Edgar Filing: ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND INC

AllianceBernstein Global High Income Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07732

ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND, INC.

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas, New York, New York 10105

(Address of principal executive offices) (Zip code)

Joseph J. Mantineo

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 221-5672

Date of fiscal year end: March 31, 2019

Date of reporting period: June 30, 2018

ITEM 1.

SCHEDULE OF INVESTMENTS.

AB Global High Income Fund

Portfolio of Investments

June 30, 2018 (unaudited)


	Principal Amount (000)		U.S. $ Value
CORPORATES - NON-INVESTMENT GRADE - 41.1%
Industrial - 32.3%
Basic - 3.6%
AK Steel Corp.
7.00%, 3/15/27	U.S.$	1,164	$	1,114,310
7.625%, 10/01/21		278		283,882
Alcoa Nederland Holding BV
6.125%, 5/15/28 (a)		289		290,411
Ashland LLC
4.75%, 8/15/22		501		501,771
Axalta Coating Systems LLC
4.875%, 8/15/24 (a)		516		512,175
Berry Global, Inc.
5.50%, 5/15/22		409		413,218
CF Industries, Inc.
4.95%, 6/01/43		595		502,775
5.375%, 3/15/44		545		482,585
Cleveland-Cliffs, Inc.
5.75%, 3/01/25 (b)		1,628		1,545,815
Constellium NV
5.75%, 5/15/24 (a)		400		390,655
5.875%, 2/15/26 (a)		1,310		1,259,953
Crown Americas LLC/Crown Americas Capital Corp. VI
4.75%, 2/01/26 (a)		815		775,123
Eldorado Gold Corp.
6.125%, 12/15/20 (a)		369		355,985
ERP Iron Ore, LLC
9.039%, 12/31/19 (c)(d)(e)(f)		336		336,499
Freeport-McMoRan, Inc.
5.45%, 3/15/43		3,414		2,994,255
Grinding Media, Inc./Moly-Cop AltaSteel Ltd.
7.375%, 12/15/23 (a)		1,236		1,288,272
INEOS Finance PLC
4.00%, 5/01/23 (a)	EUR	790		938,775
Joseph T Ryerson & Son, Inc.
11.00%, 5/15/22 (a)	U.S.$	3,215		3,555,542
Kraton Polymers LLC/Kraton P
5.25%, 5/15/26 (a)	EUR	640		753,045
Lecta SA
6.50%, 8/01/23 (a)		227		261,333
Magnetation LLC/Mag Finance Corp.
11.00%, 5/15/18 (c)(g)(h)(i)	U.S.$	2,857		29
Momentive Performance Materials, Inc.
3.88%, 10/24/21		3,093		3,246,849
8.875%, 10/15/20 (c)(e)(h)(j)		3,093		0
Multi-Color Corp.
4.875%, 11/01/25 (a)		980		913,359
NOVA Chemicals Corp.
5.25%, 8/01/23 (a)		207		206,963
Novelis Corp.
5.875%, 9/30/26 (a)		1,573		1,507,576


	Principal Amount (000)		U.S. $ Value
Nufarm Australia Ltd./Nufarm Americas, Inc.
5.75%, 4/30/26 (a)	U.S.$	489	$	475,847
OCI NV
5.00%, 4/15/23 (a)	EUR	1,300		1,549,215
6.625%, 4/15/23 (a)	U.S.$	840		855,787
Pactiv LLC
7.95%, 12/15/25		1,110		1,215,450
Peabody Energy Corp.
6.00%, 11/15/18 (c)(d)(e)(h)		4,310		0
6.00%, 3/31/22 (a)		295		299,597
6.375%, 3/31/25 (a)		400		412,802
Plastipak Holdings, Inc.
6.25%, 10/15/25 (a)		1,257		1,157,667
PQ Corp.
5.75%, 12/15/25 (a)		277		272,542
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
5.125%, 7/15/23 (a)		781		771,347
Sealed Air Corp.
6.875%, 7/15/33 (a)		1,295		1,424,993
SIG Combibloc Holdings SCA
7.75%, 2/15/23 (a)	EUR	682		825,433
Smurfit Kappa Treasury Funding Ltd.
7.50%, 11/20/25	U.S.$	238		284,441
SPCM SA
4.875%, 9/15/25 (a)		975		931,328
Teck Resources Ltd.
5.20%, 3/01/42		2,374		2,082,394
5.40%, 2/01/43		1,454		1,314,034
6.00%, 8/15/40		470		457,764
6.25%, 7/15/41		238		237,410
United States Steel Corp.
6.25%, 3/15/26		295		291,295
6.875%, 8/15/25		775		779,834
Valvoline, Inc.
5.50%, 7/15/24		278		280,795
W.R. Grace & Co.-Conn
5.625%, 10/01/24 (a)		386		403,821

				40,754,951

Capital Goods - 1.6%
ARD Finance SA
6.625%, 9/15/23 (f)	EUR	1,126		1,336,846
ARD Securities Finance SARL
8.75%, 1/31/23 (a)(f)	U.S.$	279		284,661
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
6.75%, 5/15/24 (a)	EUR	2,004		2,516,320
B456 Systems, Inc.
3.75%, 4/15/16 (c)(d)(g)(h)(k)	U.S.$	955		74,013
BBA US Holdings, Inc.
5.375%, 5/01/26 (a)		402		403,805


	Principal Amount (000)		U.S. $ Value
Bombardier, Inc.
5.75%, 3/15/22 (a)	U.S.$	975	$	977,644
6.00%, 10/15/22 (a)		261		260,279
6.125%, 1/15/23 (a)		738		739,466
7.50%, 3/15/25 (a)		1,124		1,169,479
BWAY Holding Co.
4.75%, 4/15/24	EUR	542		632,889
5.50%, 4/15/24 (a)	U.S.$	1,073		1,046,113
Cleaver-Brooks, Inc.
7.875%, 3/01/23 (a)		505		520,335
EnPro Industries, Inc.
5.875%, 9/15/22		970		990,989
Gates Global LLC/Gates Global Co.
6.00%, 7/15/22 (a)		352		356,327
GFL Environmental, Inc.
5.625%, 5/01/22 (a)		403		387,968
Jeld-Wen, Inc.
4.625%, 12/15/25 (a)		128		121,969
4.875%, 12/15/27 (a)		182		169,298
KLX, Inc.
5.875%, 12/01/22 (a)		877		910,808
Liberty Tire Recycling LLC
9.50%, 1/15/23 (c)(e)(i)		559		559,251
Textron Financial Corp.
4.078% (LIBOR 3 Month + 1.74%), 2/15/42 (a)(l)		575		523,725
TransDigm, Inc.
6.375%, 6/15/26		2,335		2,314,338
6.50%, 7/15/24		1,572		1,596,742
Waste Pro USA, Inc.
5.50%, 2/15/26 (a)		762		733,470

				18,626,735

Communications - Media - 4.3%
Altice Financing SA
6.625%, 2/15/23 (a)		2,892		2,850,066
7.50%, 5/15/26 (a)		1,782		1,724,746
Altice France SA/France
5.375%, 5/15/22 (a)	EUR	264		316,777
5.625%, 5/15/24 (a)		386		466,995
6.00%, 5/15/22 (a)	U.S.$	707		713,999
6.25%, 5/15/24 (a)		200		196,202
7.375%, 5/01/26 (a)		2,923		2,864,590
Altice Luxembourg SA
7.25%, 5/15/22 (a)(b)	EUR	1,332		1,561,587
7.75%, 5/15/22 (a)(b)	U.S.$	1,770		1,709,197
CCO Holdings LLC/CCO Holdings Capital Corp.
5.125%, 5/01/27 (a)		160		149,692
5.375%, 5/01/25 (a)		128		123,890
5.75%, 1/15/24		166		166,415
5.75%, 2/15/26 (a)		400		392,566
5.875%, 5/01/27 (a)		499		488,108


	Principal Amount (000)		U.S. $ Value
Cequel Communications Holdings I LLC/Cequel Capital Corp.
7.50%, 4/01/28 (a)	U.S.$	1,192	$	1,208,218
7.75%, 7/15/25 (a)		861		899,573
Clear Channel Worldwide Holdings, Inc.
Series A
6.50%, 11/15/22		555		563,277
Series B
6.50%, 11/15/22		2,654		2,705,761
CSC Holdings LLC
5.375%, 2/01/28 (a)		1,302		1,203,756
6.625%, 10/15/25 (a)		274		279,480
10.875%, 10/15/25 (a)		765		881,419
DISH DBS Corp.
5.00%, 3/15/23		100		86,521
5.875%, 11/15/24		2,345		1,988,131
6.75%, 6/01/21		820		821,086
Gray Television, Inc.
5.125%, 10/15/24 (a)		1,037		991,417
iHeartCommunications, Inc.
6.875%, 6/15/18 (c)(d)(g)(h)		2,016		496,353
9.00%, 12/15/19 (h)(m)		927		703,046
10.625%, 3/15/23 (h)(m)		142		107,958
11.25%, 3/01/21 (a)(h)(m)		254		183,551
11.25%, 3/01/21 (h)(m)		535		407,033
Liberty Interactive LLC
3.75%, 2/15/30 (k)		880		613,969
Meredith Corp.
6.875%, 2/01/26 (a)		1,627		1,604,814
Netflix, Inc.
4.375%, 11/15/26 (b)		1,552		1,459,246
4.875%, 4/15/28 (a)		1,221		1,161,844
Outfront Media Capital LLC/Outfront Media Capital Corp.
5.25%, 2/15/22		648		657,088
Radiate Holdco LLC/Radiate Finance, Inc.
6.625%, 2/15/25 (a)		1,057		969,860
6.875%, 2/15/23 (a)		451		427,285
Sinclair Television Group, Inc.
6.125%, 10/01/22		1,487		1,515,379
TEGNA, Inc.
5.50%, 9/15/24 (a)		162		163,172
6.375%, 10/15/23		718		739,002
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
5.00%, 1/15/25 (a)		1,078		1,092,862
6.25%, 1/15/29 (a)	EUR	446		583,081
Univision Communications, Inc.
5.125%, 2/15/25 (a)	U.S.$	1,064		984,164
UPC Holding BV
5.50%, 1/15/28 (a)		2,223		1,995,961


