AB Income Fund

Portfolio of Investments

January 31, 2024 (unaudited)

	Principal Amount (000)			U.S. $ Value
GOVERNMENTS - TREASURIES – 49.5%
United States – 49.5%
U.S. Treasury Bonds 3.00%, 08/15/2052		U.S.$	49,257	$	39,004,991
U.S. Treasury Notes 3.75%, 12/31/2028			56,342		55,989,862
3.875%, 08/15/2033			10,430		10,356,664
4.125%, 09/30/2027(a) (b) (c)			351,519		353,605,943
4.125%, 10/31/2027			25,195		25,340,156
4.125%, 07/31/2028			99,948		100,853,375
4.375%, 11/30/2028			32,493		33,193,528
4.50%, 11/15/2033			28,537		29,763,304
4.75%, 07/31/2025			446,365		448,456,834
4.875%, 10/31/2028			36,260		37,778,387
5.00%, 08/31/2025			151,900		153,300,328
Total Governments - Treasuries (cost $1,276,015,121)					1,287,643,372
MORTGAGE PASS-THROUGHS – 26.2%
Agency Fixed Rate 30-Year – 26.2%
Federal National Mortgage Association Series 1998 8.00%, 06/01/2028			1		507
Series 1999 7.50%, 11/01/2029			4		4,167
Series 2020 2.50%, 12/01/2050			84,183		71,043,445
Series 2022 3.00%, 03/01/2052			20,581		18,108,119
3.00%, 08/01/2052			11,365		9,970,455
Government National Mortgage Association Series 2023 5.50%, 05/20/2053			41,893		42,209,169
5.50%, 08/20/2053			34,010		34,266,623
6.00%, 10/20/2053			9,288		9,431,566
6.50%, 10/20/2053			9,030		9,234,066
Series 2024 4.00%, 02/20/2054, TBA			13,732		13,067,272
4.50%, 02/20/2054, TBA			70,886		69,141,840
Uniform Mortgage-Backed Security Series 2024 3.00%, 02/13/2054, TBA			61,874		54,292,124
3.50%, 02/13/2054, TBA			82,946		75,688,538
4.00%, 02/13/2054, TBA			44,832		42,275,013
4.50%, 02/13/2054, TBA			5,755		5,571,361
5.00%, 02/13/2054, TBA			82,077		81,189,136
5.50%, 02/13/2054, TBA			9,700		9,735,996
6.00%, 02/13/2054, TBA			64,900		65,835,475
6.50%, 02/13/2054, TBA			67,500		69,126,858
Total Mortgage Pass-Throughs (cost $665,207,339)					680,191,730
CORPORATES - INVESTMENT GRADE – 14.9%
Financial Institutions – 8.1%
Banking – 6.5%
Ally Financial, Inc. 6.848%, 01/03/2030			2,409		2,486,257

1

	Principal Amount (000)		U.S. $ Value
6.992%, 06/13/2029	U.S.$	4,859	$	5,025,129
8.00%, 11/01/2031		75		83,023
Series B 4.70%, 05/15/2026(d)		3,727		3,022,001
Banco de Credito del Peru SA 3.125%, 07/01/2030(e)		3,765		3,571,479
5.85%, 01/11/2029(e)		146		147,644
Banco Santander SA 3.225%, 11/22/2032		200		167,214
4.175%, 03/24/2028		2,800		2,695,756
6.921%, 08/08/2033		5,400		5,695,650
9.625%, 05/21/2033(d)		3,000		3,224,790
Bank of America Corp. 2.972%, 02/04/2033		2,550		2,175,736
Series U 8.774% (SOFR + 3.40%), 03/04/2024(d) (f)		2,518		2,528,576
Barclays PLC 6.125%, 12/15/2025(d)		5,418		5,135,289
CaixaBank SA 6.84%, 09/13/2034(e)		3,893		4,137,480
Capital One Financial Corp. 5.70%, 02/01/2030		880		888,052
6.377%, 06/08/2034		4,743		4,931,202
7.624%, 10/30/2031		3,035		3,352,188
Citigroup, Inc. 3.875%, 02/18/2026(d)		3,286		3,033,537
7.625%, 11/15/2028(d)		1,873		1,917,690
Series U 5.00%, 09/12/2024(d)		2,540		2,506,294
Series V 4.70%, 01/30/2025(d)		1,811		1,723,981
Series W 4.00%, 12/10/2025(d)		2,865		2,683,187
Credit Agricole SA 8.125%, 12/23/2025(d) (e)		3,939		4,037,948
Danske Bank A/S 3.244%, 12/20/2025(e)		200		195,672
Deutsche Bank AG/New York NY 1.447%, 04/01/2025		150		148,760
7.079%, 02/10/2034		2,615		2,667,143
7.146%, 07/13/2027		962		996,238
Discover Financial Services 7.964%, 11/02/2034		2,530		2,821,760
Goldman Sachs Group, Inc. (The) 2.615%, 04/22/2032		2,614		2,205,641
Series P 8.505% (SOFR + 3.14%), 03/04/2024(d) (f)		1,882		1,883,506
HSBC Holdings PLC 4.60%, 12/17/2030(d)		1,030		856,424
7.399%, 11/13/2034		4,230		4,619,752

2

	Principal Amount (000)			U.S. $ Value
ING Groep NV 6.50%, 04/16/2025(d)		U.S.$	3,085	$	3,019,351
Intesa Sanpaolo SpA 5.017%, 06/26/2024(e)			999		992,966
JPMorgan Chase & Co. 2.963%, 01/25/2033			1,668		1,432,929
Series Q 8.818% (SOFR + 3.51%), 05/01/2024(d) (f)			3,871		3,893,761
Series R 8.868% (SOFR + 3.56%), 05/01/2024(d) (f)			282		283,588
Lloyds Banking Group PLC 5.462%, 01/05/2028			1,262		1,269,395
Morgan Stanley Series G 2.239%, 07/21/2032			2,244		1,834,448
Nationwide Building Society 6.557%, 10/18/2027 (e)			9,636		9,940,209
Nordea Bank Abp 6.625%, 03/26/2026 (d) (e)			6,125		6,072,815
PNC Financial Services Group, Inc. (The) Series R 8.679% (SOFR + 3.30%), 03/01/2024(d) (f)			2,740		2,744,329
Santander Holdings USA, Inc. 6.174%, 01/09/2030			2,281		2,292,884
6.499%, 03/09/2029			6,064		6,254,652
6.565%, 06/12/2029			3,276		3,392,691
7.66%, 11/09/2031			563		611,728
Societe Generale SA 5.519%, 01/19/2028(e)			10,276		10,269,218
Standard Chartered PLC 7.089% (LIBOR 3 Month + 1.51%), 01/30/2027(d) (e) (f)			7,500		7,204,650
Swedbank AB Series NC5 5.625%, 09/17/2024(d) (e)			6,200		6,125,414
Truist Financial Corp. Series N 4.80%, 09/01/2024(d)			7,249		6,920,910
UBS Group AG 4.375%, 02/10/2031(d) (e)			4,958		3,939,676
6.373%, 07/15/2026(e)			1,114		1,126,655
7.00%, 02/19/2025(d) (e)			211		210,599
9.25%, 11/13/2028(d) (e)			586		626,850
9.25%, 11/13/2033(d) (e)			513		562,520
UniCredit SpA 1.982%, 06/03/2027(e)			250		229,970
2.569%, 09/22/2026(e)			3,984		3,772,529
Wells Fargo & Co. 3.35%, 03/02/2033			2,282		2,003,025
7.625%, 09/15/2028(d)			552		580,505
					169,173,266

3

	Principal Amount (000)			U.S. $ Value
Finance – 0.7%
Aircastle Ltd. 5.25%, 06/15/2026(d) (e)		U.S.$	1,325	$	1,162,475
Aviation Capital Group LLC 4.125%, 08/01/2025(e)			1,592		1,550,608
4.875%, 10/01/2025(e)			1,315		1,292,198
Huarong Finance II Co., Ltd. Series E 4.625%, 06/03/2026(e)			630		600,666
4.875%, 11/22/2026(e)			737		702,223
5.50%, 01/16/2025(e)			5,167		5,089,495
REC Ltd. 5.625%, 04/11/2028(e)			648		654,726
Synchrony Financial 3.95%, 12/01/2027			9,137		8,588,140
					19,640,531
Insurance – 0.7%
Assicurazioni Generali SpA Series E 5.50%, 10/27/2047(e)		EUR	6,630		7,473,569
Credit Agricole Assurances SA 4.75%, 09/27/2048(e)			3,200		3,506,483
Hartford Financial Services Group, Inc. (The) Series ICON 7.766% (SOFR + 2.39%), 02/12/2047(e) (f)		U.S.$	3,275		2,852,427
MetLife Capital Trust IV 7.875%, 12/15/2037(e)			4,117		4,457,887
					18,290,366
REITs – 0.2%
GLP Capital LP/GLP Financing II, Inc. 5.375%, 04/15/2026			283		282,355
Trust Fibra Uno 4.869%, 01/15/2030(e)			4,398		4,002,180
					4,284,535
					211,388,698
Industrial – 5.7%
Basic – 1.0%
Anglo American Capital PLC 2.625%, 09/10/2030(e)			707		602,095
5.625%, 04/01/2030(e)			3,165		3,202,220
Braskem Netherlands Finance BV 4.50%, 01/10/2028(e)			3,114		2,685,047
4.50%, 01/31/2030(e)			408		321,545
8.50%, 01/12/2031(e)			4,650		4,405,782

