AB All Market Total Return Portfolio

Consolidated Portfolio of Investments

May 31, 2023 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 54.8%
Information Technology – 12.2%
Electronic Equipment, Instruments & Components – 1.4%
Amphenol Corp. - Class A		28,401	$	2,142,856
Arrow Electronics, Inc.(a)		1,066		134,998
CDW Corp./DE		17,131		2,941,221
National Instruments Corp.		14,860		858,908
Zebra Technologies Corp. - Class A(a)		1,647		432,453
				6,510,436
IT Services – 1.1%
Akamai Technologies, Inc.(a)		12,159		1,120,087
Amdocs Ltd.		2,580		242,959
Capgemini SE		1,731		301,984
CGI, Inc.(a)		3,962		410,355
Cognizant Technology Solutions Corp. - Class A		17,468		1,091,575
Genpact Ltd.		13,493		496,273
Otsuka Corp.		9,600		361,567
VeriSign, Inc.(a)		4,626		1,033,078
				5,057,878
Semiconductors & Semiconductor Equipment – 1.9%
Applied Materials, Inc.		9,990		1,331,667
ASML Holding NV		33		23,870
Broadcom, Inc.		2,028		1,638,543
Infineon Technologies AG		20,535		764,498
KLA Corp.		1,402		621,072
Lam Research Corp.		292		180,076
NVIDIA Corp.		1,615		611,019
NXP Semiconductors NV		2,401		430,019
ON Semiconductor Corp.(a)		1,670		139,612
QUALCOMM, Inc.		11,151		1,264,635
Silicon Motion Technology Corp. (ADR)		4,584		280,724
Tower Semiconductor Ltd.(a)		28,108		1,100,147
				8,385,882
Software – 6.1%
Adobe, Inc.(a)		3,315		1,384,974
Black Knight, Inc.(a)		20,554		1,187,610
Cadence Design Systems, Inc.(a)		1,959		452,353
Check Point Software Technologies Ltd.(a)		1,069		133,422
Constellation Software, Inc./Canada		653		1,331,500
Dropbox, Inc. - Class A(a)		17,226		396,543
ForgeRock, Inc. - Class A(a)		29,063		585,038
Fortinet, Inc.(a)		4,470		305,435
Gen Digital, Inc.		24,114		422,960
Intuit, Inc.		546		228,840
Microsoft Corp.		45,352		14,893,144
Momentive Global, Inc.(a)		18,633		176,082
Nice Ltd.(a)		1,055		216,337
Open Text Corp.		3,519		146,307
Oracle Corp.		10,226		1,083,342
Palo Alto Networks, Inc.(a)		2,150		458,788
Qualtrics International, Inc. - Class A(a)		27,224		492,210

1

Company	Shares		U.S. $ Value
SAP SE		1,815	$	237,993
ServiceNow, Inc.(a)		1,966		1,071,037
SimCorp A/S		3,976		412,870
VMware, Inc. - Class A(a)		15,601		2,126,260
				27,743,045
Technology Hardware, Storage & Peripherals – 1.7%
Apple, Inc.		28,187		4,996,145
Hewlett Packard Enterprise Co.		12,000		173,040
Logitech International SA (REG)		4,162		266,218
NetApp, Inc.		5,680		376,868
Ricoh Co., Ltd.		46,400		387,077
Samsung Electronics Co., Ltd.		26,901		1,443,251
				7,642,599
				55,339,840
Health Care – 10.3%
Biotechnology – 2.1%
AbbVie, Inc.		5,278		728,153
Alnylam Pharmaceuticals, Inc.(a)		2,140		395,921
BELLUS Health, Inc.(a)		61,554		899,304
CTI BioPharma Corp.(a)		99,249		898,203
Gilead Sciences, Inc.		4,973		382,623
Horizon Therapeutics PLC(a)		13,402		1,340,602
Incyte Corp.(a)		4,346		267,496
IVERIC bio, Inc.(a)		34,874		1,316,494
Prometheus Biosciences, Inc.(a)		5,726		1,137,756
Seagen, Inc.(a)		6,730		1,317,061
United Therapeutics Corp.(a)		1,287		269,935
VectivBio Holding AG(a)		44,467		735,929
				9,689,477
Health Care Equipment & Supplies – 2.1%
Abbott Laboratories		24,709		2,520,318
Cooper Cos., Inc. (The)		5,327		1,979,140
Dexcom, Inc.(a)		1,286		150,796
GE Healthcare, Inc.(a)		5,337		424,345
Heska Corp.(a)		4,422		529,446
IDEXX Laboratories, Inc.(a)		891		414,110
Insulet Corp.(a)		1,477		405,067
Koninklijke Philips NV(a)		28,689		542,010
Medtronic PLC		15,595		1,290,642
NuVasive, Inc.(a)		32,621		1,244,818
				9,500,692
Health Care Providers & Services – 1.7%
Abiomed, Inc.(a) (b) (c)		3,960		0
Amedisys, Inc.(a)		10,047		762,869
AmerisourceBergen Corp.		1,476		251,141
Cardinal Health, Inc.		5,064		416,767
Centene Corp.(a)		6,234		389,064
Cigna Group (The)		1,931		477,749

2

Company	Shares		U.S. $ Value
Elevance Health, Inc.		5,651	$	2,530,631
Humana, Inc.		849		426,088
McKesson Corp.		2,713		1,060,349
UnitedHealth Group, Inc.		2,635		1,283,877
				7,598,535
Health Care Technology – 0.2%
EMIS Group PLC		64,544		1,071,062
Life Sciences Tools & Services – 1.6%
Agilent Technologies, Inc.		3,298		381,480
Illumina, Inc.(a)		9,293		1,827,468
IQVIA Holdings, Inc.(a)		16,105		3,171,235
Mettler-Toledo International, Inc.(a)		231		305,352
Thermo Fisher Scientific, Inc.		2,556		1,299,624
Waters Corp.(a)		1,158		290,913
				7,276,072
Pharmaceuticals – 2.6%
Chugai Pharmaceutical Co., Ltd.		9,200		247,610
Eli Lilly & Co.		2,722		1,168,990
Jazz Pharmaceuticals PLC(a)		1,970		252,475
Johnson & Johnson		2,846		441,301
Mallinckrodt PLC(a) (d)		223		613
Merck & Co., Inc.		8,550		944,006
Novo Nordisk A/S - Class B		11,466		1,845,234
Pfizer, Inc.		1,300		49,426
Roche Holding AG (Genusschein)		6,923		2,205,037
Sanofi		15,714		1,603,252
Takeda Pharmaceutical Co., Ltd.		20,000		636,521
Zoetis, Inc.		13,964		2,276,271
				11,670,736
				46,806,574
Financials – 8.9%
Banks – 2.1%
ABN AMRO Bank NV(e)		29,087		424,952
Banco Bilbao Vizcaya Argentaria SA		63,070		414,665
Banco Santander SA		122,025		398,659
Bank Leumi Le-Israel BM		58,419		409,682
Barclays PLC		216,161		408,236
BNP Paribas SA		13,566		788,703
Citigroup, Inc.		7,846		347,735
DBS Group Holdings Ltd.		13,000		291,071
First Citizens BancShares, Inc./NC - Class A		316		394,115
First International Bank of Israel Ltd.		1,053		39,691
HSBC Holdings PLC		56,757		415,989
JPMorgan Chase & Co.		5,898		800,418
Lakeland Bancorp, Inc.		19,833		258,027
Mitsubishi UFJ Financial Group, Inc.		77,000		512,034
NatWest Group PLC		82,558		267,503
Nordea Bank Abp (Stockholm)		33,095		326,690
Oversea-Chinese Banking Corp., Ltd.		54,400		493,139
Royal Bank of Canada		6,803		608,536
Standard Chartered PLC		50,861		400,822
Sumitomo Mitsui Financial Group, Inc.		11,600		470,747
Toronto-Dominion Bank (The)		5,047		285,681
UniCredit SpA		21,567		415,861
Wells Fargo & Co.		11,913		474,257
				9,647,213

3

Company	Shares		U.S. $ Value
Capital Markets – 2.4%
Ameriprise Financial, Inc.		341	$	101,778
B3 SA - Brasil Bolsa Balcao		139,400		365,996
BlackRock, Inc.		663		435,956
Charles Schwab Corp. (The)		45,616		2,403,507
CME Group, Inc.		5,332		953,095
Euronext NV(e)		5,481		365,721
Focus Financial Partners, Inc. - Class A(a)		11,563		602,317
Goldman Sachs Group, Inc. (The)		8,363		2,708,775
Houlihan Lokey, Inc.		4,219		368,361
Julius Baer Group Ltd.		18,541		1,138,671
London Stock Exchange Group PLC		8,278		882,472
S&P Global, Inc.		886		325,543
Singapore Exchange Ltd.		38,900		266,758
				10,918,950
Consumer Finance – 0.3%
American Express Co.		7,849		1,244,538
Financial Services – 2.7%
Berkshire Hathaway, Inc. - Class B(a)		571		183,337
EXOR NV(a)		4,775		396,542
Fidelity National Information Services, Inc.		4,417		241,036
Home Capital Group, Inc.		24,502		784,244
Mastercard, Inc. - Class A		14,771		5,391,711
MoneyGram International, Inc.(a)		56,637		622,441
PayPal Holdings, Inc.(a)		14,108		874,555
Visa, Inc. - Class A		16,684		3,687,663
				12,181,529
Insurance – 1.4%
American International Group, Inc.		7,916		418,202
Assicurazioni Generali SpA(d)		18,878		358,625
AXA SA		20,248		574,045
Everest Re Group Ltd.		1,042		354,301
iA Financial Corp., Inc.		5,940		378,585
Japan Post Holdings Co., Ltd.		19,700		138,907
Japan Post Insurance Co., Ltd.		25,400		380,725
Manulife Financial Corp.		21,963		406,902
Marsh & McLennan Cos., Inc.		3,739		647,520
Medibank Pvt Ltd.		266,007		617,399
NN Group NV		10,104		364,524
Principal Financial Group, Inc.		5,479		358,655
Progressive Corp. (The)		1,585		202,737
Sampo Oyj - Class A		12,162		559,698
Willis Towers Watson PLC		1,896		414,940
				6,175,765
Mortgage Real Estate Investment Trusts (REITs) – 0.0%
Ready Capital Corp.		12,571		127,098
				40,295,093

4

Company	Shares		U.S. $ Value
Consumer Discretionary – 6.3%
Automobile Components – 0.6%
Aisin Corp.		13,400	$	384,503
Aptiv PLC(a)		19,712		1,736,233
BorgWarner, Inc.		8,439		374,101
Lear Corp.		3,078		377,548
				2,872,385
Automobiles – 0.1%
Tesla, Inc.(a)		2,943		600,166
Broadline Retail – 1.7%
Alibaba Group Holding Ltd.(a)		41,200		410,038
Alibaba Group Holding Ltd. (Sponsored ADR)(a)		10,450		831,297
Amazon.com, Inc.(a)		44,895		5,413,439
ATD New Holdings, Inc.(a) (c)		2,609		123,928
K201640219 South Africa Ltd. Series A(a) (b) (c)		465,862		0
K201640219 South Africa Ltd. Series B(a) (b) (c)		73,623		0
MercadoLibre, Inc.(a)		328		406,392
Prosus NV(a)		4,762		313,838
				7,498,932
Commercial Services & Supplies – 0.0%
Monitronics International, Inc.(a)		2,239		0
Distributors – 0.1%
Uni-Select, Inc.(a)		8,328		286,679
Diversified Consumer Services – 0.1%
Service Corp. International/US		9,347		594,563
Hotels, Restaurants & Leisure – 1.4%
Booking Holdings, Inc.(a)		192		481,684
Caesars Entertainment, Inc.(a)		367		15,051
Compass Group PLC		40,755		1,116,857
Expedia Group, Inc.(a)		3,343		319,959
Galaxy Entertainment Group Ltd.(a)		101,800		631,623
Genting Singapore Ltd.		294,800		220,093
La Francaise des Jeux SAEM(e)		5,444		210,471
Lottery Corp. Ltd. (The)		60,587		196,059
Marriott International, Inc./MD - Class A		2,524		423,502
MGM Resorts International		7,383		290,078
NEOGAMES SA(a)		9,404		256,447
Sodexo SA		3,647		394,848
Starbucks Corp.		11,582		1,130,866
Yum China Holdings, Inc.		12,810		723,253
				6,410,791
Household Durables – 0.2%
iRobot Corp.(a)		9,910		351,309
Lennar Corp. - Class A		1,548		165,822
PulteGroup, Inc.		6,048		399,652
				916,783

5

Company	Shares		U.S. $ Value
Leisure Products – 0.1%
Bandai Namco Holdings, Inc.		15,100	$	353,613
Specialty Retail – 1.1%
AutoZone, Inc.(a)		487		1,162,391
Home Depot, Inc. (The)		143		40,533
Industria de Diseno Textil SA		3,456		115,623
O’Reilly Automotive, Inc.(a)		274		247,507
TJX Cos., Inc. (The)		32,286		2,479,242
Ulta Beauty, Inc.(a)		772		316,389
ZOZO, Inc.		21,000		427,468
				4,789,153
Textiles, Apparel & Luxury Goods – 0.9%
Hermes International		214		436,522
Kering SA		1,135		606,841
NIKE, Inc. - Class B		27,399		2,884,019
Pandora A/S		4,765		380,326
				4,307,708
				28,630,773
Industrials – 5.5%
Aerospace & Defense – 0.3%
BAE Systems PLC		33,851		391,235
Dassault Aviation SA		1,338		226,953
Huntington Ingalls Industries, Inc.		1,919		386,448
Rheinmetall AG		1,507		381,768
				1,386,404
Air Freight & Logistics – 0.0%
Kuehne & Nagel International AG (REG)		740		210,967
Automobile Components – 0.0%
Energy Technology(a) (b) (c)		13		4,875
Building Products – 0.6%
Otis Worldwide Corp.		27,556		2,190,977
Owens Corning		3,606		383,426
				2,574,403
Commercial Services & Supplies – 0.6%
Brambles Ltd.		43,521		388,574
Copart, Inc.(a)		4,821		422,271
Republic Services, Inc.		2,660		376,736
Stericycle, Inc.(a)		30,093		1,268,420
TOPPAN, Inc.		17,600		375,979
				2,831,980
Construction & Engineering – 0.1%
AECOM		3,462		270,209
Electrical Equipment – 0.6%
Eaton Corp. PLC		10,823		1,903,766
Hubbell, Inc.		577		162,979
Prysmian SpA		8,517		316,778
Rockwell Automation, Inc.		1,237		344,628
Schneider Electric SE		1,360		235,278
				2,963,429

6

Company	Shares		U.S. $ Value
Ground Transportation – 0.2%
Canadian National Railway Co.		3,634	$	409,739
CSX Corp.		19,984		612,909
TFI International, Inc.		689		72,580
				1,095,228
Industrial Conglomerates – 0.1%
Jardine Cycle & Carriage Ltd.		8,700		207,955
Smiths Group PLC		2,538		50,782
				258,737
Machinery – 0.8%
ANDRITZ AG		4,660		250,421
Caterpillar, Inc.		2,440		502,030
Cummins, Inc.		2,003		409,433
Dover Corp.		3,292		438,922
Illinois Tool Works, Inc.		671		146,768
Parker-Hannifin Corp.		2,042		654,339
Snap-on, Inc.		1,553		386,480
Volvo AB - Class A		13,612		262,875
Volvo AB - Class B		36,017		665,650
Xylem, Inc./NY		0		36
				3,716,954
Passenger Airlines – 0.3%
Deutsche Lufthansa AG (REG)(a)		34,618		340,639
Spirit Airlines, Inc.		57,213		870,210
				1,210,849
Professional Services – 1.5%
Automatic Data Processing, Inc.		14,581		3,047,283
Booz Allen Hamilton Holding Corp.		2,172		218,460
Experian PLC		6,889		243,061
Paychex, Inc.		4,684		491,492
RELX PLC (Amsterdam)		28,683		896,573
RELX PLC (London)		18,723		585,556
Robert Half International, Inc.		3,653		237,518
Thomson Reuters Corp.		1,525		193,919
Wolters Kluwer NV		6,625		756,735
				6,670,597
Trading Companies & Distributors – 0.4%
Fastenal Co.		1,888		101,669
Toyota Tsusho Corp.		3,900		171,307
Triton International Ltd.		8,597		710,456
Univar, Inc.(a)		9,369		333,724
WW Grainger, Inc.		634		411,479
				1,728,635
				24,923,267

