AWF AllianceBernstein Global High Income Fund Inc

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT 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)

 

 

66 Hudson Boulevard East, New York, New York 10005

(Address of principal executive offices) (Zip code)

 

 

Stephen M. Woetzel

AllianceBernstein L.P.

66 Hudson Boulevard East

New York, New York 10005

(Name and address of agent for service)

 

 

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

Date of fiscal year end: March 31, 2025

Date of reporting period: September 30, 2024

 

 

 

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ITEM 1. REPORTS TO STOCKHOLDERS.

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SEP^09.30.24

SEMI-ANNUAL REPORT

ALLIANCEBERNSTEIN

GLOBAL HIGH INCOME FUND

(NYSE: AWF)

 

 

 

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Investment Products Offered		•  Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com, or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. AB publishes full portfolio holdings for the Fund monthly at www.abfunds.com.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

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FROM THE PRESIDENT

Dear Shareholder,

We’re pleased to provide this report for AllianceBernstein Global High Income Fund, Inc. (the “Fund”). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund’s investment strategy.

At AB, we’re striving to help our clients achieve better outcomes by:

 

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Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

 

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Applying differentiated investment insights through a connected global research network

 

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Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

Whether you’re an individual investor or a multibillion-dollar institution, we’re putting our knowledge and experience to work for you every day.

For more information about AB’s comprehensive range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in AB mutual funds—and for placing your trust in our firm.

Sincerely,

 

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

 

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SEMI-ANNUAL REPORT

 

October 31, 2024

This report provides management’s discussion of fund performance for AllianceBernstein Global High Income Fund, Inc. for the semi-annual reporting period ended September 30, 2024. The Fund is a closed-end fund and its shares of common stock trade on the New York Stock Exchange.

The Fund seeks high current income and, secondarily, capital appreciation.

RETURNS AS OF SEPTEMBER 30, 2024 (unaudited)

 

		6 Months				12 Months
ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND (NAV)			6.14%				17.70%
Primary Benchmark: Bloomberg Global High Yield Index (USD hedged)			6.75%				18.04%
Blended Benchmark: 33% JPM GBI-EM / 33% JPM EMBI Global / 33% Bloomberg US Corporate HY 2% Issuer Capped Index			6.24%				15.02%

The Fund’s market price per share on September 30, 2024, was $11.34. The Fund’s NAV per share on September 30, 2024, was $11.47. For additional financial highlights, please see pages 97-98.

INVESTMENT RESULTS

The table above shows the Fund’s performance compared with its primary benchmark, the Bloomberg Global High Yield Index (USD hedged), as well as its blended benchmark for the six- and 12-month periods ended September 30, 2024. The blended benchmark is composed of equal weightings of the JPMorgan Government Bond Index-Emerging Markets (“JPM GBI-EM”) (local currency-denominated), the JPMorgan Emerging Markets Bond Index Global (“JPM EMBI Global”) and the Bloomberg US Corporate High Yield (“HY”) 2% Issuer Capped Index.

During the six-month period, the Fund underperformed the primary and blended benchmarks. Sector allocation was the largest detractor to relative performance, as losses from off-benchmark exposure to US investment-grade corporates and bank loans, along with an underweight to emerging-market sovereigns were greater than gains from off-benchmark exposure to collateralized loan obligations. Currency decisions also detracted, mostly from a short position in the euro. Yield-curve positioning in the US contributed to relative performance, from an overweight to the six-month part of the curve that was partially offset by an overweight to the two-year part of the curve and an underweight to the 20-year part of the curve. Country allocation also contributed, mainly due to an underweight to the eurozone and an overweight to the US. Security selection

 

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added to performance, primarily from security selection in US investment-grade and high-yield corporate bonds.

Over the 12-month period, the Fund underperformed the primary benchmark and outperformed the blended benchmark. Security selection added the most to relative outperformance, mainly due to selections in US investment-grade corporates, and US and eurozone high-yield corporate bonds. Country allocation contributed from an underweight to the eurozone and an overweight to the US. Yield-curve positioning also contributed to results, mainly from an overweight to the six-month part of the US curve that was partially offset by losses from an overweight to the two-year part of the curve and an underweight to the 20-year part of the US curve, in addition to a positive contribution from overall yield-curve positioning in the eurozone. Sector allocation was the largest detractor to performance, mostly from an underweight to emerging-market sovereigns and off-benchmark exposure to US investment-grade corporates that were partially offset by net exposure to high-yield credit default swaps. Among currencies, a short position in the euro also detracted.

During the six-month period, the Fund used interest rate swaps and futures to manage and hedge duration risk and/or take active yield-curve-positioning. Currency forwards were used to hedge foreign currency exposure and to take active currency risk. Credit default swaps were also utilized to effectively obtain high-yield credit/sector exposure.

During the six-month period, the utilization of leverage on behalf of the Fund contributed positively to performance.

MARKET REVIEW AND INVESTMENT STRATEGY

Over the six-month period ending September 30, 2024, fixed-income government bond market yields were volatile as investors adjusted their expectations for inflation, economic growth, and central bank decisions. Global developed-market yields rose and peaked in late April, then fell sharply to end the period, as investors were encouraged about lower inflation and the monetary easing paths of major central banks for the remainder of this year and into 2025. Several major central banks began to lower short-term interest rates, including the Fed. Government bond returns rose in aggregate and in all developed countries during the period—rising the most in South Korea, Switzerland, Sweden and Canada, and advancing the least in the UK, Japan and France. Overall, developed-market investment-grade corporate bonds rose and outperformed government bonds, as corporates outperformed Treasuries in the US and eurozone. Developed-market high-yield corporate bonds advanced and outperformed Treasury markets, particularly in the US and eurozone. Emerging-market hard-currency sovereign bonds significantly outperformed developed-market treasuries, mainly due to the strong performance of high-yield sovereigns. Emerging-market hard-currency

 

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corporate bonds overall also had solid results, driven by high-yield corporates. Emerging-market local-currency bonds outperformed other credit risk sectors by a wide margin as the US dollar fell against all major developed-market currencies and was mixed against emerging-market currencies during the period.

The Fund’s Investment Management Team (the “Team”) seeks to generate high current income and, secondarily, capital appreciation. The Fund is a globally diversified portfolio that takes full advantage of the Team’s best research ideas by pursuing high-income opportunities across all fixed-income sectors. The Fund invests primarily (and without limit) in corporate debt securities from US and non-US issuers, as well as government bonds from both developing and developed countries, including the US. Under normal market conditions, the Fund invests substantially in lower-rated bonds, but may also invest in investment-grade and unrated debt securities.

INVESTMENT POLICIES

The Fund invests without limit in securities denominated in non-US currencies as well as those denominated in the US dollar. The Fund may also invest, without limit, in sovereign debt securities issued by emerging and developed nations and in debt securities of US and non-US corporate issuers. For more information regarding the Fund’s risks, please see “Disclosures and Risks” on pages 5-8 and “Note E—Risks Involved in Investing in the Fund” of the Notes to Financial Statements on pages 75-96.

 

 

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DISCLOSURES AND RISKS

 

AllianceBernstein Global High Income Fund

Shareholder Information

Weekly comparative net asset value (“NAV”) and market price information about the Fund is published each Saturday in Barron’s and in other newspapers in a table called “Closed-End Funds.” Daily NAV and market price information, and additional information regarding the Fund, is available at www.abfunds.com and www.nyse.com. For additional shareholder information regarding this Fund, please see pages 99-100.

Benchmark Disclosure

All indices are unmanaged and do not reflect fees and expenses associated with the active management of a fund portfolio. The Bloomberg Global High Yield Index (USD hedged) represents non-investment grade fixed-income securities of companies in the US, and developed and emerging markets, hedged to the US dollar. The JPM^® GBI-EM represents the performance of local currency government bonds issued by emerging markets. The JPM EMBI Global (market-capitalization weighted) represents the performance of US dollar-denominated Brady bonds, Eurobonds and trade loans issued by sovereign and quasi-sovereign entities. The Bloomberg US Corporate HY 2% Issuer Capped Index is the 2% Issuer Capped component of the US Corporate High Yield Index, which represents the performance of fixed-income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million and at least one year to maturity. An investor cannot invest directly in an index, and its results are not indicative of the performance of any specific investment, including the Fund.

A Word About Risk

Market Risk: The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, including fires, earthquakes and flooding, war or civil disturbance, acts of terrorism, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have had, and may in the future have, an adverse effect on the

 

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DISCLOSURES AND RISKS (continued)

 

Fund’s investments and net asset value and can lead to increased market volatility. For example, the diseases or events themselves or any preventative or protective actions that governments may take in respect of such diseases or events may result in periods of business disruption, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the Fund’s portfolio companies. The occurrence and pendency of such diseases or events could adversely affect the economies and financial markets either in specific countries or worldwide.

Interest-Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effect of potential central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

Credit Risk: An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

Below Investment-Grade Securities Risk: Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) are subject to a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments and negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

Duration Risk: Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

Inflation Risk: This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of

 

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DISCLOSURES AND RISKS (continued)

 

money. As inflation increases, the value of the Fund’s assets can decline as can the value of the Fund’s distributions. This risk is significantly greater for fixed-income securities with longer maturities.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Emerging-Market Risk: Investments in emerging-market countries may have more risk because the markets are less developed and less liquid and are subject to increased economic, political, regulatory or other uncertainties.

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.

Leverage Risk: As a result of the Fund’s use of leveraging techniques, its NAV may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Fund’s investments.

Derivatives Risk: Investments in derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, which could cause the Fund to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.

Illiquid Investments Risk: Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes, large positions and heavy redemptions of Fund shares. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally decline.

Management Risk: The Fund is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models,

 

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DISCLOSURES AND RISKS (continued)

 

but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

Mortgage-Related and/or Other Asset-Backed Securities Risk: The Fund may invest in mortgage-backed and/or other asset-backed securities, including securities backed by mortgages and assets with an international or emerging-markets origination and securities backed by non-performing loans at the time of investment. Investments in mortgage-related and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include “extension risk”, which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and “prepayment risk”, which is the risk that, in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Fund to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by nongovernmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities.

As with all investments, you may lose money by investing in the Fund.

An Important Note About Historical Performance

The performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. All fees and expenses related to the operation of the Fund have been deducted. Performance assumes reinvestment of distributions and does not account for taxes. Historical performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the sale of fund shares and assumes the reinvestment of dividends and capital gains distributions at prices obtained pursuant to the Fund’s dividend reinvestment plan.

 

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HISTORICAL PERFORMANCE

 

AVERAGE ANNUAL RETURNS AS OF SEPTEMBER 30, 2024 (unaudited)

 

		NAV Returns				Market Price
1 Year			17.70%				26.32%
5 Years			4.96%				6.69%
10 Years			5.49%				6.34%

AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

SEPTEMBER 30, 2024 (unaudited)

 

		NAV Returns				Market Price
1 Year			17.70%				26.32%
5 Years			4.96%				6.69%
10 Years			5.49%				6.34%

Performance assumes the reinvestment of dividends and capital gains distributions at prices obtained pursuant to the Fund’s dividend reinvestment plan.

 

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PORTFOLIO SUMMARY

September 30, 2024 (unaudited)

 

PORTFOLIO STATISTICS

Net Assets ($mil): $989.3

 

 

 

 

 

 

 

 

 

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The Fund’s security type breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” security type weightings represent 0.2% or less in the following: Common Stocks, Governments–Sovereign Agencies, Inflation-Linked Securities, Preferred Stocks and Rights.

 

2

The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 0.8% or less in the following: Angola, Argentina, Australia, Azerbaijan, China, Czech Republic, Dominican Republic, Egypt, El Salvador, Finland, Guatemala, Hong Kong, Indonesia, Ireland, Israel, Jamaica, Japan, Jersey (Channel Islands), Kazakhstan, Kuwait, Macau, Malaysia, Morocco, Netherlands, Nigeria, Norway, Panama, Peru, Puerto Rico, Romania, Slovenia, South Africa, Switzerland, Turkey, Ukraine, United Republic of Tanzania and Zambia.

 

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PORTFOLIO OF INVESTMENTS

September 30, 2024 (unaudited)

 

						Principal Amount (000)				U.S. $ Value
CORPORATES - NON-INVESTMENT GRADE – 62.3%
Industrial – 54.3%
Basic – 4.6%
Advanced Drainage Systems, Inc. 5.00%, 09/30/2027(a)(b)			U.S.$				140			$	138,316
6.375%, 06/15/2030(b)							389				397,226
Alcoa Nederland Holding BV 5.50%, 12/15/2027(b)							466				467,455
7.125%, 03/15/2031(b)							845				899,592
ASP Unifrax Holdings, Inc. 5.25%, 09/30/2028(b)							2,382				1,192,493
7.50%, 09/30/2029(c)(d)							1,244				553,972
11.175%, 09/30/2029(b)(e)							2,834				2,820,005
Cleveland-Cliffs, Inc. 7.00%, 03/15/2032(b)							2,917				2,949,467
Clydesdale Acquisition Holdings, Inc. 6.625%, 04/15/2029(b)							384				387,806
6.875%, 01/15/2030(b)							85				86,989
Constellium SE 3.125%, 07/15/2029(b)			EUR				1,109				1,179,292
Crown Americas LLC/Crown Americas Capital Corp. VI 4.75%, 02/01/2026			U.S.$				484				482,359
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125%, 06/15/2028(b)							749				733,818
Domtar Corp. 6.75%, 10/01/2028(b)							404				370,267
Element Solutions, Inc. 3.875%, 09/01/2028(b)							2,215				2,110,861
ERP Iron Ore LLC 9.04%, 12/31/2019(e)(f)(g)(h)(i)							240				– 0	–
FMG Resources August 2006 Pty Ltd. 4.375%, 04/01/2031(b)							2,125				1,982,985
4.50%, 09/15/2027(b)							819				802,784
5.875%, 04/15/2030(b)							86				87,045
6.125%, 04/15/2032(b)							2,651				2,711,202
Graham Packaging Co., Inc. 7.125%, 08/15/2028(b)							681				674,271
Graphic Packaging International LLC 3.50%, 03/15/2028(b)							1,347				1,282,237
3.75%, 02/01/2030(b)							1,661				1,555,608
6.375%, 07/15/2032(b)							1,662				1,716,949
INEOS Finance PLC 6.375%, 04/15/2029(b)			EUR				1,160				1,333,965
7.50%, 04/15/2029(b)			U.S.$				848				878,460

 

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PORTFOLIO OF INVESTMENTS (continued)

 

				Principal Amount (000)				U.S. $ Value
INEOS Quattro Finance 2 PLC 8.50%, 03/15/2029(b)		EUR			1,726			$	2,031,751
9.625%, 03/15/2029(b)		U.S.$			548				586,474
INEOS Styrolution Ludwigshafen GmbH 2.25%, 01/16/2027(b)		EUR			104				111,863
Ingevity Corp. 3.875%, 11/01/2028(b)		U.S.$			495				464,182
Intelligent Packaging Holdco Issuer LP 9.00% (9.00% Cash or 9.75% PIK), 01/15/2026(b)(e)					611				610,585
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC 6.00%, 09/15/2028(b)					876				870,650
LABL, Inc. 5.875%, 11/01/2028(b)					547				512,880
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018(c)(f)(g)(h)(i)					2,857				– 0	–
Mercer International, Inc. 5.125%, 02/01/2029					37				31,540
Methanex Corp. 5.125%, 10/15/2027					443				438,214
Mineral Resources Ltd. 8.125%, 05/01/2027(b)					158				159,608
Olympus Water US Holding Corp. 9.75%, 11/15/2028(b)					1,750				1,868,847
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC 4.00%, 10/15/2027(b)					510				490,809
Reno de Medici SpA 8.48% (EURIBOR 3 Month + 5.00%), 04/15/2029(b)(j)		EUR			960				974,736
Roller Bearing Co. of America, Inc. 4.375%, 10/15/2029(b)		U.S.$			143				137,355
SCIL IV LLC/SCIL USA Holdings LLC 4.375%, 11/01/2026(b)		EUR			320				353,753
5.375%, 11/01/2026(b)		U.S.$			1,435				1,417,010
Sealed Air Corp./Sealed Air Corp. US 6.125%, 02/01/2028(b)					520				528,838
SNF Group SACA 3.125%, 03/15/2027(b)					655				623,036
3.375%, 03/15/2030(b)					951				857,735
SunCoke Energy, Inc. 4.875%, 06/30/2029(b)					414				376,004
Vallourec SACA 7.50%, 04/15/2032(b)					675				715,583
Vibrantz Technologies, Inc. 9.00%, 02/15/2030(b)					1,887				1,765,569

 

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PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
WR Grace Holdings LLC 4.875%, 06/15/2027(b)			U.S.$				1,686			$	1,661,291
											45,383,737
Capital Goods – 4.7%
Arcosa, Inc. 6.875%, 08/15/2032(b)							1,237				1,294,486
ARD Finance SA 5.00% (5.00% Cash or 5.75% PIK), 06/30/2027(b)(e)			EUR				3,069				691,579
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 4.00%, 09/01/2029(b)			U.S.$				985				879,295
6.00%, 06/15/2027(b)							1,156				1,164,705
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 2.125%, 08/15/2026(b)			EUR				1,442				1,387,373
4.125%, 08/15/2026(b)			U.S.$				555				500,047
Ball Corp. 2.875%, 08/15/2030							1,298				1,154,823
Bombardier, Inc. 6.00%, 02/15/2028(b)							17				17,105
7.25%, 07/01/2031(b)							862				912,351
7.50%, 02/01/2029(b)							2,002				2,117,383
7.875%, 04/15/2027(b)							599				600,652
8.75%, 11/15/2030(b)							1,295				1,421,998
Calderys Financing LLC 11.25%, 06/01/2028(b)							2,089				2,245,446
Camelot Return Merger Sub, Inc. 8.75%, 08/01/2028(b)							446				451,642
Clean Harbors, Inc. 4.875%, 07/15/2027(b)							457				450,630
Crown Americas LLC 5.25%, 04/01/2030							411				414,687
Dycom Industries, Inc. 4.50%, 04/15/2029(b)							391				377,504
Eco Material Technologies, Inc. 7.875%, 01/31/2027(b)							2,786				2,814,769
EnerSys 4.375%, 12/15/2027(b)							935				908,693
Enviri Corp. 5.75%, 07/31/2027(b)							1,384				1,356,741
Esab Corp. 6.25%, 04/15/2029(b)							654				672,539
F-Brasile SpA/F-Brasile US LLC Series XR 7.375%, 08/15/2026(b)							957				954,171

 

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PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
GFL Environmental, Inc. 6.75%, 01/15/2031(b)			U.S.$				523			$	548,783
Griffon Corp. 5.75%, 03/01/2028							1,079				1,064,191
LSB Industries, Inc. 6.25%, 10/15/2028(a)(b)							1,348				1,316,189
Madison IAQ LLC 5.875%, 06/30/2029(b)							359				349,795
Maxim Crane Works Holdings Capital LLC 11.50%, 09/01/2028(b)							340				360,548
MIWD Holdco II LLC/MIWD Finance Corp. 5.50%, 02/01/2030(b)							1,879				1,829,558
Moog, Inc. 4.25%, 12/15/2027(b)							395				384,152
Mueller Water Products, Inc. 4.00%, 06/15/2029(b)							291				277,540
Oscar AcquisitionCo LLC/Oscar Finance, Inc. 9.50%, 04/15/2030(b)							398				388,191
Paprec Holding SA 7.25%, 11/17/2029(b)			EUR				569				671,579
Silgan Holdings, Inc. 4.125%, 02/01/2028			U.S.$				384				374,538
Spirit AeroSystems, Inc. 9.375%, 11/30/2029(b)							502				544,828
Summit Materials LLC/Summit Materials Finance Corp. 7.25%, 01/15/2031(b)							470				497,964
Terex Corp. 5.00%, 05/15/2029(b)							389				379,501
TK Elevator Midco GmbH 4.375%, 07/15/2027(b)			EUR				585				645,120
TransDigm, Inc. 4.625%, 01/15/2029			U.S.$				290				280,326
4.875%, 05/01/2029							1,954				1,902,367
6.00%, 01/15/2033(b)							3,691				3,743,317
6.75%, 08/15/2028(b)							2,448				2,521,934
6.875%, 12/15/2030(b)							1,667				1,745,681
Trinity Industries, Inc. 7.75%, 07/15/2028(b)							1,388				1,456,954
Triumph Group, Inc. 9.00%, 03/15/2028(b)							2,158				2,258,804
WESCO Distribution, Inc. 6.375%, 03/15/2029(b)							371				383,413
											46,713,892
Communications - Media – 6.6%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028(b)							164				155,813

