# EDGAR Filing Document

**Accession Number:** 0000911507
**File Stem:** 0000930413-25-002385
**Filing Date:** 2025-8
**Character Count:** 1735166
**Document Hash:** d2a1f0ea528b8f513c88c15b70b6bfb5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-002385.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0000930413-25-002385

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**EFFECTIVENESS DATE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LORD ABBETT INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000911507

**ORGANIZATION NAME:**
- **EIN:** 133731507
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07988
- **FILM NUMBER:** 251183621

**BUSINESS ADDRESS:**
- **STREET 1:** 30 HUDSON STREET
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302
- **BUSINESS PHONE:** 201-827-2000

**MAIL ADDRESS:**
- **STREET 1:** 30 HUDSON STREET
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302

## Series and Classes Contracts Data

### Lord Abbett Convertible Fund (Series ID: S000007276)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019975 | Class A      | LACFX           |
| C000019977 | Class C      | LACCX           |
| C000019978 | Class P      | LCFPX           |
| C000019979 | Class I      | LCFYX           |
| C000054882 | Class F      | LBFFX           |
| C000054883 | Class R2     | LBCQX           |
| C000054884 | Class R3     | LCFRX           |
| C000156617 | Class R4     | LCFSX           |
| C000156618 | Class R5     | LCFTX           |
| C000156619 | Class R6     | LCFVX           |
| C000188232 | Class F3     | LOCFX           |

### Lord Abbett Core Fixed Income Fund (Series ID: S000007277)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019980 | Class A      | LCRAX           |
| C000019982 | Class C      | LCRCX           |
| C000019984 | Class I      | LCRYX           |
| C000054885 | Class F      | LCRFX           |
| C000054886 | Class R2     | LCRQX           |
| C000054887 | Class R3     | LCRRX           |
| C000156620 | Class R4     | LCRSX           |
| C000156621 | Class R5     | LCRTX           |
| C000156622 | Class R6     | LCRVX           |
| C000188234 | Class F3     | LCROX           |

### Lord Abbett High Yield Fund (Series ID: S000007278)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019985 | Class A      | LHYAX           |
| C000019987 | Class C      | LHYCX           |
| C000019989 | Class I      | LAHYX           |
| C000054888 | Class F      | LHYFX           |
| C000054889 | Class R2     | LHYQX           |
| C000054890 | Class R3     | LHYRX           |
| C000156623 | Class R4     | LHYSX           |
| C000156624 | Class R5     | LHYTX           |
| C000156625 | Class R6     | LHYVX           |
| C000188236 | Class F3     | LHYOX           |

### Lord Abbett Short Duration Income Fund (Series ID: S000007279)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019991 | Class I      | LLDYX           |
| C000019992 | Class A      | LALDX           |
| C000019994 | Class C      | LDLAX           |
| C000054891 | Class F      | LDLFX           |
| C000054892 | Class R2     | LDLQX           |
| C000054893 | Class R3     | LDLRX           |
| C000156626 | Class R4     | LDLKX           |
| C000156627 | Class R5     | LDLTX           |
| C000156628 | Class R6     | LDLVX           |
| C000188238 | Class F3     | LOLDX           |

### Lord Abbett Total Return Fund (Series ID: S000007280)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019995 | Class A      | LTRAX           |
| C000019997 | Class C      | LTRCX           |
| C000019998 | Class P      | LTRPX           |
| C000019999 | Class I      | LTRYX           |
| C000054894 | Class F      | LTRFX           |
| C000054895 | Class R2     | LTRQX           |
| C000054896 | Class R3     | LTRRX           |
| C000156629 | Class R4     | LTRKX           |
| C000156630 | Class R5     | LTRTX           |
| C000156631 | Class R6     | LTRHX           |
| C000188241 | Class F3     | LTROX           |

### Lord Abbett Income Fund (Series ID: S000007281)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020001 | Class I      | LAUYX           |
| C000020002 | Class A      | LAGVX           |
| C000020004 | Class C      | LAUSX           |
| C000054897 | Class F      | LAUFX           |
| C000054898 | Class R2     | LAUQX           |
| C000054899 | Class R3     | LAURX           |
| C000156632 | Class R4     | LAUKX           |
| C000156633 | Class R5     | LAUTX           |
| C000156634 | Class R6     | LAUVX           |
| C000188242 | Class F3     | LOGVX           |

### Lord Abbett Multi-Asset Balanced Opportunity Fund (Series ID: S000007282)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020005 | Class I      | LABYX           |
| C000020006 | Class A      | LABFX           |
| C000020008 | Class C      | BFLAX           |
| C000020009 | Class P      | LABPX           |
| C000054900 | Class F      | BLAFX           |
| C000054901 | Class R2     | BLAQX           |
| C000054902 | Class R3     | BLARX           |
| C000156635 | Class R4     | BLASX           |
| C000156636 | Class R5     | BLATX           |
| C000156637 | Class R6     | BLAVX           |
| C000188244 | Class F3     | LOBFX           |

### Lord Abbett Multi-Asset Income Fund (Series ID: S000007283)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000020010 | Class A      | ISFAX           |
| C000020012 | Class C      | ISFCX           |
| C000020014 | Class I      | ISFYX           |
| C000054903 | Class F      | LIGFX           |
| C000054904 | Class R2     | LIGQX           |
| C000054905 | Class R3     | LIXRX           |
| C000156638 | Class R4     | LIXSX           |
| C000156639 | Class R5     | LIXTX           |
| C000156640 | Class R6     | LIXVX           |
| C000188246 | Class F3     | ISFOX           |

### Lord Abbett Floating Rate Fund (Series ID: S000019792)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000055470 | Class A      | LFRAX           |
| C000055472 | Class C      | LARCX           |
| C000055473 | Class F      | LFRFX           |
| C000055474 | Class I      | LFRIX           |
| C000055475 | Class R2     | LFRRX           |
| C000055476 | Class R3     | LRRRX           |
| C000156647 | Class R4     | LRRKX           |
| C000156648 | Class R5     | LRRTX           |
| C000156649 | Class R6     | LRRVX           |
| C000188252 | Class F3     | LFROX           |

### Lord Abbett Inflation Focused Fund (Series ID: S000031962)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000099493 | Class A      | LIFAX           |
| C000099494 | Class C      | LIFCX           |
| C000099495 | Class F      | LIFFX           |
| C000099496 | Class I      | LIFIX           |
| C000099497 | Class R2     | LIFQX           |
| C000099498 | Class R3     | LIFRX           |
| C000156650 | Class R4     | LIFKX           |
| C000156651 | Class R5     | LIFTX           |
| C000156652 | Class R6     | LIFVX           |
| C000188254 | Class F3     | LIFOX           |

### Lord Abbett Core Plus Bond Fund (Series ID: S000051773)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000162898 | Class A      | LAPLX           |
| C000162899 | Class C      | LAPCX           |
| C000162900 | Class F      | LPLFX           |
| C000162901 | Class I      | LAPIX           |
| C000162903 | Class R3     | LAPQX           |
| C000162904 | Class R4     | LAPUX           |
| C000162905 | Class R5     | LAPVX           |
| C000162906 | Class R6     | LAPWX           |
| C000188256 | Class F3     | LOPLX           |

### Lord Abbett Ultra Short Bond Fund (Series ID: S000055282)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000173880 | Class A      | LUBAX           |
| C000173881 | Class F      | LUBFX           |
| C000173882 | Class I      | LUBYX           |
| C000173883 | Class R5     | LUBVX           |
| C000173884 | Class R6     | LUBWX           |
| C000188258 | Class F3     | LUBOX           |
| C000213736 | Class A1     | LUSNX           |

### Lord Abbett Short Duration Core Bond Fund (Series ID: S000056809)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000180461 | Class A      | LDCAX           |
| C000180462 | Class C      | LDCCX           |
| C000180463 | Class F      | LDCFX           |
| C000180464 | Class F3     | LSCOX           |
| C000180465 | Class I      | LSCIX           |
| C000180467 | Class R3     | LDCRX           |
| C000180468 | Class R4     | LSCSX           |
| C000180469 | Class R5     | LSCUX           |
| C000180470 | Class R6     | LDCVX           |

?xml version='1.0' encoding='ASCII'?

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: 811-07988

**LORD ABBETT INVESTMENT TRUST** (Exact name of Registrant as specified in charter)

<u>30 Hudson Street, Jersey City, New Jersey 07302-4804</u> (Address of principal executive offices) (Zip code)

Randolph A. Stuzin, Esq.

Vice President and Assistant Secretary

<u>30 Hudson Street, Jersey City, New Jersey 07302-4804</u> (Name and address of agent for service)

Registrant's telephone number, including area code: (888) 522-2388

Date of fiscal year end: 11/30

Date of reporting period: 5/31/2025

---

| | |
|:---|:---|
| **Item 1:** | **Report(s) to Shareholders.** |

---

![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class A

#### LCRAX

# Lord Abbett Core Fixed Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Core Fixed Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $28 | 0.55% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4520473782 |
| # of Portfolio Holdings | 479 |
| Portfolio Turnover Rate | 229% |
| Total Advisory Fees Paid | $4709833 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.74% |
| Corporate Bonds | 30.29% |
| Floating Rate Loans | 1.15% |
| Foreign Government Obligations | 0.29% |
| Government Agency Obligation | 0.41% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.63% |
| Government Sponsored Enterprises Pass-Throughs | 25.02% |
| Municipal Bonds | 0.06% |
| Non-Agency Commercial Mortgage-Backed Securities | 9.10% |
| U.S. Treasury Obligations | 19.85% |
| Repurchase Agreements | 0.37% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.08% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-273-A

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class C

#### LCRCX

# Lord Abbett Core Fixed Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Core Fixed Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $61 | 1.22% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4520473782 |
| # of Portfolio Holdings | 479 |
| Portfolio Turnover Rate | 229% |
| Total Advisory Fees Paid | $4709833 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.74% |
| Corporate Bonds | 30.29% |
| Floating Rate Loans | 1.15% |
| Foreign Government Obligations | 0.29% |
| Government Agency Obligation | 0.41% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.63% |
| Government Sponsored Enterprises Pass-Throughs | 25.02% |
| Municipal Bonds | 0.06% |
| Non-Agency Commercial Mortgage-Backed Securities | 9.10% |
| U.S. Treasury Obligations | 19.85% |
| Repurchase Agreements | 0.37% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.08% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-684-C

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class F

#### LCRFX

# Lord Abbett Core Fixed Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Core Fixed Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $23 | 0.45% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4520473782 |
| # of Portfolio Holdings | 479 |
| Portfolio Turnover Rate | 229% |
| Total Advisory Fees Paid | $4709833 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.74% |
| Corporate Bonds | 30.29% |
| Floating Rate Loans | 1.15% |
| Foreign Government Obligations | 0.29% |
| Government Agency Obligation | 0.41% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.63% |
| Government Sponsored Enterprises Pass-Throughs | 25.02% |
| Municipal Bonds | 0.06% |
| Non-Agency Commercial Mortgage-Backed Securities | 9.10% |
| U.S. Treasury Obligations | 19.85% |
| Repurchase Agreements | 0.37% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.08% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1009-F

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class F3

#### LCROX

# Lord Abbett Core Fixed Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Core Fixed Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $14 | 0.28% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4520473782 |
| # of Portfolio Holdings | 479 |
| Portfolio Turnover Rate | 229% |
| Total Advisory Fees Paid | $4709833 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.74% |
| Corporate Bonds | 30.29% |
| Floating Rate Loans | 1.15% |
| Foreign Government Obligations | 0.29% |
| Government Agency Obligation | 0.41% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.63% |
| Government Sponsored Enterprises Pass-Throughs | 25.02% |
| Municipal Bonds | 0.06% |
| Non-Agency Commercial Mortgage-Backed Securities | 9.10% |
| U.S. Treasury Obligations | 19.85% |
| Repurchase Agreements | 0.37% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.08% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8965-F3

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class I

#### LCRYX

# Lord Abbett Core Fixed Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Core Fixed Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $16 | 0.31% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4520473782 |
| # of Portfolio Holdings | 479 |
| Portfolio Turnover Rate | 229% |
| Total Advisory Fees Paid | $4709833 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.74% |
| Corporate Bonds | 30.29% |
| Floating Rate Loans | 1.15% |
| Foreign Government Obligations | 0.29% |
| Government Agency Obligation | 0.41% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.63% |
| Government Sponsored Enterprises Pass-Throughs | 25.02% |
| Municipal Bonds | 0.06% |
| Non-Agency Commercial Mortgage-Backed Securities | 9.10% |
| U.S. Treasury Obligations | 19.85% |
| Repurchase Agreements | 0.37% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.08% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-689-I

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R2

#### LCRQX

# Lord Abbett Core Fixed Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Core Fixed Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $47 | 0.95% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4520473782 |
| # of Portfolio Holdings | 479 |
| Portfolio Turnover Rate | 229% |
| Total Advisory Fees Paid | $4709833 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.74% |
| Corporate Bonds | 30.29% |
| Floating Rate Loans | 1.15% |
| Foreign Government Obligations | 0.29% |
| Government Agency Obligation | 0.41% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.63% |
| Government Sponsored Enterprises Pass-Throughs | 25.02% |
| Municipal Bonds | 0.06% |
| Non-Agency Commercial Mortgage-Backed Securities | 9.10% |
| U.S. Treasury Obligations | 19.85% |
| Repurchase Agreements | 0.37% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.08% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1079-R2

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R3

#### LCRRX

# Lord Abbett Core Fixed Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Core Fixed Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $43 | 0.85% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4520473782 |
| # of Portfolio Holdings | 479 |
| Portfolio Turnover Rate | 229% |
| Total Advisory Fees Paid | $4709833 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.74% |
| Corporate Bonds | 30.29% |
| Floating Rate Loans | 1.15% |
| Foreign Government Obligations | 0.29% |
| Government Agency Obligation | 0.41% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.63% |
| Government Sponsored Enterprises Pass-Throughs | 25.02% |
| Municipal Bonds | 0.06% |
| Non-Agency Commercial Mortgage-Backed Securities | 9.10% |
| U.S. Treasury Obligations | 19.85% |
| Repurchase Agreements | 0.37% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.08% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-2053-R3

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R4

#### LCRSX

# Lord Abbett Core Fixed Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Core Fixed Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $30 | 0.60% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4520473782 |
| # of Portfolio Holdings | 479 |
| Portfolio Turnover Rate | 229% |
| Total Advisory Fees Paid | $4709833 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.74% |
| Corporate Bonds | 30.29% |
| Floating Rate Loans | 1.15% |
| Foreign Government Obligations | 0.29% |
| Government Agency Obligation | 0.41% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.63% |
| Government Sponsored Enterprises Pass-Throughs | 25.02% |
| Municipal Bonds | 0.06% |
| Non-Agency Commercial Mortgage-Backed Securities | 9.10% |
| U.S. Treasury Obligations | 19.85% |
| Repurchase Agreements | 0.37% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.08% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8705-R4

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R5

#### LCRTX

# Lord Abbett Core Fixed Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Core Fixed Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $18 | 0.35% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4520473782 |
| # of Portfolio Holdings | 479 |
| Portfolio Turnover Rate | 229% |
| Total Advisory Fees Paid | $4709833 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.74% |
| Corporate Bonds | 30.29% |
| Floating Rate Loans | 1.15% |
| Foreign Government Obligations | 0.29% |
| Government Agency Obligation | 0.41% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.63% |
| Government Sponsored Enterprises Pass-Throughs | 25.02% |
| Municipal Bonds | 0.06% |
| Non-Agency Commercial Mortgage-Backed Securities | 9.10% |
| U.S. Treasury Obligations | 19.85% |
| Repurchase Agreements | 0.37% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.08% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8737-R5

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R6

#### LCRVX

# Lord Abbett Core Fixed Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Core Fixed Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $14 | 0.28% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4520473782 |
| # of Portfolio Holdings | 479 |
| Portfolio Turnover Rate | 229% |
| Total Advisory Fees Paid | $4709833 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.74% |
| Corporate Bonds | 30.29% |
| Floating Rate Loans | 1.15% |
| Foreign Government Obligations | 0.29% |
| Government Agency Obligation | 0.41% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.63% |
| Government Sponsored Enterprises Pass-Throughs | 25.02% |
| Municipal Bonds | 0.06% |
| Non-Agency Commercial Mortgage-Backed Securities | 9.10% |
| U.S. Treasury Obligations | 19.85% |
| Repurchase Agreements | 0.37% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.08% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8769-R6

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class A

#### LACFX

# Lord Abbett Convertible Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Convertible Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $55 | 1.10% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $557828701 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid | $1987906 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Convertible Bonds | 80.79% |
| Convertible Preferred Stocks | 15.24% |
| Options Purchased | 1.35% |
| Repurchase Agreements | 2.62% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1404-A

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class C

#### LACCX

# Lord Abbett Convertible Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Convertible Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $85 | 1.71% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $557828701 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid | $1987906 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Convertible Bonds | 80.79% |
| Convertible Preferred Stocks | 15.24% |
| Options Purchased | 1.35% |
| Repurchase Agreements | 2.62% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1406-C

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class F

#### LBFFX

# Lord Abbett Convertible Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Convertible Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $50 | 1.00% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $557828701 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid | $1987906 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Convertible Bonds | 80.79% |
| Convertible Preferred Stocks | 15.24% |
| Options Purchased | 1.35% |
| Repurchase Agreements | 2.62% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1008-F

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class F3

#### LOCFX

# Lord Abbett Convertible Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Convertible Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $40 | 0.81% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $557828701 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid | $1987906 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Convertible Bonds | 80.79% |
| Convertible Preferred Stocks | 15.24% |
| Options Purchased | 1.35% |
| Repurchase Agreements | 2.62% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8964-F3

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class I

#### LCFYX

# Lord Abbett Convertible Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Convertible Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $45 | 0.90% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $557828701 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid | $1987906 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Convertible Bonds | 80.79% |
| Convertible Preferred Stocks | 15.24% |
| Options Purchased | 1.35% |
| Repurchase Agreements | 2.62% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1408-I

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class P

#### LCFPX

# Lord Abbett Convertible Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Convertible Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $65 | 1.31% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $557828701 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid | $1987906 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Convertible Bonds | 80.79% |
| Convertible Preferred Stocks | 15.24% |
| Options Purchased | 1.35% |
| Repurchase Agreements | 2.62% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1407-P

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R2

#### LBCQX

# Lord Abbett Convertible Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Convertible Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $75 | 1.50% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $557828701 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid | $1987906 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Convertible Bonds | 80.79% |
| Convertible Preferred Stocks | 15.24% |
| Options Purchased | 1.35% |
| Repurchase Agreements | 2.62% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1046-R2

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R3

#### LCFRX

# Lord Abbett Convertible Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Convertible Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $70 | 1.40% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $557828701 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid | $1987906 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Convertible Bonds | 80.79% |
| Convertible Preferred Stocks | 15.24% |
| Options Purchased | 1.35% |
| Repurchase Agreements | 2.62% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-2052-R3

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R4

#### LCFSX

# Lord Abbett Convertible Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Convertible Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $57 | 1.15% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $557828701 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid | $1987906 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Convertible Bonds | 80.79% |
| Convertible Preferred Stocks | 15.24% |
| Options Purchased | 1.35% |
| Repurchase Agreements | 2.62% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8704-R4

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R5

#### LCFTX

# Lord Abbett Convertible Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Convertible Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $45 | 0.90% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $557828701 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid | $1987906 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Convertible Bonds | 80.79% |
| Convertible Preferred Stocks | 15.24% |
| Options Purchased | 1.35% |
| Repurchase Agreements | 2.62% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8736-R5

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R6

#### LCFVX

# Lord Abbett Convertible Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Convertible Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $40 | 0.81% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $557828701 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid | $1987906 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Convertible Bonds | 80.79% |
| Convertible Preferred Stocks | 15.24% |
| Options Purchased | 1.35% |
| Repurchase Agreements | 2.62% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8768-R6

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class A

#### LAPLX

# Lord Abbett Core Plus Bond Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Core Plus Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $32 | 0.63% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3865232447 |
| # of Portfolio Holdings | 687 |
| Portfolio Turnover Rate | 226% |
| Total Advisory Fees Paid | $5096324 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.24% |
| Corporate Bonds | 39.57% |
| Floating Rate Loans | 1.38% |
| Foreign Government Obligations | 0.64% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.90% |
| Government Sponsored Enterprises Pass-Throughs | 21.68% |
| Municipal Bonds | 0.03% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.18% |
| U.S. Treasury Obligations | 15.92% |
| Repurchase Agreements | 0.95% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.46% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8796-A

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class C

#### LAPCX

# Lord Abbett Core Plus Bond Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Core Plus Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $66 | 1.32% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3865232447 |
| # of Portfolio Holdings | 687 |
| Portfolio Turnover Rate | 226% |
| Total Advisory Fees Paid | $5096324 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.24% |
| Corporate Bonds | 39.57% |
| Floating Rate Loans | 1.38% |
| Foreign Government Obligations | 0.64% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.90% |
| Government Sponsored Enterprises Pass-Throughs | 21.68% |
| Municipal Bonds | 0.03% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.18% |
| U.S. Treasury Obligations | 15.92% |
| Repurchase Agreements | 0.95% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.46% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8797-C

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class F

#### LPLFX

# Lord Abbett Core Plus Bond Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Core Plus Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $27 | 0.53% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3865232447 |
| # of Portfolio Holdings | 687 |
| Portfolio Turnover Rate | 226% |
| Total Advisory Fees Paid | $5096324 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.24% |
| Corporate Bonds | 39.57% |
| Floating Rate Loans | 1.38% |
| Foreign Government Obligations | 0.64% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.90% |
| Government Sponsored Enterprises Pass-Throughs | 21.68% |
| Municipal Bonds | 0.03% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.18% |
| U.S. Treasury Obligations | 15.92% |
| Repurchase Agreements | 0.95% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.46% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8798-F

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class F3

#### LOPLX

# Lord Abbett Core Plus Bond Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Core Plus Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $18 | 0.35% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3865232447 |
| # of Portfolio Holdings | 687 |
| Portfolio Turnover Rate | 226% |
| Total Advisory Fees Paid | $5096324 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.24% |
| Corporate Bonds | 39.57% |
| Floating Rate Loans | 1.38% |
| Foreign Government Obligations | 0.64% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.90% |
| Government Sponsored Enterprises Pass-Throughs | 21.68% |
| Municipal Bonds | 0.03% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.18% |
| U.S. Treasury Obligations | 15.92% |
| Repurchase Agreements | 0.95% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.46% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8966-F3

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class I

#### LAPIX

# Lord Abbett Core Plus Bond Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Core Plus Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $22 | 0.43% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3865232447 |
| # of Portfolio Holdings | 687 |
| Portfolio Turnover Rate | 226% |
| Total Advisory Fees Paid | $5096324 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.24% |
| Corporate Bonds | 39.57% |
| Floating Rate Loans | 1.38% |
| Foreign Government Obligations | 0.64% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.90% |
| Government Sponsored Enterprises Pass-Throughs | 21.68% |
| Municipal Bonds | 0.03% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.18% |
| U.S. Treasury Obligations | 15.92% |
| Repurchase Agreements | 0.95% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.46% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8799-I

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R3

#### LAPQX

# Lord Abbett Core Plus Bond Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Core Plus Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $46 | 0.93% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3865232447 |
| # of Portfolio Holdings | 687 |
| Portfolio Turnover Rate | 226% |
| Total Advisory Fees Paid | $5096324 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.24% |
| Corporate Bonds | 39.57% |
| Floating Rate Loans | 1.38% |
| Foreign Government Obligations | 0.64% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.90% |
| Government Sponsored Enterprises Pass-Throughs | 21.68% |
| Municipal Bonds | 0.03% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.18% |
| U.S. Treasury Obligations | 15.92% |
| Repurchase Agreements | 0.95% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.46% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8801-R3

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R4

#### LAPUX

# Lord Abbett Core Plus Bond Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Core Plus Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $34 | 0.68% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3865232447 |
| # of Portfolio Holdings | 687 |
| Portfolio Turnover Rate | 226% |
| Total Advisory Fees Paid | $5096324 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.24% |
| Corporate Bonds | 39.57% |
| Floating Rate Loans | 1.38% |
| Foreign Government Obligations | 0.64% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.90% |
| Government Sponsored Enterprises Pass-Throughs | 21.68% |
| Municipal Bonds | 0.03% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.18% |
| U.S. Treasury Obligations | 15.92% |
| Repurchase Agreements | 0.95% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.46% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8802-R4

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R5

#### LAPVX

# Lord Abbett Core Plus Bond Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Core Plus Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $21 | 0.42% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3865232447 |
| # of Portfolio Holdings | 687 |
| Portfolio Turnover Rate | 226% |
| Total Advisory Fees Paid | $5096324 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.24% |
| Corporate Bonds | 39.57% |
| Floating Rate Loans | 1.38% |
| Foreign Government Obligations | 0.64% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.90% |
| Government Sponsored Enterprises Pass-Throughs | 21.68% |
| Municipal Bonds | 0.03% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.18% |
| U.S. Treasury Obligations | 15.92% |
| Repurchase Agreements | 0.95% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.46% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8803-R5

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R6

#### LAPWX

# Lord Abbett Core Plus Bond Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Core Plus Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $18 | 0.35% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3865232447 |
| # of Portfolio Holdings | 687 |
| Portfolio Turnover Rate | 226% |
| Total Advisory Fees Paid | $5096324 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 11.24% |
| Corporate Bonds | 39.57% |
| Floating Rate Loans | 1.38% |
| Foreign Government Obligations | 0.64% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.90% |
| Government Sponsored Enterprises Pass-Throughs | 21.68% |
| Municipal Bonds | 0.03% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.18% |
| U.S. Treasury Obligations | 15.92% |
| Repurchase Agreements | 0.95% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.46% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8804-R6

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class A

#### LFRAX

# Lord Abbett Floating Rate Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Floating Rate Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $40 | 0.80% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4669824443 |
| # of Portfolio Holdings | 460 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $11082820 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.16% |
| Common Stocks | 0.48% |
| Corporate Bonds | 6.85% |
| Exchange-Traded Funds | 2.23% |
| Floating Rate Loans | 82.30% |
| Preferred Stocks | 0.61% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 3.90% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.32% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.15% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-2081-A

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class C

#### LARCX

# Lord Abbett Floating Rate Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Floating Rate Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $72 | 1.43% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4669824443 |
| # of Portfolio Holdings | 460 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $11082820 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.16% |
| Common Stocks | 0.48% |
| Corporate Bonds | 6.85% |
| Exchange-Traded Funds | 2.23% |
| Floating Rate Loans | 82.30% |
| Preferred Stocks | 0.61% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 3.90% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.32% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.15% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-2083-C

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class F

#### LFRFX

# Lord Abbett Floating Rate Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Floating Rate Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $35 | 0.70% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4669824443 |
| # of Portfolio Holdings | 460 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $11082820 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.16% |
| Common Stocks | 0.48% |
| Corporate Bonds | 6.85% |
| Exchange-Traded Funds | 2.23% |
| Floating Rate Loans | 82.30% |
| Preferred Stocks | 0.61% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 3.90% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.32% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.15% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-2085-F

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class F3

#### LFROX

# Lord Abbett Floating Rate Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Floating Rate Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $27 | 0.53% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4669824443 |
| # of Portfolio Holdings | 460 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $11082820 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.16% |
| Common Stocks | 0.48% |
| Corporate Bonds | 6.85% |
| Exchange-Traded Funds | 2.23% |
| Floating Rate Loans | 82.30% |
| Preferred Stocks | 0.61% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 3.90% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.32% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.15% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8969-F3

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class I

#### LFRIX

# Lord Abbett Floating Rate Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Floating Rate Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $30 | 0.60% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4669824443 |
| # of Portfolio Holdings | 460 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $11082820 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.16% |
| Common Stocks | 0.48% |
| Corporate Bonds | 6.85% |
| Exchange-Traded Funds | 2.23% |
| Floating Rate Loans | 82.30% |
| Preferred Stocks | 0.61% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 3.90% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.32% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.15% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-2084-I

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R2

#### LFRRX

# Lord Abbett Floating Rate Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Floating Rate Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $61 | 1.21% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4669824443 |
| # of Portfolio Holdings | 460 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $11082820 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.16% |
| Common Stocks | 0.48% |
| Corporate Bonds | 6.85% |
| Exchange-Traded Funds | 2.23% |
| Floating Rate Loans | 82.30% |
| Preferred Stocks | 0.61% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 3.90% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.32% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.15% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-2086-R2

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R3

#### LRRRX

# Lord Abbett Floating Rate Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Floating Rate Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $55 | 1.10% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4669824443 |
| # of Portfolio Holdings | 460 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $11082820 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.16% |
| Common Stocks | 0.48% |
| Corporate Bonds | 6.85% |
| Exchange-Traded Funds | 2.23% |
| Floating Rate Loans | 82.30% |
| Preferred Stocks | 0.61% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 3.90% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.32% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.15% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-2087-R3

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R4

#### LRRKX

# Lord Abbett Floating Rate Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Floating Rate Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $43 | 0.85% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4669824443 |
| # of Portfolio Holdings | 460 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $11082820 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.16% |
| Common Stocks | 0.48% |
| Corporate Bonds | 6.85% |
| Exchange-Traded Funds | 2.23% |
| Floating Rate Loans | 82.30% |
| Preferred Stocks | 0.61% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 3.90% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.32% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.15% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8724-R4

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R5

#### LRRTX

# Lord Abbett Floating Rate Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Floating Rate Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $30 | 0.60% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4669824443 |
| # of Portfolio Holdings | 460 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $11082820 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.16% |
| Common Stocks | 0.48% |
| Corporate Bonds | 6.85% |
| Exchange-Traded Funds | 2.23% |
| Floating Rate Loans | 82.30% |
| Preferred Stocks | 0.61% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 3.90% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.32% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.15% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8756-R5

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R6

#### LRRVX

# Lord Abbett Floating Rate Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Floating Rate Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $27 | 0.53% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $4669824443 |
| # of Portfolio Holdings | 460 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $11082820 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 2.16% |
| Common Stocks | 0.48% |
| Corporate Bonds | 6.85% |
| Exchange-Traded Funds | 2.23% |
| Floating Rate Loans | 82.30% |
| Preferred Stocks | 0.61% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Repurchase Agreements | 3.90% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.32% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.15% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8788-R6

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class A

#### LHYAX

# Lord Abbett High Yield Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett High Yield Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $47 | 0.93% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3431415961 |
| # of Portfolio Holdings | 664 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $9484079 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.26% |
| Convertible Bonds | 0.02% |
| Corporate Bonds | 93.01% |
| Floating Rate Loans | 3.43% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.32% |
| Preferred Stocks | 0.19% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.49% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.28% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-266-A

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class C

#### LHYCX

# Lord Abbett High Yield Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett High Yield Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $77 | 1.55% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3431415961 |
| # of Portfolio Holdings | 664 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $9484079 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.26% |
| Convertible Bonds | 0.02% |
| Corporate Bonds | 93.01% |
| Floating Rate Loans | 3.43% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.32% |
| Preferred Stocks | 0.19% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.49% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.28% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-681-C

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class F

#### LHYFX

# Lord Abbett High Yield Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett High Yield Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $42 | 0.83% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3431415961 |
| # of Portfolio Holdings | 664 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $9484079 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.26% |
| Convertible Bonds | 0.02% |
| Corporate Bonds | 93.01% |
| Floating Rate Loans | 3.43% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.32% |
| Preferred Stocks | 0.19% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.49% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.28% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1010-F

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class F3

#### LHYOX

# Lord Abbett High Yield Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett High Yield Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $31 | 0.62% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3431415961 |
| # of Portfolio Holdings | 664 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $9484079 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.26% |
| Convertible Bonds | 0.02% |
| Corporate Bonds | 93.01% |
| Floating Rate Loans | 3.43% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.32% |
| Preferred Stocks | 0.19% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.49% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.28% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8972-F3

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class I

#### LAHYX

# Lord Abbett High Yield Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett High Yield Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $37 | 0.73% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3431415961 |
| # of Portfolio Holdings | 664 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $9484079 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.26% |
| Convertible Bonds | 0.02% |
| Corporate Bonds | 93.01% |
| Floating Rate Loans | 3.43% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.32% |
| Preferred Stocks | 0.19% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.49% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.28% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-694-I

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R2

#### LHYQX

# Lord Abbett High Yield Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett High Yield Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $66 | 1.33% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3431415961 |
| # of Portfolio Holdings | 664 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $9484079 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.26% |
| Convertible Bonds | 0.02% |
| Corporate Bonds | 93.01% |
| Floating Rate Loans | 3.43% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.32% |
| Preferred Stocks | 0.19% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.49% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.28% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1080-R2

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R3

#### LHYRX

# Lord Abbett High Yield Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett High Yield Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $62 | 1.23% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3431415961 |
| # of Portfolio Holdings | 664 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $9484079 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.26% |
| Convertible Bonds | 0.02% |
| Corporate Bonds | 93.01% |
| Floating Rate Loans | 3.43% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.32% |
| Preferred Stocks | 0.19% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.49% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.28% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-2054-R3

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R4

#### LHYSX

# Lord Abbett High Yield Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett High Yield Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $49 | 0.98% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3431415961 |
| # of Portfolio Holdings | 664 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $9484079 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.26% |
| Convertible Bonds | 0.02% |
| Corporate Bonds | 93.01% |
| Floating Rate Loans | 3.43% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.32% |
| Preferred Stocks | 0.19% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.49% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.28% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8706-R4

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R5

#### LHYTX

# Lord Abbett High Yield Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett High Yield Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $37 | 0.73% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3431415961 |
| # of Portfolio Holdings | 664 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $9484079 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.26% |
| Convertible Bonds | 0.02% |
| Corporate Bonds | 93.01% |
| Floating Rate Loans | 3.43% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.32% |
| Preferred Stocks | 0.19% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.49% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.28% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8738-R5

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R6

#### LHYVX

# Lord Abbett High Yield Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett High Yield Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $31 | 0.62% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3431415961 |
| # of Portfolio Holdings | 664 |
| Portfolio Turnover Rate | 41% |
| Total Advisory Fees Paid | $9484079 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Common Stocks | 0.26% |
| Convertible Bonds | 0.02% |
| Corporate Bonds | 93.01% |
| Floating Rate Loans | 3.43% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.32% |
| Preferred Stocks | 0.19% |
| Warrants | 0.00%<sup>Footnote Reference\*\*</sup> |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 2.49% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.28% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8770-R6

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class A

#### LAGVX

# Lord Abbett Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $35 | 0.70% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $5672250050 |
| # of Portfolio Holdings | 530 |
| Portfolio Turnover Rate | 119% |
| Total Advisory Fees Paid | $10267202 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 9.28% |
| Corporate Bonds | 70.76% |
| Floating Rate Loans | 8.65% |
| Foreign Government Obligations | 1.12% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 7.03% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.26% |
| U.S. Treasury Obligations | 1.04% |
| Repurchase Agreements | 0.50% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.22% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.14% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-12-A

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class C

#### LAUSX

# Lord Abbett Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $67 | 1.35% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $5672250050 |
| # of Portfolio Holdings | 530 |
| Portfolio Turnover Rate | 119% |
| Total Advisory Fees Paid | $10267202 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 9.28% |
| Corporate Bonds | 70.76% |
| Floating Rate Loans | 8.65% |
| Foreign Government Obligations | 1.12% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 7.03% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.26% |
| U.S. Treasury Obligations | 1.04% |
| Repurchase Agreements | 0.50% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.22% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.14% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-665-C

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class F

#### LAUFX

# Lord Abbett Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $30 | 0.60% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $5672250050 |
| # of Portfolio Holdings | 530 |
| Portfolio Turnover Rate | 119% |
| Total Advisory Fees Paid | $10267202 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 9.28% |
| Corporate Bonds | 70.76% |
| Floating Rate Loans | 8.65% |
| Foreign Government Obligations | 1.12% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 7.03% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.26% |
| U.S. Treasury Obligations | 1.04% |
| Repurchase Agreements | 0.50% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.22% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.14% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1013-F

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class F3

#### LOGVX

# Lord Abbett Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $21 | 0.43% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $5672250050 |
| # of Portfolio Holdings | 530 |
| Portfolio Turnover Rate | 119% |
| Total Advisory Fees Paid | $10267202 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 9.28% |
| Corporate Bonds | 70.76% |
| Floating Rate Loans | 8.65% |
| Foreign Government Obligations | 1.12% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 7.03% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.26% |
| U.S. Treasury Obligations | 1.04% |
| Repurchase Agreements | 0.50% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.22% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.14% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8973-F3

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class I

#### LAUYX

# Lord Abbett Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $25 | 0.50% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $5672250050 |
| # of Portfolio Holdings | 530 |
| Portfolio Turnover Rate | 119% |
| Total Advisory Fees Paid | $10267202 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 9.28% |
| Corporate Bonds | 70.76% |
| Floating Rate Loans | 8.65% |
| Foreign Government Obligations | 1.12% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 7.03% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.26% |
| U.S. Treasury Obligations | 1.04% |
| Repurchase Agreements | 0.50% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.22% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.14% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1427-I

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R2

#### LAUQX

# Lord Abbett Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $55 | 1.10% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $5672250050 |
| # of Portfolio Holdings | 530 |
| Portfolio Turnover Rate | 119% |
| Total Advisory Fees Paid | $10267202 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 9.28% |
| Corporate Bonds | 70.76% |
| Floating Rate Loans | 8.65% |
| Foreign Government Obligations | 1.12% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 7.03% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.26% |
| U.S. Treasury Obligations | 1.04% |
| Repurchase Agreements | 0.50% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.22% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.14% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1083-R2

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R3

#### LAURX

# Lord Abbett Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $50 | 1.00% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $5672250050 |
| # of Portfolio Holdings | 530 |
| Portfolio Turnover Rate | 119% |
| Total Advisory Fees Paid | $10267202 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 9.28% |
| Corporate Bonds | 70.76% |
| Floating Rate Loans | 8.65% |
| Foreign Government Obligations | 1.12% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 7.03% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.26% |
| U.S. Treasury Obligations | 1.04% |
| Repurchase Agreements | 0.50% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.22% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.14% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-2057-R3

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R4

#### LAUKX

# Lord Abbett Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $37 | 0.75% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $5672250050 |
| # of Portfolio Holdings | 530 |
| Portfolio Turnover Rate | 119% |
| Total Advisory Fees Paid | $10267202 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 9.28% |
| Corporate Bonds | 70.76% |
| Floating Rate Loans | 8.65% |
| Foreign Government Obligations | 1.12% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 7.03% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.26% |
| U.S. Treasury Obligations | 1.04% |
| Repurchase Agreements | 0.50% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.22% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.14% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8709-R4

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R5

#### LAUTX

# Lord Abbett Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $25 | 0.50% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $5672250050 |
| # of Portfolio Holdings | 530 |
| Portfolio Turnover Rate | 119% |
| Total Advisory Fees Paid | $10267202 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 9.28% |
| Corporate Bonds | 70.76% |
| Floating Rate Loans | 8.65% |
| Foreign Government Obligations | 1.12% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 7.03% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.26% |
| U.S. Treasury Obligations | 1.04% |
| Repurchase Agreements | 0.50% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.22% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.14% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8741-R5

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R6

#### LAUVX

# Lord Abbett Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $21 | 0.43% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $5672250050 |
| # of Portfolio Holdings | 530 |
| Portfolio Turnover Rate | 119% |
| Total Advisory Fees Paid | $10267202 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 9.28% |
| Corporate Bonds | 70.76% |
| Floating Rate Loans | 8.65% |
| Foreign Government Obligations | 1.12% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 7.03% |
| Non-Agency Commercial Mortgage-Backed Securities | 0.26% |
| U.S. Treasury Obligations | 1.04% |
| Repurchase Agreements | 0.50% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 1.22% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.14% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8773-R6

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class A

#### LIFAX

# Lord Abbett Inflation Focused Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Inflation Focused Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $38 | 0.74% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $760320718 |
| # of Portfolio Holdings | 697 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid | $1088254 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 20.02% |
| Convertible Bonds | 0.09% |
| Corporate Bonds | 59.85% |
| Floating Rate Loans | 3.25% |
| Foreign Government Obligations | 1.27% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.02% |
| Government Sponsored Enterprises Pass-Throughs | 4.66% |
| Non-Agency Commercial Mortgage-Backed Securities | 6.76% |
| U.S. Treasury Obligations | 3.76% |
| Repurchase Agreements | 0.32% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-3329-A

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class C

#### LIFCX

# Lord Abbett Inflation Focused Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Inflation Focused Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $68 | 1.35% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $760320718 |
| # of Portfolio Holdings | 697 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid | $1088254 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 20.02% |
| Convertible Bonds | 0.09% |
| Corporate Bonds | 59.85% |
| Floating Rate Loans | 3.25% |
| Foreign Government Obligations | 1.27% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.02% |
| Government Sponsored Enterprises Pass-Throughs | 4.66% |
| Non-Agency Commercial Mortgage-Backed Securities | 6.76% |
| U.S. Treasury Obligations | 3.76% |
| Repurchase Agreements | 0.32% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-3330-C

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class F

#### LIFFX

# Lord Abbett Inflation Focused Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Inflation Focused Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $33 | 0.65% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $760320718 |
| # of Portfolio Holdings | 697 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid | $1088254 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 20.02% |
| Convertible Bonds | 0.09% |
| Corporate Bonds | 59.85% |
| Floating Rate Loans | 3.25% |
| Foreign Government Obligations | 1.27% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.02% |
| Government Sponsored Enterprises Pass-Throughs | 4.66% |
| Non-Agency Commercial Mortgage-Backed Securities | 6.76% |
| U.S. Treasury Obligations | 3.76% |
| Repurchase Agreements | 0.32% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-3331-F

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class F3

#### LIFOX

# Lord Abbett Inflation Focused Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Inflation Focused Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $22 | 0.44% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $760320718 |
| # of Portfolio Holdings | 697 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid | $1088254 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 20.02% |
| Convertible Bonds | 0.09% |
| Corporate Bonds | 59.85% |
| Floating Rate Loans | 3.25% |
| Foreign Government Obligations | 1.27% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.02% |
| Government Sponsored Enterprises Pass-Throughs | 4.66% |
| Non-Agency Commercial Mortgage-Backed Securities | 6.76% |
| U.S. Treasury Obligations | 3.76% |
| Repurchase Agreements | 0.32% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8974-F3

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class I

#### LIFIX

# Lord Abbett Inflation Focused Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Inflation Focused Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $27 | 0.54% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $760320718 |
| # of Portfolio Holdings | 697 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid | $1088254 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 20.02% |
| Convertible Bonds | 0.09% |
| Corporate Bonds | 59.85% |
| Floating Rate Loans | 3.25% |
| Foreign Government Obligations | 1.27% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.02% |
| Government Sponsored Enterprises Pass-Throughs | 4.66% |
| Non-Agency Commercial Mortgage-Backed Securities | 6.76% |
| U.S. Treasury Obligations | 3.76% |
| Repurchase Agreements | 0.32% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-3332-I

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R2

#### LIFQX

# Lord Abbett Inflation Focused Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Inflation Focused Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $58 | 1.14% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $760320718 |
| # of Portfolio Holdings | 697 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid | $1088254 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 20.02% |
| Convertible Bonds | 0.09% |
| Corporate Bonds | 59.85% |
| Floating Rate Loans | 3.25% |
| Foreign Government Obligations | 1.27% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.02% |
| Government Sponsored Enterprises Pass-Throughs | 4.66% |
| Non-Agency Commercial Mortgage-Backed Securities | 6.76% |
| U.S. Treasury Obligations | 3.76% |
| Repurchase Agreements | 0.32% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-3333-R2

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R3

#### LIFRX

# Lord Abbett Inflation Focused Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Inflation Focused Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $53 | 1.04% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $760320718 |
| # of Portfolio Holdings | 697 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid | $1088254 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 20.02% |
| Convertible Bonds | 0.09% |
| Corporate Bonds | 59.85% |
| Floating Rate Loans | 3.25% |
| Foreign Government Obligations | 1.27% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.02% |
| Government Sponsored Enterprises Pass-Throughs | 4.66% |
| Non-Agency Commercial Mortgage-Backed Securities | 6.76% |
| U.S. Treasury Obligations | 3.76% |
| Repurchase Agreements | 0.32% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-3334-R3

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R4

#### LIFKX

# Lord Abbett Inflation Focused Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Inflation Focused Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $40 | 0.79% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $760320718 |
| # of Portfolio Holdings | 697 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid | $1088254 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 20.02% |
| Convertible Bonds | 0.09% |
| Corporate Bonds | 59.85% |
| Floating Rate Loans | 3.25% |
| Foreign Government Obligations | 1.27% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.02% |
| Government Sponsored Enterprises Pass-Throughs | 4.66% |
| Non-Agency Commercial Mortgage-Backed Securities | 6.76% |
| U.S. Treasury Obligations | 3.76% |
| Repurchase Agreements | 0.32% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8726-R4

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R5

#### LIFTX

# Lord Abbett Inflation Focused Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Inflation Focused Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $27 | 0.54% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $760320718 |
| # of Portfolio Holdings | 697 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid | $1088254 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 20.02% |
| Convertible Bonds | 0.09% |
| Corporate Bonds | 59.85% |
| Floating Rate Loans | 3.25% |
| Foreign Government Obligations | 1.27% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.02% |
| Government Sponsored Enterprises Pass-Throughs | 4.66% |
| Non-Agency Commercial Mortgage-Backed Securities | 6.76% |
| U.S. Treasury Obligations | 3.76% |
| Repurchase Agreements | 0.32% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8758-R5

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R6

#### LIFVX

# Lord Abbett Inflation Focused Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Inflation Focused Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $22 | 0.44% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $760320718 |
| # of Portfolio Holdings | 697 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid | $1088254 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 20.02% |
| Convertible Bonds | 0.09% |
| Corporate Bonds | 59.85% |
| Floating Rate Loans | 3.25% |
| Foreign Government Obligations | 1.27% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.02% |
| Government Sponsored Enterprises Pass-Throughs | 4.66% |
| Non-Agency Commercial Mortgage-Backed Securities | 6.76% |
| U.S. Treasury Obligations | 3.76% |
| Repurchase Agreements | 0.32% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8790-R6

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

# Class A

# LABFX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Multi-Asset Balanced Opportunity Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $24 | 0.49% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1923224408 |
| # of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $966762 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Affiliated Fund, Inc. - Class I | 9.03% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.75% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 15.47% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 4.97% |
| Lord Abbett Investment Trust-Income Fund - Class I | 9.89% |
| Lord Abbett Investment Trust-Short Duration Income Fund - Class I | 6.31% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.03% |
| Lord Abbett Private Credit Fund | 1.22% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 13.90% |
| Lord Abbett Securities Trust - Value Opportunities Fund - Class I | 2.44% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 12.11% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 10.41% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.46% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.97% |
| Repurchase Agreements | 0.04% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-259-A

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

# Class C

# BFLAX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Multi-Asset Balanced Opportunity Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $61 | 1.24% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1923224408 |
| # of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $966762 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Affiliated Fund, Inc. - Class I | 9.03% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.75% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 15.47% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 4.97% |
| Lord Abbett Investment Trust-Income Fund - Class I | 9.89% |
| Lord Abbett Investment Trust-Short Duration Income Fund - Class I | 6.31% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.03% |
| Lord Abbett Private Credit Fund | 1.22% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 13.90% |
| Lord Abbett Securities Trust - Value Opportunities Fund - Class I | 2.44% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 12.11% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 10.41% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.46% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.97% |
| Repurchase Agreements | 0.04% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-667-C

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

# Class F

# BLAFX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Multi-Asset Balanced Opportunity Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $17 | 0.34% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1923224408 |
| # of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $966762 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Affiliated Fund, Inc. - Class I | 9.03% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.75% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 15.47% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 4.97% |
| Lord Abbett Investment Trust-Income Fund - Class I | 9.89% |
| Lord Abbett Investment Trust-Short Duration Income Fund - Class I | 6.31% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.03% |
| Lord Abbett Private Credit Fund | 1.22% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 13.90% |
| Lord Abbett Securities Trust - Value Opportunities Fund - Class I | 2.44% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 12.11% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 10.41% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.46% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.97% |
| Repurchase Agreements | 0.04% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1014-F

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

# Class F3

# LOBFX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Multi-Asset Balanced Opportunity Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $8 | 0.17% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1923224408 |
| # of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $966762 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Affiliated Fund, Inc. - Class I | 9.03% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.75% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 15.47% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 4.97% |
| Lord Abbett Investment Trust-Income Fund - Class I | 9.89% |
| Lord Abbett Investment Trust-Short Duration Income Fund - Class I | 6.31% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.03% |
| Lord Abbett Private Credit Fund | 1.22% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 13.90% |
| Lord Abbett Securities Trust - Value Opportunities Fund - Class I | 2.44% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 12.11% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 10.41% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.46% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.97% |
| Repurchase Agreements | 0.04% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8978-F3

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

# Class I

# LABYX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Multi-Asset Balanced Opportunity Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $12 | 0.24% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1923224408 |
| # of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $966762 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Affiliated Fund, Inc. - Class I | 9.03% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.75% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 15.47% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 4.97% |
| Lord Abbett Investment Trust-Income Fund - Class I | 9.89% |
| Lord Abbett Investment Trust-Short Duration Income Fund - Class I | 6.31% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.03% |
| Lord Abbett Private Credit Fund | 1.22% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 13.90% |
| Lord Abbett Securities Trust - Value Opportunities Fund - Class I | 2.44% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 12.11% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 10.41% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.46% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.97% |
| Repurchase Agreements | 0.04% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1428-I

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

# Class P

# LABPX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Multi-Asset Balanced Opportunity Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $34 | 0.68% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1923224408 |
| # of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $966762 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Affiliated Fund, Inc. - Class I | 9.03% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.75% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 15.47% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 4.97% |
| Lord Abbett Investment Trust-Income Fund - Class I | 9.89% |
| Lord Abbett Investment Trust-Short Duration Income Fund - Class I | 6.31% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.03% |
| Lord Abbett Private Credit Fund | 1.22% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 13.90% |
| Lord Abbett Securities Trust - Value Opportunities Fund - Class I | 2.44% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 12.11% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 10.41% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.46% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.97% |
| Repurchase Agreements | 0.04% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-582-P

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

# Class R2

# BLAQX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Multi-Asset Balanced Opportunity Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $42 | 0.84% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1923224408 |
| # of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $966762 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Affiliated Fund, Inc. - Class I | 9.03% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.75% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 15.47% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 4.97% |
| Lord Abbett Investment Trust-Income Fund - Class I | 9.89% |
| Lord Abbett Investment Trust-Short Duration Income Fund - Class I | 6.31% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.03% |
| Lord Abbett Private Credit Fund | 1.22% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 13.90% |
| Lord Abbett Securities Trust - Value Opportunities Fund - Class I | 2.44% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 12.11% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 10.41% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.46% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.97% |
| Repurchase Agreements | 0.04% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1084-R2

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

# Class R3

# BLARX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Multi-Asset Balanced Opportunity Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $37 | 0.74% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1923224408 |
| # of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $966762 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Affiliated Fund, Inc. - Class I | 9.03% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.75% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 15.47% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 4.97% |
| Lord Abbett Investment Trust-Income Fund - Class I | 9.89% |
| Lord Abbett Investment Trust-Short Duration Income Fund - Class I | 6.31% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.03% |
| Lord Abbett Private Credit Fund | 1.22% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 13.90% |
| Lord Abbett Securities Trust - Value Opportunities Fund - Class I | 2.44% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 12.11% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 10.41% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.46% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.97% |
| Repurchase Agreements | 0.04% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-2058-R3

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

# Class R4

# BLASX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Multi-Asset Balanced Opportunity Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $24 | 0.49% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1923224408 |
| # of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $966762 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Affiliated Fund, Inc. - Class I | 9.03% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.75% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 15.47% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 4.97% |
| Lord Abbett Investment Trust-Income Fund - Class I | 9.89% |
| Lord Abbett Investment Trust-Short Duration Income Fund - Class I | 6.31% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.03% |
| Lord Abbett Private Credit Fund | 1.22% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 13.90% |
| Lord Abbett Securities Trust - Value Opportunities Fund - Class I | 2.44% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 12.11% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 10.41% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.46% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.97% |
| Repurchase Agreements | 0.04% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8710-R4

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

# Class R5

# BLATX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Multi-Asset Balanced Opportunity Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $11 | 0.23% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1923224408 |
| # of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $966762 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Affiliated Fund, Inc. - Class I | 9.03% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.75% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 15.47% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 4.97% |
| Lord Abbett Investment Trust-Income Fund - Class I | 9.89% |
| Lord Abbett Investment Trust-Short Duration Income Fund - Class I | 6.31% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.03% |
| Lord Abbett Private Credit Fund | 1.22% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 13.90% |
| Lord Abbett Securities Trust - Value Opportunities Fund - Class I | 2.44% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 12.11% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 10.41% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.46% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.97% |
| Repurchase Agreements | 0.04% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8742-R5

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

# Class R6

# BLAVX

# Lord Abbett Multi-Asset Balanced Opportunity Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Multi-Asset Balanced Opportunity Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $8 | 0.17% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $1923224408 |
| # of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $966762 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Affiliated Fund, Inc. - Class I | 9.03% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.75% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 15.47% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 4.97% |
| Lord Abbett Investment Trust-Income Fund - Class I | 9.89% |
| Lord Abbett Investment Trust-Short Duration Income Fund - Class I | 6.31% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.03% |
| Lord Abbett Private Credit Fund | 1.22% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 13.90% |
| Lord Abbett Securities Trust - Value Opportunities Fund - Class I | 2.44% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 12.11% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 10.41% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.46% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.97% |
| Repurchase Agreements | 0.04% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8774-R6

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

# Class A

# ISFAX

# Lord Abbett Multi-Asset Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Multi-Asset Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $24 | 0.49% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $770750581 |
| # of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $389457 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Affiliated Fund, Inc. - Class I | 5.10% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.47% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 34.12% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 7.71% |
| Lord Abbett Investment Trust-Income Fund - Class I | 11.36% |
| Lord Abbett Investment Trust-Short Duration Income Fund - Class I | 4.64% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.61% |
| Lord Abbett Private Credit Fund | 1.34% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 7.73% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 7.03% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 5.95% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.95% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.97% |
| Repurchase Agreements | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1440-A

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

# Class C

# ISFCX

# Lord Abbett Multi-Asset Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Multi-Asset Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $62 | 1.24% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $770750581 |
| # of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $389457 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Affiliated Fund, Inc. - Class I | 5.10% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.47% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 34.12% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 7.71% |
| Lord Abbett Investment Trust-Income Fund - Class I | 11.36% |
| Lord Abbett Investment Trust-Short Duration Income Fund - Class I | 4.64% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.61% |
| Lord Abbett Private Credit Fund | 1.34% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 7.73% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 7.03% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 5.95% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.95% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.97% |
| Repurchase Agreements | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1442-C

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

# Class F

# LIGFX

# Lord Abbett Multi-Asset Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Multi-Asset Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $17 | 0.34% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $770750581 |
| # of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $389457 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Affiliated Fund, Inc. - Class I | 5.10% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.47% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 34.12% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 7.71% |
| Lord Abbett Investment Trust-Income Fund - Class I | 11.36% |
| Lord Abbett Investment Trust-Short Duration Income Fund - Class I | 4.64% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.61% |
| Lord Abbett Private Credit Fund | 1.34% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 7.73% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 7.03% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 5.95% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.95% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.97% |
| Repurchase Agreements | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1015-F

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

# Class F3

# ISFOX

# Lord Abbett Multi-Asset Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Multi-Asset Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $9 | 0.19% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $770750581 |
| # of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $389457 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Affiliated Fund, Inc. - Class I | 5.10% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.47% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 34.12% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 7.71% |
| Lord Abbett Investment Trust-Income Fund - Class I | 11.36% |
| Lord Abbett Investment Trust-Short Duration Income Fund - Class I | 4.64% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.61% |
| Lord Abbett Private Credit Fund | 1.34% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 7.73% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 7.03% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 5.95% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.95% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.97% |
| Repurchase Agreements | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8980-F3

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

# Class I

# ISFYX

# Lord Abbett Multi-Asset Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Multi-Asset Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $12 | 0.24% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $770750581 |
| # of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $389457 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Affiliated Fund, Inc. - Class I | 5.10% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.47% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 34.12% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 7.71% |
| Lord Abbett Investment Trust-Income Fund - Class I | 11.36% |
| Lord Abbett Investment Trust-Short Duration Income Fund - Class I | 4.64% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.61% |
| Lord Abbett Private Credit Fund | 1.34% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 7.73% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 7.03% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 5.95% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.95% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.97% |
| Repurchase Agreements | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1444-I

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

# Class R2

# LIGQX

# Lord Abbett Multi-Asset Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Multi-Asset Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $42 | 0.84% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $770750581 |
| # of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $389457 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Affiliated Fund, Inc. - Class I | 5.10% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.47% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 34.12% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 7.71% |
| Lord Abbett Investment Trust-Income Fund - Class I | 11.36% |
| Lord Abbett Investment Trust-Short Duration Income Fund - Class I | 4.64% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.61% |
| Lord Abbett Private Credit Fund | 1.34% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 7.73% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 7.03% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 5.95% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.95% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.97% |
| Repurchase Agreements | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1085-R2

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

# Class R3

# LIXRX

# Lord Abbett Multi-Asset Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Multi-Asset Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $37 | 0.74% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $770750581 |
| # of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $389457 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Affiliated Fund, Inc. - Class I | 5.10% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.47% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 34.12% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 7.71% |
| Lord Abbett Investment Trust-Income Fund - Class I | 11.36% |
| Lord Abbett Investment Trust-Short Duration Income Fund - Class I | 4.64% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.61% |
| Lord Abbett Private Credit Fund | 1.34% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 7.73% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 7.03% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 5.95% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.95% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.97% |
| Repurchase Agreements | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-2059-R3

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

# Class R4

# LIXSX

# Lord Abbett Multi-Asset Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Multi-Asset Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $24 | 0.49% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $770750581 |
| # of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $389457 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Affiliated Fund, Inc. - Class I | 5.10% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.47% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 34.12% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 7.71% |
| Lord Abbett Investment Trust-Income Fund - Class I | 11.36% |
| Lord Abbett Investment Trust-Short Duration Income Fund - Class I | 4.64% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.61% |
| Lord Abbett Private Credit Fund | 1.34% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 7.73% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 7.03% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 5.95% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.95% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.97% |
| Repurchase Agreements | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8711-R4

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

# Class R5

# LIXTX

# Lord Abbett Multi-Asset Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Multi-Asset Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $10 | 0.21% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $770750581 |
| # of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $389457 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Affiliated Fund, Inc. - Class I | 5.10% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.47% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 34.12% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 7.71% |
| Lord Abbett Investment Trust-Income Fund - Class I | 11.36% |
| Lord Abbett Investment Trust-Short Duration Income Fund - Class I | 4.64% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.61% |
| Lord Abbett Private Credit Fund | 1.34% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 7.73% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 7.03% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 5.95% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.95% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.97% |
| Repurchase Agreements | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8743-R5

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

# Class R6

# LIXVX

# Lord Abbett Multi-Asset Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Multi-Asset Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $9 | 0.18% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $770750581 |
| # of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $389457 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Lord Abbett Affiliated Fund, Inc. - Class I | 5.10% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund - Class I | 3.47% |
| Lord Abbett Investment Trust-Core Fixed Income Fund - Class I | 34.12% |
| Lord Abbett Investment Trust-High Yield Fund - Class I | 7.71% |
| Lord Abbett Investment Trust-Income Fund - Class I | 11.36% |
| Lord Abbett Investment Trust-Short Duration Income Fund - Class I | 4.64% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund - Class I | 2.61% |
| Lord Abbett Private Credit Fund | 1.34% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund - Class I | 7.73% |
| Lord Abbett Securities Trust-Fundamental Equity Fund - Class I | 7.03% |
| Lord Abbett Securities Trust-Growth Leaders Fund - Class I | 5.95% |
| Lord Abbett Securities Trust-International Equity Fund - Class I | 4.95% |
| Lord Abbett Securities Trust-International Value Fund - Class I | 3.97% |
| Repurchase Agreements | 0.02% |
| **Total** | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

## **Where can I find additional information about the Fund?** 
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8775-R6

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class A

#### LDCAX

# Lord Abbett Short Duration Core Bond Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Core Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $30 | 0.60% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $600191910 |
| # of Portfolio Holdings | 490 |
| Portfolio Turnover Rate | 70% |
| Total Advisory Fees Paid | $566923 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 19.71% |
| Commercial Paper | 0.67% |
| Corporate Bonds | 46.06% |
| Floating Rate Loans | 3.52% |
| Foreign Government Obligations | 1.01% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 3.27% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.02% |
| U.S. Treasury Obligations | 21.44% |
| Repurchase Agreements | 1.22% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.07% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8874-A

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class C

#### LDCCX

# Lord Abbett Short Duration Core Bond Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Core Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $64 | 1.27% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $600191910 |
| # of Portfolio Holdings | 490 |
| Portfolio Turnover Rate | 70% |
| Total Advisory Fees Paid | $566923 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 19.71% |
| Commercial Paper | 0.67% |
| Corporate Bonds | 46.06% |
| Floating Rate Loans | 3.52% |
| Foreign Government Obligations | 1.01% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 3.27% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.02% |
| U.S. Treasury Obligations | 21.44% |
| Repurchase Agreements | 1.22% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.07% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8875-C

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class F

#### LDCFX

# Lord Abbett Short Duration Core Bond Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Core Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $25 | 0.50% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $600191910 |
| # of Portfolio Holdings | 490 |
| Portfolio Turnover Rate | 70% |
| Total Advisory Fees Paid | $566923 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 19.71% |
| Commercial Paper | 0.67% |
| Corporate Bonds | 46.06% |
| Floating Rate Loans | 3.52% |
| Foreign Government Obligations | 1.01% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 3.27% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.02% |
| U.S. Treasury Obligations | 21.44% |
| Repurchase Agreements | 1.22% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.07% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8876-F

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class F3

#### LSCOX

# Lord Abbett Short Duration Core Bond Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Core Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $16 | 0.31% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $600191910 |
| # of Portfolio Holdings | 490 |
| Portfolio Turnover Rate | 70% |
| Total Advisory Fees Paid | $566923 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 19.71% |
| Commercial Paper | 0.67% |
| Corporate Bonds | 46.06% |
| Floating Rate Loans | 3.52% |
| Foreign Government Obligations | 1.01% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 3.27% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.02% |
| U.S. Treasury Obligations | 21.44% |
| Repurchase Agreements | 1.22% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.07% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8879-F3

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class I

#### LSCIX

# Lord Abbett Short Duration Core Bond Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Core Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $20 | 0.40% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $600191910 |
| # of Portfolio Holdings | 490 |
| Portfolio Turnover Rate | 70% |
| Total Advisory Fees Paid | $566923 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 19.71% |
| Commercial Paper | 0.67% |
| Corporate Bonds | 46.06% |
| Floating Rate Loans | 3.52% |
| Foreign Government Obligations | 1.01% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 3.27% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.02% |
| U.S. Treasury Obligations | 21.44% |
| Repurchase Agreements | 1.22% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.07% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8877-I

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R3

#### LDCRX

# Lord Abbett Short Duration Core Bond Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Core Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $45 | 0.90% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $600191910 |
| # of Portfolio Holdings | 490 |
| Portfolio Turnover Rate | 70% |
| Total Advisory Fees Paid | $566923 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 19.71% |
| Commercial Paper | 0.67% |
| Corporate Bonds | 46.06% |
| Floating Rate Loans | 3.52% |
| Foreign Government Obligations | 1.01% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 3.27% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.02% |
| U.S. Treasury Obligations | 21.44% |
| Repurchase Agreements | 1.22% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.07% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8881-R3

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R4

#### LSCSX

# Lord Abbett Short Duration Core Bond Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Core Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $33 | 0.65% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $600191910 |
| # of Portfolio Holdings | 490 |
| Portfolio Turnover Rate | 70% |
| Total Advisory Fees Paid | $566923 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 19.71% |
| Commercial Paper | 0.67% |
| Corporate Bonds | 46.06% |
| Floating Rate Loans | 3.52% |
| Foreign Government Obligations | 1.01% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 3.27% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.02% |
| U.S. Treasury Obligations | 21.44% |
| Repurchase Agreements | 1.22% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.07% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8882-R4

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R5

#### LSCUX

# Lord Abbett Short Duration Core Bond Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Core Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $20 | 0.39% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $600191910 |
| # of Portfolio Holdings | 490 |
| Portfolio Turnover Rate | 70% |
| Total Advisory Fees Paid | $566923 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 19.71% |
| Commercial Paper | 0.67% |
| Corporate Bonds | 46.06% |
| Floating Rate Loans | 3.52% |
| Foreign Government Obligations | 1.01% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 3.27% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.02% |
| U.S. Treasury Obligations | 21.44% |
| Repurchase Agreements | 1.22% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.07% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8883-R5

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R6

#### LDCVX

# Lord Abbett Short Duration Core Bond Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Core Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $16 | 0.31% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $600191910 |
| # of Portfolio Holdings | 490 |
| Portfolio Turnover Rate | 70% |
| Total Advisory Fees Paid | $566923 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 19.71% |
| Commercial Paper | 0.67% |
| Corporate Bonds | 46.06% |
| Floating Rate Loans | 3.52% |
| Foreign Government Obligations | 1.01% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.00%<sup>Footnote Reference\*\*</sup> |
| Government Sponsored Enterprises Pass-Throughs | 3.27% |
| Non-Agency Commercial Mortgage-Backed Securities | 3.02% |
| U.S. Treasury Obligations | 21.44% |
| Repurchase Agreements | 1.22% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.07% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.01% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8884-R6

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class A

#### LALDX

# Lord Abbett Short Duration Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $30 | 0.59% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $42356341341 |
| # of Portfolio Holdings | 1115 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid | $52975495 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 18.67% |
| Commercial Paper | 0.08% |
| Convertible Bonds | 0.09% |
| Corporate Bonds | 58.51% |
| Floating Rate Loans | 6.89% |
| Foreign Government Obligations | 1.16% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.02% |
| Government Sponsored Enterprises Pass-Throughs | 4.47% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.44% |
| U.S. Treasury Obligations | 1.80% |
| Repurchase Agreements | 0.57% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.27% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-249-A

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class C

#### LDLAX

# Lord Abbett Short Duration Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $61 | 1.21% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $42356341341 |
| # of Portfolio Holdings | 1115 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid | $52975495 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 18.67% |
| Commercial Paper | 0.08% |
| Convertible Bonds | 0.09% |
| Corporate Bonds | 58.51% |
| Floating Rate Loans | 6.89% |
| Foreign Government Obligations | 1.16% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.02% |
| Government Sponsored Enterprises Pass-Throughs | 4.47% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.44% |
| U.S. Treasury Obligations | 1.80% |
| Repurchase Agreements | 0.57% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.27% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-668-C

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class F

#### LDLFX

# Lord Abbett Short Duration Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $25 | 0.49% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $42356341341 |
| # of Portfolio Holdings | 1115 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid | $52975495 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 18.67% |
| Commercial Paper | 0.08% |
| Convertible Bonds | 0.09% |
| Corporate Bonds | 58.51% |
| Floating Rate Loans | 6.89% |
| Foreign Government Obligations | 1.16% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.02% |
| Government Sponsored Enterprises Pass-Throughs | 4.47% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.44% |
| U.S. Treasury Obligations | 1.80% |
| Repurchase Agreements | 0.57% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.27% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1011-F

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class F3

#### LOLDX

# Lord Abbett Short Duration Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $16 | 0.31% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $42356341341 |
| # of Portfolio Holdings | 1115 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid | $52975495 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 18.67% |
| Commercial Paper | 0.08% |
| Convertible Bonds | 0.09% |
| Corporate Bonds | 58.51% |
| Floating Rate Loans | 6.89% |
| Foreign Government Obligations | 1.16% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.02% |
| Government Sponsored Enterprises Pass-Throughs | 4.47% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.44% |
| U.S. Treasury Obligations | 1.80% |
| Repurchase Agreements | 0.57% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.27% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8981-F3

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class I

#### LLDYX

# Lord Abbett Short Duration Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $20 | 0.39% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $42356341341 |
| # of Portfolio Holdings | 1115 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid | $52975495 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 18.67% |
| Commercial Paper | 0.08% |
| Convertible Bonds | 0.09% |
| Corporate Bonds | 58.51% |
| Floating Rate Loans | 6.89% |
| Foreign Government Obligations | 1.16% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.02% |
| Government Sponsored Enterprises Pass-Throughs | 4.47% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.44% |
| U.S. Treasury Obligations | 1.80% |
| Repurchase Agreements | 0.57% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.27% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1425-I

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R2

#### LDLQX

# Lord Abbett Short Duration Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $50 | 0.99% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $42356341341 |
| # of Portfolio Holdings | 1115 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid | $52975495 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 18.67% |
| Commercial Paper | 0.08% |
| Convertible Bonds | 0.09% |
| Corporate Bonds | 58.51% |
| Floating Rate Loans | 6.89% |
| Foreign Government Obligations | 1.16% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.02% |
| Government Sponsored Enterprises Pass-Throughs | 4.47% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.44% |
| U.S. Treasury Obligations | 1.80% |
| Repurchase Agreements | 0.57% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.27% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1081-R2

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R3

#### LDLRX

# Lord Abbett Short Duration Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $45 | 0.89% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $42356341341 |
| # of Portfolio Holdings | 1115 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid | $52975495 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 18.67% |
| Commercial Paper | 0.08% |
| Convertible Bonds | 0.09% |
| Corporate Bonds | 58.51% |
| Floating Rate Loans | 6.89% |
| Foreign Government Obligations | 1.16% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.02% |
| Government Sponsored Enterprises Pass-Throughs | 4.47% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.44% |
| U.S. Treasury Obligations | 1.80% |
| Repurchase Agreements | 0.57% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.27% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-2055-R3

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R4

#### LDLKX

# Lord Abbett Short Duration Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $32 | 0.64% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $42356341341 |
| # of Portfolio Holdings | 1115 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid | $52975495 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 18.67% |
| Commercial Paper | 0.08% |
| Convertible Bonds | 0.09% |
| Corporate Bonds | 58.51% |
| Floating Rate Loans | 6.89% |
| Foreign Government Obligations | 1.16% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.02% |
| Government Sponsored Enterprises Pass-Throughs | 4.47% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.44% |
| U.S. Treasury Obligations | 1.80% |
| Repurchase Agreements | 0.57% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.27% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8707-R4

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R5

#### LDLTX

# Lord Abbett Short Duration Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $20 | 0.39% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $42356341341 |
| # of Portfolio Holdings | 1115 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid | $52975495 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 18.67% |
| Commercial Paper | 0.08% |
| Convertible Bonds | 0.09% |
| Corporate Bonds | 58.51% |
| Floating Rate Loans | 6.89% |
| Foreign Government Obligations | 1.16% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.02% |
| Government Sponsored Enterprises Pass-Throughs | 4.47% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.44% |
| U.S. Treasury Obligations | 1.80% |
| Repurchase Agreements | 0.57% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.27% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8739-R5

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R6

#### LDLVX

# Lord Abbett Short Duration Income Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Short Duration Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $16 | 0.31% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $42356341341 |
| # of Portfolio Holdings | 1115 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid | $52975495 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 18.67% |
| Commercial Paper | 0.08% |
| Convertible Bonds | 0.09% |
| Corporate Bonds | 58.51% |
| Floating Rate Loans | 6.89% |
| Foreign Government Obligations | 1.16% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 0.02% |
| Government Sponsored Enterprises Pass-Throughs | 4.47% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.44% |
| U.S. Treasury Obligations | 1.80% |
| Repurchase Agreements | 0.57% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.27% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.03% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8771-R6

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class A

#### LUBAX

# Lord Abbett Ultra Short Bond Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Ultra Short Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $22 | 0.43% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $13098608841 |
| # of Portfolio Holdings | 559 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $10475567 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 27.73% |
| Commercial Paper | 5.58% |
| Corporate Bonds | 53.49% |
| Floating Rate Loans | 4.08% |
| Foreign Government Obligations | 0.87% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.73% |
| U.S. Treasury Obligations | 2.49% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.03% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.00%<sup>Footnote Reference\*\*</sup> |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8805-A

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class A1

#### LUSNX

# Lord Abbett Ultra Short Bond Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Ultra Short Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A1 | $27 | 0.53% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $13098608841 |
| # of Portfolio Holdings | 559 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $10475567 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 27.73% |
| Commercial Paper | 5.58% |
| Corporate Bonds | 53.49% |
| Floating Rate Loans | 4.08% |
| Foreign Government Obligations | 0.87% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.73% |
| U.S. Treasury Obligations | 2.49% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.03% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.00%<sup>Footnote Reference\*\*</sup> |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-9120-A1

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class F

#### LUBFX

# Lord Abbett Ultra Short Bond Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Ultra Short Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $19 | 0.38% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $13098608841 |
| # of Portfolio Holdings | 559 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $10475567 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 27.73% |
| Commercial Paper | 5.58% |
| Corporate Bonds | 53.49% |
| Floating Rate Loans | 4.08% |
| Foreign Government Obligations | 0.87% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.73% |
| U.S. Treasury Obligations | 2.49% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.03% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.00%<sup>Footnote Reference\*\*</sup> |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8806-F

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class F3

#### LUBOX

# Lord Abbett Ultra Short Bond Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Ultra Short Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $12 | 0.23% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $13098608841 |
| # of Portfolio Holdings | 559 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $10475567 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 27.73% |
| Commercial Paper | 5.58% |
| Corporate Bonds | 53.49% |
| Floating Rate Loans | 4.08% |
| Foreign Government Obligations | 0.87% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.73% |
| U.S. Treasury Obligations | 2.49% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.03% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.00%<sup>Footnote Reference\*\*</sup> |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8993-F3

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class I

#### LUBYX

# Lord Abbett Ultra Short Bond Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Ultra Short Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $14 | 0.28% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $13098608841 |
| # of Portfolio Holdings | 559 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $10475567 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 27.73% |
| Commercial Paper | 5.58% |
| Corporate Bonds | 53.49% |
| Floating Rate Loans | 4.08% |
| Foreign Government Obligations | 0.87% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.73% |
| U.S. Treasury Obligations | 2.49% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.03% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.00%<sup>Footnote Reference\*\*</sup> |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8807-I

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R5

#### LUBVX

# Lord Abbett Ultra Short Bond Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Ultra Short Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $14 | 0.28% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $13098608841 |
| # of Portfolio Holdings | 559 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $10475567 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 27.73% |
| Commercial Paper | 5.58% |
| Corporate Bonds | 53.49% |
| Floating Rate Loans | 4.08% |
| Foreign Government Obligations | 0.87% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.73% |
| U.S. Treasury Obligations | 2.49% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.03% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.00%<sup>Footnote Reference\*\*</sup> |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8808-R5

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R6

#### LUBWX

# Lord Abbett Ultra Short Bond Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Ultra Short Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $12 | 0.23% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $13098608841 |
| # of Portfolio Holdings | 559 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid | $10475567 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 27.73% |
| Commercial Paper | 5.58% |
| Corporate Bonds | 53.49% |
| Floating Rate Loans | 4.08% |
| Foreign Government Obligations | 0.87% |
| Non-Agency Commercial Mortgage-Backed Securities | 5.73% |
| U.S. Treasury Obligations | 2.49% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.03% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.00%<sup>Footnote Reference\*\*</sup> |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Amount is less than 0.01% |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8809-R6

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class A

#### LTRAX

# Lord Abbett Total Return Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Total Return Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $32 | 0.64% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3614608465 |
| # of Portfolio Holdings | 543 |
| Portfolio Turnover Rate | 212% |
| Total Advisory Fees Paid | $5102298 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 12.22% |
| Corporate Bonds | 37.84% |
| Floating Rate Loans | 1.32% |
| Foreign Government Obligations | 0.14% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.35% |
| Government Sponsored Enterprises Pass-Throughs | 23.60% |
| Municipal Bonds | 0.10% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.35% |
| U.S. Treasury Obligations | 13.57% |
| Repurchase Agreements | 2.02% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.44% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-275-A

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class C

#### LTRCX

# Lord Abbett Total Return Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Total Return Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $64 | 1.28% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3614608465 |
| # of Portfolio Holdings | 543 |
| Portfolio Turnover Rate | 212% |
| Total Advisory Fees Paid | $5102298 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 12.22% |
| Corporate Bonds | 37.84% |
| Floating Rate Loans | 1.32% |
| Foreign Government Obligations | 0.14% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.35% |
| Government Sponsored Enterprises Pass-Throughs | 23.60% |
| Municipal Bonds | 0.10% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.35% |
| U.S. Treasury Obligations | 13.57% |
| Repurchase Agreements | 2.02% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.44% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-585-C

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class F

#### LTRFX

# Lord Abbett Total Return Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Total Return Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F | $27 | 0.54% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3614608465 |
| # of Portfolio Holdings | 543 |
| Portfolio Turnover Rate | 212% |
| Total Advisory Fees Paid | $5102298 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 12.22% |
| Corporate Bonds | 37.84% |
| Floating Rate Loans | 1.32% |
| Foreign Government Obligations | 0.14% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.35% |
| Government Sponsored Enterprises Pass-Throughs | 23.60% |
| Municipal Bonds | 0.10% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.35% |
| U.S. Treasury Obligations | 13.57% |
| Repurchase Agreements | 2.02% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.44% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1012-F

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class F3

#### LTROX

# Lord Abbett Total Return Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Total Return Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class F3 | $18 | 0.35% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3614608465 |
| # of Portfolio Holdings | 543 |
| Portfolio Turnover Rate | 212% |
| Total Advisory Fees Paid | $5102298 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 12.22% |
| Corporate Bonds | 37.84% |
| Floating Rate Loans | 1.32% |
| Foreign Government Obligations | 0.14% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.35% |
| Government Sponsored Enterprises Pass-Throughs | 23.60% |
| Municipal Bonds | 0.10% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.35% |
| U.S. Treasury Obligations | 13.57% |
| Repurchase Agreements | 2.02% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.44% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8982-F3

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class I

#### LTRYX

# Lord Abbett Total Return Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Total Return Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $20 | 0.40% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3614608465 |
| # of Portfolio Holdings | 543 |
| Portfolio Turnover Rate | 212% |
| Total Advisory Fees Paid | $5102298 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 12.22% |
| Corporate Bonds | 37.84% |
| Floating Rate Loans | 1.32% |
| Foreign Government Obligations | 0.14% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.35% |
| Government Sponsored Enterprises Pass-Throughs | 23.60% |
| Municipal Bonds | 0.10% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.35% |
| U.S. Treasury Obligations | 13.57% |
| Repurchase Agreements | 2.02% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.44% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-691-I

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class P

#### LTRPX

# Lord Abbett Total Return Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Total Return Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class P | $43 | 0.87% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3614608465 |
| # of Portfolio Holdings | 543 |
| Portfolio Turnover Rate | 212% |
| Total Advisory Fees Paid | $5102298 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 12.22% |
| Corporate Bonds | 37.84% |
| Floating Rate Loans | 1.32% |
| Foreign Government Obligations | 0.14% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.35% |
| Government Sponsored Enterprises Pass-Throughs | 23.60% |
| Municipal Bonds | 0.10% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.35% |
| U.S. Treasury Obligations | 13.57% |
| Repurchase Agreements | 2.02% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.44% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-597-P

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R2

#### LTRQX

# Lord Abbett Total Return Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Total Return Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R2 | $52 | 1.04% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3614608465 |
| # of Portfolio Holdings | 543 |
| Portfolio Turnover Rate | 212% |
| Total Advisory Fees Paid | $5102298 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 12.22% |
| Corporate Bonds | 37.84% |
| Floating Rate Loans | 1.32% |
| Foreign Government Obligations | 0.14% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.35% |
| Government Sponsored Enterprises Pass-Throughs | 23.60% |
| Municipal Bonds | 0.10% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.35% |
| U.S. Treasury Obligations | 13.57% |
| Repurchase Agreements | 2.02% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.44% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-1082-R2

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R3

#### LTRRX

# Lord Abbett Total Return Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Total Return Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R3 | $47 | 0.94% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3614608465 |
| # of Portfolio Holdings | 543 |
| Portfolio Turnover Rate | 212% |
| Total Advisory Fees Paid | $5102298 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 12.22% |
| Corporate Bonds | 37.84% |
| Floating Rate Loans | 1.32% |
| Foreign Government Obligations | 0.14% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.35% |
| Government Sponsored Enterprises Pass-Throughs | 23.60% |
| Municipal Bonds | 0.10% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.35% |
| U.S. Treasury Obligations | 13.57% |
| Repurchase Agreements | 2.02% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.44% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-2056-R3

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R4

#### LTRKX

# Lord Abbett Total Return Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Total Return Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $34 | 0.69% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3614608465 |
| # of Portfolio Holdings | 543 |
| Portfolio Turnover Rate | 212% |
| Total Advisory Fees Paid | $5102298 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 12.22% |
| Corporate Bonds | 37.84% |
| Floating Rate Loans | 1.32% |
| Foreign Government Obligations | 0.14% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.35% |
| Government Sponsored Enterprises Pass-Throughs | 23.60% |
| Municipal Bonds | 0.10% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.35% |
| U.S. Treasury Obligations | 13.57% |
| Repurchase Agreements | 2.02% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.44% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8708-R4

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R5

#### LTRTX

# Lord Abbett Total Return Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Total Return Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R5 | $22 | 0.44% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3614608465 |
| # of Portfolio Holdings | 543 |
| Portfolio Turnover Rate | 212% |
| Total Advisory Fees Paid | $5102298 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 12.22% |
| Corporate Bonds | 37.84% |
| Floating Rate Loans | 1.32% |
| Foreign Government Obligations | 0.14% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.35% |
| Government Sponsored Enterprises Pass-Throughs | 23.60% |
| Municipal Bonds | 0.10% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.35% |
| U.S. Treasury Obligations | 13.57% |
| Repurchase Agreements | 2.02% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.44% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8740-R5

#### 07/25
![Image](i5af1a802c7497614bdf5591b.jpg)

#### Class R6

#### LTRHX

# Lord Abbett Total Return Fund

#### Semi-Annual Shareholder Report

#### May 31, 2025

#### lordabbett.com/FundDocuments
This semi-annual shareholder report contains important information about the Lord Abbett Total Return Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at lordabbett.com/FundDocuments. You can also request this information by contacting us at 888-522-2388.

## **What were the Fund costs for the last period?** 

## *(based on a hypothetical $10,000 investment)* 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R6 | $18 | 0.35% |

---

## **Key Fund Statistics** 
(as of *May 31, 2025*)

---

| | |
|:---|:---|
| Total Net Assets | $3614608465 |
| # of Portfolio Holdings | 543 |
| Portfolio Turnover Rate | 212% |
| Total Advisory Fees Paid | $5102298 |

---

## **What did the Fund invest in?** 
(as of May 31, 2025)

---

| | |
|:---|:---|
| **Portfolio Holdings Presented by Portfolio Allocation** | **%<sup>Footnote Reference\*</sup>** |
| Asset-Backed Securities | 12.22% |
| Corporate Bonds | 37.84% |
| Floating Rate Loans | 1.32% |
| Foreign Government Obligations | 0.14% |
| Government Sponsored Enterprises Collateralized Mortgage Obligations | 1.35% |
| Government Sponsored Enterprises Pass-Throughs | 23.60% |
| Municipal Bonds | 0.10% |
| Non-Agency Commercial Mortgage-Backed Securities | 7.35% |
| U.S. Treasury Obligations | 13.57% |
| Repurchase Agreements | 2.02% |
| Money Market Funds<sup>Footnote Reference(a)</sup> | 0.44% |
| Time Deposits<sup>Footnote Reference(a)</sup> | 0.05% |
| Total | **100.00%** |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Represents percent of total investments, which excludes derivatives. |
| &nbsp;&nbsp;Footnote(a) | &nbsp;&nbsp;Securities were purchased with the cash collateral from loaned securities. |

---

## **Summary of Fund Changes** 
There were no material fund changes during the period.

**Where can I find additional information about the Fund?** 

For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy information, please visit lordabbett.com/FundDocuments.

#### TSR-SA-8772-R6

#### 07/25
Item 1(b): Not applicable.

---

| | |
|:---|:---|
| **Item 2:** | **Code of Ethics.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 3:** | **Audit Committee Financial Expert.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 4:** | **Principal Accountant Fees and Services.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 5:** | **Audit Committee of Listed Registrants.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 6:** | **Investments.** |

---

The Registrant's "Schedule I - Investments in securities of unaffiliated issuers" as of the close of the reporting period is included under Item 7 of this Form N-CSR.

---

| | |
|:---|:---|
| **Item 7:** | **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |

---

---

| | |
|:---|:---|
| **Item 8:** | **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** |

---

---

| | |
|:---|:---|
| **Item 9:** | **Proxy Disclosures for Open-End Management Investment Companies.** |

---

---

| | |
|:---|:---|
| **Item 10:** | **Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies.** |

---

---

| | |
|:---|:---|
| **Item 11:** | **Statement Regarding Basis for Approval of Investment Advisory Contract.** |

---

![](x5_c112802x1x1m1m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Convertible Fund

Core Fixed Income Fund

Core Plus Bond Fund

Floating Rate Fund

High Yield Fund

Income Fund

Inflation Focused Fund

Short Duration Core Bond Fund

Short Duration Income Fund

Total Return Fund

Ultra Short Bond Fund

*For the six-month period ended May 31, 2025*

**Table of Contents**

---

| | |
|:---|:---|
|  | Schedules of Investments (Item 7) |
| 1 | [Convertible Fund](#xx5xc112802a001xm1xm4) |
| 7 | [Core Fixed Income Fund](#xx5xc112802a002xm1xm4) |
| 29 | [Core Plus Bond Fund](#xx5xc112802a003xm1xm4) |
| 60 | [Floating Rate Fund](#xx5xc112802a004xm1xm4) |
| 94 | [High Yield Fund](#xx5xc112802a005xm1xm4) |
| 124 | [Income Fund](#xx5xc112802a006xm1xm4) |
| 151 | [Inflation Focused Fund](#xx5xc112802a007xm1xm4) |
| 186 | [Short Duration Core Bond Fund](#xx5xc112802a008xm1xm4) |
| 211 | [Short Duration Income Fund](#xx5xc112802a009xm1xm4) |
| 265 | [Total Return Fund](#xx5xc112802a010xm1xm4) |
| 291 | [Ultra Short Bond Fund](#xx5xc112802a011xm1xm4) |
| 322 | [Statements of Assets and Liabilities (Item 7)](#xx5xc112802a012xm1xm4) |
| 332 | [Statements of Operations (Item 7)](#xx5xc112802a013xm1xm4) |
| 338 | [Statements of Changes in Net Assets (Item 7)](#xx5xc112802a014xm1xm4) |
| 346 | [Financial Highlights (Item 7)](#xx5xc112802a015xm1xm4) |
| 390 | [Notes to Financial Statements (Item 7)](#xx5xc112802a016xm1xm4) |
| 445 | [Changes in and Disagreements with Accountants (Item 8)](#xx5xc112802a017xm1xm4) |
| 445 | [Proxy Disclosures (Item 9)](#xx5xc112802a018xm1xm4) |
| 445 | [Remuneration Paid to Trustees, Officers, and Others (Item 10)](#xx5xc112802a019xm1xm4) |
| 445 | [Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)](#xx5xc112802a020xm1xm4) |

---

**Schedule of Investments (unaudited)**

CONVERTIBLE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 96.41%** |  |  |  |  |
| **CONVERTIBLE BONDS 81.11%** |  |  |  |  |
| **Airlines 1.80%** |  |  |  |  |
| American Airlines Group, Inc. | 6.50% | 7/1/2025 | $10000000 | $10016711 |
| **Auto Manufacturers 0.48%** |  |  |  |  |
| Rivian Automotive, Inc. | 3.625% | 10/15/2030 | 2850000 | 2666531 |
| **Beverages 4.19%** |  |  |  |  |
| MGP Ingredients, Inc. | 1.875% | 11/15/2041 | 24750000 | 23356530 |
| **Biotechnology 2.95%** |  |  |  |  |
| Bridgebio Pharma, Inc. | 2.50% | 3/15/2027 | 5700000 | 6536336 |
| Guardant Health, Inc. | 1.25% | 2/15/2031 | 5550000 | 5727600 |
| Insmed, Inc. | 0.75% | 6/1/2028 | 1932000 | 4216373 |
| *Total* |  |  |  | 16480309 |
| **Commercial Services 2.35%** |  |  |  |  |
| Affirm Holdings, Inc.<sup>†</sup> | 0.75% | 12/15/2029 | 7025000 | 6603960 |
| Stride, Inc. | 1.125% | 9/1/2027 | 2245000 | 6503765 |
| *Total* |  |  |  | 13107725 |
| **Computers 5.67%** |  |  |  |  |
| Lumentum Holdings, Inc. | 1.50% | 12/15/2029 | 3510000 | 4501575 |
| Okta, Inc. | 0.125% | 9/1/2025 | 8480000 | 8395247 |
| Seagate HDD Cayman (Cayman Islands)<sup>(a)</sup> | 3.50% | 6/1/2028 | 6304000 | 9554274 |
| Western Digital Corp. | 3.00% | 11/15/2028 | 3200000 | 4846400 |
| Zscaler, Inc. | 0.125% | 7/1/2025 | 2362000 | 4314193 |
| *Total* |  |  |  | 31611689 |
| **Diversified Financial Services 2.45%** |  |  |  |  |
| Coinbase Global, Inc. | 0.50% | 6/1/2026 | 7535000 | 7787422 |
| SoFi Technologies, Inc.<sup>†</sup> | 1.25% | 3/15/2029 | 3715000 | 5879660 |
| *Total* |  |  |  | 13667082 |
| **Electric 5.90%** |  |  |  |  |
| Duke Energy Corp. | 4.125% | 4/15/2026 | 6415000 | 6817541 |
| NRG Energy, Inc. | 2.75% | 6/1/2048 | 1190000 | 4556629 |
| PG&E Corp. | 4.25% | 12/1/2027 | 6500000 | 6760000 |
| PPL Capital Funding, Inc. | 2.875% | 3/15/2028 | 5170000 | 5666320 |
| Southern Co. | 4.50% | 6/15/2027 | 8315000 | 9103687 |
| *Total* |  |  |  | 32904177 |

---

<br> See Notes to Financial Statements. 1

**Schedule of Investments (unaudited)(continued)**

CONVERTIBLE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Electronics 0.58%** |  |  |  |  |
| Mirion Technologies, Inc.<sup>†</sup> | 0.25% | 6/1/2030 | $3000000 | $3237000 |
| **Entertainment 2.88%** |  |  |  |  |
| IMAX Corp. (Canada)<sup>(a)</sup> | 0.50% | 4/1/2026 | 2600000 | 2907998 |
| Live Nation Entertainment, Inc. | 3.125% | 1/15/2029 | 9175000 | 13184475 |
| *Total* |  |  |  | 16092473 |
| **Health Care-Products 3.15%** |  |  |  |  |
| Insulet Corp. | 0.375% | 9/1/2026 | 5715000 | 8432185 |
| iRhythm Technologies, Inc. | 1.50% | 9/1/2029 | 7475000 | 9143791 |
| *Total* |  |  |  | 17575976 |
| **Internet 22.04%** |  |  |  |  |
| Alibaba Group Holding Ltd. (China)<sup>†(a)</sup> | 0.50% | 6/1/2031 | 7900000 | 10034975 |
| DoorDash, Inc.<sup>†</sup> | Zero Coupon | 5/15/2030 | 9100000 | 9131213 |
| Match Group Financeco 2, Inc.<sup>†</sup> | 0.875% | 6/15/2026 | 10050000 | 9661065 |
| PDD Holdings, Inc. (Ireland)<sup>(a)</sup> | Zero Coupon | 12/1/2025 | 6000000 | 5838000 |
| Q2 Holdings, Inc. | 0.75% | 6/1/2026 | 4975000 | 5721250 |
| Sea Ltd. (Singapore)<sup>(a)</sup> | 0.25% | 9/15/2026 | 20000000 | 18840000 |
| Sea Ltd. (Singapore)<sup>(a)</sup> | 2.375% | 12/1/2025 | 2110000 | 3775845 |
| Shopify, Inc. (Canada)<sup>(a)</sup> | 0.125% | 11/1/2025 | 22313000 | 22513817 |
| Spotify USA, Inc. | Zero Coupon | 3/15/2026 | 3690000 | 5002164 |
| Uber Technologies, Inc. | Zero Coupon | 12/15/2025 | 7100000 | 8030100 |
| Wayfair, Inc. | 1.00% | 8/15/2026 | 10775000 | 10217394 |
| Wayfair, Inc. | 3.25% | 9/15/2027 | 3100000 | 3245700 |
| Wix.com Ltd. (Israel)<sup>(a)</sup> | Zero Coupon | 8/15/2025 | 11000000 | 10914200 |
| *Total* |  |  |  | 122925723 |
| **Investment Companies 1.16%** |  |  |  |  |
| Core Scientific, Inc.<sup>†</sup> | Zero Coupon | 6/15/2031 | 6950000 | 6498250 |
| **Machinery: Construction & Mining 1.12%** |  |  |  |  |
| Siemens Energy Finance BV | 5.625% | 9/14/2025 | 1000000 | 6248448 |
| **Media 0.84%** |  |  |  |  |
| Liberty Media Corp.-Liberty Formula One | 2.25% | 8/15/2027 | $3700000 | 4700850 |
| **Mining 1.17%** |  |  |  |  |
| MP Materials Corp.<sup>†</sup> | 3.00% | 3/1/2030 | 5050000 | 6529650 |
| **Miscellaneous Manufacturing 1.30%** |  |  |  |  |
| Axon Enterprise, Inc. | 0.50% | 12/15/2027 | 2185000 | 7224000 |

---

<br> 2 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

CONVERTIBLE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **REITS 2.49%** |  |  |  |  |
| Welltower OP LLC<sup>†</sup> | 3.125% | 7/15/2029 | $10300000 | $13884400 |
| **Semiconductors 1.59%** |  |  |  |  |
| ON Semiconductor Corp. | Zero Coupon | 5/1/2027 | 6700000 | 7253085 |
| ON Semiconductor Corp. | 0.50% | 3/1/2029 | 1836000 | 1602369 |
| *Total* |  |  |  | 8855454 |
| **Software 16.44%** |  |  |  |  |
| Cloudflare, Inc. | Zero Coupon | 8/15/2026 | 12326000 | 13721920 |
| Guidewire Software, Inc.<sup>†</sup> | 1.25% | 11/1/2029 | 7125000 | 8033438 |
| MicroStrategy, Inc.<sup>†</sup> | Zero Coupon | 12/1/2029 | 13650000 | 12327880 |
| MicroStrategy, Inc. | 0.625% | 3/15/2030 | 5400000 | 13884774 |
| Nutanix, Inc.<sup>†</sup> | 0.50% | 12/15/2029 | 6000000 | 6788314 |
| RingCentral, Inc. | Zero Coupon | 3/15/2026 | 25365000 | 24439177 |
| Snowflake, Inc.<sup>†</sup> | Zero Coupon | 10/1/2027 | 8755000 | 12537160 |
| *Total* |  |  |  | 91732663 |
| **Telecommunications 0.56%** |  |  |  |  |
| Xiaomi Best Time International Ltd. (Hong Kong)<sup>(a)</sup> | Zero Coupon | 12/17/2027 | 2200000 | 3144900 |
| *Total Convertible Bonds* (cost $416,010,157) |  |  |  | 452460541 |
|  | **Dividend<br> Rate** |  | **Shares** |  |
| **CONVERTIBLE PREFERRED STOCKS 15.30%** |  |  |  |  |
| **Aerospace & Defense 3.80%** |  |  |  |  |
| Boeing Co. | 6.00% |  | 312085 | 21185890 |
| **Banks 3.68%** |  |  |  |  |
| Bank of America Corp. | 7.25% |  | 17654 | 20545725 |
| **Capital Markets 2.22%** |  |  |  |  |
| ARES Management Corp. | 6.750% |  | 98520 | 5189049 |
| KKR & Co., Inc. | 6.250% |  | 143500 | 7222355 |
| *Total* |  |  |  | 12411404 |
| **Electric: Utilities 1.63%** |  |  |  |  |
| NextEra Energy, Inc. | 7.299% |  | 191400 | 9087672 |
| **Financial Services 1.08%** |  |  |  |  |
| Apollo Global Management, Inc. | 6.75% |  | 85905 | 6019880 |

---

<br> See Notes to Financial Statements. 3

**Schedule of Investments (unaudited)(continued)**

CONVERTIBLE FUND *May 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
| Investments | **Dividend<br> Rate** | Shares | **Fair<br> Value** |
| **Machinery 0.54%** |  |  |  |
| Chart Industries, Inc. | 6.75% | 51000 | $3002115 |
| **Semiconductors & Semiconductor Equipment 1.19%** |  |  |  |
| Microchip Technology, Inc. | 7.50% | 120060 | 6663330 |
| **Trading Companies & Distributors 1.16%** |  |  |  |
| QXO, Inc. | 5.50% | 125000 | 6443750 |
| *Total Convertible Preferred Stocks* (cost $84,885,820) |  |  | 85359766 |
| *Total Long-Term Investments* (cost $500,895,977) |  |  | 537820307 |
|  |  | **Principal<br> Amount<sup>‡</sup>** |  |
| **OPTIONS PURCHASED 1.36%** <br> (cost $12,457,217) |  |  | 7551082 |
| **SHORT-TERM INVESTMENTS 2.63%** |  |  |  |
| **REPURCHASE AGREEMENTS 2.63%** |  |  |  |
| Repurchase Agreement dated 5/30/2025, 4.000% due 6/2/2025 with Fixed Income Clearing Corp. collateralized by $14,630,200 of U.S. Treasury Note at 4.250% due 11/30/2026; value: $14,979,427; proceeds: $14,690,531 <br> (cost $14,685,636) |  | $14685636 | 14685636 |
| *Total Investments in Securities 100.40%* (cost $528,038,830) |  |  | 560057025 |
| *Other Assets and Liabilities – Net*<sup>(b)</sup> *(0.40)%* |  |  | (2228324) |
| *Net Assets 100.00%* |  |  | $557828701 |

---

<br> EUR Euro. <br> REITS Real Estate Investment Trusts.

---

| | |
|:---|:---|
| <sup>‡</sup> | Principal Amount is denominated in U.S. dollars unless otherwise noted. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At May 31, 2025, the total value of Rule 144A securities was $111,146,965, which represents 19.92% of net assets. |
| <sup>(a)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(b)</sup> | Other Assets and Liabilities – Net include net unrealized appreciation/depreciation on forward foreign currency exchange contracts, options purchased and written options as follows: |

---

<br> 4 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

CONVERTIBLE FUND *May 31, 2025*

**Options Purchased at May 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br> Contracts** | **Expiration<br> Date** | **Exercise<br> Price** | **Notional<br> Amount** | **Value** |
| Bloom Energy Corp. Call | UBS AG | 500000 | 6/20/2025 | $26.00 | $500000 | $12388 |
| Cyberark Software Ltd. Call | Goldman Sachs | 24375 | 7/18/2025 | 370.00 | 24375 | 670692 |
| GDS Holdings Ltd. Call | Goldman Sachs | 200000 | 9/19/2025 | 35.00 | 200000 | 225920 |
| GDS Holdings Ltd. Call | Morgan Stanley | 213000 | 6/20/2025 | 47.00 | 213000 | 2096 |
| IMAX Corp. Call | UBS AG | 165000 | 9/19/2025 | 27.00 | 165000 | 532410 |
| Rheinmetall AG. Call | UBS AG | 13500 | 9/19/2025 | 1900.00 | 13500 | 3145762 |
| Rheinmetall AG. Call | UBS AG | 13500 | 9/19/2025 | 2300.00 | 13500 | 1187303 |
| Rocket Lab USA, Inc. Call | Morgan Stanley | 333000 | 9/19/2025 | 26.00 | 333000 | 1689357 |
| Royal Caribbean Cruises Ltd. Call | Morgan Stanley | 55000 | 6/20/2025 | 280.00 | 55000 | 80754 |
| Travere Therapeutics, Inc. Call | Goldman Sachs | 425000 | 6/20/2025 | 22.50 | 425000 | 4400 |
| *Total OTC Options Purchased* |  |  |  |  |  | $7551082 |

---

**OTC Written Options at May 31, 2025:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br> Price** | **Expiration<br> Date** | **Number of<br> Contracts** | **Notional<br> Amount** | **Fair<br> Value** | **Premiums<br> (Received)** | **Unrealized<br> Depreciation** |
| Rheinmetall AG. Call | UBS AG | $2200.00 | 9/19/2025 | 27000 | $(27000) | $(3055990) | $(2378319) | $(677671) |

---

**Forward Foreign Currency Exchange Contracts at May 31, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange <br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Appreciation** |
| Euro | Sell | Bank Of America | 8/22/2025 | 442000 | $504926 | $504527 | $399 |
| **Forward<br> Foreign<br> Currency<br> Exchange <br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Depreciation** |
| Euro | Sell | State Street Bank And Trust | 8/22/2025 | 5548000 | $6312398 | $6332843 | $(20445) |

---

<br> See Notes to Financial Statements. 5

**Schedule of Investments (unaudited)(concluded)**

CONVERTIBLE FUND *May 31, 2025*

The following is a summary of the inputs used as of May 31, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Convertible Bonds | $– | $452460541 | $– | $452460541 |
| &nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | 6443750 | 78916016 |  | 85359766 |
| &nbsp;&nbsp;&nbsp;Options Purchased |  | 7551082 |  | 7551082 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 14685636 | – | 14685636 |
| Total | $6443750 | $553613275 | $– | $560057025 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;OTC Option Written |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (3055990) |  | (3055990) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 399 |  | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | (20445) | – | (20445) |
| Total | $– | $(3076036) | $– | $(3076036) |

---

---

| | |
|:---|:---|
| |  |
| <sup>(1)</sup> | Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs. |
| <sup>(2)</sup> | See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. |

---

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund's net assets.

6 See Notes to Financial Statements.

**Schedule of Investments (unaudited)**

CORE FIXED INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 121.85%** |  |  |  |  |
| **ASSET-BACKED SECURITIES 14.37%** |  |  |  |  |
| **Automobiles 8.21%** |  |  |  |  |
| BofA Auto Trust Series 2024-1A Class A3<sup>†</sup> | 5.35% | 11/15/2028 | $7250000 | $7324616 |
| CarMax Auto Owner Trust Series 2023-3 Class B | 5.47% | 2/15/2029 | 13405000 | 13643559 |
| CarMax Auto Owner Trust Series 2024-2 Class B | 5.69% | 11/15/2029 | 4215000 | 4312076 |
| Chase Auto Owner Trust Series 2024-1A Class A3<sup>†</sup> | 5.13% | 5/25/2029 | 16070000 | 16192976 |
| Citizens Auto Receivables Trust Series 2023-1 Class A3<sup>†</sup> | 5.84% | 1/18/2028 | 8872777 | 8929807 |
| Citizens Auto Receivables Trust Series 2023-2 Class A3<sup>†</sup> | 5.83% | 2/15/2028 | 17924000 | 18055625 |
| Citizens Auto Receivables Trust Series 2024-2 Class A4<sup>†</sup> | 5.26% | 4/15/2031 | 14270000 | 14460794 |
| Exeter Automobile Receivables Trust Series 2023-3A Class D | 6.68% | 4/16/2029 | 7080000 | 7226767 |
| Exeter Automobile Receivables Trust Series 2024-4A Class B | 5.29% | 8/15/2030 | 10058000 | 10115182 |
| Exeter Automobile Receivables Trust Series 2024-4A Class C | 5.48% | 8/15/2030 | 6120000 | 6180669 |
| Exeter Automobile Receivables Trust Series 2024-5A Class B | 4.48% | 4/16/2029 | 9675000 | 9624462 |
| Exeter Automobile Receivables Trust Series 2025-1A Class B | 4.91% | 8/15/2029 | 13840000 | 13883275 |
| Exeter Automobile Receivables Trust Series 2025-3A Class A3 | 4.78% | 7/16/2029 | 8695000 | 8711098 |
| Flagship Credit Auto Trust Series 2022-3 Class A3<sup>†</sup> | 4.55% | 4/15/2027 | 648039 | 648007 |
| Flagship Credit Auto Trust Series 2023-1 Class A3<sup>†</sup> | 5.01% | 8/16/2027 | 3712794 | 3713717 |
| Ford Credit Auto Lease Trust Series 2025-A Class B | 4.96% | 2/15/2029 | 8845000 | 8874325 |
| Ford Credit Auto Owner Trust Series 2021-1 Class A<sup>†</sup> | 1.37% | 10/17/2033 | 23615000 | 22971718 |
| Ford Credit Auto Owner Trust Series 2023-A Class C | 5.51% | 9/15/2030 | 7250000 | 7354309 |
| GLS Auto Select Receivables Trust Series 2024-2A Class B<sup>†</sup> | 5.64% | 6/17/2030 | 4796000 | 4896173 |
| GM Financial Automobile Leasing Trust Series 2023-1 Class B | 5.51% | 1/20/2027 | 3580000 | 3583982 |
| GM Financial Automobile Leasing Trust Series 2023-2 Class B | 5.54% | 5/20/2027 | 9700000 | 9723214 |
| GM Financial Consumer Automobile Receivables Trust Series 2023-2 Class C | 5.21% | 12/18/2028 | 4935000 | 4979780 |

---

*See Notes to Financial Statements.* 7

**Schedule of Investments (unaudited)(continued)**

CORE FIXED INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |
| Harley-Davidson Motorcycle Trust Series 2025-A Class A3 | 4.67% | 4/15/2030 | $9900000 | $9926621 |
| Hyundai Auto Lease Securitization Trust Series 2025-A Class A3<sup>†</sup> | 4.83% | 1/18/2028 | 7015000 | 7055600 |
| Hyundai Auto Lease Securitization Trust Series 2025-B Class A3<sup>†</sup> | 4.53% | 4/17/2028 | 8315000 | 8349147 |
| Hyundai Auto Lease Securitization Trust Series 2025-B Class B<sup>†</sup> | 4.94% | 8/15/2029 | 6970000 | 7011527 |
| Hyundai Auto Receivables Trust Series 2025-A Class B | 4.61% | 4/15/2031 | 8280000 | 8253775 |
| LAD Auto Receivables Trust Series 2023-1A Class C<sup>†</sup> | 6.18% | 12/15/2027 | 6250000 | 6302485 |
| M&T Bank Auto Receivables Trust Series 2025-1A Class A4<sup>†</sup> | 4.89% | 7/15/2032 | 8648000 | 8731730 |
| Mercedes-Benz Auto Lease Trust Series 2025-A Class A3 | 4.61% | 4/16/2029 | 14520000 | 14636099 |
| Nissan Auto Lease Trust Series 2025-A Class A3 | 4.75% | 3/15/2028 | 10905000 | 10993921 |
| Nissan Auto Receivables Owner Trust Series 2023-B Class A3 | 5.93% | 3/15/2028 | 6520000 | 6578478 |
| Octane Receivables Trust Series 2022-2A Class A<sup>†</sup> | 5.11% | 2/22/2028 | 181271 | 181326 |
| Octane Receivables Trust Series 2023-3A Class A2<sup>†</sup> | 6.44% | 3/20/2029 | 3546769 | 3572026 |
| PenFed Auto Receivables Owner Trust Series 2024-A Class A4<sup>†</sup> | 4.75% | 3/15/2030 | 6320000 | 6354672 |
| Santander Consumer Auto Receivables Trust Series 2020-BA Class F<sup>†</sup> | 7.03% | 8/15/2028 | 2046492 | 2050752 |
| Santander Drive Auto Receivables Trust Series 2022-6 Class B | 4.72% | 6/15/2027 | 1180800 | 1180796 |
| Santander Drive Auto Receivables Trust Series 2023-5 Class C | 6.43% | 2/18/2031 | 6520000 | 6752186 |
| Santander Drive Auto Receivables Trust Series 2024-1 Class A3 | 5.25% | 4/17/2028 | 18712940 | 18741176 |
| Santander Drive Auto Receivables Trust Series 2025-2 Class B | 4.87% | 5/15/2031 | 6980000 | 7035448 |
| SFS Auto Receivables Securitization Trust Series 2025-1A Class B<sup>†</sup> | 5.11% | 2/20/2031 | 8810000 | 8985336 |
| Westlake Automobile Receivables Trust Series 2023-1A Class A3<sup>†</sup> | 5.21% | 1/18/2028 | 273994 | 274065 |
| Westlake Automobile Receivables Trust Series 2024-1A Class C<sup>†</sup> | 5.65% | 2/15/2029 | 11630000 | 11722966 |
| World Omni Automobile Lease Securitization Trust Series 2025-A Class B | 4.68% | 5/15/2030 | 11290000 | 11283883 |
| *Total* |  |  |  | 371380146 |

---

8 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

CORE FIXED INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Credit Card 0.73%** |  |  |  |  |  |
| Capital One Multi-Asset Execution Trust Series 2005-B3 Class B3 | 5.068%<br>(3 mo. USD Term SOFR + 0.81% |)<sup>#</sup> | 5/15/2028 | $9093000 | $9090761 |
| First National Master Note Trust Series 2024-1 Class A | 5.34% |  | 5/15/2030 | 14980000 | 15255132 |
| World Financial Network Credit Card Master Trust Series 2023-A Class A | 5.02% |  | 3/15/2030 | 8580000 | 8622680 |
| *Total* |  |  |  |  | 32968573 |
| **Other 5.43%** |  |  |  |  |  |
| Affirm Asset Securitization Trust Series 2023-B Class A<sup>†</sup> | 6.82% |  | 9/15/2028 | 7825000 | 7863084 |
| Affirm Asset Securitization Trust Series 2024-A Class 1A<sup>†</sup> | 5.61% |  | 2/15/2029 | 8695000 | 8733359 |
| Affirm Asset Securitization Trust Series 2024-A Class A<sup>†</sup> | 5.61% |  | 2/15/2029 | 2885000 | 2895352 |
| Affirm Asset Securitization Trust Series 2024-B Class A<sup>†</sup> | 4.62% |  | 9/15/2029 | 8400000 | 8388078 |
| Affirm Master Trust Series 2025-1A Class A<sup>†</sup> | 4.99% |  | 2/15/2033 | 4685000 | 4698111 |
| Avant Loans Funding Trust Series 2024-REV1 Class A<sup>†</sup> | 5.92% |  | 10/15/2033 | 9795000 | 9870629 |
| Bain Capital Credit CLO Ltd. Series 2023-3A Class B<sup>†</sup> | 6.975%<br>(3 mo. USD Term SOFR + 2.70% |)<sup>#</sup> | 7/24/2036 | 2500000 | 2507662 |
| Benefit Street Partners CLO XXXIII Ltd. Series 2023-33A Class B<sup>†</sup> | 6.582%<br>(3 mo. USD Term SOFR + 2.30% |)<sup>#</sup> | 1/25/2036 | 6370000 | 6397200 |
| Birch Grove CLO 3 Ltd. Series 2021-3A Class BR<sup>†</sup> | 5.87%<br>(3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 1/19/2038 | 8700000 | 8682574 |
| Birch Grove CLO 8 Ltd. Series 2024-8A Class A1<sup>†</sup> | 5.90%<br>(3 mo. USD Term SOFR + 1.63% |)<sup>#</sup> | 4/20/2037 | 13350000 | 13416750 |
| BSPRT Issuer Ltd. Series 2022-FL8 Class A<sup>†</sup> | 5.832%<br> (30 day USD SOFR Average + 1.50% |)<sup>#</sup> | 2/15/2037 | 1090633 | 1092435 |
| Dell Equipment Finance Trust Series 2024-2 Class A3<sup>†</sup> | 4.59% |  | 8/22/2030 | 11520000 | 11567324 |
| Galaxy 31 CLO Ltd. Series 2023-31A Class BR<sup>†(a)</sup> |  | <sup>(b)</sup> | 7/15/2038 | 5725000 | 5736003 |
| Greenacre Park CLO LLC Series 2021-2A Class BR<sup>†(a)</sup> |  | <sup>(b)</sup> | 7/20/2038 | 7055000 | 7068567 |
| KKR CLO 35 Ltd. Series 35A Class BR<sup>†</sup> | 5.87%<br>(3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 1/20/2038 | 7150000 | 7147197 |
| Lending Funding Trust Series 2020-2A Class A<sup>†</sup> | 2.32% |  | 4/21/2031 | 5317000 | 5155976 |
| Lendmark Funding Trust Series 2021-1A Class C<sup>†</sup> | 3.41% |  | 11/20/2031 | 2095000 | 1960099 |
| Lendmark Funding Trust Series 2021-2A Class B<sup>†</sup> | 2.37% |  | 4/20/2032 | 6465000 | 5961561 |

---

*See Notes to Financial Statements.* 9

**Schedule of Investments (unaudited)(continued)**

CORE FIXED INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| LoanCore Issuer Ltd. Series 2022-CRE7 Class A<sup>†</sup> | 5.88%<br>(30 day USD SOFR Average + 1.55% |)<sup>#</sup> | 1/17/2037 | $5035096 | $5041086 |
| LoanCore Issuer Ltd. Series 2025-CRE8 Class A<sup>†</sup> | 5.712%<br>(1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 8/17/2042 | 7500000 | 7500955 |
| M&T Equipment Notes Series 2025-1A Class A2<sup>†</sup> | 4.70% |  | 12/16/2027 | 9995000 | 10015939 |
| Madison Park Funding XXIII Ltd. Series 2017-23A Class AR<sup>†</sup> | 5.514%<br>(3 mo. USD Term SOFR + 1.23% |)<sup>#</sup> | 7/27/2031 | 1370882 | 1370832 |
| Mariner Finance Issuance Trust Series 2021-AA Class D<sup>†</sup> | 3.83% |  | 3/20/2036 | 2420000 | 2300999 |
| MF1 LLC Series 2022-FL9 Class A<sup>†</sup> | 6.474%<br>(1 mo. USD Term SOFR + 2.15% |)<sup>#</sup> | 6/19/2037 | 4101732 | 4118111 |
| OneMain Financial Issuance Trust Series 2022-3A Class A<sup>†</sup> | 5.94% |  | 5/15/2034 | 5386538 | 5417235 |
| PEAC Solutions Receivables LLC Series 2024-2A Class A3<sup>†</sup> | 4.65% |  | 10/20/2031 | 9885000 | 9892904 |
| PFP Ltd. Series 2023-10 Class A<sup>†</sup> | 6.692%<br>(1 mo. USD Term SOFR + 2.36% |)<sup>#</sup> | 9/16/2038 | 6705383 | 6739985 |
| PFS Financing Corp. Series 2024-D Class A<sup>†</sup> | 5.34% |  | 4/15/2029 | 5247000 | 5331004 |
| Post CLO Ltd. Series 2023-1A Class B1<sup>†</sup> | 6.772%<br>(3 mo. USD Term SOFR + 2.50% |)<sup>#</sup> | 4/20/2036 | 3085000 | 3092836 |
| Post Road Equipment Finance Series 2022-1A Class A2<sup>†</sup> | 4.88% |  | 11/15/2028 | 163587 | 163584 |
| Rad CLO 23 Ltd. Series 2024-23A Class B1<sup>†</sup> | 6.32%<br>(3 mo. USD Term SOFR + 2.05% |)<sup>#</sup> | 4/20/2037 | 4750000 | 4764426 |
| Ready Capital Mortgage Financing LLC Series 2023-FL12 Class A<sup>†</sup> | 6.66%<br>(1 mo. USD Term SOFR + 2.34% |)<sup>#</sup> | 5/25/2038 | 1258865 | 1260440 |
| SCF Equipment Leasing LLC Series 2024-1A Class A3<sup>†</sup> | 5.52% |  | 1/20/2032 | 12950000 | 13277132 |
| Silver Point CLO 10 Ltd. Series 2025-10A Class A1<sup>†(a)</sup> |  | <sup>(b)</sup> | 7/15/2038 | 11150000 | 11170572 |
| Texas Debt Capital CLO Ltd. Series 2024-1A Class B<sup>†</sup> | 6.222%<br>(3 mo. USD Term SOFR + 1.95% |)<sup>#</sup> | 4/22/2037 | 6050000 | 6066172 |
| Verizon Master Trust Series 2023-7 Class A1A | 5.67% |  | 11/20/2029 | 7936000 | 8083417 |
| Verizon Master Trust Series 2024-2 Class A<sup>†</sup> | 4.83% |  | 12/22/2031 | 8537000 | 8671879 |
| Warwick Capital CLO 6 Ltd. Series 2025-6A Class A1<sup>†(a)</sup> |  | <sup>(b)</sup> | 7/20/2038 | 11955000 | 11970518 |
| *Total* |  |  |  |  | 245391987 |
| *Total Asset-Backed Securities* (cost $647,974,275) | *Total Asset-Backed Securities* (cost $647,974,275) | *Total Asset-Backed Securities* (cost $647,974,275) |  |  | 649740706 |

---

10 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

CORE FIXED INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **CORPORATE BONDS 37.08%** |  |  |  |  |  |
| **Aerospace/Defense 0.37%** |  |  |  |  |  |
| Boeing Co. | 6.388% |  | 5/1/2031 | $8952000 | $9556589 |
| Northrop Grumman Corp. | 3.25% |  | 1/15/2028 | 7402000 | 7204729 |
| *Total* |  |  |  |  | 16761318 |
| **Agriculture 1.96%** |  |  |  |  |  |
| Altria Group, Inc. | 4.875% |  | 2/4/2028 | 5858000 | 5913774 |
| BAT Capital Corp. | 5.834% |  | 2/20/2031 | 2158000 | 2249230 |
| BAT Capital Corp. | 6.343% |  | 8/2/2030 | 17938000 | 19137910 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(c)</sup> | 5.50% |  | 2/1/2030 | 17069000 | 17444320 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(c)</sup> | 5.875% |  | 7/1/2034 | 3203000 | 3221981 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(c)</sup> | 6.125% |  | 7/27/2027 | 6880000 | 7060478 |
| Japan Tobacco, Inc. (Japan)<sup>†(c)</sup> | 5.85% |  | 6/15/2035 | 11807000 | 12178680 |
| Philip Morris International, Inc. | 5.625% |  | 11/17/2029 | 6254000 | 6528535 |
| Reynolds American, Inc. | 4.45% |  | 6/12/2025 | 9194000 | 9193364 |
| Viterra Finance BV (Netherlands)<sup>†(c)</sup> | 4.90% |  | 4/21/2027 | 5719000 | 5721121 |
| *Total* |  |  |  |  | 88649393 |
| **Auto Manufacturers 1.07%** |  |  |  |  |  |
| Ford Motor Co. | 4.346% |  | 12/8/2026 | 6624000 | 6532506 |
| Ford Motor Credit Co. LLC | 2.70% |  | 8/10/2026 | 9056000 | 8763310 |
| Ford Motor Credit Co. LLC | 6.125% |  | 3/8/2034 | 7977000 | 7583068 |
| Hyundai Capital America<sup>†</sup> | 1.80% |  | 10/15/2025 | 18735000 | 18520236 |
| Hyundai Capital America<sup>†</sup> | 5.80% |  | 6/26/2025 | 3324000 | 3325572 |
| Toyota Motor Credit Corp. | 4.55% |  | 9/20/2027 | 3619000 | 3636272 |
| *Total* |  |  |  |  | 48360964 |
| **Banks 9.01%** |  |  |  |  |  |
| ABN AMRO Bank NV (Netherlands)<sup>†(c)</sup> | 3.324%<br>(5 yr. CMT + 1.90% |)<sup>#</sup> | 3/13/2037 | 7800000 | 6772610 |
| Banco Nacional de Comercio Exterior SNC (Cayman Islands)<sup>†(c)</sup> | 5.875% |  | 5/7/2030 | 9312000 | 9364427 |
| Bank of America Corp. | 1.658%<br>(SOFR + 0.91% |)<sup>#</sup> | 3/11/2027 | 4902000 | 4789613 |
| Bank of America Corp. | 3.593%<br>(3 mo. USD Term SOFR + 1.63% |)<sup>#</sup> | 7/21/2028 | 14259000 | 13955919 |
| Bank of America Corp. | 3.97%<br>(3 mo. USD Term SOFR + 1.33% |)<sup>#</sup> | 3/5/2029 | 18874000 | 18539288 |
| Barclays PLC (United Kingdom)<sup>(c)</sup> | 6.496%<br>(SOFR + 1.88% |)<sup>#</sup> | 9/13/2027 | 18000000 | 18381991 |

---

*See Notes to Financial Statements.* 11

**Schedule of Investments (unaudited)(continued)**

CORE FIXED INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Citigroup, Inc. | 3.887%<br>(3 mo. USD Term SOFR + 1.82% |)<sup>#</sup> | 1/10/2028 | $16090000 | $15884966 |
| Citigroup, Inc. | 3.98%<br>(3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 3/20/2030 | 9838000 | 9558955 |
| Citigroup, Inc. | 5.827%<br>(SOFR + 2.06% |)<sup>#</sup> | 2/13/2035 | 9659000 | 9637739 |
| Citizens Financial Group, Inc. | 5.718%<br>(SOFR + 1.91% |)<sup>#</sup> | 7/23/2032 | 5000000 | 5105865 |
| Citizens Financial Group, Inc. | 6.645%<br>(SOFR + 2.33% |)<sup>#</sup> | 4/25/2035 | 5984000 | 6347397 |
| Danske Bank AS (Denmark)<sup>†(c)</sup> | 4.298%<br>(1 yr. CMT + 1.75% |)<sup>#</sup> | 4/1/2028 | 20231000 | 20086699 |
| Danske Bank AS (Denmark)<sup>†(c)</sup> | 4.375% |  | 6/12/2028 | 9903000 | 9831558 |
| Danske Bank AS (Denmark)<sup>†(c)</sup> | 6.259%<br>(1 yr. CMT + 1.18% |)<sup>#</sup> | 9/22/2026 | 14803000 | 14859830 |
| Goldman Sachs Group, Inc. | 2.383%<br>(SOFR + 1.25% |)<sup>#</sup> | 7/21/2032 | 8226000 | 7080835 |
| JPMorgan Chase & Co. | 2.963%<br>(SOFR + 1.26% |)<sup>#</sup> | 1/25/2033 | 20118000 | 17802416 |
| JPMorgan Chase & Co. | 3.782%<br>(3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 2/1/2028 | 24978000 | 24655218 |
| KeyCorp | 4.789%<br>(SOFR + 2.06% |)<sup>#</sup> | 6/1/2033 | 5000000 | 4775247 |
| Macquarie Bank Ltd. (Australia)<sup>†(c)</sup> | 3.052%<br>(5 yr. CMT + 1.70% |)<sup>#</sup> | 3/3/2036 | 4333000 | 3813565 |
| Macquarie Group Ltd. (Australia)<sup>†(c)</sup> | 4.654%<br>(3 mo. USD Term SOFR + 1.99% |)<sup>#</sup> | 3/27/2029 | 7544000 | 7518035 |
| Morgan Stanley | 2.239%<br>(SOFR + 1.18% |)<sup>#</sup> | 7/21/2032 | 10000000 | 8519682 |
| Morgan Stanley | 4.431%<br>(3 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 1/23/2030 | 15183000 | 15060399 |
| Morgan Stanley | 5.297%<br>(SOFR + 2.62% |)<sup>#</sup> | 4/20/2037 | 3246000 | 3185872 |
| Morgan Stanley | 5.32%<br>(SOFR + 1.56% |)<sup>#</sup> | 7/19/2035 | 10333000 | 10269782 |
| PNC Financial Services Group, Inc. | 4.812%<br>(SOFR + 1.26% |)<sup>#</sup> | 10/21/2032 | 11034000 | 10900165 |
| PNC Financial Services Group, Inc. | 5.676%<br>(SOFR + 1.90% |)<sup>#</sup> | 1/22/2035 | 3804000 | 3881958 |
| PNC Financial Services Group, Inc. | 6.037%<br>(SOFR + 2.14% |)<sup>#</sup> | 10/28/2033 | 10255000 | 10734407 |

---

12 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

CORE FIXED INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Truist Financial Corp. | 5.711%<br>(SOFR + 1.92% |)<sup>#</sup> | 1/24/2035 | $10282000 | $10451241 |
| Truist Financial Corp. | 5.867%<br>(SOFR + 2.36% |)<sup>#</sup> | 6/8/2034 | 4175000 | 4278561 |
| U.S. Bancorp | 4.839%<br>(SOFR + 1.60% |)<sup>#</sup> | 2/1/2034 | 13037000 | 12648194 |
| U.S. Bancorp | 5.678%<br>(SOFR + 1.86% |)<sup>#</sup> | 1/23/2035 | 7833000 | 7982427 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 1.364%<br>(1 yr. CMT + 1.08% |)<sup>#</sup> | 1/30/2027 | 6618000 | 6471644 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 1.494%<br>(1 yr. CMT + 0.85% |)<sup>#</sup> | 8/10/2027 | 8352000 | 8037566 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 6.301%<br>(1 yr. CMT + 2.00% |)<sup>#</sup> | 9/22/2034 | 10900000 | 11529824 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 6.327%<br>(1 yr. CMT + 1.60% |)<sup>#</sup> | 12/22/2027 | 5626000 | 5760893 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 6.442%<br>(SOFR + 3.70% |)<sup>#</sup> | 8/11/2028 | 14127000 | 14629766 |
| Wells Fargo & Co. | 2.393%<br>(SOFR + 2.10% |)<sup>#</sup> | 6/2/2028 | 6505000 | 6226908 |
| Wells Fargo & Co. | 3.35%<br>(SOFR + 1.50% |)<sup>#</sup> | 3/2/2033 | 8807000 | 7902121 |
| Wells Fargo & Co. | 3.584%<br>(3 mo. USD Term SOFR + 1.57% |)<sup>#</sup> | 5/22/2028 | 14816000 | 14521996 |
| Wells Fargo Bank NA | 5.85% |  | 2/1/2037 | 5225000 | 5314197 |
| *Total* |  |  |  |  | 407069776 |
| **Beverages 0.39%** |  |  |  |  |  |
| Coca-Cola Consolidated, Inc. | 5.45% |  | 6/1/2034 | 12341000 | 12578144 |
| Coca-Cola Femsa SAB de CV (Mexico)<sup>(c)</sup> | 5.10% |  | 5/6/2035 | 5304000 | 5203171 |
| *Total* |  |  |  |  | 17781315 |
| **Biotechnology 0.36%** |  |  |  |  |  |
| Amgen, Inc. | 5.15% |  | 3/2/2028 | 6109000 | 6222005 |
| Baxalta, Inc. | 4.00% |  | 6/23/2025 | 1114000 | 1113408 |
| Royalty Pharma PLC | 3.35% |  | 9/2/2051 | 3509000 | 2180108 |
| Royalty Pharma PLC<sup>(d)</sup> | 5.40% |  | 9/2/2034 | 6596000 | 6570941 |
| *Total* |  |  |  |  | 16086462 |
| **Building Materials 0.17%** |  |  |  |  |  |
| Holcim Finance U.S. LLC<sup>†</sup> | 5.40% |  | 4/7/2035 | 7928000 | 7902845 |

---

*See Notes to Financial Statements.* 13

**Schedule of Investments (unaudited)(continued)**

CORE FIXED INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Chemicals 0.20%** |  |  |  |  |  |
| EIDP, Inc. | 5.125% |  | 5/15/2032 | $4926000 | $4973655 |
| International Flavors & Fragrances, Inc.<sup>†</sup> | 1.23% |  | 10/1/2025 | 4160000 | 4108657 |
| *Total* |  |  |  |  | 9082312 |
| **Commercial Services 0.34%** |  |  |  |  |  |
| GXO Logistics, Inc. | 6.50% |  | 5/6/2034 | 5875000 | 6010446 |
| Rentokil Terminix Funding LLC<sup>†</sup> | 5.625% |  | 4/28/2035 | 3439000 | 3441284 |
| Rollins, Inc.<sup>†</sup> | 5.25% |  | 2/24/2035 | 5872000 | 5828586 |
| *Total* |  |  |  |  | 15280316 |
| **Computers 0.24%** |  |  |  |  |  |
| Gartner, Inc.<sup>†</sup> | 4.50% |  | 7/1/2028 | 8360000 | 8266038 |
| International Business Machines Corp. | 6.50% |  | 1/15/2028 | 2455000 | 2583543 |
| *Total* |  |  |  |  | 10849581 |
| **Diversified Financial Services 2.56%** |  |  |  |  |  |
| Air Lease Corp. | 5.20% |  | 7/15/2031 | 2018000 | 2042351 |
| Aircastle Ltd.<sup>†</sup> | 2.85% |  | 1/26/2028 | 12633000 | 11941777 |
| American Express Co. | 5.284%<br>(SOFR + 1.42% |)<sup>#</sup> | 7/26/2035 | 10088000 | 10053238 |
| Ameriprise Financial, Inc. | 5.20% |  | 4/15/2035 | 22695000 | 22505256 |
| Aviation Capital Group LLC<sup>†</sup> | 1.95% |  | 1/30/2026 | 4639000 | 4549062 |
| Aviation Capital Group LLC<sup>†</sup> | 5.375% |  | 7/15/2029 | 10830000 | 10949721 |
| Aviation Capital Group LLC<sup>†</sup> | 6.75% |  | 10/25/2028 | 4180000 | 4417197 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(c)</sup> | 2.125% |  | 2/21/2026 | 17500000 | 17108252 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(c)</sup> | 2.528% |  | 11/18/2027 | 2111000 | 1990617 |
| Cboe Global Markets, Inc. | 3.65% |  | 1/12/2027 | 6217000 | 6138087 |
| Intercontinental Exchange, Inc. | 5.25% |  | 6/15/2031 | 8990000 | 9272969 |
| Lseg U.S. Fin Corp.<sup>†</sup> | 5.297% |  | 3/28/2034 | 4657000 | 4703273 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>†</sup> | 4.50% |  | 3/15/2027 | 4435000 | 4413573 |
| Nuveen LLC<sup>†</sup> | 5.85% |  | 4/15/2034 | 5569000 | 5686433 |
| *Total* |  |  |  |  | 115771806 |
| **Electric 5.27%** |  |  |  |  |  |
| AES Corp.<sup>†</sup> | 3.95% |  | 7/15/2030 | 13041000 | 12176493 |
| Alfa Desarrollo SpA (Chile)<sup>†(c)</sup> | 4.55% |  | 9/27/2051 | 7501246 | 5445136 |
| American Electric Power Co., Inc. | 5.699% |  | 8/15/2025 | 10422000 | 10437547 |
| American Transmission Systems, Inc.<sup>†</sup> | 2.65% |  | 1/15/2032 | 10360000 | 8988309 |
| Capital Power U.S. Holdings, Inc.<sup>†</sup> | 6.189% |  | 6/1/2035 | 5883000 | 5931423 |

---

14 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

CORE FIXED INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Electric (continued)** |  |  |  |  |
| Chile Electricity Lux MPC II SARL (Luxembourg)<sup>†(c)</sup> | 5.58% | 10/20/2035 | $6617709 | $6583915 |
| Commonwealth Edison Co. | 5.95% | 6/1/2055 | 4242000 | 4252246 |
| Dominion Energy South Carolina, Inc. | 5.30% | 1/15/2035 | 4038000 | 4052484 |
| DTE Electric Co. | 5.85% | 5/15/2055 | 1309000 | 1306657 |
| Duke Energy Indiana LLC | 5.25% | 3/1/2034 | 8216000 | 8243969 |
| Enel Finance International NV (Netherlands)<sup>†(c)</sup> | 5.125% | 6/26/2029 | 5488000 | 5557806 |
| Entergy Corp. | 0.90% | 9/15/2025 | 8007000 | 7920367 |
| Entergy Louisiana LLC | 5.15% | 9/15/2034 | 10000000 | 9897728 |
| Entergy Louisiana LLC | 5.70% | 3/15/2054 | 5824000 | 5564075 |
| Entergy Mississippi LLC | 5.80% | 4/15/2055 | 5305000 | 5134915 |
| Evergy Missouri West, Inc.<sup>†</sup> | 5.65% | 6/1/2034 | 12641000 | 12772397 |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (Mexico)<sup>†(c)</sup> | 7.25% | 1/31/2041 | 3017550 | 2982848 |
| Florida Power & Light Co. | 5.80% | 3/15/2065 | 2820000 | 2776081 |
| Indianapolis Power & Light Co.<sup>†</sup> | 5.70% | 4/1/2054 | 5907000 | 5631206 |
| IPALCO Enterprises, Inc. | 4.25% | 5/1/2030 | 12000000 | 11387140 |
| Liberty Utilities Co.<sup>†</sup> | 5.869% | 1/31/2034 | 8756000 | 8811395 |
| MidAmerican Energy Co. | 5.85% | 9/15/2054 | 4379000 | 4367349 |
| Narragansett Electric Co.<sup>†</sup> | 5.35% | 5/1/2034 | 6045000 | 6025566 |
| NSTAR Electric Co. | 5.40% | 6/1/2034 | 9042000 | 9131463 |
| Oglethorpe Power Corp. | 5.80% | 6/1/2054 | 9800000 | 9257852 |
| Oglethorpe Power Corp. | 5.95% | 11/1/2039 | 3451000 | 3478056 |
| Ohio Edison Co. | 8.25% | 10/15/2038 | 2419000 | 2992961 |
| Oklahoma Gas & Electric Co. | 5.80% | 4/1/2055 | 4465000 | 4348730 |
| Oncor Electric Delivery Co. LLC | 4.65% | 11/1/2029 | 13923000 | 14005064 |
| Oncor Electric Delivery Co. LLC | 5.65% | 11/15/2033 | 6266000 | 6498742 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia)<sup>(c)</sup> | 4.125% | 5/15/2027 | 6868000 | 6782727 |
| PSEG Power LLC<sup>†</sup> | 5.75% | 5/15/2035 | 3647000 | 3674857 |
| Public Service Electric & Gas Co. | 4.85% | 8/1/2034 | 7642000 | 7525336 |
| Union Electric Co. | 5.25% | 4/15/2035 | 4615000 | 4627799 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.70% | 12/30/2034 | 9723000 | 9691999 |
| *Total* |  |  |  | 238262638 |
| **Engineering & Construction 0.12%** |  |  |  |  |
| Sitios Latinoamerica SAB de CV (Mexico)<sup>†(c)</sup> | 6.00% | 11/25/2029 | 5507000 | 5605851 |
| **Environmental Control 0.31%** |  |  |  |  |
| Veralto Corp. | 5.50% | 9/18/2026 | 13858000 | 14014394 |

