AB Bond Fund, Inc.

AB High Yield Portfolio

Portfolio of Investments

January 31, 2022 (unaudited)

	Principal Amount (000)			U.S. $ Value
CORPORATES - NON-INVESTMENT GRADE – 76.7%
Industrial – 69.3%
Basic – 4.5%
Advanced Drainage Systems, Inc. 5.00%, 09/30/2027(a)		U.S.$	28	$	28,198
Arconic Corp. 6.125%, 02/15/2028(a)			11		11,423
ASP Unifrax Holdings, Inc. 5.25%, 09/30/2028(a)			69		67,797
7.50%, 09/30/2029(a)			17		16,479
Axalta Coating Systems LLC 3.375%, 02/15/2029(a)			150		139,141
Big River Steel LLC/BRS Finance Corp. 6.625%, 01/31/2029(a)			16		16,990
Cleveland-Cliffs, Inc. 4.625%, 03/01/2029(a)			6		5,834
4.875%, 03/01/2031(a)			4		3,919
9.875%, 10/17/2025(a)			45		50,299
Commercial Metals Co. 4.875%, 05/15/2023			50		51,314
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125%, 06/15/2028(a)			29		29,507
Diamond BC BV 4.625%, 10/01/2029(a)			27		25,514
Element Solutions, Inc. 3.875%, 09/01/2028(a)			110		105,826
ERP Iron Ore, LLC 9.039%, 12/31/2019(b) (c) (d) (e) (f)			5		3,791
FMG Resources (August 2006) Pty Ltd. 4.375%, 04/01/2031(a)			145		145,178
Graham Packaging Co., Inc. 7.125%, 08/15/2028(a)			119		120,787
Graphic Packaging International LLC 3.75%, 02/01/2030(a)			103		98,964
4.75%, 07/15/2027(a)			28		29,473
Illuminate Buyer LLC/Illuminate Holdings IV, Inc. 9.00%, 07/01/2028(a)			37		39,202
INEOS Styrolution Group GmbH 2.25%, 01/16/2027(a)		EUR	100		105,637
Ingevity Corp. 3.875%, 11/01/2028(a)		U.S.$	131		123,884
Intelligent Packaging Holdco Issuer LP 9.00% (9.00% Cash or 9.75% PIK), 01/15/2026(a) (f)			39		40,555
Joseph T Ryerson & Son, Inc. 8.50%, 08/01/2028(a)			48		51,863
Kleopatra Finco SARL 4.25%, 03/01/2026(a)		EUR	100		105,141

1

	Principal Amount (000)				U.S. $ Value
Kobe US Midco 2, Inc. 9.25% (9.25% Cash or 10.00% PIK), 11/01/2026(a) (f)		U.S.$	97		$	98,415
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018(b) (c) (d) (e) (g)			60			0
Mercer International, Inc. 5.125%, 02/01/2029			72			71,299
NOVA Chemicals Corp. 5.25%, 06/01/2027(a)			54			54,705
Olin Corp. 5.625%, 08/01/2029			57			59,775
Peabody Energy Corp. 6.00%, 03/31/2022(a)			0	**		243
6.375%, 03/31/2025(a)			30			28,599
PIC AU Holdings LLC/PIC AU Holdings Corp. 10.00%, 12/31/2024(a)			46			47,495
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 4.00%, 10/15/2027(a)			93			88,098
Rimini Bidco SpA 5.25% (EURIBOR 3 Month + 5.25%), 12/14/2026(h)		EUR	100			107,691
Roller Bearing Co. of America, Inc. 4.375%, 10/15/2029(a)		U.S.$	21			20,797
SCIL IV LLC/SCIL USA Holdings LLC 5.375%, 11/01/2026(a)			231			232,848
Sealed Air Corp. 5.25%, 04/01/2023(a)			35			35,823
5.50%, 09/15/2025(a)			33			35,515
SPCM SA 3.375%, 03/15/2030(a)			200			187,949
TPC Group, Inc. 10.50%, 08/01/2024(a)			24			15,960
Valvoline, Inc. 3.625%, 06/15/2031(a)			65			59,647
4.25%, 02/15/2030(a)			133			128,412
WR Grace Holdings LLC 4.875%, 06/15/2027(a)			48			47,774
5.625%, 08/15/2029(a)			114			110,029
						2,847,790
Capital Goods – 5.4%
Apex Tool Group LLC/BC Mountain Finance, Inc. 9.00%, 02/15/2023(a)			32			31,997
ARD Finance SA 5.00% (5.00% Cash or 5.75% PIK), 06/30/2027(a) (f)		EUR	120			136,027
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 3.00%, 09/01/2029(a)			100			105,464
3.25%, 09/01/2028(a)		U.S.$	200			189,500

2

	Principal Amount (000)			U.S. $ Value
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 4.125%, 08/15/2026(a)		U.S.$	200	$	198,452
5.25%, 08/15/2027(a)			200		195,000
Ball Corp. 2.875%, 08/15/2030			222		205,970
Bombardier, Inc. 6.00%, 02/15/2028(a)			85		82,460
7.50%, 12/01/2024-03/15/2025(a)			121		124,149
7.875%, 04/15/2027(a)			10		10,130
Clean Harbors, Inc. 4.875%, 07/15/2027(a)			73		74,854
5.125%, 07/15/2029(a)			11		11,467
Colfax Corp. 6.375%, 02/15/2026(a)			9		9,281
Crown Cork & Seal Co., Inc. 7.375%, 12/15/2026			20		23,228
Eco Material Technologies, Inc. 7.875%, 01/31/2027(a)			112		113,585
Energizer Holdings, Inc. 4.375%, 03/31/2029(a)			74		69,946
EnerSys 4.375%, 12/15/2027(a)			80		81,237
Gates Global LLC/Gates Corp. 6.25%, 01/15/2026(a)			162		166,860
GFL Environmental, Inc. 3.50%, 09/01/2028(a)			140		131,907
4.00%, 08/01/2028(a)			50		46,914
Granite US Holdings Corp. 11.00%, 10/01/2027(a)			18		19,415
Griffon Corp. 5.75%, 03/01/2028			3		3,002
JELD-WEN, Inc. 4.625%, 12/15/2025(a)			6		5,973
Madison IAQ LLC 5.875%, 06/30/2029(a)			37		34,219
Mueller Water Products, Inc. 4.00%, 06/15/2029(a)			13		12,793
Renk AG/Frankfurt am Main 5.75%, 07/15/2025(a)		EUR	100		115,344
Stevens Holding Co., Inc. 6.125%, 10/01/2026(a)		U.S.$	20		21,035
Tervita Corp. 11.00%, 12/01/2025(a)			105		121,420
TransDigm, Inc. 4.625%, 01/15/2029			16		15,195
4.875%, 05/01/2029			84		80,713
6.25%, 03/15/2026(a)			362		374,356
6.375%, 06/15/2026			27		27,438
8.00%, 12/15/2025(a)			61		63,838

3

	Principal Amount (000)			U.S. $ Value
Triumph Group, Inc. 6.25%, 09/15/2024(a)		U.S.$	23	$	22,911
7.75%, 08/15/2025			23		22,823
8.875%, 06/01/2024(a)			213		227,719
Trivium Packaging Finance BV 3.75%, 08/15/2026(a)		EUR	100		111,344
Wesco Distribution, Inc. 7.125%, 06/15/2025(a)		U.S.$	14		14,657
7.25%, 06/15/2028(a)			107		114,736
					3,417,359
Communications - Media – 8.9%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028(a)			125		124,896
Altice Financing SA 5.00%, 01/15/2028(a)			378		351,192
AMC Networks, Inc. 4.25%, 02/15/2029			76		73,255
Arches Buyer, Inc. 6.125%, 12/01/2028(a)			8		7,770
Cable One, Inc. 4.00%, 11/15/2030(a)			160		151,068
CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 02/01/2031-01/15/2034(a)			397		369,434
4.50%, 08/15/2030-06/01/2033(a)			288		279,541
4.75%, 03/01/2030(a)			40		39,715
5.00%, 02/01/2028(a)			193		195,396
5.125%, 05/01/2027(a)			295		302,340
Clear Channel Worldwide Holdings, Inc. 5.125%, 08/15/2027(a)			47		47,236
CSC Holdings LLC 3.375%, 02/15/2031(a)			208		181,563
4.625%, 12/01/2030(a)			316		281,324
7.50%, 04/01/2028(a)			200		206,984
DISH DBS Corp. 5.25%, 12/01/2026(a)			218		211,549
5.75%, 12/01/2028(a)			194		186,399
5.875%, 07/15/2022-11/15/2024			201		203,094
7.75%, 07/01/2026			101		104,063
DISH Network Corp. 3.375%, 08/15/2026(i)			27		25,055
Gray Escrow II, Inc. 5.375%, 11/15/2031(a)			179		176,648
iHeartCommunications, Inc. 5.25%, 08/15/2027(a)			37		37,638
6.375%, 05/01/2026			5		5,290
8.375%, 05/01/2027			40		42,143
Lamar Media Corp. 4.875%, 01/15/2029			8		8,136

4

	Principal Amount (000)			U.S. $ Value
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027(a)		U.S.$	200	$	208,145
Liberty Interactive LLC 8.25%, 02/01/2030			279		290,056
McGraw-Hill Education, Inc. 5.75%, 08/01/2028(a)			91		86,450
8.00%, 08/01/2029(a)			60		56,100
National CineMedia LLC 5.75%, 08/15/2026			21		14,694
5.875%, 04/15/2028(a)			60		50,915
Outfront Media Capital LLC/Outfront Media Capital Corp. 4.625%, 03/15/2030(a)			82		78,726
Scripps Escrow II, Inc. 5.375%, 01/15/2031(a)			18		17,801
Sinclair Television Group, Inc. 4.125%, 12/01/2030(a)			110		101,200
5.125%, 02/15/2027(a)			9		8,503
5.50%, 03/01/2030(a)			153		141,788
Sirius XM Radio, Inc. 3.875%, 09/01/2031(a)			76		70,291
4.00%, 07/15/2028(a)			135		130,592
4.125%, 07/01/2030(a)			111		105,916
5.50%, 07/01/2029(a)			24		24,923
Summer BC Holdco B SARL 5.75%, 10/31/2026(a)		EUR	100		115,137
TEGNA, Inc. 5.00%, 09/15/2029		U.S.$	92		90,704
Univision Communications, Inc. 4.50%, 05/01/2029(a)			19		18,832
6.625%, 06/01/2027(a)			121		127,781
9.50%, 05/01/2025(a)			10		10,600
Urban One, Inc. 7.375%, 02/01/2028(a)			54		54,886
Virgin Media Vendor Financing Notes IV DAC 5.00%, 07/15/2028(a)			200		188,730
					5,604,499
Communications - Telecommunications – 3.5%
Altice France SA/France 5.50%, 01/15/2028(a)			200		190,984
Embarq Corp. 7.995%, 06/01/2036			123		126,659
Frontier Communications Holdings LLC 6.75%, 05/01/2029(a)			43		43,108
Intelsat Jackson Holdings SA 5.50%, 08/01/2023(c) (j)			158		69,816
8.50%, 10/15/2024(a) (c) (j)			47		21,291
Kaixo Bondco Telecom SA 5.125%, 09/30/2029(a)		EUR	100		109,549