7

Company	Shares		U.S. $ Value
Communication Services – 3.6%
Diversified Telecommunication Services – 0.9%
BCE, Inc.		6,312	$	284,749
Charter Communications, Inc. - Class A(a)		193		62,947
Comcast Corp. - Class A		14,320		563,492
Deutsche Telekom AG (REG)		38,896		862,930
HKT Trust & HKT Ltd.		312,000		398,692
Intelsat Emergence SA(a) (c)		1,653		40,994
Intelsat Jackson Holdings SA(a) (b) (c)		173		0
Intelsat Jackson Holdings SA Series B(a) (b) (c)		173		0
Liberty Global PLC - Class A(a)		6,875		112,063
Radius Global Infrastructure, Inc. - Class A(a)		30,048		444,710
Spark New Zealand Ltd.		50,261		156,000
Telenor ASA		38,370		394,553
Telstra Group Ltd.		263,841		748,212
				4,069,342
Entertainment – 0.9%
Activision Blizzard, Inc.(a)		19,879		1,594,296
Electronic Arts, Inc.		16,297		2,086,016
Konami Group Corp.		1,300		68,830
Ubisoft Entertainment SA(a)		4,280		121,735
Universal Music Group NV(d)		16,778		332,826
				4,203,703
Interactive Media & Services – 1.6%
Alphabet, Inc. - Class A(a)		6,850		841,659
Alphabet, Inc. - Class C(a)		41,366		5,103,323
Auto Trader Group PLC(e)		33,977		266,652
Kakaku.com, Inc.		13,900		201,834
Meta Platforms, Inc. - Class A(a)		2,476		655,447
Tencent Holdings Ltd.		4,300		170,170
				7,239,085
Media – 0.1%
DISH Network Corp. - Class A(a)		609		3,916
Fox Corp. - Class B		13,264		387,441
iHeartMedia, Inc. - Class A(a)		2,453		5,814
Informa PLC		35,868		311,407
				708,578
Wireless Telecommunication Services – 0.1%
SoftBank Corp.		36,500		388,953
				16,609,661
Consumer Staples – 3.4%
Beverages – 1.8%
Asahi Group Holdings Ltd.		59,539		2,309,496
Carlsberg AS - Class B		2,937		443,503
Coca-Cola Co. (The)		47,171		2,814,222
Coca-Cola HBC AG(a)		12,913		383,624
Constellation Brands, Inc. - Class A		6,977		1,695,202
Heineken Holding NV		4,555		387,654
				8,033,701

8

Company	Shares		U.S. $ Value
Consumer Staples Distribution & Retail – 0.8%
Albertsons Cos., Inc. - Class A		59,722	$	1,215,940
Jeronimo Martins SGPS SA		14,936		360,950
Koninklijke Ahold Delhaize NV		27,412		869,025
Kroger Co. (The)		8,880		402,530
Loblaw Cos., Ltd.		3,865		337,928
Sysco Corp.		2,368		165,641
Walmart, Inc.		1,520		223,242
				3,575,256
Food Products – 0.3%
Bunge Ltd.		4,232		392,053
Hershey Co. (The)		1,620		420,714
Lamb Weston Holdings, Inc.		3,591		399,319
Nestle SA (REG)		2,716		321,944
				1,534,030
Household Products – 0.4%
Clorox Co. (The)		2,559		404,783
Colgate-Palmolive Co.		5,935		441,445
Essity AB - Class B		2,888		76,908
Kimberly-Clark Corp.		3,063		411,300
Procter & Gamble Co. (The)		605		86,213
Southeastern Grocers, Inc.(a) (b) (c)		8,714		204,779
				1,625,428
Personal Care Products – 0.1%
L’Oreal SA		1,166		499,218
Unilever PLC (London)		2,855		142,850
				642,068
Tobacco – 0.0%
Philip Morris International, Inc.		2,253		202,793
				15,613,276
Materials – 1.4%
Chemicals – 0.7%
Chr Hansen Holding A/S		13,351		971,556
Diversey Holdings Ltd.(a)		34,990		291,467
Linde PLC		3,430		1,213,054
Mitsubishi Chemical Group Corp.		68,500		383,934
Sumitomo Chemical Co., Ltd.(d)		127,200		378,768
				3,238,779
Construction Materials – 0.1%
CRH PLC		5,071		239,973
Containers & Packaging – 0.0%
Westrock Co.		16		448
Metals & Mining – 0.6%
Arconic Corp.(a)		6,059		175,166
BlueScope Steel Ltd.		31,404		378,737
Cleveland-Cliffs, Inc.(a)		16,251		225,564
Fortescue Metals Group Ltd.(d)		29,964		375,193
JFE Holdings, Inc.		19,400		239,682
Kinross Gold Corp.		31,240		147,282
Rio Tinto Ltd.		2,537		176,788
Steel Dynamics, Inc.		4,290		394,251
Teck Resources Ltd. - Class B(d)		22,266		869,153
				2,981,816

9

Company	Shares		U.S. $ Value
Paper & Forest Products – 0.0%
Resolute Forest Products, Inc.(a) (b) (c)		14,789	$	0
				6,461,016
Energy – 1.4%
Energy Equipment & Services – 0.2%
CHC Group LLC(a)		1,138		2
Diamond Offshore Drilling, Inc.(a)		3,643		39,891
Schlumberger NV		14,195		607,972
				647,865
Metals & Mining – 0.0%
Artsonig Pty Ltd.(a) (b) (c)		51,133		0
Oil, Gas & Consumable Fuels – 1.2%
Ampol Ltd.		14,965		305,709
Battalion Oil Corp.(a)		1		6
Berry Corp.		5,577		35,135
Cheniere Energy, Inc.		5,961		833,169
Civitas Resources, Inc.		493		32,932
Denbury, Inc.(a)		594		53,561
Equinor ASA(d)		21,467		544,898
Exxon Mobil Corp.		1,830		186,990
Galp Energia SGPS SA(d)		22,143		234,492
Imperial Oil Ltd.(d)		4,596		208,623
Marathon Petroleum Corp.		3,685		386,593
SandRidge Energy, Inc.		14		189
Shell PLC		84,803		2,331,486
Valero Energy Corp.		3,259		348,843
				5,502,626
				6,150,491
Real Estate – 1.1%
Real Estate Management & Development – 0.3%
CBRE Group, Inc. - Class A(a)		17,935		1,343,690
Retail REITs – 0.0%
Link REIT		24,046		139,827
Specialized REITs – 0.8%
American Tower Corp.		11,232		2,071,630
Gaming and Leisure Properties, Inc.		8,227		396,048
Life Storage, Inc.		6,538		832,876
Weyerhaeuser Co.		14,315		410,268
				3,710,822
				5,194,339
Utilities – 0.7%
Electric Utilities – 0.6%
American Electric Power Co., Inc.		3,885		322,921
Enel SpA		31,780		200,023
Iberdrola SA		31,105		379,849
PNM Resources, Inc.		34,082		1,565,046
Xcel Energy, Inc.		4,586		299,420
				2,767,259

10

Company	Shares		U.S. $ Value
Gas Utilities – 0.0%
UGI Corp.		7,745	$	216,628
Multi-Utilities – 0.1%
CenterPoint Energy, Inc.		10,693		301,649
				3,285,536
Total Common Stocks (cost $219,822,580)				249,309,866

	Principal Amount (000)
CORPORATES - NON-INVESTMENT GRADE – 6.2%
Industrial – 5.4%
Basic – 0.3%
Arconic Corp. 6.125%, 02/15/2028(e)		U.S.$	33	33,306
ASP Unifrax Holdings, Inc. 5.25%, 09/30/2028(e)			58	43,702
7.50%, 09/30/2029(e)			73	50,487
Big River Steel LLC/BRS Finance Corp. 6.625%, 01/31/2029(e)			102	101,256
Cleveland-Cliffs, Inc. 4.625%, 03/01/2029(e)			25	22,218
6.75%, 03/15/2026(e)			12	12,144
Crown Americas LLC/Crown Americas Capital Corp. VI 4.75%, 02/01/2026			20	19,461
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125%, 06/15/2028(e)			64	55,711
Diamond BC BV 4.625%, 10/01/2029(d) (e)			10	10,042
Element Solutions, Inc. 3.875%, 09/01/2028(e)			91	79,531
ERP Iron Ore LLC 9.039%, 12/31/2019(a) (b) (c) (f) (g)			12	8,102
FMG Resources (August 2006) Pty Ltd. 4.50%, 09/15/2027(e)			36	34,035
6.125%, 04/15/2032(e)			166	157,227
Graham Packaging Co., Inc. 7.125%, 08/15/2028(e)			28	23,750
INEOS Quattro Finance 1 PLC 3.75%, 07/15/2026(e)		EUR	149	140,255
Ingevity Corp. 3.875%, 11/01/2028(e)		U.S.$	10	8,252
Intelligent Packaging Holdco Issuer LP 9.00% (9.00% Cash or 9.75% PIK), 01/15/2026(e) (g)			52	37,887

11

	Principal Amount (000)			U.S. $ Value
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC 6.00%, 09/15/2028(e)		U.S.$	123	$	102,583
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018(a) (b) (c) (f) (h)			146		0
Mercer International, Inc. 5.125%, 02/01/2029			58		46,401
Olympus Water US Holding Corp. 9.75%, 11/15/2028(e)			214		212,688
Sealed Air Corp./Sealed Air Corp. US 6.125%, 02/01/2028(e)			28		27,740
Vibrantz Technologies, Inc. 9.00%, 02/15/2030(d) (e)			234		176,031
WR Grace Holdings LLC 4.875%, 06/15/2027(e)			59		54,741
5.625%, 08/15/2029(e)			23		19,079
					1,476,629
Capital Goods – 0.5%
ARD Finance SA 5.00% (5.00% Cash or 5.75% PIK), 06/30/2027(e) (g)		EUR	202		163,960
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 2.125%, 08/15/2026(e)			218		206,855
Ball Corp. 6.00%, 06/15/2029		U.S.$	82		82,108
Calderys Financing LLC 11.25%, 06/01/2028(e)			143		144,866
Chart Industries, Inc. 7.50%, 01/01/2030(e)			45		45,465
Clean Harbors, Inc. 4.875%, 07/15/2027(e)			3		2,867
6.375%, 02/01/2031(e)			16		16,035
Eco Material Technologies, Inc. 7.875%, 01/31/2027(e)			121		114,803
Emerald Debt Merger Sub LLC 6.625%, 12/15/2030(e)			48		47,616
Energizer Holdings, Inc. 4.75%, 06/15/2028(e)			33		29,376
EnerSys 4.375%, 12/15/2027(e)			100		93,285
Gates Global LLC/Gates Corp. 6.25%, 01/15/2026(d) (e)			130		127,400
GFL Environmental, Inc. 5.125%, 12/15/2026(e)			15		14,463
Griffon Corp. 5.75%, 03/01/2028			10		9,263
Harsco Corp. 5.75%, 07/31/2027(e)			122		105,592
JELD-WEN, Inc. 4.625%, 12/15/2025(e)			17		16,408

12

	Principal Amount (000)			U.S. $ Value
LSB Industries, Inc. 6.25%, 10/15/2028(e) (i)		U.S.$	93	$	84,173
Madison IAQ LLC 5.875%, 06/30/2029(e)			207		157,595
Moog, Inc. 4.25%, 12/15/2027(e)			42		39,241
TK Elevator Midco GmbH 4.375%, 07/15/2027(e)		EUR	201		190,629
TransDigm UK Holdings PLC 6.875%, 05/15/2026		U.S.$	265		263,190
TransDigm, Inc. 6.25%, 03/15/2026(e)			47		46,679
Triumph Group, Inc. 7.75%, 08/15/2025(d)			42		40,116
9.00%, 03/15/2028(e)			167		169,094
WESCO Distribution, Inc. 7.25%, 06/15/2028(e)			53		54,090
					2,265,169
Communications - Media – 0.7%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028(d) (e)			21		17,607
Altice Financing SA 5.75%, 08/15/2029(e)			279		213,655
AMC Networks, Inc. 4.25%, 02/15/2029			181		103,172
4.75%, 08/01/2025			109		96,328
Arches Buyer, Inc. 4.25%, 06/01/2028(e)			10		8,492
6.125%, 12/01/2028(d) (e)			39		33,737
Banijay Entertainment SASU 3.50%, 03/01/2025(e)		EUR	150		156,535
CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 01/15/2034(e)		U.S.$	111		82,104
4.50%, 08/15/2030(e)			105		86,484
4.75%, 02/01/2032(e)			88		70,630
7.375%, 03/01/2031(e)			29		27,710
Clear Channel Outdoor Holdings, Inc. 5.125%, 08/15/2027(e)			35		30,841
CSC Holdings LLC 3.375%, 02/15/2031(e)			200		136,708
DISH DBS Corp. 5.125%, 06/01/2029			53		23,972
5.25%, 12/01/2026(e)			135		106,878
5.75%, 12/01/2028(e)			94		68,177
7.375%, 07/01/2028			98		50,470
DISH Network Corp. 3.375%, 08/15/2026(j)			56		25,509
Gray Escrow II, Inc. 5.375%, 11/15/2031(e)			129		82,854
Gray Television, Inc. 5.875%, 07/15/2026(e)			10		8,617

13

	Principal Amount (000)			U.S. $ Value
iHeartCommunications, Inc. 4.75%, 01/15/2028(e)		U.S.$	35	$	24,283
5.25%, 08/15/2027(e)			10		7,026
6.375%, 05/01/2026			22		16,655
8.375%, 05/01/2027(d)			137		76,865
Lamar Media Corp. 4.875%, 01/15/2029			4		3,713
LCPR Senior Secured Financing DAC 5.125%, 07/15/2029(e)			203		168,232
McGraw-Hill Education, Inc. 5.75%, 08/01/2028(e)			139		118,801
National CineMedia LLC 5.75%, 08/15/2026(a) (k)			33		685
5.88%, 04/15/2028(a) (e) (k)			67		22,781
Outfront Media Capital LLC/Outfront Media Capital Corp. 4.625%, 03/15/2030(e)			61		49,796
Scripps Escrow II, Inc. 3.875%, 01/15/2029(e)			6		4,631
Sinclair Television Group, Inc. 4.125%, 12/01/2030(e)			10		6,523
5.125%, 02/15/2027(d) (e)			150		122,817
5.50%, 03/01/2030(e)			107		62,012
Sirius XM Radio, Inc. 3.875%, 09/01/2031(e)			116		86,127
4.00%, 07/15/2028(e)			302		253,019
Summer BC Holdco B SARL 5.75%, 10/31/2026(e)		EUR	150		141,088
TEGNA, Inc. 4.75%, 03/15/2026(e)		U.S.$	35		33,399
5.00%, 09/15/2029			110		94,373
Univision Communications, Inc. 6.625%, 06/01/2027(e)			144		136,519
7.375%, 06/30/2030(e)			25		23,250
Urban One, Inc. 7.375%, 02/01/2028(e)			203		182,848
					3,065,923
Communications - Telecommunications – 0.2%
Connect Finco SARL/Connect US Finco LLC 6.75%, 10/01/2026(e)			200		192,794
Consolidated Communications, Inc. 5.00%, 10/01/2028(e)			25		17,688
6.50%, 10/01/2028(e)			85		63,608
Embarq Corp. 7.995%, 06/01/2036			180		89,800
Intelsat Jackson Holdings SA 5.50%, 08/01/2023(a) (b) (c)			177		0
Level 3 Financing, Inc. 4.25%, 07/01/2028(e)			29		16,297
4.625%, 09/15/2027(e)			63		39,309