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

				Principal Amount (000)				U.S. $ Value
AMC Networks, Inc. 4.25%, 02/15/2029		U.S.$			1,084			$	783,674
10.25%, 01/15/2029(b)					2,531				2,606,290
Arches Buyer, Inc. 6.125%, 12/01/2028(b)					957				820,158
Banijay Entertainment SAS 7.00%, 05/01/2029(b)		EUR			603				705,670
8.125%, 05/01/2029(b)		U.S.$			805				835,263
CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 02/01/2031(b)					2,762				2,439,420
4.50%, 08/15/2030(b)					4,665				4,222,746
4.50%, 05/01/2032					845				730,354
4.50%, 06/01/2033(b)					3,276				2,781,690
4.75%, 02/01/2032(b)					7,063				6,211,144
6.375%, 09/01/2029(b)					1,760				1,762,447
Clear Channel Outdoor Holdings, Inc. 5.125%, 08/15/2027(b)					512				503,327
CSC Holdings LLC 4.625%, 12/01/2030(b)					1,142				579,455
5.375%, 02/01/2028(b)					1,029				866,296
5.50%, 04/15/2027(b)					1,803				1,582,385
5.75%, 01/15/2030(b)					5,261				2,722,588
7.50%, 04/01/2028(b)					823				548,802
11.25%, 05/15/2028(b)					824				795,676
11.75%, 01/31/2029(b)					581				560,777
DISH DBS Corp. 5.125%, 06/01/2029					3,772				2,528,814
5.25%, 12/01/2026(b)					3,571				3,311,632
5.75%, 12/01/2028(b)					2,596				2,279,433
5.875%, 11/15/2024					1,821				1,808,938
Gray Television, Inc. 5.375%, 11/15/2031(b)					671				418,991
LCPR Senior Secured Financing DAC 5.125%, 07/15/2029(b)(d)					2,910				2,366,184
6.75%, 10/15/2027(b)					1,366				1,248,431
McGraw-Hill Education, Inc. 5.75%, 08/01/2028(b)					688				679,935
Neptune Bidco US, Inc. 9.29%, 04/15/2029(b)					508				497,319
Paramount Global 6.25%, 02/28/2057					423				377,281
6.375%, 03/30/2062					1,371				1,261,120
Radiate Holdco LLC/Radiate Finance, Inc. 4.50%, 09/15/2026(b)					1,871				1,596,667
Sinclair Television Group, Inc. 5.50%, 03/01/2030(b)					366				264,393

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Sirius XM Radio, Inc. 4.00%, 07/15/2028(b)			U.S.$				2,835			$	2,674,499
Summer BC Holdco B SARL 5.75%, 10/31/2026(b)			EUR				1,395				1,553,101
TEGNA, Inc. 5.00%, 09/15/2029			U.S.$				333				317,200
Townsquare Media, Inc. 6.875%, 02/01/2026(b)							113				112,849
Univision Communications, Inc. 6.625%, 06/01/2027(b)							1,593				1,597,846
7.375%, 06/30/2030(b)							1,186				1,146,753
8.00%, 08/15/2028(b)							1,261				1,289,646
8.50%, 07/31/2031(b)							1,244				1,246,558
Urban One, Inc. 7.375%, 02/01/2028(b)							1,197				854,759
Virgin Media Secured Finance PLC 4.50%, 08/15/2030(b)							508				451,351
VZ Secured Financing BV 5.00%, 01/15/2032(b)							1,438				1,325,478
VZ Vendor Financing II BV 2.875%, 01/15/2029(b)			EUR				885				907,456
Ziggo Bond Co. BV 5.125%, 02/28/2030(b)			U.S.$				1,124				1,036,569
											65,367,178
Communications - Telecommunications – 3.4%
Altice Financing SA 5.00%, 01/15/2028(b)							516				436,357
5.75%, 08/15/2029(b)							2,724				2,195,426
Altice France Holding SA 4.00%, 02/15/2028(b)			EUR				332				94,532
6.00%, 02/15/2028(b)			U.S.$				359				112,513
10.50%, 05/15/2027(b)							2,710				946,768
Altice France SA 3.375%, 01/15/2028(b)			EUR				885				695,957
5.125%, 01/15/2029(b)			U.S.$				391				270,262
5.125%, 07/15/2029(b)							5,220				3,659,137
5.50%, 01/15/2028(b)							492				358,661
5.50%, 10/15/2029(b)							1,761				1,233,821
8.125%, 02/01/2027(b)							1,393				1,130,902
British Telecommunications PLC 4.25%, 11/23/2081(b)							402				388,933
4.875%, 11/23/2081(b)							203				187,497
Connect Finco SARL/Connect US Finco LLC 6.75%, 10/01/2026(b)							485				485,000
Consolidated Communications, Inc. 6.50%, 10/01/2028(b)							446				421,816

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Frontier Communications Holdings LLC 6.75%, 05/01/2029(b)			U.S.$				888			$	894,445
Hughes Satellite Systems Corp. 5.25%, 08/01/2026							504				468,668
Level 3 Financing, Inc. 4.875%, 06/15/2029(b)							986				832,772
10.00%, 10/15/2032(b)							1				935
10.75%, 12/15/2030(b)							2,111				2,319,107
11.00%, 11/15/2029(b)							1,780				1,972,823
Lorca Telecom Bondco SA 4.00%, 09/18/2027(b)			EUR				852				941,572
Optics Bidco SpA 7.20%, 07/18/2036(b)			U.S.$				259				278,178
7.72%, 06/04/2038(b)							1,055				1,164,184
Telecom Italia Capital SA 7.72%, 06/04/2038							509				546,902
United Group BV 3.625%, 02/15/2028(b)			EUR				237				252,305
4.625%, 08/15/2028(b)							481				526,122
6.75%, 02/15/2031(b)							616				710,894
7.79% (EURIBOR 3 Month + 4.25%), 02/01/2029(b)(j)							539				598,601
Vmed O2 UK Financing I PLC 4.25%, 01/31/2031(b)			U.S.$				980				866,140
4.75%, 07/15/2031(b)							3,639				3,239,652
7.75%, 04/15/2032(b)							2,512				2,567,507
Vodafone Group PLC 3.25%, 06/04/2081							257				247,716
4.125%, 06/04/2081							419				379,653
Windstream Escrow LLC/Windstream Escrow Finance Corp. 7.75%, 08/15/2028(b)							446				446,198
8.25%, 10/01/2031(b)							851				866,734
Zayo Group Holdings, Inc. 4.00%, 03/01/2027(b)							464				414,208
											33,152,898
Consumer Cyclical - Automotive – 2.6%
Allison Transmission, Inc. 3.75%, 01/30/2031(b)							1,362				1,236,651
Aston Martin Capital Holdings Ltd. 10.00%, 03/31/2029(b)							1,680				1,657,626
Dana Financing Luxembourg SARL 5.75%, 04/15/2025(b)							55				54,935
Dana, Inc. 4.25%, 09/01/2030							760				681,475
5.375%, 11/15/2027							109				108,273
5.625%, 06/15/2028							182				178,600

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Exide Technologies, (Exchange Priority) 11.00%, 10/31/2024(c)(f)(h)(i)(k)			U.S.$				2,940			$	– 0	–
Exide Technologies, (First Lien) 11.00%, 10/31/2024(c)(f)(h)(i)(k)							1,207				– 0	–
Garrett Motion Holdings, Inc./Garrett LX I SARL 7.75%, 05/31/2032(b)							3,325				3,405,207
IHO Verwaltungs GmbH 3.75% (3.75% Cash or 4.50% PIK), 09/15/2026(b)(e)			EUR				885				980,818
3.875% (3.875% Cash or 4.625% PIK), 05/15/2027(b)(e)							338				373,818
6.00% (6.00% Cash or 6.75% PIK), 05/15/2027(b)(e)			U.S.$				1,984				1,950,736
6.375% (6.375% Cash or 7.125% PIK), 05/15/2029(b)(e)							200				196,470
8.75% (8.75% Cash or 9.50% PIK), 05/15/2028(b)(e)			EUR				306				357,712
Mclaren Finance PLC 7.50%, 08/01/2026(b)			U.S.$				1,973				1,833,900
PM General Purchaser LLC 9.50%, 10/01/2028(b)							1,250				1,272,344
Real Hero Merger Sub 2, Inc. 6.25%, 02/01/2029(b)							1,530				1,328,415
Tenneco, Inc. 8.00%, 11/17/2028(b)							2,795				2,582,546
Titan International, Inc. 7.00%, 04/30/2028							1,465				1,456,478
ZF Finance GmbH Series E 2.00%, 05/06/2027(b)			EUR				200				207,100
2.75%, 05/25/2027(b)							900				948,375
ZF North America Capital, Inc. 4.75%, 04/29/2025(b)			U.S.$				1,460				1,447,976
6.75%, 04/23/2030(b)							1,321				1,332,877
6.875%, 04/14/2028(b)							892				901,318
6.875%, 04/23/2032(b)							433				434,047
7.125%, 04/14/2030(b)							504				519,173
											25,446,870
Consumer Cyclical - Entertainment – 1.7%
Carnival Corp. 5.75%, 03/01/2027(b)							700				709,134
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.25%, 07/15/2029							85				83,525

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Lindblad Expeditions LLC 6.75%, 02/15/2027(b)			U.S.$				365			$	367,243
Live Nation Entertainment, Inc. 6.50%, 05/15/2027(b)							521				531,478
Merlin Entertainments Group US Holdings, Inc. 7.375%, 02/15/2031(b)							428				429,209
Motion Bondco DAC 4.50%, 11/15/2027(b)			EUR				670				684,380
Motion Finco SARL 7.375%, 06/15/2030(b)							531				597,686
NCL Corp., Ltd. 5.875%, 03/15/2026(b)			U.S.$				545				545,103
5.875%, 02/15/2027(b)							900				902,713
Royal Caribbean Cruises Ltd. 4.25%, 07/01/2026(b)							93				91,692
5.375%, 07/15/2027(b)							2,008				2,023,852
5.50%, 08/31/2026(b)							948				957,301
5.50%, 04/01/2028(b)							4,222				4,275,019
Six Flags Entertainment Corp./DE 7.25%, 05/15/2031(b)							1,082				1,119,794
Viking Cruises Ltd. 7.00%, 02/15/2029(b)							1,752				1,773,713
9.125%, 07/15/2031(b)							83				90,703
VOC Escrow Ltd. 5.00%, 02/15/2028(b)							1,749				1,727,322
											16,909,867
Consumer Cyclical - Other – 3.8%
Affinity Interactive
6.875%, 12/15/2027(b)							433				371,920
Brookfield Residential Properties, Inc./Brookfield Residential US LLC 4.875%, 02/15/2030(b)							1,116				1,050,324
6.25%, 09/15/2027(b)							416				415,111
Builders FirstSource, Inc. 4.25%, 02/01/2032(b)							650				600,589
5.00%, 03/01/2030(b)							466				457,325
6.375%, 03/01/2034(b)							1,047				1,087,478
CD&R Smokey Buyer, Inc./Radio Systems Corp. 9.50%, 10/15/2029(b)							618				618,382
Century Communities, Inc. 3.875%, 08/15/2029(b)							406				380,373
6.75%, 06/01/2027							25				25,218

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

				Principal Amount (000)				U.S. $ Value
Churchill Downs, Inc. 4.75%, 01/15/2028(b)		U.S.$			491			$	481,561
5.75%, 04/01/2030(b)					540				540,665
Cirsa Finance International SARL 6.50%, 03/15/2029(b)		EUR			559				650,493
Forestar Group, Inc. 3.85%, 05/15/2026(b)		U.S.$			385				376,688
Hilton Domestic Operating Co., Inc. 3.625%, 02/15/2032(b)					1,538				1,389,242
3.75%, 05/01/2029(b)					699				663,273
5.875%, 04/01/2029(b)					1,286				1,319,149
5.875%, 03/15/2033(b)					1,690				1,722,065
6.125%, 04/01/2032(b)					738				759,996
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc 4.875%, 07/01/2031(b)					560				508,703
5.00%, 06/01/2029(b)					1,598				1,518,123
6.625%, 01/15/2032(b)					290				293,811
Jacobs Entertainment, Inc. 6.75%, 02/15/2029(b)					289				280,872
Light & Wonder International, Inc. 7.50%, 09/01/2031(b)					434				455,237
Marriott Ownership Resorts, Inc. 4.50%, 06/15/2029(b)					95				89,320
Masterbrand, Inc. 7.00%, 07/15/2032(b)					1,047				1,099,094
Mattamy Group Corp. 4.625%, 03/01/2030(b)					55				52,663
MGM Resorts International 4.625%, 09/01/2026					5				4,961
4.75%, 10/15/2028					1,345				1,318,061
5.50%, 04/15/2027					2,214				2,220,766
5.75%, 06/15/2025					30				30,142
6.125%, 09/15/2029					77				77,990
Miller Homes Group Finco PLC 7.00%, 05/15/2029(b)		GBP			679				882,078
8.79% (EURIBOR 3 Month + 5.25%), 05/15/2028(b)(j)		EUR			514				578,312
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC 6.75%, 04/01/2032(b)		U.S.$			361				374,222
Mohegan Tribal Gaming Authority 8.00%, 02/01/2026(b)					459				453,987
Playtech PLC 4.25%, 03/07/2026(b)		EUR			101				112,299
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. 5.625%, 09/01/2029(b)		U.S.$			527				395,693

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 04/01/2029			U.S.$				911			$	883,417
Standard Building Solutions, Inc. 6.50%, 08/15/2032(b)							452				469,027
Standard Industries, Inc./NY 4.375%, 07/15/2030(b)							705				666,384
4.75%, 01/15/2028(b)							580				568,103
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875%, 05/15/2025(b)							1,785				1,781,193
Taylor Morrison Communities, Inc. 5.125%, 08/01/2030(b)							92				91,560
5.75%, 01/15/2028(b)							376				382,298
5.875%, 06/15/2027(b)							496				506,478
Thor Industries, Inc. 4.00%, 10/15/2029(b)							1,179				1,100,091
Travel & Leisure Co. 4.50%, 12/01/2029(b)							911				862,167
4.625%, 03/01/2030(b)							2,415				2,258,925
6.00%, 04/01/2027(a)							1,221				1,236,733
6.625%, 07/31/2026(b)							637				648,829
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25%, 05/15/2027(b)							781				781,218
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, 10/01/2029(b)							1,988				1,963,456
											37,856,065
Consumer Cyclical - Restaurants – 0.5%
1011778 BC ULC/New Red Finance, Inc. 3.875%, 01/15/2028(b)							1,286				1,236,167
4.00%, 10/15/2030(b)							630				580,853
4.375%, 01/15/2028(b)							963				937,387
6.125%, 06/15/2029(b)							2,000				2,055,987
CEC Entertainment LLC 6.75%, 05/01/2026(b)							382				379,462
											5,189,856
Consumer Cyclical - Retailers – 3.5%
Arko Corp. 5.125%, 11/15/2029(b)							1,035				961,045
Asbury Automotive Group, Inc. 4.50%, 03/01/2028							845				823,099
4.625%, 11/15/2029(b)							1,273				1,214,746
5.00%, 02/15/2032(b)							827				783,774
Bath & Body Works, Inc. 5.25%, 02/01/2028							1,450				1,446,440

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

				Principal Amount (000)				U.S. $ Value
6.625%, 10/01/2030(b)		U.S.$			675			$	687,742
6.75%, 07/01/2036					98				101,112
6.875%, 11/01/2035					519				541,304
7.60%, 07/15/2037					261				260,092
9.375%, 07/01/2025(b)					41				42,081
BCPE Ulysses Intermediate, Inc. 7.75% (7.75% Cash or 8.50% PIK), 04/01/2027(b)(e)					518				512,502
Beacon Roofing Supply, Inc. 6.50%, 08/01/2030(b)					698				723,026
Carvana Co. 5.50%, 04/15/2027(b)					415				388,219
12.00% (9.00% Cash or 12.00% PIK), 12/01/2028(a)(b)(e)					643				674,322
13.00% (11.00% Cash or 13.00% PIK), 06/01/2030(a)(b)(e)					2,001				2,176,675
Cougar JV Subsidiary LLC 8.00%, 05/15/2032(b)					2,172				2,296,889
CT Investment GmbH 6.375%, 04/15/2030(b)		EUR			516				587,309
eG Global Finance PLC 12.00%, 11/30/2028(b)		U.S.$			392				436,597
FirstCash, Inc. 6.875%, 03/01/2032(b)					1,871				1,927,925
Gap, Inc. (The) 3.625%, 10/01/2029(b)					371				335,485
3.875%, 10/01/2031(b)					95				83,037
Global Auto Holdings Ltd/AAG FH UK Ltd. 8.375%, 01/15/2029(b)					1,703				1,649,929
8.75%, 01/15/2032(b)					835				782,535
Group 1 Automotive, Inc. 4.00%, 08/15/2028(b)					1,316				1,255,781
6.375%, 01/15/2030(b)					378				384,208
Hanesbrands, Inc. 4.875%, 05/15/2026(b)					435				431,050
9.00%, 02/15/2031(b)					407				439,389
Kontoor Brands, Inc. 4.125%, 11/15/2029(b)					894				845,521
LCM Investments Holdings II LLC 4.875%, 05/01/2029(b)					1,452				1,394,925
8.25%, 08/01/2031(b)					727				771,884
Michaels Cos., Inc. (The) 5.25%, 05/01/2028(b)					507				372,032
7.875%, 05/01/2029(b)					878				516,058
Murphy Oil USA, Inc. 4.75%, 09/15/2029					431				418,901

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Nordstrom, Inc. 4.375%, 04/01/2030			U.S.$				532			$	488,238
5.00%, 01/15/2044							4				3,095
Penske Automotive Group, Inc. 3.75%, 06/15/2029							903				842,750
PetSmart, Inc./PetSmart Finance Corp. 7.75%, 02/15/2029(b)							502				495,186
Sonic Automotive, Inc. 4.625%, 11/15/2029(b)							2,519				2,366,267
4.875%, 11/15/2031(b)							144				133,008
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.375%, 09/30/2026(b)							418				416,504
Staples, Inc. 10.75%, 09/01/2029(b)							2,506				2,432,506
12.75%, 01/15/2030(b)							1,061				870,717
White Cap Buyer LLC 6.875%, 10/15/2028(b)							161				162,575
White Cap Parent LLC 8.25% (8.25% Cash or 9.00% PIK), 03/15/2026(b)(e)							329				329,294
											34,805,774
Consumer Non-Cyclical – 7.5%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 4.625%, 01/15/2027(b)							615				599,866
6.50%, 02/15/2028(b)							2,565				2,611,361
Bausch & Lomb Corp. 8.375%, 10/01/2028(b)							3,238				3,424,953
Bausch Health Americas, Inc. 8.50%, 01/31/2027(b)							543				444,523
Bausch Health Cos., Inc. 4.875%, 06/01/2028(b)							5,068				3,966,566
5.25%, 01/30/2030(b)							8				4,480
5.75%, 08/15/2027(b)							77				65,600
6.25%, 02/15/2029(b)							2,696				1,620,577
7.25%, 05/30/2029(b)							424				259,435
CAB SELAS 3.375%, 02/01/2028(b)			EUR				1,880				1,933,910
Cheplapharm Arzneimittel GmbH 5.50%, 01/15/2028(b)			U.S.$				393				381,910
7.50%, 05/15/2030(b)			EUR				770				902,223
CHS/Community Health Systems, Inc. 4.75%, 02/15/2031(b)			U.S.$				493				433,252
5.625%, 03/15/2027(b)							1,371				1,348,426
6.00%, 01/15/2029(b)							1,466				1,422,702

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

				Principal Amount (000)				U.S. $ Value
6.125%, 04/01/2030(b)		U.S.$			3,640			$	3,104,165
6.875%, 04/01/2028(b)					213				178,715
6.875%, 04/15/2029(b)					1,328				1,202,748
10.875%, 01/15/2032(b)					79				87,074
DaVita, Inc. 3.75%, 02/15/2031(b)					926				834,319
4.625%, 06/01/2030(b)					4,820				4,587,448
Edgewell Personal Care Co. 4.125%, 04/01/2029(b)					2				1,895
Elanco Animal Health, Inc. 6.65%, 08/28/2028(a)					1,686				1,750,400
Embecta Corp. 5.00%, 02/15/2030(b)					1,552				1,427,752
Emergent BioSolutions, Inc. 3.875%, 08/15/2028(b)					1,516				1,156,366
Encompass Health Corp. 4.50%, 02/01/2028					502				492,692
Endo Finance Holdings, Inc. 8.50%, 04/15/2031(b)					1,024				1,097,446
Fortrea Holdings, Inc. 7.50%, 07/01/2030(b)					406				409,593
Global Medical Response, Inc. 10.00%, 10/31/2028(a)(b)(e)					158				158,117
Grifols SA 3.875%, 10/15/2028(b)		EUR			3,256				3,360,328
Gruenenthal GmbH 6.75%, 05/15/2030(b)					1,067				1,269,988
HAH Group Holding Co. LLC 9.75%, 10/01/2031(b)		U.S.$			2,100				2,116,586
HLF Financing SARL LLC/Herbalife International, Inc. 12.25%, 04/15/2029(b)					422				420,958
Iceland Bondco PLC 9.04% (EURIBOR 3 Month + 5.50%), 12/15/2027(b)(j)		EUR			385				435,818
10.875%, 12/15/2027(b)		GBP			162				232,705
IQVIA, Inc. 2.25%, 03/15/2029(b)		EUR			862				897,738
Lamb Weston Holdings, Inc. 4.125%, 01/31/2030(b)		U.S.$			1,062				996,177
Medline Borrower LP 5.25%, 10/01/2029(b)					3,167				3,107,485
Medline Borrower LP/Medline Co-Issuer, Inc. 6.25%, 04/01/2029(b)					189				194,899
MPH Acquisition Holdings LLC 5.50%, 09/01/2028(b)					1,922				1,386,500
5.75%, 11/01/2028(b)					2,810				1,293,272