	Principal Amount (000)		U.S. $ Value
Urban One, Inc.
7.375%, 4/15/22 (a)	U.S.$	1,400	$	1,336,125
Virgin Media Finance PLC
4.875%, 2/15/22		1,347		1,282,450
5.25%, 2/15/22		900		858,945
Virgin Media Receivables Financing Notes I DAC
5.50%, 9/15/24 (a)	GBP	128		166,406
Virgin Media Secured Finance PLC
5.50%, 1/15/25 (a)		423		567,429
Ziggo Bond Co. BV
7.125%, 5/15/24 (a)	EUR	968		1,208,024
Ziggo Bond Finance BV
5.875%, 1/15/25 (a)	U.S.$	1,034		970,488
6.00%, 1/15/27 (a)		150		138,503
Ziggo BV
5.50%, 1/15/27 (a)		1,163		1,097,187

				48,844,694

Communications - Telecommunications - 2.7%
Arqiva Broadcast Finance PLC
9.50%, 3/31/20 (a)	GBP	1,086		1,484,779
C&W Senior Financing DAC
6.875%, 9/15/27 (a)	U.S.$	847		813,212
Cincinnati Bell, Inc.
7.00%, 7/15/24 (a)		1,151		1,050,567
DKT Finance ApS
7.00%, 6/17/23 (a)	EUR	989		1,170,274
Embarq Corp.
7.995%, 6/01/36	U.S.$	2,096		1,976,773
Frontier Communications Corp.
6.875%, 1/15/25		45		28,982
7.125%, 1/15/23		662		488,626
7.625%, 4/15/24		1,118		772,677
7.875%, 1/15/27		834		511,074
Hughes Satellite Systems Corp.
7.625%, 6/15/21		1,437		1,531,665
Intelsat Jackson Holdings SA
5.50%, 8/01/23		1,675		1,507,843
7.25%, 10/15/20		443		439,946
7.50%, 4/01/21		980		973,442
8.00%, 2/15/24 (a)		216		227,254
9.50%, 9/30/22 (a)		516		595,003
9.75%, 7/15/25 (a)		1,262		1,332,129
Level 3 Financing, Inc.
5.25%, 3/15/26		86		81,910
5.375%, 8/15/22-1/15/24		1,278		1,258,807
6.125%, 1/15/21		596		600,086
Level 3 Parent LLC
5.75%, 12/01/22		160		160,222
Qwest Corp.
6.875%, 9/15/33		1,335		1,254,529
Sable International Finance Ltd.
6.875%, 8/01/22 (a)		454		472,556


	Principal Amount (000)		U.S. $ Value
Sprint Capital Corp.
6.875%, 11/15/28	U.S.$	1,210	$	1,158,940
8.75%, 3/15/32		215		230,023
Sprint Corp.
7.875%, 9/15/23		707		734,306
T-Mobile USA, Inc.
6.00%, 3/01/23		743		767,256
6.375%, 3/01/25		655		678,241
Telecom Italia Capital SA
7.20%, 7/18/36		483		500,867
7.721%, 6/04/38		1,759		1,897,991
Telecom Italia SpA/Milano
5.303%, 5/30/24 (a)		1,002		978,733
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC
6.00%, 4/15/23 (a)		1,113		1,074,768
Wind Tre SpA
5.00%, 1/20/26 (a)		1,600		1,256,867
Windstream Services LLC/Windstream Finance Corp.
6.375%, 8/01/23		209		126,399
8.75%, 12/15/24 (a)		1,526		969,117
Zayo Group LLC/Zayo Capital, Inc.
5.75%, 1/15/27 (a)		300		294,705
6.00%, 4/01/23		488		496,658
6.375%, 5/15/25		1,187		1,205,822

				31,103,049

Consumer Cyclical - Automotive - 1.4%
Adient Global Holdings Ltd.
4.875%, 8/15/26 (a)		1,323		1,190,951
BCD Acquisition, Inc.
9.625%, 9/15/23 (a)		2,264		2,417,065
Cooper-Standard Automotive, Inc.
5.625%, 11/15/26 (a)		670		665,016
Dana Financing Luxembourg SARL
5.75%, 4/15/25 (a)		215		212,852
6.50%, 6/01/26 (a)		602		610,834
Exide Technologies
7.00%, 4/30/25 (c)(f)(i)(k)		4,728		3,309,884
11.00%, 4/30/22 (c)(f)(i)		4,299		3,955,467
Goodyear Tire & Rubber Co. (The)
7.00%, 3/15/28		400		426,005
IHO Verwaltungs GmbH
4.125%, 9/15/21 (a)(f)		889		875,134
Meritor, Inc.
6.25%, 2/15/24		305		307,307
Navistar International Corp.
6.625%, 11/01/25 (a)		1,126		1,159,458
Titan International, Inc.
6.50%, 11/30/23 (a)		1,093		1,090,789

				16,220,762


	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Entertainment - 0.4%
AMC Entertainment Holdings, Inc.
5.875%, 11/15/26	U.S.$	1,580	$	1,525,232
Silversea Cruise Finance Ltd.
7.25%, 2/01/25 (a)		1,409		1,521,340
VOC Escrow Ltd.
5.00%, 2/15/28 (a)		1,076		1,019,809

				4,066,381

Consumer Cyclical - Other - 2.4%
Beazer Homes USA, Inc.
5.875%, 10/15/27		682		594,027
6.75%, 3/15/25		1,400		1,337,958
8.75%, 3/15/22		99		105,222
Caesars Entertainment Corp.
5.00%, 10/01/24 (c)(k)		121		207,958
Cirsa Funding Luxembourg SA
5.75%, 5/15/21 (a)	EUR	396		475,744
Cooperativa Muratori & Cementisti-CMC di Ravenna SC
6.00%, 2/15/23 (a)		276		272,940
Diamond Resorts International, Inc.
7.75%, 9/01/23 (a)(b)	U.S.$	1,139		1,195,142
Five Point Operating Co. LP/Five Point Capital Corp.
7.875%, 11/15/25 (a)		1,304		1,327,905
GLP Capital LP/GLP Financing II, Inc.
5.375%, 4/15/26		674		667,059
International Game Technology PLC
6.25%, 2/15/22 (a)		977		998,596
James Hardie International Finance DAC
4.75%, 1/15/25 (a)		285		278,097
5.00%, 1/15/28 (a)		273		258,565
K. Hovnanian Enterprises, Inc.
5.00%, 11/01/21		2,257		2,039,750
10.00%, 7/15/22 (a)		389		409,423
10.50%, 7/15/24 (a)		389		398,725
KB Home
7.00%, 12/15/21		536		566,820
7.50%, 9/15/22		494		532,521
Lennar Corp.
6.625%, 5/01/20		1,332		1,393,199
LHMC Finco SARL
6.25%, 12/20/23	EUR	288		332,960
MDC Holdings, Inc.
5.50%, 1/15/24	U.S.$	150		151,014
6.00%, 1/15/43		2,908		2,525,947
Pinnacle Entertainment, Inc.
5.625%, 5/01/24		829		861,969
PulteGroup, Inc.
5.00%, 1/15/27		115		109,352
6.00%, 2/15/35		500		486,511
7.875%, 6/15/32		1,400		1,603,010
Shea Homes LP/Shea Homes Funding Corp.
5.875%, 4/01/23 (a)		420		421,501
6.125%, 4/01/25 (a)		830		825,143


	Principal Amount (000)		U.S. $ Value
Standard Industries, Inc./NJ
6.00%, 10/15/25 (a)	U.S.$	977	$	980,664
Stars Group Holdings Bv/Star
7.00%, 7/15/26 (a)		1,015		1,025,298
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp.
5.875%, 5/15/25 (a)		1,785		1,682,282
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.
5.875%, 4/15/23 (a)		875		870,625
Toll Brothers Finance Corp.
4.875%, 3/15/27		1,124		1,056,568
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.50%, 3/01/25 (a)		785		766,830

				26,759,325

Consumer Cyclical - Restaurants - 0.1%
Golden Nugget, Inc.
6.75%, 10/15/24 (a)		933		933,383
IRB Holding Corp.
6.75%, 2/15/26 (a)		453		434,811

				1,368,194

Consumer Cyclical - Retailers - 0.9%
Dufry Finance SCA
4.50%, 8/01/23 (a)	EUR	1,208		1,458,606
FirstCash, Inc.
5.375%, 6/01/24 (a)	U.S.$	1,312		1,313,887
JC Penney Corp., Inc.
6.375%, 10/15/36		421		237,623
7.40%, 4/01/37		600		351,064
L Brands, Inc.
5.25%, 2/01/28		796		706,071
6.875%, 11/01/35		230		202,686
6.95%, 3/01/33		500		446,115
7.60%, 7/15/37		1,000		915,195
Levi Strauss & Co.
5.00%, 5/01/25		1,150		1,146,238
Neiman Marcus Group Ltd. LLC
8.00%, 10/15/21(a)		2,115		1,399,275
8.75%, 10/15/21 (a)(f)		424		283,322
PetSmart, Inc.
7.125%, 3/15/23 (a)		1,140		764,251
Sonic Automotive, Inc.
5.00%, 5/15/23		534		512,341
6.125%, 3/15/27		817		773,370

				10,510,044

Consumer Non-Cyclical - 3.2%
Acadia Healthcare Co., Inc.
6.50%, 3/01/24		684		702,546


