series 2017-DNA3, Class M2 2.592% (LIBOR 1 Month + 2.50%), 03/25/2030(g)			944		964,528
Series 2018-DNA1, Class M2 1.892% (LIBOR 1 Month + 1.80%), 07/25/2030(g)			393		395,595
Series 2018-HQA1, Class M2 2.392% (LIBOR 1 Month + 2.30%), 09/25/2030(g)			186		188,710
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C04, Class 1M2 4.992% (LIBOR 1 Month + 4.90%), 11/25/2024(g)			65		67,535
Series 2015-C03, Class 1M2 5.092% (LIBOR 1 Month + 5.00%), 07/25/2025(g)			259		266,314
Series 2015-C03, Class 2M2 5.092% (LIBOR 1 Month + 5.00%), 07/25/2025(g)			44		44,490
Series 2015-C04, Class 1M2 5.792% (LIBOR 1 Month + 5.70%), 04/25/2028(g)			76		80,821
Series 2015-C04, Class 2M2 5.642% (LIBOR 1 Month + 5.55%), 04/25/2028(g)			92		97,803
Series 2016-C01, Class 1M2 6.842% (LIBOR 1 Month + 6.75%), 08/25/2028(g)			225		240,280
Series 2016-C01, Class 2M2 7.042% (LIBOR 1 Month + 6.95%), 08/25/2028(g)			77		81,978

29

	Principal Amount (000)		U.S. $ Value
Series 2016-C03, Class 1M2 5.392% (LIBOR 1 Month + 5.30%), 10/25/2028(g)	U.S.$	156	$	163,834
Series 2016-C05, Class 2M2 4.542% (LIBOR 1 Month + 4.45%), 01/25/2029(g)		216		225,797
Series 2016-C07, Class 2M2 4.442% (LIBOR 1 Month + 4.35%), 05/25/2029(g)		109		114,434
Series 2017-C02, Class 2B1 5.592% (LIBOR 1 Month + 5.50%), 09/25/2029(g)		415		451,434
Series 2017-C03, Class 1M2 3.092% (LIBOR 1 Month + 3.00%), 10/25/2029(g)		65		66,845
Series 2017-C05, Class 1M2 2.292% (LIBOR 1 Month + 2.20%), 01/25/2030(g)		49		49,318
Series 2017-C07, Class 2M2 2.592% (LIBOR 1 Month + 2.50%), 05/25/2030(g)		10		9,744
Series 2018-C01, Class 1M2 2.342% (LIBOR 1 Month + 2.25%), 07/25/2030(g)		529		535,997
Series 2018-C02, Class 2M2 2.292% (LIBOR 1 Month + 2.20%), 08/25/2030(g)		235		237,159
Series 2018-C04, Class 2M2 2.642% (LIBOR 1 Month + 2.55%), 12/25/2030(g)		796		810,020
Home Re Ltd. Series 2020-1, Class M2 5.342% (LIBOR 1 Month + 5.25%), 10/25/2030(a) (g)		440		450,147
Mortgage Insurance-Linked Notes Series 2019-1, Class M2 2.992% (LIBOR 1 Month + 2.90%), 11/26/2029(a) (g)		905		905,000
Oaktown Re III Ltd. Series 2019-1A, Class M2 2.642% (LIBOR 1 Month + 2.55%), 07/25/2029(a) (g)		270		271,138
PMT Credit Risk Transfer Trust
Series 2019-1R, Class A 2.096% (LIBOR 1 Month + 2.00%), 03/27/2024(a) (g)		169		168,537
Series 2019-2R, Class A 2.846% (LIBOR 1 Month + 2.75%), 05/27/2023(a) (g)		193		191,332
Series 2020-1R, Class A 2.446% (LIBOR 1 Month + 2.35%), 02/27/2023(d) (g)		249		249,000