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

				Principal Amount (000)				U.S. $ Value
Neogen Food Safety Corp. 8.625%, 07/20/2030(b)		U.S.$			883			$	976,888
Newell Brands, Inc. 4.875%, 06/01/2025					170				169,052
5.70%, 04/01/2026(a)					762				763,928
6.375%, 09/15/2027					407				412,620
6.875%, 04/01/2036(a)					294				280,074
7.00%, 04/01/2046(a)					377				337,592
Organon & Co./Organon Foreign Debt Co-Issuer BV 2.875%, 04/30/2028(b)		EUR			885				942,097
4.125%, 04/30/2028(b)		U.S.$			1,609				1,546,500
5.125%, 04/30/2031(b)					922				867,667
6.75%, 05/15/2034(b)					1,126				1,162,978
7.875%, 05/15/2034(b)					716				758,556
Owens & Minor, Inc. 4.50%, 03/31/2029(b)					12				10,856
6.625%, 04/01/2030(b)					1,608				1,562,959
Performance Food Group, Inc. 4.25%, 08/01/2029(b)					92				87,454
Post Holdings, Inc. 4.50%, 09/15/2031(b)					131				122,473
4.625%, 04/15/2030(b)					821				785,250
5.50%, 12/15/2029(b)					1,184				1,175,549
6.25%, 10/15/2034(b)					785				791,193
Primo Water Holdings, Inc. 4.375%, 04/30/2029(b)					1,632				1,564,328
Sotera Health Holdings LLC 7.375%, 06/01/2031(b)					1,245				1,294,052
Spectrum Brands, Inc. 3.875%, 03/15/2031(b)					1,077				956,038
Surgery Center Holdings, Inc. 7.25%, 04/15/2032(b)					837				873,639
Tempur Sealy International, Inc. 3.875%, 10/15/2031(b)					3				2,672
4.00%, 04/15/2029(b)					467				435,168
Tenet Healthcare Corp. 4.375%, 01/15/2030					2,307				2,214,579
4.625%, 06/15/2028					449				441,066
5.125%, 11/01/2027					11				10,967
Triton Water Holdings, Inc. 6.25%, 04/01/2029(b)					696				694,996
US Acute Care Solutions LLC 9.75%, 05/15/2029(b)					61				63,166
US Foods, Inc. 4.75%, 02/15/2029(b)					88				85,869
5.75%, 04/15/2033(b)					353				353,436

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
6.875%, 09/15/2028(b)			U.S.$				79			$	82,358
Vector Group Ltd. 5.75%, 02/01/2029(b)							445				451,474
Vista Outdoor, Inc. 4.50%, 03/15/2029(b)							363				360,593
											74,259,055
Energy – 7.9%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375%, 06/15/2029(b)							80				79,259
5.75%, 03/01/2027(b)							80				80,132
Ascent Resources Utica Holdings LLC/ARU Finance Corp. 7.00%, 11/01/2026(b)							3				3,001
Berry Petroleum Co. LLC 7.00%, 02/15/2026(b)							245				238,098
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.00%, 07/15/2029(b)							501				521,099
7.25%, 07/15/2032(b)							444				466,376
Buckeye Partners LP 3.95%, 12/01/2026							91				88,341
4.125%, 03/01/2025(b)							57				56,535
4.125%, 12/01/2027							436				419,731
4.50%, 03/01/2028(b)							18				17,459
6.875%, 07/01/2029(b)							1,575				1,614,189
California Resources Corp. 8.25%, 06/15/2029(b)							84				85,669
CITGO Petroleum Corp. 6.375%, 06/15/2026(b)							471				471,554
7.00%, 06/15/2025(b)							1,781				1,781,024
8.375%, 01/15/2029(b)							844				878,081
Civitas Resources, Inc. 5.00%, 10/15/2026(b)							2,155				2,131,178
8.375%, 07/01/2028(b)							1,315				1,374,288
8.625%, 11/01/2030(b)							521				552,365
8.75%, 07/01/2031(b)							1,137				1,205,220
CNX Resources Corp. 6.00%, 01/15/2029(b)							1,156				1,162,366
7.25%, 03/01/2032(b)							876				919,095
7.375%, 01/15/2031(b)							507				530,173
Comstock Resources, Inc. 6.75%, 03/01/2029(b)							294				287,390
Crescent Energy Finance LLC 7.375%, 01/15/2033(b)							470				462,006
7.625%, 04/01/2032(b)							258				258,764
9.25%, 02/15/2028(b)							1,484				1,549,670

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

				Principal Amount (000)				U.S. $ Value
CVR Energy, Inc. 8.50%, 01/15/2029(b)		U.S.$			83			$	83,979
Encino Acquisition Partners Holdings LLC 8.50%, 05/01/2028(b)					1,318				1,342,012
Enerflex Ltd. 9.00%, 10/15/2027(b)					357				370,180
EnLink Midstream Partners LP Series C 9.31% (CME Term SOFR 3 Month + 4.37%), 10/17/2024(j)(l)					2,734				2,737,792
Genesis Energy LP/Genesis Energy Finance Corp. 7.75%, 02/01/2028					440				445,499
8.25%, 01/15/2029					1,359				1,406,629
Global Partners LP/GLP Finance Corp. 6.875%, 01/15/2029					1,921				1,927,331
Gulfport Energy Corp. 6.75%, 09/01/2029(b)					391				395,449
Hess Midstream Operations LP 4.25%, 02/15/2030(b)					798				761,952
5.625%, 02/15/2026(b)					536				536,081
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 02/01/2029(b)					313				304,741
6.00%, 02/01/2031(b)					412				400,159
6.25%, 11/01/2028(b)					2				1,998
6.25%, 04/15/2032(b)					89				86,665
6.875%, 05/15/2034(b)					845				842,881
8.375%, 11/01/2033(b)					1,299				1,400,033
Howard Midstream Energy Partners LLC 7.375%, 07/15/2032(b)					568				588,048
8.875%, 07/15/2028(b)					702				744,860
ITT Holdings LLC 6.50%, 08/01/2029(b)					2,506				2,377,256
KCA Deutag UK Finance PLC 9.875%, 12/01/2025(b)					331				332,644
Kodiak Gas Services LLC 7.25%, 02/15/2029(b)					1,593				1,649,293
Matador Resources Co. 6.25%, 04/15/2033(b)					579				570,386
6.50%, 04/15/2032(b)					600				598,772
Moss Creek Resources Holdings, Inc. 8.25%, 09/01/2031(b)					1,394				1,376,565
Murphy Oil Corp. 6.00%, 10/01/2032					749				738,591
Nabors Industries Ltd. 7.50%, 01/15/2028(b)					1,042				977,574

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

				Principal Amount (000)				U.S. $ Value
Nabors Industries, Inc. 7.375%, 05/15/2027(b)		U.S.$			839			$	841,005
9.125%, 01/31/2030(b)					128				132,015
New Fortress Energy, Inc. 6.50%, 09/30/2026(b)					2,893				2,435,866
6.75%, 09/15/2025(b)					698				666,918
8.75%, 03/15/2029(b)(d)					1,582				1,193,024
NGL Energy Operating LLC/NGL Energy Finance Corp. 8.125%, 02/15/2029(b)					1,709				1,752,357
8.375%, 02/15/2032(b)					1,242				1,280,026
NuStar Logistics LP 5.625%, 04/28/2027					925				928,995
5.75%, 10/01/2025					470				470,304
6.00%, 06/01/2026					80				80,534
PBF Holding Co. LLC/PBF Finance Corp. 6.00%, 02/15/2028					744				735,013
7.875%, 09/15/2030(b)					2,289				2,357,483
Permian Resources Operating LLC 6.25%, 02/01/2033(b)					949				964,180
8.00%, 04/15/2027(b)					542				558,025
Saturn Oil & Gas, Inc. 9.625%, 06/15/2029(b)					349				344,895
Seadrill Finance Ltd. 8.375%, 08/01/2030(b)					351				367,016
SM Energy Co. 6.75%, 08/01/2029(b)					640				642,526
Southwestern Energy Co. 5.375%, 02/01/2029					187				186,237
5.375%, 03/15/2030					540				538,233
8.375%, 09/15/2028					120				123,472
Summit Midstream Holdings LLC 8.625%, 10/31/2029(b)					823				861,102
Sunoco LP 7.00%, 05/01/2029(b)					1,703				1,780,325
Sunoco LP/Sunoco Finance Corp. 4.50%, 05/15/2029					773				742,494
4.50%, 04/30/2030					425				407,013
7.00%, 09/15/2028(b)					79				82,009
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 6.00%, 12/31/2030(b)					160				152,096
6.00%, 09/01/2031(b)					72				68,208
Talos Production, Inc. 9.00%, 02/01/2029(b)					490				504,608
9.375%, 02/01/2031(b)					582				598,184

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Transocean Aquila Ltd. 8.00%, 09/30/2028(b)			U.S.$				1,077			$	1,101,208
Transocean, Inc. 8.75%, 02/15/2030(b)							708				738,369
USA Compression Partners LP/USA Compression Finance Corp. 6.875%, 09/01/2027							4				4,036
Venture Global Calcasieu Pass LLC 3.875%, 08/15/2029(b)							93				87,888
3.875%, 11/01/2033(b)							879				788,832
4.125%, 08/15/2031(b)							1,829				1,700,886
6.25%, 01/15/2030(b)							1,187				1,244,124
Venture Global LNG, Inc. 7.00%, 01/15/2030(b)							174				178,572
8.125%, 06/01/2028(b)							1,633				1,702,403
8.375%, 06/01/2031(b)							1,107				1,166,870
9.00%, 09/30/2029(b)(l)							1,828				1,853,300
9.50%, 02/01/2029(b)							1,663				1,869,689
9.875%, 02/01/2032(b)							2,794				3,104,882
Viridien 8.75%, 04/01/2027(b)							422				408,677
Weatherford International Ltd. 8.625%, 04/30/2030(b)							439				457,347
											78,431,679
Other Industrial – 0.5%
AECOM 5.125%, 03/15/2027							407				407,906
Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028(b)							1,116				1,115,296
Gates Corp./DE 6.875%, 07/01/2029(b)							345				357,429
Pachelbel Bidco SpA 7.125%, 05/17/2031(b)			EUR				734				870,439
8.07% (EURIBOR 3 Month + 4.25%), 05/17/2031(b)(j)							208				232,957
Resideo Funding, Inc. 6.50%, 07/15/2032(b)			U.S.$				1,065				1,094,444
Ritchie Bros Holdings, Inc. 7.75%, 03/15/2031(b)							14				14,938
Velocity Vehicle Group LLC 8.00%, 06/01/2029(b)							372				387,205
											4,480,614
Services – 2.7%
ADT Security Corp. (The) 4.125%, 08/01/2029(b)							370				353,372
4.875%, 07/15/2032(b)							1,012				968,061

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

				Principal Amount (000)				U.S. $ Value
Allied Universal Holdco LLC 7.875%, 02/15/2031(b)		U.S.$			85			$	86,884
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.00%, 06/01/2029(b)					327				291,559
9.75%, 07/15/2027(b)					1,287				1,289,151
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 3.625%, 06/01/2028(b)		EUR			255				267,395
4.625%, 06/01/2028(b)		U.S.$			4,455				4,182,752
4.875%, 06/01/2028(b)		GBP			1,010				1,244,154
AMN Healthcare, Inc. 4.625%, 10/01/2027(b)		U.S.$			4				3,914
ANGI Group LLC 3.875%, 08/15/2028(b)					2,420				2,219,788
APCOA Group GmbH 6.00%, 04/15/2031(b)		EUR			990				1,097,747
APX Group, Inc. 5.75%, 07/15/2029(b)		U.S.$			1,744				1,726,451
Block, Inc. 6.50%, 05/15/2032(b)					1,149				1,196,751
Brink’s Co. (The) 4.625%, 10/15/2027(b)					443				436,521
Garda World Security Corp. 4.625%, 02/15/2027(b)					188				184,587
7.75%, 02/15/2028(b)					1,281				1,330,943
8.25%, 08/01/2032(b)					838				858,453
9.50%, 11/01/2027(b)					479				479,198
GrubHub Holdings, Inc. 5.50%, 07/01/2027(b)					405				375,913
Korn Ferry 4.625%, 12/15/2027(b)					402				392,919
Matthews International Corp. 8.625%, 10/01/2027(b)					413				420,950
Millennium Escrow Corp. 6.625%, 08/01/2026(b)					2,154				1,350,307
Monitronics International, Inc. 9.125%, 04/01/2020(f)(g)(h)(i)(k)					958				– 0	–
Prime Security Services Borrower LLC/Prime Finance, Inc. 3.375%, 08/31/2027(b)					938				893,193
5.75%, 04/15/2026(b)					564				566,848
6.25%, 01/15/2028(b)					1,225				1,225,193
Q-Park Holding I BV 5.125%, 02/15/2030(b)		EUR			556				631,196
Rakuten Group, Inc. 11.25%, 02/15/2027(b)		U.S.$			441				482,419

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Service Corp. International/US 4.625%, 12/15/2027			U.S.$				534			$	526,392
Shutterfly Finance LLC 9.75%, 10/01/2027(b)							7				7,006
Sotheby’s 7.375%, 10/15/2027(b)							413				397,451
Techem Verwaltungsgesellschaft 675 mbH 5.375%, 07/15/2029(b)			EUR				1,059				1,200,861
											26,688,329
Technology – 1.9%
Ahead DB Holdings LLC 6.625%, 05/01/2028(b)			U.S.$				725				701,605
Amentum Escrow Corp. 7.25%, 08/01/2032(b)							351				366,241
ASGN, Inc. 4.625%, 05/15/2028(b)							387				376,101
AthenaHealth Group, Inc. 6.50%, 02/15/2030(b)							1,754				1,686,174
CommScope LLC 6.00%, 03/01/2026(b)							616				598,273
Conduent Business Services LLC/Conduent State & Local Solutions, Inc. 6.00%, 11/01/2029(b)							366				352,598
Consensus Cloud Solutions, Inc. 6.50%, 10/15/2028(b)							51				50,979
Fortress Intermediate 3, Inc. 7.50%, 06/01/2031(b)							1,041				1,098,859
GoTo Group, Inc. 5.50%, 05/01/2028(b)							1,403				754,200
Imola Merger Corp. 4.75%, 05/15/2029(b)							968				944,683
Newfold Digital Holdings Group, Inc. 11.75%, 10/15/2028(b)							386				380,445
Playtika Holding Corp. 4.25%, 03/15/2029(b)							1,199				1,100,022
Rackspace Finance LLC 3.50%, 05/15/2028(b)							3,030				1,516,163
Rocket Software, Inc. 9.00%, 11/28/2028(b)							1,421				1,482,715
Science Applications International Corp. 4.875%, 04/01/2028(b)							105				102,871
Seagate HDD Cayman 4.09%, 06/01/2029							1,214				1,165,401
9.625%, 12/01/2032							1,355				1,572,859
Veritas US, Inc./Veritas Bermuda Ltd. 7.50%, 09/01/2025(b)							3,230				3,030,004

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Virtusa Corp. 7.125%, 12/15/2028(b)			U.S.$				717			$	679,650
Western Digital Corp. 4.75%, 02/15/2026							482				479,118
											18,438,961
Transportation - Airlines – 1.2%
Allegiant Travel Co. 7.25%, 08/15/2027(b)							127				125,597
American Airlines, Inc. 7.25%, 02/15/2028(b)							81				82,890
8.50%, 05/15/2029(b)							881				934,136
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%, 04/20/2026(b)							1,414				1,409,660
5.75%, 04/20/2029(b)							2,558				2,554,457
JetBlue Airways Corp./JetBlue Loyalty LP 9.875%, 09/20/2031(b)							2,688				2,824,416
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 09/20/2025(b)							1,590				872,809
United Airlines, Inc. 4.375%, 04/15/2026(b)							2,015				1,984,644
VistaJet Malta Finance PLC/Vista Management Holding, Inc. 7.875%, 05/01/2027(b)							466				453,185
9.50%, 06/01/2028(b)							19				18,572
											11,260,366
Transportation - Services – 1.2%
Albion Financing 1 SARL/Aggreko Holdings, Inc. 5.25%, 10/15/2026(b)			EUR				525				589,715
6.125%, 10/15/2026(b)			U.S.$				228				228,280
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 4.75%, 04/01/2028(b)							660				619,917
5.375%, 03/01/2029(b)							267				249,621
5.75%, 07/15/2027(b)							1,031				1,024,347
8.25%, 01/15/2030(b)							185				189,303
Avis Budget Finance PLC 7.25%, 07/31/2030(b)			EUR				952				1,057,069
BCP V Modular Services Finance PLC 6.75%, 11/30/2029(b)							1,214				1,185,146
BCP V Modular Services Finance II PLC 4.75%, 11/30/2028(b)							132				142,583
Boels Topholding BV 6.25%, 02/15/2029(b)							862				994,311

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
GN Bondco LLC 9.50%, 10/15/2031(b)			U.S.$				388			$	408,143
Herc Holdings, Inc. 5.50%, 07/15/2027(b)							389				388,592
6.625%, 06/15/2029(b)							84				87,036
Hertz Corp. (The) 4.625%, 12/01/2026(b)(d)							1,432				1,127,885
5.00%, 12/01/2029(b)(d)							2,833				1,873,641
12.625%, 07/15/2029(b)							721				786,414
Loxam SAS 4.50%, 02/15/2027(b)			EUR				629				704,014
6.375%, 05/31/2029(b)							172				199,957
Rand Parent LLC 8.50%, 02/15/2030(b)			U.S.$				372				378,967
United Rentals North America, Inc. 4.00%, 07/15/2030							3				2,835
											12,237,776
											536,622,917
Financial Institutions – 6.8%
Banking – 0.7%
Ally Financial, Inc. Series C 4.70%, 05/15/2028(l)							256				208,303
Bread Financial Holdings, Inc. 7.00%, 01/15/2026(b)							106				105,909
9.75%, 03/15/2029(b)							2,779				2,938,403
Credit Acceptance Corp. 9.25%, 12/15/2028(b)							379				405,611
Freedom Mortgage Corp. 12.25%, 10/01/2030(b)							326				365,195
Synchrony Financial 7.25%, 02/02/2033							1,230				1,280,178
UniCredit SpA 5.46%, 06/30/2035(b)							243				239,872
5.86%, 06/19/2032(b)							1,048				1,054,589
											6,598,060
Brokerage – 1.1%
AG Issuer LLC 6.25%, 03/01/2028(b)							1,309				1,283,555
AG TTMT Escrow Issuer LLC 8.625%, 09/30/2027(b)							784				803,301
Aretec Group, Inc. 7.50%, 04/01/2029(b)							641				609,043
10.00%, 08/15/2030(b)							1,885				2,008,340
Focus Financial Partners LLC 6.75%, 09/15/2031(b)							1,213				1,222,330

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Hightower Holding LLC 6.75%, 04/15/2029(b)			U.S.$				2,936			$	2,808,844
Osaic Holdings, Inc. 10.75%, 08/01/2027(b)							1,425				1,449,281
VFH Parent LLC/Valor Co-Issuer, Inc. 7.50%, 06/15/2031(b)							996				1,045,808
											11,230,502
Finance – 2.2%
Castlelake Aviation Finance DAC 5.00%, 04/15/2027(b)							1,036				1,040,856
CNG Holdings, Inc. 14.50%, 06/30/2026(b)							794				670,930
Compass Group Diversified Holdings LLC 5.25%, 04/15/2029(b)							1,277				1,240,230
Curo SPV LLC 18.00%, 08/02/2027(f)(h)							2,214				2,297,296
Enova International, Inc. 9.125%, 08/01/2029(b)							1,884				1,933,630
11.25%, 12/15/2028(b)							651				701,651
Freedom Mortgage Holdings LLC 9.125%, 05/15/2031(b)							7				7,190
9.25%, 02/01/2029(b)							243				252,788
GGAM Finance Ltd. 8.00%, 02/15/2027(b)							1,324				1,384,151
8.00%, 06/15/2028(b)							1,069				1,146,566
goeasy Ltd. 7.625%, 07/01/2029(b)							627				649,715
9.25%, 12/01/2028(b)							1,043				1,124,799
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 9.75%, 01/15/2029(b)							621				644,338
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5.00%, 08/15/2028(b)							2,234				2,125,941
Midcap Financial Issuer Trust 6.50%, 05/01/2028(b)							431				418,002
Nationstar Mortgage Holdings, Inc. 5.00%, 02/01/2026(b)							670				666,796
Navient Corp. 4.875%, 03/15/2028							1,706				1,649,491
5.00%, 03/15/2027							585				579,982
5.625%, 08/01/2033							678				601,801
6.75%, 06/25/2025							954				960,128
6.75%, 06/15/2026							835				853,832
11.50%, 03/15/2031							868				991,676
OneMain Finance Corp. 7.125%, 11/15/2031							86				87,067