	Principal Amount (000)		U.S. $ Value
Air Medical Group Holdings, Inc.
6.375%, 5/15/23 (a)	U.S.$	820	$	763,351
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC
5.75%, 3/15/25		274		242,490
6.625%, 6/15/24 (b)		1,712		1,618,785
Aveta, Inc.
10.50%, 3/01/21 (a)(c)(e)(h)(i)		13,116		0
Catalent Pharma Solutions, Inc.
4.75%, 12/15/24 (a)	EUR	400		487,463
4.875%, 1/15/26 (a)	U.S.$	416		400,333
Charles River Laboratories International, Inc.
5.50%, 4/01/26 (a)		242		244,075
CHS/Community Health Systems, Inc.
6.875%, 2/01/22		1,635		836,044
8.125%, 6/30/24 (a)		182		150,252
DaVita, Inc.
5.00%, 5/01/25		1,314		1,236,277
Diamond BC BV
5.625%, 8/15/25 (a)(b)	EUR	362		379,656
Eagle Holding Co. II LLC
7.625%, 5/15/22 (a)(f)	U.S.$	179		180,932
Endo Dac/Endo Finance LLC/Endo Finco, Inc.
6.00%, 7/15/23 (a)		1,260		1,036,350
Endo Finance LLC
5.75%, 1/15/22 (a)		1,228		1,098,371
Endo Finance LLC/Endo Finco, Inc.
5.375%, 1/15/23 (a)		200		161,439
First Quality Finance Co., Inc.
4.625%, 5/15/21 (a)		3,247		3,169,777
Hadrian Merger Sub, Inc.
8.50%, 5/01/26 (a)		784		767,147
HCA, Inc.
4.25%, 10/15/19		1,475		1,487,734
4.50%, 2/15/27		135		127,645
5.00%, 3/15/24		400		400,116
5.25%, 6/15/26		235		233,894
5.875%, 2/15/26		180		181,551
Kinetic Concepts, Inc./KCI USA, Inc.
7.875%, 2/15/21 (a)		506		516,012
Lamb Weston Holdings, Inc.
4.625%, 11/01/24 (a)		439		427,342
LifePoint Health, Inc.
5.375%, 5/01/24		1,518		1,460,720
5.875%, 12/01/23 (b)		1,448		1,442,806
Mallinckrodt International Finance SA
4.75%, 4/15/23 (b)		810		683,105
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
5.50%, 4/15/25 (a)		177		142,662
5.625%, 10/15/23 (a)		394		327,750
5.75%, 8/01/22 (a)		1,281		1,152,900


	Principal Amount (000)		U.S. $ Value
MEDNAX, Inc.
5.25%, 12/01/23 (a)	U.S.$	422	$	415,106
MPH Acquisition Holdings LLC
7.125%, 6/01/24 (a)		1,563		1,598,593
Post Holdings, Inc.
5.00%, 8/15/26 (a)		442		410,199
5.50%, 3/01/25 (a)		642		628,138
5.625%, 1/15/28 (a)		830		777,620
5.75%, 3/01/27 (a)		90		87,312
Spectrum Brands, Inc.
4.00%, 10/01/26 (a)	EUR	530		604,012
6.125%, 12/15/24	U.S.$	361		364,874
6.625%, 11/15/22		560		578,767
Sunshine Mid BV
6.50%, 5/15/26 (a)	EUR	823		910,813
Synlab Unsecured Bondco PLC
8.25%, 7/01/23 (a)		700		862,411
Tenet Healthcare Corp.
6.00%, 10/01/20	U.S.$	95		97,774
6.75%, 6/15/23 (b)		1,308		1,298,678
8.125%, 4/01/22		752		785,073
Valeant Pharmaceuticals International
6.75%, 8/15/21 (a)		34		34,383
7.25%, 7/15/22 (a)		635		650,367
Valeant Pharmaceuticals International, Inc.
5.50%, 3/01/23 (a)		230		214,242
5.625%, 12/01/21 (a)		26		25,594
5.875%, 5/15/23 (a)		1,146		1,072,942
7.50%, 7/15/21 (a)		1,146		1,164,422
Vizient, Inc.
10.375%, 3/01/24 (a)		774		854,270
Voyage Care BondCo PLC
5.875%, 5/01/23 (a)	GBP	891		1,172,933

				36,668,048

Energy - 7.0%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp.
7.875%, 12/15/24	U.S.$	897		949,899
Antero Resources Corp.
5.125%, 12/01/22		789		790,296
Berry Petroleum Co. LLC
6.375%, 9/15/22 (c)(d)(e)(h)		2,383		0
7.00%, 2/15/26 (a)		580		593,054
Bristow Group, Inc.
8.75%, 3/01/23 (a)		968		942,787
California Resources Corp.
5.50%, 9/15/21		299		262,205
8.00%, 12/15/22 (a)		3,260		2,959,304
Carrizo Oil & Gas, Inc.
6.25%, 4/15/23		642		650,371
7.50%, 9/15/20		54		54,297
8.25%, 7/15/25		301		321,742


	Principal Amount (000)		U.S. $ Value
Cheniere Corpus Christi Holdings LLC
7.00%, 6/30/24	U.S.$	783	$	853,725
Cheniere Energy Partners LP
5.25%, 10/01/25 (a)		1,055		1,030,454
Cheniere Energy, Inc.
4.875%, 5/28/21 (a)(c)(f)(k)		1,064		1,125,175
Chesapeake Energy Corp.
4.875%, 4/15/22 (b)		1,528		1,466,912
5.75%, 3/15/23		610		581,663
6.125%, 2/15/21		335		341,004
8.00%, 1/15/25-6/15/27		636		648,654
Denbury Resources, Inc.
9.25%, 3/31/22 (a)		604		639,191
Diamond Offshore Drilling, Inc.
7.875%, 8/15/25		2,575		2,672,441
Energy Transfer Equity LP
4.25%, 3/15/23		2,203		2,129,393
7.50%, 10/15/20		309		329,455
Ensco PLC
4.50%, 10/01/24		290		239,182
5.20%, 3/15/25		1,066		885,634
7.75%, 2/01/26		435		412,378
EP Energy LLC/Everest Acquisition Finance, Inc.
7.75%, 9/01/22		1,634		1,286,373
8.00%, 2/15/25 (a)		1,372		1,062,427
9.375%, 5/01/20		159		156,773
9.375%, 5/01/24 (a)		1,076		884,444
Genesis Energy LP/Genesis Energy Finance Corp.
5.625%, 6/15/24		412		385,480
6.25%, 5/15/26		1,327		1,248,440
6.50%, 10/01/25		481		465,011
6.75%, 8/01/22		173		175,487
Gulfport Energy Corp.
6.00%, 10/15/24		515		495,814
6.375%, 5/15/25 (b)		1,054		1,025,419
6.375%, 1/15/26		1,718		1,663,184
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp.
5.625%, 2/15/26 (a)		1,587		1,582,707
HighPoint Operating Corp.
7.00%, 10/15/22		534		537,264
8.75%, 6/15/25		637		681,916
Hilcorp Energy I LP/Hilcorp Finance Co.
5.00%, 12/01/24 (a)		593		575,285
5.75%, 10/01/25 (a)		1,610		1,613,455
Indigo Natural Resources LLC
6.875%, 2/15/26 (a)		1,095		1,062,458
Laredo Petroleum, Inc.
6.25%, 3/15/23		787		789,298
Murphy Oil USA, Inc.
5.625%, 5/01/27		69		67,489
6.00%, 8/15/23		716		736,469


	Principal Amount (000)		U.S. $ Value
Nabors Industries, Inc.
4.625%, 9/15/21	U.S.$	996	$	976,485
5.50%, 1/15/23		1,784		1,722,836
5.75%, 2/01/25 (a)		470		446,062
Noble Holding International Ltd.
5.25%, 3/15/42		191		131,214
6.20%, 8/01/40		276		201,338
7.75%, 1/15/24		2,261		2,142,374
7.95%, 4/01/25		375		347,267
Parkland Fuel Corp.
6.00%, 4/01/26 (a)		1,147		1,134,530
PDC Energy, Inc.
5.75%, 5/15/26 (a)		1,447		1,438,662
6.125%, 9/15/24		490		499,800
Precision Drilling Corp.
7.125%, 1/15/26 (a)		787		809,201
QEP Resources, Inc.
5.25%, 5/01/23		1,809		1,781,624
5.625%, 3/01/26		31		29,708
Range Resources Corp.
4.875%, 5/15/25 (b)		948		891,233
5.00%, 8/15/22		396		392,923
5.00%, 3/15/23 (b)		995		969,938
5.875%, 7/01/22		97		98,698
Rowan Cos., Inc.
5.40%, 12/01/42		536		387,593
7.375%, 6/15/25		1,285		1,249,488
Sanchez Energy Corp.
6.125%, 1/15/23		3,203		2,179,046
7.25%, 2/15/23 (a)		790		781,933
SandRidge Energy, Inc.
7.50%, 2/15/23 (c)(d)(e)(h)		865		0
8.125%, 10/15/22 (c)(d)(e)(h)		2,076		0
Seitel, Inc.
9.50%, 4/15/19		597		591,542
SemGroup Corp.
6.375%, 3/15/25		594		565,305
7.25%, 3/15/26		540		529,168
SemGroup Corp./Rose Rock Finance Corp.
5.625%, 11/15/23		438		412,924
SM Energy Co.
5.00%, 1/15/24		1,341		1,268,086
5.625%, 6/01/25 (b)		1,150		1,104,315
6.50%, 1/01/23		1,000		1,014,170
Southern Star Central Corp.
5.125%, 7/15/22 (a)		1,200		1,205,023
SRC Energy, Inc.
6.25%, 12/01/25 (a)		800		805,998
Sunoco LP/Sunoco Finance Corp.
5.50%, 2/15/26 (a)		1,355		1,283,474
5.875%, 3/15/28 (a)		1,026		969,672
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
5.125%, 2/01/25		215		213,667
5.875%, 4/15/26 (a)		1,050		1,055,887