14

	Principal Amount (000)			U.S. $ Value
Telecom Italia Capital SA 7.20%, 07/18/2036	U.S.$		105	$	93,437
United Group BV 3.625%, 02/15/2028(e)		EUR	108		90,654
4.625%, 08/15/2028(e)			191		163,044
Vmed O2 UK Financing I PLC 4.75%, 07/15/2031(e)		U.S.$	200		164,576
					931,207
Consumer Cyclical - Automotive – 0.4%
Allison Transmission, Inc. 5.875%, 06/01/2029(e)			60		58,097
Clarios Global LP/Clarios US Finance Co. 6.25%, 05/15/2026(e)			69		68,400
8.50%, 05/15/2027(e)			10		10,028
Dana, Inc. 5.375%, 11/15/2027			11		10,341
5.625%, 06/15/2028(d)			17		15,649
Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028(e)			179		163,740
Exide Technologies (Exchange Priority) 11.00%, 10/31/2024(a) (b) (c) (h)			59		0
(First Lien) 11.00%, 10/31/2024(a) (b) (c) (h)			24		0
Ford Motor Co. 6.10%, 08/19/2032			284		266,829
Goodyear Tire & Rubber Co. (The) 5.00%, 07/15/2029			42		37,814
5.25%, 07/15/2031			49		42,613
Jaguar Land Rover Automotive PLC 5.875%, 01/15/2028(e)			200		178,438
Mclaren Finance PLC 7.50%, 08/01/2026(e)			200		168,286
PM General Purchaser LLC 9.50%, 10/01/2028(e)			103		96,717
Real Hero Merger Sub 2, Inc. 6.25%, 02/01/2029(d) (e)			163		123,561
Titan International, Inc. 7.00%, 04/30/2028			108		98,307
ZF North America Capital, Inc. 4.75%, 04/29/2025(e)			161		156,289
7.125%, 04/14/2030(e)			157		158,313
					1,653,422
Consumer Cyclical - Entertainment – 0.4%
Carnival Corp. 4.00%, 08/01/2028(e)			58		50,609
5.75%, 03/01/2027(e)			112		95,905
9.875%, 08/01/2027(e)			60		61,942
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.375%, 04/15/2027			74		70,521
5.50%, 05/01/2025(e)			179		177,717

15

	Principal Amount (000)		U.S. $ Value
Lindblad Expeditions LLC 6.75%, 02/15/2027(e)	U.S.$	37	$	34,687
NCL Corp., Ltd. 5.875%, 03/15/2026(e)		123		111,889
8.375%, 02/01/2028(e)		58		59,906
Royal Caribbean Cruises Ltd. 5.375%, 07/15/2027(e)		112		103,582
5.50%, 04/01/2028(e)		93		85,558
5.50%, 08/31/2026(e)		90		84,664
7.25%, 01/15/2030(e)		27		27,248
9.25%, 01/15/2029(e)		83		88,294
11.50%, 06/01/2025(e)		134		141,701
SeaWorld Parks & Entertainment, Inc. 8.75%, 05/01/2025(e)		93		94,714
Six Flags Entertainment Corp. 7.25%, 05/15/2031(e)		75		72,069
Vail Resorts, Inc. 6.25%, 05/15/2025(e)		25		25,160
Viking Cruises Ltd. 5.875%, 09/15/2027(e)		196		172,762
7.00%, 02/15/2029(e)		75		66,353
13.00%, 05/15/2025(e)		35		36,803
VOC Escrow Ltd. 5.00%, 02/15/2028(e)		13		11,764
				1,673,848
Consumer Cyclical - Other – 0.4%
Adams Homes, Inc. 7.50%, 02/15/2025(e)		63		61,113
Beazer Homes USA, Inc. 6.75%, 03/15/2025		45		44,712
Brookfield Residential Properties, Inc./Brookfield Residential US LLC 4.875%, 02/15/2030(e)		113		85,326
6.25%, 09/15/2027(e)		3		2,685
Builders FirstSource, Inc. 6.375%, 06/15/2032(e)		100		98,377
Caesars Entertainment, Inc. 6.25%, 07/01/2025(e)		102		101,768
7.00%, 02/15/2030(e)		9		9,030
CP Atlas Buyer, Inc. 7.00%, 12/01/2028(e)		44		32,340
Everi Holdings, Inc. 5.00%, 07/15/2029(e)		18		15,957
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, 11/15/2025(e)		173		153,266
Hilton Domestic Operating Co., Inc. 3.625%, 02/15/2032(e)		89		73,785
5.375%, 05/01/2025(e)		21		20,865
5.75%, 05/01/2028(e)		22		21,729

16

	Principal Amount (000)		U.S. $ Value
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc 4.875%, 07/01/2031(e)	U.S.$	72	$	61,099
5.00%, 06/01/2029(e)		121		107,542
Installed Building Products, Inc. 5.75%, 02/01/2028(e)		31		29,084
Mattamy Group Corp. 4.625%, 03/01/2030(e)		88		75,752
MGM Resorts International 4.75%, 10/15/2028		10		9,107
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. 5.625%, 09/01/2029(e)		17		12,063
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 04/01/2029		87		76,040
4.75%, 02/15/2028		55		48,533
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875%, 05/15/2025(e)		197		189,540
Taylor Morrison Communities, Inc. 5.75%, 01/15/2028(e)		69		66,930
5.875%, 06/15/2027(e)		3		2,925
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc. 5.625%, 03/01/2024(e)		182		181,532
Travel + Leisure Co. 4.50%, 12/01/2029(e)		136		115,373
4.625%, 03/01/2030(e)		94		79,707
6.625%, 07/31/2026(e)		143		141,524
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25%, 05/15/2027(e)		93		87,484
				2,005,188
Consumer Cyclical - Restaurants – 0.0%
1011778 BC ULC/New Red Finance, Inc. 5.75%, 04/15/2025(e)		53		52,959
Consumer Cyclical - Retailers – 0.4%
Arko Corp. 5.125%, 11/15/2029(e)		46		36,145
Asbury Automotive Group, Inc. 4.625%, 11/15/2029(d) (e)		60		52,958
5.00%, 02/15/2032(e)		24		20,601
Bath & Body Works, Inc. 6.625%, 10/01/2030(e)		23		21,942
6.75%, 07/01/2036		58		51,679
6.875%, 11/01/2035		131		118,554
6.95%, 03/01/2033		69		61,634
9.375%, 07/01/2025(e)		32		34,060

17

	Principal Amount (000)			U.S. $ Value
BCPE Ulysses Intermediate, Inc. 7.75% (7.75% Cash or 8.50% PIK), 04/01/2027(e) (g)		U.S.$	48	$	41,316
Carvana Co. 5.50%, 04/15/2027(e)			14		8,433
5.875%, 10/01/2028(e)			37		21,065
Edcon Ltd. Zero Coupon, 06/25/2023(c)		ZAR	2		0
FirstCash, Inc. 4.625%, 09/01/2028(e)		U.S.$	22		19,593
5.625%, 01/01/2030(e)			93		84,430
Foundation Building Materials, Inc. 6.00%, 03/01/2029(e)			24		19,283
Gap, Inc. (The) 3.625%, 10/01/2029(e)			20		14,131
Group 1 Automotive, Inc. 4.00%, 08/15/2028(e)			4		3,509
Kontoor Brands, Inc. 4.125%, 11/15/2029(e)			90		75,361
LBM Acquisition LLC 6.25%, 01/15/2029(e)			20		15,840
Levi Strauss & Co. 3.50%, 03/01/2031(d) (e)			15		12,392
Michaels Cos, Inc. (The) 7.875%, 05/01/2029(e)			144		88,947
NMG Holding Co., Inc./Neiman Marcus Group LLC 7.125%, 04/01/2026(e)			70		63,076
PetSmart, Inc./PetSmart Finance Corp. 7.75%, 02/15/2029(e)			271		263,377
Rite Aid Corp. 7.50%, 07/01/2025(e)			105		71,309
8.00%, 11/15/2026(e)			109		57,431
Sonic Automotive, Inc. 4.625%, 11/15/2029(d) (e)			39		32,272
4.875%, 11/15/2031(e)			74		58,871
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.375%, 09/30/2026(e)			100		90,586
SRS Distribution, Inc. 6.125%, 07/01/2029(e)			29		24,150
Staples, Inc. 7.50%, 04/15/2026(e)			228		187,455
TPro Acquisition Corp. 11.00%, 10/15/2024(e)			36		35,917
White Cap Buyer LLC 6.875%, 10/15/2028(e)			151		131,145
White Cap Parent LLC 8.25% (8.25% Cash or 9.00% PIK), 03/15/2026(e) (g)			29		27,341
					1,844,803

18

	Principal Amount (000)		U.S. $ Value
Consumer Non-Cyclical – 0.6%
Acadia Healthcare Co., Inc. 5.50%, 07/01/2028(e)	U.S.$	88	$	83,669
AdaptHealth LLC 6.125%, 08/01/2028(e)		25		21,024
AHP Health Partners, Inc. 5.75%, 07/15/2029(e)		83		71,049
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.25%, 03/15/2026(e)		184		170,803
Bausch Health Cos., Inc. 4.875%, 06/01/2028(e)		173		104,575
6.25%, 02/15/2029(e)		7		3,131
7.25%, 05/30/2029(e)		48		21,349
CD&R Smokey Buyer, Inc. 6.75%, 07/15/2025(e)		18		15,896
CHS/Community Health Systems, Inc. 4.75%, 02/15/2031(e)		27		19,394
6.125%, 04/01/2030(e)		91		49,683
6.875%, 04/15/2029(e)		205		115,745
6.875%, 04/01/2028(e)		53		29,680
Darling Ingredients, Inc. 6.00%, 06/15/2030(e)		47		46,244
DaVita, Inc. 3.75%, 02/15/2031(e)		45		35,680
4.625%, 06/01/2030(e)		69		59,193
Embecta Corp. 5.00%, 02/15/2030(e)		42		35,241
Emergent BioSolutions, Inc. 3.875%, 08/15/2028(e)		13		7,132
Garden Spinco Corp. 8.625%, 07/20/2030(e)		71		76,877
Global Medical Response, Inc. 6.50%, 10/01/2025(e)		85		57,375
Grifols Escrow Issuer SA 4.75%, 10/15/2028(e)		200		169,566
IQVIA, Inc. 6.50%, 05/15/2030(e)		214		216,660
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. 7.00%, 12/31/2027(e)		132		113,234
Legacy LifePoint Health LLC 4.375%, 02/15/2027(e)		67		50,454
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 10.00%, 06/15/2029(e)		6		3,091
Medline Borrower LP 3.875%, 04/01/2029(e)		93		80,355
5.25%, 10/01/2029(d) (e)		167		143,483
ModivCare Escrow Issuer, Inc. 5.00%, 10/01/2029(e)		17		12,923

19

	Principal Amount (000)		U.S. $ Value
ModivCare, Inc. 5.875%, 11/15/2025(e)	U.S.$	17	$	15,785
Newell Brands, Inc. 6.375%, 09/15/2027		19		18,068
6.625%, 09/15/2029(d)		69		65,431
Option Care Health, Inc. 4.375%, 10/31/2029(e)		85		73,547
Post Holdings, Inc. 5.50%, 12/15/2029(e)		131		121,897
Primo Water Holdings, Inc. 4.375%, 04/30/2029(e)		20		17,202
Spectrum Brands, Inc. 3.875%, 03/15/2031(d) (e)		185		151,156
5.75%, 07/15/2025		2		1,992
Tenet Healthcare Corp. 6.125%, 06/15/2030(e)		39		37,737
6.125%, 10/01/2028		65		61,612
Triton Water Holdings, Inc. 6.25%, 04/01/2029(e)		65		55,073
US Acute Care Solutions LLC 6.375%, 03/01/2026(e)		59		50,018
US Renal Care, Inc. 10.625%, 07/15/2027(e)		66		19,721
				2,502,745
Energy – 0.5%
Berry Petroleum Co. LLC 7.00%, 02/15/2026(e)		58		52,502
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.625%, 12/15/2025(e)		37		37,509
Callon Petroleum Co. 8.25%, 07/15/2025		169		168,155
Citgo Holding, Inc. 9.25%, 08/01/2024(e)		50		50,090
CITGO Petroleum Corp. 6.375%, 06/15/2026(e)		43		41,528
7.00%, 06/15/2025(e)		152		149,325
Civitas Resources, Inc. 5.00%, 10/15/2026(e)		23		21,743
CNX Resources Corp. 6.00%, 01/15/2029(e)		47		43,438
7.25%, 03/14/2027(d) (e)		2		1,972
Comstock Resources, Inc. 6.75%, 03/01/2029(e)		36		31,397
Crescent Energy Finance LLC 7.25%, 05/01/2026(e)		56		52,213
Encino Acquisition Partners Holdings LLC 8.50%, 05/01/2028(e)		90		82,630
EQM Midstream Partners LP 4.50%, 01/15/2029(e)		77		67,396
4.75%, 01/15/2031(e)		75		64,352

20

	Principal Amount (000)		U.S. $ Value
Genesis Energy LP/Genesis Energy Finance Corp. 6.25%, 05/15/2026	U.S.$	19	$	18,015
6.50%, 10/01/2025		21		20,595
7.75%, 02/01/2028		45		43,280
8.00%, 01/15/2027		9		8,769
Global Partners LP/GLP Finance Corp. 6.875%, 01/15/2029		38		34,960
7.00%, 08/01/2027		43		41,289
Gulfport Energy Corp. 6.00%, 10/15/2024(a)		62		39
6.375%, 05/15/2025(a)		71		45
6.375%, 01/15/2026(a)		208		131
6.625%, 05/01/2023(a) (f)		12		8
8.00%, 05/17/2026(e)		53		53,211
Hess Midstream Operations LP 4.25%, 02/15/2030(e)		14		12,133
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 02/01/2029(e)		21		18,923
6.00%, 02/01/2031(e)		30		26,694
ITT Holdings LLC 6.50%, 08/01/2029(e)		145		115,664
Murphy Oil Corp. 5.875%, 12/01/2042(i)		51		41,701
Nabors Industries Ltd. 7.25%, 01/15/2026(e)		43		39,440
7.50%, 01/15/2028(e)		117		101,220
New Fortress Energy, Inc. 6.75%, 09/15/2025(e)		102		93,942
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.50%, 02/01/2026(e)		149		142,717
NuStar Logistics LP 6.375%, 10/01/2030		17		16,362
PDC Energy, Inc. 5.75%, 05/15/2026		163		162,597
Southwestern Energy Co. 5.375%, 02/01/2029		78		72,608
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. 9.00%, 10/15/2026(e) (i)		61		58,015
Sunoco LP/Sunoco Finance Corp. 5.875%, 03/15/2028		129		124,268
6.00%, 04/15/2027		4		3,932
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 6.00%, 12/31/2030(e)		15		13,018
6.00%, 09/01/2031(e)		8		6,847
Venture Global LNG, Inc. 8.125%, 06/01/2028(e)		109		109,493
8.375%, 06/01/2031(e)		109		109,605
				2,353,771