---

*See Notes to Financial Statements.* 15

**Schedule of Investments (unaudited)(continued)**

CORE FIXED INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Food 0.86%** |  |  |  |  |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(c)</sup> | 3.625% | 1/15/2032 | $4939000 | $4443129 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(c)</sup> | 5.75% | 4/1/2033 | 14845000 | 15046373 |
| Mars, Inc.<sup>†</sup> | 5.00% | 3/1/2032 | 6351000 | 6375260 |
| Mars, Inc.<sup>†</sup> | 5.20% | 3/1/2035 | 9073000 | 9042387 |
| Mars, Inc.<sup>†</sup> | 5.70% | 5/1/2055 | 4238000 | 4114378 |
| *Total* |  |  |  | 39021527 |
| **Gas 0.99%** |  |  |  |  |
| CenterPoint Energy Resources Corp. | 1.75% | 10/1/2030 | 17787000 | 15296063 |
| East Ohio Gas Co.<sup>†</sup> | 1.30% | 6/15/2025 | 16815000 | 16792778 |
| National Fuel Gas Co. | 3.95% | 9/15/2027 | 13000000 | 12763961 |
| *Total* |  |  |  | 44852802 |
| **Health Care-Products 0.22%** |  |  |  |  |
| Solventum Corp. | 5.60% | 3/23/2034 | 9655000 | 9741560 |
| **Health Care-Services 0.93%** |  |  |  |  |
| Centene Corp. | 2.45% | 7/15/2028 | 21189000 | 19528124 |
| Centene Corp. | 3.375% | 2/15/2030 | 6442000 | 5875328 |
| UnitedHealth Group, Inc. | 3.45% | 1/15/2027 | 4926000 | 4850399 |
| UnitedHealth Group, Inc. | 4.50% | 4/15/2033 | 4134000 | 3944289 |
| UnitedHealth Group, Inc. | 5.35% | 2/15/2033 | 5425000 | 5476458 |
| Universal Health Services, Inc. | 5.05% | 10/15/2034 | 2473000 | 2322872 |
| *Total* |  |  |  | 41997470 |
| **Insurance 2.45%** |  |  |  |  |
| Arch Capital Group Ltd. | 7.35% | 5/1/2034 | 5000000 | 5703552 |
| Athene Global Funding<sup>†</sup> | 1.985% | 8/19/2028 | 14763000 | 13507371 |
| Athene Global Funding<sup>†</sup> | 5.62% | 5/8/2026 | 12979000 | 13094322 |
| Brown & Brown, Inc. | 2.375% | 3/15/2031 | 1985000 | 1722365 |
| Brown & Brown, Inc. | 5.65% | 6/11/2034 | 6831000 | 6904878 |
| CNO Global Funding<sup>†</sup> | 5.875% | 6/4/2027 | 11648000 | 11916668 |
| F&G Global Funding<sup>†</sup> | 2.30% | 4/11/2027 | 4996000 | 4778914 |
| GA Global Funding Trust<sup>†</sup> | 2.90% | 1/6/2032 | 7248000 | 6250290 |
| GA Global Funding Trust<sup>†</sup> | 4.40% | 9/23/2027 | 11335000 | 11238478 |
| Jackson National Life Global Funding<sup>†</sup> | 4.60% | 10/1/2029 | 7120000 | 7047110 |
| Marsh & McLennan Cos., Inc. | 4.85% | 11/15/2031 | 12534000 | 12594542 |
| Metropolitan Life Global Funding I<sup>†</sup> | 4.05% | 8/25/2025 | 536000 | 535344 |

---

16 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

CORE FIXED INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Insurance (continued)** |  |  |  |  |
| New York Life Global Funding<sup>†</sup> | 4.55% | 1/28/2033 | $7387000 | $7152366 |
| Principal Life Global Funding II<sup>†</sup> | 5.10% | 1/25/2029 | 8117000 | 8253608 |
| *Total* |  |  |  | 110699808 |
| **Internet 0.71%** |  |  |  |  |
| Alibaba Group Holding Ltd. (China)<sup>†(c)</sup> | 5.25% | 5/26/2035 | 7000000 | 6994428 |
| Alphabet, Inc. | 5.30% | 5/15/2065 | 7663000 | 7343204 |
| Prosus NV (Netherlands)<sup>(c)</sup> | 4.027% | 8/3/2050 | 6185000 | 3980969 |
| Uber Technologies, Inc.<sup>†</sup> | 4.50% | 8/15/2029 | 14184000 | 13980502 |
| *Total* |  |  |  | 32299103 |
| **Iron-Steel 0.17%** |  |  |  |  |
| Vale Overseas Ltd. (Brazil)<sup>(c)</sup> | 6.40% | 6/28/2054 | 7817000 | 7480719 |
| **Leisure Time 0.16%** |  |  |  |  |
| Carnival Corp.<sup>†</sup> | 5.875% | 6/15/2031 | 7430000 | 7439102 |
| **Machinery-Diversified 0.36%** |  |  |  |  |
| nVent Finance SARL (Luxembourg)<sup>(c)</sup> | 4.55% | 4/15/2028 | 10940000 | 10887079 |
| nVent Finance SARL (Luxembourg)<sup>(c)</sup> | 5.65% | 5/15/2033 | 5387000 | 5379644 |
| *Total* |  |  |  | 16266723 |
| **Media 0.11%** |  |  |  |  |
| Discovery Communications LLC | 3.95% | 3/20/2028 | 5073000 | 4845012 |
| **Mining 0.97%** |  |  |  |  |
| Anglo American Capital PLC (United Kingdom)<sup>†(c)</sup> | 3.875% | 3/16/2029 | 6526000 | 6298318 |
| Anglo American Capital PLC (United Kingdom)<sup>†(c)</sup> | 5.50% | 5/2/2033 | 1417000 | 1415054 |
| Antofagasta PLC (Chile)<sup>†(c)</sup> | 6.25% | 5/2/2034 | 8170000 | 8325353 |
| Glencore Funding LLC<sup>†</sup> | 5.634% | 4/4/2034 | 14213000 | 14300450 |
| Minera Mexico SA de CV (Mexico)<sup>†(c)</sup> | 5.625% | 2/12/2032 | 10233000 | 10146531 |
| Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (Canada)<sup>†(c)</sup> | 5.854% | 5/13/2032 | 3359000 | 3358627 |
| *Total* |  |  |  | 43844333 |
| **Miscellaneous Manufacturing 0.21%** |  |  |  |  |
| Siemens Funding BV (Netherlands)<sup>†(c)</sup> | 4.90% | 5/28/2032 | 9586000 | 9623132 |
| **Oil & Gas 1.54%** |  |  |  |  |
| APA Corp.<sup>†</sup> | 4.75% | 4/15/2043 | 1716000 | 1255076 |
| Continental Resources, Inc. | 4.90% | 6/1/2044 | 6826000 | 5234048 |
| Continental Resources, Inc.<sup>†</sup> | 5.75% | 1/15/2031 | 14000000 | 13943639 |

---

*See Notes to Financial Statements.* 17

**Schedule of Investments (unaudited)(continued)**

CORE FIXED INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Oil & Gas (continued)** |  |  | | |
| Coterra Energy, Inc. | 5.60% | 3/15/2034 | $9274000 | $9202158 |
| EQT Corp.<sup>†</sup> | 4.75% | 1/15/2031 | 3753000 | 3632106 |
| EQT Corp.<sup>†</sup> | 6.375% | 4/1/2029 | 3322000 | 3402340 |
| EQT Corp. | 7.00% | 2/1/2030 | 13000000 | 13921236 |
| EQT Corp.<sup>†</sup> | 7.50% | 6/1/2030 | 1695000 | 1840858 |
| Expand Energy Corp. | 5.375% | 3/15/2030 | 3998000 | 3979396 |
| Occidental Petroleum Corp. | 6.45% | 9/15/2036 | 2738000 | 2693567 |
| ORLEN SA (Poland)<sup>†(c)</sup> | 6.00% | 1/30/2035 | 8778000 | 8893826 |
| Ovintiv, Inc. | 6.50% | 2/1/2038 | 1606000 | 1569115 |
| *Total* |  |  |  | 69567365 |
| **Pharmaceuticals 0.54%** |  |  |  |  |
| Bayer Corp.<sup>†</sup> | 6.65% | 2/15/2028 | 8085000 | 8429949 |
| Bayer U.S. Finance II LLC<sup>†</sup> | 4.375% | 12/15/2028 | 10000000 | 9811213 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.375% | 11/21/2030 | 5708000 | 6009568 |
| *Total* |  |  |  | 24250730 |
| **Pipelines 0.90%** |  |  |  |  |
| Cheniere Energy, Inc. | 4.625% | 10/15/2028 | 6420000 | 6356525 |
| Eastern Gas Transmission & Storage, Inc. | 3.00% | 11/15/2029 | 7044000 | 6584231 |
| Energy Transfer LP<sup>†</sup> | 7.375% | 2/1/2031 | 4803000 | 5031145 |
| NGPL PipeCo LLC<sup>†</sup> | 3.25% | 7/15/2031 | 4741000 | 4150175 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 5.50% | 3/1/2030 | 18445000 | 18592172 |
| *Total* |  |  |  | 40714248 |
| **REITS 1.28%** |  |  |  |  |
| American Tower Corp. | 3.80% | 8/15/2029 | 11866000 | 11456281 |
| Brixmor Operating Partnership LP | 5.20% | 4/1/2032 | 4988000 | 4961282 |
| Crown Castle, Inc. | 3.30% | 7/1/2030 | 23168000 | 21432134 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.25% | 12/1/2026 | 4407000 | 4360884 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.625% | 12/1/2029 | 16016000 | 15545632 |
| *Total* |  |  |  | 57756213 |
| **Semiconductors 0.83%** |  |  |  |  |
| Broadcom Corp./Broadcom Cayman Finance Ltd. | 3.875% | 1/15/2027 | 4460000 | 4424348 |
| Broadcom, Inc.<sup>†</sup> | 4.15% | 4/15/2032 | 11791000 | 11230019 |
| Broadcom, Inc. | 4.80% | 10/15/2034 | 2680000 | 2610421 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.50% | 1/25/2031 | 7113000 | 7210076 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.875% | 1/25/2034 | 3090000 | 3100261 |
| Foundry JV Holdco LLC<sup>†</sup> | 6.15% | 1/25/2032 | 8539000 | 8873872 |
| *Total* |  |  |  | 37448997 |

---

18 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

CORE FIXED INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Software 1.08%** |  |  |  |  |
| AppLovin Corp. | 5.375% | 12/1/2031 | $8175000 | $8253873 |
| Atlassian Corp. (Australia)<sup>(c)</sup> | 5.50% | 5/15/2034 | 9387000 | 9474180 |
| Oracle Corp. | 2.875% | 3/25/2031 | 4450000 | 4013319 |
| Oracle Corp. | 6.125% | 7/8/2039 | 3000000 | 3080511 |
| Oracle Corp. | 6.90% | 11/9/2052 | 2658000 | 2873006 |
| Paychex, Inc. | 5.35% | 4/15/2032 | 7918000 | 8038898 |
| Synopsys, Inc. | 5.00% | 4/1/2032 | 12987000 | 13014711 |
| *Total* |  |  |  | 48748498 |
| **Telecommunications 0.40%** |  |  |  |  |
| Sprint Capital Corp. | 8.75% | 3/15/2032 | 15000000 | 17974336 |
| *Total Corporate Bonds* (cost $1,676,309,773) |  |  |  | 1676050649 |
| **FLOATING RATE LOANS**<sup>(e)</sup> **1.41%** |  |  |  |  |
| **Diversified Financial Services 0.36%** |  |  |  |  |
| Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | 6.073%<br> (1 mo. USD Term SOFR + 1.75% | 6/24/2030 | 16274141 | 16294484 |
| **Electric 0.62%** |  |  |  |  |
| NRG Energy, Inc. 2024 Term Loan | 6.03% - 6.08%<br> (1 mo. USD Term SOFR + 1.75%<br> (3 mo. USD Term SOFR + 1.75% | 4/16/2031 | 14298513 | 14329112 |
| Vistra Operations Co. LLC 1st Lien Term Loan B3 | 6.077%<br> (1 mo. USD Term SOFR + 1.75% | 12/20/2030 | 13885299 | 13920498 |
| *Total* |  |  |  | 28249610 |
| **Entertainment 0.26%** |  |  |  |  |
| Flutter Financing BV 2024 Term Loan B (Netherlands)<sup>(c)</sup> | 6.049%<br> (3 mo. USD Term SOFR + 1.75% | 11/30/2030 | 11812406 | 11795809 |
| **Media 0.17%** |  |  |  |  |
| Charter Communications Operating LLC 2024 Term Loan B5 | 6.548%<br> (3 mo. USD Term SOFR + 2.25% | 12/15/2031 | 7562047 | 7567265 |
| *Total Floating Rate Loans* (cost $63,908,695) |  |  |  | 63907168 |
| **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(c)</sup> **0.35%** |  |  |  |  |
| **Hungary 0.25%** |  |  |  |  |
| Hungary Government International Bonds | 6.125% | 5/22/2028 | 11063000 | 11402833 |

---

*See Notes to Financial Statements.* 19

**Schedule of Investments (unaudited)(continued)**

CORE FIXED INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Mexico 0.10%** |  |  |  | | |
| Mexico Government International Bonds | 6.35% |  | 2/9/2035 | $4530000 | $4531767 |
| *Total Foreign Government Obligations* (cost $15,938,872) | *Total Foreign Government Obligations* (cost $15,938,872) |  |  |  | 15934600 |
| **GOVERNMENT AGENCY OBLIGATION 0.51%** |  |  |  |  |  |
| Tennessee Valley Authority | 4.875% |  | 5/15/2035 | 22842000 | 23006033 |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.99%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.99%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.99%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.99%** |  |  |
| Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through Certificates Series K140 Class A2 | 2.25% |  | 1/25/2032 | 12930000 | 11278375 |
| Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through Certificates Series K143 Class A2 | 2.35% |  | 3/25/2032 | 12360000 | 10815305 |
| Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through Certificates Series K146 Class A2 | 2.92% |  | 6/25/2032 | 11570000 | 10458711 |
| Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through Certificates Series K-151 Class A2 | 3.80% | <sup>#(f)</sup> | 10/25/2032 | 13870000 | 13202875 |
| Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through Certificates Series K-153 Class A2 | 3.82% | <sup>#(f)</sup> | 12/25/2032 | 11317500 | 10770647 |
| Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through Certificates Series K-154 Class A2 | 4.35% | <sup>#(f)</sup> | 1/25/2033 | 6245574 | 6146589 |
| Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through Certificates Series K-156 Class A2 | 4.43% | <sup>#(f)</sup> | 2/25/2033 | 12000000 | 11871310 |
| Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through Certificates Series KG07 Class A2 | 3.123% | <sup>#(f)</sup> | 8/25/2032 | 8934000 | 8153503 |
| Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through Certificates Series KG08 Class A2 | 4.134% | <sup>#(f)</sup> | 5/25/2033 | 7600000 | 7347837 |
| *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $89,499,768) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $89,499,768) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $89,499,768) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $89,499,768) |  | 90045152 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 30.63%** |  |  |  |  |  |
| Federal Home Loan Mortgage Corp. | 2.00% |  | 2/1/2052 | 19339307 | 15242219 |
| Federal Home Loan Mortgage Corp. | 2.50% |  | 6/1/2051 | 18567140 | 15164664 |
| Federal Home Loan Mortgage Corp. | 3.00% |  | 8/1/2052 | 31277807 | 27058390 |
| Federal Home Loan Mortgage Corp. | 3.50% |  | 2/1/2046 | 2277348 | 2076358 |

---

20 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

CORE FIXED INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** |  |  |  |
| Federal Home Loan Mortgage Corp. | 5.00% | 7/1/2052 -<br> 8/1/2052 | $14291539 | $13990960 |
| Federal Home Loan Mortgage Corp. | 5.50% | 11/1/2039 -<br> 11/1/2054 | 49456336 | 49875052 |
| Federal Home Loan Mortgage Corp. | 6.00% | 7/1/2039 -<br> 2/1/2055 | 72225904 | 74408952 |
| Federal Home Loan Mortgage Corp. | 6.50% | 11/1/2053 | 15475519 | 15975348 |
| Federal National Mortgage Association | 2.50% | 8/1/2050 -<br> 5/1/2052 | 38453620 | 31884069 |
| Federal National Mortgage Association | 3.00% | 12/1/2048 | 14030725 | 12231574 |
| Federal National Mortgage Association | 3.50% | 7/1/2045 -<br> 4/1/2052 | 45733484 | 41052116 |
| Federal National Mortgage Association | 4.00% | 5/1/2052 -<br> 6/1/2052 | 10889490 | 10101225 |
| Federal National Mortgage Association | 5.00% | 7/1/2052 -<br> 10/1/2052 | 17639198 | 17222974 |
| Federal National Mortgage Association | 5.50% | 3/1/2054 -<br> 10/1/2054 | 44776101 | 44823115 |
| Federal National Mortgage Association | 6.00% | 2/1/2039 -<br> 1/1/2055 | 13317591 | 13672313 |
| Government National Mortgage Association<sup>(g)</sup> | 2.00% | TBA | 30862000 | 24798860 |
| Government National Mortgage Association<sup>(g)</sup> | 2.50% | TBA | 37590000 | 31497301 |
| Government National Mortgage Association<sup>(g)</sup> | 3.00% | TBA | 54491000 | 47471533 |
| Government National Mortgage Association<sup>(g)</sup> | 4.50% | TBA | 39512000 | 37283994 |
| Government National Mortgage Association<sup>(g)</sup> | 5.00% | TBA | 46914000 | 45511574 |
| Government National Mortgage Association<sup>(g)</sup> | 5.50% | TBA | 68464000 | 67974664 |
| Government National Mortgage Association<sup>(g)</sup> | 6.00% | TBA | 57547000 | 58057927 |
| Uniform Mortgage-Backed Security<sup>(g)</sup> | 2.00% | TBA | 142543000 | 120041022 |
| Uniform Mortgage-Backed Security<sup>(g)</sup> | 2.50% | TBA | 115221000 | 96252388 |
| Uniform Mortgage-Backed Security<sup>(g)</sup> | 3.00% | TBA | 6014000 | 5296415 |
| Uniform Mortgage-Backed Security<sup>(g)</sup> | 4.00% | TBA | 21149000 | 19375534 |
| Uniform Mortgage-Backed Security<sup>(g)</sup> | 4.50% | TBA | 17546000 | 16550909 |
| Uniform Mortgage-Backed Security<sup>(g)</sup> | 5.00% | TBA | 167450000 | 164918374 |
| Uniform Mortgage-Backed Security<sup>(g)</sup> | 5.50% | TBA | 139452000 | 140464390 |
| Uniform Mortgage-Backed Security<sup>(g)</sup> | 6.00% | TBA | 102362000 | 103256576 |
| Uniform Mortgage-Backed Security<sup>(g)</sup> | 6.50% | TBA | 9859000 | 10124425 |
| Uniform Mortgage-Backed Security<sup>(g)</sup> | 7.00% | TBA | 10327000 | 10769153 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $1,390,964,230) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $1,390,964,230) |  |  | 1384424368 |

---

*See Notes to Financial Statements.* 21

**Schedule of Investments (unaudited)(continued)**

CORE FIXED INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **MUNICIPAL BONDS 0.07%** |  |  |  |  |  |
| **Natural Gas 0.07%** |  |  |  |  |  |
| Texas Natural Gas Securitization Finance Corp. A1<br> (cost $3,194,386) | 5.102% |  | 4/1/2035 | $3194385 | $3250864 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 11.14%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 11.14%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 11.14%** |  |  |  |
| ALA Trust Series 2025-OANA Class A<sup>†(a)</sup> | 6.043%<br> (1 mo. USD Term SOFR + 1.74% |)<sup>#</sup> | 6/15/2030 | 7450000 | 7494334 |
| Bank5 Series 2024-5YR11 Class A3 | 5.893% |  | 11/15/2057 | 8640000 | 8983283 |
| Bank5 Series 2025-5YR14 Class A3 | 5.646% |  | 4/15/2058 | 16530000 | 17099045 |
| Bayview Opportunity Master Fund VI Trust Series 2021-6 Class A2<sup>†</sup> | 2.50% | <sup>#(f)</sup> | 10/25/2051 | 8684686 | 6958004 |
| BBCMS Mortgage Trust Series 2025-5C33 Class A4 | 5.839% |  | 3/15/2058 | 19460000 | 20267181 |
| BBCMS Mortgage Trust Series 2025-5C34 Class A3 | 5.659% |  | 5/15/2058 | 7930000 | 8204567 |
| Benchmark Mortgage Trust Series 2024-V12 Class A3 | 5.739% |  | 12/15/2057 | 5350000 | 5539839 |
| Benchmark Mortgage Trust Series 2024-V7 Class A3 | 6.228% | <sup>#(f)</sup> | 5/15/2056 | 15420000 | 16195378 |
| BMO Mortgage Trust Series 2023-C5 Class A4 | 5.494% |  | 6/15/2056 | 2658000 | 2709701 |
| BMO Mortgage Trust Series 2024-5C5 Class A3 | 5.857% |  | 2/15/2057 | 13570000 | 14076012 |
| BMO Mortgage Trust Series 2024-5C8 Class A3 | 5.625% | <sup>#(f)</sup> | 12/15/2057 | 21635000 | 22300311 |
| BX Trust Series 2025-ROIC Class A<sup>†</sup> | 5.473%<br> (1 mo. USD Term SOFR + 1.14% |)<sup>#</sup> | 3/15/2030 | 8930000 | 8875213 |
| Cantor Commercial Real Estate Lending Series 2019-CF3 Class A4 | 3.006% |  | 1/15/2053 | 14127000 | 12986982 |
| CF Trust Series 2019-BOSS Class A1<sup>†(h)</sup> | 7.695%<br> (1 mo. USD Term SOFR + 3.30% |)<sup>#</sup> | 12/15/2024 | 693216 | 8735 <sup>(i)</sup> |
| Chase Home Lending Mortgage Trust Series 2024-RPL2 Class A1A<sup>†</sup> | 3.25% | <sup>#(f)</sup> | 8/25/2064 | 4199098 | 3688857 |
| Chase Home Lending Mortgage Trust Series 2024-RPL3 Class A1A<sup>†</sup> | 3.25% | <sup>#(f)</sup> | 9/25/2064 | 3429635 | 3025384 |
| Chase Home Lending Mortgage Trust Series 2024-RPL4 Class A1A<sup>†</sup> | 3.375% | <sup>#(f)</sup> | 12/25/2064 | 3244450 | 2877344 |
| CIM Trust Series 2020-INV1 Class A2<sup>†</sup> | 2.50% | <sup>#(f)</sup> | 4/25/2050 | 4763219 | 3921406 |
| CIM Trust Series 2021-J1 Class A1<sup>†</sup> | 2.50% | <sup>#(f)</sup> | 3/25/2051 | 7438416 | 5959331 |
| Citigroup Commercial Mortgage Trust Series 2023-PRM3 Class A<sup>†</sup> | 6.36% | <sup>#(f)</sup> | 7/10/2028 | 9950000 | 10366155 |
| Citigroup Mortgage Loan Trust, Inc. Series 2022-INV1 Class A3B<sup>†</sup> | 3.00% | <sup>#(f)</sup> | 11/27/2051 | 12138224 | 10117978 |

---

22 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

CORE FIXED INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |
| Commercial Mortgage Pass-Through Certificates Series 2015-LC21 Class AM | 4.043% | <sup>#(f)</sup> | 7/10/2048 | $4547000 | $4537742 |
| CONE Trust Series 2024-DFW1 Class A<sup>†</sup> | 5.97%<br> (1 mo. USD Term SOFR + 1.64% |)<sup>#</sup> | 8/15/2041 | 5334000 | 5323288 |
| EFMT Series 2025-INV2 Class A1<sup>†</sup> | 5.387% | <sup>(j)</sup> | 5/26/2070 | 8000000 | 8003481 |
| Ellington Financial Mortgage Trust Series 2020-1 Class A1<sup>†</sup> | 2.006% | <sup>#(f)</sup> | 5/25/2065 | 137351 | 135788 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA4 Class M1<sup>†</sup> | 5.272%<br> (30 day USD SOFR Average + 0.95% |)<sup>#</sup> | 12/25/2041 | 5289756 | 5285532 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1 Class A1<sup>†</sup> | 5.572%<br> (30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 3/25/2044 | 14091614 | 14136649 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2 Class A1<sup>†</sup> | 5.572%<br> (30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 8/25/2044 | 5758125 | 5778445 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA1 Class A1<sup>†</sup> | 5.272%<br> (30 day USD SOFR Average + 0.95% |)<sup>#</sup> | 1/25/2045 | 4639375 | 4634579 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R03 Class 1M2<sup>†</sup> | 7.822%<br> (30 day USD SOFR Average + 3.50% |)<sup>#</sup> | 3/25/2042 | 2700000 | 2801909 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R08 Class 1M1<sup>†</sup> | 6.872%<br> (30 day USD SOFR Average + 2.55% |)<sup>#</sup> | 7/25/2042 | 1523605 | 1558187 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R01 Class 1M2<sup>†</sup> | 8.071%<br> (30 day USD SOFR Average + 3.75% |)<sup>#</sup> | 12/25/2042 | 3150000 | 3327476 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R02 Class 1M1<sup>†</sup> | 6.622%<br> (30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 1/25/2043 | 8383934 | 8578903 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R04 Class 1M2<sup>†</sup> | 7.871%<br> (30 day USD SOFR Average + 3.55% |)<sup>#</sup> | 5/25/2043 | 7465000 | 7896169 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01 Class 1M1<sup>†</sup> | 5.421%<br> (30 day USD SOFR Average + 1.10% |)<sup>#</sup> | 1/25/2045 | 5994999 | 6002039 |

---

*See Notes to Financial Statements.* 23

**Schedule of Investments (unaudited)(continued)**

CORE FIXED INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |
| Flagstar Mortgage Trust Series 2021-11IN Class A20<sup>†</sup> | 3.00% | <sup>#(f)</sup> | 11/25/2051 | $3738365 | $3126754 |
| Flagstar Mortgage Trust Series 2021-12 Class A2<sup>†</sup> | 2.50% | <sup>#(f)</sup> | 11/25/2051 | 6527601 | 5235898 |
| Flagstar Mortgage Trust Series 2021-4 Class A1<sup>†</sup> | 2.50% | <sup>#(f)</sup> | 6/1/2051 | 10618953 | 8530892 |
| Flagstar Mortgage Trust Series 2021-7 Class A1<sup>†</sup> | 2.50% | <sup>#(f)</sup> | 8/25/2051 | 11345884 | 9100724 |
| GS Mortgage Securities Corp. Trust Series 2024-RVR Class A<sup>†</sup> | 5.198% | <sup>#(f)</sup> | 8/10/2041 | 9150000 | 9143814 |
| GS Mortgage-Backed Securities Corp. Trust Series 2021-PJ1 Class A2<sup>†</sup> | 2.50% | <sup>#(f)</sup> | 6/25/2051 | 4279749 | 3428853 |
| GS Mortgage-Backed Securities Trust Series 2021-PJ2 Class A2<sup>†</sup> | 2.50% | <sup>#(f)</sup> | 7/25/2051 | 7590311 | 6088316 |
| GS Mortgage-Backed Securities Trust Series 2021-PJ8 Class A2<sup>†</sup> | 2.50% | <sup>#(f)</sup> | 1/25/2052 | 3954130 | 3154207 |
| GS Mortgage-Backed Securities Trust Series 2022-PJ6 Class A4<sup>†</sup> | 3.00% | <sup>#(f)</sup> | 1/25/2053 | 10522958 | 8784946 |
| Hudson Yards Mortgage Trust Series 2025-SPRL Class A<sup>†</sup> | 5.467% | <sup>#(f)</sup> | 1/13/2040 | 11870000 | 12122857 |
| JP Morgan Mortgage Trust Series 2021-15 Class A2<sup>†</sup> | 3.00% | <sup>#(f)</sup> | 6/25/2052 | 12319950 | 10315888 |
| JP Morgan Mortgage Trust Series 2021-INV6 Class A2<sup>†</sup> | 3.00% | <sup>#(f)</sup> | 4/25/2052 | 12583133 | 10536574 |
| JP Morgan Mortgage Trust Series 2021-INV8 Class A2<sup>†</sup> | 3.00% | <sup>#(f)</sup> | 5/25/2052 | 7512788 | 6314155 |
| JP Morgan Mortgage Trust Series 2022-1 Class A2<sup>†</sup> | 3.00% | <sup>#(f)</sup> | 7/25/2052 | 6472020 | 5382562 |
| JP Morgan Mortgage Trust Series 2022-1 Class A3<sup>†</sup> | 2.50% | <sup>#(f)</sup> | 7/25/2052 | 5673005 | 4536254 |
| JP Morgan Mortgage Trust Series 2022-3 Class A2<sup>†</sup> | 3.00% | <sup>#(f)</sup> | 8/25/2052 | 7968769 | 6667136 |
| JP Morgan Mortgage Trust Series 2022-4 Class A3<sup>†</sup> | 3.00% | <sup>#(f)</sup> | 10/25/2052 | 4430851 | 3677028 |
| JP Morgan Mortgage Trust Series 2022-INV1 Class A3<sup>†</sup> | 3.00% | <sup>#(f)</sup> | 3/25/2052 | 5645448 | 4727114 |
| JP Morgan Mortgage Trust Series 2025-DSC1 Class A1<sup>†</sup> | 5.577% | <sup>#(f)</sup> | 9/25/2065 | 8381105 | 8393834 |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C26 Class AS | 3.80% |  | 1/15/2048 | 515571 | 510571 |
| KIND Commercial Mortgage Trust Series 2024-1 Class A<sup>†</sup> | 6.219%<br> (1 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 8/15/2041 | 3240000 | 3249656 |
| Morgan Stanley BAML Trust Series 2025-5C1 Class A3 | 5.635% |  | 3/15/2058 | 6810000 | 7034567 |
| Morgan Stanley Capital I Trust Series 2024-NSTB Class A<sup>†</sup> | 3.90% | <sup>#(f)</sup> | 9/24/2057 | 8864829 | 8557666 |

---

24 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

CORE FIXED INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| OBX Trust Series 2021-J1 Class A1<sup>†</sup> | 2.50% | <sup>#(f)</sup> | 5/25/2051 | $1070894 | $857980 |
| Oceanview Mortgage Trust Series 2021-3 Class A2<sup>†</sup> | 2.50% | <sup>#(f)</sup> | 7/25/2051 | 6171727 | 4950138 |
| Rate Mortgage Trust Series 2021-HB1 Class A1<sup>†</sup> | 2.50% | <sup>#(f)</sup> | 12/25/2051 | 8880425 | 7112277 |
| Residential Mortgage Loan Trust Series 2020-1 Class A1<sup>†</sup> | 2.376% | <sup>#(f)</sup> | 1/26/2060 | 16335 | 16168 |
| ROCK Trust Series 2024-CNTR Class A<sup>†</sup> | 5.388% |  | 11/13/2041 | 11120000 | 11272916 |
| Starwood Mortgage Residential Trust Series 2020-1 Class A1<sup>†</sup> | 2.275% | <sup>#(f)</sup> | 2/25/2050 | 28195 | 26876 |
| TCO Commercial Mortgage Trust Series 2024-DPM Class A<sup>†</sup> | 5.572%<br> (1 mo. USD Term SOFR + 1.24% |)<sup>#</sup> | 12/15/2039 | 12120000 | 12131531 |
| TEXAS Commercial Mortgage Trust Series 2025-TWR Class A<sup>†</sup> | 5.622%<br> (1 mo. USD Term SOFR + 1.29% |)<sup>#</sup> | 4/15/2042 | 11690000 | 11653939 |
| Wells Fargo Commercial Mortgage Trust Series 2015-NXS3 Class AS | 3.972% | <sup>#(f)</sup> | 9/15/2057 | 5548000 | 5510351 |
| Wells Fargo Commercial Mortgage Trust Series 2024-5C1 Class A3 | 5.928% |  | 7/15/2057 | 14640000 | 15201255 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C3 Class A3 | 6.096% |  | 1/15/2058 | 6800000 | 7145139 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C4 Class A3 | 5.673% |  | 5/15/2058 | 9110000 | 9424863 |
| WFRBS Commercial Mortgage Trust Series 2014-C23 Class XA<sup>(k)</sup> | Zero Coupon | <sup>#(f)</sup> | 10/15/2057 | 1637463 | 17 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $506,233,519) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $506,233,519) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $506,233,519) |  |  | 503578943 |
| **U.S. TREASURY OBLIGATIONS 24.30%** |  |  |  |  |  |
| U.S. Treasury Bonds | 2.875% |  | 5/15/2052 | 35507300 | 24408495 |
| U.S. Treasury Bonds | 3.375% |  | 8/15/2042 | 69582000 | 57303224 |
| U.S. Treasury Bonds | 4.125% |  | 8/15/2044 | 94807000 | 85226308 |
| U.S. Treasury Bonds | 4.50% |  | 11/15/2054 | 171339100 | 159987885 |
| U.S. Treasury Bonds | 4.625% |  | 11/15/2044 | 162293000 | 155928071 |
| U.S. Treasury Bonds | 4.75% |  | 2/15/2045 | 28340000 | 27671353 |
| U.S. Treasury Notes | 3.125% |  | 8/31/2029 | 97637000 | 94582030 |
| U.S. Treasury Notes | 3.75% |  | 4/30/2027 | 58631400 | 58455048 |
| U.S. Treasury Notes | 4.00% |  | 3/31/2030 | 156265000 | 156557997 |
| U.S. Treasury Notes | 4.125% |  | 2/28/2027 | 182375000 | 182902177 |
| U.S. Treasury Notes | 4.375% |  | 12/31/2029 | 57043500 | 58055131 |

---

*See Notes to Financial Statements.* 25

**Schedule of Investments (unaudited)(continued)**

CORE FIXED INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **U.S. TREASURY OBLIGATIONS (continued)** |  |  | | |
| U.S. Treasury Notes | 4.875% | 11/30/2025 | $37214000 | $37306515 |
| *Total U.S. Treasury Obligations* (cost $1,120,065,327) | *Total U.S. Treasury Obligations* (cost $1,120,065,327) |  |  | 1098384234 |
| *Total Long-Term Investments* (cost $5,536,785,155) |  |  |  | 5508322717 |
| **SHORT-TERM INVESTMENTS 0.57%** |  |  |  |  |
| **REPURCHASE AGREEMENTS 0.45%** |  |  |  |  |
| Repurchase Agreement dated 5/30/2025, 4.000% due 6/2/2025 with Fixed Income Clearing Corp. collateralized by $21,352,600 of U.S. Treasury Note at 1.625% due11/30/2026; value: $20,777,854; proceeds: $20,377,121<br> (cost $20,370,331) |  |  | 20370331 | 20370331 |
| **Time Deposits 0.01%** |  |  |  |  |
| CitiBank N.A.<sup>(l)</sup><br> (cost $515,000) |  |  | 515000 | 515000 |
|  |  |  | **Shares** |  |
| **Money Market Funds 0.11%** |  |  |  |  |
| Fidelity Government Portfolio<sup>(l)</sup> (cost $4,635,000) |  |  | 4635000 | 4635000 |
| *Total Short-Term Investments* (cost $25,520,331) |  |  |  | 25520331 |
| *Total Investments in Securities 122.42%* (cost $5,562,305,486) | *Total Investments in Securities 122.42%* (cost $5,562,305,486) |  |  | 5533843048 |
| *Other Assets and Liabilities – Net*<sup>(m)</sup> *(22.42)%* |  |  |  | (1013369266) |
| *Net Assets 100.00%* |  |  |  | $4520473782 |

---

---

| | |
|:---|:---|
| CMT | Constant Maturity Rate. |
| REITS | Real Estate Investment Trusts. |
| REMICS | Real Estate Mortgage Investment Conduits. |
| SOFR | Secured Overnight Financing Rate. |
| STACR | Structured Agency Credit Risk. |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At May 31, 2025, the total value of Rule 144A securities was $1,430,982,505, which represents 31.66% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at May 31, 2025. |
| <sup>(a)</sup> | Securities purchased on a when-issued basis (See Note 2(l)). |
| <sup>(b)</sup> | Interest Rate to be determined. |
| <sup>(c)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(d)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(e)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the SOFR or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at May 31, 2025. |
| <sup>(f)</sup> | Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool. |

---

26 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

CORE FIXED INCOME FUND *May 31, 2025*

<sup>(g)</sup> To-be-announced ("TBA"). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned.

<sup>(h)</sup> Defaulted (non-income producing security).

<sup>(i)</sup> Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security fair valued by the Pricing Committee.

<sup>(j)</sup> Step Bond – Security with a predetermined schedule of interest rate changes.

<sup>(k)</sup> Interest-only security. The principal amount shown is a notional amount representing the outstanding principal of the underlying debt obligation(s). Holders of interest only securities do not receive principal payments on the underlying debt obligation(s).

<sup>(l)</sup> Security was purchased with the cash collateral from loaned securities.

<sup>(m)</sup> Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on futures contracts as follows:

**Futures Contracts at May 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| U.S. 2-Year Treasury Note | September 2025 | 1661 | Long | $344173116 | $344553688 | $380572 |
| U.S. 5-Year Treasury Note | September 2025 | 284 | Long | 30718230 | 30725250 | 7020 |
| *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* |  |  |  |  | $387592 |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Depreciation** |
| U.S. 10-Year Ultra Treasury Note | September 2025 | 1350 | Short | $(150538216) | $(151938281) | $(1400065) |

---

*See Notes to Financial Statements.* 27

**Schedule of Investments (unaudited)(concluded)**

CORE FIXED INCOME FUND *May 31, 2025*

The following is a summary of the inputs used as of May 31, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $– | $649740706 | $– | $649740706 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 1676050649 |  | 1676050649 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  | 63907168 |  | 63907168 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 15934600 |  | 15934600 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Collateralized Mortgage Obligations |  | 90045152 |  | 90045152 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 1384424368 |  | 1384424368 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 3250864 |  | 3250864 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 503570208 | 8735 | 503578943 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 1098384234 |  | 1098384234 |
| &nbsp;&nbsp;&nbsp;Government Agency Obligation |  | 23006033 |  | 23006033 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 20370331 |  | 20370331 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 515000 |  | 515000 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 4635000 | – | – | 4635000 |
| Total | $4635000 | $5529199313 | $8735 | $5533843048 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $387592 | $– | $– | $387592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (1400065) | – | – | (1400065) |
| Total | $(1012473) | $– | $– | $(1012473) |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund's net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund's net assets at the beginning or end of the period.

28 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **LONG-TERM INVESTMENTS 121.79%** |  |  |  |  |
| **ASSET-BACKED SECURITIES 13.89%** |  |  |  |  |
| **Automobiles 6.87%** |  |  |  |  |
| Ally Bank Auto Credit-Linked Notes Series 2024-B Class E<sup>†</sup> | 6.678% | 9/15/2032 | $3096080 | $3082271 |
| Avid Automobile Receivables Trust Series 2021-1 Class E<sup>†</sup> | 3.39% | 4/17/2028 | 3230000 | 3224719 |
| Bayview Opportunity Master Fund VII Trust Series 2024-SN1 Class E<sup>†</sup> | 8.00% | 10/15/2029 | 8690000 | 8980107 |
| BMW Vehicle Lease Trust Series 2023-2 Class A3 | 5.99% | 9/25/2026 | 4153129 | 4169787 |
| BMW Vehicle Owner Trust Series 2024-A Class A3 | 5.18% | 2/26/2029 | 5150000 | 5196084 |
| Carmax Auto Owner Trust Series 2023-3 Class C | 5.61% | 2/15/2029 | 3735000 | 3805933 |
| CarMax Auto Owner Trust Series 2023-4 Class B | 6.39% | 5/15/2029 | 7285000 | 7584849 |
| Carmax Auto Owner Trust Series 2024-3 Class D | 5.67% | 1/15/2031 | 2535000 | 2570148 |
| Carvana Auto Receivables Trust Series 2020-N1A Class E<sup>†</sup> | 5.20% | 7/15/2027 | 1484886 | 1480968 |
| Citizens Auto Receivables Trust Series 2023-2 Class A3<sup>†</sup> | 5.83% | 2/15/2028 | 13840000 | 13941634 |
| Citizens Auto Receivables Trust Series 2024-2 Class A3<sup>†</sup> | 5.33% | 8/15/2028 | 3040000 | 3060719 |
| Consumer Portfolio Services Auto Trust Series 2025-A Class C<sup>†</sup> | 5.25% | 4/15/2031 | 6665000 | 6685623 |
| CPS Auto Receivables Trust Series 2022-B Class E<sup>†</sup> | 7.14% | 10/15/2029 | 9225000 | 9368017 |
| CPS Auto Receivables Trust Series 2023-A Class D<sup>†</sup> | 6.44% | 4/16/2029 | 4000000 | 4069458 |
| Exeter Automobile Receivables Trust Series 2023-1A Class E<sup>†</sup> | 12.07% | 9/16/2030 | 7000000 | 7820315 |
| Exeter Automobile Receivables Trust Series 2023-2A Class D | 6.32% | 8/15/2029 | 5460000 | 5553706 |
| Exeter Automobile Receivables Trust Series 2023-3A Class D | 6.68% | 4/16/2029 | 5475000 | 5588496 |
| Exeter Automobile Receivables Trust Series 2023-3A Class E<sup>†</sup> | 9.98% | 1/15/2031 | 9000000 | 9649508 |
| Flagship Credit Auto Trust Series 2019-3 Class E<sup>†</sup> | 3.84% | 12/15/2026 | 388396 | 388117 |
| Flagship Credit Auto Trust Series 2022-3 Class A3<sup>†</sup> | 4.55% | 4/15/2027 | 530316 | 530290 |
| Flagship Credit Auto Trust Series 2023-1 Class A3<sup>†</sup> | 5.01% | 8/16/2027 | 1625417 | 1625821 |
| Ford Credit Auto Lease Trust Series 2023-A Class C | 5.54% | 12/15/2026 | 7370000 | 7374700 |
| Ford Credit Auto Lease Trust Series 2024-B Class B | 5.18% | 2/15/2028 | 7735000 | 7777903 |
| Ford Credit Auto Owner Trust Series 2021-1 Class A<sup>†</sup> | 1.37% | 10/17/2033 | 20145000 | 19596242 |
| GLS Auto Select Receivables Trust Series 2023-2A Class D<sup>†</sup> | 8.22% | 2/18/2031 | 6502000 | 7036217 |

---

*See Notes to Financial Statements.* 29

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Automobiles (continued)** |  |  |  |  |
| GLS Auto Select Receivables Trust Series 2024-2A Class A2<sup>†</sup> | 5.58% | 6/17/2030 | $3499337 | $3530113 |
| GLS Auto Select Receivables Trust Series 2024-3A Class A2<sup>†</sup> | 5.59% | 10/15/2029 | 7313626 | 7391226 |
| GM Financial Automobile Leasing Trust Series 2023-1 Class B | 5.51% | 1/20/2027 | 3475000 | 3478865 |
| GM Financial Automobile Leasing Trust Series 2023-2 Class B | 5.54% | 5/20/2027 | 3450000 | 3458257 |
| Harley-Davidson Motorcycle Trust Series 2025-A Class A4 | 4.79% | 2/15/2033 | 7230000 | 7269216 |
| Hyundai Auto Receivables Trust Series 2022-C Class A4 | 5.52% | 10/16/2028 | 7124000 | 7213816 |
| LAD Auto Receivables Trust Series 2023-2A Class C<sup>†</sup> | 5.58% | 9/15/2028 | 3855000 | 3889663 |
| LAD Auto Receivables Trust Series 2024-3A Class A4<sup>†</sup> | 4.60% | 12/17/2029 | 7590000 | 7612564 |
| NextGear Floorplan Master Owner Trust Series 2025-1A Class A<sup>†</sup> | 4.55% | 2/15/2030 | 10250000 | 10256892 |
| Octane Receivables Trust Series 2022-2A Class A<sup>†</sup> | 5.11% | 2/22/2028 | 84656 | 84681 |
| Octane Receivables Trust Series 2022-2A Class B<sup>†</sup> | 5.85% | 7/20/2028 | 4029000 | 4043194 |
| OneMain Direct Auto Receivables Trust Series 2019-1A Class A<sup>†</sup> | 3.63% | 9/14/2027 | 205352 | 204510 |
| OneMain Direct Auto Receivables Trust Series 2019-1A Class C<sup>†</sup> | 4.19% | 11/14/2028 | 1487000 | 1477244 |
| Santander Bank Auto Credit-Linked Notes Series 2022-A Class D<sup>†</sup> | 9.965% | 5/15/2032 | 2338502 | 2353386 |
| Santander Bank Auto Credit-Linked Notes Series 2022-C Class F<sup>†</sup> | 14.592% | 12/15/2032 | 2500000 | 2619511 |
| Santander Consumer Auto Receivables Trust Series 2020-BA Class F<sup>†</sup> | 7.03% | 8/15/2028 | 1048984 | 1051168 |
| Santander Consumer Auto Receivables Trust Series 2021-AA Class F<sup>†</sup> | 5.79% | 8/15/2028 | 1500000 | 1510459 |
| Santander Drive Auto Receivables Trust Series 2022-7 Class C | 6.69% | 3/17/2031 | 4165000 | 4260834 |
| Santander Drive Auto Receivables Trust Series 2024-3 Class C | 5.64% | 8/15/2030 | 4505000 | 4572673 |
| SBNA Auto Receivables Trust Series 2024-A Class A3<sup>†</sup> | 5.32% | 12/15/2028 | 7447975 | 7470745 |
| VStrong Auto Receivables Trust Series 2023-A Class D<sup>†</sup> | 9.31% | 2/15/2030 | 5101000 | 5545538 |
| VStrong Auto Receivables Trust Series 2023-A Class E<sup>†</sup> | 9.99% | 12/16/2030 | 3895000 | 4151464 |

---

30 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Automobiles (continued)** |  |  |  |  |  |
| Westlake Automobile Receivables Trust Series 2023-1A Class C<sup>†</sup> | 5.74% |  | 8/15/2028 | $4315000 | $4343841 |
| Westlake Automobile Receivables Trust Series 2024-1A Class A3<sup>†</sup> | 5.44% |  | 5/17/2027 | 3410000 | 3417855 |
| World Omni Auto Receivables Trust Series 2023-D Class A3 | 5.79% |  | 2/15/2029 | 5175000 | 5234472 |
| World Omni Automobile Lease Securitization Trust Series 2025-A Class A3 | 4.42% |  | 4/17/2028 | 8750000 | 8738989 |
| *Total* |  |  |  |  | 265342808 |
| **Credit Card 0.78%** |  |  |  |  |  |
| Capital One Multi-Asset Execution Trust Series 2005-B3 Class B3 | 5.068% <br> (3 mo. USD Term SOFR + 0.81% |)<sup>#</sup> | 5/15/2028 | 7694000 | 7692106 |
| Fortiva Retail Prime Masters Notes Business Trust Series 2025-A Class A<sup>†</sup> | 6.60% |  | 9/17/2029 | 6700000 | 6709380 <sup>(a)</sup> |
| Mercury Financial Credit Card Master Trust Series 2024-2A Class A<sup>†</sup> | 6.56% |  | 7/20/2029 | 3695000 | 3727278 |
| Perimeter Master Note Business Trust Series 2021-1A Class B<sup>†</sup> | 4.17% |  | 12/15/2026 | 500000 | 489260 |
| Perimeter Master Note Business Trust Series 2025-1A A<sup>†</sup> | 5.58% |  | 12/16/2030 | 5350000 | 5326524 |
| World Financial Network Credit Card Master Trust Series 2023-A Class A | 5.02% |  | 3/15/2030 | 6260000 | 6291139 |
| *Total* |  |  |  |  | 30235687 |
| **Other 6.12%** |  |  |  |  |  |
| AB BSL CLO 3 Ltd. Series 2021-3A Class BR<sup>†</sup> | 5.82% <br> (3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 4/20/2038 | 15600000 | 15651464 |
| Affirm Asset Securitization Trust Series 2023-B Class A<sup>†</sup> | 6.82% |  | 9/15/2028 | 4490000 | 4511853 |
| Affirm Asset Securitization Trust Series 2024-A Class 1A<sup>†</sup> | 5.61% |  | 2/15/2029 | 3635000 | 3651036 |
| Affirm Asset Securitization Trust Series 2024-A Class 1E<sup>†</sup> | 9.17% |  | 2/15/2029 | 2670000 | 2698086 |
| Affirm Asset Securitization Trust Series 2024-A Class A<sup>†</sup> | 5.61% |  | 2/15/2029 | 2710000 | 2719724 |
| Affirm Asset Securitization Trust Series 2024-A Class E<sup>†</sup> | 9.17% |  | 2/15/2029 | 1850000 | 1869460 |
| Affirm Asset Securitization Trust Series 2024-B Class A<sup>†</sup> | 4.62% |  | 9/15/2029 | 8135000 | 8123454 |
| AMMC CLO 23 Ltd. Series 2020-23A Class BR2<sup>†</sup> | 6.33% <br> (3 mo. USD Term SOFR + 2.05% |)<sup>#</sup> | 4/17/2035 | 4500000 | 4506444 |

---

*See Notes to Financial Statements.* 31

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Amur Equipment Finance Receivables XIII LLC Series 2024-1A Class A2<sup>†</sup> | 5.38% |  | 1/21/2031 | $2635547 | $2657022 |
| Arbor Realty Commercial Real Estate Notes Ltd. Series 2022-FL1 Class A<sup>†</sup> | 5.782% <br> (30 day USD SOFR Average + 1.45% |)<sup>#</sup> | 1/15/2037 | 3231239 | 3235109 |
| Avant Loans Funding Trust Series 2021-REV1 Class D<sup>†</sup> | 4.30% |  | 7/15/2030 | 766210 | 765000 |
| Benefit Street Partners CLO XXXIII Ltd. Series 2023-33A Class B<sup>†</sup> | 6.582% <br> (3 mo. USD Term SOFR + 2.30% |)<sup>#</sup> | 1/25/2036 | 2880000 | 2892298 |
| BSPRT Issuer Ltd. Series 2022-FL8 Class A<sup>†</sup> | 5.832% <br> (30 day USD SOFR Average + 1.50% |)<sup>#</sup> | 2/15/2037 | 511030 | 511874 |
| Cajun Global LLC Series 2021-1 Class A2<sup>†</sup> | 3.931% |  | 11/20/2051 | 4468906 | 4337565 |
| Carlyle Global Market Strategies CLO Ltd. Series 2014-3RA Class A1A<sup>†</sup> | 5.594% <br> (3 mo. USD Term SOFR + 1.31% |)<sup>#</sup> | 7/27/2031 | 350275 | 350649 |
| Cedar Funding XIX CLO Ltd. Series 2024-19A Class A1<sup>†</sup> | 5.571% <br> (3 mo. USD Term SOFR + 1.33% |)<sup>#</sup> | 1/23/2038 | 10625000 | 10627752 |
| Cherry Securitization Trust Series 2024-1A Class A<sup>†</sup> | 5.70% |  | 4/15/2032 | 9350000 | 9416215 |
| Crockett Partners Equipment Co. IIA LLC Series 2024-1C Class A<sup>†</sup> | 6.05% |  | 1/20/2031 | 3516970 | 3560525 |
| Fairstone Financial Issuance Trust I Series 2020-1A Class D<sup>†</sup> | 6.873% |  | 10/20/2039 | 3715000 | 2690334 |
| Galaxy XXVIII CLO Ltd. Series 2018-28A Class A2<sup>†</sup> | 5.818% <br> (3 mo. USD Term SOFR + 1.56% |)<sup>#</sup> | 7/15/2031 | $457118 | 457808 |
| Generate CLO 14 Ltd. Series 2024-14A Class C<sup>†</sup> | 6.779% <br> (3 mo. USD Term SOFR + 2.50% |)<sup>#</sup> | 4/22/2037 | 2680000 | 2701255 |
| KKR CLO 35 Ltd. Series 35A Class BR<sup>†</sup> | 5.87% <br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 1/20/2038 | 9400000 | 9396315 |
| Lending Funding Trust Series 2020-2A Class A<sup>†</sup> | 2.32% |  | 4/21/2031 | 3000000 | 2909146 |
| Lendmark Funding Trust Series 2022-1A Class A<sup>†</sup> | 5.12% |  | 7/20/2032 | 1500000 | 1498456 |
| Lendmark Funding Trust Series 2025-1A Class A<sup>†</sup> | 4.94% |  | 9/20/2034 | 9515000 | 9597983 |
| LoanCore Issuer Ltd. Series 2022-CRE7 Class A<sup>†</sup> | 5.88% <br> (30 day USD SOFR Average + 1.55% |)<sup>#</sup> | 1/17/2037 | 2889557 | 2892995 |
| LoanCore Issuer Ltd. Series 2025-CRE8 Class A<sup>†</sup> | 5.712% <br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 8/17/2042 | 5940000 | 5940756 |
| M&T Equipment Notes Series 2025-1A Class A4<sup>†</sup> | 4.91% |  | 3/16/2032 | 5075000 | 5119620 |
| Madison Park Funding LXIII Ltd. Series 2023-63A Class BR<sup>†(b)</sup> |  | <sup>(c)</sup> | 7/21/2038 | 7595000 | 7609613 |

---

32 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Madison Park Funding XXIII Ltd. Series 2017-23A Class AR<sup>†</sup> | 5.514% <br> (3 mo. USD Term SOFR + 1.23% |)<sup>#</sup> | 7/27/2031 | $1173475 | $1173432 |
| Mariner Finance Issuance Trust Series 2024-AA Class E<sup>†</sup> | 9.02% |  | 9/22/2036 | 4250000 | 4376549 |
| MF1 LLC Series 2022-FL9 Class A<sup>†</sup> | 6.474% <br> (1 mo. USD Term SOFR + 2.15% |)<sup>#</sup> | 6/19/2037 | 2652039 | 2662629 |
| MF1 LLC Series 2024-FL14 Class A<sup>†</sup> | 6.064% <br> (1 mo. USD Term SOFR + 1.74% |)<sup>#</sup> | 3/19/2039 | 2400000 | 2408254 |
| Neuberger Berman Loan Advisers CLO 46 Ltd. Series 2021-46A Class CR<sup>†</sup> | 6.02% <br> (3 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 1/20/2037 | 7390000 | 7393695 |
| OneMain Financial Issuance Trust Series 2020-2A Class D<sup>†</sup> | 3.45% |  | 9/14/2035 | 280000 | 263526 |
| OWN Equipment Fund I LLC Series 2024-2M Class A<sup>†</sup> | 5.70% |  | 12/20/2032 | 2154496 | 2175333 |
| Pagaya Point of Sale Holdings Grantor Trust Series 2025-1 Class A<sup>†</sup> | 5.715% |  | 1/20/2034 | 4025000 | 4048490 |
| PFP Ltd. Series 2023-10 Class A<sup>†</sup> | 6.692% <br> (1 mo. USD Term SOFR + 2.36% |)<sup>#</sup> | 9/16/2038 | 3396613 | 3414141 |
| Post Road Equipment Finance Series 2022-1A Class A2<sup>†</sup> | 4.88% |  | 11/15/2028 | 55506 | 55505 |
| Rad CLO 20 Ltd. Series 2023-20A Class C<sup>†</sup> | 7.272% <br> (3 mo. USD Term SOFR + 3.00% |)<sup>#</sup> | 7/20/2036 | 4280000 | 4299923 |
| RAD CLO 21 Ltd. Series 2023-21A Class BR<sup>†</sup> | 5.832% <br> (3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 1/25/2037 | 3490000 | 3484126 |
| Ready Capital Mortgage Financing LLC Series 2023-FL12 Class A<sup>†</sup> | 6.66% <br> (1 mo. USD Term SOFR + 2.34% |)<sup>#</sup> | 5/25/2038 | 575974 | 576694 |
| Regatta XX Funding Ltd. Series 2021-2A Class BR<sup>†</sup> | 5.806% <br> (3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 1/15/2038 | 6900000 | 6926696 |
| Regatta XXVIII Funding Ltd. Series 2024-2A Class B1<sup>†</sup> | 6.332% <br> (3 mo. USD Term SOFR + 2.05% |)<sup>#</sup> | 4/25/2037 | 2170000 | 2179042 |
| SCF Equipment Leasing LLC Series 2024-1A Class E<sup>†</sup> | 9.00% |  | 12/20/2034 | 2300000 | 2451599 |
| SEB Funding LLC Series 2021-1A Class A2<sup>†</sup> | 4.969% |  | 1/30/2052 | 6329137 | 6202495 |
| Silver Point CLO 10 Ltd. Series 2025-10A Class B<sup>†(b)</sup> |  | <sup>(c)</sup> | 7/15/2038 | 9500000 | 9518269 |
| Stream Innovations Issuer Trust Series 2024-2A Class A<sup>†</sup> | 5.21% |  | 2/15/2045 | 8258104 | 8291538 |
| U.S. Bank NA Series 2025-SUP1 Class B<sup>†</sup> | 5.582% |  | 2/25/2032 | 3425097 | 3425651 |

---

*See Notes to Financial Statements.* 33

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Verdant Receivables LLC Series 2025-1A Class A3<sup>†</sup> | 4.96% |  | 5/12/2033 | $9730000 | $9757723 |
| Verizon Master Trust Series 2023-3 Class A<sup>†</sup> | 4.73% |  | 4/21/2031 | 7549000 | 7632184 |
| Warwick Capital CLO 6 Ltd. Series 2025-6A Class B<sup>†(b)</sup> |  | <sup>(c)</sup> | 7/20/2038 | 10975000 | 10996105 |
| *Total* |  |  |  |  | 236613410 |
| **Student Loan 0.12%** |  |  |  |  |  |
| Bayview Opportunity Master Fund VII LLC Series 2024-EDU1 Class C<sup>†</sup> | 6.122% <br> (30 day USD SOFR Average + 1.80% |)<sup>#</sup> | 6/25/2047 | 4735369 | 4725125 |
| *Total Asset-Backed Securities* (cost $535,289,960) | *Total Asset-Backed Securities* (cost $535,289,960) |  |  |  | 536917030 |
| **CORPORATE BONDS 48.90%** |  |  |  |  |  |
| **Aerospace/Defense 1.23%** |  |  |  |  |  |
| Boeing Co. | 3.10% |  | 5/1/2026 | 7000000 | 6897186 |
| Boeing Co. | 5.15% |  | 5/1/2030 | 4566000 | 4608083 |
| Boeing Co. | 6.528% |  | 5/1/2034 | 11301000 | 12066735 |
| Boeing Co. | 6.858% |  | 5/1/2054 | 2220000 | 2369407 |
| Bombardier, Inc. (Canada)<sup>†(d)</sup> | 7.25% |  | 7/1/2031 | 1959000 | 2022670 |
| Hexcel Corp. | 5.875% |  | 2/26/2035 | 3797000 | 3792396 |
| Northrop Grumman Corp. | 3.25% |  | 1/15/2028 | 6298000 | 6130152 |
| TransDigm, Inc. | 4.625% |  | 1/15/2029 | 9818000 | 9515946 |
| *Total* |  |  |  |  | 47402575 |
| **Agriculture 1.72%** |  |  |  |  |  |
| Altria Group, Inc. | 4.875% |  | 2/4/2028 | 4988000 | 5035491 |
| BAT Capital Corp. | 5.35% |  | 8/15/2032 | 8732000 | 8823414 |
| BAT Capital Corp. | 5.834% |  | 2/20/2031 | 2820000 | 2939216 |
| BAT Capital Corp. | 6.343% |  | 8/2/2030 | 7000000 | 7468244 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(d)</sup> | 5.50% |  | 2/1/2030 | 8261000 | 8442646 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(d)</sup> | 5.875% |  | 7/1/2034 | 9500000 | 9556297 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(d)</sup> | 6.125% |  | 7/27/2027 | 12000000 | 12314787 |
| Japan Tobacco, Inc. (Japan)<sup>†(d)</sup> | 5.85% |  | 6/15/2035 | 7410000 | 7643264 |
| Viterra Finance BV (Netherlands)<sup>†(d)</sup> | 3.20% |  | 4/21/2031 | 1208000 | 1098481 |
| Viterra Finance BV (Netherlands)<sup>†(d)</sup> | 4.90% |  | 4/21/2027 | 3013000 | 3014118 |
| *Total* |  |  |  |  | 66335958 |
| **Airlines 0.33%** |  |  |  |  |  |
| AS Mileage Plan IP Ltd. (Cayman Islands)<sup>†(d)</sup> | 5.308% |  | 10/20/2031 | 8055000 | 7840399 |
| JetBlue Airways Corp./JetBlue Loyalty LP<sup>†</sup> | 9.875% |  | 9/20/2031 | 5037000 | 4985929 |
| *Total* |  |  |  |  | 12826328 |

---

34 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Auto Manufacturers 1.35%** |  |  |  |  |  |
| Ford Motor Credit Co. LLC | 2.70% |  | 8/10/2026 | $1950000 | $1886976 |
| Ford Motor Credit Co. LLC | 3.375% |  | 11/13/2025 | 5000000 | 4960893 |
| Ford Motor Credit Co. LLC | 4.00% |  | 11/13/2030 | 2858000 | 2546488 |
| Ford Motor Credit Co. LLC | 5.125% |  | 6/16/2025 | 5000000 | 4999850 |
| Ford Motor Credit Co. LLC | 6.054% |  | 11/5/2031 | 3828000 | 3731258 |
| Ford Motor Credit Co. LLC | 6.125% |  | 3/8/2034 | 6237000 | 5928995 |
| Ford Motor Credit Co. LLC | 6.80% |  | 5/12/2028 | 2802000 | 2861653 |
| Ford Motor Credit Co. LLC | 7.20% |  | 6/10/2030 | 3211000 | 3334612 |
| Ford Motor Credit Co. LLC | 7.35% |  | 11/4/2027 | 9610000 | 9894332 |
| JB Poindexter & Co., Inc.<sup>†</sup> | 8.75% |  | 12/15/2031 | 3141000 | 3117708 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 7.05% |  | 9/15/2028 | 5517000 | 5607046 |
| Toyota Motor Credit Corp. | 4.55% |  | 9/20/2027 | 3088000 | 3102738 |
| *Total* |  |  |  |  | 51972549 |
| **Auto Parts & Equipment 0.29%** |  |  |  |  |  |
| Goodyear Tire & Rubber Co. | 5.00% |  | 7/15/2029 | 7993000 | 7662975 |
| ZF North America Capital, Inc.<sup>†</sup> | 6.75% |  | 4/23/2030 | 3719000 | 3535598 |
| *Total* |  |  |  |  | 11198573 |
| **Banks 8.11%** |  |  |  |  |  |
| ABN AMRO Bank NV (Netherlands)<sup>†(d)</sup> | 3.324% <br> (5 yr. CMT + 1.90% |)<sup>#</sup> | 3/13/2037 | 3200000 | 2778506 |
| AIB Group PLC (Ireland)<sup>†(d)</sup> | 5.871% <br> (SOFR + 1.91% |)<sup>#</sup> | 3/28/2035 | 5119000 | 5198538 |
| Bank of America Corp. | 2.087% <br> (SOFR + 1.06% |)<sup>#</sup> | 6/14/2029 | 7537000 | 6998270 |
| Bank of America Corp. | 3.593% <br> (3 mo. USD Term SOFR + 1.63% |)<sup>#</sup> | 7/21/2028 | 10683000 | 10455929 |
| Bank of America Corp. | 3.97% <br> (3 mo. USD Term SOFR + 1.33% |)<sup>#</sup> | 3/5/2029 | 9764000 | 9590845 |
| Bank of New York Mellon Corp. | 4.596% <br> (SOFR + 1.76% |)<sup>#</sup> | 7/26/2030 | 1601000 | 1604151 |
| BankUnited, Inc. | 5.125% |  | 6/11/2030 | 1300000 | 1277090 |
| Barclays PLC (United Kingdom)<sup>(d)(e)</sup> | 6.125% <br> (5 yr. CMT + 5.87% |)<sup>#</sup> | – <sup>(f)</sup> | 9262000 | 9253429 |
| Barclays PLC (United Kingdom)<sup>(d)</sup> | 6.496% <br> (SOFR + 1.88% |)<sup>#</sup> | 9/13/2027 | 10000000 | 10212217 |
| BNP Paribas SA (France)<sup>†(d)</sup> | 2.219% <br> (SOFR + 2.07% |)<sup>#</sup> | 6/9/2026 | 5000000 | 4997463 |
| Capital One NA | 5.974% <br> (5 yr. USD SOFR ICE Swap + 1.73% |)<sup>#</sup> | 8/9/2028 | 6780000 | 6918751 |

---

*See Notes to Financial Statements.* 35

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Citigroup, Inc. | 3.887% <br> (3 mo. USD Term SOFR + 1.82% |)<sup>#</sup> | 1/10/2028 | $4150000 | $4097117 |
| Citigroup, Inc. | 3.98% <br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 3/20/2030 | 3263000 | 3170448 |
| Citigroup, Inc. | 6.174% <br> (SOFR + 2.66% |)<sup>#</sup> | 5/25/2034 | 7733000 | 7926580 |
| Citizens Financial Group, Inc. | 6.645% <br> (SOFR + 2.33% |)<sup>#</sup> | 4/25/2035 | 13785000 | 14622137 |
| Danske Bank AS (Denmark)<sup>†(d)</sup> | 4.298% <br> (1 yr. CMT + 1.75% |)<sup>#</sup> | 4/1/2028 | 5657000 | 5616651 |
| Danske Bank AS (Denmark)<sup>†(d)</sup> | 4.375% |  | 6/12/2028 | 12096000 | 12008738 |
| Danske Bank AS (Denmark)<sup>†(d)</sup> | 6.259% <br> (1 yr. CMT + 1.18% |)<sup>#</sup> | 9/22/2026 | 7308000 | 7336056 |
| First Citizens BancShares, Inc. | 6.254% <br> (5 yr. CMT + 1.97% |)<sup>#</sup> | 3/12/2040 | 8031000 | 7766146 |
| Freedom Mortgage Corp.<sup>†</sup> | 12.25% |  | 10/1/2030 | 5640000 | 6238494 |
| Goldman Sachs Group, Inc. | 2.383% <br> (SOFR + 1.25% |)<sup>#</sup> | 7/21/2032 | 6830000 | 5879176 |
| Goldman Sachs Group, Inc. | 5.016% <br> (SOFR + 1.42% |)<sup>#</sup> | 10/23/2035 | 5686000 | 5505069 |
| Intesa Sanpaolo SpA (Italy)<sup>†(d)</sup> | 6.625% |  | 6/20/2033 | 5678000 | 6049835 |
| JPMorgan Chase & Co. | 2.963% <br> (SOFR + 1.26% |)<sup>#</sup> | 1/25/2033 | 7000000 | 6194299 |
| JPMorgan Chase & Co. | 4.946% <br> (SOFR + 1.34% |)<sup>#</sup> | 10/22/2035 | 12412000 | 12049187 |
| KeyCorp | 6.401% <br> (SOFR + 2.42% |)<sup>#</sup> | 3/6/2035 | 6043000 | 6343732 |
| Macquarie Group Ltd. (Australia)<sup>†(d)</sup> | 2.691% <br> (SOFR + 1.44% |)<sup>#</sup> | 6/23/2032 | 980000 | 855329 |
| Macquarie Group Ltd. (Australia)<sup>†(d)</sup> | 4.654% <br> (3 mo. USD Term SOFR + 1.99% |)<sup>#</sup> | 3/27/2029 | 5143000 | 5125299 |
| Morgan Stanley | 2.239% <br> (SOFR + 1.18% |)<sup>#</sup> | 7/21/2032 | 6000000 | 5111809 |
| Morgan Stanley | 4.00% |  | 7/23/2025 | 3795000 | 3790639 |
| Morgan Stanley | 4.431% <br> (3 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 1/23/2030 | 12802000 | 12698625 |
| Morgan Stanley | 5.297% <br> (SOFR + 2.62% |)<sup>#</sup> | 4/20/2037 | 2359000 | 2315303 |
| NatWest Group PLC (United Kingdom)<sup>(d)</sup> | 3.032% <br> (5 yr. CMT + 2.35% |)<sup>#</sup> | 11/28/2035 | 4299000 | 3812092 |
| PNC Financial Services Group, Inc. | 4.812% <br> (SOFR + 1.26% |)<sup>#</sup> | 10/21/2032 | 7875000 | 7779482 |

---

36 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Toronto-Dominion Bank (Canada)<sup>(d)(e)</sup> | 7.25% <br> (5 yr. CMT + 2.98% |)<sup>#</sup> | 7/31/2084 | $6304000 | $6456059 |
| Truist Financial Corp. | 5.867% <br> (SOFR + 2.36% |)<sup>#</sup> | 6/8/2034 | 8111000 | 8312193 |
| U.S. Bancorp | 4.839% <br> (SOFR + 1.60% |)<sup>#</sup> | 2/1/2034 | 7177000 | 6962958 |
| U.S. Bancorp | 5.678% <br> (SOFR + 1.86% |)<sup>#</sup> | 1/23/2035 | 5000000 | 5095383 |
| UBS Group AG (Switzerland)<sup>†(d)</sup> | 1.494% <br> (1 yr. CMT + 0.85% |)<sup>#</sup> | 8/10/2027 | 8000000 | 7698818 |
| UBS Group AG (Switzerland)<sup>†(d)</sup> | 2.746% <br> (1 yr. CMT + 1.10% |)<sup>#</sup> | 2/11/2033 | 4312000 | 3701956 |
| UBS Group AG (Switzerland)<sup>†(d)</sup> | 5.58% <br> (SOFR + 1.76% |)<sup>#</sup> | 5/9/2036 | 9812000 | 9822406 |
| UBS Group AG (Switzerland)<sup>†(d)</sup> | 5.711% <br> (1 yr. CMT + 1.55% |)<sup>#</sup> | 1/12/2027 | 6945000 | 6982138 |
| UBS Group AG (Switzerland)<sup>†(d)</sup> | 6.442% <br> (SOFR + 3.70% |)<sup>#</sup> | 8/11/2028 | 5490000 | 5685384 |
| UBS Group AG (Switzerland)<sup>†(d)</sup> | 7.00% <br> (5 yr. USD SOFR ICE Swap + 3.08% |)<sup>#</sup> | – <sup>(f)</sup> | 3334000 | 3309102 |
| Wells Fargo & Co. | 2.393% <br> (SOFR + 2.10% |)<sup>#</sup> | 6/2/2028 | 5300000 | 5073422 |
| Wells Fargo & Co. | 3.35% <br> (SOFR + 1.50% |)<sup>#</sup> | 3/2/2033 | 11838000 | 10621699 |
| Wells Fargo & Co. | 5.574% <br> (SOFR + 1.74% |)<sup>#</sup> | 7/25/2029 | 2255000 | 2313753 |
| Wells Fargo & Co. | 6.491% <br> (SOFR + 2.06% |)<sup>#</sup> | 10/23/2034 | 5000000 | 5364447 |
| Western Alliance Bancorp | 3.00% <br> (3 mo. USD Term SOFR + 2.25% |)<sup>#</sup> | 6/15/2031 | 5037000 | 4662952 |
| *Total* |  |  |  |  | 313640102 |
| **Beverages 0.31%** |  |  |  |  |  |
| Bacardi Ltd./Bacardi-Martini BV<sup>†</sup> | 5.40% |  | 6/15/2033 | 8000000 | 7801201 |
| Coca-Cola Consolidated, Inc. | 5.45% |  | 6/1/2034 | 3932000 | 4007557 |
| *Total* |  |  |  |  | 11808758 |
| **Biotechnology 0.43%** |  |  |  |  |  |
| Amgen, Inc. | 5.15% |  | 3/2/2028 | 5199000 | 5295171 |
| Baxalta, Inc. | 4.00% |  | 6/23/2025 | 311000 | 310835 |
| Regeneron Pharmaceuticals, Inc. | 2.80% |  | 9/15/2050 | 3731000 | 2142338 |

---

*See Notes to Financial Statements.* 37

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Biotechnology (continued)** |  |  |  |  |
| Royalty Pharma PLC | 3.35% | 9/2/2051 | $5882000 | $3654431 |
| Royalty Pharma PLC | 5.40% | 9/2/2034 | 5402000 | 5381477 |
| *Total* |  |  |  | 16784252 |
| **Building Materials 0.16%** |  |  |  |  |
| AmeriTex HoldCo Intermediate LLC<sup>†(e)</sup> | 10.25% | 10/15/2028 | 3775000 | 4010122 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>†</sup> | 6.75% | 7/15/2031 | 2145000 | 2196911 |
| *Total* |  |  |  | 6207033 |
| **Chemicals 0.29%** |  |  |  |  |
| International Flavors & Fragrances, Inc.<sup>†</sup> | 1.23% | 10/1/2025 | 1966000 | 1941736 |
| OCP SA (Malaysia)<sup>(d)</sup> | 6.75% | 5/2/2034 | 5680000 | 5744298 |
| Rain Carbon, Inc.<sup>†(e)</sup> | 12.25% | 9/1/2029 | 3252000 | 3392317 |
| *Total* |  |  |  | 11078351 |
| **Coal 0.10%** |  |  |  |  |
| SunCoke Energy, Inc.<sup>†</sup> | 4.875% | 6/30/2029 | 4375000 | 4025164 |
| **Commercial Services 0.99%** |  |  |  |  |
| Allied Universal Holdco LLC<sup>†</sup> | 7.875% | 2/15/2031 | 2595000 | 2691116 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>†(e)</sup> | 6.00% | 6/1/2029 | 4664000 | 4419050 |
| EquipmentShare.com, Inc.<sup>†</sup> | 9.00% | 5/15/2028 | 3009000 | 3127509 |
| GXO Logistics, Inc. | 6.50% | 5/6/2034 | 7517000 | 7690302 |
| Herc Holdings Escrow, Inc.<sup>†(b)</sup> | 7.25% | 6/15/2033 | 3439000 | 3541833 |
| JSW Infrastructure Ltd. (India)<sup>(d)</sup> | 4.95% | 1/21/2029 | 5253000 | 5075047 |
| Rentokil Terminix Funding LLC<sup>†</sup> | 5.625% | 4/28/2035 | 4121000 | 4123737 |
| Rollins, Inc.<sup>†</sup> | 5.25% | 2/24/2035 | 7618000 | 7561677 |
| *Total* |  |  |  | 38230271 |
| **Computers 0.44%** |  |  |  |  |
| Booz Allen Hamilton, Inc.<sup>†</sup> | 3.875% | 9/1/2028 | 5113000 | 4900118 |
| CACI International, Inc.<sup>†(b)</sup> | 6.375% | 6/15/2033 | 3359000 | 3428498 |
| Gartner, Inc.<sup>†</sup> | 4.50% | 7/1/2028 | 6511000 | 6437820 |
| International Business Machines Corp. | 6.50% | 1/15/2028 | 2094000 | 2203641 |
| *Total* |  |  |  | 16970077 |
| **Cosmetics/Personal Care 0.14%** |  |  |  |  |
| Opal Bidco SAS (France)<sup>†(d)</sup> | 6.50% | 3/31/2032 | 5376000 | 5375114 |
| **Diversified Financial Services 3.51%** |  |  |  |  |
| AG TTMT Escrow Issuer LLC<sup>†</sup> | 8.625% | 9/30/2027 | 2283000 | 2371592 |

---

38 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |  |
| Aircastle Ltd.<sup>†</sup> | 2.85% |  | 1/26/2028 | $5300000 | $5010007 |
| Aircastle Ltd.<sup>†</sup> | 6.50% |  | 7/18/2028 | 12208000 | 12655181 |
| American Express Co. | 5.667%<br>(SOFR + 1.79% |)<sup>#</sup> | 4/25/2036 | 5587000 | 5706874 |
| Aretec Group, Inc.<sup>†</sup> | 10.00% |  | 8/15/2030 | 4051000 | 4419309 |
| Aviation Capital Group LLC<sup>†</sup> | 6.375% |  | 7/15/2030 | 4500000 | 4731328 |
| Aviation Capital Group LLC<sup>†</sup> | 6.75% |  | 10/25/2028 | 5000000 | 5283729 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 2.125% |  | 2/21/2026 | 2195000 | 2145864 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 2.528% |  | 11/18/2027 | 1814000 | 1710553 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 4.25% |  | 4/15/2026 | 5736000 | 5695753 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 5.375% |  | 5/30/2030 | 5659000 | 5679287 |
| Cboe Global Markets, Inc. | 3.65% |  | 1/12/2027 | 5304000 | 5236676 |
| GGAM Finance Ltd. (Ireland)<sup>†(d)</sup> | 8.00% |  | 2/15/2027 | 4668000 | 4807111 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 6.125% |  | 11/1/2032 | 5785000 | 5798653 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 6.75% |  | 5/1/2033 | 4819000 | 4945292 |
| LPL Holdings, Inc.<sup>†</sup> | 4.00% |  | 3/15/2029 | 12000000 | 11546097 |
| LPL Holdings, Inc.<sup>†</sup> | 4.625% |  | 11/15/2027 | 5486000 | 5443753 |
| LPL Holdings, Inc. | 5.75% |  | 6/15/2035 | 4458000 | 4429615 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(d)</sup> | 5.15% |  | 3/17/2030 | 2370000 | 2336107 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(d)</sup> | 6.50% |  | 3/26/2031 | 3752000 | 3902331 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(d)</sup> | 8.125% |  | 3/30/2029 | 4355000 | 4560499 |
| Muthoot Finance Ltd. (India)<sup>(d)</sup> | 6.375% |  | 4/23/2029 | 5800000 | 5712135 |
| Navient Corp. | 11.50% |  | 3/15/2031 | 4287000 | 4860322 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>†</sup> | 4.50% |  | 3/15/2027 | 4800000 | 4776809 |
| Nuveen LLC<sup>†</sup> | 5.85% |  | 4/15/2034 | 2890000 | 2950941 |
| PennyMac Financial Services, Inc.<sup>†</sup> | 7.125% |  | 11/15/2030 | 3205000 | 3277789 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>†</sup> | 3.625% |  | 3/1/2029 | 6146000 | 5737949 |
| *Total* |  |  |  |  | 135731556 |
| **Electric 5.01%** |  |  |  |  |  |
| AEP Transmission Co. LLC | 5.375% |  | 6/15/2035 | 2747000 | 2760946 |
| Alpha Generation LLC<sup>†</sup> | 6.75% |  | 10/15/2032 | 3081000 | 3143871 |
| American Transmission Systems, Inc.<sup>†</sup> | 2.65% |  | 1/15/2032 | 6934000 | 6015920 |
| Appalachian Power Co. | 5.65% |  | 4/1/2034 | 3014000 | 3044102 |

---

See Notes to Financial Statements. 39

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Electric (continued)** |  |  |  |  |  |
| Ausgrid Finance Pty. Ltd. (Australia)<sup>†(d)</sup> | 4.35% |  | 8/1/2028 | $8780000 | $8649445 |
| Capital Power U.S. Holdings, Inc.<sup>†</sup> | 6.189% |  | 6/1/2035 | 5004000 | 5045188 |
| Chile Electricity Lux MPC II SARL (Luxembourg)<sup>†(d)</sup> | 5.58% |  | 10/20/2035 | 7118191 | 7081841 |
| Constellation Energy Generation LLC | 5.60% |  | 6/15/2042 | 4000000 | 3839512 |
| Constellation Energy Generation LLC | 5.80% |  | 3/1/2033 | 5500000 | 5725699 |
| Dominion Energy South Carolina, Inc. | 5.30% |  | 1/15/2035 | 2648000 | 2657498 |
| Dominion Energy, Inc. | 6.875%<br> (5 yr. CMT + 2.39% |)<sup>#</sup> | 2/1/2055 | 2698000 | 2796378 |
| DTE Electric Co. | 5.85% |  | 5/15/2055 | 1115000 | 1113004 |
| Emera, Inc. (Canada)<sup>(d)</sup> | 6.75%<br> (3 mo. USD LIBOR + 5.44% |)<sup>#</sup> | 6/15/2076 | 11476000 | 11561060 |
| Enel Finance International NV (Netherlands)<sup>†(d)</sup> | 5.125% |  | 6/26/2029 | 3011000 | 3049299 |
| Entergy Corp. | 0.90% |  | 9/15/2025 | 4675000 | 4624418 |
| Entergy Louisiana LLC | 5.70% |  | 3/15/2054 | 7147000 | 6828030 |
| Entergy Mississippi LLC | 5.80% |  | 4/15/2055 | 4467000 | 4323783 |
| Entergy Texas, Inc. | 5.25% |  | 4/15/2035 | 3075000 | 3069319 |
| Evergy Kansas Central, Inc. | 5.25% |  | 3/15/2035 | 7710000 | 7675547 |
| Evergy Missouri West, Inc.<sup>†</sup> | 5.65% |  | 6/1/2034 | 6000000 | 6062367 |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (Mexico)<sup>†(d)</sup> | 7.25% |  | 1/31/2041 | 4275277 | 4226111 |
| FirstEnergy Transmission LLC | 5.00% |  | 1/15/2035 | 1903000 | 1856314 |
| Florida Power & Light Co. | 5.80% |  | 3/15/2065 | 2315000 | 2278946 |
| Indianapolis Power & Light Co.<sup>†</sup> | 5.70% |  | 4/1/2054 | 3000000 | 2859932 |
| Interstate Power & Light Co. | 4.95% |  | 9/30/2034 | 1995000 | 1928001 |
| Interstate Power & Light Co. | 5.60% |  | 6/29/2035 | 5850000 | 5886834 |
| IPALCO Enterprises, Inc. | 4.25% |  | 5/1/2030 | 10730000 | 10182001 |
| IPALCO Enterprises, Inc. | 5.75% |  | 4/1/2034 | 2607000 | 2574142 |
| Lightning Power LLC<sup>†</sup> | 7.25% |  | 8/15/2032 | 4961000 | 5204490 |
| Minejesa Capital BV (Netherlands)<sup>†(d)</sup> | 4.625% |  | 8/10/2030 | 3984891 | 3887224 |
| NRG Energy, Inc.<sup>†</sup> | 4.45% |  | 6/15/2029 | 6500000 | 6327792 |
| NRG Energy, Inc.<sup>†</sup> | 6.00% |  | 2/1/2033 | 4037000 | 4003318 |
| Oglethorpe Power Corp. | 5.90% |  | 2/1/2055 | 3713000 | 3581173 |
| Oglethorpe Power Corp. | 5.95% |  | 11/1/2039 | 2419000 | 2437965 |
| Oncor Electric Delivery Co. LLC<sup>†</sup> | 5.35% |  | 4/1/2035 | 4651000 | 4661226 |
| Oncor Electric Delivery Co. LLC | 5.65% |  | 11/15/2033 | 3905000 | 4050046 |
| Palomino Funding Trust I<sup>†</sup> | 7.233% |  | 5/17/2028 | 3939000 | 4144870 |
| PSEG Power LLC<sup>†</sup> | 5.75% |  | 5/15/2035 | 3105000 | 3128717 |
| Public Service Electric & Gas Co. | 4.85% |  | 8/1/2034 | 4544000 | 4474631 |
| Talen Energy Supply LLC<sup>†</sup> | 8.625% |  | 6/1/2030 | 2524000 | 2697088 |

---

40 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Electric (continued)** |  |  |  |  |
| Union Electric Co. | 5.25% | 4/15/2035 | $3945000 | $3955941 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.70% | 12/30/2034 | 7041000 | 7018550 |
| Vistra Operations Co. LLC<sup>†</sup> | 7.75% | 10/15/2031 | 2965000 | 3145755 |
| *Total* |  |  |  | 193578294 |
| **Electronics 0.15%** |  |  |  |  |
| Vontier Corp. | 2.95% | 4/1/2031 | 6532000 | 5756709 |
| **Energy-Alternate Sources 0.27%** |  |  |  |  |
| Empresa Generadora de Electricidad Haina SA (Dominican Republic)<sup>†(d)</sup> | 5.625% | 11/8/2028 | 5654000 | 5286886 |
| Greenko Dutch BV (Netherlands)<sup>†(d)</sup> | 3.85% | 3/29/2026 | 2667280 | 2612694 |
| Greenko Dutch BV (Netherlands)<sup>(d)</sup> | 3.85% | 3/29/2026 | 2546720 | 2494601 |
| *Total* |  |  |  | 10394181 |
| **Engineering & Construction 0.46%** |  |  |  |  |
| Fluor Corp. | 4.25% | 9/15/2028 | 1015000 | 990158 |
| IRB Infrastructure Developers Ltd. (India)<sup>†(d)</sup> | 7.11% | 3/11/2032 | 3150000 | 3125670 |
| Jacobs Engineering Group, Inc. | 5.90% | 3/1/2033 | 6000000 | 6158952 |
| MasTec, Inc.<sup>†</sup> | 4.50% | 8/15/2028 | 7670000 | 7532549 |
| *Total* |  |  |  | 17807329 |
| **Entertainment 0.18%** |  |  |  |  |
| Warnermedia Holdings, Inc. | 4.054% | 3/15/2029 | 1888000 | 1758482 |
| Warnermedia Holdings, Inc. | 4.279% | 3/15/2032 | 6039000 | 5126589 |
| *Total* |  |  |  | 6885071 |
| **Equity Real Estate 0.12%** |  |  |  |  |
| Kennedy-Wilson, Inc. | 4.75% | 3/1/2029 | 4945000 | 4549839 |
| **Food 0.83%** |  |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 6.25% | 3/15/2033 | 2162000 | 2197126 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(d)</sup> | 3.625% | 1/15/2032 | 8091000 | 7278672 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(d)</sup> | 5.75% | 4/1/2033 | 6400000 | 6486816 |
| Mars, Inc.<sup>†</sup> | 5.00% | 3/1/2032 | 5296000 | 5316230 |
| Mars, Inc.<sup>†</sup> | 5.20% | 3/1/2035 | 7566000 | 7540472 |
| Mars, Inc.<sup>†</sup> | 5.70% | 5/1/2055 | 3534000 | 3430913 |
| *Total* |  |  |  | 32250229 |

---

See Notes to Financial Statements. 41

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Forest Products & Paper 0.03%** |  |  |  |  |
| Mercer International, Inc. (Canada)<sup>(d)</sup> | 5.125% | 2/1/2029 | $1606000 | $1278271 |
| **Gas 0.69%** |  |  |  |  |
| CenterPoint Energy Resources Corp. | 1.75% | 10/1/2030 | 4513000 | 3880988 |
| East Ohio Gas Co.<sup>†</sup> | 1.30% | 6/15/2025 | 2649000 | 2645499 |
| National Fuel Gas Co. | 3.95% | 9/15/2027 | 3036000 | 2980876 |
| National Fuel Gas Co. | 5.95% | 3/15/2035 | 6693000 | 6712307 |
| Piedmont Natural Gas Co., Inc. | 5.10% | 2/15/2035 | 6400000 | 6321734 |
| Southwest Gas Corp. | 4.05% | 3/15/2032 | 2156000 | 2008679 |
| Spire Missouri, Inc. | 5.15% | 8/15/2034 | 2030000 | 2028150 |
| *Total* |  |  |  | 26578233 |
| **Hand/Machine Tools 0.30%** |  |  |  |  |
| Regal Rexnord Corp. | 6.05% | 2/15/2026 | 7500000 | 7540478 |
| Regal Rexnord Corp. | 6.30% | 2/15/2030 | 4000000 | 4149233 |
| *Total* |  |  |  | 11689711 |
| **Health Care-Products 0.57%** |  |  |  |  |
| Medline Borrower LP/Medline Co-Issuer, Inc.<sup>†</sup> | 6.25% | 4/1/2029 | 5702000 | 5809276 |
| Solventum Corp. | 5.45% | 3/13/2031 | 10624000 | 10880103 |
| Solventum Corp. | 5.60% | 3/23/2034 | 5218000 | 5264781 |
| *Total* |  |  |  | 21954160 |
| **Health Care-Services 1.48%** |  |  |  |  |
| Centene Corp. | 2.45% | 7/15/2028 | 6847000 | 6310305 |
| Centene Corp. | 3.375% | 2/15/2030 | 6194000 | 5649143 |
| Centene Corp. | 4.25% | 12/15/2027 | 4912000 | 4800504 |
| Fresenius Medical Care U.S. Finance III, Inc.<sup>†</sup> | 3.00% | 12/1/2031 | 5329000 | 4586650 |
| HCA, Inc. | 5.45% | 9/15/2034 | 1688000 | 1671768 |
| HCA, Inc. | 5.60% | 4/1/2034 | 8955000 | 9007853 |
| Heartland Dental LLC/Heartland Dental Finance Corp.<sup>†</sup> | 10.50% | 4/30/2028 | 2136000 | 2259935 |
| Molina Healthcare, Inc.<sup>†</sup> | 3.875% | 11/15/2030 | 3637000 | 3327708 |
| U.S. Acute Care Solutions LLC<sup>†</sup> | 9.75% | 5/15/2029 | 3036000 | 3089552 |
| UnitedHealth Group, Inc. | 3.45% | 1/15/2027 | 4202000 | 4137511 |
| UnitedHealth Group, Inc. | 4.50% | 4/15/2033 | 2688000 | 2564646 |
| UnitedHealth Group, Inc. | 5.35% | 2/15/2033 | 4628000 | 4671898 |
| Universal Health Services, Inc. | 5.05% | 10/15/2034 | 5596000 | 5256286 |
| *Total* |  |  |  | 57333759 |

---

42 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Home Builders 0.26%** |  |  |  |  |
| Landsea Homes Corp.<sup>†</sup> | 8.875% | 4/1/2029 | $4088000 | $4268739 |
| LGI Homes, Inc.<sup>†</sup> | 4.00% | 7/15/2029 | 6485000 | 5749303 |
| *Total* |  |  |  | 10018042 |
| **Insurance 2.39%** |  |  |  |  |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>†</sup> | 6.75% | 4/15/2028 | 5549000 | 5630176 |
| Ardonagh Group Finance Ltd. (United Kingdom)<sup>†(d)</sup> | 8.875% | 2/15/2032 | 2524000 | 2610230 |
| Arthur J Gallagher & Co. | 5.00% | 2/15/2032 | 5585000 | 5601321 |
| Assurant, Inc. | 2.65% | 1/15/2032 | 3057000 | 2559942 |
| Athene Global Funding<sup>†</sup> | 5.62% | 5/8/2026 | 6877000 | 6938104 |
| Brighthouse Financial Global Funding<sup>†</sup> | 5.65% | 6/10/2029 | 4147000 | 4228936 |
| Brown & Brown, Inc. | 2.375% | 3/15/2031 | 4503000 | 3907208 |
| CNO Global Funding<sup>†</sup> | 5.875% | 6/4/2027 | 6163000 | 6305153 |
| F&G Global Funding<sup>†</sup> | 5.15% | 7/7/2025 | 3435000 | 3435087 |
| GA Global Funding Trust<sup>†</sup> | 4.40% | 9/23/2027 | 7000000 | 6940392 |
| GA Global Funding Trust<sup>†</sup> | 5.50% | 4/1/2032 | 7948000 | 7977301 |
| Global Atlantic Fin Co.<sup>†</sup> | 7.95% | 6/15/2033 | 3411000 | 3805873 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (United Kingdom)<sup>†(d)</sup> | 7.25% | 2/15/2031 | 3186000 | 3273223 |
| HUB International Ltd.<sup>†</sup> | 7.375% | 1/31/2032 | 1293000 | 1350182 |
| Jackson National Life Global Funding<sup>†</sup> | 5.35% | 1/13/2030 | 6915000 | 7057883 |
| Jackson National Life Global Funding<sup>†</sup> | 5.50% | 1/9/2026 | 5281000 | 5305518 |
| New York Life Global Funding<sup>†</sup> | 4.55% | 1/28/2033 | 2760000 | 2672334 |
| Principal Life Global Funding II<sup>†</sup> | 5.10% | 1/25/2029 | 4373000 | 4446597 |
| Protective Life Corp. | 8.45% | 10/15/2039 | 393000 | 475610 |
| RenaissanceRe Holdings Ltd. | 5.80% | 4/1/2035 | 3822000 | 3853178 |
| Sammons Financial Group Global Funding<sup>†</sup> | 5.10% | 12/10/2029 | 3992000 | 4043288 |
| *Total* |  |  |  | 92417536 |
| **Internet 0.76%** |  |  |  |  |
| GrubHub Holdings, Inc.<sup>†(e)</sup> | 5.50% | 7/1/2027 | 3952000 | 3650677 |
| Prosus NV (Netherlands)<sup>(d)</sup> | 4.027% | 8/3/2050 | 5490000 | 3533633 |
| Rakuten Group, Inc. (Japan)<sup>†(d)</sup> | 9.75% | 4/15/2029 | 1881000 | 2017637 |
| Uber Technologies, Inc.<sup>†</sup> | 4.50% | 8/15/2029 | 16776000 | 16535315 |
| Weibo Corp. (China)<sup>(d)</sup> | 3.375% | 7/8/2030 | 4100000 | 3803070 |
| *Total* |  |  |  | 29540332 |

---

See Notes to Financial Statements. 43

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Investment Companies 0.51%** |  |  |  |  |
| Blackstone Private Credit Fund | 2.625% | 12/15/2026 | $5000000 | $4819134 |
| Blue Owl Capital Corp. | 2.625% | 1/15/2027 | 10178000 | 9734365 |
| Blue Owl Technology Finance Corp.<sup>†</sup> | 4.75% | 12/15/2025 | 4978000 | 4957717 |
| *Total* |  |  |  | 19511216 |
| **Iron-Steel 0.05%** |  |  |  |  |
| ATI, Inc. | 7.25% | 8/15/2030 | 2008000 | 2104320 |
| **Leisure Time 0.30%** |  |  |  |  |
| Carnival Corp.<sup>†</sup> | 6.00% | 5/1/2029 | 3140000 | 3150239 |
| Carnival Corp.<sup>†</sup> | 6.125% | 2/15/2033 | 5879000 | 5897192 |
| NCL Corp. Ltd.<sup>†</sup> | 5.875% | 2/15/2027 | 2386000 | 2388049 |
| *Total* |  |  |  | 11435480 |
| **Machinery-Diversified 0.30%** |  |  |  |  |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (Canada)<sup>†(d)</sup> | 9.00% | 2/15/2029 | 4886000 | 4999644 |
| nVent Finance SARL (Luxembourg)<sup>(d)</sup> | 4.55% | 4/15/2028 | 6722000 | 6689483 |
| *Total* |  |  |  | 11689127 |
| **Media 1.05%** |  |  |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 4.75% | 3/1/2030 | 12097000 | 11555588 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>†</sup> | 5.875% | 8/15/2027 | 6902000 | 6798667 |
| Discovery Communications LLC | 3.95% | 3/20/2028 | 6346000 | 6060801 |
| FactSet Research Systems, Inc. | 3.45% | 3/1/2032 | 3397000 | 3064480 |
| Sinclair Television Group, Inc.<sup>†</sup> | 8.125% | 2/15/2033 | 5695000 | 5702802 |
| Univision Communications, Inc.<sup>†</sup> | 8.50% | 7/31/2031 | 4151000 | 3988871 |
| VZ Secured Financing BV (Netherlands)<sup>†(d)</sup> | 5.00% | 1/15/2032 | 4050000 | 3503582 |
| *Total* |  |  |  | 40674791 |
| **Mining 1.78%** |  |  |  |  |
| Anglo American Capital PLC (United Kingdom)<sup>†(d)</sup> | 3.875% | 3/16/2029 | 3573000 | 3448343 |
| Anglo American Capital PLC (United Kingdom)<sup>†(d)</sup> | 5.50% | 5/2/2033 | 1217000 | 1215329 |
| Anglo American Capital PLC (United Kingdom)<sup>†(d)</sup> | 5.75% | 4/5/2034 | 2824000 | 2849385 |
| Antofagasta PLC (Chile)<sup>†(d)</sup> | 6.25% | 5/2/2034 | 5542000 | 5647381 |
| Aris Mining Corp. (Canada)<sup>†(d)</sup> | 8.00% | 10/31/2029 | 5247000 | 5331381 |
| Capstone Copper Corp. (Canada)<sup>†(d)</sup> | 6.75% | 3/31/2033 | 5825000 | 5828882 |
| First Quantum Minerals Ltd. (Canada)<sup>†(d)</sup> | 8.00% | 3/1/2033 | 2089000 | 2075619 |
| FMG Resources August 2006 Pty. Ltd. (Australia)<sup>†(d)</sup> | 4.375% | 4/1/2031 | 3388000 | 3113011 |
| Glencore Funding LLC<sup>†</sup> | 5.634% | 4/4/2034 | 3007000 | 3025502 |

---

44 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br>Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Mining (continued)** |  |  |  |  |
| Glencore Funding LLC<sup>†</sup> | 6.375% | 10/6/2030 | $3000000 | $3183199 |
| Hecla Mining Co. | 7.25% | 2/15/2028 | 3271000 | 3307769 |
| Ivanhoe Mines Ltd. (Canada)<sup>†(d)</sup> | 7.875% | 1/23/2030 | 5068000 | 4938650 |
| Minera Mexico SA de CV (Mexico)<sup>†(d)</sup> | 5.625% | 2/12/2032 | 8237000 | 8167397 |
| Navoi Mining & Metallurgical Combinat (Uzbekistan)<sup>†(d)</sup> | 6.95% | 10/17/2031 | 5358000 | 5333778 |
| Novelis Corp.<sup>†</sup> | 6.875% | 1/30/2030 | 5191000 | 5356380 |
| Vedanta Resources Finance II PLC (United Kingdom)<sup>†(d)</sup> | 9.475% | 7/24/2030 | 3400000 | 3226275 |
| Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (Canada)<sup>†(d)</sup> | 5.854% | 5/13/2032 | 2819000 | 2818687 |
| *Total* |  |  |  | 68866968 |
| **Miscellaneous Manufacturing 0.19%** |  |  |  |  |
| Axon Enterprise, Inc.<sup>†</sup> | 6.25% | 3/15/2033 | 3813000 | 3878118 |
| LSB Industries, Inc.<sup>†</sup> | 6.25% | 10/15/2028 | 3510000 | 3477836 |
| *Total* |  |  |  | 7355954 |
| **Oil & Gas 2.66%** |  |  |  |  |
| Aethon United BR LP/Aethon United Finance Corp.<sup>†</sup> | 7.50% | 10/1/2029 | 3849000 | 3947088 |
| Antero Resources Corp.<sup>†</sup> | 5.375% | 3/1/2030 | 6584000 | 6482863 |
| Continental Resources, Inc.<sup>†</sup> | 5.75% | 1/15/2031 | 9587000 | 9548405 |
| Coterra Energy, Inc. | 4.375% | 3/15/2029 | 3000000 | 2954037 |
| Coterra Energy, Inc. | 5.60% | 3/15/2034 | 65000 | 64496 |
| Crescent Energy Finance LLC<sup>†</sup> | 7.375% | 1/15/2033 | 4942000 | 4590731 |
| Devon Energy Corp.<sup>(e)</sup> | 5.20% | 9/15/2034 | 4318000 | 4090563 |
| Ecopetrol SA (Colombia)<sup>(d)</sup> | 8.375% | 1/19/2036 | 4465000 | 4252665 |
| EQT Corp.<sup>†</sup> | 4.75% | 1/15/2031 | 3634000 | 3516939 |
| EQT Corp. | 7.00% | 2/1/2030 | 2652000 | 2839932 |
| EQT Corp.<sup>†</sup> | 7.50% | 6/1/2030 | 2061000 | 2238353 |
| Expand Energy Corp. | 5.375% | 3/15/2030 | 3282000 | 3266728 |
| Expand Energy Corp.<sup>†</sup> | 6.75% | 4/15/2029 | 8980000 | 9091056 |
| HF Sinclair Corp. | 5.00% | 2/1/2028 | 5000000 | 4977012 |
| Kimmeridge Texas Gas LLC<sup>†</sup> | 8.50% | 2/15/2030 | 5349000 | 5291712 |
| Long Ridge Energy LLC<sup>†</sup> | 8.75% | 2/15/2032 | 2807000 | 2831171 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.<sup>†</sup> | 6.875% | 12/1/2032 | 5374000 | 5326374 |
| Matador Resources Co.<sup>†</sup> | 6.25% | 4/15/2033 | 5697000 | 5501804 |
| Occidental Petroleum Corp. | 5.55% | 10/1/2034 | 22000 | 20813 |
| Occidental Petroleum Corp. | 6.625% | 9/1/2030 | 3168000 | 3301180 |

---

See Notes to Financial Statements. 45

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Oil & Gas (continued)** |  |  |  |  |  |
| Ovintiv, Inc. | 6.50% |  | 2/1/2038 | $1560000 | $1524171 |
| SM Energy Co.<sup>†</sup> | 6.75% |  | 8/1/2029 | 5802000 | 5689581 |
| Tengizchevroil Finance Co. International Ltd. (Kazakhstan)<sup>†(d)</sup> | 3.25% |  | 8/15/2030 | 4320000 | 3788587 |
| TGNR Intermediate Holdings LLC<sup>†</sup> | 5.50% |  | 10/15/2029 | 4077000 | 3853646 |
| Vermilion Energy, Inc. (Canada)<sup>†(d)</sup> | 6.875% |  | 5/1/2030 | 4100000 | 3735548 |
| *Total* |  |  |  |  | 102725455 |
| **Oil & Gas Services 0.16%** |  |  |  |  |  |
| Aris Water Holdings LLC<sup>†</sup> | 7.25% |  | 4/1/2030 | 6218000 | 6256073 |
| **Packaging & Containers 0.26%** |  |  |  |  |  |
| Clydesdale Acquisition Holdings, Inc.<sup>†</sup> | 6.75% |  | 4/15/2032 | 7353000 | 7436296 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 9.25% |  | 4/15/2027 | 2500000 | 2464825 |
| *Total* |  |  |  |  | 9901121 |
| **Pharmaceuticals 0.75%** |  |  |  |  |  |
| Bayer Corp.<sup>†</sup> | 6.65% |  | 2/15/2028 | 1527000 | 1592150 |
| Bayer U.S. Finance II LLC<sup>†</sup> | 4.25% |  | 12/15/2025 | 4694000 | 4677149 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.25% |  | 1/21/2029 | 4800000 | 4991692 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.375% |  | 11/21/2030 | 10069000 | 10600970 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.50% |  | 11/21/2033 | 5000000 | 5208695 |
| Teva Pharmaceutical Finance Netherlands III BV (Netherlands)<sup>(d)</sup> | 3.15% |  | 10/1/2026 | 2030000 | 1986332 |
| *Total* |  |  |  |  | 29056988 |
| **Pipelines 1.64%** |  |  |  |  |  |
| Columbia Pipelines Holding Co. LLC<sup>†</sup> | 5.097% |  | 10/1/2031 | 3707000 | 3638608 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>†</sup> | 7.125% |  | 6/1/2028 | 2905000 | 2926866 |
| DT Midstream, Inc.<sup>†</sup> | 4.125% |  | 6/15/2029 | 9336000 | 8898380 |
| Eastern Energy Gas Holdings LLC | 5.65% |  | 10/15/2054 | 5244000 | 4840682 |
| Enbridge, Inc. (Canada)<sup>(d)</sup> | 8.50%<br> (5 yr. CMT + 4.43% |)<sup>#</sup> | 1/15/2084 | 8937000 | 9720051 |
| Energy Transfer LP | 6.50%<br> (5 yr. CMT + 5.69% |)<sup>#</sup> | – <sup>(f)</sup> | 9119000 | 9118822 |
| Galaxy Pipeline Assets Bidco Ltd. (Jersey)<sup>(d)</sup> | 2.16% |  | 3/31/2034 | 181 | 159 |
| NGPL PipeCo LLC<sup>†</sup> | 3.25% |  | 7/15/2031 | 5100000 | 4464436 |
| NGPL PipeCo LLC<sup>†</sup> | 4.875% |  | 8/15/2027 | 3500000 | 3467784 |
| Plains All American Pipeline LP<sup>(e)</sup> | 8.698%<br> (3 mo. USD Term SOFR + 4.37% |)<sup>#</sup> | – <sup>(f)</sup> | 2688000 | 2676432 |

---

46 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Pipelines (continued)** |  |  |  |  |
| Rockies Express Pipeline LLC<sup>†</sup> | 6.75% | 3/15/2033 | $3629000 | $3742214 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 5.50% | 3/1/2030 | 5047000 | 5087270 |
| Venture Global LNG, Inc.<sup>†</sup> | 8.375% | 6/1/2031 | 4908000 | 4985998 |
| *Total* |  |  |  | 63567702 |
| **REITS 2.54%** |  |  |  |  |
| American Tower Corp. | 3.80% | 8/15/2029 | 3078000 | 2971720 |
| American Tower Corp. | 5.55% | 7/15/2033 | 3000000 | 3054623 |
| Brandywine Operating Partnership LP | 8.875% | 4/12/2029 | 5423000 | 5780121 |
| Crown Castle, Inc. | 2.10% | 4/1/2031 | 5000000 | 4225890 |
| Crown Castle, Inc. | 3.30% | 7/1/2030 | 8500000 | 7863136 |
| EPR Properties | 4.95% | 4/15/2028 | 1994000 | 1979312 |
| GLP Capital LP/GLP Financing II, Inc. | 5.75% | 6/1/2028 | 5500000 | 5604610 |
| Goodman U.S. Finance Six LLC<sup>†</sup> | 5.125% | 10/7/2034 | 4965000 | 4871552 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 3.375% | 6/15/2026 | 10000000 | 9741221 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 8.00% | 6/15/2027 | 6781000 | 6987820 |
| Iron Mountain Information Management Services, Inc.<sup>†</sup> | 5.00% | 7/15/2032 | 4925000 | 4664337 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 7.00% | 7/15/2031 | 4000000 | 4150700 |
| Phillips Edison Grocery Center Operating Partnership I LP | 4.95% | 1/15/2035 | 5642000 | 5374789 |
| Phillips Edison Grocery Center Operating Partnership I LP | 5.75% | 7/15/2034 | 932000 | 939338 |
| Prologis Targeted U.S. Logistics Fund LP<sup>†</sup> | 5.25% | 1/15/2035 | 2685000 | 2652802 |
| Starwood Property Trust, Inc.<sup>†</sup> | 6.50% | 10/15/2030 | 7630000 | 7740635 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 3.75% | 2/15/2027 | 11500000 | 11294433 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.625% | 12/1/2029 | 3831000 | 3718489 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 5.75% | 2/1/2027 | 4490000 | 4535358 |
| *Total* |  |  |  | 98150886 |
| **Retail 0.71%** |  |  |  |  |
| Alimentation Couche-Tard, Inc. (Canada)<sup>†(d)</sup> | 5.267% | 2/12/2034 | 3559000 | 3490543 |
| Arcos Dorados BV (Netherlands)<sup>†(d)</sup> | 6.375% | 1/29/2032 | 7340000 | 7500012 |
| Arko Corp.<sup>†</sup> | 5.125% | 11/15/2029 | 3385000 | 2827546 |
| Dick's Sporting Goods, Inc. | 4.10% | 1/15/2052 | 7002000 | 4805689 |
| QXO Building Products, Inc.<sup>†</sup> | 6.75% | 4/30/2032 | 7494000 | 7702707 |
| Walgreens Boots Alliance, Inc.<sup>(e)</sup> | 8.125% | 8/15/2029 | 1233000 | 1292831 |
| *Total* |  |  |  | 27619328 |

---

See Notes to Financial Statements. 47

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Semiconductors 1.35%** |  |  |  |  |
| Broadcom Corp./Broadcom Cayman Finance Ltd. | 3.875% | 1/15/2027 | $3804000 | $3773592 |
| Broadcom, Inc.<sup>†</sup> | 4.15% | 4/15/2032 | 7909000 | 7532713 |
| Broadcom, Inc. | 4.30% | 11/15/2032 | 6661000 | 6364654 |
| Broadcom, Inc. | 4.80% | 10/15/2034 | 1824000 | 1776645 |
| Broadcom, Inc. | 5.15% | 11/15/2031 | 6190000 | 6304041 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.50% | 1/25/2031 | 5744000 | 5822392 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.875% | 1/25/2034 | 4920000 | 4936337 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.90% | 1/25/2033 | 7790000 | 7957197 |
| Intel Corp. | 4.875% | 2/10/2028 | 7500000 | 7562846 |
| *Total* |  |  |  | 52030417 |
| **Software 1.33%** |  |  |  |  |
| AppLovin Corp. | 5.375% | 12/1/2031 | 6301000 | 6361793 |
| Atlassian Corp. (Australia)<sup>(d)</sup> | 5.50% | 5/15/2034 | 5256000 | 5304814 |
| Cloud Software Group, Inc.<sup>†</sup> | 6.50% | 3/31/2029 | 3243000 | 3242059 |
| Fair Isaac Corp.<sup>†</sup> | 6.00% | 5/15/2033 | 6252000 | 6255827 |
| MSCI, Inc.<sup>†</sup> | 3.625% | 11/1/2031 | 5500000 | 4996292 |
| Oracle Corp. | 2.875% | 3/25/2031 | 3491000 | 3148426 |
| Paychex, Inc. | 5.35% | 4/15/2032 | 10917000 | 11083689 |
| Synopsys, Inc. | 5.00% | 4/1/2032 | 7790000 | 7806622 |
| Workday, Inc. | 3.80% | 4/1/2032 | 3500000 | 3247848 |
| *Total* |  |  |  | 51447370 |
| **Telecommunications 0.30%** |  |  |  |  |
| Altice France SA (France)<sup>†(d)</sup> | 8.125% | 2/1/2027 | 1525000 | 1400910 |
| Sprint Capital Corp. | 6.875% | 11/15/2028 | 4500000 | 4815021 |
| Sprint Capital Corp. | 8.75% | 3/15/2032 | 4500000 | 5392301 |
| *Total* |  |  |  | 11608232 |
| **Transportation 0.12%** |  |  |  |  |
| Rand Parent LLC<sup>†(e)</sup> | 8.50% | 2/15/2030 | 3123000 | 3080043 |
| Watco Cos. LLC/Watco Finance Corp.<sup>†</sup> | 7.125% | 8/1/2032 | 1472000 | 1515959 |
| *Total* |  |  |  | 4596002 |
| *Total Corporate Bonds* (cost $1,884,718,051) |  |  |  | 1890215787 |
| **FLOATING RATE LOANS**<sup>(g)</sup> **1.70%** |  |  |  |  |
| **Airlines 0.07%** |  |  |  |  |
| American Airlines, Inc. 2025 Term Loan | 6.52%<br>(3 mo. USD Term SOFR + 2.25%) | 4/20/2028 | 2536467 | 2513956 |

---

48 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Commercial Services 0.10%** |  |  |  |  |
| Trans Union LLC 2024 Term Loan B8 | 6.077%<br> (1 mo. USD Term SOFR + 1.75% | 6/24/2031 | $1169110 | $1170303 |
| Trans Union LLC 2024 Term Loan B9 | 6.077%<br>(1 mo. USD Term SOFR + 1.75% | 6/24/2031 | 2700518 | 2702205 |
| *Total* |  |  |  | 3872508 |
| **Diversified Financial Services 0.56%** |  |  |  |  |
| Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | 6.073%<br> (1 mo. USD Term SOFR + 1.75% | 6/24/2030 | 16469722 | 16490310 |
| Citadel Securities LP 2024 First Lien Term Loan | 6.327%<br> (1 mo. USD Term SOFR + 2.00% | 10/31/2031 | 3494243 | 3510403 |
| Hudson River Trading LLC 2024 Term Loan B | 7.333%<br> (1 mo. USD Term SOFR + 3.00% | 3/18/2030 | 1831566 | 1839323 |
| *Total* |  |  |  | 21840036 |
| **Electric 0.49%** |  |  |  |  |
| Calpine Corp. 2024 Term Loan B10 | 6.077%<br> (1 mo. USD Term SOFR + 1.75% | 1/31/2031 | 3226000 | 3226000 |
| NRG Energy, Inc. 2024 Term Loan | 6.03% - 6.08%<br> (1 mo. USD Term SOFR + 1.75%<br> (3 mo. USD Term SOFR + 1.75% | 4/16/2031 | 5494412 | 5506171 |
| Vistra Operations Co. LLC 1st Lien Term Loan B3 | 6.077%<br> (1 mo. USD Term SOFR + 1.75% | 12/20/2030 | 10311990 | 10338130 |
| *Total* |  |  |  | 19070301 |
| **Entertainment 0.26%** |  |  |  |  |
| Flutter Financing BV 2024 Term Loan B<sup>(d)</sup> | 6.049%<br> (3 mo. USD Term SOFR + 1.75% | 11/30/2030 | 9985486 | 9971456 |
| **Financial 0.04%** |  |  |  |  |
| Jump Financial LLC 2025 Term Loan B | 8.549%<br> (3 mo. USD Term SOFR + 4.25% | 2/26/2032 | 1425000 | 1432125 |
| **Household Products 0.08%** |  |  |  |  |
| Reynolds Consumer Products LLC 2025 Term Loan B | 6.077%<br> (1 mo. USD Term SOFR + 1.75% | 3/4/2032 | 3158095 | 3178481 |
| **Insurance 0.10%** |  |  |  |  |
| Asurion LLC 2021 Term Loan B9 |  | 7/31/2027 | 3860000 | 3842842 |
| *Total Floating Rate Loans* (cost $65,817,336) |  |  |  | 65721705 |

---

See Notes to Financial Statements. 49

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(d)</sup> **0.80%** |  |  |  |  |  |
| **Colombia 0.10%** |  |  |  |  |  |
| Colombia Government International Bonds | 7.75% |  | 11/7/2036 | $3936000 | $3823824 |
| **Hungary 0.19%** |  |  |  |  |  |
| Hungary Government International Bonds | 5.50% |  | 6/16/2034 | 7500000 | 7269484 |
| **Mexico 0.20%** |  |  |  |  |  |
| Mexico Government International Bonds | 6.00% |  | 5/13/2030 | 3590000 | 3693751 |
| Mexico Government International Bonds | 6.35% |  | 2/9/2035 | 3900000 | 3901521 |
| *Total* |  |  |  |  | 7595272 |
| **Senegal 0.08%** |  |  |  |  |  |
| Senegal Government International Bonds<sup>†</sup> | 6.25% |  | 5/23/2033 | 4460000 | 3217890 |
| **South Africa 0.14%** |  |  |  |  |  |
| Republic of South Africa Government International Bonds<sup>†</sup> | 7.10% |  | 11/19/2036 | 5544000 | 5378717 |
| **Sri Lanka 0.09%** |  |  |  |  |  |
| Sri Lanka Government International Bonds<sup>†</sup> | 3.60% | <sup>(h)</sup> | 5/15/2036 | 4364000 | 3414830 |
| *Total Foreign Government Obligations* (cost $31,569,130) | *Total Foreign Government Obligations* (cost $31,569,130) |  |  |  | 30700017 |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.12%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.12%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.12%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.12%** |  |  |
| Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through Certificates Series K143 Class A2 | 2.35% |  | 3/25/2032 | 22170000 | 19399298 |
| Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through Certificates Series K146 Class A2 | 2.92% |  | 6/25/2032 | 8410000 | 7602226 |
| Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through Certificates Series K148 Class A2 | 3.50% | <sup>#(i)</sup> | 7/25/2032 | 7500000 | 7025416 |
| Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through Certificates Series KG07 Class A2 | 3.123% | <sup>#(i)</sup> | 8/25/2032 | 3021000 | 2757078 |
| Federal Home Loan Mortgage Corp. <br> Multifamily Structured Pass-Through Certificates Series KG08 Class A2 | 4.134% | <sup>#(i)</sup> | 5/25/2033 | 6522319 | 6305912 |
| Government National Mortgage Association Series 2017-76 Class AS | 2.65% |  | 11/16/2050 | 3087 | 2718 |
| *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $43,181,292) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $43,181,292) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $43,181,292) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $43,181,292) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $43,181,292) | 43092648 |

---

50 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 26.79%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 26.79%** |  |  |  |
| Federal Home Loan Mortgage Corp. | 2.50% | 6/1/2051 - 11/1/2051 | $7495352 | $6127944 |
| Federal Home Loan Mortgage Corp. | 3.50% | 2/1/2046 | 694062 | 632807 |
| Federal Home Loan Mortgage Corp. | 5.00% | 7/1/2052 - 8/1/2052 | 4023627 | 3939171 |
| Federal Home Loan Mortgage Corp. | 5.50% | 7/1/2054 - 11/1/2054 | 32514113 | 32708275 |
| Federal Home Loan Mortgage Corp. | 6.00% | 7/1/2039 - 2/1/2055 | 45689803 | 47013066 |
| Federal Home Loan Mortgage Corp. | 6.50% | 11/1/2053 | 10964848 | 11318992 |
| Federal National Mortgage Association | 2.50% | 1/1/2051 - 5/1/2052 | 5564678 | 4598606 |
| Federal National Mortgage Association | 3.00% | 12/1/2048 - 1/1/2052 | 1249568 | 1085320 |
| Federal National Mortgage Association | 3.50% | 7/1/2045 - 4/1/2052 | 14053169 | 12612058 |
| Federal National Mortgage Association | 4.00% | 5/1/2052 - 6/1/2052 | 2820296 | 2615538 |
| Federal National Mortgage Association | 5.00% | 7/1/2052 - 10/1/2052 | 5440761 | 5310591 |
| Federal National Mortgage Association | 5.50% | 3/1/2054 - 10/1/2054 | 37891174 | 37930304 |
| Federal National Mortgage Association | 6.00% | 2/1/2039 - 1/1/2055 | 10687967 | 10968079 |
| Government National Mortgage Association<sup>(j)</sup> | 2.00% | TBA | 23670000 | 19019798 |
| Government National Mortgage Association<sup>(j)</sup> | 2.50% | TBA | 11221000 | 9402267 |
| Government National Mortgage Association<sup>(j)</sup> | 3.00% | TBA | 30495000 | 26566670 |
| Government National Mortgage Association<sup>(j)</sup> | 4.50% | TBA | 12857000 | 12132018 |
| Government National Mortgage Association<sup>(j)</sup> | 5.00% | TBA | 47998000 | 46563169 |
| Government National Mortgage Association<sup>(j)</sup> | 5.50% | TBA | 63394000 | 62940902 |
| Government National Mortgage Association<sup>(j)</sup> | 6.00% | TBA | 27870000 | 28117441 |
| Uniform Mortgage-Backed Security<sup>(j)</sup> | 2.00% | TBA | 42855000 | 37761376 |
| Uniform Mortgage-Backed Security<sup>(j)</sup> | 2.50% | TBA | 69729000 | 59463620 |
| Uniform Mortgage-Backed Security<sup>(j)</sup> | 3.00% | TBA | 3356000 | 2912784 |
| Uniform Mortgage-Backed Security<sup>(j)</sup> | 3.50% | TBA | 15392000 | 13645110 |
| Uniform Mortgage-Backed Security<sup>(j)</sup> | 4.00% | TBA | 26436000 | 24219189 |
| Uniform Mortgage-Backed Security<sup>(j)</sup> | 4.50% | TBA | 1943000 | 1832806 |
| Uniform Mortgage-Backed Security<sup>(j)</sup> | 5.00% | TBA | 228104000 | 224378108 |
| Uniform Mortgage-Backed Security<sup>(j)</sup> | 5.50% | TBA | 191457000 | 191619450 |
| Uniform Mortgage-Backed Security<sup>(j)</sup> | 6.00% | TBA | 53983000 | 54900217 |

---

See Notes to Financial Statements. 51

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount**<sup>‡</sup> | **Fair <br> Value** |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** |  |  |
| Uniform Mortgage-Backed Security<sup>(j)</sup> | 6.50% |  | TBA | $24765000 | $25431725 |
| Uniform Mortgage-Backed Security<sup>(j)</sup> | 7.00% |  | TBA | 17079000 | 17810242 |
| *Total Government Sponsored Enterprises Pass-Throughs* <br> (cost $1,035,662,318) | *Total Government Sponsored Enterprises Pass-Throughs* <br> (cost $1,035,662,318) | *Total Government Sponsored Enterprises Pass-Throughs* <br> (cost $1,035,662,318) | *Total Government Sponsored Enterprises Pass-Throughs* <br> (cost $1,035,662,318) |  | 1035577643 |
| **MUNICIPAL BONDS 0.04%** |  |  |  |  |  |
| **Natural Gas 0.04%** |  |  |  |  |  |
| Texas Natural Gas Securitization Finance Corp. A1 <br> (cost $1,490,831) | 5.102% |  | 4/1/2035 | 1490831 | 1517190 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 8.88%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 8.88%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 8.88%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 8.88%** |  |  |
| ALA Trust Series 2025-OANA Class A<sup>†(b)</sup> | 6.043%<br> (1 mo. USD Term SOFR + 1.74% |)<sup>#</sup> | 6/15/2030 | 6340000 | 6377729 |
| Bayview Opportunity Master Fund VI Trust Series 2021-6 Class A2<sup>†</sup> | 2.50% | <sup>#(i)</sup> | 10/25/2051 | 5313917 | 4257409 |
| BBCMS Mortgage Trust Series 2025-5C33 Class A4 | 5.839% |  | 3/15/2058 | 10550000 | 10987603 |
| BBCMS Mortgage Trust Series 2025-5C34 Class A3 | 5.659% |  | 5/15/2058 | 3740000 | 3869493 |
| Benchmark Mortgage Trust Series 2024-V12 Class A3 | 5.739% |  | 12/15/2057 | 4090000 | 4235130 |
| Benchmark Mortgage Trust Series 2024-V7 Class A3 | 6.228% | <sup>#(i)</sup> | 5/15/2056 | 7600000 | 7982158 |
| BMO Mortgage Trust Series 2023-C5 Class A4 | 5.494% |  | 6/15/2056 | 5471000 | 5577418 |
| BMO Mortgage Trust Series 2024-5C5 Class A3 | 5.857% |  | 2/15/2057 | 5640000 | 5850310 |
| BMO Mortgage Trust Series 2024-5C8 Class A3 | 5.625% | <sup>#(i)</sup> | 12/15/2057 | 5910000 | 6091742 |
| BSTN Commercial Mortgage Trust Series 2025-1C Class A<sup>†</sup> | 5.548% | <sup>#(i)</sup> | 6/15/2044 | 3300000 | 3327146 |
| BX Trust Series 2024-VLT4 Class A<sup>†</sup> | 5.82%<br> (1 mo. USD Term SOFR + 1.49% |)<sup>#</sup> | 7/15/2029 | 4890000 | 4886150 |
| BX Trust Series 2025-ROIC Class B<sup>†</sup> | 5.722%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 3/15/2030 | 6640000 | 6584689 |
| BX Trust Series 2025-TAIL C<sup>†(b)</sup> | 6.20%<br> (1 mo. USD Term SOFR + 1.90% |)<sup>#</sup> | 6/15/2035 | 7550000 | 7565587 |
| CF Trust Series 2019-BOSS Class A1<sup>†(k)</sup> | 7.695%<br> (1 mo. USD Term SOFR + 3.30% |)<sup>#</sup> | 12/15/2024 | 98022 | 1235 <sup>(a)</sup> |
| Chase Home Lending Mortgage Trust Series 2024-RPL4 Class A1A<sup>†</sup> | 3.375% | <sup>#(i)</sup> | 12/25/2064 | 2238861 | 1985536 |
| CIM Trust Series 2021-J1 Class A1<sup>†</sup> | 2.50% | <sup>#(i)</sup> | 3/25/2051 | 4803020 | 3847968 |
| Citigroup Commercial Mortgage Trust Series 2016-GC36 Class AS | 3.849% |  | 2/10/2049 | 97572 | 93542 |
| Citigroup Mortgage Loan Trust, Inc. Series 2022-INV1 Class A3B<sup>†</sup> | 3.00% | <sup>#(i)</sup> | 11/27/2051 | 2178656 | 1816047 |

---

<br> 52 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount**<sup>‡</sup> | **Fair <br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | | |
| Commercial Mortgage Pass-Through Certificates Series 2015-LC21 Class AM | 4.043% | <sup>#(i)</sup> | 7/10/2048 | $6309000 | $6296155 |
| CONE Trust Series 2024-DFW1 Class B<sup>†</sup> | 6.62%<br> (1 mo. USD Term SOFR + 2.29% |)<sup>#</sup> | 8/15/2041 | 2240000 | 2250058 |
| EFMT Series 2025-INV2 Class A1<sup>†</sup> | 5.387% | <sup>(h)</sup> | 5/26/2070 | 8650000 | 8653764 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA1 Class M2<sup>†</sup> | 6.822%<br> (30 day USD SOFR Average + 2.50% |)<sup>#</sup> | 1/25/2042 | 10967000 | 11184068 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA1 Class M1A<sup>†</sup> | 6.422%<br> (30 day USD SOFR Average + 2.10% |)<sup>#</sup> | 3/25/2042 | 752124 | 756926 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA1 Class M2<sup>†</sup> | 9.572%<br> (30 day USD SOFR Average + 5.25% |)<sup>#</sup> | 3/25/2042 | 9411000 | 10020617 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA3 Class A1<sup>†</sup> | 6.172%<br> (30 day USD SOFR Average + 1.85% |)<sup>#</sup> | 11/25/2043 | 3745051 | 3790110 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA3 Class M1A<sup>†</sup> | 6.622%<br> (30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 8/25/2042 | 2863499 | 2917528 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2023-DNA2 Class M1B<sup>†</sup> | 7.571%<br> (30 day USD SOFR Average + 3.25% |)<sup>#</sup> | 4/25/2043 | 2450000 | 2570810 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2023-HQA1 Class M2<sup>†</sup> | 9.822%<br> (30 day USD SOFR Average + 5.50% |)<sup>#</sup> | 5/25/2043 | 3000000 | 3323462 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2 Class A1<sup>†</sup> | 5.572%<br> (30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 8/25/2044 | 4116250 | 4130776 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-HQA1 Class M1<sup>†</sup> | 5.472%<br> (30 day USD SOFR Average + 1.15% |)<sup>#</sup> | 2/25/2045 | 4891274 | 4889916 |
| Federal National Mortgage Association Connecticut Avenue Securities Series 2025-R02 Class 1M1<sup>†</sup> | 5.471%<br> (30 day USD SOFR Average + 1.15% |)<sup>#</sup> | 2/25/2045 | 8099910 | 8097928 |
| Federal National Mortgage Association Connecticut Avenue Securities Series 2025-R03 Class 2A1<sup>†</sup> | 5.772%<br> (30 day USD SOFR Average + 1.45% |)<sup>#</sup> | 3/25/2045 | 1544290 | 1552936 |

---

*See Notes to Financial Statements.* 53

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount**<sup>‡</sup> | **Fair <br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | | |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2019-R05 Class 1B1<sup>†</sup> | 8.537%<br> (30 day USD SOFR Average + 4.21% |)<sup>#</sup> | 7/25/2039 | $1570583 | $1615731 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R06 Class 1M1<sup>†</sup> | 7.072%<br> (30 day USD SOFR Average + 2.75% |)<sup>#</sup> | 5/25/2042 | 2101229 | 2146646 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R08 Class 1M1<sup>†</sup> | 6.872%<br> (30 day USD SOFR Average + 2.55% |)<sup>#</sup> | 7/25/2042 | 3513258 | 3592999 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R01 Class 1M1<sup>†</sup> | 6.721%<br> (30 day USD SOFR Average + 2.40% |)<sup>#</sup> | 12/25/2042 | 1543132 | 1578190 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R01 Class 1M2<sup>†</sup> | 8.071%<br> (30 day USD SOFR Average + 3.75% |)<sup>#</sup> | 12/25/2042 | 5902000 | 6234528 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R02 Class 1M1<sup>†</sup> | 6.622%<br> (30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 1/25/2043 | 1617728 | 1655348 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03 Class 2M2<sup>†</sup> | 8.222%<br> (30 day USD SOFR Average + 3.90% |)<sup>#</sup> | 4/25/2043 | 4100000 | 4361122 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R04 Class 1M1<sup>†</sup> | 6.621%<br> (30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 5/25/2043 | 3895958 | 3976978 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06 Class 1A1<sup>†</sup> | 5.472%<br> (30 day USD SOFR Average + 1.15% |)<sup>#</sup> | 9/25/2044 | 3684948 | 3693557 |
| Flagstar Mortgage Trust Series 2021-12 Class A2<sup>†</sup> | 2.50% | <sup>#(i)</sup> | 11/25/2051 | 2659393 | 2133144 |
| Flagstar Mortgage Trust Series 2021-4 Class A1<sup>†</sup> | 2.50% | <sup>#(i)</sup> | 6/1/2051 | 9242422 | 7425035 |
| Flagstar Mortgage Trust Series 2021-7 Class A1<sup>†</sup> | 2.50% | <sup>#(i)</sup> | 8/25/2051 | 6051138 | 4853719 |
| GS Mortgage Securities Corp. Trust Series 2024-RVR Class A<sup>†</sup> | 5.198% | <sup>#(i)</sup> | 8/10/2041 | 4520000 | 4516944 |

---

<br> 54 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount**<sup>‡</sup> | **Fair <br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | | |
| GS Mortgage-Backed Securities Trust Series 2021-PJ2 Class A2<sup>†</sup> | 2.50% | <sup>#(i)</sup> | 7/25/2051 | $1841353 | $1476980 |
| GS Mortgage-Backed Securities Trust Series 2022-PJ6 Class A4<sup>†</sup> | 3.00% | <sup>#(i)</sup> | 1/25/2053 | 6212349 | 5186294 |
| Hudson Yards Mortgage Trust Series 2025-SPRL Class D<sup>†</sup> | 6.34% | <sup>#(i)</sup> | 1/13/2040 | 6275000 | 6438078 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class D<sup>†</sup> | 3.805% | <sup>#(i)</sup> | 6/10/2027 | 100000 | 900 |
| JP Morgan Mortgage Trust Series 2021-10 Class A3<sup>†</sup> | 2.50% | <sup>#(i)</sup> | 12/25/2051 | 3436946 | 2752543 |
| JP Morgan Mortgage Trust Series 2021-15 Class A2<sup>†</sup> | 3.00% | <sup>#(i)</sup> | 6/25/2052 | 5423877 | 4541586 |
| JP Morgan Mortgage Trust Series 2021-4 Class A3<sup>†</sup> | 2.50% | <sup>#(i)</sup> | 8/25/2051 | 5295657 | 4237955 |
| JP Morgan Mortgage Trust Series 2021-INV6 Class A2<sup>†</sup> | 3.00% | <sup>#(i)</sup> | 4/25/2052 | 12270352 | 10274665 |
| JP Morgan Mortgage Trust Series 2021-INV8 Class A2<sup>†</sup> | 3.00% | <sup>#(i)</sup> | 5/25/2052 | 3125976 | 2627240 |
| JP Morgan Mortgage Trust Series 2022-1 Class A2<sup>†</sup> | 3.00% | <sup>#(i)</sup> | 7/25/2052 | 1637980 | 1362253 |
| JP Morgan Mortgage Trust Series 2022-3 Class A2<sup>†</sup> | 3.00% | <sup>#(i)</sup> | 8/25/2052 | 3638707 | 3044354 |
| JP Morgan Mortgage Trust Series 2022-4 Class A2A<sup>†</sup> | 3.00% | <sup>#(i)</sup> | 10/25/2052 | 2481149 | 2061940 |
| JP Morgan Mortgage Trust Series 2022-4 Class A3<sup>†</sup> | 3.00% | <sup>#(i)</sup> | 10/25/2052 | 2241038 | 1859769 |
| JP Morgan Mortgage Trust Series 2022-INV1 Class A3<sup>†</sup> | 3.00% | <sup>#(i)</sup> | 3/25/2052 | 3588892 | 3005094 |
| JP Morgan Mortgage Trust Series 2025-DSC1 Class A1<sup>†</sup> | 5.577% | <sup>#(i)</sup> | 9/25/2065 | 9179306 | 9193247 |
| KIND Commercial Mortgage Trust Series 2024-1 Class A<sup>†</sup> | 6.219%<br> (1 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 8/15/2041 | 2670000 | 2677957 |
| Mill City Mortgage Loan Trust Series 2021-NMR1 Class B4<sup>†</sup> | 3.731% | <sup>#(i)</sup> | 11/25/2060 | 2550000 | 1689563 |
| Morgan Stanley BAML Trust Series 2025-5C1 Class A3 | 5.635% |  | 3/15/2058 | 5820000 | 6011920 |
| Multifamily Connecticut Avenue Securities Trust Series 2024-01 Class M7<sup>†</sup> | 7.072%<br> (30 day USD SOFR Average + 2.75% |)<sup>#</sup> | 7/25/2054 | 4351255 | 4392198 |
| New Residential Mortgage Loan Trust Series 2020-RPL1 Class B3<sup>†</sup> | 3.847% | <sup>#(i)</sup> | 11/25/2059 | 3850000 | 2895550 |
| Oceanview Mortgage Trust Series 2021-3 Class A2<sup>†</sup> | 2.50% | <sup>#(i)</sup> | 7/25/2051 | 3213680 | 2577586 |
| Residential Mortgage Loan Trust Series 2020-1 Class A1<sup>†</sup> | 2.376% | <sup>#(i)</sup> | 1/26/2060 | 2797 | 2769 |
| RIDE Series 2025-SHRE Class A<sup>†</sup> | 5.438% | <sup>#(i)</sup> | 2/14/2047 | 8710000 | 8801767 |

---

<br> *See Notes to Financial Statements.* 55

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount**<sup>‡</sup> | **Fair <br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | | |
| ROCK Trust Series 2024-CNTR Class A<sup>†</sup> | 5.388% |  | 11/13/2041 | $11110000 | $11262778 |
| SG Commercial Mortgage Securities Trust Series 2019-787E Class X<sup>†(l)</sup> | 0.305% | <sup>#(i)</sup> | 2/15/2041 | 1217000 | 14000 |
| SMRT Commercial Mortgage Trust Series 2022-MINI Class A<sup>†</sup> | 5.329%<br> (1 mo. USD Term SOFR + 1.00% |)<sup>#</sup> | 1/15/2039 | 2515000 | 2503702 |
| Starwood Mortgage Residential Trust Series 2020-1 Class A1<sup>†</sup> | 2.275% | <sup>#(i)</sup> | 2/25/2050 | 4617 | 4401 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class D<sup>†</sup> | 6.97%<br> (1 mo. USD Term SOFR + 2.64% |)<sup>#</sup> | 2/15/2042 | 5370000 | 5324783 |
| TEXAS Commercial Mortgage Trust Series 2025-TWR Class D<sup>†</sup> | 7.419%<br> (1 mo. USD Term SOFR + 3.09% |)<sup>#</sup> | 4/15/2042 | 3300000 | 3287210 |
| Velocity Commercial Capital Loan Trust Series 2024-3 Class A<sup>†</sup> | 6.65% | <sup>#(i)</sup> | 6/25/2054 | 2692289 | 2721145 |
| Verus Securitization Trust Series 2021-8 Class A1<sup>†</sup> | 1.824% | <sup>#(i)</sup> | 11/25/2066 | 922340 | 837548 |
| Wells Fargo Commercial Mortgage Trust Series 2024-5C1 Class A3 | 5.928% |  | 7/15/2057 | 5140000 | 5337053 |
| Wells Fargo Commercial Mortgage Trust Series 2024-MGP Class A12<sup>†</sup> | 6.02%<br> (1 mo. USD Term SOFR + 1.69% |)<sup>#</sup> | 8/15/2041 | 4210000 | 4196066 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C3 Class A3 | 6.096% |  | 1/15/2058 | 16190000 | 17011735 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $344,584,698) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $344,584,698) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $344,584,698) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $344,584,698) |  | 343168516 |
| **U.S. TREASURY OBLIGATIONS 19.67%** |  |  |  |  |  |
| U.S. Treasury Bonds | 3.375% |  | 8/15/2042 | 117083000 | 96421967 |
| U.S. Treasury Bonds | 4.125% |  | 8/15/2044 | 53707000 | 48279656 |
| U.S. Treasury Bonds | 4.50% |  | 11/15/2054 | 154968600 | 144701930 |
| U.S. Treasury Bonds | 4.625% |  | 11/15/2044 | 163694000 | 157274126 |
| U.S. Treasury Bonds | 4.75% |  | 2/15/2045 | 16054000 | 15675226 |
| U.S. Treasury Notes | 4.00% |  | 3/31/2030 | 148408000 | 148686265 |
| U.S. Treasury Notes | 4.125% |  | 2/28/2027 | 135599000 | 135990965 |
| U.S. Treasury Notes | 4.25% |  | 11/15/2034 | 13496000 | 13366312 |
| *Total U.S. Treasury Obligations* (cost $775,961,959) | *Total U.S. Treasury Obligations* (cost $775,961,959) | *Total U.S. Treasury Obligations* (cost $775,961,959) | *Total U.S. Treasury Obligations* (cost $775,961,959) |  | 760396447 |
| *Total Long-Term Investments* (cost $4,718,275,575) | *Total Long-Term Investments* (cost $4,718,275,575) | *Total Long-Term Investments* (cost $4,718,275,575) | *Total Long-Term Investments* (cost $4,718,275,575) |  | 4707306983 |

---

<br> 56 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **SHORT-TERM INVESTMENTS 1.81%** | | |
| **REPURCHASE AGREEMENTS 1.17%** |  |  |
| Repurchase Agreement dated 5/30/2025, 4.320% due 6/2/2025 with Barclays Capital, Inc. collateralized by $4,332,100 of U.S. Treasury Note at 3.750% due 4/30/2027; value: $4,326,531; proceeds: $4,241,526 <br> (cost $4,240,000) | $4240000 | $4240000 |
| Repurchase Agreement dated 5/30/2025, 4.000% due 6/2/2025 with Fixed Income Clearing Corp. collateralized by $27,619,900 of U.S. Treasury Note at 1.625% due 11/30/2026; value: $26,876,466; proceeds: $26,358,095<br> (cost $26,349,312) | 26349312 | 26349312 |
| Repurchase Agreement dated 5/30/2025, 4.310% due 6/2/2025 with JPMorgan Securities LLC collateralized by $16,422,900 of U.S. Treasury Bond at 2.750% due 8/15/2032; value: $15,061,224; proceeds: $14,765,301 <br> (cost $14,760,000) | 14760000 | 14760000 |
| *Total Repurchase Agreements* (cost $45,349,312) |  | 45349312 |
| **Time Deposits 0.06%** |  |  |
| CitiBank N.A.<sup>(m)</sup> <br> (cost $2,469,167) | 2469167 | 2469167 |
|  | **Shares** |  |
| **Money Market Funds 0.58%** |  |  |
| Fidelity Government Portfolio<sup>(m)</sup> (cost $22,222,507) | 22222507 | 22222507 |
| *Total Short-Term Investments* (cost $70,040,986) |  | 70040986 |
| *Total Investments in Securities 123.60%* (cost $4,788,316,561) |  | 4777347969 |
| *Other Assets and Liabilities – Net*<sup>(n)</sup> *(23.60)%* |  | (912115522) |
| *Net Assets 100.00%* |  | $3865232447 |

---

---

| | |
|:---|:---|
| CAD | Canadian Dollar. |
| CMT | Constant Maturity Rate. |
| ICE | Intercontinental Exchange. |
| LIBOR | London Interbank Offered Rate. |
| REITS | Real Estate Investment Trusts. |
| REMICS | Real Estate Mortgage Investment Conduits. |
| SOFR | Secured Overnight Financing Rate. |
| STACR | Structured Agency Credit Risk. |
| <sup>‡</sup> | Principal Amount is denominated in U.S. dollars unless otherwise noted. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At May 31, 2025, the total value of Rule 144A securities was $1,708,881,758, which represents 44.21% of net assets. |

---

<br> *See Notes to Financial Statements.* 57

**Schedule of Investments (unaudited)(continued)**

CORE PLUS BOND FUND *May 31, 2025*

---

| | |
|:---|:---|
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at May 31, 2025. |
| <sup>(a)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security fair valued by the Pricing Committee. |
| <sup>(b)</sup> | Securities purchased on a when-issued basis (See Note 2(l)). |
| <sup>(c)</sup> | Interest Rate to be determined. |
| <sup>(d)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(e)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(f)</sup> | Security is perpetual in nature and has no stated maturity. |
| <sup>(g)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the SOFR or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at May 31, 2025. |
| <sup>(h)</sup> | Step Bond – Security with a predetermined schedule of interest rate changes. |
| <sup>(i)</sup> | Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool. |
| <sup>(j)</sup> | To-be-announced ("TBA"). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned. |
| <sup>(k)</sup> | Defaulted (non-income producing security). |
| <sup>(l)</sup> | Interest-only security. The principal amount shown is a notional amount representing the outstanding principal of the underlying debt obligation(s). Holders of interest only securities do not receive principal payments on the underlying debt obligation(s). |
| <sup>(m)</sup> | Security was purchased with the cash collateral from loaned securities. |
| <sup>(n)</sup> | Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on forward foreign currency exchange contracts and futures contracts as follows: |

---

**Forward Foreign Currency Exchange Contracts at May 31, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward<br> Foreign<br> Currency<br>Exchange<br> Contracts | Transaction <br> Type | Counterparty | Expiration <br> Date | Foreign <br> Currency | U.S. $ Cost on<br> Origination <br> Date | U.S. $ Current<br> Value | Unrealized <br> Depreciation |
| Canadian Dollar | Sell | State Street Bank And Trust | 6/13/2025 | 3782000 | $2657208 | $2757362 | $(100154) |

---

**Futures Contracts at May 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Type | Expiration | Contracts | Position | Notional<br> Amount | Notional<br> Value | Unrealized<br> Appreciation |
| U.S. 2-Year Treasury Note | September 2025 | 1261 | Long | $261289840 | $261578687 | $288847 |
| U.S. 5-Year Treasury Note | September 2025 | 1798 | Long | 193846910 | 194521125 | 674215 |
| U.S. Ultra Treasury Bond | September 2025 | 328 | Long | 37324163 | 38068500 | 744337 |
| *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* |  |  |  | $1707399 |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Depreciation** |
| U.S. 10-Year Ultra Treasury Note | September 2025 | 1006 | Short | $(112309209) | $(113222156) | $(912947) |

---

<br> 58 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(concluded)**

CORE PLUS BOND FUND *May 31, 2025*

The following is a summary of the inputs used as of May 31, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Card | $– | $23526307 | $6709380 | $30235687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 506681343 |  | 506681343 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 1890215787 |  | 1890215787 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  | 65721705 |  | 65721705 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 30700017 |  | 30700017 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Collateralized Mortgage Obligations |  | 43092648 |  | 43092648 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 1035577643 |  | 1035577643 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 1517190 |  | 1517190 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 343167281 | 1235 | 343168516 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 760396447 |  | 760396447 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 45349312 |  | 45349312 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 2469167 |  | 2469167 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 22222507 | – | – | 22222507 |
| Total | $22222507 | $4748414847 | $6710615 | $4777347969 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (100154) |  | (100154) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 1707399 |  |  | 1707399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (912947) | – | – | (912947) |
| Total | $794452 | $(100154) | $– | $694298 |

---

---

| | |
|:---|:---|
| |  |
| <sup>(1)</sup> | Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs. |
| <sup>(2)</sup> | See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. |

---

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund's net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund's net assets at the beginning or end of the period.