5

	Principal Amount (000)			U.S. $ Value
Level 3 Financing, Inc. 3.75%, 07/15/2029(a)		U.S.$	137	$	125,423
4.25%, 07/01/2028(a)			134		127,987
Lumen Technologies, Inc. 4.50%, 01/15/2029(a)			238		217,993
Series G 6.875%, 01/15/2028			65		69,684
Nexstar Media, Inc. 5.625%, 07/15/2027(a)			76		78,204
Sprint Capital Corp. 8.75%, 03/15/2032			357		498,720
Sprint Communications, Inc. 6.00%, 11/15/2022			38		39,146
Sprint Corp. 7.875%, 09/15/2023			73		78,838
Telecom Italia Capital SA 6.375%, 11/15/2033			90		92,925
Telesat Canada/Telesat LLC 6.50%, 10/15/2027(a)			30		18,433
United Group BV 4.00%, 11/15/2027(a)		EUR	100		107,289
Vmed O2 UK Financing I PLC 4.75%, 07/15/2031(a)		U.S.$	200		191,680
Zayo Group Holdings, Inc. 6.125%, 03/01/2028(a)			10		9,475
					2,217,204
Consumer Cyclical - Automotive – 3.8%
Adient US LLC 9.00%, 04/15/2025(a)			26		27,555
Allison Transmission, Inc. 3.75%, 01/30/2031(a)			112		104,186
American Axle & Manufacturing, Inc. 5.00%, 10/01/2029			161		148,966
Clarios Global LP/Clarios US Finance Co. 6.25%, 05/15/2026(a)			103		106,665
8.50%, 05/15/2027(a)			59		61,712
Dana, Inc. 4.25%, 09/01/2030			20		19,448
Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028(a)			98		101,065
Exide Technologies (Exchange Priority) 11.00%, 10/31/2024(b) (c) (e) (g)			32		0
(First Lien) 11.00%, 10/31/2024(b) (c) (e) (g)			13		0
Ford Motor Co. 3.25%, 02/12/2032			162		154,449
Ford Motor Credit Co. LLC 2.70%, 08/10/2026			200		193,802
3.096%, 05/04/2023			221		222,689
4.00%, 11/13/2030			200		200,975
Goodyear Tire & Rubber Co. (The) 5.00%, 07/15/2029(a)			98		98,065

6

	Principal Amount (000)			U.S. $ Value
Jaguar Land Rover Automotive PLC 4.50%, 01/15/2026(a)		EUR	110	$	125,457
5.875%, 11/15/2024(a)			100		118,570
6.875%, 11/15/2026(a)			100		123,563
Mclaren Finance PLC 7.50%, 08/01/2026(a)		U.S.$	200		204,254
Meritor, Inc. 4.50%, 12/15/2028(a)			21		20,453
6.25%, 06/01/2025(a)			8		8,316
PM General Purchaser LLC 9.50%, 10/01/2028(a)			90		89,260
Real Hero Merger Sub 2, Inc. 6.25%, 02/01/2029(a)			12		11,713
Tenneco, Inc. 5.00%, 07/15/2026			25		23,172
5.125%, 04/15/2029(a)			127		117,887
7.875%, 01/15/2029(a)			35		37,232
Titan International, Inc. 7.00%, 04/30/2028			60		63,042
					2,382,496
Consumer Cyclical - Entertainment – 4.3%
Boyne USA, Inc. 4.75%, 05/15/2029(a)			26		26,147
Carnival Corp. 4.00%, 08/01/2028(a)			67		63,593
5.75%, 03/01/2027(a)			195		187,444
9.875%, 08/01/2027(a)			28		31,383
10.50%, 02/01/2026(a)			260		291,369
Cedar Fair LP 5.25%, 07/15/2029			15		15,038
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.375%, 04/15/2027			64		64,801
5.50%, 05/01/2025(a)			192		197,348
Cinemark USA, Inc. 5.25%, 07/15/2028(a)			151		143,087
Lindblad Expeditions LLC 6.75%, 02/15/2027(a)			41		41,476
Mattel, Inc. 3.375%, 04/01/2026(a)			78		77,975
5.875%, 12/15/2027(a)			100		106,260
NCL Corp., Ltd. 3.625%, 12/15/2024(a)			79		72,745
5.875%, 03/15/2026(a)			24		22,730
10.25%, 02/01/2026(a)			10		11,349
Royal Caribbean Cruises Ltd. 5.25%, 11/15/2022			61		61,369
5.375%, 07/15/2027(a)			91		87,942
5.50%, 08/31/2026-04/01/2028(a)			222		215,462
10.875%, 06/01/2023(a)			69		73,878
11.50%, 06/01/2025(a)			74		81,757

7

	Principal Amount (000)			U.S. $ Value
SeaWorld Parks & Entertainment, Inc. 5.25%, 08/15/2029(a)		U.S.$	121	$	117,604
8.75%, 05/01/2025(a)			33		34,735
Six Flags Entertainment Corp. 4.875%, 07/31/2024(a)			117		117,241
Six Flags Theme Parks, Inc. 7.00%, 07/01/2025(a)			125		130,426
Vail Resorts, Inc. 6.25%, 05/15/2025(a)			167		173,330
Viking Cruises Ltd. 5.875%, 09/15/2027(a)			16		14,604
7.00%, 02/15/2029(a)			79		75,579
13.00%, 05/15/2025(a)			48		53,756
Viking Ocean Cruises Ship VII Ltd. 5.625%, 02/15/2029(a)			29		28,433
VOC Escrow Ltd. 5.00%, 02/15/2028(a)			69		66,717
					2,685,578
Consumer Cyclical - Other – 3.4%
Adams Homes, Inc. 7.50%, 02/15/2025(a)			58		59,717
Beazer Homes USA, Inc. 6.75%, 03/15/2025			28		28,817
Boyd Gaming Corp. 8.625%, 06/01/2025(a)			10		10,606
Brookfield Residential Properties, Inc./Brookfield Residential US LLC 6.25%, 09/15/2027(a)			151		155,630
Caesars Entertainment, Inc. 6.25%, 07/01/2025(a)			138		143,031
Churchill Downs, Inc. 4.75%, 01/15/2028(a)			49		49,406
Cirsa Finance International SARL 4.75%, 05/22/2025(a)		EUR	100		111,204
CP Atlas Buyer, Inc. 7.00%, 12/01/2028(a)		U.S.$	26		24,863
Empire Communities Corp. 7.00%, 12/15/2025(a)			61		62,228
Everi Holdings, Inc. 5.00%, 07/15/2029(a)			21		20,886
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, 11/15/2025(a)			91		93,885
Forestar Group, Inc. 3.85%, 05/15/2026(a)			41		40,441
Hilton Domestic Operating Co., Inc. 3.625%, 02/15/2032(a)			100		94,983
4.875%, 01/15/2030			17		17,550
5.375%, 05/01/2025(a)			40		41,145
5.75%, 05/01/2028(a)			11		11,567

8

	Principal Amount (000)			U.S. $ Value
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc 4.875%, 07/01/2031(a)		U.S.$	37	$	35,891
5.00%, 06/01/2029(a)			52		51,745
Installed Building Products, Inc. 5.75%, 02/01/2028(a)			40		41,247
Mattamy Group Corp. 4.625%, 03/01/2030(a)			58		57,195
MGM Resorts International 6.00%, 03/15/2023			33		34,077
7.75%, 03/15/2022			16		16,100
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. 5.625%, 09/01/2029(a)			46		43,246
5.875%, 09/01/2031(a)			46		43,342
Scientific Games International, Inc. 7.00%, 05/15/2028(a)			9		9,449
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 04/01/2029(a)			20		19,654
Standard Industries, Inc./NJ 3.375%, 01/15/2031(a)			39		35,500
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875%, 05/15/2025(a)			16		15,966
Taylor Morrison Communities, Inc. 5.875%, 06/15/2027(a)			17		18,245
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc. 5.625%, 03/01/2024(a)			17		18,433
5.875%, 04/15/2023(a)			8		8,250
Travel + Leisure Co. 4.625%, 03/01/2030(a)			12		11,747
6.625%, 07/31/2026(a)			289		310,518
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25%, 05/15/2027(a)			4		3,943
5.50%, 03/01/2025(a)			236		237,184
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, 10/01/2029(a)			86		83,551
7.75%, 04/15/2025(a)			48		49,979
					2,111,221
Consumer Cyclical - Restaurants – 1.0%
1011778 BC ULC/New Red Finance, Inc. 3.50%, 02/15/2029(a)			146		138,426
4.00%, 10/15/2030(a)			165		153,178
5.75%, 04/15/2025(a)			66		68,204
IRB Holding Corp. 6.75%, 02/15/2026(a)			12		12,209
7.00%, 06/15/2025(a)			5		5,213