21

	Principal Amount (000)		U.S. $ Value
Other Industrial – 0.0%
American Builders & Contractors Supply Co., Inc. 4.00%, 01/15/2028(e)	U.S.$	5	$	4,556
Ritchie Bros Holdings, Inc. 6.75%, 03/15/2028(e)		51		51,595
7.75%, 03/15/2031(e)		40		41,697
				97,848
Services – 0.5%
ADT Security Corp. (The) 4.875%, 07/15/2032(e)		7		5,963
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.625%, 07/15/2026(e)		31		29,065
9.75%, 07/15/2027(e)		206		181,091
ANGI Group LLC 3.875%, 08/15/2028(d) (e)		91		74,166
APX Group, Inc. 5.75%, 07/15/2029(e)		114		97,497
6.75%, 02/15/2027(e)		42		41,415
Aramark Services, Inc. 5.00%, 02/01/2028(e)		15		14,174
6.375%, 05/01/2025(e)		90		89,714
Block, Inc. 3.50%, 06/01/2031(d)		15		12,274
Cars.com, Inc. 6.375%, 11/01/2028(e)		70		64,896
Garda World Security Corp. 4.625%, 02/15/2027(e)		10		9,127
6.00%, 06/01/2029(e)		182		144,843
9.50%, 11/01/2027(e)		215		202,399
Gartner, Inc. 4.50%, 07/01/2028(e)		49		46,114
Korn Ferry 4.625%, 12/15/2027(e)		63		59,674
Millennium Escrow Corp. 6.625%, 08/01/2026(e)		128		87,802
Monitronics International, Inc. 0.00%, 04/01/2020(a) (b) (c) (f)		120		0
MPH Acquisition Holdings LLC 5.50%, 09/01/2028(e)		87		69,716
5.75%, 11/01/2028(d) (e)		287		205,254
Neptune Bidco US, Inc. 9.29%, 04/15/2029(e)		214		196,300
Prime Security Services Borrower LLC/Prime Finance, Inc. 6.25%, 01/15/2028(e)		247		226,842
Sabre GLBL, Inc. 7.375%, 09/01/2025(e)		88		74,724
9.25%, 04/15/2025(e)		41		39,165
11.25%, 12/15/2027(d) (e)		80		61,448

22

	Principal Amount (000)		U.S. $ Value
TripAdvisor, Inc. 7.00%, 07/15/2025(e)	U.S.$	41	$	41,205
Verscend Escrow Corp. 9.75%, 08/15/2026(e)		115		115,177
ZipRecruiter, Inc. 5.00%, 01/15/2030(e)		141		118,817
				2,308,862
Technology – 0.3%
Ahead DB Holdings LLC 6.625%, 05/01/2028(e)		95		77,214
Boxer Parent Co., Inc. 7.125%, 10/02/2025(e)		17		17,048
Cablevision Lightpath LLC 5.625%, 09/15/2028(e)		200		145,412
CommScope, Inc. 4.75%, 09/01/2029(e)		92		72,420
6.00%, 03/01/2026(e)		10		9,399
Entegris Escrow Corp. 5.95%, 06/15/2030(e)		59		56,839
Gen Digital, Inc. 6.75%, 09/30/2027(e)		85		84,884
7.125%, 09/30/2030(d) (e)		85		84,928
GoTo Group, Inc. 5.50%, 09/01/2027(e)		155		88,964
NCR Corp. 5.125%, 04/15/2029(e)		102		88,990
5.75%, 09/01/2027(e)		43		42,682
6.125%, 09/01/2029(e)		28		27,773
Playtika Holding Corp. 4.25%, 03/15/2029(e)		100		84,731
Presidio Holdings, Inc. 4.875%, 02/01/2027(e)		12		11,212
8.25%, 02/01/2028(e)		172		158,245
Seagate HDD Cayman 8.25%, 12/15/2029(e)		93		95,331
8.50%, 07/15/2031(e)		97		99,351
Veritas US, Inc./Veritas Bermuda Ltd. 7.50%, 09/01/2025(e)		316		236,163
Virtusa Corp. 7.125%, 12/15/2028(e)		66		52,647
				1,534,233
Transportation - Airlines – 0.1%
Air Canada 3.875%, 08/15/2026(e)		29		26,930
Allegiant Travel Co. 7.25%, 08/15/2027(e)		47		46,653
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%, 04/20/2026(e)		101		99,129
5.75%, 04/20/2029(e)		88		84,425

23

	Principal Amount (000)			U.S. $ Value
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. 5.75%, 01/20/2026(e)		U.S.$	95	$	88,880
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 09/20/2025(e)			162		163,728
					509,745
Transportation – Services – 0.1%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.375%, 03/01/2029(d) (e)			55		49,439
5.75%, 07/15/2027(e)			80		75,190
Hertz Corp. (The) 4.625%, 12/01/2026(e)			126		112,315
5.00%, 12/01/2029(e)			10		8,026
PROG Holdings, Inc. 6.00%, 11/15/2029(e)			85		75,112
					320,082
					24,596,434
Financial Institutions – 0.7%
Banking – 0.1%
Ally Financial, Inc. Series B 4.70%, 05/15/2026(l)			272		192,222
Series C 4.70%, 05/15/2028(l)			19		12,484
Bread Financial Holdings, Inc. 4.75%, 12/15/2024(e)			115		107,821
7.00%, 01/15/2026(e)			53		48,221
CaixaBank SA 5.875%, 10/09/2027(e) (l)		EUR	200		190,292
					551,040
Brokerage – 0.1%
Advisor Group Holdings, Inc. 10.75%, 08/01/2027(d) (e)		U.S.$	83		79,887
AG Issuer LLC 6.25%, 03/01/2028(e)			15		13,849
AG TTMT Escrow Issuer LLC 8.625%, 09/30/2027(e)			122		123,603
Hightower Holding LLC 6.75%, 04/15/2029(e)			270		233,042
NFP Corp. 6.875%, 08/15/2028(e)			142		117,729
7.50%, 10/01/2030(e)			70		67,492
					635,602

24

	Principal Amount (000)			U.S. $ Value
Finance – 0.2%
Aircastle Ltd. 5.25%, 06/15/2026(e) (l)		U.S.$	97	$	66,434
Castlelake Aviation Finance DAC 5.00%, 04/15/2027(d) (e)			46		40,718
CNG Holdings, Inc. 12.50%, 06/15/2024(e)			93		78,407
Compass Group Diversified Holdings LLC 5.25%, 04/15/2029(e)			81		71,501
Curo Group Holdings Corp. 7.50%, 08/01/2028(e)			177		68,584
Enova International, Inc. 8.50%, 09/01/2024(e)			45		44,894
8.50%, 09/15/2025(d) (e)			161		154,969
GGAM Finance Ltd. 7.75%, 05/15/2026(e)			71		70,659
8.00%, 06/15/2028(e)			107		105,322
goeasy Ltd. 5.375%, 12/01/2024(e)			74		70,969
Navient Corp. 4.875%, 03/15/2028			45		37,304
SLM Corp. 3.125%, 11/02/2026			20		17,168
Synchrony Financial 7.25%, 02/02/2033			120		106,474
					933,403
Insurance – 0.1%
Acrisure LLC/Acrisure Finance, Inc. 6.00%, 08/01/2029(d) (e)			242		202,999
7.00%, 11/15/2025(e)			35		33,160
					236,159
Other Finance – 0.1%
Armor Holdco, Inc. 8.50%, 11/15/2029(e)			87		73,494
Coinbase Global, Inc. 3.625%, 10/01/2031(e)			116		67,486
Curo SPV LLC 7.50%, 08/01/2028(c)			144		137,083
Intrum AB 3.00%, 09/15/2027(e)		EUR	100		76,961
4.875%, 08/15/2025(e)			100		93,272
					448,296
REITs – 0.1%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 4.50%, 04/01/2027(e)		U.S.$	153		122,310
5.75%, 05/15/2026(e)			51		45,136

25

	Principal Amount (000)			U.S. $ Value
Iron Mountain, Inc. 4.875%, 09/15/2027(e)		U.S.$	3	$	2,808
4.875%, 09/15/2029(e)			69		61,680
5.00%, 07/15/2028(e)			53		48,595
5.25%, 03/15/2028(e)			124		116,088
MPT Operating Partnership LP/MPT Finance Corp. 5.00%, 10/15/2027(d)			33		27,123
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer 4.875%, 05/15/2029(e)			49		42,371
					466,111
					3,270,611
Utility – 0.1%
Electric – 0.1%
Calpine Corp. 5.125%, 03/15/2028(e)			28		25,108
NRG Energy, Inc. 3.875%, 02/15/2032(e)			158		122,848
10.25%, 03/15/2028(e) (l)			21		19,896
Vistra Corp. 7.00%, 12/15/2026(e) (l)			70		61,629
8.00%, 10/15/2026(e) (l)			78		72,912
					302,393
Natural Gas – 0.0%
AmeriGas Partners LP/AmeriGas Finance Corp. 5.75%, 05/20/2027			14		12,686
5.875%, 08/20/2026			11		10,234
					22,920
Other Utility – 0.0%
Solaris Midstream Holdings LLC 7.625%, 04/01/2026(e)			60		58,221
					383,534
Total Corporates - Non-Investment Grade (cost $32,298,501)					28,250,579
GOVERNMENTS - TREASURIES – 4.8%
United States – 4.8%
U.S. Treasury Bonds 1.25%, 05/15/2050			14		7,827
U.S. Treasury Notes 0.625%, 08/15/2030(m)			2,130		1,723,627
1.25%, 05/31/2028(m)			4,020		3,557,700
1.625%, 08/15/2029(n)			2,556		2,264,456
1.875%, 02/15/2032			678		589,186
2.375%, 05/15/2029(m) (n)			1,524		1,411,896
2.625%, 05/31/2027(m)			4,890		4,660,686
2.875%, 05/15/2032(m)			1,342		1,262,485

26

	Principal Amount (000)			U.S. $ Value
3.00%, 07/31/2024(o)		U.S.$	1,232	$	1,203,412
3.875%, 03/31/2025			215		212,548
3.875%, 04/30/2025			429		424,672
4.00%, 02/29/2028			576		581,321
4.125%, 10/31/2027			198		199,800
4.25%, 12/31/2024(o)			1,632		1,619,873
4.375%, 10/31/2024			1,150		1,142,633
4.50%, 11/30/2024			1,205		1,200,204
Total Governments - Treasuries (cost $23,629,360)					22,062,326
CORPORATES - INVESTMENT GRADE – 1.9%
Financial Institutions – 1.0%
Banking – 0.6%
AIB Group PLC 4.263%, 04/10/2025(e)			200		195,388
Ally Financial, Inc. 6.70%, 02/14/2033			35		30,774
8.00%, 11/01/2031			50		52,131
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 5.375%, 04/17/2025(e)			184		182,744
Banco Santander SA 4.175%, 03/24/2028			200		188,254
BNP Paribas SA 4.625%, 02/25/2031(e) (l)			283		201,091
Capital One Financial Corp. 5.817%, 02/01/2034			88		85,461
Citigroup, Inc. 3.875%, 02/18/2026(l)			50		41,708
9.341% (LIBOR 3 Month + 4.07%), 07/30/2023(l) (p)			148		147,893
Series V 4.70%, 01/30/2025(l)			47		40,734
Series Y 4.15%, 11/15/2026(l)			65		52,693
Credit Agricole SA 8.125%, 12/23/2025(e) (l)			400		401,576
Deutsche Bank AG/New York NY 1.447%, 04/01/2025			150		141,834
First-Citizens Bank & Trust Co. 3.929%, 06/19/2024			31		30,656
Goldman Sachs Group, Inc. (The) Series P 8.211% (LIBOR 3 Month + 2.87%), 07/03/2023(l) (p)			62		60,519
HSBC Holdings PLC 6.00%, 09/29/2023(e) (l)		EUR	300		316,643
Santander Holdings USA, Inc. 2.49%, 01/06/2028		U.S.$	14		12,270
Truist Financial Corp. 1.95%, 06/05/2030			10		8,019
5.122%, 01/26/2034			45		42,988
Series Q 5.10%, 03/01/2030(l)			273		240,316

27

	Principal Amount (000)		U.S. $ Value
UBS Group AG 7.00%, 02/19/2025(e) (l)	U.S.$	400	$	380,144
US Bancorp 4.839%, 02/01/2034		30		28,154
				2,881,990
Brokerage – 0.0%
Charles Schwab Corp. (The) Series G 5.375%, 06/01/2025(l)		49		47,231
Finance – 0.1%
Air Lease Corp. Series B 4.65%, 06/15/2026(l)		112		90,483
Aircastle Ltd. 2.85%, 01/26/2028(e)		15		12,819
4.25%, 06/15/2026		2		1,885
5.25%, 08/11/2025(e)		200		194,134
Aviation Capital Group LLC 1.95%, 01/30/2026(e)		4		3,567
3.50%, 11/01/2027(e)		25		22,321
4.125%, 08/01/2025(e)		39		36,681
4.875%, 10/01/2025(e)		30		28,853
5.50%, 12/15/2024(e)		67		65,707
Huarong Finance II Co., Ltd. 5.50%, 01/16/2025(e)		200		185,725
				642,175
Insurance – 0.2%
Liberty Mutual Group, Inc. 7.80%, 03/15/2037(e)		271		279,319
MetLife Capital Trust IV 7.875%, 12/15/2037(e)		254		265,753
MetLife, Inc. 6.40%, 12/15/2036		5		4,947
Prudential Financial, Inc. 5.20%, 03/15/2044		44		42,897
5.625%, 06/15/2043		126		125,863
				718,779
REITs – 0.1%
GLP Capital LP/GLP Financing II, Inc. 5.375%, 04/15/2026		20		19,453
Trust Fibra Uno 4.869%, 01/15/2030(e)		200		168,500
VICI Properties LP/VICI Note Co., Inc. 5.625%, 05/01/2024(e)		90		89,350
5.75%, 02/01/2027(e)		108		106,545
				383,848
				4,674,023

28

	Principal Amount (000)			U.S. $ Value
Industrial – 0.8%
Basic – 0.1%
ArcelorMittal SA 6.75%, 03/01/2041(i)		U.S.$	54	$	54,112
Arconic Corp. 6.00%, 05/15/2025(e)			54		54,473
Celanese US Holdings LLC 6.05%, 03/15/2025			33		33,140
CF Industries, Inc. 4.95%, 06/01/2043			3		2,507
Glencore Funding LLC 5.70%, 05/08/2033(e)			72		71,287
Industrias Penoles SAB de CV 5.65%, 09/12/2049(e)			201		179,895
Olin Corp. 5.00%, 02/01/2030			10		9,151
					404,565
Capital Goods – 0.0%
General Electric Co. Series D 8.196% (LIBOR 3 Month + 3.33%), 09/15/2023(l) (p)			57		56,901
Regal Rexnord Corp. 6.30%, 02/15/2030(e)			19		18,978
6.40%, 04/15/2033(e)			22		21,751
					97,630
Communications - Media – 0.1%
Directv Financing LLC/Directv Financing Co-Obligor, Inc. 5.875%, 08/15/2027(e)			139		122,513
Netflix, Inc. 5.875%, 11/15/2028			168		174,423
Warnermedia Holdings, Inc. 3.755%, 03/15/2027			5		4,683
4.279%, 03/15/2032			8		6,993
					308,612
Communications - Telecommunications – 0.0%
Hughes Satellite Systems Corp. 5.25%, 08/01/2026			55		51,241
Consumer Cyclical - Automotive – 0.1%
General Motors Co. 6.25%, 10/02/2043			17		16,058
Harley-Davidson Financial Services, Inc. 3.05%, 02/14/2027(e)			39		34,870
Lear Corp. 4.25%, 05/15/2029			3		2,829