4

	Principal Amount (000)		U.S. $ Value
Freeport Indonesia PT 4.763%, 04/14/2027(e)	U.S.$	964	$	944,720
Glencore Funding LLC 6.375%, 10/06/2030(e)		4,828		5,174,071
Gold Fields Orogen Holdings BVI Ltd. 5.125%, 05/15/2024(e)		1,445		1,435,622
Sociedad Quimica y Minera de Chile SA 6.50%, 11/07/2033(e)		2,250		2,317,500
UPL Corp. Ltd. 4.50%, 03/08/2028(e)		923		836,757
4.625%, 06/16/2030(e)		2,029		1,753,817
Vale Overseas Ltd. 3.75%, 07/08/2030		3,193		2,885,674
				26,564,850
Capital Goods – 0.0%
Regal Rexnord Corp. 6.30%, 02/15/2030(e)		1,078		1,106,632
Communications - Media – 0.6%
Charter Communications Operating LLC/Charter Communications Operating Capital 6.15%, 11/10/2026		2,794		2,853,820
DirecTV Financing LLC 8.875%, 02/01/2030(e)		2,242		2,260,185
DirecTV Financing LLC/DirecTV Financing Co-Obligor, Inc. 5.875%, 08/15/2027(e)		2,691		2,556,504
Prosus NV 3.061%, 07/13/2031(e)		3,143		2,522,257
3.68%, 01/21/2030(e)		5,224		4,518,760
				14,711,526
Communications - Telecommunications – 0.1%
Xiaomi Best Time International Ltd. 3.375%, 04/29/2030(e)		1,860		1,649,839
Consumer Cyclical - Automotive – 1.2%
Ford Motor Co. 3.25%, 02/12/2032		9,159		7,585,209
6.10%, 08/19/2032		1,655		1,654,851
Ford Motor Credit Co., LLC 6.05%, 03/05/2031		3,380		3,398,455
General Motors Financial Co., Inc. 2.35%, 01/08/2031		1,660		1,376,007
2.70%, 06/10/2031		4,773		3,985,598
3.60%, 06/21/2030		832		753,251
5.85%, 04/06/2030		516		529,999
Hyundai Capital America 5.25%, 01/08/2027(e)		949		956,773
5.68%, 06/26/2028(e)		6,110		6,275,642
6.10%, 09/21/2028(e)		2,860		2,987,756
6.50%, 01/16/2029(e)		1,536		1,631,555
				31,135,096

5

	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Other – 0.1%
PulteGroup, Inc. 6.375%, 05/15/2033	U.S.$	2,868	$	3,099,275
Resorts World Las Vegas LLC/RWLV Capital, Inc. 4.625%, 04/16/2029(e)		1,100		974,017
				4,073,292
Consumer Cyclical - Retailers – 0.2%
Macy’s Retail Holdings LLC 5.875%, 03/15/2030(e)		985		933,967
6.125%, 03/15/2032(e)		1,510		1,427,388
Tapestry, Inc. 7.70%, 11/27/2030		2,447		2,600,011
7.85%, 11/27/2033		742		793,465
				5,754,831
Consumer Non - Cyclical – 0.4%
BAT Capital Corp. 6.421%, 08/02/2033		4,709		4,924,201
7.75%, 10/19/2032		15		16,974
Philip Morris International, Inc. 5.50%, 09/07/2030		5,999		6,208,365
				11,149,540
Energy – 0.9%
Continental Resources, Inc./OK 2.875%, 04/01/2032(e)		865		706,134
5.75%, 01/15/2031(e)		1,793		1,783,497
Ecopetrol SA 4.625%, 11/02/2031		1,138		932,250
6.875%, 04/29/2030		3,520		3,415,808
8.625%, 01/19/2029		770		813,313
KazMunayGas National Co. JSC 4.75%, 04/19/2027(e)		2,107		2,049,716
5.375%, 04/24/2030(e)		3,400		3,321,800
Ovintiv, Inc. 6.50%, 02/01/2038		1,097		1,134,649
Raizen Fuels Finance SA 5.30%, 01/20/2027(e)		2,218		2,187,502
Tengizchevroil Finance Co. International Ltd. 3.25%, 08/15/2030(e)		1,918		1,572,760
Var Energi ASA 7.50%, 01/15/2028(e)		2,892		3,071,911
8.00%, 11/15/2032(e)		1,436		1,626,658
				22,615,998

6

	Principal Amount (000)			U.S. $ Value
Other Industrial – 0.1%
LKQ Corp. 6.25%, 06/15/2033		U.S.$	1,491	$	1,555,411
Services – 0.2%
GTCR W-2 Merger Sub LLC 7.50%, 01/15/2031(e)			3,810		3,969,677
GTCR W-2 Merger Sub LLC/GTCR W Dutch Finance Sub BV 8.50%, 01/15/2031(e)		GBP	333		453,362
					4,423,039
Technology – 0.6%
Baidu, Inc. 3.425%, 04/07/2030		U.S.$	225		206,003
Entegris, Inc. 4.75%, 04/15/2029(e)			7,688		7,351,496
Lenovo Group Ltd. 3.421%, 11/02/2030(e)			509		449,773
5.831%, 01/27/2028(e)			3,434		3,498,422
Sk Hynix, Inc. 5.50%, 01/16/2029(e)			2,000		2,017,800
Western Digital Corp. 2.85%, 02/01/2029			185		158,362
Xiaomi Best Time International Ltd. 2.875%, 07/14/2031(e)			1,406		1,171,563
					14,853,419
Transportation - Airlines – 0.1%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.75%, 10/20/2028(e)			1,640		1,613,055
Transportation - Railroads – 0.1%
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/2036(e)			507		462,979
5.875%, 07/05/2034(e)			1,459		1,435,127
					1,898,106
Transportation - Services – 0.1%
Adani Ports & Special Economic Zone Ltd. 4.00%, 07/30/2027(e)			4,585		4,201,006
					147,305,640
Utility – 1.1%
Electric – 1.1%
Adani Transmission Step-One Ltd. 4.00%, 08/03/2026(e)			3,064		2,868,670
AES Panama Generation Holdings SRL 4.375%, 05/31/2030(e)			2,430		2,077,396
Alexander Funding Trust II 7.467%, 07/31/2028(e)			2,973		3,140,915
Chile Electricity PEC SpA Zero Coupon, 01/25/2028(e)			2,751		2,206,342

7

	Principal Amount (000)			U.S. $ Value
ComEd Financing III 6.35%, 03/15/2033		U.S.$	3,462	$	3,510,295
Cometa Energia SA de CV 6.375%, 04/24/2035(e)			1,416		1,361,121
Electricite de France SA 9.125%, 03/15/2033(d) (e)			1,132		1,269,402
Empresa Electrica Cochrane SpA 5.50%, 05/14/2027(e)			222		209,978
LLPL Capital Pte Ltd. 6.875%, 02/04/2039(e)			2,808		2,699,242
Minejesa Capital BV 4.625%, 08/10/2030(e)			1,937		1,833,099
NRG Energy, Inc. 4.45%, 06/15/2029(e)			1,127		1,068,328
7.00%, 03/15/2033(e)			992		1,046,163
Vistra Operations Co., LLC 6.95%, 10/15/2033(e)			3,770		3,993,222
					27,284,173
Other Utility – 0.0%
Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy 7.875%, 02/15/2039(e)			667		686,276
					27,970,449
Total Corporates - Investment Grade (cost $386,313,281)					386,664,787
CORPORATES - NON-INVESTMENT GRADE – 9.0%
Industrial – 7.7%
Basic – 0.4%
ASP Unifrax Holdings, Inc. 5.25%, 09/30/2028(e)			277		179,792
7.50%, 09/30/2029(e)			280		133,395
ERP Iron Ore LLC 9.039%, 12/31/2019(g) (h) (i) (j) (k)			118		37,837
FMG Resources (August 2006) Pty Ltd. 6.125%, 04/15/2032(e)			3,761		3,719,742
Graphic Packaging International LLC 4.75%, 07/15/2027(e)			32		31,113
INEOS Finance PLC 7.50%, 04/15/2029(e)			1,966		1,952,730
INEOS Quattro Finance 2 PLC 9.625%, 03/15/2029(e)			2,592		2,725,255
INEOS Styrolution Ludwigshafen GmbH 2.25%, 01/16/2027(e)		EUR	107		107,214
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018(g) (h) (i) (j) (l)		U.S.$	1,407		0
SCIL IV LLC/SCIL USA Holdings LLC 5.375%, 11/01/2026(e)			1,782		1,732,692
					10,619,770

8

	Principal Amount (000)			U.S. $ Value
Capital Goods – 0.2%
Bombardier, Inc. 6.00%, 02/15/2028(e)		U.S.$	7	$	6,819
7.50%, 02/01/2029(e)			16		16,314
7.875%, 04/15/2027(e)			55		55,014
Eco Material Technologies, Inc. 7.875%, 01/31/2027(e)			2,807		2,808,319
LSB Industries, Inc. 6.25%, 10/15/2028(e) (m)			1,402		1,334,452
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058(e)			5,578		1,674
Trivium Packaging Finance BV 3.75%, 08/15/2026(e)		EUR	100		105,079
					4,327,671
Communications - Media – 0.9%
Altice Financing SA 5.75%, 08/15/2029(e)		U.S.$	611		533,018
AMC Networks, Inc. 4.25%, 02/15/2029			3,809		2,938,377
Banijay Entertainment SASU 7.00%, 05/01/2029(e)		EUR	1,730		1,967,261
8.125%, 05/01/2029(e)		U.S.$	1,456		1,512,172
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030(e)			688		597,301
4.50%, 06/01/2033(e)			6,459		5,294,765
4.75%, 02/01/2032(e)			519		445,105
CSC Holdings LLC 11.75%, 01/31/2029(e)			2,548		2,587,265
DISH DBS Corp. 5.25%, 12/01/2026(e)			1,033		814,562
McGraw-Hill Education, Inc. 5.75%, 08/01/2028(e)			3,282		3,104,083
Sinclair Television Group, Inc. 5.50%, 03/01/2030(e)			466		358,866
Sirius XM Radio, Inc. 3.875%, 09/01/2031(e)			264		220,266
4.00%, 07/15/2028(e)			792		719,025
Univision Communications, Inc. 8.00%, 08/15/2028(e)			3,712		3,774,399
					24,866,465
Communications - Telecommunications – 0.2%
Altice France SA/France 5.125%, 07/15/2029(e)			1,984		1,452,149
5.50%, 01/15/2028(e)			878		687,254
5.50%, 10/15/2029(e)			1,528		1,127,037
Digicel International Finance Ltd./Digicel International Holdings Ltd./Difl US 9.00%, 05/25/2027(j)			339		319,539
Vmed O2 UK Financing I PLC 4.75%, 07/15/2031(e)			1,329		1,190,718
					4,776,697