	Principal Amount (000)		U.S. $ Value
Transocean Phoenix 2 Ltd.
7.75%, 10/15/24 (a)	U.S.$	1,034	$	1,106,184
Transocean, Inc.
6.80%, 3/15/38		2,543		2,111,923
7.50%, 1/15/26 (a)		791		804,959
9.00%, 7/15/23 (a)		712		767,275
Vantage Drilling International
7.125%, 4/01/23 (c)(d)(e)(h)		1,283		0
7.50%, 11/01/19 (c)(d)(e)(h)		2,176		0
10.00%, 12/31/20 (c)(i)		87		85,260
10.00%, 12/31/20 (c)(d)		105		102,900
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp.
8.75%, 4/15/23 (a)		1,741		1,604,640
Weatherford International LLC
9.875%, 3/01/25 (a)		614		616,444
Weatherford International Ltd.
5.875%, 7/01/21 (k)		154		152,636
6.50%, 8/01/36		752		590,320
6.75%, 9/15/40		849		672,217
7.00%, 3/15/38		409		325,207
7.75%, 6/15/21		297		305,382
9.875%, 2/15/24		806		815,186
Whiting Petroleum Corp.
1.25%, 4/01/20 (k)		542		517,302
5.75%, 3/15/21		211		215,453
6.25%, 4/01/23		483		499,007
6.625%, 1/15/26 (a)		771		794,073
WPX Energy, Inc.
5.75%, 6/01/26		528		527,103
8.25%, 8/01/23		187		212,345

				79,831,409

Other Industrial - 0.6%
Algeco Global Finance PLC
8.00%, 2/15/23 (a)		956		971,216
American Tire Distributors, Inc.
10.25%, 3/01/22 (a)		2,231		455,427
Global Partners LP/GLP Finance Corp.
6.25%, 7/15/22		2,976		2,904,883
H&E Equipment Services, Inc.
5.625%, 9/01/25		437		429,428
KAR Auction Services, Inc.
5.125%, 6/01/25 (a)		458		437,457
Laureate Education, Inc.
8.25%, 5/01/25 (a)(b)		1,388		1,485,721

				6,684,132

Services - 1.7%
APTIM Corp.
7.75%, 6/15/25 (a)		1,311		1,061,262
APX Group, Inc.
7.875%, 12/01/22		1,746		1,730,536
8.75%, 12/01/20		2,765		2,648,867


	Principal Amount (000)		U.S. $ Value
Aramark Services, Inc.
5.00%, 2/01/28 (a)	U.S.$	686	$	654,886
5.125%, 1/15/24		274		274,340
Carlson Travel, Inc.
6.75%, 12/15/23 (a)		1,128		1,108,066
Carriage Services, Inc.
6.625%, 6/01/26 (a)		698		707,316
eDreams ODIGEO SA
8.50%, 8/01/21 (a)	EUR	1,560		1,889,066
Gartner, Inc.
5.125%, 4/01/25 (a)	U.S.$	482		479,439
GEO Group, Inc. (The)
5.125%, 4/01/23		162		158,759
5.875%, 1/15/22-10/15/24		670		676,111
6.00%, 4/15/26		677		656,677
Monitronics International, Inc.
9.125%, 4/01/20 (b)		958		616,532
Nielsen Finance LLC/Nielsen Finance Co.
5.00%, 4/15/22 (a)		599		589,400
Prime Security Services Borrower LLC/Prime Finance, Inc.
9.25%, 5/15/23 (a)		2,327		2,478,011
Ritchie Bros Auctioneers, Inc.
5.375%, 1/15/25 (a)		366		355,051
Sabre GLBL, Inc.
5.25%, 11/15/23 (a)		607		612,570
5.375%, 4/15/23 (a)		720		727,230
Service Corp. International/US
7.50%, 4/01/27		1,077		1,213,285
Team Health Holdings, Inc.
6.375%, 2/01/25 (a)(b)		861		739,265

				19,376,669

Technology - 1.5%
Amkor Technology, Inc.
6.375%, 10/01/22		2,681		2,736,534
Ascend Learning LLC
6.875%, 8/01/25 (a)		302		305,613
Conduent Finance, Inc./Conduent Business Services LLC
10.50%, 12/15/24 (a)		1,610		1,926,238
CURO Financial Technologies Corp.
12.00%, 3/01/22 (a)		819		888,138
Dell International LLC/EMC Corp.
7.125%, 6/15/24 (a)		251		266,122
Dell, Inc.
6.50%, 4/15/38		1,671		1,582,031
Goodman Networks, Inc.
8.00%, 5/11/22 (c)		664		451,992
Infor Software Parent LLC/Infor Software Parent, Inc.
7.125%, 5/01/21 (a)(f)		160		160,506


	Principal Amount (000)		U.S. $ Value
Infor US, Inc.
6.50%, 5/15/22	U.S.$	1,286	$	1,290,273
IQVIA, Inc.
3.25%, 3/15/25 (a)	EUR	782		887,639
Micron Technology, Inc.
5.50%, 2/01/25	U.S.$	686		714,262
Nokia Oyj
6.625%, 5/15/39		527		549,487
Solera LLC/Solera Finance, Inc.
10.50%, 3/01/24 (a)		2,005		2,226,799
Veritas US, Inc./Veritas Bermuda Ltd.
7.50%, 2/01/23 (a)		861		807,321
10.50%, 2/01/24 (a)		1,798		1,473,501
Western Digital Corp.
4.75%, 2/15/26		1,087		1,055,983

				17,322,439

Transportation - Airlines - 0.1%
UAL Pass-Through Trust
Series 2007-1A
6.636%, 7/02/22		1,017		1,063,102

Transportation - Services - 0.8%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.50%, 4/01/23		524		509,799
Europcar Groupe SA
5.75%, 6/15/22 (a)	EUR	670		801,987
Herc Rentals, Inc.
7.75%, 6/01/24 (a)	U.S.$	1,521		1,630,666
Hertz Corp. (The)
5.50%, 10/15/24 (a)(b)		2,807		2,207,588
Hertz Holdings Netherlands BV
5.50%, 3/30/23	EUR	1,117		1,262,963
Loxam SAS
3.50%, 4/15/22 (a)		186		223,586
4.25%, 4/15/24 (a)		138		167,731
United Rentals North America, Inc.
5.50%, 5/15/27	U.S.$	477		462,821
5.75%, 11/15/24		1,005		1,021,986
XPO CNW, Inc.
6.70%, 5/01/34		684		689,302
XPO Logistics, Inc.
6.125%, 9/01/23 (a)		522		535,735

				9,514,164

				368,714,098

Financial Institutions - 7.3%
Banking - 4.6%
Allied Irish Banks PLC
Series E
7.375%, 12/03/20 (a)(n)	EUR	871		1,111,348
Ally Financial, Inc.
8.00%, 11/01/31	U.S.$	2,251		2,677,538


	Principal Amount (000)		U.S. $ Value
Banco Bilbao Vizcaya Argentaria SA
5.875%, 5/24/22 (a)(b)(n)	EUR	1,200	$	1,434,761
6.125%, 11/16/27 (b)(n)	U.S.$	800		709,273
6.75%, 2/18/20 (a)(n)	EUR	800		972,347
8.875%, 4/14/21 (a)(n)		1,000		1,308,151
Banco Santander SA
6.25%, 3/12/19-9/11/21 (a)(n)		1,200		1,459,179
6.75%, 4/25/22 (a)(n)		900		1,129,846
Bank of Ireland
7.375%, 6/18/20 (a)(n)		1,455		1,822,356
Barclays Bank PLC
6.86%, 6/15/32 (a)(n)	U.S.$	166		186,031
Barclays PLC
7.25%, 3/15/23 (a)(n)	GBP	219		296,783
8.00%, 12/15/20 (n)	EUR	1,732		2,240,184
CIT Group, Inc.
6.125%, 3/09/28	U.S.$	588		607,459
Citigroup, Inc.
5.95%, 1/30/23 (n)		2,689		2,733,035
Citizens Financial Group, Inc.
Series B
6.00%, 7/06/23 (n)		970		977,837
Credit Agricole SA
7.589%, 1/30/20 (a)(n)	GBP	1,000		1,418,022
8.125%, 12/23/25 (a)(n)	U.S.$	1,909		2,019,433
Credit Suisse Group AG
6.25%, 12/18/24 (a)(n)		1,404		1,374,352
7.50%, 12/11/23 (a)(n)		3,043		3,138,094
Goldman Sachs Group, Inc. (The)
Series P
5.00%, 11/10/22 (n)		1,599		1,504,298
ING Groep NV
6.50%, 4/16/25 (n)		520		504,400
Intesa Sanpaolo SpA
3.928%, 9/15/26 (a)	EUR	227		268,693
5.017%, 6/26/24	U.S.$	331		299,954
5.71%, 1/15/26 (a)		1,232		1,125,825
7.75%, 1/11/27 (a)(n)	EUR	1,366		1,722,832
Lloyds Banking Group PLC
6.413%, 10/01/35 (a)(n)	U.S.$	235		247,298
6.657%, 5/21/37 (a)(n)		98		104,746
7.50%, 6/27/24 (n)		313		317,687
7.625%, 6/27/23 (a)(n)	GBP	1,760		2,540,017
Macquarie Bank Ltd./London
6.125%, 3/08/27 (a)(n)	U.S.$	200		180,840
Royal Bank of Scotland Group PLC
2.001% (EURIBOR 3 Month + 2.33%), 9/30/18 (a)(l)(n)	EUR	150		171,691
8.625%, 8/15/21 (n)	U.S.$	3,518		3,739,947
Series U
4.622% (LIBOR 3 Month + 2.32%), 9/30/27 (b)(l)(n)		1,100		1,053,847


	Principal Amount (000)		U.S. $ Value
SNS Bank NV
Series E
11.25%, 12/31/49 (c)(d)(h)(m)(n)	EUR	620	$	7,870
Societe Generale SA
7.375%, 9/13/21 (a)(n)	U.S.$	1,485		1,514,700
7.875%, 12/18/23 (a)(n)		778		795,505
8.00%, 9/29/25 (a)(n)		1,124		1,168,960
Standard Chartered PLC
7.50%, 4/02/22 (a)(n)		1,269		1,300,318
7.75%, 4/02/23 (a)(n)		440		451,549
SunTrust Banks, Inc.
Series G
5.05%, 6/15/22 (n)		853		836,884
Series H
5.125%, 12/15/27 (n)		641		609,938
UBS Group Funding Switzerland AG
6.875%, 3/22/21 (a)(n)		200		205,239
7.00%, 2/19/25 (a)(n)		2,492		2,529,245
UniCredit SpA
9.25%, 6/03/22 (a)(n)	EUR	1,554		2,026,524