*See Notes to Financial Statements.* 59

**Schedule of Investments (unaudited)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 95.21%** |  |  |  |  |  |
| **ASSET-BACKED SECURITIES 2.17%** |  |  |  |  |  |
| **Other 2.17%** |  |  |  |  |  |
| AGL CLO 29 Ltd. Series 2024-29A Class D<sup>†</sup> | 8.02%<br> (3 mo. USD Term SOFR + 3.75% |)<sup>#</sup> | 4/21/2037 | $5000000 | $5050485 |
| ARES XLIII CLO Ltd. Series 2017-43A Class D1R2<sup>†</sup> | 7.256%<br> (3 mo. USD Term SOFR + 3.00% |)<sup>#</sup> | 1/15/2038 | 7350000 | 7343628 |
| Ballyrock CLO 22 Ltd. Series 2024-22A Class C<sup>†</sup> | 7.756% <br> (3 mo. USD Term SOFR + 3.50% |)<sup>#</sup> | 4/15/2037 | 7400000 | 7444015 |
| Ballyrock CLO 28 Ltd. Series 2024-28A Class C1<sup>†</sup> | 7.127% <br> (3 mo. USD Term SOFR + 2.80% |)<sup>#</sup> | 1/20/2038 | 7000000 | 7016401 |
| Benefit Street Partners CLO IV Ltd. Series 2014-IVA Class DAR4<sup>†</sup> | 7.97%<br> (3 mo. USD Term SOFR + 3.70% |)<sup>#</sup> | 4/20/2034 | 8500000 | 8521241 |
| Carlyle U.S. CLO Ltd. Series 2024-1A Class D<sup>†</sup> | 8.156%<br> (3 mo. USD Term SOFR + 3.90% |)<sup>#</sup> | 4/15/2037 | 9250000 | 9335794 |
| CIFC Funding Ltd. Series 2013-1A Class CR<sup>†</sup> | 8.072%<br> (3 mo. USD Term SOFR + 3.81% |)<sup>#</sup> | 7/16/2030 | 6750000 | 6765039 |
| Generate CLO 15 Ltd. Series 2024-15A Class D<sup>†</sup> | 8.02%<br> (3 mo. USD Term SOFR + 3.75% |)<sup>#</sup> | 7/20/2037 | 9520000 | 9627233 |
| Generate CLO 16 Ltd. Series 2024-16A Class D1<sup>†</sup> | 7.52%<br> (3 mo. USD Term SOFR + 3.25% |)<sup>#</sup> | 7/20/2037 | 8500000 | 8524021 |
| KKR CLO 45a Ltd. Series 2024-45A Class D<sup>†</sup> | 8.156%<br> (3 mo. USD Term SOFR + 3.90% |)<sup>#</sup> | 4/15/2035 | 12000000 | 12028332 |
| OCP CLO Ltd. Series 2023-30A Class D<sup>†</sup> | 8.775%<br> (3 mo. USD Term SOFR + 4.50% |)<sup>#</sup> | 1/24/2037 | 1250000 | 1262170 |
| OCP CLO Ltd. Series 2024-31A Class D<sup>†</sup> | 8.22%<br> (3 mo. USD Term SOFR + 3.95% |)<sup>#</sup> | 4/20/2037 | 4080000 | 4117650 |
| Pikes Peak CLO 6 Series 2020-6A Class DRR<sup>†</sup> | 6.824%<br> (3 mo. USD Term SOFR + 2.50% |)<sup>#</sup> | 5/18/2034 | 2250000 | 2242240 |
| Regatta XXVIII Funding Ltd. Series 2024-2A Class D1<sup>†</sup> | 8.282%<br> (3 mo. USD Term SOFR + 4.00% |)<sup>#</sup> | 4/25/2037 | 11850000 | 11977305 |
| *Total Asset-Backed Securities* (cost $100,706,750) |  |  |  |  | 101255554 |

---

60 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | | | **Shares** | **Fair<br> Value** |
| **COMMON STOCKS 0.48%** | |  |  |  |
| **Electric: Utilities 0.04%** | |  |  |  |
| Frontera Generation Holdings LLC\* |  |  | 209679 | $1625012 |
| **Health Care Providers & Services 0.16%** |  |  |  |  |
| Recovery Solutions LLC\* |  |  | 377697 | 5098907 |
| Wellpath Holdings, Inc.\* |  |  | 181929 | 90964 |
| Wellpath Holdings, Inc.\* |  |  | 176289 | 2379909 |
| *Total* |  |  |  | 7569780 |
| **Machinery 0.01%** |  |  |  |  |
| TNT Crane & Rigging, Inc.\* |  |  | 528781 | 611271 |
| **Miscellaneous Financials 0.21%** |  |  |  |  |
| Utex Industries\* |  |  | 297535 | 9595504 |
| **Transportation Infrastructure 0.06%** |  |  |  |  |
| ACBL Holdings Corp.\* |  |  | 60887 | 3013907 |
| *Total Common Stocks* (cost $29,557,835) |  |  |  | 22415474 |
|  | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> |  |
| **CORPORATE BONDS 6.90%** |  |  |  |  |
| **Advertising 0.06%** |  |  |  |  |
| Advantage Sales & Marketing, Inc.<sup>†</sup> | 6.50% | 11/15/2028 | $3882500 | 2968933 |
| **Airlines 0.17%** |  |  |  |  |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Malta)<sup>†(a)(b)</sup> | 9.50% | 6/1/2028 | 8067000 | 7954679 |
| **Apparel 0.06%** |  |  |  |  |
| S&S Holdings LLC<sup>†</sup> | 8.375% | 10/1/2031 | 2936000 | 2804625 |
| **Banks 0.18%** |  |  |  |  |
| Freedom Mortgage Corp.<sup>†</sup> | 6.625% | 1/15/2027 | 8334000 | 8319885 |
| **Building Materials 0.29%** |  |  |  |  |
| ACProducts Holdings, Inc.<sup>†</sup> | 6.375% | 5/15/2029 | 7065000 | 2602059 |
| Camelot Return Merger Sub, Inc.<sup>†</sup> | 8.75% | 8/1/2028 | 12440000 | 11020410 |
| *Total* |  |  |  | 13622469 |

---

*See Notes to Financial Statements.* 61

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Chemicals 0.41%** |  |  |  |  |  |
| Cerdia Finanz GmbH (Germany)<sup>†(a)</sup> | 9.375% |  | 10/3/2031 | $8289000 | $8537869 |
| Kobe U.S. Midco 2, Inc.<sup>†</sup> | 9.25% |  | 11/1/2026 | 11823656 | 10523054 |
| *Total* |  |  |  |  | 19060923 |
| **Commercial Services 0.54%** |  |  |  |  |  |
| Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxembourg)<sup>†(a)</sup> | 7.00% |  | 5/21/2030 | 15591000 | 15850888 |
| WASH Multifamily Acquisition, Inc.<sup>†</sup> | 5.75% |  | 4/15/2026 | 9363000 | 9350091 |
| *Total* |  |  |  |  | 25200979 |
| **Computers 0.19%** |  |  |  |  |  |
| CACI International, Inc.<sup>†(c)</sup> | 6.375% |  | 6/15/2033 | 4090000 | 4174622 |
| McAfee Corp.<sup>†</sup> | 7.375% |  | 2/15/2030 | 4774000 | 4419635 |
| *Total* |  |  |  |  | 8594257 |
| **Diversified Financial Services 0.78%** |  |  |  |  |  |
| Bread Financial Holdings, Inc.<sup>†</sup> | 8.375%<br> (5 yr. CMT + 4.30% |)<sup>#</sup> | 6/15/2035 | 4246000 | 4126584 |
| EZCORP, Inc.<sup>†</sup> | 7.375% |  | 4/1/2032 | 4587000 | 4771631 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 6.75% |  | 5/1/2033 | 6207000 | 6369667 |
| Jefferson Capital Holdings LLC<sup>†</sup> | 8.25% |  | 5/15/2030 | 3197000 | 3274882 |
| Navient Corp. | 9.375% |  | 7/25/2030 | 6951000 | 7576145 |
| PRA Group, Inc.<sup>†(b)</sup> | 5.00% |  | 10/1/2029 | 11546000 | 10369347 |
| *Total* |  |  |  |  | 36488256 |
| **Hand/Machine Tools 0.37%** |  |  |  |  |  |
| IMA Industria Macchine Automatiche SpA<sup>†</sup> | 6.029%<br> (3 mo. EURIBOR + 3.75% |)<sup>#</sup> | 4/15/2029 | 2771000 | 3179714 |
| IMA Industria Macchine Automatiche SpA | 6.029%<br> (3 mo. EURIBOR + 3.75% |)<sup>#</sup> | 4/15/2029 | 5260000 | 6035835 |
| Werner FinCo LP/Werner FinCo, Inc.<sup>†</sup> | 11.50% |  | 6/15/2028 | $7555000 | 8225507 |
| *Total* |  |  |  |  | 17441056 |
| **Internet 0.67%** |  |  |  |  |  |
| Acuris Finance U.S., Inc./Acuris Finance SARL<sup>†</sup> | 9.00% |  | 8/1/2029 | 14345000 | 14671349 |
| GrubHub Holdings, Inc.<sup>†(b)</sup> | 5.50% |  | 7/1/2027 | 9491000 | 8767353 |
| Rakuten Group, Inc. (Japan)<sup>†(a)</sup> | 9.75% |  | 4/15/2029 | 7471000 | 8013700 |
| *Total* |  |  |  |  | 31452402 |
| **Leisure Time 0.33%** |  |  |  |  |  |
| Carnival Corp.<sup>†</sup> | 6.125% |  | 2/15/2033 | 5000000 | 5015472 |
| Deuce Finco PLC | 5.50% |  | 6/15/2027 | 7544000 | 10119426 |
| *Total* |  |  |  |  | 15134898 |

---

62 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Media 0.17%** |  |  |  |  |
| CSC Holdings LLC<sup>†</sup> | 6.50% | 2/1/2029 | $9567000 | $7641830 |
| **Metal Fabricate-Hardware 0.06%** |  |  |  |  |
| Park-Ohio Industries, Inc.<sup>(b)</sup> | 6.625% | 4/15/2027 | 2974000 | 2887506 |
| **Mining 0.00%** |  |  |  |  |
| Mirabela Nickel Ltd. | Zero Coupon | 9/10/2044 | 51005 | – <sup>(d)</sup> |
| **Oil & Gas 0.60%** |  |  |  |  |
| Chord Energy Corp.<sup>†</sup> | 6.75% | 3/15/2033 | 6971000 | 6928480 |
| Crescent Energy Finance LLC<sup>†</sup> | 7.625% | 4/1/2032 | 4778000 | 4508527 |
| Matador Resources Co.<sup>†</sup> | 6.50% | 4/15/2032 | 7117000 | 6974919 |
| Talos Production, Inc.<sup>†</sup> | 9.375% | 2/1/2031 | 9551000 | 9399072 |
| *Total* |  |  |  | 27810998 |
| **Pharmaceuticals 0.41%** |  |  |  |  |
| Curaleaf Holdings, Inc. | 8.00% | 12/15/2026 | 10322000 | 9547850 |
| Trulieve Cannabis Corp. | 8.00% | 10/6/2026 | 9805000 | 9664886 |
| *Total* |  |  |  | 19212736 |
| **Pipelines 0.11%** |  |  |  |  |
| Rockies Express Pipeline LLC<sup>†</sup> | 6.75% | 3/15/2033 | 4770000 | 4918810 |
| **REITS 0.22%** |  |  |  |  |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 4.25% | 2/1/2027 | 8259000 | 8085238 |
| Starwood Property Trust, Inc.<sup>†</sup> | 6.50% | 10/15/2030 | 2253000 | 2285668 |
| *Total* |  |  |  | 10370906 |
| **Retail 0.53%** |  |  |  |  |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. (United Kingdom)<sup>†(a)</sup> | 8.75% | 1/15/2032 | 11032000 | 8571368 |
| GPS Hospitality Holding Co. LLC/GPS Finco, Inc.<sup>†</sup> | 7.00% | 8/15/2028 | 11756000 | 6883335 |
| Park River Holdings, Inc.<sup>†</sup> | 5.625% | 2/1/2029 | 4382000 | 3543700 |
| QXO Building Products, Inc.<sup>†</sup> | 6.75% | 4/30/2032 | 5729000 | 5888552 |
| *Total* |  |  |  | 24886955 |
| **Software 0.27%** |  |  |  |  |
| Dye & Durham Ltd. (Canada)<sup>†(a)</sup> | 8.625% | 4/15/2029 | 4503000 | 4675100 |
| Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL<sup>†</sup> | 8.75% | 5/1/2029 | 7966000 | 8095639 |
| *Total* |  |  |  | 12770739 |

---

*See Notes to Financial Statements.* 63

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Telecommunications 0.04%** |  |  |  |  |
| Lumen Technologies, Inc.<sup>†</sup> | 5.375% | 6/15/2029 | $2247000 | $1990696 |
| **Transportation 0.44%** |  |  |  |  |
| Carriage Purchaser, Inc.<sup>†(b)</sup> | 7.875% | 10/15/2029 | 6974000 | 5974637 |
| Rand Parent LLC<sup>†</sup> | 8.50% | 2/15/2030 | 7500000 | 7396838 |
| Seaspan Corp. (Hong Kong)<sup>†(a)</sup> | 5.50% | 8/1/2029 | 7742000 | 7145547 |
| *Total* |  |  |  | 20517022 |
| *Total Corporate Bonds* (cost $330,531,380) |  |  |  | 322051560 |
|  |  |  | **Shares** |  |
| **EXCHANGE-TRADED FUNDS 2.24%** |  |  |  |  |
| **Exchange-Traded Funds 1.74%** |  |  |  |  |
| Invesco Senior Loan ETF<sup>(b)</sup> |  |  | 3900384 | 81362010 |
| **Miscellaneous Financials 0.50%** |  |  |  |  |
| SPDR Blackstone Senior Loan ETF<sup>(b)</sup> |  |  | 565770 | 23417220 |
| *Total Exchange-Traded Funds* (cost $104,904,441) |  |  |  | 104779230 |
|  |  |  | **Principal<br> Amount**<sup>‡</sup> |  |
| **FLOATING RATE LOANS**<sup>(e)</sup> **82.80%** |  |  |  |  |
| **Advertising 0.75%** |  |  |  |  |
| Advantage Sales & Marketing, Inc. 2024 Term Loan | 8.789%<br> (3 mo. USD Term SOFR + 4.25%) | 10/28/2027 | $9527756 | 8014082 |
| CMG Media Corp. 2024 Term Loan | 7.899%<br> (3 mo. USD Term SOFR + 3.50%) | 6/18/2029 | 17061993 | 16265795 |
| Summer BC Holdco B SARL 2024 USD Term Loan B | 9.559%<br> (3 mo. USD Term SOFR + 5.00%) | 2/15/2029 | 10744237 | 10659196 |
| *Total* |  |  |  | 34939073 |
| **Aerospace/Defense 1.83%** |  |  |  |  |
| Alloy Finco Ltd. USD Holdco PIK Term Loan 13.50%<sup>(a)</sup> | 0.50% | 3/6/2028 | 13561483 | 19325113 |
| Barnes Group, Inc. 2025 Term Loan B | 7.329%<br> (1 mo. USD Term SOFR + 3.00%) | 1/27/2032 | 6730000 | 6716338 |
| Doncasters Finance U.S. LLC 2024 Term Loan<sup>(a)</sup> | 10.799%<br> (3 mo. USD Term SOFR + 6.50%) | 4/23/2030 | 2785978 | 2837059 |
| Dynasty Acquisition Co., Inc. 2024 1st Lien Term Loan B1 | 6.327%<br> (1 mo. USD Term SOFR + 2.00%) | 10/31/2031 | 8853436 | 8859810 |

---

64 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Aerospace/Defense (continued)** |  |  |  |  |
| Dynasty Acquisition Co., Inc. 2024 1st Lien Term Loan B2 | 6.327%<br> (1 mo. USD Term SOFR + 2.00%) | 10/31/2031 | $3367564 | $3369989 |
| TransDigm, Inc. 2023 Term Loan J | 6.799%<br> (3 mo. USD Term SOFR + 2.50%) | 2/28/2031 | 9882809 | 9893631 |
| TransDigm, Inc. 2024 Term Loan | 6.799%<br> (3 mo. USD Term SOFR + 2.50%) | 1/19/2032 | 24270157 | 24290787 |
| TransDigm, Inc. 2024 Term Loan K | 7.049%<br> (3 mo. USD Term SOFR + 2.75%) | 3/22/2030 | 10158880 | 10197382 |
| *Total* |  |  |  | 85490109 |
| **Airlines 1.03%** |  |  |  |  |
| American Airlines, Inc. 2025 Term Loan | 6.52%<br> (3 mo. USD Term SOFR + 2.25%) | 4/20/2028 | 29900745 | 29635376 |
| JetBlue Airways Corp. 2024 Term Loan B | 9.055%<br> (3 mo. USD Term SOFR + 4.75%) | 8/27/2029 | 7504660 | 7331114 |
| United Airlines, Inc. 2024 1st Lien Term Loan B | 6.275%<br> (3 mo. USD Term SOFR + 2.00%) | 2/22/2031 | 5060130 | 5081003 |
| Vista Management Holding, Inc. 2025 Term Loan B | 8.048%<br> (3 mo. USD Term SOFR + 3.75%) | 4/1/2031 | 6103000 | 6109378 |
| *Total* |  |  |  | 48156871 |
| **Apparel 0.47%** |  |  |  |  |
| ABG Intermediate Holdings 2 LLC 2024 1st Lien Term Loan B | 6.577%<br> (1 mo. USD Term SOFR + 2.25%) | 12/21/2028 | 13507659 | 13437622 |
| S&S Holdings LLC 2024 Term Loan | 9.325%<br> (1 mo. USD Term SOFR + 5.00%) | 10/1/2031 | 3989495 | 3824928 |
| WH Borrower LLC 2025 Term Loan B | – <sup>(f)</sup> | 2/20/2032 | 4775000 | 4743652 |
| *Total* |  |  |  | 22006202 |
| **Auto Parts & Equipment 0.90%** |  |  |  |  |
| Clarios Global LP 2024 USD Term Loan B<sup>(a)</sup> | 6.827%<br> (1 mo. USD Term SOFR + 2.50%) | 5/6/2030 | 6443850 | 6419686 |
| Clarios Global LP 2025 USD Term Loan B<sup>(a)</sup> | 7.077%<br> (1 mo. USD Term SOFR + 2.75%) | 1/28/2032 | 14192000 | 14174260 |
| RealTruck Group, Inc. 2023 Incremental Term Loan | 9.441%<br> (1 mo. USD Term SOFR + 5.00%) | 1/31/2028 | 4663579 | 4545823 |
| Tenneco, Inc. 2022 Term Loan B | 9.399% - 9.42%<br> (3 mo. USD Term SOFR + 5.00%) | 11/17/2028 | 17153000 | 16664311 |
| *Total* |  |  |  | 41804080 |

---

*See Notes to Financial Statements.* 65

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Banks 0.55%** |  |  |  |  |
| AqGen Island Holdings, Inc. 2024 Term Loan B | 7.327%<br> (1 mo. USD Term SOFR + 3.00%) | 8/2/2028 | $16295540 | $16270771 |
| Chrysaor Bidco SARL USD Term Loan B<sup>(a)</sup> | 7.242%<br> (3 mo. USD Term SOFR + 3.00%) | 10/30/2031 | 8755891 | 8817007 |
| Chrysaor Bidco SARL USD Delayed Draw Term Loan<sup>(a)(g)</sup> | – <sup>(f)</sup> | 10/30/2031 | 649165 | 653696 |
| *Total* |  |  |  | 25741474 |
| **Beverages 0.88%** |  |  |  |  |
| Celsius Holdings, Inc. Term Loan | 7.492%<br> (3 mo. USD Term SOFR + 3.25%) | 4/1/2032 | 2864000 | 2881456 |
| Pegasus Bidco BV 2024 EUR Term Loan B2 | 5.643%<br> (3 mo. EURIBOR + 3.50%) | 7/12/2029 | 5328000 | 6096291 |
| Pegasus BidCo BV 2024 Term Loan B<sup>(a)</sup> | 7.576%<br> (3 mo. USD Term SOFR + 3.25%) | 7/12/2029 | $9832570 | 9881733 |
| Triton Water Holdings, Inc. 2025 Term Loan B | 6.549%<br> (3 mo. USD Term SOFR + 2.25%) | 3/31/2028 | 21975260 | 22006905 |
| *Total* |  |  |  | 40866385 |
| **Building Materials 1.88%** |  |  |  |  |
| Cornerstone Building Brands, Inc. 2021 Term Loan B | 7.679%<br> (1 mo. USD Term SOFR + 3.25%) | 4/12/2028 | 4476684 | 4008490 |
| Cornerstone Building Brands, Inc. 2024 Term Loan B | 8.829%<br> (1 mo. USD Term SOFR + 4.50%) | 5/15/2031 | 3316194 | 2801272 |
| CP Atlas Buyer, Inc. 2021 Term Loan B | 8.177%<br> (1 mo. USD Term SOFR + 3.75%) | 11/23/2027 | 12484528 | 11878092 |
| ECO Material Tech, Inc. Term Loan | 7.467%<br> (6 mo. USD Term SOFR + 3.25%) | 2/12/2032 | 8601000 | 8614461 |
| EMRLD Borrower LP 2024 Term Loan B | 6.799%<br> (3 mo. USD Term SOFR + 2.50%) | 8/4/2031 | 5071515 | 5053308 |
| Groundworks LLC 2024 Delayed Draw Term Loan<sup>(g)</sup> | – <sup>(f)</sup> | 3/14/2031 | 750110 | 749641 |
| Groundworks LLC 2024 Term Loan | – <sup>(f)</sup> | 3/14/2031 | 4049890 | 4047359 |
| Hobbs & Associates LLC Term Loan B | 7.077%<br> (1 mo. USD Term SOFR + 2.75%) | 7/23/2031 | 4850876 | 4838749 |
| Quikrete Holdings, Inc. 2025 Term Loan B | 6.577%<br> (1 mo. USD Term SOFR + 2.25%) | 2/10/2032 | 39990667 | 39870695 |
| Smyrna Ready Mix Concrete LLC 2025 Term Loan B | 7.325%<br> (1 mo. USD Term SOFR + 3.00%) | 4/2/2029 | 5738000 | 5748787 |
| *Total* |  |  |  | 87610854 |

---

66 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Chemicals 1.87%** |  |  |  |  |
| Bakelite U.S. Holdco, Inc. 2024 Term Loan B | 8.049%<br> (3 mo. USD Term SOFR + 3.75%) | 12/23/2031 | $10500683 | $10362914 |
| Hexion Holdings Corp. 2024 Term Loan B | 8.325%<br> (1 mo. USD Term SOFR + 4.00%) | 3/15/2029 | 3859214 | 3842677 |
| INEOS Finance PLC 2024 EUR 1st Lien Term Loan B | 5.509%<br> (1 mo. EURIBOR + 3.50%) | 6/23/2031 | 9838000 | 10912239 |
| INEOS Quattro Holdings U.K. Ltd. 2023 USD 1st Lien Term Loan B<sup>(a)</sup> | 8.677%<br> (1 mo. USD Term SOFR + 4.25%) | 4/2/2029 | $9725441 | 8947406 |
| INEOS U.S. Finance LLC 2021 USD Term Loan B | 6.927%<br> (1 mo. USD Term SOFR + 2.50%) | 11/8/2028 | 2476617 | 2434564 |
| INEOS U.S. Finance LLC 2024 USD 1st Lien Term Loan B | 7.327%<br> (1 mo. USD Term SOFR + 3.00%) | 2/7/2031 | 4454221 | 4313913 |
| Lonza Group AG USD Term Loan B<sup>(a)</sup> | – <sup>(f)</sup> | 7/3/2028 | 4815637 | 4599488 |
| Nouryon Finance BV 2024 USD Term Loan B1<sup>(a)</sup> | 7.51%<br> (3 mo. USD Term SOFR + 3.25%) | 4/3/2028 | 18174543 | 18257873 |
| Nouryon Finance BV 2024 USD Term Loan B2<sup>(a)</sup> | 7.55%<br> (3 mo. USD Term SOFR + 3.25%) | 4/3/2028 | 2755951 | 2768008 |
| SCIH Salt Holdings, Inc. 2021 Incremental Term Loan B | – <sup>(f)</sup> | 1/31/2029 | 9409000 | 9397991 |
| USALCO LLC 2024 Term Loan B | 8.299%<br> (3 mo. USD Term SOFR + 4.00%) | 9/30/2031 | 5354520 | 5383809 |
| USALCO LLC 2024 Delayed Draw Term Loan<sup>(g)</sup> | – <sup>(f)</sup> | 9/30/2031 | 553060 | 556086 |
| WR Grace & Co-Conn. 2021 Term Loan B | – <sup>(f)</sup> | 9/22/2028 | 5730000 | 5727135 |
| *Total* |  |  |  | 87504103 |
| **Commercial Services 5.72%** |  |  |  |  |
| Allied Universal Holdco LLC 2021 USD Incremental Term Loan B | 8.177%<br> (1 mo. USD Term SOFR + 3.75%) | 5/12/2028 | 21054895 | 21109217 |
| Amber Finco PLC 2024 EUR Term Loan | 5.855%<br> (3 mo. EURIBOR + 3.50%) | 6/11/2029 | 5200000 | 5946616 |
| AVSC Holding Corp. 2020 Term Loan B2 | 9.957%<br> (1 mo. USD Term SOFR + 5.50%) | 10/15/2026 | $91 | 91 |
| BCP V Modular Services Holdings IV Ltd. 2024 EUR Term Loan B | 6.53%<br> (3 mo. EURIBOR + 4.18%) | 12/15/2028 | 7170000 | 8084759 |
| Belron Finance 2019 LLC 2024 USD Term Loan B | 7.049%<br> (3 mo. USD Term SOFR + 2.75%) | 10/16/2031 | $27719705 | 27868698 |
| Boluda Towage SL 2024 EUR Term Loan B | 5.539%<br> (3 mo. EURIBOR + 3.50%) | 1/31/2030 | 4915000 | 5626081 |

---

*See Notes to Financial Statements.* 67

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Commercial Services (continued)** |  |  |  |  |
| Brock Holdings III, Inc. 2024 Term Loan B | 10.299%<br> (3 mo. USD Term SOFR + 6.00% | 5/2/2030 | $6960025 | $6664224 |
| CHG Healthcare Services, Inc. 2024 Term Loan B1 | 7.327% - 7.33%<br> (1 mo. USD Term SOFR + 3.00%<br> (3 mo. USD Term SOFR + 3.00% | 9/29/2028 | 10405761 | 10440100 |
| CoreLogic, Inc. Term Loan | 7.941%<br> (1 mo. USD Term SOFR + 3.50% | 6/2/2028 | 12194547 | 12046688 |
| Corp. Service Co. Term Loan B | 6.327%<br> (1 mo. USD Term SOFR + 2.00% | 11/2/2029 | 11020764 | 11024236 |
| Crash Champions LLC 2024 Term Loan B | 9.08%<br> (3 mo. USD Term SOFR + 4.75% | 2/23/2029 | 9849692 | 9170999 |
| Creative Artists Agency LLC 2024 1st Lien Term Loan B | 7.077%<br> (1 mo. USD Term SOFR + 2.75% | 10/1/2031 | 4767053 | 4773393 |
| Ensemble RCM LLC 2024 Term Loan B | 7.28%<br> (3 mo. USD Term SOFR + 3.00% | 8/1/2029 | 18301392 | 18355747 |
| First Advantage Holdings LLC 2024 Term Loan B | 7.577%<br> (1 mo. USD Term SOFR + 3.25% | 10/31/2031 | 13910297 | 13921912 |
| Garda World Security Corp. 2025 Term Loan B<sup>(a)</sup> | 7.333%<br> (1 mo. USD Term SOFR + 3.00% | 2/1/2029 | 11522604 | 11505781 |
| Grant Thornton Advisors LLC 2025 Term Loan B | 7.077%<br> (1 mo. USD Term SOFR + 2.75% | 6/2/2031 | 7545359 | 7531287 |
| IFCO Management GmbH 2024 EUR 1st Lien Term Loan B | 6.336%<br> (6 mo. EURIBOR + 3.50% | 11/29/2029 | 7424457 | 8489111 |
| Mavis Tire Express Services Corp. 2025 Repriced Term Loan | 7.333%<br> (3 mo. USD Term SOFR + 3.00% | 5/4/2028 | $14738954 | 14640719 |
| Nuvei Technologies Corp. 2024 Term Loan B1<sup>(a)</sup> | 7.327%<br> (1 mo. USD Term SOFR + 3.00% | 11/17/2031 | 7677000 | 7675426 |
| PG Investment Co. 59 SARL Term Loan B<sup>(a)</sup> | 7.299%<br> (3 mo. USD Term SOFR + 3.00% | 3/26/2031 | 11945990 | 11981828 |
| Raven Acquisition Holdings LLC Term Loan B | 7.577%<br> (1 mo. USD Term SOFR + 3.25% | 11/19/2031 | 20853467 | 20833969 |
| Spin Holdco, Inc. 2021 Term Loan | 8.562%<br> (3 mo. USD Term SOFR + 4.00% | 3/4/2028 | 6257242 | 5384482 |
| Trans Union LLC 2024 Term Loan B9 | 6.077%<br> (1 mo. USD Term SOFR + 1.75% | 6/24/2031 | 4988070 | 4991188 |
| TruGreen LP 2020 Term Loan | 8.427%<br> (1 mo. USD Term SOFR + 4.00% | 11/2/2027 | 49387 | 47473 |

---

68 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Commercial Services (continued)** |  |  |  |  |
| Veritiv Corp. Term Loan B | 8.299%<br> (3 mo. USD Term SOFR + 4.00%) | 11/30/2030 | $8300145 | $8315998 |
| Wand NewCo 3, Inc. 2025 Repriced Term Loan B | 6.827%<br> (1 mo. USD Term SOFR + 2.50%) | 1/30/2031 | 5625490 | 5581386 |
| Xplor T1 LLC Term Loan B | 7.799%<br> (3 mo. USD Term SOFR + 3.50%) | 6/24/2031 | 4999770 | 5018519 |
| *Total* |  |  |  | 267029928 |
| **Commercial Services & Supplies 0.96%** |  |  |  |  |
| Boost Newco Borrower LLC 2025 USD Term Loan B | 6.299%<br> (3 mo. USD Term SOFR + 2.00%) | 1/31/2031 | 31108013 | 31200403 |
| Grant Thornton Advisors LLC 2025 Incremental Term Loan | 7.327%<br> (1 mo. USD Term SOFR + 3.00%) | 6/2/2031 | 6680000 | 6684175 |
| Raven Acquisition Holdings LLC Delayed Draw Term Loan<sup>(g)</sup> | – <sup>(f)</sup> | 11/19/2031 | 1489533 | 1488141 |
| Shift4 Payments LLC 2025 Term Loan | – <sup>(f)</sup> | 5/7/2032 | 5479000 | 5518942 |
| *Total* |  |  |  | 44891661 |
| **Computers 3.30%** |  |  |  |  |
| Ahead DB Holdings LLC 2024 Term Loan B3 | 7.285%<br> (3 mo. USD Term SOFR + 3.00%) | 2/3/2031 | 10533748 | 10556448 |
| Amentum Government Services Holdings LLC 2024 Term Loan B | 6.577%<br> (1 mo. USD Term SOFR + 2.25%) | 9/29/2031 | 12448800 | 12409960 |
| Clover Holdings 2 LLC Term Loan B | 8.295%<br> (3 mo. USD Term SOFR + 4.00%) | 12/9/2031 | 11611000 | 11644846 |
| Clover Holdings 2 LLC Fixed Term Loan B | – <sup>(f)</sup> | 12/9/2031 | 2865000 | 2897231 |
| Fortress Intermediate 3, Inc. Term Loan B | 7.827%<br> (1 mo. USD Term SOFR + 3.50%) | 6/27/2031 | 11268647 | 11296818 |
| Kaseya, Inc. 2025 1st Lien Term Loan B | 7.577%<br> (1 mo. USD Term SOFR + 3.25%) | 3/20/2032 | 15593000 | 15609762 |
| Kaseya, Inc. 2025 2nd Lien Term Loan B | 9.327%<br> (1 mo. USD Term SOFR + 5.00%) | 3/18/2033 | 3214359 | 3215870 |
| McAfee LLC 2024 USD 1st Lien Term Loan B | 7.329%<br> (1 mo. USD Term SOFR + 3.00%) | 3/1/2029 | 25983818 | 25080881 |
| Nielsen Consumer, Inc. 2025 USD Term Loan | 7.827%<br> (1 mo. USD Term SOFR + 3.50%) | 3/6/2028 | 9563000 | 9566969 |
| Twitter, Inc. 2025 Fixed Term Loan | 9.50% | 10/26/2029 | 32551000 | 32441629 |

---

*See Notes to Financial Statements.* 69

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Computers (continued)** |  |  |  |  |
| Vision Solutions, Inc. 2021 2nd Lien Term Loan | 11.791%<br> (3 mo. USD Term SOFR + 7.25% | 4/23/2029 | $2803000 | $2532048 |
| Vision Solutions, Inc. 2021 Incremental Term Loan | 8.541%<br> (3 mo. USD Term SOFR + 4.00% | 4/24/2028 | 18078380 | 16998197 |
| *Total* |  |  |  | 154250659 |
| **Construction & Engineering 0.51%** |  |  |  |  |
| FrontDoor, Inc. 2024 Term Loan B | 6.577%<br> (1 mo. USD Term SOFR + 2.25% | 12/19/2031 | 9578183 | 9632060 |
| Service Logic Acquisition, Inc. 2025 Repriced Term Loan B | 7.28% - 7.33%<br> (1 mo. USD Term SOFR + 3.00%<br> (3 mo. USD Term SOFR + 3.00% | 10/29/2027 | 14161764 | 14179466 |
| *Total* |  |  |  | 23811526 |
| **Consumer Non-Durables 0.22%** |  |  |  |  |
| Anastasia Parent LLC 2018 Term Loan B | 8.311%<br> (3 mo. USD Term SOFR + 3.75% | 8/11/2025 | 12470867 | 10454764 |
| **Containers & Packaging 1.38%** |  |  |  |  |
| Berlin Packaging LLC 2024 Term Loan B7 | 7.799% - 7.82%<br> (1 mo. USD Term SOFR + 3.50%<br> (3 mo. USD Term SOFR + 3.50% | 6/7/2031 | 13935565 | 13981692 |
| Charter NEX U.S., Inc. 2024 Term Loan B1 | 7.093%<br> (1 mo. USD Term SOFR + 2.75% | 11/29/2030 | 12174463 | 12212508 |
| Clydesdale Acquisition Holdings, Inc. 2025 Delayed Draw Term Loan<sup>(g)</sup> | 7.492%<br> (3 mo. USD Term SOFR + 3.25% | 4/1/2032 | 525189 | 521783 |
| Clydesdale Acquisition Holdings, Inc. 2025 Term Loan B | 7.492%<br> (3 mo. USD Term SOFR + 3.25% | 4/1/2032 | 30040811 | 29845996 |
| Proampac PG Borrower LLC 2024 Term Loan | 8.256% - 8.32%<br> (3 mo. USD Term SOFR + 4.00% | 9/15/2028 | 49215 | 49252 |
| SupplyOne, Inc. 2024 Term Loan B | 8.077%<br> (1 mo. USD Term SOFR + 3.75% | 4/21/2031 | 7750238 | 7786548 |
| *Total* |  |  |  | 64397779 |
| **Cosmetics/Personal Care 0.76%** |  |  |  |  |
| Conair Holdings LLC Term Loan B | 8.191%<br> (1 mo. USD Term SOFR + 3.75% | 5/17/2028 | 20951608 | 15085158 |
| Opal Bidco SAS USD Term Loan B |  | 4/28/2032 | 20539000 | 20590347 |
| *Total* |  |  |  | 35675505 |

---

70 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Distribution/Wholesale 0.55%** |  |  |  |  |
| Barentz International BV 2025 USD Term Loan B<sup>(a)</sup> | 7.649%<br> (3 mo. USD Term SOFR + 3.25%) | 3/3/2031 | $7959591 | $7956247 |
| BCPE Empire Holdings, Inc. 2025 Term Loan B | 7.577%<br> (1 mo. USD Term SOFR + 3.25%) | 12/11/2030 | 11606447 | 11518703 |
| Olympus Water U.S. Holding Corp. 2024 USD Term Loan | 7.299%<br> (3 mo. USD Term SOFR + 3.00%) | 6/20/2031 | 6019142 | 5988685 |
| *Total* |  |  |  | 25463635 |
| **Diversified Financial Services 3.80%** |  |  |  |  |
| Advisor Group, Inc. 2024 Term Loan B | 7.827%<br> (1 mo. USD Term SOFR + 3.50%) | 8/17/2028 | 12642069 | 12700160 |
| Apex Group Treasury LLC 2025 USD Term Loan B | 7.825%<br> (1 mo. USD Term SOFR + 3.50%) | 2/27/2032 | 8998000 | 8999890 |
| Aretec Group, Inc. 2024 1st Lien Term Loan B | 7.827%<br> (1 mo. USD Term SOFR + 3.50%) | 8/9/2030 | 15761623 | 15757131 |
| Armor Holding II LLC 2024 Term Loan | 7.967%<br> (6 mo. USD Term SOFR + 3.75%) | 12/11/2028 | 10113209 | 10176416 |
| Armor Holding II LLC 2025 Fungible Add On Term Loan B | 8.035%<br> (3 mo. USD Term SOFR + 3.75%) | 12/11/2028 | 2033000 | 2045706 |
| AssetMark Financial Holdings, Inc. 2024 Term Loan | 7.049%<br> (3 mo. USD Term SOFR + 2.75%) | 9/5/2031 | 11734590 | 11734590 |
| Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | 6.073%<br> (1 mo. USD Term SOFR + 1.75%) | 6/24/2030 | 4987500 | 4993734 |
| Dechra Pharmaceuticals Holdings Ltd. USD Term Loan B<sup>(a)</sup> | 7.542%<br> (6 mo. USD Term SOFR + 3.25%) | 1/27/2032 | 5097000 | 5071515 |
| DRW Holdings LLC 2024 Term Loan B | 7.827%<br> (1 mo. USD Term SOFR + 3.50%) | 6/26/2031 | 18282699 | 18316979 |
| Edelman Financial Center LLC 2024 2nd Lien Term Loan | 9.577%<br> (1 mo. USD Term SOFR + 5.25%) | 10/6/2028 | 6942000 | 6942035 |
| FNZ Group Services Ltd. 2024 USD Term Loan B<sup>(a)</sup> | 9.26%<br> (3 mo. USD Term SOFR + 5.00%) | 11/5/2031 | 9419000 | 7284042 |
| Focus Financial Partners LLC 2025 Incremental Term Loan B | – <sup>(f)</sup> | 9/15/2031 | 1910000 | 1902742 |
| GEN II Fund Services LLC 2024 Term Loan B | 6.967%<br> (6 mo. USD Term SOFR + 2.75%) | 11/26/2031 | 4353000 | 4350279 |

---

*See Notes to Financial Statements.* 71

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br>Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |
| Guggenheim Partners LLC 2024 Term Loan B | 6.799%<br> (3 mo. USD Term SOFR + 2.50%) | 11/26/2031 | $8756055 | $8780134 |
| Hudson River Trading LLC 2024 Term Loan B | 7.333%<br> (1 mo. USD Term SOFR + 3.00%) | 3/18/2030 | 26369492 | 26481167 |
| Jane Street Group LLC 2024 Term Loan B1 | 6.333%<br> (3 mo. USD Term SOFR + 2.00%) | 12/15/2031 | 22361416 | 22331452 |
| OSTTRA Group Ltd. 1st Lien Term Loan | – <sup>(f)</sup> | 5/20/2032 | 9548000 | 9564423 |
| *Total* |  |  |  | 177432395 |
| **Diversified Manufacturing Operations 0.49%** |  |  |  |  |
| First Eagle Investment Management LLC 2024 Term Loan B2 | 7.299%<br> (3 mo. USD Term SOFR + 3.00%) | 3/5/2029 | 22890775 | 22920876 |
| **Electric 0.20%** |  |  |  |  |
| Potomac Energy Center LLC Term Loan | 10.561%<br> (3 mo. USD Term SOFR + 6.00%) | 11/12/2026 | 3422000 | 3434833 |
| Talen Energy Supply LLC 2024-1 Incremental Term Loan | 6.808%<br> (3 mo. USD Term SOFR + 2.50%) | 12/15/2031 | 5707695 | 5724190 |
| *Total* |  |  |  | 9159023 |
| **Electric: Generation 0.73%** |  |  |  |  |
| Astoria Energy LLC 2020 Term Loan B | 7.577%<br> (1 mo. USD Term SOFR + 3.25%) | 12/10/2027 | 6902743 | 6933425 |
| EFS Cogen Holdings I LLC 2020 Term Loan B | 7.799%<br> (3 mo. USD Term SOFR + 3.50%) | 10/3/2031 | 19890444 | 20039722 |
| Frontera Generation Holdings LLC 2021 2nd Lien Term Loan | 6.088%<br> (1 mo. USD Term SOFR + 1.50%) | 7/28/2028 | 2863989 | 2785230 |
| Frontera Generation Holdings LLC 2021 Term Loan | 17.588%<br> (1 mo. USD Term SOFR + 13.00%) | 7/28/2026 | 2950702 | 4337532 |
| *Total* |  |  |  | 34095909 |
| **Electronics 0.55%** |  |  |  |  |
| II-VI, Inc. 2024 1st Lien Term Loan B | 6.327%<br> (1 mo. USD Term SOFR + 2.00%) | 7/2/2029 | 7027972 | 7055803 |
| LSF12 Crown U.S. Commercial Bidco LLC Term Loan B | 8.574%<br> (1 mo. USD Term SOFR + 4.25%) | 12/2/2031 | 18801000 | 18542580 |
| *Total* |  |  |  | 25598383 |

---

72 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Engineering & Construction 0.54%** |  |  |  |  |
| Brand Industrial Services, Inc. 2024 Term Loan B | 8.776%<br> (3 mo. USD Term SOFR + 4.50% | 8/1/2030 | $12604592 | $10616722 |
| Legence Holdings LLC 2025 Term Loan B | 7.577%<br> (1 mo. USD Term SOFR + 3.25% | 12/18/2028 | 14463807 | 14438929 |
| *Total* |  |  |  | 25055651 |
| **Entertainment 2.45%** |  |  |  |  |
| AMC Entertainment Holdings, Inc. 2024 Term Loan | 11.323%<br> (1 mo. USD Term SOFR + 7.00% | 1/4/2029 | 14266004 | 14332840 |
| Caesars Entertainment, Inc. 2024 Term Loan B1 | 6.577%<br> (1 mo. USD Term SOFR + 2.25% | 2/6/2031 | 20642231 | 20609926 |
| Caesars Entertainment, Inc. Term Loan B | 6.577%<br> (1 mo. USD Term SOFR + 2.25% | 2/6/2030 | 14307442 | 14298500 |
| Cinemark USA, Inc. 2024 Term Loan B | 7.049% - 7.08%<br>(1 mo. USD Term SOFR + 2.75%<br>(3 mo. USD Term SOFR + 2.75% | 5/24/2030 | 9841992 | 9866597 |
| EOC Borrower LLC Term Loan B | 7.327%<br> (1 mo. USD Term SOFR + 3.00% | 3/24/2032 | 20490000 | 20467563 |
| Flutter Financing BV 2025 Term Loan B<sup>(a)</sup> |  | 5/24/2032 | 4650000 | 4644188 |
| GVC Holdings Ltd. 2024 EUR Term Loan B | 5.619%<br> (3 mo. EURIBOR + 3.25% | 6/30/2028 | 5034000 | 5755210 |
| SeaWorld Parks & Entertainment, Inc. 2024 Term Loan B3 | 6.327%<br> (1 mo. USD Term SOFR + 2.00% | 12/4/2031 | $15212094 | 15155048 |
| Voyager Parent LLC Term Loan B |  | 5/9/2032 | 9547000 | 9389618 |
| *Total* |  |  |  | 114519490 |
| **Environmental 0.16%** |  |  |  |  |
| GFL Environmental, Inc. 2025 Term Loan B<sup>(a)</sup> | 6.819%<br> (3 mo. USD Term SOFR + 2.50% | 3/3/2032 | 7453000 | 7429709 |
| **Environmental Control 0.74%** |  |  |  |  |
| Covanta Holding Corp. 2024 1st Lien Term Loan B | 6.843%<br> (1 mo. USD Term SOFR + 2.50% | 11/30/2028 | 2844520 | 2860534 |
| Covanta Holding Corp. 2024 1st Lien Term Loan C | 6.843%<br> (1 mo. USD Term SOFR + 2.50% | 11/30/2028 | 156480 | 157361 |
| Heritage-Crystal Clean, Inc. Term Loan B | 8.303%<br> (3 mo. USD Term SOFR + 4.00% | 10/17/2030 | 4705037 | 4719740 |
| Madison IAQ LLC 2025 Term Loan B | 7.557%<br> (3 mo. USD Term SOFR + 3.25% | 5/6/2032 | 26750000 | 26809385 |
| *Total* |  |  |  | 34547020 |

---

*See Notes to Financial Statements.* 73

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Financial 1.01%** |  |  |  |  |
| Asurion LLC 2021 Second Lien Term Loan B4 | 9.691%<br> (1 mo. USD Term SOFR + 5.25%) | 1/20/2029 | $22205469 | $21128170 |
| Asurion LLC 2022 Term Loan B10 | 8.427%<br> (1 mo. USD Term SOFR + 4.00%) | 8/19/2028 | 13047302 | 13001114 |
| Jump Financial LLC 2025 Term Loan B | 8.549%<br> (3 mo. USD Term SOFR + 4.25%) | 2/26/2032 | 13189883 | 13255833 |
| *Total* |  |  |  | 47385117 |
| **Food 1.42%** |  |  |  |  |
| 8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan | 8.191%<br> (1 mo. USD Term SOFR + 3.75%) | 10/1/2025 | 11377238 | 11163914 |
| Aspire Bakeries Holdings LLC Term Loan | 8.577%<br> (1 mo. USD Term SOFR + 4.25%) | 12/13/2030 | 4730111 | 4759674 |
| BCPE North Star U.S. HoldCo 2, Inc. Term Loan | 8.441%<br> (1 mo. USD Term SOFR + 4.00%) | 6/9/2028 | 12892197 | 12714929 |
| Bellis Acquisition Co. PLC 2024 EUR Term Loan B | 6.309%<br> (6 mo. EURIBOR + 4.00%) | 5/14/2031 | 4981462 | 5334901 |
| CHG PPC Parent LLC 2021 Term Loan | 7.441%<br> (1 mo. USD Term SOFR + 3.00%) | 12/8/2028 | $12039252 | 12099449 |
| Chobani LLC 2025 Repriced Term Loan B | 6.827%<br> (1 mo. USD Term SOFR + 2.50%) | 10/25/2027 | 6252876 | 6282828 |
| Upfield BV 2025 USD Term Loan B12<sup>(a)</sup> | 8.072%<br> (3 mo. USD Term SOFR + 3.75%) | 1/3/2028 | 13932581 | 13920251 |
| *Total* |  |  |  | 66275946 |
| **Gaming/Leisure 0.82%** |  |  |  |  |
| 888 Acquisitions Ltd. USD Term Loan B<sup>(a)</sup> | 9.63%<br> (3 mo. USD Term SOFR + 5.25%) | 7/1/2028 | 13850402 | 13209891 |
| Fertitta Entertainment LLC 2022 Term Loan B | 7.827%<br> (1 mo. USD Term SOFR + 3.50%) | 1/27/2029 | 4517050 | 4496813 |
| Sabre GLBL, Inc. 2021 Term Loan B1 | 7.941%<br> (1 mo. USD Term SOFR + 3.50%) | 12/17/2027 | 4898398 | 4791246 |
| Sabre GLBL, Inc. 2021 Term Loan B2 | 7.941%<br> (1 mo. USD Term SOFR + 3.50%) | 12/17/2027 | 6912908 | 6761688 |
| United FP Holdings LLC 2019 1st Lien Term Loan | 8.541%<br> (3 mo. USD Term SOFR + 4.00%) | 12/30/2026 | 9522053 | 9219728 |
| *Total* |  |  |  | 38479366 |

---

74 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Health Care Products 0.78%** |  |  |  |  |
| Hanger, Inc. 2024 Term Loan B | 7.827%<br> (1 mo. USD Term SOFR + 3.50% | 10/23/2031 | $2515806 | $2512661 |
| Hanger, Inc. 2024 Delayed Draw Term Loan<sup>(g)</sup> | 7.827%<br> (1 mo. USD Term SOFR + 3.50% | 10/23/2031 | 2748194 | 2744759 |
| Medline Borrower LP 2024 USD Add-on Term Loan B | 6.577%<br> (1 mo. USD Term SOFR + 2.25% | 10/23/2028 | 24662356 | 24666179 |
| Resonetics LLC 2024 Term Loan B | 7.545%<br> (3 mo. USD Term SOFR + 3.25% | 6/18/2031 | 6490614 | 6487077 |
| *Total* |  |  |  | 36410676 |
| **Health Care Services 3.41%** |  |  |  |  |
| ADMI Corp. 2023 Term Loan B5 | 10.077%<br> (1 mo. USD Term SOFR + 5.75% | 12/23/2027 | 17684467 | 17215829 |
| Bella Holding Co. LLC 2025 Term Loan | 7.327%<br> (1 mo. USD Term SOFR + 3.00% | 5/10/2028 | 7057534 | 7072107 |
| Colosseum Dental Finance BV EUR Term Loan B | 6.176%<br> (3 mo. EURIBOR + 3.75% | 3/22/2032 | 8600000 | 9835666 |
| Concentra Health Services, Inc. 2025 Repriced Term Loan B | 6.327%<br> (1 mo. USD Term SOFR + 2.00% | 7/26/2031 | $6328140 | 6359781 |
| Global Medical Response, Inc. 2024 PIK Term Loan 9.08% | 0.75%<br> (3 mo. USD Term SOFR + 4.75% | 10/31/2028 | 12539113 | 12576041 |
| Heartland Dental LLC 2024 Term Loan | 8.927%<br> (1 mo. USD Term SOFR + 4.50% | 4/28/2028 | 20509373 | 20531420 |
| LifePoint Health, Inc. 2024 1st Lien Term Loan B | 8.006%<br> (3 mo. USD Term SOFR + 3.75% | 5/19/2031 | 10432847 | 10313861 |
| LifePoint Health, Inc. 2024 Incremental Term Loan B1 | 7.817%<br> (3 mo. USD Term SOFR + 3.50% | 5/19/2031 | 7032704 | 6926475 |
| Loire Finco Luxembourg SARL 2025 USD Term Loan B<sup>(a)</sup> |  | 1/21/2030 | 10000000 | 10012500 |
| MDVIP, Inc. 2024 Repriced Term Loan B | 7.327%<br> (1 mo. USD Term SOFR + 3.00% | 10/16/2028 | 9872836 | 9879007 |
| National Mentor Holdings, Inc. 2021 Term Loan | 8.149% - 8.18%<br> (1 mo. USD Term SOFR + 3.75%<br> (3 mo. USD Term SOFR + 3.75% | 3/2/2028 | 10115655 | 9844353 |

---

*See Notes to Financial Statements.* 75

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Health Care Services (continued)** |  |  |  |  |
| National Mentor Holdings, Inc. 2021 Term Loan C | 8.149%<br> (3 mo. USD Term SOFR + 3.75%) | 3/2/2028 | $454628 | $442435 |
| New WPCC Parent LLC Term Loan | 13.80%<br> (3 mo. USD Term SOFR + 9.50%) | 5/9/2030 | 4669804 | 4377941 |
| Pacific Dental Services LLC 2024 Term Loan B | 7.077%<br> (1 mo. USD Term SOFR + 2.75%) | 3/15/2031 | 8617540 | 8618876 |
| Parexel International Corp. 2025 Term Loan B | 6.827%<br> (1 mo. USD Term SOFR + 2.50%) | 11/15/2028 | 4840851 | 4848282 |
| Radnet Management, Inc. 2024 1st Lien Term Loan B | 6.58%<br> (3 mo. USD Term SOFR + 2.25%) | 4/18/2031 | 5343909 | 5353100 |
| Select Medical Corp. 2024 Term Loan B | 6.327%<br> (1 mo. USD Term SOFR + 2.00%) | 12/3/2031 | 5251742 | 5271436 |
| Surgery Center Holdings, Inc. 2024 Term Loan B | 7.079%<br> (1 mo. USD Term SOFR + 2.75%) | 12/19/2030 | 4918853 | 4933978 |
| Team Health Holdings, Inc. 2022 Term Loan B | 9.53%<br> (3 mo. USD Term SOFR + 5.25%) | 3/2/2027 | 50000 | 49837 |
| WCG Intermediate Corp. 2025 Term Loan B | 7.327%<br> (1 mo. USD Term SOFR + 3.00%) | 2/25/2032 | 4911000 | 4858821 |
| *Total* |  |  |  | 159321746 |
| **Healthcare 1.14%** |  |  |  |  |
| Athenahealth Group, Inc. 2022 Term Loan B | 7.327%<br> (1 mo. USD Term SOFR + 3.00%) | 2/15/2029 | 15380777 | 15342324 |
| Dermatology Intermediate Holdings III, Inc. 2022 Term Loan B | 8.53%<br> (3 mo. USD Term SOFR + 4.25%) | 3/30/2029 | 49763 | 46497 |
| Electron BidCo, Inc. 2021 Term Loan | 7.077%<br> (1 mo. USD Term SOFR + 2.75%) | 11/1/2028 | 6264726 | 6281453 |
| Gainwell Acquisition Corp. Term Loan B | 8.399%<br> (3 mo. USD Term SOFR + 4.00%) | 10/1/2027 | 17874256 | 17168223 |
| Hunter Holdco 3 Ltd. USD Term Loan B<sup>(a)</sup> | 8.649%<br> (3 mo. USD Term SOFR + 4.25%) | 8/19/2028 | 7022968 | 6917624 |
| National Mentor Holdings, Inc. 2021 2nd Lien Term Loan | 11.649%<br> (3 mo. USD Term SOFR + 7.25%) | 3/2/2029 | 7832027 | 7483502 |
| *Total* |  |  |  | 53239623 |

---

76 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Home Furnishings 0.88%** |  |  |  |  |
| AI Aqua Merger Sub, Inc. 2024 1st Lien Term Loan B | 7.323%<br> (1 mo. USD Term SOFR + 3.00%) | 7/31/2028 | $27697134 | $27570559 |
| Tempur Sealy International, Inc. 2024 Term Loan B | – <sup>(f)</sup> | 10/24/2031 | 13528095 | 13594044 |
| *Total* |  |  |  | 41164603 |
| **Housewares 0.10%** |  |  |  |  |
| Hunter Douglas, Inc. 2025 USD Term Loan B | 7.549%<br> (3 mo. USD Term SOFR + 3.25%) | 1/20/2032 | 4762760 | 4709179 |
| **Information Technology 1.15%** |  |  |  |  |
| Barracuda Networks, Inc. 2022 2nd Lien Term Loan | 11.28%<br> (3 mo. USD Term SOFR + 7.00%) | 8/15/2030 | 11404507 | 7720851 |
| ConnectWise LLC 2021 Term Loan B | 8.061%<br> (3 mo. USD Term SOFR + 3.50%) | 9/29/2028 | 16201769 | 16257503 |
| Constant Contact, Inc. Term Loan | 8.518%<br> (3 mo. USD Term SOFR + 4.00%) | 2/10/2028 | 7021347 | 6611054 |
| Ensono LP 2021 Term Loan | 8.441%<br> (1 mo. USD Term SOFR + 4.00%) | 5/26/2028 | 12721206 | 12713256 |
| RealPage, Inc. 1st Lien Term Loan | 7.561%<br> (3 mo. USD Term SOFR + 3.00%) | 4/24/2028 | 10436993 | 10368787 |
| *Total* |  |  |  | 53671451 |
| **Information Technology Services 0.14%** |  |  |  |  |
| Recovery Solutions Parent LLC Term Loan | 11.799%<br> (3 mo. USD Term SOFR + 7.50%) | 1/27/2030 | 6901276 | 6590719 |
| **Insurance 4.56%** |  |  |  |  |
| Acrisure LLC 2024 1st Lien Term Loan B6 | 7.327%<br> (1 mo. USD Term SOFR + 3.00%) | 11/6/2030 | 19122626 | 19054932 |
| Alera Group, Inc. 2025 2nd Lien Term Loan | – <sup>(f)</sup> | 5/20/2033 | 2864000 | 2893542 |
| Alera Group, Inc. 2025 Term Loan | – <sup>(f)</sup> | 5/21/2032 | 13645000 | 13669697 |
| Alliant Holdings Intermediate LLC 2024 Term Loan B6 | 7.075%<br> (1 mo. USD Term SOFR + 2.75%) | 9/19/2031 | 20522183 | 20457538 |
| AmWINS Group, Inc. 2025 Term Loan B | 6.577%<br> (1 mo. USD Term SOFR + 2.25%) | 1/30/2032 | 10321625 | 10322193 |
| Amynta Agency Borrower, Inc. 2024 1st Lien Term Loan B | 7.327%<br> (1 mo. USD Term SOFR + 3.00%) | 12/29/2031 | 11622400 | 11599387 |

---

*See Notes to Financial Statements.* 77

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Insurance (continued)** |  |  |  |  |
| Ardonagh Midco 3 PLC 2024 USD Term Loan B<sup>(a)</sup> | 7.039% - 7.05%<br> (3 mo. USD Term SOFR + 2.75%<br> (6 mo. USD Term SOFR + 3.75% | 2/15/2031 | $12172000 | $12111140 |
| AssuredPartners, Inc. 2024 Incremental Term Loan B5 | 7.827%<br> (1 mo. USD Term SOFR + 3.50% | 2/14/2031 | 24714578 | 24782791 |
| Asurion LLC 2021 Term Loan B9 | 7.691%<br> (1 mo. USD Term SOFR + 3.25% | 7/31/2027 | 2942338 | 2929259 |
| Asurion LLC 2023 Term Loan B11 | 8.677%<br> (1 mo. USD Term SOFR + 4.25% | 8/19/2028 | 20119848 | 20086852 |
| Howden Group Holdings Ltd. 2024 USD 1st Lien Term Loan B<sup>(a)</sup> | 7.327%<br> (1 mo. USD Term SOFR + 3.00% | 2/15/2031 | 13729753 | 13723300 |
| Howden Group Holdings Ltd. 2024 USD Term Loan B<sup>(a)</sup> |  | 4/18/2030 | 2500000 | 2512900 |
| HUB International Ltd. 2025 Term Loan B | 6.77%<br> (3 mo. USD Term SOFR + 2.50% | 6/20/2030 | 11500863 | 11513514 |
| OneDigital Borrower LLC 2025 Repriced Term Loan | 7.327%<br> (1 mo. USD Term SOFR + 3.00% | 7/2/2031 | 10431175 | 10426377 |
| Sedgwick Claims Management Services, Inc. 2023 Term Loan B | 7.327%<br> (1 mo. USD Term SOFR + 3.00% | 7/31/2031 | 28829539 | 28907523 |
| Truist Insurance Holdings LLC 2024 Term Loan B | 7.049%<br> (3 mo. USD Term SOFR + 2.75% | 5/6/2031 | 7909266 | 7905944 |
| *Total* |  |  |  | 212896889 |
| **Internet 1.89%** |  |  |  |  |
| Arches Buyer, Inc. 2021 Term Loan B | 7.677%<br> (1 mo. USD Term SOFR + 3.25% | 12/6/2027 | 15903847 | 15679603 |
| ION Trading Technologies SARL 2021 EUR Term Loan B | 6.605%<br> (3 mo. EURIBOR + 4.25% | 4/3/2028 | 11312551 | 12841240 |
| Magnite, Inc. 2025 Repriced Term Loan B | 7.327%<br> (1 mo. USD Term SOFR + 3.00% | 2/6/2031 | $9478430 | 9478429 |
| MH Sub I LLC 2021 2nd Lien Term Loan | 10.577%<br> (1 mo. USD Term SOFR + 6.25% | 2/23/2029 | 9929101 | 9062390 |
| MH Sub I LLC 2023 Term Loan | 8.577%<br> (1 mo. USD Term SOFR + 4.25% | 5/3/2028 | 13104703 | 12629658 |
| MH Sub I LLC 2024 Term Loan B4 | 8.577%<br> (1 mo. USD Term SOFR + 4.25% | 12/31/2031 | 8869142 | 8129678 |

---

78 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Internet (continued)** |  |  |  |  |
| Proofpoint, Inc. 2024 Term Loan | 7.327%<br> (1 mo. USD Term SOFR + 3.00%) | 8/31/2028 | $7799217 | $7806275 |
| Speedster Bidco GmbH 2024 USD Term Loan B<sup>(a)</sup> | 7.549%<br> (3 mo. USD Term SOFR + 3.25%) | 12/10/2031 | 12673000 | 12707344 |
| *Total* |  |  |  | 88334617 |
| **Internet Companies 0.18%** |  |  |  |  |
| NEXUS Buyer LLC 2021 Second Lien Term Loan | 10.677%<br> (1 mo. USD Term SOFR + 6.25%) | 11/5/2029 | 8503361 | 8465393 |
| **Investment Management Companies 0.65%** |  |  |  |  |
| Dragon Buyer, Inc. Term Loan B | 7.299%<br> (3 mo. USD Term SOFR + 3.00%) | 9/30/2031 | 13191189 | 13251671 |
| Nexus Buyer LLC 2025 Term Loan B | 7.827%<br> (1 mo. USD Term SOFR + 3.50%) | 7/31/2031 | 12475083 | 12500844 |
| Nvent Electric PLC Term Loan B<sup>(a)</sup> | 7.827%<br> (1 mo. USD Term SOFR + 3.50%) | 1/30/2032 | 4783000 | 4806317 |
| *Total* |  |  |  | 30558832 |
| **Leisure Time 0.69%** |  |  |  |  |
| Bulldog Purchaser, Inc. 2025 Term Loan | 8.035%<br> (3 mo. USD Term SOFR + 3.75%) | 6/27/2031 | 4837232 | 4844488 |
| Fitness International LLC 2024 Term Loan B | 9.577%<br> (1 mo. USD Term SOFR + 5.25%) | 2/5/2029 | 11886249 | 11936409 |
| Recess Holdings, Inc. 2025 Repriced Term Loan | 8.025%<br> (3 mo. USD Term SOFR + 3.75%) | 2/20/2030 | 7303166 | 7312295 |
| Sabre GLBL, Inc. 2022 Term Loan B | 8.677%<br> (1 mo. USD Term SOFR + 4.25%) | 6/30/2028 | 6500000 | 6394408 |
| Sabre GLBL, Inc. 2024 Term Loan B1 | 10.427%<br> (1 mo. USD Term SOFR + 6.00%) | 11/15/2029 | 1234486 | 1227794 |
| Sabre GLBL, Inc. 2024 Term Loan B2 | 10.427%<br> (1 mo. USD Term SOFR + 6.00%) | 11/15/2029 | 537684 | 512144 |
| *Total* |  |  |  | 32227538 |
| **Machinery: Diversified 1.49%** |  |  |  |  |
| Arcline FM Holdings LLC 2025 Term Loan | 7.578%<br> (6 mo. USD Term SOFR + 3.50%) | 6/24/2030 | 18763928 | 18834292 |
| CPM Holdings, Inc. 2023 Term Loan | 8.824%<br> (1 mo. USD Term SOFR + 4.50%) | 9/28/2028 | 8551024 | 8478468 |
| Project Castle, Inc. Term Loan B | 9.716%<br> (6 mo. USD Term SOFR + 5.50%) | 6/1/2029 | 49118 | 41333 |

---

*See Notes to Financial Statements.* 79

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Machinery: Diversified (continued)** |  |  |  |  |
| SPX Flow, Inc. 2024 1st Lien Term Loan B | 7.327%<br> (1 mo. USD Term SOFR + 3.00% | 4/5/2029 | $5585905 | $5610343 |
| Titan Acquisition Ltd. 2024 Term Loan B<sup>(a)</sup> | 8.724%<br> (6 mo. USD Term SOFR + 4.50% | 2/15/2029 | 18222149 | 18197914 |
| TK Elevator Midco GmbH 2025 EUR Term Loan B1 | 5.848%<br> (3 mo. EURIBOR + 3.25% | 4/30/2030 | 16243000 | 18481478 |
| *Total* |  |  |  | 69643828 |
| **Manufacturing 0.96%** |  |  |  |  |
| DirecTV Financing LLC Term Loan | 9.541%<br> (3 mo. USD Term SOFR + 5.00% | 8/2/2027 | $5619669 | 5647768 |
| Numericable Group SA USD Term Loan B11<sup>(a)</sup> | 9.25%<br> (PRIME rate + 1.75% | 7/31/2025 | 26598335 | 23484866 |
| Virgin Media Bristol LLC USD Term Loan N | 6.943%<br> (1 mo. USD Term SOFR + 2.50% | 1/31/2028 | 15881077 | 15657710 |
| *Total* |  |  |  | 44790344 |
| **Media 1.64%** |  |  |  |  |
| Cengage Learning, Inc. 2024 1st Lien Term Loan B | 7.825% - 7.83%<br> (1 mo. USD Term SOFR + 3.50%<br> (3 mo. USD Term SOFR + 3.50% | 3/24/2031 | 4736618 | 4747915 |
| CSC Holdings LLC 2019 Term Loan B5 | 9.00% <br> (PRIME rate + 1.50% | 4/15/2027 | 16144554 | 15862024 |
| Nexstar Broadcasting, Inc. 2019 Term Loan B4 | 6.941%<br> (1 mo. USD Term SOFR + 2.50% | 9/18/2026 | 13744000 | 13762142 |
| Sinclair Television Group, Inc. 2025 Term Loan B6 | 7.741%<br> (1 mo. USD Term SOFR + 3.30% | 12/31/2029 | 1837000 | 1577524 |
| Sinclair Television Group, Inc. 2025 Term Loan B7 | 8.527%<br> (1 mo. USD Term SOFR + 4.10% | 12/31/2030 | 15029872 | 12916296 |
| Telenet Financing USD LLC 2020 USD Term Loan AR | 6.443%<br> (1 mo. USD Term SOFR + 2.00% | 4/30/2028 | 17119000 | 16770201 |
| Virgin Media Bristol LLC 2023 USD Term Loan Y | 7.373%<br> (6 mo. USD Term SOFR + 3.18% | 3/31/2031 | 11245000 | 11092293 |
| *Total* |  |  |  | 76728395 |

---

80 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Metal Fabricate/Hardware 0.30%** |  |  |  |  |
| Tank Holding Corp. 2022 Term Loan | 10.177%<br> (1 mo. USD Term SOFR + 5.75%) | 3/31/2028 | $9026329 | $8524239 |
| Tank Holding Corp. 2023 Incremental Term Loan | 10.427%<br> (1 mo. USD Term SOFR + 6.00%) | 3/31/2028 | 3021576 | 2855389 |
| Tank Holding Corp. 2023 Incremental Delayed Draw Term Loan | – <sup>(f)</sup> | 3/31/2028 | 2586429 | 2444176 |
| *Total* |  |  |  | 13823804 |
| **Miscellaneous Manufacture 0.20%** |  |  |  |  |
| Rohm Holding GmbH 2024 EUR PIK Term Loan B<sup>(a)</sup> | – <sup>(f)</sup> | 1/31/2029 | 8599000 | 9460669 |
| **Office REITs 0.13%** |  |  |  |  |
| Blackstone Mortgage Trust, Inc. 2024 Term Loan B | 8.077%<br> (1 mo. USD Term SOFR + 3.75%) | 12/11/2028 | $5841235 | 5885045 |
| **Oil & Gas 0.61%** |  |  |  |  |
| Pasadena Performance Products LLC Term Loan B | 7.752%<br> (6 mo. USD Term SOFR + 3.50%) | 2/27/2032 | 13241455 | 13266349 |
| WaterBridge Midstream Operating LLC 2024 1st Lien Term Loan B | 9.053%<br> (3 mo. USD Term SOFR + 4.75%) | 6/27/2029 | 15997610 | 15453691 |
| *Total* |  |  |  | 28720040 |
| **Paper & Forest Products 0.31%** |  |  |  |  |
| Glatfelter Corp. Term Loan B | 8.583%<br> (3 mo. USD Term SOFR + 4.25%) | 11/4/2031 | 14710133 | 14281111 |
| **Pharmaceuticals 1.38%** |  |  |  |  |
| Blackstone Mortgage Trust, Inc. 2019 Term Loan B | 6.691%<br> (1 mo. USD Term SOFR + 2.25%) | 4/23/2026 | 3031993 | 3031994 |
| Ceva Sante Animale 2025 EUR Term Loan B | 5.355%<br> (3 mo. EURIBOR + 3.00%) | 11/8/2030 | 5679889 | 6459775 |
| Ceva Sante Animale 2025 USD Term Loan B<sup>(a)</sup> | 7.05%<br> (3 mo. USD Term SOFR + 2.75%) | 11/8/2030 | $3440203 | 3457404 |
| Elanco Animal Health, Inc. Term Loan B | 6.174%<br> (1 mo. USD Term SOFR + 1.75%) | 8/1/2027 | 5087000 | 5086898 |
| Gainwell Acquisition Corp. 2021 2nd Lien Incremental Term Loan | 12.385%<br> (3 mo. USD Term SOFR + 8.00%) | 10/2/2028 | 5714312 | 4771451 <sup>(h)</sup> |

---

*See Notes to Financial Statements.* 81

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Pharmaceuticals (continued)** |  |  |  |  |
| Gainwell Acquisition Corp. 2nd Lien Term Loan | 12.385%<br> (3 mo. USD Term SOFR + 8.00%) | 10/2/2028 | $1478688 | $1234704 |
| IVC Acquisition Ltd. 2025 USD Repriced Term Loan B<sup>(a)</sup> | 8.049%<br> (3 mo. USD Term SOFR + 3.75%) | 12/12/2028 | 14264033 | 14350972 |
| Jazz Financing Lux SARL 2024 1st Lien Term Loan B<sup>(a)</sup> | 6.577%<br> (1 mo. USD Term SOFR + 2.25%) | 5/5/2028 | 10839001 | 10848322 |
| Southern Veterinary Partners LLC 2024 1st Lien Term Loan | 7.527%<br> (3 mo. USD Term SOFR + 3.25%) | 12/4/2031 | 15165298 | 15195856 |
| *Total* |  |  |  | 64437376 |
| **Pipelines 0.86%** |  |  |  |  |
| CPPIB Capital, Inc. Term Loan B<sup>(a)</sup> | 7.049%<br> (3 mo. USD Term SOFR + 2.75%) | 8/20/2031 | 4753742 | 4734204 |
| Oryx Midstream Services Permian Basin LLC 2025 Term Loan B | 6.575%<br> (1 mo. USD Term SOFR + 2.25%) | 10/5/2028 | 17027140 | 17041017 |
| Rockpoint Gas Storage Partners LP 2025 Term Loan B | 7.299%<br> (3 mo. USD Term SOFR + 3.00%) | 9/18/2031 | 6981502 | 6993511 |
| WaterBridge Midstream Operating LLC 2024 Term Loan B | 8.30%<br> (3 mo. USD Term SOFR + 4.00%) | 5/10/2029 | 11409665 | 11302699 |
| *Total* |  |  |  | 40071431 |
| **Real Estate 0.40%** |  |  |  |  |
| Apleona Holding GmbH 2025 EUR Delayed Draw Term Loan<sup>(a)</sup> | – <sup>(f)</sup> | 4/10/2032 | 58907 | 67466 |
| Apleona Holding GmbH 2025 EUR Term Loan B<sup>(a)</sup> | – <sup>(f)</sup> | 4/10/2032 | 726521 | 832080 |
| CoreLogic, Inc. 2nd Lien Term Loan | 10.941%<br> (1 mo. USD Term SOFR + 6.50%) | 6/4/2029 | $6885579 | 6713439 |
| Cushman & Wakefield U.S. Borrower LLC 2024 Tranche 2 Incremental Term Loan | 7.577%<br> (1 mo. USD Term SOFR + 3.25%) | 1/31/2030 | 10878655 | 10960246 |
| *Total* |  |  |  | 18573231 |
| **Real Estate Investment Trusts 0.19%** |  |  |  |  |
| KREF Holdings X LLC 2025 Term Loan B | 7.592%<br> (1 mo. USD Term SOFR + 3.25%) | 3/5/2032 | 5805000 | 5826798 |
| Starwood Property Trust, Inc. 2025 USD Term Loan B | – <sup>(f)</sup> | 1/2/2030 | 2845000 | 2859225 |
| *Total* |  |  |  | 8686023 |

---

82 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Retail 4.75%** |  |  |  |  |
| BCPE Grill Parent 2023 Term Loan B | 9.077%<br> (1 mo. USD Term SOFR + 4.75%) | 9/30/2030 | $14025596 | $13575585 |
| CD&R Firefly Bidco Ltd. 2025 GBP Term Loan | 9.959%<br> (SONIA + 4.75%) | 4/29/2029 | 10437000 | 14064254 |
| Flynn Restaurant Group LP 2021 Term Loan B | 8.691%<br> (1 mo. USD Term SOFR + 4.25%) | 12/1/2028 | $16610583 | 16633091 |
| Flynn Restaurant Group LP 2025 Incremental Term Loan | 8.077%<br> (1 mo. USD Term SOFR + 3.75%) | 1/28/2032 | 1912000 | 1899811 |
| Foundation Building Materials Holding Co. LLC 2021 Term Loan | 7.691% - 7.79%<br> (1 mo. USD Term SOFR + 3.25%)<br> (3 mo. USD Term SOFR + 3.25% | 1/31/2028 | 13569035 | 13194801 |
| Great Outdoors Group LLC 2025 Term Loan B | 7.577%<br> (1 mo. USD Term SOFR + 3.25%) | 1/23/2032 | 28220362 | 28047512 |
| Harbor Freight Tools USA, Inc. 2024 Term Loan B | – <sup>(f)</sup> | 6/11/2031 | 9547000 | 9245888 |
| IRB Holding Corp. 2024 1st Lien Term Loan B | 6.827%<br> (1 mo. USD Term SOFR + 2.50%) | 12/15/2027 | 13794000 | 13796690 |
| LBM Acquisition LLC 2024 Incremental Term Loan B | 8.175%<br> (1 mo. USD Term SOFR + 3.75%) | 6/6/2031 | 7499182 | 6759987 |
| LBM Acquisition LLC Term Loan B | 8.177%<br> (1 mo. USD Term SOFR + 3.75%) | 12/17/2027 | 3971675 | 3841682 |
| Leslie's Poolmart, Inc. 2021 Term Loan B | 7.191%<br> (1 mo. USD Term SOFR + 2.75%) | 3/9/2028 | 14957000 | 11262920 |
| Park River Holdings, Inc. Term Loan | 7.80%<br> (3 mo. USD Term SOFR + 3.25%) | 12/28/2027 | 11635039 | 11231769 |
| Peer Holding III BV 2024 EUR Term Loan B7 | 5.605%<br> (3 mo. EURIBOR + 3.25%) | 11/26/2031 | 4750000 | 5428903 |
| Peer Holding III BV 2025 USD Term Loan B4B<sup>(a)</sup> | 6.799%<br> (3 mo. USD Term SOFR + 2.50%) | 10/28/2030 | $9595586 | 9631570 |
| Peer Holding III BV 2025 USD Term Loan B5B<sup>(a)</sup> | 6.799%<br> (3 mo. USD Term SOFR + 2.50%) | 7/1/2031 | 9754553 | 9788693 |
| PetSmart, Inc. 2021 Term Loan B | 8.177%<br> (1 mo. USD Term SOFR + 3.75%) | 2/11/2028 | 21281376 | 21241474 |
| QSRP Finco BV 2024 EUR Add on Term Loan B | 7.871%<br> (6 mo. EURIBOR + 5.25%) | 6/19/2031 | 1701000 | 1945490 |
| QSRP Finco BV EUR Term Loan B | 7.918%<br> (6 mo. EURIBOR + 5.25%) | 6/19/2031 | 7245000 | 8286347 |
| QXO, Inc. Term Loan B | 7.28%<br> (3 mo. USD Term SOFR + 3.00%) | 4/30/2032 | $1898333 | 1906743 |

---

*See Notes to Financial Statements.* 83

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Retail (continued)** |  |  |  |  |
| RVR Dealership Holdings LLC Term Loan B | 8.177%<br> (1 mo. USD Term SOFR + 3.75%) | 2/8/2028 | $49112 | $45660 |
| Tacala LLC 2024 Term Loan B | 7.827%<br> (1 mo. USD Term SOFR + 3.50%) | 1/31/2031 | 2865900 | 2881218 |
| White Cap Buyer LLC 2024 Term Loan B | 7.577%<br> (1 mo. USD Term SOFR + 3.25%) | 10/19/2029 | 17473442 | 17332868 |
| *Total* |  |  |  | 222042956 |
| **Semiconductors 0.27%** |  |  |  |  |
| Instructure Holdings, Inc. 2024 Term Loan | 7.205%<br> (6 mo. USD Term SOFR + 3.00%) | 11/13/2031 | 12730000 | 12731464 |
| **Service 0.27%** |  |  |  |  |
| Red Planet Borrower LLC Term Loan B | 8.177%<br> (1 mo. USD Term SOFR + 3.75%) | 10/2/2028 | 12245178 | 12159890 |
| Sabre GLBL, Inc. 2022 1st Lien Term Loan B | 9.427%<br> (1 mo. USD Term SOFR + 5.00%) | 6/30/2028 | 325924 | 321117 |
| *Total* |  |  |  | 12481007 |
| **Software 10.33%** |  |  |  |  |
| Applied Systems, Inc. 2024 1st Lien Term Loan | 6.799%<br> (3 mo. USD Term SOFR + 2.50%) | 2/24/2031 | 6536492 | 6568391 |
| Apttus Corp. 2024 Term Loan B | 7.78%<br> (3 mo. USD Term SOFR + 3.50%) | 5/8/2028 | 6537945 | 6566548 |
| Ascend Learning LLC 2025 Repriced Term Loan B | 7.327%<br> (1 mo. USD Term SOFR + 3.00%) | 12/11/2028 | 13387000 | 13340949 |
| BCPE Pequod Buyer, Inc. USD Term Loan B | 7.577%<br> (1 mo. USD Term SOFR + 3.25%) | 11/25/2031 | 12208000 | 12250728 |
| Boxer Parent Co., Inc. 2024 2nd Lien Term Loan | 10.083%<br> (3 mo. USD Term SOFR + 5.75%) | 7/30/2032 | 9706000 | 9333921 |
| Boxer Parent Co., Inc. 2025 USD Term Loan B | 7.333%<br> (3 mo. USD Term SOFR + 3.00%) | 7/30/2031 | 19473549 | 19360894 |
| Cast & Crew Payroll LLC 2021 Incremental Term Loan | – <sup>(f)</sup> | 12/29/2028 | 50000 | 46438 |
| CCC Intelligent Solutions, Inc. Term Loan | 6.327%<br> (1 mo. USD Term SOFR + 2.00%) | 1/23/2032 | 4773000 | 4782952 |
| Central Parent, Inc. 2024 Term Loan B | 7.549%<br> (3 mo. USD Term SOFR + 3.25%) | 7/6/2029 | 13264063 | 11840497 |
| Clearwater Analytics LLC 2025 Term Loan B | 6.529%<br> (3 mo. USD Term SOFR + 2.25%) | 4/21/2032 | 4799000 | 4810998 |

---

84 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Software (continued)** |  |  |  |  |
| Cloud Software Group, Inc. 2024 1st Lien Term Loan B | 7.799%<br> (3 mo. USD Term SOFR + 3.50%) | 3/29/2029 | $22109796 | $22082269 |
| Cloud Software Group, Inc. 2024 USD Term Loan | 8.049%<br> (3 mo. USD Term SOFR + 3.75%) | 3/21/2031 | 10376550 | 10363580 |
| Constant Contact, Inc. Second Lien Term Loan | 12.018%<br> (3 mo. USD Term SOFR + 7.50%) | 2/12/2029 | 7443000 | 6066045 |
| Cotiviti Corp. 2024 Fixed Term Loan B | 7.625% | 5/1/2031 | 4687500 | 4708008 |
| Cotiviti Corp. 2024 Term Loan | 7.074% <br>(1 mo. USD Term SOFR + 2.75%) | 5/1/2031 | 6313813 | 6294114 |
| Cotiviti Corp. 2025 2nd Amendment Term Loan | 7.074% <br>(1 mo. USD Term SOFR + 2.75%) | 3/26/2032 | 11477000 | 11412442 |
| Darktrace PLC 1st Lien Term Loan<sup>(a)</sup> | 7.458%<br> (3 mo. USD Term SOFR + 3.25%) | 10/9/2031 | 6067000 | 6075615 |
| Darktrace PLC 2nd Lien Term Loan<sup>(a)</sup> | 9.458%<br> (3 mo. USD Term SOFR + 5.25%) | 10/9/2032 | 11309000 | 11105438 |
| DCert Buyer, Inc. 2019 Term Loan B | 8.327% <br>(1 mo. USD Term SOFR + 4.00%) | 10/16/2026 | 15504978 | 15340238 |
| DTI Holdco, Inc. 2025 Term Loan B | 8.327% <br>(1 mo. USD Term SOFR + 4.00%) | 4/26/2029 | 19063957 | 19069867 |
| Ellucian Holdings, Inc. 2024 1st Lien Term Loan B | 7.327% <br>(1 mo. USD Term SOFR + 3.00%) | 10/9/2029 | 11141285 | 11171088 |
| EP Purchaser LLC 2021 Term Loan B | – <sup>(f)</sup> | 11/6/2028 | 50000 | 49156 |
| Epicor Software Corp. 2024 Term Loan E | 7.077% <br>(1 mo. USD Term SOFR + 2.75%) | 5/30/2031 | 5039017 | 5056855 |
| Informatica LLC 2024 Term Loan B | 6.577% <br>(1 mo. USD Term SOFR + 2.25%) | 10/27/2028 | 4764000 | 4785581 |
| IQN Holding Corp. 2024 Term Loan | 7.299%<br> (3 mo. USD Term SOFR + 3.00%) | 7/16/2031 | 7702715 | 7701174 |
| IQN Holding Corp. 2024 2nd Lien Term Loan | – <sup>(f)</sup> | 7/16/2032 | 7554496 | 7551323 |
| Javelin Buyer, Inc. 2024 1st Lien Term Loan | 7.583%<br> (3 mo. USD Term SOFR + 3.25%) | 12/5/2031 | 8225000 | 8252019 |
| Mitchell International, Inc. 2024 1st Lien Term Loan | 7.577% <br>(1 mo. USD Term SOFR + 3.25%) | 6/17/2031 | 9288325 | 9271885 |
| Mitchell International, Inc. 2024 2nd Lien Term Loan | 9.577% <br>(1 mo. USD Term SOFR + 5.25%) | 6/17/2032 | 8619000 | 8403525 |
| Modena Buyer LLC Term Loan | 8.78%<br> (3 mo. USD Term SOFR + 4.50%) | 7/1/2031 | 22668499 | 22027434 |

---

<br> See Notes to Financial Statements. 85

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Software (continued)** |  |  |  |  |
| Mosel Bidco SE 2025 EUR Term Loan B | 6.105%<br>(3 mo. EURIBOR + 3.75%) | 9/16/2030 | 5730000 | $6550891 |
| PointClickCare Technologies, Inc. 2024 USD Term Loan B<sup>(a)</sup> | 7.549%<br>(3 mo. USD Term SOFR + 3.25%) | 11/3/2031 | $13647795 | 13694743 |
| Polaris Newco LLC EUR Term Loan B | 5.759% <br>(1 mo. EURIBOR + 3.75%) | 6/2/2028 | 10628883 | 11666261 |
| Press Ganey Holdings, Inc. 2024 1st Lien Term Loan B | 7.577% <br>(1 mo. USD Term SOFR + 3.25%) | 4/30/2031 | $15176215 | 15198296 |
| Project Alpha Intermediate Holding, Inc. 2024 1st Lien Term Loan B | 7.549% - 7.56%<br>(3 mo. USD Term SOFR + 3.25%) | 10/26/2030 | 4978000 | 4998733 |
| Project Alpha Intermediate Holding, Inc. 2025 2nd Lien Incremental Term Loan | 9.308%<br>(3 mo. USD Term SOFR + 5.00%) | 5/9/2033 | 8733000 | 8642963 |
| RealPage, Inc. 2024 Incremental Term Loan | 8.049%<br>(3 mo. USD Term SOFR + 3.75%) | 4/24/2028 | 4442000 | 4449973 |
| Rocket Software, Inc. 2023 USD Term Loan B | 8.577% <br>(1 mo. USD Term SOFR + 4.25%) | 11/28/2028 | 22597183 | 22656726 |
| Skopima Merger Sub, Inc. 2024 Repriced Term Loan | 8.077% <br>(1 mo. USD Term SOFR + 3.75%) | 5/12/2028 | 15274717 | 15233781 |
| Storable, Inc. 2025 Term Loan B | 7.577% <br>(1 mo. USD Term SOFR + 3.25%) | 4/16/2031 | 12256355 | 12274985 |
| Surf Holdings LLC 2025 Incremental Term Loan | 7.943% <br>(1 mo. USD Term SOFR + 3.50%) | 3/5/2027 | 13048802 | 13101845 |
| Thunder Generation Funding LLC Term Loan B | 7.299%<br>(3 mo. USD Term SOFR + 3.00%) | 10/3/2031 | 24269626 | 24337945 |
| UKG, Inc. 2024 Term Loan B | 7.329% <br>(1 mo. USD Term SOFR + 3.00%) | 2/10/2031 | 14923583 | 14969025 |
| Waystar Technologies, Inc. 2024 1st Lien Term Loan B | 6.577% <br>(1 mo. USD Term SOFR + 2.25%) | 10/22/2029 | 5080169 | 5096045 |
| Zelis Payments Buyer, Inc. 5th Amendment Term Loan | 7.577% <br>(1 mo. USD Term SOFR + 3.25%) | 11/26/2031 | 16726080 | 16722149 |
| Zelis Payments Buyer, Inc. Term Loan B | 7.077% <br>(1 mo. USD Term SOFR + 2.75%) | 9/28/2029 | 7384352 | 7340895 |
| *Total* |  |  |  | 482625228 |

---

86 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Software/Services 0.18%** |  |  |  |  |
| Peraton Corp. Term Loan B | 8.177% <br>(1 mo. USD Term SOFR + 3.75%) | 2/1/2028 | $9812969 | $8526734 |
| **Telecommunications 1.98%** |  |  |  |  |
| Altice France SA EUR Term Loan B12 | 5.279% <br> (3 mo. EURIBOR + 3.00%) | 2/2/2026 | 4465892 | 4502082 |
| CenturyLink, Inc. 2020 Term Loan B | – <sup>(f)</sup> | 3/15/2027 | $6963943 | 6650566 |
| CommScope, Inc. 2024 Term Loan | – <sup>(f)</sup> | 12/17/2029 | 10060000 | 10178758 |
| Connect Finco SARL 2024 Non-Extended Term Loan B<sup>(a)</sup> | – <sup>(f)</sup> | 12/11/2026 | 5616000 | 5606650 |
| Delta TopCo, Inc. 2025 Term Loan B | 7.069%<br>(3 mo. USD Term SOFR + 2.75%) | 11/30/2029 | 10298495 | 10254881 |
| Delta TopCo, Inc. 2024 2nd Lien Term Loan | – <sup>(f)</sup> | 11/29/2030 | 6241000 | 6255635 |
| Lumen Technologies, Inc. 2024 Extended Term Loan B1 | 6.791% <br>(1 mo. USD Term SOFR + 2.35%) | 4/16/2029 | 15212193 | 15091789 |
| Lumen Technologies, Inc. 2024 Extended Term Loan B2 | 6.791% <br>(1 mo. USD Term SOFR + 2.35%) | 4/15/2030 | 11853350 | 11752952 |
| MasOrange Finco PLC 2025 EUR Term Loan B | 5.217%<br>(3 mo. EURIBOR + 2.75%) | 3/25/2031 | 19387000 | 22024308 |
| *Total* |  |  |  | 92317621 |
| **Transportation 0.70%** |  |  |  |  |
| Gategroup Fin Luxembourg SA USD Term Loan B<sup>(a)</sup> | – <sup>(f)</sup> | 6/12/2032 | $13569000 | 13607197 |
| Rand Parent LLC 2025 Term Loan B | 7.299%<br>(3 mo. USD Term SOFR + 3.00%) | 3/18/2030 | 7932004 | 7797159 |
| Stonepeak Nile Parent LLC Term Loan B | 9.25% <br> (PRIME rate + 1.75%) | 4/9/2032 | 11102000 | 11097393 |
| *Total* |  |  |  | 32501749 |
| **Utilities 3.81%** |  |  |  |  |
| Alpha Generation LLC Term Loan B | 7.077% <br>(1 mo. USD Term SOFR + 2.75%) | 9/30/2031 | 25885920 | 26027516 |
| Cogentrix Finance Holdco I LLC Term Loan B | 7.077% <br>(1 mo. USD Term SOFR + 2.75%) | 2/26/2032 | 10798500 | 10840344 |
| Compass Power Generation LLC 2024 Term Loan B3 | 8.077% <br>(1 mo. USD Term SOFR + 3.75%) | 4/14/2029 | 18930458 | 19057671 |
| Cornerstone Generation LLC Term Loan B | – <sup>(f)</sup> | 10/28/2031 | 7870000 | 7916748 |
| Hamilton Projects Acquiror LLC 2024 Term Loan B | 7.327% <br>(1 mo. USD Term SOFR + 3.00%) | 5/22/2031 | 15702317 | 15786717 |

---

See Notes to Financial Statements. 87

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal**<br> **Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Utilities (continued)** |  |  |  |  |
| Invenergy Thermal Operating I LLC 2025 Term Loan B | – <sup>(f)</sup> | 5/14/2032 | $5010937 | $5052704 |
| Invenergy Thermal Operating I LLC 2025 Term Loan C | – <sup>(f)</sup> | 5/14/2032 | 334063 | 336847 |
| Lightning Power LLC Term Loan B | 6.549%<br>(3 mo. USD Term SOFR + 2.25%) | 8/18/2031 | 8989825 | 9013333 |
| Lightstone Holdco LLC 2022 Extended Term Loan B | 10.03%<br>(3 mo. USD Term SOFR + 5.75%) | 1/29/2027 | 16084301 | 16132956 |
| Lightstone Holdco LLC 2022 Extended Term Loan C | 10.03%<br>(3 mo. USD Term SOFR + 5.75%) | 1/29/2027 | 861222 | 863827 |
| Long Ridge Energy LLC Term Loan B | 8.827% <br>(1 mo. USD Term SOFR + 4.50%) | 2/19/2032 | 9562000 | 9318982 |
| Potomac Energy Center LLC 2025 Term Loan | – <sup>(f)</sup> | 3/14/2032 | 16715886 | 16726333 |
| South Field LLC 2025 Term Loan B | 7.549%<br>(3 mo. USD Term SOFR + 3.25%) | 8/29/2031 | 20826954 | 20885582 |
| South Field LLC 2025 Term Loan C | 7.549%<br>(3 mo. USD Term SOFR + 3.25%) | 8/29/2031 | 1331357 | 1335105 |
| Talen Energy Supply LLC 2023 Term Loan B | 6.808%<br>(3 mo. USD Term SOFR + 2.50%) | 5/17/2030 | 18541625 | 18602442 |
| *Total* |  |  |  | 177897107 |
| *Total Floating Rate Loans* (cost $3,864,974,693)* | *Total Floating Rate Loans* (cost $3,864,974,693)* |  |  | 3866809922 |
|  | **Dividend <br> Rate** |  | **Shares** |  |
| **PREFERRED STOCKS 0.61%** |  |  |  |  |
| **Transportation Infrastructure 0.61%** |  |  |  |  |
| ACBL Holdings Corp. (cost $11,118,825) | Zero Coupon |  | 444753 | 28464192 |
|  | **Exercise <br> Price** | **Expiration <br> Date** |  |  |
| **WARRANTS 0.01%** |  |  |  |  |
| **Machinery 0.00%** |  |  |  |  |
| TNT Crane & Rigging, Inc.\* | $4.00 | 12/31/2099 | 12651 | 696 |
| **Miscellaneous Financials 0.00%** |  |  |  |  |
| Utex Industries\* | 114.76 | 12/3/2025 | 57340 | 6 <sup>(d)</sup> |

---

<br> 88 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments** | **Exercise**<br>**Price** | **Expiration**<br>**Date** |<br>**Shares** | **Fair**<br>**Value** |
| **Specialty Retail 0.01%** |  |  | | |
| Chinos Intermediate Holdings A, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp; 3.50 | 12/31/2099 | 147340 | $216442 |
| *Total Warrants* (cost $652,304)* |  |  |  | 217144 |
| *Total Long-Term Investments* (cost $4,442,446,228)* | *Total Long-Term Investments* (cost $4,442,446,228)* |  |  | 4445993076 |
|  |  |  | **Principal** <br> **Amount**<sup>‡</sup> |  |
| **SHORT-TERM INVESTMENTS 5.40%** |  |  |  |  |
| **REPURCHASE AGREEMENTS 3.92%** |  |  |  |  |
| Repurchase Agreement dated 5/30/2025, 4.320% due 6/2/2025 with Barclays Capital, Inc. collateralized by $41,720,600 of U.S. Treasury Note at 3.750% due 4/30/2027; value: $41,667,347; proceeds: $40,848,700 <br> (cost $40,834,000) |  |  | $40834000 | 40834000 |
| Repurchase Agreement dated 5/30/2025, 4.310% due 6/2/2025 with JPMorgan Securities LLC collateralized by $158,182,000 of U.S. Treasury Bond at 2.750% due 8/15/2032; value: $145,067,347; proceeds: $142,217,061<br> (cost $142,166,000) |  |  | 142166000 | 142166000 |
| *Total Repurchase Agreements* (cost $183,000,000)* | *Total Repurchase Agreements* (cost $183,000,000)* |  |  | 183000000 |
| **Time Deposits 0.15%** |  |  |  |  |
| CitiBank N.A.<sup>(i)</sup> <br> (cost $6,927,752) |  |  | 6927752 | 6927752 |
|  |  |  | **Shares** |  |
| **Money Market Funds 1.33%** |  |  |  |  |
| Fidelity Government Portfolio<sup>(i)</sup> (cost $62,349,768) | Fidelity Government Portfolio<sup>(i)</sup> (cost $62,349,768) |  | 62349768 | 62349768 |
| *Total Short-Term Investments* (cost $252,277,520)* | *Total Short-Term Investments* (cost $252,277,520)* |  |  | 252277520 |
| *Total Investments in Securities 100.61%* (cost $4,694,723,748)* | *Total Investments in Securities 100.61%* (cost $4,694,723,748)* |  |  | 4698270596 |
| *Less Unfunded Loan Commitments (0.13%)* (cost $6,149,704)* | *Less Unfunded Loan Commitments (0.13%)* (cost $6,149,704)* |  |  | (6167552) |
| *Net Investments in Securities 100.48%* (cost $4,688,574,044)* | *Net Investments in Securities 100.48%* (cost $4,688,574,044)* |  |  | 4692103044 |
| *Other Assets and Liabilities – Net*<sup>(j)</sup> *(0.48)%* |  |  |  | (22278601) |
| *Net Assets 100.00%* |  |  |  | $4669824443 |

---

---

| | |
|:---|:---|
| EUR | Euro. |
| GBP | British Pound. |
| CMT | Constant Maturity Rate. |
| ETF | Exchange Traded Fund. |
| EURIBOR | Euro Interbank Offered Rate. |
| PIK | Payment-in-kind. |
| REITS | Real Estate Investment Trusts. |
| SOFR | Secured Overnight Financing Rate. |
| SONIA | Sterling Overnight Index Average. |

---

<br> See Notes to Financial Statements. 89

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | |
|:---|:---|
| <sup>‡</sup> | Principal Amount is denominated in U.S. dollars unless otherwise noted. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At May 31, 2025, the total value of Rule 144A securities was $377,475,466, which represents 8.08% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at May 31, 2025. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(b)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(c)</sup> | Securities purchased on a when-issued basis (See Note 2(l)). |
| <sup>(d)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security fair valued by the Pricing Committee. |
| <sup>(e)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the SOFR or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at May 31, 2025. |
| <sup>(f)</sup> | Interest Rate to be determined. |
| <sup>(g)</sup> | Security partially/fully unfunded (See Note 2(d)). |
| <sup>(h)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Floating Rate Loans categorized as Level 3 are valued based on a single quotation obtained from a dealer. Accounting principles generally accepted in the United States of America do not require the Fund to create quantitative unobservable inputs that were not developed by the Fund. Therefore, the Fund does not have access to unobservable inputs and cannot disclose such inputs in the valuation. |
| <sup>(i)</sup> | Security was purchased with the cash collateral from loaned securities. |
| <sup>(j)</sup> | Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on forward foreign currency exchange contracts, futures contracts and swap contracts as follows: |

---

**Centrally Cleared Interest Rate Swap Contracts at May 31, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Central<br> Clearingparty** | **Periodic<br> Payments<br> to be Made<br> By The Fund<br> (Quarterly)** | **Periodic<br> Payments<br> to be Received<br> By The Fund<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments**<br> **Upfront<sup>(1)</sup>** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Value** |
| Bank of America<sup>(2)</sup> | 3.000% | 12-Month USD SOFR Index | 3/19/2027 | $173000000 | $3626444 | $(1405608) | $2220836 |
| Bank of America<sup>(2)</sup> | 3.000% | 12-Month USD SOFR Index | 3/19/2030 | 25000000 | 1246126 | (590702) | 655424 |
| Bank of America<sup>(2)</sup> | 2.489% | 12-Month USD SOFR Index | 8/1/2029 | 9592000 |  | 404022 | 404022 |
| Bank of America<sup>(2)</sup> | 2.476% | 12-Month USD SOFR Index | 10/1/2029 | 13498000 |  | 599311 | 599311 |
| Bank of America<sup>(2)</sup> | 1.225% | 12-Month USD SOFR Index | 1/15/2030 | 12445000 |  | 1251344 | 1251344 |
| Bank of America<sup>(2)</sup> | 1.220% | 12-Month USD SOFR Index | 10/15/2029 | 9775000 | – | 932341 | 932341 |
| *Total* |  |  |  |  | $4872570 | $1190708 | $6063278 |

---

90 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Central<br> Clearingparty** | **Periodic<br> Payments<br> to be Made<br> By The Fund<br> (Quarterly)** | **Periodic<br> Payments<br> to be Received<br> By The Fund<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments<br> Upfront** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Value** |
| Bank of America<sup>(2)</sup> | 4.491% | 12-Month USD SOFR Index | 10/6/2026 | $5995000 | $– | $(46566) | $(46566) |
| Bank of America<sup>(2)</sup> | 4.423% | 12-Month USD SOFR Index | 2/1/2027 | 8259000 |  | (85375) | (85375) |
| Bank of America<sup>(2)</sup> | 4.131% | 12-Month USD SOFR Index | 4/15/2029 | 9534000 |  | (190535) | (190535) |
| Bank of America<sup>(2)</sup> | 4.058% | 12-Month USD SOFR Index | 7/25/2030 | 4661000 |  | (96877) | (96877) |
| Bank of America<sup>(2)</sup> | 4.015% | 12-Month USD SOFR Index | 1/15/2032 | 9552000 |  | (181509) | (181509) |
| Bank of America<sup>(2)</sup> | 4.007% | 12-Month USD SOFR Index | 6/1/2028 | 6585000 | – | (78688) | (78688) |
| *Total* |  |  |  |  | $– | $(679550) | $(679550) |

---

---

| | |
|:---|:---|
| SOFR | Secured Overnight Financing Rate. |
| <sup>(1)</sup> | Upfront payments paid (received) by Central Clearing Party are presented net of amortization. |
| <sup>(2)</sup> | Central clearinghouse: Chicago Mercantile Exchange (CME). |

---

**Total Return Swap Contracts at May 31, 2025:**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Refer-<br> enced<br> Index\*** | **Referenced<br> Spread** | **Units** | **Position** | **Termi-<br> nation<br> Date** | **Notional<br> Amount** | **Upfront**<br> **Payment<sup>(1)</sup>** | **Unrealized<br> Appreciation** | **Value** |
| Morgan Stanley | IBOXX | 12-Month USD SOFR Index | 572834 | Long | 6/20/2025 | $125210000 | $(914) | $1935661 | $1934747 |
| Morgan Stanley | IBOXX | 12-Month USD SOFR Index | 210430 | Long | 6/20/2025 | 46000000 | 116 | 706403 | 706519 |
| *Total* |  |  |  |  |  | $171210000 | $(798) | $2642064 | $2641266 |

---

---

| | |
|:---|:---|
| SOFR | Secured Overnight Financing Rate. |
| <sup>(1)</sup> | Upfront payments paid (received) are presented net of amortization. |
| \* | iBoxx Leveraged Loan Index. |

---

**Forward Foreign Currency Exchange Contracts at May 31, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange <br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Appreciation** |
| Euro | Buy | Barclays Bank PLC | 8/22/2025 | 1834000 | $2086034 | $2093445 | $7411 |
| Euro | Buy | Barclays Bank PLC | 8/22/2025 | 1664000 | 1895811 | 1899396 | 3585 |
| Euro | Buy | Morgan Stanley | 8/22/2025 | 2274000 | 2592092 | 2595690 | 3598 |
| *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* |  |  | $14594 |

---

<br> See Notes to Financial Statements. 91

**Schedule of Investments (unaudited)(continued)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Depreciation** |
| British pound | Sell | Barclays Bank PLC | 6/27/2025 | 4876000 | $6494495 | $6570414 | $(75919) |
| British pound | Sell | State Street Bank And Trust | 6/27/2025 | 13007000 | 16806735 | 17526942 | (720207) |
| Euro | Sell | Bank Of America | 8/22/2025 | 5054000 | 5766934 | 5768960 | (2026) |
| Euro | Sell | State Street Bank And Trust | 8/22/2025 | 187449000 | 213536277 | 213966319 | (430042) |
| *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | $(1228194) |

---

**Futures Contracts at May 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional <br> Amount** | **Notional <br> Value** | **Unrealized <br> Appreciation** |
| U.S. 2-Year Treasury Note | September 2025 | 1107 | Long | $229379616 | $229633312 | $253696 |

---

The following is a summary of the inputs used as of May 31, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $– | $101255554 | $– | $101255554 |
| &nbsp;&nbsp;&nbsp;Common Stocks |  | 22415474 |  | 22415474 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mining |  |  | –<sup>(3)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 322051560 |  | 322051560 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 104779230 |  |  | 104779230 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals |  | 59665925 | 4771451 | 64437376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 3802372546 |  | 3802372546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less Unfunded Loan Commitments |  | (6167552) |  | (6167552) |
| &nbsp;&nbsp;&nbsp;Preferred Stocks |  | 28464192 |  | 28464192 |
| &nbsp;&nbsp;&nbsp;Warrants |  | 217138 | 6 | 217144 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 183000000 |  | 183000000 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 6927752 |  | 6927752 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 62349768 | – | – | 62349768 |
| Total | $167128998 | $4520202589 | $4771457 | $4692103044 |

---

<br> 92 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(concluded)**

FLOATING RATE FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Other Financial Instruments** | | | | |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $6063278 | $– | $6063278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (679550) |  | (679550) |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 2641266 |  | 2641266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 14594 |  | 14594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (1228194) |  | (1228194) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 253696 |  |  | 253696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | – | – | – |
| Total | $253696 | $6811394 | $– | $7065090 |

---

---

| | |
|:---|:---|
| |  |
| <sup>(1)</sup> | Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs. |
| <sup>(2)</sup> | See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized. |
| <sup>(3)</sup> | Includes securities with zero fair value. |

---

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund's net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund's net assets at the beginning or end of the period.