29

	Principal Amount (000)			U.S. $ Value
Nissan Motor Acceptance Co. LLC 1.85%, 09/16/2026(e)		U.S.$	12	$	10,138
2.75%, 03/09/2028(e)			144		117,356
					181,251
Consumer Cyclical - Entertainment – 0.0%
Mattel, Inc. 5.875%, 12/15/2027(e)			15		14,616
Consumer Cyclical - Other – 0.1%
Las Vegas Sands Corp. 3.50%, 08/18/2026			6		5,550
MDC Holdings, Inc. 6.00%, 01/15/2043			195		171,189
Resorts World Las Vegas LLC/RWLV Capital, Inc. 4.625%, 04/16/2029(e)			200		159,738
					336,477
Consumer Cyclical - Retailers – 0.0%
Macy’s Retail Holdings LLC 5.875%, 03/15/2030(d) (e)			24		20,802
5.875%, 04/01/2029(d) (e)			10		8,841
6.125%, 03/15/2032(d) (e)			21		17,851
					47,494
Consumer Non-Cyclical – 0.0%
Charles River Laboratories International, Inc. 4.25%, 05/01/2028(e)			10		9,114
Energy – 0.2%
Antero Resources Corp. 7.625%, 02/01/2029(e)			15		15,268
Apache Corp. 4.25%, 01/15/2030(d)			50		44,880
Continental Resources, Inc./OK 5.75%, 01/15/2031(e)			82		78,080
Ecopetrol SA 4.625%, 11/02/2031			46		34,730
5.875%, 11/02/2051			39		24,666
6.875%, 04/29/2030			93		82,828
8.875%, 01/13/2033			31		30,158
Energy Transfer LP 6.125%, 12/15/2045			135		125,892
EnLink Midstream LLC 5.625%, 01/15/2028(e)			74		71,291
EnLink Midstream Partners LP 4.15%, 06/01/2025			72		69,800
5.05%, 04/01/2045			49		37,934
5.45%, 06/01/2047			39		31,294
5.60%, 04/01/2044			10		8,028
Occidental Petroleum Corp. 5.50%, 12/01/2025			12		11,944
5.875%, 09/01/2025			22		21,997

30

	Principal Amount (000)		U.S. $ Value
6.125%, 01/01/2031	U.S.$	15	$	15,243
8.50%, 07/15/2027		26		28,478
8.875%, 07/15/2030		26		29,875
Western Midstream Operating LP 3.95%, 06/01/2025		18		17,312
4.30%, 02/01/2030(i)		48		42,814
4.50%, 03/01/2028		56		52,727
4.75%, 08/15/2028		29		27,427
5.45%, 04/01/2044		19		15,939
				918,605
Other Industrial – 0.0%
LKQ Corp. 5.75%, 06/15/2028(e)		92		91,594
6.25%, 06/15/2033(e)		80		80,606
				172,200
Technology – 0.1%
Baidu, Inc. 3.075%, 04/07/2025(d)		250		240,375
CDW LLC/CDW Finance Corp. 4.125%, 05/01/2025		6		5,795
Lenovo Group Ltd. 6.536%, 07/27/2032(e)		200		201,236
Microchip Technology, Inc. 4.25%, 09/01/2025		58		56,485
Western Digital Corp. 2.85%, 02/01/2029		13		10,503
4.75%, 02/15/2026		10		9,531
				523,925
Transportation - Airlines – 0.1%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.75%, 10/20/2028(e)		67		64,638
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. 6.50%, 06/20/2027(e)		301		300,397
				365,035
				3,430,765
Utility – 0.1%
Electric – 0.1%
Israel Electric Corp., Ltd. Series 6 5.00%, 11/12/2024(e)		200		197,600
NRG Energy, Inc. 7.00%, 03/15/2033(e)		58		58,530
				256,130

31

	Principal Amount (000)			U.S. $ Value
Industrials – 0.0%
Energy – 0.0%
KazMunayGas National Co. JSC(e)		U.S.$	200	$	180,662
Total Corporates - Investment Grade (cost $8,967,454)					8,541,580
	Shares
INVESTMENT COMPANIES – 1.0%
Funds and Investment Trusts – 1.0%(q)
Health Care Select Sector SPDR Fund			35,391		4,524,032
iShares Russell 2000 ETF(d)			591		102,698
Total Investment Companies (cost $4,639,729)					4,626,730
	Principal Amount (000)
EMERGING MARKETS - SOVEREIGNS – 0.8%
Angola – 0.0%
Angolan Government International Bond 9.375%, 05/08/2048(e)		U.S.$	200		152,850
Argentina – 0.0%
Argentine Republic Government International Bond 0.50%, 07/09/2030(i)			307		80,234
1.00%, 07/09/2029			96		24,316
1.50%, 07/09/2035(i)			50		11,658
3.50%, 07/09/2041(i)			52		13,244
					129,452
Bahrain – 0.1%
Bahrain Government International Bond 7.375%, 05/14/2030(e)			200		201,413
7.00%, 10/12/2028(e)			200		202,037
					403,450
Dominican Republic – 0.1%
Dominican Republic International Bond 8.625%, 04/20/2027(e)			425		441,814
Ecuador – 0.0%
Ecuador Government International Bond 2.50%, 07/31/2035(e) (i)			457		155,525
El Salvador – 0.0%
El Salvador Government International Bond 7.625%, 02/01/2041(e)			334		169,171

32

	Principal Amount (000)			U.S. $ Value
Gabon – 0.0%
Gabon Government International Bond 6.625%, 02/06/2031(e)		U.S.$	200	$	156,225
Ivory Coast – 0.2%
Ivory Coast Government International Bond 4.875%, 01/30/2032(e)		EUR	471		380,515
5.875%, 10/17/2031(e)			135		117,543
5.125%, 06/15/2025(e)			152		159,355
					657,413
Lebanon – 0.0%
Lebanon Government International Bond 6.65%, 04/22/2024(a) (e) (k)		U.S.$	45		2,588
6.85%, 03/23/2027(a) (e) (k)			46		2,639
Series G 6.60%, 11/27/2026(a) (e) (k)			189		10,844
					16,071
Nigeria – 0.1%
Nigeria Government International Bond 6.125%, 09/28/2028(e)			200		160,975
7.625%, 11/28/2047(e)			200		130,912
					291,887
Oman – 0.1%
Oman Government International Bond 6.25%, 01/25/2031(e)			213		215,569
Senegal – 0.1%
Senegal Government International Bond 6.25%, 05/23/2033(e)			365		289,559
South Africa – 0.1%
Republic of South Africa Government International Bond 5.875%, 09/16/2025			300		296,025
Ukraine – 0.0%
Ukraine Government International Bond 7.75%, 09/01/2029(e) (i)			188		35,873
7.75%, 09/01/2025(e) (i)			100		20,425
7.75%, 09/01/2026(e) (i)			285		52,867
					109,165
Venezuela – 0.0%
Venezuela Government International Bond 9.25%, 09/15/2027(a) (k)			815		68,053
Total Emerging Markets - Sovereigns (cost $5,380,287)					3,552,229

33

	Principal Amount (000)			U.S. $ Value
BANK LOANS – 0.7%
Financial Institutions – 0.1%
Finance – 0.0%
Orbit Private Holdings I Ltd. 9.541% (SOFR 6 Month + 4.50%), 12/11/2028(r)	U.S.$	20		$	19,700
Insurance – 0.1%
Asurion, LLC 9.503% (SOFR 1 Month + 4.25%), 08/19/2028(r)		140			128,625
Hub International Limited 8.398% (LIBOR 1 Month + 3.25%), 04/25/2025(r)		120			119,329
8.414% (LIBOR 2 Month + 3.25%), 04/25/2025(r)		0	**		306
					248,260
					267,960
Industrial – 0.6%
Capital Goods – 0.0%
ACProducts Holdings, Inc. 9.409% (LIBOR 3 Month + 4.25%), 05/17/2028(r)		180			145,886
Chariot Buyer LLC 8.503% (SOFR 1 Month + 3.25%), 11/03/2028(r)		20			18,692
					164,578
Communications - Media – 0.1%
Advantage Sales & Marketing, Inc. 9.719% (LIBOR 3 Month + 4.50%), 10/28/2027(r)		147			131,115
Clear Channel Outdoor Holdings, Inc. 8.768% (SOFR 1 Month + 3.50%), 08/21/2026(r)		0	**		83
8.807% (SOFR 3 Month + 3.50%), 08/21/2026(r)		34			31,866
iHeartCommunications, Inc. (fka Clear Channel Communications, Inc.) 8.154% (LIBOR 1 Month + 3.00%), 05/01/2026(r)		35			27,673
Univision Communications, Inc. 7.904% (LIBOR 1 Month + 2.75%), 03/15/2024(r)		18			18,161
					208,898
Communications - Telecommunications – 0.1%
Crown Subsea Communications Holding, Inc. 10.275% (SOFR 1 Month + 5.00%), 04/27/2027(r)		128			127,137

34

	Principal Amount (000)		U.S. $ Value
Proofpoint, Inc. 11.404% (LIBOR 1 Month + 6.25%), 08/31/2029(c) (r)	U.S.$	230	$	220,800
Zacapa SARL 8.898% (SOFR 3 Month + 4.00%), 03/22/2029(r)		195		186,784
				534,721
Consumer Cyclical - Automotive – 0.0%
Garrett Motion SARL 0.000%, 04/30/2028(c) (s)		100		95,000
Consumer Cyclical - Other – 0.0%
Caesars Entertainment, Inc. 8.503% (SOFR 1 Month + 3.25%), 02/06/2030(r)		50		49,524
Consumer Cyclical - Retailers – 0.0%
Great Outdoors Group, LLC 8.904% (LIBOR 1 Month + 3.75%), 03/06/2028(r)		51		49,197
Restoration Hardware, Inc. 8.503% (SOFR 1 Month + 3.25%), 10/20/2028(r)		10		8,746
				57,943
Consumer Non-Cyclical – 0.1%
Kronos Acquisition Holdings, Inc. 8.904% (LIBOR 1 Month + 3.75%), 12/22/2026(r)		78		74,765
LifePoint Health, Inc. (fka Regionalcare Hospital Partners Holdings, Inc.) 9.023% (LIBOR 3 Month + 3.75%), 11/16/2025(r)		96		83,745
PetSmart LLC 9.003% (SOFR 1 Month + 3.75%), 02/11/2028(r)		197		193,405
US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.) 10.503% (SOFR 1 Month + 5.25%), 12/15/2027(r)		167		155,924
				507,839
Energy – 0.1%
GIP II Blue Holding, L.P. 9.659% (LIBOR 3 Month + 4.50%), 09/29/2028(r)		96		95,750
Parkway Generation, LLC 10.280% (SOFR 3 Month + 4.75%), 02/18/2029(r)		114		110,848
				206,598

35

	Principal Amount (000)		U.S. $ Value
Other Industrial – 0.0%
American Tire Distributors, Inc. 11.488% (SOFR 3 Month + 6.25%), 10/20/2028(r)	U.S.$	94	$	78,693
Dealer Tire Financial, LLC 9.653% (SOFR 1 Month + 4.50%), 12/14/2027(r)		39		38,317
Rockwood Service Corporation 9.154% (LIBOR 1 Month + 4.00%), 01/23/2027(r)		9		8,997
				126,007
Services – 0.0%
Verscend Holding Corp. 9.154% (LIBOR 1 Month + 4.00%), 08/27/2025(r)		87		86,805
Technology – 0.2%
Amentum Government Services Holdings LLC 9.025% (LIBOR 1 Month + 4.00%), 01/29/2027(c) (r)		26		24,192
9.268% (SOFR 1 Month + 4.00%), 01/29/2027(r)		13		12,179
Ascend Learning, LLC 11.003% (SOFR 1 Month + 5.75%), 12/10/2029(r)		60		51,200
Banff Guarantor, Inc. 10.654% (LIBOR 1 Month + 5.50%), 02/27/2026(r)		40		38,520
Boxer Parent Co., Inc. 8.904% (LIBOR 1 Month + 3.75%), 10/02/2025(r)		161		158,836
Endurance International Group Holdings, Inc. 8.792% (LIBOR 3 Month + 3.50%), 02/10/2028(r)		175		158,856
FINThrive Software Intermediate Holdings, Inc. 11.904% (LIBOR 1 Month + 6.75%), 12/17/2029(c) (r)		40		23,200
Loyalty Ventures, Inc. 11.250% (PRIME 3 Month + 3.50%), 11/03/2027(a) (k) (r)		144		13,495
Peraton Corp. 9.003% (SOFR 1 Month + 3.75%), 02/01/2028(r)		64		60,638
Presidio Holdings, Inc. 8.645% (SOFR 3 Month + 3.50%), 01/22/2027(r)		40		40,027
8.753% (SOFR 1 Month + 3.50%), 01/22/2027(r)		2		1,561
Veritas US, Inc. 10.153% (LIBOR 1 Month + 5.00%), 09/01/2025(r)		219		164,560
				747,264
				2,785,177

36

	Principal Amount (000)		U.S. $ Value
Utility – 0.0%
Electric – 0.0%
Granite Generation LLC 8.904% (LIBOR 1 Month + 3.75%), 11/09/2026(r)	U.S.$	192	$	182,040
Total Bank Loans (cost $3,589,040)				3,235,177
EMERGING MARKETS - CORPORATE BONDS – 0.7%
Industrial – 0.6%
Basic – 0.3%
Braskem Idesa SAPI 7.45%, 11/15/2029(e)		200		149,750
CSN Inova Ventures 6.75%, 01/28/2028(e)		219		201,945
Eldorado Gold Corp. 6.25%, 09/01/2029(e)		46		41,285
Indika Energy Capital IV Pte Ltd. 8.25%, 10/22/2025(e)		250		246,300
Sasol Financing USA LLC 8.75%, 05/03/2029(e)		200		191,200
Stillwater Mining Co. 4.50%, 11/16/2029(e)		200		158,038
Vedanta Resources Finance II PLC 13.875%, 01/21/2024(e)		201		182,910
Volcan Cia Minera SAA 4.375%, 02/11/2026(e)		40		26,645
				1,198,073
Capital Goods – 0.0%
Embraer Netherlands Finance BV 5.40%, 02/01/2027		90		86,248
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058(e)		127		341
				86,589
Communications - Telecommunications – 0.0%
C&W Senior Financing DAC 6.875%, 09/15/2027(e)		200		172,040
Digicel Group Holdings Ltd. 7.00%, 06/16/2023(g) (h) (l)		10		1,079
				173,119
Consumer Cyclical - Other – 0.1%
Melco Resorts Finance Ltd. 5.375%, 12/04/2029(e)		200		159,350
Wynn Macau Ltd. 5.50%, 10/01/2027(e)		214		185,688
				345,038

37

	Principal Amount (000)		U.S. $ Value
Consumer Non-Cyclical – 0.2%
BRF GmbH 4.35%, 09/29/2026(e)	U.S.$	210	$	187,162
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL 5.25%, 04/27/2029(e)		33		30,655
MARB BondCo PLC 3.95%, 01/29/2031(e)		200		144,500
Teva Pharmaceutical Finance Netherlands III BV 4.75%, 05/09/2027		200		183,350
5.125%, 05/09/2029		200		178,708
Tonon Luxembourg SA 6.50%, 10/31/2024(a) (b) (h) (k)		5		1
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018(a) (b) (c) (f) (h)		434		43
				724,419
Energy – 0.0%
Leviathan Bond Ltd. 5.75%, 06/30/2023(e)		8		7,874
6.50%, 06/30/2027(e)		109		103,263
				111,137
Technology – 0.0%
CA Magnum Holdings 5.375%, 10/31/2026(e)		200		173,288
				2,811,663
Utility – 0.1%
Electric – 0.1%
Investment Energy Resources Ltd. 6.25%, 04/26/2029(e)		270		252,450
Terraform Global Operating LP 6.125%, 03/01/2026(h)		12		11,626
				264,076
Financial Institutions – 0.0%
Other Finance – 0.0%
OEC Finance Ltd. 5.25%, 12/27/2033(e) (g) (i)		121		4,925
Total Emerging Markets - Corporate Bonds (cost $3,602,464)				3,080,664