				52,844,836

Brokerage - 0.1%
Lehman Brothers Holdings, Inc.
6.875%, 5/02/18 (c)(g)(h)	U.S.$	1,690		54,570
LPL Holdings, Inc.
5.75%, 9/15/25 (a)		1,517		1,475,283

				1,529,853

Finance - 1.1%
Compass Group Diversified Holdings LLC
8.00%, 5/01/26 (a)		1,235		1,206,244
Enova International, Inc.
8.50%, 9/01/24 (a)		770		801,017
9.75%, 6/01/21		960		1,009,129
goeasy Ltd.
7.875%, 11/01/22 (a)		466		496,042
ILFC E-Capital Trust II
4.89% (H15T 30 Year + 1.80%), 12/21/65 (a)(l)		2,000		1,860,918
Lincoln Finance Ltd.
6.875%, 4/15/21 (a)	EUR	1,139		1,375,235
Navient Corp.
5.50%, 1/25/23	U.S.$	1,941		1,906,140
5.875%, 3/25/21		324		329,133
6.50%, 6/15/22		406		415,135
6.625%, 7/26/21		231		238,909
7.25%, 1/25/22-9/25/23		899		941,961
8.00%, 3/25/20		233		245,928
SLM Corp.
5.125%, 4/05/22		605		601,137


	Principal Amount (000)		U.S. $ Value
TMX Finance LLC/TitleMax Finance Corp.
11.125%, 4/01/23 (a)	U.S.$	890	$	901,911

				12,328,839

Insurance - 0.7%
Ambac Assurance Corp.
5.10%, 6/07/20 (a)(c)		15		19,615
ASR Nederland NV
4.625%, 10/19/27 (a)(n)	EUR	840		934,834
Galaxy Bidco Ltd.
6.375%, 11/15/20 (a)	GBP	133		175,456
Genworth Holdings, Inc.
4.345% (LIBOR 3 Month + 2.00%), 11/15/36 (l)	U.S.$	240		145,825
7.625%, 9/24/21		1,616		1,656,541
Liberty Mutual Group, Inc.
7.80%, 3/15/37 (a)		2,559		3,031,652
Polaris Intermediate Corp.
8.50%, 12/01/22 (a)(f)		2,108		2,174,320

				8,138,243

Other Finance - 0.6%
Creditcorp
12.00%, 7/15/18 (i)		1,300		1,286,874
Intrum AB
2.75%, 7/15/22 (a)	EUR	977		1,082,809
3.125%, 7/15/24 (a)(b)		489		534,448
LHC3 PLC
4.125%, 8/15/24 (a)(f)		239		278,841
NVA Holdings, Inc./United States
6.875%, 4/01/26 (a)	U.S.$	599		594,900
Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc.
6.375%, 12/15/22 (a)		199		202,541
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.
6.75%, 6/01/25 (a)		1,680		1,614,060
Travelport Corporate Finance PLC
6.00%, 3/15/26 (a)		595		599,248

				6,193,721

REITS - 0.2%
Iron Mountain, Inc.
5.25%, 3/15/28 (a)		1,640		1,520,359
MPT Operating Partnership LP/MPT Finance Corp.
5.00%, 10/15/27		218		208,084
5.25%, 8/01/26		155		151,729
5.50%, 5/01/24		264		267,066

				2,147,238

				83,182,730


	Principal Amount (000)		U.S. $ Value
Utility - 1.5%
Electric - 1.3%
AES Corp./VA
4.875%, 5/15/23	U.S.$	1,013	$	1,012,366
Calpine Corp.
5.375%, 1/15/23		1,807		1,718,455
5.50%, 2/01/24		1,316		1,210,771
5.75%, 1/15/25		168		153,823
ContourGlobal Power Holdings SA
5.125%, 6/15/21 (a)	EUR	1,501		1,783,227
DPL, Inc.
6.75%, 10/01/19	U.S.$	171		176,840
NRG Energy, Inc.
5.75%, 1/15/28 (a)		740		729,984
7.25%, 5/15/26		1,791		1,907,023
NRG Yield Operating LLC
5.375%, 8/15/24		843		843,175
Talen Energy Supply LLC
4.60%, 12/15/21		2,327		2,016,057
6.50%, 6/01/25		794		601,337
10.50%, 1/15/26 (a)		1,489		1,328,170
Texas Competitive/TCEH
11.50%, 10/01/20 (c)(e)(h)(i)(m)		626		0
Vistra Energy Corp.
7.375%, 11/01/22		802		838,049
7.625%, 11/01/24		981		1,049,029

				15,368,306

Natural Gas - 0.2%
NGL Energy Partners LP/NGL Energy Finance Corp.
7.50%, 11/01/23		1,947		1,979,729

				17,348,035

Total Corporates - Non-Investment Grade (cost $479,279,750)				469,244,863

GOVERNMENTS - TREASURIES - 12.8%
Colombia - 0.2%
Colombian TES
Series B
10.00%, 7/24/24	COP	5,438,000		2,203,716

Indonesia - 1.1%
Indonesia Treasury Bond
Series FR53
8.25%, 7/15/21	IDR	15,727,000		1,118,066
Series FR56
8.375%, 9/15/26		58,563,000		4,153,150
Series FR59
7.00%, 5/15/27		70,459,000		4,597,290
Series FR73
8.75%, 5/15/31		37,753,000		2,743,218

				12,611,724


	Principal Amount (000)		U.S. $ Value
Malaysia - 0.9%
Malaysia Government Bond
Series 03-4
5.734%, 7/30/19	MYR	9,297	$	2,355,357
Series 511
3.58%, 9/28/18		31,028		7,685,512

				10,040,869

Mexico - 0.4%
Mexican Bonos
Series M
20 7.50%, 6/03/27	MXN	95,733		4,795,323

Russia - 0.7%
Russian Federal Bond - OFZ
Series 6209
7.60%, 7/20/22	RUB	37,074		597,027
Series 6212
7.05%, 1/19/28		185,020		2,850,076
Series 6217
7.50%, 8/18/21		274,943		4,418,483

				7,865,586

United States - 9.4%
U.S. Treasury Bonds
2.75%, 11/15/42 (o)	U.S.$	2,600		2,498,437
4.50%, 2/15/36 (p)		2,400		2,934,000
5.00%, 5/15/37 (o)(p)		3,500		4,568,047
5.25%, 2/15/29 (p)		5,350		6,513,625
6.125%, 11/15/27 (p)		1,900		2,409,438
6.25%, 5/15/30 (p)		7,800		10,437,375
8.125%, 5/15/21 (p)		5,250		6,044,062
U.S. Treasury Notes
0.875%, 4/15/19 (b)(p)		42,074		41,607,239
2.25%, 2/15/27 (b)(p)		31,373		29,941,607

				106,953,830

Uruguay - 0.1%
Uruguay Government International Bond
8.50%, 3/15/28 (a)	UYU	23,821		646,793
9.875%, 6/20/22 (a)		18,660		587,726

				1,234,519

Total Governments - Treasuries (cost $147,544,729)				145,705,567

COLLATERALIZED MORTGAGE OBLIGATIONS - 11.4%
Risk Share Floating Rate - 9.3%
Bellemeade Re Ltd.
Series 2015-1A, Class M2
6.268% (LIBOR 1 Month + 4.30%), 7/25/25 (i)(l)	U.S.$	510		516,680
Bellemeade Re II Ltd.
Series 2016-1A, Class B1
13.968% (LIBOR 1 Month + 12.00%), 4/25/26 (i)(l)		283		295,520
Series 2016-1A, Class M2B
8.468% (LIBOR 1 Month + 6.50%), 4/25/26 (i)(l)		1,137		1,151,553


	Principal Amount (000)		U.S. $ Value
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2013-DN1, Class M2
9.11% (LIBOR 1 Month + 7.15%), 7/25/23 (l)	U.S.$	2,350	$	2,838,128
Series 2013-DN2, Class M2
6.21% (LIBOR 1 Month + 4.25%), 11/25/23 (l)		1,848		2,054,386
Series 2014-DN1, Class M3
6.46% (LIBOR 1 Month + 4.50%), 2/25/24 (l)		1,939		2,235,548
Series 2014-DN2, Class M3
5.56% (LIBOR 1 Month + 3.60%), 4/25/24 (l)		514		569,621
Series 2014-DN3, Class M3
5.96% (LIBOR 1 Month + 4.00%), 8/25/24 (l)		690		753,442
Series 2014-DN4, Class M3
6.51% (LIBOR 1 Month + 4.55%), 10/25/24 (l)		403		446,567
Series 2014-HQ1, Class M3
6.06% (LIBOR 1 Month + 4.10%), 8/25/24 (l)		1,686		1,858,694
Series 2014-HQ2, Class M3
5.71% (LIBOR 1 Month + 3.75%), 9/25/24 (l)		3,710		4,234,189
Series 2014-HQ3, Class M3
6.71% (LIBOR 1 Month + 4.75%), 10/25/24 (l)		4,636		5,153,326
Series 2015-DN1, Class B
13.46% (LIBOR 1 Month + 11.50%), 1/25/25 (l)		2,222		3,210,967
Series 2015-DN1, Class M3
6.11% (LIBOR 1 Month + 4.15%), 1/25/25 (l)		1,488		1,597,124
Series 2015-DNA1, Class B
11.16% (LIBOR 1 Month + 9.20%), 10/25/27 (l)		598		793,105
Series 2015-DNA1, Class M3
5.26% (LIBOR 1 Month + 3.30%), 10/25/27 (l)		480		536,144
Series 2015-DNA2, Class B
9.51% (LIBOR 1 Month + 7.55%), 12/25/27 (l)		1,460		1,769,680
Series 2015-DNA3, Class B
11.31% (LIBOR 1 Month + 9.35%), 4/25/28 (l)		1,029		1,342,851
Series 2015-HQ1, Class B
12.71% (LIBOR 1 Month + 10.75%), 3/25/25 (l)		3,890		5,288,174