See Notes to Financial Statements. 93

**Schedule of Investments (unaudited)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | | | **Shares** | **Fair <br> Value** |
| **LONG-TERM INVESTMENTS 97.21%** |  |  |  |  |
| **COMMON STOCKS 0.26%** |  |  |  |  |
| **Automobile Components 0.05%** |  |  |  |  |
| Chassix Holdings, Inc.\* |  |  | 465820 | $1824617 |
| **Electric: Utilities 0.02%** |  |  |  |  |
| Frontera Generation Holdings LLC\* |  |  | 87622 | 679070 |
| **Health Care Providers & Services 0.04%** |  |  |  |  |
| Recovery Solutions LLC\* |  |  | 74342 | 1003617 |
| Wellpath Holdings, Inc.\* |  |  | 35809 | 17904 |
| Wellpath Holdings, Inc.\* |  |  | 34699 | 468437 |
| *Total* |  |  |  | 1489958 |
| **Machinery 0.00%** |  |  |  |  |
| TNT Crane & Rigging, Inc.\* |  |  | 14844 | 17160 |
| **Miscellaneous Financials 0.05%** |  |  |  |  |
| Utex Industries\* |  |  | 49219 | 1587313 |
| **Personal Care Products 0.06%** |  |  |  |  |
| Britax Group Ltd.\* |  |  | 2481 |  |
| Gibson Brands Private Equity\* |  |  | 33017 | 2173625 |
| *Total* |  |  |  | 2173625 |
| **Real Estate Management & Development 0.01%** |  |  |  |  |
| Sunac China Holdings Ltd.\*<sup>(a)</sup> |  |  | 679790 | 119252 |
| **Specialty Retail 0.01%** |  |  |  |  |
| Chinos Intermediate Holdings A, Inc.\* |  |  | 47809 | 403413 |
| Claire's Holdings LLC\* |  |  | 7482 | 1122 |
| *Total* |  |  |  | 404535 |
| **Transportation Infrastructure 0.02%** |  |  |  |  |
| ACBL Holdings Corp.\* |  |  | 14214 | 703593 |
| *Total Common Stocks* <br> (cost $19,957,244) |  |  |  | 8999123 |
|  | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** |  |
| **CONVERTIBLE BONDS 0.03%** |  |  |  |  |
| **Equity Real Estate 0.03%** |  |  |  |  |
| Sunac China Holdings Ltd. (China)<sup>†(b)(c)</sup> <br> (cost $6,004,590) | Zero Coupon | 9/30/2028 | $6981286 | 820301 |

---

94 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **CORPORATE BONDS 92.98%** |  |  |  |  |
| **Advertising 0.40%** |  |  |  |  |
| CMG Media Corp.<sup>†</sup> | 8.875% | 6/18/2029 | $6865000 | $6332962 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>†</sup> | 7.375% | 2/15/2031 | 7032000 | 7430560 |
| *Total* |  |  |  | 13763522 |
| **Aerospace/Defense 2.14%** |  |  |  |  |
| Bombardier, Inc. (Canada)<sup>†(c)</sup> | 7.00% | 6/1/2032 | 3457000 | 3539847 |
| Bombardier, Inc. (Canada)<sup>†(c)</sup> | 7.25% | 7/1/2031 | 3457000 | 3569356 |
| Bombardier, Inc. (Canada)<sup>†(c)</sup> | 8.75% | 11/15/2030 | 3085000 | 3315011 |
| Efesto Bidco SpA Efesto U.S. LLC (Italy)<sup>†(c)</sup> | 7.50% | 2/15/2032 | 7188000 | 7241012 |
| Goat Holdco LLC<sup>†</sup> | 6.75% | 2/1/2032 | 5239000 | 5222628 |
| Moog, Inc.<sup>†</sup> | 4.25% | 12/15/2027 | 5350000 | 5186282 |
| TransDigm, Inc. | 4.625% | 1/15/2029 | 21759000 | 21089578 |
| TransDigm, Inc.<sup>†</sup> | 6.00% | 1/15/2033 | 13986000 | 13849386 |
| TransDigm, Inc.<sup>†</sup> | 6.875% | 12/15/2030 | 9957000 | 10275056 |
| *Total* |  |  |  | 73288156 |
| **Agriculture 0.22%** |  |  |  |  |
| Turning Point Brands, Inc.<sup>†</sup> | 7.625% | 3/15/2032 | 7065000 | 7446623 |
| **Airlines 0.81%** |  |  |  |  |
| American Airlines, Inc.<sup>†</sup> | 7.25% | 2/15/2028 | 6944000 | 7018517 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>†</sup> | 5.75% | 4/20/2029 | 4967146 | 4880731 |
| JetBlue Airways Corp./JetBlue Loyalty LP<sup>†</sup> | 9.875% | 9/20/2031 | 5319000 | 5265069 |
| United Airlines, Inc.<sup>†</sup> | 4.625% | 4/15/2029 | 4972000 | 4725770 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Malta)<sup>†(c)</sup> | 6.375% | 2/1/2030 | 6601000 | 5933905 |
| *Total* |  |  |  | 27823992 |
| **Auto Manufacturers 1.60%** |  |  |  |  |
| Allison Transmission, Inc.<sup>†</sup> | 3.75% | 1/30/2031 | 3940000 | 3579658 |
| Aston Martin Capital Holdings Ltd. (United Kingdom)<sup>†(c)</sup> | 10.00% | 3/31/2029 | 9410000 | 8828498 |
| Aston Martin Capital Holdings Ltd. | 10.375% | 3/31/2029 | 2761000 | 3515430 |
| Ford Motor Credit Co. LLC | 7.35% | 3/6/2030 | $3344000 | 3484600 |
| JB Poindexter & Co., Inc.<sup>†</sup> | 8.75% | 12/15/2031 | 4555000 | 4521223 |
| New Flyer Holdings, Inc.<sup>†(d)</sup> | 9.25% | 7/1/2030 | 2052000 | 2108430 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 2.75% | 3/9/2028 | 6926000 | 6346008 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 7.05% | 9/15/2028 | 1992000 | 2024512 |

---

*See Notes to Financial Statements.* 95

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Auto Manufacturers (continued)** |  |  |  |  |  |
| Nissan Motor Co. Ltd. (Japan)<sup>†(c)</sup> | 4.81% |  | 9/17/2030 | $18688000 | $17221555 |
| NM Holdings Co. LLC<sup>(e)</sup> | Zero Coupon |  |  | 250000 | – <sup>(f)</sup> |
| Wabash National Corp.<sup>†</sup> | 4.50% |  | 10/15/2028 | 4012000 | 3428855 |
| *Total* |  |  |  |  | 55058769 |
| **Auto Parts & Equipment 1.50%** |  |  |  |  |  |
| Dana, Inc. | 4.50% |  | 2/15/2032 | 1572000 | 1471749 |
| Garrett Motion Holdings, Inc./Garrett LX I SARL<sup>†</sup> | 7.75% |  | 5/31/2032 | 3231000 | 3299946 |
| Goodyear Tire & Rubber Co. | 5.25% |  | 7/15/2031 | 7863000 | 7342976 |
| Goodyear Tire & Rubber Co. | 6.625% |  | 7/15/2030 | 2744000 | 2750086 |
| Grupo Antolin-Irausa SA | 10.375% |  | 1/30/2030 | 2016000 | 1668015 |
| IHO Verwaltungs GmbH (Germany)<sup>†(c)</sup> | 8.00% |  | 11/15/2032 | $8647000 | 8666101 |
| Mahle GmbH | 6.50% |  | 5/2/2031 | 3302000 | 3736615 |
| Real Hero Merger Sub 2, Inc.<sup>†(g)</sup> | 6.25% |  | 2/1/2029 | $3421000 | 2672176 |
| Tenneco, Inc.<sup>†</sup> | 8.00% |  | 11/17/2028 | 2650000 | 2611312 |
| ZF North America Capital, Inc.<sup>†</sup> | 6.75% |  | 4/23/2030 | 3573000 | 3396798 |
| ZF North America Capital, Inc.<sup>†</sup> | 6.875% |  | 4/14/2028 | 3562000 | 3533252 |
| ZF North America Capital, Inc.<sup>†</sup> | 7.125% |  | 4/14/2030 | 10524000 | 10155958 |
| *Total* |  |  |  |  | 51304984 |
| **Banks 1.45%** |  |  |  |  |  |
| BW Real Estate, Inc.<sup>†</sup> | 9.50%<br>(5 yr. CMT + 5.40% |)<sup>#</sup> | – <sup>(h)</sup> | 4155000 | 4165454 |
| Freedom Mortgage Corp.<sup>†</sup> | 12.25% |  | 10/1/2030 | 1283000 | 1419147 |
| Independent Bank Corp. | 7.25%<br> (3 mo. USD Term SOFR + 3.53% |)<sup>#</sup> | 4/1/2035 | 3897000 | 3927591 |
| Intesa Sanpaolo SpA (Italy)<sup>†(c)</sup> | 4.198%<br> (1 yr. CMT + 2.60% |)<sup>#</sup> | 6/1/2032 | 8113000 | 7313248 |
| Popular, Inc. | 7.25% |  | 3/13/2028 | 4877000 | 5129902 |
| Societe Generale SA (France)<sup>†(c)</sup> | 9.375%<br> (5 yr. CMT + 5.39% |)<sup>#</sup> | – <sup>(h)</sup> | 4792000 | 5082136 |
| Texas Capital Bancshares, Inc. | 4.00%<br> (5 yr. CMT + 3.15% |)<sup>#</sup> | 5/6/2031 | 6106000 | 5888124 |
| Texas Capital Bank NA | 5.25% |  | 1/31/2026 | 6402000 | 6361328 |
| UBS Group AG (Switzerland)<sup>†(c)(g)</sup> | 7.75%<br>(5 yr. USD SOFR ICE SWAP + 4.16% |)<sup>#</sup> | – <sup>(h)</sup> | 3120000 | 3286652 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 9.25%<br> (5 yr. CMT + 4.75% |)<sup>#</sup> | – <sup>(h)</sup> | 1330000 | 1450636 |
| Western Alliance Bancorp | 3.00% <br> (3 mo. USD Term SOFR + 2.25% |)<sup>#</sup> | 6/15/2031 | 6229000 | 5766435 |
| *Total* |  |  |  |  | 49790653 |

---

96 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Building Materials 2.67%** |  |  |  |  |
| ACProducts Holdings, Inc.<sup>†</sup> | 6.375% | 5/15/2029 | $8117000 | $2989514 |
| AmeriTex HoldCo Intermediate LLC<sup>†(g)</sup> | 10.25% | 10/15/2028 | 4923000 | 5229624 |
| Boise Cascade Co.<sup>†</sup> | 4.875% | 7/1/2030 | 3771000 | 3649462 |
| Builders FirstSource, Inc.<sup>†</sup> | 4.25% | 2/1/2032 | 3913000 | 3553120 |
| Builders FirstSource, Inc.<sup>†</sup> | 6.375% | 6/15/2032 | 7058000 | 7129695 |
| CP Atlas Buyer, Inc.<sup>†</sup> | 7.00% | 12/1/2028 | 6490000 | 5394138 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>†</sup> | 6.625% | 12/15/2030 | 15657000 | 15834920 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>†</sup> | 6.75% | 7/15/2031 | 3723000 | 3813100 |
| Griffon Corp. | 5.75% | 3/1/2028 | 2458000 | 2444872 |
| MIWD Holdco II LLC/MIWD Finance Corp.<sup>†</sup> | 5.50% | 2/1/2030 | 9360000 | 8652757 |
| New Enterprise Stone & Lime Co., Inc.<sup>†</sup> | 5.25% | 7/15/2028 | 3560000 | 3496240 |
| PCF GmbH | 4.75% | 4/15/2029 | 3730869 | 3485960 |
| Quikrete Holdings, Inc.<sup>†</sup> | 6.375% | 3/1/2032 | $3278000 | 3333339 |
| Quikrete Holdings, Inc.<sup>†</sup> | 6.75% | 3/1/2033 | 6612000 | 6714823 |
| Smyrna Ready Mix Concrete LLC<sup>†</sup> | 6.00% | 11/1/2028 | 5854000 | 5773115 |
| Smyrna Ready Mix Concrete LLC<sup>†</sup> | 8.875% | 11/15/2031 | 6405000 | 6582873 |
| West China Cement Ltd. (China)<sup>(c)</sup> | 4.95% | 7/8/2026 | 4527000 | 3671492 |
| *Total* |  |  |  | 91749044 |
| **Chemicals 2.64%** |  |  |  |  |
| ASK Chemicals Deutschland Holding GmbH | 10.00% | 11/15/2029 | 6305000 | 7060576 |
| ASP Unifrax Holdings, Inc.<sup>†</sup> | 7.10% | 9/30/2029 | $9868121 | 4095230 |
| ASP Unifrax Holdings, Inc.<sup>†</sup> | 11.175% | 9/30/2029 | 5574725 | 5075425 |
| Axalta Coating Systems Dutch Holding B BV (Netherlands)<sup>†(c)</sup> | 7.25% | 2/15/2031 | 3556000 | 3724035 |
| Celanese U.S. Holdings LLC | 6.50% | 4/15/2030 | 3796000 | 3828467 |
| Celanese U.S. Holdings LLC | 6.58% | 7/15/2029 | 3469000 | 3565560 |
| Celanese U.S. Holdings LLC<sup>(g)</sup> | 6.75% | 4/15/2033 | 7034000 | 6852621 |
| Cerdia Finanz GmbH (Germany)<sup>†(c)</sup> | 9.375% | 10/3/2031 | 7018000 | 7228708 |
| CVR Partners LP/CVR Nitrogen Finance Corp.<sup>†</sup> | 6.125% | 6/15/2028 | 4493000 | 4471964 |
| Herens Holdco SARL (Luxembourg)<sup>†(c)</sup> | 4.75% | 5/15/2028 | 1898000 | 1664436 |
| Herens Midco SARL | 5.25% | 5/15/2029 | 6964000 | 6040545 |
| Ingevity Corp.<sup>†</sup> | 3.875% | 11/1/2028 | $3764000 | 3540884 |
| Itelyum Regeneration SpA<sup>†</sup> | 5.75% | 4/15/2030 | 2838000 | 3237714 |
| Itelyum Regeneration SpA | 5.75% | 4/15/2030 | 1926000 | 2197265 |
| Minerals Technologies, Inc.<sup>†</sup> | 5.00% | 7/1/2028 | $5100000 | 4958883 |
| Olympus Water U.S. Holding Corp.<sup>†</sup> | 7.25% | 6/15/2031 | 4663000 | 4666614 |
| Rain Carbon, Inc.<sup>†(g)</sup> | 12.25% | 9/1/2029 | 7508000 | 7831955 |
| SCIH Salt Holdings, Inc.<sup>†</sup> | 4.875% | 5/1/2028 | 3525000 | 3424471 |

---

*See Notes to Financial Statements.* 97

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Chemicals (continued)** |  |  |  |  |
| SK Invictus Intermediate II SARL (Luxembourg)<sup>†(c)</sup> | 5.00% | 10/30/2029 | $3814000 | $3626877 |
| SNF Group SACA (France)<sup>†(c)(g)</sup> | 3.375% | 3/15/2030 | 4002000 | 3658870 |
| *Total* |  |  |  | 90751100 |
| **Coal 0.49%** |  |  |  |  |
| Alliance Resource Operating Partners LP/Alliance Resource Finance Corp.<sup>†</sup> | 8.625% | 6/15/2029 | 3650000 | 3818630 |
| Coronado Finance Pty. Ltd. (Australia)<sup>†(c)</sup> | 9.25% | 10/1/2029 | 5555000 | 4134013 |
| SunCoke Energy, Inc.<sup>†</sup> | 4.875% | 6/30/2029 | 9737000 | 8958405 |
| *Total* |  |  |  | 16911048 |
| **Commercial Services 4.88%** |  |  |  |  |
| Adtalem Global Education, Inc.<sup>†</sup> | 5.50% | 3/1/2028 | 3588000 | 3562345 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc.<sup>†</sup> | 5.375% | 5/21/2030 | 506000 | 583696 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc. (Luxembourg)<sup>†(c)</sup> | 7.00% | 5/21/2030 | $3875000 | 3939593 |
| Allied Universal Holdco LLC<sup>†</sup> | 7.875% | 2/15/2031 | 3532000 | 3662822 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>†</sup> | 6.00% | 6/1/2029 | 5554000 | 5262308 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL (Luxembourg)<sup>†(c)</sup> | 4.625% | 6/1/2028 | 12825000 | 12259617 |
| Alta Equipment Group, Inc.<sup>†(g)</sup> | 9.00% | 6/1/2029 | 3712000 | 3246547 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>†</sup> | 5.375% | 3/1/2029 | 7163000 | 6760407 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>†</sup> | 8.375% | 6/15/2032 | 4600000 | 4638143 |
| BCP V Modular Services Finance PLC | 6.75% | 11/30/2029 | 5131000 | 5260190 |
| Brink's Co.<sup>†</sup> | 6.75% | 6/15/2032 | $3528000 | 3622071 |
| CoreCivic, Inc. | 8.25% | 4/15/2029 | 3266000 | 3454216 |
| CPI CG, Inc.<sup>†</sup> | 10.00% | 7/15/2029 | 3795000 | 4022700 |
| EquipmentShare.com, Inc.<sup>†</sup> | 8.625% | 5/15/2032 | 3751000 | 3938181 |
| EquipmentShare.com, Inc.<sup>†</sup> | 9.00% | 5/15/2028 | 10456000 | 10867810 |
| GEO Group, Inc. | 8.625% | 4/15/2029 | 3210000 | 3390727 |
| GEO Group, Inc. | 10.25% | 4/15/2031 | 6049000 | 6636097 |
| Herc Holdings Escrow, Inc.<sup>†(d)</sup> | 7.00% | 6/15/2030 | 5455000 | 5623290 |
| Herc Holdings Escrow, Inc.<sup>†(d)</sup> | 7.25% | 6/15/2033 | 2567000 | 2643758 |
| Hertz Corp.<sup>†</sup> | Zero Coupon | 1/15/2028 | 6517000 | 1401155 |
| Hertz Corp.<sup>†(g)</sup> | 4.625% | 12/1/2026 | 3656000 | 3231932 |
| Hertz Corp.<sup>†</sup> | 12.625% | 7/15/2029 | 4789000 | 4881011 |
| Limak Iskenderun Uluslararasi Liman Isletmeciligi AS (Turkey)<sup>(c)</sup> | 9.50% | 7/10/2036 | 6686409 | 6559367 |

---

98 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Commercial Services (continued)** |  |  |  |  |  |
| Mersin Uluslararasi Liman Isletmeciligi AS (Turkey)<sup>†(c)</sup> | 8.25% |  | 11/15/2028 | $5941000 | $6134124 |
| NESCO Holdings II, Inc.<sup>†</sup> | 5.50% |  | 4/15/2029 | 3552000 | 3349321 |
| Port of Newcastle Investments Financing Pty. Ltd. (Australia)<sup>†(c)</sup> | 5.90% |  | 11/24/2031 | 9682000 | 9316868 |
| Raven Acquisition Holdings LLC<sup>†</sup> | 6.875% |  | 11/15/2031 | 3603000 | 3595656 |
| Rekeep SpA | 9.00% |  | 9/15/2029 | 6626000 | 7469629 |
| Rekeep SpA<sup>†</sup> | 9.00% |  | 9/15/2029 | 1307000 | 1473409 |
| RR Donnelley & Sons Co.<sup>†</sup> | 9.50% |  | 8/1/2029 | $3750000 | 3763079 |
| Service Corp. International | 4.00% |  | 5/15/2031 | 7417000 | 6841427 |
| Sotheby's<sup>†</sup> | 7.375% |  | 10/15/2027 | 1748000 | 1730008 |
| TriNet Group, Inc.<sup>†</sup> | 7.125% |  | 8/15/2031 | 6507000 | 6712933 |
| Williams Scotsman, Inc.<sup>†</sup> | 6.625% |  | 6/15/2029 | 2359000 | 2407600 |
| Williams Scotsman, Inc.<sup>†</sup> | 6.625% |  | 4/15/2030 | 4965000 | 5092749 |
| *Total* |  |  |  |  | 167334786 |
| **Computers 0.30%** |  |  |  |  |  |
| Amentum Holdings, Inc.<sup>†</sup> | 7.25% |  | 8/1/2032 | 3234000 | 3301733 |
| CACI International, Inc.<sup>†(d)</sup> | 6.375% |  | 6/15/2033 | 3015000 | 3077381 |
| NCR Atleos Corp.<sup>†</sup> | 9.50% |  | 4/1/2029 | 3596000 | 3930230 |
| *Total* |  |  |  |  | 10309344 |
| **Cosmetics/Personal Care 0.39%** |  |  |  |  |  |
| Opal Bidco SAS (France)<sup>†(c)</sup> | 6.50% |  | 3/31/2032 | 4846000 | 4845201 |
| Perrigo Finance Unlimited Co. (Ireland)<sup>(c)</sup> | 4.90% |  | 6/15/2030 | 4095000 | 3944863 |
| Perrigo Finance Unlimited Co. (Ireland)<sup>(c)</sup> | 6.125% |  | 9/30/2032 | 4703000 | 4698301 |
| *Total* |  |  |  |  | 13488365 |
| **Distribution/Wholesale 0.42%** |  |  |  |  |  |
| American Builders & Contractors Supply Co., Inc.<sup>†</sup> | 3.875% |  | 11/15/2029 | 3649000 | 3402020 |
| Resideo Funding, Inc.<sup>†</sup> | 4.00% |  | 9/1/2029 | 4048000 | 3758443 |
| Resideo Funding, Inc.<sup>†</sup> | 6.50% |  | 7/15/2032 | 3375000 | 3406978 |
| SIG PLC | 9.75% |  | 10/31/2029 | 3302000 | 3732033 |
| *Total* |  |  |  |  | 14299474 |
| **Diversified Financial Services 5.57%** |  |  |  |  |  |
| AG Issuer LLC<sup>†</sup> | 6.25% |  | 3/1/2028 | $3650000 | 3652582 |
| Aretec Group, Inc.<sup>†</sup> | 10.00% |  | 8/15/2030 | 3633000 | 3963305 |
| Bread Financial Holdings, Inc.<sup>†</sup> | 8.375%<br>(5 yr. CMT + 4.30% |)<sup>#</sup> | 6/15/2035 | 3276000 | 3183865 |

---

*See Notes to Financial Statements.* 99

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |  |
| Bread Financial Holdings, Inc.<sup>†</sup> | 9.75% |  | 3/15/2029 | $6211000 | $6627951 |
| Coinbase Global, Inc.<sup>†</sup> | 3.375% |  | 10/1/2028 | 9405000 | 8753045 |
| Coinbase Global, Inc.<sup>†</sup> | 3.625% |  | 10/1/2031 | 3935000 | 3427940 |
| Credit Acceptance Corp.<sup>†</sup> | 6.625% |  | 3/15/2030 | 4981000 | 4970889 |
| EZCORP, Inc.<sup>†</sup> | 7.375% |  | 4/1/2032 | 6846000 | 7121558 |
| Freedom Mortgage Holdings LLC<sup>†</sup> | 9.125% |  | 5/15/2031 | 6299000 | 6431619 |
| Freedom Mortgage Holdings LLC<sup>†</sup> | 9.25% |  | 2/1/2029 | 5294000 | 5462561 |
| GGAM Finance Ltd. (Ireland)<sup>†(c)</sup> | 6.875% |  | 4/15/2029 | 3428000 | 3500639 |
| GGAM Finance Ltd. (Ireland)<sup>†(c)</sup> | 8.00% |  | 2/15/2027 | 5310000 | 5468243 |
| GGAM Finance Ltd. (Ireland)<sup>†(c)</sup> | 8.00% |  | 6/15/2028 | 3671000 | 3858742 |
| ILFC E-Capital Trust I<sup>†</sup> | 6.117%<br> (3 mo. USD Term SOFR + 1.81% |)<sup>#</sup> | 12/21/2065 | 3413000 | 2828041 |
| ILFC E-Capital Trust II<sup>†</sup> | 6.367%<br> (3 mo. USD Term SOFR + 2.06% |)<sup>#</sup> | 12/21/2065 | 3031000 | 2560962 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 4.50% |  | 11/15/2029 | 4712000 | 4542327 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 6.75% |  | 5/1/2033 | 4223000 | 4333672 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 7.125% |  | 4/30/2031 | 10774000 | 11261933 |
| Jefferson Capital Holdings LLC<sup>†</sup> | 8.25% |  | 5/15/2030 | 3265000 | 3344539 |
| Navient Corp. | 4.875% |  | 3/15/2028 | 3415000 | 3333685 |
| Navient Corp. | 9.375% |  | 7/25/2030 | 6094000 | 6642070 |
| Navient Corp. | 11.50% |  | 3/15/2031 | 8395000 | 9517705 |
| OneMain Finance Corp. | 7.125% |  | 11/15/2031 | 4666000 | 4751150 |
| OneMain Finance Corp. | 7.50% |  | 5/15/2031 | 11293000 | 11616809 |
| PennyMac Financial Services, Inc.<sup>†</sup> | 5.75% |  | 9/15/2031 | 5642000 | 5438130 |
| PennyMac Financial Services, Inc.<sup>†</sup> | 6.875% |  | 5/15/2032 | 4345000 | 4369310 |
| PennyMac Financial Services, Inc.<sup>†</sup> | 7.125% |  | 11/15/2030 | 3759000 | 3844371 |
| PennyMac Financial Services, Inc.<sup>†</sup> | 7.875% |  | 12/15/2029 | 6130000 | 6460444 |
| PRA Group, Inc.<sup>†</sup> | 8.875% |  | 1/31/2030 | 5295000 | 5434188 |
| Provident Funding Associates LP/PFG Finance Corp.<sup>†</sup> | 9.75% |  | 9/15/2029 | 4554000 | 4744084 |
| Rfna LP<sup>†</sup> | 7.875% |  | 2/15/2030 | 3686000 | 3697903 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>†</sup> | 3.875% |  | 3/1/2031 | 7487000 | 6779367 |
| StoneX Group, Inc.<sup>†</sup> | 7.875% |  | 3/1/2031 | 6541000 | 6894044 |
| Synchrony Financial | 7.25% |  | 2/2/2033 | 8737000 | 8934253 |
| VFH Parent LLC/Valor Co-Issuer, Inc.<sup>†</sup> | 7.50% |  | 6/15/2031 | 3269000 | 3410868 |
| *Total* |  |  |  |  | 191162794 |

---

100 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Electric 2.87%** |  |  |  |  |  |
| AES Corp. | 7.60%<br> (5 yr. CMT + 3.20% |)<sup>#</sup> | 1/15/2055 | $3253000 | $3286870 |
| Algonquin Power & Utilities Corp. (Canada)<sup>(c)</sup> | 4.75%<br> (5 yr. CMT + 3.25% |)<sup>#</sup> | 1/18/2082 | 7520000 | 7201258 |
| Alpha Generation LLC<sup>†</sup> | 6.75% |  | 10/15/2032 | 5159000 | 5264275 |
| ContourGlobal Power Holdings SA (Luxembourg)<sup>†(c)</sup> | 6.75% |  | 2/28/2030 | 4648000 | 4714420 |
| DPL, Inc. | 4.35% |  | 4/15/2029 | 7502000 | 7225606 |
| Leeward Renewable Energy Operations LLC<sup>†</sup> | 4.25% |  | 7/1/2029 | 6522000 | 5946270 |
| Lightning Power LLC<sup>†</sup> | 7.25% |  | 8/15/2032 | 6549000 | 6870430 |
| NRG Energy, Inc.<sup>†</sup> | 5.25% |  | 6/15/2029 | 3170000 | 3134657 |
| NRG Energy, Inc.<sup>†</sup> | 6.00% |  | 2/1/2033 | 7065000 | 7006055 |
| NRG Energy, Inc.<sup>†</sup> | 10.25%<br> (5 yr. CMT + 5.92% |)<sup>#</sup> | – <sup>(h)</sup> | 7747000 | 8534785 |
| Pampa Energia SA (Argentina)<sup>†(c)</sup> | 7.875% |  | 12/16/2034 | 4079000 | 4053262 |
| PG&E Corp. | 7.375%<br> (5 yr. CMT + 3.88% |)<sup>#</sup> | 3/15/2055 | 3639000 | 3572461 |
| Pike Corp.<sup>†</sup> | 8.625% |  | 1/31/2031 | 3250000 | 3504573 |
| Talen Energy Supply LLC<sup>†</sup> | 8.625% |  | 6/1/2030 | 6744000 | 7206483 |
| Vistra Corp.<sup>†</sup> | 7.00%<br> (5 yr. CMT + 5.74% |)<sup>#</sup> | – <sup>(h)</sup> | 3393000 | 3453192 |
| Vistra Corp.<sup>†</sup> | 8.875%<br> (5 yr. CMT + 5.05% |)<sup>#</sup> | – <sup>(h)</sup> | 3049000 | 3282657 |
| Vistra Operations Co. LLC<sup>†</sup> | 4.375% |  | 5/1/2029 | 3961000 | 3831665 |
| Vistra Operations Co. LLC<sup>†</sup> | 7.75% |  | 10/15/2031 | 9662000 | 10251024 |
| *Total* |  |  |  |  | 98339943 |
| **Electrical Components & Equipment 0.26%** |  |  |  |  |  |
| EnerSys<sup>†</sup> | 4.375% |  | 12/15/2027 | 3722000 | 3604461 |
| EnerSys<sup>†</sup> | 6.625% |  | 1/15/2032 | 5339000 | 5456362 |
| *Total* |  |  |  |  | 9060823 |
| **Electronics 0.20%** |  |  |  |  |  |
| Coherent Corp.<sup>†</sup> | 5.00% |  | 12/15/2029 | 3447000 | 3343706 |
| TTM Technologies, Inc.<sup>†</sup> | 4.00% |  | 3/1/2029 | 3625000 | 3452642 |
| *Total* |  |  |  |  | 6796348 |
| **Engineering & Construction 1.03%** |  |  |  |  |  |
| Arcosa, Inc.<sup>†</sup> | 4.375% |  | 4/15/2029 | 3551000 | 3387433 |
| Arcosa, Inc.<sup>†</sup> | 6.875% |  | 8/15/2032 | 1835000 | 1882919 |

---

*See Notes to Financial Statements.* 101

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Engineering & Construction (continued)** |  |  |  |  |
| ASG Finance DAC (Ireland)<sup>†(c)</sup> | 9.75% | 5/15/2029 | $3649000 | $3470500 |
| Brand Industrial Services, Inc.<sup>†</sup> | 10.375% | 8/1/2030 | 3378000 | 3034040 |
| Brundage-Bone Concrete Pumping Holdings, Inc.<sup>†</sup> | 7.50% | 2/1/2032 | 1838000 | 1836089 |
| Dycom Industries, Inc.<sup>†</sup> | 4.50% | 4/15/2029 | 3904000 | 3759396 |
| Gatwick Airport Finance PLC | 4.375% | 4/7/2026 | 3957000 | 5275108 |
| Great Lakes Dredge & Dock Corp.<sup>†</sup> | 5.25% | 6/1/2029 | $3821000 | 3584595 |
| Heathrow Finance PLC | 6.625% | 3/1/2031 | 4285000 | 5668803 |
| Weekley Homes LLC/Weekley Finance Corp.<sup>†</sup> | 4.875% | 9/15/2028 | $3481000 | 3348664 |
| *Total* |  |  |  | 35247547 |
| **Entertainment 2.34%** |  |  |  |  |
| 888 Acquisitions Ltd. | 10.75% | 5/15/2030 | 4400000 | 6007703 |
| Boyne USA, Inc.<sup>†</sup> | 4.75% | 5/15/2029 | $4092000 | 3935003 |
| Caesars Entertainment, Inc.<sup>†</sup> | 6.50% | 2/15/2032 | 4917000 | 4959630 |
| Caesars Entertainment, Inc.<sup>†</sup> | 7.00% | 2/15/2030 | 3485000 | 3578241 |
| Churchill Downs, Inc.<sup>†</sup> | 4.75% | 1/15/2028 | 3734000 | 3652189 |
| Churchill Downs, Inc.<sup>†</sup> | 5.75% | 4/1/2030 | 3895000 | 3842976 |
| Cinemark USA, Inc.<sup>†</sup> | 5.25% | 7/15/2028 | 4232000 | 4178064 |
| Cinemark USA, Inc.<sup>†</sup> | 7.00% | 8/1/2032 | 3575000 | 3680627 |
| Empire Resorts, Inc.<sup>†</sup> | 7.75% | 11/1/2026 | 8365000 | 8246970 |
| Inter Media & Communication SpA | 6.75% | 2/9/2027 | 8306087 | 9596216 |
| Jacobs Entertainment, Inc.<sup>†</sup> | 6.75% | 2/15/2029 | $3614000 | 3426885 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.<sup>†</sup> | 4.875% | 5/1/2029 | 4693000 | 4499818 |
| Penn Entertainment, Inc.<sup>†</sup> | 4.125% | 7/1/2029 | 4494000 | 4018479 |
| Resorts World Las Vegas LLC/RWLV Capital, Inc.<sup>†</sup> | 4.625% | 4/6/2031 | 6500000 | 5253744 |
| Starz Capital Holdings 1, Inc.<sup>†</sup> | 5.50% | 4/15/2029 | 3824000 | 3412676 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.<sup>†</sup> | 7.125% | 2/15/2031 | 7470000 | 7839631 |
| *Total* |  |  |  | 80128852 |
| **Environmental Control 0.32%** |  |  |  |  |
| GFL Environmental, Inc. (Canada)<sup>†(c)</sup> | 6.75% | 1/15/2031 | 3278000 | 3404363 |
| Madison IAQ LLC<sup>†</sup> | 5.875% | 6/30/2029 | 2062000 | 1996337 |
| Waste Pro USA, Inc.<sup>†</sup> | 7.00% | 2/1/2033 | 5329000 | 5477301 |
| *Total* |  |  |  | 10878001 |

---

102 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Food 2.86%** |  |  |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 3.50% |  | 3/15/2029 | $9595000 | $9024712 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 4.875% |  | 2/15/2030 | 5232000 | 5094824 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 6.25% |  | 3/15/2033 | 2123000 | 2157493 |
| Bellis Acquisition Co. PLC<sup>†</sup> | 8.125% |  | 5/14/2030 | 2993000 | 3768853 |
| Bellis Finco PLC | 4.00% |  | 2/16/2027 | 3484000 | 4579012 |
| Boparan Finance PLC | 9.375% |  | 11/7/2029 | 4059000 | 5369562 |
| Chobani Holdco II LLC<sup>†</sup> | 8.75% |  | 10/1/2029 | $3186627 | 3394831 |
| Chobani LLC/Chobani Finance Corp., Inc.<sup>†</sup> | 4.625% |  | 11/15/2028 | 1792000 | 1747125 |
| ELO SACA | 6.00% |  | 3/22/2029 | 3300000 | 3600857 |
| Fiesta Purchaser, Inc.<sup>†</sup> | 7.875% |  | 3/1/2031 | $3454000 | 3628361 |
| Ingles Markets, Inc.<sup>†</sup> | 4.00% |  | 6/15/2031 | 3523000 | 3230255 |
| Lamb Weston Holdings, Inc.<sup>†</sup> | 4.125% |  | 1/31/2030 | 4019000 | 3794533 |
| Lamb Weston Holdings, Inc.<sup>†</sup> | 4.375% |  | 1/31/2032 | 3565000 | 3291340 |
| Market Bidco Finco PLC | 5.50% |  | 11/4/2027 | 4813000 | 6331385 |
| Ocado Group PLC | 10.50% |  | 8/8/2029 | 1700000 | 2306241 |
| Ocado Group PLC<sup>†</sup> | 10.50% |  | 8/8/2029 | 2591000 | 3514983 |
| Performance Food Group, Inc.<sup>†</sup> | 4.25% |  | 8/1/2029 | $5285000 | 5044839 |
| Post Holdings, Inc.<sup>†</sup> | 4.50% |  | 9/15/2031 | 7567000 | 6905939 |
| Post Holdings, Inc.<sup>†</sup> | 4.625% |  | 4/15/2030 | 4130000 | 3912747 |
| Post Holdings, Inc.<sup>†</sup> | 6.25% |  | 2/15/2032 | 4917000 | 5005329 |
| Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed<sup>†</sup> | 4.625% |  | 3/1/2029 | 3882000 | 3621816 |
| Tonon Luxembourg SA (Luxembourg)<sup>†(b)(c)</sup> | 6.50% |  | 10/31/2024 | 1863197 | 0 <sup>(f)</sup> |
| TreeHouse Foods, Inc. | 4.00% |  | 9/1/2028 | 5709000 | 5206240 |
| U.S. Foods, Inc.<sup>†(g)</sup> | 4.625% |  | 6/1/2030 | 3808000 | 3665317 |
| *Total* |  |  |  |  | 98196594 |
| **Forest Products & Paper 0.36%** |  |  |  |  |  |
| Ahlstrom Holding 3 OYJ (Finland)<sup>†(c)(g)</sup> | 4.875% |  | 2/4/2028 | 5404000 | 5113958 |
| LD Celulose International GmbH (Austria)<sup>†(c)</sup> | 7.95% |  | 1/26/2032 | 3191000 | 3290320 |
| Mercer International, Inc. (Canada)<sup>(c)</sup> | 5.125% |  | 2/1/2029 | 1631000 | 1298170 |
| Mercer International, Inc. (Canada)<sup>†(c)</sup> | 12.875% |  | 10/1/2028 | 2558000 | 2547343 |
| *Total* |  |  |  |  | 12249791 |
| **Gas 0.12%** |  |  |  |  |  |
| AltaGas Ltd. (Canada)<sup>†(c)</sup> | 7.20% <br> (5 yr. CMT + 3.57% |)<sup>#</sup> | 10/15/2054 | 4216000 | 4133947 |

---

*See Notes to Financial Statements.* 103

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Health Care-Products 0.61%** |  |  |  |  |
| Insulet Corp.<sup>†</sup> | 6.50% | 4/1/2033 | $3483000 | $3584254 |
| Medline Borrower LP<sup>†</sup> | 3.875% | 4/1/2029 | 14940000 | 14091880 |
| Medline Borrower LP<sup>†</sup> | 5.25% | 10/1/2029 | 3483000 | 3406459 |
| *Total* |  |  |  | 21082593 |
| **Health Care-Services 2.50%** |  |  |  |  |
| Acadia Healthcare Co., Inc.<sup>†</sup> | 5.00% | 4/15/2029 | 5612000 | 5376580 |
| Acadia Healthcare Co., Inc.<sup>†</sup> | 7.375% | 3/15/2033 | 5795000 | 5912030 |
| CHS/Community Health Systems, Inc.<sup>†</sup> | 4.75% | 2/15/2031 | 6345000 | 5436428 |
| CHS/Community Health Systems, Inc.<sup>†</sup> | 5.25% | 5/15/2030 | 10235000 | 9225838 |
| CHS/Community Health Systems, Inc.<sup>†(g)</sup> | 6.875% | 4/15/2029 | 5974000 | 4998177 |
| DaVita, Inc.<sup>†</sup> | 4.625% | 6/1/2030 | 11713000 | 10952427 |
| DaVita, Inc.<sup>†</sup> | 6.875% | 9/1/2032 | 3525000 | 3583152 |
| Global Medical Response, Inc.<sup>†</sup> | 6.50% | 10/1/2025 | 4943000 | 4498723 |
| Kedrion SpA (Italy)<sup>†(c)</sup> | 6.50% | 9/1/2029 | 5638000 | 5439903 |
| LifePoint Health, Inc.<sup>†(g)</sup> | 5.375% | 1/15/2029 | 3982000 | 3766872 |
| LifePoint Health, Inc.<sup>†</sup> | 10.00% | 6/1/2032 | 3189000 | 3339932 |
| LifePoint Health, Inc.<sup>†</sup> | 11.00% | 10/15/2030 | 3114000 | 3427240 |
| Molina Healthcare, Inc.<sup>†</sup> | 3.875% | 11/15/2030 | 8083000 | 7395618 |
| Molina Healthcare, Inc.<sup>†</sup> | 3.875% | 5/15/2032 | 3983000 | 3559769 |
| Pediatrix Medical Group, Inc.<sup>†</sup> | 5.375% | 2/15/2030 | 5213000 | 5050128 |
| U.S. Acute Care Solutions LLC<sup>†</sup> | 9.75% | 5/15/2029 | 3811000 | 3878222 |
| *Total* |  |  |  | 85841039 |
| **Holding Companies-Diversified 0.32%** |  |  |  |  |
| Benteler International AG (Austria)<sup>†(c)</sup> | 10.50% | 5/15/2028 | 3838000 | 4036026 |
| Clue Opco LLC<sup>†(g)</sup> | 9.50% | 10/15/2031 | 5869000 | 6047030 |
| Stena International SA (Luxembourg)<sup>†(c)</sup> | 7.625% | 2/15/2031 | 918000 | 930651 |
| *Total* |  |  |  | 11013707 |
| **Home Builders 1.68%** |  |  |  |  |
| Century Communities, Inc.<sup>†</sup> | 3.875% | 8/15/2029 | 7519000 | 6822428 |
| Dream Finders Homes, Inc.<sup>†</sup> | 8.25% | 8/15/2028 | 4252000 | 4380087 |
| Landsea Homes Corp.<sup>†</sup> | 8.875% | 4/1/2029 | 6317000 | 6596288 |
| LGI Homes, Inc.<sup>†(g)</sup> | 7.00% | 11/15/2032 | 3724000 | 3462073 |
| LGI Homes, Inc.<sup>†</sup> | 8.75% | 12/15/2028 | 8644000 | 8901349 |
| M/I Homes, Inc. | 4.95% | 2/1/2028 | 6254000 | 6174642 |
| Miller Homes Group Finco PLC | 7.00% | 5/15/2029 | 5951000 | 7960739 |
| Shea Homes LP/Shea Homes Funding Corp. | 4.75% | 2/15/2028 | $5883000 | 5725041 |
| STL Holding Co. LLC<sup>†</sup> | 8.75% | 2/15/2029 | 7431000 | 7790519 |
| *Total* |  |  |  | 57813166 |

---

104 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Insurance 1.69%** |  |  |  |  |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>†</sup> | 5.875% | 11/1/2029 | $3652000 | $3590123 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>†</sup> | 6.50% | 10/1/2031 | 3551000 | 3583864 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>†</sup> | 6.75% | 4/15/2028 | 3655000 | 3708469 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>†</sup> | 7.375% | 10/1/2032 | 3364000 | 3462010 |
| Ardonagh Finco Ltd. (United Kingdom)<sup>†(c)</sup> | 7.75% | 2/15/2031 | 10406000 | 10767359 |
| Ardonagh Group Finance Ltd. (United Kingdom)<sup>†(c)</sup> | 8.875% | 2/15/2032 | 6809000 | 7041623 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (United Kingdom)<sup>†(c)</sup> | 7.25% | 2/15/2031 | 6213000 | 6383093 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (United Kingdom)<sup>†(c)</sup> | 8.125% | 2/15/2032 | 7784000 | 7991708 |
| HUB International Ltd.<sup>†</sup> | 7.375% | 1/31/2032 | 3532000 | 3688199 |
| Jones Deslauriers Insurance Management, Inc. (Canada)<sup>†(c)</sup> | 10.50% | 12/15/2030 | 3667000 | 3936161 |
| Panther Escrow Issuer LLC<sup>†</sup> | 7.125% | 6/1/2031 | 3608000 | 3734745 |
| *Total* |  |  |  | 57887354 |
| **Internet 0.68%** |  |  |  |  |
| Cablevision Lightpath LLC<sup>†</sup> | 5.625% | 9/15/2028 | 3791000 | 3664672 |
| Gen Digital, Inc.<sup>†</sup> | 6.25% | 4/1/2033 | 3415000 | 3461454 |
| GrubHub Holdings, Inc.<sup>†(g)</sup> | 5.50% | 7/1/2027 | 7711000 | 7123070 |
| Rakuten Group, Inc. (Japan)<sup>†(c)</sup> | 9.75% | 4/15/2029 | 5225000 | 5604549 |
| United Group BV | 6.75% | 2/15/2031 | 2835000 | 3347966 |
| *Total* |  |  |  | 23201711 |
| **Iron-Steel 1.12%** |  |  |  |  |
| Algoma Steel, Inc. (Canada)<sup>†(c)</sup> | 9.125% | 4/15/2029 | $5244000 | 4540806 |
| ATI, Inc. | 5.125% | 10/1/2031 | 10694000 | 10328493 |
| ATI, Inc. | 7.25% | 8/15/2030 | 4771000 | 4999855 |
| Carpenter Technology Corp. | 7.625% | 3/15/2030 | 3419000 | 3528367 |
| Commercial Metals Co. | 4.125% | 1/15/2030 | 3953000 | 3726488 |
| Samarco Mineracao SA (Brazil)<sup>(c)</sup> | 9.50% | 6/30/2031 | 7560847 | 7348091 |
| U.S. Steel Corp. | 6.65% | 6/1/2037 | 3719000 | 3854985 |
| *Total* |  |  |  | 38327085 |

---

*See Notes to Financial Statements.* 105

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Leisure Time 1.39%** |  |  |  |  |  |
| Carnival Corp.<sup>†</sup> | 5.75% |  | 3/15/2030 | $12040000 | $12075650 |
| Carnival Corp.<sup>†</sup> | 6.00% |  | 5/1/2029 | 10729000 | 10763984 |
| Life Time, Inc.<sup>†</sup> | 6.00% |  | 11/15/2031 | 3604000 | 3614448 |
| NCL Corp. Ltd.<sup>†</sup> | 6.75% |  | 2/1/2032 | 3513000 | 3515850 |
| NCL Corp. Ltd.<sup>†</sup> | 8.125% |  | 1/15/2029 | 3391000 | 3572510 |
| Sabre GLBL, Inc.<sup>†</sup> | 8.625% |  | 6/1/2027 | 3594000 | 3700131 |
| Sabre GLBL, Inc.<sup>†</sup> | 11.25% |  | 12/15/2027 | 2301000 | 2275114 |
| Viking Cruises Ltd.<sup>†</sup> | 9.125% |  | 7/15/2031 | 3838000 | 4123160 |
| VOC Escrow Ltd.<sup>†</sup> | 5.00% |  | 2/15/2028 | 4053000 | 4000338 |
| *Total* |  |  |  |  | 47641185 |
| **Lodging 1.20%** |  |  |  |  |  |
| AccorInvest Group SA<sup>†</sup> | 5.625% |  | 5/15/2032 | 2966000 | 3387946 |
| Full House Resorts, Inc.<sup>†</sup> | 8.25% |  | 2/15/2028 | $4113000 | 3937972 |
| Genting New York LLC/GENNY Capital, Inc.<sup>†</sup> | 7.25% |  | 10/1/2029 | 6223000 | 6297862 |
| Hilton Domestic Operating Co., Inc.<sup>†</sup> | 4.00% |  | 5/1/2031 | 9690000 | 8965770 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.<sup>†</sup> | 6.625% |  | 1/15/2032 | 3569000 | 3566715 |
| Melco Resorts Finance Ltd. (Hong Kong)<sup>†(c)</sup> | 7.625% |  | 4/17/2032 | 3531000 | 3507442 |
| Studio City Finance Ltd. (Hong Kong)<sup>(c)</sup> | 5.00% |  | 1/15/2029 | 8473000 | 7662159 |
| Wyndham Hotels & Resorts, Inc.<sup>†</sup> | 4.375% |  | 8/15/2028 | 3877000 | 3754222 |
| *Total* |  |  |  |  | 41080088 |
| **Machinery: Construction & Mining 0.32%** |  |  |  |  |  |
| BWX Technologies, Inc.<sup>†</sup> | 4.125% |  | 4/15/2029 | 3643000 | 3492934 |
| Terex Corp.<sup>†</sup> | 5.00% |  | 5/15/2029 | 3486000 | 3361373 |
| Vertiv Group Corp.<sup>†</sup> | 4.125% |  | 11/15/2028 | 4258000 | 4128274 |
| *Total* |  |  |  |  | 10982581 |
| **Machinery-Diversified 0.79%** |  |  |  |  |  |
| ATS Corp. (Canada)<sup>†(c)</sup> | 4.125% |  | 12/15/2028 | 3972000 | 3743273 |
| GrafTech Global Enterprises, Inc.<sup>†</sup> | 9.875% |  | 12/23/2029 | 8911000 | 6972858 |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (Canada)<sup>†(c)</sup> | 9.00% |  | 2/15/2029 | 3518000 | 3599825 |
| Maxim Crane Works Holdings Capital LLC<sup>†</sup> | 11.50% |  | 9/1/2028 | 4851000 | 4976377 |
| Mueller Water Products, Inc.<sup>†</sup> | 4.00% |  | 6/15/2029 | 4445000 | 4220582 |
| Nova Alexandre III SAS | 7.529% <br> (3 mo. EURIBOR + 5.25% |)<sup>#</sup> | 7/15/2029 | 3255000 | 3762803 |
| *Total* |  |  |  |  | 27275718 |

---

106 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Media 7.21%** |  |  |  |  |
| AMC Networks, Inc.<sup>(g)</sup> | 4.25% | 2/15/2029 | $14122000 | $10817311 |
| Belo Corp. | 7.25% | 9/15/2027 | 6082000 | 6267398 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 4.25% | 2/1/2031 | 11119000 | 10191416 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 4.50% | 8/15/2030 | 24122000 | 22634416 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 4.75% | 3/1/2030 | 11505000 | 10990083 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 5.00% | 2/1/2028 | 20335000 | 19957820 |
| CSC Holdings LLC<sup>†</sup> | 4.625% | 12/1/2030 | 31836000 | 14671780 |
| CSC Holdings LLC<sup>†</sup> | 5.75% | 1/15/2030 | 3335000 | 1686288 |
| CSC Holdings LLC<sup>†</sup> | 6.50% | 2/1/2029 | 7271000 | 5807855 |
| CSC Holdings LLC<sup>†</sup> | 11.25% | 5/15/2028 | 12910000 | 12785317 |
| CSC Holdings LLC<sup>†</sup> | 11.75% | 1/31/2029 | 11991000 | 11248412 |
| Directv Financing LLC<sup>†</sup> | 8.875% | 2/1/2030 | 3545000 | 3495383 |
| DISH DBS Corp. | 5.125% | 6/1/2029 | 19062000 | 12549095 |
| DISH Network Corp.<sup>†</sup> | 11.75% | 11/15/2027 | 6877000 | 7099684 |
| Gray Media, Inc.<sup>†</sup> | 5.375% | 11/15/2031 | 18677000 | 13351621 |
| Gray Media, Inc.<sup>†</sup> | 10.50% | 7/15/2029 | 7872000 | 8378610 |
| Scripps Escrow II, Inc.<sup>†</sup> | 5.375% | 1/15/2031 | 15728000 | 10891640 |
| Sinclair Television Group, Inc.<sup>†</sup> | 8.125% | 2/15/2033 | 5817000 | 5824969 |
| Sunrise FinCo I BV (Netherlands)<sup>†(c)</sup> | 4.875% | 7/15/2031 | 8089000 | 7517512 |
| TEGNA, Inc. | 5.00% | 9/15/2029 | 4788000 | 4564741 |
| Univision Communications, Inc.<sup>†</sup> | 7.375% | 6/30/2030 | 9962000 | 9320049 |
| Virgin Media Finance PLC (United Kingdom)<sup>†(c)</sup> | 5.00% | 7/15/2030 | 12178000 | 11049074 |
| Virgin Media Secured Finance PLC (United Kingdom)<sup>†(c)</sup> | 5.50% | 5/15/2029 | 13964000 | 13593531 |
| VZ Secured Financing BV (Netherlands)<sup>†(c)</sup> | 5.00% | 1/15/2032 | 14701000 | 12717571 |
| *Total* |  |  |  | 247411576 |
| **Metal Fabricate-Hardware 0.25%** |  |  |  |  |
| Park-Ohio Industries, Inc.<sup>(g)</sup> | 6.625% | 4/15/2027 | 5191000 | 5040029 |
| Vallourec SACA (France)<sup>†(c)</sup> | 7.50% | 4/15/2032 | 3438000 | 3591613 |
| *Total* |  |  |  | 8631642 |
| **Mining 4.20%** |  |  |  |  |
| Alcoa Nederland Holding BV (Netherlands)<sup>†(c)</sup> | 7.125% | 3/15/2031 | 3587000 | 3726100 |
| Alumina Pty. Ltd. (Australia)<sup>†(c)</sup> | 6.125% | 3/15/2030 | 4583000 | 4593225 |
| Alumina Pty. Ltd. (Australia)<sup>†(c)</sup> | 6.375% | 9/15/2032 | 3543000 | 3506459 |
| Aris Mining Corp. (Canada)<sup>†(c)</sup> | 8.00% | 10/31/2029 | 8090000 | 8220102 |
| Arsenal AIC Parent LLC<sup>†</sup> | 8.00% | 10/1/2030 | 4928000 | 5181196 |
| Capstone Copper Corp. (Canada)<sup>†(c)</sup> | 6.75% | 3/31/2033 | 3518000 | 3520344 |
| Coeur Mining, Inc.<sup>†</sup> | 5.125% | 2/15/2029 | 9725000 | 9368121 |

---

*See Notes to Financial Statements.* 107

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Mining (continued)** |  |  |  |  |
| Constellium SE (France)<sup>†(c)</sup> | 3.75% | 4/15/2029 | $2169000 | $2004098 |
| Constellium SE (France)<sup>†(c)</sup> | 5.625% | 6/15/2028 | 1442000 | 1417147 |
| Eldorado Gold Corp. (Canada)<sup>†(c)</sup> | 6.25% | 9/1/2029 | 10632000 | 10572906 |
| Endeavour Mining PLC (United Kingdom)<sup>†(c)(g)</sup> | 7.00% | 5/28/2030 | 3952000 | 3935747 |
| First Quantum Minerals Ltd. (Canada)<sup>†(c)</sup> | 8.00% | 3/1/2033 | 3749000 | 3724986 |
| First Quantum Minerals Ltd. (Canada)<sup>†(c)</sup> | 8.625% | 6/1/2031 | 6493000 | 6606550 |
| FMG Resources August 2006 Pty. Ltd. (Australia)<sup>†(c)</sup> | 4.375% | 4/1/2031 | 4232000 | 3888507 |
| FMG Resources August 2006 Pty. Ltd. (Australia)<sup>†(c)</sup> | 5.875% | 4/15/2030 | 4227000 | 4227034 |
| FMG Resources August 2006 Pty. Ltd. (Australia)<sup>†(c)</sup> | 6.125% | 4/15/2032 | 6778000 | 6766054 |
| Hecla Mining Co. | 7.25% | 2/15/2028 | 11889000 | 12022644 |
| Hudbay Minerals, Inc. (Canada)<sup>†(c)</sup> | 6.125% | 4/1/2029 | 4376000 | 4390384 |
| IAMGOLD Corp. (Canada)<sup>†(c)</sup> | 5.75% | 10/15/2028 | 5205000 | 5162001 |
| Ivanhoe Mines Ltd. (Canada)<sup>†(c)</sup> | 7.875% | 1/23/2030 | 7154000 | 6971409 |
| JW Aluminum Continuous Cast Co.<sup>†</sup> | 10.25% | 4/1/2030 | 6228000 | 6177989 |
| Mirabela Nickel Ltd. | Zero Coupon | 9/10/2044 | 51005 | – <sup>(f)</sup> |
| New Gold, Inc. (Canada)<sup>†(c)</sup> | 6.875% | 4/1/2032 | 9955000 | 10177813 |
| Novelis Corp.<sup>†</sup> | 3.875% | 8/15/2031 | 4133000 | 3677743 |
| Novelis Corp.<sup>†</sup> | 6.875% | 1/30/2030 | 5007000 | 5166518 |
| Taseko Mines Ltd. (Canada)<sup>†(c)</sup> | 8.25% | 5/1/2030 | 8938000 | 9194336 |
| *Total* |  |  |  | 144199413 |
| **Miscellaneous Manufacturing 0.83%** |  |  |  |  |
| Amsted Industries, Inc.<sup>†</sup> | 6.375% | 3/15/2033 | 6943000 | 7052682 |
| Axon Enterprise, Inc.<sup>†</sup> | 6.125% | 3/15/2030 | 2367000 | 2420021 |
| Axon Enterprise, Inc.<sup>†</sup> | 6.25% | 3/15/2033 | 6599000 | 6711698 |
| Enpro, Inc.<sup>†</sup> | 6.125% | 6/1/2033 | 7053000 | 7123089 |
| LSB Industries, Inc.<sup>†</sup> | 6.25% | 10/15/2028 | 5150000 | 5102807 |
| *Total* |  |  |  | 28410297 |
| **Office/Business Equipment 0.24%** |  |  |  |  |
| Pitney Bowes, Inc.<sup>†</sup> | 7.25% | 3/15/2029 | 3624000 | 3640552 |
| Zebra Technologies Corp.<sup>†</sup> | 6.50% | 6/1/2032 | 4637000 | 4723346 |
| *Total* |  |  |  | 8363898 |

---

108 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Oil & Gas 6.34%** |  |  |  |  |
| Aethon United BR LP/Aethon United Finance Corp.<sup>†</sup> | 7.50% | 10/1/2029 | $7353000 | $7540384 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp.<sup>†</sup> | 5.875% | 6/30/2029 | 3373000 | 3363200 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp.<sup>†</sup> | 6.625% | 10/15/2032 | 2386000 | 2401814 |
| Baytex Energy Corp. (Canada)<sup>†(c)</sup> | 8.50% | 4/30/2030 | 4002000 | 3881584 |
| Borr IHC Ltd./Borr Finance LLC<sup>†</sup> | 10.375% | 11/15/2030 | 4598371 | 3740821 |
| California Resources Corp.<sup>†</sup> | 8.25% | 6/15/2029 | 5542000 | 5557313 |
| CITGO Petroleum Corp.<sup>†</sup> | 8.375% | 1/15/2029 | 6982000 | 7102726 |
| Civitas Resources, Inc.<sup>†</sup> | 8.625% | 11/1/2030 | 4137000 | 4083449 |
| Civitas Resources, Inc.<sup>†</sup> | 8.75% | 7/1/2031 | 5327000 | 5214898 |
| CNX Resources Corp.<sup>†</sup> | 6.00% | 1/15/2029 | 4935000 | 4902479 |
| CNX Resources Corp.<sup>†</sup> | 7.375% | 1/15/2031 | 1969000 | 2017317 |
| Comstock Resources, Inc.<sup>†</sup> | 5.875% | 1/15/2030 | 8637000 | 8175302 |
| Comstock Resources, Inc.<sup>†</sup> | 6.75% | 3/1/2029 | 5634000 | 5558004 |
| Crescent Energy Finance LLC<sup>†</sup> | 7.375% | 1/15/2033 | 6234000 | 5790897 |
| Crescent Energy Finance LLC<sup>†</sup> | 7.625% | 4/1/2032 | 9630000 | 9086882 |
| Encino Acquisition Partners Holdings LLC<sup>†</sup> | 8.50% | 5/1/2028 | 5759000 | 5910864 |
| Global Marine, Inc. | 7.00% | 6/1/2028 | 3828000 | 3464340 |
| Gulfport Energy Operating Corp.<sup>†</sup> | 6.75% | 9/1/2029 | 5358000 | 5442150 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>†</sup> | 6.00% | 2/1/2031 | 9185000 | 8468933 |
| Kimmeridge Texas Gas LLC<sup>†</sup> | 8.50% | 2/15/2030 | 7192000 | 7114974 |
| Kosmos Energy Ltd.<sup>†</sup> | 7.50% | 3/1/2028 | 1427000 | 1162798 |
| Kraken Oil & Gas Partners LLC<sup>†</sup> | 7.625% | 8/15/2029 | 7148000 | 6780143 |
| Long Ridge Energy LLC<sup>†</sup> | 8.75% | 2/15/2032 | 4429000 | 4467138 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.<sup>†</sup> | 6.875% | 12/1/2032 | 5986000 | 5932950 |
| Matador Resources Co.<sup>†</sup> | 6.50% | 4/15/2032 | 4034000 | 3953467 |
| MC Brazil Downstream Trading SARL (Luxembourg)<sup>†(c)</sup> | 7.25% | 6/30/2031 | 6311029 | 4942671 |
| MEG Energy Corp. (Canada)<sup>†(c)</sup> | 5.875% | 2/1/2029 | 3479000 | 3463459 |
| Moss Creek Resources Holdings, Inc.<sup>†</sup> | 8.25% | 9/1/2031 | 3440000 | 3319343 |
| Parkland Corp. (Canada)<sup>†(c)</sup> | 4.625% | 5/1/2030 | 3631000 | 3414115 |
| Parkland Corp. (Canada)<sup>†(c)</sup> | 6.625% | 8/15/2032 | 5417000 | 5432514 |
| Range Resources Corp.<sup>†</sup> | 4.75% | 2/15/2030 | 1751000 | 1684164 |
| Saturn Oil & Gas, Inc. (Canada)<sup>†(c)(g)</sup> | 9.625% | 6/15/2029 | 7445000 | 6824106 |
| SierraCol Energy Andina LLC<sup>†</sup> | 6.00% | 6/15/2028 | 3674000 | 3362160 |

---

*See Notes to Financial Statements.* 109

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br>Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Oil & Gas (continued)** |  |  |  |  |
| Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>†</sup> | 7.875% | 11/1/2028 | $3367000 | $3475296 |
| SM Energy Co.<sup>†</sup> | 6.75% | 8/1/2029 | 3446000 | 3379231 |
| SM Energy Co.<sup>†</sup> | 7.00% | 8/1/2032 | 3468000 | 3332482 |
| Sunoco LP<sup>†</sup> | 6.25% | 7/1/2033 | 6966000 | 6971515 |
| Talos Production, Inc.<sup>†</sup> | 9.00% | 2/1/2029 | 3405000 | 3385032 |
| TGNR Intermediate Holdings LLC<sup>†</sup> | 5.50% | 10/15/2029 | 8049000 | 7608044 |
| Vermilion Energy, Inc. (Canada)<sup>†(c)</sup> | 6.875% | 5/1/2030 | 4181000 | 3809348 |
| Vermilion Energy, Inc. (Canada)<sup>†(c)</sup> | 7.25% | 2/15/2033 | 7198000 | 6306709 |
| Vista Energy Argentina SAU (Argentina)<sup>†(c)(g)</sup> | 7.625% | 12/10/2035 | 5139000 | 4968128 |
| Vital Energy, Inc.<sup>†</sup> | 7.75% | 7/31/2029 | 2219000 | 1871558 |
| Wildfire Intermediate Holdings LLC<sup>†</sup> | 7.50% | 10/15/2029 | 9137000 | 8860164 |
| *Total* |  |  |  | 217524866 |
| **Oil & Gas Services 0.69%** |  |  |  |  |
| Archrock Partners LP/Archrock Partners Finance Corp.<sup>†</sup> | 6.625% | 9/1/2032 | 3409000 | 3429318 |
| Aris Water Holdings LLC<sup>†</sup> | 7.25% | 4/1/2030 | 5793000 | 5828470 |
| Kodiak Gas Services LLC<sup>†</sup> | 7.25% | 2/15/2029 | 3853000 | 3951167 |
| Oceaneering International, Inc. | 6.00% | 2/1/2028 | 5211000 | 5144049 |
| Tidewater, Inc.<sup>†</sup> | 10.375% | 7/3/2028 | 3800000 | 4030932 |
| USA Compression Partners LP/USA Compression Finance Corp.<sup>†</sup> | 7.125% | 3/15/2029 | 1202000 | 1221936 |
| *Total* |  |  |  | 23605872 |
| **Packaging & Containers 2.03%** |  |  |  |  |
| Ball Corp. | 3.125% | 9/15/2031 | 6710000 | 5889500 |
| Canpack SA/Canpack U.S. LLC (Poland)<sup>†(c)</sup> | 3.875% | 11/15/2029 | 6058000 | 5569399 |
| Clydesdale Acquisition Holdings, Inc.<sup>†</sup> | 6.75% | 4/15/2032 | 3961000 | 4005871 |
| Clydesdale Acquisition Holdings, Inc.<sup>†</sup> | 6.875% | 1/15/2030 | 3525000 | 3578933 |
| Clydesdale Acquisition Holdings, Inc.<sup>†</sup> | 8.75% | 4/15/2030 | 3508000 | 3590231 |
| Crown Americas LLC | 5.25% | 4/1/2030 | 3355000 | 3344896 |
| LABL, Inc.<sup>†</sup> | 8.625% | 10/1/2031 | 4298000 | 3561997 |
| LABL, Inc.<sup>†</sup> | 9.50% | 11/1/2028 | 2726000 | 2458370 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 9.25% | 4/15/2027 | 10382000 | 10235927 |
| Owens-Brockway Glass Container, Inc.<sup>†</sup> | 7.25% | 5/15/2031 | 3306000 | 3315779 |
| Owens-Brockway Glass Container, Inc.<sup>†</sup> | 7.375% | 6/1/2032 | 3567000 | 3554301 |
| Sealed Air Corp.<sup>†</sup> | 6.50% | 7/15/2032 | 5203000 | 5332820 |
| Sealed Air Corp.<sup>†</sup> | 6.875% | 7/15/2033 | 3005000 | 3150222 |
| Silgan Holdings, Inc. | 4.125% | 2/1/2028 | 3446000 | 3349500 |

---

110 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Packaging & Containers (continued)** |  |  |  |  |  |
| Trident TPI Holdings, Inc.<sup>†</sup> | 12.75% |  | 12/31/2028 | $3343000 | $3499814 |
| Trivium Packaging Finance BV (Netherlands)<sup>†(c)</sup> | 8.25% |  | 7/15/2030 | 5185000 | 5383913 |
| *Total* |  |  |  |  | 69821473 |
| **Pharmaceuticals 2.29%** |  |  |  |  |  |
| 1261229 BC Ltd. (Canada)<sup>†(c)</sup> | 10.00% |  | 4/15/2032 | 9848000 | 9755842 |
| 180 Medical, Inc.<sup>†</sup> | 3.875% |  | 10/15/2029 | 4080000 | 3890591 |
| AdaptHealth LLC<sup>†</sup> | 5.125% |  | 3/1/2030 | 3884000 | 3592743 |
| Bausch Health Cos., Inc. (Canada)<sup>†(c)</sup> | 4.875% |  | 6/1/2028 | 6990000 | 5711354 |
| Bausch Health Cos., Inc. (Canada)<sup>†(c)(g)</sup> | 11.00% |  | 9/30/2028 | 3564000 | 3422509 |
| BellRing Brands, Inc.<sup>†</sup> | 7.00% |  | 3/15/2030 | 5175000 | 5382378 |
| Cheplapharm Arzneimittel GmbH (Germany)<sup>†(c)</sup> | 5.50% |  | 1/15/2028 | 4028000 | 3840771 |
| Curaleaf Holdings, Inc. | 8.00% |  | 12/15/2026 | 7734000 | 7153950 |
| CVS Health Corp. | 7.00%<br> (5 yr. CMT + 2.89% |)<sup>#</sup> | 3/10/2055 | 12456000 | 12577658 |
| HLF Financing SARL LLC/Herbalife International, Inc.<sup>†</sup> | 12.25% |  | 4/15/2029 | 3484000 | 3786484 |
| Jazz Securities DAC (Ireland)<sup>†(c)</sup> | 4.375% |  | 1/15/2029 | 5603000 | 5376141 |
| Owens & Minor, Inc.<sup>†</sup> | 10.00% |  | 4/15/2030 | 3881000 | 4058494 |
| P&L Development LLC/PLD Finance Corp.<sup>†</sup> | 12.00% |  | 5/15/2029 | 5132965 | 5167330 |
| Trulieve Cannabis Corp. | 8.00% |  | 10/6/2026 | 4811000 | 4742251 |
| *Total* |  |  |  |  | 78458496 |
| **Pipelines 3.37%** |  |  |  |  |  |
| Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>†</sup> | 5.375% |  | 6/15/2029 | 5460000 | 5407850 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>†</sup> | 7.00% |  | 7/15/2029 | 4799000 | 4961864 |
| Buckeye Partners LP | 4.125% |  | 12/1/2027 | 5404000 | 5262055 |
| Buckeye Partners LP<sup>†</sup> | 6.875% |  | 7/1/2029 | 4208000 | 4329254 |
| CNX Midstream Partners LP<sup>†</sup> | 4.75% |  | 4/15/2030 | 9074000 | 8419883 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC<sup>†</sup> | 5.50% |  | 6/15/2031 | 4891000 | 4703819 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>†</sup> | 7.125% |  | 6/1/2028 | 5279000 | 5318735 |
| Energy Transfer LP | 8.00%<br> (5 yr. CMT + 4.02% |)<sup>#</sup> | 5/15/2054 | 3257000 | 3417013 |
| Genesis Energy LP/Genesis Energy Finance Corp. | 8.25% |  | 1/15/2029 | 4397000 | 4553744 |
| Genesis Energy LP/Genesis Energy Finance Corp. | 8.875% |  | 4/15/2030 | 5706000 | 5996589 |
| Global Partners LP/GLP Finance Corp.<sup>†</sup> | 8.25% |  | 1/15/2032 | 6522000 | 6785143 |
| Harvest Midstream I LP<sup>†</sup> | 7.50% |  | 5/15/2032 | 5859000 | 6024962 |

---

*See Notes to Financial Statements.* 111

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **Pipelines (continued)** |  |  |  |  |  |
| Northriver Midstream Finance LP (Canada)<sup>†(c)</sup> | 6.75% |  | 7/15/2032 | $3448000 | $3482363 |
| Rockies Express Pipeline LLC<sup>†</sup> | 6.75% |  | 3/15/2033 | 4246000 | 4378462 |
| South Bow Canadian Infrastructure Holdings Ltd. (Canada)<sup>†(c)</sup> | &nbsp;&nbsp;&nbsp;7.625%<br> (5 yr. CMT + 3.95% |)<sup>#</sup> | 3/1/2055 | 3634000 | 3671543 |
| Venture Global LNG, Inc.<sup>†</sup> | 8.125% |  | 6/1/2028 | 8011000 | 8204346 |
| Venture Global LNG, Inc.<sup>†</sup> | 8.375% |  | 6/1/2031 | 8211000 | 8341489 |
| Venture Global LNG, Inc.<sup>†</sup> | &nbsp;&nbsp;&nbsp;9.00% <br> (5 yr. CMT + 5.44% |)<sup>#</sup> | – <sup>(h)</sup> | 5416000 | 5113465 |
| Venture Global LNG, Inc.<sup>†</sup> | 9.50% |  | 2/1/2029 | 16233000 | 17365593 |
| *Total* |  |  |  |  | 115738172 |
| **Real Estate 1.30%** |  |  |  |  |  |
| Cushman & Wakefield U.S. Borrower LLC<sup>†</sup> | 8.875% |  | 9/1/2031 | 6464000 | 6918322 |
| Howard Hughes Corp.<sup>†</sup> | 4.125% |  | 2/1/2029 | 3645000 | 3429524 |
| Hunt Cos., Inc.<sup>†</sup> | 5.25% |  | 4/15/2029 | 9123000 | 8813692 |
| Kennedy-Wilson, Inc. | 4.75% |  | 2/1/2030 | 3870000 | 3438205 |
| Kennedy-Wilson, Inc. | 5.00% |  | 3/1/2031 | 3899000 | 3384236 |
| Longfor Group Holdings Ltd. (China)<sup>(c)</sup> | 3.95% |  | 9/16/2029 | 11876000 | 9660474 |
| Newmark Group, Inc. | 7.50% |  | 1/12/2029 | 6723000 | 7074565 |
| Shimao Group Holdings Ltd. (Hong Kong)<sup>(b)(c)</sup> | 3.45% |  | 1/11/2031 | 1074000 | 58758 |
| Shimao Group Holdings Ltd. (Hong Kong)<sup>(b)(c)</sup> | 5.20% |  | 1/16/2027 | 23117000 | 1262882 |
| Sunac China Holdings Ltd. (China)<sup>†(b)(c)</sup> | 6.00% |  | 9/30/2026 | 460003 | 54050 |
| Sunac China Holdings Ltd. (China)<sup>†(b)(c)</sup> | 6.25% |  | 9/30/2027 | 461120 | 53029 |
| Sunac China Holdings Ltd. (China)<sup>†(b)(c)</sup> | 6.50% |  | 9/30/2027 | 924478 | 106315 |
| Sunac China Holdings Ltd. (China)<sup>†(b)(c)</sup> | 6.75% |  | 9/30/2028 | 1390076 | 163334 |
| Sunac China Holdings Ltd. (China)<sup>†(b)(c)</sup> | 7.00% |  | 9/30/2029 | 1393440 | 163729 |
| Sunac China Holdings Ltd. (China)<sup>†(b)(c)</sup> | 7.25% |  | 9/30/2030 | 656135 | 80600 |
| *Total* |  |  |  |  | 44661715 |
| **REITS 2.73%** |  |  |  |  |  |
| Blackstone Mortgage Trust, Inc.<sup>†</sup> | 7.75% |  | 12/1/2029 | 5025000 | 5294184 |
| Brandywine Operating Partnership LP<sup>(g)</sup> | 4.55% |  | 10/1/2029 | 3875000 | 3565678 |
| Brandywine Operating Partnership LP | 8.875% |  | 4/12/2029 | 8062000 | 8592907 |
| Iron Mountain, Inc.<sup>†</sup> | 5.25% |  | 7/15/2030 | 7169000 | 7000400 |
| Iron Mountain, Inc.<sup>†</sup> | 5.625% |  | 7/15/2032 | 17979000 | 17555773 |
| Iron Mountain, Inc.<sup>†</sup> | 6.25% |  | 1/15/2033 | 3895000 | 3934678 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 7.00% |  | 7/15/2031 | 4869000 | 5052440 |

---

112 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount<sup>‡</sup>** | **Fair <br> Value** |
| **REITS (continued)** |  |  |  |  |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer<sup>†</sup> | 4.875% | 5/15/2029 | $3839000 | $3634162 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer<sup>†</sup> | 7.00% | 2/1/2030 | 4366000 | 4401343 |
| Piedmont Operating Partnership LP | 6.875% | 7/15/2029 | 5430000 | 5622991 |
| RHP Hotel Properties LP/RHP Finance Corp.<sup>†(d)</sup> | 6.50% | 6/15/2033 | 2455000 | 2498734 |
| Starwood Property Trust, Inc.<sup>†</sup> | 6.00% | 4/15/2030 | 3508000 | 3500344 |
| Starwood Property Trust, Inc.<sup>†</sup> | 6.50% | 10/15/2030 | 6884000 | 6983818 |
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC<sup>†</sup> | 6.00% | 1/15/2030 | 3693000 | 3367849 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<sup>†</sup> | 4.75% | 4/15/2028 | 5448000 | 5302754 |
| Vornado Realty LP | 3.40% | 6/1/2031 | 8681000 | 7465412 |
| *Total* |  |  |  | 93773467 |
| **Retail 5.20%** |  |  |  |  |
| 1011778 BC ULC/New Red Finance, Inc. (Canada)<sup>†(c)</sup> | 4.00% | 10/15/2030 | 11065000 | 10189178 |
| 1011778 BC ULC/New Red Finance, Inc. (Canada)<sup>†(c)</sup> | 6.125% | 6/15/2029 | 6468000 | 6602399 |
| Advance Auto Parts, Inc.<sup>(g)</sup> | 3.50% | 3/15/2032 | 717000 | 622754 |
| Advance Auto Parts, Inc.<sup>(g)</sup> | 3.90% | 4/15/2030 | 3315000 | 3069871 |
| Arko Corp.<sup>†(g)</sup> | 5.125% | 11/15/2029 | 3366000 | 2811675 |
| Asbury Automotive Group, Inc.<sup>†</sup> | 5.00% | 2/15/2032 | 3888000 | 3633525 |
| Bath & Body Works, Inc. | 6.875% | 11/1/2035 | 3278000 | 3306551 |
| Bloomin' Brands, Inc./OSI Restaurant Partners LLC<sup>†</sup> | 5.125% | 4/15/2029 | 4047000 | 3593897 |
| Carvana Co.<sup>†</sup> | 9.00% | 6/1/2030 | 7552335 | 7970495 |
| CD&R Firefly Bidco PLC | 8.625% | 4/30/2029 | 3323000 | 4658079 |
| CD&R Firefly Bidco PLC<sup>†</sup> | 8.625% | 4/30/2029 | 2327000 | 3261917 |
| Cougar JV Subsidiary LLC<sup>†</sup> | 8.00% | 5/15/2032 | $3447000 | 3624114 |
| Dutch Lion BV<sup>†(b)</sup> | 11.25% | 6/15/2020 | 9152880 | 0 <sup>(f)</sup> |
| FirstCash, Inc.<sup>†</sup> | 5.625% | 1/1/2030 | $4124000 | 4098492 |
| Foot Locker, Inc.<sup>†</sup> | 4.00% | 10/1/2029 | 4141000 | 3939164 |
| Foundation Building Materials, Inc.<sup>†(g)</sup> | 6.00% | 3/1/2029 | 4353000 | 3711992 |
| Gap, Inc.<sup>†</sup> | 3.875% | 10/1/2031 | 3763000 | 3349835 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. (United Kingdom)<sup>†(c)</sup> | 8.375% | 1/15/2029 | 1518000 | 1274418 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. (United Kingdom)<sup>†(c)</sup> | 11.50% | 8/15/2029 | 4222000 | 3920000 |

---

*See Notes to Financial Statements.* 113

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Retail (continued)** |  |  |  |  |  |
| GPS Hospitality Holding Co. LLC/GPS Finco, Inc.<sup>†</sup> | 7.00% |  | 8/15/2028 | $8318000 | $4870329 |
| Group 1 Automotive, Inc.<sup>†</sup> | 6.375% |  | 1/15/2030 | 3763000 | 3839261 |
| GYP Holdings III Corp.<sup>†</sup> | 4.625% |  | 5/1/2029 | 3649000 | 3508046 |
| LBM Acquisition LLC<sup>†</sup> | 6.25% |  | 1/15/2029 | 5996000 | 4821111 |
| LCM Investments Holdings II LLC<sup>†</sup> | 4.875% |  | 5/1/2029 | 3540000 | 3412990 |
| LCM Investments Holdings II LLC<sup>†</sup> | 8.25% |  | 8/1/2031 | 2333000 | 2475427 |
| Murphy Oil USA, Inc.<sup>†</sup> | 3.75% |  | 2/15/2031 | 4646000 | 4214984 |
| Park River Holdings, Inc.<sup>†(g)</sup> | 6.75% |  | 8/1/2029 | 5100000 | 4081698 |
| Patrick Industries, Inc.<sup>†</sup> | 6.375% |  | 11/1/2032 | 3537000 | 3489542 |
| PetSmart, Inc./PetSmart Finance Corp.<sup>†</sup> | 4.75% |  | 2/15/2028 | 5625000 | 5434827 |
| PetSmart, Inc./PetSmart Finance Corp.<sup>†</sup> | 7.75% |  | 2/15/2029 | 6971000 | 6794402 |
| Punch Finance PLC<sup>†(d)</sup> | 7.875% |  | 12/30/2030 | 3214000 | 4377815 |
| QXO Building Products, Inc.<sup>†</sup> | 6.75% |  | 4/30/2032 | $6575000 | 6758113 |
| Specialty Building Products Holdings LLC/SBP Finance Corp.<sup>†</sup> | 7.75% |  | 10/15/2029 | 1803000 | 1728873 |
| Staples, Inc.<sup>†</sup> | 10.75% |  | 9/1/2029 | 5569000 | 5069358 |
| Stonegate Pub Co. Financing PLC | 10.75% |  | 7/31/2029 | 3843000 | 5404473 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp.<sup>†</sup> | 5.00% |  | 6/1/2031 | $3923000 | 3657456 |
| Victoria's Secret & Co.<sup>†(g)</sup> | 4.625% |  | 7/15/2029 | 4010000 | 3659586 |
| Victra Holdings LLC/Victra Finance Corp.<sup>†(g)</sup> | 8.75% |  | 9/15/2029 | 3542000 | 3620877 |
| Waga Bondco Ltd. | 8.50% |  | 6/15/2030 | 4208000 | 5627124 |
| Walgreens Boots Alliance, Inc. | 4.10% |  | 4/15/2050 | $3826000 | 3254025 |
| Walgreens Boots Alliance, Inc.<sup>(g)</sup> | 8.125% |  | 8/15/2029 | 4246000 | 4452037 |
| Yum! Brands, Inc. | 4.625% |  | 1/31/2032 | 5345000 | 5074651 |
| Yum! Brands, Inc. | 5.375% |  | 4/1/2032 | 5070000 | 5016878 |
| *Total* |  |  |  |  | 178282239 |
| **Savings & Loans 0.14%** |  |  |  |  |  |
| Flagstar Financial, Inc. | 7.302%<br> (3 mo. USD Term SOFR + 3.04% |)<sup>#</sup> | 11/6/2028 | 4942000 | 4685502 |
| Washington Mutual Bank/Debt not acquired by JPMorgan<sup>(b)</sup> | 6.875% |  | 6/15/2011 | 10000000 | 0 <sup>(f)</sup> |
| *Total* |  |  |  |  | 4685502 |
| **Semiconductors 0.23%** |  |  |  |  |  |
| Entegris, Inc.<sup>†(g)</sup> | 3.625% |  | 5/1/2029 | 4512000 | 4211730 |
| ON Semiconductor Corp.<sup>†</sup> | 3.875% |  | 9/1/2028 | 3792000 | 3624938 |
| *Total* |  |  |  |  | 7836668 |

---

114 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Software 2.08%** |  |  |  |  |
| Capstone Borrower, Inc.<sup>†</sup> | 8.00% | 6/15/2030 | $3503000 | $3621566 |
| Cloud Software Group, Inc.<sup>†</sup> | 6.50% | 3/31/2029 | 10813000 | 10809863 |
| Cloud Software Group, Inc.<sup>†</sup> | 8.25% | 6/30/2032 | 10986000 | 11562897 |
| Cloud Software Group, Inc.<sup>†</sup> | 9.00% | 9/30/2029 | 9892000 | 10132662 |
| CoreWeave, Inc.<sup>†</sup> | 9.25% | 6/1/2030 | 4385000 | 4383939 |
| Fair Isaac Corp.<sup>†</sup> | 4.00% | 6/15/2028 | 6586000 | 6345089 |
| Fair Isaac Corp.<sup>†</sup> | 6.00% | 5/15/2033 | 5487000 | 5490359 |
| RingCentral, Inc.<sup>†</sup> | 8.50% | 8/15/2030 | 4080000 | 4312454 |
| ROBLOX Corp.<sup>†</sup> | 3.875% | 5/1/2030 | 6040000 | 5623416 |
| Twilio, Inc. | 3.625% | 3/15/2029 | 9736000 | 9172458 |
| *Total* |  |  |  | 71454703 |
| **Telecommunications 3.82%** |  |  |  |  |
| Altice France SA (France)<sup>†(c)</sup> | 5.125% | 7/15/2029 | 19175000 | 16197857 |
| Altice France SA (France)<sup>†(c)</sup> | 5.50% | 1/15/2028 | 7197000 | 6201748 |
| Altice France SA (France)<sup>†(c)</sup> | 8.125% | 2/1/2027 | 9168000 | 8421994 |
| CommScope LLC<sup>†</sup> | 4.75% | 9/1/2029 | 10701000 | 10259916 |
| CommScope LLC<sup>†(g)</sup> | 8.25% | 3/1/2027 | 4876000 | 4867506 |
| EchoStar Corp. | 6.75% | 11/30/2030 | 3949372 | 3398928 |
| Eutelsat SA | 2.25% | 7/13/2027 | 3400000 | 3674513 |
| Eutelsat SA | 2.25% | 7/13/2027 | 1700000 | 1837256 |
| Fibercop SpA (Italy)<sup>†(c)</sup> | 6.375% | 11/15/2033 | $7485000 | 7260450 |
| Hughes Satellite Systems Corp. | 5.25% | 8/1/2026 | 10789000 | 9735610 |
| Hughes Satellite Systems Corp. | 6.625% | 8/1/2026 | 14587000 | 10236500 |
| Iliad Holding SASU (France)<sup>†(c)</sup> | 8.50% | 4/15/2031 | 3644000 | 3848827 |
| Level 3 Financing, Inc.<sup>†(g)</sup> | 3.625% | 1/15/2029 | 5442000 | 4544070 |
| Level 3 Financing, Inc.<sup>†(g)</sup> | 3.75% | 7/15/2029 | 2768000 | 2285455 |
| Level 3 Financing, Inc.<sup>†</sup> | 4.25% | 7/1/2028 | 2517000 | 2252715 |
| Lumen Technologies, Inc.<sup>†</sup> | 4.125% | 4/15/2029 | 3151030 | 3076193 |
| Lumen Technologies, Inc.<sup>†</sup> | 4.125% | 4/15/2030 | 3108387 | 3034563 |
| Lumen Technologies, Inc.<sup>†</sup> | 4.50% | 1/15/2029 | 11906000 | 10548418 |
| Lumen Technologies, Inc.<sup>†</sup> | 5.375% | 6/15/2029 | 6104000 | 5407747 |
| VF Ukraine PAT via VFU Funding PLC (Ukraine)<sup>†(c)</sup> | 9.625% | 2/11/2027 | 4944733 | 4782613 |
| Vmed O2 U.K. Financing I PLC (United Kingdom)<sup>†(c)</sup> | 4.75% | 7/15/2031 | 4532000 | 4165426 |
| Zegona Finance PLC (United Kingdom)<sup>†(c)</sup> | 8.625% | 7/15/2029 | 4632000 | 4950450 |
| *Total* |  |  |  | 130988755 |

---

*See Notes to Financial Statements.* 115

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Transportation 1.38%** |  |  |  |  |
| Brightline East LLC<sup>†(g)</sup> | 11.00% | 1/31/2030 | $3999000 | $2882939 |
| Carriage Purchaser, Inc.<sup>†(g)</sup> | 7.875% | 10/15/2029 | 7605000 | 6515216 |
| Edge Finco PLC | 8.125% | 8/15/2031 | 2760000 | 3906980 |
| Genesee & Wyoming, Inc.<sup>†</sup> | 6.25% | 4/15/2032 | $3330000 | 3386114 |
| Mobico Group PLC | 4.25%<br> (5 yr. U.K. Government Bond + 4.14% | – <sup>(h)</sup> | 2976000 | 3204421 |
| Rand Parent LLC<sup>†</sup> | 8.50% | 2/15/2030 | $8101000 | 7989571 |
| Seaspan Corp. (Hong Kong)<sup>†(c)</sup> | 5.50% | 8/1/2029 | 7915000 | 7305219 |
| Star Leasing Co. LLC<sup>†</sup> | 7.625% | 2/15/2030 | 5879000 | 5536005 |
| Watco Cos. LLC/Watco Finance Corp.<sup>†</sup> | 7.125% | 8/1/2032 | 3041000 | 3131813 |
| XPO, Inc.<sup>†</sup> | 7.125% | 2/1/2032 | 3435000 | 3567481 |
| *Total* |  |  |  | 47425759 |
| **Trucking & Leasing 0.51%** |  |  |  |  |
| Fortress Transportation & Infrastructure Investors LLC<sup>†</sup> | 5.50% | 5/1/2028 | 3751000 | 3722464 |
| Fortress Transportation & Infrastructure Investors LLC<sup>†</sup> | 7.00% | 5/1/2031 | 6271000 | 6427161 |
| Fortress Transportation & Infrastructure Investors LLC<sup>†</sup> | 7.875% | 12/1/2030 | 7148000 | 7516329 |
| *Total* |  |  |  | 17665954 |
| *Total Corporate Bonds* (cost $3,190,309,062) |  |  |  | 3190601194 |
| **FLOATING RATE LOANS**<sup>(i)</sup> **3.43%** |  |  |  |  |
| **Aerospace/Defense 0.42%** |  |  |  |  |
| Alloy Finco Ltd. USD Holdco PIK Term Loan 13.50% (Jersey)<sup>(c)</sup> | 0.50% - 13.50% | 3/6/2028 | 10218788 | 14561773 |
| **Commercial Services 0.41%** |  |  |  |  |
| Crash Champions LLC 2024 Term Loan B | 9.08%<br> (3 mo. USD Term SOFR + 4.75% | 2/23/2029 | 9181645 | 8548984 |
| Spin Holdco, Inc. 2021 Term Loan | 8.562%<br> (3 mo. USD Term SOFR + 4.00% | 3/4/2028 | 6262836 | 5389295 |
| *Total* |  |  |  | 13938279 |
| **Computers 0.36%** |  |  |  |  |
| Twitter, Inc. 2025 Fixed Term Loan | 9.50% | 10/26/2029 | 3532000 | 3520132 |
| Twitter, Inc. Term Loan | 10.949%<br> (3 mo. USD Term SOFR + 6.50% | 10/26/2029 | 9003972 | 8928294 |
| *Total* |  |  |  | 12448426 |

---

116 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Consumer Non-Durables 0.09%** |  |  |  |  |
| Anastasia Parent LLC 2018 Term Loan B | 8.311%<br> (3 mo. USD Term SOFR + 3.75%) | 8/11/2025 | $3823928 | $3205733 |
| **Cosmetics/Personal Care 0.08%** |  |  |  |  |
| Conair Holdings LLC Term Loan B | 8.191%<br> (1 mo. USD Term SOFR + 3.75%) | 5/17/2028 | 3953515 | 2846531 |
| **Electric 0.24%** |  |  |  |  |
| Red Oak Power LLC 2025 Term Loan | 8.048%<br> (3 mo. USD Term SOFR + 3.75%) | 10/1/2030 | 8163019 | 8183427 |
| **Electric: Generation 0.09%** |  |  |  |  |
| Frontera Generation Holdings LLC 2021 2nd Lien Term Loan | 6.088%<br> (1 mo. USD Term SOFR + 1.50%) | 7/28/2028 | 1196824 | 1163911 |
| Frontera Generation Holdings LLC 2021 Term Loan | 17.588%<br> (1 mo. USD Term SOFR + 13.00%) | 7/28/2026 | 1233060 | 1812599 |
| *Total* |  |  |  | 2976510 |
| **Health Care Services 0.17%** |  |  |  |  |
| Dermatology Intermediate Holdings III, Inc. 2023 Incremental Term Loan B | 9.78%<br> (3 mo. USD Term SOFR + 5.50%) | 3/30/2029 | 5172380 | 4859891 |
| New WPCC Parent LLC Term Loan | 13.80%<br> (3 mo. USD Term SOFR + 9.50%) | 5/9/2030 | 919157 | 861709 |
| *Total* |  |  |  | 5721600 |
| **Information Technology Services 0.04%** |  |  |  |  |
| Recovery Solutions Parent LLC Term Loan | 11.799%<br> (3 mo. USD Term SOFR + 7.50%) | 1/27/2030 | 1358377 | 1297250 |
| **Integrated Energy 0.10%** |  |  |  |  |
| Esdec Solar Group BV Term Loan B (Netherlands)<sup>(c)</sup> | 9.561%<br> (3 mo. USD Term SOFR + 5.00%) | 8/30/2028 | 4404507 | 3281358 |
| **Internet 0.10%** |  |  |  |  |
| Proofpoint, Inc. 2024 Term Loan | 7.327%<br> (1 mo. USD Term SOFR + 3.00%) | 8/31/2028 | 3421000 | 3424096 |
| **Leisure Time 0.16%** |  |  |  |  |
| City Football Group Ltd. 2024 Term Loan (United Kingdom)<sup>(c)</sup> | 8.041%<br> (3 mo. USD Term SOFR + 3.50%) | 7/22/2030 | 5413164 | 5363553 |

---

*See Notes to Financial Statements.* 117

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Media 0.41%** |  |  |  |  |
| Sinclair Television Group, Inc. 2025 Term Loan B6 | 7.741%<br> (1 mo. USD Term SOFR + 3.30%) | 12/31/2029 | $6668208 | $5726324 |
| Sinclair Television Group, Inc. 2025 Term Loan B7 | 8.527%<br> (1 mo. USD Term SOFR + 4.10%) | 12/31/2030 | 9740586 | 8370816 |
| *Total* |  |  |  | 14097140 |
| **Metal Fabricate/Hardware 0.14%** |  |  |  |  |
| Tank Holding Corp. 2022 Term Loan | 10.177%<br> (1 mo. USD Term SOFR + 5.75%) | 3/31/2028 | 5210461 | 4920629 |
| **Personal & Household Products 0.00%** |  |  |  |  |
| FGI Operating Co. LLC Exit Term Loan | – <sup>(j)</sup> | 12/31/2025 | 545977 | 68520 <sup>(f)</sup> |
| **Real Estate 0.02%** |  |  |  |  |
| Apleona Holding GmbH 2025 EUR Delayed Draw Term Loan (Germany)<sup>(c)</sup> | – <sup>(j)</sup> | 4/10/2032 | 35415 | 40561 |
| Apleona Holding GmbH 2025 EUR Term Loan B (Germany)<sup>(c)</sup> | – <sup>(j)</sup> | 4/10/2032 | 436784 | 500246 |
| *Total* |  |  |  | 540807 |
| **Software 0.30%** |  |  |  |  |
| Darktrace PLC 2nd Lien Term Loan (United Kingdom)<sup>(c)</sup> | 9.458%<br> (3 mo. USD Term SOFR + 5.25%) | 10/9/2032 | $3514000 | 3450748 |
| DTI Holdco, Inc. 2025 Term Loan B | 8.327%<br> (1 mo. USD Term SOFR + 4.00%) | 4/26/2029 | 5115000 | 5116585 |
| Rackspace Finance LLC 2024 First Lien Second Out Term Loan | – <sup>(j)</sup> | 5/15/2028 | 3610000 | 1648561 |
| *Total* |  |  |  | 10215894 |
| **Telecommunications 0.16%** |  |  |  |  |
| Delta TopCo, Inc. 2024 2nd Lien Term Loan | – <sup>(j)</sup> | 11/29/2030 | 273000 | 273640 |
| Lumen Technologies, Inc. 2024 Extended Term Loan B1 | 6.791%<br> (1 mo. USD Term SOFR + 2.35%) | 4/16/2029 | 5353368 | 5310996 |
| *Total* |  |  |  | 5584636 |
| **Transportation 0.10%** |  |  |  |  |
| Gategroup Fin Luxembourg SA EUR Term Loan B | – <sup>(j)</sup> | 6/12/2032 | 1397000 | 1593171 |
| Gategroup Fin Luxembourg SA USD Term Loan B (Luxembourg)<sup>(c)</sup> | – <sup>(j)</sup> | 6/12/2032 | $1919000 | 1924402 |
| *Total* |  |  |  | 3517573 |

---

118 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Utilities 0.04%** | |  |  |  |
| Invenergy Thermal Operating I LLC 2025 Term Loan B | – <sup>(j)</sup> | 5/14/2032 | $1360312 | $1371651 |
| Invenergy Thermal Operating I LLC 2025 Term Loan C | – <sup>(j)</sup> | 5/14/2032 | 90688 | 91443 |
| *Total* |  |  |  | 1463094 |
| *Total Floating Rate Loans* (cost $113,206,769) |  |  |  | 117656829 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 0.32%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 0.32%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 0.32%** |  |  |
| Merrill Lynch Mortgage Trust Series 2006-C1<sup>(e)</sup> | Zero Coupon |  | 10500000 | – <sup>(f)</sup> |
| ROCK Trust Series 2024-CNTR Class E<sup>†</sup> | 8.819% | 11/13/2041 | 10340000 | 10836179 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $10,340,000) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $10,340,000) |  |  | 10836179 |
|  | **Dividend<br> Rate** |  | **Shares** |  |
| **PREFERRED STOCKS 0.19%** |  |  |  |  |
| **Transportation Infrastructure 0.19%** |  |  |  |  |
| ACBL Holdings Corp. (cost $2,550,350) | Zero Coupon |  | 102014 | 6528896 |
|  | **Exercise<br> Price** | **Expiration<br> Date** |  |  |
| **WARRANTS 0.00%** |  |  |  |  |
| **Machinery 0.00%** |  |  |  |  |
| TNT Crane & Rigging, Inc.\* | $4.00 | 12/31/2099 | 26319 | 1448 |
| **Specialty Retail 0.00%** |  |  |  |  |
| Chinos Intermediate Holdings A, Inc.\* | 3.50 | 12/31/2099 | 56246 | 82625 |
| *Total Warrants* (cost $302,137) |  |  |  | 84073 |
| *Total Long-Term Investments* (cost $3,342,670,152) | *Total Long-Term Investments* (cost $3,342,670,152) |  |  | 3335526595 |
|  |  |  | **Principal**<br> **Amount**<sup>‡</sup> |  |
| **SHORT-TERM INVESTMENTS 2.76%** |  |  |  |  |
| **Time Deposits 0.27%** |  |  |  |  |
| CitiBank N.A.<sup>(k)</sup><br> (cost $9,480,463) |  |  | $9480463 | 9480463 |

---

*See Notes to Financial Statements.* 119

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Money Market Funds 2.49%** |  |  |
| Fidelity Government Portfolio<sup>(k)</sup> (cost $85,324,170) | 85324170 | $85324170 |
| *Total Short-Term Investments* (cost $94,804,633) |  | 94804633 |
| *Total Investments in Securities 99.97%* (cost $3,437,474,785) |  | 3430331228 |
| *Other Assets and Liabilities – Net*<sup>(l)</sup> *0.03%* |  | 1084733 |
| *Net Assets 100.00%* |  | $3431415961 |

---

---

| | |
|:---|:---|
| EUR | Euro. |
| GBP | British Pound. |
| CMT | Constant Maturity Rate. |
| EURIBOR | Euro Interbank Offered Rate. |
| ICE | Intercontinental Exchange. |
| PIK | Payment-in-kind. |
| REITS | Real Estate Investment Trusts. |
| SOFR | Secured Overnight Financing Rate. |

---

---

| | |
|:---|:---|
| \* | Non-income producing security. |
| <sup>‡</sup> | Principal Amount is denominated in U.S. dollars unless otherwise noted. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At May 31, 2025, the total value of Rule 144A securities was $2,592,628,762, which represents 75.56% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at May 31, 2025. |
| <sup>(a)</sup> | Investment in non-U.S. dollar denominated securities. |
| <sup>(b)</sup> | Defaulted (non-income producing security). |
| <sup>(c)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(d)</sup> | Securities purchased on a when-issued basis (See Note 2(l)). |
| <sup>(e)</sup> | Security has been deemed worthless. |
| <sup>(f)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security fair valued by the Pricing Committee. |
| <sup>(g)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(h)</sup> | Security is perpetual in nature and has no stated maturity. |
| <sup>(i)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the SOFR or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at May 31, 2025. |
| <sup>(j)</sup> | Interest Rate to be determined. |
| <sup>(k)</sup> | Security was purchased with the cash collateral from loaned securities. |
| <sup>(l)</sup> | Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on forward foreign currency exchange contracts, futures contracts and swap contracts as follows: |

---

120 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

**Centrally Cleared Credit Default Swap Contracts on Indexes/Issuers - Sell Protection at May 31, 2025**<sup>(1)</sup>**:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br> Indexes/Issuers** | **Central<br> Clearing<br> Party** | **Fund<br> Receives<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments<br> Upfront**<sup>(2)</sup> | **Unrealized<br>Appreciation/<br>(Depreciation)<sup>(3)</sup>** | **Value** |
| CDX.NA.HY.S43<sup>(4)</sup> | Bank of America | 5.00% | 12/20/2029 | $49792000 | $2847911 | $218666 | $3066577 |
| CDX.NA.HY.S44<sup>(4)</sup> | Bank of America | 5.00% | 6/20/2030 | 159774000 | 7349176 | 2508590 | 9857766 |
| *Total* |  |  |  |  | $10197087 | $2727256 | $12924343 |

---

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap contracts agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap contracts and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap contracts less the recovery value of the referenced obligation or underlying securities.

<sup>(2)</sup> Upfront payments paid (received) by Central Clearing Party are presented net of amortization.

<sup>(3)</sup> Total unrealized appreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $2,727,256. Total unrealized depreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $0.

<sup>(4)</sup> Central Clearinghouse: Intercontinental Exchange (ICE).

**Forward Foreign Currency Exchange Contracts at May 31, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange <br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Appreciation** |
| British pound | Buy | State Street Bank And Trust | 6/5/2025 | 3214000 | $4312792 | $4330419 | $17627 |
| British pound | Buy | Bank Of America | 6/27/2025 | 1020000 | 1308884 | 1374451 | 65567 |
| British pound | Buy | Barclays Bank PLC | 6/27/2025 | 632000 | 803877 | 851620 | 47743 |
| British pound | Buy | Morgan Stanley | 6/27/2025 | 5886000 | 7908441 | 7931389 | 22948 |
| British pound | Sell | Goldman Sachs | 6/27/2025 | 2040000 | 2752966 | 2748902 | 4064 |
| Euro | Sell | State Street Bank And Trust | 8/22/2025 | 2724000 | 3111719 | 3109348 | 2371 |
| *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Appreciation on Forward Foreign Currency Exchange Contracts* |  |  | $160320 |
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Depreciation** |
| British pound | Sell | Morgan Stanley | 6/27/2025 | 2534000 | $3274344 | $3414567 | $(140223) |
| British pound | Sell | State Street Bank And Trust | 6/27/2025 | 63542000 | 82104524 | 85622893 | (3518369) |
| British pound | Sell | State Street Bank And Trust | 6/27/2025 | 3214000 | 4313246 | 4330867 | (17621) |
| Euro | Sell | State Street Bank And Trust | 8/22/2025 | 32903000 | 37482111 | 37557596 | (75485) |
| *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* |  |  | $(3751698) |

---

*See Notes to Financial Statements.* 121

**Schedule of Investments (unaudited)(continued)**

HIGH YIELD FUND *May 31, 2025*

**Futures Contracts at May 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| U.S. 10-Year Treasury Note | September 2025 | 193 | Long | $21165421 | $21374750 | $209329 |
| U.S. 2-Year Treasury Note | September 2025 | 2253 | Long | 466840744 | 467356688 | 515944 |
| U.S. Long Bond | September 2025 | 79 | Long | 8767562 | 8909718 | 142156 |
| *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* |  |  |  | $867429 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Depreciation** |
| Euro-Bobl | June 2025 | 303 | Short | (35357530) | (36099420) | $(842379) |
| Long GILT | September 2025 | 154 | Short | (13895232) | (14087920) | (259618) |
| U.S. 10-Year Ultra Treasury Note | September 2025 | 301 | Short | $(33583017) | $(33876609) | (293592) |
| U.S. 5-Year Treasury Note | September 2025 | 1445 | Short | (155678751) | (156330937) | (652186) |
| U.S. Ultra Treasury Bond | September 2025 | 163 | Short | (18511764) | (18918187) | (406423) |
| *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* | *Total Unrealized Depreciation on Futures Contracts* |  |  |  | $(2454198) |

---

The following is a summary of the inputs used as of May 31, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $– | $8999123 | $– | $8999123 |
| &nbsp;&nbsp;&nbsp;Convertible Bonds |  | 820301 |  | 820301 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 3190601194 |  | 3190601194 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal & Household Products |  |  | 68520 | 68520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 117588309 |  | 117588309 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 10836179 |  | 10836179 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks |  | 6528896 |  | 6528896 |
| &nbsp;&nbsp;&nbsp;Warrants |  | 84073 |  | 84073 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 9480463 |  | 9480463 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 85324170 | – | – | 85324170 |
| Total | $85324170 | $3344938538 | $68520 | $3430331228 |

---

122 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(concluded)**

HIGH YIELD FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Other Financial Instruments** | | | | |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Credit Default Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $12924343 | $– | $12924343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 160320 |  | 160320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (3751698) |  | (3751698) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 867429 |  |  | 867429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (2454198) | – | – | (2454198) |
| Total | $(1586769) | $9332965 | $– | $7746196 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Condensed Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund's net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund's net assets at the beginning or end of the period.

*See Notes to Financial Statements.* 123

**Schedule of Investments (unaudited)**

INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 105.44%** |  |  |  |  |  |
| **ASSET-BACKED SECURITIES 9.97%** |  |  |  |  |  |
| **Automobiles 1.30%** |  |  |  |  |  |
| Avis Budget Rental Car Funding AESOP LLC Series 2021-1A Class D<sup>†</sup> | 3.71% |  | 8/20/2027 | $12750000 | $12361487 |
| CPS Auto Receivables Trust Series 2022-B Class E<sup>†</sup> | 7.14% |  | 10/15/2029 | 15075000 | 15308711 |
| Exeter Automobile Receivables Trust Series 2024-1A Class D | 5.84% |  | 6/17/2030 | 7320000 | 7394614 |
| Exeter Automobile Receivables Trust Series 2025-2A Class D | 5.89% |  | 7/15/2031 | 4605000 | 4695312 |
| Kinetic Advantage Master Owner Trust Series 2024-1A Class A<sup>†</sup> | 6.982%<br> (30 day USD SOFR Average + 2.65% |)<sup>#</sup> | 11/15/2027 | 11080000 | 11129448 |
| Octane Receivables Trust Series 2022-2A Class B<sup>†</sup> | 5.85% |  | 7/20/2028 | 11033000 | 11071869 |
| Santander Consumer Auto Receivables Trust Series 2020-BA Class F<sup>†</sup> | 7.03% |  | 8/15/2028 | 3425816 | 3432949 |
| Santander Consumer Auto Receivables Trust Series 2021-AA Class F<sup>†</sup> | 5.79% |  | 8/15/2028 | 3100000 | 3121616 |
| VStrong Auto Receivables Trust Series 2023-A Class E<sup>†</sup> | 9.99% |  | 12/16/2030 | 5000000 | 5329222 |
| *Total* |  |  |  |  | 73845228 |
| **Credit Card 0.66%** |  |  |  |  |  |
| Continental Finance Credit Card ABS Master Trust Series 2024-A Class A<sup>†</sup> | 5.78% |  | 12/15/2032 | 9000000 | 9073683 |
| Fortiva Retail Prime Masters Notes Business Trust Series 2025-A Class A<sup>†</sup> | 6.60% |  | 9/17/2029 | 12500000 | 12517500 <sup>(a)</sup> |
| Mercury Financial Credit Card Master Trust Series 2024-2A Class A<sup>†</sup> | 6.56% |  | 7/20/2029 | 8010000 | 8079972 |
| Perimeter Master Note Business Trust Series 2025-1A A<sup>†</sup> | 5.58% |  | 12/16/2030 | 8025000 | 7989786 |
| *Total* |  |  |  |  | 37660941 |
| **Other 8.01%** |  |  |  |  |  |
| 522 Funding CLO Ltd. Series 2020-6A Class A1R2<sup>†</sup> | 5.479% <br> (3 mo. USD Term SOFR + 1.20% |)<sup>#</sup> | 10/23/2034 | 15780000 | 15757277 |
| Affirm Asset Securitization Trust Series 2023-B Class A<sup>†</sup> | 6.82% |  | 9/15/2028 | 9135000 | 9179460 |
| Affirm Asset Securitization Trust Series 2024-A Class 1A<sup>†</sup> | 5.61% |  | 2/15/2029 | 7875000 | 7909741 |
| Affirm Asset Securitization Trust Series 2024-A Class A<sup>†</sup> | 5.61% |  | 2/15/2029 | 3180000 | 3191410 |

---

124 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Affirm Asset Securitization Trust Series 2024-B Class A<sup>†</sup> | 4.62% |  | 9/15/2029 | $12850000 | $12831762 |
| Affirm Asset Securitization Trust Series 2024-B Class E<sup>†</sup> | 7.35% |  | 9/15/2029 | 9250000 | 9194518 |
| Anchorage Capital CLO 30 Ltd. Series 2024-30A Class A1<sup>†</sup> | 5.615%<br> (3 mo. USD Term SOFR + 1.30% |)<sup>#</sup> | 1/20/2037 | 12000000 | 12003096 |
| Avant Loans Funding Trust Series 2021-REV1 Class D<sup>†</sup> | 4.30% |  | 7/15/2030 | 1853189 | 1850262 |
| Bain Capital Credit CLO Ltd. Series 2021-3A Class BR<sup>†</sup> | 5.825%<br> (3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 7/24/2034 | 5500000 | 5508487 |
| Benefit Street Partners CLO XXXVIII Ltd. Series 2024-38A Class A<sup>†</sup> | 5.623%<br> (3 mo. USD Term SOFR + 1.31% |)<sup>#</sup> | 1/25/2038 | 4500000 | 4509000 |
| Birch Grove CLO Ltd. Series 19A Class A2RR<sup>†</sup> | 6.08%<br> (3 mo. USD Term SOFR + 1.80% |)<sup>#</sup> | 7/17/2037 | 10000000 | 10036940 |
| Brookhaven Park CLO Ltd. Series 2024-1A Class B1<sup>†</sup> | 6.27%<br> (3 mo. USD Term SOFR + 2.00% |)<sup>#</sup> | 4/19/2037 | 7000000 | 7017780 |
| Cajun Global LLC Series 2021-1 Class A2<sup>†</sup> | 3.931% |  | 11/20/2051 | 5797500 | 5627111 |
| Canyon CLO Ltd. Series 2020-1A Class BR2<sup>†</sup> | 5.906%<br> (3 mo. USD Term SOFR + 1.65% |)<sup>#</sup> | 7/15/2034 | 5000000 | 4985550 |
| Carlyle U.S. CLO Ltd. Series 2018-2A Class A2R<sup>†</sup> | 6.056%<br> (3 mo. USD Term SOFR + 1.80% |)<sup>#</sup> | 10/15/2031 | 14560000 | 14580733 |
| Carlyle U.S. CLO Ltd. Series 2024-1A Class B<sup>†</sup> | 6.256%<br> (3 mo. USD Term SOFR + 2.00% |)<sup>#</sup> | 4/15/2037 | 8200000 | 8220697 |
| Cedar Funding VII CLO Ltd. Series 2018-7A Class CR<sup>†</sup> | 6.07%<br> (3 mo. USD Term SOFR + 1.80% |)<sup>#</sup> | 1/20/2031 | 12500000 | 12481037 |
| Cherry Securitization Trust Series 2024-1A Class A<sup>†</sup> | 5.70% |  | 4/15/2032 | 14265000 | 14366022 |
| Driven Brands Funding LLC Series 2022-1A Class A2<sup>†</sup> | 7.393% |  | 10/20/2052 | 6421622 | 6465071 |
| Driven Brands Funding LLC Series 2024-1A Class A2<sup>†</sup> | 6.372% |  | 10/20/2054 | 2878250 | 2960298 |
| Dryden 107 CLO Ltd. Series 2023-107A Class C<sup>†</sup> | 7.326%<br> (3 mo. USD Term SOFR + 3.00% |)<sup>#</sup> | 8/15/2035 | 5250000 | 5278602 |
| Fairstone Financial Issuance Trust I Series 2020-1A Class C<sup>†</sup> | 5.162% |  | 10/20/2039 | 15535000 | 11253421 |
| Galaxy XXI CLO Ltd. Series 2015-21A Class AR<sup>†</sup> | 5.551%<br> (3 mo. USD Term SOFR + 1.28% |)<sup>#</sup> | 4/20/2031 | $141479 | 141548 |
| Generate CLO 13 Ltd. Series 2023-13A Class A1<sup>†</sup> | 6.072%<br> (3 mo. USD Term SOFR + 1.80% |)<sup>#</sup> | 1/20/2037 | 17050000 | 17160825 |

---

*See Notes to Financial Statements.* 125

**Schedule of Investments (unaudited)(continued)**

INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Generate CLO 15 Ltd. Series 2024-15A Class B<sup>†</sup> | 6.32%<br> (3 mo. USD Term SOFR + 2.05% |)<sup>#</sup> | 7/20/2037 | $8850000 | $8869435 |
| GoldenTree Loan Management U.S. CLO 7 Ltd. Series 2020-7A Class BRR<sup>†</sup> | 5.82%<br> (3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 4/20/2034 | 10000000 | 10001150 |
| Gracie Point International Funding LLC Series 2023-1A Class A<sup>†</sup> | 6.298%<br> (90 day USD SOFR Average + 1.95% |)<sup>#</sup> | 9/1/2026 | 4339703 | 4335480 |
| Greywolf CLO VII Ltd. Series 2018-2A Class A2<sup>†</sup> | 6.43%<br> (3 mo. USD Term SOFR + 2.16% |)<sup>#</sup> | 10/20/2031 | 8170000 | 8187672 |
| Hilton Grand Vacations Trust Series 2024-1B Class D<sup>†</sup> | 8.85% |  | 9/15/2039 | 2105254 | 2135205 |
| KKR CLO 15 Ltd. Series 15 Class BR2<sup>†</sup> | 5.82%<br> (3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 1/18/2032 | 9620000 | 9626176 |
| KKR CLO 54 Ltd. Series 2024-54A Class A<sup>†</sup> | 5.641%<br> (3 mo. USD Term SOFR + 1.32% |)<sup>#</sup> | 1/15/2038 | 4000000 | 4000016 |
| Madison Park Funding LVII Ltd. Series 2022-57A Class BR<sup>†</sup> | 5.983%<br> (3 mo. USD Term SOFR + 1.70% |)<sup>#</sup> | 7/27/2034 | 12470000 | 12477120 |
| Madison Park Funding LVIII Ltd. Series 2024-58A Class B<sup>†</sup> | 6.232%<br> (3 mo. USD Term SOFR + 1.95% |)<sup>#</sup> | 4/25/2037 | 2400000 | 2408110 |
| Madison Park Funding XLII Ltd. Series 13A Class B<sup>†</sup> | 6.041%<br> (3 mo. USD Term SOFR + 1.76% |)<sup>#</sup> | 11/21/2030 | 2450000 | 2453158 |
| OCP CLO Ltd. Series 2024-31A Class B1<sup>†</sup> | 6.27%<br> (3 mo. USD Term SOFR + 2.00% |)<sup>#</sup> | 4/20/2037 | 14400000 | 14425027 |
| Octagon Loan Funding Ltd. Series 2014-1A Class ARR<sup>†</sup> | 5.766%<br> (3 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 11/18/2031 | 2048404 | 2050981 |
| OHA Credit Funding 18 Ltd. Series 2024-18A Class B1<sup>†</sup> | 6.22%<br> (3 mo. USD Term SOFR + 1.95% |)<sup>#</sup> | 4/20/2037 | 6560000 | 6586174 |
| OWN Equipment Fund I LLC Series 2024-2M Class A<sup>†</sup> | 5.70% |  | 12/20/2032 | 3527640 | 3561758 |
| Pagaya Point of Sale Holdings Grantor Trust Series 2025-1 Class A<sup>†</sup> | 5.715% |  | 1/20/2034 | 5950000 | 5984724 |
| Post CLO Ltd. Series 2021-1A Class BR<sup>†</sup> | 5.856%<br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 10/15/2034 | 20000000 | 20009820 |
| Rad CLO 20 Ltd. Series 2023-20A Class C<sup>†</sup> | 7.272%<br> (3 mo. USD Term SOFR + 3.00% |)<sup>#</sup> | 7/20/2036 | 10470000 | 10518738 |
| RAD CLO 27 Ltd. Series 2024-27A Class A1<sup>†</sup> | 5.611%<br> (3 mo. USD Term SOFR + 1.32% |)<sup>#</sup> | 1/15/2038 | 8950000 | 8974612 |

---

126 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Regatta XXII Funding Ltd. Series 2022-2A Class BR<sup>†</sup> | 5.97%<br> (3 mo. USD Term SOFR + 1.70% |)<sup>#</sup> | 7/20/2035 | $11000000 | $11016764 |
| Regatta XXV Funding Ltd. Series 2023-1A Class C<sup>†</sup> | 7.306%<br> (3 mo. USD Term SOFR + 3.05% |)<sup>#</sup> | 7/15/2036 | 10030000 | 10079087 |
| Regatta XXVII Funding Ltd. Series 2024-1A Class B<sup>†</sup> | 6.283%<br> (3 mo. USD Term SOFR + 2.00% |)<sup>#</sup> | 4/26/2037 | 6070000 | 6084398 |
| RR 12 Ltd. Series 2020-12A Class A2R3<sup>†</sup> | 5.856%<br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 1/15/2036 | 13149000 | 13146936 |
| SEB Funding LLC Series 2021-1A Class A2<sup>†</sup> | 4.969% |  | 1/30/2052 | 10775992 | 10560370 |
| Sierra Timeshare Receivables Funding LLC Series 2024-1A Class D<sup>†</sup> | 8.02% |  | 1/20/2043 | 1112307 | 1130821 |
| Sierra Timeshare Receivables Funding LLC Series 2024-2A Class D<sup>†</sup> | 7.48% |  | 6/20/2041 | 2099060 | 2094207 |
| Sierra Timeshare Receivables Funding LLC Series 2024-3A Class D<sup>†</sup> | 6.93% |  | 8/20/2041 | 3498542 | 3422588 |
| Silver Point CLO 7 Ltd. Series 2024-7A Class A1<sup>†</sup> | 5.645%<br> (3 mo. USD Term SOFR + 1.36% |)<sup>#</sup> | 1/15/2038 | 20180000 | 20202945 |
| Stream Innovations Issuer Trust Series 2024-1A Class A<sup>†</sup> | 6.27% |  | 7/15/2044 | 1745109 | 1802731 |
| Stream Innovations Issuer Trust Series 2024-2A Class A<sup>†</sup> | 5.21% |  | 2/15/2045 | 13908174 | 13964484 |
| TICP CLO VII Ltd. Series 2017-7A Class BR2<sup>†</sup> | 6.156%<br> (3 mo. USD Term SOFR + 1.90% |)<sup>#</sup> | 4/15/2033 | 16250000 | 16275561 |
| U.S. Bank NA Series 2025-SUP1 Class B<sup>†</sup> | 5.582% |  | 2/25/2032 | 5227780 | 5228625 |
| *Total* |  |  |  |  | 454125521 |
| *Total Asset-Backed Securities* (cost $565,712,517) |  |  |  |  | 565631690 |
| **CORPORATE BONDS 76.02%** |  |  |  |  |  |
| **Aerospace/Defense 1.83%** |  |  |  |  |  |
| Boeing Co. | 5.15% |  | 5/1/2030 | 19984000 | 20168185 |
| Boeing Co. | 5.805% |  | 5/1/2050 | 10000000 | 9370781 |
| Boeing Co. | 6.528% |  | 5/1/2034 | 13602000 | 14523647 |
| Boeing Co. | 6.858% |  | 5/1/2054 | 16000000 | 17076808 |
| F-Brasile SpA/F-Brasile U.S. LLC (Italy)<sup>†(b)</sup> | 7.375% |  | 8/15/2026 | 10000000 | 10017250 |
| Hexcel Corp. | 5.875% |  | 2/26/2035 | 5912000 | 5904832 |
| Spirit AeroSystems, Inc.<sup>†</sup> | 9.75% |  | 11/15/2030 | 10000000 | 11055149 |
| TransDigm, Inc. | 5.50% |  | 11/15/2027 | 5000000 | 4999214 |
| Triumph Group, Inc.<sup>†</sup> | 9.00% |  | 3/15/2028 | 10000000 | 10484490 |
| *Total* |  |  |  |  | 103600356 |

---

*See Notes to Financial Statements.* 127

**Schedule of Investments (unaudited)(continued)**

INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Agriculture 2.73%** |  |  |  |  |  |
| BAT Capital Corp. | 5.834% |  | 2/20/2031 | $4000000 | $4169101 |
| BAT Capital Corp. | 7.75% |  | 10/19/2032 | 40031000 | 45719766 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(b)</sup> | 5.875% |  | 7/1/2034 | 31903000 | 32092056 |
| Japan Tobacco, Inc. (Japan)<sup>†(b)</sup> | 5.85% |  | 6/15/2035 | 14829000 | 15295812 |
| JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group<sup>†</sup> | 5.95% |  | 4/20/2035 | 10000000 | 10190163 |
| JT International Financial Services BV (Netherlands)<sup>†(b)</sup> | 6.875% |  | 10/24/2032 | 17050000 | 18650193 |
| Viterra Finance BV (Netherlands)<sup>†(b)</sup> | 2.00% |  | 4/21/2026 | 5000000 | 4871449 |
| Viterra Finance BV (Netherlands)<sup>†(b)</sup> | 3.20% |  | 4/21/2031 | 19555000 | 17782116 |
| Viterra Finance BV (Netherlands)<sup>†(b)</sup> | 4.90% |  | 4/21/2027 | 5846000 | 5848168 |
| *Total* |  |  |  |  | 154618824 |
| **Airlines 0.34%** |  |  |  |  |  |
| AS Mileage Plan IP Ltd. (Cayman Islands)<sup>†(b)</sup> | 5.308% |  | 10/20/2031 | 20000000 | 19467162 |
| **Auto Manufacturers 2.00%** |  |  |  |  |  |
| Ford Motor Credit Co. LLC | 3.375% |  | 11/13/2025 | 20000000 | 19843572 |
| Ford Motor Credit Co. LLC | 4.00% |  | 11/13/2030 | 13202000 | 11763025 |
| Ford Motor Credit Co. LLC | 6.054% |  | 11/5/2031 | 6418000 | 6255804 |
| Ford Motor Credit Co. LLC | 6.125% |  | 3/8/2034 | 27000000 | 25666646 |
| Ford Motor Credit Co. LLC | 6.80% |  | 5/12/2028 | 4698000 | 4798018 |
| General Motors Financial Co., Inc. | 4.90% |  | 10/6/2029 | 20000000 | 19724394 |
| General Motors Financial Co., Inc. | 5.60% |  | 6/18/2031 | 9031000 | 9070868 |
| General Motors Financial Co., Inc. | 5.75% |  | 2/8/2031 | 7000000 | 7080140 |
| Hyundai Capital America<sup>†</sup> | 6.50% |  | 1/16/2029 | 8634000 | 9023028 |
| *Total* |  |  |  |  | 113225495 |
| **Auto Parts & Equipment 0.52%** |  |  |  |  |  |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>†</sup> | 8.50% |  | 5/15/2027 | 18100000 | 18212112 |
| ZF North America Capital, Inc.<sup>†</sup> | 6.75% |  | 4/23/2030 | 12000000 | 11408221 |
| *Total* |  |  |  |  | 29620333 |
| **Banks 12.61%** |  |  |  |  |  |
| ABN AMRO Bank NV (Netherlands)<sup>†(b)</sup> | 3.324%<br> (5 yr. CMT + 1.90% |)<sup>#</sup> | 3/13/2037 | 8600000 | 7467236 |
| AIB Group PLC (Ireland)<sup>†(b)</sup> | 5.871%<br> (SOFR + 1.91% |)<sup>#</sup> | 3/28/2035 | 5276000 | 5357978 |
| Bank of America Corp. | 2.299%<br> (SOFR + 1.22% |)<sup>#</sup> | 7/21/2032 | 8040000 | 6900670 |
| Bank of America Corp. | 2.687%<br> (SOFR + 1.32% |)<sup>#</sup> | 4/22/2032 | 16101000 | 14225408 |

---

128 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Bank of America Corp. | 5.511%<br> (SOFR + 1.31% |)<sup>#</sup> | 1/24/2036 | $30000000 | $30248325 |
| Bank of Nova Scotia (Canada)<sup>(b)</sup> | 8.00%<br> (5 yr. CMT + 4.02% |)<sup>#</sup> | 1/27/2084 | 10000000 | 10560630 |
| BankUnited, Inc. | 5.125% |  | 6/11/2030 | 9990000 | 9813946 |
| Barclays PLC (United Kingdom)<sup>(b)</sup> | 9.625%<br> (5 yr. USD SOFR ICE Swap + 5.78% |)<sup>#</sup> | – <sup>(c)</sup> | 10000000 | 11063400 |
| BNP Paribas SA (France)<sup>†(b)</sup> | 7.75%<br> (5 yr. CMT + 4.90% |)<sup>#</sup> | – <sup>(c)</sup> | 12282000 | 12806969 |
| Capital One NA | 5.974%<br> (5 yr. USD SOFR ICE Swap + 1.73% |)<sup>#</sup> | 8/9/2028 | 7750000 | 7908602 |
| Citigroup, Inc. | 2.561%<br> (SOFR + 1.17% |)<sup>#</sup> | 5/1/2032 | 18755000 | 16387621 |
| Citigroup, Inc. | 5.592%<br> (5 yr. CMT + 1.28% |)<sup>#</sup> | 11/19/2034 | 10000000 | 10023014 |
| Citigroup, Inc. | 5.827%<br> (SOFR + 2.06% |)<sup>#</sup> | 2/13/2035 | 10673000 | 10649507 |
| Citigroup, Inc. | 6.174%<br> (SOFR + 2.66% |)<sup>#</sup> | 5/25/2034 | 13454000 | 13790793 |
| Citizens Financial Group, Inc. | 5.718%<br> (SOFR + 1.91% |)<sup>#</sup> | 7/23/2032 | 8267000 | 8442038 |
| Citizens Financial Group, Inc. | 5.841%<br> (SOFR + 2.01% |)<sup>#</sup> | 1/23/2030 | 2615000 | 2682966 |
| Citizens Financial Group, Inc. | 6.645%<br> (SOFR + 2.33% |)<sup>#</sup> | 4/25/2035 | 22278000 | 23630901 |
| Danske Bank AS (Denmark)<sup>(b)</sup> | 7.00%<br> (7 yr. CMT + 4.13% |)<sup>#</sup> | – <sup>(c)</sup> | 10000000 | 10014500 |
| First Citizens BancShares, Inc. | 6.254%<br> (5 yr. CMT + 1.97% |)<sup>#</sup> | 3/12/2040 | 19203000 | 18569704 |
| Freedom Mortgage Corp.<sup>†</sup> | 12.00% |  | 10/1/2028 | 5000000 | 5367966 |
| Goldman Sachs Group, Inc. | 2.383%<br> (SOFR + 1.25% |)<sup>#</sup> | 7/21/2032 | 18105000 | 15584552 |
| Goldman Sachs Group, Inc. | 5.016%<br> (SOFR + 1.42% |)<sup>#</sup> | 10/23/2035 | 25000000 | 24204488 |
| Huntington Bancshares, Inc. | 6.141%<br> (5 yr. CMT + 1.70% |)<sup>#</sup> | 11/18/2039 | 1909000 | 1904836 |
| Intesa Sanpaolo SpA (Italy)<sup>†(b)</sup> | 4.198%<br> (1 yr. CMT + 2.60% |)<sup>#</sup> | 6/1/2032 | 4014000 | 3618313 |
| Intesa Sanpaolo SpA (Italy)<sup>†(b)</sup> | 6.625% |  | 6/20/2033 | 14275000 | 15209826 |
| Intesa Sanpaolo SpA (Italy)<sup>†(b)</sup> | 8.248%<br> (1 yr. CMT + 4.40% |)<sup>#</sup> | 11/21/2033 | 7000000 | 7979405 |
| JPMorgan Chase & Co. | 2.963%<br> (SOFR + 1.26% |)<sup>#</sup> | 1/25/2033 | 12685000 | 11224955 |

---

*See Notes to Financial Statements.* 129

**Schedule of Investments (unaudited)(continued)**

INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| JPMorgan Chase & Co. | 4.912%<br> (SOFR + 2.08% |)<sup>#</sup> | 7/25/2033 | $33000000 | $32715591 |
| JPMorgan Chase & Co. | 5.294%<br> (SOFR + 1.46% |)<sup>#</sup> | 7/22/2035 | 20000000 | 19968999 |
| KeyBank NA | 5.00% |  | 1/26/2033 | 7000000 | 6770395 |
| KeyCorp | 6.401%<br> (SOFR + 2.42% |)<sup>#</sup> | 3/6/2035 | 8042000 | 8442213 |
| M&T Bank Corp. | 5.053%<br> (SOFR + 1.85% |)<sup>#</sup> | 1/27/2034 | 3000000 | 2907905 |
| M&T Bank Corp. | 6.082%<br> (SOFR + 2.26% |)<sup>#</sup> | 3/13/2032 | 9788000 | 10195380 |
| Macquarie Bank Ltd. (Australia)<sup>†(b)</sup> | 3.052%<br> (5 yr. CMT + 1.70% |)<sup>#</sup> | 3/3/2036 | 9790000 | 8616387 |
| Morgan Stanley | 2.239%<br> (SOFR + 1.18% |)<sup>#</sup> | 7/21/2032 | 7889000 | 6721177 |
| Morgan Stanley | 5.297%<br> (SOFR + 2.62% |)<sup>#</sup> | 4/20/2037 | 5000000 | 4907382 |
| Morgan Stanley | 5.32%<br> (SOFR + 1.56% |)<sup>#</sup> | 7/19/2035 | 5492000 | 5458400 |
| Morgan Stanley | 5.424%<br> (SOFR + 1.88% |)<sup>#</sup> | 7/21/2034 | 9940000 | 10032886 |
| Morgan Stanley | 5.664%<br> (SOFR + 1.76% |)<sup>#</sup> | 4/17/2036 | 15000000 | 15250731 |
| Morgan Stanley | 6.342%<br> (SOFR + 2.56% |)<sup>#</sup> | 10/18/2033 | 12996000 | 13903564 |
| NatWest Group PLC (United Kingdom)<sup>(b)</sup> | 3.032%<br> (5 yr. CMT + 2.35% |)<sup>#</sup> | 11/28/2035 | 18081000 | 16033131 |
| PNC Financial Services Group, Inc. | 5.401%<br> (SOFR + 1.60% |)<sup>#</sup> | 7/23/2035 | 6740000 | 6729298 |
| PNC Financial Services Group, Inc. | 6.875%<br> (SOFR + 2.28% |)<sup>#</sup> | 10/20/2034 | 10000000 | 10967701 |
| Popular, Inc. | 7.25% |  | 3/13/2028 | 10000000 | 10518560 |
| Texas Capital Bancshares, Inc. | 4.00%<br> (5 yr. CMT + 3.15% |)<sup>#</sup> | 5/6/2031 | 8000000 | 7714542 |
| Toronto-Dominion Bank (Canada)<sup>(b)(d)</sup> | 7.25%<br> (5 yr. CMT + 2.98% |)<sup>#</sup> | 7/31/2084 | 13554000 | 13880936 |
| Truist Financial Corp. | 5.711%<br> (SOFR + 1.92% |)<sup>#</sup> | 1/24/2035 | 11444000 | 11632368 |
| Truist Financial Corp. | 5.867%<br> (SOFR + 2.36% |)<sup>#</sup> | 6/8/2034 | 4571000 | 4684384 |
| U.S. Bancorp | 4.839%<br> (SOFR + 1.60% |)<sup>#</sup> | 2/1/2034 | 11165000 | 10832023 |

---

130 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| U.S. Bancorp | 5.678%<br> (SOFR + 1.86% |)<sup>#</sup> | 1/23/2035 | $23841000 | $24295806 |
| U.S. Bancorp | 5.836%<br> (SOFR + 2.26% |)<sup>#</sup> | 6/12/2034 | 15000000 | 15493350 |
| UBS Group AG (Switzerland)<sup>†(b)</sup> | 2.746%<br> (1 yr. CMT + 1.10% |)<sup>#</sup> | 2/11/2033 | 7700000 | 6610635 |
| UBS Group AG (Switzerland)<sup>†(b)</sup> | 5.58%<br> (SOFR + 1.76% |)<sup>#</sup> | 5/9/2036 | 14443000 | 14458318 |
| UBS Group AG (Switzerland)<sup>†(b)</sup> | 6.537%<br> (SOFR + 3.92% |)<sup>#</sup> | 8/12/2033 | 16443000 | 17659370 |
| UBS Group AG (Switzerland)<sup>†(b)</sup> | 7.00%<br> (5 yr. USD SOFR ICE Swap + 3.08% |)<sup>#</sup> | – <sup>(c)</sup> | 5266000 | 5226674 |
| UBS Group AG (Switzerland)<sup>†(b)</sup> | 7.75%<br> (5 yr. USD SOFR ICE SWAP + 4.16% |)<sup>#</sup> | – <sup>(c)</sup> | 7500000 | 7900605 |
| Wells Fargo & Co. | 3.35%<br> (SOFR + 1.50% |)<sup>#</sup> | 3/2/2033 | 15478000 | 13887706 |
| Wells Fargo & Co. | 5.211%<br> (SOFR + 1.38% |)<sup>#</sup> | 12/3/2035 | 15000000 | 14716588 |
| Wells Fargo & Co. | 6.491%<br> (SOFR + 2.06% |)<sup>#</sup> | 10/23/2034 | 10000000 | 10728895 |
| Western Alliance Bancorp | 3.00%<br> (3 mo. USD Term SOFR + 2.25% |)<sup>#</sup> | 6/15/2031 | 19771000 | 18302806 |
| Westpac Banking Corp. (Australia)<sup>(b)</sup> | 2.668%<br> (5 yr. CMT + 1.75% |)<sup>#</sup> | 11/15/2035 | 8000000 | 6977341 |
| Westpac Banking Corp. (Australia)<sup>(b)</sup> | 4.322%<br> (5 yr. USD SOFR ICE Swap + 2.24% |)<sup>#</sup> | 11/23/2031 | 4470000 | 4425385 |
| *Total* |  |  |  |  | 715205981 |
| **Beverages 0.87%** |  |  |  |  |  |
| Bacardi Ltd./Bacardi-Martini BV<sup>†</sup> | 5.40% |  | 6/15/2033 | 17000000 | 16577551 |
| Bacardi-Martini BV (Netherlands)<sup>†(b)</sup> | 6.00% |  | 2/1/2035 | 16563000 | 16605959 |
| Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (Guatemala)<sup>†(b)</sup> | 5.25% |  | 4/27/2029 | 6500000 | 6292520 |
| Coca-Cola Consolidated, Inc. | 5.45% |  | 6/1/2034 | 10000000 | 10192160 |
| *Total* |  |  |  |  | 49668190 |
| **Biotechnology 0.72%** |  |  |  |  |  |
| Biocon Biologics Global PLC (United Kingdom)<sup>†(b)</sup> | 6.67% |  | 10/9/2029 | 8000000 | 7448674 |
| Regeneron Pharmaceuticals, Inc. | 2.80% |  | 9/15/2050 | 15373000 | 8827167 |
| Royalty Pharma PLC | 3.35% |  | 9/2/2051 | 26400000 | 16402070 |
| Royalty Pharma PLC<sup>(d)</sup> | 5.40% |  | 9/2/2034 | 8344000 | 8312300 |
| *Total* |  |  |  |  | 40990211 |

---

*See Notes to Financial Statements.* 131

**Schedule of Investments (unaudited)(continued)**

INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Chemicals 0.82%** |  |  |  |  |  |
| Celanese U.S. Holdings LLC | 6.415% |  | 7/15/2027 | $3570000 | $3662553 |
| Celanese U.S. Holdings LLC | 6.85% |  | 11/15/2028 | 15000000 | 15541350 |
| EIDP, Inc. | 5.125% |  | 5/15/2032 | 6163000 | 6222621 |
| OCP SA (Malaysia)<sup>†(b)</sup> | 7.50% |  | 5/2/2054 | 10000000 | 9799650 |
| Rain Carbon, Inc.<sup>†(d)</sup> | 12.25% |  | 9/1/2029 | 8000000 | 8345184 |
| Syensqo Finance America LLC<sup>†</sup> | 5.65% |  | 6/4/2029 | 2902000 | 2970276 |
| *Total* |  |  |  |  | 46541634 |
| **Coal 0.60%** |  |  |  |  |  |
| Alliance Resource Operating Partners LP/Alliance Resource Finance Corp.<sup>†</sup> | 8.625% |  | 6/15/2029 | 9464000 | 9901237 |
| Coronado Finance Pty. Ltd. (Australia)<sup>†(b)</sup> | 9.25% |  | 10/1/2029 | 14050000 | 10455964 |
| Indika Energy Tbk. PT (Indonesia)<sup>†(b)</sup> | 8.75% |  | 5/7/2029 | 14000000 | 13489529 |
| *Total* |  |  |  |  | 33846730 |
| **Commercial Services 1.36%** |  |  |  |  |  |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>†</sup> | 9.75% |  | 7/15/2027 | 13000000 | 13115542 |
| Block, Inc. | 6.50% |  | 5/15/2032 | 10000000 | 10226120 |
| GXO Logistics, Inc. | 6.50% |  | 5/6/2034 | 12974000 | 13273111 |
| JSW Infrastructure Ltd. (India)<sup>(b)(d)</sup> | 4.95% |  | 1/21/2029 | 12000000 | 11593482 |
| Rentokil Terminix Funding LLC<sup>†</sup> | 5.625% |  | 4/28/2035 | 4302000 | 4304857 |
| Rollins, Inc.<sup>†</sup> | 5.25% |  | 2/24/2035 | 9253000 | 9184589 |
| UL Solutions, Inc.<sup>†</sup> | 6.50% |  | 10/20/2028 | 15000000 | 15678115 |
| *Total* |  |  |  |  | 77375816 |
| **Computers 0.45%** |  |  |  |  |  |
| Booz Allen Hamilton, Inc.<sup>†</sup> | 3.875% |  | 9/1/2028 | 15554000 | 14906402 |
| Crowdstrike Holdings, Inc. | 3.00% |  | 2/15/2029 | 11600000 | 10865251 |
| *Total* |  |  |  |  | 25771653 |
| **Diversified Financial Services 4.35%** |  |  |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(b)</sup> | 4.95% |  | 9/10/2034 | 13531000 | 12992531 |
| Air Lease Corp. | 5.20% |  | 7/15/2031 | 6497000 | 6575400 |
| Aircastle Ltd.<sup>†</sup> | 2.85% |  | 1/26/2028 | 11469000 | 10841466 |
| Aircastle Ltd.<sup>†</sup> | 6.50% |  | 7/18/2028 | 21115000 | 21888446 |
| Aircastle Ltd./Aircastle Ireland DAC<sup>†</sup> | 5.75% |  | 10/1/2031 | 10000000 | 10159552 |
| American Express Co. | 5.667%<br> (SOFR + 1.79% |)<sup>#</sup> | 4/25/2036 | 8266000 | 8443354 |
| Aviation Capital Group LLC<sup>†</sup> | 3.50% |  | 11/1/2027 | 3933000 | 3807769 |

---

132 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |  |
| Aviation Capital Group LLC<sup>†</sup> | 6.375% |  | 7/15/2030 | $7339000 | $7716271 |
| Bread Financial Holdings, Inc.<sup>†</sup> | 8.375%<br> (5 yr. CMT + 4.30% |)<sup>#</sup> | 6/15/2035 | 4444000 | 4319015 |
| Bread Financial Holdings, Inc.<sup>†</sup> | 9.75% |  | 3/15/2029 | 10000000 | 10671310 |
| Freedom Mortgage Holdings LLC<sup>†</sup> | 9.25% |  | 2/1/2029 | 5000000 | 5159200 |
| GGAM Finance Ltd. (Ireland)<sup>†(b)</sup> | 8.00% |  | 2/15/2027 | 4683000 | 4822558 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 7.125% |  | 4/30/2031 | 22000000 | 22996336 |
| LPL Holdings, Inc.<sup>†</sup> | 4.375% |  | 5/15/2031 | 30862000 | 29354130 |
| LPL Holdings, Inc. | 5.75% |  | 6/15/2035 | 6658000 | 6615607 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(b)</sup> | 5.15% |  | 3/17/2030 | 4438000 | 4374533 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(b)</sup> | 6.50% |  | 3/26/2031 | 9087000 | 9451089 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(b)</sup> | 8.125% |  | 3/30/2029 | 9574000 | 10025768 |
| Muthoot Finance Ltd. (India)<sup>(b)</sup> | 6.375% |  | 4/23/2029 | 6000000 | 5909105 |
| Navient Corp. | 6.75% |  | 6/25/2025 | 5550000 | 5551309 |
| Navient Corp. | 11.50% |  | 3/15/2031 | 7368000 | 8353360 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>†</sup> | 4.50% |  | 3/15/2027 | 7104000 | 7069678 |
| Nuveen LLC<sup>†</sup> | 5.85% |  | 4/15/2034 | 16390000 | 16735613 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>†</sup> | 2.875% |  | 10/15/2026 | 10000000 | 9690651 |
| United Wholesale Mortgage LLC<sup>†</sup> | 5.50% |  | 11/15/2025 | 3040000 | 3039442 |
| *Total* |  |  |  |  | 246563493 |
| **Electric 7.89%** |  |  |  |  |  |
| AEP Transmission Co. LLC | 5.375% |  | 6/15/2035 | 4056000 | 4076592 |
| AES Corp. | 2.45% |  | 1/15/2031 | 7975000 | 6823668 |
| Alexander Funding Trust II<sup>†</sup> | 7.467% |  | 7/31/2028 | 7410000 | 7858757 |
| Appalachian Power Co. | 5.65% |  | 4/1/2034 | 6742000 | 6809336 |
| Baltimore Gas & Electric Co. | 5.45% |  | 6/1/2035 | 11893000 | 11977421 |
| Black Hills Corp. | 6.00% |  | 1/15/2035 | 8000000 | 8162867 |
| Capital Power U.S. Holdings, Inc.<sup>†</sup> | 6.189% |  | 6/1/2035 | 14402000 | 14520543 |
| Commonwealth Edison Co. | 5.95% |  | 6/1/2055 | 5308000 | 5320821 |
| Constellation Energy Generation LLC | 6.25% |  | 10/1/2039 | 5209000 | 5416910 |
| Constellation Energy Generation LLC | 6.50% |  | 10/1/2053 | 8219000 | 8615562 |
| Dominion Energy, Inc. | 6.875%<br> (5 yr. CMT + 2.39% |)<sup>#</sup> | 2/1/2055 | 4145000 | 4296140 |
| DTE Electric Co. | 5.85% |  | 5/15/2055 | 1638000 | 1635068 |
| Duquesne Light Holdings, Inc.<sup>†</sup> | 2.775% |  | 1/7/2032 | 14581000 | 12443511 |

---

*See Notes to Financial Statements.* 133

**Schedule of Investments (unaudited)(continued)**

INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Electric (continued)** |  |  |  |  |  |
| Emera, Inc. (Canada)<sup>(b)</sup> | 6.75%<br> (3 mo. USD LIBOR + 5.44% |)<sup>#</sup> | 6/15/2076 | $19420000 | $19563941 |
| Entergy Louisiana LLC | 5.80% |  | 3/15/2055 | 6483000 | 6291514 |
| Entergy Mississippi LLC | 5.80% |  | 4/15/2055 | 11809000 | 11430389 |
| Entergy Texas, Inc. | 5.55% |  | 9/15/2054 | 4138000 | 3836284 |
| Entergy Texas, Inc. | 5.80% |  | 9/1/2053 | 5000000 | 4840926 |
| Evergy Kansas Central, Inc. | 5.25% |  | 3/15/2035 | 11715000 | 11662651 |
| Evergy Kansas Central, Inc. | 5.90% |  | 11/15/2033 | 6134000 | 6411581 |
| Evergy Metro, Inc. | 4.95% |  | 4/15/2033 | 7167000 | 7054035 |
| Evergy Missouri West, Inc.<sup>†</sup> | 5.65% |  | 6/1/2034 | 10566000 | 10675829 |
| FirstEnergy Transmission LLC<sup>†</sup> | 4.55% |  | 4/1/2049 | 6497000 | 5459270 |
| FirstEnergy Transmission LLC | 5.00% |  | 1/15/2035 | 3619000 | 3530216 |
| Indianapolis Power & Light Co.<sup>†</sup> | 5.70% |  | 4/1/2054 | 6551000 | 6245138 |
| Interstate Power & Light Co. | 5.60% |  | 6/29/2035 | 8654000 | 8708489 |
| IPALCO Enterprises, Inc. | 4.25% |  | 5/1/2030 | 12282000 | 11654738 |
| IPALCO Enterprises, Inc. | 5.75% |  | 4/1/2034 | 5878000 | 5803915 |
| Jersey Central Power & Light Co. | 5.10% |  | 1/15/2035 | 3019000 | 2956147 |
| Liberty Utilities Co.<sup>†</sup> | 5.869% |  | 1/31/2034 | 14328000 | 14418647 |
| Monongahela Power Co.<sup>†</sup> | 5.85% |  | 2/15/2034 | 3742000 | 3832185 |
| Narragansett Electric Co.<sup>†</sup> | 5.35% |  | 5/1/2034 | 6762000 | 6740261 |
| New York State Electric & Gas Corp.<sup>†</sup> | 5.30% |  | 8/15/2034 | 7000000 | 6999352 |
| NRG Energy, Inc.<sup>†</sup> | 4.45% |  | 6/15/2029 | 14633000 | 14245321 |
| Oglethorpe Power Corp. | 5.90% |  | 2/1/2055 | 15659000 | 15103039 |
| Oglethorpe Power Corp. | 5.95% |  | 11/1/2039 | 9896000 | 9973586 |
| Oglethorpe Power Corp. | 6.20% |  | 12/1/2053 | 10569000 | 10461801 |
| Oklahoma Gas & Electric Co. | 5.60% |  | 4/1/2053 | 15000000 | 14270148 |
| Oncor Electric Delivery Co. LLC<sup>†</sup> | 5.35% |  | 4/1/2035 | 7005000 | 7020401 |
| Pacific Gas & Electric Co. | 4.55% |  | 7/1/2030 | 24339000 | 23582273 |
| Pacific Gas & Electric Co. | 6.15% |  | 1/15/2033 | 6680000 | 6797102 |
| Pacific Gas & Electric Co. | 6.70% |  | 4/1/2053 | 4523000 | 4484888 |
| Palomino Funding Trust I<sup>†</sup> | 7.233% |  | 5/17/2028 | 9071000 | 9545091 |
| PSEG Power LLC<sup>†</sup> | 5.75% |  | 5/15/2035 | 4586000 | 4621029 |
| Puget Energy, Inc. | 4.10% |  | 6/15/2030 | 21091000 | 20093271 |
| Puget Energy, Inc.<sup>†</sup> | 5.725% |  | 3/15/2035 | 5500000 | 5448788 |
| Southwestern Public Service Co. | 6.00% |  | 6/1/2054 | 8000000 | 7849031 |
| System Energy Resources, Inc. | 5.30% |  | 12/15/2034 | 14000000 | 13714436 |
| Virginia Electric & Power Co. | 5.45% |  | 4/1/2053 | 10000000 | 9245056 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.625% |  | 2/15/2027 | 1674000 | 1673937 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.70% |  | 12/30/2034 | 13364000 | 13321390 |
| *Total* |  |  |  |  | 447523292 |

---

134 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Electronics 0.55%** |  |  |  |  |
| Trimble, Inc. | 6.10% | 3/15/2033 | $6401000 | $6684547 |
| Vontier Corp. | 2.95% | 4/1/2031 | 28000000 | 24676647 |
| *Total* |  |  |  | 31361194 |
| **Engineering & Construction 0.50%** |  |  |  |  |
| GMR Hyderabad International Airport Ltd. (India)<sup>(b)</sup> | 4.25% | 10/27/2027 | 8424000 | 8102559 |
| IRB Infrastructure Developers Ltd. (India)<sup>†(b)</sup> | 7.11% | 3/11/2032 | 9128000 | 9057499 |
| Jacobs Engineering Group, Inc. | 5.90% | 3/1/2033 | 10889000 | 11177471 |
| *Total* |  |  |  | 28337529 |
| **Entertainment 0.22%** |  |  |  |  |
| Warnermedia Holdings, Inc. | 4.279% | 3/15/2032 | 15000000 | 12733704 |
| **Food 1.36%** |  |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 6.50% | 2/15/2028 | 16000000 | 16335456 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(b)</sup> | 3.625% | 1/15/2032 | 21345000 | 19201983 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(b)</sup> | 5.75% | 4/1/2033 | 16505000 | 16728890 |
| Mars, Inc.<sup>†</sup> | 5.00% | 3/1/2032 | 8085000 | 8115884 |
| Mars, Inc.<sup>†</sup> | 5.20% | 3/1/2035 | 11550000 | 11511030 |
| Mars, Inc.<sup>†</sup> | 5.70% | 5/1/2055 | 5395000 | 5237628 |
| *Total* |  |  |  | 77130871 |
| **Food Service 0.18%** |  |  |  |  |
| Sodexo, Inc.<sup>†</sup> | 5.80% | 8/15/2035 | 10000000 | 10177296 |
| **Gas 0.84%** |  |  |  |  |
| National Fuel Gas Co. | 2.95% | 3/1/2031 | 8831000 | 7806188 |
| National Fuel Gas Co. | 5.95% | 3/15/2035 | 15579000 | 15623941 |
| Piedmont Natural Gas Co., Inc. | 5.05% | 5/15/2052 | 8000000 | 6831009 |
| Southwest Gas Corp. | 4.05% | 3/15/2032 | 18563000 | 17294574 |
| *Total* |  |  |  | 47555712 |
| **Hand/Machine Tools 0.87%** |  |  |  |  |
| Regal Rexnord Corp. | 6.05% | 4/15/2028 | 17000000 | 17458076 |
| Regal Rexnord Corp. | 6.30% | 2/15/2030 | 20036000 | 20783507 |
| Werner FinCo LP/Werner FinCo, Inc.<sup>†</sup> | 11.50% | 6/15/2028 | 10000000 | 10887501 |
| *Total* |  |  |  | 49129084 |