38

	Principal Amount (000)		U.S. $ Value
COLLATERALIZED LOAN OBLIGATIONS – 0.6%
CLO - Floating Rate – 0.6%
Ares XXXIV CLO Ltd. Series 2015-2A, Class CR 7.26% (LIBOR 3 Month + 2.00%), 04/17/2033(e) (p)	U.S.$	270	$	254,962
Dryden 49 Senior Loan Fund Series 2017-49A, Class E 11.562% (LIBOR 3 Month + 6.30%), 07/18/2030(e) (p)		250		208,503
Dryden 78 CLO Ltd. Series 2020-78A, Class C 7.21% (LIBOR 3 Month + 1.95%), 04/17/2033(e) (p)		250		236,400
Dryden 98 CLO Ltd. Series 2022-98A, Class E 11.449% (SOFR + 6.40%), 04/20/2035(e) (p)		250		223,527
Elmwood CLO VIII Ltd. Series 2021-1A, Class E1 11.25% (LIBOR 3 Month + 6.00%), 01/20/2034(e) (p)		150		141,143
Elmwood CLO XII Ltd. Series 2021-5A, Class E 11.60% (LIBOR 3 Month + 6.35%), 01/20/2035(e) (p)		250		235,845
Octagon Investment Partners 29 Ltd. Series 2016-1A, Class DR 8.373% (LIBOR 3 Month + 3.10%), 01/24/2033(e) (p)		263		240,818
Rad CLO 11 Ltd. Series 2021-11A, Class E 11.51% (LIBOR 3 Month + 6.25%), 04/15/2034(e) (p)		250		231,578
Regatta XIX Funding Ltd. Series 2022-1A, Class E 11.929% (SOFR + 6.88%), 04/20/2035(e) (p)		250		228,685
Rockford Tower CLO Ltd. Series 2017-2A, Class DR 8.11% (LIBOR 3 Month + 2.85%), 10/15/2029(e) (p)		306		284,499
Trimaran Cavu Ltd. Series 2019-1A, Class E 12.29% (LIBOR 3 Month + 7.04%), 07/20/2032(e) (p)		250		213,067
Voya CLO Ltd. Series 2019-1A, Class DR 8.11% (LIBOR 3 Month + 2.85%), 04/15/2031(e) (p)		109		96,235
Total Collateralized Loan Obligations (cost $2,840,496)				2,595,262

39

	Principal Amount (000)		U.S. $ Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.4%
Risk Share Floating Rate – 0.4%
Bellemeade Re Ltd. Series 2019-3A, Class M1C 7.088% (LIBOR 1 Month + 1.95%), 07/25/2029(e) (p)	U.S.$	135	$	135,555
Eagle Re Ltd. Series 2018-1, Class M2 8.138% (LIBOR 1 Month + 3.00%), 11/25/2028(e) (p)		150		151,149
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2015-HQA1, Class B 13.938% (LIBOR 1 Month + 8.80%), 03/25/2028(p)		789		814,896
Series 2016-HQA3, Class M3 8.988% (LIBOR 1 Month + 3.85%), 03/25/2029(p)		205		213,194
Series 2020-DNA1, Class M2 6.838% (LIBOR 1 Month + 1.70%), 01/25/2050(e) (p)		53		52,542
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C04, Class 2M2 10.688% (LIBOR 1 Month + 5.55%), 04/25/2028(p)		96		99,735
Series 2016-C01, Class 2M2 12.088% (LIBOR 1 Month + 6.95%), 08/25/2028(p)		45		47,216
Series 2016-C04, Class 1B 15.388% (LIBOR 1 Month + 10.25%), 01/25/2029(p)		196		213,614
Traingle Re Ltd. Series 2020-1, Class M2 10.738% (LIBOR 1 Month + 5.60%), 10/25/2030(e) (p)		32		32,260
				1,760,161
Agency Fixed Rate – 0.0%
Federal National Mortgage Association Grantor Trust Series 2004-T5, Class AB4 4.765%, 05/28/2035		80		73,448
Total Collateralized Mortgage Obligations (cost $1,868,949)				1,833,609
QUASI-SOVEREIGNS – 0.1%
Quasi-Sovereign Bonds – 0.1%
Mexico – 0.1%
Petroleos Mexicanos 6.49%, 01/23/2027		51		43,917
6.50%, 01/23/2029		41		33,346
6.70%, 02/16/2032		38		28,339
6.75%, 09/21/2047		182		109,453
				215,055

40

	Principal Amount (000)		U.S. $ Value
Ukraine – 0.0%
State Agency of Roads of Ukraine 6.25%, 06/24/2030(h) (i)	U.S.$	324	$	53,116
United Arab Emirates – 0.0%
DP World Crescent Ltd. 3.875%, 07/18/2029(e)		220		208,766
Total Quasi-Sovereigns (cost $780,079)				476,937
GOVERNMENTS - SOVEREIGN BONDS – 0.1%
Colombia – 0.1%
Colombia Government International Bond 4.125%, 05/15/2051		200		116,413
5.625%, 02/26/2044		200		144,162
				260,575
Mexico – 0.0%
Mexico Government International Bond 2.659%, 05/24/2031		238		197,733
Total Governments - Sovereign Bonds (cost $492,120)				458,308
	Shares
PREFERRED STOCKS – 0.1%
Industrials – 0.1%
Automobile Components – 0.1%
Energy Technology 0.00%(a) (b) (c)		117		102,375
Energy Equipment & Services – 0.0%
Gulfport Energy Corp. 10.00%(a) (c)		10		62,000
Trading Companies & Distributors – 0.0%
WESCO International, Inc. Series A 10.625%		3,350		89,680
				254,055
Consumer Discretionary – 0.0%
Household Durables – 0.0%
Hovnanian Enterprises, Inc. 7.625%		1,190		20,230
Total Preferred Stocks (cost $192,553)				274,285

41

	Principal Amount (000)		U.S. $ Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.0%
Non-Agency Floating Rate CMBS – 0.0%
DBWF Mortgage Trust Series 2018-GLKS, Class E 8.25% (LIBOR 1 Month + 3.12%), 12/19/2030(e) (p)	U.S.$	100	$	97,484
Morgan Stanley Capital I Trust Series 2019-BPR, Class E 10.357% (LIBOR 1 Month + 5.00%), 05/15/2036(e) (p)		39		33,517
				131,001
Non-Agency Fixed Rate CMBS – 0.0%
Citigroup Commercial Mortgage Trust Series 2014-GC23, Class D 4.48%, 07/10/2047(e)		35		30,005
GS Mortgage Securities Trust Series 2014-GC18, Class D 5.055%, 01/10/2047(e)		28		7,758
				37,763
Total Commercial Mortgage-Backed Securities (cost $193,188)				168,764
EMERGING MARKETS - TREASURIES – 0.0%
Russia – 0.0%
Russian Federal Bond - OFZ Series 6212 7.05%, 01/19/2028(c) (cost $356,756)		23,770		14,574
	Shares
WARRANTS – 0.0%
Energy – 0.0%
Oil, Gas & Consumable Fuels – 0.0%
Athabasca Oil Corp., expiring 11/01/2026(a) (c)		121		182
Diversified – 0.0%
Special Purpose Acquisition Company – 0.0%
CWT Travel Holdings, Inc., A-CW26, expiring 11/01/2026(a) (b) (c)		1,052		0
CWT Travel Holdings, Inc., B-CW28, expiring 11/01/2028(a) (b) (c)		1,108		0
				0
Total Warrants (cost $0)				182

42

	Principal Amount (000)			U.S. $ Value
MORTGAGE PASS-THROUGHS – 0.0%
Agency Fixed Rate 30-Year – 0.0%
Federal National Mortgage Association Series 2006 5.00%, 01/01/2036 (cost $80)	U.S.$	0	**	$	75
	Shares
SHORT-TERM INVESTMENTS – 26.5%
Investment Companies – 26.3%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.03%(q) (t) (u) (cost $119,747,771)		119,747,771			119,747,771
	Principal Amount (000)
U.S. Treasury Bills – 0.2%
United States – 0.2%
U.S. Treasury Bill (cost $1,080,595)	U.S.$	1,100			1,078,563
Total Investments – 98.7% (cost $429,482,002)(v)					449,307,481
Other assets less liabilities – 1.3%					5,694,790
Net Assets – 100.0%				$	455,002,271

FUTURES

Description	Number of Contracts	Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
10 Yr Australian Bond Futures	70		June 2023	$	5,459,806	$	(84,153	)
10 Yr Canadian Bond Futures	13		June 2023		1,173,687		(20,750	)
10 Yr Canadian Bond Futures	104		September 2023		9,474,534		3,666
10 Yr Japan Bond (OSE) Futures	21		June 2023		22,397,990		479,965
Euro Buxl 30 Yr Bond Futures	40		June 2023		5,930,259		257,350
Euro STOXX 50 Index Futures	167		June 2023		7,527,612		(40,879	)
Euro-BOBL Futures	40		June 2023		5,051,195		123,950
Euro-Bund Futures	66		June 2023		9,597,976		293,706
Euro-Schatz Futures	56		June 2023		6,322,246		54,694
FTSE 100 Index Futures	36		June 2023		3,337,169		(170,430	)
FTSE China A50 Futures	210		June 2023		2,574,810		(62,783	)
FTSE Taiwan Index Futures	67		June 2023		3,806,270		76,754
Hang Seng Index Futures	33		June 2023		3,835,029		(94,783	)
Long Gilt Futures	137		September 2023		16,495,060		83,170
MSCI Emerging Markets Futures	397		June 2023		18,992,480		(18,734	)
S&P 500 E-Mini Futures	9		June 2023		1,885,725		7,751
SPI 200 Futures	14		June 2023		1,616,368		(53,210	)
TOPIX Index Futures	38		June 2023		5,798,529		104,511
U.S. Long Bond (CBT) Futures	11		September 2023		1,411,781		27,624

43

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
U.S. T-Note 2 Yr (CBT) Futures		57		September 2023	$	11,732,203	$	(25,010	)
U.S. T-Note 5 Yr (CBT) Futures		204		September 2023		22,251,938		(25,761	)
U.S. T-Note 10 Yr (CBT) Futures		272		September 2023		31,135,500		74,338
U.S. Ultra Bond (CBT) Futures		218		September 2023		29,838,750		692,695
Sold Contracts
10 Yr Australian Bond Futures		13		June 2023		1,013,964		1,127
10 Yr Canadian Bond Futures		11		June 2023		993,120		8,548
10 Yr Canadian Bond Futures		22		September 2023		2,004,228		(845	)
10 Yr Mini Japan Government Bond Futures		112		June 2023		11,946,399		(110,561	)
Euro Buxl 30 Yr Bond Futures		12		June 2023		1,779,078		(76,460	)
Euro STOXX 50 Index Futures		48		June 2023		2,163,625		81,329
Euro-Bund Futures		13		June 2023		1,890,510		(28,516	)
FTSE 100 Index Futures		5		June 2023		463,496		10,940
FTSE KLCI Futures		103		June 2023		1,549,854		13,329
FTSE/JSE Top 40 Futures		36		June 2023		1,281,842		51,247
Long Gilt Futures		21		September 2023		2,528,440		(15,125	)
MSCI Emerging Markets Futures		7		June 2023		334,880		4,474
MSCI Singapore IX ETS Futures		289		June 2023		6,076,843		140,610
S&P 500 E-Mini Futures		90		June 2023		18,857,250		(1,246,896	)
S&P TSX 60 Index Futures		2		June 2023		346,696		19,040
SGX Nifty 50 Futures		31		June 2023		1,157,168		(17,055	)
SPI 200 Futures		13		June 2023		1,500,914		16,174
TOPIX Index Futures		1		June 2023		152,593		(7,120	)
U.S. 10 Yr Ultra Futures		11		September 2023		1,324,984		(15,625	)
U.S. T-Note 2 Yr (CBT) Futures		50		September 2023		10,291,406		18,436
U.S. T-Note 5 Yr (CBT) Futures		28		September 2023		3,054,188		2,894
U.S. T-Note 10 Yr (CBT) Futures		113		September 2023		12,934,969		(36,639	)
U.S. Ultra Bond (CBT) Futures		30		September 2023		4,106,250		(96,844	)
WIG 20 Index Futures		183		June 2023		1,646,274		(111,881	)
							$	288,262

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America, NA		BRL	4,532		USD	910		06/02/2023	$	16,645
Bank of America, NA		BRL	7,737		USD	1,518		06/02/2023		(6,764	)
Bank of America, NA		USD	889		BRL	4,532		06/02/2023		3,962
Bank of America, NA		USD	1,545		BRL	7,737		06/02/2023		(20,084	)
Bank of America, NA		CAD	897		USD	666		06/09/2023		4,856
Bank of America, NA		TWD	35,472		USD	1,159		06/15/2023		4,358
Bank of America, NA		USD	5,675		JPY	754,307		06/15/2023		(250,717	)
Bank of America, NA		USD	1,539		TWD	46,595		06/15/2023		(21,550	)
Bank of America, NA		DKK	6,810		USD	1,003		06/21/2023		23,798
Bank of America, NA		SEK	8,593		USD	837		06/21/2023		44,028
Bank of America, NA		INR	73,601		USD	890		06/22/2023		103
Bank of America, NA		INR	72,543		USD	875		06/22/2023		(2,013	)
Bank of America, NA		USD	150		INR	12,279		06/22/2023		(1,612	)
Bank of America, NA		USD	1,122		NZD	1,807		06/22/2023		(33,850	)
Bank of America, NA		ZAR	18,619		USD	964		06/22/2023		21,319
Bank of America, NA		BRL	14,127		USD	2,787		07/05/2023		16,824
Bank of America, NA		CNH	4,755		USD	681		07/07/2023		10,547
Bank of America, NA		USD	643		CNH	4,513		07/07/2023		(6,466	)
Bank of America, NA		IDR	10,023,091		USD	682		07/12/2023		13,555
Bank of America, NA		USD	1,889		IDR	28,083,898		07/12/2023		(16,789	)
Bank of America, NA		PEN	23,663		USD	6,414		07/13/2023		(9,694	)
Bank of America, NA		USD	2,031		PEN	7,451		07/13/2023		(7,958	)
Bank of America, NA		CZK	64,484		USD	3,023		07/20/2023		123,188
Bank of America, NA		USD	4,046		HUF	1,408,784		07/20/2023		(35,243	)