9

	Principal Amount (000)			U.S. $ Value
Consumer Cyclical - Automotive – 0.3%
Clarios Global LP/Clarios US Finance Co. 4.375%, 05/15/2026(e)		EUR	360	$	385,932
Exide Technologies 11.00%, 10/31/2024(h) (i) (j) (l) (n) (o)		U.S.$	3,206		0
Goodyear Tire & Rubber Co. (The) 5.25%, 07/15/2031			610		554,685
IHO Verwaltungs GmbH 3.875% (3.875% Cash or 4.625% PIK), 05/15/2027(e) (k)		EUR	623		652,728
8.75% (8.75% Cash or 9.50% PIK), 05/15/2028(e) (k)			506		591,419
PM General Purchaser LLC 9.50%, 10/01/2028(e)		U.S.$	1,509		1,524,407
Tenneco, Inc. 8.00%, 11/17/2028(e)			3,028		2,645,957
ZF North America Capital, Inc. 6.875%, 04/14/2028(e)			1,328		1,367,920
7.125%, 04/14/2030(e)			328		345,925
					8,068,973
Consumer Cyclical - Entertainment – 1.0%
Carnival Corp. 4.00%, 08/01/2028(e)			1,841		1,704,711
5.75%, 03/01/2027(e)			2,598		2,559,108
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.50%, 05/01/2025(e)			8,053		8,038,183
Lindblad Expeditions LLC 6.75%, 02/15/2027(e)			779		778,587
NCL Corp., Ltd. 8.125%, 01/15/2029(e)			4,400		4,615,380
Royal Caribbean Cruises Ltd. 5.50%, 08/31/2026(e)			82		81,179
SeaWorld Parks & Entertainment, Inc. 8.75%, 05/01/2025(e)			4,017		4,053,193
Six Flags Entertainment Corp. 7.25%, 05/15/2031(e)			1,570		1,601,432
Viking Cruises Ltd. 5.875%, 09/15/2027(e)			1,057		1,020,586
Viking Ocean Cruises Ship VII Ltd. 5.625%, 02/15/2029(e)			1,376		1,339,687
VOC Escrow Ltd. 5.00%, 02/15/2028(e)			75		71,773
					25,863,819

10

	Principal Amount (000)			U.S. $ Value
Consumer Cyclical - Other – 0.4%
Adams Homes, Inc. 7.50%, 02/15/2025(e)		U.S.$	514	$	512,191
Brookfield Residential Properties, Inc./Brookfield Residential US LLC 6.25%, 09/15/2027(e)			1,846		1,799,130
Caesars Entertainment, Inc. 6.50%, 02/15/2032(e)			1,376		1,389,540
Cirsa Finance International SARL 6.50%, 01/30/2029(e)		EUR	901		971,277
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc 4.875%, 07/01/2031(e)		U.S.$	140		124,237
5.00%, 06/01/2029(e)			1,864		1,722,373
6.625%, 01/15/2032(e)			3,344		3,352,393
Installed Building Products, Inc. 5.75%, 02/01/2028(e)			846		829,368
					10,700,509
Consumer Cyclical - Retailers – 0.5%
Arko Corp. 5.125%, 11/15/2029(e)			845		744,580
Bath & Body Works, Inc. 6.75%, 07/01/2036 704					694,271
6.875%, 11/01/2035			2,210		2,209,868
9.375%, 07/01/2025(e)			185		194,431
FirstCash, Inc. 5.625%, 01/01/2030(e)			66		62,985
Kontoor Brands, Inc. 4.125%, 11/15/2029(e)			2,225		2,019,966
LCM Investments Holdings II LLC 8.25%, 08/01/2031(e)			2,067		2,120,019
PetSmart, Inc./PetSmart Finance Corp. 7.75%, 02/15/2029(e)			480		465,787
Sonic Automotive, Inc. 4.875%, 11/15/2031(e)			753		658,935
Staples, Inc. 7.50%, 04/15/2026(e)			2,956		2,775,329
					11,946,171
Consumer Non-Cyclical – 0.8%
Bausch & Lomb Escrow Corp. 8.375%, 10/01/2028(e)			7,165		7,456,615
CHS/Community Health Systems, Inc. 6.875%, 04/15/2029(e)			2,079		1,429,624
DaVita, Inc. 4.625%, 06/01/2030(e)			5,479		4,846,395
Embecta Corp. 5.00%, 02/15/2030(e)			1,087		889,351

11

	Principal Amount (000)		U.S. $ Value
Fortrea Holdings, Inc. 7.50%, 07/01/2030(e)	U.S.$	816	$	829,480
Garden Spinco Corp. 8.625%, 07/20/2030(e)		1,594		1,705,883
Legacy LifePoint Health LLC 4.375%, 02/15/2027(e)		695		651,785
Organon & Co./Organon Foreign Debt Co-Issuer BV 5.125%, 04/30/2031(e)		1,717		1,476,483
US Acute Care Solutions LLC 6.375%, 03/01/2026(e)		1,383		1,208,396
				20,494,012
Energy – 1.7%
CITGO Petroleum Corp. 7.00%, 06/15/2025(e)		2,880		2,877,005
8.375%, 01/15/2029(e)		6,469		6,726,854
Civitas Resources, Inc. 8.375%, 07/01/2028(e)		2,280		2,397,534
8.75%, 07/01/2031(e)		2,213		2,359,346
CNX Resources Corp. 6.00%, 01/15/2029(e)		437		422,256
Crescent Energy Finance LLC 9.25%, 02/15/2028(e)		1,214		1,266,663
Encino Acquisition Partners Holdings LLC 8.50%, 05/01/2028(e)		826		819,739
EQM Midstream Partners LP 4.75%, 01/15/2031(e)		538		502,013
Genesis Energy LP/Genesis Energy Finance Corp. 7.75%, 02/01/2028		3,367		3,375,283
8.00%, 01/15/2027		537		542,198
Global Partners LP/GLP Finance Corp. 6.875%, 01/15/2029		1,924		1,907,569
Gulfport Energy Corp. 8.00%, 05/17/2026(e)		580		584,598
8.00%, 05/17/2026		3		2,940
Nabors Industries Ltd. 7.50%, 01/15/2028(e)		515		471,276
New Fortress Energy, Inc. 6.50%, 09/30/2026(e)		4,783		4,632,192
6.75%, 09/15/2025(e)		1,781		1,759,165
NGL Energy Operating LLC/NGL Energy Finance Corp. 8.125%, 02/15/2029(e)		1,336		1,343,201
8.375%, 02/15/2032(e)		1,670		1,682,625
Venture Global Calcasieu Pass LLC 3.875%, 11/01/2033(e)		596		505,748
4.125%, 08/15/2031(e)		486		430,231
6.25%, 01/15/2030(e)		628		629,275
Venture Global LNG, Inc. 8.125%, 06/01/2028(e)		1,342		1,357,715

12

	Principal Amount (000)		U.S. $ Value
8.375%, 06/01/2031(e)	U.S.$	1,340	$	1,356,871
9.50%, 02/01/2029(e)		2,886		3,065,856
9.875%, 02/01/2032(e)		2,881		3,028,536
				44,046,689
Other Industrial – 0.1%
Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028(e)		2,682		2,656,494
Services – 0.5%
ADT Security Corp. (The) 4.875%, 07/15/2032(e)		90		82,546
ANGI Group LLC 3.875%, 08/15/2028(e)		458		393,486
APX Group, Inc. 5.75%, 07/15/2029(e)		2,079		1,974,281
Cars.com, Inc. 6.375%, 11/01/2028(e)		2,427		2,368,995
Millennium Escrow Corp. 6.625%, 08/01/2026(e)		3,319		2,136,772
Monitronics International, Inc. 9.125%, 04/01/2020(g) (h) (i) (j) (n)		1,835		0
MPH Acquisition Holdings LLC 5.75%, 11/01/2028(e)		2,960		2,353,733
Neptune Bidco US, Inc. 9.29%, 04/15/2029(e)		2,658		2,537,779
Wand NewCo 3, Inc. 7.625%, 01/30/2032(e)		1,344		1,388,298
				13,235,890
Technology – 0.2%
Entegris, Inc. 5.95%, 06/15/2030(e)		2,001		1,975,687
NCR Voyix Corp. 5.125%, 04/15/2029(e)		1,017		956,977
Veritas US, Inc./Veritas Bermuda Ltd. 7.50%, 09/01/2025(e)		687		586,286
Virtusa Corp. 7.125%, 12/15/2028(e)		947		834,439
				4,353,389
Transportation - Airlines – 0.0%
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 09/20/2025(e)		1,668		1,092,265
Transportation - Services – 0.5%
Albion Financing 1 SARL/Aggreko Holdings, Inc. 6.125%, 10/15/2026(e)		842		830,035
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 8.00%, 02/15/2031(e)		3,650		3,641,459