	Principal Amount (000)		U.S. $ Value
Series 2015-HQ1, Class M3
5.76% (LIBOR 1 Month + 3.80%), 3/25/25 (l)	U.S.$	530	$	567,827
Series 2015-HQA1, Class B
10.76% (LIBOR 1 Month + 8.80%), 3/25/28 (l)		1,011		1,224,671
Series 2015-HQA1, Class M3
6.66% (LIBOR 1 Month + 4.70%), 3/25/28 (l)		1,455		1,668,925
Series 2016-DNA2, Class B
12.46% (LIBOR 1 Month + 10.50%), 10/25/28 (l)		862		1,161,662
Series 2016-DNA2, Class M3
6.61% (LIBOR 1 Month + 4.65%), 10/25/28 (l)		811		936,032
Series 2016-DNA3, Class B
13.21% (LIBOR 1 Month + 11.25%), 12/25/28 (l)		2,779		3,883,558
Series 2016-DNA3, Class M3
6.96% (LIBOR 1 Month + 5.00%), 12/25/28 (l)		1,113		1,304,868
Series 2016-DNA4, Class B
10.56% (LIBOR 1 Month + 8.60%), 3/25/29 (l)		396		479,412
Series 2016-HQA2, Class B
13.46% (LIBOR 1 Month + 11.50%), 11/25/28 (l)		423		574,155
Series 2017-DNA2, Class B1
7.11% (LIBOR 1 Month + 5.15%), 10/25/29 (l)		415		474,335
Series 2017-DNA2, Class M2
5.41% (LIBOR 1 Month + 3.45%), 10/25/29 (l)		599		652,936
Series 2017-DNA3, Class B1
6.41% (LIBOR 1 Month + 4.45%), 3/25/30 (l)		615		663,868
Federal National Mortgage Association Connecticut Avenue Securities
Series 2013-C01, Class M2
7.21% (LIBOR 1 Month + 5.25%), 10/25/23 (l)		1,451		1,672,505
Series 2014-C01, Class M2
6.36% (LIBOR 1 Month + 4.40%), 1/25/24 (l)		3,991		4,545,089
Series 2014-C03, Class 1M2
4.96% (LIBOR 1 Month + 3.00%), 7/25/24 (l)		1,066		1,142,391
Series 2014-C04, Class 1M2
6.86% (LIBOR 1 Month + 4.90%), 11/25/24 (l)		2,783		3,183,477
Series 2015-C01, Class 1M2
6.26% (LIBOR 1 Month + 4.30%), 2/25/25 (l)		2,734		3,014,294


	Principal Amount (000)		U.S. $ Value
Series 2015-C01, Class 2M2
6.51% (LIBOR 1 Month + 4.55%), 2/25/25 (l)	U.S.$	1,278	$	1,383,341
Series 2015-C02, Class 1M2
5.96% (LIBOR 1 Month + 4.00%), 5/25/25 (l)		808		884,397
Series 2015-C02, Class 2M2
5.96% (LIBOR 1 Month + 4.00%), 5/25/25 (l)		2,285		2,467,852
Series 2015-C03, Class 1M2
6.96% (LIBOR 1 Month + 5.00%), 7/25/25 (l)		2,498		2,835,966
Series 2015-C03, Class 2M2
6.96% (LIBOR 1 Month + 5.00%), 7/25/25 (l)		2,153		2,386,454
Series 2015-C04, Class 1M2
7.66% (LIBOR 1 Month + 5.70%), 4/25/28 (l)		2,885		3,358,253
Series 2015-C04, Class 2M2
7.51% (LIBOR 1 Month + 5.55%), 4/25/28 (l)		1,076		1,216,804
Series 2016-C01, Class 1B
13.71% (LIBOR 1 Month + 11.75%), 8/25/28 (l)		684		984,113
Series 2016-C01, Class 1M2
8.71% (LIBOR 1 Month + 6.75%), 8/25/28 (l)		2,077		2,516,179
Series 2016-C01, Class 2M2
8.91% (LIBOR 1 Month + 6.95%), 8/25/28 (l)		761		909,974
Series 2016-C02, Class 1B
14.21% (LIBOR 1 Month + 12.25%), 9/25/28 (l)		449		666,999
Series 2016-C02, Class 1M2
7.96% (LIBOR 1 Month + 6.00%), 9/25/28 (l)		2,375		2,809,174
Series 2016-C03, Class 1B
13.71% (LIBOR 1 Month + 11.75%), 10/25/28 (l)		374		533,910
Series 2016-C03, Class 2B
14.71% (LIBOR 1 Month + 12.75%), 10/25/28 (l)		632		917,069
Series 2016-C03, Class 2M2
7.86% (LIBOR 1 Month + 5.90%), 10/25/28 (l)		3,707		4,328,967
Series 2016-C04, Class 1B
12.21% (LIBOR 1 Month + 10.25%), 1/25/29 (l)		1,493		1,978,545
Series 2016-C05, Class 2B
12.841% (LIBOR 1 Month + 10.75%), 1/25/29 (l)		1,822		2,403,584
Series 2016-C05, Class 2M2
6.41% (LIBOR 1 Month + 4.45%), 1/25/29 (l)		1,486		1,655,150


	Principal Amount (000)		U.S. $ Value
Series 2016-C06, Class 1B
11.21% (LIBOR 1 Month + 9.25%), 4/25/29 (l)	U.S.$	1,288	$	1,610,969
Series 2016-C07, Class 2B
11.46% (LIBOR 1 Month + 9.50%), 5/25/29 (l)		1,561		1,916,700
Series 2016-C07, Class 2M2
6.31% (LIBOR 1 Month + 4.35%), 5/25/29 (l)		918		1,021,218
Series 2017-C01, Class 1B1
7.71% (LIBOR 1 Month + 5.75%), 7/25/29 (l)		148		176,583
Series 2017-C02, Class 2M2
5.61% (LIBOR 1 Month + 3.65%), 9/25/29 (l)		1,152		1,255,914
JP Morgan Madison Avenue Securities Trust
Series 2015-CH1, Class M2
7.46% (LIBOR 1 Month + 5.50%), 10/25/25 (a)(l)		1,431		1,594,181
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 2M2
7.46% (LIBOR 1 Month + 5.50%), 11/25/25 (i)(l)		614		716,722

				106,324,722

Non-Agency Fixed Rate - 1.1%
Alternative Loan Trust
Series 2006-24CB, Class A15
5.75%, 6/25/36		874		742,837
Series 2006-42, Class 1A6
6.00%, 1/25/47		717		599,065
Series 2006-HY12, Class A5
3.446%, 8/25/36		1,461		1,495,963
Series 2006-J1, Class 1A10
5.50%, 2/25/36		1,258		1,141,829
Series 2006-J5, Class 1A1
6.50%, 9/25/36		931		753,585
Series 2007-13, Class A2
6.00%, 6/25/47		1,180		1,004,576
Bear Stearns ARM Trust
Series 2007-3, Class 1A1
3.944%, 5/25/47		234		210,172
Series 2007-4, Class 22A1
3.64%, 6/25/47		852		780,608
BNPP Mortgage Securities LLC Trust
Series 2009-1, Class B1
6.00%, 8/27/37 (a)		809		649,467
ChaseFlex Trust
Series 2007-1, Class 1A3
6.50%, 2/25/37		574		380,417
Citigroup Mortgage Loan Trust
Series 2007-AR4, Class 1A1A
3.81%, 3/25/37		176		171,125
Series 2010-3, Class 2A2
6.00%, 8/25/37 (a)		379		308,294


	Principal Amount (000)		U.S. $ Value
CitiMortgage Alternative Loan Trust
Series 2007-A3, Class 1A4
5.75%, 3/25/37	U.S.$	1,000	$	963,979
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2007-HY4, Class 1A1
3.473%, 9/25/47		273		255,255
Credit Suisse Mortgage Trust
Series 2009-8R, Class 6A2
6.00%, 1/26/38 (a)		117		93,587
CSMC Mortgage-Backed Trust
Series 2006-7, Class 3A12
6.25%, 8/25/36		361		294,902
Residential Accredit Loans, Inc. Trust
Series 2005-QS14, Class 3A1
6.00%, 9/25/35		513		490,148
Residential Asset Securitization Trust
Series 2006-A8, Class 3A4
6.00%, 8/25/36		205		174,073
Washington Mutual Mortgage Pass-Through Certificates Trust
Series 2006-9, Class A4
4.769%, 10/25/36		1,585		775,115
Wells Fargo Mortgage Backed Securities Trust
Series 2007-AR7, Class A1
3.72%, 12/28/37		1,239		1,203,981

				12,488,978

Non-Agency Floating Rate - 1.0%
Alternative Loan Trust
Series 2007-7T2, Class A3
2.56% (LIBOR 1 Month + 0.60%), 4/25/37 (l)		2,739		1,255,587
Citigroup Mortgage Loan Trust
Series 2005-8, Class 2A2
2.84% (4.80% - LIBOR 1 Month), 9/25/35 (l)(q)		458		17,822
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2007-13, Class A7
2.56% (LIBOR 1 Month + 0.60%), 8/25/37 (l)		613		444,388
First Horizon Alternative Mortgage Securities Trust
Series 2007-FA2, Class 1A6
3.59% (5.55% - LIBOR 1 Month), 4/25/37 (l)(q)		120		15,138
Series 2007-FA2, Class 1A10
2.21% (LIBOR 1 Month + 0.25%), 4/25/37 (l)		356		193,856
Lehman XS Trust
Series 2007-10H, Class 2AIO
5.093% (7.00% - LIBOR 1 Month), 7/25/37 (l)(q)		369		52,349