30

	Principal Amount (000)		U.S. $ Value
Radnor Re Ltd.
Series 2018-1, Class M2 2.792% (LIBOR 1 Month + 2.70%), 03/25/2028(a) (g)	U.S.$	150	$	151,515
Series 2019-1, Class M1B 2.042% (LIBOR 1 Month + 1.95%), 02/25/2029(a) (g)		185		185,933
Series 2020-1, Class M1B 1.542% (LIBOR 1 Month + 1.45%), 01/25/2030(a) (g)		962		963,953
STACR Trust Series 2018-DNA3, Class M2 2.192% (LIBOR 1 Month + 2.10%), 09/25/2048(a) (g)		445		450,583
Triangle Re Ltd. Series 2020-1, Class M1C 4.592% (LIBOR 1 Month + 4.50%), 10/25/2030(a) (g)		245		249,900
Total Collateralized Mortgage Obligations (cost $19,604,499)				20,179,223
EMERGING MARKETS - CORPORATE BONDS – 3.6%
Industrial – 3.3%
Basic – 1.3%
Braskem Netherlands Finance BV 4.50%, 01/31/2030(a)		517		539,360
Consolidated Energy Finance SA 6.875%, 06/15/2025(a)		205		208,747
CSN Resources SA 7.625%, 04/17/2026(a)		702		754,432
Eldorado Gold Corp. 9.50%, 06/01/2024(a)		533		577,964
First Quantum Minerals Ltd. 7.25%, 04/01/2023(a)		1,038		1,056,165
HTA Group Ltd./Mauritius 7.00%, 12/18/2025(a)		424		450,050
Indika Energy Capital IV Pte Ltd. 8.25%, 10/22/2025(a)		584		619,040
Vedanta Resources Finance II PLC 13.875%, 01/21/2024(a)		200		217,400
Volcan Cia Minera SAA 4.375%, 02/11/2026(a)		24		23,640
				4,446,798
Capital Goods – 0.5%
Cemex SAB de CV 5.125%, 06/08/2026(a) (e)		245		252,423
7.375%, 06/05/2027(a)		397		446,645
Embraer Netherlands Finance BV 5.40%, 02/01/2027		588		624,391
Usiminas International SARL 5.875%, 07/18/2026(a)		545		590,031
				1,913,490

31

	Principal Amount (000)			U.S. $ Value
Communications - Telecommunications – 0.2%
C&W Senior Financing DAC 6.875%, 09/15/2027(a)		U.S.$	208	$	221,661
MTN Mauritius Investments Ltd. 5.373%, 02/13/2022(a)			408		416,160
					637,821
Consumer Cyclical - Other – 0.6%
MGM China Holdings Ltd. 5.25%, 06/18/2025(a)			275		285,880
5.375%, 05/15/2024(a)			214		219,591
5.875%, 05/15/2026(a)			216		226,300
Studio City Finance Ltd. 6.00%, 07/15/2025(a)			558		585,307
Wynn Macau Ltd. 5.50%, 01/15/2026(a)			475		496,167
5.625%, 08/26/2028(a)			345		360,482
					2,173,727
Consumer Non-Cyclical – 0.4%
BRF GmbH 4.35%, 09/29/2026(a)			285		299,838
BRF SA 4.875%, 01/24/2030(a)			285		298,324
Natura Cosmeticos SA 4.125%, 05/03/2028(a)			333		341,325
Teva Pharmaceutical Finance Netherlands III BV 3.15%, 10/01/2026			490		466,113
Tonon Luxembourg SA 6.50% (0.50% Cash and 6.00% PIK), 10/31/2024(b) (c) (d) (f) (j) (k)			101		1,021
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018(c) (d) (l)			425		3,727
					1,410,348
Energy – 0.3%
Investment Energy Resources Ltd. 6.25%, 04/26/2029(a)			247		267,069
Kosmos Energy Ltd. 7.50%, 03/01/2028(a)			200		196,187
Leviathan Bond Ltd. 6.125%, 06/30/2025(a)			419		459,665
Petrobras Global Finance BV 8.75%, 05/23/2026			33		42,422
SierraCol Energy Andina LLC 6.00%, 06/15/2028(a)			209		211,289
					1,176,632
					11,758,816