13

	Principal Amount (000)			U.S. $ Value
BCP V Modular Services Finance II PLC 4.75%, 11/30/2028(e)		EUR	264	$	264,503
Loxam SAS 4.50%, 02/15/2027(e)			2,338		2,514,423
NAC Aviation 29 DAC 4.75%, 06/30/2026		U.S.$	5,559		5,237,659
PROG Holdings, Inc. 6.00%, 11/15/2029(e)			304		279,084
					12,767,163
					199,815,977
Financial Institutions – 0.9%
Banking – 0.1%
Bread Financial Holdings, Inc. 7.00%, 01/15/2026(e)			683		688,799
9.75%, 03/15/2029(e)			2,904		2,906,410
					3,595,209
Brokerage – 0.3%
Aretec Group, Inc. 10.00%, 08/15/2030(e)			2,053		2,228,798
Osaic Holdings, Inc. 10.75%, 08/01/2027(e)			4,330		4,448,079
					6,676,877
Finance – 0.4%
Castlelake Aviation Finance DAC 5.00%, 04/15/2027(e)			1,799		1,707,647
Curo Group Holdings Corp. 7.50%, 08/01/2028(e)			3,057		1,205,559
18.00%, 08/01/2028(h) (j)			716		604,073
Enova International, Inc. 11.25%, 12/15/2028(e)			3,510		3,668,231
GGAM Finance Ltd. 7.75%, 05/15/2026(e)			1,041		1,062,007
8.00%, 02/15/2027(e)			186		191,623
8.00%, 06/15/2028(e)			1,561		1,626,983
					10,066,123
Insurance – 0.1%
Ardonagh Midco 2 PLC 11.50% (11.50% Cash or 12.75% PIK), 01/15/2027(e) (k)			1,789		1,806,134
HUB International Ltd. 7.25%, 06/15/2030(e)			1,237		1,271,463
					3,077,597

14

	Principal Amount (000)		U.S. $ Value
REITs – 0.0%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 4.50%, 04/01/2027(e)	U.S.$	320	$	283,389
				23,699,195
Utility – 0.4%
Electric – 0.3%
NRG Energy, Inc. 3.875%, 02/15/2032(e)		313		267,108
10.25%, 03/15/2028(d) (e)		782		823,415
Vistra Corp. 7.00%, 12/15/2026(d) (e)		3,399		3,312,359
8.00%, 10/15/2026(d) (e)		4,113		4,127,601
				8,530,483
Natural Gas – 0.0%
AmeriGas Partners LP/AmeriGas Finance Corp. 5.75%, 05/20/2027		654		626,702
5.875%, 08/20/2026		488		471,823
				1,098,525
Other Utility – 0.1%
Solaris Midstream Holdings LLC 7.625%, 04/01/2026(e)		1,318		1,326,448
				10,955,456
Total Corporates - Non-Investment Grade (cost $245,328,459)				234,470,628
COLLATERALIZED LOAN OBLIGATIONS – 3.0%
CLO - Floating Rate – 3.0%
Ares XXXIV CLO Ltd. Series 2015-2A, Class CR 7.578% (SOFR + 2.26%), 04/17/2033(e) (f)		9,437		9,293,586
Balboa Bay Loan Funding Ltd. Series 2021-1A, Class D 8.629% (SOFR + 3.31%), 07/20/2034(e) (f)		2,750		2,624,515
Black Diamond CLO Ltd. Series 2016-1A, Class A2AR 7.336% (SOFR + 2.01%), 04/26/2031(e) (f)		5,300		5,275,922
CBAM Ltd. Series 2018-7A, Class B1 7.179% (SOFR + 1.86%), 07/20/2031(e) (f)		1,996		1,990,637
CIFC Funding Ltd. Series 2020-4A, Class D 8.976% (SOFR + 3.66%), 01/15/2034(e) (f)		300		300,171

15

	Principal Amount (000)		U.S. $ Value
Crown Point CLO 11 Ltd. Series 2021-11A, Class D 9.178% (SOFR + 3.86%), 01/17/2034(e) (f)	U.S.$	2,000	$	2,000,670
Dryden 78 CLO Ltd. Series 2020-78A, Class C 7.528% (SOFR + 2.21%), 04/17/2033(e) (f)		1,480		1,462,314
Series 2020-78A, Class D 8.578% (SOFR + 3.26%), 04/17/2033(e) (f)		6,824		6,764,181
Elevation CLO Ltd. Series 2020-11A, Class D1 9.426% (SOFR + 4.11%), 04/15/2033(e) (f)		4,490		4,471,205
Galaxy 30 CLO Ltd. Series 2022-30A, Class D 8.664% (SOFR + 3.35%), 04/15/2035(e) (f)		6,350		6,167,069
Greywolf CLO VI Ltd. Series 2018-1A, Class A2 7.214% (SOFR + 1.89%), 04/26/2031(e) (f)		5,300		5,269,758
Halcyon Loan Advisors Funding Ltd. Series 2018-1A, Class A2 7.379% (SOFR + 2.06%), 07/21/2031(e) (f)		1,826		1,821,950
Magnetite XXV Ltd. Series 2020-25A, Class D 8.886% (SOFR + 3.56%), 01/25/2032(e) (f)		3,000		3,001,728
Northwoods Capital XII-B Ltd. Series 2018-12BA, Class B 7.496% (SOFR + 2.11%), 06/15/2031(e) (f)		1,350		1,336,724
OCP CLO Ltd. Series 2021-21A, Class D 8.529% (SOFR + 3.21%), 07/20/2034(e) (f)		4,750		4,700,343
OZLM VII Ltd. Series 2014-7RA, Class CR 8.578% (SOFR + 3.26%), 07/17/2029(e) (f)		1,000		1,000,344
OZLM XVIII Ltd. Series 2018-18A, Class B 7.126% (SOFR + 1.81%), 04/15/2031(e) (f)		5,450		5,411,921
Regatta XIX Funding Ltd. Series 2022-1A, Class D 8.618% (SOFR + 3.30%), 04/20/2035(e) (f)		4,423		4,388,279

16

	Principal Amount (000)		U.S. $ Value
Regatta XXIV Funding Ltd. Series 2021-5A, Class D 8.679% (SOFR + 3.36%), 01/20/2035(e) (f)	U.S.$	7,500	$	7,504,582
Rockford Tower CLO Ltd. Series 2021-2A, Class D 8.829% (SOFR + 3.51%), 07/20/2034(e) (f)		950		946,367
Sixth Street CLO XX Ltd. Series 2021-20A, Class D 8.629% (SOFR + 3.31%), 10/20/2034(e) (f)		3,250		3,250,605
Total Collateralized Loan Obligations (cost $79,725,449)				78,982,871
COMMERCIAL MORTGAGE-BACKED SECURITIES – 2.1%
Non-Agency Fixed Rate CMBS – 1.4%
BANK Series 2020-BN25, Class XA 0.989%, 01/15/2063(p)		62,681		2,512,708
Bank of America Merrill Lynch Commercial Mortgage Trust Series 2016-UB10, Class C 4.986%, 07/15/2049		372		347,470
Barclays Commercial Mortgage Trust Series 2019-C3, Class XA 1.468%, 05/15/2052(p)		10,457		549,337
CD Mortgage Trust Series 2017-CD3, Class XA 1.104%, 02/10/2050(p)		13,456		286,844
CFCRE Commercial Mortgage Trust Series 2016-C4, Class XA 1.76%, 05/10/2058(p)		11,832		295,858
Commercial Mortgage Trust Series 2014-CR15, Class XA 0.446%, 02/10/2047(p)		241		2
Series 2015-CR27, Class XA 1.05%, 10/10/2048(p)		5,997		67,781
CSAIL Commercial Mortgage Trust Series 2019-C15, Class B 4.476%, 03/15/2052		960		861,968
GS Mortgage Securities Trust Series 2011-GC5, Class C 5.298%, 08/10/2044(e)		375		277,064
Series 2011-GC5, Class D 5.298%, 08/10/2044(e)		4,025		1,451,957
Series 2016-GS3, Class XA 1.311%, 10/10/2049(p)		29,239		685,836
Series 2019-GC39, Class XA 1.294%, 05/10/2052(p)		13,999		570,641
JPMBB Commercial Mortgage Securities Trust Series 2014-C21, Class B 4.341%, 08/15/2047		1,599		1,534,564
Series 2014-C24, Class C 4.513%, 11/15/2047		5,869		4,653,888