	Principal Amount (000)		U.S. $ Value
Residential Accredit Loans, Inc. Trust
Series 2006-QS18, Class 2A2
4.59% (6.55% - LIBOR 1 Month), 12/25/36 (l)(q)	U.S.$	4,330	$	714,375
Structured Asset Mortgage Investments II Trust
Series 2007-AR6, Class A1
3.058% (12MTA + 1.50%), 8/25/47 (l)		1,513		1,417,574
Wachovia Mortgage Loan Trust
Series 2006-ALT1, Class A2
2.14% (LIBOR 1 Month + 0.18%), 1/25/37 (l)		10,181		7,038,978

				11,150,067

Total Collateralized Mortgage Obligations (cost $115,074,804)				129,963,767

EMERGING MARKETS - SOVEREIGNS - 6.6%
Angola - 0.2%
Angolan Government International Bond
9.50%, 11/12/25 (a)		1,782		1,940,153
Republic of Angola Via Northern Lights III BV
7.00%, 8/17/19 (a)		427		429,323

				2,369,476

Argentina - 1.0%
Argentine Republic Government International Bond
6.875%, 4/22/21-1/26/27		8,638		7,819,910
7.50%, 4/22/26		150		138,525
7.82%, 12/31/33	EUR	2,586		3,008,344

				10,966,779

Bahrain - 0.1%
Bahrain Government International Bond
6.75%, 9/20/29 (a)	U.S.$	528		462,000
7.00%, 10/12/28 (a)		1,253		1,121,435

				1,583,435

Belarus - 0.0%
Republic of Belarus International Bond
6.875%, 2/28/23 (a)		245		252,963

Cameroon - 0.1%
Republic of Cameroon International Bond
9.50%, 11/19/25 (a)		1,222		1,281,572

Costa Rica - 0.1%
Costa Rica Government International Bond
4.37%, 5/22/19 (a)		858		855,597


	Principal Amount (000)		U.S. $ Value
Dominican Republic - 0.8%
Dominican Republic International Bond
5.95%, 1/25/27 (a)	U.S.$	1,553	$	1,552,262
7.45%, 4/30/44 (a)		1,283		1,353,565
8.625%, 4/20/27 (a)		5,719		6,428,414

				9,334,241

Ecuador - 0.1%
Ecuador Government International Bond
7.95%, 6/20/24 (a)		667		590,295
10.50%, 3/24/20 (a)		1,069		1,091,858

				1,682,153

Egypt - 0.3%
Egypt Government International Bond
6.125%, 1/31/22 (a)		3,009		2,952,581

El Salvador - 0.1%
El Salvador Government International Bond
5.875%, 1/30/25 (a)		592		552,780
7.625%, 9/21/34 (a)		762		764,252
7.75%, 1/24/23 (a)		339		355,950

				1,672,982

Gabon - 0.2%
Gabon Government International Bond
6.375%, 12/12/24 (a)		2,052		1,852,304
6.95%, 6/16/25 (a)		1,050		945,000

				2,797,304

Ghana - 0.2%
Ghana Government International Bond
7.625%, 5/16/29 (a)		1,840		1,794,000

Honduras - 0.1%
Honduras Government International Bond
6.25%, 1/19/27 (a)		1,018		1,020,611

Iraq - 0.1%
Iraq International Bond
5.80%, 1/15/28 (a)		264		235,620
6.752%, 3/09/23 (a)		402		383,408

				619,028

Ivory Coast - 0.5%
Ivory Coast Government International Bond
5.125%, 6/15/25 (a)	EUR	168		196,946
5.75%, 12/31/32 (a)	U.S.$	1,778		1,642,007
6.125%, 6/15/33 (a)		1,322		1,161,774
6.375%, 3/03/28 (a)		2,678		2,520,667
6.625%, 3/22/48 (a)	EUR	331		363,349

				5,884,743


	Principal Amount (000)		U.S. $ Value
Jamaica - 0.2%
Jamaica Government International Bond
7.625%, 7/09/25	U.S.$	506	$	572,412
7.875%, 7/28/45		1,240		1,387,250

				1,959,662

Jordan - 0.1%
Jordan Government International Bond
5.75%, 1/31/27 (a)		634		588,035

Kenya - 0.1%
Kenya Government International Bond
5.875%, 6/24/19 (a)		702		703,755
7.25%, 2/28/28 (a)		649		621,417

				1,325,172

Lebanon - 0.1%
Lebanon Government International Bond
Series E
5.15%, 11/12/18 (a)		780		776,100

Mongolia - 0.2%
Mongolia Government International Bond
5.125%, 12/05/22 (a)		2,426		2,268,310

Nigeria - 0.1%
Nigeria Government International Bond
6.375%, 7/12/23 (a)		740		731,675
6.50%, 11/28/27 (a)		388		359,870
7.875%, 2/16/32 (a)		489		478,609

				1,570,154

Senegal - 0.1%
Senegal Government International Bond
6.25%, 5/23/33 (a)(b)		593		526,287
8.75%, 5/13/21 (a)		310		333,638

				859,925

Sri Lanka - 0.1%
Sri Lanka Government International Bond
6.00%, 1/14/19 (a)		799		800,997
6.125%, 6/03/25 (a)		350		327,250
6.20%, 5/11/27 (a)		685		625,063

				1,753,310

Turkey - 0.8%
Turkey Government International Bond
4.875%, 10/09/26-4/16/43		4,986		4,019,320
5.625%, 3/30/21		2,600		2,587,000
6.00%, 3/25/27		2,182		2,045,625

				8,651,945


	Principal Amount (000)		U.S. $ Value
Ukraine - 0.5%
Ukraine Government International Bond
7.75%, 9/01/22-9/01/24 (a)	U.S.$	5,627	$	5,400,296

Venezuela - 0.2%
Venezuela Government International Bond
9.25%, 9/15/27 (h)(m)		7,978		2,253,785
9.25%, 5/07/28 (a)(h)(m)		300		81,000

				2,334,785

Zambia - 0.2%
Zambia Government International Bond
8.50%, 4/14/24 (a)		1,846		1,633,710
8.97%, 7/30/27 (a)		864		762,480

				2,396,190

Total Emerging Markets - Sovereigns (cost $80,698,379)				74,951,349

CORPORATES - INVESTMENT GRADE - 6.4%
Financial Institutions - 3.8%
Banking - 1.7%
ABN AMRO Bank NV
Series E
6.25%, 4/27/22 (a)		292		313,713
Bank of America Corp.
Series DD
6.30%, 3/10/26 (n)		3,043		3,217,772
Series FF
5.875%, 3/15/28 (n)		14		13,705
Series Z
6.50%, 10/23/24 (n)		57		60,500
BNP Paribas SA
6.75%, 3/14/22 (a)(n)		418		415,461
7.625%, 3/30/21 (a)(n)		406		423,926
BPCE SA
5.70%, 10/22/23 (a)		208		217,797
Citigroup, Inc.
4.40%, 6/10/25		105		104,604
Danske Bank A/S
6.125%, 3/28/24 (a)(n)		265		250,457
Series E
5.875%, 4/06/22 (a)(n)	EUR	1,096		1,393,640
DNB Bank ASA
6.50%, 3/26/22 (a)(n)	U.S.$	1,555		1,588,632
HSBC Holdings PLC
6.00%, 9/29/23 (a)(n)	EUR	2,312		3,027,323
Series E
4.75%, 7/04/29 (a)(n)		436		502,796
ICICI Bank Ltd./Dubai
4.80%, 5/22/19 (a)	U.S.$	1,337		1,353,458
Intesa Sanpaolo SpA
2.75%, 3/20/20 (a)	EUR	482		581,219
4.00%, 5/20/19 (a)	U.S.$	470		565,371


	Principal Amount (000)		U.S. $ Value
JPMorgan Chase & Co.
Series V
5.00%, 7/01/19 (n)	U.S.$	210	$	210,549
Nationwide Building Society
4.302%, 3/08/29 (a)		1,500		1,445,421
Regions Bank/Birmingham AL
6.45%, 6/26/37		1,500		1,780,189
Santander Holdings USA, Inc.
4.40%, 7/13/27		1,090		1,042,976
Zions Bancorporation
5.65%, 11/15/23		508		506,329

				19,015,838

Brokerage - 0.1%
GFI Group, Inc.
8.375%, 7/19/18		991		990,513

Insurance - 1.8%
Aegon NV
5.50%, 4/11/48		757		724,469
Allstate Corp. (The)
6.50%, 5/15/57		1,657		1,864,408
American International Group, Inc.
6.82%, 11/15/37		1,425		1,730,852
Series A-9
5.75%, 4/01/48		616		604,313
Aon Corp.
8.205%, 1/01/27		690		849,317
Assicurazioni Generali SpA
Series E
5.50%, 10/27/47 (a)	EUR	1,500		1,855,539
Aviva PLC
3.875%, 7/03/44 (a)		1,590		1,969,244
CNP Assurances
4.50%, 6/10/47 (a)		1,500		1,876,822
Groupama SA
6.00%, 1/23/27		1,400		1,942,632
MetLife, Inc.
10.75%, 8/01/39	U.S.$	2,350		3,636,625
Prudential Financial, Inc.
5.625%, 6/15/43		832		863,882
5.875%, 9/15/42		593		628,720
SCOR SE
3.00%, 6/08/46 (a)	EUR	200		236,855
Transatlantic Holdings, Inc.
8.00%, 11/30/39	U.S.$	1,261		1,717,042

				20,500,720

REITS - 0.2%
EPR Properties
5.75%, 8/15/22		915		959,565
Senior Housing Properties Trust
6.75%, 12/15/21		1,350		1,446,539


	Principal Amount (000)		U.S. $ Value
Spirit Realty LP
4.45%, 9/15/26	U.S.$	193	$	185,828

				2,591,932

				43,099,003

Industrial - 2.6%
Basic - 0.7%
Anglo American Capital PLC
3.625%, 9/11/24 (a)		200		189,455
4.75%, 4/10/27 (a)		637		627,751
ArcelorMittal
7.00%, 3/01/41		546		616,660
7.25%, 10/15/39		978		1,121,135
Braskem Finance Ltd.
6.45%, 2/03/24		1,972		2,073,065
Fresnillo PLC
5.50%, 11/13/23 (a)		306		315,754
Georgia-Pacific LLC
8.875%, 5/15/31		1		1,461
Glencore Finance Canada Ltd.
6.00%, 11/15/41 (a)		272		283,804
Glencore Funding LLC
4.625%, 4/29/24 (a)		341		343,158
Minsur SA
6.25%, 2/07/24 (a)		891		931,858
WestRock MWV LLC
7.95%, 2/15/31		1,000		1,304,610