9

	Principal Amount (000)			U.S. $ Value
Papa John’s International, Inc. 3.875%, 09/15/2029(a)		U.S.$	22	$	20,922
Stonegate Pub Co. Financing 2019 PLC 8.25%, 07/31/2025(a)		GBP	113		156,984
Yum! Brands, Inc. 4.625%, 01/31/2032		U.S.$	96		95,738
					650,874
Consumer Cyclical - Retailers – 4.2%
Arko Corp. 5.125%, 11/15/2029(a)			99		94,142
Asbury Automotive Group, Inc. 4.625%, 11/15/2029(a)			63		62,124
5.00%, 02/15/2032(a)			26		25,825
Bath & Body Works, Inc. 5.25%, 02/01/2028			20		20,992
6.625%, 10/01/2030(a)			185		199,151
6.75%, 07/01/2036			48		54,555
6.875%, 11/01/2035			128		147,185
7.50%, 06/15/2029			17		18,565
BCPE Ulysses Intermediate, Inc. 7.75% (7.75% Cash or 8.50% PIK), 04/01/2027(a) (f)			28		27,367
Dufry One BV 2.50%, 10/15/2024(a)		EUR	103		113,432
FirstCash, Inc. 5.625%, 01/01/2030(a)		U.S.$	116		115,995
Foundation Building Materials, Inc. 6.00%, 03/01/2029(a)			29		27,972
Gap, Inc. (The) 3.625%, 10/01/2029(a)			49		45,590
3.875%, 10/01/2031(a)			115		106,820
Group 1 Automotive, Inc. 4.00%, 08/15/2028(a)			13		12,457
Hanesbrands, Inc. 4.625%, 05/15/2024(a)			101		103,670
Kontoor Brands, Inc. 4.125%, 11/15/2029(a)			82		79,443
LBM Acquisition LLC 6.25%, 01/15/2029(a)			14		13,346
Levi Strauss & Co. 3.50%, 03/01/2031(a)			71		68,606
Michaels Cos, Inc. (The) 5.25%, 05/01/2028(a)			93		89,768
7.875%, 05/01/2029(a)			58		53,083
Murphy Oil USA, Inc. 3.75%, 02/15/2031(a)			90		84,746
5.625%, 05/01/2027			2		2,407
NMG Holding Co., Inc./Neiman Marcus Group LLC 7.125%, 04/01/2026(a)			144		149,099

10

	Principal Amount (000)			U.S. $ Value
Party City Holdings, Inc. 8.75%, 02/15/2026(a)		U.S.$	20	$	20,140
Rite Aid Corp. 7.50%, 07/01/2025(a)			22		21,702
8.00%, 11/15/2026(a)			263		258,151
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.375%, 09/30/2026(a)			29		29,843
SRS Distribution, Inc. 6.125%, 07/01/2029(a)			19		18,712
Staples, Inc. 7.50%, 04/15/2026(a)			154		151,835
10.75%, 04/15/2027(a)			61		56,828
TPro Acquisition Corp. 11.00%, 10/15/2024(a)			33		35,820
White Cap Buyer LLC 6.875%, 10/15/2028(a)			19		19,512
William Carter Co. (The) 5.50%, 05/15/2025(a)			25		25,896
5.625%, 03/15/2027(a)			119		122,236
Wolverine World Wide, Inc. 4.00%, 08/15/2029(a)			157		150,681
					2,627,696
Consumer Non-Cyclical – 10.2%
AdaptHealth LLC 4.625%, 08/01/2029(a)			52		49,740
AHP Health Partners, Inc. 5.75%, 07/15/2029(a)			53		51,928
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 03/15/2029(a)			326		308,139
4.875%, 02/15/2030(a)			100		101,897
Bausch Health Americas, Inc. 8.50%, 01/31/2027(a)			59		59,668
Bausch Health Cos., Inc. 4.875%, 06/01/2028(a)			196		186,327
9.00%, 12/15/2025(a)			103		107,772
Catalent Pharma Solutions, Inc. 3.125%, 02/15/2029(a)			14		13,090
CD&R Smokey Buyer, Inc. 6.75%, 07/15/2025(a)			78		81,238
Charles River Laboratories International, Inc. 3.75%, 03/15/2029(a)			42		40,526
4.00%, 03/15/2031(a)			151		145,411
Chobani LLC/Chobani Finance Corp., Inc. 4.625%, 11/15/2028(a)			24		24,017
Chrome Bidco SASU 3.50%, 05/31/2028(a)		EUR	100		109,817
CHS/Community Health Systems, Inc. 4.75%, 02/15/2031(a)		U.S.$	20		19,147

11

	Principal Amount (000)			U.S. $ Value
5.625%, 03/15/2027(a)		U.S.$	17	$	17,135
6.00%, 01/15/2029(a)			14		14,234
6.625%, 02/15/2025(a)			52		53,826
6.875%, 04/01/2028-04/15/2029(a)			264		255,935
DaVita, Inc. 3.75%, 02/15/2031(a)			155		142,375
4.625%, 06/01/2030(a)			63		61,309
Elanco Animal Health, Inc. 5.90%, 08/28/2028			120		130,952
Emergent BioSolutions, Inc. 3.875%, 08/15/2028(a)			122		112,689
Encompass Health Corp. 5.75%, 09/15/2025			30		30,597
Endo Luxembourg Finance Co. I SARL/Endo US, Inc. 6.125%, 04/01/2029(a)			48		45,611
Gruenenthal GmbH 4.125%, 05/15/2028(a)		EUR	100		112,216
Horizon Therapeutics USA, Inc. 5.50%, 08/01/2027(a)		U.S.$	200		207,298
IQVIA, Inc. 2.25%, 03/15/2029(a)		EUR	100		108,461
Jazz Securities DAC 4.375%, 01/15/2029(a)		U.S.$	200		197,550
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. 7.00%, 12/31/2027(a)			143		130,392
Lamb Weston Holdings, Inc. 4.125%, 01/31/2030(a)			99		97,870
4.375%, 01/31/2032(a)			46		45,431
4.875%, 05/15/2028(a)			80		83,057
Legacy LifePoint Health LLC 6.75%, 04/15/2025(a)			20		20,712
LifePoint Health, Inc. 5.375%, 01/15/2029(a)			217		206,429
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 5.50%, 04/15/2025(a) (c) (j)			10		5,594
MEDNAX, Inc. 6.25%, 01/15/2027(a)			119		124,372
ModivCare, Inc. 5.875%, 11/15/2025(a)			24		24,943
Mozart Debt Merger Sub, Inc. 3.875%, 04/01/2029(a)			164		158,006
5.25%, 10/01/2029(a)			288		280,080
Newell Brands, Inc. 4.35%, 04/01/2023			25		25,519
4.70%, 04/01/2026			220		230,627
4.875%, 06/01/2025			12		12,608
Nidda Healthcare Holding GmbH 3.50%, 09/30/2024(a)		EUR	270		296,931

12

	Principal Amount (000)			U.S. $ Value
Option Care Health, Inc. 4.375%, 10/31/2029(a)		U.S.$	120	$	116,585
Par Pharmaceutical, Inc. 7.50%, 04/01/2027(a)			40		40,249
Paysafe Finance PLC/Paysafe Holdings US Corp. 4.00%, 06/15/2029(a)			67		60,468
Performance Food Group, Inc. 4.25%, 08/01/2029(a)			75		70,452
Picard Groupe SAS 3.875%, 07/01/2026(a)		EUR	100		110,784
Post Holdings, Inc. 4.50%, 09/15/2031(a)		U.S.$	40		38,061
4.625%, 04/15/2030(a)			58		55,900
5.50%, 12/15/2029(a)			100		102,711
5.625%, 01/15/2028(a)			54		55,434
5.75%, 03/01/2027(a)			40		41,091
Radiology Partners, Inc. 9.25%, 02/01/2028(a)			6		5,973
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. 9.75%, 12/01/2026(a)			24		25,290
RP Escrow Issuer LLC 5.25%, 12/15/2025(a)			174		169,309
Spectrum Brands, Inc. 3.875%, 03/15/2031(a)			140		132,082
5.75%, 07/15/2025			3		3,063
Tempur Sealy International, Inc. 3.875%, 10/15/2031(a)			104		97,174
Tenet Healthcare Corp. 4.375%, 01/15/2030(a)			272		262,450
6.125%, 10/01/2028(a)			17		17,079
6.25%, 02/01/2027(a)			58		59,425
Triton Water Holdings, Inc. 6.25%, 04/01/2029(a)			73		68,465
US Acute Care Solutions LLC 6.375%, 03/01/2026			57		57,776
6.375%, 03/01/2026(a)			23		23,102
US Foods, Inc. 4.75%, 02/15/2029(a)			60		59,024
6.25%, 04/15/2025(a)			107		110,752
US Renal Care, Inc. 10.625%, 07/15/2027(a)			104		106,080
Vizient, Inc. 6.25%, 05/15/2027(a)			10		10,295
					6,430,550
Energy – 9.8%
Antero Resources Corp. 5.00%, 03/01/2025			30		30,401
7.625%, 02/01/2029(a)			4		4,357

13

	Principal Amount (000)		U.S. $ Value
Apache Corp. 4.375%, 10/15/2028	U.S.$	93	$	96,203
4.625%, 11/15/2025		8		8,358
4.875%, 11/15/2027		14		14,566
Athabasca Oil Corp. 9.75%, 11/01/2026(a)		85		85,531
Berry Petroleum Co. LLC 7.00%, 02/15/2026(a)		127		127,279
Blue Racer Midstream LLC/Blue Racer Finance Corp. 6.625%, 07/15/2026(a)		14		14,302
7.625%, 12/15/2025(a)		201		210,304
Buckeye Partners LP 4.50%, 03/01/2028(a)		201		194,999
Callon Petroleum Co. 8.00%, 08/01/2028(a)		7		7,129
8.25%, 07/15/2025		8		7,899
Citgo Holding, Inc. 9.25%, 08/01/2024(a)		72		72,072
CITGO Petroleum Corp. 6.375%, 06/15/2026(a)		16		15,927
7.00%, 06/15/2025(a)		50		50,368
Civitas Resources, Inc. 5.00%, 10/15/2026(a)		119		118,654
7.50%, 04/30/2026		6		5,600
CNX Resources Corp. 6.00%, 01/15/2029(a)		124		127,876
Comstock Resources, Inc. 6.75%, 03/01/2029(a)		58		59,852
Crescent Energy Finance LLC 7.25%, 05/01/2026(a)		157		161,701
Diamond Foreign Asset Co./Diamond Finance LLC 9.00% (9.00% Cash or 13.00 % PIK), 04/22/2027(a) (f)		4		4,363
9.00% (9.00% Cash or 13.00 % PIK), 04/22/2027(f)		4		3,783
Encino Acquisition Partners Holdings LLC 8.50%, 05/01/2028(a)		122		123,391
EnLink Midstream LLC 5.625%, 01/15/2028(a)		60		61,586
EnLink Midstream Partners LP 4.15%, 06/01/2025		119		119,397
4.40%, 04/01/2024		47		47,319
5.60%, 04/01/2044		14		12,721
Series C 6.00%, 12/15/2022(k)		102		76,822
EQM Midstream Partners LP 4.50%, 01/15/2029(a)		57		54,418
4.75%, 01/15/2031(a)		106		101,413
5.50%, 07/15/2028		18		18,224
EQT Corp. 3.90%, 10/01/2027		118		118,980