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
SLM Corp. 3.125%, 11/02/2026			U.S.$				188			$	180,728
											22,209,584
Insurance – 1.0%
Acrisure LLC/Acrisure Finance, Inc. 4.25%, 02/15/2029(b)							152				143,787
7.50%, 11/06/2030(b)							414				426,372
8.25%, 02/01/2029(b)							1,048				1,081,645
8.50%, 06/15/2029(b)							985				1,029,887
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 6.50%, 10/01/2031(b)							990				1,001,568
6.75%, 04/15/2028(b)							285				289,566
AmWINS Group, Inc. 6.375%, 02/15/2029(b)							479				490,464
Ardonagh Finco Ltd. 6.875%, 02/15/2031(b)			EUR				286				321,661
7.75%, 02/15/2031(b)			U.S.$				739				764,015
Ardonagh Group Finance Ltd. 8.875%, 02/15/2032(b)							417				431,396
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC 7.25%, 02/15/2031(b)							880				912,039
HUB International Ltd. 7.25%, 06/15/2030(b)							1,725				1,798,441
7.375%, 01/31/2032(b)							753				778,274
Molina Healthcare, Inc. 4.375%, 06/15/2028(b)							456				443,298
											9,912,413
Other Finance – 0.7%
Armor Holdco, Inc. 8.50%, 11/15/2029(b)							1,967				1,887,374
Coinbase Global, Inc. 3.375%, 10/01/2028(b)							1,281				1,152,388
3.625%, 10/01/2031(b)							694				588,555
Encore Capital Group, Inc. 4.875%, 10/15/2025(b)			EUR				880				980,722
8.50%, 05/15/2030(b)			U.S.$				1,096				1,154,945
9.25%, 04/01/2029 (b)							986				1,062,029
PRA Group, Inc. 8.875%, 01/31/2030(b)							83				86,387
Titanium 2l Bondco SARL 6.25%, 01/14/2031(e)			EUR				218				67,115
											6,979,515

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
REITs – 1.1%
Aedas Homes Opco SL 4.00%, 08/15/2026(b)			U.S.$				1,580			$	1,758,367
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. 5.75%, 01/15/2029(b)							9				7,506
Apollo Commercial Real Estate Finance, Inc. 4.625%, 06/15/2029(b)							428				383,244
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 4.50%, 04/01/2027(b)							902				877,432
5.75%, 05/15/2026(b)							160				159,191
Five Point Operating Co. LP/Five Point Capital Corp. 10.50%, 01/15/2028(a)(b)							1,653				1,692,697
Iron Mountain, Inc. 4.875%, 09/15/2027(b)							1,051				1,043,020
5.25%, 03/15/2028(b)							1,352				1,346,737
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.75%, 06/15/2029(b)							8				7,818
MPT Operating Partnership LP/MPT Finance Corp. 5.25%, 08/01/2026							585				556,442
Office Properties Income Trust 9.00%, 09/30/2029(b)							444				379,400
Rithm Capital Corp. 8.00%, 04/01/2029(b)							345				349,459
RLJ Lodging Trust LP 3.75%, 07/01/2026(b)							413				403,953
Service Properties Trust 4.95%, 10/01/2029							85				67,617
8.375%, 06/15/2029							626				626,000
8.625%, 11/15/2031(b)							991				1,077,687
Vivion Investments SARL Series E 8.00%, 02/28/2029(a)(b)(e)			EUR				3				3,018
											10,739,588
											67,669,662
Utility – 1.1%
Electric – 1.1%
Alpha Generation LLC 6.75%, 10/15/2032(b)			U.S.$				515				522,699
Calpine Corp. 3.75%, 03/01/2031(b)							330				305,543
4.50%, 02/15/2028(b)							850				829,805
EUSHI Finance, Inc. 7.625%, 12/15/2054(b)							337				356,138

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Lightning Power LLC 7.25%, 08/15/2032(b)			U.S.$				1,225			$	1,286,241
NextEra Energy Operating Partners LP 4.50%, 09/15/2027(b)							18				17,587
7.25%, 01/15/2029(b)							427				450,083
NRG Energy, Inc. 3.375%, 02/15/2029(b)							1,573				1,466,733
3.625%, 02/15/2031(b)							445				403,482
3.875%, 02/15/2032(b)							188				171,358
5.25%, 06/15/2029(b)							80				79,737
6.625%, 01/15/2027							7				7,002
10.25%, 03/15/2028(b)(l)							842				949,247
PG&E Corp. 5.00%, 07/01/2028							480				476,089
Vistra Corp. 7.00%, 12/15/2026(b)(l)							835				852,961
8.00%, 10/15/2026 (b)(l)							1,003				1,048,857
Vistra Operations Co. LLC 4.375%, 05/01/2029(b)							91				88,112
5.00%, 07/31/2027(b)							80				79,488
5.625%, 02/15/2027(b)							80				79,897
7.75%, 10/15/2031(b)							990				1,065,550
											10,536,609
Natural Gas – 0.0%
AmeriGas Partners LP/AmeriGas Finance Corp. 5.75%, 05/20/2027							183				179,645
5.875%, 08/20/2026							3				2,988
9.375%, 06/01/2028(b)							430				451,773
											634,406
											11,171,015
Corporates - Non-Investment Grade – 0.1%
Capital Goods – 0.1%
Terex Corp. 6.25%, 10/15/2032(b)							854				854,000
Total Corporates - Non-Investment Grade (cost $626,739,010)											616,317,594
CORPORATES - INVESTMENT GRADE – 14.2%
Financial Institutions – 6.4%
Banking – 4.2%
Ally Financial, Inc. 5.75%, 11/20/2025							17				17,081
6.70%, 02/14/2033							921				943,939
6.85%, 01/03/2030							380				401,331

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

				Principal Amount (000)				U.S. $ Value
8.00%, 11/01/2031		U.S.$			281			$	318,017
Series B 4.70%, 05/15/2026(l)					2,950				2,566,667
Banco de Credito del Peru SA 5.85%, 01/11/2029(b)					664				692,094
Banco Santander SA 3.225%, 11/22/2032					200				176,916
6.92%, 08/08/2033					2,600				2,880,050
9.625%, 05/21/2033(l)					1,400				1,648,871
Bank Leumi Le-Israel BM 7.13%, 07/18/2033(b)					450				450,193
Barclays PLC 6.125%, 12/15/2025(l)					394				392,955
7.12%, 06/27/2034					361				402,191
BBVA Bancomer SA/Texas 5.25%, 09/10/2029(b)					461				467,915
BNP Paribas SA 4.625%, 02/25/2031(b)(l)					2,924				2,557,361
BPCE SA 6.51%, 01/18/2035(b)					1,245				1,312,666
Series E 0.75%, 03/03/2031(b)		EUR			600				565,515
4.125%, 03/08/2033(b)					100				114,683
CaixaBank SA 5.875%, 10/09/2027(b)(l)					1,000				1,118,634
Capital One Financial Corp. 2.36%, 07/29/2032		U.S.$			427				349,496
6.05%, 02/01/2035					654				692,535
Citigroup, Inc. Series AA 7.625%, 11/15/2028(l)					339				363,033
Series W 4.00%, 12/10/2025(l)					413				404,828
Citizens Financial Group, Inc. 6.645%, 04/25/2035					237				260,006
Deutsche Bank AG/New York NY 7.08%, 02/10/2034					1,509				1,627,547
Discover Financial Services 7.96%, 11/02/2034					567				665,851
Fifth Third Bancorp 8.25%, 03/01/2038					234				294,736
Goldman Sachs Group, Inc. (The) Series P 8.24% (SOFR + 3.14%), 10/21/2024(j)(l)					1,130				1,130,919
HSBC Holdings PLC 6.50%, 09/15/2037					309				338,809
7.40%, 11/13/2034					1,033				1,185,922
8.11%, 11/03/2033					225				267,874

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Series E 4.75%, 07/04/2029(b)(l)			EUR				1,595			$	1,733,023
Intesa Sanpaolo SpA 4.20%, 06/01/2032(b)			U.S.$				845				753,568
5.71%, 01/15/2026(b)							1,232				1,241,547
6.625%, 06/20/2033(b)							997				1,092,468
7.20%, 11/28/2033(b)							832				947,249
7.80%, 11/28/2053(b)							448				536,770
KeyCorp 6.40%, 03/06/2035							19				20,646
Lloyds Banking Group PLC 7.50%, 09/27/2025(l)							1,737				1,755,813
M&T Bank Corp. 5.05%, 01/27/2034							165				163,560
NatWest Group PLC 6.475%, 06/01/2034							248				261,053
8.125%, 11/10/2033(l)							415				453,362
Nordea Bank Abp 6.625%, 03/26/2026(b)(l)							3,065				3,096,282
PNC Financial Services Group, Inc. (The) Series R 8.32% (CME Term SOFR 3 Month + 3.30%), 12/01/2024(j)(l)							503				507,936
Santander Holdings USA, Inc. 6.17%, 01/09/2030							676				705,318
6.565%, 06/12/2029							163				171,029
Societe Generale SA 7.37%, 01/10/2053(b)							203				212,300
Synchrony Financial 4.875%, 06/13/2025							6				5,984
5.935%, 08/02/2030							808				830,588
UBS Group AG 3.875%, 06/02/2026(b)(l)							682				648,746
9.25%, 11/13/2028(b)(l)							448				495,600
9.25%, 11/13/2033(b)(l)							380				448,237
Western Alliance Bancorp 3.00%, 06/15/2031							426				392,131
											41,081,845
Brokerage – 0.2%
BGC Group, Inc. 6.60%, 06/10/2029(b)							83				85,850
Charles Schwab Corp. (The) Series I 4.00%, 06/01/2026(l)							1,251				1,200,823
CI Financial Corp. 3.20%, 12/17/2030							411				348,383
											1,635,056

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Finance – 0.6%
Air Lease Corp. Series B 4.65%, 06/15/2026(l)			U.S.$				1,229			$	1,200,980
Apollo Debt Solutions BDC 6.70%, 07/29/2031(b)							85				87,465
6.90%, 04/13/2029(b)							84				87,316
Blackstone Private Credit Fund 2.625%, 12/15/2026							117				110,620
5.25%, 04/01/2030(b)							88				86,696
7.30%, 11/27/2028(b)							78				83,029
Blue Owl Credit Income Corp. 5.80%, 03/15/2030(b)							87				86,187
FS KKR Capital Corp. 3.125%, 10/12/2028							288				261,591
6.875%, 08/15/2029							66				68,682
HAT Holdings I LLC/HAT Holdings II LLC 3.375%, 06/15/2026(b)							358				346,885
HPS Corporate Lending Fund 6.25%, 09/30/2029(b)							84				85,510
Huarong Finance 2017 Co., Ltd. 4.75%, 04/27/2027(b)							400				391,624
Huarong Finance II Co., Ltd. Series E 4.625%, 06/03/2026(b)							200				196,812
4.875%, 11/22/2026(b)							230				226,621
5.50%, 01/16/2025(b)							1,082				1,080,918
ILFC E-Capital Trust II 6.815% (CME Term SOFR 3 Month + 2.06%), 12/21/2065(b)(j)							2,000				1,604,175
Main Street Capital Corp. 6.50%, 06/04/2027							58				59,300
Oaktree Strategic Credit Fund 6.50%, 07/23/2029(b)							85				86,293
Sixth Street Lending Partners 5.75%, 01/15/2030(b)							87				86,701
6.50%, 03/11/2029(b)							84				86,130
											6,323,535
Insurance – 1.0%
Aegon Ltd. 5.50%, 04/11/2048							346				345,363
Allstate Corp. (The) 6.50%, 05/15/2057							828				873,280
American International Group, Inc. Series A-9 5.75%, 04/01/2048							336				337,489

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Athene Global Funding 5.53%, 07/11/2031(b)			U.S.$				1,822			$	1,872,494
Global Atlantic Fin Co. 4.70%, 10/15/2051(b)							425				408,968
7.95%, 10/15/2054(b)							24				24,998
Liberty Mutual Group, Inc. 7.80%, 03/15/2037(b)							2,187				2,406,727
MetLife, Inc. 9.25%, 04/08/2038(b)							125				148,975
10.75%, 08/01/2039							2,350				3,362,241
Prudential Financial, Inc. 5.375%, 05/15/2045							339				337,505
											10,118,040
REITs – 0.4%
Newmark Group, Inc. 7.50%, 01/12/2029							2,033				2,196,394
Trust Fibra Uno 4.87%, 01/15/2030(b)							1,480				1,372,700
5.25%, 01/30/2026(b)							209				208,068
											3,777,162
											62,935,638
Industrial – 6.3%
Basic – 0.7%
AngloGold Ashanti Holdings PLC 3.375%, 11/01/2028							647				609,797
Freeport Indonesia PT 4.76%, 04/14/2027(b)							281				282,405
Industrias Penoles SAB de CV 5.65%, 09/12/2049(b)							386				351,622
Inversiones CMPC SA 6.125%, 02/26/2034(b)							453				479,634
MEGlobal Canada ULC 5.875%, 05/18/2030(b)							343				358,651
Nexa Resources SA 6.50%, 01/18/2028(b)							524				540,703
6.75%, 04/09/2034(b)							961				1,017,488
OCP SA 6.75%, 05/02/2034(b)							412				441,549
Olin Corp. 5.625%, 08/01/2029							272				272,831
Sociedad Quimica y Minera de Chile SA 6.50%, 11/07/2033(b)							406				436,450
Suzano Austria GmbH 3.75%, 01/15/2031							262				241,354
5.00%, 01/15/2030							218				216,965
6.00%, 01/15/2029							1,125				1,161,000

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Series DM3N 3.125%, 01/15/2032			U.S.$				331			$	287,639
											6,698,088
Capital Goods – 0.1%
Embraer Netherlands Finance BV 5.40%, 02/01/2027							918				929,980
St. Marys Cement, Inc. Canada 5.75%, 04/02/2034(b)							222				228,632
											1,158,612
Communications - Media – 1.3%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.80%, 03/01/2050							834				636,715
5.50%, 04/01/2063							213				172,952
DIRECTV Financing LLC 8.875%, 02/01/2030(b)							1,202				1,210,938
DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc. 5.875%, 08/15/2027(b)							2,806				2,751,398
Grupo Televisa SAB 4.625%, 01/30/2026							495				486,842
Paramount Global 4.20%, 06/01/2029							140				132,905
4.20%, 05/19/2032							825				732,305
4.95%, 01/15/2031							565				533,977
5.50%, 05/15/2033							504				470,086
6.875%, 04/30/2036							564				570,462
7.875%, 07/30/2030							270				295,265
Prosus NV 3.06%, 07/13/2031(b)							1,998				1,761,362
4.03%, 08/03/2050(b)							331				241,011
Warnermedia Holdings, Inc. 4.28%, 03/15/2032							1,034				918,333
5.05%, 03/15/2042							418				341,431
Weibo Corp. 3.375%, 07/08/2030							1,562				1,434,119
											12,690,101
Consumer Cyclical - Automotive – 0.8%
Adient Global Holdings Ltd. 7.00%, 04/15/2028(b)							452				466,163
Ford Motor Co. 3.25%, 02/12/2032							4,123				3,512,532
Harley-Davidson Financial Services, Inc. 5.95%, 06/11/2029(b)							127				130,140
6.50%, 03/10/2028(b)							1,489				1,551,490

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Nissan Motor Acceptance Co. LLC 2.45%, 09/15/2028(b)			U.S.$				575			$	513,409
2.75%, 03/09/2028(b)							1,112				1,018,694
5.30%, 09/13/2027(b)							434				433,170
7.05%, 09/15/2028(b)							5				5,292
Nissan Motor Co., Ltd. 4.81%, 09/17/2030(b)							233				220,675
											7,851,565
Consumer Cyclical - Entertainment – 0.2%
Carnival Corp. 4.00%, 08/01/2028(b)							1,739				1,678,721
Consumer Cyclical - Other – 0.8%
Flutter Treasury DAC 5.00%, 04/29/2029(b)			EUR				155				177,737
GENM Capital Labuan Ltd. 3.88%, 04/19/2031(b)			U.S.$				891				809,975
International Game Technology PLC 3.50%, 06/15/2026(b)			EUR				100				110,914
4.125%, 04/15/2026(b)			U.S.$				203				200,468
6.25%, 01/15/2027(b)							473				481,780
Las Vegas Sands Corp. 2.90%, 06/25/2025							4				3,929
MDC Holdings, Inc. 6.00%, 01/15/2043							1,881				2,000,549
Resorts World Las Vegas LLC/RWLV Capital, Inc. 4.625%, 04/16/2029(b)							1,700				1,532,938
4.625%, 04/06/2031(b)							1,100				955,733
Sands China Ltd. 2.85%, 03/08/2029(a)							206				186,904
3.25%, 08/08/2031(a)(d)							285				250,265
4.375%, 06/18/2030(a)							935				895,661
5.40%, 08/08/2028(a)							481				484,607
											8,091,460
Consumer Cyclical - Retailers – 0.3%
Macy’s Retail Holdings LLC 5.875%, 03/15/2030(b)							1,571				1,539,579
6.125%, 03/15/2032(b)							509				493,567
Tapestry, Inc. 7.85%, 11/27/2033							309				334,378
											2,367,524
Consumer Non-Cyclical – 0.4%
BAT Capital Corp. 7.08%, 08/02/2053							227				263,594

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Cencosud SA 5.95%, 05/28/2031(b)			U.S.$				481			$	501,322
Charles River Laboratories International, Inc. 3.75%, 03/15/2029(b)							770				724,582
4.00%, 03/15/2031(b)							45				41,503
Imperial Brands Finance PLC 5.875%, 07/01/2034(b)							1,250				1,296,946
Jazz Securities DAC 4.375%, 01/15/2029(b)							1,487				1,436,289
Reynolds American, Inc. 5.85%, 08/15/2045							47				47,008
											4,311,244
Energy – 1.3%
Apache Corp. 4.75%, 04/15/2043							8				6,607
Energy Transfer LP 8.00%, 05/15/2054							1,477				1,589,752
EnLink Midstream Partners LP 5.05%, 04/01/2045							403				361,211
5.60%, 04/01/2044							52				49,694
Enterprise Products Operating LLC Series E 5.25%, 08/16/2077							353				348,734
EQM Midstream Partners LP 4.50%, 01/15/2029(b)							898				878,475
5.50%, 07/15/2028							845				857,079
6.375%, 04/01/2029(b)							315				325,459
Harbour Energy PLC 5.50%, 10/15/2026(b)							375				373,785
Hunt Oil Co. of Peru LLC Sucursal Del Peru 8.55%, 09/18/2033(b)							403				451,965
KazMunayGas National Co. JSC 5.375%, 04/24/2030(b)							1,928				1,941,322
Occidental Petroleum Corp. 6.20%, 03/15/2040							2				2,074
7.50%, 05/01/2031							4				4,540
ONEOK, Inc. 5.70%, 11/01/2054							1,272				1,265,382
Ovintiv, Inc. 6.50%, 02/01/2038							175				187,228
Raizen Fuels Finance SA 6.45%, 03/05/2034(b)							464				489,944
Tengizchevroil Finance Co. International Ltd. 3.25%, 08/15/2030(b)							1,902				1,649,319
Var Energi ASA 8.00%, 11/15/2032(b)							1,300				1,505,237
											12,287,807