---

*See Notes to Financial Statements.* 135

**Schedule of Investments (unaudited)(continued)**

INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Health Care-Products 0.34%** |  |  |  |  |
| Solventum Corp. | 5.90% | 4/30/2054 | $20000000 | $19209621 |
| **Health Care-Services 1.64%** |  |  |  |  |
| Centene Corp. | 3.375% | 2/15/2030 | 28232000 | 25748563 |
| Centene Corp. | 4.25% | 12/15/2027 | 2373000 | 2319136 |
| Fresenius Medical Care U.S. Finance III, Inc.<sup>†</sup> | 3.00% | 12/1/2031 | 17000000 | 14631835 |
| HCA, Inc. | 5.45% | 9/15/2034 | 13500000 | 13370179 |
| HCA, Inc. | 5.60% | 4/1/2034 | 13516000 | 13595773 |
| UnitedHealth Group, Inc. | 5.15% | 7/15/2034 | 15000000 | 14809000 |
| Universal Health Services, Inc. | 5.05% | 10/15/2034 | 8996000 | 8449883 |
| *Total* |  |  |  | 92924369 |
| **Insurance 3.62%** |  |  |  |  |
| 200 Park Funding Trust<sup>†</sup> | 5.74% | 2/15/2055 | 10000000 | 9651783 |
| ACE Capital Trust II | 9.70% | 4/1/2030 | 14500000 | 17286624 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>†</sup> | 6.75% | 10/15/2027 | 10000000 | 10003707 |
| Aon Corp. | 8.205% | 1/1/2027 | 11490000 | 12079148 |
| Arch Capital Group Ltd. | 7.35% | 5/1/2034 | 13793000 | 15733819 |
| Arthur J Gallagher & Co. | 5.15% | 2/15/2035 | 4615000 | 4544222 |
| Assurant, Inc. | 2.65% | 1/15/2032 | 5914000 | 4952404 |
| Beacon Funding Trust<sup>†</sup> | 6.266% | 8/15/2054 | 8482000 | 8138706 |
| Belrose Funding Trust II<sup>†</sup> | 6.792% | 5/15/2055 | 12000000 | 12038633 |
| Brown & Brown, Inc. | 4.20% | 3/17/2032 | 12005000 | 11251620 |
| Brown & Brown, Inc. | 5.65% | 6/11/2034 | 7997000 | 8083489 |
| CNO Financial Group, Inc. | 6.45% | 6/15/2034 | 15525000 | 15996811 |
| F&G Annuities & Life, Inc. | 7.40% | 1/13/2028 | 10093000 | 10510955 |
| GA Global Funding Trust<sup>†</sup> | 5.20% | 12/9/2031 | 11909000 | 11830629 |
| Global Atlantic Fin Co.<sup>†</sup> | 7.95% | 6/15/2033 | 12572000 | 14027391 |
| MGIC Investment Corp. | 5.25% | 8/15/2028 | 10000000 | 9939930 |
| Peachtree Corners Funding Trust II<sup>†</sup> | 6.012% | 5/15/2035 | 10000000 | 10068832 |
| Pine Street Trust III<sup>†</sup> | 6.223% | 5/15/2054 | 6900000 | 6661909 |
| Protective Life Corp. | 8.45% | 10/15/2039 | 5641000 | 6826758 |
| RenaissanceRe Holdings Ltd. | 5.80% | 4/1/2035 | 5888000 | 5936032 |
| *Total* |  |  |  | 205563402 |
| **Internet 0.76%** |  |  |  |  |
| Rakuten Group, Inc. (Japan)<sup>†(b)</sup> | 11.25% | 2/15/2027 | 12812000 | 13839810 |
| Uber Technologies, Inc.<sup>†</sup> | 4.50% | 8/15/2029 | 29695000 | 29268966 |
| *Total* |  |  |  | 43108776 |

---

136 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Investment Companies 0.41%** |  |  |  |  |
| Blue Owl Technology Finance Corp.<sup>†</sup> | 6.10% | 3/15/2028 | $8984000 | $8910943 |
| HA Sustainable Infrastructure Capital, Inc. | 6.375% | 7/1/2034 | 15000000 | 14638094 |
| *Total* |  |  |  | 23549037 |
| **Leisure Time 0.82%** |  |  |  |  |
| Carnival Corp.<sup>†</sup> | 4.00% | 8/1/2028 | 8000000 | 7735000 |
| Carnival Corp.<sup>†</sup> | 5.75% | 3/1/2027 | 24000000 | 24075034 |
| Carnival Corp.<sup>†</sup> | 5.75% | 3/15/2030 | 5000000 | 5014805 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.625% | 9/30/2031 | 10000000 | 9890109 |
| *Total* |  |  |  | 46714948 |
| **Lodging 0.27%** |  |  |  |  |
| Genting New York LLC/GENNY Capital, Inc.<sup>†</sup> | 7.25% | 10/1/2029 | 5541000 | 5607657 |
| Las Vegas Sands Corp. | 6.00% | 8/15/2029 | 9463000 | 9615349 |
| *Total* |  |  |  | 15223006 |
| **Machinery-Diversified 0.56%** |  |  |  |  |
| Flowserve Corp. | 2.80% | 1/15/2032 | 8490000 | 7201670 |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (Canada)<sup>†(b)</sup> | 9.00% | 2/15/2029 | 10000000 | 10232590 |
| nVent Finance SARL (Luxembourg)<sup>(b)</sup> | 5.65% | 5/15/2033 | 14351000 | 14331404 |
| *Total* |  |  |  | 31765664 |
| **Media 0.95%** |  |  |  |  |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>†</sup> | 5.875% | 8/15/2027 | 27000000 | 26595773 |
| Discovery Communications LLC | 3.95% | 3/20/2028 | 19551000 | 18672349 |
| FactSet Research Systems, Inc. | 3.45% | 3/1/2032 | 9576000 | 8638639 |
| *Total* |  |  |  | 53906761 |
| **Mining 1.52%** |  |  |  |  |
| Anglo American Capital PLC (United Kingdom)<sup>†(b)</sup> | 5.75% | 4/5/2034 | 19771000 | 19948723 |
| FMG Resources August 2006 Pty. Ltd. (Australia)<sup>†(b)</sup> | 5.875% | 4/15/2030 | 5000000 | 5000041 |
| Glencore Funding LLC<sup>†</sup> | 2.625% | 9/23/2031 | 10000000 | 8646184 |
| Glencore Funding LLC<sup>†</sup> | 5.893% | 4/4/2054 | 6922000 | 6608321 |
| Ivanhoe Mines Ltd. (Canada)<sup>†(b)</sup> | 7.875% | 1/23/2030 | 7019000 | 6839854 |
| Minera Mexico SA de CV (Mexico)<sup>†(b)</sup> | 5.625% | 2/12/2032 | 10000000 | 9915500 |
| Navoi Mining & Metallurgical Combinat (Uzbekistan)<sup>†(b)</sup> | 6.95% | 10/17/2031 | 7000000 | 6968355 |
| Stillwater Mining Co. | 4.00% | 11/16/2026 | 8000000 | 7739780 |
| WE Soda Investments Holding PLC (United Kingdom)<sup>†(b)</sup> | 9.50% | 10/6/2028 | 5000000 | 5175771 |

---

*See Notes to Financial Statements.* 137

**Schedule of Investments (unaudited)(continued)**

INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Mining (contiuned)** |  |  |  |  |
| WE Soda Investments Holding PLC (United Kingdom)<sup>(b)</sup> | 9.50% | 10/6/2028 | $3300000 | $3416009 |
| Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (Canada)<sup>†(b)</sup> | 5.854% | 5/13/2032 | 5841000 | 5840352 |
| *Total* |  |  |  | 86098890 |
| **Oil & Gas 10.32%** |  |  |  |  |
| Aethon United BR LP/Aethon United Finance Corp.<sup>†</sup> | 7.50% | 10/1/2029 | 8028000 | 8232586 |
| Antero Resources Corp.<sup>†</sup> | 7.625% | 2/1/2029 | 11500000 | 11779174 |
| Baytex Energy Corp. (Canada)<sup>†(b)</sup> | 8.50% | 4/30/2030 | 15000000 | 14548666 |
| California Resources Corp.<sup>†</sup> | 7.125% | 2/1/2026 | 4989000 | 4988467 |
| California Resources Corp.<sup>†</sup> | 8.25% | 6/15/2029 | 8000000 | 8022104 |
| Chord Energy Corp.<sup>†</sup> | 6.75% | 3/15/2033 | 7000000 | 6957303 |
| CITGO Petroleum Corp.<sup>†</sup> | 8.375% | 1/15/2029 | 6652000 | 6767020 |
| Civitas Resources, Inc.<sup>†</sup> | 8.75% | 7/1/2031 | 18000000 | 17621205 |
| Comstock Resources, Inc.<sup>†</sup> | 5.875% | 1/15/2030 | 12000000 | 11358530 |
| Continental Resources, Inc.<sup>†</sup> | 5.75% | 1/15/2031 | 42500000 | 42328903 |
| Coterra Energy, Inc. | 5.60% | 3/15/2034 | 10476000 | 10394847 |
| Crescent Energy Finance LLC<sup>†</sup> | 7.625% | 4/1/2032 | 6133000 | 5787107 |
| Crescent Energy Finance LLC<sup>†</sup> | 9.25% | 2/15/2028 | 17000000 | 17567623 |
| Devon Energy Corp. | 5.20% | 9/15/2034 | 8418000 | 7974608 |
| Ecopetrol SA (Colombia)<sup>(b)</sup> | 7.75% | 2/1/2032 | 5000000 | 4850716 |
| Ecopetrol SA (Colombia)<sup>(b)</sup> | 8.375% | 1/19/2036 | 16000000 | 15239114 |
| Encino Acquisition Partners Holdings LLC<sup>†</sup> | 8.50% | 5/1/2028 | 7000000 | 7184589 |
| EQT Corp.<sup>†</sup> | 4.75% | 1/15/2031 | 12290000 | 11894107 |
| EQT Corp.<sup>†</sup> | 6.375% | 4/1/2029 | 13610000 | 13939146 |
| EQT Corp.<sup>†</sup> | 7.50% | 6/1/2030 | 2130000 | 2313290 |
| Expand Energy Corp. | 5.375% | 2/1/2029 | 27706000 | 27633920 |
| Expand Energy Corp.<sup>†</sup> | 5.875% | 2/1/2029 | 12851000 | 12900875 |
| Expand Energy Corp.<sup>†</sup> | 6.75% | 4/15/2029 | 5000000 | 5061835 |
| Helmerich & Payne, Inc.<sup>†(d)</sup> | 5.50% | 12/1/2034 | 15000000 | 13268369 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>†</sup> | 6.875% | 5/15/2034 | 8000000 | 7255634 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>†</sup> | 7.25% | 2/15/2035 | 8000000 | 7420081 |
| Kimmeridge Texas Gas LLC<sup>†</sup> | 8.50% | 2/15/2030 | 8357000 | 8267497 |
| Kraken Oil & Gas Partners LLC<sup>†</sup> | 7.625% | 8/15/2029 | 10000000 | 9485370 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.<sup>†</sup> | 6.875% | 12/1/2032 | 15085000 | 14951312 |
| Matador Resources Co.<sup>†</sup> | 6.50% | 4/15/2032 | 15000000 | 14700546 |
| Moss Creek Resources Holdings, Inc.<sup>†</sup> | 8.25% | 9/1/2031 | 10000000 | 9649253 |
| Nabors Industries, Inc.<sup>†(d)</sup> | 8.875% | 8/15/2031 | 5000000 | 3426081 |

---

138 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Oil & Gas (continued)** |  |  |  |  |
| Occidental Petroleum Corp. | 5.55% | 10/1/2034 | $10000000 | $9460440 |
| Occidental Petroleum Corp. | 6.125% | 1/1/2031 | 5000000 | 5094030 |
| Occidental Petroleum Corp. | 6.45% | 9/15/2036 | 7010000 | 6896240 |
| Occidental Petroleum Corp. | 7.50% | 5/1/2031 | 5000000 | 5385190 |
| Occidental Petroleum Corp. | 8.875% | 7/15/2030 | 8050000 | 9055614 |
| OGX Austria GmbH (Brazil)<sup>†(b)(e)</sup> | 8.50% | 6/1/2018 | 1800000 | 36 <sup>(f)</sup> |
| Ovintiv, Inc. | 6.50% | 2/1/2038 | 2493000 | 2435743 |
| Ovintiv, Inc. | 7.10% | 7/15/2053 | 10000000 | 9790944 |
| Permian Resources Operating LLC<sup>†</sup> | 6.25% | 2/1/2033 | 12000000 | 11850086 |
| Permian Resources Operating LLC<sup>†</sup> | 8.00% | 4/15/2027 | 5000000 | 5093610 |
| Petroleos Mexicanos (Mexico)<sup>(b)</sup> | 6.49% | 1/23/2027 | 15000000 | 14727265 |
| Saturn Oil & Gas, Inc. (Canada)<sup>†(b)(d)</sup> | 9.625% | 6/15/2029 | 15488000 | 14196341 |
| SM Energy Co.<sup>†</sup> | 7.00% | 8/1/2032 | 15000000 | 14413850 |
| Talos Production, Inc.<sup>†</sup> | 9.375% | 2/1/2031 | 12500000 | 12301163 |
| Tengizchevroil Finance Co. International Ltd. (Kazakhstan)<sup>†(b)</sup> | 3.25% | 8/15/2030 | 12000000 | 10523853 |
| TGNR Intermediate Holdings LLC<sup>†</sup> | 5.50% | 10/15/2029 | 15000000 | 14178242 |
| Transocean, Inc.<sup>(d)</sup> | 7.50% | 4/15/2031 | 9000000 | 7083794 |
| Transocean, Inc.<sup>†</sup> | 8.25% | 5/15/2029 | 4358000 | 3933931 |
| Vermilion Energy, Inc. (Canada)<sup>†(b)</sup> | 6.875% | 5/1/2030 | 11000000 | 10022201 |
| Viper Energy, Inc.<sup>†</sup> | 7.375% | 11/1/2031 | 32913000 | 34534986 |
| Vital Energy, Inc.<sup>†(d)</sup> | 7.875% | 4/15/2032 | 11000000 | 8931585 |
| Wildfire Intermediate Holdings LLC<sup>†</sup> | 7.50% | 10/15/2029 | 12000000 | 11636419 |
| *Total* |  |  |  | 585315441 |
| **Oil & Gas Services 0.10%** |  |  |  |  |
| Oceaneering International, Inc. | 6.00% | 2/1/2028 | 5500000 | 5429335 |
| **Pharmaceuticals 0.80%** |  |  |  |  |
| Bayer Corp.<sup>†</sup> | 6.65% | 2/15/2028 | 14827000 | 15459599 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.50% | 11/21/2033 | 19000000 | 19793040 |
| Herbalife Nutrition Ltd./HLF Financing, Inc.<sup>†(d)</sup> | 7.875% | 9/1/2025 | 10000000 | 10020781 |
| *Total* |  |  |  | 45273420 |
| **Pipelines 2.58%** |  |  |  |  |
| Boardwalk Pipelines LP | 3.40% | 2/15/2031 | 7767000 | 7099702 |
| Cheniere Energy Partners LP | 5.75% | 8/15/2034 | 10000000 | 10039710 |
| Cheniere Energy, Inc. | 5.65% | 4/15/2034 | 9989000 | 9972441 |
| Columbia Pipelines Holding Co. LLC<sup>†</sup> | 5.097% | 10/1/2031 | 7047000 | 6916986 |
| Eastern Energy Gas Holdings LLC | 5.65% | 10/15/2054 | 9069000 | 8371500 |
| Eastern Gas Transmission & Storage, Inc. | 4.60% | 12/15/2044 | 5564000 | 4595788 |

---

*See Notes to Financial Statements.* 139

**Schedule of Investments (unaudited)(continued)**

INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Pipelines (continued)** |  |  |  |  |  |
| Enbridge, Inc. (Canada)<sup>(b)</sup> | 5.625% |  | 4/5/2034 | $10000000 | $10099815 |
| Enbridge, Inc. (Canada)<sup>(b)(d)</sup> | 8.50%<br> (5 yr. CMT + 4.43% |)<sup>#</sup> | 1/15/2084 | 22191000 | 24135353 |
| Energy Transfer LP | 6.50%<br> (5 yr. CMT + 5.69% |)<sup>#</sup> | – <sup>(c)</sup> | 18970000 | 18969630 |
| NGPL PipeCo LLC<sup>†</sup> | 4.875% |  | 8/15/2027 | 20308000 | 20121076 |
| Plains All American Pipeline LP | 8.698%<br> (3 mo. USD Term SOFR + 4.37% |)<sup>#</sup> | – <sup>(c)</sup> | 6499000 | 6471030 |
| South Bow USA Infrastructure Holdings LLC<sup>†</sup> | 5.584% |  | 10/1/2034 | 10000000 | 9630154 |
| Transcanada Trust (Canada)<sup>(b)</sup> | 5.875%<br> (3 mo. USD LIBOR + 4.64% |)<sup>#</sup> | 8/15/2076 | 10000000 | 9954697 |
| *Total* |  |  |  |  | 146377882 |
| **REITS 2.97%** |  |  |  |  |  |
| Brixmor Operating Partnership LP | 5.20% |  | 4/1/2032 | 6321000 | 6287142 |
| Crown Castle, Inc. | 3.30% |  | 7/1/2030 | 25575000 | 23658789 |
| Crown Castle, Inc. | 5.80% |  | 3/1/2034 | 10875000 | 11105313 |
| First Industrial LP | 5.25% |  | 1/15/2031 | 20000000 | 20027039 |
| GLP Capital LP/GLP Financing II, Inc. | 5.625% |  | 9/15/2034 | 6502000 | 6347027 |
| GLP Capital LP/GLP Financing II, Inc. | 5.75% |  | 6/1/2028 | 9065000 | 9237416 |
| Goodman U.S. Finance Six LLC<sup>†</sup> | 5.125% |  | 10/7/2034 | 13696000 | 13438222 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 8.00% |  | 6/15/2027 | 7500000 | 7728750 |
| Host Hotels & Resorts LP | 5.70% |  | 7/1/2034 | 10000000 | 9839230 |
| Invitation Homes Operating Partnership LP | 4.875% |  | 2/1/2035 | 9230000 | 8785625 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 7.00% |  | 7/15/2031 | 8572000 | 8894950 |
| Phillips Edison Grocery Center Operating Partnership I LP | 4.95% |  | 1/15/2035 | 10573000 | 10072252 |
| Regency Centers LP | 5.00% |  | 7/15/2032 | 8500000 | 8487270 |
| VICI Properties LP | 5.625% |  | 4/1/2035 | 13015000 | 12871808 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.625% |  | 12/1/2029 | 12155000 | 11798025 |
| *Total* |  |  |  |  | 168578858 |
| **Retail 0.61%** |  |  |  |  |  |
| Alimentation Couche-Tard, Inc. (Canada)<sup>†(b)</sup> | 5.267% |  | 2/12/2034 | 2247000 | 2203779 |
| Alimentation Couche-Tard, Inc. (Canada)<sup>†(b)</sup> | 5.617% |  | 2/12/2054 | 4345000 | 3964151 |
| CEC Entertainment LLC<sup>†</sup> | 6.75% |  | 5/1/2026 | 10000000 | 9848283 |
| Dick's Sporting Goods, Inc. | 4.10% |  | 1/15/2052 | 7000000 | 4804316 |
| Park River Holdings, Inc.<sup>†(d)</sup> | 6.75% |  | 8/1/2029 | 5000000 | 4001665 |
| Sizzling Platter LLC/Sizzling Platter Finance Corp.<sup>†</sup> | 8.50% |  | 11/28/2025 | 10000000 | 10042700 |
| *Total* |  |  |  |  | 34864894 |

---

140 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Semiconductors 2.20%** |  |  |  |  |
| Broadcom, Inc.<sup>†</sup> | 3.469% | 4/15/2034 | $29970000 | $26334145 |
| Entegris, Inc.<sup>†</sup> | 4.75% | 4/15/2029 | 15649000 | 15205338 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.50% | 1/25/2031 | 8999000 | 9121815 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.875% | 1/25/2034 | 7554000 | 7579084 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.90% | 1/25/2033 | 13301000 | 13586480 |
| Foundry JV Holdco LLC<sup>†</sup> | 6.10% | 1/25/2036 | 15000000 | 15251327 |
| Foundry JV Holdco LLC<sup>†</sup> | 6.15% | 1/25/2032 | 18000000 | 18705903 |
| Intel Corp. | 2.45% | 11/15/2029 | 10000000 | 9048123 |
| Intel Corp.<sup>(d)</sup> | 5.15% | 2/21/2034 | 10000000 | 9792128 |
| *Total* |  |  |  | 124624343 |
| **Software 1.71%** |  |  |  |  |
| AppLovin Corp. | 5.50% | 12/1/2034 | 6923000 | 6929399 |
| AppLovin Corp. | 5.95% | 12/1/2054 | 6997000 | 6693765 |
| Atlassian Corp. (Australia)<sup>(b)</sup> | 5.50% | 5/15/2034 | 13728000 | 13855496 |
| MSCI, Inc.<sup>†</sup> | 3.625% | 9/1/2030 | 6100000 | 5654350 |
| MSCI, Inc.<sup>†</sup> | 3.625% | 11/1/2031 | 21075000 | 19144881 |
| Oracle Corp. | 3.85% | 7/15/2036 | 9393000 | 8106194 |
| Oracle Corp. | 5.375% | 7/15/2040 | 15535000 | 14724795 |
| Oracle Corp. | 6.125% | 7/8/2039 | 14843000 | 15241344 |
| Paychex, Inc. | 5.60% | 4/15/2035 | 6606000 | 6720084 |
| *Total* |  |  |  | 97070308 |
| **Telecommunications 0.77%** |  |  |  |  |
| AT&T, Inc. | 3.50% | 9/15/2053 | 35095000 | 23345296 |
| Frontier North, Inc. | 6.73% | 2/15/2028 | 11678000 | 11977249 |
| Sprint Capital Corp. | 8.75% | 3/15/2032 | 6806000 | 8155555 |
| *Total* |  |  |  | 43478100 |
| **Toys/Games/Hobbies 0.70%** |  |  |  |  |
| Hasbro, Inc. | 6.05% | 5/14/2034 | 20000000 | 20274953 |
| Mattel, Inc.<sup>†</sup> | 3.75% | 4/1/2029 | 10900000 | 10291681 |
| Mattel, Inc.<sup>†</sup> | 5.875% | 12/15/2027 | 9000000 | 9038295 |
| *Total* |  |  |  | 39604929 |
| **Transportation 0.42%** |  |  |  |  |
| Pacific National Finance Pty. Ltd. (Australia)<sup>(b)</sup> | 4.75% | 3/22/2028 | 15000000 | 14475855 |
| RXO, Inc.<sup>†</sup> | 7.50% | 11/15/2027 | 9250000 | 9475656 |
| *Total* |  |  |  | 23951511 |

---

*See Notes to Financial Statements.* 141

**Schedule of Investments (unaudited)(continued)**

INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Trucking & Leasing 0.34%** |  |  |  |  |
| Fortress Transportation & Infrastructure Investors LLC<sup>†</sup> | 5.875% | 4/15/2033 | $9000000 | $8697004 |
| Fortress Transportation & Infrastructure Investors LLC<sup>†</sup> | 7.875% | 12/1/2030 | 5000000 | 5257645 |
| GATX Corp. | 5.50% | 6/15/2035 | 5195000 | 5156483 |
| *Total* |  |  |  | 19111132 |
| *Total Corporate Bonds* (cost $4,352,334,424) |  |  |  | 4312189187 |
| **FLOATING RATE LOANS**<sup>(g)</sup> **9.29%** |  |  |  |  |
| **Commercial Services 0.36%** |  |  |  |  |
| Trans Union LLC 2024 Term Loan B8 | 6.077%<br> (1 mo. USD Term SOFR + 1.75%) | 6/24/2031 | 5895301 | 5901314 |
| Trans Union LLC 2024 Term Loan B9 | 6.077%<br> (1 mo. USD Term SOFR + 1.75%) | 6/24/2031 | 14392500 | 14401495 |
| *Total* |  |  |  | 20302809 |
| **Computers 0.38%** |  |  |  |  |
| Amentum Government Services Holdings LLC 2024 Term Loan B | 6.577%<br> (1 mo. USD Term SOFR + 2.25%) | 9/29/2031 | 7972500 | 7947626 |
| Twitter, Inc. 2025 Fixed Term Loan | 9.50% | 10/26/2029 | 6830000 | 6807051 |
| Twitter, Inc. Term Loan | 10.949%<br> (3 mo. USD Term SOFR + 6.50%) | 10/26/2029 | 6960735 | 6902230 |
| *Total* |  |  |  | 21656907 |
| **Diversified Financial Services 1.12%** |  |  |  |  |
| Advisor Group, Inc. 2024 Term Loan B | 7.827%<br> (1 mo. USD Term SOFR + 3.50%) | 8/17/2028 | 9925125 | 9970731 |
| Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | 6.073%<br> (1 mo. USD Term SOFR + 1.75%) | 6/24/2030 | 29050192 | 29086505 |
| Citadel Securities LP 2024 First Lien Term Loan | 6.327%<br> (1 mo. USD Term SOFR + 2.00%) | 10/31/2031 | 10297950 | 10345578 |
| Corpay Technologies Operating Co. LLC Term Loan B5 | 6.077%<br> (1 mo. USD Term SOFR + 1.75%) | 4/28/2028 | 6386993 | 6393507 |
| Guggenheim Partners LLC 2024 Term Loan B | 6.799%<br> (3 mo. USD Term SOFR + 2.50%) | 11/26/2031 | 3990000 | 4000973 |
| Setanta Aircraft Leasing Designated Activity Co. 2024 Term Loan B (Ireland)<sup>(b)</sup> | 6.049%<br> (3 mo. USD Term SOFR + 1.75%) | 11/5/2028 | 3851000 | 3877129 |
| *Total* |  |  |  | 63674423 |

---

142 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Diversified Manufacturing Operations 0.14%** |  |  |  |  |
| First Eagle Investment Management LLC 2024 Term Loan B2 | 7.299%<br> (3 mo. USD Term SOFR + 3.00% | 3/5/2029 | $7544000 | $7553920 |
| **Electric 1.58%** |  |  |  |  |
| Calpine Corp. 2024 Term Loan B10 | 6.077%<br> (1 mo. USD Term SOFR + 1.75% | 1/31/2031 | 17375019 | 17375019 |
| Calpine Corp. 2024 Term Loan B5 | 6.077%<br> (1 mo. USD Term SOFR + 1.75% | 2/15/2032 | 16916597 | 16923279 |
| Edgewater Generation LLC 2025 Repriced Term Loan |  | 8/1/2030 | 8500000 | 8547813 |
| NRG Energy, Inc. 2024 Term Loan | 6.03% - 6.08%<br> (1 mo. USD Term SOFR + 1.75%<br> (3 mo. USD Term SOFR + 1.75% | 4/16/2031 | 25657680 | 25712588 |
| Vistra Operations Co. LLC 1st Lien Term Loan B3 | 6.077%<br> (1 mo. USD Term SOFR + 1.75% | 12/20/2030 | 20855607 | 20908475 |
| *Total* |  |  |  | 89467174 |
| **Entertainment 1.15%** |  |  |  |  |
| Flutter Financing BV 2024 Term Loan B (Netherlands)<sup>(b)</sup> | 6.049%<br> (3 mo. USD Term SOFR + 1.75% | 11/30/2030 | 36172113 | 36121291 |
| Flutter Financing BV 2025 Term Loan B (Netherlands)<sup>(b)</sup> |  | 5/24/2032 | 7500000 | 7490625 |
| SeaWorld Parks & Entertainment, Inc. 2024 Term Loan B3 | 6.327%<br> (1 mo. USD Term SOFR + 2.00% | 12/4/2031 | 2029800 | 2022188 |
| Six Flags Entertainment Corp. 2024 Term Loan B | 6.327%<br> (1 mo. USD Term SOFR + 2.00% | 5/1/2031 | 19660731 | 19702511 |
| *Total* |  |  |  | 65336615 |
| **Health Care Products 0.28%** |  |  |  |  |
| Solventum Corp. Term Loan | 5.818%<br> (1 mo. USD Term SOFR + 1.38% | 2/16/2027 | 16000000 | 16000000 |
| **Health Care Services 0.21%** |  |  |  |  |
| DaVita, Inc. 2024 Extended Term Loan B1 | 6.327%<br> (1 mo. USD Term SOFR + 2.00% | 5/9/2031 | 11940000 | 11961253 |
| **Home Furnishings 0.44%** |  |  |  |  |
| Tempur Sealy International, Inc. 2024 Term Loan B | 6.76%<br> (1 mo. USD Term SOFR + 2.50% | 10/24/2031 | 24937500 | 25059070 |

---

*See Notes to Financial Statements.* 143

**Schedule of Investments (unaudited)(continued)**

INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Insurance 0.39%** |  |  |  |  |
| Asurion LLC 2021 Term Loan B9 | 7.691%<br> (1 mo. USD Term SOFR + 3.25%) | 7/31/2027 | $22035634 | $21937686 |
| **Lodging 0.19%** |  |  |  |  |
| Wyndham Hotels & Resorts, Inc. 2022 Term Loan A | 6.177%<br> (1 mo. USD Term SOFR + 1.75%)<sup>(h)</sup> | 4/8/2027 | 10571228 | 10577888 |
| **Manufacturing 0.23%** |  |  |  |  |
| DirecTV Financing LLC Term Loan | 9.541%<br> (3 mo. USD Term SOFR + 5.00%) | 8/2/2027 | 1294564 | 1301037 |
| Virgin Media Bristol LLC USD Term Loan N | 6.943%<br> (1 mo. USD Term SOFR + 2.50%) | 1/31/2028 | 12000000 | 11831220 |
| *Total* |  |  |  | 13132257 |
| **Media 1.30%** |  |  |  |  |
| Charter Communications Operating LLC 2023 Term Loan B4 | 6.298%<br> (3 mo. USD Term SOFR + 2.00%) | 12/7/2030 | 18394000 | 18390873 |
| Charter Communications Operating LLC 2024 Term Loan B5 | 6.548%<br> (3 mo. USD Term SOFR + 2.25%) | 12/15/2031 | 55327018 | 55365194 |
| *Total* |  |  |  | 73756067 |
| **Pharmaceuticals 0.21%** |  |  |  |  |
| Elanco Animal Health, Inc. Term Loan B | 6.174%<br> (1 mo. USD Term SOFR + 1.75%) | 8/1/2027 | 12021746 | 12021506 |
| **Real Estate Investment Trusts 0.22%** |  |  |  |  |
| Iron Mountain, Inc. 2023 Term Loan B | 6.327%<br> (1 mo. USD Term SOFR + 2.00%) | 1/31/2031 | 12545766 | 12558312 |
| **Regional 0.07%** |  |  |  |  |
| Seminole Tribe of Florida 2022 Term Loan A | 5.427%<br> (1 mo. USD Term SOFR + 1.00%) | 5/13/2027 | 4027778 | 4017708 |
| **Semiconductors 0.72%** |  |  |  |  |
| Broadcom, Inc. Term Loan A5 | 5.452%<br> (1 mo. USD Term SOFR + 1.13%) | 8/15/2028 | 40986575 | 40986575 |
| **Transportation 0.27%** |  |  |  |  |
| Genesee & Wyoming, Inc. 2024 Term Loan B | 6.049%<br> (3 mo. USD Term SOFR + 1.75%) | 4/10/2031 | 15422500 | 15368367 |

---

144 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Utilities 0.03%** |  |  |  |  |
| Lightstone Holdco LLC 2022 Extended Term Loan B | 10.03%<br> (3 mo. USD Term SOFR + 5.75% | 1/29/2027 | $1571774 | $1576529 |
| Lightstone Holdco LLC 2022 Extended Term Loan C | 10.03%<br> (3 mo. USD Term SOFR + 5.75% | 1/29/2027 | 272494 | 273318 |
| *Total* |  |  |  | 1849847 |
| *Total Floating Rate Loans* (cost $527,402,867) |  |  |  | 527218384 |
| **FOREIGN GOVERNMENT OBLIGATIONS 1.21%** |  |  |  |  |
| **Bermuda 0.39%** |  |  |  |  |
| Bermuda Government International Bonds | 2.375% | 8/20/2030 | 13932000 | 12197466 |
| Bermuda Government International Bonds | 5.00% | 7/15/2032 | 10053000 | 9821781 |
| *Total* |  |  |  | 22019247 |
| **Colombia 0.23%** |  |  |  |  |
| Colombia Government International Bonds<sup>(b)</sup> | 7.50% | 2/2/2034 | 6000000 | 5941800 |
| Colombia Government International Bonds<sup>(b)</sup> | 7.75% | 11/7/2036 | 7333000 | 7124009 |
| *Total* |  |  |  | 13065809 |
| **Dominican Republic 0.19%** |  |  |  |  |
| Dominican Republic International Bonds<sup>(b)</sup> | 8.625% | 4/20/2027 | 10166667 | 10546138 |
| **Egypt 0.09%** |  |  |  |  |
| Egypt Government International Bonds<sup>†(b)</sup> | 8.625% | 2/4/2030 | 5000000 | 4967897 |
| **Hungary 0.21%** |  |  |  |  |
| Hungary Government International Bonds<sup>(b)</sup> | 5.25% | 6/16/2029 | 12000000 | 12048054 |
| **Mexico 0.10%** |  |  |  |  |
| Mexico Government International Bonds<sup>(b)</sup> | 6.00% | 5/13/2030 | 5729000 | 5894568 |
| *Total Foreign Government Obligations* (cost $68,413,658) | *Total Foreign Government Obligations* (cost $68,413,658) | *Total Foreign Government Obligations* (cost $68,413,658) |  | 68541713 |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** |  |  |
| Government National Mortgage Association Series 2013-48 IO<sup>(i)</sup> (Cost $98,103) | 0.386% | 7/16/2054 | 4063116 | 48107 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 7.55%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 7.55%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 7.55%** |  |  |
| Government National Mortgage Association<sup>(k)</sup> | 5.50% | TBA | 60455000 | 60022907 |
| Government National Mortgage Association<sup>(k)</sup> | 6.00% | TBA | 30401000 | 30670914 |
| Uniform Mortgage-Backed Security<sup>(k)</sup> | 5.00% | TBA | 123116000 | 120225486 |
| Uniform Mortgage-Backed Security<sup>(k)</sup> | 5.50% | TBA | 142016000 | 141922192 |
| Uniform Mortgage-Backed Security<sup>(k)</sup> | 6.00% | TBA | 74275000 | 75358826 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $426,973,951) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $426,973,951) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $426,973,951) |  | 428200325 |

---

*See Notes to Financial Statements.* 145

**Schedule of Investments (unaudited)(continued)**

INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 0.28%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 0.28%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 0.28%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 0.28%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 0.28%** |  |
| GS Mortgage Securities Trust Series 2015-GS1 Class XB<sup>(i)</sup> | 0.16% | <sup>#(j)</sup> | 11/10/2048 | $30000000 | $32634 |
| Hudsons Bay Simon JV Trust Series 2015-HB10 Class XB10<sup>†(i)</sup> | 0.541% | <sup>#(j)</sup> | 8/5/2034 | 16028000 | 18633 |
| Hudsons Bay Simon JV Trust Series 2015-HB7 Class XB7<sup>†(i)</sup> | 0.493% | <sup>#(j)</sup> | 8/5/2034 | 18308000 | 2159 |
| RIDE Series 2025-SHRE Class A<sup>†</sup> | 5.438% | <sup>#(j)</sup> | 2/14/2047 | 6960000 | 7033329 |
| ROCK Trust Series 2024-CNTR Class A<sup>†</sup> | 5.388% |  | 11/13/2041 | 8430000 | 8545924 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $15,447,350) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $15,447,350) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $15,447,350) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $15,447,350) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $15,447,350) | 15632679 |
| **U.S. TREASURY OBLIGATIONS 1.12%** |  |  |  |  |  |
| U.S. Treasury Bonds (cost $65,163,662) | 4.75% |  | 2/15/2045 | 65138200 | 63601346 |
| *Total Long-Term Investments* (cost $6,021,546,532) |  |  |  |  | 5981063431 |
| **SHORT-TERM INVESTMENTS 2.00%** |  |  |  |  |  |
| **REPURCHASE AGREEMENTS 0.54%** |  |  |  |  |  |
| Repurchase Agreement dated 5/30/2025, 4.000% due 6/2/2025 with Fixed Income Clearing Corp. collateralized by $11,716,200 of U.S. Treasury Note at 1.625% due 11/30/2026; value: $11,400,895; proceeds: $11,180,896<br>(cost $11,177,170) |  |  |  | 11177170 | 11177170 |
| Repurchase Agreement dated 5/30/2025, 4.120% due 6/2/2025 with JPMorgan Securities LLC collateralized by $20,505,800 of U.S. Treasury Note at 0.875% due 9/30/2026; value: $19,694,898; proceeds: $19,307,627<br>(cost $19,301,000) |  |  |  | 19301000 | 19301000 |
| *Total Repurchase Agreements* (cost $30,478,170) |  |  |  |  | 30478170 |
| **Time Deposits 0.15%** |  |  |  |  |  |
| CitiBank N.A.<sup>(l)</sup><br>(cost $8,280,818) |  |  |  | 8280818 | 8280818 |
|  |  |  |  | **Shares** |  |
| **Money Market Funds 1.31%** |  |  |  |  |  |
| Fidelity Government Portfolio<sup>(l)</sup> (cost $74,527,366) |  |  |  | 74527366 | 74527366 |
| *Total Short-Term Investments* (cost $113,286,354) |  |  |  |  | 113286354 |
| *Total Investments in Securities 107.44%* (cost $6,134,832,886) | *Total Investments in Securities 107.44%* (cost $6,134,832,886) |  |  |  | 6094349785 |
| *Other Assets and Liabilities – Net*<sup>(m)</sup> *(7.44)%* |  |  |  |  | (422099735) |
| *Net Assets 100.00%* |  |  |  |  | $5672250050 |

---

146 *See Notes to Financial Statements.*

---

| |
|:---|
| **Schedule of Investments (unaudited)(continued)** |
| INCOME FUND *May 31, 2025* |

---

---

| | |
|:---|:---|
| CAD | Canadian Dollar. |
| CMT | Constant Maturity Rate. |
| ICE | Intercontinental Exchange. |
| IO | Interest Only. |
| LIBOR | London Interbank Offered Rate. |
| REITS | Real Estate Investment Trusts. |
| SOFR | Secured Overnight Financing Rate. |
| <sup>‡</sup> | Principal Amount is denominated in U.S. dollars unless otherwise noted. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At May 31, 2025, the total value of Rule 144A securities was $2,544,043,331, which represents 44.85% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at May 31, 2025. |
| <sup>(a)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security fair valued by the Pricing Committee. |
| <sup>(b)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(c)</sup> | Security is perpetual in nature and has no stated maturity. |
| <sup>(d)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(e)</sup> | Defaulted (non-income producing security). |
| <sup>(f)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
| <sup>(g)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the SOFR or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at May 31, 2025. |
| <sup>(h)</sup> | Interest Rate to be determined. |
| <sup>(i)</sup> | Interest-only security. The principal amount shown is a notional amount representing the outstanding principal of the underlying debt obligation(s). Holders of interest only securities do not receive principal payments on the underlying debt obligation(s). |
| <sup>(j)</sup> | Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool. |
| <sup>(k)</sup> | To-be-announced ("TBA"). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned. |
| <sup>(l)</sup> | Security was purchased with the cash collateral from loaned securities. |
| <sup>(m)</sup> | Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on forward foreign currency exchange contracts, futures contracts and swap contracts as follows: |

---

**Centrally Cleared Credit Default Swap Contracts on Indexes/Issuers - Sell Protection at May 31, 2025<sup>(1)</sup>:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Indexes/Issuers** | **Central<br> Clearing<br> Party** | **Fund<br> Receives<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments**<br> **Upfront<sup>(2)</sup>** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)<sup>(3)</sup>** | **Value** |
| CDX.NA.IG.S42<sup>(4)</sup> | Goldman Sachs | 1.00% | 6/20/2029 | $50820000 | $896123 | $162536 | $1058659 |
| CDX.NA.IG.S43<sup>(4)</sup> | Goldman Sachs | 1.00% | 12/20/2029 | 28015000 | 515586 | 64260 | 579846 |
| *Total* |  |  |  |  | $1411709 | $226796 | $1638505 |

---

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap contracts agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap contracts and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap contracts less the recovery value of the referenced obligation or underlying securities.

<sup>(2)</sup> Upfront payments paid (received) by Central Clearing Party are presented net of amortization.

<sup>(3)</sup> Total unrealized appreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $226,796. Total unrealized depreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $0.

<sup>(4)</sup> Central Clearinghouse: Intercontinental Exchange (ICE).

*See Notes to Financial Statements.* 147

**Schedule of Investments (unaudited)(continued)**

INCOME FUND *May 31, 2025*

**Centrally Cleared Interest Rate Swap Contracts at May 31, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Central<br> Clearingparty** | **Periodic<br> Payments<br> to be Made<br> By The Fund<br> (Quarterly)** | **Periodic<br> Payments<br> to be Received<br> By The Fund<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments<br> Upfront<sup>(1)</sup>** | **Unrealized<br> Appreciation/<br> Depreciation)** | **Value** |
| Goldman Sachs<sup>(2)</sup> | 3.138% | 12-Month USD SOFR Index | 5/15/2034 | $110000000 | $693117 | $4877885 | $5571002 |

---

---

| | |
|:---|:---|
| SOFR | Secured Overnight Financing Rate. |
| <sup>(1)</sup> | Upfront payments paid (received) by Central Clearing Party are presented net of amortization. |
| <sup>(2)</sup> | Central clearinghouse: Chicago Mercantile Exchange (CME). |

---

**Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at May 31, 2025:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Payments to be**<br> **Made By**<br> **The Fund at**<br> **Termination Date** | **Payments to be**<br> **Received By**<br> **The Fund at**<br> **Termination Date** | **Termination**<br> **Date** | **Notional**<br> **Amount** | **Value/**<br> **Unrealized**<br> **Appreciation** |
| Goldman Sachs | 2.285% | CPI Urban Consumer NSA | 7/15/2025 | $7393000 | $61494 |

---

NSA&nbsp;&nbsp;&nbsp;&nbsp;Non-seasonally adjusted.

**Forward Foreign Currency Exchange Contracts at May 31, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts** | **Transaction**<br> **Type** | **Counterparty** | **Expiration**<br> **Date** | **Foreign** <br> **Currency** | **U.S. $**<br> **Cost on**<br> **Origination**<br> **Date** | **U.S. $**<br> **Current**<br> **Value** | **Unrealized**<br> **Depreciation** |
| Canadian dollar | Sell | State Street Bank And Trust | 6/13/2025 | 15356000 | $10789021 | $11195676 | $(406655) |

---

**Futures Contracts at May 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| U.S. 2-Year Treasury Note | September 2025 | 2601 | Long | $538923995 | $539544938 | $620943 |
| U.S. 5-Year Treasury Note | September 2025 | 555 | Long | 59874251 | 60044063 | 169812 |
| U.S. Long Bond | September 2025 | 1264 | Long | 140238791 | 142555500 | 2316709 |
| U.S. Ultra Treasury Bond | September 2025 | 4549 | Long | 517581395 | 527968312 | 10386917 |
| *Total Unrealized Appreciation on Futures Contracts* |  |  |  |  |  | $13494381 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional**<br> **Amount** | **Notional**<br> **Value** | **Unrealized**<br> **Depreciation** |
| U.S. 10-Year Ultra Treasury Note | September 2025 | 305 | Long | $34358937 | $34326797 | $(32140) |

---

148 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INCOME FUND *May 31, 2025*

The following is a summary of the inputs used as of May 31, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Card | $– | $25143441 | $12517500 | $37660941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 527970749 |  | 527970749 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil & Gas |  | 585315405 | 36 | 585315441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 3726873746 |  | 3726873746 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  | 527218384 |  | 527218384 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 68541713 |  | 68541713 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations |  | 48107 |  | 48107 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass-Throughs |  | 428200325 |  | 428200325 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed Securities |  | 15632679 |  | 15632679 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 63601346 |  | 63601346 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 30478170 |  | 30478170 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 8280818 |  | 8280818 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 74527366 | – | – | 74527366 |
| Total | $74527366 | $6007304883 | $12517536 | $6094349785 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Credit Default Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $1638505 | $– | $1638505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 5571002 |  | 5571002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared CPI Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 61494 |  | 61494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (406655) |  | (406655**)** |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 13494381 |  |  | 13494381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (32140) | – | – | (32140**)** |
| Total | $13462241 | $6864346 | $– | $20326587 |

---

*See Notes to Financial Statements.* 149

**Schedule of Investments (unaudited)(concluded)**

INCOME FUND *May 31, 2025*

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund's net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund's net assets at the beginning or end of the period.

150 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 101.46%** |  |  | | |
| **ASSET-BACKED SECURITIES 20.38%** |  |  | | |
| **Automobiles 6.82%** |  |  |  |  |
| Americredit Automobile Receivables Trust Series 2023-1 Class C | 5.80% | 12/18/2028 | $600000 | $612246 |
| CarMax Auto Owner Trust Series 2023-1 Class B | 4.98% | 1/16/2029 | 2300000 | 2312324 |
| Carvana Auto Receivables Trust Series 2021-N1 Class A | 0.70% | 1/10/2028 | 60839 | 59548 |
| Chase Auto Owner Trust Series 2024-3A Class A3<sup>†</sup> | 5.22% | 7/25/2029 | 1090000 | 1102392 |
| Chesapeake Funding II LLC Series 2024-1A Class A1<sup>†</sup> | 5.52% | 5/15/2036 | 1980089 | 1999147 |
| Citizens Auto Receivables Trust Series 2023-1 Class A4<sup>†</sup> | 5.78% | 10/15/2030 | 875000 | 889005 |
| Citizens Auto Receivables Trust Series 2023-2 Class A3<sup>†</sup> | 5.83% | 2/15/2028 | 1832000 | 1845453 |
| Citizens Auto Receivables Trust Series 2023-2 Class A4<sup>†</sup> | 5.74% | 10/15/2030 | 1325000 | 1346715 |
| Drive Auto Receivables Trust Series 2025-1 Class A2 | 4.87% | 8/15/2028 | 670000 | 670130 |
| Exeter Automobile Receivables Trust Series 2023-1A Class D | 6.69% | 6/15/2029 | 1250000 | 1271633 |
| Exeter Automobile Receivables Trust Series 2024-2A Class C | 5.74% | 5/15/2029 | 1000000 | 1010883 |
| Exeter Automobile Receivables Trust Series 2024-3A Class B | 5.57% | 9/15/2028 | 1285000 | 1293301 |
| Exeter Automobile Receivables Trust Series 2024-3A Class D | 5.98% | 9/16/2030 | 705000 | 714202 |
| GM Financial Automobile Leasing Trust Series 2025-1 Class A3 | 4.66% | 2/21/2028 | 785000 | 788483 |
| Gm Financial Automobile Leasing Trust Series 2025-2 Class A4 | 4.64% | 4/20/2029 | 1265000 | 1266353 |
| Honda Auto Receivables Owner Trust Series 2023-4 Class A3 | 5.67% | 6/21/2028 | 1000000 | 1011788 |
| Huntington Bank Auto Credit-Linked Notes Series 2024-1 Class B1<sup>†</sup> | 6.153% | 5/20/2032 | 792677 | 803602 |
| Huntington Bank Auto Credit-Linked Notes Series 2024-2 Class B1<sup>†</sup> | 5.442% | 10/20/2032 | 745582 | 750192 |
| Hyundai Auto Lease Securitization Trust Series 2025-A Class A3<sup>†</sup> | 4.83% | 1/18/2028 | 1135000 | 1141569 |

---

<br> *See Notes to Financial Statements.* 151

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  | | |
| LAD Auto Receivables Trust Series 2023-4A Class A4<sup>†</sup> | 6.24% | 6/15/2028 | $2070000 | $2096898 |
| LAD Auto Receivables Trust Series 2024-3A Class A3<sup>†</sup> | 4.52% | 3/15/2029 | 740000 | 740469 |
| Mercedes-Benz Auto Lease Trust Series 2024-A Class A4 | 5.32% | 2/15/2030 | 2175000 | 2209967 |
| Merchants Fleet Funding LLC Series 2024-1A Class A<sup>†</sup> | 5.82% | 4/20/2037 | 1888306 | 1900398 |
| NextGear Floorplan Master Owner Trust Series 2025-1A Class A<sup>†</sup> | 4.55% | 2/15/2030 | 1980000 | 1981331 |
| Nissan Auto Receivables Owner Trust Series 2025-A Class A3 | 4.49% | 12/17/2029 | 500000 | 501506 |
| Octane Receivables Trust Series 2022-2A Class A<sup>†</sup> | 5.11% | 2/22/2028 | 208942 | 209005 |
| Octane Receivables Trust Series 2024-2A Class A2<sup>†</sup> | 5.80% | 7/20/2032 | 599523 | 604813 |
| Octane Receivables Trust Series 2024-3A Class A2<sup>†</sup> | 4.94% | 5/20/2030 | 570000 | 570708 |
| OneMain Direct Auto Receivables Trust Series 2019-1A Class A<sup>†</sup> | 3.63% | 9/14/2027 | 2181418 | 2172475 |
| Santander Drive Auto Receivables Trust Series 2023-1 Class C | 5.09% | 5/15/2030 | 1165000 | 1170824 |
| Santander Drive Auto Receivables Trust Series 2023-3 Class C | 5.77% | 11/15/2030 | 875000 | 887871 |
| Santander Drive Auto Receivables Trust Series 2023-5 Class B | 6.16% | 12/17/2029 | 2518000 | 2564189 |
| Santander Drive Auto Receivables Trust Series 2024-2 Class C | 5.84% | 6/17/2030 | 1235000 | 1260583 |
| Santander Drive Auto Receivables Trust Series 2024-3 Class A3 | 5.63% | 1/16/2029 | 3632000 | 3656096 |
| Santander Drive Auto Receivables Trust Series 2024-3 Class B | 5.55% | 9/17/2029 | 740000 | 748261 |
| Santander Drive Auto Receivables Trust Series 2025-1 Class B | 4.88% | 3/17/2031 | 560000 | 563269 |
| Westlake Automobile Receivables Trust Series 2024-2A Class D<sup>†</sup> | 5.91% | 4/15/2030 | 855000 | 869421 |
| Westlake Automobile Receivables Trust Series 2024-3A Class C<sup>†</sup> | 4.92% | 11/15/2029 | 1035000 | 1034588 |
| Westlake Flooring Master Trust Series 2024-1A Class A<sup>†</sup> | 5.43% | 2/15/2028 | 1800000 | 1807616 |
| Wheels Fleet Lease Funding 1 LLC Series 2024-3A Class A1<sup>†</sup> | 4.80% | 9/19/2039 | 995000 | 997031 |
| World Omni Auto Receivables Trust Series 2023-D Class A3 | 5.79% | 2/15/2029 | 2405000 | 2432639 |
| *Total* |  |  |  | 51868924 |

---

<br> 152 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Credit Card 0.58%** |  |  |  | | |
| First National Master Note Trust Series 2023-1 Class A | 5.13% |  | 4/15/2029 | $1515000 | $1522576 |
| First National Master Notes Trust Series 2025-1 Class A | 4.85% |  | 2/15/2030 | 1230000 | 1247132 |
| Fortiva Retail Prime Masters Notes Business Trust Series 2025-A Class A<sup>†</sup> | 6.60% |  | 9/17/2029 | 1600000 | 1602240 <sup>(a)</sup> |
| *Total* |  |  |  |  | 4371948 |
| **Other 12.51%** |  |  |  |  |  |
| ACREC Ltd. Series 2021-FL1 Class A<sup>†</sup> | 5.593%<br> (1 mo. USD Term SOFR + 1.26% |)<sup>#</sup> | 10/16/2036 | 608721 | 607307 |
| Affirm Asset Securitization Trust Series 2023-B Class A<sup>†</sup> | 6.82% |  | 9/15/2028 | 2240000 | 2250902 |
| Affirm Asset Securitization Trust Series 2024-A Class 1A<sup>†</sup> | 5.61% |  | 2/15/2029 | 1495000 | 1501595 |
| Affirm Asset Securitization Trust Series 2024-B Class A<sup>†</sup> | 4.62% |  | 9/15/2029 | 790000 | 788879 |
| Affirm Master Trust Series 2025-1A Class A<sup>†</sup> | 4.99% |  | 2/15/2033 | 1430000 | 1434002 |
| AGL CLO 14 Ltd. Series 2021-14A Class AR<sup>†</sup> | 5.40%<br> (3 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 12/2/2034 | 2000000 | 1997164 |
| AMMC CLO 25 Ltd. Series 2022-25A Class A1R<sup>†</sup> | 5.606%<br> (3 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 4/15/2035 | 1980000 | 1980845 |
| Apidos CLO XXXI Ltd. Series 2019-31A Class A1R<sup>†</sup> | 5.618%<br> (3 mo. USD Term SOFR + 1.36% |)<sup>#</sup> | 4/15/2031 | 3466505 | 3470325 |
| Aqua Finance Trust Series 2021-A Class A<sup>†</sup> | 1.54% |  | 7/17/2046 | 262834 | 241059 |
| Bain Capital Credit CLO Ltd. Series 2019-3A Class ARR<sup>†</sup> | 5.30%<br> (3 mo. USD Term SOFR + 1.03% |)<sup>#</sup> | 10/21/2034 | 2000000 | 1994992 |
| Bardot CLO Ltd. Series 2019-2A Class ARR<sup>†</sup> | 5.252%<br> (3 mo. USD Term SOFR + 0.98% |)<sup>#</sup> | 10/22/2032 | 1573628 | 1570545 |
| BSPRT Issuer Ltd. Series 2021-FL7 Class A<sup>†</sup> | 5.763%<br> (1 mo. USD Term SOFR + 1.43% |)<sup>#</sup> | 12/15/2038 | 548250 | 548759 |
| Canyon CLO Ltd. Series 2020-2A Class AR2<sup>†</sup> | 5.286%<br> (3 mo. USD Term SOFR + 1.03% |)<sup>#</sup> | 10/15/2034 | 2250000 | 2237029 |
| Carlyle Global Market Strategies CLO Ltd. Series 2014-3RA Class A1A<sup>†</sup> | 5.594%<br> (3 mo. USD Term SOFR + 1.31% |)<sup>#</sup> | 7/27/2031 | 205540 | 205760 |
| Cedar Funding V CLO Ltd. Series 2016-5A Class A1R<sup>†</sup> | 5.641%<br> (3 mo. USD Term SOFR + 1.36% |)<sup>#</sup> | 7/17/2031 | 1928435 | 1930051 |
| Cedar Funding VII CLO Ltd. Series 2018-7A Class BR<sup>†</sup> | 5.82%<br> (3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 1/20/2031 | 720000 | 720407 |

---

<br> *See Notes to Financial Statements.* 153

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  | | |
| Cedar Funding XI CLO Ltd. Series 2019-11A Class A1R2<sup>†</sup> | 5.389%<br> (3 mo. USD Term SOFR + 1.06% |)<sup>#</sup> | 5/29/2032 | $1425298 | $1423433 |
| Columbia Cent CLO 31 Ltd. Series 2021-31A Class A1R<sup>†</sup> | 5.37%<br> (3 mo. USD Term SOFR + 1.10% |)<sup>#</sup> | 4/20/2034 | 1670000 | 1662644 |
| Crestline Denali CLO XVII Ltd. Series 2018-1A Class ARR<sup>†</sup> | 5.386%<br> (3 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 10/15/2031 | 1245482 | 1245833 |
| DLLMT LLC Series 2024-1A Class A4<sup>†</sup> | 4.98% |  | 4/20/2032 | 1350000 | 1368250 |
| Dryden 104 CLO Ltd. Series 2022-104A Class A1R<sup>†</sup> | 5.612%<br> (3 mo. USD Term SOFR + 1.29% |)<sup>#</sup> | 8/20/2034 | 1810000 | 1810892 |
| FS Rialto Issuer LLC Series 2025-FL10 Class A<sup>†</sup> | 5.712%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 8/19/2042 | 310000 | 309839 |
| Greystone CRE Notes Ltd. Series 2021-FL3 Class A<sup>†</sup> | 5.463%<br> (1 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 7/15/2039 | 1275565 | 1275657 |
| HGI CRE CLO Ltd. Series 2021-FL2 Class A<sup>†</sup> | 5.443%<br> (1 mo. USD Term SOFR + 1.11% |)<sup>#</sup> | 9/17/2036 | 1026104 | 1022714 |
| KKR CLO 15 Ltd. Series 15 Class BR2<sup>†</sup> | 5.82%<br> (3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 1/18/2032 | 1630000 | 1631046 |
| KKR CLO 23 Ltd. Series 23 Class BR<sup>†</sup> | 5.82%<br> (3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 10/20/2031 | 1600000 | 1601530 |
| KKR CLO 40 Ltd. Series 40A Class AR<sup>†</sup> | 5.57%<br> (3 mo. USD Term SOFR + 1.30% |)<sup>#</sup> | 10/20/2034 | 2390000 | 2394331 |
| KKR CLO 43 Ltd. Series 2022-43A Class A1R<sup>†</sup> | 6.006%<br> (3 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 1/15/2036 | 3000000 | 3016872 |
| Lendmark Funding Trust Series 2021-1A Class B<sup>†</sup> | 2.47% |  | 11/20/2031 | 4700000 | 4388121 |
| Lendmark Funding Trust Series 2022-1A Class A<sup>†</sup> | 5.12% |  | 7/20/2032 | 5810000 | 5804020 |
| LFT CRE Ltd. Series 2021-FL1 Class A<sup>†</sup> | 5.613%<br> (1 mo. USD Term SOFR + 1.28% |)<sup>#</sup> | 6/15/2039 | 518952 | 517420 |
| LoanCore Issuer Ltd. Series 2025-CRE8 Class A<sup>†</sup> | 5.712%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 8/17/2042 | 820000 | 820104 |
| M&T Equipment Notes Series 2024-1A Class A3<sup>†</sup> | 4.76% |  | 8/18/2031 | 395000 | 396913 |
| Madison Park Funding LVII Ltd. Series 2022-57A Class A1R<sup>†</sup> | 5.563%<br> (3 mo. USD Term SOFR + 1.28% |)<sup>#</sup> | 7/27/2034 | 2450000 | 2451107 |
| Mariner Finance Issuance Trust Series 2021-BA Class A<sup>†</sup> | 2.10% |  | 11/20/2036 | 1460000 | 1387225 |
| MF1 LLC Series 2024-FL14 Class A<sup>†</sup> | 6.064%<br> (1 mo. USD Term SOFR + 1.74% |)<sup>#</sup> | 3/19/2039 | 1990000 | 1996844 |

---

<br> 154 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  | | |
| MF1 Ltd. Series 2021-FL7 Class A<sup>†</sup> | 5.521%<br> (1 mo. USD Term SOFR + 1.19% |)<sup>#</sup> | 10/16/2036 | $165214 | $165203 |
| OneMain Financial Issuance Trust Series 2019-2A Class A<sup>†</sup> | 3.14% |  | 10/14/2036 | 2282000 | 2214372 |
| OneMain Financial Issuance Trust Series 2022-3A Class A<sup>†</sup> | 5.94% |  | 5/15/2034 | 3666213 | 3687106 |
| Parallel Ltd. Series 2021-1A Class BR<sup>†</sup> | 5.906%<br> (3 mo. USD Term SOFR + 1.65% |)<sup>#</sup> | 7/15/2034 | 1500000 | 1498503 |
| PFP Ltd. Series 2025-12 Class A<sup>†(b)</sup> |  | <sup>(c)</sup> | 12/18/2042 | 1420000 | 1416450 |
| Post CLO Ltd. Series 2021-1A Class BR<sup>†</sup> | 5.856%<br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 10/15/2034 | 1500000 | 1500737 |
| Regatta XIV Funding Ltd. Series 2018-3A Class AR<sup>†</sup> | 5.382%<br> (3 mo. USD Term SOFR + 1.10% |)<sup>#</sup> | 10/25/2031 | 1578732 | 1579454 |
| Romark CLO Ltd. Series 2017-1A Class A1R<sup>†</sup> | 5.571%<br> (3 mo. USD Term SOFR + 1.29% |)<sup>#</sup> | 10/23/2030 | 1739946 | 1741143 |
| RR 12 Ltd. Series 2020-12A Class AAR3<sup>†</sup> | 5.506%<br> (3 mo. USD Term SOFR + 1.25% |)<sup>#</sup> | 1/15/2036 | 1300000 | 1300459 |
| RR 8 Ltd. Series 2020-8A Class A1R<sup>†</sup> | 5.606%<br> (3 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 7/15/2037 | 2750000 | 2751694 |
| SCF Equipment Leasing LLC Series 2022-1A Class A3<sup>†</sup> | 2.92% |  | 7/20/2029 | 1557671 | 1551394 |
| SCF Equipment Leasing LLC Series 2024-1A Class A3<sup>†</sup> | 5.52% |  | 1/20/2032 | 565000 | 579273 |
| TCI-Flatiron CLO Ltd. Series 2018-1A Class ANR<sup>†</sup> | 5.602%<br> (3 mo. USD Term SOFR + 1.32% |)<sup>#</sup> | 1/29/2032 | 149924 | 150093 |
| Trestles CLO V Ltd. Series 2021-5A Class A1R<sup>†</sup> | 5.522%<br> (3 mo. USD Term SOFR + 1.25% |)<sup>#</sup> | 10/20/2034 | 2250000 | 2249246 |
| Trinitas CLO XX Ltd. Series 2022-20A Class A1R<sup>†</sup> | 5.31%<br> (3 mo. USD Term SOFR + 1.04% |)<sup>#</sup> | 7/20/2035 | 2000000 | 1985870 |
| Trysail CLO Ltd. Series 2021-1A Class A1<sup>†</sup> | 5.851%<br> (3 mo. USD Term SOFR + 1.58% |)<sup>#</sup> | 7/20/2032 | 3781373 | 3775826 |
| U.S. Bank NA Series 2025-SUP1 Class B<sup>†</sup> | 5.582% |  | 2/25/2032 | 653473 | 653578 |
| Venture 28A CLO Ltd. Series 2017-28AA Class A1RR<sup>†</sup> | 5.38%<br> (3 mo. USD Term SOFR + 1.11% |)<sup>#</sup> | 10/20/2034 | 2000000 | 2002684 |
| Venture 33 CLO Ltd. Series 2018-33A Class A1LR<sup>†</sup> | 5.578%<br> (3 mo. USD Term SOFR + 1.32% |)<sup>#</sup> | 7/15/2031 | 1470442 | 1471373 |
| Verdant Receivables LLC Series 2025-1A Class A3<sup>†</sup> | 4.96% |  | 5/12/2033 | 1935000 | 1940513 |
| Verizon Master Trust Series 2024-7 Class A<sup>†</sup> | 4.35% |  | 8/20/2032 | 410000 | 408763 |
| Voya CLO Ltd. Series 2013-3A Class A2RR<sup>†</sup> | 6.231%<br> (3 mo. USD Term SOFR + 1.96% |)<sup>#</sup> | 10/18/2031 | 466000 | 466899 |
| *Total* |  |  |  |  | 95095049 |

---

<br> *See Notes to Financial Statements.* 155

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Student Loan 0.47%** |  |  | | |
| Navient Private Education Refi Loan Trust Series 2021-CA Class A<sup>†</sup> | 1.06% | 10/15/2069 | $1914725 | $1715532 |
| Nelnet Student Loan Trust Series 2021-A Class APT1<sup>†</sup> | 1.36% | 4/20/2062 | 2029399 | 1891906 |
| *Total* |  |  |  | 3607438 |
| *Total Asset-Backed Securities* (cost $155,117,429) |  |  |  | 154943359 |
| **CONVERTIBLE BONDS 0.09%** |  |  |  |  |
| **Commercial Services 0.09%** |  |  |  |  |
| Block, Inc. (cost $733,764) | Zero Coupon | 5/1/2026 | 770000 | 734772 |
| **CORPORATE BONDS 60.91%** |  |  |  |  |
| **Aerospace/Defense 1.79%** |  |  |  |  |
| BAE Systems PLC (United Kingdom)<sup>†(d)</sup> | 5.125% | 3/26/2029 | 443000 | 451440 |
| Boeing Co. | 2.196% | 2/4/2026 | 1298000 | 1275256 |
| Boeing Co. | 2.25% | 6/15/2026 | 223000 | 217466 |
| Boeing Co. | 2.70% | 2/1/2027 | 609000 | 589962 |
| Boeing Co. | 3.20% | 3/1/2029 | 403000 | 381408 |
| Boeing Co. | 3.25% | 2/1/2028 | 540000 | 521158 |
| Boeing Co. | 5.04% | 5/1/2027 | 510000 | 513248 |
| Boeing Co. | 5.15% | 5/1/2030 | 357000 | 360290 |
| Boeing Co. | 6.259% | 5/1/2027 | 1489000 | 1531084 |
| Boeing Co. | 6.298% | 5/1/2029 | 1333000 | 1402434 |
| Bombardier, Inc. (Canada)<sup>†(d)</sup> | 7.875% | 4/15/2027 | 154000 | 154804 |
| F-Brasile SpA/F-Brasile U.S. LLC (Italy)<sup>†(d)</sup> | 7.375% | 8/15/2026 | 1000000 | 1001725 |
| HEICO Corp. | 5.25% | 8/1/2028 | 772000 | 788735 |
| Rolls-Royce PLC (United Kingdom)<sup>†(d)</sup> | 3.625% | 10/14/2025 | 249000 | 247749 |
| Rolls-Royce PLC (United Kingdom)<sup>†(d)</sup> | 5.75% | 10/15/2027 | 400000 | 409204 |
| TransDigm, Inc. | 5.50% | 11/15/2027 | 714000 | 713888 |
| TransDigm, Inc.<sup>†</sup> | 6.75% | 8/15/2028 | 760000 | 774138 |
| Triumph Group, Inc.<sup>†</sup> | 9.00% | 3/15/2028 | 2137000 | 2240536 |
| *Total* |  |  |  | 13574525 |
| **Agriculture 2.33%** |  |  |  |  |
| Altria Group, Inc. | 4.875% | 2/4/2028 | 270000 | 272571 |
| BAT International Finance PLC (United Kingdom)<sup>(d)</sup> | 5.931% | 2/2/2029 | 2000000 | 2089495 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(d)</sup> | 5.50% | 2/1/2030 | 1337000 | 1366398 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(d)</sup> | 6.125% | 7/27/2027 | 2954000 | 3031490 |
| Japan Tobacco, Inc. (Japan)<sup>†(d)</sup> | 4.85% | 5/15/2028 | 1173000 | 1184253 |

---

<br> 156 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Agriculture (continued)** |  |  |  | | |
| Japan Tobacco, Inc. (Japan)<sup>†(d)</sup> | 5.25% |  | 6/15/2030 | $1102000 | $1125020 |
| Viterra Finance BV (Netherlands)<sup>†(d)</sup> | 2.00% |  | 4/21/2026 | 4352000 | 4240109 |
| Viterra Finance BV (Netherlands)<sup>†(d)</sup> | 4.90% |  | 4/21/2027 | 4414000 | 4415637 |
| *Total* |  |  |  |  | 17724973 |
| **Airlines 0.49%** |  |  |  |  |  |
| Air Canada (Canada)<sup>†(d)</sup> | 3.875% |  | 8/15/2026 | 995000 | 983071 |
| AS Mileage Plan IP Ltd. (Cayman Islands)<sup>†(d)</sup> | 5.021% |  | 10/20/2029 | 270000 | 264564 |
| Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.<sup>†</sup> | 6.50% |  | 6/20/2027 | 837324 | 839769 |
| United Airlines Pass-Through Trust Class A | 5.875% |  | 4/15/2029 | 214648 | 218662 |
| United Airlines, Inc.<sup>†</sup> | 4.375% |  | 4/15/2026 | 1450000 | 1433724 |
| *Total* |  |  |  |  | 3739790 |
| **Apparel 0.20%** |  |  |  |  |  |
| PVH Corp. | 4.625% |  | 7/10/2025 | 1561000 | 1560416 |
| **Auto Manufacturers 2.77%** |  |  |  |  |  |
| Ford Motor Credit Co. LLC | 2.70% |  | 8/10/2026 | 1357000 | 1313142 |
| Ford Motor Credit Co. LLC | 5.125% |  | 11/5/2026 | 2471000 | 2449788 |
| Ford Motor Credit Co. LLC | 5.303% |  | 9/6/2029 | 1202000 | 1163566 |
| Ford Motor Credit Co. LLC | 5.80% |  | 3/8/2029 | 1429000 | 1409933 |
| Ford Motor Credit Co. LLC | 5.85% |  | 5/17/2027 | 823000 | 822258 |
| Ford Motor Credit Co. LLC | 6.95% |  | 6/10/2026 | 273000 | 276176 |
| Ford Motor Credit Co. LLC | 7.35% |  | 11/4/2027 | 639000 | 657906 |
| General Motors Co. | 5.35% |  | 4/15/2028 | 292000 | 294431 |
| General Motors Financial Co., Inc. | 5.00% |  | 7/15/2027 | 417000 | 417484 |
| General Motors Financial Co., Inc. | 5.40% |  | 5/8/2027 | 315000 | 317717 |
| General Motors Financial Co., Inc. | 5.55% |  | 7/15/2029 | 699000 | 706784 |
| General Motors Financial Co., Inc. | 5.637%<br> (SOFR + 1.29% |)<sup>#</sup> | 1/7/2030 | 415000 | 404330 |
| Hyundai Capital America<sup>†</sup> | 2.00% |  | 6/15/2028 | 910000 | 834205 |
| Hyundai Capital America<sup>†</sup> | 5.30% |  | 1/8/2029 | 584000 | 588878 |
| Hyundai Capital America<sup>†</sup> | 5.50% |  | 3/30/2026 | 115000 | 115643 |
| Hyundai Capital America<sup>†</sup> | 5.65% |  | 6/26/2026 | 1665000 | 1680284 |
| Hyundai Capital America<sup>†</sup> | 6.10% |  | 9/21/2028 | 1497000 | 1545799 |
| Hyundai Capital America<sup>†</sup> | 6.50% |  | 1/16/2029 | 2000000 | 2090115 |
| Jaguar Land Rover Automotive PLC (United Kingdom)<sup>†(d)</sup> | 7.75% |  | 10/15/2025 | 1424000 | 1428887 |
| Nissan Motor Co. Ltd. (Japan)<sup>†(d)</sup> | 3.522% |  | 9/17/2025 | 369000 | 366002 |

---

<br> *See Notes to Financial Statements.* 157

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Auto Manufacturers (continued)** |  |  |  | | |
| Stellantis Finance U.S., Inc.<sup>†</sup> | 5.35% |  | 3/17/2028 | $500000 | $501573 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 4.90% |  | 8/14/2026 | 376000 | 376181 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 4.95% |  | 3/25/2027 | 335000 | 335101 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 5.70% |  | 9/12/2026 | 990000 | 998821 |
| *Total* |  |  |  |  | 21095004 |
| **Auto Parts & Equipment 0.28%** |  |  |  |  |  |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>†</sup> | 8.50% |  | 5/15/2027 | 2153000 | 2166336 |
| **Banks 11.94%** |  |  |  |  |  |
| ABN AMRO Bank NV (Netherlands)<sup>†(d)</sup> | 4.75% |  | 7/28/2025 | 5620000 | 5618572 |
| AIB Group PLC (Ireland)<sup>†(d)</sup> | 5.32%<br> (SOFR + 1.65% |)<sup>#</sup> | 5/15/2031 | 200000 | 201834 |
| AIB Group PLC (Ireland)<sup>†(d)</sup> | 6.608%<br> (SOFR + 2.33% |)<sup>#</sup> | 9/13/2029 | 1327000 | 1396312 |
| Banco Nacional de Comercio Exterior SNC (Cayman Islands)<sup>†(d)</sup> | 5.875% |  | 5/7/2030 | 436000 | 438455 |
| Bank of America Corp. | 3.97%<br> (3 mo. USD Term SOFR + 1.33% |)<sup>#</sup> | 3/5/2029 | 541000 | 531406 |
| Bank of America Corp. | 4.948%<br> (SOFR + 2.04% |)<sup>#</sup> | 7/22/2028 | 1272000 | 1280194 |
| Bank of Ireland Group PLC (Ireland)<sup>†(d)</sup> | 2.029%<br> (1 yr. CMT + 1.10% |)<sup>#</sup> | 9/30/2027 | 1533000 | 1478180 |
| BankUnited, Inc. | 4.875% |  | 11/17/2025 | 4100000 | 4090164 |
| Barclays PLC (United Kingdom)<sup>(d)</sup> | 4.836% |  | 5/9/2028 | 1142000 | 1144389 |
| Barclays PLC (United Kingdom)<sup>(d)</sup> | 5.086%<br> (SOFR + 0.96% |)<sup>#</sup> | 2/25/2029 | 456000 | 458711 |
| Barclays PLC (United Kingdom)<sup>(d)</sup> | 5.20% |  | 5/12/2026 | 3750000 | 3760329 |
| Barclays PLC (United Kingdom)<sup>(d)</sup> | 5.367%<br> (SOFR + 1.23% |)<sup>#</sup> | 2/25/2031 | 476000 | 480304 |
| Barclays PLC (United Kingdom)<sup>(d)</sup> | 6.496%<br> (SOFR + 1.88% |)<sup>#</sup> | 9/13/2027 | 1872000 | 1911727 |
| Barclays PLC (United Kingdom)<sup>(d)</sup> | 7.385%<br> (1 yr. CMT + 3.30% |)<sup>#</sup> | 11/2/2028 | 951000 | 1006512 |
| BNP Paribas SA (France)<sup>†(d)</sup> | 2.219%<br> (SOFR + 2.07% |)<sup>#</sup> | 6/9/2026 | 446000 | 445774 |
| BNP Paribas SA (France)<sup>†(d)</sup> | 2.591%<br> (SOFR + 1.23% |)<sup>#</sup> | 1/20/2028 | 1357000 | 1310288 |
| BNP Paribas SA (France)<sup>†(d)</sup> | 4.375% |  | 5/12/2026 | 436000 | 434033 |
| BPCE SA (France)<sup>†(d)</sup> | 5.716%<br> (SOFR + 1.96% |)<sup>#</sup> | 1/18/2030 | 705000 | 720683 |

---

<br> 158 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  | | |
| BPCE SA (France)<sup>†(d)</sup> | 5.975%<br> (SOFR + 2.10% |)<sup>#</sup> | 1/18/2027 | $2788000 | $2805673 |
| Capital One NA | 4.25% |  | 3/13/2026 | 1275000 | 1270978 |
| Capital One NA | 5.974%<br> (5 yr. USD SOFR ICE Swap + 1.73% |)<sup>#</sup> | 8/9/2028 | 510000 | 520437 |
| Citibank NA | 4.914% |  | 5/29/2030 | 733000 | 739414 |
| Citigroup, Inc. | 4.643% <br> (SOFR + 1.14% |)<sup>#</sup> | 5/7/2028 | 1411000 | 1409057 |
| Citigroup, Inc. | 4.786%<br> (SOFR + 0.87% |)<sup>#</sup> | 3/4/2029 | 1680000 | 1682661 |
| Citigroup, Inc. | 5.174%<br> (SOFR + 1.36% |)<sup>#</sup> | 2/13/2030 | 1811000 | 1834779 |
| Citizens Financial Group, Inc. | 5.253%<br> (SOFR + 1.26% |)<sup>#</sup> | 3/5/2031 | 629000 | 629899 |
| Citizens Financial Group, Inc. | 5.841%<br> (SOFR + 2.01% |)<sup>#</sup> | 1/23/2030 | 646000 | 662790 |
| Danske Bank AS (Denmark)<sup>†(d)</sup> | 1.621%<br> (1 yr. CMT + 1.35% |)<sup>#</sup> | 9/11/2026 | 608000 | 602310 |
| Danske Bank AS (Denmark)<sup>†(d)</sup> | 4.613%<br> (1 yr. CMT + 1.10% |)<sup>#</sup> | 10/2/2030 | 887000 | 877759 |
| Danske Bank AS (Denmark)<sup>†(d)</sup> | 5.427%<br> (1 yr. CMT + 0.95% |)<sup>#</sup> | 3/1/2028 | 1087000 | 1103938 |
| Federation des Caisses Desjardins du Quebec (Canada)<sup>†(d)</sup> | 5.70% |  | 3/14/2028 | 439000 | 452437 |
| First Citizens BancShares, Inc. | 5.231%<br> (SOFR + 1.41% |)<sup>#</sup> | 3/12/2031 | 1016000 | 1012255 |
| First Citizens BancShares, Inc. | 6.764%<br> (3 mo. USD Term SOFR + 2.47% |)<sup>#</sup> | 3/15/2030 | 313000 | 312954 |
| First Horizon Corp. | 5.514%<br> (SOFR + 1.77% |)<sup>#</sup> | 3/7/2031 | 554000 | 557405 |
| Freedom Mortgage Corp.<sup>†</sup> | 12.00% |  | 10/1/2028 | 759000 | 814857 |
| Goldman Sachs Group, Inc. | 4.223%<br> (3 mo. USD Term SOFR + 1.56% |)<sup>#</sup> | 5/1/2029 | 2099000 | 2077700 |
| Goldman Sachs Group, Inc. | 4.937%<br> (SOFR + 1.32% |)<sup>#</sup> | 4/23/2028 | 1056000 | 1061663 |
| Goldman Sachs Group, Inc. | 5.207%<br> (SOFR + 1.08% |)<sup>#</sup> | 1/28/2031 | 293000 | 297215 |
| Goldman Sachs Group, Inc. | 5.218%<br> (SOFR + 1.58% |)<sup>#</sup> | 4/23/2031 | 697000 | 707345 |
| HSBC Holdings PLC (United Kingdom)<sup>(d)</sup> | 4.899%<br> (SOFR + 1.03% |)<sup>#</sup> | 3/3/2029 | 729000 | 730802 |

---

<br> *See Notes to Financial Statements.* 159

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  | | |
| HSBC Holdings PLC (United Kingdom)<sup>(d)</sup> | 5.597%<br> (SOFR + 1.06% |)<sup>#</sup> | 5/17/2028 | $1164000 | $1181706 |
| HSBC USA, Inc.<sup>(b)</sup> | 4.65% |  | 6/3/2028 | 625000 | 626846 |
| Huntington Bancshares, Inc. | 4.443%<br> (SOFR + 1.97% |)<sup>#</sup> | 8/4/2028 | 487000 | 486330 |
| Intesa Sanpaolo SpA (Italy)<sup>†(d)</sup> | 5.71% |  | 1/15/2026 | 1102000 | 1104657 |
| JPMorgan Chase & Co. | 2.956%<br> (3 mo. USD Term SOFR + 2.52% |)<sup>#</sup> | 5/13/2031 | 787000 | 716827 |
| JPMorgan Chase & Co. | 5.012%<br> (SOFR + 1.31% |)<sup>#</sup> | 1/23/2030 | 215000 | 217603 |
| JPMorgan Chase & Co. | 5.14%<br> (SOFR + 1.01% |)<sup>#</sup> | 1/24/2031 | 1756000 | 1783798 |
| KeyCorp | 5.121%<br> (SOFR + 1.23% |)<sup>#</sup> | 4/4/2031 | 273000 | 272523 |
| KODIT Global Co. Ltd. (South Korea)<sup>†(d)</sup> | 5.357% |  | 5/29/2027 | 1060000 | 1073247 |
| Lloyds Banking Group PLC (United Kingdom)<sup>(d)</sup> | 4.582% |  | 12/10/2025 | 5156000 | 5146791 |
| Lloyds Banking Group PLC (United Kingdom)<sup>(d)</sup> | 5.462%<br> (1 yr. CMT + 1.38% |)<sup>#</sup> | 1/5/2028 | 759000 | 767894 |
| Morgan Stanley | 4.994%<br> (SOFR + 1.38% |)<sup>#</sup> | 4/12/2029 | 692000 | 698634 |
| Morgan Stanley | 5.042%<br> (SOFR + 1.22% |)<sup>#</sup> | 7/19/2030 | 476000 | 480889 |
| Morgan Stanley | 5.23%<br> (SOFR + 1.11% |)<sup>#</sup> | 1/15/2031 | 334000 | 339053 |
| Morgan Stanley Bank NA | 5.016%<br> (SOFR + 0.91% |)<sup>#</sup> | 1/12/2029 | 423000 | 427367 |
| NatWest Group PLC (United Kingdom)<sup>(d)</sup> | 4.892%<br> (3 mo. USD LIBOR + 1.75% |)<sup>#</sup> | 5/18/2029 | 871000 | 874105 |
| NatWest Group PLC (United Kingdom)<sup>(d)</sup> | 4.964%<br> (1 yr. CMT + 1.22% |)<sup>#</sup> | 8/15/2030 | 205000 | 205480 |
| PNC Financial Services Group, Inc. | 4.899%<br> (SOFR + 1.33% |)<sup>#</sup> | 5/13/2031 | 588000 | 588732 |
| Santander Holdings USA, Inc. | 2.49%<br> (SOFR + 1.25% |)<sup>#</sup> | 1/6/2028 | 2232000 | 2145487 |
| Santander U.K. Group Holdings PLC (United Kingdom)<sup>†(d)</sup> | 4.75% |  | 9/15/2025 | 3337000 | 3329345 |
| Societe Generale SA (France)<sup>†(d)</sup> | 1.488%<br> (1 yr. CMT + 1.10% |)<sup>#</sup> | 12/14/2026 | 631000 | 619239 |
| Societe Generale SA (France)<sup>†(d)</sup> | 5.25% |  | 2/19/2027 | 1252000 | 1260022 |
| Standard Chartered PLC (United Kingdom)<sup>†(d)</sup> | 5.688%<br> (1 yr. CMT + 1.05% |)<sup>#</sup> | 5/14/2028 | 613000 | 622435 |

---

<br> 160 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  | | |
| Swedbank AB (Sweden)<sup>†(d)</sup> | 5.377%<br> (SOFR + 1.03% |)<sup>#</sup> | 11/20/2029 | $696000 | $699794 |
| Synchrony Bank | 5.625% |  | 8/23/2027 | 250000 | 253453 |
| Synovus Bank | 4.00%<br> (5 yr. CMT + 3.63% |)<sup>#</sup> | 10/29/2030 | 250000 | 246308 |
| Truist Financial Corp. | 5.435%<br> (SOFR + 1.62% |)<sup>#</sup> | 1/24/2030 | 563000 | 575781 |
| U.S. Bancorp | 4.548%<br> (SOFR + 1.66% |)<sup>#</sup> | 7/22/2028 | 1128000 | 1127181 |
| U.S. Bancorp | 5.046%<br> (SOFR + 1.06% |)<sup>#</sup> | 2/12/2031 | 1779000 | 1792156 |
| U.S. Bancorp | 5.10%<br> (SOFR + 1.25% |)<sup>#</sup> | 7/23/2030 | 802000 | 812172 |
| U.S. Bancorp | 5.384%<br> (SOFR + 1.56% |)<sup>#</sup> | 1/23/2030 | 434000 | 443984 |
| U.S. Bancorp | 6.787%<br> (SOFR + 1.88% |)<sup>#</sup> | 10/26/2027 | 909000 | 936246 |
| U.S. Bank NA | 4.73%<br> (SOFR + 0.91% |)<sup>#</sup> | 5/15/2028 | 694000 | 694916 |
| UBS Group AG (Switzerland)<sup>†(d)</sup> | 1.494%<br> (1 yr. CMT + 0.85% |)<sup>#</sup> | 8/10/2027 | 1277000 | 1228924 |
| UBS Group AG (Switzerland)<sup>†(d)</sup> | 5.428%<br> (1 yr. CMT + 1.52% |)<sup>#</sup> | 2/8/2030 | 769000 | 784571 |
| UniCredit SpA (Italy)<sup>†(d)</sup> | 2.569%<br> (1 yr. CMT + 2.30% |)<sup>#</sup> | 9/22/2026 | 2520000 | 2501774 |
| Wells Fargo & Co. | 4.808%<br> (SOFR + 1.98% |)<sup>#</sup> | 7/25/2028 | 2747000 | 2755026 |
| Wells Fargo & Co. | 4.97%<br> (SOFR + 1.37% |)<sup>#</sup> | 4/23/2029 | 564000 | 568310 |
| Wells Fargo & Co. | 5.707%<br> (SOFR + 1.07% |)<sup>#</sup> | 4/22/2028 | 526000 | 535885 |
| Wells Fargo & Co. | 6.303% <br> (SOFR + 1.79% |)<sup>#</sup> | 10/23/2029 | 949000 | 996071 |
| *Total* |  |  |  |  | 90793757 |
| **Beverages 0.39%** |  |  |  |  |  |
| Bacardi Ltd.<sup>†</sup> | 4.70% |  | 5/15/2028 | 1083000 | 1080782 |
| Bacardi Ltd./Bacardi-Martini BV<sup>†</sup> | 5.25% |  | 1/15/2029 | 1208000 | 1215896 |
| Bacardi-Martini BV (Netherlands)<sup>†(d)</sup> | 5.55% |  | 2/1/2030 | 692000 | 705189 |
| *Total* |  |  |  |  | 3001867 |

---

<br> *See Notes to Financial Statements.* 161

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Biotechnology 0.20%** |  |  | | |
| Illumina, Inc. | 5.75% | 12/13/2027 | $1087000 | $1108996 |
| Royalty Pharma PLC | 5.15% | 9/2/2029 | 413000 | 417730 |
| *Total* |  |  |  | 1526726 |
| **Building Materials 0.17%** |  |  |  |  |
| Holcim Finance U.S. LLC<sup>†</sup> | 4.60% | 4/7/2027 | 387000 | 387543 |
| Holcim Finance U.S. LLC<sup>†</sup> | 4.70% | 4/7/2028 | 560000 | 563027 |
| Holcim Finance U.S. LLC<sup>†</sup> | 4.95% | 4/7/2030 | 362000 | 364527 |
| *Total* |  |  |  | 1315097 |
| **Chemicals 0.42%** |  |  |  |  |
| Celanese U.S. Holdings LLC | 6.415% | 7/15/2027 | 1554000 | 1594287 |
| International Flavors & Fragrances, Inc.<sup>†</sup> | 1.23% | 10/1/2025 | 816000 | 805929 |
| Kraton Corp.<sup>†</sup> | 5.00% | 7/15/2027 | 380000 | 383721 |
| Ma'aden Sukuk Ltd. (Cayman Islands)<sup>†(d)</sup> | 5.25% | 2/13/2030 | 416000 | 421326 |
| *Total* |  |  |  | 3205263 |
| **Commercial Services 1.31%** |  |  |  |  |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>†</sup> | 9.75% | 7/15/2027 | 1116000 | 1125919 |
| Block, Inc. | 2.75% | 6/1/2026 | 842000 | 821585 |
| Element Fleet Management Corp. (Canada)<sup>†(d)</sup> | 5.643% | 3/13/2027 | 439000 | 445592 |
| GXO Logistics, Inc. | 6.25% | 5/6/2029 | 1116000 | 1143147 |
| Quanta Services, Inc. | 4.75% | 8/9/2027 | 546000 | 548431 |
| Rentokil Terminix Funding LLC<sup>†</sup> | 5.00% | 4/28/2030 | 695000 | 693087 |
| Triton Container International Ltd.<sup>†</sup> | 2.05% | 4/15/2026 | 3872000 | 3777393 |
| WASH Multifamily Acquisition, Inc.<sup>†</sup> | 5.75% | 4/15/2026 | 1405000 | 1403063 |
| *Total* |  |  |  | 9958217 |
| **Computers 0.28%** |  |  |  |  |
| Crowdstrike Holdings, Inc. | 3.00% | 2/15/2029 | 948000 | 887953 |
| Dell International LLC/EMC Corp. | 4.75% | 4/1/2028 | 344000 | 345654 |
| Dell International LLC/EMC Corp. | 5.00% | 4/1/2030 | 343000 | 344945 |
| Gartner, Inc.<sup>†</sup> | 4.50% | 7/1/2028 | 529000 | 523055 |
| *Total* |  |  |  | 2101607 |
| **Diversified Financial Services 4.79%** |  |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(d)</sup> | 4.625% | 9/10/2029 | 610000 | 605524 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(d)</sup> | 6.45% | 4/15/2027 | 974000 | 1002782 |

---

<br> 162 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Diversified Financial Services (continued)** |  |  |  | | |
| AG TTMT Escrow Issuer LLC<sup>†</sup> | 8.625% |  | 9/30/2027 | $1329000 | $1380572 |
| Aircastle Ltd.<sup>†</sup> | 5.25% |  | 8/11/2025 | 2446000 | 2444577 |
| Aircastle Ltd./Aircastle Ireland DAC<sup>†</sup> | 5.25% |  | 3/15/2030 | 180000 | 179284 |
| Ally Financial, Inc. | 5.75% |  | 11/20/2025 | 5002000 | 5010956 |
| American Express Co. | 4.731% <br> (SOFR + 1.26% |)<sup>#</sup> | 4/25/2029 | 766000 | 770431 |
| American Express Co. | 5.016% <br> (SOFR + 1.44% |)<sup>#</sup> | 4/25/2031 | 646000 | 653501 |
| Atlas Warehouse Lending Co. LP<sup>†</sup> | 6.05% |  | 1/15/2028 | 464000 | 466948 |
| Atlas Warehouse Lending Co. LP<sup>†</sup> | 6.25% |  | 1/15/2030 | 250000 | 251209 |
| Aviation Capital Group LLC<sup>†</sup> | 1.95% |  | 1/30/2026 | 346000 | 339292 |
| Aviation Capital Group LLC<sup>†</sup> | 5.375% |  | 7/15/2029 | 439000 | 443853 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 4.25% |  | 4/15/2026 | 2247000 | 2231234 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 4.95% |  | 1/15/2028 | 428000 | 426970 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 5.75% |  | 11/15/2029 | 614000 | 624795 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 6.375% |  | 5/4/2028 | 3000000 | 3106476 |
| Bread Financial Holdings, Inc.<sup>†</sup> | 9.75% |  | 3/15/2029 | 1058000 | 1129025 |
| GGAM Finance Ltd. (Ireland)<sup>†(d)</sup> | 7.75% |  | 5/15/2026 | 799000 | 807179 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 4.50% |  | 11/15/2029 | 883000 | 851204 |
| Jefferson Capital Holdings LLC<sup>†</sup> | 6.00% |  | 8/15/2026 | 725000 | 721988 |
| LPL Holdings, Inc.<sup>†</sup> | 4.00% |  | 3/15/2029 | 1478000 | 1422094 |
| LPL Holdings, Inc. | 4.90% |  | 4/3/2028 | 552000 | 552884 |
| LPL Holdings, Inc. | 5.15% |  | 6/15/2030 | 508000 | 509344 |
| LPL Holdings, Inc. | 5.20% |  | 3/15/2030 | 296000 | 297466 |
| LPL Holdings, Inc. | 5.70% |  | 5/20/2027 | 334000 | 339689 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(d)</sup> | 5.15% |  | 3/17/2030 | 1034000 | 1019213 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(d)</sup> | 6.40% |  | 3/26/2029 | 313000 | 323844 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(d)</sup> | 8.125% |  | 3/30/2029 | 1902000 | 1991750 |
| Nationstar Mortgage Holdings, Inc.<sup>†</sup> | 5.00% |  | 2/1/2026 | 928000 | 925352 |
| Navient Corp. | 5.00% |  | 3/15/2027 | 165000 | 163426 |
| Navient Corp. | 6.75% |  | 6/25/2025 | 800000 | 800189 |
| Nuveen LLC<sup>†</sup> | 5.55% |  | 1/15/2030 | 443000 | 457689 |
| Osaic Holdings, Inc.<sup>†</sup> | 10.75% |  | 8/1/2027 | 829000 | 834349 |
| Radian Group, Inc. | 6.20% |  | 5/15/2029 | 188000 | 193622 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>†</sup> | 2.875% |  | 10/15/2026 | 1878000 | 1819904 |

---

<br> *See Notes to Financial Statements.* 163

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Diversified Financial Services (continued)** |  |  | | |
| Synchrony Financial | 3.70% | 8/4/2026 | $275000 | $271015 |
| Synchrony Financial | 3.95% | 12/1/2027 | 236000 | 229575 |
| United Wholesale Mortgage LLC<sup>†</sup> | 5.50% | 11/15/2025 | 804000 | 803852 |
| *Total* |  |  |  | 36403057 |
| **Electric 2.78%** |  |  |  |  |
| AEP Texas, Inc. | 5.45% | 5/15/2029 | 422000 | 432237 |
| Alexander Funding Trust II<sup>†</sup> | 7.467% | 7/31/2028 | 182000 | 193022 |
| Algonquin Power & Utilities Corp. (Canada)<sup>(d)</sup> | 5.365% <sup>(e)</sup> | 6/15/2026 | 722000 | 725595 |
| Ameren Corp. | 5.00% | 1/15/2029 | 803000 | 812412 |
| Black Hills Corp. | 5.95% | 3/15/2028 | 1010000 | 1045845 |
| Capital Power U.S. Holdings, Inc.<sup>†</sup> | 5.257% | 6/1/2028 | 663000 | 667335 |
| CenterPoint Energy, Inc. | 5.40% | 6/1/2029 | 799000 | 821642 |
| Cleco Corporate Holdings LLC | 3.743% | 5/1/2026 | 283000 | 279771 |
| Comision Federal de Electricidad (Mexico)<sup>†(d)</sup> | 4.688% | 5/15/2029 | 1003000 | 971122 |
| DTE Energy Co. | 4.875% | 6/1/2028 | 720000 | 726697 |
| DTE Energy Co. | 5.10% | 3/1/2029 | 509000 | 516196 |
| Enel Finance International NV (Netherlands)<sup>†(d)</sup> | 5.125% | 6/26/2029 | 858000 | 868913 |
| Engie SA (France)<sup>†(d)</sup> | 5.25% | 4/10/2029 | 452000 | 460339 |
| Fells Point Funding Trust<sup>†</sup> | 3.046% | 1/31/2027 | 2777000 | 2701776 |
| FirstEnergy Pennsylvania Electric Co.<sup>†</sup> | 5.15% | 3/30/2026 | 1081000 | 1084982 |
| FirstEnergy Transmission LLC | 4.55% | 1/15/2030 | 228000 | 225995 |
| Liberty Utilities Co.<sup>†</sup> | 5.577% | 1/31/2029 | 678000 | 693279 |
| NSTAR Electric Co. | 4.85% | 3/1/2030 | 466000 | 468993 |
| OGE Energy Corp. | 5.45% | 5/15/2029 | 344000 | 354371 |
| Ohio Edison Co.<sup>†</sup> | 4.95% | 12/15/2029 | 147000 | 148252 |
| Pacific Gas & Electric Co. | 3.15% | 1/1/2026 | 1640464 | 1622758 |
| Pacific Gas & Electric Co. | 5.55% | 5/15/2029 | 642000 | 650491 |
| Pinnacle West Capital Corp. | 4.90% | 5/15/2028 | 169000 | 170351 |
| Pinnacle West Capital Corp. | 5.15% | 5/15/2030 | 175000 | 177059 |
| PSEG Power LLC<sup>†</sup> | 5.20% | 5/15/2030 | 426000 | 430274 |
| System Energy Resources, Inc. | 6.00% | 4/15/2028 | 2633000 | 2731528 |
| Trans-Allegheny Interstate Line Co.<sup>†</sup> | 5.00% | 1/15/2031 | 146000 | 147188 |
| Vistra Operations Co. LLC<sup>†</sup> | 3.70% | 1/30/2027 | 259000 | 254227 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.05% | 12/30/2026 | 194000 | 194627 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.50% | 9/1/2026 | 381000 | 381586 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.625% | 2/15/2027 | 216000 | 215992 |
| *Total* |  |  |  | 21174855 |

---

<br> 164 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Electrical Components & Equipment 0.09%** |  |  | | |
| Molex Electronic Technologies LLC<sup>†</sup> | 4.75% | 4/30/2028 | $692000 | $693029 |
| **Energy-Alternate Sources 0.18%** |  |  |  |  |
| Greenko Dutch BV (Netherlands)<sup>†(d)</sup> | 3.85% | 3/29/2026 | 1378960 | 1350740 |
| **Engineering & Construction 0.16%** |  |  |  |  |
| MasTec, Inc.<sup>†</sup> | 4.50% | 8/15/2028 | 1275000 | 1252151 |
| **Entertainment 0.94%** |  |  |  |  |
| Caesars Entertainment, Inc.<sup>†</sup> | 8.125% | 7/1/2027 | 167000 | 167350 |
| Everi Holdings, Inc.<sup>†</sup> | 5.00% | 7/15/2029 | 2000000 | 2016392 |
| Flutter Treasury DAC (Ireland)<sup>†(d)</sup> | 6.375% | 4/29/2029 | 961000 | 984759 |
| Warnermedia Holdings, Inc. | 3.755% | 3/15/2027 | 2306000 | 2235942 |
| Warnermedia Holdings, Inc. | 4.054% | 3/15/2029 | 1865000 | 1737060 |
| *Total* |  |  |  | 7141503 |
| **Environmental Control 0.10%** |  |  |  |  |
| Veralto Corp. | 5.35% | 9/18/2028 | 706000 | 724902 |
| **Food 0.88%** |  |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 4.625% | 1/15/2027 | 3792000 | 3757469 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(d)</sup> | 3.00% | 2/2/2029 | 579000 | 544993 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(d)</sup> | 5.125% | 2/1/2028 | 445000 | 450138 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(d)</sup> | 5.50% | 1/15/2030 | 162000 | 164056 |
| Mars, Inc.<sup>†</sup> | 4.60% | 3/1/2028 | 474000 | 476342 |
| Mars, Inc.<sup>†</sup> | 4.80% | 3/1/2030 | 1020000 | 1026730 |
| Tyson Foods, Inc. | 5.40% | 3/15/2029 | 273000 | 280276 |
| *Total* |  |  |  | 6700004 |
| **Food Service 0.04%** |  |  |  |  |
| Sodexo, Inc.<sup>†</sup> | 5.15% | 8/15/2030 | 281000 | 283333 |
| **Gas 0.76%** |  |  |  |  |
| Brooklyn Union Gas Co.<sup>†</sup> | 4.632% | 8/5/2027 | 3505000 | 3505530 |
| National Fuel Gas Co. | 5.50% | 3/15/2030 | 578000 | 589682 |
| Snam SpA (Italy)<sup>†(d)</sup> | 5.00% | 5/28/2030 | 427000 | 427072 |
| Southwest Gas Corp. | 5.80% | 12/1/2027 | 1252000 | 1282853 |
| *Total* |  |  |  | 5805137 |

---

<br> *See Notes to Financial Statements.* 165

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Hand/Machine Tools 0.50%** |  |  | | |
| Regal Rexnord Corp. | 6.05% | 2/15/2026 | $1497000 | $1505080 |
| Regal Rexnord Corp. | 6.05% | 4/15/2028 | 2206000 | 2265442 |
| *Total* |  |  |  | 3770522 |
| **Health Care-Products 0.42%** |  |  |  |  |
| GE HealthCare Technologies, Inc. | 4.80% | 8/14/2029 | 232000 | 233321 |
| Solventum Corp. | 5.40% | 3/1/2029 | 1796000 | 1833163 |
| Solventum Corp. | 5.45% | 2/25/2027 | 1088000 | 1101803 |
| *Total* |  |  |  | 3168287 |
| **Health Care-Services 1.47%** |  |  |  |  |
| Centene Corp. | 2.45% | 7/15/2028 | 2880000 | 2654254 |
| Centene Corp. | 4.25% | 12/15/2027 | 3407000 | 3329666 |
| Fresenius Medical Care U.S. Finance III, Inc.<sup>†</sup> | 1.875% | 12/1/2026 | 173000 | 165465 |
| HCA, Inc. | 5.25% | 3/1/2030 | 2201000 | 2234805 |
| Health Care Service Corp. A Mutual Legal Reserve Co.<sup>†</sup> | 5.20% | 6/15/2029 | 405000 | 410149 |
| Icon Investments Six DAC (Ireland)<sup>(d)</sup> | 5.809% | 5/8/2027 | 496000 | 504424 |
| Icon Investments Six DAC (Ireland)<sup>(d)</sup> | 5.849% | 5/8/2029 | 520000 | 533020 |
| IQVIA, Inc.<sup>†</sup> | 5.00% | 10/15/2026 | 750000 | 748090 |
| IQVIA, Inc.<sup>†</sup> | 5.00% | 5/15/2027 | 237000 | 235712 |
| Universal Health Services, Inc. | 4.625% | 10/15/2029 | 377000 | 369566 |
| *Total* |  |  |  | 11185151 |
| **Insurance 4.40%** |  |  |  |  |
| AEGON Funding Co. LLC<sup>†</sup> | 5.50% | 4/16/2027 | 1714000 | 1731996 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>†</sup> | 6.75% | 10/15/2027 | 1231000 | 1231456 |
| American National Global Funding<sup>†</sup> | 5.55% | 1/28/2030 | 304000 | 308366 |
| Aon Corp. | 8.205% | 1/1/2027 | 1183000 | 1243658 |
| Athene Global Funding<sup>†</sup> | 1.985% | 8/19/2028 | 1615000 | 1477640 |
| Athene Global Funding<sup>†</sup> | 4.95% | 1/7/2027 | 475000 | 476416 |
| Athene Global Funding<sup>†</sup> | 5.38% | 1/7/2030 | 840000 | 851719 |
| Athene Global Funding<sup>†</sup> | 5.516% | 3/25/2027 | 1038000 | 1052856 |
| Brighthouse Financial Global Funding<sup>†</sup> | 5.55% | 4/9/2027 | 1277000 | 1293908 |
| Brighthouse Financial Global Funding<sup>†</sup> | 5.65% | 6/10/2029 | 1068000 | 1089101 |
| CNO Global Funding<sup>†</sup> | 4.875% | 12/10/2027 | 545000 | 546704 |
| CNO Global Funding<sup>†</sup> | 4.95% | 9/9/2029 | 301000 | 300878 |
| CNO Global Funding <sup>†</sup> | 1.75% | 10/7/2026 | 1313000 | 1260932 |
| Equitable Financial Life Global Funding<sup>†</sup> | 5.45% | 3/3/2028 | 2416000 | 2478715 |
| F&G Annuities & Life, Inc. | 7.40% | 1/13/2028 | 1120000 | 1166380 |

---

<br> 166 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount** | **Fair <br> Value** |
| **Insurance (continued)** |  |  |  |  |
| F&G Global Funding<sup>†</sup> | 1.75% | 6/30/2026 | $1080000 | $1045983 |
| F&G Global Funding<sup>†</sup> | 2.30% | 4/11/2027 | 3750000 | 3587056 |
| F&G Global Funding<sup>†</sup> | 5.875% | 6/10/2027 | 842000 | 858809 |
| GA Global Funding Trust<sup>†</sup> | 4.40% | 9/23/2027 | 1140000 | 1130292 |
| GA Global Funding Trust<sup>†</sup> | 5.50% | 1/8/2029 | 1386000 | 1415358 |
| Jackson National Life Global Funding<sup>†</sup> | 4.60% | 10/1/2029 | 449000 | 444403 |
| Jackson National Life Global Funding<sup>†(b)</sup> | 4.70% | 6/5/2028 | 1008000 | 1009677 |
| Jackson National Life Global Funding<sup>†</sup> | 4.90% | 1/13/2027 | 689000 | 691894 |
| Jackson National Life Global Funding<sup>†</sup> | 5.35% | 1/13/2030 | 671000 | 684865 |
| Jackson National Life Global Funding<sup>†</sup> | 5.55% | 7/2/2027 | 1119000 | 1138154 |
| Lincoln Financial Global Funding<sup>†</sup> | 4.625% | 5/28/2028 | 516000 | 517241 |
| Lincoln Financial Global Funding<sup>†</sup> | 5.30% | 1/13/2030 | 553000 | 565485 |
| MGIC Investment Corp. | 5.25% | 8/15/2028 | 750000 | 745495 |
| Mutual of Omaha Cos Global Funding<sup>†</sup> | 5.00% | 4/1/2030 | 420000 | 424850 |
| NMI Holdings, Inc. | 6.00% | 8/15/2029 | 273000 | 277416 |
| Protective Life Global Funding<sup>†(b)</sup> | 4.803% | 6/5/2030 | 442000 | 442718 |
| RGA Global Funding<sup>†</sup> | 5.448% | 5/24/2029 | 660000 | 677906 |
| Sammons Financial Group Global Funding<sup>†</sup> | 5.05% | 1/10/2028 | 336000 | 340334 |
| Sammons Financial Group Global Funding<sup>†</sup> | 5.10% | 12/10/2029 | 530000 | 536809 |
| Western-Southern Global Funding<sup>†</sup> | 4.90% | 5/1/2030 | 441000 | 442507 |
| *Total* |  |  |  | 33487977 |
| **Internet 0.96%** |  |  |  |  |
| Prosus NV (Netherlands)<sup>†(d)</sup> | 3.257% | 1/19/2027 | 2000000 | 1945844 |
| Rakuten Group, Inc. (Japan)<sup>†(d)</sup> | 11.25% | 2/15/2027 | 1825000 | 1971406 |
| Uber Technologies, Inc.<sup>†</sup> | 4.50% | 8/15/2029 | 3271000 | 3224071 |
| Uber Technologies, Inc.<sup>†</sup> | 7.50% | 9/15/2027 | 151000 | 152552 |
| *Total* |  |  |  | 7293873 |
| **Investment Companies 0.30%** |  |  |  |  |
| Abu Dhabi Developmental Holding Co. PJSC (United Arab Emirates)<sup>†(d)</sup> | 4.50% | 5/6/2030 | 539000 | 532717 |
| Blackstone Private Credit Fund | 2.625% | 12/15/2026 | 338000 | 325774 |
| Blackstone Private Credit Fund | 4.95% | 9/26/2027 | 194000 | 192001 |
| Blackstone Secured Lending Fund | 2.125% | 2/15/2027 | 211000 | 200652 |
| Blackstone Secured Lending Fund | 3.625% | 1/15/2026 | 1080000 | 1069469 |
| *Total* |  |  |  | 2320613 |

---

*See Notes to Financial Statements.* 167

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount** | **Fair <br> Value** |
| **Iron-Steel 0.21%** |  |  |  |  |
| Allegheny Ludlum LLC | 6.95% | 12/15/2025 | $939000 | $947869 |
| ArcelorMittal SA (Luxembourg)<sup>(d)</sup> | 6.55% | 11/29/2027 | 604000 | 626595 |
| *Total* |  |  |  | 1574464 |
| **Leisure Time 1.10%** |  |  |  |  |
| Carnival Corp.<sup>†</sup> | 4.00% | 8/1/2028 | 2638000 | 2550616 |
| Carnival Corp.<sup>†</sup> | 5.75% | 3/1/2027 | 1984000 | 1990203 |
| Royal Caribbean Cruises Ltd. | 3.70% | 3/15/2028 | 1646000 | 1589305 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 4.25% | 7/1/2026 | 953000 | 944070 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.375% | 7/15/2027 | 837000 | 838282 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.50% | 8/31/2026 | 419000 | 419322 |
| *Total* |  |  |  | 8331798 |
| **Lodging 0.64%** |  |  |  |  |
| Hyatt Hotels Corp. | 5.25% | 6/30/2029 | 502000 | 506003 |
| Las Vegas Sands Corp. | 3.50% | 8/18/2026 | 1587000 | 1553282 |
| Las Vegas Sands Corp. | 5.90% | 6/1/2027 | 337000 | 341234 |
| Melco Resorts Finance Ltd. (Hong Kong)<sup>(d)</sup> | 4.875% | 6/6/2025 | 1106000 | 1105042 |
| Sands China Ltd. (Macau)<sup>(d)</sup> | 5.125% | 8/8/2025 | 611000 | 611093 |
| Studio City Finance Ltd. (Hong Kong)<sup>(d)</sup> | 6.00% | 7/15/2025 | 746000 | 744841 |
| *Total* |  |  |  | 4861495 |
| **Machinery: Construction & Mining 0.08%** |  |  |  |  |
| Vertiv Group Corp.<sup>†</sup> | 4.125% | 11/15/2028 | 635000 | 615654 |
| **Machinery-Diversified 0.33%** |  |  |  |  |
| CNH Industrial Capital LLC | 4.75% | 3/21/2028 | 341000 | 341761 |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (Canada)<sup>†(d)</sup> | 9.00% | 2/15/2029 | 912000 | 933212 |
| IDEX Corp. | 4.95% | 9/1/2029 | 208000 | 209521 |
| TK Elevator Holdco GmbH (Germany)<sup>†(d)</sup> | 7.625% | 7/15/2028 | 1054000 | 1056272 |
| *Total* |  |  |  | 2540766 |
| **Media 0.57%** |  |  |  |  |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>†</sup> | 5.875% | 8/15/2027 | 2712000 | 2671398 |
| Discovery Communications LLC | 3.95% | 3/20/2028 | 845000 | 807024 |
| Nexstar Media, Inc.<sup>†</sup> | 5.625% | 7/15/2027 | 564000 | 562097 |
| Sirius XM Radio LLC<sup>†</sup> | 3.125% | 9/1/2026 | 292000 | 285473 |
| *Total* |  |  |  | 4325992 |

---

168 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount** | **Fair <br> Value** |
| **Mining 0.88%** |  |  |  |  |
| Anglo American Capital PLC (United Kingdom)<sup>†(d)</sup> | 3.875% | 3/16/2029 | $201000 | $193988 |
| Anglo American Capital PLC (United Kingdom)<sup>†(d)</sup> | 4.50% | 3/15/2028 | 788000 | 783248 |
| Glencore Funding LLC<sup>†</sup> | 4.00% | 3/27/2027 | 1097000 | 1084685 |
| Glencore Funding LLC<sup>†</sup> | 4.907% | 4/1/2028 | 206000 | 207048 |
| Glencore Funding LLC<sup>†</sup> | 5.186% | 4/1/2030 | 605000 | 612270 |
| Glencore Funding LLC<sup>†</sup> | 5.371% | 4/4/2029 | 1214000 | 1236718 |
| Glencore Funding LLC<sup>†</sup> | 6.125% | 10/6/2028 | 969000 | 1008144 |
| Navoi Mining & Metallurgical Combinat (Uzbekistan)<sup>†(d)</sup> | 6.70% | 10/17/2028 | 293000 | 296277 |
| Rio Tinto Finance USA PLC (United Kingdom)<sup>(d)</sup> | 4.875% | 3/14/2030 | 1234000 | 1248276 |
| *Total* |  |  |  | 6670654 |
| **Miscellaneous Manufacturing 0.16%** |  |  |  |  |
| Trinity Industries, Inc.<sup>†</sup> | 7.75% | 7/15/2028 | 1157000 | 1203043 |
| **Oil & Gas 7.99%** |  |  |  |  |
| Antero Resources Corp.<sup>†</sup> | 7.625% | 2/1/2029 | 695000 | 711872 |
| APA Corp.<sup>†</sup> | 4.375% | 10/15/2028 | 2530000 | 2431012 |
| Canadian Natural Resources Ltd. (Canada)<sup>†(d)</sup> | 5.00% | 12/15/2029 | 211000 | 210262 |
| CITGO Petroleum Corp.<sup>†</sup> | 6.375% | 6/15/2026 | 1682000 | 1685901 |
| Civitas Resources, Inc.<sup>†</sup> | 5.00% | 10/15/2026 | 2250000 | 2210861 |
| Civitas Resources, Inc.<sup>†</sup> | 8.375% | 7/1/2028 | 1236000 | 1246821 |
| Continental Resources, Inc.<sup>†</sup> | 2.268% | 11/15/2026 | 4431000 | 4253128 |
| Continental Resources, Inc. | 4.375% | 1/15/2028 | 3076000 | 3009910 |
| Coterra Energy, Inc. | 3.90% | 5/15/2027 | 351000 | 345845 |
| Coterra Energy, Inc. | 4.375% | 3/15/2029 | 548000 | 539604 |
| Crescent Energy Finance LLC<sup>†</sup> | 9.25% | 2/15/2028 | 2192000 | 2265190 |
| Devon Energy Corp. | 5.875% | 6/15/2028 | 4163000 | 4162998 |
| Ecopetrol SA (Colombia)<sup>(d)</sup> | 8.625% | 1/19/2029 | 1753000 | 1846226 |
| Encino Acquisition Partners Holdings LLC<sup>†</sup> | 8.50% | 5/1/2028 | 697000 | 715380 |
| EQT Corp. | 3.90% | 10/1/2027 | 2239000 | 2202396 |
| EQT Corp.<sup>†</sup> | 7.50% | 6/1/2027 | 400000 | 407562 |
| Expand Energy Corp. | 5.375% | 2/1/2029 | 583000 | 581483 |
| Expand Energy Corp.<sup>†</sup> | 5.875% | 2/1/2029 | 970000 | 973765 |
| Expand Energy Corp.<sup>†</sup> | 6.75% | 4/15/2029 | 1195000 | 1209779 |
| Gulfport Energy Operating Corp.<sup>†</sup> | 6.75% | 9/1/2029 | 1133000 | 1150794 |
| Helmerich & Payne, Inc.<sup>†</sup> | 4.65% | 12/1/2027 | 599000 | 593178 |
| Helmerich & Payne, Inc.<sup>†</sup> | 4.85% | 12/1/2029 | 913000 | 862391 |
| HF Sinclair Corp. | 5.00% | 2/1/2028 | 1500000 | 1493104 |
| Kosmos Energy Ltd. | 7.125% | 4/4/2026 | 1086000 | 1048414 |

---

*See Notes to Financial Statements.* 169

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount** | **Fair <br> Value** |
| **Oil & Gas (continued)** |  |  |  |  |
| Leviathan Bond Ltd. (Israel)<sup>(d)</sup> | 6.125% | 6/30/2025 | $611000 | $610724 |
| Matador Resources Co.<sup>†</sup> | 6.875% | 4/15/2028 | 1666000 | 1690164 |
| Occidental Petroleum Corp. | 5.20% | 8/1/2029 | 329000 | 327019 |
| Occidental Petroleum Corp. | 8.875% | 7/15/2030 | 178000 | 200236 |
| OGX Austria GmbH (Brazil)<sup>†(d)(f)</sup> | 8.50% | 6/1/2018 | 225000 | 5 <sup>(g)</sup> |
| Ovintiv, Inc. | 5.65% | 5/15/2028 | 2374000 | 2420629 |
| Permian Resources Operating LLC<sup>†</sup> | 5.375% | 1/15/2026 | 1001000 | 999012 |
| Permian Resources Operating LLC<sup>†</sup> | 8.00% | 4/15/2027 | 983000 | 1001404 |
| Petroleos Mexicanos (Mexico)<sup>(d)</sup> | 4.50% | 1/23/2026 | 319000 | 313113 |
| Petroleos Mexicanos (Mexico)<sup>(d)</sup> | 6.49% | 1/23/2027 | 2700000 | 2650908 |
| Petroleos Mexicanos (Mexico)<sup>(d)</sup> | 6.875% | 10/16/2025 | 750000 | 748462 |
| Petroleos Mexicanos (Mexico)<sup>(d)</sup> | 6.875% | 8/4/2026 | 750000 | 743334 |
| Range Resources Corp. | 8.25% | 1/15/2029 | 1282000 | 1317775 |
| Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>†</sup> | 7.875% | 11/1/2028 | 1336000 | 1378971 |
| SM Energy Co. | 6.50% | 7/15/2028 | 734000 | 730605 |
| SM Energy Co. | 6.75% | 9/15/2026 | 862000 | 861289 |
| Suncor Energy, Inc. (Canada)<sup>(d)</sup> | 7.875% | 6/15/2026 | 1240000 | 1280014 |
| Tengizchevroil Finance Co. International Ltd. (Kazakhstan)<sup>†(d)</sup> | 2.625% | 8/15/2025 | 2000000 | 1987612 |
| Tengizchevroil Finance Co. International Ltd. (Kazakhstan)<sup>(d)</sup> | 4.00% | 8/15/2026 | 1515000 | 1489817 |
| TGNR Intermediate Holdings LLC<sup>†</sup> | 5.50% | 10/15/2029 | 1052000 | 994367 |
| Viper Energy, Inc.<sup>†</sup> | 5.375% | 11/1/2027 | 2857000 | 2844652 |
| *Total* |  |  |  | 60747988 |
| **Packaging & Containers 0.27%** |  |  |  |  |
| Amcor Flexibles North America, Inc.<sup>†</sup> | 4.80% | 3/17/2028 | 411000 | 412173 |
| Amcor Flexibles North America, Inc.<sup>†</sup> | 5.10% | 3/17/2030 | 204000 | 205463 |
| Crown Americas LLC/Crown Americas Capital Corp. VI | 4.75% | 2/1/2026 | 900000 | 900000 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 7.875% | 4/15/2027 | 333000 | 336575 |
| Sonoco Products Co. | 4.45% | 9/1/2026 | 183000 | 182141 |
| *Total* |  |  |  | 2036352 |
| **Pharmaceuticals 1.09%** |  |  |  |  |
| Bayer U.S. Finance II LLC<sup>†</sup> | 4.25% | 12/15/2025 | 1750000 | 1743718 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.25% | 1/21/2029 | 1799000 | 1870844 |
| Herbalife Nutrition Ltd./HLF Financing, Inc.<sup>†</sup> | 7.875% | 9/1/2025 | 1675000 | 1678481 |
| Teva Pharmaceutical Finance Netherlands III BV (Netherlands)<sup>(d)</sup> | 3.15% | 10/1/2026 | 3055000 | 2989283 |
| *Total* |  |  |  | 8282326 |

---

170 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount** | **Fair <br> Value** |
| **Pipelines 1.70%** |  |  |  |  |
| Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>†</sup> | 5.75% | 3/1/2027 | $294000 | $293928 |
| Columbia Pipelines Holding Co. LLC<sup>†</sup> | 6.042% | 8/15/2028 | 569000 | 586577 |
| DT Midstream, Inc.<sup>†</sup> | 4.125% | 6/15/2029 | 993000 | 946454 |
| Enbridge, Inc. (Canada)<sup>(d)</sup> | 5.30% | 4/5/2029 | 524000 | 535732 |
| Energy Transfer LP<sup>†</sup> | 6.00% | 2/1/2029 | 2000000 | 2026059 |
| Hess Midstream Operations LP<sup>†</sup> | 5.875% | 3/1/2028 | 252000 | 254638 |
| Kinder Morgan, Inc. | 5.00% | 2/1/2029 | 500000 | 505749 |
| ONEOK, Inc. | 4.15% | 6/1/2025 | 1013000 | 1013000 |
| ONEOK, Inc.<sup>†</sup> | 5.625% | 1/15/2028 | 1810000 | 1846728 |
| South Bow USA Infrastructure Holdings LLC<sup>†</sup> | 4.911% | 9/1/2027 | 756000 | 756685 |
| South Bow USA Infrastructure Holdings LLC<sup>†</sup> | 5.026% | 10/1/2029 | 916000 | 908626 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 5.50% | 3/1/2030 | 2079000 | 2095588 |
| Western Midstream Operating LP | 6.35% | 1/15/2029 | 448000 | 465301 |
| Whistler Pipeline LLC<sup>†</sup> | 5.40% | 9/30/2029 | 690000 | 692829 |
| *Total* |  |  |  | 12927894 |
| **REITS 1.75%** |  |  |  |  |
| American Homes 4 Rent LP | 4.95% | 6/15/2030 | 221000 | 220927 |
| Crown Castle, Inc. | 5.00% | 1/11/2028 | 1464000 | 1473507 |
| EPR Properties | 4.75% | 12/15/2026 | 3360000 | 3342285 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 3.375% | 6/15/2026 | 2067000 | 2013510 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 8.00% | 6/15/2027 | 158000 | 162819 |
| Iron Mountain, Inc.<sup>†</sup> | 4.875% | 9/15/2027 | 1098000 | 1085674 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 4.75% | 6/15/2029 | 566000 | 548650 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 5.25% | 10/1/2025 | 1741000 | 1739912 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 3.75% | 2/15/2027 | 2599000 | 2552542 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 3.875% | 2/15/2029 | 145000 | 138974 |
| *Total* |  |  |  | 13278800 |
| **Retail 0.34%** |  |  |  |  |
| CEC Entertainment LLC<sup>†</sup> | 6.75% | 5/1/2026 | 1284000 | 1264520 |
| Sizzling Platter LLC/Sizzling Platter Finance Corp.<sup>†</sup> | 8.50% | 11/28/2025 | 1305000 | 1310572 |
| *Total* |  |  |  | 2575092 |
| **Semiconductors 0.78%** |  |  |  |  |
| Entegris, Inc.<sup>†</sup> | 4.375% | 4/15/2028 | 955000 | 922847 |
| Entegris, Inc.<sup>†</sup> | 4.75% | 4/15/2029 | 1315000 | 1277719 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.90% | 1/25/2030 | 1826000 | 1890414 |

---

*See Notes to Financial Statements.* 171

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount** | **Fair <br> Value** |
| **Semiconductors (continued)** |  |  |  |  |
| Intel Corp. | 2.45% | 11/15/2029 | $377000 | $341114 |
| Intel Corp. | 3.15% | 5/11/2027 | 151000 | 146929 |
| Intel Corp. | 3.75% | 8/5/2027 | 428000 | 420177 |
| Microchip Technology, Inc. | 4.90% | 3/15/2028 | 427000 | 428656 |
| Microchip Technology, Inc. | 5.05% | 2/15/2030 | 498000 | 499613 |
| *Total* |  |  |  | 5927469 |
| **Software 0.85%** |  |  |  |  |
| AppLovin Corp. | 5.125% | 12/1/2029 | 3151000 | 3173148 |
| Atlassian Corp. (Australia)<sup>(d)</sup> | 5.25% | 5/15/2029 | 961000 | 980564 |
| Concentrix Corp. | 6.65% | 8/2/2026 | 367000 | 373612 |
| Open Text Corp. (Canada)<sup>†(d)</sup> | 6.90% | 12/1/2027 | 711000 | 732739 |
| Paychex, Inc. | 5.10% | 4/15/2030 | 513000 | 519882 |
| Synopsys, Inc. | 4.85% | 4/1/2030 | 681000 | 687896 |
| *Total* |  |  |  | 6467841 |
| **Telecommunications 0.34%** |  |  |  |  |
| Frontier Communications Holdings LLC<sup>†</sup> | 5.00% | 5/1/2028 | 148000 | 147791 |
| Frontier Communications Holdings LLC<sup>†</sup> | 5.875% | 10/15/2027 | 306000 | 306989 |
| Frontier Communications Holdings LLC | 5.875% | 11/1/2029 | 195677 | 197887 |
| Frontier Communications Holdings LLC<sup>†</sup> | 6.00% | 1/15/2030 | 74000 | 75036 |
| Frontier Communications Holdings LLC<sup>†</sup> | 6.75% | 5/1/2029 | 44000 | 44639 |
| Sprint Capital Corp. | 6.875% | 11/15/2028 | 1664000 | 1780488 |
| *Total* |  |  |  | 2552830 |
| **Toys/Games/Hobbies 0.16%** |  |  |  |  |
| Hasbro, Inc. | 3.90% | 11/19/2029 | 535000 | 510126 |
| Mattel, Inc.<sup>†</sup> | 5.875% | 12/15/2027 | 670000 | 672851 |
| *Total* |  |  |  | 1182977 |
| **Transportation 0.15%** |  |  |  |  |
| XPO, Inc.<sup>†</sup> | 6.25% | 6/1/2028 | 1109000 | 1122159 |
| **Trucking & Leasing 0.18%** |  |  |  |  |
| Fortress Transportation & Infrastructure Investors LLC<sup>†</sup> | 5.50% | 5/1/2028 | 644000 | 639101 |
| GATX Corp. | 5.40% | 3/15/2027 | 380000 | 384038 |
| Penske Truck Leasing Co. LP/PTL Finance Corp.<sup>†</sup> | 3.40% | 11/15/2026 | 380000 | 372873 |
| *Total* |  |  |  | 1396012 |
| *Total Corporate Bonds* (cost $461,484,874) |  |  |  | 463140318 |

---

172 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount** | **Fair <br> Value** |
| **FLOATING RATE LOANS**<sup>(h)</sup> **3.31%** |  |  |  |  |
| **Airlines 0.07%** |  |  |  |  |
| American Airlines, Inc. 2025 Term Loan | 6.52% <br> (3 mo. USD Term SOFR + 2.25%) | 4/20/2028 | $536303 | $531543 |
| **Commercial Services & Supplies 0.23%** |  |  |  |  |
| Boost Newco Borrower LLC 2025 USD Term Loan B | 6.299% <br> (3 mo. USD Term SOFR + 2.00%) | 1/31/2031 | 1750000 | 1755197 |
| **Diversified Financial Services 0.21%** |  |  |  |  |
| Corpay Technologies Operating Co. LLC Term Loan B5 | 6.077% <br> (1 mo. USD Term SOFR + 1.75%) | 4/28/2028 | 1598870 | 1600501 |
| **Electric 0.35%** |  |  |  |  |
| Calpine Corp. 2024 Term Loan B5 | – <sup>(c)</sup> | 2/15/2032 | 1750000 | 1750691 |
| Potomac Energy Center LLC Term Loan | 10.561% <br> (3 mo. USD Term SOFR + 6.00%) | 11/12/2026 | 858000 | 861218 |
| *Total* |  |  |  | 2611909 |
| **Electronics 0.13%** |  |  |  |  |
| Honeywell International, Inc. Term Loan A1 | 5.458% <br> (3 mo. USD Term SOFR + 1.13%) | 5/7/2027 | 1000000 | 1001250 |
| **Entertainment 0.20%** |  |  |  |  |
| Live Nation Entertainment, Inc. Term Loan B4 | 6.173% <br> (1 mo. USD Term SOFR + 1.75%) | 10/19/2026 | 1500000 | 1500158 |
| **Insurance 0.30%** |  |  |  |  |
| Asurion LLC 2021 Term Loan B9 | 7.691% <br> (1 mo. USD Term SOFR + 3.25%) | 7/31/2027 | 2307331 | 2297075 |
| **Internet 0.29%** |  |  |  |  |
| Gen Digital, Inc. 2021 Term Loan A | 5.927% <br> (1 mo. USD Term SOFR + 1.50%) | 9/10/2027 | 2218750 | 2220370 |
| **Machinery: Construction & Mining 0.07%** |  |  |  |  |
| Vertiv Group Corp. 2024 Term Loan B | – <sup>(c)</sup> | 3/2/2027 | 555814 | 555925 |
| **Metal Fabricate/Hardware 0.13%** |  |  |  |  |
| Crosby U.S. Acquisition Corp. 2024 1st Lien Term Loan B | 7.827% <br> (1 mo. USD Term SOFR + 3.50%) | 8/16/2029 | 970555 | 973229 |

---

*See Notes to Financial Statements.* 173

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount** | **Fair <br> Value** |
| **Oil & Gas 0.55%** |  |  |  |  |
| Hilcorp Energy I LP Term Loan B | 6.333% <br> (1 mo. USD Term SOFR + 2.00%) | 2/11/2030 | $1465600 | $1466816 |
| Occidental Petroleum Corp. 2 Year Term Loan | 6.067% <br> (1 mo. USD Term SOFR + 1.63%) | 12/29/2025 | 2688444 | 2688445 |
| *Total* |  |  |  | 4155261 |
| **Pharmaceuticals 0.26%** |  |  |  |  |
| Elanco Animal Health, Inc. Term Loan B | 6.174% <br> (1 mo. USD Term SOFR + 1.75%) | 8/1/2027 | 1987025 | 1986985 |
| **Pipelines 0.04%** |  |  |  |  |
| Buckeye Partners LP 2024 Term Loan B5 | 6.077% <br> (1 mo. USD Term SOFR + 1.75%) | 11/1/2026 | 328564 | 329255 |
| **Retail 0.14%** |  |  |  |  |
| LBM Acquisition LLC Term Loan B | 8.177% <br> (1 mo. USD Term SOFR + 3.75%) | 12/17/2027 | 1098289 | 1062342 |
| **Semiconductors 0.18%** |  |  |  |  |
| Broadcom, Inc. Term Loan A5 | 5.452% <br> (1 mo. USD Term SOFR + 1.13%) | 8/15/2028 | 1384615 | 1384615 |
| **Telecommunications 0.16%** |  |  |  |  |
| Lumen Technologies, Inc. 2024 Extended Term Loan B2 | – <sup>(c)</sup> | 4/15/2030 | 1187000 | 1176946 |
| *Total Floating Rate Loans* (cost $25,188,447) |  |  |  | 25142561 |
| **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(d)</sup> **1.30%** |  |  |  |  |
| **Colombia 0.10%** |  |  |  |  |
| Colombia Government International Bonds | 3.875% | 4/25/2027 | 809000 | 792941 |
| **Dominican Republic 0.06%** |  |  |  |  |
| Dominican Republic International Bonds | 6.875% | 1/29/2026 | 129000 | 130562 |
| Dominican Republic International Bonds | 8.625% | 4/20/2027 | 296000 | 307048 |
| *Total* |  |  |  | 437610 |
| **Kazakhstan 0.20%** |  |  |  |  |
| Baiterek National Managing Holding JSC<sup>†</sup> | 5.45% | 5/8/2028 | 556000 | 559104 |
| Development Bank of Kazakhstan JSC<sup>†</sup> | 5.25% | 10/23/2029 | 250000 | 248047 |
| Development Bank of Kazakhstan JSC<sup>†</sup> | 5.625% | 4/7/2030 | 724000 | 720324 |
| *Total* |  |  |  | 1527475 |

---

174 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount** | **Principal <br> Amount** | **Fair <br> Value** | **Fair <br> Value** |
| **Mexico 0.23%** |  |  |  |  |  |  |  |
| Mexico Government International Bonds | 3.75% |  | 1/11/2028 | $| 301000 | $| 294228 |
| Mexico Government International Bonds | 6.00% |  | 5/13/2030 |  | 1435000 |  | 1476471 |
| *Total* |  |  |  |  |  |  | 1770699 |
| **Panama 0.17%** |  |  |  |  |  |  |  |
| Panama Government International Bonds | 7.125% |  | 1/29/2026 |  | 1000000 |  | 1016550 |
| Panama Government International Bonds | 8.875% |  | 9/30/2027 |  | 217000 |  | 234642 |
| *Total* |  |  |  |  |  |  | 1251192 |
| **Peru 0.00%** |  |  |  |  |  |  |  |
| Corp. Financiera de Desarrollo SA<sup>†</sup> | 5.50% |  | 5/6/2030 |  |  |  | – |
| **Romania 0.26%** |  |  |  |  |  |  |  |
| Romania Government International Bonds | 5.25% |  | 11/25/2027 |  | 1206000 |  | 1196257 |
| Romania Government International Bonds<sup>†</sup> | 5.875% |  | 1/30/2029 |  | 750000 |  | 747564 |
| *Total* |  |  |  |  |  |  | 1943821 |
| **Saudi Arabia 0.09%** |  |  |  |  |  |  |  |
| Saudi Government International Bonds<sup>†</sup> | 5.125% |  | 1/13/2028 |  | 677000 |  | 687910 |
| **South Africa 0.19%** |  |  |  |  |  |  |  |
| Republic of South Africa Government International Bonds | 5.875% |  | 9/16/2025 |  | 1443000 |  | 1448899 |
| *Total Foreign Government Obligations* (cost $9,760,128) | *Total Foreign Government Obligations* (cost $9,760,128) |  |  |  |  |  | 9860547 |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.02%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.02%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.02%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.02%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.02%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.02%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.02%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.02%** |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K061 Class X1<sup>(i)</sup> | 0.152% | <sup>#(j)</sup> | 11/25/2026 |  | 13052045 |  | 31985 |
| Government National Mortgage Association Series 2013-193 IO<sup>(i)</sup> | 0.175% | <sup>#(j)</sup> | 1/16/2055 |  | 16563 |  | 53 |
| Government National Mortgage Association Series 2014-112 Class A | 3.00% | <sup>#(j)</sup> | 1/16/2048 |  | 106300 |  | 95844 |
| Government National Mortgage Association Series 2015-19 Class AD | 2.90% |  | 10/16/2055 |  | 12822 |  | 12555 |
| *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $149,518) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $149,518) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $149,518) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $149,518) |  |  |  | 140437 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.74%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.74%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.74%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.74%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.74%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.74%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.74%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.74%** |
| Uniform Mortgage-Backed Security<sup>(k)</sup> | 5.00% |  | TBA |  | 10195000 |  | 10195987 |
| Uniform Mortgage-Backed Security<sup>(k)</sup> | 5.50% |  | TBA |  | 19763000 |  | 20025805 |
| Uniform Mortgage-Backed Security<sup>(k)</sup> | 6.00% |  | TBA |  | 5679000 |  | 5812890 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $35,943,808) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $35,943,808) |  |  |  |  |  | 36034682 |

---

*See Notes to Financial Statements.* 175

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br>Amount** | **Fair <br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 6.88%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 6.88%** |  |  |  |  |
| ALA Trust Series 2025-OANA Class A<sup>†(b)</sup> | 6.043% <br> (1 mo. USD Term SOFR + 1.74% |)<sup>#</sup> | 6/15/2030 | $1260000 | $1267498 |
| Bank5 Series 2024-5YR11 Class A3 | 5.893% |  | 11/15/2057 | 800000 | 831785 |
| Bank5 Series 2024-5YR8 Class A3 | 5.884% |  | 8/15/2057 | 830000 | 862692 |
| Bank5 Series 2025-5YR14 Class A3 | 5.646% |  | 4/15/2058 | 3730000 | 3858405 |
| BBCMS Mortgage Trust Series 2024-5C29 Class A2 | 4.738% |  | 9/15/2057 | 1200000 | 1195812 |
| BBCMS Trust Series 2015-VFM Class A1<sup>†</sup> | 2.466% |  | 3/10/2036 | 49061 | 48312 |
| Benchmark Mortgage Trust Series 2018-B2 Class A5 | 3.882% | <sup>#(j)</sup> | 2/15/2051 | 360000 | 351562 |
| Benchmark Mortgage Trust Series 2019-B11 Class A5 | 3.542% |  | 5/15/2052 | 560000 | 529606 |
| Benchmark Mortgage Trust Series 2024-V12 Class A3 | 5.739% |  | 12/15/2057 | 860000 | 890516 |
| Benchmark Mortgage Trust Series 2024-V6 Class A3 | 5.926% |  | 3/15/2057 | 460000 | 477535 |
| Benchmark Mortgage Trust Series 2024-V7 Class A3 | 6.228% | <sup>#(j)</sup> | 5/15/2056 | 990000 | 1039781 |
| BMO Mortgage Trust Series 2023-5C2 Class A3 | 7.055% | <sup>#(j)</sup> | 11/15/2056 | 800000 | 854533 |
| BMO Mortgage Trust Series 2024-5C5 Class A3 | 5.857% |  | 2/15/2057 | 1110000 | 1151391 |
| BMO Mortgage Trust Series 2024-5C8 Class A3 | 5.625% | <sup>#(j)</sup> | 12/15/2057 | 870000 | 896754 |
| BWAY Mortgage Trust Series 2013-1515 Class XB<sup>†(i)</sup> | 0.403% | <sup>#(j)</sup> | 3/10/2033 | 47800000 | 551579 |
| BX Commercial Mortgage Trust Series 2024-XL4 Class A<sup>†</sup> | 5.771% <br> (1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 2/15/2039 | 568182 | 569563 |
| BX Commercial Mortgage Trust Series 2024-XL5 Class A<sup>†</sup> | 5.72% <br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 3/15/2041 | 670575 | 671783 |
| BX Trust Series 2024-CNYN Class A<sup>†</sup> | 5.771% <br> (1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 4/15/2041 | 1132979 | 1135787 |
| BX Trust Series 2025-ROIC Class A<sup>†</sup> | 5.473% <br> (1 mo. USD Term SOFR + 1.14% |)<sup>#</sup> | 3/15/2030 | 720000 | 715583 |
| BX Trust Series 2025-TAIL Class A<sup>†(b)</sup> | 5.70% <br> (1 mo. USD Term SOFR + 1.40% |)<sup>#</sup> | 6/15/2035 | 560000 | 561602 |
| CFCRE Commercial Mortgage Trust Series 2016-C4 Class XA<sup>(i)</sup> | 1.565% | <sup>#(j)</sup> | 5/10/2058 | 694225 | 4077 |
| CFCRE Commercial Mortgage Trust Series 2016-C6 Class XA<sup>(i)</sup> | 1.064% | <sup>#(j)</sup> | 11/10/2049 | 2461878 | 23632 |
| CFCRE Commercial Mortgage Trust Series 2016-C7 Class XA<sup>(i)</sup> | 0.631% | <sup>#(j)</sup> | 12/10/2054 | 3274475 | 23281 |

---

176 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount** | **Fair <br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |
| Citigroup Commercial Mortgage Trust Series 2015-GC31 Class XA<sup>(i)</sup> | 0.148% | <sup>#(j)</sup> | 6/10/2048 | $2824019 | $30 |
| Citigroup Commercial Mortgage Trust Series 2016-GC36 Class A5 | 3.616% |  | 2/10/2049 | 190000 | 187427 |
| COMM Mortgage Trust Series 2012-CR4 Class XA<sup>(i)</sup> | 1.144% | <sup>#(j)</sup> | 10/15/2045 | 861123 | 13943 |
| Commercial Mortgage Pass-Through Certificates Series 2016-CD1 Class XA<sup>(i)</sup> | 1.341% | <sup>#(j)</sup> | 8/10/2049 | 748022 | 5062 |
| CONE Trust Series 2024-DFW1 Class A<sup>†</sup> | 5.97% <br> (1 mo. USD Term SOFR + 1.64% |)<sup>#</sup> | 8/15/2041 | 650000 | 648695 |
| Credit Suisse Mortgage Capital Certificates Trust Series 2014-USA Class X1<sup>†(i)</sup> | 0.54% | <sup>#(j)</sup> | 9/15/2037 | 39135267 | 62374 |
| CSAIL Commercial Mortgage Trust Series 2015-C2 Class XB<sup>†(i)</sup> | Zero Coupon | <sup>#(j)</sup> | 6/15/2057 | 82732000 | 827 |
| CSAIL Commercial Mortgage Trust Series 2016-C7 Class XA<sup>(i)</sup> | 0.346% | <sup>#(j)</sup> | 11/15/2049 | 3610285 | 22146 |
| CSMC Trust Series 2016-NXSR Class XB<sup>(i)</sup> | 0.16% | <sup>#(j)</sup> | 12/15/2049 | 20135000 | 63560 |
| DBGS Mortgage Trust Series 2018-C1 Class A4 | 4.466% |  | 10/15/2051 | 2190000 | 2150486 |
| DBJPM Mortgage Trust Series 2016-C3 Class XA<sup>(i)</sup> | 1.402% | <sup>#(j)</sup> | 8/10/2049 | 7740302 | 72626 |
| DBWF Mortgage Trust Series 2015-LCM Class A1<sup>†</sup> | 2.998% |  | 6/10/2034 | 67413 | 65852 |
| DBWF Mortgage Trust Series 2015-LCM Class XA<sup>†(i)</sup> | 0.423% | <sup>#(j)</sup> | 6/10/2034 | 134827 | 297 |
| DBWF Mortgage Trust Series 2016-85T Class XA<sup>†(i)</sup> | 0.014% | <sup>#(j)</sup> | 12/10/2036 | 61529000 | 39807 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA3 Class M1A<sup>†</sup> | 6.622% <br> (30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 8/25/2042 | 331860 | 338122 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2023-HQA1 Class M1A<sup>†</sup> | 6.322% <br> (30 day USD SOFR Average + 2.00% |)<sup>#</sup> | 5/25/2043 | 988683 | 999044 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2 Class A1<sup>†</sup> | 5.572% <br> (30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 5/25/2044 | 2018627 | 2028869 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3 Class A1<sup>†</sup> | 5.372% <br> (30 day USD SOFR Average + 1.05% |)<sup>#</sup> | 10/25/2044 | 560000 | 560138 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3 Class M1<sup>†</sup> | 5.322% <br> (30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 10/25/2044 | 138781 | 138740 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1 Class M1<sup>†</sup> | 5.572% <br> (30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 3/25/2044 | 1348490 | 1351027 |

---

*See Notes to Financial Statements.* 177

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount** | **Fair <br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2 Class A1<sup>†</sup> | 5.572% <br> (30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 8/25/2044 | $323750 | $324893 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA1 Class A1<sup>†</sup> | 5.272% <br> (30 day USD SOFR Average + 0.95% |)<sup>#</sup> | 1/25/2045 | 288437 | 288139 |
| Federal National Mortgage Association Connecticut Avenue Securities Series 2024-R05 Class 2A1<sup>†</sup> | 5.322% <br> (30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 7/25/2044 | 953401 | 952093 |
| Federal National Mortgage Association Connecticut Avenue Securities Series 2025-R02 Class 1A1<sup>†</sup> | 5.321% <br> (30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 2/25/2045 | 414888 | 414644 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03 Class 1M2<sup>†</sup> | 5.972% <br> (30 day USD SOFR Average + 1.65% |)<sup>#</sup> | 12/25/2041 | 718227 | 722448 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R02 Class 1M1<sup>†</sup> | 6.622% <br> (30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 1/25/2043 | 675777 | 691492 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03 Class 2M1<sup>†</sup> | 5.471% <br> (30 day USD SOFR Average + 1.15% |)<sup>#</sup> | 3/25/2044 | 921134 | 922211 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04 Class 1A1<sup>†</sup> | 5.322% <br> (30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 5/25/2044 | 779953 | 779282 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06 Class 1A1<sup>†</sup> | 5.472% <br> (30 day USD SOFR Average + 1.15% |)<sup>#</sup> | 9/25/2044 | 629906 | 631377 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01 Class 1A1<sup>†</sup> | 5.271% <br> (30 day USD SOFR Average + 0.95% |)<sup>#</sup> | 1/25/2045 | 721792 | 720693 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01 Class 1M1<sup>†</sup> | 5.421% <br> (30 day USD SOFR Average + 1.10% |)<sup>#</sup> | 1/25/2045 | 1154592 | 1155948 |
| GS Mortgage Securities Corp. Trust Series 2021-ROSS Class A<sup>†</sup> | 5.744% <br> (1 mo. USD Term SOFR + 1.41% |)<sup>#</sup> | 5/15/2026 | 1000000 | 939994 |

---

178 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount** | **Fair <br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |
| GS Mortgage Securities Trust Series 2015-GS1 Class XA(i) | 0.705% | <sup>#(j)</sup> | 11/10/2048 | $849010 | $1843 |
| GS Mortgage Securities Trust Series 2019-GSA1 Class A4 | 3.048% |  | 11/10/2052 | 300000 | 280100 |
| Hudson Yards Mortgage Trust Series 2025-SPRL Class A<sup>†</sup> | 5.467% | <sup>#(j)</sup> | 1/13/2040 | 1730000 | 1766853 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class A<sup>†</sup> | 3.429% |  | 6/10/2027 | 5000000 | 1312500 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class XA<sup>†(i)</sup> | 0.376% | <sup>#(j)</sup> | 6/10/2027 | 2906000 | 1453 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class XB<sup>†(i)</sup> | 0.034% | <sup>#(j)</sup> | 6/10/2027 | 1292000 | 1 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP4 Class XA<sup>(i)</sup> | 0.567% | <sup>#(j)</sup> | 12/15/2049 | 3140422 | 17790 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2017-JP7 Class XA<sup>(i)</sup> | 1.018% | <sup>#(j)</sup> | 9/15/2050 | 5888370 | 95866 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2018-AON Class XA<sup>†(i)</sup> | 0.485% | <sup>#(j)</sup> | 7/5/2031 | 129394000 | 2873 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2018-AON Class XB<sup>†(i)</sup> | 0.154% | <sup>#(j)</sup> | 7/5/2031 | 50413000 | 418 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2018-WPT Class XBFX<sup>†(i)</sup> | 0.377% | <sup>#(j)</sup> | 7/5/2033 | 95152000 | 459070 |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C24 Class XA<sup>(i)</sup> | 0.709% | <sup>#(j)</sup> | 11/15/2047 | 331516 | 9 |
| JPMBB Commercial Mortgage Securities Trust Series 2015-C29 Class XA<sup>(i)</sup> | 0.482% | <sup>#(j)</sup> | 5/15/2048 | 143828 | 2 |
| KIND Commercial Mortgage Trust Series 2024-1 Class A<sup>†</sup> | 6.219% <br> (1 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 8/15/2041 | 670000 | 671997 |
| LBA Trust Series 2024-7IND Class A<sup>†</sup> | 5.772% <br> (1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 10/15/2041 | 550000 | 551109 |
| Lstar Commercial Mortgage Trust Class XB<sup>†(i)</sup> | 0.589% | <sup>#(j)</sup> | 3/10/2049 | 19753000 | 69447 |
| Lstar Commercial Mortgage Trust Series 2016-4 Class XA<sup>†(i)</sup> | 1.526% | <sup>#(j)</sup> | 3/10/2049 | 586930 | 1831 |
| LSTAR Commercial Mortgage Trust Series 2017-5 Class A3<sup>†</sup> | 4.50% |  | 3/10/2050 | 629497 | 626713 |
| Morgan Stanley BAML Trust Series 2025-5C1 Class A3 | 5.635% |  | 3/15/2058 | 1140000 | 1177593 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C23 Class XA<sup>(i)</sup> | 0.467% | <sup>#(j)</sup> | 7/15/2050 | 981732 | 15 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C27 Class A4 | 3.753% |  | 12/15/2047 | 320000 | 318118 |

---

*See Notes to Financial Statements.* 179

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | | **Maturity <br> Date** | **Principal <br> Amount** | **Fair <br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |  |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C31 Class XA<sup>(i)</sup> | 1.256% | <sup>#(j)</sup> | 11/15/2049 | $3687234 | $41092 |
| Morgan Stanley Capital I Trust Series 2016-UB11 Class XA<sup>(i)</sup> | 1.429% | <sup>#(j)</sup> | 8/15/2049 | 3246841 | 36066 |
| Morgan Stanley Capital I Trust Series 2024-NSTB Class A<sup>†</sup> | 3.90% | <sup>#(j)</sup> | 9/24/2057 | 1573580 | 1519056 |
| MSCG Trust Series 2015-ALDR Class A1<sup>†</sup> | 2.612% |  | 6/7/2035 | 5101 | 5096 |
| Residential Mortgage Loan Trust Series 2020-1 Class A1<sup>†</sup> | 2.376% | <sup>#(j)</sup> | 1/26/2060 | 9754 | 9654 |
| ROCK Trust Series 2024-CNTR Class A<sup>†</sup> | 5.388% |  | 11/13/2041 | 1480000 | 1500352 |
| Starwood Mortgage Residential Trust Series 2020-1 Class A1<sup>†</sup> | 2.275% | <sup>#(j)</sup> | 2/25/2050 | 17998 | 17156 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class A<sup>†</sup> | 5.772% <br> (1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 2/15/2042 | 910000 | 903584 |
| Towd Point Mortgage Trust Series 2019-HY1 Class M2<sup>†</sup> | 6.439% <br> (1 mo. USD Term SOFR + 2.11% |)<sup>#</sup> | 10/25/2048 | 900000 | 935883 |
| UBS Commercial Mortgage Trust Series 2019-C18 Class A4 | 3.035% |  | 12/15/2052 | 80000 | 73039 |
| Wells Fargo Commercial Mortgage Trust Series 2015-C29 Class XA<sup>(i)</sup> | 0.499% | <sup>#(j)</sup> | 6/15/2048 | 888066 | 13 |
| Wells Fargo Commercial Mortgage Trust Series 2015-C29 Class XB<sup>(i)</sup> | 0.016% | <sup>#(j)</sup> | 6/15/2048 | 58000000 | 435 |
| Wells Fargo Commercial Mortgage Trust Series 2015-SG1 Class A4 | 3.789% |  | 9/15/2048 | 231089 | 230268 |
| Wells Fargo Commercial Mortgage Trust Series 2016-BNK1 Class XA<sup>(i)</sup> | 1.704% | <sup>#(j)</sup> | 8/15/2049 | 1537345 | 21993 |
| Wells Fargo Commercial Mortgage Trust Series 2016-LC24 Class XB<sup>(i)</sup> | 0.973% | <sup>#(j)</sup> | 10/15/2049 | 7056835 | 77807 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C50 Class A5 | 3.729% |  | 5/15/2052 | 150000 | 143009 |
| Wells Fargo Commercial Mortgage Trust Series 2024-5C1 Class A3 | 5.928% |  | 7/15/2057 | 1080000 | 1121404 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C3 Class A3 | 6.096% |  | 1/15/2058 | 1600000 | 1681209 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C4 Class A3 | 5.673% |  | 5/15/2058 | 790000 | 817304 |
| WFRBS Commercial Mortgage Trust Series 2014-C21 Class XB<sup>(i)</sup> | 0.449% | <sup>#(j)</sup> | 8/15/2047 | 13391714 | 29128 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $55,004,497) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $55,004,497) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $55,004,497) |  |  | 52324504 |

---

180 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal <br> Amount** | **Fair <br> Value** |
| **U.S. TREASURY OBLIGATIONS 3.83%** |  |  |  |  |
| U.S. Treasury Inflation-Indexed Notes<sup>(l)</sup> | 0.125% | 4/15/2027 | $11326500 | $11084369 |
| U.S. Treasury Inflation-Indexed Notes<sup>(l)</sup> | 1.625% | 4/15/2030 | 16073920 | 16126163 |
| U.S. Treasury Notes | 4.125% | 2/28/2027 | 1880000 | 1885435 |
| *Total U.S. Treasury Obligations* (cost $29,150,757) | *Total U.S. Treasury Obligations* (cost $29,150,757) |  |  | 29095967 |
| *Total Long-Term Investments* (cost $772,533,222) |  |  |  | 771417147 |
| **SHORT-TERM INVESTMENTS 0.32%** |  |  |  |  |
| **REPURCHASE AGREEMENTS 0.32%** |  |  |  |  |
| Repurchase Agreement dated 5/30/2025, 4.000% due 6/2/2025 with Fixed Income Clearing Corp. collateralized by $1,611,800 of U.S. Treasury Note at 1.625% due 11/30/2026; value: $1,568,443; proceeds: $1,538,139 <br> (cost $1,537,627) |  |  | 1537627 | 1537627 |
| Repurchase Agreement dated 5/30/2025, 4.120% due 6/2/2025 with JPMorgan Securities LLC collateralized by $971,100 of U.S. Treasury Note at 0.875% due 9/30/2026; value: $932,653; proceeds: $914,314 <br> (cost $914,000) |  |  | 914000 | 914000 |
| *Total Repurchase Agreements* (cost $2,451,627) |  |  |  | 2451627 |
| *Total Investments in Securities 101.78%* (cost $774,984,849) |  |  |  | 773868774 |
| *Other Assets and Liabilities – Net*<sup>(m)</sup> *(1.78)%* |  |  |  | (13548056) |
| *Net Assets 100.00%* |  |  |  | $760320718 |

---

---

| | |
|:---|:---|
| CMT | Constant Maturity Rate. |
| ICE | Intercontinental Exchange. |
| IO | Interest Only. |
| LIBOR | London Interbank Offered Rate. |
| REITS | Real Estate Investment Trusts. |
| REMICS | Real Estate Mortgage Investment Conduits. |
| SOFR | Secured Overnight Financing Rate. |
| STACR | Structured Agency Credit Risk. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At May 31, 2025, the total value of Rule 144A securities was $416,492,591, which represents 54.78% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at May 31, 2025. |
| <sup>(a)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security fair valued by the Pricing Committee. |
| <sup>(b)</sup> | Securities purchased on a when-issued basis (See Note 2(l)). |
| <sup>(c)</sup> | Interest Rate to be determined. |
| <sup>(d)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(e)</sup> | Step Bond – Security with a predetermined schedule of interest rate changes. |
| <sup>(f)</sup> | Defaulted (non-income producing security). |
| <sup>(g)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |

---

*See Notes to Financial Statements.* 181

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

<sup>(h)</sup> Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the SOFR or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at May 31, 2025.