17

	Principal Amount (000)		U.S. $ Value
JPMDB Commercial Mortgage Securities Trust Series 2019-COR6, Class XA 1.053%, 11/13/2052(p)	U.S.$	36,749	$	1,377,503
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-LC9, Class E 3.898%, 12/15/2047(e)		7,500		5,587,500
Series 2012-LC9, Class G 3.898%, 12/15/2047(e)		831		448,589
Series 2016-JP2, Class XA 1.938%, 08/15/2049(p)		13,548		429,856
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 09/15/2039		632		241,406
LCCM Series 2017-LC26, Class XA 1.683%, 07/12/2050(e) (p)		32,162		1,217,348
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9, Class D 3.944%, 05/15/2046(e)		680		485,316
Series 2014-C18, Class C 4.604%, 10/15/2047		4,408		4,221,892
Series 2015-C22, Class XA 1.136%, 04/15/2048(p)		11,015		69,777
UBS Commercial Mortgage Trust Series 2017-C1, Class XA 1.684%, 06/15/2050(p)		6,676		252,080
Series 2019-C16, Class XA 1.688%, 04/15/2052(p)		14,029		728,208
Series 2019-C18, Class XA 1.137%, 12/15/2052(p)		42,921		1,661,442
UBS-Barclays Commercial Mortgage Trust Series 2013-C5, Class B 3.649%, 03/10/2046(e)		1,033		957,938
Series 2013-C5, Class C 3.87%, 03/10/2046(e)		782		651,188
Wells Fargo Commercial Mortgage Trust Series 2015-LC20, Class XA 1.424%, 04/15/2050(p)		7,278		68,506
Series 2016-C36, Class XA 1.30%, 11/15/2059(p)		40,771		968,197
Series 2016-LC24, Class XA 1.748%, 10/15/2049(p)		25,764		815,826
Series 2016-LC25, Class XA 0.965%, 12/15/2059(p)		16,468		307,979
Series 2019-C52, Class XA 1.748%, 08/15/2052(p)		18,590		1,107,094
WF-RBS Commercial Mortgage Trust Series 2011-C4, Class E 5.145%, 06/15/2044(e)		489		353,000
Series 2014-LC14, Class C 4.344%, 03/15/2047		134		132,067
				36,178,630

18

	Principal Amount (000)		U.S. $ Value
Non-Agency Floating Rate CMBS – 0.7%
BFLD Trust Series 2019-DPLO, Class E 7.688% (SOFR + 2.35%), 10/15/2034(e) (f)	U.S.$	11,227	$	11,114,730
Great Wolf Trust Series 2019-WOLF, Class D 7.581% (SOFR + 2.25%), 12/15/2036(e) (f)		5,005		4,983,103
Morgan Stanley Capital I Trust Series 2019-BPR, Class D 9.945% (SOFR + 4.59%), 05/15/2036(e) (f)		1,651		1,558,171
				17,656,004
Agency CMBS – 0.0%
Government National Mortgage Association Series 2006-32, Class XM 0.127%, 11/16/2045(p)		86		1
Total Commercial Mortgage-Backed Securities (cost $61,670,949)				53,834,635
EMERGING MARKETS - CORPORATE BONDS – 2.0%
Industrial – 1.7%
Basic – 0.6%
Braskem Idesa SAPI 6.99%, 02/20/2032(e)		4,072		2,653,163
7.45%, 11/15/2029(e)		3,551		2,453,563
CSN Inova Ventures 6.75%, 01/28/2028(e)		1,286		1,231,345
CSN Resources SA 4.625%, 06/10/2031(e)		2,693		2,171,231
Eldorado Gold Corp. 6.25%, 09/01/2029(e)		2,385		2,265,917
JSW Steel Ltd. 3.95%, 04/05/2027(e)		857		795,939
5.05%, 04/05/2032(e)		1,441		1,271,683
Stillwater Mining Co. 4.50%, 11/16/2029(e)		891		698,878
Volcan Cia Minera SAA 4.375%, 02/11/2026(e)		1,565		892,050
				14,433,769
Communications - Media – 0.1%
Globo Comunicacao e Participacoes SA 5.50%, 01/14/2032(e)		1,780		1,521,366
Telecomunicaciones Digitales SA 4.50%, 01/30/2030(e)		433		376,169
				1,897,535

19

	Principal Amount (000)		U.S. $ Value
Communications - Telecommunications – 0.0%
C&W Senior Financing DAC 6.875%, 09/15/2027(e)	U.S.$	247	$	233,235
Digicel Group Holdings Ltd. Zero Coupon, 12/31/2030(j) (l)		90		1,346
				234,581
Consumer Cyclical - Other – 0.2%
Allwyn Entertainment Financing UK PLC 7.875%, 04/30/2029(e)		1,264		1,290,456
MGM China Holdings Ltd. 5.25%, 06/18/2025(e)		895		870,108
5.375%, 05/15/2024(e)		569		566,229
5.875%, 05/15/2026(e)		598		581,160
Studio City Co., Ltd. 7.00%, 02/15/2027(e)		336		332,010
Studio City Finance Ltd. 6.50%, 01/15/2028(e)		998		923,150
Wynn Macau Ltd. 5.50%, 01/15/2026(e)		1,168		1,128,580
				5,691,693
Consumer Non-Cyclical – 0.2%
BRF GmbH 4.35%, 09/29/2026(e)		253		238,452
MARB BondCo PLC 3.95%, 01/29/2031(e)		6,489		5,152,266
Tonon Luxembourg SA 6.50%, 10/31/2024(i) (l) (o)		871		87
Ulker Biskuvi Sanayi AS 6.95%, 10/30/2025(e)		609		596,249
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018(g) (h) (i) (j) (l)		4,738		474
10.875%, 01/13/2020(g) (h) (i) (j) (l)		750		75
11.75%, 02/09/2022(g) (h) (i) (j) (l)		1,690		169
				5,987,772
Energy – 0.5%
Acu Petroleo Luxembourg SARL 7.50%, 01/13/2032(e)		2,162		2,061,878
Canacol Energy Ltd. 5.75%, 11/24/2028(e)		1,797		1,232,041
Geopark Ltd. 5.50%, 01/17/2027(e)		1,611		1,428,756
Greenko Wind Projects Mauritius Ltd. 5.50%, 04/06/2025(e)		1,925		1,886,500

20

	Principal Amount (000)		U.S. $ Value
Kosmos Energy Ltd. 7.50%, 03/01/2028(e)	U.S.$	1,388	$	1,283,900
Leviathan Bond Ltd. 6.125%, 06/30/2025(e)		1,763		1,694,465
Medco Maple Tree Pte Ltd. 8.96%, 04/27/2029(e)		1,680		1,717,800
ReNew Pvt Ltd. 5.875%, 03/05/2027(e)		200		193,520
SEPLAT Energy PLC 7.75%, 04/01/2026(e)		737		679,882
SierraCol Energy Andina LLC 6.00%, 06/15/2028(e)		2,098		1,755,108
				13,933,850
Technology – 0.1%
CA Magnum Holdings 5.375%, 10/31/2026(e)		1,397		1,304,449
				43,483,649
Utility – 0.3%
Electric – 0.3%
AES Andes SA 6.35%, 10/07/2079(e)		1,816		1,712,797
Continuum Energy Aura Pte Ltd. 9.50%, 02/24/2027(e)		1,080		1,116,504
India Clean Energy Holdings 4.50%, 04/18/2027(e)		2,686		2,409,006
Investment Energy Resources Ltd. 6.25%, 04/26/2029(e)		1,306		1,236,103
Terraform Global Operating LP 6.125%, 03/01/2026(e)		289		285,650
				6,760,060
Other Utility – 0.0%
Aegea Finance SARL 9.00%, 01/20/2031(e)		433		455,516
				7,215,576
Financial Institutions – 0.0%
Other Finance – 0.0%
OEC Finance Ltd. 4.375%, 10/25/2029(e) (k) (m)		4,135		165,415
5.25%, 12/27/2033(e) (k) (m)		1,363		61,353
				226,768
REITs – 0.0%
Yango Justice International Ltd. 7.50%, 02/17/2025(e) (i) (o)		665		1,662
8.25%, 11/25/2023(e) (g) (i)		400		1,000

21

	Principal Amount (000)		U.S. $ Value
10.25%, 09/15/2022(g) (i)	U.S.$	215	$	538
				3,200
				229,968
Total Emerging Markets - Corporate Bonds (cost $68,048,553)				50,929,193
COLLATERALIZED MORTGAGE OBLIGATIONS – 1.9%
Risk Share Floating Rate – 1.5%
Bellemeade Re Ltd. Series 2019-1A, Class M2 8.15% (SOFR + 2.81%), 03/25/2029(e) (f)		815		820,401
Connecticut Avenue Securities Trust Series 2022-R03, Class 1M2 8.845% (SOFR + 3.50%), 03/25/2042(e) (f)		2,657		2,796,394
Series 2023-R05, Class 1M1 7.244% (SOFR + 1.90%), 06/25/2043(e) (f)		5,127		5,191,033
Series 2023-R07, Class 2M1 7.294% (SOFR + 1.95%), 09/25/2043(e) (f)		3,428		3,465,122
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2015-DNA2, Class B 13.009% (SOFR + 7.66%), 12/25/2027(f)		1,259		1,320,063
Series 2015-DNA3, Class B 14.809% (SOFR + 9.46%), 04/25/2028(f)		2,453		2,675,079
Series 2015-HQA1, Class B 14.259% (SOFR + 8.91%), 03/25/2028(f)		1,569		1,626,004
Series 2016-DNA1, Class B 15.459% (SOFR + 10.11%), 07/25/2028(f)		2,211		2,431,486
Series 2023-HQA2, Class M1A 7.345% (SOFR + 2.00%), 06/25/2043(e) (f)		3,339		3,368,688
Series 2023-HQA3, Class A1 7.195% (SOFR + 1.85%), 11/25/2043(e) (f)		1,879		1,909,580
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C04, Class 2M2 11.009% (SOFR + 5.66%), 04/25/2028(f)		837		868,674
Series 2016-C01, Class 2M2 12.409% (SOFR + 7.06%), 08/25/2028(f)		294		306,919
Series 2016-C02, Class 1M2 11.459% (SOFR + 6.11%), 09/25/2028(f)		1,343		1,404,312