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Other Industrial – 0.1%
American Builders & Contractors Supply Co., Inc. 4.00%, 01/15/2028(b)			U.S.$				100			$	96,250
Ritchie Bros Holdings, Inc. 6.75%, 03/15/2028(b)							418				432,391
											528,641
Services – 0.0%
Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV 8.50%, 01/15/2031(b)			GBP				163				235,356
IHS Markit Ltd. 4.75%, 08/01/2028			U.S.$				104				102,264
											337,620
Technology – 0.0%
Gartner, Inc. 3.625%, 06/15/2029(b)							7				6,686
Lenovo Group Ltd. 3.42%, 11/02/2030(b)							289				268,228
Western Digital Corp. 2.85%, 02/01/2029							30				27,319
3.10%, 02/01/2032							65				55,998
											358,231
Transportation - Airlines – 0.1%
Air Canada 3.875%, 08/15/2026(b)							1,303				1,268,957
Transportation - Railroads – 0.0%
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/2036(b)							366				342,174
Transportation - Services – 0.2%
Adani Ports & Special Economic Zone Ltd. 4.375%, 07/03/2029(b)							1,175				1,107,437
AerCap Global Aviation Trust 6.50%, 06/15/2045(b)							235				234,865
United Rentals North America, Inc. 3.875%, 11/15/2027							832				811,331
											2,153,633
											62,124,378
Utility – 1.5%
Electric – 1.5%
Adani Electricity Mumbai Ltd. 3.87%, 07/22/2031(b)							430				373,025
3.95%, 02/12/2030(b)							806				727,163

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
AES Andes SA 6.30%, 03/15/2029(b)			U.S.$				1,037			$	1,074,643
Alexander Funding Trust II 7.47%, 07/31/2028(b)							685				738,800
American Electric Power Co., Inc. 6.95%, 12/15/2054							594				632,469
Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy 7.875%, 02/15/2039(b)							447				477,172
Cometa Energia SA de CV 6.375%, 04/24/2035(b)							594				598,466
Edison International 8.125%, 06/15/2053							388				408,255
Electricite de France SA 9.125%, 03/15/2033(b)(l)							427				486,420
Empresas Publicas de Medellin ESP 4.25%, 07/18/2029(b)							1,640				1,487,890
Enel Finance International NV 7.75%, 10/14/2052(b)							275				350,932
Engie Energia Chile SA 6.375%, 04/17/2034(b)							920				976,902
FIEMEX Energia – Banco Actinver SA Institucion de Banca Multiple 7.25%, 01/31/2041(b)							221				229,564
FirstEnergy Corp. Series C 4.85%, 07/15/2047(a)							7				6,424
Israel Electric Corp., Ltd. 7.75%, 12/15/2027(b)							555				590,944
Series G 4.25%, 08/14/2028(b)							1,564				1,498,531
Kallpa Generacion SA 4.125%, 08/16/2027(b)							488				477,752
Minejesa Capital BV 4.625%, 08/10/2030(b)							1,280				1,262,745
NextEra Energy Capital Holdings, Inc. 6.70%, 09/01/2054							462				484,198
Niagara Energy SAC 5.75%, 10/03/2034(b)							492				493,476
NRG Energy, Inc. 7.00%, 03/15/2033(b)							323				358,204
Palomino Funding Trust I 7.23%, 05/17/2028(b)							806				864,514
											14,598,489

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Other Utility – 0.0%
Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy 7.875%, 02/15/2039(b)			U.S.$				470			$	501,725
											15,100,214
Total Corporates - Investment Grade (cost $133,695,654)											140,160,230
EMERGING MARKETS - CORPORATE BONDS – 6.1%
Industrial – 5.5%
Basic – 1.9%
Braskem Idesa SAPI 6.99%, 02/20/2032(b)							904				711,900
7.45%, 11/15/2029(b)							1,393				1,202,159
Braskem Netherlands Finance BV 4.50%, 01/10/2028(b)							1,720				1,618,950
4.50%, 01/31/2030(b)							966				861,382
Cia de Minas Buenaventura SAA 5.50%, 07/23/2026(b)							1,072				1,054,044
CSN Inova Ventures 6.75%, 01/28/2028(b)							1,694				1,637,759
Eregli Demir ve Celik Fabrikalari TAS 8.375%, 07/23/2029(b)							486				499,365
First Quantum Minerals Ltd. 6.875%, 10/15/2027(b)							1,215				1,195,110
8.625%, 06/01/2031(b)							832				833,040
9.375%, 03/01/2029(b)							438				464,412
Indika Energy Tbk PT 8.75%, 05/07/2029(b)							476				486,710
JSW Steel Ltd. 3.95%, 04/05/2027(b)							409				392,768
5.05%, 04/05/2032(b)							658				604,126
Sasol Financing USA LLC 5.50%, 03/18/2031							558				498,015
8.75%, 05/03/2029(b)							1,527				1,614,617
Stillwater Mining Co. 4.00%, 11/16/2026(b)							1,698				1,621,590
4.50%, 11/16/2029(b)							309				262,940
UPL Corp., Ltd. 4.50%, 03/08/2028(b)							616				556,132
4.625%, 06/16/2030(b)							673				573,102
Vedanta Resources Finance II PLC 10.875%, 09/17/2029(b)							985				998,658
Volcan Cia Minera SAA 8.75%, 01/24/2030(b)							724				624,349
											18,311,128

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Capital Goods – 0.2%
Cemex SAB de CV 5.125%, 06/08/2026(b)(l)			U.S.$				1,028			$	1,010,010
9.125%, 03/14/2028(b)(l)							386				420,779
IHS Holding Ltd. 6.25%, 11/29/2028(b)							383				357,626
											1,788,415
Communications - Media – 0.2%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(b)							1,676				1,577,535
Telecomunicaciones Digitales SA 4.50%, 01/30/2030(b)							505				462,550
											2,040,085
Communications - Telecommunications – 0.2%
Digicel Group Holdings Ltd. Zero Coupon, 12/31/2030(c)(f)							98				1,361
HTA Group Ltd./Mauritius 7.50%, 06/04/2029(b)							457				463,421
Millicom International Cellular SA 7.375%, 04/02/2032(b)							343				351,627
Sable International Finance Ltd. 7.125%, 10/15/2032(b)							688				689,282
Turk Telekomunikasyon AS 7.375%, 05/20/2029(b)							481				492,145
											1,997,836
Consumer Cyclical - Automotive – 0.0%
Ford Otomotiv Sanayi AS 7.125%, 04/25/2029(b)							236				243,611
Consumer Cyclical - Other – 1.0%
Allwyn Entertainment Financing UK PLC 7.875%, 04/30/2029(b)							200				209,004
Allwyn International AS 3.875%, 02/15/2027(b)			EUR				170				187,107
Melco Resorts Finance Ltd. 5.375%, 12/04/2029(b)			U.S.$				1,356				1,272,945
5.625%, 07/17/2027(b)							965				939,367
5.75%, 07/21/2028(b)							1,255				1,212,644
MGM China Holdings Ltd. 4.75%, 02/01/2027(b)							1,122				1,091,846
5.25%, 06/18/2025(b)							222				220,751
5.875%, 05/15/2026(b)							414				413,094
Studio City Co., Ltd. 7.00%, 02/15/2027(b)							289				291,709

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Studio City Finance Ltd. 6.00%, 07/15/2025(b)			U.S.$				448			$	447,552
Wynn Macau Ltd. 4.875%, 10/01/2024(b)							286				286,000
5.125%, 12/15/2029(b)							241				226,239
5.50%, 01/15/2026(b)							1,496				1,485,248
5.50%, 10/01/2027(b)							947				928,060
5.625%, 08/26/2028(b)							717				696,422
											9,907,988
Consumer Cyclical - Retailers – 0.1%
Falabella SA 3.375%, 01/15/2032(b)							583				490,449
3.75%, 10/30/2027(b)							950				903,925
K201640219 South Africa Ltd. Zero Coupon, 06/25/2023(f)(g)(h)(i)			ZAR				45				– 0	–
K2016470219 South Africa Ltd. 3.00%, 12/31/2022(c)(f)(g)(h)(i)			U.S.$				1,100				– 0	–
K2016470260 South Africa Ltd.
25.00%, 12/31/2022(c)(f)(g)(h)(i)							771				– 0	–
											1,394,374
Consumer Non-Cyclical – 0.7%
BBFI Liquidating Trust Zero Coupon, 12/30/2099(c)(f)(h)							780				225,817
BRF SA 4.875%, 01/24/2030(b)							655				632,573
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL 5.25%, 04/27/2029(b)							377				365,501
MARB BondCo PLC 3.95%, 01/29/2031(b)							1,762				1,554,613
Natura &Co Luxembourg Holdings SARL 4.125%, 05/03/2028(b)							246				226,950
Rede D’or Finance SARL 4.95%, 01/17/2028(b)							445				439,438
Teva Pharmaceutical Finance Netherlands II BV 3.75%, 05/09/2027			EUR				446				491,937
4.375%, 05/09/2030							1,000				1,106,738
Teva Pharmaceutical Finance Netherlands III BV 4.75%, 05/09/2027			U.S.$				517				508,922
5.125%, 05/09/2029(d)							517				511,830
7.875%, 09/15/2029							506				558,624
8.125%, 09/15/2031							506				580,246

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018(c)(f)(g)(h)(i)			U.S.$				4,062			$	406
10.875%, 01/13/2020(c)(f)(g)(h)(i)							480				48
11.75%, 02/09/2022(c)(f)(g)(h)(i)							1,609				161
											7,203,804
Energy – 1.1%
Acu Petroleo Luxembourg SARL 7.50%, 01/13/2032(b)							519				519,210
Azure Power Solar Energy Pvt. Ltd. 5.65%, 12/24/2024(b)							479				477,817
Canacol Energy Ltd. 5.75%, 11/24/2028(b)							544				282,983
Cosan Luxembourg SA 5.50%, 09/20/2029(b)							461				454,776
Ecopetrol SA 4.625%, 11/02/2031							841				720,485
6.875%, 04/29/2030							782				780,139
8.625%, 01/19/2029							2,054				2,208,563
Geopark Ltd. 5.50%, 01/17/2027(b)							317				301,594
Gran Tierra Energy, Inc. 9.50%, 10/15/2029(b)							1,006				952,179
Greenko Wind Projects Mauritius Ltd. 5.50%, 04/06/2025(b)							1,462				1,455,604
Leviathan Bond Ltd. 6.125%, 06/30/2025(b)							672				660,124
6.50%, 06/30/2027(b)							1,327				1,255,595
MV24 Capital BV 6.75%, 06/01/2034(b)							438				427,943
Oleoducto Central SA 4.00%, 07/14/2027(b)							424				405,556
SierraCol Energy Andina LLC 6.00%, 06/15/2028(b)							319				292,683
											11,195,251
Services – 0.1%
Bidvest Group UK PLC (The) 3.625%, 09/23/2026(b)							454				440,380
Transportation - Services – 0.0%
JSW Infrastructure Ltd. 4.95%, 01/21/2029(b)							204				198,390
											54,721,262

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Utility – 0.5%
Electric – 0.4%
AES Andes SA 6.35%, 10/07/2079(b)			U.S.$				286			$	283,632
8.15%, 06/10/2055(b)							274				282,985
Continuum Energy Aura Pte Ltd. 9.50%, 02/24/2027(b)							401				420,799
Continuum Green Energy India Pvt./Co-Issuers
7.50%, 06/26/2033(b)							481				505,800
Diamond II Ltd.
7.95%, 07/28/2026(b)							597				605,438
India Clean Energy Holdings
4.50%, 04/18/2027(b)							511				483,534
Investment Energy Resources Ltd.
6.25%, 04/26/2029(b)							403				396,955
Sorik Marapi Geothermal Power PT
7.75%, 08/05/2031(b)							420				417,375
Star Energy Geothermal Wayang Windu Ltd.
6.75%, 04/24/2033(b)							179				182,838
Terraform Global Operating LP 6.125%, 03/01/2026(b)							118				118,231
											3,697,587
Other Utility – 0.1%
Aegea Finance SARL 6.75%, 05/20/2029(b)							367				372,788
9.00%, 01/20/2031(b)							276				298,405
											671,193
											4,368,780
Financial Institutions – 0.1%
Banking – 0.1%
Akbank TAS 7.50%, 01/20/2030(b)							263				271,548
Turkiye Vakiflar Bankasi TAO 9.00%, 10/12/2028(b)							465				505,980
Yapi ve Kredi Bankasi AS 9.25%, 10/16/2028(b)							400				438,625
											1,216,153
Total Emerging Markets - Corporate Bonds (cost $65,242,616)											60,306,195

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
COLLATERALIZED LOAN OBLIGATIONS –3.3%
CLO - Floating Rate – 3.3%
AMMC CLO 25 Ltd. Series 2022-25A, Class ER 12.05% (CME Term SOFR 3 Month + 6.75%), 04/15/2035(b)(j)			U.S.$				5,000			$	5,007,335
Ares XXXIV CLO Ltd. Series 2015-2A, Class CR 7.55% (CME Term SOFR 3 Month + 2.26%), 04/17/2033(b)(j)							2,358				2,361,055
Balboa Bay Loan Funding Ltd. Series 2020-1A, Class ER
11.94% (CME Term SOFR 3 Month + 6.66%), 01/20/2032(b)(j)							3,100				3,099,798
Series 2021-2A, Class E 12.14% (CME Term SOFR 3 Month + 6.86%), 01/20/2035(b)(j)							1,000				953,137
Series 2022-1A, Class E 13.21% (CME Term SOFR 3 Month + 7.93%), 04/20/2034(b)(j)							3,700				3,687,191
Ballyrock CLO 15 Ltd. Series 2021-1A, Class D 11.78% (CME Term SOFR 3 Month + 6.48%), 04/15/2034(b)(j)							250				250,872
Crown Point CLO 11 Ltd. Series 2021-11A, Class E 12.36% (CME Term SOFR 3 Month + 7.07%), 01/17/2034(b)(j)							2,000				2,002,486
Elmwood CLO IX Ltd. Series 2021-2A, Class E 11.49% (CME Term SOFR 3 Month + 6.21%), 07/20/2034(b)(j)							250				251,107
Elmwood CLO XII Ltd. Series 2021-5A, Class E 11.89% (CME Term SOFR 3 Month + 6.61%), 01/20/2035(b)(j)							650				653,546
Galaxy 30 CLO Ltd. Series 2022-30A, Class E 12.25% (CME Term SOFR 3 Month + 6.95%), 04/15/2035(b)(j)							2,000				2,002,458
OCP CLO Ltd. Series 2021-21A, Class E 11.82% (CME Term SOFR 3 Month + 6.54%), 07/20/2034(b)(j)							250				250,342

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Palmer Square CLO Ltd. Series 2021-3A, Class E 11.71% (CME Term SOFR 3 Month + 6.41%), 01/15/2035(b)(j)			U.S.$				4,100			$	4,114,067
Rad CLO 10 Ltd. Series 2021-10A, Class E 11.395% (CME Term SOFR 3 Month + 6.11%), 04/23/2034(b)(j)							750				750,075
Rad CLO 11 Ltd. Series 2021-11A, Class E 11.81% (CME Term SOFR 3 Month + 6.51%), 04/15/2034(b)(j)							355				354,254
Regatta XIX Funding Ltd. Series 2022-1A, Class E 12.16% (CME Term SOFR 3 Month + 6.88%), 04/20/2035(b)(j)							349				350,131
Regatta XXIV Funding Ltd. Series 2021-5A, Class E 12.34% (CME Term SOFR 3 Month + 7.06%), 01/20/2035(b)(j)							3,600				3,616,492
Sixth Street CLO XVIII Ltd. Series 2021-18A, Class E 12.04% (CME Term SOFR 3 Month + 6.76%), 04/20/2034(b)(j)							1,238				1,244,331
Sixth Street CLO XX Ltd. Series 2021-20A, Class E 11.69% (CME Term SOFR 3 Month + 6.41%), 10/20/2034(b)(j)							679				681,154
Voya CLO Ltd. Series 2019-1A, Class DR 8.41% (CME Term SOFR 3 Month + 3.11%), 04/15/2031(b)(j)							1,050				1,049,598
Total Collateralized Loan Obligations (cost $32,531,935)											32,679,429
BANK LOANS – 2.9%
Industrial – 2.6%
Capital Goods – 0.2%
ACProducts Holdings, Inc. 9.115% (CME Term SOFR 3 Month + 4.25%), 05/17/2028(m)							1,913				1,594,409
Chariot Buyer LLC 8.195% (CME Term SOFR 1 Month + 3.25%), 11/03/2028(m)							156				154,666
TransDigm, Inc. 7.10% (CME Term SOFR 3 Month + 2.50%), 02/28/2031(m)							290				289,242
											2,038,317

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Communications - Media – 0.4%
Advantage Sales & Marketing, Inc. 9.83% (CME Term SOFR 3 Month + 4.25%), 10/28/2027(m)			U.S.$				1,682			$	1,631,028
DIRECTV Financing, LLC 10.21% (CME Term SOFR 1 Month + 5.25%), 08/02/2029(m)							521				511,297
Gray Television, Inc. 8.315% (CME Term SOFR 1 Month + 3.00%), 12/01/2028(m)							2,275				2,093,296
											4,235,621
Communications - Telecommunications – 0.4%
Crown Subsea Communications Holding, Inc. 9.25% (CME Term SOFR 3 Month + 4.00%), 01/30/2031(m)							1,426				1,433,200
Zacapa SARL 8.60% (CME Term SOFR 3 Month + 4.00%), 03/22/2029(m)							2,089				2,091,719
											3,524,919
Consumer Cyclical - Restaurants – 0.0%
IRB Holding Corp. 8.10% (CME Term SOFR 1 Month + 2.75%), 12/15/2027(m)							158				157,359
Consumer Cyclical - Retailers – 0.1%
Great Outdoors Group LLC 8.71% (CME Term SOFR 1 Month + 3.75%), 03/06/2028(m)							468				467,892
Consumer Non-Cyclical – 0.7%
Gainwell Acquisition Corp. 8.70% (CME Term SOFR 3 Month + 4.00%), 10/01/2027(m)							1,194				1,133,324
Neptune Bidco US, Inc. 10.40% (CME Term SOFR 3 Month + 5.00%), 04/11/2029(m)							2,080				1,948,523
PetSmart LLC 8.695% (CME Term SOFR 1 Month + 3.75%), 02/11/2028(m)							2,163				2,141,859
US Radiology Specialists, Inc. 10.585% (CME Term SOFR 1 Month + 5.25%), 12/15/2027(m)							1,916				1,916,021
											7,139,727
Energy – 0.2%
GIP II Blue Holding LP 9.00% (CME Term SOFR 1 Month + 3.75%), 09/29/2028(m)							2,001				2,005,318

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Other Industrial – 0.2%
American Tire Distributors, Inc. 11.80% (CME Term SOFR 3 Month + 6.25%), 10/20/2028(m)			U.S.$				2,061			$	1,219,463
Dealer Tire Financial LLC 8.345% (CME Term SOFR 1 Month + 3.50%), 07/02/2031(m)							287				287,748
											1,507,211
Technology – 0.4%
Ascend Learning LLC 10.695% (CME Term SOFR 1 Month + 5.75%), 12/10/2029(m)							840				811,650
Boxer Parent Co., Inc. 9.005% (CME Term SOFR 3 Month + 3.75%), 07/30/2031(m)							1,464				1,459,742
FINThrive Software Intermediate Holdings, Inc. 11.71% (CME Term SOFR 1 Month + 6.75%), 12/17/2029(m)							660				274,039
Loyalty Ventures, Inc. 14.00% (PRIME 3 Month + 5.50%), 11/03/2027(f)(h)(i)(m)(n)							1,518				11,388
Peraton Corp. 8.695% (CME Term SOFR 1 Month + 3.75%), 02/01/2028(m)							604				580,332
Vericast Corp. 12.35% (CME Term SOFR 3 Month + 7.75%), 06/16/2026(f)(m)							137				132,746
Veritas US, Inc. 9.96% (CME Term SOFR 1 Month + 5.00%), 09/01/2025(m)							565				528,530
											3,798,427
Transportation - Airlines – 0.0%
Delta Air Lines, Inc. 9.03% (CME Term SOFR 3 Month + 3.75%), 10/20/2027(m)							228				232,337
											25,107,128
Financial Institutions – 0.3%
Finance – 0.0%
Orbit Private Holdings I Ltd. 10.01% (CME Term SOFR 6 Month + 4.50%), 12/11/2028(f)(m)							233				233,966
Insurance – 0.3%
Asurion LLC 9.195% (CME Term SOFR 1 Month + 4.25%), 08/19/2028(m)							1,635				1,609,118

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Truist Insurance Holdings 9.35% (CME Term SOFR 3 Month + 4.75%), 05/06/2032(m)			U.S.$				1,460			$	1,481,900
											3,091,018
											3,324,984
Total Bank Loans (cost $31,469,855)											28,432,112
COLLATERALIZED MORTGAGE OBLIGATIONS – 2.8%
Risk Share Floating Rate – 2.0%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Debt Notes 2015-DNA1 Series 2015-DNA1, Class B 14.595% (CME Term SOFR + 9.31%), 10/25/2027(j)							592				616,735
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Debt Notes 2015-DNA2 Series 2015-DNA2, Class B 12.945% (CME Term SOFR + 7.66%), 12/25/2027(j)							1,151				1,189,911
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Debt Notes 2015-DNA3 Series 2015-DNA3, Class B 14.745% (CME Term SOFR + 9.46%), 04/25/2028(j)							1,011				1,077,263
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Debt Notes 2015-HQA1 Series 2015-HQA1, Class B 14.195% (CME Term SOFR + 8.91%), 03/25/2028(j)							999				1,034,188
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Debt Notes 2016-DNA2 Series 2016-DNA2, Class B 15.895% (CME Term SOFR + 10.61%), 10/25/2028(j)							848				941,600
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Debt Notes 2016-DNA3 Series 2016-DNA3, Class B 16.645% (CME Term SOFR + 11.36%), 12/25/2028(j)							2,728				3,074,111