<sup>(i)</sup> Interest-only security. The principal amount shown is a notional amount representing the outstanding principal of the underlying debt obligation(s). Holders of interest only securities do not receive principal payments on the underlying debt obligation(s).

<sup>(j)</sup> Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool.

<sup>(k)</sup> To-be-announced ("TBA"). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned.

<sup>(l)</sup> Treasury Inflation Protected Security. A U.S. Treasury Note or Bond that offers protection from inflation by paying a fixed rate of interest on a principal amount that is adjusted for inflation based on the Consumer Price Index.

<sup>(m)</sup> Other Assets and Liabilities - Net include net unrealized appreciation/(depreciation) on futures contracts and swap contracts as follows:

**Centrally Cleared Credit Default Swap Contracts on Indexes/Issuers – Sell Protection at May 31, 2025**<sup>(1)</sup>**:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br> Indexes/Issuers** | **Central<br> Clearing<br> Party** | **Fund<br> Receives<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments**<br> **Upfront**<sup>(2)</sup> | **Unrealized<br>Appreciation/<br>(Depreciation)**<sup>(3)</sup> | **Value** |
| CDX.NA.IG.S41<sup>(4)</sup> | Bank of America | 1.00% | 12/20/2028 | $6540000 | $43165 | $91268 | $134433 |
| CDX.NA.IG.S42<sup>(4)</sup> | Bank of America | 1.00% | 6/20/2029 | 7718000 | 136094 | 24684 | 160778 |
| *Total* |  |  |  |  | $179259 | $115952 | $295211 |

---

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap contracts agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap contracts and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap contracts less the recovery value of the referenced obligation or underlying securities.

<sup>(2)</sup> Upfront payments paid (received) by Central Clearing Party are presented net of amortization.

<sup>(3)</sup> Total unrealized appreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $115,952. Total unrealized depreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $0.

<sup>(4)</sup> Central Clearinghouse: Intercontinental Exchange (ICE).

**Centrally Cleared Interest Rate Swap Contracts at May 31, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Central<br> Clearingparty** | **Periodic<br> Payments<br> to be Made<br> By The Fund<br> (Quarterly)** | **Periodic<br> Payments<br> to be Received<br> By The Fund<br> (Quarterly)** | **Termination<br> Date** | **Notional <br> Amount** | **Payments**<br> **Upfront**<sup>(1)</sup> | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Value** |
| Bank of America<sup>(2)</sup> | 0.173% | 3-Month USD SOFR Index | 10/21/2025 | $165637 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $2682 | $2682 |
| **Central<br> Clearingparty** | **Periodic<br> Payments<br> to be Made<br> By The Fund<br> (Quarterly)** | **Periodic<br> Payments<br> to be Received<br> By The Fund<br> (Quarterly)** | **Termination<br> Date** | **Notional <br> Amount** | **Payments**<br> **Upfront**<sup>(1)</sup> | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Value** |
| Bank of America<sup>(2)</sup> | 3-Month USD Fed Funds Index | 0.184% | 10/21/2025 | $165637 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $(2674) | $(2674) |

---

---

| | |
|:---|:---|
| SOFR | Secured Overnight Financing Rate. |
| CPI | Consumer Price Index: Rate fluctuates based on CPI. |
| NSA | Non-seasonally adjusted. |
| <sup>(1)</sup> | Upfront payments paid (received) by Central Clearing Party are presented net of amortization. |
| <sup>(2)</sup> | Central clearinghouse: Chicago Mercantile Exchange (CME). |

---

182 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

**Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at May 31, 2025:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Payments to be<br> Made By<br> The Fund at<br> Termination Date** | **Payments to be<br> Received By<br> The Fund at<br> Termination Date** | **Termination<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Appreciation** |
| Bank of America | 1.976% | CPI Urban Consumer NSA | 12/2/2028 | $10000000 | $1562450 |
| Bank of America | 1.990% | CPI Urban Consumer NSA | 7/18/2025 | 85000000 | 329583<sup>(1)</sup> |
| Bank of America | 2.107% | CPI Urban Consumer NSA | 2/21/2031 | 5000000 | 712863 |
| Bank of America | 2.113% | CPI Urban Consumer NSA | 12/29/2027 | 5000000 | 718622 |
| Bank of America | 2.269% | CPI Urban Consumer NSA | 10/30/2030 | 10000000 | 1196048 |
| Bank of America | 2.285% | CPI Urban Consumer NSA | 5/31/2028 | 10000000 | 1196990 |
| Bank of America | 2.310% | CPI Urban Consumer NSA | 6/1/2028 | 10000000 | 1171557 |
| Bank of America | 2.341% | CPI Urban Consumer NSA | 8/27/2028 | 10000000 | 1106965 |
| Bank of America | 2.345% | CPI Urban Consumer NSA | 8/14/2028 | 10000000 | 1102492 |
| Bank of America | 2.353% | CPI Urban Consumer NSA | 6/6/2028 | 10000000 | 1123295 |
| Bank of America | 2.370% | CPI Urban Consumer NSA | 4/18/2030 | 25000000 | 2657328 |
| Bank of America | 2.375% | CPI Urban Consumer NSA | 8/9/2028 | 10000000 | 1070168 |
| Bank of America | 2.380% | CPI Urban Consumer NSA | 7/6/2028 | 10000000 | 1082209 |
| Bank of America | 2.384% | CPI Urban Consumer NSA | 10/1/2028 | 10000000 | 1072131 |
| Bank of America | 2.390% | CPI Urban Consumer NSA | 8/3/2028 | 10000000 | 1053227 |
| Bank of America | 2.393% | CPI Urban Consumer NSA | 5/11/2028 | 10000000 | 1064173 |
| Bank of America | 2.396% | CPI Urban Consumer NSA | 10/9/2028 | 10000000 | 1061336 |
| Bank of America | 2.408% | CPI Urban Consumer NSA | 5/21/2028 | 5000000 | 528157 |
| Bank of America | 2.409% | CPI Urban Consumer NSA | 12/24/2029 | 15000000 | 140865 |
| Bank of America | 2.439% | CPI Urban Consumer NSA | 12/10/2034 | 8000000 | 55258 |
| Bank of America | 2.493% | CPI Urban Consumer NSA | 6/28/2030 | 25000000 | 2417746 |
| Bank of America | 2.495% | CPI Urban Consumer NSA | 5/8/2026 | 45000000 | 343384 |
| Bank of America | 2.510% | CPI Urban Consumer NSA | 6/30/2030 | 20000000 | 1892691 |
| Bank of America | 2.602% | CPI Urban Consumer NSA | 2/4/2028 | 25000000 | 101724 |
| Bank of America | 2.605% | CPI Urban Consumer NSA | 9/19/2028 | 60000000 | 319649 |
| Bank of America | 2.638% | CPI Urban Consumer NSA | 11/15/2051 | 19000000 | 94228<sup>(2)</sup> |
| Bank of America | 2.850% | CPI Urban Consumer NSA | 10/28/2027 | 30000000 | 88376 |
| Bank of America | 3.150% | CPI Urban Consumer NSA | 3/2/2027 | 60000000 | 1733205 |
| *Total* |  |  |  |  | $26996720 |

---

**Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at May 31, 2025:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Payments to be<br> Made By<br> The Fund at<br> Termination Date** | **Payments to be<br> Received By<br> The Fund at<br> Termination Date** | **Termination<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Depreciation** |
| Bank of America | 2.446% | CPI Urban Consumer NSA | 5/29/2045 | $5700000 | $(235) |
| Bank of America | 2.474% | CPI Urban Consumer NSA | 7/26/2044 | 8200000 | (24872) |
| Bank of America | 2.665% | CPI Urban Consumer NSA | 3/9/2052 | 22000000 | (325355)<sup>(3)</sup> |
| Bank of America | 2.692% | CPI Urban Consumer NSA | 4/4/2028 | 20000000 | (46464) |
| Bank of America | 2.864% | CPI Urban Consumer NSA | 3/22/2032 | 8000000 | (589876)<sup>(4)</sup> |
| Bank of America | 2.870% | CPI Urban Consumer NSA | 4/4/2027 | 20000000 | (47573) |
| *Total* |  |  |  |  | $(1034375) |

---

---

| | |
|:---|:---|
| NSA | Non-seasonally adjusted. |
| <sup>(1)</sup> | Unrealized appreciation on Centrally Cleared CPI Swap Contract is $333,572, which includes upfront payment of $(3989). Upfront payments paid (received) by Central Clearing Party are presented net of amortization. |
| <sup>(2)</sup> | Unrealized appreciation on Centrally Cleared CPI Swap Contract is $67,877, which includes upfront payment of $26,350. Upfront payments paid (received) by Central Clearing Party are presented net of amortization. |

---

*See Notes to Financial Statements.* 183

**Schedule of Investments (unaudited)(continued)**

INFLATION FOCUSED FUND *May 31, 2025*

<sup>(3)</sup> Unrealized depreciation on Centrally Cleared CPI Swap Contract is $(925628), which includes upfront payment of $600,273. Upfront payments paid (received) by Central Clearing Party are presented net of amortization.

<sup>(4)</sup> Unrealized depreciation on Centrally Cleared CPI Swap Contract is $(133657), which includes upfront payment of $(456219). Upfront payments paid (received) by Central Clearing Party are presented net of amortization.

**Consumer Price Index ("CPI") OTC Swap Contracts at May 31, 2025:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Payments to be<br> Made By<br> The Fund at<br> Termination Date** | **Payments to be<br> Received By<br> The Fund at<br> Termination Date** | **Termination<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Appreciation** |
| Bank of America | 1.676% | CPI Urban Consumer NSA | 8/4/2026 | $15000000 | $2892968 |
| Bank of America | 2.213% | CPI Urban Consumer NSA | 10/25/2032 | 5000000 | 675567 |
| Bank of America | 2.298% | CPI Urban Consumer NSA | 4/5/2029 | 5000000 | 585135 |
| Bank of America | 2.301% | CPI Urban Consumer NSA | 3/28/2029 | 5000000 | 584215 |
| Bank of America | 2.348% | CPI Urban Consumer NSA | 3/10/2032 | 5000000 | 541717 |
| Bank of America | 2.398% | CPI Urban Consumer NSA | 2/12/2033 | 5000000 | 501821 |
| Barclays Bank PLC | 2.128% | CPI Urban Consumer NSA | 6/22/2025 | 10000000 | 1208252 |
| Barclays Bank PLC | 2.410% | CPI Urban Consumer NSA | 2/1/2032 | 10000000 | 1002786 |
| Deutsche Bank AG | 2.465% | CPI Urban Consumer NSA | 11/30/2031 | 5000000 | 118532 |
| Deutsche Bank AG | 2.505% | CPI Urban Consumer NSA | 12/7/2031 | 5000000 | 70924 |
| Deutsche Bank AG | 2.518% | CPI Urban Consumer NSA | 4/17/2026 | 15000000 | 751904 |
| *Total* |  |  |  |  | $8933821 |

---

**Consumer Price Index ("CPI") OTC Swap Contracts at May 31, 2025:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Payments to be<br> Made By<br> The Fund at<br> Termination Date** | **Payments to be<br> Received By<br> The Fund at<br> Termination Date** | **Termination<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Depreciation** |
| Bank of America | CPI Urban Consumer NSA | 1.645% | 10/1/2025 | $15000000 | $(2646978) |
| Bank of America | CPI Urban Consumer NSA | 1.813% | 3/31/2026 | 5000000 | (892415) |
| Deutsche Bank AG | 3.010% | CPI Urban Consumer NSA | 2/15/2033 | 15000000 | (1521970) |
| Deutsche Bank AG | 2.750% | CPI Urban Consumer NSA | 3/30/2032 | 6000000 | (265757) |
| *Total* |  |  |  |  | $(5327120) |

---

CPI Consumer Price Index: Rate fluctuates based on CPI. <br> NSA Non-seasonally adjusted.

**Futures Contracts at May 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| U.S. 2-Year Treasury Note | September 2025 | 978 | Long | $202647216 | $202873875 | $226659 |
| U.S. 5-Year Treasury Note | September 2025 | 1364 | Long | 147017802 | 147567750 | 549948 |
| *Total Unrealized Appreciation on Futures Contracts* |  |  |  |  |  | $776607 |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Depreciation** |
| U.S. 10-Year Ultra Treasury Note | September 2025 | 39 | Short | $(4351068) | $(4389328) | $(38260) |

---

184 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(concluded)**

INFLATION FOCUSED FUND *May 31, 2025*

The following is a summary of the inputs used as of May 31, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Card | $– | $2769708 | $1602240 | $4371948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 150571411 |  | 150571411 |
| &nbsp;&nbsp;&nbsp;Convertible Bonds |  | 734772 |  | 734772 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil & Gas |  | 60747983 | 5 | 60747988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 402392330 |  | 402392330 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  | 25142561 |  | 25142561 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 9860547 |  | 9860547 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Collateralized Mortgage Obligations |  | 140437 |  | 140437 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 36034682 |  | 36034682 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 52324504 |  | 52324504 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 29095967 |  | 29095967 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 2451627 | – | 2451627 |
| Total | $– | $772266529 | $1602245 | $773868774 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Credit Default Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $295211 | $– | $295211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 2682 |  | 2682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (2674) |  | (2674) |
| &nbsp;&nbsp;&nbsp;Centrally Cleared CPI Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 26996720 |  | 26996720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (1034375) |  | (1034375) |
| &nbsp;&nbsp;&nbsp;OTC CPI Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 8933821 |  | 8933821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (5327120) |  | (5327120) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 776607 |  |  | 776607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (38260) | – | – | (38260) |
| Total | $738347 | $29864265 | $– | $30602612 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund's net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund's net assets at the beginning or end of the period.

*See Notes to Financial Statements.* 185

**Schedule of Investments (unaudited)**

SHORT DURATION CORE BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal <br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 100.17%** |  |  |  |  |  |
| **ASSET-BACKED SECURITIES 20.14%** |  |  |  |  |  |
| **Automobiles 11.96%** |  |  |  |  |  |
| Ally Bank Auto Credit-Linked Notes Series 2024-A Class B<sup>†</sup> | 5.827% |  | 5/17/2032 | $1383013 | $1398885 |
| AmeriCredit Automobile Receivables Trust Series 2023-2 Class A3 | 5.81% |  | 5/18/2028 | 1892000 | 1907821 |
| Bayview Opportunity Master Fund VII LLC Series 2024-CAR1 Class C<sup>†</sup> | 5.822%<br> (30 day USD SOFR Average + 1.50% |)<sup>#</sup> | 12/26/2031 | 642209 | 645073 |
| CarMax Auto Owner Trust Series 2023-1 Class B | 4.98% |  | 1/16/2029 | 1265000 | 1271778 |
| CarMax Auto Owner Trust Series 2023-2 Class B | 5.18% |  | 11/15/2028 | 850000 | 857757 |
| CarMax Auto Owner Trust Series 2024-2 Class A3 | 5.50% |  | 1/16/2029 | 1175000 | 1191158 |
| Carvana Auto Receivables Trust Series 2024-P2 Class A2 | 5.63% |  | 11/10/2027 | 462576 | 463577 |
| Chase Auto Owner Trust Series 2024-1A Class A3<sup>†</sup> | 5.13% |  | 5/25/2029 | 1260000 | 1269642 |
| Citizens Auto Receivables Trust Series 2023-1 Class A3<sup>†</sup> | 5.84% |  | 1/18/2028 | 1007902 | 1014381 |
| Citizens Auto Receivables Trust Series 2023-1 Class A4<sup>†</sup> | 5.78% |  | 10/15/2030 | 1200000 | 1219207 |
| Citizens Auto Receivables Trust Series 2023-2 Class A3<sup>†</sup> | 5.83% |  | 2/15/2028 | 2325000 | 2342074 |
| Citizens Auto Receivables Trust Series 2023-2 Class A4<sup>†</sup> | 5.74% |  | 10/15/2030 | 1040000 | 1057045 |
| Credit Acceptance Auto Loan Trust Series 2023-1A Class A<sup>†</sup> | 6.48% |  | 3/15/2033 | 1318142 | 1325151 |
| Exeter Automobile Receivables Trust Series 2023-1A Class D | 6.69% |  | 6/15/2029 | 1270000 | 1291979 |
| Exeter Automobile Receivables Trust Series 2023-3A Class C | 6.21% |  | 6/15/2028 | 1411000 | 1421455 |
| Exeter Automobile Receivables Trust Series 2024-2A Class C | 5.74% |  | 5/15/2029 | 1530000 | 1546652 |
| Exeter Automobile Receivables Trust Series 2024-3A Class B | 5.57% |  | 9/15/2028 | 1805000 | 1816660 |
| Flagship Credit Auto Trust Series 2022-3 Class A3<sup>†</sup> | 4.55% |  | 4/15/2027 | 112654 | 112648 |
| Flagship Credit Auto Trust Series 2022-4 Class A3<sup>†</sup> | 6.32% |  | 6/15/2027 | 181971 | 182208 |
| Flagship Credit Auto Trust Series 2023-1 Class A3<sup>†</sup> | 5.01% |  | 8/16/2027 | 556064 | 556202 |
| Ford Credit Auto Lease Trust Series 2024-A Class B | 5.29% |  | 6/15/2027 | 1105000 | 1109983 |
| Ford Credit Auto Lease Trust Series 2025-A Class A3 | 4.72% |  | 6/15/2028 | 865000 | 869867 |
| Ford Credit Auto Owner Trust Series 2022-D Class C | 6.46% |  | 5/15/2030 | 2260000 | 2306179 |

---

<br> 186 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION CORE BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal <br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |
| GLS Auto Receivables Issuer Trust Series 2023-3A Class A2<sup>†</sup> | 6.04% | 3/15/2027 | $29673 | $29688 |
| GM Financial Automobile Leasing Trust Series 2023-1 Class B | 5.51% | 1/20/2027 | 720000 | 720801 |
| GM Financial Automobile Leasing Trust Series 2023-2 Class B | 5.54% | 5/20/2027 | 1010000 | 1012417 |
| Gm Financial Automobile Leasing Trust Series 2025-2 Class A3 | 4.58% | 5/22/2028 | 1865000 | 1873558 |
| Hertz Vehicle Financing III LP Series 2021-2A Class A<sup>†</sup> | 1.68% | 12/27/2027 | 620000 | 593230 |
| Honda Auto Receivables Owner Trust Series 2024-2 Class A3 | 5.27% | 11/20/2028 | 1420000 | 1435490 |
| LAD Auto Receivables Trust Series 2023-4A Class A4<sup>†</sup> | 6.24% | 6/15/2028 | 1625000 | 1646115 |
| LAD Auto Receivables Trust Series 2024-2A Class A3<sup>†</sup> | 5.61% | 8/15/2028 | 1005000 | 1011215 |
| LAD Auto Receivables Trust Series 2024-3A Class A4<sup>†</sup> | 4.60% | 12/17/2029 | 1195000 | 1198553 |
| LAD Auto Receivables Trust Series 2025-1A Class B<sup>†</sup> | 5.05% | 5/15/2030 | 1510000 | 1525201 |
| M&T Bank Auto Receivables Trust Series 2024-1A Class A3<sup>†</sup> | 5.22% | 2/17/2032 | 2804000 | 2834375 |
| Mercedes-Benz Auto Lease Trust Series 2024-A Class A4 | 5.32% | 2/15/2030 | 2380000 | 2418263 |
| Mercedes-Benz Auto Receivables Trust Series 2023-2 Class A4 | 6.01% | 1/15/2031 | 1500000 | 1556041 |
| Mercedes-Benz Auto Receivables Trust Series 2025-1 Class A3 | 4.78% | 12/17/2029 | 850000 | 858447 |
| Merchants Fleet Funding LLC Series 2024-1A Class A<sup>†</sup> | 5.82% | 4/20/2037 | 1176091 | 1183622 |
| Navistar Financial Dealer Note Master Owner Trust Series 2024-1 Class A<sup>†</sup> | 5.59% | 4/25/2029 | 1155000 | 1164127 |
| NextGear Floorplan Master Owner Trust Series 2025-1A Class A<sup>†</sup> | 4.55% | 2/15/2030 | 1520000 | 1521022 |
| Octane Receivables Trust Series 2022-2A Class A<sup>†</sup> | 5.11% | 2/22/2028 | 38271 | 38283 |
| Octane Receivables Trust Series 2022-2A Class B<sup>†</sup> | 5.85% | 7/20/2028 | 1036000 | 1039650 |
| Octane Receivables Trust Series 2023-1A Class C<sup>†</sup> | 6.37% | 9/20/2029 | 1330000 | 1347094 |
| Octane Receivables Trust Series 2023-3A Class A2<sup>†</sup> | 6.44% | 3/20/2029 | 569427 | 573481 |
| Octane Receivables Trust Series 2024-3A Class A2<sup>†</sup> | 4.94% | 5/20/2030 | 1946000 | 1948416 |
| OneMain Direct Auto Receivables Trust Series 2019-1A Class A<sup>†</sup> | 3.63% | 9/14/2027 | 116887 | 116407 |

---

<br> *See Notes to Financial Statements.* 187

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION CORE BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal <br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |  |
| OneMain Direct Auto Receivables Trust Series 2019-1A Class C<sup>†</sup> | 4.19% |  | 11/14/2028 | $753000 | $748060 |
| OneMain Direct Auto Receivables Trust Series 2021-1A Class B<sup>†</sup> | 1.26% |  | 7/14/2028 | 317000 | 310811 |
| PenFed Auto Receivables Owner Trust Series 2022-A Class B<sup>†</sup> | 4.60% |  | 12/15/2028 | 974000 | 972611 |
| Santander Bank Auto Credit-Linked Notes Series 2024-A Class A2<sup>†</sup> | 5.605% |  | 6/15/2032 | 1241717 | 1258343 |
| Santander Drive Auto Receivables Trust Series 2023-1 Class C | 5.09% |  | 5/15/2030 | 1800000 | 1808999 |
| Santander Drive Auto Receivables Trust Series 2023-5 Class B | 6.16% |  | 12/17/2029 | 1855000 | 1889027 |
| Santander Drive Auto Receivables Trust Series 2024-1 Class C | 5.45% |  | 3/15/2030 | 1240000 | 1249167 |
| Santander Drive Auto Receivables Trust Series 2024-2 Class B | 5.78% |  | 7/16/2029 | 1680000 | 1703363 |
| SBNA Auto Lease Trust Series 2025-A Class A3<sup>†</sup> | 4.83% |  | 4/20/2028 | 965000 | 968098 |
| Toyota Lease Owner Trust Series 2025-A Class A3<sup>†</sup> | 4.75% |  | 2/22/2028 | 1610000 | 1620926 |
| Westlake Automobile Receivables Trust Series 2023-1A Class A3<sup>†</sup> | 5.21% |  | 1/18/2028 | 41544 | 41555 |
| Westlake Automobile Receivables Trust Series 2024-1A Class C<sup>†</sup> | 5.65% |  | 2/15/2029 | 1400000 | 1411191 |
| Westlake Automobile Receivables Trust Series 2024-2A Class B<sup>†</sup> | 5.62% |  | 3/15/2030 | 1125000 | 1134311 |
| World Omni Auto Receivables Trust Series 2023-D Class A3 | 5.79% |  | 2/15/2029 | 1828000 | 1849008 |
| *Total* |  |  |  |  | 71788348 |
| **Credit Card 0.73%** |  |  |  |  |  |
| Capital One Multi-Asset Execution Trust Series 2005-B3 Class B3 | 5.068%<br> (3 mo. USD Term SOFR + 0.81% |)<sup>#</sup> | 5/15/2028 | 1555000 | 1554617 |
| First National Master Note Trust Series 2024-1 Class A | 5.34% |  | 5/15/2030 | 1865000 | 1899254 |
| First National Master Notes Trust Series 2025-1 Class A | 4.85% |  | 2/15/2030 | 910000 | 922675 |
| *Total* |  |  |  |  | 4376546 |
| **Other 7.43%** |  |  |  |  |  |
| 1988 CLO 5 Ltd. Series 2024-5A Class A1<sup>†</sup> | 5.796%<br> (3 mo. USD Term SOFR + 1.54% |)<sup>#</sup> | 7/15/2037 | 600000 | 601984 |
| 522 Funding CLO Ltd. Series 2020-6A Class A1R2<sup>†</sup> | 5.479%<br> (3 mo. USD Term SOFR + 1.20% |)<sup>#</sup> | 10/23/2034 | 2170000 | 2166875 |

---

<br> 188 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION CORE BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal <br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Affirm Asset Securitization Trust Series 2024-A Class 1A<sup>†</sup> | 5.61% |  | 2/15/2029 | $840000 | $843706 |
| Affirm Asset Securitization Trust Series 2024-A Class A<sup>†</sup> | 5.61% |  | 2/15/2029 | 345000 | 346238 |
| Affirm Asset Securitization Trust Series 2024-X1 Class B<sup>†</sup> | 6.34% |  | 5/15/2029 | 1890000 | 1895423 |
| Affirm Master Trust Series 2025-1A Class A<sup>†</sup> | 4.99% |  | 2/15/2033 | 1050000 | 1052938 |
| AGL CLO 14 Ltd. Series 2021-14A Class AR<sup>†</sup> | 5.40%<br> (3 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 12/2/2034 | 1500000 | 1497873 |
| AMMC CLO 23 Ltd. Series 2020-23A Class A1R2<sup>†</sup> | 5.70%<br> (3 mo. USD Term SOFR + 1.42% |)<sup>#</sup> | 4/17/2035 | 1500000 | 1501449 |
| Amur Equipment Finance Receivables XIII LLC Series 2024-1A Class A2<sup>†</sup> | 5.38% |  | 1/21/2031 | 1351563 | 1362576 |
| Ballyrock CLO Ltd. Series 2019-2A Class A1RR<sup>†</sup> | 5.722%<br> (3 mo. USD Term SOFR + 1.40% |)<sup>#</sup> | 2/20/2036 | 1000000 | 1000324 |
| Benefit Street Partners CLO IV Ltd. Series 2014-IVA Class AR4<sup>†</sup> | 5.62%<br> (3 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 4/20/2034 | 1500000 | 1504321 |
| BSPRT Issuer Ltd. Series 2021-FL7 Class A<sup>†</sup> | 5.763%<br> (1 mo. USD Term SOFR + 1.43% |)<sup>#</sup> | 12/15/2038 | 122550 | 122664 |
| Canyon Capital CLO Ltd. Series 2019-2A Class BR2<sup>†</sup> | 5.756%<br> (3 mo. USD Term SOFR + 1.50% |)<sup>#</sup> | 10/15/2034 | 1250000 | 1246089 |
| Carlyle Global Market Strategies CLO Ltd. Series 2014-2RA Class A1<sup>†</sup> | 5.638%<br> (3 mo. USD Term SOFR + 1.31% |)<sup>#</sup> | 5/15/2031 | 151536 | 151713 |
| Carlyle Global Market Strategies CLO Ltd. Series 2015-4A Class A1JR<sup>†</sup> | 5.82%<br> (3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 7/20/2032 | 1500000 | 1500825 |
| Carlyle U.S. CLO Ltd. Series 2019-1A Class A1AR<sup>†</sup> | 5.611%<br> (3 mo. USD Term SOFR + 1.34% |)<sup>#</sup> | 4/20/2031 | 1551637 | 1553254 |
| CIFC Funding Ltd. Series 2013-2A Class A1L2<sup>†</sup> | 5.531%<br> (3 mo. USD Term SOFR + 1.26% |)<sup>#</sup> | 10/18/2030 | 505801 | 506307 |
| Dell Equipment Finance Trust Series 2025-1 Class D<sup>†</sup> | 5.64% |  | 8/22/2031 | 875000 | 885144 |
| Dryden 104 CLO Ltd. Series 2022-104A Class A1R<sup>†</sup> | 5.612%<br> (3 mo. USD Term SOFR + 1.29% |)<sup>#</sup> | 8/20/2034 | 2040000 | 2041006 |
| Dryden 43 Senior Loan Fund Series 2016-43A Class AR3<sup>†</sup> | 5.34%<br> (3 mo. USD Term SOFR + 1.07% |)<sup>#</sup> | 4/20/2034 | 1270000 | 1266017 |
| Dryden 45 Senior Loan Fund Series 2016-45A Class BRR<sup>†</sup> | 5.906%<br> (3 mo. USD Term SOFR + 1.65% |)<sup>#</sup> | 10/15/2030 | 370000 | 370332 |

---

<br> *See Notes to Financial Statements.* 189

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION CORE BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal <br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Dryden 53 CLO Ltd. Series 2017-53A Class A<sup>†</sup> | 5.638%<br> (3 mo. USD Term SOFR + 1.38% |)<sup>#</sup> | 1/15/2031 | $246914 | $247123 |
| Dryden XXVI Senior Loan Fund Series 2013-26A Class AR<sup>†</sup> | 5.418%<br> (3 mo. USD Term SOFR + 1.16% |)<sup>#</sup> | 4/15/2029 | 81421 | 81443 |
| Elmwood CLO X Ltd. Series 2021-3A Class A1R<sup>†</sup> | 5.54%<br> (3 mo. USD Term SOFR + 1.27% |)<sup>#</sup> | 4/20/2034 | 1500000 | 1501066 |
| Greystone CRE Notes Ltd. Series 2021-FL3 Class A<sup>†</sup> | 5.463%<br> (1 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 7/15/2039 | 279409 | 279430 |
| HGI CRE CLO Ltd. Series 2021-FL1 Class A<sup>†</sup> | 5.493%<br> (1 mo. USD Term SOFR + 1.16% |)<sup>#</sup> | 6/16/2036 | 81624 | 81394 |
| HPEFS Equipment Trust Series 2023-2A Class D<sup>†</sup> | 6.97% |  | 7/21/2031 | 1035000 | 1051843 |
| LoanCore Issuer Ltd. Series 2022-CRE7 Class A<sup>†</sup> | 5.88%<br> (30 day USD SOFR Average + 1.55% |)<sup>#</sup> | 1/17/2037 | 484477 | 485053 |
| Navesink CLO 1 Ltd. Series 2023-1A A1R<sup>†</sup> | 5.962%<br> (3 mo. USD Term SOFR + 1.68% |)<sup>#</sup> | 7/25/2033 | 750000 | 751897 |
| Newark BSL CLO 1 Ltd. Series 2016-1A Class A1R<sup>†</sup> | 5.644%<br> (3 mo. USD Term SOFR + 1.36% |)<sup>#</sup> | 12/21/2029 | 72613 | 72683 |
| OCP CLO Ltd. Series 2014-5A Class A1R<sup>†</sup> | 5.624%<br> (3 mo. USD Term SOFR + 1.34% |)<sup>#</sup> | 4/26/2031 | 93847 | 93925 |
| OCP CLO Ltd. Series 2016-11A Class A1R2<sup>†</sup> | 5.703%<br> (3 mo. USD Term SOFR + 1.42% |)<sup>#</sup> | 4/26/2036 | 1000000 | 1000651 |
| Octagon Loan Funding Ltd. Series 2014-1A Class ARR<sup>†</sup> | 5.766%<br> (3 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 11/18/2031 | 614521 | 615294 |
| PEAC Solutions Receivables LLC Series 2024-2A Class A2<sup>†</sup> | 4.74% |  | 4/20/2027 | 919122 | 918910 |
| PEAC Solutions Receivables LLC Series 2025-1A Class A2<sup>†</sup> | 4.94% |  | 10/20/2028 | 1790000 | 1793727 |
| Post CLO Ltd. Series 2021-1A Class BR<sup>†</sup> | 5.856%<br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 10/15/2034 | 1250000 | 1250614 |
| Post Road Equipment Finance LLC Series 2025-1A Class A2<sup>†</sup> | 4.90% |  | 5/15/2031 | 1130000 | 1134450 |
| Post Road Equipment Finance Series 2022-1A Class A2<sup>†</sup> | 4.88% |  | 11/15/2028 | 71029 | 71028 |
| Rad CLO 7 Ltd. Series 2020-7A Class A1R<sup>†</sup> | 5.63%<br> (3 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 4/17/2036 | 1500000 | 1502250 |
| Romark CLO Ltd. Series 2017-1A Class A1R<sup>†</sup> | 5.571%<br> (3 mo. USD Term SOFR + 1.29% |)<sup>#</sup> | 10/23/2030 | 271866 | 272054 |
| RR 26 Ltd. Series 2023-26A Class A1R<sup>†</sup> | 5.376%<br> (3 mo. USD Term SOFR + 1.12% |)<sup>#</sup> | 4/15/2038 | 1500000 | 1494975 |

---

<br> 190 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION CORE BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal <br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| RR 8 Ltd. Series 2020-8A Class A1R<sup>†</sup> | 5.606%<br> (3 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 7/15/2037 | $1250000 | $1250770 |
| SCF Equipment Leasing LLC Series 2024-1A Class A3<sup>†</sup> | 5.52% |  | 1/20/2032 | 1700000 | 1742944 |
| Sycamore Tree CLO Ltd. Series 2024-5A Class A1<sup>†</sup> | 5.69%<br> (3 mo. USD Term SOFR + 1.42% |)<sup>#</sup> | 4/20/2036 | 1030000 | 1030649 |
| U.S. Bank NA Series 2025-SUP1 Class B<sup>†</sup> | 5.582% |  | 2/25/2032 | 518271 | 518355 |
| Verdant Receivables LLC Series 2024-1A Class A2<sup>†</sup> | 5.68% |  | 12/12/2031 | 1372175 | 1392142 |
| Verdant Receivables LLC Series 2025-1A Class A2<sup>†</sup> | 4.85% |  | 3/13/2028 | 545000 | 545598 |
| *Total* |  |  |  |  | 44597326 |
| **Student Loan 0.02%** |  |  |  |  |  |
| Navient Private Education Refi Loan Trust Series 2022-A Class A<sup>†</sup> | 2.23% |  | 7/15/2070 | 124372 | 111402 |
| *Total Asset-Backed Securities* (cost $120,531,625) |  |  |  |  | 120873622 |
| **CORPORATE BONDS 47.07%** |  |  |  |  |  |
| **Aerospace/Defense 1.39%** |  |  |  |  |  |
| Boeing Co. | 2.196% |  | 2/4/2026 | 1699000 | 1669229 |
| Boeing Co. | 5.04% |  | 5/1/2027 | 1018000 | 1024483 |
| Boeing Co. | 6.259% |  | 5/1/2027 | 1495000 | 1537254 |
| Boeing Co. | 6.298% |  | 5/1/2029 | 711000 | 748035 |
| HEICO Corp. | 5.25% |  | 8/1/2028 | 188000 | 192076 |
| L3Harris Technologies, Inc. | 4.40% |  | 6/15/2028 | 130000 | 129504 |
| Rolls-Royce PLC (United Kingdom)<sup>†(a)</sup> | 3.625% |  | 10/14/2025 | 1547000 | 1539230 |
| Rolls-Royce PLC (United Kingdom)<sup>†(a)</sup> | 5.75% |  | 10/15/2027 | 1481000 | 1515079 |
| *Total* |  |  |  |  | 8354890 |
| **Agriculture 1.84%** |  |  |  |  |  |
| Altria Group, Inc. | 4.875% |  | 2/4/2028 | 200000 | 201904 |
| Altria Group, Inc. | 6.20% |  | 11/1/2028 | 1300000 | 1366630 |
| BAT International Finance PLC (United Kingdom)<sup>(a)</sup> | 5.931% |  | 2/2/2029 | 348000 | 363572 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(a)</sup> | 3.50% |  | 7/26/2026 | 1302000 | 1283298 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(a)</sup> | 6.125% |  | 7/27/2027 | 2326000 | 2387016 |
| Japan Tobacco, Inc. (Japan)<sup>†(a)</sup> | 4.85% |  | 5/15/2028 | 957000 | 966181 |
| Japan Tobacco, Inc. (Japan)<sup>†(a)</sup> | 5.25% |  | 6/15/2030 | 870000 | 888174 |
| Philip Morris International, Inc. | 4.875% |  | 2/13/2029 | 361000 | 365580 |
| Reynolds American, Inc. | 4.45% |  | 6/12/2025 | 1240000 | 1239914 |
| Viterra Finance BV (Netherlands)<sup>†(a)</sup> | 2.00% |  | 4/21/2026 | 1800000 | 1753722 |
| Viterra Finance BV (Netherlands)<sup>†(a)</sup> | 4.90% |  | 4/21/2027 | 200000 | 200074 |
| *Total* |  |  |  |  | 11016065 |

---

<br> *See Notes to Financial Statements.* 191

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION CORE BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal <br> Amount** | **Fair<br> Value** |
| **Airlines 0.46%** |  |  |  |  |  |
| Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>†</sup> | 4.50% |  | 10/20/2025 | $650000 | $647594 |
| Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.<sup>†</sup> | 6.50% |  | 6/20/2027 | 1350000 | 1353942 |
| United Airlines Pass-Through Trust Class A | 5.875% |  | 4/15/2029 | 756832 | 770987 |
| *Total* |  |  |  |  | 2772523 |
| **Auto Manufacturers 2.55%** |  |  |  |  |  |
| BMW U.S. Capital LLC<sup>†</sup> | 4.60% |  | 8/13/2027 | 231000 | 231512 |
| BMW U.S. Capital LLC<sup>†</sup> | 5.128%<br> (SOFR + 0.78% |)<sup>#</sup> | 3/19/2027 | 1303000 | 1303334 |
| Ford Motor Credit Co. LLC | 3.375% |  | 11/13/2025 | 1618000 | 1605345 |
| Ford Motor Credit Co. LLC | 4.134% |  | 8/4/2025 | 1133000 | 1130653 |
| Ford Motor Credit Co. LLC | 5.125% |  | 6/16/2025 | 330000 | 329990 |
| Ford Motor Credit Co. LLC | 5.85% |  | 5/17/2027 | 449000 | 448595 |
| General Motors Financial Co., Inc. | 5.00% |  | 7/15/2027 | 325000 | 325377 |
| General Motors Financial Co., Inc. | 5.40% |  | 4/6/2026 | 218000 | 218684 |
| General Motors Financial Co., Inc. | 5.40% |  | 5/8/2027 | 37000 | 37319 |
| Hyundai Capital America<sup>†</sup> | 5.494%<br> (SOFR + 1.15% |)<sup>#</sup> | 8/4/2025 | 1737000 | 1738884 |
| Hyundai Capital America<sup>†</sup> | 5.50% |  | 3/30/2026 | 335000 | 336873 |
| Hyundai Capital America<sup>†</sup> | 5.80% |  | 6/26/2025 | 1065000 | 1065504 |
| Hyundai Capital America<sup>†</sup> | 5.95% |  | 9/21/2026 | 1543000 | 1563093 |
| Mercedes-Benz Finance North America LLC<sup>†</sup> | 4.90% |  | 11/15/2027 | 3078000 | 3095855 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 4.95% |  | 3/25/2027 | 269000 | 269081 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 5.40% |  | 3/20/2026 | 666000 | 668735 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 5.70% |  | 9/12/2026 | 541000 | 545820 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 6.00% |  | 11/16/2026 | 388000 | 393418 |
| *Total* |  |  |  |  | 15308072 |
| **Banks 13.34%** |  |  |  |  |  |
| ABN AMRO Bank NV (Netherlands)<sup>†(a)</sup> | 6.339%<br> (1 yr. CMT + 1.65% |)<sup>#</sup> | 9/18/2027 | 300000 | 305765 |
| AIB Group PLC (Ireland)<sup>†(a)</sup> | 6.608%<br> (SOFR + 2.33% |)<sup>#</sup> | 9/13/2029 | 269000 | 283051 |
| Australia & New Zealand Banking Group Ltd. (Australia)<sup>†(a)</sup> | 4.40% |  | 5/19/2026 | 900000 | 897421 |
| Bank of America Corp. | 1.319%<br> (SOFR + 1.15% |)<sup>#</sup> | 6/19/2026 | 376000 | 375273 |
| Bank of America Corp. | 1.734%<br> (SOFR + 0.96% |)<sup>#</sup> | 7/22/2027 | 220000 | 212865 |

---

<br> 192 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION CORE BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal <br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Bank of America Corp. | 3.97%<br> (3 mo. USD Term SOFR + 1.33% |)<sup>#</sup> | 3/5/2029 | $1601000 | $1572608 |
| Bank of Ireland Group PLC (Ireland)<sup>†(a)</sup> | 2.029%<br> (1 yr. CMT + 1.10% |)<sup>#</sup> | 9/30/2027 | 702000 | 676896 |
| Bank of Ireland Group PLC (Ireland)<sup>†(a)</sup> | 5.601%<br> (SOFR + 1.62% |)<sup>#</sup> | 3/20/2030 | 636000 | 649590 |
| Bank of Ireland Group PLC (Ireland)<sup>†(a)</sup> | 6.253%<br> (1 yr. CMT + 2.65% |)<sup>#</sup> | 9/16/2026 | 500000 | 501902 |
| Bank of Montreal (Canada)<sup>(a)</sup> | 5.266% |  | 12/11/2026 | 169000 | 171014 |
| Barclays PLC (United Kingdom)<sup>(a)</sup> | 5.086%<br> (SOFR + 0.96% |)<sup>#</sup> | 2/25/2029 | 2020000 | 2032010 |
| Barclays PLC (United Kingdom)<sup>(a)</sup> | 6.496%<br> (SOFR + 1.88% |)<sup>#</sup> | 9/13/2027 | 1512000 | 1544087 |
| Barclays PLC (United Kingdom)<sup>(a)</sup> | 7.325%<br> (1 yr. CMT + 3.05% |)<sup>#</sup> | 11/2/2026 | 841000 | 849678 |
| BNP Paribas SA (France)<sup>†(a)</sup> | 1.904%<br> (SOFR + 1.61% |)<sup>#</sup> | 9/30/2028 | 249269 | 233021 |
| BNP Paribas SA (France)<sup>†(a)</sup> | 2.219%<br> (SOFR + 2.07% |)<sup>#</sup> | 6/9/2026 | 4490000 | 4487722 |
| BNP Paribas SA (France)<sup>†(a)</sup> | 5.125%<br> (1 yr. CMT + 1.45% |)<sup>#</sup> | 1/13/2029 | 259000 | 261718 |
| BPCE SA (France)<sup>†(a)</sup> | 4.875% |  | 4/1/2026 | 200000 | 200116 |
| BPCE SA (France)<sup>†(a)</sup> | 5.975%<br> (SOFR + 2.10% |)<sup>#</sup> | 1/18/2027 | 390000 | 392472 |
| Canadian Imperial Bank of Commerce (Canada)<sup>(a)</sup> | 5.001% |  | 4/28/2028 | 245000 | 249055 |
| Canadian Imperial Bank of Commerce (Canada)<sup>(a)</sup> | 5.615% |  | 7/17/2026 | 297000 | 300823 |
| Citigroup, Inc. | 3.887%<br> (3 mo. USD Term SOFR + 1.82% |)<sup>#</sup> | 1/10/2028 | 3245000 | 3203649 |
| Citigroup, Inc. | 4.643%<br> (SOFR + 1.14% |)<sup>#</sup> | 5/7/2028 | 1101000 | 1099484 |
| Citigroup, Inc. | 4.786%<br> (SOFR + 0.87% |)<sup>#</sup> | 3/4/2029 | 1234000 | 1235954 |
| Citigroup, Inc. | 5.174%<br> (SOFR + 1.36% |)<sup>#</sup> | 2/13/2030 | 839000 | 850016 |
| Citigroup, Inc. | 5.61%<br> (SOFR + 1.55% |)<sup>#</sup> | 9/29/2026 | 1432000 | 1435404 |
| Citizens Bank NA | 4.575%<br> (SOFR + 2.00% |)<sup>#</sup> | 8/9/2028 | 650000 | 648625 |
| Danske Bank AS (Denmark)<sup>†(a)</sup> | 5.427%<br> (1 yr. CMT + 0.95% |)<sup>#</sup> | 3/1/2028 | 527000 | 535212 |
| First Citizens BancShares, Inc. | 5.231% <br> (SOFR + 1.41% |)<sup>#</sup> | 3/12/2031 | 812000 | 809007 |

---

<br> *See Notes to Financial Statements.* 193

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION CORE BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal <br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Goldman Sachs Group, Inc. | 2.64%<br> (SOFR + 1.11% |)<sup>#</sup> | 2/24/2028 | $2287000 | $2210222 |
| Goldman Sachs Group, Inc. | 4.937%<br> (SOFR + 1.32% |)<sup>#</sup> | 4/23/2028 | 834000 | 838473 |
| Goldman Sachs Group, Inc. | 5.207%<br> (SOFR + 1.08% |)<sup>#</sup> | 1/28/2031 | 3231000 | 3277478 |
| Goldman Sachs Group, Inc. | 5.218%<br> (SOFR + 1.58% |)<sup>#</sup> | 4/23/2031 | 550000 | 558163 |
| Goldman Sachs Group, Inc. | 5.798%<br> (SOFR + 1.08% |)<sup>#</sup> | 8/10/2026 | 279000 | 279528 |
| HSBC Holdings PLC (United Kingdom)<sup>(a)</sup> | 4.292%<br> (3 mo. USD Term SOFR + 1.61% |)<sup>#</sup> | 9/12/2026 | 900000 | 898319 |
| HSBC Holdings PLC (United Kingdom)<sup>(a)</sup> | 4.899%<br> (SOFR + 1.03% |)<sup>#</sup> | 3/3/2029 | 549000 | 550357 |
| HSBC Holdings PLC (United Kingdom)<sup>(a)</sup> | 5.887%<br> (SOFR + 1.57% |)<sup>#</sup> | 8/14/2027 | 517000 | 523550 |
| HSBC USA, Inc.<sup>(b)</sup> | 4.65% |  | 6/3/2028 | 488000 | 489441 |
| ING Groep NV (Netherlands)<sup>(a)</sup> | 6.083%<br> (SOFR + 1.56% |)<sup>#</sup> | 9/11/2027 | 808000 | 822699 |
| JPMorgan Chase & Co. | 3.782%<br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 2/1/2028 | 1600000 | 1579324 |
| JPMorgan Chase & Co. | 5.012%<br> (SOFR + 1.31% |)<sup>#</sup> | 1/23/2030 | 2147000 | 2172996 |
| JPMorgan Chase & Co. | 5.14%<br> (SOFR + 1.01% |)<sup>#</sup> | 1/24/2031 | 501000 | 508931 |
| KeyBank NA | 4.70% |  | 1/26/2026 | 404000 | 403726 |
| KeyCorp | 5.121%<br> (SOFR + 1.23% |)<sup>#</sup> | 4/4/2031 | 1931000 | 1927628 |
| KODIT Global Co. Ltd. (South Korea)<sup>†(a)</sup> | 5.357% |  | 5/29/2027 | 583000 | 590286 |
| Lloyds Banking Group PLC (United Kingdom)<sup>(a)</sup> | 5.462%<br> (1 yr. CMT + 1.38% |)<sup>#</sup> | 1/5/2028 | 392000 | 396594 |
| Lloyds Banking Group PLC (United Kingdom)<sup>(a)</sup> | 5.985%<br> (1 yr. CMT + 1.48% |)<sup>#</sup> | 8/7/2027 | 347000 | 351944 |
| Macquarie Bank Ltd. (Australia)<sup>†(a)</sup> | 5.391% |  | 12/7/2026 | 309000 | 313601 |
| Macquarie Group Ltd. (Australia)<sup>†(a)</sup> | 3.763%<br> (3 mo. USD Term SOFR + 1.63% |)<sup>#</sup> | 11/28/2028 | 754000 | 736133 |
| Macquarie Group Ltd. (Australia)<sup>†(a)</sup> | 5.108%<br> (SOFR + 2.21% |)<sup>#</sup> | 8/9/2026 | 342000 | 342139 |
| Manufacturers & Traders Trust Co. | 4.70% |  | 1/27/2028 | 402000 | 403977 |
| Manufacturers & Traders Trust Co. | 5.40% |  | 11/21/2025 | 1009000 | 1011457 |
| Morgan Stanley | 4.994%<br> (SOFR + 1.38% |)<sup>#</sup> | 4/12/2029 | 549000 | 554263 |

---

<br> 194 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION CORE BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal <br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Morgan Stanley | 5.042%<br> (SOFR + 1.22% |)<sup>#</sup> | 7/19/2030 | $2500000 | $2525677 |
| Morgan Stanley | 5.449%<br> (SOFR + 1.63% |)<sup>#</sup> | 7/20/2029 | 5196000 | 5315739 |
| Morgan Stanley Bank NA | 4.447%<br> (SOFR + 0.68% |)<sup>#</sup> | 10/15/2027 | 711000 | 710747 |
| Morgan Stanley Bank NA | 5.016%<br> (SOFR + 0.91% |)<sup>#</sup> | 1/12/2029 | 833000 | 841599 |
| NatWest Group PLC (United Kingdom)<sup>(a)</sup> | 4.892%<br> (3 mo. USD LIBOR + 1.75% |)<sup>#</sup> | 5/18/2029 | 200000 | 200713 |
| NatWest Group PLC (United Kingdom)<sup>(a)</sup> | 5.583%<br> (1 yr. CMT + 1.10% |)<sup>#</sup> | 3/1/2028 | 222000 | 225173 |
| NatWest Group PLC (United Kingdom)<sup>(a)</sup> | 5.847%<br> (1 yr. CMT + 1.35% |)<sup>#</sup> | 3/2/2027 | 1018000 | 1026403 |
| PNC Bank NA | 4.543%<br> (SOFR + 0.63% |)<sup>#</sup> | 5/13/2027 | 1737000 | 1737426 |
| PNC Financial Services Group, Inc. | 5.492%<br> (SOFR + 1.20% |)<sup>#</sup> | 5/14/2030 | 1105000 | 1136638 |
| Santander U.K. Group Holdings PLC (United Kingdom)<sup>(a)</sup> | 1.532%<br> (1 yr. CMT + 1.25% |)<sup>#</sup> | 8/21/2026 | 1514000 | 1502834 |
| Santander U.K. Group Holdings PLC (United Kingdom)<sup>(a)</sup> | 6.534%<br> (SOFR + 2.60% |)<sup>#</sup> | 1/10/2029 | 391000 | 406056 |
| Santander U.K. Group Holdings PLC (United Kingdom)<sup>(a)</sup> | 6.833%<br> (SOFR + 2.75% |)<sup>#</sup> | 11/21/2026 | 747000 | 753890 |
| Standard Chartered PLC (United Kingdom)<sup>†(a)</sup> | 5.688%<br> (1 yr. CMT + 1.05% |)<sup>#</sup> | 5/14/2028 | 332000 | 337110 |
| Standard Chartered PLC (United Kingdom)<sup>†(a)</sup> | 6.187%<br> (1 yr. CMT + 1.85% |)<sup>#</sup> | 7/6/2027 | 266000 | 269850 |
| Standard Chartered PLC (United Kingdom)<sup>†(a)</sup> | 6.75%<br> (1 yr. CMT + 1.85% |)<sup>#</sup> | 2/8/2028 | 335000 | 344894 |
| State Street Corp. | 4.543%<br> (SOFR + 0.95% |)<sup>#</sup> | 4/24/2028 | 525000 | 526364 |
| Swedbank AB (Sweden)<sup>†(a)</sup> | 5.377%<br> (SOFR + 1.03% |)<sup>#</sup> | 11/20/2029 | 468000 | 470551 |
| Swedbank AB (Sweden)<sup>†(a)</sup> | 5.726%<br> (SOFR + 1.38% |)<sup>#</sup> | 6/15/2026 | 800000 | 808399 |
| Swedbank AB (Sweden)<sup>†(a)</sup> | 6.136% |  | 9/12/2026 | 388000 | 396005 |
| Truist Bank | 4.671%<br> (SOFR + 0.59% |)<sup>#</sup> | 5/20/2027 | 1403000 | 1404289 |

---

<br> *See Notes to Financial Statements.* 195

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION CORE BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal <br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Truist Financial Corp. | 4.26%<br> (SOFR + 1.46% |)<sup>#</sup> | 7/28/2026 | $236000 | $235739 |
| Truist Financial Corp. | 4.873%<br> (SOFR + 1.44% |)<sup>#</sup> | 1/26/2029 | 158000 | 158894 |
| Truist Financial Corp. | 5.435%<br> (SOFR + 1.62% |)<sup>#</sup> | 1/24/2030 | 248000 | 253630 |
| U.S. Bancorp | 5.046%<br> (SOFR + 1.06% |)<sup>#</sup> | 2/12/2031 | 1835000 | 1848570 |
| U.S. Bancorp | 5.384%<br> (SOFR + 1.56% |)<sup>#</sup> | 1/23/2030 | 190000 | 194371 |
| U.S. Bancorp | 6.787%<br> (SOFR + 1.88% |)<sup>#</sup> | 10/26/2027 | 536000 | 552066 |
| U.S. Bank NA | 4.73%<br> (SOFR + 0.91% |)<sup>#</sup> | 5/15/2028 | 538000 | 538710 |
| UBS Group AG (Switzerland)<sup>†(a)</sup> | 5.711%<br> (1 yr. CMT + 1.55% |)<sup>#</sup> | 1/12/2027 | 2211000 | 2222823 |
| UBS Group AG (Switzerland)<sup>†(a)</sup> | 6.442%<br> (SOFR + 3.70% |)<sup>#</sup> | 8/11/2028 | 1296000 | 1342123 |
| UniCredit SpA (Italy)<sup>†(a)</sup> | 2.569%<br> (1 yr. CMT + 2.30% |)<sup>#</sup> | 9/22/2026 | 1481000 | 1470289 |
| Wells Fargo & Co. | 4.97%<br> (SOFR + 1.37% |)<sup>#</sup> | 4/23/2029 | 445000 | 448400 |
| Wells Fargo & Co. | 5.574%<br> (SOFR + 1.74% |)<sup>#</sup> | 7/25/2029 | 2069000 | 2122907 |
| *Total* |  |  |  |  | 80084546 |
| **Beverages 0.25%** |  |  |  |  |  |
| Bacardi Ltd.<sup>†</sup> | 4.70% |  | 5/15/2028 | 1500000 | 1496928 |
| **Biotechnology 0.13%** |  |  |  |  |  |
| Illumina, Inc. | 4.65% |  | 9/9/2026 | 305000 | 304737 |
| Illumina, Inc. | 5.75% |  | 12/13/2027 | 446000 | 455025 |
| *Total* |  |  |  |  | 759762 |
| **Building Materials 0.50%** |  |  |  |  |  |
| Holcim Finance U.S. LLC<sup>†</sup> | 4.60% |  | 4/7/2027 | 75000 | 75105 |
| Holcim Finance U.S. LLC<sup>†</sup> | 4.70% |  | 4/7/2028 | 2898000 | 2913665 |
| *Total* |  |  |  |  | 2988770 |
| **Chemicals 0.27%** |  |  |  |  |  |
| International Flavors & Fragrances, Inc.<sup>†</sup> | 1.23% |  | 10/1/2025 | 1638000 | 1617784 |

---

<br> 196 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION CORE BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal <br> Amount** | **Fair<br> Value** |
| **Commercial Services 0.67%** |  |  |  |  |  |
| Element Fleet Management Corp. (Canada)<sup>†(a)</sup> | 5.643% |  | 3/13/2027 | $164000 | $166463 |
| Global Payments, Inc. | 2.15% |  | 1/15/2027 | 941000 | 904024 |
| ITR Concession Co. LLC<sup>†</sup> | 4.197% |  | 7/15/2025 | 725000 | 723832 |
| Rentokil Terminix Funding LLC<sup>†</sup> | 5.00% |  | 4/28/2030 | 549000 | 547488 |
| Triton Container International Ltd.<sup>†</sup> | 2.05% |  | 4/15/2026 | 1700000 | 1658463 |
| *Total* |  |  |  |  | 4000270 |
| **Computers 0.04%** |  |  |  |  |  |
| Dell International LLC/EMC Corp. | 4.75% |  | 4/1/2028 | 271000 | 272303 |
| **Diversified Financial Services 2.96%** |  |  |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(a)</sup> | 4.45% |  | 10/1/2025 | 778000 | 777068 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(a)</sup> | 6.45% |  | 4/15/2027 | 267000 | 274890 |
| Aircastle Ltd.<sup>†</sup> | 5.25% |  | 8/11/2025 | 1477000 | 1476141 |
| American Express Co. | 4.731%<br> (SOFR + 1.26% |)<sup>#</sup> | 4/25/2029 | 603000 | 606488 |
| Aviation Capital Group LLC<sup>†</sup> | 1.95% |  | 1/30/2026 | 854000 | 837443 |
| Aviation Capital Group LLC<sup>†</sup> | 1.95% |  | 9/20/2026 | 1852000 | 1781933 |
| Aviation Capital Group LLC<sup>†</sup> | 3.50% |  | 11/1/2027 | 578000 | 559596 |
| Aviation Capital Group LLC<sup>†</sup> | 4.875% |  | 10/1/2025 | 556000 | 555952 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 2.125% |  | 2/21/2026 | 1640000 | 1603287 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 2.75% |  | 2/21/2028 | 80000 | 75238 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 4.25% |  | 4/15/2026 | 725000 | 719913 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 5.50% |  | 1/15/2026 | 1150000 | 1151659 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 6.375% |  | 5/4/2028 | 759000 | 785938 |
| DAE Sukuk Difc Ltd. (United Arab Emirates)<sup>(a)</sup> | 3.75% |  | 2/15/2026 | 2600000 | 2581125 |
| LPL Holdings, Inc.<sup>†</sup> | 4.625% |  | 11/15/2027 | 1232000 | 1222513 |
| LPL Holdings, Inc. | 4.90% |  | 4/3/2028 | 434000 | 434695 |
| LPL Holdings, Inc. | 5.70% |  | 5/20/2027 | 182000 | 185100 |
| LPL Holdings, Inc. | 6.75% |  | 11/17/2028 | 452000 | 480178 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(a)</sup> | 8.125% |  | 3/30/2029 | 654000 | 684860 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>†</sup> | 4.50% |  | 3/15/2027 | 976000 | 971285 |
| *Total* |  |  |  |  | 17765302 |
| **Electric 3.10%** |  |  |  |  |  |
| Algonquin Power & Utilities Corp. (Canada)<sup>(a)</sup> | 5.365% | <sup>(c)</sup> | 6/15/2026 | 752000 | 755745 |
| Alliant Energy Finance LLC<sup>†</sup> | 5.40% |  | 6/6/2027 | 177000 | 178913 |

---

<br> *See Notes to Financial Statements.* 197

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION CORE BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal <br> Amount** | **Fair<br> Value** |
| **Electric (continued)** |  |  |  |  |
| American Electric Power Co., Inc. | 5.699% | 8/15/2025 | $365000 | $365544 |
| Capital Power U.S. Holdings, Inc.<sup>†</sup> | 5.257% | 6/1/2028 | 515000 | 518368 |
| Cleco Corporate Holdings LLC | 3.743% | 5/1/2026 | 441000 | 435969 |
| DTE Energy Co. | 5.10% | 3/1/2029 | 514000 | 521267 |
| Duquesne Light Holdings, Inc.<sup>†</sup> | 3.616% | 8/1/2027 | 1006000 | 972762 |
| Evergy Missouri West, Inc.<sup>†</sup> | 5.15% | 12/15/2027 | 843000 | 854429 |
| Eversource Energy | 4.75% | 5/15/2026 | 881000 | 882207 |
| Fells Point Funding Trust<sup>†</sup> | 3.046% | 1/31/2027 | 1842000 | 1792103 |
| FirstEnergy Pennsylvania Electric Co.<sup>†</sup> | 5.15% | 3/30/2026 | 871000 | 874208 |
| ITC Holdings Corp.<sup>†</sup> | 4.95% | 9/22/2027 | 307000 | 309045 |
| Liberty Utilities Co.<sup>†</sup> | 5.577% | 1/31/2029 | 423000 | 432532 |
| National Grid PLC (United Kingdom)<sup>(a)</sup> | 5.602% | 6/12/2028 | 215000 | 221256 |
| NorthWestern Corp.<sup>†</sup> | 5.073% | 3/21/2030 | 1848000 | 1868733 |
| NRG Energy, Inc.<sup>†</sup> | 2.00% | 12/2/2025 | 1100000 | 1082245 |
| NSTAR Electric Co. | 4.85% | 3/1/2030 | 1529000 | 1538819 |
| Pacific Gas & Electric Co. | 3.15% | 1/1/2026 | 826592 | 817670 |
| Pacific Gas & Electric Co. | 3.30% | 12/1/2027 | 131000 | 125985 |
| Pacific Gas & Electric Co. | 5.45% | 6/15/2027 | 145000 | 146506 |
| Pinnacle West Capital Corp. | 4.90% | 5/15/2028 | 131000 | 132047 |
| PSEG Power LLC<sup>†</sup> | 5.20% | 5/15/2030 | 331000 | 334321 |
| Public Service Enterprise Group, Inc. | 5.85% | 11/15/2027 | 320000 | 329932 |
| System Energy Resources, Inc. | 6.00% | 4/15/2028 | 2149000 | 2229417 |
| Tampa Electric Co. | 4.90% | 3/1/2029 | 445000 | 452509 |
| Vistra Operations Co. LLC<sup>†</sup> | 3.70% | 1/30/2027 | 304000 | 298397 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.05% | 12/30/2026 | 131000 | 131424 |
| *Total* |  |  |  | 18602353 |
| **Electrical Components & Equipment 0.09%** |  |  |  |  |
| Molex Electronic Technologies LLC<sup>†</sup> | 4.75% | 4/30/2028 | 548000 | 548815 |
| **Engineering & Construction 0.13%** |  |  |  |  |
| Jacobs Engineering Group, Inc. | 6.35% | 8/18/2028 | 768000 | 802607 |
| **Entertainment 0.43%** |  |  |  |  |
| Warnermedia Holdings, Inc. | 3.755% | 3/15/2027 | 2671000 | 2589853 |
| **Environmental Control 0.23%** |  |  |  |  |
| Veralto Corp. | 5.50% | 9/18/2026 | 1346000 | 1361190 |

---

<br> 198 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION CORE BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Food 0.56%** |  |  |  |  |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(a)</sup> | 5.125% | 2/1/2028 | $350000 | $354042 |
| Mars, Inc.<sup>†</sup> | 4.45% | 3/1/2027 | 341000 | 341479 |
| Mars, Inc.<sup>†</sup> | 4.60% | 3/1/2028 | 1807000 | 1815927 |
| Mars, Inc.<sup>†</sup> | 4.80% | 3/1/2030 | 682000 | 686500 |
| Tyson Foods, Inc. | 5.40% | 3/15/2029 | 133000 | 136545 |
| *Total* |  |  |  | 3334493 |
| **Gas 0.60%** |  |  |  |  |
| National Fuel Gas Co. | 4.75% | 9/1/2028 | 963000 | 958444 |
| National Fuel Gas Co. | 5.50% | 10/1/2026 | 241000 | 242950 |
| Southwest Gas Corp. | 5.80% | 12/1/2027 | 883000 | 904760 |
| Spire, Inc. | 5.30% | 3/1/2026 | 1477000 | 1481836 |
| *Total* |  |  |  | 3587990 |
| **Hand/Machine Tools 0.30%** |  |  |  |  |
| Regal Rexnord Corp. | 6.05% | 2/15/2026 | 1029000 | 1034554 |
| Regal Rexnord Corp. | 6.05% | 4/15/2028 | 492000 | 505257 |
| Regal Rexnord Corp. | 6.30% | 2/15/2030 | 239000 | 247917 |
| *Total* |  |  |  | 1787728 |
| **Health Care-Products 0.35%** |  |  |  |  |
| GE HealthCare Technologies, Inc. | 5.60% | 11/15/2025 | 389000 | 390029 |
| Smith & Nephew PLC (United Kingdom)<sup>(a)</sup> | 5.15% | 3/20/2027 | 265000 | 267514 |
| Solventum Corp. | 5.40% | 3/1/2029 | 869000 | 886982 |
| Solventum Corp. | 5.45% | 2/25/2027 | 526000 | 532673 |
| *Total* |  |  |  | 2077198 |
| **Health Care-Services 0.95%** |  |  |  |  |
| Centene Corp. | 2.45% | 7/15/2028 | 713000 | 657112 |
| Centene Corp. | 4.25% | 12/15/2027 | 2302000 | 2249748 |
| Icon Investments Six DAC (Ireland)<sup>(a)</sup> | 5.809% | 5/8/2027 | 265000 | 269500 |
| Icon Investments Six DAC (Ireland)<sup>(a)</sup> | 5.849% | 5/8/2029 | 2439000 | 2500071 |
| *Total* |  |  |  | 5676431 |
| **Insurance 3.96%** |  |  |  |  |
| AEGON Funding Co. LLC<sup>†(d)</sup> | 5.50% | 4/16/2027 | 1693000 | 1710775 |
| Aon Corp. | 8.205% | 1/1/2027 | 503000 | 528791 |
| Assurant, Inc. | 4.90% | 3/27/2028 | 899000 | 901748 |
| Athene Global Funding<sup>†</sup> | 4.95% | 1/7/2027 | 344000 | 345025 |
| Athene Global Funding<sup>†</sup> | 5.516% | 3/25/2027 | 525000 | 532514 |

---

<br> See Notes to Financial Statements. 199

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION CORE BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Insurance (continued)** |  |  |  |  |
| Athene Global Funding<sup>†</sup> | 5.583% | 1/9/2029 | $2838000 | $2898231 |
| Athene Global Funding<sup>†</sup> | 5.684% | 2/23/2026 | 363000 | 365410 |
| Brighthouse Financial Global Funding<sup>†</sup> | 1.55% | 5/24/2026 | 1777000 | 1722599 |
| Brighthouse Financial Global Funding<sup>†</sup> | 2.00% | 6/28/2028 | 1505000 | 1378874 |
| Brighthouse Financial Global Funding<sup>†</sup> | 5.55% | 4/9/2027 | 661000 | 669752 |
| CNO Global Funding<sup>†</sup> | 4.875% | 12/10/2027 | 379000 | 380185 |
| CNO Global Funding<sup>†</sup> | 5.875% | 6/4/2027 | 681000 | 696708 |
| Corebridge Global Funding<sup>†</sup> | 5.20% | 1/12/2029 | 244000 | 248750 |
| Corebridge Global Funding<sup>†</sup> | 5.75% | 7/2/2026 | 161000 | 163079 |
| Equitable Financial Life Global Funding<sup>†</sup> | 5.45% | 3/3/2028 | 411000 | 421669 |
| F&G Global Funding<sup>†</sup> | 5.15% | 7/7/2025 | 1475000 | 1475038 |
| GA Global Funding Trust<sup>†</sup> | 1.95% | 9/15/2028 | 1330000 | 1220095 |
| GA Global Funding Trust<sup>†</sup> | 5.50% | 1/8/2029 | 158000 | 161347 |
| Jackson Financial, Inc. | 5.17% | 6/8/2027 | 305000 | 307524 |
| Jackson National Life Global Funding<sup>†(b)</sup> | 4.70% | 6/5/2028 | 787000 | 788309 |
| Jackson National Life Global Funding<sup>†</sup> | 4.90% | 1/13/2027 | 498000 | 500092 |
| Jackson National Life Global Funding<sup>†</sup> | 5.50% | 1/9/2026 | 1861000 | 1869640 |
| Jackson National Life Global Funding<sup>†</sup> | 5.55% | 7/2/2027 | 657000 | 668246 |
| Jackson National Life Global Funding<sup>†</sup> | 5.60% | 4/10/2026 | 436000 | 439689 |
| Mutual of Omaha Cos Global Funding<sup>†</sup> | 5.45% | 12/12/2028 | 375000 | 384599 |
| Mutual of Omaha Cos Global Funding<sup>†</sup> | 5.80% | 7/27/2026 | 923000 | 934499 |
| Principal Life Global Funding II<sup>†</sup> | 5.10% | 1/25/2029 | 1072000 | 1090042 |
| RGA Global Funding<sup>†</sup> | 5.448% | 5/24/2029 | 363000 | 372848 |
| Sammons Financial Group Global Funding<sup>†</sup> | 5.05% | 1/10/2028 | 244000 | 247147 |
| Sammons Financial Group Global Funding<sup>†</sup> | 5.10% | 12/10/2029 | 364000 | 368677 |
| *Total* |  |  |  | 23791902 |
| **Internet 0.41%** |  |  |  |  |
| Prosus NV (Netherlands)<sup>(a)</sup> | 5.50% | 7/21/2025 | 700000 | 700329 |
| Uber Technologies, Inc.<sup>†</sup> | 4.50% | 8/15/2029 | 1787000 | 1761362 |
| *Total* |  |  |  | 2461691 |
| **Investment Companies 0.87%** |  |  |  |  |
| Blackstone Private Credit Fund | 4.95% | 9/26/2027 | 786000 | 777902 |
| Blackstone Secured Lending Fund | 2.75% | 9/16/2026 | 2330000 | 2259153 |
| Blue Owl Capital Corp. | 2.625% | 1/15/2027 | 1494000 | 1428880 |
| Blue Owl Technology Finance Corp.<sup>†</sup> | 4.75% | 12/15/2025 | 734000 | 731009 |
| *Total* |  |  |  | 5196944 |

---

<br> 200 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION CORE BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Leisure Time 0.62%** |  |  |  |  |
| Carnival Corp.<sup>†</sup> | 4.00% | 8/1/2028 | $1650000 | $1595344 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.375% | 7/15/2027 | 2150000 | 2153293 |
| *Total* |  |  |  | 3748637 |
| **Lodging 0.34%** |  |  |  |  |
| Hyatt Hotels Corp. | 5.75% | 1/30/2027 | 125000 | 127172 |
| Las Vegas Sands Corp. | 2.90% | 6/25/2025 | 846000 | 844942 |
| Las Vegas Sands Corp. | 3.50% | 8/18/2026 | 705000 | 690021 |
| Las Vegas Sands Corp. | 5.90% | 6/1/2027 | 181000 | 183274 |
| Sands China Ltd. (Macau)<sup>(a)</sup> | 5.125% | 8/8/2025 | 218000 | 218033 |
| *Total* |  |  |  | 2063442 |
| **Machinery: Construction & Mining 0.21%** |  |  |  |  |
| Caterpillar Financial Services Corp. | 4.40% | 10/15/2027 | 1242000 | 1246628 |
| **Machinery-Diversified 0.05%** |  |  |  |  |
| CNH Industrial Capital LLC | 4.75% | 3/21/2028 | 274000 | 274611 |
| **Mining 0.67%** |  |  |  |  |
| Anglo American Capital PLC (United Kingdom)<sup>†(a)</sup> | 3.875% | 3/16/2029 | 200000 | 193022 |
| Anglo American Capital PLC (United Kingdom)<sup>†(a)</sup> | 4.50% | 3/15/2028 | 238000 | 236565 |
| Glencore Funding LLC<sup>†</sup> | 4.907% | 4/1/2028 | 164000 | 164834 |
| Glencore Funding LLC<sup>†</sup> | 5.186% | 4/1/2030 | 479000 | 484756 |
| Glencore Funding LLC<sup>†</sup> | 5.338% | 4/4/2027 | 623000 | 630209 |
| Glencore Funding LLC<sup>†</sup> | 5.371% | 4/4/2029 | 618000 | 629565 |
| Rio Tinto Finance USA PLC (United Kingdom)<sup>(a)</sup> | 4.50% | 3/14/2028 | 429000 | 430882 |
| Rio Tinto Finance USA PLC (United Kingdom)<sup>(a)</sup> | 4.875% | 3/14/2030 | 1218000 | 1232091 |
| *Total* |  |  |  | 4001924 |
| **Oil & Gas 2.47%** |  |  |  |  |
| Antero Resources Corp.<sup>†</sup> | 7.625% | 2/1/2029 | 926000 | 948480 |
| APA Corp.<sup>†</sup> | 7.75% | 12/15/2029 | 1500000 | 1615258 |
| Continental Resources, Inc.<sup>†</sup> | 2.268% | 11/15/2026 | 3000000 | 2879572 |
| Continental Resources, Inc. | 4.375% | 1/15/2028 | 994000 | 972643 |
| EQT Corp.<sup>†</sup> | 3.125% | 5/15/2026 | 729000 | 716027 |
| EQT Corp.<sup>†</sup> | 7.50% | 6/1/2027 | 760000 | 774367 |
| HF Sinclair Corp. | 5.00% | 2/1/2028 | 913000 | 908802 |
| HF Sinclair Corp. | 6.375% | 4/15/2027 | 380000 | 383645 |
| Occidental Petroleum Corp. | 5.00% | 8/1/2027 | 221000 | 221174 |
| Occidental Petroleum Corp. | 6.375% | 9/1/2028 | 1500000 | 1547888 |
| Ovintiv, Inc. | 5.375% | 1/1/2026 | 1300000 | 1300728 |

---

<br> See Notes to Financial Statements. 201

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION CORE BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Oil & Gas (continued)** |  |  |  |  |
| Suncor Energy, Inc. (Canada)<sup>(a)</sup> | 7.875% | 6/15/2026 | $500000 | $516135 |
| Viper Energy, Inc.<sup>†</sup> | 5.375% | 11/1/2027 | 2075000 | 2066032 |
| *Total* |  |  |  | 14850751 |
| **Packaging & Containers 0.08%** |  |  |  |  |
| Amcor Flexibles North America, Inc.<sup>†</sup> | 4.80% | 3/17/2028 | 328000 | 328936 |
| Amcor Flexibles North America, Inc.<sup>†</sup> | 5.10% | 3/17/2030 | 164000 | 165176 |
| *Total* |  |  |  | 494112 |
| **Pharmaceuticals 0.87%** |  |  |  |  |
| AbbVie, Inc. | 4.65% | 3/15/2028 | 3057000 | 3088433 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.125% | 11/21/2026 | 2117000 | 2148685 |
| *Total* |  |  |  | 5237118 |
| **Pipelines 1.63%** |  |  |  |  |
| DCP Midstream Operating LP | 5.375% | 7/15/2025 | 370000 | 370100 |
| DT Midstream, Inc.<sup>†</sup> | 4.125% | 6/15/2029 | 1513000 | 1442079 |
| Enbridge, Inc. (Canada)<sup>(a)</sup> | 5.90% | 11/15/2026 | 226000 | 229878 |
| Energy Transfer LP<sup>†</sup> | 5.625% | 5/1/2027 | 806000 | 806043 |
| Energy Transfer LP<sup>†</sup> | 6.00% | 2/1/2029 | 546000 | 553114 |
| Kinder Morgan, Inc. | 5.00% | 2/1/2029 | 550000 | 556324 |
| ONEOK, Inc. | 4.15% | 6/1/2025 | 1234000 | 1234000 |
| South Bow USA Infrastructure Holdings LLC<sup>†</sup> | 4.911% | 9/1/2027 | 465000 | 465421 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 6.875% | 1/15/2029 | 1982000 | 2020265 |
| Western Midstream Operating LP | 4.65% | 7/1/2026 | 2098000 | 2092595 |
| Williams Cos., Inc. | 5.40% | 3/2/2026 | 22000 | 22113 |
| *Total* |  |  |  | 9791932 |
| **REITS 1.20%** |  |  |  |  |
| American Tower Corp. | 1.60% | 4/15/2026 | 1093000 | 1064140 |
| American Tower Corp. | 3.65% | 3/15/2027 | 1474000 | 1450937 |
| Crown Castle, Inc. | 3.65% | 9/1/2027 | 1133000 | 1107334 |
| Crown Castle, Inc. | 4.80% | 9/1/2028 | 206000 | 206003 |
| Crown Castle, Inc. | 5.00% | 1/11/2028 | 205000 | 206331 |
| GLP Capital LP/GLP Financing II, Inc. | 5.375% | 4/15/2026 | 884000 | 882606 |
| Regency Centers LP | 2.95% | 9/15/2029 | 891000 | 836472 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 3.75% | 2/15/2027 | 500000 | 491062 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.25% | 12/1/2026 | 410000 | 405710 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 5.75% | 2/1/2027 | 546000 | 551516 |
| *Total* |  |  |  | 7202111 |

---

<br> 202 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION CORE BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Semiconductors 0.33%** |  |  |  |  |
| Foundry JV Holdco LLC<sup>†</sup> | 5.90% | 1/25/2030 | $1934000 | $2002224 |
| **Software 0.86%** |  |  |  |  |
| AppLovin Corp. | 5.125% | 12/1/2029 | 2247000 | 2262794 |
| Atlassian Corp. (Australia)<sup>(a)</sup> | 5.25% | 5/15/2029 | 427000 | 435693 |
| Cadence Design Systems, Inc. | 4.20% | 9/10/2027 | 166000 | 165430 |
| Oracle Corp. | 2.30% | 3/25/2028 | 358000 | 338255 |
| Oracle Corp. | 4.80% | 8/3/2028 | 497000 | 502025 |
| Take-Two Interactive Software, Inc.<sup>(d)</sup> | 5.00% | 3/28/2026 | 1452000 | 1455388 |
| *Total* |  |  |  | 5159585 |
| **Telecommunications 0.10%** |  |  |  |  |
| Sprint Capital Corp. | 6.875% | 11/15/2028 | 568000 | 607763 |
| **Toys/Games/Hobbies 0.44%** |  |  |  |  |
| Hasbro, Inc. | 3.90% | 11/19/2029 | 1502000 | 1432169 |
| Mattel, Inc.<sup>†</sup> | 3.375% | 4/1/2026 | 1250000 | 1231724 |
| *Total* |  |  |  | 2663893 |
| **Transportation 0.49%** |  |  |  |  |
| Pacific National Finance Pty. Ltd. (Australia)<sup>(a)</sup> | 4.75% | 3/22/2028 | 2900000 | 2798665 |
| Ryder System, Inc. | 5.30% | 3/15/2027 | 126000 | 127673 |
| *Total* |  |  |  | 2926338 |
| **Trucking & Leasing 0.12%** |  |  |  |  |
| GATX Corp. | 5.40% | 3/15/2027 | 184000 | 185956 |
| Penske Truck Leasing Co. LP/PTL Finance Corp.<sup>†</sup> | 5.35% | 1/12/2027 | 527000 | 531338 |
| *Total* |  |  |  | 717294 |
| **Water 0.21%** |  |  |  |  |
| Essential Utilities, Inc. | 4.80% | 8/15/2027 | 1236000 | 1243693 |
| *Total Corporate Bonds* (cost $279,988,346) |  |  |  | 282488466 |
| **FLOATING RATE LOANS<sup>(e)</sup> 3.60%** |  |  |  |  |
| **Aerospace/Defense 0.33%** |  |  |  |  |
| RTX Corp. Term Loan | 5.558%<br>(1 mo. USD Term SOFR + 1.13%) | 11/6/2026 | 2000000 | 1997500 |
| **Chemicals 0.11%** |  |  |  |  |
| Celanese U.S. Holdings LLC 2022 5 Year Delayed Draw Term Loan | 6.175%<br>(1 mo. USD Term SOFR + 1.75%) | 3/18/2027 | 654545 | 648000 |

---

<br> See Notes to Financial Statements. 203

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION CORE BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Diversified Financial Services 0.18%** |  |  |  |  |
| Delos Aircraft Designated Activity Co. Term Loan (Ireland)<sup>(a)</sup> | 6.049%<br>(3 mo. USD Term SOFR + 1.75% | 10/31/2027 | $1060051 | $1063740 |
| **Electronics 0.17%** |  |  |  |  |
| Honeywell International, Inc. Term Loan A1 | 5.458%<br>(3 mo. USD Term SOFR + 1.13% | 5/7/2027 | 1000000 | 1001250 |
| **Engineering & Capital Goods 0.15%** |  |  |  |  |
| Regal Rexnord Corp. Term Loan A1 |  | 3/26/2027 | 909000 | 914681 |
| **Health Care Products 0.16%** |  |  |  |  |
| Solventum Corp. Delayed Draw Term Loan | 5.818%<br>(1 mo. USD Term SOFR + 1.38% | 8/15/2025 | 94200 | 94318 |
| Solventum Corp. Term Loan | 5.818%<br>(1 mo. USD Term SOFR + 1.38% | 2/16/2027 | 887000 | 887000 |
| *Total* |  |  |  | 981318 |
| **Health Services 0.15%** |  |  |  |  |
| IQVIA, Inc. 2022 Term Loan A2 | 5.677% - 5.68%<br>(1 mo. USD Term SOFR + 1.25% <br> (3 mo. USD Term SOFR + 1.25% | 6/16/2027 | 907895 | 908467 |
| **Leisure Time 0.15%** |  |  |  |  |
| Carnival Corp. 2025 Term Loan (2027) | 6.325%<br>(1 mo. USD Term SOFR + 2.00% | 8/8/2027 | 900000 | 902529 |
| **Oil & Gas 0.69%** |  |  |  |  |
| Diamondback E&P LLC Delayed Draw Term Loan<sup>(g)</sup> |  | 4/1/2027 | 2531000 | 2531000 |
| Occidental Petroleum Corp. 2 Year Term Loan | 6.068%<br>(1 mo. USD Term SOFR + 1.63% | 12/29/2025 | 1628741 | 1628741 |
| *Total* |  |  |  | 4159741 |
| **Pharmaceuticals 0.19%** |  |  |  |  |
| Cencora, Inc. Delayed Draw Term Loan | 5.554%<br>(1 mo. USD Term SOFR + 1.13% | 11/26/2027 | 1166667 | 1162292 |
| **Real Estate Investment Trusts 0.12%** |  |  |  |  |
| Invitation Homes Operating Partnership LP 2024 Term Loan |  | 9/9/2028 | 707000 | 696395 |
| **Regional 0.13%** |  |  |  |  |
| Seminole Tribe of Florida 2022 Term Loan A | 5.427%<br>(1 mo. USD Term SOFR + 1.00% | 5/13/2027 | 805555 | 803541 |

---

<br> 204 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION CORE BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Principal<br> Amount** | **Fair<br> Value** |
| **Retail 0.25%** |  |  |  |  |  |
| KFC Holding Co. 2021 Term Loan B | 6.191%<br>(1 mo. USD Term SOFR + 1.75% | 3/15/2028 | $| 1461108 | $1471153 |
| **Semiconductors 0.82%** |  |  |  |  |  |
| Broadcom, Inc. Term Loan A5 | 5.452%<br>(1 mo. USD Term SOFR + 1.13% | 8/15/2028 |  | 3981750 | 3981750 |
| Marvell Technology Group Ltd. 2020 5 Year Term Loan A | 5.804%<br>(1 mo. USD Term SOFR + 1.38% | 12/7/2025 |  | 907112 | 910514 |
| *Total* |  |  |  |  | 4892264 |
| *Total Floating Rate Loans* (cost $21,577,958) |  |  |  |  | 21602871 |
| **FOREIGN GOVERNMENT OBLIGATIONS 1.03%** |  |  |  |  |  |
| **Bermuda 0.59%** |  |  |  |  |  |
| Bermuda Government International Bonds | 3.717% | 1/25/2027 |  | 3600000 | 3548520 |
| **Japan 0.29%** |  |  |  |  |  |
| Development Bank of Japan, Inc.<sup>†(a)</sup> | 4.00% | 8/28/2027 |  | 1706000 | 1701237 |
| **Kazakhstan 0.07%** |  |  |  |  |  |
| Baiterek National Managing Holding JSC<sup>†(a)</sup> | 5.45% | 5/8/2028 |  | 436000 | 438434 |
| **Saudi Arabia 0.08%** |  |  |  |  |  |
| Saudi Government International Bonds<sup>†(a)</sup> | 5.125% | 1/13/2028 |  | 490000 | 497896 |
| *Total Foreign Government Obligations* (cost $6,155,652) | *Total Foreign Government Obligations* (cost $6,155,652) | *Total Foreign Government Obligations* (cost $6,155,652) |  |  | 6186087 |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.00%** |  |
| Government National Mortgage Association Series 2014-112 Class A (Cost $6,440) | 3.00% | 1/16/2048 |  | 6378 | 5751 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 3.34%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 3.34%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 3.34%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 3.34%** |  |  |
| Federal National Mortgage Association | 6.00% | 10/1/2038 - 5/1/2039 |  | 4533154 | 4681770 |
| Uniform Mortgage-Backed Security<sup>(i)</sup> | 5.00% | TBA |  | 2629000 | 2629268 |
| Uniform Mortgage-Backed Security<sup>(i)</sup> | 5.50% | TBA |  | 11304000 | 11454378 |
| Uniform Mortgage-Backed Security<sup>(i)</sup> | 6.00% | TBA |  | 1237000 | 1266172 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $20,039,331) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $20,039,331) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $20,039,331) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $20,039,331) |  | 20031588 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 3.08%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 3.08%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 3.08%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 3.08%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 3.08%** |  |
| Bank Series 2017-BNK7 Class A4 | 3.175% | 9/15/2060 |  | 1292129 | 1258043 |
| Bank5 Series 2025-5YR14 Class A3 | 5.646% | 4/15/2058 |  | 2940000 | 3041210 |
| Bank5 Trust Series 2024-5YR6 Class A3 | 6.225% | 5/15/2057 |  | 1400000 | 1467681 |
| BBCMS Mortgage Trust Series 2020-C7 Class A2 | 2.021% | 4/15/2053 |  | 227174 | 215410 |

---

<br> See Notes to Financial Statements. 205

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION CORE BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| BBCMS Mortgage Trust Series 2025-5C33 Class A4 | 5.839% |  | 3/15/2058 | $1440000 | $1499730 |
| BBCMS Mortgage Trust Series 2025-5C34 Class A3 | 5.659% |  | 5/15/2058 | 770000 | 796660 |
| Benchmark Mortgage Trust Series 2021-B23 Class A2 | 1.62% |  | 2/15/2054 | 219074 | 198388 |
| BMO Mortgage Trust Series 2024-5C5 Class A3 | 5.857% |  | 2/15/2057 | 880000 | 912814 |
| BX Commercial Mortgage Trust Series 2024-XL5 Class A<sup>†</sup> | 5.72%<br>(1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 3/15/2041 | 410727 | 411467 |
| Citigroup Commercial Mortgage Trust Series 2017-P7 Class A4 | 3.712% |  | 4/14/2050 | 1560000 | 1523141 |
| DBGS Mortgage Trust Series 2018-C1 Class A4 | 4.466% |  | 10/15/2051 | 1510000 | 1482755 |
| Ellington Financial Mortgage Trust Series 2020-1 Class A1<sup>†</sup> | 2.006% | <sup>#(h)</sup> | 5/25/2065 | 4742 | 4688 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA4 Class M1<sup>†</sup> | 5.272%<br> (30 day USD SOFR Average + 0.95% |)<sup>#</sup> | 12/25/2041 | 371862 | 371565 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R01 Class 1M1<sup>†</sup> | 5.322% <br> (30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 12/25/2041 | 173607 | 173317 |
| GS Mortgage Securities Corp. Trust Series 2021-ROSS Class A<sup>†</sup> | 5.744%<br>(1 mo. USD Term SOFR + 1.41% |)<sup>#</sup> | 5/15/2026 | 270000 | 253798 |
| GS Mortgage Securities Trust Series 2015-GC34 Class A4 | 3.506% |  | 10/10/2048 | 685000 | 679880 |
| GS Mortgage Securities Trust Series 2016-GS2 Class A4 | 3.05% |  | 5/10/2049 | 425000 | 418318 |
| GS Mortgage Securities Trust Series 2016-GS4 Class A3 | 3.178% |  | 11/10/2049 | 1503972 | 1475944 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-ICON Class A<sup>†</sup> | 3.884% |  | 1/5/2034 | 192050 | 188693 |
| Morgan Stanley BAML Trust Series 2025-5C1 Class A3 | 5.635% |  | 3/15/2058 | 900000 | 929678 |
| MSCG Trust Series 2015-ALDR Class A1<sup>†</sup> | 2.612% |  | 6/7/2035 | 559 | 559 |
| ROCK Trust Series 2024-CNTR Class A<sup>†</sup> | 5.388% |  | 11/13/2041 | 770000 | 780589 |
| SMRT Commercial Mortgage Trust Series 2022-MINI Class A<sup>†</sup> | 5.329%<br>(1 mo. USD Term SOFR + 1.00% |)<sup>#</sup> | 1/15/2039 | 420000 | 418113 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $18,592,689) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $18,592,689) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $18,592,689) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $18,592,689) |  | 18502441 |

---

<br> 206 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION CORE BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **U.S. TREASURY OBLIGATIONS 21.91%** |  |  |  |  |
| U.S. Treasury Notes | 3.75% | 8/15/2027 | $14275000 | $14232621 |
| U.S. Treasury Notes | 3.875% | 10/15/2027 | 14479900 | 14478203 |
| U.S. Treasury Notes | 4.00% | 12/15/2027 | 20511500 | 20579605 |
| U.S. Treasury Notes | 4.00% | 2/29/2028 | 17498000 | 17558149 |
| U.S. Treasury Notes | 4.125% | 1/31/2027 | 23000000 | 23055703 |
| U.S. Treasury Notes | 4.25% | 11/30/2026 | 16752000 | 16811548 |
| U.S. Treasury Notes | 4.25% | 3/15/2027 | 15985000 | 16069296 |
| U.S. Treasury Notes | 4.625% | 6/15/2027 | 8592000 | 8713161 |
| *Total U.S. Treasury Obligations* (cost $131,027,541) |  |  |  | 131498286 |
| *Total Long-Term Investments* (cost $597,919,582) |  |  |  | 601189112 |
| **SHORT-TERM INVESTMENTS 2.01%** |  |  |  |  |
| **COMMERCIAL PAPER 0.69%** |  |  |  |  |
| **Commercial Services 0.69%** |  |  |  |  |
| Global Payments, Inc. (cost $4,134,437) | 4.97% | 6/2/2025 | 4135000 | 4135000 |
| **REPURCHASE AGREEMENTS 1.24%** |  |  |  |  |
| Repurchase Agreement dated 5/30/2025, 4.000% due 6/2/2025 with Fixed Income Clearing Corp. collateralized by $2,382,000 of U.S. Treasury Note at 4.375% due 12/15/2026; value: $2,440,704; proceeds: $2,393,620 <br> (cost $2,392,822) |  |  | 2392822 | 2392822 |
| Repurchase Agreement dated 5/30/2025, 4.120% due 6/2/2025 with JPMorgan Securities LLC collateralized by $5,391,800 of U.S. Treasury Note at 0.875% due 9/30/2026; value: $5,178,571; proceeds: $5,076,742<br> (cost $5,075,000) |  |  | 5075000 | 5075000 |
| *Total Repurchase Agreements* (cost $7,467,822) |  |  |  | 7467822 |
| **Time Deposits 0.01%** |  |  |  |  |
| CitiBank N.A.<sup>(j)</sup> <br> (cost $48,944) |  |  | 48944 | 48944 |

---

<br> See Notes to Financial Statements. 207

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION CORE BOND FUND *May 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair <br> Value** |
| **Money Market Funds 0.07%** |  |  |
| Fidelity Government Portfolio<sup>(j)</sup> (cost $440,496) | 440496 | $440496 |
| *Total Short-Term Investments* (cost $12,091,699) |  | 12092262 |
| *Total Investments in Securities 102.18%* (cost $610,011,281) |  | 613281374 |
| *Less Unfunded Loan Commitments (0.42%)* (cost $2,518,345) |  | (2531000) |
| *Net Investments in Securities 101.76%* (cost $607,492,936) |  | 610750374 |
| *Other Assets and Liabilities – Net*<sup>(k)</sup> *(1.76)%* |  | (10558464) |
| *Net Assets 100.00%* |  | $600191910 |

---

---

| | |
|:---|:---|
| CMT | Constant Maturity Rate. |
| LIBOR | London Interbank Offered Rate. |
| REITS | Real Estate Investment Trusts. |
| REMICS | Real Estate Mortgage Investment Conduits. |
| SOFR | Secured Overnight Financing Rate. |
| STACR | Structured Agency Credit Risk. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At May 31, 2025, the total value of Rule 144A securities was $215,545,742, which represents 35.91% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at May 31, 2025. |
| <sup>(a)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(b)</sup> | Securities purchased on a when-issued basis (See Note 2(l)). |
| <sup>(c)</sup> | Step Bond – Security with a predetermined schedule of interest rate changes. |
| <sup>(d)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(e)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the SOFR or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at May 31, 2025. |
| <sup>(f)</sup> | Interest Rate to be determined. |
| <sup>(g)</sup> | Security partially/fully unfunded (See Note 2(d)). |
| <sup>(h)</sup> | Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool. |
| <sup>(i)</sup> | To-be-announced ("TBA"). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned. |
| <sup>(j)</sup> | Security was purchased with the cash collateral from loaned securities. |
| <sup>(k)</sup> | Other Assets and Liabilities - Net include net unrealized appreciation/(depreciation) on futures contracts and swap contracts as follows: |

---

<br> 208 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION CORE BOND FUND *May 31, 2025*

**Centrally Cleared Interest Rate Swap Contracts at May 31, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Central<br> Clearingparty** | **Periodic<br> Payments<br> to be Made<br> By The Fund<br> (Quarterly)** | **Periodic<br> Payments<br> to be Received<br> By The Fund<br> (Quarterly)** | **Termination<br> Date** | **Notional <br> Amount** | **Payments<br> Upfront<sup>(1)</sup>** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Value** |
| Goldman Sachs<sup>(2)</sup> | 3.585% | 12-Month USD SOFR Index | 10/16/2029 | $8700000 | $– | $1208 | $1208 |
| Goldman Sachs<sup>(2)</sup> | 3.493% | 12-Month USD SOFR Index | 5/8/2029 | 15890000 | – | 48192 | 48192 |
| *Total* |  |  |  |  | $– | $49400 | $49400 |
| **Central<br> Clearingparty** | **Periodic<br> Payments<br> to be Made<br> By The Fund<br> (Quarterly)** | **Periodic<br> Payments<br> to be Received<br> By The Fund<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments <br> Upfront<sup>(1)</sup>** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Value** |
| Goldman Sachs<sup>(2)</sup> | 4.287% | 12-Month USD SOFR Index | 3/20/2030 | $39850000 | $(735938) | $(466954) | $(1202892) |

---

<br> SOFR Secured Overnight Financing Rate.

<sup>(1)</sup> Upfront payments paid (received) by Central Clearing Party are presented net of amortization. <br> <sup>(2)</sup> Central clearinghouse: Chicago Mercantile Exchange (CME).

**Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at May 31, 2025:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap<br> Counterparty** | **Payments to be<br> Made By<br> The Fund at<br> Termination Date** | **Payments to be<br> Received By<br> The Fund at<br> Termination Date** | **Termination<br> Date** | **Notional<br> Amount** | **Value/<br> Unrealized<br> Appreciation** |
| Goldman Sachs | 2.285% | CPI Urban Consumer NSA | 7/15/2025 | $920000 | $7652 |

---

<br> NSA Non-seasonally adjusted.

**Futures Contracts at May 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Type | Expiration | Contracts | Position | Notional<br> Amount | Notional<br> Value | Unrealized<br> Appreciation |
| U.S. 2-Year Treasury Note | September 2025 | 978 | Long | $202672198 | $202873876 | $201678 |

---

<br> See Notes to Financial Statements. 209

**Schedule of Investments (unaudited)(concluded)**

SHORT DURATION CORE BOND FUND *May 31, 2025*

The following is a summary of the inputs used as of May 31, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $– | $120873622 | $– | $120873622 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 282488466 |  | 282488466 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  | 21602871 |  | 21602871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less Unfunded Loan Commitments |  | (2531000) |  | (2531000) |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 6186087 |  | 6186087 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Collateralized Mortgage Obligations |  | 5751 |  | 5751 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 20031588 |  | 20031588 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 18502441 |  | 18502441 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 131498286 |  | 131498286 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Paper |  | 4135000 |  | 4135000 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 7467822 |  | 7467822 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 48944 |  | 48944 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 440496 | – | – | 440496 |
| Total | $440496 | $610309878 | $– | $610750374 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $49400 | $– | $49400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (1202892) |  | (1202892) |
| &nbsp;&nbsp;&nbsp;Centrally Cleared CPI Swap Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 7652 |  | 7652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 201678 |  |  | 201678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | – | – | – |
| Total | $201678 | $(1145840) | $– | $(944162) |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund's net assets.