14

	Principal Amount (000)			U.S. $ Value
Genesis Energy LP/Genesis Energy Finance Corp. 5.625%, 06/15/2024		U.S.$	45	$	44,562
6.25%, 05/15/2026			21		20,269
6.50%, 10/01/2025			35		34,310
7.75%, 02/01/2028			62		61,072
8.00%, 01/15/2027			141		142,051
Global Partners LP/GLP Finance Corp. 6.875%, 01/15/2029			96		99,063
7.00%, 08/01/2027			26		26,758
Gulfport Energy Corp. 6.375%, 01/15/2026(c)			30		930
8.00%, 05/17/2026			2		2,196
8.00%, 05/17/2026(a)			55		59,053
Harbour Energy PLC 5.50%, 10/15/2026(a)			200		198,812
Hess Midstream Operations LP 4.25%, 02/15/2030(a)			176		170,373
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 02/01/2029(a)			12		12,252
6.00%, 02/01/2031(a)			213		217,441
ITT Holdings LLC 6.50%, 08/01/2029(a)			179		171,768
Moss Creek Resources Holdings, Inc. 10.50%, 05/15/2027(a)			48		47,028
Murphy Oil Corp. 6.375%, 07/15/2028-12/01/2042			111		113,111
Nabors Industries Ltd. 7.25%, 01/15/2026(a)			36		34,468
7.50%, 01/15/2028(a)			37		34,837
Nabors Industries, Inc. 5.75%, 02/01/2025			30		27,756
7.375%, 05/15/2027(a)			163		166,757
New Fortress Energy, Inc. 6.75%, 09/15/2025(a)			126		119,318
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.50%, 02/01/2026(a)			86		87,465
Occidental Petroleum Corp. 3.40%, 04/15/2026			8		7,902
5.50%, 12/01/2025			28		29,734
5.55%, 03/15/2026			272		289,812
6.125%, 01/01/2031			93		107,407
6.20%, 03/15/2040			69		79,930
8.50%, 07/15/2027			42		50,484
8.875%, 07/15/2030			42		54,489
PBF Holding Co. LLC/PBF Finance Corp. 6.00%, 02/15/2028			9		6,303
9.25%, 05/15/2025(a)			80		78,242
PDC Energy, Inc. 5.75%, 05/15/2026			69		70,202
Range Resources Corp. 5.00%, 03/15/2023			24		24,242
8.25%, 01/15/2029			55		60,769
Renewable Energy Group, Inc. 5.875%, 06/01/2028(a)			246		246,899

15

	Principal Amount (000)				U.S. $ Value
SM Energy Co. 5.625%, 06/01/2025		U.S.$	34		$	33,830
6.50%, 07/15/2028			19			19,623
Southwestern Energy Co. 5.375%, 02/01/2029			55			55,938
5.95%, 01/23/2025			32			33,834
8.375%, 09/15/2028			22			24,121
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. 8.50%, 10/15/2026(a)			150			153,667
Sunnova Energy Corp. 5.875%, 09/01/2026(a)			40			38,556
Sunoco LP/Sunoco Finance Corp. 5.875%, 03/15/2028			16			16,642
Talos Production, Inc. 12.00%, 01/15/2026			101			107,579
Transocean Guardian Ltd. 5.875%, 01/15/2024(a)			135			129,954
Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024(a)			26			25,763
Transocean Poseidon Ltd. 6.875%, 02/01/2027(a)			113			110,143
Transocean, Inc. 6.80%, 03/15/2038			0	**		96
7.50%, 01/15/2026(a)			18			13,741
8.00%, 02/01/2027(a)			89			67,149
11.50%, 01/30/2027(a)			32			31,750
Vantage Drilling International 7.50%, 11/01/2019(b) (c) (d) (e)			46			0
Venture Global Calcasieu Pass LLC 4.125%, 08/15/2031(a)			101			101,753
W&T Offshore, Inc. 9.75%, 11/01/2023(a)			57			55,553
Weatherford International Ltd. 11.00%, 12/01/2024(a)			2			2,067
						6,175,619
Other Industrial – 0.5%
Belden, Inc. 3.875%, 03/15/2028(a)		EUR	100			111,439
H&E Equipment Services, Inc. 3.875%, 12/15/2028(a)		U.S.$	33			31,138
Interface, Inc. 5.50%, 12/01/2028(a)			11			11,329
KAR Auction Services, Inc. 5.125%, 06/01/2025(a)			118			118,037
Ritchie Bros Holdings, Inc. 4.75%, 12/15/2031(a)			28			28,187
Univar Solutions USA, Inc./Washington 5.125%, 12/01/2027(a)			17			17,335
						317,465

16

	Principal Amount (000)			U.S. $ Value
Services – 4.6%
ADT Security Corp. (The) 4.125%, 08/01/2029(a)		U.S.$	52	$	48,898
4.875%, 07/15/2032(a)			139		134,232
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.625%, 07/15/2026(a)			77		79,112
9.75%, 07/15/2027(a)			101		107,026
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 4.875%, 06/01/2028(a)		GBP	100		125,357
ANGI Group LLC 3.875%, 08/15/2028(a)		U.S.$	242		221,835
Aptim Corp. 7.75%, 06/15/2025(a)			85		73,662
APX Group, Inc. 5.75%, 07/15/2029(a)			199		186,538
Aramark Services, Inc. 6.375%, 05/01/2025(a)			95		98,369
Block, Inc. 2.75%, 06/01/2026(a)			111		107,658
3.50%, 06/01/2031(a)			11		10,478
Elior Group SA 3.75%, 07/15/2026(a)		EUR	100		109,746
Garda World Security Corp. 4.625%, 02/15/2027(a)		U.S.$	40		39,117
9.50%, 11/01/2027(a)			57		60,136
Millennium Escrow Corp. 6.625%, 08/01/2026(a)			134		133,024
Monitronics International, Inc. 0.00%, 04/01/2020(b) (c) (d) (e)			14		0
MPH Acquisition Holdings LLC 5.75%, 11/01/2028(a)			312		280,837
Nielsen Finance LLC/Nielsen Finance Co. 4.50%, 07/15/2029(a)			71		66,190
5.875%, 10/01/2030(a)			95		95,373
Prime Security Services Borrower LLC/Prime Finance, Inc. 3.375%, 08/31/2027(a)			105		97,906
5.75%, 04/15/2026(a)			130		134,692
6.25%, 01/15/2028(a)			102		101,869
Ritchie Bros Auctioneers, Inc. 5.375%, 01/15/2025(a)			12		12,204
Sabre GLBL, Inc. 7.375%, 09/01/2025(a)			101		103,843
9.25%, 04/15/2025(a)			65		72,701
Service Corp. International/US 3.375%, 08/15/2030			22		20,571
TripAdvisor, Inc. 7.00%, 07/15/2025(a)			61		63,876
Verscend Escrow Corp. 9.75%, 08/15/2026(a)			137		143,944

17

	Principal Amount (000)			U.S. $ Value
WASH Multifamily Acquisition, Inc. 5.75%, 04/15/2026(a)		U.S.$	17	$	17,201
ZipRecruiter, Inc. 5.00%, 01/15/2030(a)			109		107,935
					2,854,330
Technology – 3.3%
Ahead DB Holdings LLC 6.625%, 05/01/2028(a)			37		36,070
Austin BidCo, Inc. 7.125%, 12/15/2028(a)			37		37,652
Boxer Parent Co., Inc. 7.125%, 10/02/2025(a)			25		26,078
CDK Global, Inc. 5.25%, 05/15/2029(a)			123		127,953
Clarivate Science Holdings Corp. 4.875%, 07/01/2029(a)			31		29,528
CommScope, Inc. 4.75%, 09/01/2029(a)			92		88,106
6.00%, 03/01/2026(a)			56		56,754
8.25%, 03/01/2027(a)			29		28,360
Elastic NV 4.125%, 07/15/2029(a)			17		15,804
Imola Merger Corp. 4.75%, 05/15/2029(a)			40		38,929
LogMeIn, Inc. 5.50%, 09/01/2027(a)			117		114,175
Minerva Merger Sub, Inc. 6.50%, 02/15/2030(a)			221		220,448
NCR Corp. 5.00%, 10/01/2028(a)			86		85,661
5.125%, 04/15/2029(a)			101		100,807
5.75%, 09/01/2027(a)			24		24,472
Pitney Bowes, Inc. 6.875%, 03/15/2027(a)			40		39,518
Playtika Holding Corp. 4.25%, 03/15/2029(a)			147		140,521
Presidio Holdings, Inc. 8.25%, 02/01/2028(a)			5		5,289
Rackspace Technology Global, Inc. 3.50%, 02/15/2028(a)			226		211,143
Science Applications International Corp. 4.875%, 04/01/2028(a)			15		15,114
Seagate HDD Cayman 4.091%, 06/01/2029			117		114,726
Sensata Technologies, Inc. 3.75%, 02/15/2031(a)			180		169,191
TTM Technologies, Inc. 4.00%, 03/01/2029(a)			40		38,158
Veritas US, Inc./Veritas Bermuda Ltd. 7.50%, 09/01/2025(a)			305		310,869