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

				Principal Amount (000)				U.S. $ Value
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Debt Notes 2016-DNA4 Series 2016-DNA4, Class B 13.995% (CME Term SOFR + 8.71%), 03/25/2029(j)		U.S.$			389			$	432,509
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Debt Notes 2016-HQA2 Series 2016-HQA2, Class B 16.895% (CME Term SOFR + 11.61%), 11/25/2028(j)					420				470,884
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C04, Class 1M2 11.095% (CME Term SOFR + 5.81%), 04/25/2028(j)					794				827,080
Series 2015-C04, Class 2M2 10.945% (CME Term SOFR + 5.66%), 04/25/2028(j)					192				192,966
Series 2016-C01, Class 1B
17.145% (CME Term SOFR + 11.86%), 08/25/2028(j)					672				755,864
Series 2016-C01, Class 2M2 12.345% (CME Term SOFR + 7.06%), 08/25/2028(j)					85				89,349
Series 2016-C02, Class 1B 17.645% (CME Term SOFR + 12.36%), 09/25/2028(j)					445				512,159
Series 2016-C02, Class 1M2 11.395% (CME Term SOFR + 6.11%), 09/25/2028(j)					202				207,688
Series 2016-C03, Class 1B 17.145% (CME Term SOFR + 11.86%), 10/25/2028(j)					370				425,688
Series 2016-C03, Class 2B 18.145% (CME Term SOFR + 12.86%), 10/25/2028(j)					630				719,396
Series 2016-C04, Class 1B 15.645% (CME Term SOFR + 10.36%), 01/25/2029(j)					1,472				1,677,797
Series 2016-C05, Class 2B 16.145% (CME Term SOFR + 10.86%), 01/25/2029(j)					1,809				2,062,636
Series 2016-C06, Class 1B 14.645% (CME Term SOFR + 9.36%), 04/25/2029(j)					1,272				1,440,513

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Series 2016-C07, Class 2B 14.895% (CME Term SOFR + 9.61%), 05/25/2029(j)			U.S.$				1,552			$	1,764,764
JP Morgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 10.895% (CME Term SOFR + 5.61%), 10/25/2025(b)(j)							347				356,014
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 10.895% (CME Term SOFR + 5.61%), 11/25/2025(b)(j)							111				115,732
											19,984,847
Non-Agency Fixed Rate – 0.3%
Alternative Loan Trust Series 2006-42, Class 1A6 6.00%, 01/25/2047							441				236,890
Series 2006-24CB, Class A15 5.75%, 08/25/2036							469				253,048
Series 2006-HY12, Class A5 4.46%, 08/25/2036							403				375,163
Series 2006-J1, Class 1A10 5.50%, 02/25/2036							490				338,956
Series 2006-J5, Class 1A1 6.50%, 09/25/2036							453				241,184
Bear Stearns ARM Trust Series 2007-3, Class 1A1 4.30%, 05/25/2047							67				60,179
Series 2007-4, Class 22A1 4.43%, 06/25/2047							278				252,232
ChaseFlex Trust Series 2007-1, Class 1A3 6.50%, 02/25/2037							399				143,929
CHL Mortgage Pass-Through Trust Series 2007-HY4, Class 1A1 4.84%, 09/25/2047							79				72,352
Citigroup Mortgage Loan Trust Series 2007-AR4, Class 1A1A 4.71%, 03/25/2037							42				35,072
CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A4 5.75%, 03/25/2037							393				358,720
Residential Accredit Loans, Inc. Trust Series 2005-QS14, Class 3A1 6.00%, 09/25/2035							167				140,560

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Residential Asset Securitization Trust Series 2006-A8, Class 3A4 6.00%, 08/25/2036			U.S.$				126			$	58,292
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2006-9, Class A4 4.21%, 10/25/2036							1,206				337,284
Wells Fargo Mortgage Backed Securities Trust Series 2007-AR7, Class A1 6.23%, 12/28/2037							242				213,816
											3,117,677
Non-Agency Floating Rate – 0.3%
Alternative Loan Trust Series 2007-7T2, Class A3 5.57% (CME Term SOFR 1 Month + 0.71%), 04/25/2037(j)							1,935				656,914
CHL Mortgage Pass-Through Trust Series 2007-13, Class A7 5.57% (CME Term SOFR 1 Month + 0.71%), 08/25/2037(j)							286				98,841
First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A6 0.58% (5.44% – CME Term SOFR 1 Month), 04/25/2037(j)(o)							70				7,263
Series 2007-FA2, Class 1A10 5.22% (CME Term SOFR 1 Month + 0.36%), 04/25/2037(j)							208				48,289
Lehman XS Trust Series 2007-10H, Class 2AIO 1.685% (6.89% – CME Term SOFR 1 Month), 07/25/2037(j)(o)							103				11,140
Residential Accredit Loans, Inc. Trust Series 2006-QS18, Class 2A2 1.58% (6.44% – CME Term SOFR 1 Month), 12/25/2036(j)(o)							1,571				208,737
Wachovia Mortgage Loan Trust Series 2006-ALT1, Class A2 1.78% (CME Term SOFR 1 Month + 0.47%), 01/25/2037(j)							4,873				1,838,229
											2,869,413

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Agency Fixed Rate – 0.2%
Federal Home Loan Mortgage Corp. REMICS Series 4767, Class KI 6.00%, 03/15/2048(p)			U.S.$				7,602			$	1,384,242
Federal Home Loan Mortgage Corp. Strips Series 247, Class 54 5.50%, 04/15/2036(p)							3,505				654,568
											2,038,810
Total Collateralized Mortgage Obligations (cost $31,150,294)											28,010,747
EMERGING MARKETS - SOVEREIGNS – 2.4%
Angola – 0.3%
Angolan Government International Bond 8.00%, 11/26/2029(b)							835				754,631
8.25%, 05/09/2028(b)							200				189,750
9.50%, 11/12/2025(b)							2,118				2,155,065
											3,099,446
Argentina – 0.1%
Argentine Republic Government International Bond 0.75%, 07/09/2030(a)							191				117,423
1.00%, 07/09/2029							249				161,664
4.125%, 07/09/2035(a)							480				230,357
											509,444
Dominican Republic – 0.9%
Dominican Republic Central Bank Notes 10.50%, 01/17/2025(b)			DOP				146,500				2,423,633
Dominican Republic International Bond 8.625%, 04/20/2027(b)			U.S.$				5,719				5,964,917
											8,388,550
Egypt – 0.2%
Egypt Government International Bond 5.875%, 02/16/2031(b)							316				263,663
8.50%, 01/31/2047(b)							862				695,796
8.70%, 03/01/2049(b)							611				500,641
8.875%, 05/29/2050(b)							1,096				904,890
											2,364,990
El Salvador – 0.2%
El Salvador Government International Bond 6.375%, 01/18/2027(b)							272				261,120
7.625%, 09/21/2034(b)							762				636,750
7.625%, 02/01/2041(b)							826				672,934
8.625%, 02/28/2029(b)							860				846,025
											2,416,829

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Guatemala – 0.0%
Guatemala Government Bond 6.05%, 08/06/2031(b)			U.S.$				420			$	429,366
Nigeria – 0.5%
Nigeria Government International Bond 6.125%, 09/28/2028(b)							3,176				2,881,228
6.50%, 11/28/2027(b)							1,418				1,330,261
7.14%, 02/23/2030(b)							721				654,533
											4,866,022
Ukraine – 0.2%
Ukraine Government International Bond Zero Coupon, 02/01/2030(a)(b)							109				47,616
Zero Coupon, 02/01/2034(a)(b)							409				138,463
Zero Coupon, 02/01/2035(a)(b)							346				150,542
Zero Coupon, 02/01/2036(a)(b)							288				124,084
1.75%, 02/01/2029 (a)(b)							1,012				592,675
1.75%, 02/01/2034(a)(b)							722				319,879
1.75%, 02/01/2035(a)(b)							111				47,968
1.75%, 02/01/2036(a)(b)							159				67,762
											1,488,989
Total Emerging Markets - Sovereigns (cost $22,813,118)											23,563,636
GOVERNMENTS - TREASURIES – 1.9%
Colombia – 0.2%
Colombian TES Series B 7.25%, 10/26/2050			COP				14,439,300				2,363,969
United States – 1.7%
U.S. Treasury Bonds 2.75%, 11/15/2042(q)			U.S.$				2,154				1,763,588
5.00%, 05/15/2037(q)							1,824				2,033,760
5.25%, 02/15/2029(r)							320				342,100
6.125%, 11/15/2027(r)							1,000				1,073,437
U.S. Treasury Notes 2.25%, 02/15/2027(r)							10,811				10,476,244
2.875%, 08/15/2028(r)							606				590,477
											16,279,606
Total Governments - Treasuries (cost $19,269,141)											18,643,575

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
QUASI-SOVEREIGNS – 1.3%
Quasi-Sovereign Bonds – 1.3%
Azerbaijan – 0.1%
Southern Gas Corridor CJSC 6.875%, 03/24/2026(b)			U.S.$				1,045			$	1,068,186
Chile – 0.2%
Corp. Nacional del Cobre de Chile 3.00%, 09/30/2029(b)							915				842,658
5.95%, 01/08/2034(b)							979				1,028,867
6.44%, 01/26/2036(b)							453				492,496
											2,364,021
Mexico – 0.7%
Comision Federal de Electricidad 3.35%, 02/09/2031(b)							775				665,051
4.69%, 05/15/2029(b)							1,603				1,548,706
4.75%, 02/23/2027(b)							258				254,543
Petroleos Mexicanos 6.375%, 01/23/2045							302				210,887
6.49%, 01/23/2027							463				456,055
6.50%, 01/23/2029							355				335,049
6.70%, 02/16/2032							234				209,231
8.75%, 06/02/2029							3,092				3,135,144
											6,814,666
South Africa – 0.2%
Eskom Holdings SOC Ltd. 7.125%, 02/11/2025(b)							781				781,664
Transnet SOC Ltd. 8.25%, 02/06/2028(b)							1,300				1,349,153
											2,130,817
Turkey – 0.1%
TC Ziraat Bankasi AS
8.00%, 01/16/2029(b)(d)							354				371,255
Turkiye Ihracat Kredi Bankasi AS
9.00%, 01/28/2027(b)							208				221,910
											593,165
Total Quasi-Sovereigns (cost $12,656,385)											12,970,855
GOVERNMENTS - SOVEREIGN BONDS – 0.4%
Colombia – 0.1%
Colombia Government International Bond 4.125%, 05/15/2051							1,058				665,482
8.00%, 11/14/2035							464				493,928
											1,159,410

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Panama – 0.1%
Panama Government International Bond 7.50%, 03/01/2031			U.S.$				447			$	488,571
Panama Notas del Tesoro 3.75%, 04/17/2026							468				456,221
											944,792
Romania – 0.2%
Romanian Government International Bond 5.75%, 03/24/2035(b)							1,630				1,617,775
6.375%, 01/30/2034(b)							336				349,020
											1,966,795
Total Governments - Sovereign Bonds (cost $4,345,955)											4,070,997
LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.4%
United States – 0.4%
State of California Series 2010 7.60%, 11/01/2040							750				955,276
State of Illinois Series 2010 7.35%, 07/01/2035							1,505				1,653,041
Wisconsin Public Finance Authority Series 2021 5.75%, 07/25/2041(c)							1,435				1,351,125
Total Local Governments - US Municipal Bonds (cost $3,698,557)											3,959,442
COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.4%
Non-Agency Fixed Rate CMBS – 0.4%
Commercial Mortgage Trust Series 2012-CR3, Class F 4.29%, 10/15/2045(b)							41				2,273
Series 2013-LC6, Class D 4.065%, 01/10/2046(b)							1,129				1,053,693
Series 2014-CR20, Class XA 0.86%, 11/10/2047(p)							3,278				61
WFRBS Commercial Mortgage Trust Series 2011-C4, Class D 5.15%, 06/15/2044(b)							755				694,203

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
Series 2014-C25, Class D 3.80%, 11/15/2047(b)			U.S.$				1,807			$	1,758,954
Total Commercial Mortgage-Backed Securities (cost $3,475,453)											3,509,184
ASSET-BACKED SECURITIES –0.3%
Other ABS - Floating Rate – 0.2%
Pagaya AI Debt Series 2024-S1, Class ABC 7.22%, 09/15/2031(b)(f)							2,395				2,395,001
Pagaya AI Debt Trust Series 2022-6, Class A4 26.53%, 05/15/2030(b) (f)							62				64,609
											2,459,610
Autos - Fixed Rate – 0.1%
Flagship Credit Auto Trust Series 2019-4, Class E 4.11%, 03/15/2027(b)							770				762,606
Other ABS - Fixed Rate – 0.0%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-24, Class PT (13.10)%, 08/15/2044(c)							1				459
Series 2019-36, Class PT 4.55%, 10/17/2044(c)							3				2,438
											2,897
Total Asset-Backed Securities (cost $3,230,700)											3,225,113
INFLATION-LINKED SECURITIES – 0.2%
Colombia – 0.2%
Fideicomiso PA Pacifico Tres 7.00%, 01/15/2035(c) (cost $3,064,037)							10,719,489				2,325,587
						Shares
COMMON STOCKS – 0.1%
Financial Institutions – 0.1%
Other Finance – 0.1%
Curo Group Holdings LLC(f)(h)(i)							161,756				754,551

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Shares				U.S. $ Value
Consumer Discretionary – 0.0%
Broadline Retail – 0.0%
ATD New Holdings, Inc.(f)(i)							20,185			$	141,295
K201640219 South Africa Ltd. – Class A(f)(h)(i)							12,695,187				13
K201640219 South Africa Ltd. – Class B(f)(h)(i)							2,009,762				2
											141,310
Diversified Consumer Services – 0.0%
AG Tracker(f)(h)(i)							68,037				– 0	–
CWT Travel Holdings, Inc.(f)(h)(i)							3,766				13,181
Paysafe Ltd.(i)							10,709				240,203
											253,384
Leisure Products – 0.0%
New Cotai LLC/New Cotai Capital Corp.(f)(h)(i)							3				– 0	–
											394,694
Industrials – 0.0%
Electrical Equipment – 0.0%
Exide Technologies(f)(h)(i)							643				217,334
Consumer Staples – 0.0%
Household Products – 0.0%
Southeastern Grocers, Inc.(f)(h)(i)							105,865				39,699
Energy – 0.0%
Energy Equipment & Services – 0.0%
BIS Industries Holdings Ltd.(f)(h)(i)							838,296				1
CHC Group LLC(f)(h)(i)							21,009				4
											5
Oil, Gas & Consumable Fuels – 0.0%
SandRidge Energy, Inc.							243				2,972
											2,977
Total Common Stocks (cost $13,425,007)											1,409,255
PREFERRED STOCKS – 0.1%
Industrials – 0.1%
Trading Companies & Distributors – 0.1%
WESCO International, Inc. Series A 10.625% (cost $948,963)							35,175				909,274

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

						Principal Amount (000)				U.S. $ Value
GOVERNMENTS - SOVEREIGN AGENCIES – 0.1%
Jamaica – 0.1%
Kingston Airport Revenue Finance Ltd. 6.75%, 12/15/2036(b) (cost $500,745)			U.S.$				495			$	510,593
						Shares
RIGHTS – 0.0%
Vistra Energy Corp., expiring 12/31/2049(f)(i) (cost $0)							10,721				13,133
						Principal Amount (000)
SHORT-TERM INVESTMENTS – 1.2%
Time Deposits – 0.9%
BBH, New York 2.29%, 10/01/2024			SEK				10				995
3.18%, 10/01/2024			NOK				1,706				161,679
6.07%, 10/01/2024			ZAR				40				2,338
Citibank, London 2.33%, 10/01/2024			EUR				1,067				1,187,436
Citibank, New York 4.18%, 10/01/2024			U.S.$				6,411				6,410,862
Royal Bank of Canada, London 3.91%, 10/01/2024			GBP				418				559,344
Royal Bank of Canada, Toronto 3.03%, 10/01/2024			CAD				1,147				847,798
Total Time Deposits (cost $9,170,452)											9,170,452
						Shares
Investment Companies – 0.3%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 4.73%(s)(t)(u) (cost $2,736,983)							2,736,983				2,736,983
Total Short-Term Investments (cost $11,907,435)											11,907,435
Total Investments – 100.4% (cost $1,020,164,860)											992,924,386
Other assets less liabilities – (0.4)%											(3,667,171	)
Net Assets – 100.0%										$	989,257,215

 

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PORTFOLIO OF INVESTMENTS (continued)

 

FUTURES (see Note C)

 

Description		Number of Contracts				Expiration Month				Current Notional				Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures			94				December 2024			$	11,119,906			$	(5,875	)
U.S. T-Note 5 Yr (CBT) Futures			539				December 2024				59,226,836				206,844
Sold Contracts
U.S. Long Bond (CBT) Futures			67				December 2024				8,320,562				10,992
U.S. T-Note 10 Yr (CBT) Futures			231				December 2024				26,398,969				(25,140	)
														$	186,821

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note C)

 

Counterparty		Contracts to Deliver (000)						In Exchange For (000)						Settlement Date				Unrealized Appreciation (Depreciation)
Bank of America NA		EUR			48,974			USD			53,702				10/25/2024			$	(870,211	)
Bank of America NA		USD			956			CAD			1,296				11/07/2024				2,921
Bank of America NA		GBP			3,103			USD			4,109				11/08/2024				(39,501	)
Bank of America NA		USD			2,071			GBP			1,564				11/08/2024				19,911
Bank of America NA		USD			43			TWD			1,365				11/22/2024				472
Bank of America NA		USD			32			INR			2,657				12/06/2024				55
Bank of America NA		DOP			106,564			USD			1,751				01/17/2025				4,545
Barclays Bank PLC		BRL			372			USD			68				10/02/2024				(5	)
Barclays Bank PLC		USD			67			BRL			372				10/02/2024				1,343
Barclays Bank PLC		KRW			52,181			USD			39				10/18/2024				(1,043	)
Barclays Bank PLC		USD			29			KRW			39,537				10/18/2024				1,038
Barclays Bank PLC		USD			31			INR			2,622				12/06/2024				64
Brown Brothers Harriman & Co.		USD			34			ZAR			608				10/17/2024				1,277
Brown Brothers Harriman & Co.		ZAR			568			USD			31				10/17/2024				(1,388	)
Brown Brothers Harriman & Co.		SGD			171			USD			128				10/18/2024				(4,499	)
Brown Brothers Harriman & Co.		USD			132			SGD			175				10/18/2024				4,009
Brown Brothers Harriman & Co.		CHF			71			USD			83				10/25/2024				(767	)
Brown Brothers Harriman & Co.		EUR			344			USD			385				10/25/2024				1,271
Brown Brothers Harriman & Co.		EUR			203			USD			225				10/25/2024				(2,030	)
Brown Brothers Harriman & Co.		USD			60			CHF			51				10/25/2024				150
Brown Brothers Harriman & Co.		USD			1,186			EUR			1,081				10/25/2024				18,829
Brown Brothers Harriman & Co.		USD			53			CAD			72				11/07/2024				210
Brown Brothers Harriman & Co.		USD			21			GBP			16				11/08/2024				210
Brown Brothers Harriman & Co.		CNH			307			USD			44				11/21/2024				(38	)
Brown Brothers Harriman & Co.		CZK			1,163			USD			51				11/21/2024				(236	)
Brown Brothers Harriman & Co.		HUF			15,564			USD			43				11/21/2024				(420	)
Brown Brothers Harriman & Co.		PLN			238			USD			61				11/21/2024				(612	)
Brown Brothers Harriman & Co.		USD			35			CNH			243				11/21/2024				24
Brown Brothers Harriman & Co.		USD			32			CZK			710				11/21/2024				(146	)
Brown Brothers Harriman & Co.		USD			31			HUF			10,954				11/21/2024				112
Brown Brothers Harriman & Co.		AUD			57			USD			38				11/22/2024				(822	)
Brown Brothers Harriman & Co.		SEK			125			USD			12				11/22/2024				(19	)
Brown Brothers Harriman & Co.		USD			39			NOK			411				11/22/2024				108
Brown Brothers Harriman & Co.		NZD			99			USD			62				12/06/2024				(481	)
Brown Brothers Harriman & Co.		USD			11			NZD			18				12/06/2024				58