210 See Notes to Financial Statements.

**Schedule of Investments (unaudited)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 104.05%** |  |  |  |  |  |
| **ASSET-BACKED SECURITIES 19.61%** |  |  |  |  |  |
| **Automobiles 7.16%** |  |  |  |  |  |
| Americredit Automobile Receivables Trust Series 2023-1 Class A3 | 5.62% |  | 11/18/2027 | $59674341 | $59913826 |
| Americredit Automobile Receivables Trust Series 2023-1 Class C | 5.80% |  | 12/18/2028 | 27200000 | 27755171 |
| AmeriCredit Automobile Receivables Trust Series 2023-2 Class A2 | 6.19% |  | 4/19/2027 | 3502733 | 3509380 |
| AmeriCredit Automobile Receivables Trust Series 2024-1 Class A3 | 5.43% |  | 1/18/2029 | 38840000 | 39290909 |
| Avis Budget Rental Car Funding AESOP LLC Series 2020-2A Class A<sup>†</sup> | 2.02% |  | 2/20/2027 | 23225000 | 22885968 |
| Avis Budget Rental Car Funding AESOP LLC Series 2022-4A Class A<sup>†</sup> | 4.77% |  | 2/20/2029 | 10765000 | 10813696 |
| Bayview Opportunity Master Fund VII LLC Series 2024-CAR1 Class A<sup>†</sup> | 5.422%<br> (30 day USD SOFR Average + 1.10% |)<sup>#</sup> | 12/26/2031 | 26236796 | 26326691 |
| BOF URSA VI Funding Trust I Series 2023-CAR2 Class A2<sup>†</sup> | 5.542% |  | 10/27/2031 | 16448717 | 16510221 |
| CarMax Auto Owner Trust Series 2024-2 Class A3 | 5.50% |  | 1/16/2029 | 45330000 | 45953369 |
| CarMax Auto Owner Trust Series 2024-2 Class A4 | 5.51% |  | 11/15/2029 | 24545000 | 25131900 |
| Carvana Auto Receivables Trust Series 2021-N1 Class A | 0.70% |  | 1/10/2028 | 3254271 | 3185201 |
| Carvana Auto Receivables Trust Series 2022-P2 Class A4 | 4.68% |  | 2/10/2028 | 50912000 | 50928109 |
| Chase Auto Owner Trust Series 2024-1A Class A3<sup>†</sup> | 5.13% |  | 5/25/2029 | 37324000 | 37609622 |
| Chase Auto Owner Trust Series 2024-3A Class A3<sup>†</sup> | 5.22% |  | 7/25/2029 | 54635000 | 55256112 |
| Chase Auto Owner Trust Series 2024-5A Class A3<sup>†</sup> | 4.18% |  | 8/27/2029 | 25000000 | 24900385 |
| Chesapeake Funding II LLC Series 2024-1A Class A1<sup>†</sup> | 5.52% |  | 5/15/2036 | 92834274 | 93727758 |
| Citizens Auto Receivables Trust Series 2023-1 Class A3<sup>†</sup> | 5.84% |  | 1/18/2028 | 58798338 | 59176270 |
| Citizens Auto Receivables Trust Series 2023-2 Class A2A<sup>†</sup> | 6.09% |  | 10/15/2026 | 1022640 | 1023347 |
| Citizens Auto Receivables Trust Series 2024-2 Class A3<sup>†</sup> | 5.33% |  | 8/15/2028 | 79525000 | 80067011 |
| Credit Acceptance Auto Loan Trust Series 2024-2A Class A<sup>†</sup> | 5.95% |  | 6/15/2034 | 42940000 | 43594448 |
| Drive Auto Receivables Trust Series 2025-1 Class A2 | 4.87% |  | 8/15/2028 | 37225000 | 37232236 |
| Exeter Automobile Receivables Trust Series 2021-2A Class D | 1.40% |  | 4/15/2027 | 4878305 | 4789107 |

---

<br> *See Notes to Financial Statements.* 211

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |
| Exeter Automobile Receivables Trust Series 2021-3A Class E<sup>†</sup> | 3.04% | 12/15/2028 | $40830000 | $39876648 |
| Exeter Automobile Receivables Trust Series 2023-2A Class D | 6.32% | 8/15/2029 | 26015000 | 26461475 |
| Exeter Automobile Receivables Trust Series 2024-3A Class A2 | 5.82% | 2/15/2027 | 3882940 | 3885017 |
| Exeter Automobile Receivables Trust Series 2024-3A Class D | 5.98% | 9/16/2030 | 35643000 | 36108209 |
| Exeter Automobile Receivables Trust Series 2024-4A Class D | 5.81% | 12/16/2030 | 11000000 | 11168551 |
| Exeter Automobile Receivables Trust Series 2025-2A Class D | 5.89% | 7/15/2031 | 33720000 | 34381303 |
| First Investors Auto Owner Trust Series 2022-2A Class A<sup>†</sup> | 6.26% | 7/15/2027 | 11809433 | 11840038 |
| Ford Credit Auto Lease Trust Series 2025-A Class A3 | 4.72% | 6/15/2028 | 69650000 | 70041893 |
| Ford Credit Auto Owner Trust Series 2022-1 Class A<sup>†</sup> | 3.88% | 11/15/2034 | 60000000 | 59371464 |
| GLS Auto Receivables Issuer Trust Series 2021-2A Class E<sup>†</sup> | 2.87% | 5/15/2028 | 18015000 | 17726333 |
| GLS Auto Receivables Issuer Trust Series 2023-3A Class A2<sup>†</sup> | 6.04% | 3/15/2027 | 754396 | 754785 |
| GLS Auto Receivables Issuer Trust Series 2025-2A Class A3<sup>†</sup> | 4.75% | 1/16/2029 | 18410000 | 18440034 |
| GM Financial Automobile Leasing Trust Series 2025-1 Class A3 | 4.66% | 2/21/2028 | 46120000 | 46324616 |
| Hertz Vehicle Financing III LP Series 2021-2A Class A<sup>†</sup> | 1.68% | 12/27/2027 | 120499000 | 115296215 |
| Huntington Auto Trust Series 2024-1A Class A3<sup>†</sup> | 5.23% | 1/16/2029 | 75201000 | 75806767 |
| Huntington Bank Auto Credit-Linked Notes Series 2024-1 Class B1<sup>†</sup> | 6.153% | 5/20/2032 | 38034378 | 38558564 |
| Huntington Bank Auto Credit-Linked Notes Series 2024-2 Class B1<sup>†</sup> | 5.442% | 10/20/2032 | 29554247 | 29736998 |
| Hyundai Auto Lease Securitization Trust Series 2025-A Class A3<sup>†</sup> | 4.83% | 1/18/2028 | 66550000 | 66935165 |
| LAD Auto Receivables Trust Series 2024-3A Class A2<sup>†</sup> | 4.64% | 11/15/2027 | 31252985 | 31251441 |
| LAD Auto Receivables Trust Series 2024-3A Class A3<sup>†</sup> | 4.52% | 3/15/2029 | 20000000 | 20012686 |
| M&T Bank Auto Receivables Trust Series 2025-1A Class A3<sup>†</sup> | 4.73% | 6/17/2030 | 23320000 | 23463628 |

---

<br> 212 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |
| Merchants Fleet Funding LLC Series 2024-1A Class A<sup>†</sup> | 5.82% | 4/20/2037 | $93942035 | $94543602 |
| NextGear Floorplan Master Owner Trust Series 2023-1A Class A2<sup>†</sup> | 5.74% | 3/15/2028 | 69730000 | 70319218 |
| Nissan Auto Lease Trust Series 2025-A Class A3 | 4.75% | 3/15/2028 | 103390000 | 104233063 |
| Nissan Auto Receivables Owner Trust Series 2023-B Class A3 | 5.93% | 3/15/2028 | 39778000 | 40134773 |
| Nissan Auto Receivables Owner Trust Series 2025-A Class A3 | 4.49% | 12/17/2029 | 27765000 | 27848631 |
| Octane Receivables Trust Series 2022-2A Class A<sup>†</sup> | 5.11% | 2/22/2028 | 3939189 | 3940374 |
| Octane Receivables Trust Series 2023-1A Class A<sup>†</sup> | 5.87% | 5/21/2029 | 8008187 | 8027740 |
| Octane Receivables Trust Series 2024-2A Class A2<sup>†</sup> | 5.80% | 7/20/2032 | 36878601 | 37204040 |
| Octane Receivables Trust Series 2024-3A Class A2<sup>†</sup> | 4.94% | 5/20/2030 | 32060000 | 32099796 |
| Santander Drive Auto Receivables Trust Series 2022-6 Class B | 4.72% | 6/15/2027 | 637122 | 637120 |
| Santander Drive Auto Receivables Trust Series 2022-6 Class C | 4.96% | 11/15/2028 | 5600000 | 5602443 |
| Santander Drive Auto Receivables Trust Series 2023-3 Class A3 | 5.61% | 10/15/2027 | 15386564 | 15405579 |
| Santander Drive Auto Receivables Trust Series 2023-4 Class B | 5.77% | 12/15/2028 | 16550000 | 16740434 |
| Santander Drive Auto Receivables Trust Series 2024-2 Class A3 | 5.63% | 11/15/2028 | 77430000 | 77843182 |
| Santander Drive Auto Receivables Trust Series 2024-2 Class B | 5.78% | 7/16/2029 | 22800000 | 23117075 |
| Santander Drive Auto Receivables Trust Series 2024-2 Class D | 6.28% | 8/15/2031 | 22655000 | 23279802 |
| Santander Drive Auto Receivables Trust Series 2024-3 Class B | 5.55% | 9/17/2029 | 36695000 | 37104667 |
| Santander Drive Auto Receivables Trust Series 2024-4 Class B | 4.93% | 9/17/2029 | 24740000 | 24871679 |
| Santander Drive Auto Receivables Trust Series 2024-5 Class A3 | 4.62% | 11/15/2028 | 58500000 | 58481075 |
| Santander Drive Auto Receivables Trust Series 2024-5 Class B | 4.63% | 8/15/2029 | 65605000 | 65627621 |
| Santander Drive Auto Receivables Trust Series 2025-1 Class A3 | 4.74% | 1/16/2029 | 65000000 | 65085319 |
| Santander Drive Auto Receivables Trust Series 2025-1 Class B | 4.88% | 3/17/2031 | 31620000 | 31804607 |
| SBNA Auto Lease Trust Series 2024-C Class A3<sup>†</sup> | 4.56% | 2/22/2028 | 32858000 | 32840832 |
| SFS Auto Receivables Securitization Trust Series 2023-1A Class A3<sup>†</sup> | 5.47% | 10/20/2028 | 44387434 | 44669902 |

---

<br> *See Notes to Financial Statements.* 213

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |
| SFS Auto Receivables Securitization Trust Series 2024-1A Class A3<sup>†</sup> | 4.95% | 5/21/2029 | $31375000 | $31490234 |
| SFS Auto Receivables Securitization Trust Series 2024-2A Class A3<sup>†</sup> | 5.33% | 11/20/2029 | 45570000 | 46081140 |
| SFS Auto Receivables Securitization Trust Series 2024-3A Class A3<sup>†</sup> | 4.55% | 6/20/2030 | 37935000 | 38007471 |
| Toyota Lease Owner Trust Series 2025-A Class A3<sup>†</sup> | 4.75% | 2/22/2028 | 49500000 | 49835912 |
| Volkswagen Auto Lease Trust Series 2024-A Class A3 | 5.21% | 6/21/2027 | 77510000 | 78173517 |
| Westlake Automobile Receivables Trust Series 2022-2A Class C<sup>†</sup> | 4.85% | 9/15/2027 | 12914560 | 12910871 |
| Westlake Automobile Receivables Trust Series 2023-2A Class B<sup>†</sup> | 6.14% | 3/15/2028 | 38475000 | 38575112 |
| Westlake Automobile Receivables Trust Series 2024-1A Class D<sup>†</sup> | 6.02% | 10/15/2029 | 9340000 | 9483317 |
| Westlake Automobile Receivables Trust Series 2024-2A Class D<sup>†</sup> | 5.91% | 4/15/2030 | 48660000 | 49480719 |
| Westlake Automobile Receivables Trust Series 2024-3A Class A3<sup>†</sup> | 4.71% | 4/17/2028 | 31280000 | 31284088 |
| Westlake Automobile Receivables Trust Series 2025-1A Class A3<sup>†</sup> | 4.75% | 8/15/2028 | 32000000 | 32117328 |
| Westlake Flooring Master Trust Series 2024-1A Class A<sup>†</sup> | 5.43% | 2/15/2028 | 72105000 | 72410091 |
| Wheels Fleet Lease Funding 1 LLC Series 2024-3A Class A1<sup>†</sup> | 4.80% | 9/19/2039 | 56085000 | 56199475 |
| *Total* |  |  |  | 3034534416 |
| **Credit Card 0.84%** |  |  |  |  |
| First National Master Note Trust Series 2024-1 Class A | 5.34% | 5/15/2030 | 20402000 | 20776715 |
| First National Master Notes Trust Series 2025-1 Class A | 4.85% | 2/15/2030 | 72020000 | 73023123 |
| Fortiva Retail Prime Masters Notes Business Trust Series 2025-A Class A<sup>†</sup> | 6.60% | 9/17/2029 | 92200000 | 92329080 <sup>(a)</sup> |
| Perimeter Master Note Business Trust Series 2021-1A Class A<sup>†</sup> | 3.19% | 12/15/2026 | 46000000 | 45346244 |
| Synchrony Card Funding LLC Series 2023-A1 Class A | 5.54% | 7/15/2029 | 41992000 | 42494497 |
| World Financial Network Credit Card Master Note Trust Series 2024-B Class A | 4.62% | 5/15/2031 | 35390000 | 35572340 |
| World Financial Network Credit Card Master Trust Series 2024-A Class A | 5.47% | 2/15/2031 | 43450000 | 44340047 |
| *Total* |  |  |  | 353882046 |

---

<br> 214 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other 11.31%** |  |  |  |  |  |
| ACREC Ltd. Series 2021-FL1 Class A<sup>†</sup> | 5.593%<br> (1 mo. USD Term SOFR + 1.26% |)<sup>#</sup> | 10/16/2036 | $22381757 | $22329763 |
| Affirm Asset Securitization Trust Series 2023-B Class 1A<sup>†</sup> | 6.82% |  | 9/15/2028 | 69455000 | 69793038 |
| Affirm Asset Securitization Trust Series 2023-B Class A<sup>†</sup> | 6.82% |  | 9/15/2028 | 94355000 | 94814226 |
| Affirm Asset Securitization Trust Series 2024-A Class 1A<sup>†</sup> | 5.61% |  | 2/15/2029 | 73620000 | 73944782 |
| Affirm Asset Securitization Trust Series 2024-A Class A<sup>†</sup> | 5.61% |  | 2/15/2029 | 32865000 | 32982926 |
| Affirm Asset Securitization Trust Series 2024-B Class A<sup>†</sup> | 4.62% |  | 9/15/2029 | 16765000 | 16741205 |
| Affirm Master Trust Series 2025-1A Class A<sup>†</sup> | 4.99% |  | 2/15/2033 | 44005000 | 44128152 |
| AGL CLO 14 Ltd. Series 2021-14A Class AR<sup>†</sup> | 5.40%<br> (3 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 12/2/2034 | 15000000 | 14978730 |
| AGL CLO 17 Ltd. Series 2022-17A Class AR<sup>†</sup> | 5.22%<br> (3 mo. USD Term SOFR + 0.95% |)<sup>#</sup> | 1/21/2035 | 8700000 | 8646826 |
| AMMC CLO 23 Ltd. Series 2020-23A Class A1R2<sup>†</sup> | 5.70%<br> (3 mo. USD Term SOFR + 1.42% |)<sup>#</sup> | 4/17/2035 | 118500000 | 118614471 |
| AMMC CLO 25 Ltd. Series 2022-25A Class A1R<sup>†</sup> | 5.606%<br> (3 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 4/15/2035 | 31440000 | 31453425 |
| AMMC CLO 27 Ltd. Series 2022-27A Class A1R<sup>†</sup> | 5.35%<br> (3 mo. USD Term SOFR + 1.08% |)<sup>#</sup> | 1/20/2037 | 79500000 | 79197900 |
| Apex Credit CLO Ltd. Series 2018-2A Class AR3<sup>†</sup> | 5.22%<br> (3 mo. USD Term SOFR + 0.95% |)<sup>#</sup> | 10/20/2031 | 35069524 | 34988829 |
| Apidos CLO XXII Ltd. Series 2015-22A Class A1R<sup>†</sup> | 5.591%<br> (3 mo. USD Term SOFR + 1.32% |)<sup>#</sup> | 4/20/2031 | 18244929 | 18264305 |
| Apidos CLO XXXI Ltd. Series 2019-31A Class A1R<sup>†</sup> | 5.618%<br> (3 mo. USD Term SOFR + 1.36% |)<sup>#</sup> | 4/15/2031 | 59901212 | 59967223 |
| Apidos Loan Fund Ltd. Series 2024-1A Class A1<sup>†</sup> | 5.552%<br> (3 mo. USD Term SOFR + 1.27% |)<sup>#</sup> | 4/25/2035 | 26100000 | 26112659 |
| Aqua Finance Trust Series 2019-A Class A<sup>†</sup> | 3.14% |  | 7/16/2040 | 5657738 | 5475516 |
| Aqua Finance Trust Series 2021-A Class A<sup>†</sup> | 1.54% |  | 7/17/2046 | 17066919 | 15652962 |
| Arbor Realty Commercial Real Estate Notes Ltd. Series 2021-FL3 Class A<sup>†</sup> | 5.513%<br> (1 mo. USD Term SOFR + 1.18% |)<sup>#</sup> | 8/15/2034 | 5640005 | 5639969 |
| Arbor Realty Commercial Real Estate Notes Ltd. Series 2022-FL1 Class A<sup>†</sup> | 5.782%<br> (30 day USD SOFR Average + 1.45% |)<sup>#</sup> | 1/15/2037 | 29384587 | 29419777 |
| ARES L CLO Ltd. Series 2018-50A Class AR<sup>†</sup> | 5.568%<br> (3 mo. USD Term SOFR + 1.31% |)<sup>#</sup> | 1/15/2032 | 39209159 | 39232136 |

---

<br> *See Notes to Financial Statements.* 215

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Bain Capital Credit CLO Ltd. Series 2019-3A Class ARR<sup>†</sup> | 5.30%<br> (3 mo. USD Term SOFR + 1.03% |)<sup>#</sup> | 10/21/2034 | $10000000 | $9974960 |
| Bain Capital Credit CLO Ltd. Series 2021-1A Class AR<sup>†</sup> | 5.21%<br> (3 mo. USD Term SOFR + 0.94% |)<sup>#</sup> | 4/18/2034 | 30200000 | 30028102 |
| Bain Capital Credit CLO Ltd. Series 2021-3A Class AR<sup>†</sup> | 5.335%<br> (3 mo. USD Term SOFR + 1.06% |)<sup>#</sup> | 7/24/2034 | 38210000 | 38122079 |
| Ballyrock CLO Ltd. Series 2019-1A Class A1R<sup>†</sup> | 5.548%<br> (3 mo. USD Term SOFR + 1.29% |)<sup>#</sup> | 7/15/2032 | 82216344 | 82254328 |
| Ballyrock CLO Ltd. Series 2019-2A Class A1RR<sup>†</sup> | 5.722%<br> (3 mo. USD Term SOFR + 1.40% |)<sup>#</sup> | 2/20/2036 | 9000000 | 9002916 |
| Bardot CLO Ltd. Series 2019-2A Class ARR<sup>†</sup> | 5.252%<br> (3 mo. USD Term SOFR + 0.98% |)<sup>#</sup> | 10/22/2032 | 91676209 | 91496616 |
| Barings Loan Partners CLO Ltd. 3 Series LP-3A Class AR2<sup>†</sup> | 5.22%<br> (3 mo. USD Term SOFR + 0.95% |)<sup>#</sup> | 7/20/2033 | 53880000 | 53666204 |
| Benefit Street Partners CLO IV Ltd. Series 2014-IVA Class AR4<sup>†</sup> | 5.62%<br> (3 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 4/20/2034 | 74180000 | 74393713 |
| BSPRT Issuer Ltd. Series 2021-FL7 Class A<sup>†</sup> | 5.763%<br> (1 mo. USD Term SOFR + 1.43% |)<sup>#</sup> | 12/15/2038 | 16960272 | 16976012 |
| Canyon Capital CLO Ltd. Series 2019-2A Class BR2<sup>†</sup> | 5.756%<br> (3 mo. USD Term SOFR + 1.50% |)<sup>#</sup> | 10/15/2034 | 12750000 | 12710105 |
| Canyon CLO Ltd. Series 2020-2A Class AR2<sup>†</sup> | 5.286%<br> (3 mo. USD Term SOFR + 1.03% |)<sup>#</sup> | 10/15/2034 | 17350000 | 17249977 |
| Carlyle Global Market Strategies CLO Ltd. Series 2015-1A Class AR3<sup>†</sup> | 5.511%<br> (3 mo. USD Term SOFR + 1.24% |)<sup>#</sup> | 7/20/2031 | 26683787 | 26737154 |
| Carlyle Global Market Strategies CLO Ltd. Series 2015-4A Class A1JR<sup>†</sup> | 5.82%<br> (3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 7/20/2032 | 8000000 | 8004400 |
| Carlyle U.S. CLO Ltd. Series 2019-1A Class A1AR<sup>†</sup> | 5.611%<br> (3 mo. USD Term SOFR + 1.34% |)<sup>#</sup> | 4/20/2031 | 83012577 | 83099076 |
| CarVal CLO I Ltd. Series 2018-1A Class AR<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.491%<br> (3 mo. USD Term SOFR + 1.23% |)<sup>#</sup> | 7/16/2031 | 8441640 | 8437360 |
| CarVal CLO III Ltd. Series 2019-2A Class BR2<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.67%<br> (3 mo. USD Term SOFR + 1.40% |)<sup>#</sup> | 7/20/2032 | 16000000 | 15985808 |
| Cedar Funding VII CLO Ltd. Series 2018-7A Class BR<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.82%<br> (3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 1/20/2031 | 31370000 | 31387724 |

---

<br> 216 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Cedar Funding VII CLO Ltd. Series 2018-7A Class CR<sup>†</sup> | 6.07%<br> (3 mo. USD Term SOFR + 1.80% |)<sup>#</sup> | 1/20/2031 | $15112000 | $15089075 |
| Cherry Securitization Trust Series 2024-1A Class A<sup>†</sup> | 5.70% |  | 4/15/2032 | 28215000 | 28414813 |
| Cherry Securitization Trust Series 2025-1A Class A<sup>†</sup> | 6.13% |  | 11/15/2032 | 39590000 | 39957510 |
| CIFC Falcon Ltd. Series 2019-FAL Class A<sup>†</sup> | 5.531%<br> (3 mo. USD Term SOFR + 1.26% |)<sup>#</sup> | 1/20/2033 | 15131869 | 15160605 |
| Clover CLO LLC Series 2021-3A Class AR<sup>†</sup> | 5.352%<br> (3 mo. USD Term SOFR + 1.07% |)<sup>#</sup> | 1/25/2035 | 65460000 | 65210794 |
| Columbia Cent CLO 31 Ltd. Series 2021-31A Class A1R<sup>†</sup> | 5.37%<br> (3 mo. USD Term SOFR + 1.10% |)<sup>#</sup> | 4/20/2034 | 98430000 | 97996416 |
| DLLMT LLC Series 2024-1A Class A3<sup>†</sup> | 4.84% |  | 8/21/2028 | 10670000 | 10751308 |
| Dryden 104 CLO Ltd. Series 2022-104A Class A1R<sup>†</sup> | 5.612%<br> (3 mo. USD Term SOFR + 1.29% |)<sup>#</sup> | 8/20/2034 | 95700000 | 95747180 |
| Dryden 43 Senior Loan Fund Series 2016-43A Class AR3<sup>†</sup> | 5.34%<br> (3 mo. USD Term SOFR + 1.07% |)<sup>#</sup> | 4/20/2034 | 105530000 | 105199058 |
| Elmwood CLO X Ltd. Series 2021-3A Class A1R<sup>†</sup> | 5.54%<br> (3 mo. USD Term SOFR + 1.27% |)<sup>#</sup> | 4/20/2034 | 29500000 | 29520975 |
| Flatiron CLO 28 Ltd. Series 2024-1A Class A1<sup>†</sup> | 5.576%<br> (3 mo. USD Term SOFR + 1.32% |)<sup>#</sup> | 7/15/2036 | 15750000 | 15759119 |
| Flatiron RR CLO 22 LLC Series 2021-2A Class AR<sup>†</sup> | 5.166%<br> (3 mo. USD Term SOFR + 0.91% |)<sup>#</sup> | 10/15/2034 | 34000000 | 33758362 |
| FS Rialto Issuer LLC Series 2025-FL10 Class A<sup>†</sup> | 5.712%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 8/19/2042 | 18320000 | 18310486 |
| Galaxy XXVI CLO Ltd. Series 2018-26A Class AR<sup>†</sup> | 5.496%<br> (3 mo. USD Term SOFR + 1.17% |)<sup>#</sup> | 11/22/2031 | 5221869 | 5228271 |
| GreenSky Home Improvement Issuer Trust Series 2024-2 Class A2<sup>†</sup> | 5.25% |  | 10/27/2059 | 13061344 | 13081912 |
| Greystone CRE Notes Ltd. Series 2021-FL3 Class A<sup>†</sup> | 5.463%<br> (1 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 7/15/2039 | 41012442 | 41015415 |
| Greywolf CLO VII Ltd. Series 2018-2A Class A1<sup>†</sup> | 5.71%<br> (3 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 10/20/2031 | 13200588 | 13212244 |
| Halcyon Loan Advisors Funding Ltd. Series 2017-2A Class A2<sup>†</sup> | 6.241%<br> (3 mo. USD Term SOFR + 1.96% |)<sup>#</sup> | 1/17/2030 | 347038 | 347830 |
| HGI CRE CLO Ltd. Series 2021-FL2 Class A<sup>†</sup> | 5.443%<br> (1 mo. USD Term SOFR + 1.11% |)<sup>#</sup> | 9/17/2036 | 10386362 | 10352056 |
| KKR CLO 15 Ltd. Series 15 Class BR2<sup>†</sup> | 5.82%<br> (3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 1/18/2032 | 7890000 | 7895065 |

---

<br> *See Notes to Financial Statements.* 217

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| KKR CLO 23 Ltd. Series 23 Class BR<sup>†</sup> | 5.82%<br> (3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 10/20/2031 | $17910000 | $17927122 |
| KKR CLO 23 Ltd. Series 23 Class CR<sup>†</sup> | 6.17%<br> (3 mo. USD Term SOFR + 1.90% |)<sup>#</sup> | 10/20/2031 | 7750000 | 7758083 |
| KKR CLO 24 Ltd. Series 24 Class A1R<sup>†</sup> | 5.611%<br> (3 mo. USD Term SOFR + 1.34% |)<sup>#</sup> | 4/20/2032 | 88637132 | 88730911 |
| KKR CLO 27 Ltd. Series 27A Class A1R2<sup>†</sup> | 5.366%<br> (3 mo. USD Term SOFR + 1.11% |)<sup>#</sup> | 1/15/2035 | 50940000 | 50761302 |
| KKR CLO 43 Ltd. Series 2022-43A Class A1R<sup>†</sup> | 6.006%<br> (3 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 1/15/2036 | 6000000 | 6033744 |
| Lendmark Funding Trust Series 2021-2A Class A<sup>†</sup> | 2.00% |  | 4/20/2032 | 138926000 | 131388195 |
| Lendmark Funding Trust Series 2022-1A Class A<sup>†</sup> | 5.12% |  | 7/20/2032 | 82215000 | 82130384 |
| Lendmark Funding Trust Series 2024-1A Class A<sup>†</sup> | 5.53% |  | 6/21/2032 | 32801000 | 33243978 |
| LoanCore Issuer Ltd. Series 2022-CRE7 Class A<sup>†</sup> | 5.88%<br> (30 day USD SOFR Average + 1.55% |)<sup>#</sup> | 1/17/2037 | 42945386 | 42996482 |
| LoanCore Issuer Ltd. Series 2025-CRE8 Class A<sup>†</sup> | 5.712%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 8/17/2042 | 48000000 | 48006110 |
| M&T Equipment Notes Series 2024-1A Class A3<sup>†</sup> | 4.76% |  | 8/18/2031 | 20885000 | 20986171 |
| Madison Park Funding LVII Ltd. Series 2022-57A Class A1R<sup>†</sup> | 5.563%<br> (3 mo. USD Term SOFR + 1.28% |)<sup>#</sup> | 7/27/2034 | 75370000 | 75404067 |
| Madison Park Funding XIV Ltd. Series 2014-14A Class AR4<sup>†</sup> | 5.232% |  |  |  |  |
|  | (3 mo. USD Term SOFR + 0.96% |)<sup>#</sup> | 10/22/2030 | 155640379 | 155476178 |
| Madison Park Funding XXI Ltd. Series 2016-21A Class AARR<sup>†</sup> | 5.598%<br> (3 mo. USD Term SOFR + 1.34% |)<sup>#</sup> | 10/15/2032 | 19617037 | 19613918 |
| Madison Park Funding XXXV Ltd. Series 2019-35A Class A1R<sup>†</sup> | 5.521%<br> (3 mo. USD Term SOFR + 1.25% |)<sup>#</sup> | 4/20/2032 | 13000883 | 13025715 |
| Mariner Finance Issuance Trust Series 2021-BA Class A<sup>†</sup> | 2.10% |  | 11/20/2036 | 69465000 | 66002462 |
| MF1 LLC Series 2022-FL9 Class A<sup>†</sup> | 6.474%<br> (1 mo. USD Term SOFR + 2.15% |)<sup>#</sup> | 6/19/2037 | 42621718 | 42791915 |
| MF1 Ltd. Series 2021-FL7 Class A<sup>†</sup> | 5.521%<br> (1 mo. USD Term SOFR + 1.19% |)<sup>#</sup> | 10/16/2036 | 12737055 | 12736201 |
| Navesink CLO 1 Ltd. Series 2023-1A A1R<sup>†</sup> | 5.962%<br> (3 mo. USD Term SOFR + 1.68% |)<sup>#</sup> | 7/25/2033 | 33300000 | 33384249 |
| Neuberger Berman Loan Advisers CLO 50 Ltd. Series 2022-50A Class AR<sup>†</sup> | 5.529%<br> (3 mo. USD Term SOFR + 1.25% |)<sup>#</sup> | 7/23/2036 | 70945000 | 70976429 |

---

<br> 218 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Neuberger Berman Loan Advisers CLO 51 Ltd. Series 2022-51A Class AR<sup>†</sup> | 5.559%<br> (3 mo. USD Term SOFR + 1.28% |)<sup>#</sup> | 10/23/2036 | $96990000 | $97044508 |
| Newark BSL CLO 1 Ltd. Series 2016-1A Class A1R<sup>†</sup> | 5.644%<br> (3 mo. USD Term SOFR + 1.36% |)<sup>#</sup> | 12/21/2029 | 9789293 | 9798730 |
| OCP CLO Ltd. Series 2016-11A Class A1R2<sup>†</sup> | 5.703%<br> (3 mo. USD Term SOFR + 1.42% |)<sup>#</sup> | 4/26/2036 | 69640000 | 69685336 |
| OneMain Financial Issuance Trust Series 2019-2A Class A<sup>†</sup> | 3.14% |  | 10/14/2036 | 75865000 | 73616703 |
| OneMain Financial Issuance Trust Series 2020-2A Class C<sup>†</sup> | 2.76% |  | 9/14/2035 | 14375000 | 13650351 |
| OneMain Financial Issuance Trust Series 2021-1A Class A1<sup>†</sup> | 1.55% |  | 6/16/2036 | 18050000 | 17179992 |
| OneMain Financial Issuance Trust Series 2022-3A Class A<sup>†</sup> | 5.94% |  | 5/15/2034 | 71173001 | 71578601 |
| Parallel Ltd. Series 2021-1A Class BR<sup>†</sup> | 5.906%<br> (3 mo. USD Term SOFR + 1.65% |)<sup>#</sup> | 7/15/2034 | 18950000 | 18931088 |
| PFP Ltd. Series 2025-12 Class A<sup>†(b)</sup> |  | <sup>(c)</sup> | 12/18/2042 | 79320000 | 79121700 |
| PFS Financing Corp. Series 2023-A Class A<sup>†</sup> | 5.80% |  | 3/15/2028 | 40045000 | 40422785 |
| Pikes Peak CLO 6 Series 2020-6A Class ARR<sup>†</sup> | 5.264%<br> (3 mo. USD Term SOFR + 0.94% |)<sup>#</sup> | 5/18/2034 | 25325000 | 25236768 |
| Post CLO Ltd. Series 2021-1A Class BR<sup>†</sup> | 5.856%<br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 10/15/2034 | 12850000 | 12856309 |
| Rad CLO 15 Ltd. Series 2021-15A Class A<sup>†</sup> | 5.621%<br> (3 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 1/20/2034 | 22106985 | 22142223 |
| Rad CLO 4 Ltd. Series 2019-4A Class AR<sup>†</sup> | 5.512%<br> (3 mo. USD Term SOFR + 1.23% |)<sup>#</sup> | 4/25/2032 | 18733308 | 18724054 |
| Rad CLO 7 Ltd. Series 2020-7A Class A1R<sup>†</sup> | 5.63%<br> (3 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 4/17/2036 | 78800000 | 78918200 |
| Romark CLO Ltd. Series 2017-1A Class A1R<sup>†</sup> | 5.571%<br> (3 mo. USD Term SOFR + 1.29% |)<sup>#</sup> | 10/23/2030 | 12451486 | 12460053 |
| RR 12 Ltd. Series 2020-12A Class AAR3<sup>†</sup> | 5.506%<br> (3 mo. USD Term SOFR + 1.25% |)<sup>#</sup> | 1/15/2036 | 48700000 | 48717191 |
| RR 26 Ltd. Series 2023-26A Class A1R<sup>†</sup> | 5.376%<br> (3 mo. USD Term SOFR + 1.12% |)<sup>#</sup> | 4/15/2038 | 39225000 | 39093596 |
| RR 8 Ltd. Series 2020-8A Class A1R<sup>†</sup> | 5.606%<br> (3 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 7/15/2037 | 90275000 | 90330609 |
| SCF Equipment Leasing LLC Series 2022-1A Class A3<sup>†</sup> | 2.92% |  | 7/20/2029 | 24519549 | 24420737 |
| SCF Equipment Leasing LLC Series 2022-1A Class B<sup>†</sup> | 3.22% |  | 10/21/2030 | 45560000 | 44968194 |

---

<br> *See Notes to Financial Statements.* 219

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| SCF Equipment Leasing LLC Series 2024-1A Class A3<sup>†</sup> | 5.52% |  | 1/20/2032 | $7180000 | $7361375 |
| SCF Equipment Trust LLC Series 2025-1A Class A3<sup>†</sup> | 5.11% |  | 11/21/2033 | 34834000 | 35321983 |
| SEB Funding LLC Series 2021-1A Class A2<sup>†</sup> | 4.969% |  | 1/30/2052 | 6783000 | 6647276 |
| Sycamore Tree CLO Ltd. Series 2024-5A Class A1<sup>†</sup> | 5.69%<br> (3 mo. USD Term SOFR + 1.42% |)<sup>#</sup> | 4/20/2036 | 71860000 | 71905272 |
| TCI-Flatiron CLO Ltd. Series 2018-1A Class ANR<sup>†</sup> | 5.602%<br> (3 mo. USD Term SOFR + 1.32% |)<sup>#</sup> | 1/29/2032 | 9685103 | 9696027 |
| Thayer Park CLO Ltd. Series 2017-1A Class A1R<sup>†</sup> | 5.571%<br> (3 mo. USD Term SOFR + 1.30% |)<sup>#</sup> | 4/20/2034 | 10000000 | 10023330 |
| Trestles CLO V Ltd. Series 2021-5A Class A1R<sup>†</sup> | 5.522%<br> (3 mo. USD Term SOFR + 1.25% |)<sup>#</sup> | 10/20/2034 | 77860000 | 77833917 |
| Trinitas CLO XX Ltd. Series 2022-20A Class A1R<sup>†</sup> | 5.31%<br> (3 mo. USD Term SOFR + 1.04% |)<sup>#</sup> | 7/20/2035 | 33750000 | 33511556 |
| Trysail CLO Ltd. Series 2021-1A Class A1<sup>†</sup> | 5.851%<br> (3 mo. USD Term SOFR + 1.58% |)<sup>#</sup> | 7/20/2032 | 82694137 | 82572824 |
| U.S. Bank NA Series 2025-SUP1 Class B<sup>†</sup> | 5.582% |  | 2/25/2032 | 38081670 | 38087828 |
| Valley Stream Park CLO Ltd. Series 2022-1A Class ARR<sup>†</sup> | 5.46%<br> (3 mo. USD Term SOFR + 1.19% |)<sup>#</sup> | 1/20/2037 | 103560000 | 103498485 |
| Venture 33 CLO Ltd. Series 2018-33A Class A1LR<sup>†</sup> | 5.578%<br> (3 mo. USD Term SOFR + 1.32% |)<sup>#</sup> | 7/15/2031 | 28652619 | 28670756 |
| Verizon Master Trust Series 2023-6 Class A<sup>†</sup> | 5.35% |  | 9/22/2031 | 40189000 | 41437134 |
| Verizon Master Trust Series 2024-7 Class A<sup>†</sup> | 4.35% |  | 8/20/2032 | 24075000 | 24002354 |
| Verizon Master Trust Series 2025-2 Class A<sup>†</sup> | 4.94% |  | 1/20/2033 | 63000000 | 64271271 |
| Voya CLO Ltd. Series 2017-3A Class AAR2<sup>†</sup> | 5.87%<br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 4/20/2034 | 9450000 | 9468938 |
| Wellfleet CLO Ltd. Series 2020-1A Class A1AR<sup>†</sup> | 5.456%<br> (3 mo. USD Term SOFR + 1.20% |)<sup>#</sup> | 4/15/2033 | 10000000 | 10004900 |
| Wind River CLO Ltd. Series 2022-1A Class AR<sup>†</sup> | 5.62%<br> (3 mo. USD Term SOFR + 1.35% |)<sup>#</sup> | 7/20/2035 | 95720000 | 95763170 |
| *Total* |  |  |  |  | 4792263588 |
| **Student Loan 0.30%** |  |  |  |  |  |
| Navient Private Education Refi Loan Trust Series 2021-CA Class A<sup>†</sup> | 1.06% |  | 10/15/2069 | 59527983 | 53335138 |
| Navient Private Education Refi Loan Trust Series 2022-A Class A<sup>†</sup> | 2.23% |  | 7/15/2070 | 54820072 | 49103512 |
| Nelnet Student Loan Trust Series 2021-A Class APT1<sup>†</sup> | 1.36% |  | 4/20/2062 | 24011636 | 22384836 |
| *Total* |  |  |  |  | 124823486 |
| *Total Asset-Backed Securities* (cost $8,322,733,980) | *Total Asset-Backed Securities* (cost $8,322,733,980) |  |  |  | 8305503536 |

---

<br> 220 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **CONVERTIBLE BONDS 0.10%** |  |  |  |  |
| **Commercial Services 0.10%** |  |  |  |  |
| Block, Inc. (cost $40,651,472) | Zero Coupon | 5/1/2026 | $42659000 | $40707351 |
| **CORPORATE BONDS 61.46%** |  |  |  |  |
| **Aerospace/Defense 2.19%** |  |  |  |  |
| BAE Systems PLC (United Kingdom)<sup>†(d)</sup> | 5.125% | 3/26/2029 | 20503000 | 20893595 |
| Boeing Co. | 2.196% | 2/4/2026 | 151662000 | 149004495 |
| Boeing Co.<sup>(e)</sup> | 2.25% | 6/15/2026 | 20418000 | 19911325 |
| Boeing Co. | 2.70% | 2/1/2027 | 34312000 | 33239394 |
| Boeing Co. | 3.20% | 3/1/2029 | 21366000 | 20221253 |
| Boeing Co. | 3.25% | 2/1/2028 | 53788000 | 51911183 |
| Boeing Co. | 5.04% | 5/1/2027 | 41755000 | 42020925 |
| Boeing Co. | 5.15% | 5/1/2030 | 20632000 | 20822158 |
| Boeing Co. | 6.259% | 5/1/2027 | 51466000 | 52920606 |
| Boeing Co. | 6.298% | 5/1/2029 | 63282000 | 66578245 |
| Bombardier, Inc. (Canada)<sup>†(d)</sup> | 7.125% | 6/15/2026 | 25161000 | 25320873 |
| Bombardier, Inc. (Canada)<sup>†(d)</sup> | 7.875% | 4/15/2027 | 9732000 | 9782811 |
| F-Brasile SpA/F-Brasile U.S. LLC (Italy)<sup>†(d)</sup> | 7.375% | 8/15/2026 | 65340000 | 65452712 |
| Rolls-Royce PLC (United Kingdom)<sup>†(d)</sup> | 3.625% | 10/14/2025 | 11568000 | 11509897 |
| Rolls-Royce PLC (United Kingdom)<sup>†(d)</sup> | 5.75% | 10/15/2027 | 16832000 | 17219321 |
| Spirit AeroSystems, Inc.<sup>†</sup> | 9.375% | 11/30/2029 | 15623000 | 16654930 |
| Spirit AeroSystems, Inc.<sup>†</sup> | 9.75% | 11/15/2030 | 53394000 | 59027863 |
| TransDigm, Inc. | 5.50% | 11/15/2027 | 36277000 | 36271294 |
| TransDigm, Inc.<sup>†</sup> | 6.75% | 8/15/2028 | 70392000 | 71701432 |
| Triumph Group, Inc.<sup>†</sup> | 9.00% | 3/15/2028 | 131051000 | 137400290 |
| *Total* |  |  |  | 927864602 |
| **Agriculture 1.17%** |  |  |  |  |
| Altria Group, Inc. | 4.875% | 2/4/2028 | 15864000 | 16015041 |
| Altria Group, Inc. | 6.20% | 11/1/2028 | 8754000 | 9202677 |
| BAT Capital Corp. | 2.259% | 3/25/2028 | 20595000 | 19371016 |
| BAT International Finance PLC (United Kingdom)<sup>(d)</sup> | 5.931% | 2/2/2029 | 41587000 | 43447909 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(d)</sup> | 3.50% | 7/26/2026 | 8800000 | 8673593 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(d)</sup> | 5.50% | 2/1/2030 | 34448000 | 35205456 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(d)</sup> | 6.125% | 7/27/2027 | 130231000 | 133647247 |
| Japan Tobacco, Inc. (Japan)<sup>†(d)</sup> | 4.85% | 5/15/2028 | 66616000 | 67255103 |
| Japan Tobacco, Inc. (Japan)<sup>†(d)</sup> | 5.25% | 6/15/2030 | 62276000 | 63576892 |
| Viterra Finance BV (Netherlands)<sup>†(d)</sup> | 2.00% | 4/21/2026 | 47780000 | 46551564 |
| Viterra Finance BV (Netherlands)<sup>†(d)</sup> | 4.90% | 4/21/2027 | 51875000 | 51894239 |
| *Total* |  |  |  | 494840737 |

---

<br> See Notes to Financial Statements. 221

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Airlines 0.46%** |  |  |  |  |  |
| Air Canada (Canada)<sup>†(d)</sup> | 3.875% |  | 8/15/2026 | $62132000 | $61387093 |
| AS Mileage Plan IP Ltd. (Cayman Islands)<sup>†(d)</sup> | 5.021% |  | 10/20/2029 | 15559000 | 15245754 |
| Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>†</sup> | 4.50% |  | 10/20/2025 | 2464215 | 2455092 |
| Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.<sup>†</sup> | 6.50% |  | 6/20/2027 | 55002826 | 55163434 |
| United Airlines Pass-Through Trust Class AA | 3.45% |  | 6/1/2029 | 6699284 | 6462189 |
| United Airlines Pass-Through Trust Class A | 5.875% |  | 4/15/2029 | 32636396 | 33246788 |
| United Airlines, Inc.<sup>†</sup> | 4.375% |  | 4/15/2026 | 19900000 | 19676617 |
| *Total* |  |  |  |  | 193636967 |
| **Apparel 0.05%** |  |  |  |  |  |
| PVH Corp. | 4.625% |  | 7/10/2025 | 19872000 | 19864571 |
| **Auto Manufacturers 3.42%** |  |  |  |  |  |
| Ford Motor Credit Co. LLC | 2.70% |  | 8/10/2026 | 74461000 | 72054417 |
| Ford Motor Credit Co. LLC | 3.375% |  | 11/13/2025 | 90599000 | 89890389 |
| Ford Motor Credit Co. LLC | 4.389% |  | 1/8/2026 | 10224000 | 10143635 |
| Ford Motor Credit Co. LLC | 4.687% |  | 6/9/2025 | 10043000 | 10042037 |
| Ford Motor Credit Co. LLC | 5.125% |  | 6/16/2025 | 49230000 | 49228526 |
| Ford Motor Credit Co. LLC | 5.125% |  | 11/5/2026 | 135435000 | 134272356 |
| Ford Motor Credit Co. LLC | 5.303% |  | 9/6/2029 | 64994000 | 62915802 |
| Ford Motor Credit Co. LLC | 5.80% |  | 3/8/2029 | 64650000 | 63787362 |
| Ford Motor Credit Co. LLC | 5.85% |  | 5/17/2027 | 39899000 | 39863004 |
| Ford Motor Credit Co. LLC | 6.95% |  | 6/10/2026 | 30378000 | 30731392 |
| Ford Motor Credit Co. LLC | 7.35% |  | 11/4/2027 | 36924000 | 38016474 |
| General Motors Co. | 5.35% |  | 4/15/2028 | 16342000 | 16478079 |
| General Motors Co. | 6.125% |  | 10/1/2025 | 27207000 | 27290110 |
| General Motors Financial Co., Inc. | 2.75% |  | 6/20/2025 | 40395000 | 40356088 |
| General Motors Financial Co., Inc. | 4.35% |  | 1/17/2027 | 9511000 | 9424266 |
| General Motors Financial Co., Inc. | 5.00% |  | 7/15/2027 | 23184000 | 23210907 |
| General Motors Financial Co., Inc. | 5.40% |  | 5/8/2027 | 8286000 | 8357462 |
| General Motors Financial Co., Inc. | 5.55% |  | 7/15/2029 | 32397000 | 32757785 |
| General Motors Financial Co., Inc. | 5.637%<br> (SOFR + 1.29% |)<sup>#</sup> | 1/7/2030 | 23103000 | 22509006 |
| Hyundai Capital America<sup>†</sup> | 1.50% |  | 6/15/2026 | 47772000 | 46134337 |
| Hyundai Capital America<sup>†</sup> | 2.00% |  | 6/15/2028 | 42180000 | 38666791 |
| Hyundai Capital America<sup>†</sup> | 5.25% |  | 1/8/2027 | 40238000 | 40448442 |
| Hyundai Capital America<sup>†</sup> | 5.30% |  | 1/8/2029 | 23600000 | 23797114 |
| Hyundai Capital America<sup>†</sup> | 5.65% |  | 6/26/2026 | 46778000 | 47207402 |
| Hyundai Capital America<sup>†</sup> | 5.95% |  | 9/21/2026 | 48250000 | 48878322 |

---

<br> 222 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Auto Manufacturers (continued)** |  |  |  |  |  |
| Hyundai Capital America<sup>†</sup> | 6.10% |  | 9/21/2028 | $35000000 | $36140932 |
| Jaguar Land Rover Automotive PLC (United Kingdom)<sup>†(d)</sup> | 7.75% |  | 10/15/2025 | 66728000 | 66957010 |
| Jaguar Land Rover Automotive PLC (United Kingdom)<sup>(d)</sup> | 7.75% |  | 10/15/2025 | 5000000 | 5017160 |
| Mclaren Finance PLC (United Kingdom)<sup>†(d)</sup> | 7.50% |  | 8/1/2026 | 2637000 | 2646625 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 1.85% |  | 9/16/2026 | 11755000 | 11195986 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 2.00% |  | 3/9/2026 | 35001000 | 33886195 |
| Nissan Motor Co. Ltd. (Japan)<sup>†(d)</sup> | 3.522% |  | 9/17/2025 | 32329000 | 32066380 |
| Stellantis Finance U.S., Inc.<sup>†</sup> | 5.35% |  | 3/17/2028 | 32151000 | 32252154 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 4.90% |  | 8/14/2026 | 19838000 | 19847548 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 4.95% |  | 3/25/2027 | 19367000 | 19372845 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 5.40% |  | 3/20/2026 | 60840000 | 61089880 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 5.70% |  | 9/12/2026 | 63166000 | 63728805 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 6.00% |  | 11/16/2026 | 39108000 | 39654113 |
| *Total* |  |  |  |  | 1450317138 |
| **Auto Parts & Equipment 0.43%** |  |  |  |  |  |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>†</sup> | 8.50% |  | 5/15/2027 | 118654000 | 119388943 |
| ZF North America Capital, Inc.<sup>†</sup> | 6.875% |  | 4/14/2028 | 65514000 | 64985256 |
| *Total* |  |  |  |  | 184374199 |
| **Banks 13.35%** |  |  |  |  |  |
| ABN AMRO Bank NV (Netherlands)<sup>†(d)</sup> | 4.75% |  | 7/28/2025 | 91639000 | 91615715 |
| ABN AMRO Bank NV (Netherlands)<sup>†(d)</sup> | 4.80% |  | 4/18/2026 | 48000000 | 47942158 |
| ABN AMRO Bank NV (Netherlands)<sup>†(d)</sup> | 6.339%<br> (1 yr. CMT + 1.65% |)<sup>#</sup> | 9/18/2027 | 30400000 | 30984152 |
| AIB Group PLC (Ireland)<sup>†(d)</sup> | 5.32%<br> (SOFR + 1.65% |)<sup>#</sup> | 5/15/2031 | 10053000 | 10145192 |
| AIB Group PLC (Ireland)<sup>†(d)</sup> | 6.608%<br> (SOFR + 2.33% |)<sup>#</sup> | 9/13/2029 | 73907000 | 77767336 |
| Australia & New Zealand Banking Group Ltd. (Australia)<sup>†(d)</sup> | 4.40% |  | 5/19/2026 | 25108000 | 25036052 |
| Banco Nacional de Comercio Exterior SNC (Cayman Islands)<sup>†(d)</sup> | 5.875% |  | 5/7/2030 | 34243000 | 34435788 |
| Bank of America Corp. | 1.734%<br> (SOFR + 0.96% |)<sup>#</sup> | 7/22/2027 | 30964000 | 29959819 |
| Bank of America Corp. | 4.948%<br> (SOFR + 2.04% |)<sup>#</sup> | 7/22/2028 | 62426000 | 62828146 |
| Bank of Ireland Group PLC (Ireland)<sup>†(d)</sup> | 2.029%<br> (1 yr. CMT + 1.10% |)<sup>#</sup> | 9/30/2027 | 139211000 | 134232794 |

---

<br> *See Notes to Financial Statements.* 223

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Bank of Ireland Group PLC (Ireland)<sup>†(d)</sup> | 5.601%<br> (SOFR + 1.62% |)<sup>#</sup> | 3/20/2030 | $55106000 | $56283485 |
| BankUnited, Inc. | 4.875% |  | 11/17/2025 | 66202000 | 66043182 |
| Barclays PLC (United Kingdom)<sup>(d)</sup> | 2.279%<br> (1 yr. CMT + 1.05% |)<sup>#</sup> | 11/24/2027 | 42614000 | 41138904 |
| Barclays PLC (United Kingdom)<sup>(d)</sup> | 4.836% |  | 5/9/2028 | 10192000 | 10213322 |
| Barclays PLC (United Kingdom)<sup>(d)</sup> | 5.086%<br> (SOFR + 0.96% |)<sup>#</sup> | 2/25/2029 | 26601000 | 26759151 |
| Barclays PLC (United Kingdom)<sup>(d)</sup> | 5.20% |  | 5/12/2026 | 93499000 | 93756537 |
| Barclays PLC (United Kingdom)<sup>(d)</sup> | 5.367%<br> (SOFR + 1.23% |)<sup>#</sup> | 2/25/2031 | 27713000 | 27963559 |
| Barclays PLC (United Kingdom)<sup>(d)</sup> | 5.829%<br> (SOFR + 2.21% |)<sup>#</sup> | 5/9/2027 | 43551000 | 43955202 |
| Barclays PLC (United Kingdom)<sup>(d)</sup> | 6.496%<br> (SOFR + 1.88% |)<sup>#</sup> | 9/13/2027 | 69331000 | 70802324 |
| Barclays PLC (United Kingdom)<sup>(d)</sup> | 7.325%<br> (1 yr. CMT + 3.05% |)<sup>#</sup> | 11/2/2026 | 33243000 | 33586026 |
| Barclays PLC (United Kingdom)<sup>(d)</sup> | 7.385%<br> (1 yr. CMT + 3.30% |)<sup>#</sup> | 11/2/2028 | 30351000 | 32122654 |
| BNP Paribas SA (France)<sup>†(d)</sup> | 1.323%<br> (SOFR + 1.00% |)<sup>#</sup> | 1/13/2027 | 17024000 | 16671810 |
| BNP Paribas SA (France)<sup>†(d)</sup> | 1.904%<br> (SOFR + 1.61% |)<sup>#</sup> | 9/30/2028 | 36783389 | 34385770 |
| BNP Paribas SA (France)<sup>†(d)</sup> | 2.591%<br> (SOFR + 1.23% |)<sup>#</sup> | 1/20/2028 | 168306000 | 162512387 |
| BNP Paribas SA (France)<sup>†(d)</sup> | 4.375% |  | 5/12/2026 | 11186000 | 11135524 |
| BNP Paribas SA (France)<sup>†(d)</sup> | 5.125%<br> (1 yr. CMT + 1.45% |)<sup>#</sup> | 1/13/2029 | 21304000 | 21527562 |
| BPCE SA (France)<sup>†(d)</sup> | 2.045%<br> (SOFR + 1.09% |)<sup>#</sup> | 10/19/2027 | 21834000 | 21026878 |
| BPCE SA (France)<sup>†(d)</sup> | 4.875% |  | 4/1/2026 | 22232000 | 22244937 |
| BPCE SA (France)<sup>†(d)</sup> | 5.716%<br> (SOFR + 1.96% |)<sup>#</sup> | 1/18/2030 | 28760000 | 29399760 |
| BPCE SA (France)<sup>†(d)</sup> | 5.975%<br> (SOFR + 2.10% |)<sup>#</sup> | 1/18/2027 | 58362000 | 58731959 |
| Capital One NA | 5.974%<br> (5 yr. USD SOFR ICE Swap + 1.73% |)<sup>#</sup> | 8/9/2028 | 28430000 | 29011815 |
| Citibank NA | 4.914% |  | 5/29/2030 | 40731000 | 41087405 |
| Citigroup, Inc. | 3.887%<br> (3 mo. USD Term SOFR + 1.82% |)<sup>#</sup> | 1/10/2028 | 17272000 | 17051904 |
| Citigroup, Inc. | 4.40% |  | 6/10/2025 | 166474000 | 166436024 |

---

<br> 224 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Citigroup, Inc. | 4.643%<br> (SOFR + 1.14% |)<sup>#</sup> | 5/7/2028 | $78925000 | $78816293 |
| Citigroup, Inc. | 4.786%<br> (SOFR + 0.87% |)<sup>#</sup> | 3/4/2029 | 97986000 | 98141177 |
| Citigroup, Inc. | 5.174%<br> (SOFR + 1.36% |)<sup>#</sup> | 2/13/2030 | 79375000 | 80417218 |
| Citizens Bank NA | 4.575%<br> (SOFR + 2.00% |)<sup>#</sup> | 8/9/2028 | 71051000 | 70900696 |
| Citizens Financial Group, Inc. | 5.253%<br> (SOFR + 1.26% |)<sup>#</sup> | 3/5/2031 | 36493000 | 36545184 |
| Citizens Financial Group, Inc. | 5.841%<br> (SOFR + 2.01% |)<sup>#</sup> | 1/23/2030 | 27294000 | 28003396 |
| Danske Bank AS (Denmark)<sup>†(d)</sup> | 1.621%<br> (1 yr. CMT + 1.35% |)<sup>#</sup> | 9/11/2026 | 46515000 | 46079670 |
| Danske Bank AS (Denmark)<sup>†(d)</sup> | 4.298%<br> (1 yr. CMT + 1.75% |)<sup>#</sup> | 4/1/2028 | 84056000 | 83456458 |
| Danske Bank AS (Denmark)<sup>†(d)</sup> | 4.613%<br> (1 yr. CMT + 1.10% |)<sup>#</sup> | 10/2/2030 | 48362000 | 47858163 |
| Danske Bank AS (Denmark)<sup>†(d)</sup> | 5.427%<br> (1 yr. CMT + 0.95% |)<sup>#</sup> | 3/1/2028 | 48712000 | 49471029 |
| Federation des Caisses Desjardins du Quebec (Canada)<sup>†(d)(e)</sup> | 5.25% |  | 4/26/2029 | 16998000 | 17317531 |
| Federation des Caisses Desjardins du Quebec (Canada)<sup>†(d)</sup> | 5.70% |  | 3/14/2028 | 50861000 | 52417736 |
| First Citizens BancShares, Inc. | 5.231%<br> (SOFR + 1.41% |)<sup>#</sup> | 3/12/2031 | 58889000 | 58671925 |
| First Citizens BancShares, Inc. | 6.764%<br> (3 mo. USD Term SOFR + 2.47% |)<sup>#</sup> | 3/15/2030 | 30775000 | 30770448 |
| First Horizon Corp. | 5.514%<br> (SOFR + 1.77% |)<sup>#</sup> | 3/7/2031 | 32102000 | 32299292 |
| Freedom Mortgage Corp.<sup>†</sup> | 7.625% |  | 5/1/2026 | 15167000 | 15153148 |
| Freedom Mortgage Corp.<sup>†</sup> | 12.00% |  | 10/1/2028 | 44572000 | 47852193 |
| Goldman Sachs Group, Inc. | 1.948%<br> (SOFR + 0.91% |)<sup>#</sup> | 10/21/2027 | 120648000 | 116234700 |
| Goldman Sachs Group, Inc. | 2.64%<br> (SOFR + 1.11% |)<sup>#</sup> | 2/24/2028 | 40000000 | 38657144 |
| Goldman Sachs Group, Inc. | 4.223%<br> (3 mo. USD Term SOFR + 1.56% |)<sup>#</sup> | 5/1/2029 | 87177000 | 86292368 |
| Goldman Sachs Group, Inc. | 4.937%<br> (SOFR + 1.32% |)<sup>#</sup> | 4/23/2028 | 59474000 | 59792951 |
| Goldman Sachs Group, Inc. | 5.207%<br> (SOFR + 1.08% |)<sup>#</sup> | 1/28/2031 | 16537000 | 16774884 |

---

<br> *See Notes to Financial Statements.* 225

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Goldman Sachs Group, Inc. | 5.218%<br> (SOFR + 1.58% |)<sup>#</sup> | 4/23/2031 | $39256000 | $39838645 |
| HSBC Holdings PLC (United Kingdom)<sup>(d)</sup> | 4.899%<br> (SOFR + 1.03% |)<sup>#</sup> | 3/3/2029 | 42494000 | 42599026 |
| HSBC Holdings PLC (United Kingdom)<sup>(d)</sup> | 5.597%<br> (SOFR + 1.06% |)<sup>#</sup> | 5/17/2028 | 56081000 | 56934075 |
| HSBC Holdings PLC (United Kingdom)<sup>(d)</sup> | 5.887%<br> (SOFR + 1.57% |)<sup>#</sup> | 8/14/2027 | 50000000 | 50633501 |
| HSBC USA, Inc.<sup>(b)</sup> | 4.65% |  | 6/3/2028 | 34758000 | 34860639 |
| Huntington Bancshares, Inc. | 4.443%<br> (SOFR + 1.97% |)<sup>#</sup> | 8/4/2028 | 14864000 | 14843545 |
| Intesa Sanpaolo SpA (Italy)<sup>†(d)</sup> | 5.71% |  | 1/15/2026 | 100244000 | 100485708 |
| JPMorgan Chase & Co. | 2.956%<br> (3 mo. USD Term SOFR + 2.52% |)<sup>#</sup> | 5/13/2031 | 43837000 | 39928283 |
| JPMorgan Chase & Co. | 4.851%<br> (SOFR + 1.99% |)<sup>#</sup> | 7/25/2028 | 10000000 | 10052445 |
| JPMorgan Chase & Co. | 5.012%<br> (SOFR + 1.31% |)<sup>#</sup> | 1/23/2030 | 12386000 | 12535971 |
| JPMorgan Chase & Co. | 5.14%<br> (SOFR + 1.01% |)<sup>#</sup> | 1/24/2031 | 98959000 | 100525577 |
| KeyBank NA | 4.15% |  | 8/8/2025 | 10000000 | 9984034 |
| KeyCorp<sup>(e)</sup> | 5.121%<br> (SOFR + 1.23% |)<sup>#</sup> | 4/4/2031 | 15829000 | 15801361 |
| Lloyds Banking Group PLC (United Kingdom)<sup>(d)</sup> | 4.582% |  | 12/10/2025 | 18348000 | 18315230 |
| Lloyds Banking Group PLC (United Kingdom)<sup>(d)</sup> | 4.65% |  | 3/24/2026 | 29589000 | 29510951 |
| Lloyds Banking Group PLC (United Kingdom)<sup>(d)</sup> | 5.462%<br> (1 yr. CMT + 1.38% |)<sup>#</sup> | 1/5/2028 | 31204000 | 31569653 |
| Lloyds Banking Group PLC (United Kingdom)<sup>(d)</sup> | 5.985%<br> (1 yr. CMT + 1.48% |)<sup>#</sup> | 8/7/2027 | 41528000 | 42119708 |
| M&T Bank Corp. | 4.553%<br> (SOFR + 1.78% |)<sup>#</sup> | 8/16/2028 | 43711000 | 43569963 |
| Macquarie Bank Ltd. (Australia)<sup>†(d)(e)</sup> | 4.875% |  | 6/10/2025 | 32811000 | 32809230 |
| Macquarie Group Ltd. (Australia)<sup>†(d)</sup> | 3.763%<br> (3 mo. USD Term SOFR + 1.63% |)<sup>#</sup> | 11/28/2028 | 38587000 | 37672643 |
| Manufacturers & Traders Trust Co. | 4.70% |  | 1/27/2028 | 47563000 | 47796906 |
| Morgan Stanley | 3.622%<br> (SOFR + 3.12% |)<sup>#</sup> | 4/1/2031 | 17527000 | 16624741 |
| Morgan Stanley | 4.431%<br> (3 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 1/23/2030 | 5565000 | 5520063 |
| Morgan Stanley | 4.994%<br> (SOFR + 1.38% |)<sup>#</sup> | 4/12/2029 | 39185000 | 39560657 |

---

<br> 226 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Morgan Stanley | 5.042%<br> (SOFR + 1.22% |)<sup>#</sup> | 7/19/2030 | $24450000 | $24701124 |
| Morgan Stanley | 5.123%<br> (SOFR + 1.73% |)<sup>#</sup> | 2/1/2029 | 32276000 | 32671303 |
| Morgan Stanley | 5.173%<br> (SOFR + 1.45% |)<sup>#</sup> | 1/16/2030 | 4350000 | 4417903 |
| Morgan Stanley | 5.23%<br> (SOFR + 1.11% |)<sup>#</sup> | 1/15/2031 | 18791000 | 19075284 |
| Morgan Stanley | 5.449%<br> (SOFR + 1.63% |)<sup>#</sup> | 7/20/2029 | 40373000 | 41303371 |
| Morgan Stanley Bank NA | 5.016%<br> (SOFR + 0.91% |)<sup>#</sup> | 1/12/2029 | 26576000 | 26850341 |
| NatWest Group PLC (United Kingdom)<sup>(d)</sup> | 4.892%<br> (3 mo. USD LIBOR + 1.75% |)<sup>#</sup> | 5/18/2029 | 39204000 | 39343764 |
| NatWest Group PLC (United Kingdom)<sup>(d)</sup> | 4.964%<br> (1 yr. CMT + 1.22% |)<sup>#</sup> | 8/15/2030 | 12929000 | 12959242 |
| NatWest Group PLC (United Kingdom)<sup>(d)</sup> | 7.472%<br> (1 yr. CMT + 2.85% |)<sup>#</sup> | 11/10/2026 | 7446000 | 7532326 |
| PNC Financial Services Group, Inc. | 4.899%<br> (SOFR + 1.33% |)<sup>#</sup> | 5/13/2031 | 32881000 | 32921945 |
| Santander Holdings USA, Inc. | 2.49%<br> (SOFR + 1.25% |)<sup>#</sup> | 1/6/2028 | 35038000 | 33679911 |
| Santander Holdings USA, Inc. | 3.244% |  | 10/5/2026 | 38058000 | 37313076 |
| Santander U.K. Group Holdings PLC (United Kingdom)<sup>(d)</sup> | 2.469%<br> (SOFR + 1.22% |)<sup>#</sup> | 1/11/2028 | 37697000 | 36248406 |
| Santander U.K. Group Holdings PLC (United Kingdom)<sup>†(d)(e)</sup> | 4.75% |  | 9/15/2025 | 42889000 | 42790613 |
| Santander U.K. Group Holdings PLC (United Kingdom)<sup>(d)</sup> | 6.534%<br> (SOFR + 2.60% |)<sup>#</sup> | 1/10/2029 | 58887000 | 61154452 |
| Societe Generale SA (France)<sup>†(d)</sup> | 1.488%<br> (1 yr. CMT + 1.10% |)<sup>#</sup> | 12/14/2026 | 31745000 | 31153336 |
| Societe Generale SA (France)<sup>†(d)</sup> | 1.792%<br> (1 yr. CMT + 1.00% |)<sup>#</sup> | 6/9/2027 | 22305000 | 21610858 |
| Societe Generale SA (France)<sup>†(d)</sup> | 5.25% |  | 2/19/2027 | 70472000 | 70923520 |
| Standard Chartered PLC (United Kingdom)<sup>†(d)</sup> | 5.688%<br> (1 yr. CMT + 1.05% |)<sup>#</sup> | 5/14/2028 | 29535000 | 29989601 |
| Standard Chartered PLC (United Kingdom)<sup>†(d)</sup> | 6.187%<br> (1 yr. CMT + 1.85% |)<sup>#</sup> | 7/6/2027 | 32803000 | 33277819 |
| Standard Chartered PLC (United Kingdom)<sup>†(d)</sup> | 6.75%<br> (1 yr. CMT + 1.85% |)<sup>#</sup> | 2/8/2028 | 40593000 | 41791925 |

---

<br> *See Notes to Financial Statements.* 227

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Swedbank AB (Sweden)<sup>†(d)</sup> | 5.377%<br> (SOFR + 1.03% |)<sup>#</sup> | 11/20/2029 | $39220000 | $39433824 |
| Synchrony Bank | 5.40% |  | 8/22/2025 | 41801000 | 41849268 |
| Synchrony Bank | 5.625% |  | 8/23/2027 | 17509000 | 17750858 |
| Synovus Bank | 4.00%<br> (5 yr. CMT + 3.63% |)<sup>#</sup> | 10/29/2030 | 23310000 | 22965729 |
| Truist Financial Corp. | 4.26%<br> (SOFR + 1.46% |)<sup>#</sup> | 7/28/2026 | 45757000 | 45706309 |
| Truist Financial Corp. | 4.873%<br> (SOFR + 1.44% |)<sup>#</sup> | 1/26/2029 | 13690000 | 13767431 |
| Truist Financial Corp. | 5.435%<br> (SOFR + 1.62% |)<sup>#</sup> | 1/24/2030 | 23827000 | 24367901 |
| U.S. Bancorp | 4.548%<br> (SOFR + 1.66% |)<sup>#</sup> | 7/22/2028 | 41453000 | 41422916 |
| U.S. Bancorp | 4.653%<br> (SOFR + 1.23% |)<sup>#</sup> | 2/1/2029 | 47588000 | 47685948 |
| U.S. Bancorp | 5.046%<br> (SOFR + 1.06% |)<sup>#</sup> | 2/12/2031 | 103708000 | 104474956 |
| U.S. Bancorp | 5.10%<br> (SOFR + 1.25% |)<sup>#</sup> | 7/23/2030 | 41292000 | 41815721 |
| U.S. Bancorp | 5.384%<br> (SOFR + 1.56% |)<sup>#</sup> | 1/23/2030 | 18342000 | 18763959 |
| U.S. Bancorp | 5.775%<br> (SOFR + 2.02% |)<sup>#</sup> | 6/12/2029 | 55402000 | 57205045 |
| U.S. Bank NA | 4.73%<br> (SOFR + 0.91% |)<sup>#</sup> | 5/15/2028 | 38598000 | 38648929 |
| UBS Group AG (Switzerland)<sup>†(d)</sup> | 1.305%<br> (SOFR + 0.98% |)<sup>#</sup> | 2/2/2027 | 12058000 | 11781908 |
| UBS Group AG (Switzerland)<sup>†(d)</sup> | 1.494%<br> (1 yr. CMT + 0.85% |)<sup>#</sup> | 8/10/2027 | 32133000 | 30923263 |
| UBS Group AG (Switzerland)<sup>†(d)</sup> | 3.869%<br> (3 mo. USD LIBOR + 1.41% |)<sup>#</sup> | 1/12/2029 | 57857000 | 56647602 |
| UBS Group AG (Switzerland)<sup>†(d)</sup> | 4.253% |  | 3/23/2028 | 28073000 | 27762214 |
| UBS Group AG (Switzerland)<sup>†(d)</sup> | 4.282% |  | 1/9/2028 | 11042000 | 10928168 |
| UBS Group AG (Switzerland)<sup>†(d)</sup> | 4.703%<br> (1 yr. CMT + 2.05% |)<sup>#</sup> | 8/5/2027 | 12475000 | 12468625 |
| UBS Group AG (Switzerland)<sup>†(d)</sup> | 4.751%<br> (1 yr. CMT + 1.75% |)<sup>#</sup> | 5/12/2028 | 10000000 | 10015506 |
| UBS Group AG (Switzerland)<sup>†(d)</sup> | 5.428%<br> (1 yr. CMT + 1.52% |)<sup>#</sup> | 2/8/2030 | 31428000 | 32064376 |

---

<br> 228 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| UBS Group AG (Switzerland)<sup>†(d)</sup> | 5.711%<br> (1 yr. CMT + 1.55% |)<sup>#</sup> | 1/12/2027 | $72194000 | $72580052 |
| UBS Group AG (Switzerland)<sup>†(d)</sup> | 6.442%<br> (SOFR + 3.70% |)<sup>#</sup> | 8/11/2028 | 30943000 | 32044230 |
| UniCredit SpA (Italy)<sup>†(d)</sup> | 2.569%<br> (1 yr. CMT + 2.30% |)<sup>#</sup> | 9/22/2026 | 35554000 | 35296861 |
| Wells Fargo & Co. | 3.584%<br> (3 mo. USD Term SOFR + 1.57% |)<sup>#</sup> | 5/22/2028 | 16400000 | 16074564 |
| Wells Fargo & Co. | 4.808%<br> (SOFR + 1.98% |)<sup>#</sup> | 7/25/2028 | 77683000 | 77909977 |
| Wells Fargo & Co. | 4.97%<br> (SOFR + 1.37% |)<sup>#</sup> | 4/23/2029 | 31767000 | 32009748 |
| Wells Fargo & Co. | 5.198%<br> (SOFR + 1.50% |)<sup>#</sup> | 1/23/2030 | 60922000 | 61930517 |
| Wells Fargo & Co. | 5.574%<br> (SOFR + 1.74% |)<sup>#</sup> | 7/25/2029 | 74108000 | 76038850 |
| Wells Fargo & Co. | 5.707%<br> (SOFR + 1.07% |)<sup>#</sup> | 4/22/2028 | 40086000 | 40839354 |
| Wells Fargo & Co. | 6.303%<br> (SOFR + 1.79% |)<sup>#</sup> | 10/23/2029 | 31837000 | 33416147 |
| *Total* |  |  |  |  | 5653112268 |
| **Beverages 0.24%** |  |  |  |  |  |
| Bacardi Ltd.<sup>†</sup> | 4.70% |  | 5/15/2028 | 42902000 | 42814127 |
| Bacardi-Martini BV (Netherlands)<sup>†(d)</sup> | 5.55% |  | 2/1/2030 | 40549000 | 41321819 |
| Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (Guatemala)<sup>†(d)</sup> | 5.25% |  | 4/27/2029 | 19305000 | 18688784 |
| *Total* |  |  |  |  | 102824730 |
| **Biotechnology 0.34%** |  |  |  |  |  |
| Amgen, Inc. | 5.507% |  | 3/2/2026 | 26424000 | 26430653 |
| Illumina, Inc. | 4.65% |  | 9/9/2026 | 26121000 | 26098472 |
| Illumina, Inc. | 5.75% |  | 12/13/2027 | 63913000 | 65206325 |
| Royalty Pharma PLC | 5.15% |  | 9/2/2029 | 24095000 | 24370976 |
| *Total* |  |  |  |  | 142106426 |
| **Building Materials 0.17%** |  |  |  |  |  |
| Holcim Finance U.S. LLC<sup>†</sup> | 4.60% |  | 4/7/2027 | 21699000 | 21729425 |
| Holcim Finance U.S. LLC<sup>†</sup> | 4.70% |  | 4/7/2028 | 31049000 | 31216834 |
| Holcim Finance U.S. LLC<sup>†</sup> | 4.95% |  | 4/7/2030 | 20451000 | 20593758 |
| *Total* |  |  |  |  | 73540017 |

---

<br> *See Notes to Financial Statements.* 229

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Chemicals 0.40%** |  |  |  |  |
| Celanese U.S. Holdings LLC | 6.415% | 7/15/2027 | $64227000 | $65892093 |
| International Flavors & Fragrances, Inc.<sup>†</sup> | 1.23% | 10/1/2025 | 37122000 | 36663844 |
| Kraton Corp.<sup>†</sup> | 5.00% | 7/15/2027 | 16524000 | 16685790 |
| Ma'aden Sukuk Ltd. (Cayman Islands)<sup>†(d)</sup> | 5.25% | 2/13/2030 | 24270000 | 24580717 |
| Syensqo Finance America LLC<sup>†</sup> | 5.65% | 6/4/2029 | 23745000 | 24303655 |
| *Total* |  |  |  | 168126099 |
| **Commercial Services 0.97%** |  |  |  |  |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>†(e)</sup> | 9.75% | 7/15/2027 | 63142000 | 63703198 |
| Block, Inc. | 2.75% | 6/1/2026 | 47254000 | 46108320 |
| Element Fleet Management Corp. (Canada)<sup>†(d)</sup> | 5.643% | 3/13/2027 | 17056000 | 17312122 |
| Graham Holdings Co.<sup>†</sup> | 5.75% | 6/1/2026 | 13329000 | 13323588 |
| GXO Logistics, Inc. | 6.25% | 5/6/2029 | 72957000 | 74731678 |
| ITR Concession Co. LLC<sup>†</sup> | 4.197% | 7/15/2025 | 5775000 | 5765695 |
| Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>†</sup> | 5.75% | 4/15/2026 | 3671000 | 3683817 |
| Rentokil Terminix Funding LLC<sup>†</sup> | 5.00% | 4/28/2030 | 39274000 | 39165878 |
| Triton Container International Ltd.<sup>†</sup> | 2.05% | 4/15/2026 | 56086000 | 54715622 |
| WASH Multifamily Acquisition, Inc.<sup>†</sup> | 5.75% | 4/15/2026 | 93757000 | 93627737 |
| *Total* |  |  |  | 412137655 |
| **Computers 0.41%** |  |  |  |  |
| Crowdstrike Holdings, Inc. | 3.00% | 2/15/2029 | 51889000 | 48602330 |
| Dell International LLC/EMC Corp. | 4.75% | 4/1/2028 | 19466000 | 19559611 |
| Dell International LLC/EMC Corp. | 5.00% | 4/1/2030 | 19411000 | 19521066 |
| Gartner, Inc.<sup>†</sup> | 4.50% | 7/1/2028 | 86313000 | 85342894 |
| *Total* |  |  |  | 173025901 |
| **Cosmetics/Personal Care 0.02%** |  |  |  |  |
| Coty, Inc.<sup>†</sup> | 5.00% | 4/15/2026 | 8402000 | 8382302 |
| **Diversified Financial Services 4.71%** |  |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(d)</sup> | 4.625% | 9/10/2029 | 33329000 | 33084424 |
| AG TTMT Escrow Issuer LLC<sup>†</sup> | 8.625% | 9/30/2027 | 75926000 | 78872308 |
| Air Lease Corp. | 5.85% | 12/15/2027 | 9247000 | 9520871 |
| Aircastle Ltd.<sup>†</sup> | 5.25% | 8/11/2025 | 62465000 | 62428672 |
| Aircastle Ltd.<sup>†</sup> | 5.95% | 2/15/2029 | 32497000 | 33353023 |
| Aircastle Ltd./Aircastle Ireland DAC<sup>†</sup> | 5.25% | 3/15/2030 | 10533000 | 10491116 |
| Ally Financial, Inc. | 5.75% | 11/20/2025 | 142452000 | 142707046 |

---

230 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | **Interest**<br>**Rate** | | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Fair**<br>**Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |  |
| American Express Co. | 4.731%<br>(SOFR + 1.26% |)<sup>#</sup> | 4/25/2029 | $43203000 | $43452910 |
| American Express Co. | 5.016%<br>(SOFR + 1.44% |)<sup>#</sup> | 4/25/2031 | 36444000 | 36867178 |
| American Express Co. | 5.282%<br>(SOFR + 1.28% |)<sup>#</sup> | 7/27/2029 | 10000000 | 10234937 |
| Atlas Warehouse Lending Co. LP<sup>†</sup> | 6.05% |  | 1/15/2028 | 26731000 | 26900815 |
| Atlas Warehouse Lending Co. LP<sup>†</sup> | 6.25% |  | 1/15/2030 | 14362000 | 14431441 |
| Aviation Capital Group LLC<sup>†</sup> | 1.95% |  | 1/30/2026 | 84521000 | 82882362 |
| Aviation Capital Group LLC<sup>†</sup> | 5.375% |  | 7/15/2029 | 21957000 | 22199725 |
| Aviation Capital Group LLC<sup>†</sup> | 6.25% |  | 4/15/2028 | 30432000 | 31483636 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 2.125% |  | 2/21/2026 | 28269000 | 27636181 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 2.528% |  | 11/18/2027 | 10875000 | 10254834 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 2.75% |  | 2/21/2028 | 46867000 | 44077155 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 3.25% |  | 2/15/2027 | 21656000 | 20996356 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 4.25% |  | 4/15/2026 | 36418000 | 36162469 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 4.375% |  | 5/1/2026 | 28081000 | 27897925 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 4.95% |  | 1/15/2028 | 24719000 | 24659486 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 5.50% |  | 1/15/2026 | 20268000 | 20297235 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 5.75% |  | 3/1/2029 | 27769000 | 28284869 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 5.75% |  | 11/15/2029 | 29584000 | 30104146 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(d)</sup> | 6.375% |  | 5/4/2028 | 15827000 | 16388730 |
| Bread Financial Holdings, Inc.<sup>†</sup> | 9.75% |  | 3/15/2029 | 13500000 | 14406269 |
| GGAM Finance Ltd. (Ireland)<sup>†(d)</sup> | 7.75% |  | 5/15/2026 | 46486000 | 46961877 |
| GGAM Finance Ltd. (Ireland)<sup>†(d)</sup> | 8.00% |  | 2/15/2027 | 9813000 | 10105437 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 4.50% |  | 11/15/2029 | 49761000 | 47969166 |
| Jefferson Capital Holdings LLC<sup>†</sup> | 6.00% |  | 8/15/2026 | 50662000 | 50451499 |
| LPL Holdings, Inc.<sup>†</sup> | 4.00% |  | 3/15/2029 | 88110000 | 84777218 |
| LPL Holdings, Inc.<sup>†</sup> | 4.625% |  | 11/15/2027 | 13040000 | 12939582 |
| LPL Holdings, Inc. | 4.90% |  | 4/3/2028 | 31047000 | 31096743 |
| LPL Holdings, Inc. | 5.15% |  | 6/15/2030 | 28602000 | 28677676 |
| LPL Holdings, Inc. | 5.20% |  | 3/15/2030 | 25413000 | 25538907 |
| LPL Holdings, Inc. | 5.70% |  | 5/20/2027 | 16168000 | 16443365 |
| LPL Holdings, Inc. | 6.75% |  | 11/17/2028 | 61498000 | 65331828 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(d)</sup> | 5.15% |  | 3/17/2030 | 10942000 | 10785521 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(d)</sup> | 6.40% |  | 3/26/2029 | 39947000 | 41331044 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom)<sup>†(d)</sup> | 8.125% |  | 3/30/2029 | 66055000 | 69171937 |

---

See Notes to Financial Statements. 231

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments** | **Interest**<br>**Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Fair**<br>**Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |
| Nationstar Mortgage Holdings, Inc.<sup>†</sup> | 5.00% | 2/1/2026 | $61179000 | $61004456 |
| Nationstar Mortgage Holdings, Inc.<sup>†</sup> | 5.50% | 8/15/2028 | 25406000 | 25369735 |
| Navient Corp. | 4.875% | 3/15/2028 | 2000000 | 1952378 |
| Navient Corp. | 5.00% | 3/15/2027 | 14660000 | 14520116 |
| Navient Corp. | 6.75% | 6/25/2025 | 42371000 | 42380994 |
| Navient Corp. | 6.75% | 6/15/2026 | 9765000 | 9894377 |
| Nuveen LLC<sup>†</sup> | 5.55% | 1/15/2030 | 20736000 | 21423586 |
| Osaic Holdings, Inc.<sup>†(e)</sup> | 10.75% | 8/1/2027 | 51373000 | 51704482 |
| Radian Group, Inc. | 6.20% | 5/15/2029 | 7841000 | 8075472 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>†</sup> | 2.875% | 10/15/2026 | 109391000 | 106007000 |
| SLM Corp. | 3.125% | 11/2/2026 | 19870000 | 19409167 |
| Synchrony Financial | 3.70% | 8/4/2026 | 15918000 | 15687326 |
| Synchrony Financial | 3.95% | 12/1/2027 | 26175000 | 25462376 |
| Synchrony Financial | 4.50% | 7/23/2025 | 65524000 | 65479233 |
| United Wholesale Mortgage LLC<sup>†</sup> | 5.50% | 11/15/2025 | 44386000 | 44377851 |
| *Total* |  |  |  | 1994406468 |
| **Electric 3.39%** |  |  |  |  |
| AES Corp. | 5.45% | 6/1/2028 | 61750000 | 62575066 |
| Alexander Funding Trust II<sup>†</sup> | 7.467% | 7/31/2028 | 55927000 | 59313997 |
| Algonquin Power & Utilities Corp. (Canada)<sup>(d)</sup> | 5.365% <sup>(f)</sup> | 6/15/2026 | 68347000 | 68687358 |
| Alliant Energy Finance LLC<sup>†</sup> | 5.40% | 6/6/2027 | 15507000 | 15674595 |
| Ameren Corp. | 5.00% | 1/15/2029 | 20250000 | 20487361 |
| Ausgrid Finance Pty. Ltd. (Australia)<sup>†(d)</sup> | 4.35% | 8/1/2028 | 12691000 | 12502290 |
| Black Hills Corp. | 5.95% | 3/15/2028 | 36563000 | 37860621 |
| Capital Power U.S. Holdings, Inc.<sup>†</sup> | 5.257% | 6/1/2028 | 36989000 | 37230879 |
| CenterPoint Energy, Inc. | 5.40% | 6/1/2029 | 38503000 | 39594103 |
| Comision Federal de Electricidad (Mexico)<sup>†(d)</sup> | 4.688% | 5/15/2029 | 64028000 | 61992992 |
| DTE Energy Co. | 4.875% | 6/1/2028 | 36257000 | 36594242 |
| DTE Energy Co. | 5.10% | 3/1/2029 | 48117000 | 48797270 |
| Electricite de France SA (France)<sup>†(d)</sup> | 5.70% | 5/23/2028 | 98145000 | 100845134 |
| Enel Finance International NV (Netherlands)<sup>†(d)</sup> | 5.125% | 6/26/2029 | 42961000 | 43507449 |
| Engie SA (France)<sup>†(d)</sup> | 5.25% | 4/10/2029 | 21027000 | 21414926 |
| Evergy Missouri West, Inc.<sup>†</sup> | 5.15% | 12/15/2027 | 23835000 | 24158153 |
| Eversource Energy | 5.95% | 2/1/2029 | 33504000 | 34822487 |
| Fells Point Funding Trust<sup>†</sup> | 3.046% | 1/31/2027 | 114348000 | 111250499 |
| ITC Holdings Corp.<sup>†</sup> | 4.95% | 9/22/2027 | 25656000 | 25826899 |
| Liberty Utilities Co.<sup>†</sup> | 5.577% | 1/31/2029 | 51528000 | 52689207 |

---

232 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | **Interest**<br>**Rate** | | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Fair**<br>**Value** |
| **Electric (continued)** |  |  |  |  |  |
| National Grid PLC (United Kingdom)<sup>(d)</sup> | 5.602% |  | &nbsp;&nbsp;6/12/2028 | $27330000 | $28125188 |
| NRG Energy, Inc.<sup>†</sup> | 2.00% |  | 12/2/2025 | 13293000 | 13078434 |
| NSTAR Electric Co. | 4.85% |  | 3/1/2030 | 27160000 | 27334413 |
| Ohio Edison Co.<sup>†</sup> | 4.95% |  | 12/15/2029 | 8185000 | 8254695 |
| Pacific Gas & Electric Co. | 3.15% |  | 1/1/2026 | 97365878 | 96314989 |
| Pacific Gas & Electric Co. | 3.30% |  | 12/1/2027 | 33877000 | 32579981 |
| Pacific Gas & Electric Co. | 5.30%<br>(SOFR + 0.95% |)<sup>#</sup> | 9/4/2025 | 48671000 | 48668305 |
| Pacific Gas & Electric Co. | 5.45% |  | 6/15/2027 | 15023000 | 15179078 |
| Pacific Gas & Electric Co. | 5.55% |  | 5/15/2029 | 28749000 | 29129209 |
| Palomino Funding Trust I<sup>†</sup> | 7.233% |  | 5/17/2028 | 29716000 | 31269092 |
| Pinnacle West Capital Corp. | 4.90% |  | 5/15/2028 | 9393000 | 9468085 |
| Pinnacle West Capital Corp. | 5.15% |  | 5/15/2030 | 9708000 | 9822245 |
| PSEG Power LLC<sup>†</sup> | 5.20% |  | 5/15/2030 | 23768000 | 24006453 |
| Southern Co. | 5.113% |  | 8/1/2027 | 32580000 | 32993896 |
| Terraform Global Operating LP<sup>†(e)</sup> | 6.125% |  | 3/1/2026 | 10312000 | 10190427 |
| Trans-Allegheny Interstate Line Co.<sup>†</sup> | 5.00% |  | 1/15/2031 | 8269000 | 8336281 |
| Vistra Operations Co. LLC<sup>†</sup> | 3.70% |  | 1/30/2027 | 39766000 | 39033111 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.05% |  | 12/30/2026 | 10942000 | 10977375 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.50% |  | 9/1/2026 | 32424000 | 32473836 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.625% |  | 2/15/2027 | 12474000 | 12473532 |
| *Total* |  |  |  |  | 1435534153 |
| **Electrical Components & Equipment 0.12%** | **Electrical Components & Equipment 0.12%** |  |  |  |  |
| Energizer Holdings, Inc.<sup>†</sup> | 6.50% |  | 12/31/2027 | 9880000 | 9953309 |
| Molex Electronic Technologies LLC<sup>†</sup> | 4.75% |  | 4/30/2028 | 39086000 | 39144124 |
| *Total* |  |  |  |  | 49097433 |
| **Energy-Alternate Sources 0.09%** |  |  |  |  |  |
| Greenko Dutch BV (Netherlands)<sup>†(d)(e)</sup> | 3.85% |  | 3/29/2026 | 28466240 | 27883678 |
| Greenko Dutch BV (Netherlands)<sup>(d)</sup> | 3.85% |  | 3/29/2026 | 12262800 | 12011842 |
| *Total* |  |  |  |  | 39895520 |
| **Engineering & Construction 0.36%** |  |  |  |  |  |
| Jacobs Engineering Group, Inc. | 6.35% |  | 8/18/2028 | 52295000 | 54651497 |
| MasTec, Inc.<sup>†</sup> | 4.50% |  | 8/15/2028 | 56222000 | 55214466 |
| MasTec, Inc. | 5.90% |  | 6/15/2029 | 39725000 | 40787445 |
| *Total* |  |  |  |  | 150653408 |

---

See Notes to Financial Statements. 233

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments** | **Interest**<br>**Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Fair**<br>**Value** |
| **Entertainment 0.65%** |  |  |  |  |
| Caesars Entertainment, Inc.<sup>†</sup> | 8.125% | 7/1/2027 | $19856000 | $19897579 |
| Churchill Downs, Inc.<sup>†</sup> | 5.50% | 4/1/2027 | 11000000 | 10968657 |
| Everi Holdings, Inc.<sup>†</sup> | 5.00% | 7/15/2029 | 9612000 | 9690780 |
| Flutter Treasury DAC (Ireland)<sup>†(d)</sup> | 6.375% | 4/29/2029 | 48475000 | 49673447 |
| Warnermedia Holdings, Inc. | 3.755% | 3/15/2027 | 159753000 | 154899597 |
| Warnermedia Holdings, Inc. | 4.054% | 3/15/2029 | 34733000 | 32350296 |
| *Total* |  |  |  | 277480356 |
| **Food 0.92%** |  |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 3.25% | 3/15/2026 | 2630000 | 2590158 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 4.625% | 1/15/2027 | 114198000 | 113158067 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 5.875% | 2/15/2028 | 20000000 | 19996962 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 6.50% | 2/15/2028 | 72850000 | 74377373 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(d)</sup> | 3.00% | 2/2/2029 | 33905000 | 31913644 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(d)</sup> | 5.125% | 2/1/2028 | 25130000 | 25420176 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(d)</sup> | 5.50% | 1/15/2030 | 9218000 | 9334967 |
| Mars, Inc.<sup>†</sup> | 4.60% | 3/1/2028 | 27478000 | 27613749 |
| Mars, Inc.<sup>†</sup> | 4.80% | 3/1/2030 | 58877000 | 59265494 |
| NBM U.S. Holdings, Inc.<sup>†</sup> | 7.00% | 5/14/2026 | 13781000 | 13829054 |
| Tyson Foods, Inc. | 5.40% | 3/15/2029 | 12250000 | 12576474 |
| *Total* |  |  |  | 390076118 |
| **Food Service 0.04%** |  |  |  |  |
| Sodexo, Inc.<sup>†</sup> | 5.15% | 8/15/2030 | 15649000 | 15778939 |
| **Gas 0.60%** |  |  |  |  |
| Brooklyn Union Gas Co.<sup>†</sup> | 4.632% | 8/5/2027 | 54747000 | 54755276 |
| National Fuel Gas Co. | 4.75% | 9/1/2028 | 24935000 | 24817025 |
| National Fuel Gas Co. | 5.50% | 10/1/2026 | 31379000 | 31632923 |
| National Fuel Gas Co. | 5.50% | 3/15/2030 | 33891000 | 34575987 |
| Snam SpA (Italy)<sup>†(d)</sup> | 5.00% | 5/28/2030 | 23780000 | 23783996 |
| Southwest Gas Corp. | 5.45% | 3/23/2028 | 42112000 | 42958082 |
| Southwest Gas Corp. | 5.80% | 12/1/2027 | 41220000 | 42235786 |
| *Total* |  |  |  | 254759075 |

---

234 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments** | **Interest**<br>**Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Fair**<br>**Value** |
| **Hand/Machine Tools 0.57%** |  |  |  |  |
| Regal Rexnord Corp. | 6.05% | 2/15/2026 | $35742000 | $35934904 |
| Regal Rexnord Corp. | 6.05% | 4/15/2028 | 120296000 | 123537456 |
| Regal Rexnord Corp. | 6.30% | 2/15/2030 | 31920000 | 33110877 |
| Werner FinCo LP/Werner FinCo, Inc.<sup>†</sup> | 11.50% | 6/15/2028 | 46695000 | 50839184 |
| *Total* |  |  |  | 243422421 |
| **Health Care-Products 0.34%** |  |  |  |  |
| GE HealthCare Technologies, Inc. | 4.80% | 8/14/2029 | 12250000 | 12319738 |
| Solventum Corp. | 5.40% | 3/1/2029 | 80331000 | 81993231 |
| Solventum Corp. | 5.45% | 2/25/2027 | 48673000 | 49290489 |
| *Total* |  |  |  | 143603458 |
| **Health Care-Services 1.00%** |  |  |  |  |
| Centene Corp. | 2.45% | 7/15/2028 | 55420000 | 51075964 |
| Centene Corp. | 4.25% | 12/15/2027 | 214061000 | 209202094 |
| Fresenius Medical Care U.S. Finance III, Inc.<sup>†</sup> | 1.875% | 12/1/2026 | 9688000 | 9266060 |
| Fresenius Medical Care U.S. Finance III, Inc.<sup>†</sup> | 3.75% | 6/15/2029 | 15676000 | 14889211 |
| HCA, Inc. | 5.25% | 3/1/2030 | 16383000 | 16634621 |
| Health Care Service Corp. A Mutual Legal Reserve Co.<sup>†</sup> | 5.20% | 6/15/2029 | 19924000 | 20177328 |
| Icon Investments Six DAC (Ireland)<sup>(d)</sup> | 5.809% | 5/8/2027 | 23601000 | 24001821 |
| Icon Investments Six DAC (Ireland)<sup>(d)</sup> | 5.849% | 5/8/2029 | 24765000 | 25385100 |
| IQVIA, Inc.<sup>†</sup> | 5.00% | 10/15/2026 | 8770000 | 8747669 |
| IQVIA, Inc.<sup>†</sup> | 5.00% | 5/15/2027 | 12906000 | 12835857 |
| IQVIA, Inc. | 6.25% | 2/1/2029 | 10282000 | 10659463 |
| Universal Health Services, Inc. | 4.625% | 10/15/2029 | 20530000 | 20125155 |
| *Total* |  |  |  | 423000343 |
| **Home Furnishings 0.04%** |  |  |  |  |
| Leggett & Platt, Inc. | 3.50% | 11/15/2027 | 18646000 | 17968157 |
| **Housewares 0.00%** |  |  |  |  |
| Newell Brands, Inc. | 5.70% | 4/1/2026 | 857000 | 863588 |
| **Insurance 4.23%** |  |  |  |  |
| AEGON Funding Co. LLC<sup>†(e)</sup> | 5.50% | 4/16/2027 | 80352000 | 81195644 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>†</sup> | 6.75% | 10/15/2027 | 73209000 | 73236141 |
| American National Global Funding<sup>†</sup> | 5.55% | 1/28/2030 | 17858000 | 18114476 |
| Aon Corp. | 8.205% | 1/1/2027 | 71754000 | 75433176 |
| Athene Global Funding<sup>†</sup> | 4.95% | 1/7/2027 | 28024000 | 28107528 |

---

See Notes to Financial Statements. 235

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments** | **Interest**<br>**Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Fair**<br>**Value** |
| **Insurance (continued)** |  |  |  |  |
| Athene Global Funding<sup>†</sup> | 5.339% | &nbsp;&nbsp;1/15/2027 | $42849000 | $43254757 |
| Athene Global Funding<sup>†</sup> | 5.38% | 1/7/2030 | 49427000 | 50116567 |
| Athene Global Funding<sup>†</sup> | 5.516% | 3/25/2027 | 40000000 | 40572481 |
| Athene Global Funding<sup>†</sup> | 5.583% | 1/9/2029 | 40242000 | 41096058 |
| Brighthouse Financial Global Funding<sup>†</sup> | 5.55% | 4/9/2027 | 59746000 | 60537056 |
| Brighthouse Financial Global Funding<sup>†</sup> | 5.65% | 6/10/2029 | 51015000 | 52022950 |
| CNO Global Funding<sup>†</sup> | 4.875% | 12/10/2027 | 31500000 | 31598501 |
| CNO Global Funding<sup>†</sup> | 4.95% | 9/9/2029 | 16244000 | 16237436 |
| CNO Global Funding<sup>†</sup> | 5.875% | 6/4/2027 | 60042000 | 61426905 |
| CNO Global Funding<sup>†</sup> | 1.75% | 10/7/2026 | 29008000 | 27857658 |
| Corebridge Global Funding<sup>†</sup> | 4.65% | 8/20/2027 | 20497000 | 20553849 |
| Corebridge Global Funding<sup>†</sup> | 5.20% | 1/12/2029 | 24170000 | 24640564 |
| Equitable Financial Life Global Funding<sup>†</sup> | 5.45% | 3/3/2028 | 57392000 | 58881791 |
| F&G Annuities & Life, Inc. | 7.40% | 1/13/2028 | 39860000 | 41510616 |
| F&G Global Funding<sup>†</sup> | 1.75% | 6/30/2026 | 36106000 | 34968755 |
| F&G Global Funding<sup>†</sup> | 2.00% | 9/20/2028 | 16130000 | 14730236 |
| F&G Global Funding<sup>†</sup> | 2.30% | 4/11/2027 | 58675000 | 56125461 |
| F&G Global Funding<sup>†</sup> | 5.875% | 6/10/2027 | 41457000 | 42284631 |
| GA Global Funding Trust<sup>†</sup> | 4.40% | 9/23/2027 | 61976000 | 61448248 |
| GA Global Funding Trust<sup>†</sup> | 5.50% | 1/8/2029 | 70072000 | 71556245 |
| Jackson Financial, Inc. | 5.17% | 6/8/2027 | 25281000 | 25490195 |
| Jackson National Life Global Funding<sup>†</sup> | 4.60% | 10/1/2029 | 24478000 | 24227410 |
| Jackson National Life Global Funding<sup>†(b)</sup> | 4.70% | 6/5/2028 | 56094000 | 56187312 |
| Jackson National Life Global Funding<sup>†</sup> | 4.90% | 1/13/2027 | 40481000 | 40651059 |
| Jackson National Life Global Funding<sup>†(e)</sup> | 5.35% | 1/13/2030 | 39587000 | 40404976 |
| Jackson National Life Global Funding<sup>†</sup> | 5.50% | 1/9/2026 | 17581000 | 17662621 |
| Jackson National Life Global Funding<sup>†</sup> | 5.55% | 7/2/2027 | 56344000 | 57308464 |
| Jackson National Life Global Funding<sup>†</sup> | 5.60% | 4/10/2026 | 29234000 | 29481324 |
| Lincoln Financial Global Funding<sup>†</sup> | 4.625% | 5/28/2028 | 28714000 | 28783046 |
| Lincoln Financial Global Funding<sup>†</sup> | 5.30% | 1/13/2030 | 32519000 | 33253163 |
| MGIC Investment Corp. | 5.25% | 8/15/2028 | 39165000 | 38929736 |
| Mutual of Omaha Cos Global Funding<sup>†</sup> | 5.00% | 4/1/2030 | 23772000 | 24046517 |
| Mutual of Omaha Cos Global Funding<sup>†</sup> | 5.45% | 12/12/2028 | 37111000 | 38060986 |
| Mutual of Omaha Cos Global Funding<sup>†</sup> | 5.80% | 7/27/2026 | 19182000 | 19420977 |
| NMI Holdings, Inc. | 6.00% | 8/15/2029 | 12397000 | 12597524 |
| Principal Life Global Funding II<sup>†</sup> | 5.10% | 1/25/2029 | 42790000 | 43510148 |
| Protective Life Global Funding<sup>†(b)</sup> | 4.803% | 6/5/2030 | 24604000 | 24643941 |
| RGA Global Funding<sup>†</sup> | 5.448% | 5/24/2029 | 32162000 | 33034542 |

---

236 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments** | **Interest**<br>**Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Fair**<br>**Value** |
| **Insurance (continued)** |  |  |  |  |
| Sammons Financial Group Global Funding<sup>†</sup> | 5.05% | 1/10/2028 | $19748000 | $20002729 |
| Sammons Financial Group Global Funding<sup>†</sup> | 5.10% | 12/10/2029 | 30589000 | 30982001 |
| Western-Southern Global Funding<sup>†</sup> | 4.90% | 5/1/2030 | 24913000 | 24998138 |
| *Total* |  |  |  | 1791184539 |
| **Internet 0.95%** |  |  |  |  |
| Prosus NV (Netherlands)<sup>†(d)</sup> | 3.257% | 1/19/2027 | 60280000 | 58647733 |
| Rakuten Group, Inc. (Japan)<sup>†(d)</sup> | 11.25% | 2/15/2027 | 108919000 | 117656747 |
| Uber Technologies, Inc.<sup>†</sup> | 4.50% | 8/15/2029 | 183255000 | 180625840 |
| Uber Technologies, Inc.<sup>†</sup> | 6.25% | 1/15/2028 | 30960000 | 31134460 |
| Uber Technologies, Inc.<sup>†</sup> | 7.50% | 9/15/2027 | 13423000 | 13560975 |
| *Total* |  |  |  | 401625755 |
| **Investment Companies 0.28%** |  |  |  |  |
| Abu Dhabi Developmental Holding Co. PJSC (United Arab Emirates)<sup>†(d)</sup> | 4.50% | 5/6/2030 | 14481000 | 14312206 |
| Blackstone Private Credit Fund | 2.625% | 12/15/2026 | 19742000 | 19027867 |
| Blackstone Private Credit Fund | 4.95% | 9/26/2027 | 11337000 | 11220195 |
| Blackstone Secured Lending Fund | 2.125% | 2/15/2027 | 12260000 | 11658740 |
| Blackstone Secured Lending Fund | 3.625% | 1/15/2026 | 63344000 | 62726323 |
| *Total* |  |  |  | 118945331 |
| **Iron-Steel 0.13%** |  |  |  |  |
| ArcelorMittal SA (Luxembourg)<sup>(d)</sup> | 6.55% | 11/29/2027 | 34107000 | 35382939 |
| ATI, Inc. | 5.875% | 12/1/2027 | 19987000 | 20000099 |
| *Total* |  |  |  | 55383038 |
| **Leisure Time 1.19%** |  |  |  |  |
| Carnival Corp.<sup>†</sup> | 4.00% | 8/1/2028 | 162901000 | 157504904 |
| Carnival Corp.<sup>†</sup> | 5.75% | 3/1/2027 | 4487000 | 4501028 |
| Carnival Corp.<sup>†</sup> | 7.00% | 8/15/2029 | 25860000 | 27155948 |
| NCL Corp. Ltd.<sup>†</sup> | 5.875% | 3/15/2026 | 18333000 | 18356045 |
| NCL Corp. Ltd.<sup>†</sup> | 5.875% | 2/15/2027 | 53935000 | 53981330 |
| Royal Caribbean Cruises Ltd. | 3.70% | 3/15/2028 | 3807000 | 3675871 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 4.25% | 7/1/2026 | 35385000 | 35053424 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.375% | 7/15/2027 | 85913000 | 86044605 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.50% | 8/31/2026 | 50727000 | 50765958 |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.50% | 4/1/2028 | 56683000 | 56855625 |
| Royal Caribbean Cruises Ltd. | 7.50% | 10/15/2027 | 9000000 | 9478125 |
| *Total* |  |  |  | 503372863 |

---

See Notes to Financial Statements. 237

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments** | **Interest**<br>**Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Fair**<br>**Value** |
| **Lodging 0.46%** |  |  |  |  |
| Hyatt Hotels Corp. | 5.25% | 6/30/2029 | $24657000 | $24853611 |
| Las Vegas Sands Corp. | 3.50% | 8/18/2026 | 74117000 | 72542295 |
| Las Vegas Sands Corp. | 5.90% | 6/1/2027 | 16172000 | 16375169 |
| Melco Resorts Finance Ltd. (Hong Kong)<sup>(d)</sup> | 4.875% | 6/6/2025 | 56054000 | 56005418 |
| Sands China Ltd. (Macau)<sup>(d)</sup> | 5.125% | 8/8/2025 | 18190000 | 18192778 |
| Studio City Finance Ltd. (Hong Kong)<sup>(d)</sup> | 6.00% | 7/15/2025 | 6634000 | 6623696 |
| *Total* |  |  |  | 194592967 |
| **Machinery: Construction & Mining 0.08%** |  |  |  |  |
| Vertiv Group Corp.<sup>†</sup> | 4.125% | 11/15/2028 | 36957000 | 35831053 |
| **Machinery-Diversified 0.23%** |  |  |  |  |
| CNH Industrial Capital LLC | 4.75% | 3/21/2028 | 19727000 | 19771008 |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (Canada)<sup>†(d)</sup> | 9.00% | 2/15/2029 | 52923000 | 54153936 |
| IDEX Corp. | 4.95% | 9/1/2029 | 10974000 | 11054227 |
| TK Elevator Holdco GmbH (Germany)<sup>†(d)</sup> | 7.625% | 7/15/2028 | 11269000 | 11293296 |
| *Total* |  |  |  | 96272467 |
| **Media 0.65%** |  |  |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | 5.50% | 5/1/2026 | 12250000 | 12227259 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>†</sup> | 5.875% | 8/15/2027 | 158543000 | 156169392 |
| Discovery Communications LLC | 3.95% | 3/20/2028 | 63529000 | 60673913 |
| Nexstar Media, Inc.<sup>†</sup> | 5.625% | 7/15/2027 | 40961000 | 40822810 |
| Sirius XM Radio LLC<sup>†</sup> | 3.125% | 9/1/2026 | 6775000 | 6623560 |
| *Total* |  |  |  | 276516934 |
| **Mining 1.17%** |  |  |  |  |
| Anglo American Capital PLC (United Kingdom)<sup>†(d)</sup> | 3.875% | 3/16/2029 | 8570000 | 8271006 |
| Anglo American Capital PLC (United Kingdom)<sup>†(d)</sup> | 4.50% | 3/15/2028 | 41549000 | 41298459 |
| Anglo American Capital PLC (United Kingdom)<sup>†(d)</sup> | 4.75% | 4/10/2027 | 22530000 | 22536739 |
| Freeport Indonesia PT (Indonesia)<sup>†(d)</sup> | 4.763% | 4/14/2027 | 31203000 | 31121161 |
| Glencore Funding LLC<sup>†</sup> | 3.875% | 10/27/2027 | 10525000 | 10328048 |
| Glencore Funding LLC<sup>†</sup> | 4.907% | 4/1/2028 | 11805000 | 11865070 |
| Glencore Funding LLC<sup>†</sup> | 5.186% | 4/1/2030 | 34632000 | 35048159 |
| Glencore Funding LLC<sup>†</sup> | 5.338% | 4/4/2027 | 56916000 | 57574605 |
| Glencore Funding LLC<sup>†</sup> | 5.371% | 4/4/2029 | 120235000 | 122484950 |
| Glencore Funding LLC<sup>†</sup> | 6.125% | 10/6/2028 | 31335000 | 32600821 |
| Navoi Mining & Metallurgical Combinat (Uzbekistan)<sup>†(d)</sup> | 6.70% | 10/17/2028 | 16210000 | 16391286 |

---

238 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments** | **Interest**<br>**Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Fair**<br>**Value** |
| **Mining (continued)** |  |  |  |  |
| New Gold, Inc. (Canada)<sup>†(d)</sup> | 7.50% | 7/15/2027 | $36259000 | $36467018 |
| Rio Tinto Finance USA PLC (United Kingdom)<sup>(d)</sup> | 4.875% | 3/14/2030 | 70678000 | 71495666 |
| *Total* |  |  |  | 497482988 |
| **Miscellaneous Manufacturing 0.01%** |  |  |  |  |
| Trinity Industries, Inc.<sup>†</sup> | 7.75% | 7/15/2028 | 2300000 | 2391529 |
| **Oil & Gas 6.97%** |  |  |  |  |
| Antero Resources Corp.<sup>†</sup> | 5.375% | 3/1/2030 | 9000000 | 8861750 |
| Antero Resources Corp.<sup>†</sup> | 7.625% | 2/1/2029 | 35391000 | 36250152 |
| APA Corp.<sup>†</sup> | 4.375% | 10/15/2028 | 45219000 | 43449778 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp.<sup>†</sup> | 8.25% | 12/31/2028 | 23952000 | 24330873 |
| California Resources Corp.<sup>†</sup> | 7.125% | 2/1/2026 | 15906000 | 15904300 |
| Canadian Natural Resources Ltd. (Canada)<sup>†(d)</sup> | 5.00% | 12/15/2029 | 12183000 | 12140362 |
| CITGO Petroleum Corp.<sup>†</sup> | 6.375% | 6/15/2026 | 96568000 | 96791970 |
| Civitas Resources, Inc.<sup>†</sup> | 5.00% | 10/15/2026 | 55163000 | 54203423 |
| Civitas Resources, Inc.<sup>†</sup> | 8.375% | 7/1/2028 | 134876000 | 136056839 |
| Continental Resources, Inc.<sup>†</sup> | 2.268% | 11/15/2026 | 156101000 | 149834709 |
| Continental Resources, Inc. | 4.375% | 1/15/2028 | 80948000 | 79208785 |
| Coterra Energy, Inc. | 3.90% | 5/15/2027 | 33728000 | 33232687 |
| Coterra Energy, Inc. | 4.375% | 3/15/2029 | 30495000 | 30027784 |
| Crescent Energy Finance LLC<sup>†</sup> | 9.25% | 2/15/2028 | 132076000 | 136485961 |
| Devon Energy Corp. | 5.25% | 10/15/2027 | 78874000 | 78913162 |
| Devon Energy Corp. | 5.875% | 6/15/2028 | 27374000 | 27373988 |
| Ecopetrol SA (Colombia)<sup>(d)</sup> | 8.625% | 1/19/2029 | 97346000 | 102522958 |
| EQT Corp.<sup>†</sup> | 3.125% | 5/15/2026 | 103261000 | 101423402 |
| EQT Corp. | 3.90% | 10/1/2027 | 92361000 | 90851043 |
| EQT Corp.<sup>†</sup> | 6.375% | 4/1/2029 | 30539000 | 31277559 |
| EQT Corp.<sup>†</sup> | 7.50% | 6/1/2027 | 36207000 | 36891465 |
| Expand Energy Corp.<sup>(e)</sup> | 5.375% | 2/1/2029 | 71282000 | 71096553 |
| Expand Energy Corp.<sup>†</sup> | 5.875% | 2/1/2029 | 102362000 | 102759267 |
| Expand Energy Corp.<sup>†</sup> | 6.75% | 4/15/2029 | 87604000 | 88687399 |
| Helmerich & Payne, Inc.<sup>†</sup> | 4.65% | 12/1/2027 | 32608000 | 32291090 |
| Helmerich & Payne, Inc.<sup>†(e)</sup> | 4.85% | 12/1/2029 | 48551000 | 45859755 |
| Hess Corp. | 7.875% | 10/1/2029 | 21328000 | 23870055 |
| HF Sinclair Corp. | 5.00% | 2/1/2028 | 52437000 | 52195916 |
| HF Sinclair Corp. | 6.375% | 4/15/2027 | 40512000 | 40900553 |
| Leviathan Bond Ltd. (Israel)<sup>(d)</sup> | 6.125% | 6/30/2025 | 5899999 | 5897337 |
| Matador Resources Co.<sup>†</sup> | 6.875% | 4/15/2028 | 37081000 | 37618823 |

---

See Notes to Financial Statements. 239

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments** | **Interest**<br>**Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Fair**<br>**Value** |
| **Oil & Gas (continued)** |  |  |  |  |
| Occidental Petroleum Corp. | 5.20% | &nbsp;&nbsp;&nbsp;8/1/2029 | $19375000 | $19258362 |
| Occidental Petroleum Corp. | 6.375% | 9/1/2028 | 34854000 | 35966714 |
| Occidental Petroleum Corp. | 6.625% | 9/1/2030 | 12348000 | 12867098 |
| Occidental Petroleum Corp. | 8.50% | 7/15/2027 | 17821000 | 18843248 |
| Occidental Petroleum Corp. | 8.875% | 7/15/2030 | 10063000 | 11320080 |
| OGX Austria GmbH (Brazil)<sup>†(d)(g)</sup> | 8.50% | 6/1/2018 | 31150000 | 623 <sup>(h)</sup> |
| Ovintiv, Inc. | 5.375% | 1/1/2026 | 60306000 | 60339762 |
| Ovintiv, Inc. | 5.65% | 5/15/2028 | 60393000 | 61579204 |
| Parsley Energy LLC/Parsley Finance Corp.<sup>†</sup> | 4.125% | 2/15/2028 | 26480000 | 26066315 |
| Permian Resources Operating LLC<sup>†</sup> | 5.375% | 1/15/2026 | 57192000 | 57078411 |
| Permian Resources Operating LLC<sup>†</sup> | 8.00% | 4/15/2027 | 95263000 | 97046514 |
| Petroleos Mexicanos (Mexico)<sup>(d)(e)</sup> | 4.50% | 1/23/2026 | 41678000 | 40908828 |
| Petroleos Mexicanos (Mexico)<sup>(d)</sup> | 6.49% | 1/23/2027 | 60785000 | 59679789 |
| Petroleos Mexicanos (Mexico)<sup>(d)</sup> | 6.875% | 10/16/2025 | 104783000 | 104568132 |
| Petroleos Mexicanos (Mexico)<sup>(d)(e)</sup> | 6.875% | 8/4/2026 | 65662000 | 65078383 |
| Range Resources Corp. | 8.25% | 1/15/2029 | 41778000 | 42943857 |
| Sitio Royalties Operating Partnership LP/Sitio Finance Corp.<sup>†</sup> | 7.875% | 11/1/2028 | 43315000 | 44708184 |
| SM Energy Co. | 6.50% | 7/15/2028 | 38996000 | 38815632 |
| SM Energy Co. | 6.625% | 1/15/2027 | 13649000 | 13673882 |
| SM Energy Co. | 6.75% | 9/15/2026 | 39464000 | 39431450 |
| Suncor Energy, Inc. (Canada)<sup>(d)</sup> | 7.875% | 6/15/2026 | 22444000 | 23168251 |
| Tengizchevroil Finance Co. International Ltd. (Kazakhstan)<sup>†(d)</sup> | 2.625% | 8/15/2025 | 96208000 | 95612088 |
| Tengizchevroil Finance Co. International Ltd. (Kazakhstan)<sup>(d)</sup> | 4.00% | 8/15/2026 | 93500000 | 91945796 |
| TGNR Intermediate Holdings LLC<sup>†</sup> | 5.50% | 10/15/2029 | 6500000 | 6143905 |
| Viper Energy, Inc.<sup>†</sup> | 5.375% | 11/1/2027 | 60056000 | 59796444 |
| *Total* |  |  |  | 2954050650 |
| **Packaging & Containers 0.17%** |  |  |  |  |
| Amcor Flexibles North America, Inc.<sup>†</sup> | 4.80% | 3/17/2028 | 23744000 | 23811775 |
| Amcor Flexibles North America, Inc.<sup>†</sup> | 5.10% | 3/17/2030 | 11814000 | 11898686 |
| Canpack SA/Canpack U.S. LLC (Poland)<sup>†(d)</sup> | 3.125% | 11/1/2025 | 18185000 | 17879449 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 7.875% | 4/15/2027 | 16460000 | 16636715 |
| *Total* |  |  |  | 70226625 |
| **Pharmaceuticals 1.06%** |  |  |  |  |
| Bayer U.S. Finance II LLC<sup>†</sup> | 4.25% | 12/15/2025 | 101873000 | 101507290 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.125% | 11/21/2026 | 43020000 | 43663876 |

---

240 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments** | **Interest**<br>**Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Fair**<br>**Value** |
| **Pharmaceuticals (continued)** |  |  |  |  |
| Bayer U.S. Finance LLC<sup>†(e)</sup> | 6.25% | 1/21/2029 | $86164000 | $89605034 |
| Herbalife Nutrition Ltd./HLF Financing, Inc.<sup>†</sup> | 7.875% | 9/1/2025 | 35937000 | 36011681 |
| Teva Pharmaceutical Finance Netherlands III BV (Netherlands)<sup>(d)</sup> | 3.15% | 10/1/2026 | 183509000 | 179561464 |
| *Total* |  |  |  | 450349345 |
| **Pipelines 2.40%** |  |  |  |  |
| Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>†</sup> | 5.75% | 3/1/2027 | 26953000 | 26946386 |
| Cheniere Energy, Inc. | 4.625% | 10/15/2028 | 22107000 | 21888427 |
| Columbia Pipelines Holding Co. LLC<sup>†</sup> | 6.042% | 8/15/2028 | 41269000 | 42543832 |
| DCP Midstream Operating LP | 5.375% | 7/15/2025 | 14856000 | 14860017 |
| DT Midstream, Inc.<sup>†</sup> | 4.125% | 6/15/2029 | 91343000 | 87061345 |
| Energy Transfer LP<sup>†</sup> | 5.625% | 5/1/2027 | 104661000 | 104666554 |
| Energy Transfer LP<sup>†</sup> | 6.00% | 2/1/2029 | 100151000 | 101455929 |
| Genesis Energy LP/Genesis Energy Finance Corp. | 7.75% | 2/1/2028 | 16000000 | 16150128 |
| Hess Midstream Operations LP<sup>†</sup> | 5.875% | 3/1/2028 | 14795000 | 14949889 |
| Kinder Morgan, Inc. | 5.00% | 2/1/2029 | 52931000 | 53539569 |
| Kinetik Holdings LP<sup>†</sup> | 6.625% | 12/15/2028 | 47282000 | 48252826 |
| ONEOK, Inc. | 4.15% | 6/1/2025 | 15384000 | 15384000 |
| ONEOK, Inc. | 5.375% | 6/1/2029 | 42642000 | 43302399 |
| ONEOK, Inc.<sup>†</sup> | 5.625% | 1/15/2028 | 46697000 | 47644576 |
| South Bow USA Infrastructure Holdings LLC<sup>†</sup> | 4.911% | 9/1/2027 | 39908000 | 39944145 |
| South Bow USA Infrastructure Holdings LLC<sup>†</sup> | 5.026% | 10/1/2029 | 48388000 | 47998473 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 5.00% | 1/15/2028 | 40699000 | 40654659 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 5.50% | 3/1/2030 | 16871000 | 17005613 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 6.50% | 7/15/2027 | 85876000 | 86039167 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 6.875% | 1/15/2029 | 59851000 | 61006495 |
| Western Midstream Operating LP | 4.75% | 8/15/2028 | 22221000 | 22072805 |
| Western Midstream Operating LP | 6.35% | 1/15/2029 | 14522000 | 15082820 |
| Whistler Pipeline LLC<sup>†</sup> | 5.40% | 9/30/2029 | 36122000 | 36270082 |
| Williams Cos., Inc. | 4.90% | 3/15/2029 | 10000000 | 10087563 |
| *Total* |  |  |  | 1014807699 |
| **REITS 2.11%** |  |  |  |  |
| American Homes 4 Rent LP | 4.95% | 6/15/2030 | 12384000 | 12379897 |
| American Tower Corp. | 1.50% | 1/31/2028 | 48078000 | 44454383 |

---

See Notes to Financial Statements. 241

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Investments** | **Interest**<br>**Rate** | | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Fair**<br>**Value** |
| **REITS (continued)** |  |  |  |  |  |
| American Tower Corp. | 3.60% |  | &nbsp;&nbsp;1/15/2028 | $12874000 | $12586019 |
| American Tower Corp. | 5.25% |  | 7/15/2028 | 32495000 | 33148844 |
| American Tower Corp. | 5.50% |  | 3/15/2028 | 31178000 | 31887903 |
| Crown Castle, Inc. | 3.65% |  | 9/1/2027 | 12669000 | 12382007 |
| Crown Castle, Inc. | 4.80% |  | 9/1/2028 | 21905000 | 21905284 |
| Crown Castle, Inc. | 5.00% |  | 1/11/2028 | 30651000 | 30850034 |
| EPR Properties | 4.50% |  | 6/1/2027 | 54181000 | 53618059 |
| EPR Properties | 4.75% |  | 12/15/2026 | 28430000 | 28280103 |
| GLP Capital LP/GLP Financing II, Inc. | 5.30% |  | 1/15/2029 | 15722000 | 15762484 |
| GLP Capital LP/GLP Financing II, Inc. | 5.375% |  | 4/15/2026 | 95084000 | 94934101 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 3.375% |  | 6/15/2026 | 104735000 | 102024678 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 8.00% |  | 6/15/2027 | 38850000 | 40034925 |
| Iron Mountain, Inc.<sup>†</sup> | 4.875% |  | 9/15/2027 | 11834000 | 11701156 |
| Kilroy Realty LP | 4.375% |  | 10/1/2025 | 7275000 | 7258025 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 4.25% |  | 2/1/2027 | 28539000 | 27938565 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 4.75% |  | 6/15/2029 | 45348000 | 43957912 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 3.75% |  | 2/15/2027 | 77290000 | 75908410 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 3.875% |  | 2/15/2029 | 35963000 | 34468493 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.25% |  | 12/1/2026 | 68269000 | 67554613 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.50% |  | 9/1/2026 | 71659000 | 71257287 |
| Vornado Realty LP | 2.15% |  | 6/1/2026 | 19639000 | 18994350 |
| *Total* |  |  |  |  | 893287532 |
| **Retail 0.29%** |  |  |  |  |  |
| CEC Entertainment LLC<sup>†</sup> | 6.75% |  | 5/1/2026 | 76146000 | 74990740 |
| Sizzling Platter LLC/Sizzling Platter Finance Corp.<sup>†</sup> | 8.50% |  | 11/28/2025 | 48078000 | 48283293 |
| *Total* |  |  |  |  | 123274033 |
| **Savings & Loans 0.09%** |  |  |  |  |  |
| Nationwide Building Society (United Kingdom)<sup>†(d)</sup> | 5.636%<br>(SOFR + 1.29% |)<sup>#</sup> | 2/16/2028 | 40000000 | 40116526 |
| **Semiconductors 0.78%** |  |  |  |  |  |
| Entegris, Inc.<sup>†</sup> | 4.375% |  | 4/15/2028 | 4000000 | 3865329 |
| Entegris, Inc.<sup>†</sup> | 4.75% |  | 4/15/2029 | 91909000 | 89303306 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.90% |  | 1/25/2030 | 121900000 | 126200169 |
| Intel Corp. | 1.60% |  | 8/12/2028 | 6965000 | 6348553 |
| Intel Corp. | 2.45% |  | 11/15/2029 | 20548000 | 18592083 |
| Intel Corp. | 3.15% |  | 5/11/2027 | 8201000 | 7979873 |

---

242 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments** | **Interest**<br>**Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Fair**<br>**Value** |
| **Semiconductors (continued)** |  |  |  |  |
| Intel Corp. | 3.75% | 8/5/2027 | $23258000 | $22832876 |
| Microchip Technology, Inc. | 4.90% | 3/15/2028 | 24660000 | 24755653 |
| Microchip Technology, Inc. | 5.05% | 2/15/2030 | 28770000 | 28863195 |
| *Total* |  |  |  | 328741037 |
| **Shipbuilding 0.02%** |  |  |  |  |
| Huntington Ingalls Industries, Inc. | 2.043% | 8/16/2028 | 10000000 | 9228461 |
| **Software 0.67%** |  |  |  |  |
| AppLovin Corp. | 5.125% | 12/1/2029 | 60922000 | 61350216 |
| Atlassian Corp. (Australia)<sup>(d)</sup> | 5.25% | 5/15/2029 | 46591000 | 47539506 |
| Concentrix Corp. | 6.65% | 8/2/2026 | 22801000 | 23211778 |
| Constellation Software, Inc. (Canada)<sup>†(d)</sup> | 5.158% | 2/16/2029 | 13250000 | 13416060 |
| Open Text Corp. (Canada)<sup>†(d)</sup> | 6.90% | 12/1/2027 | 41486000 | 42754476 |
| Paychex, Inc. | 5.10% | 4/15/2030 | 29031000 | 29420463 |
| SS&C Technologies, Inc.<sup>†</sup> | 5.50% | 9/30/2027 | 27000000 | 26986765 |
| Synopsys, Inc. | 4.85% | 4/1/2030 | 39542000 | 39942398 |
| *Total* |  |  |  | 284621662 |
| **Telecommunications 0.25%** |  |  |  |  |
| Frontier Communications Holdings LLC<sup>†</sup> | 5.00% | 5/1/2028 | 8198000 | 8186396 |
| Frontier Communications Holdings LLC<sup>†</sup> | 5.875% | 10/15/2027 | 16993000 | 17047921 |
| Frontier Communications Holdings LLC | 5.875% | 11/1/2029 | 10889364 | 11012349 |
| Frontier Communications Holdings LLC<sup>†</sup> | 6.00% | 1/15/2030 | 4103000 | 4160454 |
| Frontier Communications Holdings LLC<sup>†</sup> | 6.75% | 5/1/2029 | 2462000 | 2497765 |
| Sprint Capital Corp. | 6.875% | 11/15/2028 | 59556000 | 63725200 |
| *Total* |  |  |  | 106630085 |
| **Toys/Games/Hobbies 0.51%** |  |  |  |  |
| Hasbro, Inc. | 3.90% | 11/19/2029 | 114845000 | 109505610 |
| Mattel, Inc.<sup>†</sup> | 3.375% | 4/1/2026 | 27540000 | 27137352 |
| Mattel, Inc.<sup>†</sup> | 3.75% | 4/1/2029 | 19458000 | 18372067 |
| Mattel, Inc.<sup>†</sup> | 5.875% | 12/15/2027 | 61268000 | 61528695 |
| *Total* |  |  |  | 216543724 |
| **Transportation 0.15%** |  |  |  |  |
| Pacific National Finance Pty. Ltd. (Australia)<sup>(d)</sup> | 4.75% | 3/22/2028 | 44370000 | 42819579 |
| XPO, Inc.<sup>†</sup> | 6.25% | 6/1/2028 | 19265000 | 19493599 |
| *Total* |  |  |  | 62313178 |

---

See Notes to Financial Statements. 243

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments** | **Interest**<br>**Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Fair**<br>**Value** |
| **Trucking & Leasing 0.16%** |  |  |  |  |
| Fortress Transportation & Infrastructure Investors LLC<sup>†</sup> | 5.50% | &nbsp;&nbsp;&nbsp;5/1/2028 | $49960000 | $49579929 |
| Penske Truck Leasing Co. LP/PTL Finance Corp.<sup>†</sup> | 3.40% | 11/15/2026 | 16548000 | 16237627 |
| *Total* |  |  |  | 65817556 |
| *Total Corporate Bonds (cost $25,892,077,824)* | *Total Corporate Bonds (cost $25,892,077,824)* |  |  | 26034300626 |
| **FLOATING RATE LOANS<sup>(i)</sup> 7.24%** |  |  |  |  |
| **Aerospace/Defense 0.23%** |  |  |  |  |
| RTX Corp. Term Loan | 5.558%<br>(1 mo. USD Term SOFR + 1.13%) | 11/6/2026 | 88000000 | 87890000 |
| Spirit Aerosystems, Inc. 2022 Term Loan | – <sup>(c)</sup> | 1/15/2027 | 7735310 | 7755461 |
| *Total* |  |  |  | 95645461 |
| **Airlines 0.07%** |  |  |  |  |
| American Airlines, Inc. 2025 Term Loan | 6.52%<br>(3 mo. USD Term SOFR + 2.25%) | 4/20/2028 | 31285329 | 31007672 |
| **Biotechnology 0.09%** |  |  |  |  |
| Amgen, Inc. 2022 Term Loan | 5.52%<br>(3 mo. USD Term SOFR + 1.13%) | 12/22/2025 | 37943000 | 37943000 |
| **Chemicals 0.06%** |  |  |  |  |
| Celanese U.S. Holdings LLC 2022 5 Year Delayed Draw Term Loan | 6.175%<br>(1 mo. USD Term SOFR + 1.75%) | 3/18/2027 | 25138182 | 24886800 |
| **Commercial Services & Supplies 0.29%** |  |  |  |  |
| Boost Newco Borrower LLC 2025 USD Term Loan B | 6.299%<br>(3 mo. USD Term SOFR + 2.00%) | 1/31/2031 | 121315000 | 121675306 |
| **Containers & Packaging 0.05%** |  |  |  |  |
| Sonoco Products Co. Term Loan | – <sup>(c)</sup> | 12/2/2026 | 22000000 | 22082500 |
| **Diversified Financial Services 0.32%** |  |  |  |  |
| Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | 6.073%<br>(1 mo. USD Term SOFR + 1.75%) | 6/24/2030 | 9244557 | 9256112 |
| Corpay Technologies Operating Co. LLC Term Loan B5 | 6.077%<br>(1 mo. USD Term SOFR + 1.75%) | 4/28/2028 | 85528651 | 85615891 |
| Delos Aircraft Designated Activity Co. Term Loan (Ireland)<sup>(d)</sup> | 6.049%<br>(3 mo. USD Term SOFR + 1.75%) | 10/31/2027 | 20277899 | 20348466 |

---

244 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments** | **Interest**<br>**Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Fair**<br>**Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |
| Setanta Aircraft Leasing Designated Activity Co. 2024 Term Loan B (Ireland)<sup>(d)</sup> | 6.049%<br>(3 mo. USD Term SOFR + 1.75%) | 11/5/2028 | $19601935 | $19734934 |
| *Total* |  |  |  | 134955403 |
| **Diversified Manufacturing Operations 0.08%** |  |  |  |  |
| First Eagle Investment Management LLC 2024 Term Loan B2 | 7.299%<br>(3 mo. USD Term SOFR + 3.00%) | 3/5/2029 | 32754963 | 32798036 |
| **Electric 0.46%** |  |  |  |  |
| Calpine Corp. 2024 Term Loan B10 | 6.077%<br>(1 mo. USD Term SOFR + 1.75%) | 1/31/2031 | 40764081 | 40764080 |
| Calpine Corp. 2024 Term Loan B5 | 6.077%<br>(1 mo. USD Term SOFR + 1.75%) | 2/15/2032 | 117942387 | 117988975 |
| Edgewater Generation LLC 2025 Repriced Term Loan | – <sup>(c)</sup> | 8/1/2030 | 34466053 | 34659925 |
| *Total* |  |  |  | 193412980 |
| **Electronics 0.15%** |  |  |  |  |
| Honeywell International, Inc. Term Loan A1 | 5.458%<br>(3 mo. USD Term SOFR + 1.13%) | 5/7/2027 | 61500000 | 61576875 |
| **Entertainment 0.11%** |  |  |  |  |
| Live Nation Entertainment, Inc. Term Loan B4 | 6.173%<br>(1 mo. USD Term SOFR + 1.75%) | 10/19/2026 | 48267282 | 48272350 |
| **Financial 0.01%** |  |  |  |  |
| First Eagle Holdings, Inc. 2020 Term Loan B | 6.899%<br>(3 mo. USD Term SOFR + 2.50%) | 2/1/2027 | 5870056 | 5882266 |
| **Food Service 0.20%** |  |  |  |  |
| Aramark Services, Inc. 2024 Term Loan B7 | 6.327%<br>(1 mo. USD Term SOFR + 2.00%) | 4/6/2028 | 23066044 | 23152541 |
| Aramark Services, Inc. 2024 Term Loan B8 | 6.327%<br>(1 mo. USD Term SOFR + 2.00%) | 6/22/2030 | 59714362 | 59894700 |
| *Total* |  |  |  | 83047241 |
| **Health Care Products 0.37%** |  |  |  |  |
| Baxter International, Inc. 2021 Delayed Draw Term Loan Tranche 2 | 5.679%<br>(1 mo. USD Term SOFR + 1.25%) | 9/30/2026 | 19761702 | 19786404 |
| Solventum Corp. Delayed Draw Term Loan | 5.818%<br>(1 mo. USD Term SOFR + 1.38%) | 8/15/2025 | 8286800 | 8297159 |
| Solventum Corp. Term Loan | 5.818%<br>(1 mo. USD Term SOFR + 1.38%) | 2/16/2027 | 129308000 | 129308000 |
| *Total* |  |  |  | 157391563 |

---

See Notes to Financial Statements. 245

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments** | **Interest**<br>**Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Fair**<br>**Value** |
| **Health Care Services 0.09%** |  |  | | |
| DaVita, Inc. 2023 Term Loan A1 | – <sup>(c)</sup> | 4/28/2028 | $39453365 | $39428904 |
| **Health Services 0.18%** |  |  |  |  |
| IQVIA, Inc. 2022 Term Loan A2 | 5.677% - 5.68%<br>(1 mo. USD Term SOFR + 1.25%) |  |  |  |
|  | (3 mo. USD Term SOFR + 1.25%) | 6/16/2027 | 76872744 | 76921174 |
| **Home Furnishings 0.05%** |  |  |  |  |
| Whirlpool Corp. Term Loan B | 5.677%<br>(1 mo. USD Term SOFR + 1.25%) | 9/23/2025 | 20000000 | 20050000 |
| **Insurance 0.78%** |  |  |  |  |
| Aon Corp. Term Loan A | 5.429%<br>(1 mo. USD Term SOFR + 1.00%) | 6/15/2027 | 38169120 | 38169120 |
| AssuredPartners, Inc. 2024 Incremental Term Loan B5 | 7.827%<br>(1 mo. USD Term SOFR + 3.50%) | 2/14/2031 | 112903118 | 113214730 |
| Asurion LLC 2020 Term Loan B8 | 7.691%<br>(1 mo. USD Term SOFR + 3.25%) | 12/23/2026 | 19632740 | 19639513 |
| Asurion LLC 2021 Term Loan B9 | 7.691%<br>(1 mo. USD Term SOFR + 3.25%) | 7/31/2027 | 160570331 | 159856597 |
| *Total* |  |  |  | 330879960 |
| **Internet 0.23%** |  |  |  |  |
| Gen Digital, Inc. 2021 Term Loan A | 5.927%<br>(1 mo. USD Term SOFR + 1.50%) | 9/10/2027 | 97526529 | 97597723 |
| **Leisure Time 0.06%** |  |  |  |  |
| Carnival Corp. 2025 Term Loan (2027) | 6.325%<br>(1 mo. USD Term SOFR + 2.00%) | 8/8/2027 | 25681045 | 25753208 |
| **Lodging 0.15%** |  |  |  |  |
| Hilton Grand Vacations Borrower LLC 2024 Term Loan A | – <sup>(c)</sup> | 1/10/2028 | 20000000 | 19900000 |
| Playa Resorts Holding BV 2022 Term Loan B (Netherlands)<sup>(d)</sup> | 7.077%<br>(1 mo. USD Term SOFR + 2.75%) | 1/5/2029 | 39981947 | 40026327 |
| Wyndham Hotels & Resorts, Inc. 2022 Term Loan A | – <sup>(c)</sup> | 4/8/2027 | 3428392 | 3430552 |
| *Total* |  |  |  | 63356879 |
| **Machinery: Construction & Mining 0.07%** |  |  |  |  |
| Vertiv Group Corp. 2024 Term Loan B | – <sup>(c)</sup> | 3/2/2027 | 30923547 | 30929731 |
| **Machinery: Diversified 0.04%** |  |  |  |  |
| Titan Acquisition Ltd. 2024 Term Loan B (Canada)<sup>(d)</sup> | – <sup>(c)</sup> | 2/15/2029 | 15694634 | 15673760 |

---

246 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments** | **Interest**<br>**Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Fair**<br>**Value** |
| **Manufacturing 0.29%** |  |  |  |  |
| DirecTV Financing LLC Term Loan | 9.541%<br>(3 mo. USD Term SOFR + 5.00%) | 8/2/2027 | $18900528 | $18995031 |
| Virgin Media Bristol LLC USD Term Loan N | 6.943%<br>(1 mo. USD Term SOFR + 2.50%) | 1/31/2028 | 104425000 | 102956262 |
| *Total* |  |  |  | 121951293 |
| **Metal Fabricate/Hardware 0.04%** |  |  |  |  |
| Crosby U.S. Acquisition Corp. 2024 1st Lien Term Loan B | 7.827%<br>(1 mo. USD Term SOFR + 3.50%) | 8/16/2029 | 19088156 | 19140744 |
| **Oil & Gas 0.37%** |  |  |  |  |
| Hilcorp Energy I LP Term Loan B | 6.333%<br>(1 mo. USD Term SOFR + 2.00%) | 2/11/2030 | 18707400 | 18722927 |
| Occidental Petroleum Corp. 2 Year Term Loan | 6.068%<br>(1 mo. USD Term SOFR + 1.63%) | 12/29/2025 | 138834652 | 138834652 |
| *Total* |  |  |  | 157557579 |
| **Pharmaceuticals 0.64%** |  |  |  |  |
| Cencora, Inc. Delayed Draw Term Loan | 5.554%<br>(1 mo. USD Term SOFR + 1.13%) | 11/26/2027 | 147904400 | 147349758 |
| Elanco Animal Health, Inc. Term Loan B | 6.174%<br>(1 mo. USD Term SOFR + 1.75%) | 8/1/2027 | 124132182 | 124129699 |
| *Total* |  |  |  | 271479457 |
| **Pipelines 0.10%** |  |  |  |  |
| Buckeye Partners LP 2024 Term Loan B5 | 6.077%<br>(1 mo. USD Term SOFR + 1.75%) | 11/1/2026 | 40674447 | 40760066 |
| **Real Estate Investment Trusts 0.19%** |  |  |  |  |
| Host Hotels & Resorts LP 2023 Term Loan A2 | 5.327%<br>(1 mo. USD Term SOFR + 0.90%) | 1/4/2028 | 33002333 | 32734190 |
| Invitation Homes Operating Partnership LP 2024 Term Loan | – <sup>(c)</sup> | 9/9/2028 | 49651109 | 48906342 |
| *Total* |  |  |  | 81640532 |
| **Regional 0.10%** |  |  |  |  |
| Seminole Tribe of Florida 2022 Term Loan A | 5.427%<br>(1 mo. USD Term SOFR + 1.00%) | 5/13/2027 | 44084028 | 43973818 |
| **Retail 0.32%** |  |  |  |  |
| KFC Holding Co. 2021 Term Loan B | 6.191%<br>(1 mo. USD Term SOFR + 1.75%) | 3/15/2028 | 68938965 | 69412920 |
| LBM Acquisition LLC Term Loan B | 8.177%<br>(1 mo. USD Term SOFR + 3.75%) | 12/17/2027 | 68768217 | 66517433 |
| *Total* |  |  |  | 135930353 |

---

See Notes to Financial Statements. 247

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investments** | **Interest**<br>**Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** | **Fair**<br>**Value** |
| **Semiconductors 0.83%** |  |  |  |  |
| Broadcom, Inc. Term Loan A5 | 5.452%<br>(1 mo. USD Term SOFR + 1.13%) | 8/15/2028 | $331103769 | $331103769 |
| Marvell Technology Group Ltd. 2020 5 Year Term Loan A | 5.804%<br>(1 mo. USD Term SOFR + 1.38%) | 12/7/2025 | 21285196 | 21365015 |
| *Total* |  |  |  | 352468784 |
| **Software 0.03%** |  |  |  |  |
| Informatica LLC 2024 Term Loan B | – <sup>(c)</sup> | 10/27/2028 | 12000000 | 12054360 |
| **Telecommunications 0.17%** |  |  |  |  |
| Frontier Communications Corp. 2025 Term Loan B | 6.792%<br>(6 mo. USD Term SOFR + 2.50%) | 7/1/2031 | 8796399 | 8810166 |
| Lumen Technologies, Inc. 2024 Extended Term Loan B1 | – <sup>(c)</sup> | 4/16/2029 | 3989300 | 3957725 |
| Lumen Technologies, Inc. 2024 Extended Term Loan B2 | – <sup>(c)</sup> | 4/15/2030 | 57768301 | 57279003 |
| *Total* |  |  |  | 70046894 |
| **Utilities 0.02%** |  |  |  |  |
| Lightstone Holdco LLC 2022 Extended Term Loan B | 10.03%<br>(3 mo. USD Term SOFR + 5.75%) | 1/29/2027 | 7807299 | 7830917 |
| Lightstone Holdco LLC 2022 Extended Term Loan C | 10.03%<br>(3 mo. USD Term SOFR + 5.75%) | 1/29/2027 | 259061 | 259844 |
| *Total* |  |  |  | 8090761 |
| *Total Floating Rate Loans (cost $3,071,330,483)* | *Total Floating Rate Loans (cost $3,071,330,483)* |  |  | 3066263433 |
| **FOREIGN GOVERNMENT OBLIGATIONS 1.22%** |  |  |  |  |
| **Bermuda 0.02%** |  |  |  |  |
| Bermuda Government International Bonds | 2.375% | 8/20/2030 | 5656000 | 4951828 |
| Bermuda Government International Bonds | 3.717% | 1/25/2027 | 4750000 | 4682075 |
| *Total* |  |  |  | 9633903 |
| **Brazil 0.01%** |  |  |  |  |
| Brazil Government International Bonds<sup>(d)</sup> | 2.875% | 6/6/2025 | 5000000 | 4999250 |
| **Colombia 0.06%** |  |  |  |  |
| Colombia Government International Bonds<sup>(d)</sup> | 3.875% | 4/25/2027 | 25950000 | 25434892 |
| **Dominican Republic 0.02%** |  |  |  |  |
| Dominican Republic International Bonds<sup>(d)</sup> | 6.875% | 1/29/2026 | 7517000 | 7608031 |

---

248 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Hungary 0.07%** |  |  |  |  |
| Hungary Government International Bonds<sup>(d)</sup> | 6.125% | 5/22/2028 | $10000000 | $10307180 |
| Hungary Government International Bonds<sup>(d)</sup> | 6.125% | 5/22/2028 | 20000000 | 20614360 |
| *Total* |  |  |  | 30921540 |
| **Kazakhstan 0.28%** |  |  |  |  |
| Baiterek National Managing Holding JSC<sup>†(d)</sup> | 5.45% | 5/8/2028 | 31310000 | 31484803 |
| Development Bank of Kazakhstan JSC<sup>†(d)</sup> | 5.25% | 10/23/2029 | 13844000 | 13735866 |
| Development Bank of Kazakhstan JSC<sup>†(d)</sup> | 5.625% | 4/7/2030 | 40840000 | 40632629 |
| Kazakhstan Government International Bonds<sup>(d)</sup> | 5.125% | 7/21/2025 | 15203000 | 15207405 |
| Kazakhstan Government International Bonds<sup>(d)</sup> | 5.125% | 7/21/2025 | 16090000 | 16094662 |
| *Total* |  |  |  | 117155365 |
| **Mexico 0.19%** |  |  |  |  |
| Mexico Government International Bonds<sup>(d)</sup> | 3.75% | 1/11/2028 | 16694000 | 16318385 |
| Mexico Government International Bonds<sup>(d)</sup> | 4.50% | 4/22/2029 | 6475000 | 6333521 |
| Mexico Government International Bonds<sup>(d)</sup> | 6.00% | 5/13/2030 | 58367000 | 60053806 |
| *Total* |  |  |  | 82705712 |
| **Panama 0.15%** |  |  |  |  |
| Panama Government International Bonds<sup>(d)</sup> | 3.875% | 3/17/2028 | 5000000 | 4788250 |
| Panama Government International Bonds<sup>(d)</sup> | 7.125% | 1/29/2026 | 46428000 | 47196383 |
| Panama Government International Bonds<sup>(d)</sup> | 8.875% | 9/30/2027 | 11265000 | 12180845 |
| *Total* |  |  |  | 64165478 |
| **Peru 0.02%** |  |  |  |  |
| Corp. Financiera de Desarrollo SA<sup>†(d)</sup> | 5.50% | 5/6/2030 | 6812000 | 6844221 |
| **Romania 0.14%** |  |  |  |  |
| Romania Government International Bonds<sup>(d)</sup> | 5.25% | 11/25/2027 | 19590000 | 19431735 |
| Romania Government International Bonds<sup>†(d)</sup> | 5.875% | 1/30/2029 | 41802000 | 41666200 |
| *Total* |  |  |  | 61097935 |
| **Saudi Arabia 0.10%** |  |  |  |  |
| Saudi Government International Bonds<sup>†(d)</sup> | 5.125% | 1/13/2028 | 39783000 | 40424078 |
| **South Africa 0.10%** |  |  |  |  |
| Republic of South Africa Government International Bonds<sup>(d)</sup> | 5.875% | 9/16/2025 | 41772000 | 41942763 |
| **Turkey 0.06%** |  |  |  |  |
| Hazine Mustesarligi Varlik Kiralama AS<sup>(d)</sup> | 5.125% | 6/22/2026 | 25493000 | 25350609 |
| *Total Foreign Government Obligations* (cost $513,808,618) | *Total Foreign Government Obligations* (cost $513,808,618) |  |  | 518283777 |

---

<br> *See Notes to Financial Statements.* 249

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.02%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.02%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.02%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.02%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 0.02%** |  |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K061 Class X1<sup>(j)</sup> | 0.152% | <sup>#(k)</sup> | 11/25/2026 | $484593604 | $1187545 |
| Government National Mortgage Association Series 2013-193 IO<sup>(j)</sup> | 0.175% | <sup>#(k)</sup> | 1/16/2055 | 608274 | 1955 |
| Government National Mortgage Association Series 2014-112 Class A | 3.00% | <sup>#(k)</sup> | 1/16/2048 | 6052707 | 5457327 |
| Government National Mortgage Association Series 2014-186 Class AP | 2.80% |  | 4/16/2050 | 1761132 | 1697848 |
| Government National Mortgage Association Series 2014-78 IO<sup>(j)</sup> | 0.01% | <sup>#(k)</sup> | 3/16/2056 | 8590637 | 1370 |
| Government National Mortgage Association Series 2015-19 Class AD | 2.90% |  | 10/16/2055 | 1269425 | 1242961 |
| *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $10,345,131) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $10,345,131) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $10,345,131) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $10,345,131) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations* (cost $10,345,131) | 9589006 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.70%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.70%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.70%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.70%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 4.70%** |  |
| Uniform Mortgage-Backed Security<sup>(l)</sup> | 5.00% |  | TBA | 721607000 | 721677656 |
| Uniform Mortgage-Backed Security<sup>(l)</sup> | 5.50% |  | TBA | 935804000 | 948247327 |
| Uniform Mortgage-Backed Security<sup>(l)</sup> | 6.00% |  | TBA | 312686000 | 320057916 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $1,985,017,383) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $1,985,017,383) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $1,985,017,383) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $1,985,017,383) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $1,985,017,383) | 1989982899 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 7.81%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 7.81%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 7.81%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 7.81%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 7.81%** |  |
| 1211 Avenue of the Americas Trust Series 2015-1211 Class XA<sup>†(j)</sup> | 0.242% | <sup>#(k)</sup> | 8/10/2035 | 214200000 | 3192 |
| ALA Trust Series 2025-OANA Class A<sup>†(b)</sup> | 6.043%<br> (1 mo. USD Term SOFR + 1.74% |)<sup>#</sup> | 6/15/2030 | 70330000 | 70748527 |
| Bank of America Merrill Lynch Commercial Mortgage Trust Series 2016-UB10 Class XA<sup>(j)</sup> | 1.72% | <sup>#(k)</sup> | 7/15/2049 | 44073958 | 244694 |
| Bank Series 2017-BNK4 Class A3 | 3.362% |  | 5/15/2050 | 11935860 | 11712232 |
| Bank Series 2017-BNK8 Class A3 | 3.229% |  | 11/15/2050 | 6149155 | 6010324 |
| Bank5 Series 2024-5YR11 Class A3 | 5.893% |  | 11/15/2057 | 43590000 | 45321909 |
| Bank5 Series 2024-5YR8 Class A3 | 5.884% |  | 8/15/2057 | 45845000 | 47650761 |
| BBCMS Mortgage Trust Series 2020-C7 Class A2 | 2.021% |  | 4/15/2053 | 12040217 | 11416745 |
| BBCMS Mortgage Trust Series 2024-5C29 Class A2 | 4.738% |  | 9/15/2057 | 64300000 | 64075580 |
| BBCMS Mortgage Trust Series 2025-5C34 Class A3 | 5.659% |  | 5/15/2058 | 54500000 | 56386997 |
| BBCMS Trust Series 2015-VFM Class A1<sup>†</sup> | 2.466% |  | 3/10/2036 | 3735434 | 3678357 |
| Benchmark Mortgage Trust Series 2018-B2 Class A5 | 3.882% | <sup>#(k)</sup> | 2/15/2051 | 30550000 | 29833963 |
| Benchmark Mortgage Trust Series 2019-B11 Class A5 | 3.542% |  | 5/15/2052 | 7900000 | 7471224 |
| Benchmark Mortgage Trust Series 2019-B9 Class A5 | 4.016% |  | 3/15/2052 | 22439000 | 21691339 |

---

<br> 250 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| Benchmark Mortgage Trust Series 2021-B23 Class A2 | 1.62% |  | 2/15/2054 | $28429786 | $25745314 |
| Benchmark Mortgage Trust Series 2024-V12 Class A3 | 5.739% |  | 12/15/2057 | 50060000 | 51836329 |
| Benchmark Mortgage Trust Series 2024-V6 Class A3 | 5.926% |  | 3/15/2057 | 25950000 | 26939196 |
| Benchmark Mortgage Trust Series 2024-V7 Class A3 | 6.228% | <sup>#(k)</sup> | 5/15/2056 | 58829000 | 61787151 |
| BMO Mortgage Trust Series 2024-5C5 Class A3 | 5.857% |  | 2/15/2057 | 62845000 | 65188427 |
| BMO Mortgage Trust Series 2024-5C8 Class A3 | 5.625% | <sup>#(k)</sup> | 12/15/2057 | 50110000 | 51650963 |
| BWAY Mortgage Trust Series 2013-1515 Class XB<sup>†(j)</sup> | 0.403% | <sup>#(k)</sup> | 3/10/2033 | 103040000 | 1189009 |
| BX Commercial Mortgage Trust Series 2021-ACNT Class A<sup>†</sup> | 5.294%<br> (1 mo. USD Term SOFR + 0.96% |)<sup>#</sup> | 11/15/2038 | 31694325 | 31685701 |
| BX Commercial Mortgage Trust Series 2021-XL2 Class A<sup>†</sup> | 5.132%<br> (1 mo. USD Term SOFR + 0.80% |)<sup>#</sup> | 10/15/2038 | 13001127 | 12999289 |
| BX Commercial Mortgage Trust Series 2024-XL5 Class A<sup>†</sup> | 5.72%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 3/15/2041 | 31408053 | 31464631 |
| BX Trust Series 2021-RISE Class A<sup>†</sup> | 5.191%<br> (1 mo. USD Term SOFR + 0.86% |)<sup>#</sup> | 11/15/2036 | 40660330 | 40548591 |
| BX Trust Series 2022-LBA6 Class A<sup>†</sup> | 5.329%<br> (1 mo. USD Term SOFR + 1.00% |)<sup>#</sup> | 1/15/2039 | 32960000 | 32909855 |
| BX Trust Series 2022-PSB Class A<sup>†</sup> | 6.78%<br> (1 mo. USD Term SOFR + 2.45% |)<sup>#</sup> | 8/15/2039 | 11331183 | 11338265 |
| BX Trust Series 2024-CNYN Class A<sup>†</sup> | 5.771%<br> (1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 4/15/2041 | 65562565 | 65725068 |
| BX Trust Series 2025-ROIC Class A<sup>†</sup> | 5.473%<br> (1 mo. USD Term SOFR + 1.14% |)<sup>#</sup> | 3/15/2030 | 42120000 | 41861585 |
| BX Trust Series 2025-TAIL Class A<sup>†(b)</sup> | 5.70%<br> (1 mo. USD Term SOFR + 1.40% |)<sup>#</sup> | 6/15/2035 | 31330000 | 31419648 |
| CD Mortgage Trust Series 2017-CD5 Class A4 | 3.431% |  | 8/15/2050 | 12700703 | 12329482 |
| CF Trust Series 2019-BOSS Class A1<sup>†(g)</sup> | 7.695%<br> (1 mo. USD Term SOFR + 3.30% |)<sup>#</sup> | 12/15/2024 | 28032406 | 353208 <sup>(a)</sup> |
| CFCRE Commercial Mortgage Trust Series 2016-C4 Class XA<sup>(j)</sup> | 1.565% | <sup>#(k)</sup> | 5/10/2058 | 47679178 | 279982 |
| CFCRE Commercial Mortgage Trust Series 2016-C6 Class XA<sup>(j)</sup> | 1.064% | <sup>#(k)</sup> | 11/10/2049 | 138478268 | 1329253 |
| CFCRE Commercial Mortgage Trust Series 2016-C7 Class XA<sup>(j)</sup> | 0.631% | <sup>#(k)</sup> | 12/10/2054 | 130032085 | 924528 |