32

	Principal Amount (000)			U.S. $ Value
Utility – 0.2%
Electric – 0.2%
Cemig Geracao e Transmissao SA 9.25%, 12/05/2024(a)		U.S.$	200	$	230,100
Light Servicos de Eletricidade SA/Light Energia SA 4.375%, 06/18/2026(a)			209		209,993
Terraform Global Operating LLC 6.125%, 03/01/2026(d)			108		111,253
					551,346
Financial Institutions – 0.1%
Banking – 0.1%
Bank Tabungan Negara Persero TBK PT 4.20%, 01/23/2025(a)			452		462,396
Total Emerging Markets - Corporate Bonds (cost $12,973,508)					12,772,558
MORTGAGE PASS-THROUGHS – 2.5%
Agency Fixed Rate 30-Year – 2.5%
Fannie Mae or Freddie Mac Series 2021 2.00%, 07/01/2051, TBA (cost $8,622,930)			8,545		8,638,953
COLLATERALIZED LOAN OBLIGATIONS – 2.0%
CLO - Floating Rate – 2.0%
Ares XXXIV CLO Ltd. Series 2015-2A, Class CR 2.19% (LIBOR 3 Month + 2.00%), 04/17/2033(a) (g)			644		644,345
Balboa Bay Loan Funding Ltd. Series 2020-1A, Class D 4.188% (LIBOR 3 Month + 4.00%), 01/20/2032(a) (g)			250		251,016
Dryden 78 CLO Ltd. Series 2020-78A, Class C 2.14% (LIBOR 3 Month + 1.95%), 04/17/2033(a) (g)			250		250,501
Dryden CLO Ltd. Series 2020-78A, Class D 3.19% (LIBOR 3 Month + 3.00%), 04/17/2033(a) (g)			443		444,071
Elevation CLO Ltd.
Series 2020-11A, Class C 2.384% (LIBOR 3 Month + 2.20%), 04/15/2033(a) (g)			250		243,267
Series 2020-11A, Class D1 4.034% (LIBOR 3 Month + 3.85%), 04/15/2033(a) (g)			282		280,911
Elmwood CLO VII Ltd. Series 2020-4A, Class D 3.79% (LIBOR 3 Month + 3.60%), 01/17/2034(a) (g)			300		302,101

33

	Principal Amount (000)			U.S. $ Value
Flatiron CLO 21 Ltd. Series 2021-1A, Class D 3.031% (LIBOR 1 Month + 2.90%), 07/19/2034(a) (f) (g)		U.S.$	375	$	375,000
GoldenTree Loan Opportunities IX Ltd. Series 2014-9A, Class DR2 3.177% (LIBOR 3 Month + 3.00%), 10/29/2029(a) (g)			520		517,130
Greywolf CLO VI Ltd. Series 2018-1A, Class A1 1.206% (LIBOR 3 Month + 1.03%), 04/26/2031(a) (g)			550		550,094
Kayne CLO 7 Ltd. Series 2020-7A, Class C 2.19% (LIBOR 3 Month + 2.00%), 04/17/2033(a) (g)			250		250,601
Magnetite XXV Ltd. Series 2020-25A, Class D 3.555% (LIBOR 3 Month + 3.30%), 01/25/2032(a) (g)			250		250,635
Octagon Investment Partners 29 Ltd. Series 2016-1A, Class DR 3.276% (LIBOR 3 Month + 3.10%), 01/24/2033(a) (g)			521		516,903
Rockt Series 2021-2A, Class D 3.40% (LIBOR 1 Month + 3.25%), 07/20/2034(a) (g)			250		250,000
Signal Peak CLO 2 LLC Series 2015-1A, Class AR2 1.168% (LIBOR 3 Month + 0.98%), 04/20/2029(a) (g)			1,317		1,317,369
Sound Point CLO XIX Ltd. Series 2018-1A, Class A 1.184% (LIBOR 3 Month + 1.00%), 04/15/2031(a) (g)			550		550,082
Total Collateralized Loan Obligations (cost $6,957,821)					6,994,026
QUASI-SOVEREIGNS – 1.1%
Quasi-Sovereign Bonds – 1.1%
Bahrain – 0.2%
Oil and Gas Holding Co. BSCC (The) 8.375%, 11/07/2028(a)			596		697,246
Chile – 0.1%
Corp. Nacional del Cobre de Chile 3.75%, 01/15/2031(a)			200		218,250
Indonesia – 0.1%
Indonesia Asahan Aluminium Persero PT 5.45%, 05/15/2030(a)			371		431,589