				7,808,711

Capital Goods - 0.3%
General Electric Co.
Series D
5.00%, 1/21/21 (n)		1,681		1,659,734
Lafarge SA
7.125%, 7/15/36		800		1,000,228
Masco Corp.
5.95%, 3/15/22		308		329,667

				2,989,629

Communications - Media - 0.1%
Charter Communications Operating LLC/Charter Communications Operating Capital
4.908%, 7/23/25		1,195		1,206,693
Cox Communications, Inc.
4.50%, 6/30/43 (a)		135		114,893
4.70%, 12/15/42 (a)		259		226,932

				1,548,518

Communications - Telecommunications - 0.2%
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
4.738%, 3/20/25 (a)		1,340		1,330,671
5.152%, 3/20/28 (a)		1,340		1,310,001

				2,640,672


	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Automotive - 0.1%
General Motors Co.
5.20%, 4/01/45	U.S.$	337	$	310,892
5.40%, 4/01/48 (b)		431		409,814
6.25%, 10/02/43		116		120,278
6.75%, 4/01/46		456		502,388

				1,343,372

Consumer Cyclical - Other - 0.1%
Owens Corning
7.00%, 12/01/36		777		900,573

Consumer Non - Cyclical - 0.2%
CVS Health Corp.
4.78%, 3/25/38		2,140		2,113,096

Energy - 0.4%
Cenovus Energy, Inc.
4.45%, 9/15/42		822		707,328
6.75%, 11/15/39		67		73,722
Ecopetrol SA
5.875%, 5/28/45		1,271		1,207,450
Energy Transfer Partners LP/Regency Energy Finance Corp.
4.50%, 11/01/23		546		550,825
Kinder Morgan, Inc./DE
Series G
7.75%, 1/15/32		328		398,256
7.80%, 8/01/31		1,066		1,293,722
Williams Partners LP
5.10%, 9/15/45		876		865,150

				5,096,453

Services - 0.1%
Verisk Analytics, Inc.
5.50%, 6/15/45		636		653,084

Technology - 0.4%
Dell International LLC/EMC Corp.
6.02%, 6/15/26 (a)		1,318		1,384,982
8.35%, 7/15/46 (a)		524		632,253
Seagate HDD Cayman
4.75%, 1/01/25		1,948		1,868,718
4.875%, 6/01/27		1,082		1,005,644

				4,891,597

Transportation - Airlines - 0.0%
America West Airlines Pass Through Trust
Series 1999-1G, Class G
7.93%, 1/02/19		198		203,829


	Principal Amount (000)		U.S. $ Value
Northwest Airlines Pass Through Trust
Series 2000-1, Class G
7.15%, 10/01/19 (d)	U.S.$	178	$	182,103

				385,932

				30,371,637

Total Corporates - Investment Grade (cost $67,967,070)				73,470,640

EMERGING MARKETS - TREASURIES - 4.5%
Argentina - 0.8%
Argentina POM Politica Monetaria
Series POM
32.223% (ARPP7DRR), 6/21/20 (l)	ARS	13,054		460,874
Argentine Bonos del Tesoro
15.50%, 10/17/26		34,006		1,043,623
16.00%, 10/17/23		85,595		2,623,787
18.20%, 10/03/21		110,859		3,276,862
21.20%, 9/19/18		51,130		1,694,006

				9,099,152

Brazil - 1.9%
Brazil Notas do Tesouro Nacional
Series F
10.00%, 1/01/27	BRL	91,946		21,684,089

Dominican Republic - 0.3%
Dominican Republic International Bond
16.00%, 7/10/20 (i)	DOP	137,500		3,155,431

South Africa - 0.2%
Republic of South Africa Government Bond
Series R186
10.50%, 12/21/26	ZAR	24,137		1,930,710
Series R204
8.00%, 12/21/18		10,750		787,918

				2,718,628

Sri Lanka - 0.5%
Sri Lanka Government Bonds
10.25%, 3/15/25	LKR	113,000		703,332
Series A
11.50%, 12/15/21-5/15/23		603,000		3,961,675
11.75%, 6/15/27		105,000		700,497

				5,365,504

Turkey - 0.8%
Turkey Government Bond
10.60%, 2/11/26	TRY	4,718		770,229
11.00%, 2/24/27		11,736		1,926,207
11.10%, 5/15/19		31,033		6,369,214

				9,065,650

Total Emerging Markets - Treasuries (cost $71,904,604)				51,088,454


	Principal Amount (000)		U.S. $ Value
EMERGING MARKETS - CORPORATE BONDS - 4.4%
Industrial - 3.9%
Basic - 0.9%
Consolidated Energy Finance SA
6.875%, 6/15/25 (a)	U.S.$	949	$	967,037
Elementia SAB de CV
5.50%, 1/15/25 (a)		469		443,346
First Quantum Minerals Ltd.
6.875%, 3/01/26 (a)		1,077		1,032,567
7.00%, 2/15/21 (a)		199		201,196
7.25%, 5/15/22-4/01/23 (a)		2,444		2,454,631
7.50%, 4/01/25 (a)		553		545,974
Lundin Mining Corp.
7.875%, 11/01/22 (a)		837		878,814
Stillwater Mining Co.
6.125%, 6/27/22 (a)		1,380		1,229,022
7.125%, 6/27/25 (a)		964		851,818
Vedanta Resources PLC
6.375%, 7/30/22 (a)		2,182		2,062,383

				10,666,788

Capital Goods - 0.2%
CIMPOR Financial Operations BV
5.75%, 7/17/24 (a)		1,491		1,186,687
Odebrecht Finance Ltd.
4.375%, 4/25/25 (a)		349		120,405
5.25%, 6/27/29 (a)		1,070		365,559
7.125%, 6/26/42 (a)		2,665		943,710

				2,616,361

Communications - Telecommunications - 0.4%
Comunicaciones Celulares SA Via Comcel Trust
6.875%, 2/06/24 (a)		986		1,013,115
Digicel Group Ltd.
7.125%, 4/01/22 (a)		448		291,760
8.25%, 9/30/20 (a)		587		443,185
Digicel Ltd.
6.00%, 4/15/21 (a)		1,356		1,227,180
6.75%, 3/01/23 (a)		1,095		908,850
Millicom International Cellular SA
5.125%, 1/15/28 (a)		479		438,711
MTN Mauritius Investment Ltd.
6.50%, 10/13/26 (a)		780		780,000

				5,102,801

Consumer Cyclical - Other - 0.2%
Servicios Corporativos Javer SAB de CV
9.875%, 4/06/21 (a)		491		494,422


	Principal Amount (000)		U.S. $ Value
Studio City Co., Ltd.
5.875%, 11/30/19 (a)	U.S.$	737	$	744,370
Wynn Macau Ltd.
4.875%, 10/01/24 (a)		286		273,778
5.50%, 10/01/27 (a)		547		523,241

				2,035,811

Consumer Cyclical - Retailers - 0.1%
K2016470219 South Africa Ltd.
3.00%, 12/31/22 (c)(f)(i)		962		19,628
K2016470260 South Africa Ltd.
25.00%, 12/31/22 (c)(f)(i)		267		80,129
Prime Bloom Holdings Ltd.
7.50%, 12/19/19 (a)		560		504,000

				603,757

Consumer Non-Cyclical - 0.9%
BRF GmbH
4.35%, 9/29/26 (a)		539		447,980
Central American Bottling Corp.
5.75%, 1/31/27 (a)		928		919,880
Cosan Ltd.
5.95%, 9/20/24 (a)		430		401,128
MARB BondCo PLC
6.875%, 1/19/25 (a)		1,430		1,362,899
Marfrig Holdings Europe BV
8.00%, 6/08/23 (a)		1,220		1,235,250
Minerva Luxembourg SA
5.875%, 1/19/28 (a)		200		174,430
6.50%, 9/20/26 (a)		1,098		1,003,627
Natura Cosmeticos SA
5.375%, 2/01/23 (a)		817		781,416
Rede D’or Finance SARL
4.95%, 1/17/28 (a)		576		512,640
Teva Pharmaceutical Finance Netherlands II BV
1.25%, 3/31/23 (a)	EUR	247		260,678
Teva Pharmaceutical Finance Netherlands III BV
2.80%, 7/21/23	U.S.$	375		323,312
3.15%, 10/01/26		1,123		897,052
6.00%, 4/15/24 (a)(b)		315		314,277
6.75%, 3/01/28 (b)		315		321,394
Tonon Luxembourg SA
7.25%, 1/24/20 (c)(f)(h)(i)(m)		1,626		79,140
USJ Acucar e Alcool SA
9.875%, 11/09/21 (a)(f)		604		488,122
Virgolino de Oliveira Finance SA
10.50%, 1/28/18 (c)(g)(h)(i)		4,090		215,542
10.875%, 1/13/20 (h)(i)(m)		480		132,000
11.75%, 2/09/22 (h)(i)(m)		1,620		81,081

				9,951,848


	Principal Amount (000)		U.S. $ Value
Energy - 0.9%
Azure Power Energy Ltd.
5.50%, 11/03/22 (a)	U.S.$	788	$	720,035
CHC Group LLC/CHC Finance Ltd.
Series AI
Zero Coupon, 10/01/20 (j)		2,948		2,948,211
Medco Platinum Road Pte Ltd.
6.75%, 1/30/25 (a)		860		760,025
Petrobras Global Finance BV
6.125%, 1/17/22		33		33,611
6.25%, 3/17/24		4,558		4,513,559
6.85%, 6/05/15 (r)		307		254,503
YPF SA
6.95%, 7/21/27 (a)		902		772,338
16.50%, 5/09/22 (a)	ARS	17,395		439,950

				10,442,232