 

---

 

PORTFOLIO OF INVESTMENTS (continued)

 

Counterparty		Contracts to Deliver (000)								In Exchange For (000)								Settlement Date				Unrealized Appreciation (Depreciation)
Brown Brothers Harriman & Co.			USD				5				MXN				95				12/11/2024			$	(89	)
Citibank NA			USD				67				IDR				1,087,689				10/25/2024				4,838
Citibank NA			PEN				149				USD				40				11/08/2024				(597	)
Deutsche Bank AG			EUR				1,175				USD				1,311				10/25/2024				2,685
HSBC Bank USA			EUR				961				USD				1,061				10/25/2024				(10,514	)
HSBC Bank USA			TWD				1,360				USD				43				11/22/2024				(698	)
JPMorgan Chase Bank NA			EUR				981				USD				1,074				10/25/2024				(19,141	)
JPMorgan Chase Bank NA			USD				30				CLP				26,895				11/08/2024				329
Morgan Stanley Capital Services LLC			BRL				372				USD				68				10/02/2024				21
Morgan Stanley Capital Services LLC			USD				68				BRL				372				10/02/2024				5
Morgan Stanley Capital Services LLC			KRW				37,285				USD				27				10/18/2024				(1,066	)
Morgan Stanley Capital Services LLC			EUR				632				USD				692				10/25/2024				(11,390	)
Morgan Stanley Capital Services LLC			USD				68				BRL				372				11/04/2024				(49	)
Morgan Stanley Capital Services LLC			CLP				74,958				USD				80				11/08/2024				(3,805	)
Morgan Stanley Capital Services LLC			COP				24,282,391				USD				5,785				11/08/2024				41,250
Morgan Stanley Capital Services LLC			USD				47				COP				197,285				11/08/2024				(335	)
UBS AG			KRW				39,894				USD				30				10/18/2024				(475	)
UBS AG			USD				25				PEN				95				11/08/2024				571
																						$	(864,071	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note C)

 

Description		Fixed Rate (Pay) Receive				Payment Frequency				Implied Credit Spread at September 30, 2024				Notional Amount (000)				Market Value				Upfront Premiums Paid (Received)				Unrealized Appreciation (Depreciation)
Sale Contracts
CDX-NAHY Series 42, 5 Year Index, 06/20/2029*			5.00	%			Quarterly				3.05	%		USD	71,663			$	5,676,825			$	4,385,500			$	1,291,325
CDX-NAHY Series 43, 5 Year Index, 12/20/2029*			5.00				Quarterly				3.30			USD	24,297				1,813,718				1,775,070				38,648
Hertz Corp. (The), 5.000%, 12/01/2029, 06/20/2029*			5.00				Quarterly				21.69			USD	140				(58,785	)			(20,391	)			(38,394	)
iTraxx-XOVER Series 42, 5 Year Index, 12/20/2029*			5.00				Quarterly				3.11			EUR	33,120				3,111,719				2,977,707				134,012
																		$	10,543,477			$	9,117,886			$	1,425,591

 

*	Termination date

 

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PORTFOLIO OF INVESTMENTS (continued)

 

REVERSE REPURCHASE AGREEMENTS (see Note C)

 

Broker		Currency				Principal Amount (000)				Interest Rate				Maturity				U.S. $ Value at September 30, 2024
Barclays Capital, Inc.†			USD				1,321				(1.50	%)*			—			$	1,319,814
Barclays Capital, Inc.†			USD				507				1.75	%			—				508,813
Barclays Capital, Inc.†			USD				917				3.50	%			—				929,171
Barclays Capital, Inc.†			USD				2,430				4.65	%			—				2,432,047
Jefferies LLC†			USD				1,655				(2.50	%)*			—				1,654,800
Jefferies LLC			USD				253				0.00	%			10/04/2024				253,055
Jefferies LLC†			USD				366				3.00	%			—				371,475
Jefferies LLC†			USD				245				4.35	%			—				246,685
																		$	7,715,860

 

†	The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on September 30, 2024.

 

*	Interest payment due from counterparty.

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

 

Overnight and Continuous

Up to 30 Days

31-90 Days

Greater than 90 Days

Total

Corporates – Non-Investment Grade

$

5,016,018

$

1,572,869

$

– 0

–

$

– 0

–

$

6,588,887

Emerging Markets – Corporate Bonds

508,813

– 0

–

– 0

–

– 0

–

508,813

Quasi-Sovereigns

371,475

– 0

–

– 0

–

– 0

–

371,475

Corporates – Investment Grade

246,685

– 0

–

– 0

–

– 0

–

246,685

Total

$

6,142,991

$

1,572,869

$

– 0

–

$

– 0

–

$

7,715,860

 

(a)	Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2024.

 

(b)

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 September 30, 2024, the aggregate market value of these securities amounted to $759,645,608 or 76.79% of net assets.

 

(c)	Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.45% of net assets as of September 30, 2024, are considered illiquid and restricted. Additional information regarding such securities follows:

 

144A/Restricted & Illiquid Securities		Acquisition Date				Cost				Market Value				Percentage of Net Assets
ASP Unifrax Holdings, Inc. 7.50%, 09/30/2029			09/15/2021 - 01/19/2023			$	1,015,841			$	553,972				0.06	%
BBFI Liquidating Trust Zero Coupon, 12/30/2099			01/18/2013 - 06/17/2022				668,151				225,817				0.02	%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-24, Class PT (13.10)%, 08/15/2044			06/27/2019				646				459				0.00	%

 

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PORTFOLIO OF INVESTMENTS (continued)

 

144A/Restricted & Illiquid Securities		Acquisition Date				Cost				Market Value				Percentage of Net Assets
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-36, Class PT 4.55%, 10/17/2044			09/04/2019			$	2,530			$	2,438				0.00	%
Digicel Group Holdings Ltd. Zero Coupon, 12/31/2030			11/14/2023				10,334				1,361				0.00	%
Exide Technologies, (Exchange Priority) 11.00%, 10/31/2024			10/29/2020				– 0	–			– 0	–			0.00	%
Exide Technologies, (First Lien) 11.00%, 10/31/2024			10/29/2020				– 0	–			– 0	–			0.00	%
Fideicomiso PA Pacifico Tres 7.00%, 01/15/2035			03/04/2016				3,064,037				2,325,587				0.23	%
K2016470219 South Africa Ltd. 3.00%, 12/31/2022			01/31/2017 - 06/30/2022				1,100,178				– 0	–			0.00	%
K2016470260 South Africa Ltd. 25.00%, 12/31/2022			01/31/2017 - 06/30/2022				770,975				– 0	–			0.00	%
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018			05/15/2013 - 02/19/2015				2,295,760				– 0	–			0.00	%
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018			01/23/2014 - 01/27/2014				2,385,177				406				0.00	%
Virgolino de Oliveira Finance SA 10.875%, 01/13/2020			06/09/2014				477,418				48				0.00	%
Virgolino de Oliveira Finance SA 11.75%, 02/09/2022			01/29/2014 - 02/05/2014				833,041				161				0.00	%
Wisconsin Public Finance Authority Series 2021 5.75%, 07/25/2041			08/03/2021				1,435,000				1,351,125				0.14	%

 

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

 

(e)	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 September 30, 2024.

 

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

 

(g)	Defaulted matured security.

 

(h)	Fair valued by the Adviser.

 

(i)	Non-income producing security.

 

(j)	Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2024.

 

(k)	Escrow Shares.

 

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

 

(m)	The stated coupon rate represents the greater of the SOFR or an alternate base rate such as the PRIME or the SOFR/PRIME floor rate plus a spread at September 30, 2024.

 

(n)	Defaulted.

 

(o)	Inverse interest only security.

 

(p)	IO – Interest Only.

 

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

 

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

 

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PORTFOLIO OF INVESTMENTS (continued)

 

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

 

(t)	To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

 

(u)	Affiliated investments.

 

Currency Abbreviations:   AUD – Australian Dollar BRL – Brazilian Real CAD – Canadian Dollar CHF – Swiss Franc CLP – Chilean Peso CNH – Chinese Yuan Renminbi (Offshore) COP – Colombian Peso CZK – Czech Koruna DOP – Dominican Peso EUR – Euro GBP – Great British Pound HUF – Hungarian Forint		IDR – Indonesian Rupiah INR – Indian Rupee KRW – South Korean Won MXN – Mexican Peso NOK – Norwegian Krone NZD – New Zealand Dollar PEN – Peruvian Sol PLN – Polish Zloty SEK – Swedish Krona SGD – Singapore Dollar TWD – New Taiwan Dollar USD – United States Dollar ZAR – South African Rand

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

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

CJSC – Closed Joint Stock Company

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

CVR – Contingent Value Right

EURIBOR – Euro Interbank Offered Rate

JSC – Joint Stock Company

LP – Limited Partnership

REIT – Real Estate Investment Trust

REMICS – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

 

---

 

STATEMENT OF ASSETS & LIABILITIES

September 30, 2024 (unaudited)

 

Assets
Investments in securities, at value Unaffiliated issuers (cost $1,017,427,877)		$	990,187,403
Affiliated issuers (cost $2,736,983)			2,736,983
Foreign currencies, at value (cost $398,145)			25,775
Unaffiliated interest receivable			15,733,311
Receivable for terminated swaps			3,220,214
Receivable for newly entered swaps			1,916,198
Receivable for unsettled reverse repurchase agreements			284,068
Receivable for investment securities sold			221,731
Unrealized appreciation on forward currency exchange contracts			106,306
Affiliated dividends receivable			34,509
Receivable due from Adviser			1,748
Total assets			1,014,468,246
Liabilities
Due to Custodian			49,543
Payable for investment securities purchased			8,408,169
Payable for reverse repurchase agreements			7,715,860
Payable for newly entered swaps			3,107,876
Payable for terminated swaps			1,924,701
Payable for unsettled reverse repurchase agreements			1,143,675
Unrealized depreciation on forward currency exchange contracts			970,377
Advisory fee payable			749,702
Payable for capital gains taxes			391,550
Cash collateral due to broker			148,766
Payable for variation margin on centrally cleared swaps			98,318
Administrative fee payable			32,269
Payable for variation margin on futures			31,361
Transfer Agent fee payable			4,811
Accrued expenses			434,053
Total liabilities			25,211,031
Net Assets		$	989,257,215
Composition of Net Assets
Capital stock, at par		$	862,297
Additional paid-in capital			1,152,146,191
Accumulated loss			(163,751,273	)
		$	989,257,215
Net Asset Value Per Share—100 million shares of capital stock authorized, $0.01 par value (based on 86,229,677 shares outstanding)		$	11.47

See notes to financial statements.

 

---

 

STATEMENT OF OPERATIONS

Six Months Ended September 30, 2024 (unaudited)

 

Investment Income
Interest		$	36,551,450
Dividends
Unaffiliated issuers			400,532
Affiliated issuers			239,090			$	37,191,072
Expenses
Advisory fee (see Note B)			4,343,116
Transfer agency			21,495
Custody and accounting			133,440
Printing			99,315
Audit and tax			95,208
Administrative			46,530
Registration fees			43,355
Legal			32,827
Directors’ fees			16,932
Miscellaneous			35,662
Total expenses before interest expense			4,867,880
Interest expense			92,522
Total expenses			4,960,402
Less: expenses waived and reimbursed by the Adviser (see Note B)			(7,309	)
Net expenses							4,953,093
Net investment income							32,237,979
Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions(a)							(12,557,845	)
Forward currency exchange contracts							(64,392	)
Futures							416,850
Swaps							6,350,442
Foreign currency transactions							264,142
Net change in unrealized appreciation (depreciation) on:
Investments(b)							33,778,289
Forward currency exchange contracts							(1,459,829	)
Futures							40,454
Swaps							(2,308,139	)
Foreign currency denominated assets and liabilities							26,233
Net gain on investment and foreign currency transactions							24,486,205
Net Increase in Net Assets from Operations						$	56,724,184

 

(a)	Net of foreign realized capital gains taxes of $21,592.

 

(b)	Net of increase in accrued foreign capital gains taxes on unrealized gains of $10,290.

See notes to financial statements.

 

---

 

STATEMENT OF CHANGES IN NET ASSETS

 

		Six Months Ended September 30, 2024 (unaudited)				Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations
Net investment income		$	32,237,979			$	64,460,613
Net realized loss on investment and foreign currency transactions			(5,590,803	)			(6,534,555	)
Net change in unrealized appreciation on investments and foreign currency denominated assets and liabilities			30,077,008				67,125,028
Net increase in net assets from operations			56,724,184				125,051,086
Distributions to Shareholders			(33,888,263	)			(67,266,382	)
Return of Capital			– 0	–			(2,312,344	)
Total increase			22,835,921				55,472,360
Net Assets
Beginning of period			966,421,294				910,948,934
End of period		$	989,257,215			$	966,421,294

See notes to financial statements.

 

---

 

NOTES TO FINANCIAL STATEMENTS

September 30, 2024 (unaudited)

 

NOTE A

Significant Accounting Policies

AllianceBernstein Global High Income Fund, Inc. (the “Fund”) is incorporated under the laws of the State of Maryland and is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as a diversified, closed-end management investment company. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Fund’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price

 

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NOTES TO FINANCIAL STATEMENTS (continued)

 

is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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

 

---

 

NOTES TO FINANCIAL STATEMENTS (continued)

 

based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

 

•

Level 1—quoted prices in active markets for identical investments

•

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

•

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

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

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

 

---

 

NOTES TO FINANCIAL STATEMENTS (continued)

 

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

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

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.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of September 30, 2024:

 

Investments in Securities

Level 1

Level 2

Level 3

Total

Assets:

Corporates – Non-Investment Grade

$

– 0

–

$

614,020,298

$

2,297,296

#

$

616,317,594

Corporates – Investment Grade

– 0

–

140,160,230

– 0

–

140,160,230

Emerging Markets – Corporate Bonds

– 0

–

60,078,401

227,794

#

60,306,195

Collateralized Loan Obligations

– 0

–

32,679,429

– 0

–

32,679,429

Bank Loans

– 0

–

28,054,012

378,100

28,432,112

 

---

 

NOTES TO FINANCIAL STATEMENTS (continued)

 

Investments in Securities

Level 1

Level 2

Level 3

Total

Collateralized Mortgage Obligations

$

– 0

–

$

28,010,747

$

– 0

–

$

28,010,747

Emerging Markets – Sovereigns

– 0

–

23,563,636

– 0

–

23,563,636

Governments – Treasuries

– 0

–

18,643,575

– 0

–

18,643,575

Quasi-Sovereigns

– 0

–

12,970,855

– 0

–

12,970,855

Governments – Sovereign Bonds

– 0

–

4,070,997

– 0

–

4,070,997

Local Governments – US Municipal Bonds

– 0

–

3,959,442

– 0

–

3,959,442

Commercial Mortgage-Backed Securities

– 0

–

3,509,184

– 0

–

3,509,184

Asset-Backed Securities

– 0

–

765,503

2,459,610

3,225,113

Inflation-Linked Securities

– 0

–

2,325,587

– 0

–

2,325,587

Common Stocks

243,175

– 0

–

1,166,080

#

1,409,255

Preferred Stocks

909,274

– 0

–

– 0

–

909,274

Governments – Sovereign Agencies

– 0

–

510,593

– 0

–

510,593

Rights

– 0

–

– 0

–

13,133

13,133

Short-Term Investments:

Time Deposits

9,170,452

– 0

–

– 0

–

9,170,452

Investment Companies

2,736,983

– 0

–

– 0

–

2,736,983

Total Investments in Securities

13,059,884

973,322,489

6,542,013

992,924,386

Other Financial Instruments*:

Assets

Futures

217,836

– 0

–

– 0

–

217,836

†

Forward Currency Exchange Contracts

– 0

–

106,306

– 0

–

106,306

Centrally Cleared Credit Default Swaps

– 0

–

10,602,262

– 0

–

10,602,262

†

Liabilities

Futures

(31,015

)

– 0

–

– 0

–

(31,015

)†

Forward Currency Exchange Contracts

– 0

–

(970,377

)

– 0

–

(970,377

)

Centrally Cleared Credit Default Swaps

– 0

–

(58,785

)

– 0

–

(58,785

)†

Reverse Repurchase Agreements

(7,715,860

)

– 0

–

– 0

–

(7,715,860

)

Total

$

5,530,845

$

983,001,895

$

6,542,013

$

995,074,753

 

#	The Fund held securities with zero market value at period end.

 

*

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

 

†

Only variation margin receivable (payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

 

---

 

NOTES TO FINANCIAL STATEMENTS (continued)

 

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at the rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Fund’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the

 

---

 

NOTES TO FINANCIAL STATEMENTS (continued)

 

ex-dividend date at the fair value of the securities received. The Fund amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from real estate investment trust (“REIT”) investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

7. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .90% of the Fund’s average weekly net assets. Such fee is accrued daily and paid monthly.

Pursuant to the administration agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser, provided, however, that the reimbursement may not exceed .15% annualized of average weekly net assets. For the six months ended September 30, 2024, the reimbursement for such services amounted to $46,530.

Under the terms of a Shareholder Inquiry Agency Agreement with AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly owned subsidiary of the Adviser, the Fund reimburses ABIS for costs relating to servicing phone inquiries on behalf of the Fund. During the six months ended September 30, 2024, there was no such reimbursement paid to ABIS.

The Fund may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of ..20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1,

 

---

 

NOTES TO FINANCIAL STATEMENTS (continued)

 

2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended September 30, 2024, such waiver amounted to $7,309.

A summary of the Fund’s transactions in AB mutual funds for the six months ended September 30, 2024 is as follows:

 

Fund		Market Value 3/31/24 (000)				Purchases at Cost (000)				Sales Proceeds (000)				Market Value 9/30/24 (000)				Dividend Income (000)
Government Money Market Portfolio		$	7,585			$	119,687			$	124,535			$	2,737			$	239

NOTE C

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended September 30, 2024:

 

		Purchases				Sales
Investment securities (excluding U.S. government securities)		$	338,215,207			$	339,357,176

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

 

Gross unrealized appreciation		$	33,714,094
Gross unrealized depreciation			(60,206,227	)
Net unrealized depreciation		$	(26,492,133	)

1. Derivative Financial Instruments

The Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

 

---

 

NOTES TO FINANCIAL STATEMENTS (continued)

 

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

 

•

Forward Currency Exchange Contracts

The Fund may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Fund. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the six months ended September 30, 2024, the Fund held forward currency exchange contracts for hedging and non-hedging purposes.

 

•

Futures

The Fund may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Fund bears the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Fund may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under “Currency Transactions”.

At the time the Fund enters into futures, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the exchange on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly.

 

---

 

NOTES TO FINANCIAL STATEMENTS (continued)

 

Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the six months ended September 30, 2024, the Fund held futures for hedging and non-hedging purposes.

 

•

Swaps

The Fund may enter into swaps for investment purposes or to hedge its exposure to interest rates, credit risk or inflation. The Fund may also enter into swaps for non-hedging purposes as a means of gaining market exposures including by making direct investments in foreign currencies, as described below under “Currency Transactions” or in order to take a “long” or “short” position with respect to an underlying referenced asset described below under “Total Return Swaps”. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices, rates or indexes for a specified amount of an underlying asset or inflation. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of

 

---

 

NOTES TO FINANCIAL STATEMENTS (continued)

 

each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates, inflation or in the value of the underlying securities. The Fund accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation/depreciation of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Fund enters into a centrally cleared swap, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the clearinghouse on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust

 

---

 

NOTES TO FINANCIAL STATEMENTS (continued)

 

risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Interest Rate Swaps:

The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Fund may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

In addition, the Fund may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Fund anticipates purchasing at a later date. Interest rate swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or “notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments).

During the six months ended September 30, 2024, the Fund held interest rate swaps for hedging and non-hedging purposes.

Credit Default Swaps:

The Fund may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Fund, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Fund may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Fund receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Fund is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Fund will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount

 

---

 

NOTES TO FINANCIAL STATEMENTS (continued)

 

in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same referenced obligation with the same counterparty.

Credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Fund is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Fund coupled with the periodic payments previously received may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Fund.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/ performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the six months ended September 30, 2024, the Fund held credit default swaps for non-hedging purposes.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted

 

---

 

NOTES TO FINANCIAL STATEMENTS (continued)

 

and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Fund’s net liability, held by the defaulting party, may be delayed or denied.

The Fund’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Fund decline below specific levels (“net asset contingent features”). If these levels are triggered, the Fund’s OTC counterparty has the right to terminate such transaction and require the Fund to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty tables below for additional details.