44

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America, NA		GBP	874		USD	1,089		07/21/2023	$	636
Bank of America, NA		USD	2,752		GBP	2,209		07/21/2023		(1,607	)
Bank of America, NA		KRW	2,534,069		USD	1,915		07/27/2023		(6,550	)
Barclays Bank PLC		USD	657		CAD	879		06/09/2023		(8,994	)
Barclays Bank PLC		AUD	3,282		USD	2,201		06/15/2023		65,285
Barclays Bank PLC		USD	1,447		AUD	2,177		06/15/2023		(30,395	)
Barclays Bank PLC		USD	2,293		SEK	24,156		06/21/2023		(64,992	)
Barclays Bank PLC		MYR	15,486		USD	3,441		06/22/2023		82,379
Barclays Bank PLC		USD	2,347		INR	193,652		06/22/2023		(6,936	)
Barclays Bank PLC		USD	627		MYR	2,878		06/22/2023		(2,538	)
Barclays Bank PLC		USD	2,288		NZD	3,686		06/23/2023		(68,541	)
Barclays Bank PLC		PLN	7,274		USD	1,741		07/20/2023		28,220
Barclays Bank PLC		USD	798		PHP	45,001		07/27/2023		(165	)
Barclays Bank PLC		EUR	1,914		USD	2,108		07/31/2023		55,101
Deutsche Bank AG		TWD	68,838		USD	2,238		06/15/2023		(3,871	)
Deutsche Bank AG		USD	1,014		ZAR	18,619		06/22/2023		(71,757	)
Deutsche Bank AG		USD	1,468		CNH	10,381		07/07/2023		(4,761	)
Deutsche Bank AG		IDR	12,639,074		USD	844		07/12/2023		1,202
Deutsche Bank AG		PEN	2,074		USD	559		07/13/2023		(3,655	)
Deutsche Bank AG		USD	1,250		CLP	1,010,657		07/13/2023		(8,879	)
Deutsche Bank AG		USD	826		COP	3,795,296		07/13/2023		18,295
Deutsche Bank AG		USD	542		COP	2,421,421		07/13/2023		(3,671	)
Deutsche Bank AG		USD	1,267		MXN	22,459		07/13/2023		(7,903	)
Deutsche Bank AG		USD	588		CZK	13,021		07/20/2023		(2,140	)
Deutsche Bank AG		PHP	146,024		USD	2,636		07/27/2023		47,707
Deutsche Bank AG		USD	975		PHP	54,031		07/27/2023		(17,133	)
Deutsche Bank AG		USD	2,953		EUR	2,706		07/31/2023		(50,450	)
Goldman Sachs Bank USA		CAD	7,428		USD	5,516		06/09/2023		43,613
Goldman Sachs Bank USA		CAD	3,267		USD	2,395		06/09/2023		(11,664	)
Goldman Sachs Bank USA		USD	5,459		CAD	7,446		06/09/2023		26,583
Goldman Sachs Bank USA		USD	2,363		INR	195,177		06/22/2023		(4,642	)
Goldman Sachs Bank USA		EUR	890		USD	979		07/31/2023		24,997
JPMorgan Chase Bank, NA		BRL	3,205		USD	649		06/02/2023		17,244
JPMorgan Chase Bank, NA		USD	629		BRL	3,205		06/02/2023		2,802
JPMorgan Chase Bank, NA		USD	1,718		CAD	2,324		06/09/2023		(5,726	)
JPMorgan Chase Bank, NA		AUD	1,053		USD	700		06/15/2023		14,738
JPMorgan Chase Bank, NA		TWD	29,226		USD	967		06/15/2023		14,913
JPMorgan Chase Bank, NA		USD	3,296		TWD	100,869		06/15/2023		(11,739	)
JPMorgan Chase Bank, NA		USD	1,101		INR	91,114		06/22/2023		139
JPMorgan Chase Bank, NA		HUF	454,634		USD	1,299		07/20/2023		4,659
JPMorgan Chase Bank, NA		USD	835		PHP	46,992		07/27/2023		(1,800	)
Morgan Stanley Capital Services, Inc.		USD	2,461		AUD	3,688		06/15/2023		(60,889	)
Morgan Stanley Capital Services, Inc.		NOK	67,571		USD	6,375		06/21/2023		281,959
Morgan Stanley Capital Services, Inc.		SEK	14,251		USD	1,388		06/21/2023		72,992
Morgan Stanley Capital Services, Inc.		USD	3,146		SEK	32,687		06/21/2023		(131,033	)
Morgan Stanley Capital Services, Inc.		MYR	6,671		USD	1,500		06/22/2023		53,399
Morgan Stanley Capital Services, Inc.		USD	450		INR	36,836		06/22/2023		(4,480	)
Morgan Stanley Capital Services, Inc.		CNH	37,726		USD	5,506		07/07/2023		189,095
Morgan Stanley Capital Services, Inc.		IDR	24,021,286		USD	1,617		07/12/2023		16,407
Morgan Stanley Capital Services, Inc.		USD	5,306		IDR	79,909,599		07/12/2023		20,026

45

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services, Inc.		CLP	2,110,973		USD	2,657		07/13/2023	$	65,523
Morgan Stanley Capital Services, Inc.		USD	2,273		COP	10,485,293		07/13/2023		59,545
Morgan Stanley Capital Services, Inc.		USD	3,889		MXN	70,662		07/13/2023		71,814
Morgan Stanley Capital Services, Inc.		CZK	27,958		USD	1,275		07/20/2023		18,227
Morgan Stanley Capital Services, Inc.		HUF	209,560		USD	605		07/20/2023		8,800
Morgan Stanley Capital Services, Inc.		USD	2,009		PLN	8,433		07/20/2023		(23,051	)
Morgan Stanley Capital Services, Inc.		CHF	5,217		USD	5,846		07/21/2023		86,193
State Street Bank & Trust Co.		CAD	358		USD	265		06/09/2023		1,577
State Street Bank & Trust Co.		CAD	269		USD	197		06/09/2023		(674	)
State Street Bank & Trust Co.		USD	293		CAD	399		06/09/2023		1,284
State Street Bank & Trust Co.		DKK	472		USD	70		06/21/2023		1,885
State Street Bank & Trust Co.		DKK	702		USD	101		06/21/2023		(242	)
State Street Bank & Trust Co.		THB	184,076		USD	5,417		07/13/2023		105,833
State Street Bank & Trust Co.		USD	1,885		THB	63,647		07/13/2023		(48,668	)
State Street Bank & Trust Co.		USD	468		PLN	1,957		07/20/2023		(7,372	)
State Street Bank & Trust Co.		USD	102		GBP	82		07/21/2023		45
State Street Bank & Trust Co.		USD	587		EUR	535		07/31/2023		(13,848	)
									$	682,794

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)
CNY	36,260	02/17/2025	China 7-Day Reverse Repo Rate		2.547%	Quarterly	$	36,072		$	—	$	36,072
CNY	107,914	02/20/2025	China 7-Day Reverse Repo Rate		2.598%	Quarterly		120,153			—		120,153
CNY	109,516	02/21/2025	China 7-Day Reverse Repo Rate		2.620%	Quarterly		127,549			—		127,549
NOK	5,456	01/20/2033	6 Month NIBOR		2.843%	Semi-Annual/ Annual		(27,694	)		—		(27,694	)
CHF	546	01/20/2033	1 Day SARON		1.503%	Annual		(14,464	)		—		(14,464	)
CHF	509	02/01/2033	1 Day SARON		1.716%	Annual		(2,615	)		—		(2,615	)
SEK	5,329	03/13/2033	3.148%		3 Month STIBOR	Annual/ Quarterly		(9,256	)		—		(9,256	)

46

			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)
NOK	8,599	03/30/2033	6 Month NIBOR		3.081%	Semi-Annual/ Annual	$	(27,382	)	$	—	$	(27,382	)
SEK	7,264	04/12/2033	2.727%		3 Month STIBOR	Annual/ Quarterly		11,504			—		11,504
NOK	6,017	05/04/2033	6 Month NIBOR		3.316%	Semi-Annual/ Annual		(8,116	)		—		(8,116	)
CHF	1,021	05/04/2033	1 Day SARON		1.945%	Annual		16,249			—		16,249
SEK	5,188	05/09/2033	2.835%		3 Month STIBOR	Annual/ Quarterly		3,596			—		3,596
NOK	12,752	05/24/2033	6 Month NIBOR		3.502%	Semi-Annual/ Annual		773			—		773
CHF	720	05/24/2033	1 Day SARON		1.928%	Annual		9,936			—		9,936
							$	236,305		$	—	$	236,305

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at May 31, 2023		Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-EMS Series 38, 5 Year Index, 12/20/2027*		1.00	%		Quarterly		2.41%		USD	2,400	$	128,040		$	120,739		$	7,301
CDX-EMS Series 39, 5 Year Index, 06/20/2028*		1.00			Quarterly		2.47		USD	940		57,111			59,133			(2,022	)
CDX-NAHY Series 39, 5 Year Index, 12/20/2027*		5.00			Quarterly		4.58		USD	4,316		(110,644	)		(95,493	)		(15,151	)
CDX-NAHY Series 40, 5 Year Index, 06/20/2028*		5.00			Quarterly		4.73		USD	1,500		(31,200	)		(8,943	)		(22,257	)
iTraxx Xover Series 38, 5 Year Index, 12/20/2027*		5.00			Quarterly		4.00		EUR	1,130		(57,574	)		(37,127	)		(20,447	)
Sale Contracts
CDX-NAHY Series 39, 5 Year Index, 12/20/2027*		5.00			Quarterly		4.58		USD	4,802		122,246			95,557			26,689
CDX-NAHY Series 40, 5 Year Index, 06/20/2028*		5.00			Quarterly		4.73		USD	12,834		264,354			99,567			164,787
iTraxx Xover Series 39, 5 Year Index, 06/20/2028*		5.00			Quarterly		4.33		EUR	2,261		88,629			1,955			86,674
Republic of South Africa, 5.875%, 09/16/2025, 06/20/2028*		1.00	%		Quarterly		3.15%		USD	300		(26,890	)		(24,044	)		(2,846	)
											$	434,072		$	211,344		$	222,728

* Termination date

47

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at May 31, 2023	Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%	Monthly	7.50%		USD	543	$	112,605		$	85,660		$	26,945
Sale Contracts
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	2,554		(530,074	)		(232,465	)		(297,609	)
Goldman Sachs International
Avis Budget Group, Inc., 5.250%, 03/15/2025, 12/20/2023*		5.00		Quarterly	0.87		USD	50		1,642			357			1,285
									$	(415,827	)	$	(146,448	)	$	(269,379	)

* 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
Barclays Bank PLC
Barclays Capital US Inflation Linked Bonds 1 to 10 Year	SOFR plus 0.00%	Maturity		USD	83,459		08/01/2023	$	(1,218,604	)
Goldman Sachs International
Markit iBoxx EUR Contingent Convertible Liquid Developed Market AT1 TRI	EURIBOR	Maturity		EUR	528		09/20/2023		16,360
Mediclinic International PLC	SONIA plus 0.35%	Maturity		GBP	52		07/15/2025		492
Mediclinic International PLC	SONIA plus 0.35%	Maturity		GBP	63		07/15/2025		453
Mediclinic International PLC	SONIA plus 0.35%	Maturity		GBP	59		07/15/2025		421

48

Counterparty & Referenced Obligation	Rate Paid/ Received	Payment Frequency	Current Notional (000)			Maturity Date		Unrealized Appreciation (Depreciation)
Mediclinic International PLC	SONIA plus 0.35%	Maturity		GBP	54		07/15/2025	$	389
Mediclinic International PLC	SONIA plus 0.35%	Maturity		GBP	41		07/15/2025		356
Mediclinic International PLC	SONIA plus 0.35%	Maturity		GBP	46		07/15/2025		356
Mediclinic International PLC	SONIA plus 0.35%	Maturity		GBP	40		07/15/2025		348
Mediclinic International PLC	SONIA plus 0.35%	Maturity		GBP	38		07/15/2025		272
Mediclinic International PLC	SONIA plus 0.35%	Maturity		GBP	25		07/15/2025		265
Mediclinic International PLC	SONIA plus 0.35%	Maturity		GBP	32		07/15/2025		250
Mediclinic International PLC	SONIA plus 0.35%	Maturity		GBP	22		07/15/2025		248
Mediclinic International PLC	SONIA plus 0.35%	Maturity		GBP	23		07/15/2025		245
Mediclinic International PLC	SONIA plus 0.35%	Maturity		GBP	22		07/15/2025		218
Mediclinic International PLC	SONIA plus 0.35%	Maturity		GBP	23		07/15/2025		199
Mediclinic International PLC	SONIA plus 0.35%	Maturity		GBP	9		07/15/2025		196
Mediclinic International PLC	SONIA plus 0.35%	Maturity		GBP	21		07/15/2025		177
Mediclinic International PLC	SONIA plus 0.35%	Maturity		GBP	28		07/15/2025		172
Mediclinic International PLC	SONIA plus 0.35%	Maturity		GBP	17		07/15/2025		141
Mediclinic International PLC	SONIA plus 0.35%	Maturity		GBP	15		07/15/2025		122
Mediclinic International PLC	SONIA plus 0.35%	Maturity		GBP	17		07/15/2025		121
Mediclinic International PLC	SONIA plus 0.35%	Maturity		GBP	16		07/15/2025		117
Mediclinic International PLC	SONIA plus 0.35%	Maturity		GBP	12		07/15/2025		91
Mediclinic International PLC	SONIA plus 0.35%	Maturity		GBP	8		07/15/2025		77
Mediclinic International PLC	SONIA plus 0.35%	Maturity		GBP	9		07/15/2025		72
Mediclinic International PLC	SONIA plus 0.35%	Maturity		GBP	7		07/15/2025		57
Mediclinic International PLC	SONIA plus 0.35%	Maturity		GBP	2		07/15/2025		26
Merrill Lynch International Bloomberg Commodity Index	0.00%	Maturity		USD	30,300		06/15/2023		(1,311,796	)
Morgan Stanley Capital Services LLC
KOSPI 200 Futures	0.00%	Maturity		KRW	1,017,000		06/08/2023		63,527
KOSPI 200 Futures	0.00%	Maturity		KRW	1,017,000		06/08/2023		5,087
Swiss Market Index Futures	0.00%	Maturity		CHF	449		06/16/2023		(10,135	)
Pay Total Return on Reference Obligation
Goldman Sachs International
Extra Space Storage, Inc.	SOFR minus 0.25%	Maturity		USD	312		07/15/2025		20,632
Extra Space Storage, Inc.	SOFR minus 0.31%	Maturity		USD	152		07/15/2025		10,612
Extra Space Storage, Inc.	SOFR minus 0.25%	Maturity		USD	72		07/15/2025		7,531
Extra Space Storage, Inc.	SOFR minus 0.31%	Maturity		USD	172		07/15/2025		7,365

49

Counterparty & Referenced Obligation	Rate Paid/ Received	Payment Frequency	Current Notional (000)				Maturity Date		Unrealized Appreciation (Depreciation)
Extra Space Storage, Inc.	SOFR minus 0.29%	Maturity		USD	43			07/15/2025	$	4,777
Extra Space Storage, Inc.	SOFR minus 0.32%	Maturity		USD	44			07/15/2025		4,158
Extra Space Storage, Inc.	SOFR minus 0.31%	Maturity		USD	33			07/15/2025		2,880
Extra Space Storage, Inc.	SOFR minus 0.31%	Maturity		USD	11			07/15/2025		890
Extra Space Storage, Inc.	SOFR minus 0.31%	Maturity		USD	2			07/15/2025		302
Extra Space Storage, Inc.	SOFR minus 0.28%	Maturity		USD	1			07/15/2025		126
Option Care Health, Inc.	SOFR minus 0.31%	Maturity		USD	148			07/15/2025		7,718
Option Care Health, Inc.	SOFR minus 0.56%	Maturity		USD	67			07/15/2025		3,774
Option Care Health, Inc.	SOFR minus 0.32%	Maturity		USD	92			07/15/2025		1,898
Option Care Health, Inc.	SOFR minus 0.31%	Maturity		USD	7			07/15/2025		34
Option Care Health, Inc.	SOFR minus 0.32%	Maturity		USD	31			07/15/2025		22
Option Care Health, Inc.	SOFR minus 0.31%	Maturity		USD	29			07/15/2025		3
Option Care Health, Inc.	SOFR minus 0.32%	Maturity		USD	0	****		07/15/2025		2
Option Care Health, Inc.	SOFR minus 0.31%	Maturity		USD	3			07/15/2025		1
Option Care Health, Inc.	SOFR minus 0.32%	Maturity		USD	2			07/15/2025		(1	)
Option Care Health, Inc.	SOFR minus 0.31%	Maturity		USD	6			07/15/2025		(9	)
Option Care Health, Inc.	SOFR minus 0.31%	Maturity		USD	36			07/15/2025		(88	)
Option Care Health, Inc.	SOFR minus 0.31%	Maturity		USD	69			07/15/2025		(149	)
Option Care Health, Inc.	SOFR minus 0.32%	Maturity		USD	9			07/15/2025		(261	)
Option Care Health, Inc.	SOFR minus 0.32%	Maturity		USD	36			07/15/2025		(368	)
Option Care Health, Inc.	SOFR minus 0.31%	Maturity		USD	147			07/15/2025		(856	)
Option Care Health, Inc.	SOFR minus 0.31%	Maturity		USD	80			07/15/2025		(1,636	)
Option Care Health, Inc.	SOFR minus 0.32%	Maturity		USD	73			07/15/2025		(2,180	)