22

	Principal Amount (000)		U.S. $ Value
Series 2016-C05, Class 2B 16.21% (SOFR + 10.86%), 01/25/2029(f)	U.S.$	2,736	$	3,122,825
Series 2016-C07, Class 2B 14.959% (SOFR + 9.61%), 05/25/2029(f)		1,187		1,337,425
JPMorgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 9.709% (SOFR + 4.36%), 11/25/2024(e) (f)		310		317,839
Series 2015-CH1, Class M2 10.959% (SOFR + 5.61%), 10/25/2025(e) (f)		570		581,634
PMT Credit Risk Transfer Trust Series 2019-2R, Class A 9.201% (SOFR + 3.86%), 05/30/2025(e) (f)		1,182		1,182,680
Series 2019-3R, Class A 9.159% (SOFR + 3.81%), 11/27/2031(e) (f)		320		319,840
Series 2020-1R, Class A 8.809% (SOFR + 3.46%), 02/25/2025(e) (f)		1,590		1,581,247
Triangle Re Ltd. Series 2021-3, Class M1A 7.245% (SOFR + 1.90%), 02/25/2034(e) (f)		1,058		1,058,853
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 10.709% (SOFR + 5.36%), 11/25/2025(e) (f)		208		212,216
				37,898,314
Agency Floating Rate – 0.4%
Federal Home Loan Mortgage Corp. REMICs Series 3119, Class PI 1.74% (7.09% - SOFR), 02/15/2036(f) (q)		739		103,789
Series 3856, Class KS 1.09% (6.44% - SOFR), 05/15/2041(f) (q)		4,180		490,379
Series 4248, Class SL 0.59% (5.94% - SOFR), 05/15/2041(f) (q)		425		33,861
Series 4372, Class JS 0.64% (5.99% - SOFR), 08/15/2044(f) (q)		2,395		262,260
Series 4570, Class ST 0.54% (5.89% - SOFR), 04/15/2046(f) (q)		1,104		130,305
Series 4735, Class SA 0.74% (6.09% - SOFR), 12/15/2047(f) (q)		5,385		654,000
Series 4763, Class SB 1.54% (6.89% - SOFR), 03/15/2048(f) (q)		7,535		1,218,366
Series 4774, Class BS 0.74% (6.09% - SOFR), 02/15/2048(f) (q)		3,712		495,945

23

	Principal Amount (000)		U.S. $ Value
Series 4774, Class SL 0.74% (6.09% - SOFR), 04/15/2048(f) (q)	U.S.$	5,105	$	628,877
Series 4927, Class SJ 0.591% (5.94% - SOFR), 11/25/2049(f) (q)		2,086		207,396
Federal National Mortgage Association REMICs Series 2013-4, Class ST 0.691% (6.04% - SOFR), 02/25/2043(f) (q)		1,675		197,920
Series 2014-88, Class BS 0.691% (6.04% - SOFR), 01/25/2045(f) (q)		1,279		147,005
Series 2015-90, Class SA 0.691% (6.04% - SOFR), 12/25/2045(f) (q)		11,540		1,349,398
Series 2016-69, Class DS 0.641% (5.99% - SOFR), 10/25/2046(f) (q)		15,395		1,212,931
Series 2017-49, Class SP 0.691% (6.04% - SOFR), 07/25/2047(f) (q)		1,539		192,392
Series 2018-32, Class SB 0.741% (6.09% - SOFR), 05/25/2048(f) (q)		2,925		372,105
Series 2018-45, Class SL 0.741% (6.09% - SOFR), 06/25/2048(f) (q)		2,158		279,239
Series 2018-57, Class SL 0.741% (6.09% - SOFR), 08/25/2048(f) (q)		5,780		830,567
Series 2018-58, Class SA 0.741% (6.09% - SOFR), 08/25/2048(f) (q)		2,775		345,589
Series 2018-59, Class HS 0.741% (6.09% - SOFR), 08/25/2048(f) (q)		6,590		912,621
Series 2019-25, Class SA 0.591% (5.94% - SOFR), 06/25/2049(f) (q)		2,675		314,871
Series 2019-60, Class SJ 0.591% (5.94% - SOFR), 10/25/2049(f) (q)		2,482		310,828
				10,690,644
Non-Agency Fixed Rate – 0.0%
Alternative Loan Trust Series 2006-24CB, Class A15 5.75%, 08/25/2036		824		448,241

24

	Principal Amount (000)		U.S. $ Value
CHL Mortgage Pass-Through Trust Series 2007-3, Class A30 5.75%, 04/25/2037	U.S.$	437	$	202,254
Series 2007-HY4, Class 1A1 4.43%, 09/25/2047		143		123,393
Citigroup Mortgage Loan Trust Series 2007-AR4, Class 1A1A 4.392%, 03/25/2037		75		62,059
Wells Fargo Mortgage Backed Securities Trust Series 2007-AR7, Class A1 5.886%, 12/28/2037		469		403,197
				1,239,144
Non-Agency Floating Rate – 0.0%
First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A10 5.70% (SOFR + 0.36%), 04/25/2037(f)		319		74,787
Lehman XS Trust Series 2007-10H, Class 2AIO 1.533% (6.89% - SOFR), 07/25/2037(f) (q)		174		15,925
				90,712
Agency Fixed Rate – 0.0%
Federal National Mortgage Association REMICs Series 2016-26, Class IO 5.00%, 05/25/2046(p)		299		43,132
Total Collateralized Mortgage Obligations (cost $47,296,330)				49,961,946
BANK LOANS – 1.5%
Industrial – 1.2%
Capital Goods – 0.1%
Apex Tool Group LLC 10.687% (SOFR 1 Month + 5.25%), 02/08/2029(r)		1,871		1,646,673
Chariot Buyer LLC 8.683% (SOFR 1 Month + 3.25%), 11/03/2028(r)		225		222,677
				1,869,350
Communications – Media – 0.1%
Coral-US Co-Borrower LLC 8.448% (SOFR 1 Month + 3.00%), 10/15/2029(r)		1,046		1,033,686
DirecTV Financing LLC 10.580% (SOFR 3 Month + 5.00%), 08/02/2029(r)		1,818		1,816,318
				2,850,004

25

	Principal Amount (000)		U.S. $ Value
Communications - Telecommunications – 0.1%
Zacapa SARL 9.348% (SOFR 3 Month + 4.00%), 03/22/2029(r)	U.S.$	3,249	$	3,231,619
Consumer Cyclical - Automotive – 0.1%
Garrett Motion SARL 9.813% (SOFR 3 Month + 4.50%), 04/30/2028(j) (r)		1,343		1,342,857
Consumer Cyclical - Restaurants – 0.0%
IRB Holding Corp. 8.206% (SOFR 1 Month + 2.75%), 12/15/2027(r)		535		533,073
Consumer Cyclical - Retailers – 0.0%
Great Outdoors Group LLC 9.197% (SOFR 1 Month + 3.75%), 03/06/2028(r)		1,174		1,170,125
Consumer Non-Cyclical – 0.1%
PetSmart LLC 9.183% (SOFR 1 Month + 3.75%), 02/11/2028(r)		4,261		4,235,910
Energy – 0.3%
GIP II Blue Holding, LP 9.970% (SOFR 1 Month + 4.50%), 09/29/2028(r)		2,855		2,854,033
Parkway Generation LLC 10.320% (SOFR 3 Month + 4.75%), 02/18/2029(r)		4,480		4,409,183
				7,263,216
Other Industrial – 0.1%
Dealer Tire Financial LLC 9.082% (SOFR 1 Month + 3.75%), 12/14/2027(r)		1,280		1,278,890
Rockwood Service Corporation 9.697% (SOFR 1 Month + 4.25%), 01/23/2027(r)		172		171,914
				1,450,804
Technology – 0.3%
Amentum Government Services Holdings LLC 9.447% (SOFR 1 Month + 4.00%), 01/29/2027(r)		434		433,981
Ascend Learning LLC 11.183% (SOFR 1 Month + 5.75%), 12/10/2029(r)		930		857,348
Boxer Parent Company, Inc. 9.598% (SOFR 3 Month + 4.25%), 12/29/2028(r)		3,344		3,345,548

26

	Principal Amount (000)		U.S. $ Value
FINThrive Software Intermediate Holdings, Inc. 12.201% (SOFR 1 Month + 6.75%), 12/17/2029(r)	U.S.$	580	$	348,725
Loyalty Ventures, Inc. 14.000% (PRIME 3 Month + 5.50%), 11/03/2027(i) (j) (o) (r)		4,133		36,166
Peraton Corp. 9.183% (SOFR 1 Month + 3.75%), 02/01/2028(r)		1,580		1,576,334
Presidio Holdings, Inc. 8.913% (SOFR 3 Month + 3.50%), 01/22/2027(r)		1,542		1,540,367
8.933% (SOFR 1 Month + 3.50%), 01/22/2027(r)		48		47,725
				8,186,194
				32,133,152
Financial Institutions – 0.2%
Finance – 0.0%
Orbit Private Holdings I Ltd. 9.934% (SOFR 6 Month + 4.50%), 12/11/2028(r)		372		373,175
Insurance – 0.2%
Asurion LLC 9.683% (SOFR 1 Month + 4.25%), 08/19/2028(r)		1,697		1,676,198
Hub International Limited 9.587% (SOFR 1 Month + 4.25%), 06/20/2030(r)		1,654		1,653,896
				3,330,094
				3,703,269
Utility – 0.1%
Electric – 0.1%
Granite Generation LLC 9.197% (SOFR 1 Month + 3.75%), 11/09/2026(r)		3,493		3,477,748
Total Bank Loans (cost $43,753,273)				39,314,169
AGENCIES – 1.2%
Agency Debentures – 1.2%
Federal Home Loan Banks 5.50%, 07/15/2036		8,695		9,705,707
Federal Home Loan Mortgage Corp. 6.25%, 07/15/2032(s) 10,400				12,026,910
6.75%, 03/15/2031		4,000		4,662,500
Series GDIF 6.75%, 09/15/2029		4,606		5,256,140
Total Agencies (cost $34,212,330)				31,651,257