During the six months ended September 30, 2024, the Fund had entered into the following derivatives:

 

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of Assets and Liabilities Location

Fair Value

Statement of Assets and Liabilities Location

Fair Value

Interest rate contracts

Receivable for variation margin on futures

$

217,836

*

Payable for variation margin on futures

$

31,015

*

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

106,306

Unrealized depreciation on forward currency exchange contracts

970,377

Credit contracts

Receivable for variation margin on centrally cleared swaps

1,463,985

*

Payable for variation margin on centrally cleared swaps

38,394

*

Total

$

1,788,127

$

1,039,786

 

*	Only variation margin receivable (payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.

 

---

 

NOTES TO FINANCIAL STATEMENTS (continued)

 

Derivative Type		Location of Gain or (Loss) on Derivatives Within Statement of Operations		Realized Gain or (Loss) on Derivatives				Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts		Net realized gain/(loss) on futures; Net change in unrealized appreciation (depreciation) on futures		$	416,850			$	40,454
Foreign currency contracts		Net realized gain/(loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) on forward currency exchange contracts			(64,392	)			(1,459,829	)
Credit contracts		Net realized gain/(loss) on swaps; Net change in unrealized appreciation (depreciation) on swaps			6,350,621				(2,308,139	)
Interest rate contracts		Net realized gain/(loss) on swaps; Net change in unrealized appreciation (depreciation) on swaps			(179	)			– 0	–
Total				$	6,702,900			$	(3,727,514	)

The following table represents the average monthly volume of the Fund’s derivative transactions during the six months ended September 30, 2024:

 

Centrally Cleared Credit Default Swaps:
Average notional amount of sale contracts		$	138,599,780
Credit Default Swaps:
Average notional amount of sale contracts		$	13,897,874	(a)
Forward Currency Exchange Contracts:
Average principal amount of buy contracts		$	6,751,058
Average principal amount of sale contracts		$	68,465,324
Futures:
Average notional amount of buy contracts		$	72,016,530
Average notional amount of sale contracts		$	34,034,810

 

(a)	Positions were open for four months during the reporting period.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under

 

---

 

NOTES TO FINANCIAL STATEMENTS (continued)

 

ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Fund as of September 30, 2024. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.

 

Counterparty		Derivative Assets Subject to a MA				Derivatives Available for Offset				Cash Collateral Received*				Security Collateral Received*				Net Amount of Derivative Assets
Bank of America NA.		$	27,904			$	(27,904	)		$	– 0	–		$	– 0	–		$	– 0	–
Barclays Bank PLC			2,445				(1,048	)			– 0	–			– 0	–			1,397
Brown Brothers Harriman & Co.			26,258				(11,547	)			– 0	–			– 0	–			14,711
Citibank NA/Citigroup Global Markets, Inc.			4,838				(597	)			– 0	–			– 0	–			4,241
Deutsche Bank AG			2,685				– 0	–			– 0	–			– 0	–			2,685
JPMorgan Chase Bank, NA			329				(329	)			– 0	–			– 0	–			– 0	–
Morgan Stanley Capital Services LLC.			41,276				(16,645	)			– 0	–			– 0	–			24,631
UBS AG			571				(475	)			– 0	–			– 0	–			96
Total		$	106,306			$	(58,545	)		$	– 0	–		$	– 0	–		$	47,761	^

 

Counterparty

Derivative Liabilities Subject to a MA

Derivatives Available for Offset

Cash Collateral Pledged*

Security Collateral Pledged*

Net Amount of Derivative Liabilities

Bank of America NA.

$

909,712

$

(27,904

)

$

– 0

–

$

– 0

–

$

881,808

Barclays Bank PLC

1,048

(1,048

)

– 0

–

– 0

–

– 0

–

Brown Brothers Harriman & Co.

11,547

(11,547

)

– 0

–

– 0

–

– 0

–

Citibank NA/Citigroup Global Markets, Inc.

597

(597

)

– 0

–

– 0

–

– 0

–

HSBC Bank USA

11,212

– 0

–

– 0

–

– 0

–

11,212

JPMorgan Chase Bank, NA

19,141

(329

)

– 0

–

– 0

–

18,812

Morgan Stanley Capital Services LLC.

16,645

(16,645

)

– 0

–

– 0

–

– 0

–

UBS AG

475

(475

)

– 0

–

– 0

–

– 0

–

Total

$

970,377

$

(58,545

)

$

– 0

–

$

– 0

–

$

911,832

^

 

*	The actual collateral received/pledged may be more than the amount reported due to overcollateralization.

 

^	Net amount represents the net receivable (payable) that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

 

See Note C.3 for additional disclosure of netting arrangements regarding reverse repurchase agreements.

2. Currency Transactions

The Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Fund may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Fund may enter into

 

---

 

NOTES TO FINANCIAL STATEMENTS (continued)

 

transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Fund and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Fund may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

3. Reverse Repurchase Agreements

The Fund may enter into reverse repurchase transactions (“RVP”) in accordance with the terms of a Master Repurchase Agreement (“MRA”), under which the Fund sells securities and agrees to repurchase them at a mutually agreed upon date and price. At the time the Fund enters into a reverse repurchase agreement, it will establish a segregated account with the custodian containing liquid assets having a value comparable to the repurchase price. Under the MRA and other master agreements, the Fund is permitted to offset payables and/or receivables with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund in the event of a default. In the event of a default by a MRA counterparty, the Fund may be considered an unsecured creditor with respect to any excess collateral (collateral with a market value in excess of the repurchase price) held by and/or posted to the counterparty, and as such the return of such excess collateral may be delayed or denied. For the six months ended September 30, 2024, the average amount of reverse repurchase agreements outstanding was $6,578,341 and the daily weighted average interest rate was 1.42%. At September 30, 2024, the Fund had reverse repurchase agreements outstanding in the amount of $7,715,860 as reported in the statement of assets and liabilities.

The following table presents the Fund’s RVP liabilities by counterparty net of the related collateral pledged by the Fund as of September 30, 2024:

 

Counterparty		RVP Liabilities Subject to a MRA				Securities Collateral Pledged†*				Net Amount of RVP Liabilities
Barclays Capital, Inc		$	5,189,845			$	(5,117,312	)		$	72,533
Jefferies LLC			2,526,015				(2,442,379	)			83,636
		$	7,715,860			$	(7,559,691	)		$	156,169

 

†	Including accrued interest.

 

*	The actual collateral pledged may be more than the amount reported due to overcollateralization.

 

---

 

NOTES TO FINANCIAL STATEMENTS (continued)

 

NOTE D

Capital Stock

During the six months ended September 30, 2024 and the year ended March 31, 2024, the Fund issued no shares in connection with the Fund’s dividend reinvestment plan.

NOTE E

Risks Involved in Investing in the Fund

Market Risk—The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, including fires, earthquakes and flooding, war or civil disturbance, acts of terrorism, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have had, and may in the future have, an adverse effect on the Fund’s investments and net asset value and can lead to increased market volatility. For example, the diseases or events themselves or any preventative or protective actions that governments may take in respect of such diseases or events may result in periods of business disruption, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the Fund’s portfolio companies. The occurrence and pendency of such diseases or events could adversely affect the economies and financial markets either in specific countries or worldwide.

Interest-Rate Risk—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

 

---

 

NOTES TO FINANCIAL STATEMENTS (continued)

 

Credit Risk—An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

Below Investment-Grade Securities Risk—Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) are subject to a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments and negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

Duration Risk—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

Inflation Risk—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund’s assets can decline as can the value of the Fund’s distributions. This risk is significantly greater for fixed-income securities with longer maturities.

Foreign (Non-US) Risk—Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Emerging-Market Risk—Investments in emerging-market countries may have more risk because the markets are less developed and less liquid and are subject to increased economic, political, regulatory or other uncertainties.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.

Leverage Risk— As a result of the Fund’s use of leveraging techniques, its NAV may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Fund’s investments.

 

---

 

NOTES TO FINANCIAL STATEMENTS (continued)

 

Derivatives Risk—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Fund to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.

Illiquid Investments Risk—Illiquid investments risk exists when certain investments become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes, large positions and heavy redemptions of Fund shares. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally decline.

Mortgage-Related and/or Other Asset-Backed Securities Risk—The Fund may invest in mortgage-backed and/or other asset-backed securities, including securities backed by mortgages and assets with an international or emerging-markets origination and securities backed by non-performing loans at the time of investment. Investments in mortgage-related and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include “extension risk”, which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and “prepayment risk”, which is the risk that, in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Fund to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by nongovernmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities.

Indemnification Risk—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but

 

---

 

NOTES TO FINANCIAL STATEMENTS (continued)

 

there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE F

Distributions to Shareholders

The tax character of distributions paid for the year ending March 31, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended March 31, 2024 and March 31, 2023 were as follows:

 

		2024				2023
Distributions paid from:
Ordinary income		$	67,266,382			$	76,201,166
Total taxable distributions paid		$	67,266,382			$	76,201,166
Return of Capital			2,312,344				– 0	–
Total distributions paid		$	69,578,726			$	76,201,166

As of March 31, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

 

Accumulated capital and other losses		$	(123,725,910	)(a)
Unrealized appreciation (depreciation)			(59,614,767	)(b)
Total accumulated earnings (deficit)		$	(183,340,677	)(c)

 

(a)	As of March 31, 2024, the Fund had a net capital loss carryforward of $123,725,910.

 

(b)

The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of hyperinflationary currency contracts, the tax treatment of callable bonds, the tax treatment of swaps, the tax deferral of losses on wash sales, and the tax treatment of partnership investments.

 

(c)	The differences between book-basis and tax-basis components of accumulated earnings/(deficit) are attributable primarily to the accrual of foreign capital gains tax and the tax treatment of defaulted securities.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of March 31, 2024, the Fund had a net short-term capital loss carryforward of $24,243,082 and a net long-term capital loss carryforward of $99,482,828, which may be carried forward for an indefinite period.

NOTE G

Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is

 

---

 

NOTES TO FINANCIAL STATEMENTS (continued)

 

an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

NOTE H

Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund’s financial statements through this date.

 

---

 

FINANCIAL HIGHLIGHTS

Selected Data For A Share of Capital Stock Outstanding Throughout Each Period

 

		Six Months Ended September 30, 2024 (unaudited)				Year Ended March 31,
						2024				2023				2022				2021				2020
Net asset value, beginning of period			$ 11.21				$ 10.56				$ 12.02				$ 12.78				$ 10.74				$ 12.95
Income From Investment Operations
Net investment income(a)			.37				.75				.69				.61				.59				.67
Net realized and unrealized gain (loss) on investments			.28				.71				(1.27	)			(.58	)			2.24				(2.09	)
Contributions from Affiliates			– 0	–			– 0	–			– 0	–			– 0	–			.00	(b)			.00	(b)
Net increase (decrease) in net asset value from operations			.65				1.46				(.58	)			.03				2.83				(1.42	)
Less:
Dividends from net investment income			(.39	)			(.78	)			(.88	)			(.78	)			(.69	)			(.75	)
Return of capital			– 0	–			(.03	)			– 0	–			(.01	)			(.10	)			(.04	)
Total dividends and distributions			(.39	)			(.81	)			(.88	)			(.79	)			(.79	)			(.79	)
Net asset value, end of period			$ 11.47				$ 11.21				$ 10.56				$ 12.02				$ 12.78				$ 10.74
Market value, end of period			$ 11.34				$ 10.62				$ 9.72				$ 11.18				$ 11.85				$ 9.26
(Discount), end of period			(1.13	)%			(5.26	)%			(7.95	)%			(6.99	)%			(7.28	)%			(13.78	)%
Total Return
Total investment return based on:(c)
Market value			10.76	%			18.43	%			(5.00	)%			.79	%			37.57	%			(14.43	)%
Net asset value			6.14	%			15.06	%			(4.01	)%^			.48	%^			27.92	%			(11.18	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)			$989,257				$966,421				$910,949				$1,036,686				$1,102,273				$926,184
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)(e)†			1.03	%(f)			1.05	%			1.04	%			1.00	%			1.02	%			1.00	%
Expenses, before waivers/reimbursements(d)(e)†			1.03	%(f)			1.05	%			1.04	%			1.00	%			1.02	%			1.01	%
Net investment income			6.68	%(f)			6.98	%			6.39	%			4.77	%			4.88	%			5.16	%
Portfolio turnover rate			36	%			45	%			40	%			40	%			51	%			32	%
†  Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying
portfolios			.00	%(f)			.00	%			.00	%			.00	%			.00	%			.01	%

See footnote summary on page 98.

 

---

 

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share of Capital Stock Outstanding Throughout Each Period

 

(a)	Based on average shares outstanding.

 

(b)	Amount is less than $0.005.

 

(c)

Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s Dividend Reinvestment Plan. Generally, Total investment return based on net asset value will be higher than total investment return based on market value to the net asset value from the beginning to the end of such periods. Conversely, total investment return based on net asset value will be lower than total investment return based on market value in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from the beginning to the end of such periods. Total investment return calculated for a period of less than one year is not annualized.

 

(d)	The expense ratios presented below exclude interest expense:

 

		Six Months Ended September 30, 2024 (unaudited)				Year Ended March 31,
						2024				2023				2022				2021				2020
Net of waivers/reimbursements			1.01	%			1.01	%			1.02	%			.99	%			1.02	%			.99	%
Before waivers/reimbursements			1.01	%			1.01	%			1.02	%			.99	%			1.02	%			1.00	%

 

(e)

In connection with the Fund’s investments in affiliated underlying portfolios, the Fund incurs no direct expenses but bears proportionate shares of the acquired fund fees and expenses (i.e. operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund’s pro rata share of certain acquired fund fees and expenses, and for the year ended March 31, 2020, such waiver amounted to 0.01%.

 

(f)	Annualized.

 

^	The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.

See notes to financial statements.

 

---

 

ADDITIONAL INFORMATION

(unaudited)

 

AllianceBernstein Global High Income Fund

Shareholders whose shares are registered in their own names will automatically be participants in the Dividend Reinvestment Plan (the “Plan”), pursuant to which distributions to shareholders will be paid in or reinvested in additional shares of the Fund, unless they elect to receive cash. Computershare Trust Company N.A. (the “Agent”) will act as agent for participants under the Plan. Shareholders whose shares are held in the name of a broker or nominee should contact such broker or nominee to determine whether or how they may participate in the Plan.

If the Board declares a distribution payable either in shares or in cash, as holders of the Common Stock may have elected, non-participants in the Plan will receive cash and participants in the Plan will receive the equivalent in shares of Common Stock of the Fund valued as follows:

 

(i)

If the shares of Common Stock are trading at net asset value or at a premium above net asset value at the time of valuation, the Fund will issue new shares at the greater of net asset value or 95% of the then current market price.

 

(ii)

If the shares of Common Stock are trading at a discount from net asset value at the time of valuation, the Agent will receive the distribution in cash and apply it to the purchase of the Fund’s shares of Common Stock in the open market on the New York Stock Exchange or elsewhere, for the participants’ accounts. Such purchases will be made on or shortly after the payment date for such distribution and in no event more than 30 days after such date except where temporary curtailment or suspension of purchase is necessary to comply with Federal securities laws. If, before the Agent has completed its purchases, the market price exceeds the net asset value of a share of Common Stock, the average purchase price per share paid by the Agent may exceed the net asset value of the Fund’s shares of Common Stock, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund.

The Agent will maintain all shareholders’ accounts in the Plan and furnish written confirmation of all transactions in the account, including information needed by shareholders for tax records. Shares in the account of each Plan participant will be held by the Agent in non-certificate form in the name of the participant, and each shareholder’s proxy will include those shares purchased or received pursuant to the Plan.

There will be no charges with respect to shares issued directly by the Fund to satisfy the dividend reinvestment requirements. However, each participant

 

---

 

ADDITIONAL INFORMATION (continued)

 

will pay a pro rata share of brokerage commissions incurred with respect to the Agent’s open market purchases of shares.

The automatic reinvestment of distributions will not relieve participants of any income taxes that may be payable (or required to be withheld) on distributions.

Experience under the Plan may indicate that changes are desirable. Accordingly, the Fund reserves the right to amend or terminate the Plan as applied to any voluntary cash payments made and any dividend or distribution paid subsequent to written notice of the change sent to participants in the Plan at least 90 days before the record date for such dividend or distribution. The Plan may also be amended or terminated by the Agent on at least 90 days written notice to participants in the Plan. All correspondence concerning the Plan should be directed to the Agent at Computershare Trust Company N.A., P.O. Box 30170 College Point, TX 77842-3170.

 

---

Information Regarding the Review and Approval of the Fund’s Advisory and Administration Agreements

The disinterested directors (the “directors”) of AllianceBernstein Global High Income Fund, Inc. (the “Fund”) unanimously approved the continuance of the Fund’s Advisory Agreement with the Adviser and the continuance of the Fund’s Administration Agreement with the Adviser (in such capacity, the “Administrator”) at a meeting held in-person on July 30-31, 2024 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement and the Administration Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement and Administration Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the Administrator to provide administrative services to the Fund and the overall arrangements (i) between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee and (ii) between the Fund and the Administrator, as provided in the Administration Agreement, including the administration fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors

 

---

considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement and by the Administrator under the Administration Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund and the resources the Administrator has devoted to providing services to the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors noted that the Adviser receives reimbursements for certain clerical, accounting, administrative and other services provided to the Fund by the Adviser pursuant to the Administration Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement and the Administration Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser (including in its capacity as Administrator) for calendar years 2022 and 2023 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiary that provides shareholder services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

 

---

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised by the Adviser in which the Fund invests, including, but not limited to, benefits relating to shareholder servicing fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the Fund’s performance against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing the Fund’s performance against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2024. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the management fee rate payable by the Fund (the combined advisory fee payable to the Adviser and administration fee payable to the Administrator) and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. They compared the combined advisory and administration fees payable by the Fund to the advisory fees of other funds where there is no separate administrator. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds. The directors compared the Fund’s contractual total management fee rate (the combined advisory fee payable to the Adviser plus the administration fee payable to the Administrator) with a peer group median and noted that it was lower than the median. The directors noted that the total management fee rate was expressed as a percentage of net assets and would have been somewhat lower if expressed as a percentage of average total assets (i.e., net assets plus assets supported by leverage).

The directors also compared the Fund’s contractual advisory fee rate with the fee rate charged by the Adviser for advising an open-end high income fund that also invested globally, and noted historical differences in their fee structures.

 

---

The Adviser informed the directors that there were no institutional products managed by the Adviser that utilize investment strategies similar to those of the Fund.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Fund in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was lower than the medians. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The advisory fee schedule for the Fund does not contain breakpoints that reduce the fee rates on assets above specified levels. The directors considered that the Fund is a closed-end fixed-income fund and was not expected to have meaningful asset growth (absent a rights offering or an acquisition). In such circumstances, the directors did not view the potential for realization of economies of scale as the Fund’s assets grow to be a material factor in their deliberations. They noted that, if the Fund’s net assets were to increase materially, they would review whether potential economies of scale were being realized.

 

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This page is not part of the Shareholder Report or the Financial Statements.

 

 

AB FAMILY OF FUNDS

 

We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

 

1	Prior to July 5, 2023, International Low Volatility Equity Portfolio was named International Strategic Core Portfolio and Short Duration High Yield Portfolio was named Limited Duration High Income Portfolio.

 

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NOTES

 

 

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ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

GHI-0152-0924    

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ITEM 2. CODE OF ETHICS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable when filing a semi-annual report to shareholders.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 6. INVESTMENTS.

Please see Schedule of Investments contained in the Financial Statements included under Item 1 of this Form N-CSR.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

Not applicable to the registrant.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

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ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Statement regarding basis for Approval of Investment Advisory Contract included within the Financial Statements under Item 1 of this Form N-CSR.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable when filing a semi-annual report to shareholders.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the registrant.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable to the registrant

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ITEM 19. EXHIBITS.

The following exhibits are attached to this Form N-CSR:

 

EXHIBIT NO.		DESCRIPTION OF EXHIBIT
19(a)(3)		Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
19(a)(3)		Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
19(b)		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): AllianceBernstein Global High Income Fund, Inc.

 

By:		/s/ Onur Erzan
		Onur Erzan
		President
Date:		November 26, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:		/s/ Onur Erzan
		Onur Erzan
		President
Date:		November 26, 2024
By:		/s/ Stephen M. Woetzel
		Stephen M. Woetzel
		Treasurer and Chief Financial Officer
Date:		November 26, 2024

 

Exhibit 19(a)(3)

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Onur Erzan, President of AllianceBernstein Global High Income Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of AllianceBernstein Global High Income Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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5. The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 26, 2024

 

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Exhibit 19(a)(3)

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Stephen M. Woetzel, Treasurer and Chief Financial Officer of AllianceBernstein Global High Income Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of AllianceBernstein Global High Income Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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5. The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 26, 2024

 

EXHIBIT 19(b)

CERTIFICATION PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT

Pursuant to 18 U.S.C. 1350, each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of AllianceBernstein Global High Income Fund, Inc. (the “Registrant”), hereby certifies that the Registrant’s report on Form N-CSR for the period ended September 30, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: November 26, 2024

 

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the Report or as a separate disclosure document.

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

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