50

Counterparty & Referenced Obligation	Rate Paid/ Received	Payment Frequency	Current Notional (000)				Maturity Date		Unrealized Appreciation (Depreciation)
JPMorgan Chase Bank, NA
Provident Financial Services, Inc.	OBFR minus 0.29%	Maturity		USD	20			08/14/2023	$	9,922
Provident Financial Services, Inc.	OBFR minus 0.29%	Maturity		USD	11			08/14/2023		5,242
rovident Financial Services, Inc.	OBFR minus 0.29%	Maturity		USD	26			08/14/2023		4,308
Provident Financial Services, Inc.	OBFR minus 0.30%	Maturity		USD	17			08/14/2023		3,430
Provident Financial Services, Inc.	OBFR minus 0.30%	Maturity		USD	11			08/14/2023		2,551
Provident Financial Services, Inc.	OBFR minus 0.29%	Maturity		USD	5			08/14/2023		2,318
Provident Financial Services, Inc.	OBFR minus 0.30%	Maturity		USD	8			08/14/2023		1,561
Provident Financial Services, Inc.	OBFR minus 0.29%	Maturity		USD	2			08/14/2023		1,170
Provident Financial Services, Inc.	OBFR minus 0.29%	Maturity		USD	3			08/14/2023		1,163
Provident Financial Services, Inc.	OBFR minus 0.30%	Maturity		USD	4			08/14/2023		949
Provident Financial Services, Inc.	OBFR minus 0.29%	Maturity		USD	2			08/14/2023		795
Provident Financial Services, Inc.	OBFR minus 0.30%	Maturity		USD	4			08/14/2023		674
Provident Financial Services, Inc.	OBFR minus 0.29%	Maturity		USD	2			08/14/2023		639
Provident Financial Services, Inc.	OBFR minus 0.29%	Maturity		USD	1			08/14/2023		526
Provident Financial Services, Inc.	OBFR minus 0.29%	Maturity		USD	1			08/14/2023		484
Provident Financial Services, Inc.	OBFR minus 0.29%	Maturity		USD	1			08/14/2023		469
Provident Financial Services, Inc.	OBFR minus 0.30%	Maturity		USD	1			08/14/2023		295
Provident Financial Services, Inc.	OBFR minus 0.30%	Maturity		USD	1			08/14/2023		246
Provident Financial Services, Inc.	OBFR minus 0.29%	Maturity		USD	1			08/14/2023		220
Provident Financial Services, Inc.	OBFR minus 0.29%	Maturity		USD	0	****		08/14/2023		194
Provident Financial Services, Inc.	OBFR minus 0.29%	Maturity		USD	1			08/14/2023		180

51

Counterparty & Referenced Obligation	Rate Paid/ Received	Payment Frequency	Current Notional (000)				Maturity Date		Unrealized Appreciation (Depreciation)
Provident Financial Services, Inc.	OBFR minus 0.30%	Maturity		USD	1			08/14/2023	$	112
Provident Financial Services, Inc.	OBFR minus 0.31%	Maturity		USD	1			08/14/2023		43
Provident Financial Services, Inc.	OBFR minus 0.31%	Maturity		USD	1			08/14/2023		(5	)
Provident Financial Services, Inc.	OBFR minus 0.31%	Maturity		USD	7			08/14/2023		(11	)
Provident Financial Services, Inc.	OBFR minus 0.31%	Maturity		USD	1			08/14/2023		(16	)
Provident Financial Services, Inc.	OBFR minus 0.30%	Maturity		USD	0	****		08/14/2023		(20	)
Provident Financial Services, Inc.	OBFR minus 0.55%	Maturity		USD	2			08/14/2023		(22	)
Provident Financial Services, Inc.	OBFR minus 0.30%	Maturity		USD	3			08/14/2023		(170	)
Provident Financial Services, Inc.	OBFR minus 0.31%	Maturity		USD	8			08/14/2023		(300	)
Provident Financial Services, Inc.	OBFR minus 0.30%	Maturity		USD	8			08/14/2023		(325	)
Provident Financial Services, Inc.	OBFR minus 0.31%	Maturity		USD	10			08/14/2023		(395	)
Provident Financial Services, Inc.	OBFR minus 0.30%	Maturity		USD	32			08/14/2023		(1,973	)
Morgan Stanley Capital Services LLC
Broadcom, Inc.	FedFundEffective minus 0.29%	Maturity		USD	1,247			10/18/2023		(272,995	)
Brookfield Infrastructure Corp.	FedFundEffective plus 4.53%	Maturity		USD	21			10/18/2023		(725	)
Brookfield Infrastructure Corp.	FedFundEffective plus 4.53%	Maturity		USD	82			10/18/2023		(3,843	)
Globus Medical, Inc.	FedFundEffective minus 0.29%	Maturity		USD	1,174			10/18/2023		58,552
Globus Medical, Inc.	FedFundEffective minus 0.29%	Maturity		USD	110			10/18/2023		5,405
Globus Medical, Inc.	FedFundEffective minus 0.29%	Maturity		USD	40			10/18/2023		1,794
IBOVESPA Futures	0.00%	Maturity		BRL	3,271			06/14/2023		(27,525	)
IBOVESPA Futures	0.00%	Maturity		BRL	9,051			06/14/2023		(86,404	)
ICE U.S. Dollar Index	FedFundEffective minus 0.29%	Maturity		USD	148			10/18/2023		3,699

52

Counterparty & Referenced Obligation	Rate Paid/ Received	Payment Frequency	Current Notional (000)				Maturity Date		Unrealized Appreciation (Depreciation)
MaxLinear, Inc.	FedFundEffective minus 0.29%	Maturity		USD	52			10/18/2023	$	(9,299	)
Novozymes A/S	CIBOR minus 0.40%	Maturity		DKK	6,869			10/18/2023		85,162
Provident Financial Services, Inc.	FedFundEffective minus 0.28%	Maturity		USD	19			10/18/2023		9,677
Provident Financial Services, Inc.	FedFundEffective minus 0.28%	Maturity		USD	13			10/18/2023		6,932
Provident Financial Services, Inc.	FedFundEffective minus 0.28%	Maturity		USD	10			10/18/2023		5,135
Provident Financial Services, Inc.	FedFundEffective minus 0.28%	Maturity		USD	10			10/18/2023		5,057
Provident Financial Services, Inc.	FedFundEffective minus 0.28%	Maturity		USD	9			10/18/2023		4,842
Provident Financial Services, Inc.	FedFundEffective minus 0.28%	Maturity		USD	5			10/18/2023		2,745
Provident Financial Services, Inc.	FedFundEffective minus 0.29%	Maturity		USD	0	****		10/18/2023		231
Provident Financial Services, Inc.	FedFundEffective minus 0.28%	Maturity		USD	0	****		10/18/2023		47
Ready Capital Corp.	FedFundEffective minus 0.52%	Maturity		USD	12			10/18/2023		711
Ready Capital Corp.	FedFundEffective minus 0.57%	Maturity		USD	14			10/18/2023		489
Ready Capital Corp.	FedFundEffective minus 0.28%	Maturity		USD	6			10/18/2023		455
Ready Capital Corp.	FedFundEffective minus 0.52%	Maturity		USD	11			10/18/2023		279
Ready Capital Corp.	FedFundEffective minus 0.57%	Maturity		USD	14			10/18/2023		249
Ready Capital Corp.	FedFundEffective minus 0.52%	Maturity		USD	5			10/18/2023		194
Ready Capital Corp.	FedFundEffective minus 0.62%	Maturity		USD	12			10/18/2023		148

53

Counterparty & Referenced Obligation	Rate Paid/ Received	Payment Frequency	Current Notional (000)				Maturity Date		Unrealized Appreciation (Depreciation)
Ready Capital Corp.	FedFundEffective minus 0.52%	Maturity		USD	2			10/18/2023	$	136
Ready Capital Corp.	FedFundEffective minus 0.57%	Maturity		USD	7			10/18/2023		105
Ready Capital Corp.	FedFundEffective minus 0.52%	Maturity		USD	11			10/18/2023		55
Ready Capital Corp.	FedFundEffective minus 0.52%	Maturity		USD	4			10/18/2023		52
Ready Capital Corp.	FedFundEffective minus 0.52%	Maturity		USD	1			10/18/2023		37
Ready Capital Corp.	FedFundEffective minus 0.52%	Maturity		USD	3			10/18/2023		18
Ready Capital Corp.	FedFundEffective minus 0.57%	Maturity		USD	8			10/18/2023		6
Ready Capital Corp.	FedFundEffective minus 0.52%	Maturity		USD	0	****		10/18/2023		0
Ready Capital Corp.	FedFundEffective minus 0.67%	Maturity		USD	4			10/18/2023		(45	)
Ready Capital Corp.	FedFundEffective minus 0.62%	Maturity		USD	14			10/18/2023		(60	)
									$	(2,556,933	)

** Principal amount less than 500.

*** Contract amount less than 500.

**** Notional amount less than 500.

(a) Non-income producing security.

(b) Fair valued by the Adviser.

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

(d) Represents entire or partial securities out on loan.

(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 May 31, 2023, the aggregate market value of these securities amounted to $40,315,104 or 8.9% of net assets.

(f) Defaulted matured security.

(g) Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at May 31, 2023.

54

(h) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.01% of net assets as of May 31, 2023, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date	Cost		Market Value		Percentage of Net Assets
Digicel Group Holdings Ltd. 7.00%, 06/16/2023	06/19/2020	$	2,354	$	1,079	0.00%
Exide Technologies (Exchange Priority) 11.00%, 10/31/2024	10/26/2020		0		0	0.00%
Exide Technologies (First Lien) 11.00%, 10/31/2024	06/21/2019		17,967		0	0.00%
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018	04/26/2017		15		0	0.00%
State Agency of Roads of Ukraine 6.25%, 06/24/2030	06/17/2021		324,000		53,116	0.01%
Terraform Global Operating LP 6.125%, 03/01/2026	02/08/2018		12,000		11,626	0.00%
Tonon Luxembourg SA 6.50%, 10/31/2024	04/26/2017		2,770		1	0.00%
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018	03/29/2017		33,435		43	0.00%

(i) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at May 31, 2023.

(j) Convertible security.

(k) Defaulted.

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

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

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

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

(p) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at May 31, 2023.

(q) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(r) The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at May 31, 2023.

(s) 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.

(t) Affiliated investments.

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

(v) As of May 31, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $51,829,638 and gross unrealized depreciation of investments was $(33,400,382), resulting in net unrealized appreciation of $18,429,256.

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CLP – Chilean Peso

CNH – Chinese Yuan Renminbi (Offshore)

CNY – Chinese Yuan Renminbi

COP – Colombian Peso

CZK – Czech Koruna

DKK – Danish Krone

55

EUR – Euro

GBP – Great British Pound

HUF – Hungarian Forint

IDR – Indonesian Rupiah

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

MYR – Malaysian Ringgit

NOK – Norwegian Krone

NZD – New Zealand Dollar

PEN – Peruvian Sol

PHP – Philippine Peso

PLN – Polish Zloty

SEK – Swedish Krona

THB – Thailand Baht

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

Glossary:

ADR – American Depositary Receipt

BOBL – Bundesobligationen

CBT – Chicago Board of Trade

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

CDX-EM – Emerging Market Credit Default Swap Index

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

CIBOR – Copenhagen Interbank Offered Rate

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

ETF – Exchange Traded Fund

EURIBOR – Euro Interbank Offered Rate

FedFundEffective – Federal Funds Effective Rate

FTSE – Financial Times Stock Exchange

JSC – Joint Stock Company

JSE – Johannesburg Stock Exchange

KLCI – Kuala Lumpur Composite Index

KOSPI – Korea Composite Stock Price Index

LIBOR – London Interbank Offered Rate

MSCI – Morgan Stanley Capital International

NIBOR – Norwegian Interbank Offered Rate

OBFR – Overnight Bank Funding Rate

OSE – Osaka Securities Exchange

REG – Registered Shares

REIT – Real Estate Investment Trust

SARON – Swiss Average Rate Overnight

SGX – Singapore Exchange

SOFR – Secured Overnight Financing Rate

SONIA – Sterling Overnight Index Average

SPDR – Standard & Poor’s Depository Receipt

SPI – Share Price Index

STIBOR – Stockholm Interbank Offered Rate

TOPIX – Tokyo Price Index

TSX – Toronto Stock Exchange

WIG – Warszawski Indeks Gieldowy

56

AB All Market Total Return Portfolio    

May 31, 2023 (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.

57

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.

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

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of May 31, 2023:

Investments in Securities:	Level 1		Level 2		Level 3			Total
Assets:
Common Stocks:
Information Technology	$	50,924,175	$	4,415,665	$	—		$	55,339,840
Health Care		39,726,910		7,079,664		0	(a)		46,806,574
Financials		27,772,562		12,522,531		—			40,295,093
Consumer Discretionary		22,308,122		6,198,723		123,928	(a)		28,630,773
Industrials		17,959,306		6,959,086		4,875			24,923,267
Communication Services		12,145,873		4,422,794		40,994	(a)		16,609,661
Consumer Staples		9,613,325		5,795,172		204,779			15,613,276
Materials		3,316,385		3,144,631		0	(a)		6,461,016
Energy		2,733,904		3,416,587		0	(a)		6,150,491
Real Estate		5,054,512		139,827		—			5,194,339
Utilities		2,705,664		579,872		—			3,285,536
Corporates - Non-Investment Grade		—		28,105,394		145,185	(a)		28,250,579
Governments - Treasuries		—		22,062,326		—			22,062,326
Corporates - Investment Grade		—		8,541,580		—			8,541,580
Investment Companies		4,626,730		—		—			4,626,730
Emerging Markets - Sovereigns		—		3,552,229		—			3,552,229
Bank Loans		—		2,859,806		375,371			3,235,177
Emerging Markets - Corporate Bonds		—		3,080,621		43			3,080,664
Collateralized Loan Obligations		—		2,595,262		—			2,595,262
Collateralized Mortgage Obligations		—		1,833,609		—			1,833,609
Quasi-Sovereigns		—		476,937		—			476,937
Governments - Sovereign Bonds		—		458,308		—			458,308
Preferred Stocks		109,910		—		164,375			274,285
Commercial Mortgage-Backed Securities		—		168,764		—			168,764
Emerging Markets - Treasuries		—		—		14,574			14,574

58

Investments in Securities:	Level 1			Level 2			Level 3			Total
Warrants	$	—		$	—		$	182	(a)	$	182
Mortgage Pass-Throughs		—			75			—			75
Short-Term Investments:
Investment Companies		119,747,771			—			—			119,747,771
Treasury Bills		—			1,078,563			—			1,078,563
Total Investments in Securities		318,745,149			129,488,026			1,074,306	(a)		449,307,481
Other Financial Instruments(b):
Assets:
Futures		2,648,322			—			—			2,648,322
Forward Currency Exchange Contracts		—			1,786,300			—			1,786,300
Centrally Cleared Interest Rate Swaps		—			325,832			—			325,832
Centrally Cleared Credit Default Swaps		—			660,380			—			660,380
Credit Default Swaps		—			114,247			—			114,247
Total Return Swaps		—			393,283			—			393,283
Liabilities:
Futures		(2,360,060	)		—			—			(2,360,060	)
Forward Currency Exchange Contracts		—			(1,103,506	)		—			(1,103,506	)
Centrally Cleared Interest Rate Swaps		—			(89,527	)		—			(89,527	)
Centrally Cleared Credit Default Swaps		—			(226,308	)		—			(226,308	)
Credit Default Swaps		—			(530,074	)		—			(530,074	)
Total Return Swaps		—			(2,950,216	)		—			(2,950,216	)
Total	$	319,033,411		$	127,868,437		$	1,074,306	(a)	$	447,976,154

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

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

A summary of the Fund’s transactions in AB mutual funds for the nine months ended May 31, 2023 is as follows:

Fund	Market Value 08/31/2022 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 05/31/2023 (000)		Dividend Income (000)
Government Money Market Portfolio	$	75,289	$	267,733	$	223,274	$	119,748	$	2,273
Government Money Market Portfolio*		5,352		51,915		54,321		2,946		56
Total	$	80,641	$	319,648	$	277,595	$	122,694	$	2,329

* Investments of cash collateral for securities lending transactions

59