18

	Principal Amount (000)			U.S. $ Value
Xerox Corp. 4.375%, 03/15/2023		U.S.$	18	$	18,253
					2,093,579
Transportation - Airlines – 0.6%
Air Canada 3.875%, 08/15/2026(a)			25		24,407
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%, 04/20/2026(a)			60		61,419
5.75%, 04/20/2029(a)			52		53,292
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. 5.75%, 01/20/2026(a)			46		47,085
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 09/20/2025(a)			118		128,190
United Airlines, Inc. 4.625%, 04/15/2029(a)			22		21,865
					336,258
Transportation - Services – 1.3%
Albion Financing 1 SARL/Aggreko Holdings, Inc. 6.125%, 10/15/2026(a)			200		198,000
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.375%, 03/01/2029(a)			26		26,081
5.75%, 07/15/2027(a)			22		22,626
BCP V Modular Services 6.75%, 11/30/2029		EUR	113		117,914
EC Finance PLC 3.00%, 10/15/2026			111		125,892
Herc Holdings, Inc. 5.50%, 07/15/2027(a)		U.S.$	34		34,982
PROG Holdings, Inc. 6.00%, 11/15/2029(a)			114		111,755
United Rentals North America, Inc. 3.875%, 02/15/2031			165		160,648
XPO Logistics, Inc. 6.25%, 05/01/2025(a)			25		25,898
					823,796
					43,576,314
Financial Institutions – 6.1%
Banking – 0.7%
Alliance Data Systems Corp. 4.75%, 12/15/2024(a)			103		104,298
7.00%, 01/15/2026(a)			22		22,935
Ally Financial, Inc. Series B 4.70%, 05/15/2026(k)			164		164,195
Series C 4.70%, 05/15/2028(k)			28		27,720

19

	Principal Amount (000)			U.S. $ Value
Discover Financial Services Series D 6.125%, 06/23/2025(k)		U.S.$	93	$	100,274
Societe Generale SA 8.00%, 09/29/2025(a) (k)			3		3,395
					422,817
Brokerage – 0.7%
Advisor Group Holdings, Inc. 10.75%, 08/01/2027(a)			57		62,802
AG Issuer LLC 6.25%, 03/01/2028(a)			100		103,417
Jane Street Group/JSG Finance, Inc. 4.50%, 11/15/2029(a)			81		79,396
Lehman Brothers Holdings, Inc. 5.625%, 01/24/2013(d)			423		2,202
LPL Holdings, Inc. 4.00%, 03/15/2029(a)			60		58,305
NFP Corp. 4.875%, 08/15/2028(a)			32		31,213
6.875%, 08/15/2028(a)			90		85,639
					422,974
Finance – 1.4%
Air Lease Corp. Series B 4.65%, 06/15/2026(k)			50		50,378
Aircastle Ltd. 5.25%, 06/15/2026(a) (k)			31		31,125
Castlelake Aviation Finance DAC 5.00%, 04/15/2027(a)			98		95,683
CNG Holdings, Inc. 12.50%, 06/15/2024(a)			32		30,136
Curo Group Holdings Corp. 7.50%, 08/01/2028(a)			164		154,259
Enova International, Inc. 8.50%, 09/01/2024-09/15/2025(a)			144		147,732
goeasy Ltd. 4.375%, 05/01/2026(a)			23		22,880
5.375%, 12/01/2024(a)			7		7,161
HighTower Holding, LLC 6.75%, 04/15/2029(a)			11		11,074
Navient Corp. 5.50%, 01/25/2023			87		88,829
5.625%, 08/01/2033			31		27,765
6.125%, 03/25/2024			115		119,830
7.25%, 09/25/2023			35		36,998
OneMain Finance Corp. 8.875%, 06/01/2025			37		39,310

20

	Principal Amount (000)			U.S. $ Value
SLM Corp. 4.20%, 10/29/2025		U.S.$	57	$	58,584
					921,744
Insurance – 0.2%
Acrisure LLC/Acrisure Finance, Inc. 6.00%, 08/01/2029(a)			19		18,045
10.125%, 08/01/2026(a)			40		43,526
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 6.75%, 10/15/2027(a)			29		28,686
AssuredPartners, Inc. 5.625%, 01/15/2029(a)			42		39,020
USI, Inc./NY 6.875%, 05/01/2025(a)			7		7,001
					136,278
Other Finance – 0.5%
Asteroid Private Merger Sub, Inc. 8.50%, 11/15/2029(a)			151		153,844
Coinbase Global, Inc. 3.375%, 10/01/2028(a)			54		48,421
Intrum AB 3.50%, 07/15/2026(a)		EUR	100		111,361
					313,626
REITs – 2.6%
ADLER Group SA 2.75%, 11/13/2026(a)			100		90,897
Aedas Homes Opco Sl 4.00%, 08/15/2026			111		125,869
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 4.50%, 04/01/2027(a)		U.S.$	146		138,262
5.75%, 05/15/2026(a)			49		49,000
Diversified Healthcare Trust 4.75%, 02/15/2028			189		177,975
9.75%, 06/15/2025			90		95,652
Hospitality Properties Trust 4.50%, 06/15/2023			25		24,586
Iron Mountain, Inc. 4.50%, 02/15/2031(a)			198		188,110
4.875%, 09/15/2029(a)			69		68,144
5.25%, 07/15/2030(a)			25		24,828
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 5.625%, 05/01/2024			93		98,417
5.75%, 02/01/2027			59		65,535
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer 4.875%, 05/15/2029(a)			67		66,309

21

	Principal Amount (000)			U.S. $ Value
SBA Communications Corp. 3.125%, 02/01/2029		U.S.$	46	$	42,940
Service Properties Trust 7.50%, 09/15/2025			247		260,296
Vivion Investments SARL 3.00%, 08/08/2024(a)		EUR	100		107,121
					1,623,941
					3,841,380
Utility – 1.3%
Electric – 1.1%
Calpine Corp. 4.50%, 02/15/2028(a)		U.S.$	141		137,817
5.125%, 03/15/2028(a)			133		129,726
Talen Energy Supply LLC 6.50%, 06/01/2025			132		56,826
7.25%, 05/15/2027(a)			44		39,483
10.50%, 01/15/2026(a)			139		64,607
Vistra Corp. 7.00%, 12/15/2026(a) (k)			28		27,956
8.00%, 10/15/2026(a) (k)			29		30,110
Vistra Operations Co. LLC 4.375%, 05/01/2029(a)			148		142,656
5.50%, 09/01/2026(a)			78		79,471
					708,652
Other Utility – 0.2%
Solaris Midstream Holdings LLC 7.625%, 04/01/2026(a)			118		121,996
					830,648
Total Corporates - Non-Investment Grade (cost $49,245,410)					48,248,342
CORPORATES - INVESTMENT GRADE – 9.1%
Industrial – 6.0%
Basic – 1.3%
ArcelorMittal SA 4.25%, 07/16/2029			25		26,371
Arconic Corp. 6.00%, 05/15/2025(a)			20		20,695
CF Industries, Inc. 4.95%, 06/01/2043			44		50,352
5.15%, 03/15/2034			23		26,648
5.375%, 03/15/2044			51		61,395
Freeport-McMoRan, Inc. 5.00%, 09/01/2027			279		288,743
5.25%, 09/01/2029			104		110,240
5.40%, 11/14/2034			99		114,357
Glencore Finance Canada Ltd. 6.00%, 11/15/2041(a)			5		5,946

22

	Principal Amount (000)			U.S. $ Value
INEOS Finance PLC 2.875%, 05/01/2026(a)		EUR	120	$	131,446
					836,193
Capital Goods – 0.1%
General Electric Co. Series D 3.533% (LIBOR 3 Month + 3.33%), 03/15/2022(h) (k)		U.S.$	40		39,200
Howmet Aerospace, Inc. 5.90%, 02/01/2027			4		4,316
					43,516
Communications - Media – 0.7%
Netflix, Inc. 3.625%, 05/15/2027		EUR	124		156,915
4.375%, 11/15/2026		U.S.$	25		26,832
4.625%, 05/15/2029		EUR	113		153,650
4.875%, 04/15/2028		U.S.$	100		110,038
					447,435
Communications - Telecommunications – 0.9%
Hughes Satellite Systems Corp. 5.25%, 08/01/2026			21		22,343
T-Mobile USA, Inc. 2.625%, 02/15/2029			80		75,227
2.875%, 02/15/2031			155		145,704
3.375%, 04/15/2029(a)			47		45,959
3.50%, 04/15/2031			126		123,221
4.75%, 02/01/2028			126		130,279
					542,733
Consumer Cyclical - Other – 0.3%
MDC Holdings, Inc. 6.00%, 01/15/2043			87		101,592
Toll Brothers Finance Corp. 4.875%, 03/15/2027			93		100,959
					202,551
Consumer Non-Cyclical – 1.0%
HCA, Inc. 5.375%, 09/01/2026			33		35,799
5.625%, 09/01/2028			35		38,981
5.875%, 02/15/2026			54		58,881
Kraft Heinz Foods Co. 3.00%, 06/01/2026			185		186,850
4.375%, 06/01/2046			93		97,515
Pilgrim’s Pride Corp. 3.50%, 03/01/2032(a)			105		100,070
5.875%, 09/30/2027(a)			136		142,011
					660,107

23

	Principal Amount (000)			U.S. $ Value
Energy – 0.8%
Cenovus Energy, Inc. 5.40%, 06/15/2047		U.S.$	2	$	2,407
6.75%, 11/15/2039			1		1,917
Continental Resources, Inc./OK 4.90%, 06/01/2044			16		16,829
5.75%, 01/15/2031(a)			28		31,924
Energy Transfer LP 4.40%, 03/15/2027			105		111,590
Hess Corp. 7.30%, 08/15/2031			36		47,223
Marathon Oil Corp. 6.80%, 03/15/2032			34		42,523
QEP Resources, Inc. 5.375%, 10/01/2022			1		521
Western Midstream Operating LP 3.95%, 06/01/2025			33		33,788
4.55%, 02/01/2030			49		51,278
4.65%, 07/01/2026			41		42,926
4.75%, 08/15/2028			12		12,734
5.45%, 04/01/2044			26		28,770
5.75%, 02/01/2050			84		92,161
					516,591
Services – 0.0%
Expedia Group, Inc. 6.25%, 05/01/2025(a)			5		5,574
Technology – 0.4%
CDW LLC/CDW Finance Corp. 4.125%, 05/01/2025			125		126,591
MSCI, Inc. 4.00%, 11/15/2029(a)			25		25,165
Nokia Oyj 6.625%, 05/15/2039			64		81,156
					232,912
Transportation - Airlines – 0.5%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.75%, 10/20/2028(a)			45		47,931
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. 6.50%, 06/20/2027(a)			234		248,703
					296,634
					3,784,246
Financial Institutions – 3.1%
Banking – 1.0%
Barclays Bank PLC 6.86%, 06/15/2032(a) (k)			15		19,343
Citigroup, Inc. Series T 6.25%, 08/15/2026(k)			38		42,071
Series U 5.00%, 09/12/2024(k)			70		70,702