34

	Principal Amount (000)		U.S. $ Value
Malaysia – 0.1%
Petronas Capital Ltd. 3.50%, 04/21/2030(a)	U.S.$	221	$	241,915
Mexico – 0.5%
Petroleos Mexicanos 5.95%, 01/28/2031		379		366,777
6.49%, 01/23/2027		1,127		1,186,167
6.75%, 09/21/2047		240		210,600
6.84%, 01/23/2030		146		150,271
6.95%, 01/28/2060		109		96,329
				2,010,144
South Africa – 0.1%
Eskom Holdings SOC Ltd. 6.35%, 08/10/2028(a)		336		373,128
Total Quasi-Sovereigns (cost $3,824,614)				3,972,272
ASSET-BACKED SECURITIES – 0.8%
Other ABS - Fixed Rate – 0.7%
DB Master Finance LLC Series 2017-1A, Class A2I 3.629%, 11/20/2047(a)		583		590,567
Marlette Funding Trust
Series 2018-3A, Class C 4.63%, 09/15/2028(a)		555		561,286
Series 2018-4A, Class C 4.91%, 12/15/2028(a)		752		762,902
Series 2019-2A, Class C 4.11%, 07/16/2029(a)		245		250,488
SoFi Consumer Loan Program Trust Series 2019-3, Class D 3.89%, 05/25/2028(a)		503		519,719
				2,684,962
Autos - Fixed Rate – 0.1%
Exeter Automobile Receivables Trust Series 2019-2A, Class E 4.68%, 05/15/2026(a)		270		285,386
Total Asset-Backed Securities (cost $2,923,013)				2,970,348
COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.6%
Non-Agency Fixed Rate CMBS – 0.4%
CD Mortgage Trust Series 2016-CD1, Class XA 1.527%, 08/10/2049(m)		4,089		233,513
Citigroup Commercial Mortgage Trust Series 2017-C4, Class XA 1.231%, 10/12/2050(m)		3,068		148,254
Commercial Mortgage Trust Series 2012-CR3, Class D 4.908%, 10/15/2045(a)		100		64,704

35

	Principal Amount (000)		U.S. $ Value
GS Mortgage Securities Trust
Series 2011-GC5, Class C 5.428%, 08/10/2044(a)	U.S.$	210	$	174,330
Series 2011-GC5, Class D 5.428%, 08/10/2044(a)		236		129,602
JPMBB Commercial Mortgage Securities Trust Series 2014-C24, Class C 4.55%, 11/15/2047		225		219,781
JPMCC Commercial Mortgage Securities Trust Series 2017-JP7, Class XA 1.192%, 09/15/2050(m)		1,108		51,886
UBS Commercial Mortgage Trust Series 2012-C1, Class D 5.754%, 05/10/2045(a)		140		134,128
Wells Fargo Commercial Mortgage Trust Series 2016-LC24, Class XA 1.797%, 10/15/2049(m)		2,506		165,392
WFRBS Commercial Mortgage Trust Series 2011-C4, Class E 5.266%, 06/15/2044(a)		25		15,496
				1,337,086
Non-Agency Floating Rate CMBS – 0.2%
BFLD Trust
Series 2019-DPLO, Class E 2.313% (LIBOR 1 Month + 2.24%), 10/15/2034(a) (g)		160		158,996
Series 2021-FPM, Class A 1.70% (LIBOR 1 Month + 1.60%), 06/15/2038(a) (g)		690		690,619
				849,615
Total Commercial Mortgage-Backed Securities (cost $2,396,844)				2,186,701
GOVERNMENTS - SOVEREIGN BONDS – 0.3%
Colombia – 0.1%
Colombia Government International Bond 8.125%, 05/21/2024		370		436,785
Mexico – 0.1%
Mexico Government International Bond 3.90%, 04/27/2025		244		270,047
Saudi Arabia – 0.1%
Saudi Government International Bond 2.90%, 10/22/2025(a)		404		432,280
Total Governments - Sovereign Bonds (cost $1,062,599)				1,139,112