27

	Principal Amount (000)		U.S. $ Value
ASSET-BACKED SECURITIES – 1.1%
Other ABS - Fixed Rate – 0.8%
Affirm Asset Securitization Trust Series 2022-Z1, Class A 4.55%, 06/15/2027(e)	U.S.$	804	$	795,291
Series 2023-A, Class 1A 6.61%, 01/18/2028(e) 250				251,289
Series 2023-A, Class A 6.61%, 01/18/2028(e)		9,617		9,666,589
BHG Securitization Trust Series 2023-A, Class A 5.55%, 04/17/2036(e)		4,142		4,124,232
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-20, Class PT (20.034)%, 11/16/2043(l)		5		5,293
Series 2019-36, Class PT 10.661%, 10/17/2044(l)		89		86,722
Pagaya AI Debt Trust Series 2022-6, Class A4 44.443%, 05/15/2030(e) (j)		80		103,333
Series 2023-1, Class A 7.556%, 07/15/2030(e)		2,044		2,053,225
Theorem Funding Trust Series 2022-3A, Class A 7.60%, 04/15/2029(e)		4,299		4,333,508
				21,419,482
Autos - Fixed Rate – 0.3%
ACM Auto Trust Series 2023-1A, Class A 6.61%, 01/22/2030(e)		300		300,010
Flagship Credit Auto Trust Series 2019-4, Class E 4.11%, 03/15/2027(e)		2,970		2,869,174
Lendbuzz Securitization Trust Series 2023-1A, Class A2 6.92%, 08/15/2028(e)		5,097		5,124,950
				8,294,134
Total Asset-Backed Securities (cost $29,753,022)				29,713,616
EMERGING MARKETS - SOVEREIGNS – 1.1%
Angola – 0.2%
Angolan Government International Bond 8.00%, 11/26/2029(e)		6,169		5,351,608
Dominican Republic – 0.4%
Dominican Republic International Bond 4.50%, 01/30/2030(e)		5,298		4,829,127
6.875%, 01/29/2026(e)		4,928		5,004,384
				9,833,511

28

	Principal Amount (000)		U.S. $ Value
El Salvador – 0.1%
El Salvador Government International Bond 8.625%, 02/28/2029(e) (s)	U.S.$	1,766	$	1,587,634
Ivory Coast – 0.1%
Ivory Coast Government International Bond 4.875%, 01/30/2032(e)	EUR	1,195		1,081,578
5.75%, 12/31/2032(e) (m)	U.S.$	1,049		1,008,658
6.375%, 03/03/2028(e)		1,377		1,340,854
				3,431,090
Kenya – 0.1%
Republic of Kenya Government International Bond 7.00%, 05/22/2027(e)		1,680		1,541,400
Lebanon – 0.0%
Lebanon Government International Bond 6.65%, 04/22/2024(e) (i) (o)		507		28,899
6.85%, 03/23/2027(e) (i) (o)		1,053		60,021
Series G 6.60%, 11/27/2026(e) (i) (o)		1,284		73,188
				162,108
Nigeria – 0.0%
Nigeria Government International Bond
6.125%, 09/28/2028(e)		233		202,419
7.143%, 02/23/2030(e)		211		184,097
7.875%, 02/16/2032(e)		226		196,055
				582,571
Senegal – 0.2%
Senegal Government International Bond
4.75%, 03/13/2028(e)	EUR	1,465		1,446,673
6.25%, 05/23/2033(e)	U.S.$	5,158		4,448,775
				5,895,448
Ukraine – 0.0%
Ukraine Government International Bond 7.253%, 03/15/2035(e) (m)		1,964		444,355
Total Emerging Markets - Sovereigns (cost $35,117,790)				28,829,725
QUASI-SOVEREIGNS – 0.8%
Quasi-Sovereign Bonds – 0.8%
Chile – 0.0%
Corp. Nacional del Cobre de Chile 5.125%, 02/02/2033(e)		480		456,814
5.95%, 01/08/2034(e)		832		830,086
				1,286,900

29

	Principal Amount (000)		U.S. $ Value
Hungary – 0.1%
Magyar Export-Import Bank Zrt 6.125%, 12/04/2027(e)	U.S.$	1,330	$	1,344,963
Indonesia – 0.1%
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT 4.75%, 05/15/2025(e)		2,044		2,012,701
Mexico – 0.5%
Comision Federal de Electricidad 4.688%, 05/15/2029(e)		4,031		3,786,620
Petroleos Mexicanos 5.95%, 01/28/2031 5,321				4,161,022
6.49%, 01/23/2027		1,455		1,368,355
6.50%, 03/13/2027		587		549,432
6.70%, 02/16/2032		3,060		2,483,037
				12,348,466
South Africa – 0.0%
Transnet SOC Ltd. 8.25%, 02/06/2028(e)		1,294		1,300,600
Ukraine – 0.1%
NAK Naftogaz Ukraine via Kondor Finance PLC 7.625%, 11/08/2028(l) (m)		2,168		1,159,880
State Agency of Roads of Ukraine 6.25%, 06/24/2030(l) (m)		7,856		1,948,288
				3,108,168
Total Quasi-Sovereigns (cost $28,146,976)				21,401,798
LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.3%
United States – 0.3%
Texas Transportation Commission State Highway Fund Series 2010-B 5.178%, 04/01/2030 2,560				2,631,164
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The)) Series 2021 5.75%, 07/25/2041(l)		6,915		6,238,742
Total Local Governments - US Municipal Bonds (cost $9,475,000)				8,869,906
GOVERNMENTS - SOVEREIGN BONDS – 0.3%
Colombia – 0.1%
Colombia Government International Bond 3.125%, 04/15/2031		864		689,472
8.00%, 11/14/2035		1,493		1,569,143
				2,258,615

30

	Principal Amount (000)		U.S. $ Value
Panama – 0.2%
Panama Government International Bond 6.875%, 01/31/2036	U.S.$	677	$	651,680
Panama Notas del Tesoro 3.75%, 04/17/2026		5,027		4,726,235
				5,377,915
Total Governments - Sovereign Bonds (cost $8,125,102)				7,636,530
	Shares
COMMON STOCKS – 0.2%
Consumer Staples – 0.1%
Household Products – 0.1%
Southeastern Grocers, Inc. NPV(h) (i) (j)		71,086		1,812,693
Financials – 0.1%
Banks – 0.1%
Nordic Aviation Capital DAC(h) (i) (j)		103,735		1,659,760
Financial Services – 0.0%
Paysafe Ltd.(i)		8,409		125,126
				1,784,886
Consumer Discretionary – 0.0%
Broadline Retail – 0.0%
ATD New Holdings, Inc.(i) (j)		29,486		737,150
Diversified Consumer Services – 0.0%
Paysafe AG Tracker(i) (j)		61,303		0
Internet & Catalog Retail – 0.0%
GOLO Mobile, Inc.(h) (i) (j)		30,264		0
				737,150
Energy – 0.0%
Oil, Gas & Consumable Fuels – 0.0%
Golden Energy Offshore Services AS(i)		1,497,659		213,600
Gulfport Energy Corp.(i)		110		13,959
SandRidge Energy, Inc.		105		1,533
				229,092
Industrials – 0.0%
Electrical Equipment – 0.0%
Exide Technologies(h) (i) (j)		497		161,525
Total Common Stocks (cost $6,590,609)				4,725,346

31

	Shares		U.S. $ Value
PREFERRED STOCKS – 0.1%
Industrial – 0.1%
Auto Components – 0.1%
Exide International Holdings LP 0.00%(e) (h) (i) (j) (cost $2,325,936)		3,093	$	2,669,259
	Principal Amount (000)
SHORT-TERM INVESTMENTS – 3.8%
U.S. Treasury Bills – 2.4%
U.S. Treasury Bill Zero Coupon, 02/28/2024	U.S.$	26,100		25,993,121
Zero Coupon, 03/14/2024		19,000		18,882,849
Zero Coupon, 03/28/2024		17,955		17,808,228
Total U.S. Treasury Bills (cost $62,682,006)				62,684,198
	Shares
Investment Companies – 1.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.24%(t) (u) (v) (cost $35,693,813)		35,693,813		35,693,813
Total Short-Term Investments (cost $98,375,819)				98,378,011
Total Investments – 119.0% (cost $3,125,481,338)(w)				3,095,868,779
Other assets less liabilities – (19.0)%				(494,235,544	)
Net Assets – 100.0%			$	2,601,633,235

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
Long Gilt Futures		12		March 2024		$	1,520,304		$	68,143
U.S. 10 Yr Ultra Futures		1,028		March 2024			120,147,500			4,252,372
U.S. Long Bond (CBT) Futures		1,198		March 2024			146,567,813			6,768,941
U.S. T-Note 5 Yr (CBT) Futures		4,686		March 2024			507,918,469			9,151,518
U.S. T-Note 10 Yr (CBT) Futures		1,474		March 2024			165,571,656			3,041,042
U.S. Ultra Bond (CBT) Futures		1,189		March 2024			153,641,094			7,095,727
Sold Contracts
Euro Buxl 30 Yr Bond Futures		13		March 2024			1,932,595			(62,391	)
Euro-BOBL Futures		14		March 2024			1,793,336			(20,179	)
Euro-Bund Futures		48		March 2024			7,047,030			(97,051	)
Euro-Schatz Futures		88		March 2024			10,098,841			(38,657	)
U.S. T-Note 2 Yr (CBT) Futures		3,548		March 2024			729,668,375			(5,217,438	)
									$	24,942,027