24

	Principal Amount (000)			U.S. $ Value
Series V 4.70%, 01/30/2025(k)		U.S.$	41	$	41,028
Series W 4.00%, 12/10/2025(k)			18		17,852
Series Y 4.15%, 11/15/2026(k)			46		44,924
First-Citizens Bank & Trust Co. 3.929%, 06/19/2024			37		37,929
Goldman Sachs Group, Inc. (The) Series P 5.00%, 11/10/2022(k)			128		125,364
JPMorgan Chase & Co. Series FF 5.00%, 08/01/2024(k)			80		81,424
Series HH 4.60%, 02/01/2025(k)			49		48,762
Lloyds Banking Group PLC 6.00%, 06/07/2032(k)		GBP	8		10,185
Wells Fargo & Co. Series BB 3.90%, 03/15/2026(k)		U.S.$	111		109,920
					649,504
Brokerage – 0.1%
Charles Schwab Corp. (The) Series G 5.375%, 06/01/2025(k)			58		62,074
Finance – 0.4%
Aircastle Ltd. 2.85%, 01/26/2028(a)			2		1,957
5.25%, 08/11/2025(a)			148		159,474
Aviation Capital Group LLC 1.95%, 01/30/2026(a)			2		1,923
3.50%, 11/01/2027(a)			18		18,028
4.125%, 08/01/2025(a)			16		16,635
4.375%, 01/30/2024(a)			36		37,331
4.875%, 10/01/2025(a)			6		6,379
					241,727
Insurance – 1.1%
ACE Capital Trust II 9.70%, 04/01/2030			20		28,862
Centene Corp. 2.50%, 03/01/2031			453		420,288
2.625%, 08/01/2031			43		40,287
3.00%, 10/15/2030			66		64,065
Liberty Mutual Group, Inc. 7.80%, 03/15/2037(a)			61		83,743
Prudential Financial, Inc. 5.20%, 03/15/2044			20		20,592
5.625%, 06/15/2043			50		51,574
					709,411

25

	Principal Amount (000)				U.S. $ Value
REITs – 0.5%
MPT Operating Partnership LP/MPT Finance Corp. 4.625%, 08/01/2029		U.S.$	21		$	21,604
5.00%, 10/15/2027			122			125,354
5.25%, 08/01/2026			40			40,799
Office Properties Income Trust 3.45%, 10/15/2031			104			97,618
						285,375
						1,948,091
Total Corporates - Investment Grade (cost $5,593,599)						5,732,337
BANK LOANS – 4.8%
Industrial – 4.3%
Basic – 0.0%
Nouryon Finance B.V. 3.105% (LIBOR 1 Month + 3.00%), 10/01/2025(l)			7			7,418
Capital Goods – 0.3%
ACProducts Holdings, Inc. 4.750% (LIBOR 3 Month + 4.25%), 05/17/2028(l)			99			97,871
Apex Tool Group, LLC 6.750% (LIBOR 1 Month + 5.50%), 08/01/2024(l)			56			55,634
Chariot Buyer LLC 4.000% (LIBOR 1 Month + 3.50%), 11/03/2028(l)			20			19,950
Granite US Holdings Corporation 4.224% (LIBOR 3 Month + 4.00%), 09/30/2026(b) (l)			55			54,648
						228,103
Communications - Media – 0.2%
Advantage Sales & Marketing, Inc. 5.250% (LIBOR 1 Month + 4.50%), 10/28/2027(l)			0	**		95
5.250% (LIBOR 3 Month + 4.50%), 10/28/2027(l)			38			37,744
Clear Channel Outdoor Holdings, Inc. 3.605% (LIBOR 1 Month + 3.50%), 08/21/2026(l)			0	**		30
3.799% (LIBOR 3 Month + 3.50%), 08/21/2026(l)			12			11,527
iHeartCommunications, Inc. (fka Clear Channel Communications, Inc.) 3.105% (LIBOR 1 Month + 3.00%), 05/01/2026(l)			18			17,641

26

	Principal Amount (000)			U.S. $ Value
Univision Communications, Inc. 3.750% (LIBOR 1 Month + 2.75%), 03/15/2024(l)		U.S.$	52	$	52,014
					119,051
Communications - Telecommunications – 0.6%
Crown Subsea Communications Holding, Inc. 5.500% (LIBOR 1 Month + 4.75%), 04/27/2027(l)			56		56,400
DIRECTV Financing, LLC 5.750% (LIBOR 3 Month + 5.00%), 08/02/2027(l)			59		58,687
Intrado Corporation 5.000% (LIBOR 3 Month + 4.00%), 10/10/2024(l)			26		24,021
Proofpoint, Inc. 6.750% (LIBOR 3 Month + 6.25%), 08/31/2029(l)			120		120,863
Zacapa SARL 4.724% (LIBOR 3 Month + 4.50%), 07/02/2025(l)			99		98,724
					358,695
Consumer Cyclical - Automotive – 0.1%
Clarios Global LP 3.355% (LIBOR 1 Month + 3.25%), 04/30/2026(l)			42		42,017
Consumer Cyclical - Entertainment – 0.2%
Seaworld Parks & Entertainment, Inc. 3.500% (LIBOR 1 Month + 3.00%), 08/25/2028(l)			117		116,643
Consumer Cyclical - Other – 0.2%
Caesars Resort Collection, LLC 2.855% (LIBOR 1 Month + 2.75%), 12/23/2024(l)			37		37,052
Flutter Entertainment PLC 2.474% (LIBOR 3 Month + 2.25%), 07/21/2026(l)			4		4,081
Golden Nugget Online Gaming, LLC 13.000% (LIBOR 1 Month + 12.00%), 10/04/2023(b) (l)			1		800
Scientific Games International, Inc. 2.855% (LIBOR 1 Month + 2.75%), 08/14/2024(l)			78		77,520
					119,453
Consumer Cyclical - Restaurants – 0.0%
IRB Holding Corp. 3.750% (LIBOR 3 Month + 2.75%), 02/05/2025(l)			6		5,999

27

	Principal Amount (000)			U.S. $ Value
Consumer Cyclical - Retailers – 0.1%
Great Outdoors Group, LLC 4.500% (LIBOR 3 Month + 3.75%), 03/06/2028(l)		U.S.$	17	$	16,706
PetSmart LLC 4.500% (LIBOR 3 Month + 3.75%), 02/11/2028(l)			80		79,426
					96,132
Consumer Non-Cyclical – 0.5%
Gainwell Acquisition Corp. 4.750% (LIBOR 3 Month + 4.00%), 10/01/2027(l)			40		39,612
Global Medical Response, Inc. 5.250% (LIBOR 3 Month + 4.25%), 03/14/2025(l)			16		15,607
Kronos Acquisition Holdings, Inc. 4.250% (LIBOR 3 Month + 3.75%), 12/22/2026(l)			40		38,313
LifePoint Health, Inc. (fka Regionalcare Hospital Partners Holdings, Inc.) 3.855% (LIBOR 1 Month + 3.75%), 11/16/2025(l)			27		27,245
Padagis LLC 5.250% (LIBOR 3 Month + 4.75%), 07/06/2028(b) (l)			28		28,147
U.S. Renal Care, Inc. 5.104% (LIBOR 1 Month + 5.00%), 06/26/2026(l)			59		57,834
US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.) 5.750% (LIBOR 3 Month + 5.25%), 12/15/2027(l)			89		89,195
					295,953
Energy – 0.5%
CITGO Petroleum Corporation 7.250% (LIBOR 1 Month + 6.25%), 03/28/2024(l)			35		34,575
GIP II Blue Holding, L.P. 5.500% (LIBOR 3 Month + 4.50%), 09/29/2028(l)			211		210,461
Parkway Generation, LLC, 11/05/2028(m)			59		59,422
					304,458
Other Industrial – 0.3%
American Tire Distributors, Inc. 7.000% (LIBOR 3 Month + 6.25%), 10/20/2028(l)			165		165,825
Dealer Tire, LLC 4.355% (LIBOR 1 Month + 4.25%), 12/12/2025(l)			20		19,608

28

	Principal Amount (000)			U.S. $ Value
FCG Acquisitions, Inc. 7.250% (LIBOR 3 Month + 6.75%), 03/30/2029(b) (l)		U.S.$	30	$	30,225
Rockwood Service Corporation 4.105% (LIBOR 1 Month + 4.00%), 01/23/2027(l)			3		3,277
					218,935
Services – 0.2%
Amentum Government Services Holdings LLC 3.605% (LIBOR 1 Month + 3.50%), 01/29/2027(b) (l)			20		19,700
Garda World Security Corporation 4.360% (LIBOR 1 Month + 4.25%), 10/30/2026(l)			58		57,918
Verscend Holding Corp. 4.105% (LIBOR 1 Month + 4.00%), 08/27/2025(l)			26		26,021
					103,639
Technology – 1.1%
Ascend Learning, LLC 6.250% (LIBOR 1 Month + 5.75%), 12/10/2029(l)			50		50,235
athenahealth, Inc. 4.400% (LIBOR 3 Month + 4.25%), 02/11/2026(l)			71		70,588
Banff Guarantor, Inc. 6.000% (LIBOR 3 Month + 5.50%), 02/27/2026(l)			50		50,291
Boxer Parent Company, Inc. 3.974% (LIBOR 3 Month + 3.75%), 10/02/2025(l)			58		57,534
Endurance International Group Holdings, Inc. 4.250% (LIBOR 3 Month + 3.50%), 02/10/2028(l)			74		73,072
FINThrive Software Intermediate Holdings, Inc. 7.250% (LIBOR 3 Month + 6.75%), 12/17/2029(l)			50		49,834
Loyalty Ventures, Inc. 5.000% (LIBOR 1 Month + 4.50%), 11/03/2027(l)			132		131,615
Peraton Corp. 4.500% (LIBOR 1 Month + 3.75%), 02/01/2028(l)			33		33,374
Playtika Holding Corp. 2.855% (LIBOR 1 Month + 2.75%), 03/13/2028(l)			60		59,321
Presidio Holdings, Inc. 3.610% (LIBOR 1 Month + 3.50%), 01/22/2027(l)			1		745
3.800% (LIBOR 3 Month + 3.50%), 01/22/2027(l)			14		14,229