36

Company	Shares			U.S. $ Value
COMMON STOCKS – 0.2%
Energy – 0.2%
Oil, Gas & Consumable Fuels – 0.2%
Bonanza Creek Energy, Inc.			3,453	$	162,533
Denbury, Inc.(c)			2,433		186,806
Gulfport Energy Operating Corp.(c) (f)			4,435		291,463
					640,802
Industrials – 0.0%
Services – 0.0%
Carlson Travel, Inc.(f) (k) (n)			145		0
Total Common Stocks (cost $482,222)					640,802
	Principal Amount (000)
EMERGING MARKETS - TREASURIES – 0.0%
South Africa – 0.0%
Republic of South Africa Government Bond Series 2032 8.25%, 03/31/2032 (cost $122,630)		ZAR	1,958		125,098
	Shares
PREFERRED STOCKS – 0.0%
Industrial – 0.0%
Energy – 0.0%
Gulfport Energy Operating Corp. 10.00% (10.00% Cash or 15.00% PIK)(b) (e) (f) (cost $11,080)			13		59,583
SHORT-TERM INVESTMENTS – 6.1%
Investment Companies – 6.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(o) (p) (q) (cost $21,435,305)			21,435,305		21,435,305
Total Investments – 101.0% (cost $344,620,488)(r)					356,547,669
Other assets less liabilities – (1.0)%					(3,661,642	)
Net Assets – 100.0%				$	352,886,027

37

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 5 Yr (CBT) Futures		272		September 2021		$	33,572,875		$	(57,442	)
U.S. T-Note 10 Yr (CBT) Futures		27		September 2021			3,577,500			20,635
Sold Contracts
Euro-BOBL Futures		31		September 2021			4,931,120			(3,175	)
									$	(39,982	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	765		RUB	56,820		07/28/2021	$	8,787
Bank of America, NA		EUR	899		USD	1,091		08/03/2021		24,270
Citibank, NA		GBP	820		USD	1,154		08/26/2021		20,223
HSBC Bank USA		EUR	15,897		USD	19,502		08/03/2021		638,893
Morgan Stanley Capital Services, Inc.		EUR	319		USD	388		08/03/2021		8,636
State Street Bank & Trust Co.		EUR	1,551		USD	1,875		08/03/2021		34,005
State Street Bank & Trust Co.		USD	4		MXN	89		08/27/2021		38
State Street Bank & Trust Co.		ZAR	1,765		USD	127		09/16/2021		4,394
UBS AG		RUB	56,421		USD	782		07/28/2021		13,547
									$	752,793

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2021			Notional Amount (000)			Market Value		Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Morgan Stanley & Co. LLC
CDX-NAHY Series 34, 5 Year Index, 06/20/2025*		5.00	%		Quarterly		2.36	%		USD	2,740	$	273,860	$	2,509		$	271,351
CDX-NAHY Series 35, 5 Year Index, 12/20/2025*		5.00			Quarterly		2.55			USD	202		18,582		6,442			12,140
CDX-NAHY Series 36, 5 Year Index, 06/20/2026*		5.00			Quarterly		2.74			USD	2,853		294,657		258,683			35,974
Ford Motor Company, 4.346%, 12/08/2026, 06/20/2023*		5.00			Quarterly		1.28			USD	240		17,801		(10,978	)		28,779
iTraxxx Xover Series 35, 5 Year Index, 06/20/2026*		5.00	%		Quarterly		2.32	%		EUR	4,540	$	674,535	$	568,384		$	106,151
												$	1,279,435	$	825,040		$	454,395

* Termination date

38

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2021			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BB Series 6, 05/11/2063*		(5.00	)%		Monthly		10.00	%		USD	1,879	$	836,680		$	870,378		$	(33,698	)
Credit Suisse International
CDX-CMBX.NA.BB Series 6, 05/11/2063*		(5.00	)		Monthly		10.00			USD	524		233,179			62,566			170,613
Goldman Sachs International
CDX-CMBX.NA.BB Series 6, 05/11/2063*		(5.00	)		Monthly		10.00			USD	1,155		513,856			139,563			374,293
Sale Contracts
Credit Suisse International
International Game Technology, 4.750%, 02/15/2023, 06/20/2022*		5.00			Quarterly		0.56			EUR	410		22,009			7,658			14,351
Deutsche Bank AG
CDX-CMBX.NA.BB Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	315		(83,160	)		(20,170	)		(62,990	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	1,052		(277,728	)		(69,155	)		(208,573	)
Goldman Sachs International
Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023*		5.00			Quarterly		1.36			USD	200		17,892			9,953			7,939
CDX-CMBX.NA.BB Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	46		(12,144	)		(2,943	)		(9,201	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		3.00			Monthly		10.00			USD	592		(156,289	)		(40,031	)		(116,258	)

39

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2021			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00	%		Monthly		10.00	%		USD	811	$	(360,994	)	$	(98,834	)	$	(262,160	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		10.00			USD	812		(361,426	)		(96,368	)		(265,058	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		10.00			USD	996		(443,156	)		(112,492	)		(330,664	)
JPMorgan Securities, LLC
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		10.00			USD	81		(36,283	)		(15,471	)		(20,812	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		10.00			USD	122		(54,425	)		(23,060	)		(31,365	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		10.00			USD	763		(339,510	)		(140,881	)		(198,629	)
												$	(501,499	)	$	470,713		$	(972,212	)

* Termination date

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At June 30, 2021, the aggregate market value of these securities amounted to $202,003,998 or 57.2% of net assets.