32

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America, NA		CAD	2,911		USD	2,179		03/15/2024		$	12,420
Citibank, NA		USD	1,978		AUD	2,998		04/18/2024			(6,035	)
NatWest Markets PLC		EUR	18,145		USD	19,961		03/14/2024			318,410
										$	324,795

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at January 31, 2024		Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
iTraxx Australia Series 40, 5 Year Index, 12/20/2028*		(1.00	)%		Quarterly		0.68%		USD	104,760	$	(1,575,301	)	$	(786,536	)	$	(788,765	)
Sale Contracts
CDX-NAHY Series 41, 5 Year Index, 12/20/2028*		5.00			Quarterly		3.61		USD	347		21,239			2,011			19,228
CDX-NAIG Series 41, 5 Year Index, 12/20/2028*		1.00			Quarterly		0.56		USD	104,760		2,134,355			1,330,036			804,319
											$	580,293		$	545,511		$	34,782

* Termination date

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at January 31, 2024	Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%	Monthly	7.50%		USD	1,371	$	(172,792	)	$	(309,290	)	$	136,498
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	1,029		(129,608	)		(231,993	)		102,385
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	548		(69,082	)		(134,895	)		65,813
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	529		(66,696	)		(77,134	)		10,438

33

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at January 31, 2024	Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%	Monthly	7.50%		USD	75	$	(9,443	)	$	(4,314	)	$	(5,129	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	297		(37,421	)		(30,627	)		(6,794	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	462		(58,199	)		(37,298	)		(20,901	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	706		(88,986	)		(65,495	)		(23,491	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	909		(114,593	)		(83,813	)		(30,780	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	2,309		(290,993	)		(215,957	)		(75,036	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	4,414		(556,205	)		(402,922	)		(153,283	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	4,414		(556,205	)		(402,922	)		(153,283	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	4,170		(525,476	)		(328,564	)		(196,912	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	4,417		(556,611	)		(253,030	)		(303,581	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	620		(78,161	)		(70,090	)		(8,071	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	4,258		(536,591	)		(469,590	)		(67,001	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	4,077		(513,719	)		(611,539	)		97,820
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	2,920		(367,990	)		(431,847	)		63,857
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	1,982		(249,730	)		(210,228	)		(39,502	)

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Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at January 31, 2024	Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
JPMorgan Securities LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%	Monthly	7.50%		USD	1,385	$	(174,596	)	$	(79,765	)	$	(94,831	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	2,085		(262,708	)		(163,438	)		(99,270	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	4,407		(555,389	)		(453,508	)		(101,881	)
Morgan Stanley & Co. International PLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	253		(31,834	)		(19,207	)		(12,627	)
									$	(6,003,028	)	$	(5,087,466	)	$	(915,562	)

* Termination date

REVERSE REPURCHASE AGREEMENTS

Broker	Currency	Principal Amount (000)		Interest Rate			Maturity		U.S. $ Value at January 31, 2024
HSBC Securities (USA), Inc.†	USD		11,882		5.10	%		—	$	11,989,730
Nomura Holdings, Inc.†	USD		1,316		3.50	%		—		1,323,672
									$	13,313,402

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

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

	Overnight and Continuous		Up to 30 Days		31-90 Days		Greater than 90 Days		Total
Agencies	$	11,989,730	$	—	$	—	$	—	$	11,989,730
Emerging Markets - Sovereigns		1,323,672		—		—		—		1,323,672
Total	$	13,313,402	$	—	$	—	$	—	$	13,313,402

(a) Position, or a portion thereof, has been segregated to collateralize margin requirements for open centrally cleared swaps.

(b) Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

(c) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

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

35

(e) 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, 2024, the aggregate market value of these securities amounted to $684,995,053 or 26.3% of net assets.

(f) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at January 31, 2024.

(g) Defaulted matured security.

(h) Fair valued by the Adviser.

(i) Non-income producing security.

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

(k) 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, 2024.

(l) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.35% of net assets as of January 31, 2024, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date	Cost		Market Value		Percentage of Net Assets
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-20, Class PT (20.034)%, 11/16/2043	09/27/2018	$	5,532	$	5,293	0.00%
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2019-36, Class PT 10.661%, 10/17/2044	09/04/2019		89,374		86,722	0.00%
Digicel Group Holdings Ltd. Zero Coupon, 12/31/2030	11/16/2023		7,509		1,346	0.00%
Exide Technologies 11.00%, 10/31/2024	06/21/2019-10/26/2020		692,006		0	0.00%
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018	02/19/2015		861,788		0	0.00%
NAK Naftogaz Ukraine via Kondor Finance PLC 7.625%, 11/08/2028	11/04/2019		2,168,000		1,159,880	0.04%
State Agency of Roads of Ukraine 6.25%, 06/24/2030	06/17/2021		7,856,000		1,948,288	0.07%
Tonon Luxembourg SA 6.50%, 10/31/2024	01/16/2013-10/31/2021		1,804,783		87	0.00%
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018	06/13/2013-01/27/2014		3,510,948		474	0.00%
Virgolino de Oliveira Finance SA 10.875%, 01/13/2020	06/09/2014		745,965		75	0.00%
Virgolino de Oliveira Finance SA 11.75%, 02/09/2022	01/29/2014-02/03/2014		916,308		169	0.00%
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The)) Series 2021 5.75%, 07/25/2041	08/03/2021		6,915,000		6,238,742	0.24%

(m) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at January 31, 2024.

(n) Escrow shares.

(o) Defaulted.

(p) IO - Interest Only.

(q) Inverse interest only security.

36

(r) The stated coupon rate represents the greater of the SOFR or an alternate base rate such as the PRIME or the SOFR/PRIME floor rate plus a spread at January 31, 2024.

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

(t) Affiliated investments.

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

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

(w) As of January 31, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $81,742,966 and gross unrealized depreciation of investments was $(86,969,483), resulting in net unrealized depreciation of $(5,226,517).

Currency Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

EUR – Euro

GBP – Great British Pound

USD – United States Dollar

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

CDX-NAIG – North American Investment Grade Credit Default Swap Index

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

JSC – Joint Stock Company

LIBOR – London Interbank Offered Rate

OTC – Over-the-Counter

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

TBA – To Be Announced

COUNTRY BREAKDOWN¹

January 31, 2024 (unaudited)

85.4	%	United States
1.3	%	United Kingdom
0.9	%	France
0.8	%	Brazil
0.8	%	Mexico
0.7	%	China
0.6	%	India
0.5	%	Spain
0.4	%	Italy
0.4	%	Colombia
0.3	%	Dominican Republic
0.3	%	Indonesia
0.3	%	Australia
4.1	%	Other
3.2	%	Short-Term Investments
100.0	%	Total Investments

¹  The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 0.3% or less in the following: Angola, Canada, Chile, Czech Republic, Denmark, El Salvador, Finland, Germany, Ghana, Guatemala, Hong Kong, Hungary, Ireland, Israel, Ivory Coast, Jamaica, Kazakhstan, Kenya, Lebanon, Luxembourg, Macau, Netherlands, Nigeria, Norway, Panama, Peru, Senegal, South Africa, South Korea, Sweden, Switzerland, Turkey and Ukraine.

37

AB Income Fund

January 31, 2024 (unaudited)

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

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

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

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

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

38

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

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

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2024:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Governments - Treasuries	$	—		$	1,287,643,372		$	—		$	1,287,643,372
Mortgage Pass-Throughs		—			680,191,730			—			680,191,730
Corporates - Investment Grade		—			386,664,787			—			386,664,787
Corporates - Non-Investment Grade		—			233,509,179			961,449	(a)		234,470,628
Collateralized Loan Obligations		—			78,982,871			—			78,982,871
Commercial Mortgage-Backed Securities		—			53,834,635			—			53,834,635
Emerging Markets - Corporate Bonds		—			50,927,129			2,064			50,929,193
Collateralized Mortgage Obligations		—			49,961,946			—			49,961,946
Bank Loans		—			37,935,146			1,379,023			39,314,169
Agencies		—			31,651,257			—			31,651,257
Asset-Backed Securities		—			29,610,283			103,333			29,713,616
Emerging Markets - Sovereigns		—			28,829,725			—			28,829,725
Quasi-Sovereigns		—			21,401,798			—			21,401,798
Local Governments - US Municipal Bonds		—			8,869,906			—			8,869,906
Governments - Sovereign Bonds		—			7,636,530			—			7,636,530
Common Stocks		354,218			—			4,371,128	(a)		4,725,346
Preferred Stocks		—			—			2,669,259			2,669,259
Short-Term Investments:
U.S. Treasury Bills		—			62,684,198			—			62,684,198
Investment Companies		35,693,813			—			—			35,693,813
Total Investments in Securities		36,048,031			3,050,334,492			9,486,256	(a)		3,095,868,779
Other Financial Instruments(b):
Assets:
Futures		30,377,743			—			—			30,377,743
Forward Currency Exchange Contracts		—			330,830			—			330,830
Centrally Cleared Credit Default Swaps		—			2,155,594			—			2,155,594
Liabilities:
Futures		(5,435,716	)		—			—			(5,435,716	)
Forward Currency Exchange Contracts		—			(6,035	)		—			(6,035	)
Centrally Cleared Credit Default Swaps		—			(1,575,301	)		—			(1,575,301	)
Credit Default Swaps		—			(6,003,028	)		—			(6,003,028	)
Reverse Repurchase Agreements		(13,313,402	)		—			—			(13,313,402	)
Total	$	47,676,656		$	3,045,236,552		$	9,486,256	(a)	$	3,102,399,464

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

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

39

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

Fund	Market Value 10/31/2023 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 01/31/2024 (000)		Dividend Income (000)
Government Money Market Portfolio	$	10,866	$	213,700	$	188,872	$	35,694	$	262

40