29

	Principal Amount (000)				U.S. $ Value
Veritas US, Inc. 6.000% (LIBOR 3 Month + 5.00%), 09/01/2025(l)		U.S.$	84		$	83,334
						674,172
						2,690,668
Financial Institutions – 0.4%
Finance – 0.0%
Orbit Private Holdings I Ltd. 5.000% (LIBOR 3 Month + 4.50%), 12/11/2028(b) (l)			30			30,000
Insurance – 0.4%
Cross Financial Corp. 4.750% (LIBOR 1 Month + 4.00%), 09/15/2027(l)			45			44,719
Hub International Limited 4.000% (LIBOR 2 Month + 3.25%), 04/25/2025(l)			0	**		169
4.000% (LIBOR 3 Month + 3.25%), 04/25/2025(l)			67			66,567
Jones DesLauriers Insurance Management, Inc. 8.000% (CDOR 3 Month + 7.50%), 03/26/2029(b) (l)		CAD	90			70,733
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) 3.855% (LIBOR 1 Month + 3.75%), 09/03/2026(l)		U.S.$	50			49,400
						231,588
						261,588
Utility – 0.1%
Electric – 0.1%
Generation Bridge, LLC 5.750% (LIBOR 3 Month + 5.00%), 12/01/2028(b) (l)			42			42,095
Granite Generation LLC 4.750% (LIBOR 1 Month + 3.75%), 11/09/2026(l)			43			42,755
4.750% (LIBOR 3 Month + 3.75%), 11/09/2026(l)			9			8,457
						93,307
Total Bank Loans (cost $3,020,163)						3,045,563

30

	Principal Amount (000)			U.S. $ Value
EMERGING MARKETS - CORPORATE BONDS – 1.6%
Industrial – 1.5%
Basic – 0.2%
Eldorado Gold Corp. 6.25%, 09/01/2029(a)		U.S.$	91	$	91,123
First Quantum Minerals Ltd. 7.25%, 04/01/2023(a)			58		58,752
					149,875
Communications - Telecommunications – 0.3%
Sable International Finance Ltd. 5.75%, 09/07/2027(a)			180		183,371
Consumer Cyclical - Other – 0.7%
Melco Resorts Finance Ltd. 5.375%, 12/04/2029(a)			236		222,725
Wynn Macau Ltd. 5.50%, 01/15/2026(a)			209		196,105
					418,830
Consumer Cyclical - Retailers – 0.0%
K2016470219 South Africa Ltd. 3.00%, 12/31/2022(b) (e) (f) (g)			17		0
K2016470260 South Africa Ltd. 25.00%, 12/31/2022(b) (e) (f) (g)			10		0
					0
Consumer Non-Cyclical – 0.0%
Tonon Luxembourg SA 6.50% (0.50% Cash and 6.00% PIK), 10/31/2024(b) (c) (e) (f) (g) (j)			2		0
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018(b) (c) (d) (e) (g)			96		10
					10
Technology – 0.3%
CA Magnum Holdings 5.375%, 10/31/2026(a)			200		203,940
					956,026
Utility – 0.1%
Electric – 0.1%
Terraform Global Operating LLC 6.125%, 03/01/2026(g)			28		28,408
Total Emerging Markets - Corporate Bonds (cost $1,136,135)					984,434

31

Company	Shares		U.S. $ Value
COMMON STOCKS – 0.9%
Energy – 0.5%
Energy Equipment & Services – 0.0%
Vantage Drilling International(c)		247	$	1,482
Oil, Gas & Consumable Fuels – 0.5%
Berry Corp.		5,250		45,622
CHC Group LLC(c)		468		0
Civitas Resources, Inc.		523		28,503
Denbury, Inc.(c)		679		51,020
Diamond Offshore Drilling, Inc.(c)		5,350		28,355
Diamond Offshore Drilling, Inc.(c) (g)		1,142		6,053
Edcon Ltd.(b) (c) (e)		8,218		0
Global Partners LP/MA		1,004		27,018
Gulfport Energy Corp.(c)		2,074		135,743
K201640219 South Africa Ltd. A Shares(b) (c) (e)		191,574		0
K201640219 South Africa Ltd. B Shares(b) (c) (e)		30,276		0
SandRidge Energy, Inc.(c)		5		58
Whiting Petroleum Corp.(c)		142		10,544
				332,916
				334,398
Consumer Discretionary – 0.2%
Auto Components – 0.2%
ATD New Holdings, Inc.(b) (c)		1,009		82,570
Exide Corp.(b) (c) (e)		7		11,550
				94,120
Hotels, Restaurants & Leisure – 0.0%
Caesars Entertainment, Inc.(c)		151		11,497
				105,617
Consumer Staples – 0.1%
Food & Staples Retailing – 0.1%
Southeastern Grocers, Inc.(b) (c) (e)		3,584		84,224
Information Technology – 0.1%
Software – 0.1%
Avaya Holdings Corp.(c)		1,385		25,235
Monitronics International, Inc.(c)		578		1,445
				26,680
Communication Services – 0.0%
Media – 0.0%
DISH Network Corp. - Class A(c)		100		3,140
iHeartMedia, Inc. - Class A(c)		1,045		21,057
				24,197
Industrials – 0.0%
Construction & Engineering – 0.0%
WillScot Mobile Mini Holdings Corp.(c)		508		18,816

32

Company	Shares			U.S. $ Value
Materials – 0.0%
Containers & Packaging – 0.0%
Westrock Co.			6	$	277
Metals & Mining – 0.0%
BIS Industries Holdings Ltd.(b) (c) (e)			21,027		0
Neenah Enterprises, Inc.(b) (c) (e)			4,481		0
					0
					277
Total Common Stocks (cost $740,406)					594,209
PREFERRED STOCKS – 0.4%
Industrial – 0.3%
Consumer Cyclical - Automotive – 0.1%
Exide International Holdings LP 0.00%(b) (c) (e) (g)			39		32,955
Consumer Cyclical - Other – 0.0%
Hovnanian Enterprises, Inc. 7.625%			490		10,589
Energy – 0.1%
Gulfport Energy Corp. 10.00%(b) (c)			4		23,600
Targa Resources Corp. Series A 9.50%			70		75,292
					98,892
Industrial Conglomerates – 0.1%
WESCO International, Inc. Series A 10.625%			1,425		43,434
					185,870
Financial Institutions – 0.1%
Capital Markets – 0.1%
Ladenburg Thalmann Financial Services, Inc. Series A 8.00%			2,175		31,864
Total Preferred Stocks (cost $168,855)					217,734
	Principal Amount (000)
GOVERNMENTS - TREASURIES – 0.1%
Mexico – 0.1%
Mexican Bonos Series M 5.75%, 03/05/2026		MXN	1,202		54,701
Series M 20 10.00%, 12/05/2024			480		24,760
Total Governments - Treasuries (cost $91,458)					79,461

33

	Principal Amount (000)				U.S. $ Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.1%
Risk Share Floating Rate – 0.1%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2013-DN2, Class M2 4.358% (LIBOR 1 Month + 4.25%), 11/25/2023(h)		U.S.$	21		$	21,658
Series 2014-HQ2, Class M3 3.858% (LIBOR 1 Month + 3.75%), 09/25/2024(h)			27			28,006
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C01, Class M2 4.508% (LIBOR 1 Month + 4.40%), 01/25/2024(h)			5			5,401
Series 2015-C03, Class 2M2 5.108% (LIBOR 1 Month + 5.00%), 07/25/2025(h)			0	**		55
						55,120
Non-Agency Fixed Rate – 0.0%
Alternative Loan Trust Series 2006-28CB, Class A14 6.25%, 10/25/2036			4			2,668
CSMC Mortgage-Backed Trust Series 2006-7, Class 3A12 6.25%, 08/25/2036			4			2,361
						5,029
Total Collateralized Mortgage Obligations (cost $60,759)						60,149
COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.1%
Non-Agency Fixed Rate CMBS – 0.1%
Citigroup Commercial Mortgage Trust Series 2014-GC23, Class D 4.483%, 07/10/2047(a)			15			14,443
GS Mortgage Securities Trust Series 2014-GC18, Class D 4.975%, 01/10/2047(a)			11			5,077
JPMBB Commercial Mortgage Securities Trust Series 2013-C17, Class D 4.886%, 01/15/2047(a)			29			28,337
Total Commercial Mortgage-Backed Securities (cost $53,994)						47,857

34

	Principal Amount (000)			U.S. $ Value
EMERGING MARKETS - TREASURIES – 0.0%
South Africa – 0.0%
Republic of South Africa Government Bond Series 2023 7.75%, 02/28/2023 (cost $21,014)		ZAR	283	$	18,835
	Shares
WARRANTS – 0.0%
Avaya Holdings Corp., expiring 12/15/2022(c)			1,210		1,343
Battalion Oil Corp., expiring 10/08/2022(b) (c) (e)			4		0
Battalion Oil Corp., expiring 10/08/2022(b) (c) (e)			2		0
Battalion Oil Corp., expiring 10/08/2022(b) (c) (e)			3		0
SandRidge Energy, Inc., A-CW22, expiring 10/04/2022(c)			1,980		32
SandRidge Energy, Inc., B-CW22, expiring 10/04/2022(c)			831		95
Willscot Corp., expiring 11/29/2022(b) (c) (e)			787		17,049
Total Warrants (cost $13,125)					18,519
RIGHTS – 0.0%
Vistra Energy Corp., expiring 12/31/2049(b) (c) (cost $0)			3,442		4,561
SHORT-TERM INVESTMENTS – 5.3%
Investment Companies – 5.3%
AB Fixed Income Shares, Inc. - AB Government Money Market Portfolio - Class AB, 0.01%(n) (o) (p) (cost $3,349,988)			3,349,988		3,349,988
Total Investments – 99.1% (cost $63,494,906)(q)					62,401,989
Other assets less liabilities – 0.9%					545,582
Net Assets – 100.0%				$	62,947,571