(b) 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, 2021.

(c) Non-income producing security.

(d) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.41% of net assets as of June 30, 2021, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
ABN AMRO Bank NV 7.75%, 05/15/2023		03/21/2018	$	211,700	$	222,510		0.06	%
Carlson Travel, Inc. 6.75%, 12/15/2025		12/09/2016		576,832		750,198		0.21	%
Carlson Travel, Inc. 10.50%, 03/31/2025		12/09/2016		140,805		150,596		0.05	%
PMT Credit Risk Transfer Trust Series 2020-1R, Class A 2.446%, 02/27/2023		02/11/2020		248,731		249,000		0.07	%
Terraform Global Operating LLC 6.125%, 03/01/2026		01/10/2019		110,766		111,253		0.03	%
Tonon Luxembourg SA 6.50%, 10/31/2024		07/24/2015		210,163		1,021		0.00	%
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018		03/15/2013		425,000		3,727		0.00	%

40

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

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

(g) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at June 30, 2021.

(h) The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at June 30, 2021.

(i) 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.

(j) Defaulted.

(k) Fair valued by the Adviser.

(l) Defaulted matured security.

(m) IO - Interest Only.

(n) Restricted and illiquid security.

Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Carlson Travel, Inc.		08/18/2020	$	0	$	0		0.00	%

(o) Affiliated investments.

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

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

(r) As of June 30, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $15,790,682 and gross unrealized depreciation of investments was $(3,668,507), resulting in net unrealized appreciation of $12,122,175.

Currency Abbreviations:

EUR – Euro

GBP – Great British Pound

MXN – Mexican Peso

RUB – Russian Ruble

USD – United States Dollar

ZAR – South African Rand

Glossary:

ABS – Asset-Backed Securities

BOBL – Bundesobligationen

CBT – Chicago Board of Trade

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

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

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

LIBOR – London Interbank Offered Rate

REIT – Real Estate Investment Trust

TBA – To Be Announced

COUNTRY BREAKDOWN¹

June 30, 2021 (unaudited)

65.1	%	United States
3.1	%	United Kingdom
2.6	%	Canada
1.4	%	Brazil
1.3	%	Spain
1.2	%	Mexico
1.2	%	Germany
1.2	%	Luxembourg
1.0	%	Cayman Islands
1.0	%	Netherlands
0.9	%	South Africa
0.9	%	Egypt
0.8	%	Italy
12.3	%	Other
6.0	%	Short-Term
100.0	%	Total Investments

1 All data are as of June 30, 2021. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 0.7% or less in the following: Angola, Australia, Bahrain, Bermuda, Chile, China, Colombia, Costa Rica, Denmark, Dominican Republic, Ecuador, El Salvador, France, Ghana, Guatemala, Honduras, Hong Kong, India, Indonesia, Ireland, Israel, Ivory Coast, Japan, Kenya, Kuwait, Lebanon, Macau, Malaysia, Mongolia, Nigeria, Norway, Oman, Panama, Peru, Saudi Arabia, Senegal, Sweden, Switzerland, Turkey, Ukraine, United Republic of Tanzania and Zambia.

41

AB Bond Fund, Inc.

AB Limited Duration High Income Portfolio    

June 30, 2021 (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 is 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. In addition, non-agency rated investments are classified as Level 3.

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.

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, by pricing vendors, 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.