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
E-Mini Russell 2000 Index Futures		1		March 2022		$	101,220		$	(6,633	)
S&P 500 E-Mini Futures		1		March 2022			225,213			(1,332	)
U.S. Long Bond (CBT) Futures		4		March 2022			622,500			(19,625	)
U.S. T-Note 5 Yr (CBT) Futures		17		March 2022			2,026,453			(34,078	)
U.S. T-Note 10 Yr (CBT) Futures		17		March 2022			2,175,469			(16,984	)
Sold Contracts
EURO-OAT Futures		1		March 2022			180,887			5,662
									$	(72,990	)

35

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Brown Brothers Harriman & Co.		CAD	103		USD	82		02/10/2022		$	484
Brown Brothers Harriman & Co.		EUR	300		USD	339		02/10/2022			1,975
Brown Brothers Harriman & Co.		USD	122		EUR	108		02/10/2022			(429	)
Brown Brothers Harriman & Co.		GBP	215		USD	292		03/17/2022			3,104
Brown Brothers Harriman & Co.		MXN	1,289		USD	62		03/24/2022			551
Deutsche Bank AG		EUR	2,294		USD	2,652		02/10/2022			74,559
Morgan Stanley Capital Services LLC		EUR	978		USD	1,112		02/10/2022			13,212
										$	93,456

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at January 31, 2022		Notional Amount (000)			Market Value		Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Morgan Stanley & Co. LLC/(INTRCONX)
CDX-NAHY Series 34, 5 Year Index, 06/20/2025*		5.00	%		Quarterly		2.87%		USD	255	$	18,473	$	(222	)	$	18,695
CDX-NAHY Series 37, 5 Year Index, 12/20/2026*		5.00			Quarterly		3.38		USD	2,250		167,908		185,052			(17,144	)
iTraxx Europe Crossover Series 36, 5 Year Index, 12/20/2026*		5.00			Quarterly		2.88		EUR	330		36,933		42,919			(5,986	)
											$	223,314	$	227,749		$	(4,435	)

* Termination date

36

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	$	53,633		$	—		$	53,633
USD	2,835	09/02/2025		2.248%		3 Month LIBOR		Semi-Annual/ Quarterly		(90,925	)		(8,311	)		(82,614	)
USD	961	01/15/2026		1.978%		3 Month LIBOR		Semi-Annual/ Quarterly		(13,784	)		5,398			(19,182	)
USD	651	02/16/2026		1.625%		3 Month LIBOR		Semi-Annual/ Quarterly		(4,487	)		7,434			(11,921	)
USD	150	03/31/2026		1.693%		3 Month LIBOR		Semi-Annual/ Quarterly		(1,164	)		—			(1,164	)
USD	100	05/03/2026		1.770%		3 Month LIBOR		Semi-Annual/ Quarterly		(913	)		—			(913	)
USD	800	06/01/2026		1.714%		3 Month LIBOR		Semi-Annual/ Quarterly		(4,143	)		32,362			(36,505	)
USD	4,650	04/28/2027		3 Month LIBOR		2.330%		Quarterly/ Semi-Annual		173,773			16,658			157,115
USD	350	05/03/2027		2.285%		3 Month LIBOR		Semi-Annual/ Quarterly		(11,986	)		112			(12,098	)
USD	940	03/06/2028		2.876%		3 Month LIBOR		Semi-Annual/ Quarterly		(71,921	)		—			(71,921	)
									$	28,083		$	53,653		$	(25,570	)

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at January 31, 2022		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		7.50%		USD	173	$	74,499	$	20,407	$	54,092
Goldman Sachs International
CDX-CMBX.NA.BBB Series 6, 05/11/2063*		(3.00	)	Monthly		7.50		USD	192		47,573		19,058		28,515
Sale Contracts
BNP Paribas SA
Altice France SA, 6/20/2024*		5.00		Quarterly		1.99		EUR	70		5,902		3,006		2,896

37

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at January 31, 2022	Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Credit Suisse International
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00	%		Monthly	7.50%		USD	28	$	(12,003	)	$	(3,244	)	$	(8,759	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly	7.50		USD	66		(28,558	)		(7,161	)		(21,397	)
International Game Technology, 4.750%, 02/15/2023, 06/20/2022*		5.00			Quarterly	0.50		EUR	100		2,636			2,032			604
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly	7.50		USD	75		(18,596	)		(4,742	)		(13,854	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly	7.50		USD	252		(62,482	)		(16,358	)		(46,124	)
Goldman Sachs International
Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023*		5.00			Quarterly	1.19		USD	20		1,540			759			781
Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023*		5.00			Quarterly	1.19		USD	10		770			243			527
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly	7.50		USD	156		(67,424	)		(26,550	)		(40,874	)
										$	(56,143	)	$	(12,550	)	$	(43,593	)

* Termination date

TOTAL RETURN SWAPS

Counterparty & Referenced Obligation

Rate Paid/ Received

Payment Frequency

Current Notional (000)

Maturity Date

Unrealized Appreciation/ (Depreciation)

Receive Total Return on Reference Obligation

Goldman Sachs International

Markit iBoxx USD Contingent Convertible Liquid Developed Markets AT1 I

1 Day SOFR

Quarterly

USD

569

06/20/2022

$

(10,632

)

** Principal amount less than 500.

(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 January 31, 2022, the aggregate market value of these securities amounted to $41,375,583 or 65.7% of net assets.

38

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

(c) Non-income producing security.

(d) Defaulted matured security.

(e) Fair valued by the Adviser.

(f) 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 January 31, 2022.

(g) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.11% of net assets as of January 31, 2022, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date	Cost		Market Value		Percentage of Net Assets
Diamond Offshore Drilling, Inc.	04/23/2021	$	19,989	$	6,053	0.01%
Exide International Holdings LP	11/05/2020		29,328		32,955	0.05%
Exide Technologies (Exchange Priority) 11.00%, 10/31/2024	10/29/2020		0		0	0.00%
Exide Technologies (First Lien) 11.00%, 10/31/2024	10/29/2020		0		0	0.00%
K2016470219 South Africa Ltd. 3.00%, 12/31/2022	03/13/2015- 06/30/2021		16,398		0	0.00%
K2016470260 South Africa Ltd. 25.00%, 12/31/2022	12/22/2016- 06/30/2021		10,323		0	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- 06/04/2019		28,027		28,408	0.05%
Tonon Luxembourg SA 6.50%, 10/31/2024	05/03/2019- 10/31/2020		4,111		0	0.00%
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018	02/13/2013		96,161		10	0.00%

(h) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at January 31, 2022.

(i) Convertible security.

(j) Defaulted.

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

(l) The stated coupon rate represents the greater of the LIBOR or an alternate base rate such as the CDOR or the LIBOR/CDOR floor rate plus a spread at January 31, 2022.

(m) 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.

(n) 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.

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

(p) Affiliated investments.

(q) As of January 31, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $1,616,186 and gross unrealized depreciation of investments was $(2,772,867), resulting in net unrealized depreciation of $(1,156,681).

Currency Abbreviations:

CAD – Canadian Dollar

EUR – Euro

GBP – Great British Pound

MXN – Mexican Peso

USD – United States Dollar

ZAR – South African Rand

39

Glossary:

CBT – Chicago Board of Trade

CDOR – Canadian Dealer Offered Rate

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

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

CMBS – Commercial Mortgage-Backed Securities

EURIBOR – Euro Interbank Offered Rate

INTRCONX – Inter-Continental Exchange

LIBOR – London Interbank Offered Rate

OAT – Obligations Assimilables du Trésor

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

40

AB High Yield Portfolio

January 31, 2022 (unaudited)

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

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

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

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

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

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

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

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

41

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2022:

Investments in Securities	Level 1			Level 2			Level 3			Total
Assets:
Corporates - Non-Investment Grade	$	-0-		$	48,244,551		$	3,791	#	$	48,248,342
Corporates - Investment Grade		-0-			5,732,337			-0-			5,732,337
Bank Loans		-0-			2,769,215			276,348			3,045,563
Emerging Markets - Corporate Bonds		-0-			984,424			10	#		984,434
Common Stocks		381,457			34,408	#		178,344	#		594,209
Preferred Stocks		54,023			107,156			56,555			217,734
Governments - Treasuries		-0-			79,461			-0-			79,461
Collateralized Mortgage Obligations		-0-			60,149			-0-			60,149
Commercial Mortgage-Backed Securities		-0-			47,857			-0-			47,857
Emerging Markets - Treasuries		-0-			18,835			-0-			18,835
Warrants		1,470			-0-			17,049	#		18,519
Rights		-0-			-0-			4,561			4,561
Short-Term Investments:
Investment Companies		3,349,988			-0-			-0-			3,349,988
Total Investments in Securities		3,786,938			58,078,393			536,658			62,401,989
Other Financial Instruments*:
Assets
Futures		5,662			-0-			-0-			5,662
Forward Currency Exchange Contracts		-0-			93,885			-0-			93,885
Centrally Cleared Credit Default Swaps		-0-			223,314			-0-			223,314
Centrally Cleared Interest Rate Swaps		-0-			227,406			-0-			227,406
Credit Default Swaps		-0-			132,920			-0-			132,920
Liabilities
Futures		(78,652	)		-0-			-0-			(78,652	)
Forward Currency Exchange Contracts		-0-			(429	)		-0-			(429	)
Centrally Cleared Interest Rate Swaps		-0-			(199,323	)		-0-			(199,323	)
Credit Default Swaps		-0-			(189,063	)		-0-			(189,063	)
Total Return Swaps		-0-			(10,632	)		-0-			(10,632	)
Total	$	3,713,948		$	58,356,471		$	536,658		$	62,607,077

# 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.

A summary of the Fund’s transactions in AB mutual funds for the three months ended January 31, 2022 is as follows:

Fund	Market Value 10/31/21 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 1/31/22 (000)		Dividend Income (000)
Government Money Market Portfolio	$	2,464	$	9,944	$	9,058	$	3,350	$	0	*

* Amount is less than $500.

42