42

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.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of June 30, 2021:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Corporates - Non-Investment Grade	$	—		$	154,864,589		$	576,947		$	155,441,536
Corporates - Investment Grade		—			70,120,415			—			70,120,415
Bank Loans		—			23,648,218	(a)		4,193,367			27,841,585
Emerging Markets - Sovereigns		—			22,030,152			—			22,030,152
Collateralized Mortgage Obligations		—			20,179,223			—			20,179,223
Emerging Markets - Corporate Bonds		—			12,771,537			1,021			12,772,558
Mortgage Pass-Throughs		—			8,638,953			—			8,638,953
Collateralized Loan Obligations		—			6,619,026			375,000			6,994,026
Quasi-Sovereigns		—			3,972,272			—			3,972,272
Asset-Backed Securities		—			2,970,348			—			2,970,348
Commercial Mortgage-Backed Securities		—			2,186,701			—			2,186,701
Governments - Sovereign Bonds		—			1,139,112			—			1,139,112
Common Stocks		636,219			—			4,583	(a)		640,802
Emerging Markets - Treasuries		—			125,098			—			125,098
Preferred Stocks		—			—			59,583			59,583
Short-Term Investments		21,435,305			—			—			21,435,305
Total Investments in Securities		22,071,524			329,265,644			5,210,501			356,547,669
Other Financial Instruments(b):
Assets:
Futures		20,635			—			—			20,635
Forward Currency Exchange Contracts		—			752,793			—			752,793
Centrally Cleared Credit Default Swaps		—			1,279,435			—			1,279,435
Credit Default Swaps		—			1,623,616			—			1,623,616
Liabilities:
Futures		(60,617	)		—			—			(60,617	)
Credit Default Swaps		—			(2,125,115	)		—			(2,125,115	)
Total	$	22,031,542		$	330,796,373		$	5,210,501		$	358,038,416

^(a)  The Fund held securities with zero market value at period end.

^(b)  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
Balance as of 09/30/2020	$	578,864		$	2,415,297		$	3,028
Accrued discounts/(premiums)		—			5,880			(9,239	)
Realized gain (loss)		—			(5,764	)		—
Change in unrealized appreciation/depreciation		(1,917	)		161,864			6,729
Purchases		—			3,005,679			503
Sales/Paydowns		—			(1,714,847	)		—
Transfers in to Level 3		—			992,009			—
Transfers out of Level 3		—			(666,751	)		—
Balance as of 06/30/2021	$	576,947		$	4,193,367		$	1,021
Net change in unrealized appreciation/depreciation from investments held as of 06/30/2021	$	(1,917	)	$	116,557		$	6,729
	Collateralized Loan Obligations			Common Stocks			Preferred Stocks
Balance as of 09/30/2020	$	—		$	47,545		$	—
Accrued discounts/(premiums)		—			—			—
Realized gain (loss)		—			—			—
Change in unrealized appreciation/depreciation		—			(43,962	)		48,503
Purchases		375,000			1,000			11,080
Sales/Paydowns		—			—			—
Transfers in to Level 3		—			—			—
Transfers out of Level 3		—			—			—
Balance as of 06/30/2021	$	375,000		$	4,583		$	59,583
Net change in unrealized appreciation/depreciation from investments held as of 06/30/2021	$	—		$	3,583		$	48,503

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	Total
Balance as of 09/30/2020	$	3,044,734
Accrued discounts/(premiums)		(3,359	)
Realized gain (loss)		(5,764	)
Change in unrealized appreciation/depreciation		171,217
Purchases		3,393,262
Sales/Paydowns		(1,714,847	)
Transfers in to Level 3		992,009
Transfers out of Level 3		(666,751	)
Balance as of 06/30/2021	$	5,210,501
Net change in unrealized appreciation/depreciation from investments held as of 06/30/2021	$	173,455

The following presents information about significant unobservable inputs related to the Fund’s Level 3 investments at June 30, 2021. 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		Valuation		Unobservable
	06/30/2021		Technique		Input	Input
Common Stocks	$	0		Market-Approach	EBITDA* Projection	$125.0mm
					EBITDA* Multiples	8.10X

* Earnings before Interest, Taxes, Depreciation and Amortization.

Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. A significant increase (decrease) in EBITDA projections/multiples in isolation would be expected to result in a significant higher (lower) fair value measurement.

A summary of the Fund’s transactions in AB mutual funds for the nine months ended June 30, 2021 is as follows:

	Market Value		Purchases		Sales		Market Value		Dividend
	09/30/2020		at Cost		Proceeds		06/30/2021		Income
Fund	(000)		(000)		(000)		(000)		(000)
Government Money Market Portfolio	$	17,082	$	100,615	$	96,262	$	21,435	$	2

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