---

<br> *See Notes to Financial Statements.* 251

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| CGMS Commercial Mortgage Trust Series 2017-B1 Class A3 | 3.197% |  | 8/15/2050 | $5752146 | $5578903 |
| Citigroup Commercial Mortgage Trust Series 2012-GC8 Class XB<sup>†(j)</sup> | 0.048% | <sup>#(k)</sup> | 9/10/2045 | 125603054 | 9923 |
| Citigroup Commercial Mortgage Trust Series 2015-GC31 Class XA<sup>(j)</sup> | 0.148% | <sup>#(k)</sup> | 6/10/2048 | 116452079 | 1246 |
| Citigroup Commercial Mortgage Trust Series 2015-GC35 Class XA<sup>(j)</sup> | 0.704% | <sup>#(k)</sup> | 11/10/2048 | 139186211 | 399102 |
| Citigroup Commercial Mortgage Trust Series 2016-GC36 Class A5 | 3.616% |  | 2/10/2049 | 27260000 | 26890804 |
| Citigroup Commercial Mortgage Trust Series 2016-GC36 Class XA<sup>(j)</sup> | 1.202% | <sup>#(k)</sup> | 2/10/2049 | 85167635 | 261303 |
| Citigroup Commercial Mortgage Trust Series 2016-GC37 Class A4 | 3.314% |  | 4/10/2049 | 51689000 | 51067228 |
| Citigroup Commercial Mortgage Trust Series 2016-GC37 Class XA<sup>(j)</sup> | 1.641% | <sup>#(k)</sup> | 4/10/2049 | 48532077 | 234080 |
| COMM Mortgage Trust Series 2012-CR4 Class XA<sup>(j)</sup> | 1.144% | <sup>#(k)</sup> | 10/15/2045 | 40900034 | 662245 |
| COMM Mortgage Trust Series 2014-UBS5 Class XA<sup>(j)</sup> | 0.526% | <sup>#(k)</sup> | 9/10/2047 | 13166131 | 238 |
| Commercial Mortgage Pass-Through Certificates Series 2015-LC21 Class A4 | 3.708% |  | 7/10/2048 | 1586999 | 1584891 |
| Commercial Mortgage Pass-Through Certificates Series 2015-PC1 Class XA<sup>†(j)</sup> | 0.225% | <sup>#(k)</sup> | 7/10/2050 | 10878059 | 117 |
| Commercial Mortgage Pass-Through Certificates Series 2016-CD1 Class XA<sup>(j)</sup> | 1.341% | <sup>#(k)</sup> | 8/10/2049 | 93471124 | 632491 |
| CONE Trust Series 2024-DFW1 Class A<sup>†</sup> | 5.97%<br> (1 mo. USD Term SOFR + 1.64% |)<sup>#</sup> | 8/15/2041 | 32000000 | 31935738 |
| Credit Suisse Mortgage Capital Certificates Trust Series 2014-USA Class X1<sup>†(j)</sup> | 0.54% | <sup>#(k)</sup> | 9/15/2037 | 113021624 | 180134 |
| CSAIL Commercial Mortgage Trust Series 2016-C6 Class XA<sup>(j)</sup> | 1.851% | <sup>#(k)</sup> | 1/15/2049 | 122938424 | 755420 |
| CSAIL Commercial Mortgage Trust Series 2016-C7 Class A5 | 3.502% |  | 11/15/2049 | 30065993 | 29475437 |
| CSAIL Commercial Mortgage Trust Series 2016-C7 Class XA<sup>(j)</sup> | 0.346% | <sup>#(k)</sup> | 11/15/2049 | 178028240 | 1092043 |
| CSAIL Commercial Mortgage Trust Series 2017-CX10 Class A4 | 3.191% |  | 11/15/2050 | 5800000 | 5648531 |
| CSAIL Commercial Mortgage Trust Series 2017-CX10 Class A5 | 3.458% | <sup>#(k)</sup> | 11/15/2050 | 10200000 | 9793573 |
| DBGS Mortgage Trust Series 2018-C1 Class A4 | 4.466% |  | 10/15/2051 | 42483000 | 41716488 |
| DBJPM Mortgage Trust Series 2016-C3 Class XA<sup>(j)</sup> | 1.402% | <sup>#(k)</sup> | 8/10/2049 | 154693034 | 1451454 |

---

<br> 252 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| DBWF Mortgage Trust Series 2015-LCM Class A1<sup>†</sup> | 2.998% |  | 6/10/2034 | $2799104 | $2734274 |
| DBWF Mortgage Trust Series 2015-LCM Class XA<sup>†(j)</sup> | 0.423% | <sup>#(k)</sup> | 6/10/2034 | 5531142 | 12203 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA7 Class M2<sup>†</sup> | 6.122%<br> (30 day USD SOFR Average + 1.80% |)<sup>#</sup> | 11/25/2041 | 30220000 | 30473667 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA4 Class M1<sup>†</sup> | 5.272%<br> (30 day USD SOFR Average + 0.95% |)<sup>#</sup> | 12/25/2041 | 58751392 | 58704479 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA2 Class M1A<sup>†</sup> | 6.972%<br> (30 day USD SOFR Average + 2.65% |)<sup>#</sup> | 7/25/2042 | 26986566 | 27614422 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA3 Class M1A<sup>†</sup> | 6.622%<br> (30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 8/25/2042 | 17004042 | 17324877 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2023-HQA1 Class M1A<sup>†</sup> | 6.322%<br> (30 day USD SOFR Average + 2.00% |)<sup>#</sup> | 5/25/2043 | 14198583 | 14347379 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA1 Class A1<sup>†</sup> | 5.672%<br> (30 day USD SOFR Average + 1.35% |)<sup>#</sup> | 2/25/2044 | 44378149 | 44630993 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2 Class A1<sup>†</sup> | 5.572%<br> (30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 5/25/2044 | 77372610 | 77765214 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3 Class A1<sup>†</sup> | 5.372%<br> (30 day USD SOFR Average + 1.05% |)<sup>#</sup> | 10/25/2044 | 30240000 | 30247451 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3 Class M1<sup>†</sup> | 5.322%<br> (30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 10/25/2044 | 7725485 | 7723217 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1 Class A1<sup>†</sup> | 5.572%<br> (30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 3/25/2044 | 14962138 | 15009956 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1 Class M1<sup>†</sup> | 5.572%<br> (30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 3/25/2044 | 12540958 | 12564549 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2 Class A1<sup>†</sup> | 5.572%<br> (30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 8/25/2044 | 51453125 | 51634703 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA1 Class A1<sup>†</sup> | 5.272%<br> (30 day USD SOFR Average + 0.95% |)<sup>#</sup> | 1/25/2045 | 16250000 | 16233202 |

---

<br> *See Notes to Financial Statements.* 253

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| Federal National Mortgage Association Connecticut Avenue Securities Series 2024-R05 Class 2A1<sup>†</sup> | 5.322%<br> (30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 7/25/2044 | $54200833 | $54126508 |
| Federal National Mortgage Association Connecticut Avenue Securities Series 2025-R02 Class 1A1<sup>†</sup> | 5.321%<br> (30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 2/25/2045 | 24127739 | 24113511 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R02 Class 2M1<sup>†</sup> | 5.222%<br> (30 day USD SOFR Average + 0.90% |)<sup>#</sup> | 11/25/2041 | 171866 | 171820 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R08 Class 1M1<sup>†</sup> | 6.872%<br> (30 day USD SOFR Average + 2.55% |)<sup>#</sup> | 7/25/2042 | 31503961 | 32219013 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R01 Class 1M1<sup>†</sup> | 6.721%<br> (30 day USD SOFR Average + 2.40% |)<sup>#</sup> | 12/25/2042 | 16986083 | 17371980 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03 Class 2M1<sup>†</sup> | 6.822%<br> (30 day USD SOFR Average + 2.50% |)<sup>#</sup> | 4/25/2043 | 11373792 | 11561970 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R04 Class 1M1<sup>†</sup> | 6.621%<br> (30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 5/25/2043 | 13757397 | 14043496 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R02 Class 1M1<sup>†</sup> | 5.422%<br> (30 day USD SOFR Average + 1.10% |)<sup>#</sup> | 2/25/2044 | 6194073 | 6192793 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03 Class 2M1<sup>†</sup> | 5.471%<br> (30 day USD SOFR Average + 1.15% |)<sup>#</sup> | 3/25/2044 | 14951980 | 14969456 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04 Class 1A1<sup>†</sup> | 5.322%<br> (30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 5/25/2044 | 34909939 | 34879899 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06 Class 1A1<sup>†</sup> | 5.472%<br> (30 day USD SOFR Average + 1.15% |)<sup>#</sup> | 9/25/2044 | 35679657 | 35763008 |

---

<br> 254 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01 Class 1A1<sup>†</sup> | 5.271%<br> (30 day USD SOFR Average + 0.95% |)<sup>#</sup> | 1/25/2045 | $42405252 | $42340707 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01 Class 1M1<sup>†</sup> | 5.421%<br> (30 day USD SOFR Average + 1.10% |)<sup>#</sup> | 1/25/2045 | 67321613 | 67400676 |
| GS Mortgage Securities Corp. Trust Series 2021-ARDN Class A<sup>†</sup> | 5.693%<br> (1 mo. USD Term SOFR + 1.36% |)<sup>#</sup> | 11/15/2036 | 47270000 | 47146895 |
| GS Mortgage Securities Corp. Trust Series 2021-ROSS Class A<sup>†</sup> | 5.744%<br> (1 mo. USD Term SOFR + 1.41% |)<sup>#</sup> | 5/15/2026 | 47760000 | 44894128 |
| GS Mortgage Securities Trust Series 2012-GCJ9 Class XB<sup>†(j)</sup> | Zero Coupon | <sup>#(k)</sup> | 11/10/2045 | 35598909 | 356 |
| GS Mortgage Securities Trust Series 2015-GC34 Class A4 | 3.506% |  | 10/10/2048 | 42592000 | 42273659 |
| GS Mortgage Securities Trust Series 2015-GS1 Class XA<sup>(j)</sup> | 0.705% | <sup>#(k)</sup> | 11/10/2048 | 74819390 | 162448 |
| GS Mortgage Securities Trust Series 2016-GS2 Class A4 | 3.05% |  | 5/10/2049 | 28917000 | 28462332 |
| GS Mortgage Securities Trust Series 2016-GS2 Class XA<sup>(j)</sup> | 1.724% | <sup>#(k)</sup> | 5/10/2049 | 155810205 | 1029422 |
| GS Mortgage Securities Trust Series 2017-GS5 Class A3 | 3.409% |  | 3/10/2050 | 12371910 | 12133667 |
| GS Mortgage Securities Trust Series 2017-GS8 Class A3 | 3.205% |  | 11/10/2050 | 21635000 | 20957734 |
| GS Mortgage Securities Trust Series 2018-GS9 Class A4 | 3.992% | <sup>#(k)</sup> | 3/10/2051 | 25083452 | 24566994 |
| GS Mortgage Securities Trust Series 2019-GSA1 Class A4 | 3.048% |  | 11/10/2052 | 21127000 | 19725570 |
| GS Mortgage Securities Trust Series 2020-GC45 Class A2 | 2.898% |  | 2/13/2053 | 6001691 | 5869896 |
| Hudson Yards Mortgage Trust Series 2025-SPRL Class A<sup>†</sup> | 5.467% | <sup>#(k)</sup> | 1/13/2040 | 102070000 | 104244315 |
| Hudsons Bay Simon JV Trust Series 2015-HB10 Class XA10<sup>†(j)</sup> | 1.293% | <sup>#(k)</sup> | 8/5/2034 | 150785000 | 344892 |
| Hudsons Bay Simon JV Trust Series 2015-HB7 Class XA7<sup>†(j)</sup> | 1.245% | <sup>#(k)</sup> | 8/5/2034 | 44223437 | 6114 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class A<sup>†</sup> | 3.429% |  | 6/10/2027 | 163798100 | 42997001 |

---

<br> *See Notes to Financial Statements.* 255

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class B<sup>†</sup> | 3.771% |  | 6/10/2027 | $20772000 | $872424 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class C<sup>†</sup> | 3.805% | <sup>#(k)</sup> | 6/10/2027 | 14352000 | 226044 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class D<sup>†</sup> | 3.805% | <sup>#(k)</sup> | 6/10/2027 | 25795381 | 232158 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class XA<sup>†(j)</sup> | 0.376% | <sup>#(k)</sup> | 6/10/2027 | 102274000 | 51137 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class XB<sup>†(j)</sup> | 0.034% | <sup>#(k)</sup> | 6/10/2027 | 45476000 | 45 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP4 Class XA<sup>(j)</sup> | 0.567% | <sup>#(k)</sup> | 12/15/2049 | 132450290 | 750291 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2017-JP7 Class XA<sup>(j)</sup> | 1.018% | <sup>#(k)</sup> | 9/15/2050 | 207181021 | 3373011 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2018-WPT Class XAFX<sup>†(j)</sup> | 1.116% | <sup>#(k)</sup> | 7/5/2033 | 155900000 | 1950476 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-ICON Class A<sup>†</sup> | 3.884% |  | 1/5/2034 | 17203612 | 16902907 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-ICON Class B<sup>†</sup> | 4.235% |  | 1/5/2034 | 13737000 | 13335294 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-ICON Class C<sup>†</sup> | 4.536% |  | 1/5/2034 | 12800000 | 12271524 |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C24 Class XA<sup>(j)</sup> | 0.709% | <sup>#(k)</sup> | 11/15/2047 | 12614589 | 346 |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C25 Class XA<sup>(j)</sup> | 0.469% | <sup>#(k)</sup> | 11/15/2047 | 29768930 | 476 |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C26 Class XA<sup>(j)</sup> | 0.371% | <sup>#(k)</sup> | 1/15/2048 | 1116676 | 15 |
| JPMBB Commercial Mortgage Securities Trust Series 2015-C29 Class XA<sup>(j)</sup> | 0.482% | <sup>#(k)</sup> | 5/15/2048 | 5189544 | 66 |
| JPMBB Commercial Mortgage Securities Trust Series 2015-C30 Class XA<sup>(j)</sup> | 0.34% | <sup>#(k)</sup> | 7/15/2048 | 79457237 | 1367 |
| JPMCC Commercial Mortgage Securities Trust Series 2017-JP7 Class A3 | 3.379% |  | 9/15/2050 | 1941710 | 1896904 |
| Key Commercial Mortgage Securities Trust Series 2019-S2 Class X<sup>†(j)</sup> | 1.354% | <sup>#(k)</sup> | 6/15/2052 | 94145371 | 3932430 |
| KIND Commercial Mortgage Trust Series 2024-1 Class A<sup>†</sup> | 6.219%<br> (1 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 8/15/2041 | 34670000 | 34773323 |
| KIND Trust Series 2021-KIND Class A<sup>†</sup> | 5.40%<br> (1 mo. USD Term SOFR + 1.06% |)<sup>#</sup> | 8/15/2038 | 23702106 | 23376695 |

---

<br> 256 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| Ladder Capital Commercial Mortgage Trust Series 2013-GCP Class A1<sup>†</sup> | 3.575% |  | 2/15/2036 | $3104520 | $2997114 |
| LBA Trust Series 2024-7IND Class A<sup>†</sup> | 5.772%<br> (1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 10/15/2041 | 29700000 | 29759878 |
| Life Mortgage Trust Series 2022-BMR2 Class A1<sup>†</sup> | 5.624%<br> (1 mo. USD Term SOFR + 1.30% |)<sup>#</sup> | 5/15/2039 | 7945000 | 7716723 |
| Lstar Commercial Mortgage Trust Series 2016-4 Class XA<sup>†(j)</sup> | 1.526% | <sup>#(k)</sup> | 3/10/2049 | 40893393 | 127596 |
| LSTAR Commercial Mortgage Trust Series 2017-5 Class A3<sup>†</sup> | 4.50% |  | 3/10/2050 | 21777598 | 21681285 |
| Morgan Stanley BAML Trust Series 2025-5C1 Class A3 | 5.635% |  | 3/15/2058 | 63980000 | 66089804 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class XB<sup>†(j)</sup> | 0.091% | <sup>#(k)</sup> | 5/15/2046 | 63638583 | 7000 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C27 Class A4 | 3.753% |  | 12/15/2047 | 21032000 | 20908298 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C29 Class A4 | 3.325% |  | 5/15/2049 | 18050000 | 17764702 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C29 Class XA<sup>(j)</sup> | 1.499% | <sup>#(k)</sup> | 5/15/2049 | 99243553 | 379656 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C31 Class XA<sup>(j)</sup> | 1.256% | <sup>#(k)</sup> | 11/15/2049 | 206860408 | 2305335 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C32 Class A3 | 3.459% |  | 12/15/2049 | 9483939 | 9330474 |
| Morgan Stanley Capital I Trust Series 2016-UB11 Class XA<sup>(j)</sup> | 1.429% | <sup>#(k)</sup> | 8/15/2049 | 63349362 | 703685 |
| Morgan Stanley Capital I Trust Series 2016-UB11 Class XB<sup>(j)</sup> | 0.875% | <sup>#(k)</sup> | 8/15/2049 | 121222774 | 1065681 |
| Morgan Stanley Capital I Trust Series 2019-L2 Class A4 | 4.071% |  | 3/15/2052 | 12535000 | 12131706 |
| Morgan Stanley Capital I Trust Series 2024-NSTB Class A<sup>†</sup> | 3.90% | <sup>#(k)</sup> | 9/24/2057 | 85706376 | 82736684 |
| MSCG Trust Series 2015-ALDR Class A1<sup>†</sup> | 2.612% |  | 6/7/2035 | 252031 | 251784 |
| Palisades Center Trust Series 2016-PLSD Class C<sup>†</sup> | 3.998% |  | 4/13/2033 | 40040000 | 3463516 |
| Palisades Center Trust Series 2016-PLSD Class D<sup>†</sup> | 4.737% |  | 4/13/2033 | 34071926 | 471821 |
| ReadyCap Commercial Mortgage Trust Series 2019-6 Class A<sup>†</sup> | 2.833% |  | 10/25/2052 | 6900880 | 6823815 |
| Residential Mortgage Loan Trust Series 2020-1 Class A1<sup>†</sup> | 2.376% | <sup>#(k)</sup> | 1/26/2060 | 571359 | 565486 |
| ROCK Trust Series 2024-CNTR Class A<sup>†</sup> | 5.388% |  | 11/13/2041 | 76960000 | 78018308 |

---

<br> *See Notes to Financial Statements.* 257

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| Shops at Crystals Trust Series 2016-CSTL Class XA<sup>†(j)</sup> | 0.606% | <sup>#(k)</sup> | 7/5/2036 | $112000000 | $445946 |
| SHOW Trust Series 2022-BIZ Class A<sup>†</sup> | 7.322%<br> (1 mo. USD Term SOFR + 2.98% |)<sup>#</sup> | 1/15/2027 | 186000000 | 139500000 <sup>(a)</sup> |
| SMRT Commercial Mortgage Trust Series 2022-MINI Class A<sup>†</sup> | 5.329%<br> (1 mo. USD Term SOFR + 1.00% |)<sup>#</sup> | 1/15/2039 | 14600000 | 14534414 |
| Starwood Mortgage Residential Trust Series 2020-1 Class A1<sup>†</sup> | 2.275% | <sup>#(k)</sup> | 2/25/2050 | 1063455 | 1013720 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class A<sup>†</sup> | 5.772%<br> (1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 2/15/2042 | 53180000 | 52805038 |
| UBS Commercial Mortgage Trust Series 2017-C1 Class A3 | 3.196% |  | 6/15/2050 | 2961865 | 2871140 |
| UBS Commercial Mortgage Trust Series 2017-C5 Class A4 | 3.212% |  | 11/15/2050 | 8700000 | 8427262 |
| UBS Commercial Mortgage Trust Series 2017-C6 Class A4 | 3.32% |  | 12/15/2050 | 5953996 | 5784490 |
| UBS Commercial Mortgage Trust Series 2017-C6 Class XA<sup>(j)</sup> | 1.218% | <sup>#(k)</sup> | 12/15/2050 | 217429027 | 5157851 |
| UBS Commercial Mortgage Trust Series 2017-C7 Class A3 | 3.418% |  | 12/15/2050 | 3776538 | 3669946 |
| UBS Commercial Mortgage Trust Series 2019-C18 Class A4 | 3.035% |  | 12/15/2052 | 4580000 | 4181471 |
| Wells Fargo Commercial Mortgage Trust Series 2015-C29 Class XA<sup>(j)</sup> | 0.499% | <sup>#(k)</sup> | 6/15/2048 | 34741947 | 504 |
| Wells Fargo Commercial Mortgage Trust Series 2015-SG1 Class A4 | 3.789% |  | 9/15/2048 | 13226852 | 13179907 |
| Wells Fargo Commercial Mortgage Trust Series 2015-SG1 Class XA<sup>(j)</sup> | 0.609% | <sup>#(k)</sup> | 9/15/2048 | 95726224 | 1847 |
| Wells Fargo Commercial Mortgage Trust Series 2016-BNK1 Class XA<sup>(j)</sup> | 1.704% | <sup>#(k)</sup> | 8/15/2049 | 174801059 | 2500721 |
| Wells Fargo Commercial Mortgage Trust Series 2016-C32 Class A4 | 3.56% |  | 1/15/2059 | 14295000 | 14154882 |
| Wells Fargo Commercial Mortgage Trust Series 2016-C34 Class XA<sup>(j)</sup> | 2.033% | <sup>#(k)</sup> | 6/15/2049 | 107549833 | 952429 |
| Wells Fargo Commercial Mortgage Trust Series 2017-C42 Class A3 | 3.33% |  | 12/15/2050 | 5079385 | 4932032 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C50 Class A5 | 3.729% |  | 5/15/2052 | 10770000 | 10268074 |
| Wells Fargo Commercial Mortgage Trust Series 2024-5C1 Class A3 | 5.928% |  | 7/15/2057 | 57860000 | 60078185 |

---

<br> 258 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C3 Class A3 | 6.096% |  | 1/15/2058 | $93290000 | $98024999 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C4 Class A3 | 5.673% |  | 5/15/2058 | 43770000 | 45282796 |
| WFRBS Commercial Mortgage Trust Series 2014-C21 Class XB<sup>(j)</sup> | 0.449% | <sup>#(k)</sup> | 8/15/2047 | 69073121 | 150241 |
| WFRBS Commercial Mortgage Trust Series 2014-C22 Class XA<sup>(j)</sup> | 0.249% | <sup>#(k)</sup> | 9/15/2057 | 8594597 | 1463 |
| WFRBS Commercial Mortgage Trust Series 2014-C22 Class XB<sup>(j)</sup> | 0.424% | <sup>#(k)</sup> | 9/15/2057 | 37769102 | 143455 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $3,656,130,388) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $3,656,130,388) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $3,656,130,388) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $3,656,130,388) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $3,656,130,388) | 3309423651 |
| **U.S. TREASURY OBLIGATIONS 1.89%** |  |  |  |  |  |
| U.S. Treasury Notes | 3.75% |  | 8/31/2026 | 324747500 | 323472613 |
| U.S. Treasury Notes | 3.75% |  | 4/30/2027 | 434767600 | 433459901 |
| U.S. Treasury Notes | 4.125% |  | 2/28/2027 | 41710000 | 41830568 |
| *Total U.S. Treasury Obligations* (cost $798,587,641) | *Total U.S. Treasury Obligations* (cost $798,587,641) | *Total U.S. Treasury Obligations* (cost $798,587,641) | *Total U.S. Treasury Obligations* (cost $798,587,641) | *Total U.S. Treasury Obligations* (cost $798,587,641) | 798763082 |
| *Total Long-Term Investments* (cost $44,290,682,920) | *Total Long-Term Investments* (cost $44,290,682,920) | *Total Long-Term Investments* (cost $44,290,682,920) | *Total Long-Term Investments* (cost $44,290,682,920) | *Total Long-Term Investments* (cost $44,290,682,920) | 44072817361 |
| **SHORT-TERM INVESTMENTS 1.00%** |  |  |  |  |  |
| **COMMERCIAL PAPER 0.08%** |  |  |  |  |  |
| **Commercial Services 0.08%** |  |  |  |  |  |
| Global Payments, Inc. (cost $34,395,318) | 4.97% |  | 6/2/2025 | 34400000 | 34400000 |
| **REPURCHASE AGREEMENTS 0.61%** |  |  |  |  |  |
| Repurchase Agreement dated 5/30/2025, 4.000% due 6/2/2025 with Fixed Income Clearing Corp. collateralized by $102,666,700 of U.S. Treasury Note at 4.250% due 11/30/2026; value: $105,117,138; proceeds: $103,090,315<br>(cost $103,055,963) |  |  |  | 103055963 | 103055963 |
| Repurchase Agreement dated 5/30/2025, 4.120% due 6/2/2025 with JPMorgan Securities LLC collateralized by $161,419,400 of U.S. Treasury Note at 0.875% due 9/30/2026; value: $155,036,735; proceeds: $151,988,165<br>(cost $151,936,000) |  |  |  | 151936000 | 151936000 |
| *Total Repurchase Agreements* (cost $254,991,963) | *Total Repurchase Agreements* (cost $254,991,963) |  |  |  | 254991963 |
| **Time Deposits 0.03%** |  |  |  |  |  |
| CitiBank N.A.<sup>(m)</sup><br> (cost $13,255,125) |  |  |  | 13255125 | 13255125 |

---

<br> *See Notes to Financial Statements.* 259

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **Money Market Funds 0.28%** |  |  |
| Fidelity Government Portfolio<sup>(m)</sup> (cost $119,296,125) | 119296125 | $119296125 |
| *Total Short-Term Investments* (cost $421,938,531) |  | 421943213 |
| *Total Investments in Securities 105.05%* (cost $44,712,621,451) |  | 44494760574 |
| *Other Assets and Liabilities – Net*<sup>(n)</sup> *(5.05)%* |  | (2138419233) |
| *Net Assets 100.00%* |  | $42356341341 |

---

---

| | |
|:---|:---|
| CMT | Constant Maturity Rate. |
| ICE | Intercontinental Exchange. |
| &nbsp;&nbsp;&nbsp;&nbsp;IO | Interest Only. |
| LIBOR | London Interbank Offered Rate. |
| REITS | Real Estate Investment Trusts. |
| REMICS | Real Estate Mortgage Investment Conduits. |
| SOFR | Secured Overnight Financing Rate. |
| STACR | Structured Agency Credit Risk. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At May 31, 2025, the total value of Rule 144A securities was $23,350,162,368, which represents 55.13% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at May 31, 2025. |
| <sup>(a)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security fair valued by the Pricing Committee. |
| <sup>(b)</sup> | Securities purchased on a when-issued basis (See Note 2(l)). |
| <sup>(c)</sup> | Interest Rate to be determined. |
| <sup>(d)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(e)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(f)</sup> | Step Bond – Security with a predetermined schedule of interest rate changes. |
| <sup>(g)</sup> | Defaulted (non-income producing security). |
| <sup>(h)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
| <sup>(i)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the SOFR or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at May 31, 2025. |
| <sup>(j)</sup> | Interest-only security. The principal amount shown is a notional amount representing the outstanding principal of the underlying debt obligation(s). Holders of interest only securities do not receive principal payments on the underlying debt obligation(s). |
| <sup>(k)</sup> | Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool. |
| <sup>(l)</sup> | To-be-announced ("TBA"). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned. |
| <sup>(m)</sup> | Security was purchased with the cash collateral from loaned securities. |
| <sup>(n)</sup> | Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on forward foreign currency exchange contracts, futures contracts and swap contracts as follows: |

---

<br> 260 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

**Centrally Cleared Credit Default Swap Contracts on Indexes/Issuers - Sell Protection at May 31, 2025**<sup>(1)</sup>**:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br> Indexes/Issuers** | **Central<br> Clearing<br> Party** | **Fund<br> Receives<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments<br> Upfront<sup>(2)</sup>** | **Unrealized<br> Appreciation/<br> (Depreciation)<sup>(3)</sup>** | **Value** |
| CDX.NA.IG.S41<sup>(4)</sup> | Goldman Sachs | 1.00% | 12/20/2028 | $216728000 | $1430451 | $3024495 | $4454946 |
| CDX.NA.IG.S42<sup>(4)</sup> | Goldman Sachs | 1.00% | 6/20/2029 | 399903000 | 7500680 | 829919 | 8330599 |
| CDX.NA.IG.S43<sup>(4)</sup> | Goldman Sachs | 1.00% | 12/20/2029 | 205823000 | 3787954 | 472113 | 4260067 |
| *Total* |  |  |  |  | $12719085 | $4326527 | $17045612 |

---

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap contracts agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap contracts and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap contracts less the recovery value of the referenced obligation or underlying securities.

<sup>(2)</sup> Upfront payments paid (received) by Central Clearing Party are presented net of amortization.

<sup>(3)</sup> Total unrealized appreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $4,326,527. Total unrealized depreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $0.

<sup>(4)</sup> Central Clearinghouse: Intercontinental Exchange (ICE).

**Centrally Cleared Interest Rate Swap Contracts at May 31, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Central<br> Clearingparty** | **Periodic<br> Payments<br> to be Made<br> By The Fund<br> (Quarterly)** | **Periodic<br> Payments<br> to be Received<br> By The Fund<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments<br> Upfront<sup>(1)</sup>** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Value** |
| Goldman Sachs<sup>(2)</sup> | 3.585% | 12-Month USD SOFR Index | 10/16/2029 | $1380000000 | $– | $191627 | $191627 |
| Goldman Sachs<sup>(2)</sup> | 3.546% | 12-Month USD SOFR Index | 5/8/2030 | 465000000 |  | 1200123 | 1200123 |
| Goldman Sachs<sup>(2)</sup> | 3.493% | 12-Month USD SOFR Index | 5/8/2029 | 1712000000 | – | 5192222 | 5192222 |
| *Total* |  |  |  |  | $– | $6583972 | $6583972 |
| **Central<br> Clearingparty** | **Periodic<br> Payments<br> to be Made<br> By The Fund<br> (Quarterly)** | **Periodic<br> Payments<br> to be Received<br> By The Fund<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments**<br> **Upfront<sup>(1)</sup>** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **Value** |
| Goldman Sachs<sup>(2)</sup> | 4.287% | 12-Month USD SOFR Index | 3/20/2030 | $1407000000 | $– | $(42470984) | $(42470984) |
| Goldman Sachs<sup>(2)</sup> | 3.872% | 12-Month USD SOFR Index | 5/31/2028 | 842698000 | (4483803) | (2340155) | (6823958) |
| *Total* |  |  |  |  | $(4483803) | $(44811139) | $(49294942) |

---

SOFR Secured Overnight Financing Rate. <br> <sup>(1)</sup> Upfront payments paid (received) by Central Clearing Party are presented net of amortization. <br> <sup>(2)</sup> Central clearinghouse: Chicago Mercantile Exchange (CME).

<br> *See Notes to Financial Statements.* 261

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

**Centrally Cleared Consumer Price Index ("CPI") Swap Contracts at May 31, 2025:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Swap**<br> **Counterparty** | **Payments to be**<br> **Made By**<br> **The Fund at**<br> **Termination Date** | **Payments to be**<br> **Received By**<br> **The Fund at**<br> **Termination Date** | **Termination**<br> **Date** | **Notional**<br> **Amount** | **Value/Unrealized**<br> **Appreciation** |
| Goldman Sachs | 2.285% | CPI Urban Consumer NSA | 7/15/2025 | $117695000 | $978963 |

---

NSA Non-seasonally adjusted.

**Credit Default Swap Contracts on Indexes/Issuers - Sell Protection at May 31, 2025**<sup>(1)</sup>**:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced<br> Indexes/Issuers\*** | **Swap<br> Counterparty** | **Fund<br> Receives<br> (Quarterly)** | **Termination<br> Date** | **Notional<br> Amount** | **Payments <br> Upfront<sup>(2)</sup>** | **Unrealized<br> Appreciation/<br>(Depreciation)<sup>(3)</sup>** | **Credit<br> Default<br> Swap<br> Agreements<br> Payable at<br> Fair Value<sup>(4)</sup>** |
| Markit CMBX. NA.AA.6 | Citibank | 1.500% | 5/11/2063 | $1997340 | $(18051) | $(219732) | $(237783) |
| Markit CMBX. NA.AA.6 | Citibank | 1.500% | 5/11/2063 | 998670 | (14735) | (104157) | (118892) |
| Markit CMBX. NA.AA.6 | Citibank | 1.500% | 5/11/2063 | 499335 | (5371) | (54075) | (59446) |
| Markit CMBX. NA.AA.6 | Citibank | 1.500% | 5/11/2063 | 998670 | (17295) | (101597) | (118892) |
| Markit CMBX. NA.AA.6 | Citibank | 1.500% | 5/11/2063 | 499335 | (7072) | (52374) | (59446) |
| Markit CMBX. NA.AA.6 | Citibank | 1.500% | 5/11/2063 | 998670 | (10450) | (108442) | (118892) |
| Markit CMBX. NA.AA.6 | Citibank | 1.500% | 5/11/2063 | 998670 | (10742) | (108149) | (118891) |
| Markit CMBX. NA.AA.6 | Morgan Stanley | 1.500% | 5/11/2063 | 2996011 | (23693) | (332982) | (356675) |
| Markit CMBX. NA.AA.7 | Citibank | 1.500% | 1/17/2047 | 5663809 | (76868) | (631297) | (708165) |
| Markit CMBX. NA.AA.7 | Citibank | 1.500% | 1/17/2047 | 4045578 | (63319) | (442513) | (505832) |
| Markit CMBX. NA.AA.7 | Citibank | 1.500% | 1/17/2047 | 3236463 | (44750) | (359915) | (404665) |
| *Total* |  |  |  |  | $(292346) | $(2515233) | $(2807579) |

---

\* The Referenced Index is for the Credit Default Swap Contracts on Indexes, which is comprised of a basket of commercial mortgage-backed securities.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap contracts agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap contracts and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap contracts less the recovery value of the referenced obligation or underlying securities.

<sup>(2)</sup> Upfront payments paid (received) are presented net of amortization.

<sup>(3)</sup> Total unrealized appreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $0. Total unrealized depreciation on Credit Default Swap Contracts on Indexes/Issuers amounted to $2,515,233.

<sup>(4)</sup> Includes upfront payments paid (received).

<br> 262 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

SHORT DURATION INCOME FUND *May 31, 2025*

**Forward Foreign Currency Exchange Contracts at May 31, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange <br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Depreciation** |
| Canadian dollar | Buy | State Street<br> Bank And Trust | 6/13/2025 | 2400000 | $1750685 | $1749780 | $(905) |
| Canadian dollar | Sell | State Street<br> Bank And Trust | 6/13/2025 | 2400000 | 1686224 | 1749780 | (63556) |
| *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* | *Total Unrealized Depreciation on Forward Foreign Currency Exchange Contracts* |  |  | $(64461) |

---

**Futures Contracts at May 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| U.S. 2-Year Treasury Note | September 2025 | 101747 | Long | $21082719835 | $21106143313 | $23423478 |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Depreciation** |
| U.S. 5-Year Treasury Note | September 2025 | 14051 | Short | $(1513799111) | $(1520142563) | $(6343452) |

---

The following is a summary of the inputs used as of May 31, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Card | $– | $261552966 | $92329080 | $353882046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 7951621490 |  | 7951621490 |
| &nbsp;&nbsp;&nbsp;Convertible Bonds |  | 40707351 |  | 40707351 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil & Gas |  | 2954050027 | 623 | 2954050650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 23080249976 |  | 23080249976 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  | 3066263433 |  | 3066263433 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 518283777 |  | 518283777 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Collateralized Mortgage Obligations |  | 9589006 |  | 9589006 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 1989982899 |  | 1989982899 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 3169570443 | 139853208 | 3309423651 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 798763082 |  | 798763082 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Paper |  | 34400000 |  | 34400000 |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 254991963 |  | 254991963 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 13255125 |  | 13255125 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 119296125 | – | – | 119296125 |
| Total | $119296125 | $44143281538 | $232182911 | $44494760574 |

---

<br> *See Notes to Financial Statements.* 263

**Schedule of Investments (unaudited)(concluded)**

SHORT DURATION INCOME FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Other Financial Instruments** | | | | |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Credit Default Swap Contracts | &nbsp;&nbsp;&nbsp;Centrally Cleared Credit Default Swap Contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $17045612 | $– | $17045612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts | &nbsp;&nbsp;&nbsp;Centrally Cleared Interest Rate Swap Contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 6583972 |  | 6583972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (49294942) |  | (49294942) |
| &nbsp;&nbsp;&nbsp;Centrally Cleared CPI Swap Contracts | &nbsp;&nbsp;&nbsp;Centrally Cleared CPI Swap Contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  | 978963 |  | 978963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts | &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (2807579) |  | (2807579) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (64461) |  | (64461) |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 23423478 |  |  | 23423478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (6343452) | – | – | (6343452) |
| Total | $17080026 | $(27558435) | $– | $(10478409) |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund's net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund's net assets at the beginning or end of the period.

264 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)**

TOTAL RETURN FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 119.48%** |  |  |  |  |
| **ASSET-BACKED SECURITIES 14.98%** |  |  |  |  |
| **Automobiles 7.15%** |  |  |  |  |
| AmeriCredit Automobile Receivables Trust Series 2022-2 Class C | 5.32% | 4/18/2028 | $4415000 | $4443698 |
| BofA Auto Trust Series 2024-1A Class A3<sup>†</sup> | 5.35% | 11/15/2028 | 9535000 | 9633133 |
| CarMax Auto Owner Trust Series 2022-3 Class B | 4.69% | 2/15/2028 | 9709000 | 9706439 |
| Carmax Select Receivables Trust Series 2024-A Class A3 | 5.40% | 11/15/2028 | 6545000 | 6612563 |
| Carvana Auto Receivables Trust Series 2020-N1A Class E<sup>†</sup> | 5.20% | 7/15/2027 | 3490143 | 3480934 |
| Citizens Auto Receivables Trust Series 2023-2 Class A3<sup>†</sup> | 5.83% | 2/15/2028 | 18645000 | 18781920 |
| Citizens Auto Receivables Trust Series 2024-2 Class A4<sup>†</sup> | 5.26% | 4/15/2031 | 8970000 | 9089932 |
| CPS Auto Receivables Trust Series 2022-B Class E<sup>†</sup> | 7.14% | 10/15/2029 | 7000000 | 7108522 |
| Exeter Automobile Receivables Trust Series 2023-1A Class E<sup>†</sup> | 12.07% | 9/16/2030 | 4450000 | 4971486 |
| Exeter Automobile Receivables Trust Series 2024-3A Class B | 5.57% | 9/15/2028 | 10000000 | 10064598 |
| Exeter Automobile Receivables Trust Series 2024-4A Class C | 5.48% | 8/15/2030 | 3585000 | 3620539 |
| Exeter Automobile Receivables Trust Series 2025-3A Class B | 4.86% | 2/15/2030 | 4270000 | 4285125 |
| Flagship Credit Auto Trust Series 2020-4 Class E<sup>†</sup> | 3.84% | 7/17/2028 | 7351000 | 7262440 |
| Flagship Credit Auto Trust Series 2022-3 Class A3<sup>†</sup> | 4.55% | 4/15/2027 | 626353 | 626322 |
| Ford Credit Auto Owner Trust Series 2021-1 Class A<sup>†</sup> | 1.37% | 10/17/2033 | 18885000 | 18370565 |
| GLS Auto Select Receivables Trust Series 2024-2A Class A2<sup>†</sup> | 5.58% | 6/17/2030 | 6101680 | 6155345 |
| GM Financial Automobile Leasing Trust Series 2023-1 Class B | 5.51% | 1/20/2027 | 10505000 | 10516684 |
| GM Financial Automobile Leasing Trust Series 2023-2 Class B | 5.54% | 5/20/2027 | 6270000 | 6285005 |
| GM Financial Automobile Leasing Trust Series 2024-3 Class A3 | 4.21% | 10/20/2027 | 9595000 | 9578734 |
| GM Financial Consumer Automobile Receivables Trust Series 2023-4 Class B | 6.16% | 4/16/2029 | 3790000 | 3907407 |
| Huntington Auto Trust Series 2024-1A Class A3<sup>†</sup> | 5.23% | 1/16/2029 | 8805000 | 8875927 |
| Hyundai Auto Lease Securitization Trust Series 2025-A Class A3<sup>†</sup> | 4.83% | 1/18/2028 | 5815000 | 5848655 |

---

See Notes to Financial Statements. 265

**Schedule of Investments (unaudited)(continued)**

TOTAL RETURN FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |
| Hyundai Auto Lease Securitization Trust Series 2025-B Class B<sup>†</sup> | 4.94% | 8/15/2029 | $6265000 | $6302327 |
| LAD Auto Receivables Trust Series 2024-3A Class A4<sup>†</sup> | 4.60% | 12/17/2029 | 5548000 | 5564494 |
| Nissan Auto Lease Trust Series 2025-A Class A3 | 4.75% | 3/15/2028 | 9040000 | 9113714 |
| Nissan Auto Receivables Owner Trust Series 2023-B Class A3 | 5.93% | 3/15/2028 | 5205000 | 5251684 |
| Octane Receivables Trust Series 2022-2A Class A<sup>†</sup> | 5.11% | 2/22/2028 | 202377 | 202437 |
| Santander Drive Auto Receivables Trust Series 2022-5 Class C | 4.74% | 10/16/2028 | 5006088 | 5004156 |
| Santander Drive Auto Receivables Trust Series 2022-7 Class C | 6.69% | 3/17/2031 | 6450000 | 6598410 |
| Santander Drive Auto Receivables Trust Series 2024-1 Class C | 5.45% | 3/15/2030 | 7800000 | 7857661 |
| Santander Drive Auto Receivables Trust Series 2024-2 Class C | 5.84% | 6/17/2030 | 3485000 | 3557192 |
| Santander Drive Auto Receivables Trust Series 2025-2 Class B | 4.87% | 5/15/2031 | 5755000 | 5800717 |
| SBNA Auto Receivables Trust Series 2024-A Class A3<sup>†</sup> | 5.32% | 12/15/2028 | 9809864 | 9839854 |
| Westlake Automobile Receivables Trust Series 2023-1A Class C<sup>†</sup> | 5.74% | 8/15/2028 | 6015000 | 6055204 |
| Westlake Automobile Receivables Trust Series 2024-2A Class C<sup>†</sup> | 5.68% | 3/15/2030 | 8735000 | 8817574 |
| World Omni Automobile Lease Securitization Trust Series 2025-A Class B | 4.68% | 5/15/2030 | 9300000 | 9294961 |
| *Total* |  |  |  | 258486358 |
| **Credit Card 0.94%** |  |  |  |  |
| First National Master Note Trust Series 2024-1 Class A | 5.34% | 5/15/2030 | 13495000 | 13742857 |
| Mercury Financial Credit Card Master Trust Series 2024-2A Class A<sup>†</sup> | 6.56% | 7/20/2029 | 6125000 | 6178505 |
| Perimeter Master Note Business Trust Series 2021-1A Class B<sup>†</sup> | 4.17% | 12/15/2026 | 5875000 | 5748808 |
| World Financial Network Credit Card Master Trust Series 2024-A Class A | 5.47% | 2/15/2031 | 8067000 | 8232248 |
| *Total* |  |  |  | 33902418 |

---

266 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

TOTAL RETURN FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Other 6.89%** |  |  |  |  |  |
| AB BSL CLO 3 Ltd. Series 2021-3A Class BR<sup>†</sup> | 5.82%<br> (3 mo. USD Term SOFR + 1.55% |)<sup>#</sup> | 4/20/2038 | $5000000 | $5016495 |
| Affirm Asset Securitization Trust Series 2023-B Class A<sup>†</sup> | 6.82% |  | 9/15/2028 | 12780000 | 12842200 |
| Affirm Asset Securitization Trust Series 2024-A Class 1A<sup>†</sup> | 5.61% |  | 2/15/2029 | 6040000 | 6066646 |
| Affirm Asset Securitization Trust Series 2024-A Class A<sup>†</sup> | 5.61% |  | 2/15/2029 | 2600000 | 2609329 |
| Affirm Asset Securitization Trust Series 2024-B Class A<sup>†</sup> | 4.62% |  | 9/15/2029 | 10000000 | 9985807 |
| AMMC CLO 23 Ltd. Series 2020-23A Class BR2<sup>†</sup> | 6.33%<br> (3 mo. USD Term SOFR + 2.05% |)<sup>#</sup> | 4/17/2035 | 8000000 | 8011456 |
| Arbor Realty Commercial Real Estate Notes Ltd. Series 2021-FL3 Class A<sup>†</sup> | 5.513%<br> (1 mo. USD Term SOFR + 1.18%) | <sup>#</sup> | 8/15/2034 | 1168124 | 1168117 |
| Avant Loans Funding Trust Series 2021-REV1 Class D<sup>†</sup> | 4.30% |  | 7/15/2030 | 1123341 | 1121567 |
| Avant Loans Funding Trust Series 2024-REV1 Class A<sup>†</sup> | 5.92% |  | 10/15/2033 | 8685000 | 8752059 |
| Birch Grove CLO 3 Ltd. Series 2021-3A Class BR<sup>†</sup> | 5.87%<br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 1/19/2038 | 7160000 | 7145659 |
| BSPRT Issuer Ltd. Series 2022-FL8 Class A<sup>†</sup> | 5.832%<br> (30 day USD SOFR Average + 1.50% |)<sup>#</sup> | 2/15/2037 | 1070105 | 1071872 |
| Cherry Securitization Trust Series 2025-1A Class A<sup>†</sup> | 6.13% |  | 11/15/2032 | 5285000 | 5334060 |
| DLLAD LLC Series 2023-1A Class A4<sup>†</sup> | 4.80% |  | 6/20/2030 | 10535000 | 10595389 |
| Fairstone Financial Issuance Trust I Series 2020-1A Class C<sup>†</sup> | 5.162% |  | 10/20/2039 | 20760000 | 15038367 |
| Fairstone Financial Issuance Trust I Series 2020-1A Class D<sup>†</sup> | 6.873% |  | 10/20/2039 | 4595000 | 3327614 |
| Galaxy 31 CLO Ltd. Series 2023-31A Class BR<sup>†(a)</sup> |  | <sup>(b)</sup> | 7/15/2038 | $4585000 | 4593812 |
| Galaxy XXI CLO Ltd. Series 2015-21A Class AR<sup>†</sup> | 5.551%<br> (3 mo. USD Term SOFR + 1.28% |)<sup>#</sup> | 4/20/2031 | 275410 | 275544 |
| Generate CLO 14 Ltd. Series 2024-14A Class B<sup>†</sup> | 6.379%<br> (3 mo. USD Term SOFR + 2.10% |)<sup>#</sup> | 4/22/2037 | 5160000 | 5178380 |
| Katayma CLO II Ltd. Series 2024-2A Class B<sup>†</sup> | 6.42%<br> (3 mo. USD Term SOFR + 2.15% |)<sup>#</sup> | 4/20/2037 | 4000000 | 4014388 |
| KKR CLO 35 Ltd. Series 35A Class BR<sup>†</sup> | 5.87%<br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 1/20/2038 | 7600000 | 7597021 |
| KKR CLO 57 Ltd. Series 2025-57A Class B<sup>†(a)</sup> |  | <sup>(b)</sup> | 7/15/2038 | 5180000 | 5189961 |
| Lending Funding Trust Series 2020-2A Class A<sup>†</sup> | 2.32% |  | 4/21/2031 | 11751000 | 11395123 |
| Lendmark Funding Trust Series 2021-1A Class A<sup>†</sup> | 1.90% |  | 11/20/2031 | 8300000 | 7921265 |

---

See Notes to Financial Statements. 267

**Schedule of Investments (unaudited)(continued)**

TOTAL RETURN FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| LoanCore Issuer Ltd. Series 2022-CRE7 Class A<sup>†</sup> | 5.88%<br> (30 day USD SOFR Average + 1.55% |)<sup>#</sup> | 1/17/2037 | $5536875 | $5543463 |
| LoanCore Issuer Ltd. Series 2025-CRE8 Class A<sup>†</sup> | 5.712%<br> (1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 8/17/2042 | 6190000 | 6190788 |
| M&T Equipment Notes Series 2025-1A Class A3<sup>†</sup> | 4.78% |  | 9/17/2029 | 8475000 | 8547819 |
| Madison Park Funding LXIII Ltd. Series 2023-63A Class BR<sup>†(a)</sup> |  | <sup>(b)</sup> | 7/21/2038 | 7125000 | 7138709 |
| Madison Park Funding XXIII Ltd. Series 2017-23A Class AR<sup>†</sup> | 5.514%<br> (3 mo. USD Term SOFR + 1.23% |)<sup>#</sup> | 7/27/2031 | 1261212 | 1261165 |
| MF1 LLC Series 2024-FL14 Class A<sup>†</sup> | 6.064%<br> (1 mo. USD Term SOFR + 1.74% |)<sup>#</sup> | 3/19/2039 | 6000000 | 6020635 |
| Neuberger Berman Loan Advisers CLO 46 Ltd. Series 2021-46A Class CR<sup>†</sup> | 6.02%<br> (3 mo. USD Term SOFR + 1.75% |)<sup>#</sup> | 1/20/2037 | 7920000 | 7923960 |
| PEAC Solutions Receivables LLC Series 2024-1A Class A3<sup>†</sup> | 5.64% |  | 11/20/2030 | 8050000 | 8233757 |
| PEAC Solutions Receivables LLC Series 2024-2A Class A2<sup>†</sup> | 4.74% |  | 4/20/2027 | 6818825 | 6817253 |
| PFP Ltd. Series 2023-10 Class A<sup>†</sup> | 6.692%<br> (1 mo. USD Term SOFR + 2.36% |)<sup>#</sup> | 9/16/2038 | 5673223 | 5702498 |
| PFS Financing Corp. Series 2023-B Class A<sup>†</sup> | 5.27% |  | 5/15/2028 | 4951000 | 4986019 |
| Regatta XXVII Funding Ltd. Series 2024-1A Class B<sup>†</sup> | 6.283%<br> (3 mo. USD Term SOFR + 2.00% |)<sup>#</sup> | 4/26/2037 | 4950000 | 4961741 |
| SEB Funding LLC Series 2021-1A Class A2<sup>†</sup> | 4.969% |  | 1/30/2052 | 6109687 | 5987436 |
| Silver Point CLO 10 Ltd. Series 2025-10A Class A1<sup>†(a)</sup> |  | <sup>(b)</sup> | 7/15/2038 | 8920000 | 8936457 |
| Verizon Master Trust Series 2024-2 Class A<sup>†</sup> | 4.83% |  | 12/22/2031 | 7000000 | 7110596 |
| Warwick Capital CLO 6 Ltd. Series 2025-6A Class A1<sup>†(a)</sup> |  | <sup>(b)</sup> | 7/20/2038 | 9555000 | 9567402 |
| *Total* |  |  |  |  | 249181829 |
| *Total Asset-Backed Securities* (cost $542,034,372) |  |  |  |  | 541570605 |
| **CORPORATE BONDS 46.37%** |  |  |  |  |  |
| **Aerospace/Defense 0.67%** |  |  |  |  |  |
| Boeing Co. | 6.528% |  | 5/1/2034 | 8521000 | 9098367 |
| Boeing Co. | 6.858% |  | 5/1/2054 | 3791000 | 4046136 |
| Northrop Grumman Corp. | 3.25% |  | 1/15/2028 | 5907000 | 5749573 |
| TransDigm, Inc. | 4.625% |  | 1/15/2029 | 5505000 | 5335637 |
| *Total* |  |  |  |  | 24229713 |

---

268 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

TOTAL RETURN FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Agriculture 1.73%** |  |  |  |  |  |
| Altria Group, Inc. | 4.875% |  | 2/4/2028 | $4678000 | $4722539 |
| BAT Capital Corp. | 5.35% |  | 8/15/2032 | 11460000 | 11579973 |
| BAT Capital Corp. | 5.834% |  | 2/20/2031 | 3251000 | 3388437 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(c)</sup> | 5.50% |  | 2/1/2030 | 15785000 | 16132087 |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(c)</sup> | 5.875% |  | 7/1/2034 | 7530000 | 7574623 |
| Japan Tobacco, Inc. (Japan)<sup>†(c)</sup> | 5.85% |  | 6/15/2035 | 7118000 | 7342072 |
| Philip Morris International, Inc. | 5.625% |  | 11/17/2029 | 6862000 | 7163225 |
| Viterra Finance BV (Netherlands)<sup>†(c)</sup> | 4.90% |  | 4/21/2027 | 4776000 | 4777771 |
| *Total* |  |  |  |  | 62680727 |
| **Airlines 0.31%** |  |  |  |  |  |
| AS Mileage Plan IP Ltd. (Cayman Islands)<sup>†(c)</sup> | 5.308% |  | 10/20/2031 | 8046000 | 7831639 |
| JetBlue Airways Corp./JetBlue Loyalty LP<sup>†</sup> | 9.875% |  | 9/20/2031 | 3407000 | 3372456 |
| *Total* |  |  |  |  | 11204095 |
| **Auto Manufacturers 1.48%** |  |  |  |  |  |
| Ford Motor Co. | 9.625% |  | 4/22/2030 | 4800000 | 5450991 |
| Ford Motor Credit Co. LLC | 2.70% |  | 8/10/2026 | 3207000 | 3103350 |
| Ford Motor Credit Co. LLC | 3.375% |  | 11/13/2025 | 4291000 | 4257438 |
| Ford Motor Credit Co. LLC | 4.134% |  | 8/4/2025 | 3940000 | 3931839 |
| Ford Motor Credit Co. LLC | 6.054% |  | 11/5/2031 | 4344000 | 4234218 |
| Ford Motor Credit Co. LLC | 6.125% |  | 3/8/2034 | 7053000 | 6704698 |
| Ford Motor Credit Co. LLC | 7.20% |  | 6/10/2030 | 4809000 | 4994129 |
| Hyundai Capital America<sup>†</sup> | 1.80% |  | 10/15/2025 | 5169000 | 5109747 |
| Hyundai Capital America<sup>†</sup> | 5.80% |  | 6/26/2025 | 3586000 | 3587696 |
| JB Poindexter & Co., Inc.<sup>†</sup> | 8.75% |  | 12/15/2031 | 3921000 | 3891924 |
| Nissan Motor Acceptance Co. LLC<sup>†</sup> | 7.05% |  | 9/15/2028 | 5256000 | 5341786 |
| Toyota Motor Credit Corp. | 4.55% |  | 9/20/2027 | 2894000 | 2907812 |
| *Total* |  |  |  |  | 53515628 |
| **Auto Parts & Equipment 0.20%** |  |  |  |  |  |
| Goodyear Tire & Rubber Co. | 5.00% |  | 7/15/2029 | 3890000 | 3729385 |
| ZF North America Capital, Inc.<sup>†</sup> | 6.75% |  | 4/23/2030 | 3692000 | 3509929 |
| *Total* |  |  |  |  | 7239314 |
| **Banks 9.45%** |  |  |  |  |  |
| ABN AMRO Bank NV (Netherlands)<sup>†(c)</sup> | 3.324%<br> (5 yr. CMT + 1.90% |)<sup>#</sup> | 3/13/2037 | 5400000 | 4688730 |
| AIB Group PLC (Ireland)<sup>†(c)</sup> | 6.608%<br> (SOFR + 2.33% |)<sup>#</sup> | 9/13/2029 | 6529000 | 6870025 |

---

See Notes to Financial Statements. 269

**Schedule of Investments (unaudited)(continued)**

TOTAL RETURN FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Bank of America Corp. | 1.658% <br> (SOFR + 0.91% |)<sup>#</sup> | 3/11/2027 | $4792000 | $4682135 |
| Bank of America Corp. | 2.087% <br> (SOFR + 1.06% |)<sup>#</sup> | 6/14/2029 | 17835000 | 16560189 |
| Bank of America Corp. | 3.593%<br> (3 mo. USD Term SOFR + 1.63% |)<sup>#</sup> | 7/21/2028 | 10476000 | 10253329 |
| Bank of America Corp. | 3.97%<br> (3 mo. USD Term SOFR + 1.33% |)<sup>#</sup> | 3/5/2029 | 5597000 | 5497743 |
| BankUnited, Inc. | 5.125% |  | 6/11/2030 | 6768000 | 6648727 |
| BNP Paribas SA (France)<sup>†(c)</sup> | 2.219%<br> (SOFR + 2.07% |)<sup>#</sup> | 6/9/2026 | 9609000 | 9604124 |
| Citigroup, Inc. | 3.887%<br> (3 mo. USD Term SOFR + 1.82% |)<sup>#</sup> | 1/10/2028 | 13692000 | 13517523 |
| Citigroup, Inc. | 3.98%<br> (3 mo. USD Term SOFR + 1.60% |)<sup>#</sup> | 3/20/2030 | 13725000 | 13335705 |
| Citizens Financial Group, Inc. | 5.718%<br> (SOFR + 1.91% |)<sup>#</sup> | 7/23/2032 | 11157000 | 11393228 |
| Freedom Mortgage Corp.<sup>†</sup> | 12.25% |  | 10/1/2030 | 4773000 | 5279492 |
| Goldman Sachs Group, Inc. | 2.383%<br> (SOFR + 1.25% |)<sup>#</sup> | 7/21/2032 | 15596000 | 13424837 |
| Intesa Sanpaolo SpA (Italy)<sup>†(c)</sup> | 6.625% |  | 6/20/2033 | 8959000 | 9545698 |
| JPMorgan Chase & Co. | 3.54%<br> (3 mo. USD Term SOFR + 1.64% |)<sup>#</sup> | 5/1/2028 | 9410000 | 9240792 |
| JPMorgan Chase & Co. | 4.946%<br> (SOFR + 1.34% |)<sup>#</sup> | 10/22/2035 | 13355000 | 12964622 |
| KeyCorp | 6.401%<br> (SOFR + 2.42% |)<sup>#</sup> | 3/6/2035 | 4134000 | 4339730 |
| Macquarie Group Ltd. (Australia)<sup>†(c)</sup> | 2.691%<br> (SOFR + 1.44% |)<sup>#</sup> | 6/23/2032 | 11002000 | 9602372 |
| Macquarie Group Ltd. (Australia)<sup>†(c)</sup> | 4.654%<br> (3 mo. USD Term SOFR + 1.99% |)<sup>#</sup> | 3/27/2029 | 9640000 | 9606821 |
| Morgan Stanley | 2.239%<br> (SOFR + 1.18% |)<sup>#</sup> | 7/21/2032 | 6778000 | 5774641 |
| Morgan Stanley | 4.431%<br> (3 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 1/23/2030 | 15460000 | 15335162 |
| Morgan Stanley | 5.297%<br> (SOFR + 2.62% |)<sup>#</sup> | 4/20/2037 | 4900000 | 4809234 |
| Morgan Stanley | 5.32%<br> (SOFR + 1.56% |)<sup>#</sup> | 7/19/2035 | 4101000 | 4075910 |
| NatWest Group PLC (United Kingdom)<sup>(c)</sup> | 4.964%<br> (1 yr. CMT + 1.22% |)<sup>#</sup> | 8/15/2030 | 959000 | 961243 |

---

270 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

TOTAL RETURN FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| NatWest Group PLC (United Kingdom)<sup>(c)</sup> | 7.472%<br> (1 yr. CMT + 2.85% |)<sup>#</sup> | 11/10/2026 | $6251000 | $6323471 |
| PNC Financial Services Group, Inc. | 5.401%<br> (SOFR + 1.60% |)<sup>#</sup> | 7/23/2035 | 5019000 | 5011031 |
| PNC Financial Services Group, Inc. | 5.676%<br> (SOFR + 1.90% |)<sup>#</sup> | 1/22/2035 | 10375000 | 10587621 |
| Truist Financial Corp. | 5.711%<br> (SOFR + 1.92% |)<sup>#</sup> | 1/24/2035 | 7223000 | 7341890 |
| U.S. Bancorp | 4.839%<br> (SOFR + 1.60% |)<sup>#</sup> | 2/1/2034 | 7299000 | 7081320 |
| U.S. Bancorp | 5.678%<br> (SOFR + 1.86% |)<sup>#</sup> | 1/23/2035 | 7274000 | 7412763 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 1.364%<br> (1 yr. CMT + 1.08% |)<sup>#</sup> | 1/30/2027 | 5819000 | 5690314 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 1.494%<br> (1 yr. CMT + 0.85% |)<sup>#</sup> | 8/10/2027 | 8920000 | 8584182 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 4.703%<br> (1 yr. CMT + 2.05% |)<sup>#</sup> | 8/5/2027 | 4487000 | 4484707 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 4.988%<br> (1 yr. CMT + 2.40% |)<sup>#</sup> | 8/5/2033 | 8174000 | 8041809 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 6.327%<br> (1 yr. CMT + 1.60% |)<sup>#</sup> | 12/22/2027 | 2685000 | 2749377 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 6.373%<br> (SOFR + 3.34% |)<sup>#</sup> | 7/15/2026 | 12446000 | 12463758 |
| UBS Group AG (Switzerland)<sup>†(c)</sup> | 6.442%<br> (SOFR + 3.70% |)<sup>#</sup> | 8/11/2028 | 11155000 | 11551995 |
| Wells Fargo & Co. | 2.393%<br> (SOFR + 2.10% |)<sup>#</sup> | 6/2/2028 | 20155000 | 19293364 |
| Wells Fargo & Co. | 3.35%<br> (SOFR + 1.50% |)<sup>#</sup> | 3/2/2033 | 7066000 | 6340001 |
| Wells Fargo & Co. | 3.584%<br> (3 mo. USD Term SOFR + 1.57% |)<sup>#</sup> | 5/22/2028 | 10914000 | 10697426 |
| *Total* |  |  |  |  | 341667041 |
| **Beverages 0.27%** |  |  |  |  |  |
| Bacardi Ltd./Bacardi-Martini BV<sup>†</sup> | 5.40% |  | 6/15/2033 | 6256000 | 6100539 |
| Coca-Cola Consolidated, Inc. | 5.45% |  | 6/1/2034 | 3662000 | 3732369 |
| *Total* |  |  |  |  | 9832908 |
| **Biotechnology 0.38%** |  |  |  |  |  |
| Amgen, Inc. | 5.15% |  | 3/2/2028 | 4876000 | 4966196 |
| Baxalta, Inc. | 4.00% |  | 6/23/2025 | 2070000 | 2068900 |

---

See Notes to Financial Statements. 271

**Schedule of Investments (unaudited)(continued)**

TOTAL RETURN FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Biotechnology (continued)** |  |  |  |  |
| Royalty Pharma PLC | 3.35% | 9/2/2051 | $1909000 | $1186044 |
| Royalty Pharma PLC | 5.40% | 9/2/2034 | 5400000 | 5379485 |
| *Total* |  |  |  | 13600625 |
| **Building Materials 0.19%** |  |  |  |  |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>†</sup> | 6.75% | 7/15/2031 | 3504000 | 3588800 |
| Smyrna Ready Mix Concrete LLC<sup>†</sup> | 6.00% | 11/1/2028 | 3346000 | 3299769 |
| *Total* |  |  |  | 6888569 |
| **Chemicals 0.23%** |  |  |  |  |
| International Flavors & Fragrances, Inc.<sup>†</sup> | 1.23% | 10/1/2025 | 5027000 | 4964957 |
| Rain Carbon, Inc.<sup>†</sup> | 12.25% | 9/1/2029 | 3350000 | 3494546 |
| *Total* |  |  |  | 8459503 |
| **Coal 0.10%** |  |  |  |  |
| SunCoke Energy, Inc.<sup>†</sup> | 4.875% | 6/30/2029 | 3791000 | 3487862 |
| **Commercial Services 1.13%** |  |  |  |  |
| Allied Universal Holdco LLC<sup>†</sup> | 7.875% | 2/15/2031 | 3427000 | 3553933 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>†(d)</sup> | 6.00% | 6/1/2029 | 4043000 | 3830665 |
| Block, Inc. | 2.75% | 6/1/2026 | 3854000 | 3760559 |
| EquipmentShare.com, Inc.<sup>†</sup> | 9.00% | 5/15/2028 | 3332000 | 3463231 |
| Global Payments, Inc. | 4.95% | 8/15/2027 | 8207000 | 8245639 |
| GXO Logistics, Inc. | 6.50% | 5/6/2034 | 4209000 | 4306037 |
| Herc Holdings Escrow, Inc.<sup>†(a)</sup> | 7.25% | 6/15/2033 | 3231000 | 3327613 |
| Rentokil Terminix Funding LLC<sup>†</sup> | 5.625% | 4/28/2035 | 2768000 | 2769838 |
| Rollins, Inc.<sup>†</sup> | 5.25% | 2/24/2035 | 7594000 | 7537854 |
| *Total* |  |  |  | 40795369 |
| **Computers 0.33%** |  |  |  |  |
| CACI International, Inc.<sup>†(a)</sup> | 6.375% | 6/15/2033 | 3148000 | 3213132 |
| Gartner, Inc.<sup>†</sup> | 4.50% | 7/1/2028 | 6725000 | 6649415 |
| International Business Machines Corp. | 6.50% | 1/15/2028 | 1963000 | 2065782 |
| *Total* |  |  |  | 11928329 |
| **Cosmetics/Personal Care 0.14%** |  |  |  |  |
| Opal Bidco SAS (France)<sup>†(c)</sup> | 6.50% | 3/31/2032 | 5151000 | 5150151 |
| **Distribution/Wholesale 0.15%** |  |  |  |  |
| Mitsubishi Corp. (Japan)<sup>†(c)(d)</sup> | 5.125% | 7/17/2034 | 5379000 | 5419137 |

---

272 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

TOTAL RETURN FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Diversified Financial Services 2.83%** |  |  |  |  |  |
| Air Lease Corp. | 5.20% |  | 7/15/2031 | $4929000 | $4988478 |
| Aircastle Ltd.<sup>†</sup> | 2.85% |  | 1/26/2028 | 6919000 | 6540423 |
| Aircastle Ltd.<sup>†</sup> | 6.50% |  | 7/18/2028 | 5000000 | 5183151 |
| American Express Co. | 5.667%<br> (SOFR + 1.79% |)<sup>#</sup> | 4/25/2036 | 5305000 | 5418824 |
| Aviation Capital Group LLC<sup>†</sup> | 1.95% |  | 1/30/2026 | 4918000 | 4822653 |
| Aviation Capital Group LLC<sup>†</sup> | 6.375% |  | 7/15/2030 | 7653000 | 8046412 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(c)</sup> | 2.125% |  | 2/21/2026 | 16407000 | 16039719 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(c)</sup> | 2.528% |  | 11/18/2027 | 1738000 | 1638888 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(c)</sup> | 5.375% |  | 5/30/2030 | 5464000 | 5483588 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(c)</sup> | 6.375% |  | 5/4/2028 | 2776000 | 2874526 |
| Cboe Global Markets, Inc. | 3.65% |  | 1/12/2027 | 4971000 | 4907902 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 6.125% |  | 11/1/2032 | 3932000 | 3941279 |
| Jane Street Group/JSG Finance, Inc.<sup>†</sup> | 6.75% |  | 5/1/2033 | 4566000 | 4685661 |
| LPL Holdings, Inc.<sup>†</sup> | 4.00% |  | 3/15/2029 | 8718000 | 8388240 |
| LPL Holdings, Inc. | 5.75% |  | 6/15/2035 | 4272000 | 4244799 |
| Navient Corp. | 11.50% |  | 3/15/2031 | 4663000 | 5286606 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>†</sup> | 4.50% |  | 3/15/2027 | 4745000 | 4722075 |
| Nuveen LLC<sup>†</sup> | 5.85% |  | 4/15/2034 | 5042000 | 5148320 |
| *Total* |  |  |  |  | 102361544 |
| **Electric 4.99%** |  |  |  |  |  |
| AES Corp. | 2.45% |  | 1/15/2031 | 6426000 | 5498294 |
| AES Corp.<sup>†</sup> | 3.95% |  | 7/15/2030 | 10074000 | 9406179 |
| Appalachian Power Co. | 5.65% |  | 4/1/2034 | 5371000 | 5424643 |
| Ausgrid Finance Pty. Ltd. (Australia)<sup>†(c)</sup> | 4.35% |  | 8/1/2028 | 7124000 | 7018069 |
| Capital Power U.S. Holdings, Inc.<sup>†</sup> | 6.189% |  | 6/1/2035 | 4715000 | 4753809 |
| Chile Electricity Lux MPC II SARL (Luxembourg)<sup>†(c)</sup> | 5.58% |  | 10/20/2035 | 5535611 | 5507342 |
| Dominion Energy, Inc. | 6.875%<br> (5 yr. CMT + 2.39% |)<sup>#</sup> | 2/1/2055 | 2392000 | 2479220 |
| DTE Electric Co. | 5.85% |  | 5/15/2055 | 1050000 | 1048121 |
| Enel Finance International NV (Netherlands)<sup>†(c)</sup> | 5.125% |  | 6/26/2029 | 4918000 | 4980555 |
| Entergy Louisiana LLC | 5.15% |  | 9/15/2034 | 11455000 | 11337848 |
| Entergy Louisiana LLC | 5.70% |  | 3/15/2054 | 5152000 | 4922066 |
| Entergy Louisiana LLC | 5.80% |  | 3/15/2055 | 4279000 | 4152613 |
| Entergy Texas, Inc. | 5.25% |  | 4/15/2035 | 3051000 | 3045363 |
| Entergy Texas, Inc. | 5.55% |  | 9/15/2054 | 3017000 | 2797020 |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (Mexico)<sup>†(c)</sup> | 7.25% |  | 1/31/2041 | 3338693 | 3300298 |

---

See Notes to Financial Statements. 273

**Schedule of Investments (unaudited)(continued)**

TOTAL RETURN FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Electric (continued)** |  |  |  |  |
| FirstEnergy Transmission LLC | 5.00% | 1/15/2035 | $2600000 | $2536215 |
| Florida Power & Light Co. | 5.80% | 3/15/2065 | 2308000 | 2272055 |
| Indianapolis Power & Light Co.<sup>†</sup> | 5.65% | 12/1/2032 | 9456000 | 9630548 |
| IPALCO Enterprises, Inc. | 5.75% | 4/1/2034 | 4698000 | 4638788 |
| Jersey Central Power & Light Co. | 5.10% | 1/15/2035 | 2005000 | 1963257 |
| Lightning Power LLC<sup>†</sup> | 7.25% | 8/15/2032 | 3616000 | 3793476 |
| Minejesa Capital BV (Netherlands)<sup>†(c)</sup> | 4.625% | 8/10/2030 | 5076631 | 4952206 |
| Narragansett Electric Co.<sup>†</sup> | 5.35% | 5/1/2034 | 5383000 | 5365694 |
| NRG Energy, Inc.<sup>†</sup> | 4.45% | 6/15/2029 | 3410000 | 3319657 |
| NRG Energy, Inc.<sup>†</sup> | 6.00% | 2/1/2033 | 3701000 | 3670122 |
| Oglethorpe Power Corp. | 5.80% | 6/1/2054 | 3335000 | 3150504 |
| Oglethorpe Power Corp. | 5.90% | 2/1/2055 | 5636000 | 5435898 |
| Oncor Electric Delivery Co. LLC | 5.65% | 11/15/2033 | 6274000 | 6507039 |
| PSEG Power LLC<sup>†</sup> | 5.75% | 5/15/2035 | 2923000 | 2945327 |
| Public Service Electric & Gas Co. | 4.85% | 8/1/2034 | 12608000 | 12415525 |
| Union Electric Co. | 5.125% | 3/15/2055 | 3585000 | 3200352 |
| Union Electric Co. | 5.25% | 4/15/2035 | 3807000 | 3817558 |
| Virginia Electric & Power Co. | 5.05% | 8/15/2034 | 10375000 | 10199121 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.70% | 12/30/2034 | 9770000 | 9738849 |
| Vistra Operations Co. LLC<sup>†</sup> | 7.75% | 10/15/2031 | 3381000 | 3587116 |
| Wisconsin Electric Power Co. | 5.05% | 10/1/2054 | 1702000 | 1492070 |
| *Total* |  |  |  | 180302817 |
| **Energy-Alternate Sources 0.15%** |  |  |  |  |
| Greenko Dutch BV (Netherlands)<sup>†(c)(d)</sup> | 3.85% | 3/29/2026 | 5375920 | 5265902 |
| **Engineering & Construction 0.46%** |  |  |  |  |
| IRB Infrastructure Developers Ltd. (India)<sup>†(c)</sup> | 7.11% | 3/11/2032 | 4174000 | 4141762 |
| MasTec, Inc.<sup>†</sup> | 4.50% | 8/15/2028 | 7539000 | 7403896 |
| Weekley Homes LLC/Weekley Finance Corp.<sup>†</sup> | 4.875% | 9/15/2028 | 5381000 | 5176433 |
| *Total* |  |  |  | 16722091 |
| **Equity Real Estate 0.10%** |  |  |  |  |
| Kennedy-Wilson, Inc. | 4.75% | 3/1/2029 | 4057000 | 3732800 |
| **Food 1.01%** |  |  |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>†</sup> | 6.25% | 3/15/2033 | 2161000 | 2196110 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(c)</sup> | 3.625% | 1/15/2032 | 8029000 | 7222896 |

---

274 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

TOTAL RETURN FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Food (continued)** |  |  |  |  |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL (Luxembourg)<sup>(c)</sup> | 5.75% | 4/1/2033 | $7145000 | $7241922 |
| Mars, Inc.<sup>†</sup> | 5.00% | 3/1/2032 | 5221000 | 5240943 |
| Mars, Inc.<sup>†</sup> | 5.20% | 3/1/2035 | 7458000 | 7432837 |
| Mars, Inc.<sup>†</sup> | 5.70% | 5/1/2055 | 7540000 | 7320059 |
| *Total* |  |  |  | 36654767 |
| **Gas 0.28%** |  |  |  |  |
| CenterPoint Energy Resources Corp. | 4.40% | 7/1/2032 | 7179000 | 6882069 |
| National Fuel Gas Co. | 5.95% | 3/15/2035 | 3157000 | 3166107 |
| *Total* |  |  |  | 10048176 |
| **Hand/Machine Tools 0.20%** |  |  |  |  |
| Regal Rexnord Corp. | 6.05% | 2/15/2026 | 7251000 | 7290134 |
| **Health Care-Products 0.32%** |  |  |  |  |
| Medline Borrower LP/Medline Co-Issuer, Inc.<sup>†</sup> | 6.25% | 4/1/2029 | 5344000 | 5444541 |
| Solventum Corp. | 5.60% | 3/23/2034 | 6224000 | 6279801 |
| *Total* |  |  |  | 11724342 |
| **Health Care-Services 1.66%** |  |  |  |  |
| Centene Corp. | 2.45% | 7/15/2028 | 8616000 | 7940644 |
| Centene Corp. | 3.375% | 2/15/2030 | 13002000 | 11858275 |
| Centene Corp. | 4.25% | 12/15/2027 | 4989000 | 4875756 |
| DaVita, Inc.<sup>†</sup> | 6.875% | 9/1/2032 | 3577000 | 3636010 |
| HCA, Inc. | 5.45% | 9/15/2034 | 2477000 | 2453180 |
| HCA, Inc. | 5.50% | 3/1/2032 | 9850000 | 9972481 |
| LifePoint Health, Inc.<sup>†</sup> | 9.875% | 8/15/2030 | 3134000 | 3361645 |
| Molina Healthcare, Inc.<sup>†</sup> | 4.375% | 6/15/2028 | 3393000 | 3293376 |
| UnitedHealth Group, Inc. | 3.45% | 1/15/2027 | 3938000 | 3877562 |
| UnitedHealth Group, Inc. | 4.50% | 4/15/2033 | 2525000 | 2409127 |
| UnitedHealth Group, Inc. | 5.35% | 2/15/2033 | 4349000 | 4390252 |
| Universal Health Services, Inc. | 5.05% | 10/15/2034 | 2114000 | 1985666 |
| *Total* |  |  |  | 60053974 |
| **Insurance 2.97%** |  |  |  |  |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>†</sup> | 6.75% | 4/15/2028 | 3715000 | 3769347 |
| Arthur J Gallagher & Co. | 5.00% | 2/15/2032 | 6064000 | 6081721 |
| Assurant, Inc. | 2.65% | 1/15/2032 | 3488000 | 2920863 |
| Athene Global Funding<sup>†</sup> | 5.62% | 5/8/2026 | 11695000 | 11798913 |

---

See Notes to Financial Statements. 275

**Schedule of Investments (unaudited)(continued)**

TOTAL RETURN FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Insurance (continued)** |  |  |  |  |
| Beacon Funding Trust<sup>†</sup> | 6.266% | 8/15/2054 | $5756000 | $5523036 |
| Brighthouse Financial Global Funding<sup>†</sup> | 5.65% | 6/10/2029 | 6880000 | 7015935 |
| Brown & Brown, Inc. | 2.375% | 3/15/2031 | 7399000 | 6420038 |
| CNO Global Funding<sup>†</sup> | 5.875% | 6/4/2027 | 6107000 | 6247862 |
| GA Global Funding Trust<sup>†</sup> | 2.90% | 1/6/2032 | 5390000 | 4648050 |
| GA Global Funding Trust<sup>†</sup> | 4.40% | 9/23/2027 | 5000000 | 4957423 |
| GA Global Funding Trust<sup>†</sup> | 5.20% | 12/9/2031 | 7698000 | 7647341 |
| GA Global Funding Trust<sup>†</sup> | 5.50% | 4/1/2032 | 7671000 | 7699279 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (United Kingdom)<sup>†(c)</sup> | 7.25% | 2/15/2031 | 3794000 | 3897868 |
| HUB International Ltd.<sup>†</sup> | 7.375% | 1/31/2032 | 2658000 | 2775547 |
| Jackson National Life Global Funding<sup>†</sup> | 4.60% | 10/1/2029 | 6031000 | 5969258 |
| Metropolitan Life Global Funding I<sup>†</sup> | 4.05% | 8/25/2025 | 1578000 | 1576069 |
| New York Life Global Funding<sup>†</sup> | 4.55% | 1/28/2033 | 6595000 | 6385522 |
| Principal Life Global Funding II<sup>†</sup> | 5.10% | 1/25/2029 | 7305000 | 7427942 |
| Sammons Financial Group Global Funding<sup>†</sup> | 5.10% | 12/10/2029 | 4370000 | 4426145 |
| *Total* |  |  |  | 107188159 |
| **Internet 0.60%** |  |  |  |  |
| Prosus NV (Netherlands)<sup>(c)</sup> | 4.027% | 8/3/2050 | 5100000 | 3282610 |
| Uber Technologies, Inc.<sup>†</sup> | 4.50% | 8/15/2029 | 14787000 | 14574851 |
| Weibo Corp. (China)<sup>(c)(d)</sup> | 3.375% | 7/8/2030 | 4000000 | 3710312 |
| *Total* |  |  |  | 21567773 |
| **Iron-Steel 0.18%** |  |  |  |  |
| ATI, Inc. | 7.25% | 8/15/2030 | 3331000 | 3490781 |
| U.S. Steel Corp. | 6.875% | 3/1/2029 | 2785000 | 2811700 |
| *Total* |  |  |  | 6302481 |
| **Leisure Time 0.16%** |  |  |  |  |
| Carnival Corp.<sup>†</sup> | 6.125% | 2/15/2033 | 5637000 | 5654443 |
| **Lodging 0.20%** |  |  |  |  |
| MGM China Holdings Ltd. (Macau)<sup>(c)</sup> | 4.75% | 2/1/2027 | 3760000 | 3691871 |
| Wynn Macau Ltd. (Macau)<sup>†(c)</sup> | 5.625% | 8/26/2028 | 3800000 | 3665908 |
| *Total* |  |  |  | 7357779 |
| **Machinery-Diversified 0.39%** |  |  |  |  |
| nVent Finance SARL (Luxembourg)<sup>(c)</sup> | 4.55% | 4/15/2028 | 13974000 | 13906402 |

---

276 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

TOTAL RETURN FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Media 0.83%** |  |  |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/1/2030 | $7421000 | $7088866 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc.<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/15/2027 | 3935000 | 3876088 |
| Discovery Communications LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/20/2028 | 7703000 | 7356816 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/1/2032 | 9354000 | 8438370 |
| Univision Communications, Inc.<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/31/2031 | 3535000 | 3396930 |
| *Total* |  |  |  | 30157070 |
| **Mining 2.00%** |  |  |  |  |
| Anglo American Capital PLC (United Kingdom)<sup>†(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/16/2029 | 5835000 | 5631426 |
| Anglo American Capital PLC (United Kingdom)<sup>†(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/2/2033 | 1142000 | 1140432 |
| Anglo American Capital PLC (United Kingdom)<sup>†(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/5/2034 | 6646000 | 6705742 |
| Antofagasta PLC (Chile)<sup>†(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/2/2034 | 6894000 | 7025089 |
| FMG Resources August 2006 Pty. Ltd. (Australia)<sup>†(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/1/2031 | 5643000 | 5184983 |
| Glencore Funding LLC<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.371% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/4/2029 | 5934000 | 6045043 |
| Glencore Funding LLC<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.634% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/4/2034 | 7849000 | 7897293 |
| Glencore Funding LLC<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/6/2030 | 3016000 | 3200176 |
| Hecla Mining Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/15/2028 | 3500000 | 3539343 |
| Ivanhoe Mines Ltd. (Canada)<sup>†(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/23/2030 | 5361000 | 5224171 |
| Minera Mexico SA de CV (Mexico)<sup>†(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/12/2032 | 8256000 | 8186237 |
| Navoi Mining & Metallurgical Combinat (Uzbekistan)<sup>†(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/14/2030 | 4255000 | 4238975 |
| Novelis Corp.<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/30/2030 | 5358000 | 5528700 |
| Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (Canada)<sup>†(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.854% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5/13/2032 | 2716000 | 2715698 |
| *Total* |  |  |  | 72263308 |
| **Miscellaneous Manufacturing 0.21%** |  |  |  |  |
| Axon Enterprise, Inc.<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/15/2033 | 3747000 | 3810991 |
| LSB Industries, Inc.<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/2028 | 3787000 | 3752298 |
| *Total* |  |  |  | 7563289 |
| **Oil & Gas 3.16%** |  |  |  |  |
| Aethon United BR LP/Aethon United Finance Corp.<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/1/2029 | 3465000 | 3553302 |
| Antero Resources Corp.<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/1/2029 | 6006000 | 6151802 |
| APA Corp.<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/15/2030 | 3751000 | 3512645 |
| Continental Resources, Inc.<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/15/2031 | 22000000 | 21911432 |
| Crescent Energy Finance LLC<sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/15/2033 | 3477000 | 3229860 |
| Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/15/2034 | 6111000 | 5789122 |

---

See Notes to Financial Statements. 277

**Schedule of Investments (unaudited)(continued)**

TOTAL RETURN FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **Oil & Gas (continued)** |  |  |  |  |  |
| Ecopetrol SA (Colombia)<sup>(c)</sup> | 8.375% |  | 1/19/2036 | $5092000 | $4849848 |
| EQT Corp.<sup>†</sup> | 4.75% |  | 1/15/2031 | 6953000 | 6729026 |
| EQT Corp.<sup>†</sup> | 6.375% |  | 4/1/2029 | 3242000 | 3320405 |
| EQT Corp. | 7.00% |  | 2/1/2030 | 11560000 | 12379192 |
| EQT Corp.<sup>†</sup> | 7.50% |  | 6/1/2030 | 4465000 | 4849222 |
| Expand Energy Corp.<sup>†</sup> | 5.875% |  | 2/1/2029 | 13881000 | 13934872 |
| Kimmeridge Texas Gas LLC<sup>†</sup> | 8.50% |  | 2/15/2030 | 5398000 | 5340187 |
| Occidental Petroleum Corp. | 6.625% |  | 9/1/2030 | 2076000 | 2163273 |
| OGX Austria GmbH (Brazil)<sup>†(c)(e)</sup> | 8.50% |  | 6/1/2018 | 1730000 | 35 <sup>(f)</sup> |
| Ovintiv, Inc. | 6.50% |  | 2/1/2038 | 2045000 | 1998032 |
| SM Energy Co.<sup>†</sup> | 6.75% |  | 8/1/2029 | 3747000 | 3674399 |
| Tengizchevroil Finance Co. International Ltd. (Kazakhstan)<sup>†(c)</sup> | 3.25% |  | 8/15/2030 | 4300000 | 3771047 |
| TGNR Intermediate Holdings LLC<sup>†</sup> | 5.50% |  | 10/15/2029 | 3888000 | 3675000 |
| Vermilion Energy, Inc. (Canada)<sup>†(c)</sup> | 6.875% |  | 5/1/2030 | 3680000 | 3352882 |
| *Total* |  |  |  |  | 114185583 |
| **Packaging & Containers 0.29%** |  |  |  |  |  |
| Clydesdale Acquisition Holdings, Inc.<sup>†</sup> | 6.75% |  | 4/15/2032 | 7033000 | 7112671 |
| Mauser Packaging Solutions Holding Co.<sup>†</sup> | 9.25% |  | 4/15/2027 | 3375000 | 3327514 |
| *Total* |  |  |  |  | 10440185 |
| **Pharmaceuticals 0.50%** |  |  |  |  |  |
| Bayer Corp.<sup>†</sup> | 6.65% |  | 2/15/2028 | 3872000 | 4037201 |
| Bayer U.S. Finance LLC<sup>†</sup> | 6.375% |  | 11/21/2030 | 10643000 | 11205296 |
| Teva Pharmaceutical Finance Netherlands III BV (Netherlands)<sup>(c)</sup> | 3.15% |  | 10/1/2026 | 2980000 | 2915896 |
| *Total* |  |  |  |  | 18158393 |
| **Pipelines 0.95%** |  |  |  |  |  |
| Boardwalk Pipelines LP | 3.40% |  | 2/15/2031 | 5052000 | 4617959 |
| Cheniere Energy Partners LP | 3.25% |  | 1/31/2032 | 4113000 | 3610707 |
| Enbridge, Inc. (Canada)<sup>(c)(d)</sup> | 8.50%<br> (5 yr. CMT + 4.43% |)<sup>#</sup> | 1/15/2084 | 7804000 | 8487779 |
| NGPL PipeCo LLC<sup>†</sup> | 3.25% |  | 7/15/2031 | 3129000 | 2739063 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp. | 5.50% |  | 3/1/2030 | 11074000 | 11162359 |
| Venture Global LNG, Inc.<sup>†</sup> | 8.375% |  | 6/1/2031 | 3646000 | 3703942 |
| *Total* |  |  |  |  | 34321809 |

---

278 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

TOTAL RETURN FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount<sup>‡</sup>** | **Fair<br> Value** |
| **REITS 1.71%** |  |  |  |  |
| American Tower Corp. | 3.80% | 8/15/2029 | $5139000 | $4961556 |
| Brandywine Operating Partnership LP<sup>(d)</sup> | 4.55% | 10/1/2029 | 3922000 | 3608926 |
| Crown Castle, Inc. | 3.30% | 7/1/2030 | 12698000 | 11746600 |
| Crown Castle, Inc. | 5.80% | 3/1/2034 | 9000000 | 9190604 |
| EPR Properties | 4.50% | 6/1/2027 | 2808000 | 2778825 |
| EPR Properties | 4.95% | 4/15/2028 | 3475000 | 3449403 |
| Iron Mountain Information Management Services, Inc.<sup>†</sup> | 5.00% | 7/15/2032 | 3813000 | 3611191 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.25% | 12/1/2026 | 12254000 | 12125771 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.625% | 12/1/2029 | 4895000 | 4751241 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 5.75% | 2/1/2027 | 5410000 | 5464652 |
| *Total* |  |  |  | 61688769 |
| **Retail 0.34%** |  |  |  |  |
| Arcos Dorados BV (Netherlands)<sup>†(c)</sup> | 6.375% | 1/29/2032 | 3440000 | 3514992 |
| QXO Building Products, Inc.<sup>†</sup> | 6.75% | 4/30/2032 | 7097000 | 7294650 |
| Walgreens Boots Alliance, Inc.<sup>(d)</sup> | 8.125% | 8/15/2029 | 1527000 | 1601098 |
| *Total* |  |  |  | 12410740 |
| **Semiconductors 1.12%** |  |  |  |  |
| Broadcom Corp./Broadcom Cayman Finance Ltd. | 3.875% | 1/15/2027 | 3566000 | 3537494 |
| Broadcom, Inc.<sup>†</sup> | 4.15% | 4/15/2032 | 7000000 | 6666961 |
| Broadcom, Inc. | 4.30% | 11/15/2032 | 6429000 | 6142976 |
| Broadcom, Inc. | 5.15% | 11/15/2031 | 7781000 | 7924352 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.50% | 1/25/2031 | 5842000 | 5921729 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.875% | 1/25/2034 | 2545000 | 2553451 |
| Foundry JV Holdco LLC<sup>†</sup> | 5.90% | 1/25/2033 | 7525000 | 7686510 |
| *Total* |  |  |  | 40433473 |
| **Software 1.34%** |  |  |  |  |
| AppLovin Corp. | 5.375% | 12/1/2031 | 6746000 | 6811086 |
| Atlassian Corp. (Australia)<sup>(c)</sup> | 5.50% | 5/15/2034 | 4453000 | 4494356 |
| Cloud Software Group, Inc.<sup>†</sup> | 6.50% | 3/31/2029 | 3433000 | 3432004 |
| Fair Isaac Corp.<sup>†</sup> | 6.00% | 5/15/2033 | 5890000 | 5893605 |
| Paychex, Inc. | 5.35% | 4/15/2032 | 10477000 | 10636971 |
| Synopsys, Inc. | 5.00% | 4/1/2032 | 10713000 | 10735859 |
| Workday, Inc. | 3.80% | 4/1/2032 | 7018000 | 6512400 |
| *Total* |  |  |  | 48516281 |

---

See Notes to Financial Statements. 279

**Schedule of Investments (unaudited)(continued)**

TOTAL RETURN FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Telecommunications 0.41%** |  |  |  |  |
| Altice France SA (France)<sup>†(c)</sup> | 8.125% | 2/1/2027 | $3648000 | $3351160 |
| AT&T, Inc. | 4.30% | 2/15/2030 | 5326000 | 5271588 |
| Sprint Capital Corp. | 6.875% | 11/15/2028 | 5781000 | 6185697 |
| *Total* |  |  |  | 14808445 |
| **Transportation 0.16%** |  |  |  |  |
| Rand Parent LLC<sup>†(d)</sup> | 8.50% | 2/15/2030 | 3274000 | 3228966 |
| Watco Cos. LLC/Watco Finance Corp.<sup>†</sup> | 7.125% | 8/1/2032 | 2324000 | 2393402 |
| *Total* |  |  |  | 5622368 |
| **Trucking & Leasing 0.09%** |  |  |  |  |
| Fortress Transportation & Infrastructure Investors LLC<sup>†</sup> | 5.50% | 5/1/2028 | 3375000 | 3349325 |
| *Total Corporate Bonds* (cost $1,682,839,271) |  |  |  | 1676151593 |
| **FLOATING RATE LOANS**<sup>(g)</sup> **1.62%** |  |  |  |  |
| **Airlines 0.07%** |  |  |  |  |
| American Airlines, Inc. 2025 Term Loan | 6.519%<br>(3 mo. USD Term SOFR + 2.25% | 4/20/2028 | 2518794 | 2496439 |
| **Commercial Services 0.12%** |  |  |  |  |
| Trans Union LLC 2024 Term Loan B8 | 6.077%<br>(1 mo. USD Term SOFR + 1.75% | 6/24/2031 | 1274579 | 1275879 |
| Trans Union LLC 2024 Term Loan B9 | 6.077%<br>(1 mo. USD Term SOFR + 1.75% | 6/24/2031 | 2966422 | 2968276 |
| *Total* |  |  |  | 4244155 |
| **Diversified Financial Services 0.47%** |  |  |  |  |
| Avolon TLB Borrower 1 U.S. LLC 2023 Term Loan B6 | 6.073%<br>(1 mo. USD Term SOFR + 1.75% | 6/24/2030 | 10364998 | 10377954 |
| Citadel Securities LP 2024 First Lien Term Loan | 6.327%<br>(1 mo. USD Term SOFR + 2.00% | 10/31/2031 | 4350097 | 4370217 |
| Hudson River Trading LLC 2024 Term Loan B | 7.333%<br>(1 mo. USD Term SOFR + 3.00% | 3/18/2030 | 2482346 | 2492858 |
| *Total* |  |  |  | 17241029 |
| **Electric 0.29%** |  |  |  |  |
| Calpine Corp. 2024 Term Loan B10 | 6.077%<br>(1 mo. USD Term SOFR + 1.75% | 1/31/2031 | 3700000 | 3700000 |
| NRG Energy, Inc. 2024 Term Loan | 6.03% - 6.08%<br>(1 mo. USD Term SOFR + 1.75%<br> (3 mo. USD Term SOFR + 1.75% | 4/16/2031 | 4307246 | 4316464 |

---

280 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

TOTAL RETURN FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **Electric (continued)** |  |  |  |  |
| Vistra Operations Co. LLC 1st Lien Term Loan B3 | 6.077%<br>(1 mo. USD Term SOFR + 1.75%) | 12/20/2030 | $2666250 | $2673009 |
| *Total* |  |  |  | 10689473 |
| **Entertainment 0.22%** |  |  |  |  |
| Flutter Financing BV 2024 Term Loan B<sup>(c)</sup> | 6.049%<br>(3 mo. USD Term SOFR + 1.75%) | 11/30/2030 | 7875330 | 7864265 |
| **Financial 0.03%** |  |  |  |  |
| Jump Financial LLC 2025 Term Loan B | 8.549%<br>(3 mo. USD Term SOFR + 4.25%) | 2/26/2032 | 1025000 | 1030125 |
| **Household Products 0.09%** |  |  |  |  |
| Reynolds Consumer Products LLC 2025 Term Loan B | 6.077%<br>(1 mo. USD Term SOFR + 1.75%) | 3/4/2032 | 3156191 | 3176564 |
| **Insurance 0.10%** |  |  |  |  |
| Asurion LLC 2021 Term Loan B9 | 7.691%<br>(1 mo. USD Term SOFR + 3.25%) | 7/31/2027 | 3607673 | 3591637 |
| **Lodging 0.11%** |  |  |  |  |
| Hilton Domestic Operating Co., Inc. 2023 Term Loan B4 | 6.075%<br>(1 mo. USD Term SOFR + 1.75%) | 11/8/2030 | 3923000 | 3941673 |
| **Media 0.12%** |  |  |  |  |
| Charter Communications Operating LLC 2024 Term Loan B5 | 6.548%<br>(3 mo. USD Term SOFR + 2.25%) | 12/15/2031 | 4422915 | 4425967 |
| *Total Floating Rate Loans* (cost $58,760,935) |  |  |  | 58701327 |
| **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(c)</sup> **0.17%** |  |  |  |  |
| **Mexico 0.10%** |  |  |  |  |
| Mexico Government International Bonds | 6.35% | 2/9/2035 | 3720000 | 3721451 |
| **Senegal 0.07%** |  |  |  |  |
| Senegal Government International Bonds<sup>†</sup> | 6.25% | 5/23/2033 | 3380000 | 2438670 |
| *Total Foreign Government Obligations* (cost $6,712,463) |  |  |  | 6160121 |

---

*See Notes to Financial Statements.* 281

**Schedule of Investments (unaudited)(continued)**

TOTAL RETURN FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.65%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.65%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.65%** | **GOVERNMENT SPONSORED ENTERPRISES COLLATERALIZED MORTGAGE OBLIGATIONS 1.65%** |  |  |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K140 Class A2 | 2.25% |  | 1/25/2032 | $10710000 | $9341949 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K143 Class A2 | 2.35% |  | 3/25/2032 | 11190000 | 9791526 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K146 Class A2 | 2.92% |  | 6/25/2032 | 9590000 | 8668888 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-153 Class A2 | 3.82% | <sup>#(h)</sup> | 12/25/2032 | 9360000 | 8907732 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-154 Class A2 | 4.35% | <sup>#(h)</sup> | 1/25/2033 | 5170000 | 5088062 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KG07 Class A2 | 3.123% | <sup>#(h)</sup> | 8/25/2032 | 13216000 | 12061417 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KG08 Class A2 | 4.134% | <sup>#(h)</sup> | 5/25/2033 | 6100000 | 5897606 |
| *Total Government Sponsored Enterprises Collateralized Mortgage Obligations*<br> (cost $59,440,871) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations*<br> (cost $59,440,871) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations*<br> (cost $59,440,871) | *Total Government Sponsored Enterprises Collateralized Mortgage Obligations*<br> (cost $59,440,871) |  | 59757180 |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 28.93%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 28.93%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 28.93%** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS 28.93%** |  |  |
| Federal Home Loan Mortgage Corp. | 2.00% |  | 9/1/2050 | 9179100 | 7207454 |
| Federal Home Loan Mortgage Corp. | 3.50% |  | 2/1/2046 | 4650276 | 4239861 |
| Federal Home Loan Mortgage Corp. | 5.00% |  | 7/1/2052 - 8/1/2052 | 26280281 | 25727964 |
| Federal Home Loan Mortgage Corp. | 5.50% |  | 7/1/2054 - 10/1/2054 | 20419583 | 20501785 |
| Federal Home Loan Mortgage Corp. | 6.00% |  | 8/1/2039 - 2/1/2055 | 35507837 | 36523375 |
| Federal Home Loan Mortgage Corp. | 6.50% |  | 11/1/2053 | 12897600 | 13314168 |
| Federal National Mortgage Association | 2.50% |  | 8/1/2050 - 5/1/2052 | 49560460 | 41182916 |
| Federal National Mortgage Association | 3.00% |  | 12/1/2048 | 21272601 | 18544829 |
| Federal National Mortgage Association | 3.50% |  | 7/1/2045 - 4/1/2052 | 17831070 | 16060723 |
| Federal National Mortgage Association | 4.00% |  | 5/1/2052 - 6/1/2052 | 21186767 | 19658203 |

---

282 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

TOTAL RETURN FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** | **GOVERNMENT SPONSORED ENTERPRISES PASS-THROUGHS (continued)** |  |  |
| Federal National Mortgage Association | 5.00% |  | 7/1/2052 - 8/1/2052 | $18508768 | $18129358 |
| Federal National Mortgage Association | 5.50% |  | 3/1/2054 - 10/1/2054 | 36459730 | 36496133 |
| Federal National Mortgage Association | 6.00% |  | 2/1/2039 - 1/1/2055 | 10791414 | 11079837 |
| Government National Mortgage Association<sup>(i)</sup> | 2.00% |  | TBA | 8873000 | 7129813 |
| Government National Mortgage Association<sup>(i)</sup> | 2.50% |  | TBA | 23065000 | 19326556 |
| Government National Mortgage Association<sup>(i)</sup> | 3.00% |  | TBA | 49582000 | 43194905 |
| Government National Mortgage Association<sup>(i)</sup> | 4.50% |  | TBA | 20907000 | 19728094 |
| Government National Mortgage Association<sup>(i)</sup> | 5.00% |  | TBA | 85502000 | 82946041 |
| Government National Mortgage Association<sup>(i)</sup> | 5.50% |  | TBA | 55308000 | 54912695 |
| Government National Mortgage Association<sup>(i)</sup> | 6.00% |  | TBA | 76469000 | 77147925 |
| Uniform Mortgage-Backed Security<sup>(i)</sup> | 2.00% |  | TBA | 51460000 | 42424937 |
| Uniform Mortgage-Backed Security<sup>(i)</sup> | 2.50% |  | TBA | 123713000 | 105086702 |
| Uniform Mortgage-Backed Security<sup>(i)</sup> | 3.00% |  | TBA | 37595000 | 32366452 |
| Uniform Mortgage-Backed Security<sup>(i)</sup> | 3.50% |  | TBA | 11701000 | 10373014 |
| Uniform Mortgage-Backed Security<sup>(i)</sup> | 4.50% |  | TBA | 13106000 | 12362716 |
| Uniform Mortgage-Backed Security<sup>(i)</sup> | 5.00% |  | TBA | 103679000 | 102416391 |
| Uniform Mortgage-Backed Security<sup>(i)</sup> | 5.50% |  | TBA | 116087000 | 116566398 |
| Uniform Mortgage-Backed Security<sup>(i)</sup> | 6.00% |  | TBA | 34341000 | 34801494 |
| Uniform Mortgage-Backed Security<sup>(i)</sup> | 6.50% |  | TBA | 2465000 | 2531363 |
| Uniform Mortgage-Backed Security<sup>(i)</sup> | 7.00% |  | TBA | 13037000 | 13595184 |
| *Total Government Sponsored Enterprises Pass-Throughs* (cost $1,056,893,565) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $1,056,893,565) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $1,056,893,565) | *Total Government Sponsored Enterprises Pass-Throughs* (cost $1,056,893,565) |  | 1045577286 |
| **MUNICIPAL BONDS 0.12%** |  |  |  |  |  |
| **Natural Gas 0.12%** |  |  |  |  |  |
| Texas Natural Gas Securitization Finance Corp. A1<br> (cost $4,141,491) | 5.102% |  | 4/1/2035 | 4141491 | 4214716 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 9.01%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 9.01%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 9.01%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 9.01%** |  |  |
| ALA Trust Series 2025-OANA Class A<sup>†(a)</sup> | 6.043%<br>(1 mo. USD Term SOFR + 1.74% |)<sup>#</sup> | 6/15/2030 | 5970000 | 6005527 |
| Bank5 Series 2025-5YR14 Class A3 | 5.646% |  | 4/15/2058 | 13590000 | 14057836 |
| Bayview Opportunity Master Fund VI Trust Series 2021-6 Class A2<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 10/25/2051 | 7257066 | 5814222 |
| BBCMS Mortgage Trust Series 2023-C21 Class A5 | 6.00% | <sup>#(h)</sup> | 9/15/2056 | 6900000 | 7269898 |
| BBCMS Mortgage Trust Series 2025-5C33 Class A4 | 5.839% |  | 3/15/2058 | 10530000 | 10966774 |

---

*See Notes to Financial Statements.* 283

**Schedule of Investments (unaudited)(continued)**

TOTAL RETURN FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| BBCMS Mortgage Trust Series 2025-5C34 Class A3 | 5.659% |  | 5/15/2058 | $4750000 | $4914463 |
| Benchmark Mortgage Trust Series 2024-V12 Class A3 | 5.739% |  | 12/15/2057 | 4420000 | 4576839 |
| Benchmark Mortgage Trust Series 2024-V7 Class A3 | 6.228% | <sup>#(h)</sup> | 5/15/2056 | 12630000 | 13265086 |
| BMO Mortgage Trust Series 2023-C5 Class A4 | 5.494% |  | 6/15/2056 | 4770000 | 4862782 |
| BMO Mortgage Trust Series 2024-5C5 Class A3 | 5.857% |  | 2/15/2057 | 5390000 | 5590988 |
| BMO Mortgage Trust Series 2024-5C8 Class A3 | 5.625% | <sup>#(h)</sup> | 12/15/2057 | 17030000 | 17553700 |
| BSTN Commercial Mortgage Trust Series 2025-1C Class A<sup>†</sup> | 5.548% | <sup>#(h)</sup> | 6/15/2044 | 3110000 | 3135583 |
| BX Trust Series 2025-ROIC Class B<sup>†</sup> | 5.722%<br>(1 mo. USD Term SOFR + 1.39% |)<sup>#</sup> | 3/15/2030 | 6630000 | 6574773 |
| BX Trust Series 2025-TAIL Class A<sup>†(a)</sup> | 5.70%<br>(1 mo. USD Term SOFR + 1.40% |)<sup>#</sup> | 6/15/2035 | 2650000 | 2657583 |
| CF Trust Series 2019-BOSS Class A1<sup>†(e)</sup> | 7.695%<br>(1 mo. USD Term SOFR + 3.30% |)<sup>#</sup> | 12/15/2024 | 2057570 | 25925 <sup>(j)</sup> |
| Chase Home Lending Mortgage Trust Series 2024-RPL2 Class A1A<sup>†</sup> | 3.25% | <sup>#(h)</sup> | 8/25/2064 | 3873226 | 3402582 |
| Chase Home Lending Mortgage Trust Series 2024-RPL4 Class A1A<sup>†</sup> | 3.375% | <sup>#(h)</sup> | 12/25/2064 | 2751142 | 2439853 |
| CIM Trust Series 2021-J1 Class A1<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 3/25/2051 | 6438831 | 5158507 |
| CIM Trust Series 2021-J3 Class A1<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 6/25/2051 | 12501159 | 10003365 |
| Citigroup Commercial Mortgage Trust Series 2014-GC25 Class XB<sup>(k)</sup> | Zero Coupon | <sup>#(h)</sup> | 10/10/2047 | 19200447 | 121 |
| Commercial Mortgage Pass-Through Certificates Series 2015-LC21 Class AM | 4.043% | <sup>#(h)</sup> | 7/10/2048 | 6234000 | 6221308 |
| CONE Trust Series 2024-DFW1 Class A<sup>†</sup> | 5.97%<br>(1 mo. USD Term SOFR + 1.64% |)<sup>#</sup> | 8/15/2041 | 3880000 | 3872208 |
| EFMT Series 2025-INV2 Class A1<sup>†</sup> | 5.387% | <sup>(l)</sup> | 5/26/2070 | 6370000 | 6372772 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA1 Class M2<sup>†</sup> | 6.822%<br>(30 day USD SOFR Average + 2.50% |)<sup>#</sup> | 1/25/2042 | 7620000 | 7770821 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA1 Class M2<sup>†</sup> | 9.572%<br>(30 day USD SOFR Average + 5.25% |)<sup>#</sup> | 3/25/2042 | 5800000 | 6175707 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2 Class A1<sup>†</sup> | 5.572%<br>(30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 8/25/2044 | 4509375 | 4525289 |

---

284 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

TOTAL RETURN FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-HQA1 Class M1<sup>†</sup> | 5.472%<br>(30 day USD SOFR Average + 1.15% |)<sup>#</sup> | 2/25/2045 | $4943868 | $4942496 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01 Class 1M2<sup>†</sup> | 5.872%<br>(30 day USD SOFR Average + 1.55% |)<sup>#</sup> | 10/25/2041 | 2726765 | 2735188 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R03 Class 1M2<sup>†</sup> | 7.822%<br>(30 day USD SOFR Average + 3.50% |)<sup>#</sup> | 3/25/2042 | 2200000 | 2283037 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R01 Class 1M1<sup>†</sup> | 6.721%<br>(30 day USD SOFR Average + 2.40% |)<sup>#</sup> | 12/25/2042 | 2539875 | 2597577 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R01 Class 1M2<sup>†</sup> | 8.071%<br>(30 day USD SOFR Average + 3.75% |)<sup>#</sup> | 12/25/2042 | 2650000 | 2799305 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R02 Class 1M1<sup>†</sup> | 6.622%<br>(30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 1/25/2043 | 1960781 | 2006378 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03 Class 2M2<sup>†</sup> | 8.222%<br>(30 day USD SOFR Average + 3.90% |)<sup>#</sup> | 4/25/2043 | 223524 | 237760 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R04 Class 1M1<sup>†</sup> | 6.621%<br>(30 day USD SOFR Average + 2.30% |)<sup>#</sup> | 5/25/2043 | 4356453 | 4447050 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R04 Class 1M2<sup>†</sup> | 7.871%<br>(30 day USD SOFR Average + 3.55% |)<sup>#</sup> | 5/25/2043 | 4200000 | 4442587 |
| Flagstar Mortgage Trust Series 2021-12 Class A2<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 11/25/2051 | 3384682 | 2714910 |
| Flagstar Mortgage Trust Series 2021-3INV Class A2<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 6/25/2051 | 7077542 | 5674808 |
| Flagstar Mortgage Trust Series 2021-7 Class A1<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 8/25/2051 | 3320562 | 2663479 |
| GS Mortgage-Backed Securities Trust Series 2021-PJ2 Class A2<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 7/25/2051 | 6577985 | 5276312 |

---

*See Notes to Financial Statements.* 285

**Schedule of Investments (unaudited)(continued)**

TOTAL RETURN FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| GS Mortgage-Backed Securities Trust Series 2022-PJ6 Class A4<sup>†</sup> | 3.00% | <sup>#(h)</sup> | 1/25/2053 | $8959306 | $7479553 |
| Hudson Yards Mortgage Trust Series 2025-SPRL Class A<sup>†</sup> | 5.467% | <sup>#(h)</sup> | 1/13/2040 | 9790000 | 9998549 |
| Hudsons Bay Simon JV Trust Series 2015-HB10 Class XB10<sup>†(k)</sup> | 0.541% | <sup>#(h)</sup> | 8/5/2034 | 19156000 | 22269 |
| Hudsons Bay Simon JV Trust Series 2015-HB7 Class XB7<sup>†(k)</sup> | 0.493% | <sup>#(h)</sup> | 8/5/2034 | 22024000 | 2596 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2018-WPT Class AFL<sup>†</sup> | 5.518%<br>(1 mo. USD Term SOFR + 1.19% |)<sup>#</sup> | 7/5/2033 | 6226535 | 6066830 |
| JP Morgan Mortgage Trust Series 2021-13 Class A3<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 4/25/2052 | 5333989 | 4278483 |
| JP Morgan Mortgage Trust Series 2021-15 Class A2<sup>†</sup> | 3.00% | <sup>#(h)</sup> | 6/25/2052 | 6411798 | 5368803 |
| JP Morgan Mortgage Trust Series 2021-INV8 Class A2<sup>†</sup> | 3.00% | <sup>#(h)</sup> | 5/25/2052 | 4886670 | 4107022 |
| JP Morgan Mortgage Trust Series 2022-1 Class A2<sup>†</sup> | 3.00% | <sup>#(h)</sup> | 7/25/2052 | 4206413 | 3498333 |
| JP Morgan Mortgage Trust Series 2022-3 Class A2<sup>†</sup> | 3.00% | <sup>#(h)</sup> | 8/25/2052 | 7641286 | 6393144 |
| JP Morgan Mortgage Trust Series 2022-4 Class A3<sup>†</sup> | 3.00% | <sup>#(h)</sup> | 10/25/2052 | 4101899 | 3404041 |
| JP Morgan Mortgage Trust Series 2022-INV1 Class A3<sup>†</sup> | 3.00% | <sup>#(h)</sup> | 3/25/2052 | 4879280 | 4085577 |
| JP Morgan Mortgage Trust Series 2025-DSC1 Class A1<sup>†</sup> | 5.577% | <sup>#(h)</sup> | 9/25/2065 | 6824614 | 6834979 |
| KIND Commercial Mortgage Trust Series 2024-1 Class A<sup>†</sup> | 6.219%<br>(1 mo. USD Term SOFR + 1.89% |)<sup>#</sup> | 8/15/2041 | 3990000 | 4001891 |
| Mill City Mortgage Loan Trust Series 2021-NMR1 Class B4<sup>†</sup> | 3.731% | <sup>#(h)</sup> | 11/25/2060 | 3719000 | 2464111 |
| Morgan Stanley BAML Trust Series 2025-5C1 Class A3 | 5.635% |  | 3/15/2058 | 5500000 | 5681368 |
| New Residential Mortgage Loan Trust Series 2020-RPL1 Class B3<sup>†</sup> | 3.847% | <sup>#(h)</sup> | 11/25/2059 | 4800000 | 3610036 |
| ROCK Trust Series 2024-CNTR Class A<sup>†</sup> | 5.388% |  | 11/13/2041 | 9050000 | 9174450 |
| Starwood Mortgage Residential Trust Series 2020-1 Class A1<sup>†</sup> | 2.275% | <sup>#(h)</sup> | 2/25/2050 | 77011 | 73409 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class A<sup>†</sup> | 5.772%<br>(1 mo. USD Term SOFR + 1.44% |)<sup>#</sup> | 2/15/2042 | 5030000 | 4994535 |

---

286 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

TOTAL RETURN FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |  |
| TEXAS Commercial Mortgage Trust Series 2025-TWR Class B<sup>†</sup> | 5.921%<br>(1 mo. USD Term SOFR + 1.59% |)<sup>#</sup> | 4/15/2042 | $3090000 | $3057356 |
| Towd Point Mortgage Trust Series 2019-HY1 Class M2<sup>†</sup> | 6.439%<br>(1 mo. USD Term SOFR + 2.11% |)<sup>#</sup> | 10/25/2048 | 4024141 | 4184582 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C51 Class A3 | 3.055% |  | 6/15/2052 | 6138436 | 5726727 |
| Wells Fargo Commercial Mortgage Trust Series 2024-MGP Class A12<sup>†</sup> | 6.02%<br>(1 mo. USD Term SOFR + 1.69% |)<sup>#</sup> | 8/15/2041 | 6250000 | 6229314 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C3 Class A3 | 6.096% |  | 1/15/2058 | 5640000 | 5926262 |
| Wells Fargo Mortgage-Backed Securities Trust Series 2021-INV2 Class A2<sup>†</sup> | 2.50% | <sup>#(h)</sup> | 9/25/2051 | 3822914 | 3068809 |
| WFRBS Commercial Mortgage Trust Series 2014-C23 Class XA<sup>(k)</sup> | Zero Coupon | <sup>#(h)</sup> | 10/15/2057 | 4925759 | 52 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $328,693,543) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $328,693,543) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $328,693,543) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $328,693,543) |  | 325768480 |
| **U.S. TREASURY OBLIGATIONS 16.63%** |  |  |  |  |  |
| U.S. Treasury Bonds | 3.375% |  | 8/15/2042 | 63034000 | 51910715 |
| U.S. Treasury Bonds | 4.125% |  | 8/15/2044 | 68731000 | 61785410 |
| U.S. Treasury Bonds | 4.50% |  | 11/15/2054 | 151873900 | 141812254 |
| U.S. Treasury Bonds | 4.625% |  | 11/15/2044 | 121710000 | 116936686 |
| U.S. Treasury Bonds | 4.75% |  | 2/15/2045 | 20546000 | 20061243 |
| U.S. Treasury Notes | 4.00% |  | 3/31/2030 | 79467100 | 79616101 |
| U.S. Treasury Notes | 4.125% |  | 2/28/2027 | 117045000 | 117383333 |
| U.S. Treasury Notes | 4.25% |  | 11/15/2034 | 11561000 | 11449906 |
| *Total U.S. Treasury Obligations* (cost $614,634,485) | *Total U.S. Treasury Obligations* (cost $614,634,485) |  |  |  | 600955648 |
| *Total Long-Term Investments* (cost $4,354,150,996) | *Total Long-Term Investments* (cost $4,354,150,996) |  |  |  | 4318856956 |
| **SHORT-TERM INVESTMENTS 3.08%** |  |  |  |  |  |
| **REPURCHASE AGREEMENTS 2.48%** |  |  |  |  |  |
| Repurchase Agreement dated 5/30/2025, 4.320% due 6/2/2025 with Barclays Capital, Inc. collateralized by $14,135,400 of U.S. Treasury Note at 3.750% due 4/30/2027; value: $14,117,347; proceeds: $13,839,981 (cost $13,835,000) |  |  |  | 13835000 | 13835000 |

---

*See Notes to Financial Statements.* 287

**Schedule of Investments (unaudited)(continued)**

TOTAL RETURN FUND *May 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount**<sup>‡</sup> | **Fair<br> Value** |
| **REPURCHASE AGREEMENTS (continued)** |  |  |
| Repurchase Agreement dated 5/30/2025, 4.000% due 6/2/2025 with Fixed Income Clearing Corp. collateralized by $19,439,500 of U.S. Treasury Note at 1.250% due 11/30/2026; $9,558,700 of U.S. Treasury Note at 1.625% due 11/30/2026; value: $28,075,077; proceeds: $27,533,649 (cost $27,524,474) | $27524474 | $27524474 |
| Repurchase Agreement dated 5/30/2025, 4.310% due 6/2/2025 with JPMorgan Securities LLC collateralized by $53,591,100 of U.S. Treasury Bond at 2.750% due 8/15/2032; value: $49,147,959; proceeds: $48,182,299 (cost $48,165,000) | 48165000 | 48165000 |
| *Total Repurchase Agreements* (cost $89,524,474) |  | 89524474 |
| **Time Deposits 0.06%** |  |  |
| CitiBank N.A.<sup>(m)</sup> <br> (cost $2,177,431) | 2177431 | 2177431 |
|  | **Shares** |  |
| **Money Market Funds 0.54%** |  |  |
| Fidelity Government Portfolio<sup>(m)</sup> (cost $19,596,881) | 19596881 | 19596881 |
| *Total Short-Term Investments* (cost $111,298,786) |  | 111298786 |
| *Total Investments in Securities 122.56%* (cost $4,465,449,782) |  | 4430155742 |
| *Other Assets and Liabilities – Net*<sup>(n)</sup> *(22.56)%* |  | (815547277) |
| *Net Assets 100.00%* |  | $3614608465 |

---

---

| | |
|:---|:---|
| CAD | Canadian Dollar. |
| CMT | Constant Maturity Rate. |
| REITS | Real Estate Investment Trusts. |
| REMICS | Real Estate Mortgage Investment Conduits. |
| SOFR | Secured Overnight Financing Rate. |
| STACR | Structured Agency Credit Risk. |
| <sup>‡</sup> | Principal Amount is denominated in U.S. dollars unless otherwise noted. |
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At May 31, 2025, the total value of Rule 144A securities was $1,492,854,721, which represents 41.30% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at May 31, 2025. |
| <sup>(a)</sup> | Securities purchased on a when-issued basis (See Note 2(l)). |
| <sup>(b)</sup> | Interest Rate to be determined. |
| <sup>(c)</sup> | Foreign security traded in U.S. dollars. |
| <sup>(d)</sup> | All or a portion of this security is temporarily on loan to unaffiliated broker/dealers. |
| <sup>(e)</sup> | Defaulted (non-income producing security). |
| <sup>(f)</sup> | Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments. |
| <sup>(g)</sup> | Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the SOFR or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at May 31, 2025. |
| <sup>(h)</sup> | Interest rate is based on the weighted average interest rates of the underlying mortgages within the mortgage pool. |
| <sup>(i)</sup> | To-be-announced ("TBA"). Security purchased on a forward commitment basis with an approximate principal and maturity date. Actual principal and maturity will be determined upon settlement when the specific mortgage pools are assigned. |

---

288 See Notes to Financial Statements.

**Schedule of Investments (unaudited)(continued)**

TOTAL RETURN FUND *May 31, 2025*

<sup>(j)</sup> Level 3 Investment as described in Note 2(a) in the Notes to Financial Statements. Security fair valued by the Pricing Committee.

<sup>(k)</sup> Interest-only security. The principal amount shown is a notional amount representing the outstanding principal of the underlying debt obligation(s). Holders of interest only securities do not receive principal payments on the underlying debt obligation(s).

<sup>(l)</sup> Step Bond – Security with a predetermined schedule of interest rate changes.

<sup>(m)</sup> Security was purchased with the cash collateral from loaned securities.

<sup>(n)</sup> Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on forward foreign currency exchange contracts and futures contracts as follows:

**Forward Foreign Currency Exchange Contracts at May 31, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward<br> Foreign<br> Currency<br> Exchange<br> Contracts** | **Transaction<br> Type** | **Counterparty** | **Expiration<br> Date** | **Foreign<br> Currency** | **U.S. $ Cost on<br> Origination<br> Date** | **U.S. $ Current<br> Value** | **Unrealized<br> Depreciation** |
| Canadian Dollar | Sell | State Street Bank And Trust | 6/13/2025 | 25413000 | $17855001 | $18527983 | $(672982) |

---

**Futures Contracts at May 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional Amount** | **Notional Value** | **Unrealized<br> Appreciation** |
| U.S. 2-Year Treasury Note | September 2025 | 1302 | Long | $269785337 | $270083625 | $298288 |
| U.S. 5-Year Treasury Note | September 2025 | 961 | Long | 103587452 | 103968187 | 380735 |
| U.S. Ultra Treasury Bond | September 2025 | 301 | Long | 34256525 | 34934812 | 678287 |
| *Total Unrealized Appreciation on Futures Contracts* | *Total Unrealized Appreciation on Futures Contracts* |  |  |  |  | $1357310 |
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Depreciation** |
| U.S. 10-Year Ultra Treasury Note | September 2025 | 810 | Short | $(90371696) | $(91162969) | $(791273) |

---

The following is a summary of the inputs used as of May 31, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $– | $541570605 | $– | $541570605 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas |  | 114185548 | 35 | 114185583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remaining Industries |  | 1561966010 |  | 1561966010 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  | 58701327 |  | 58701327 |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 6160121 |  | 6160121 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Collateralized Mortgage Obligations |  | 59757180 |  | 59757180 |
| &nbsp;&nbsp;&nbsp;Government Sponsored Enterprises Pass-Throughs |  | 1045577286 |  | 1045577286 |
| &nbsp;&nbsp;&nbsp;Municipal Bonds |  | 4214716 |  | 4214716 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 325742555 | 25925 | 325768480 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 600955648 |  | 600955648 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements |  | 89524474 |  | 89524474 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 2177431 |  | 2177431 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 19596881 | – | – | 19596881 |
| Total | $19596881 | $4410532901 | $25960 | $4430155742 |

---

*See Notes to Financial Statements.* 289

**Schedule of Investments (unaudited)(concluded)**

TOTAL RETURN FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Other Financial Instruments** | | | | |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $– | $– | $– | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities |  | (672982) |  | (672982) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | 1357310 |  |  | 1357310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | (791273) | – | – | (791273) |
| Total | $566037 | $(672982) | $– | $(106945) |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund's net assets. Management has determined not to provide a reconciliation as the balance of Level 3 investments was not considered to be material to the Fund's net assets at the beginning or end of the period.

290 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 94.23%** |  |  |  |  |
| **ASSET-BACKED SECURITIES 27.68%** |  |  |  |  |
| **Automobiles 17.26%** |  |  |  |  |
| Ally Auto Receivables Trust Series 2024-2 Class A2 | 4.46% | 7/15/2027 | $14901846 | $14897648 |
| Ally Bank Auto Credit-Linked Notes Series 2024-A Class A2<sup>†</sup> | 5.681% | 5/17/2032 | 11375534 | 11522101 |
| AmeriCredit Automobile Receivables Trust Series 2022-2 Class B | 4.81% | 4/18/2028 | 8715000 | 8706831 |
| AmeriCredit Automobile Receivables Trust Series 2023-2 Class A2 | 6.19% | 4/19/2027 | 7547330 | 7561651 |
| AmeriCredit Automobile Receivables Trust Series 2023-2 Class A3 | 5.81% | 5/18/2028 | 23925000 | 24125056 |
| AmeriCredit Automobile Receivables Trust Series 2024-1 Class A2A | 5.75% | 2/18/2028 | 9692363 | 9717232 |
| AmeriCredit Automobile Receivables Trust Series 2024-1 Class A3 | 5.43% | 1/18/2029 | 19943000 | 20174526 |
| ARI Fleet Lease Trust Series 2024-B Class A2<sup>†</sup> | 5.54% | 4/15/2033 | 18037544 | 18136593 |
| Avis Budget Rental Car Funding AESOP LLC Series 2021-1A Class A<sup>†</sup> | 1.38% | 8/20/2027 | 19015000 | 18400057 |
| Bank of America Auto Trust Series 2023-1A Class A3<sup>†</sup> | 5.53% | 2/15/2028 | 25552172 | 25723208 |
| Bank of America Auto Trust Series 2023-2A Class A3<sup>†</sup> | 5.74% | 6/15/2028 | 28370000 | 28651680 |
| BofA Auto Trust Series 2024-1A Class A3<sup>†</sup> | 5.35% | 11/15/2028 | 6757000 | 6826542 |
| Capital One Prime Auto Receivables Trust Series 2022-2 Class A3 | 3.66% | 5/17/2027 | 13910977 | 13857208 |
| CarMax Auto Owner Trust Series 2023-2 Class A3 | 5.05% | 1/18/2028 | 31370511 | 31469397 |
| CarMax Auto Owner Trust Series 2023-3 Class A3 | 5.28% | 5/15/2028 | 24302000 | 24430256 |
| CarMax Auto Owner Trust Series 2023-4 Class A2A | 6.08% | 12/15/2026 | 2840036 | 2844237 |
| CarMax Auto Owner Trust Series 2023-4 Class A3 | 6.00% | 7/17/2028 | 53454000 | 54229655 |
| CarMax Auto Owner Trust Series 2024-2 Class A2A | 5.65% | 5/17/2027 | 7570309 | 7588551 |
| CarMax Auto Owner Trust Series 2025-1 Class A2A | 4.63% | 3/15/2028 | 26320000 | 26318673 |
| Carmax Select Receivables Trust Series 2024-A Class A2A | 5.78% | 9/15/2027 | 8367014 | 8398289 |

---

*See Notes to Financial Statements.* 291

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |
| Carmax Select Receivables Trust Series 2024-A Class A3 | 5.40% | 11/15/2028 | $16400000 | $16569294 |
| Carvana Auto Receivables Trust Series 2021-N1 Class B | 1.09% | 1/10/2028 | 4125915 | 4021090 |
| Chesapeake Funding II LLC Series 2024-1A Class A1<sup>†</sup> | 5.52% | 5/15/2036 | 19424093 | 19611040 |
| Citizens Auto Receivables Trust Series 2023-1 Class A3<sup>†</sup> | 5.84% | 1/18/2028 | 25056689 | 25217744 |
| Citizens Auto Receivables Trust Series 2023-2 Class A2A<sup>†</sup> | 6.09% | 10/15/2026 | 556965 | 557351 |
| Citizens Auto Receivables Trust Series 2023-2 Class A3<sup>†</sup> | 5.83% | 2/15/2028 | 69367000 | 69876397 |
| Citizens Auto Receivables Trust Series 2024-2 Class A2A<sup>†</sup> | 5.54% | 11/16/2026 | 9278174 | 9292488 |
| Credit Acceptance Auto Loan Trust Series 2023-1A Class A<sup>†</sup> | 6.48% | 3/15/2033 | 12717560 | 12785182 |
| Drive Auto Receivables Trust Series 2024-2 Class A3 | 4.50% | 9/15/2028 | 30000000 | 29954538 |
| Enterprise Fleet Financing LLC Series 2021-2 Class A3<sup>†</sup> | 0.74% | 5/20/2027 | 1338444 | 1323566 |
| Enterprise Fleet Financing LLC Series 2024-1 Class A2<sup>†</sup> | 5.23% | 3/20/2030 | 28833952 | 29011869 |
| Enterprise Fleet Financing LLC Series 2024-2 Class A2<sup>†</sup> | 5.74% | 12/20/2026 | 13973178 | 14036672 |
| Enterprise Fleet Financing LLC Series 2025-1 Class A2<sup>†</sup> | 4.65% | 10/20/2027 | 22000000 | 22023181 |
| Enterprise Fleet Financing LLC Series 2025-2 Class A2<sup>†</sup> | 4.51% | 2/22/2028 | 55000000 | 54970933 |
| Exeter Automobile Receivables Trust Series 2024-3A Class A2 | 5.82% | 2/15/2027 | 915552 | 916042 |
| Exeter Automobile Receivables Trust Series 2024-3A Class A3 | 5.65% | 12/15/2027 | 8450000 | 8473128 |
| Exeter Automobile Receivables Trust Series 2024-5A Class A3 | 4.45% | 3/15/2028 | 19181000 | 19142937 |
| Exeter Automobile Receivables Trust Series 2024-5A Class B | 4.48% | 4/16/2029 | 11000000 | 10942540 |
| Fifth Third Auto Trust Series 2023-1 Class A3 | 5.53% | 8/15/2028 | 69005074 | 69506051 |
| First Investors Auto Owner Trust Series 2022-2A Class A<sup>†</sup> | 6.26% | 7/15/2027 | 3403749 | 3412571 |
| Flagship Credit Auto Trust Series 2022-3 Class A3<sup>†</sup> | 4.55% | 4/15/2027 | 1256085 | 1256022 |

---

292 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |
| Flagship Credit Auto Trust Series 2023-3 Class A2<sup>†</sup> | 5.89% | 7/15/2027 | $5899153 | $5905931 |
| Flagship Credit Auto Trust Series 2023-3 Class A3<sup>†</sup> | 5.44% | 4/17/2028 | 13180000 | 13213643 |
| Flagship Credit Auto Trust Series 2024-1 Class A3<sup>†</sup> | 5.48% | 10/16/2028 | 23908000 | 24125577 |
| Ford Credit Auto Lease Trust Series 2023-B Class B | 6.20% | 2/15/2027 | 9205000 | 9289750 |
| Ford Credit Auto Lease Trust Series 2024-A Class A3 | 5.06% | 5/15/2027 | 11773000 | 11796650 |
| Ford Credit Auto Lease Trust Series 2024-A Class B | 5.29% | 6/15/2027 | 11665000 | 11717600 |
| Ford Credit Auto Lease Trust Series 2024-B Class A3 | 4.99% | 12/15/2027 | 24545000 | 24696320 |
| Ford Credit Auto Lease Trust Series 2025-A Class A2A | 4.57% | 8/15/2027 | 34020000 | 34014553 |
| Ford Credit Auto Owner Trust Series 2023-C Class A3 | 5.53% | 9/15/2028 | 18696000 | 18899857 |
| GLS Auto Receivables Issuer Trust Series 2022-2A Class D<sup>†</sup> | 6.15% | 4/17/2028 | 4558000 | 4602562 |
| GLS Auto Receivables Issuer Trust Series 2024-4A Class A3<sup>†</sup> | 4.75% | 7/17/2028 | 10622000 | 10625089 |
| GLS Auto Select Receivables Trust Series 2024-2A Class A2<sup>†</sup> | 5.58% | 6/17/2030 | 6528550 | 6585969 |
| GLS Auto Select Receivables Trust Series 2024-3A Class A2<sup>†</sup> | 5.59% | 10/15/2029 | 21065640 | 21289155 |
| GM Financial Automobile Leasing Trust Series 2023-3 Class B | 5.88% | 8/20/2027 | 4690000 | 4719200 |
| GM Financial Automobile Leasing Trust Series 2024-2 Class A3 | 5.39% | 7/20/2027 | 54875000 | 55348319 |
| GM Financial Automobile Leasing Trust Series 2024-2 Class B | 5.56% | 5/22/2028 | 14760000 | 14916264 |
| GM Financial Automobile Leasing Trust Series 2024-3 Class A3 | 4.21% | 10/20/2027 | 34303000 | 34244846 |
| GM Financial Consumer Automobile Receivables Trust Series 2023-4 Class A3 | 5.78% | 8/16/2028 | 50415000 | 51029856 |
| Hertz Vehicle Financing III LLC Series 2022-1A Class A<sup>†</sup> | 1.99% | 6/25/2026 | 2025000 | 2021134 |
| Honda Auto Receivables Owner Trust Series 2023-1 Class A3 | 5.04% | 4/21/2027 | 27804226 | 27861214 |
| Honda Auto Receivables Owner Trust Series 2023-4 Class A3 | 5.67% | 6/21/2028 | 51139000 | 51741806 |

---

*See Notes to Financial Statements.* 293

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |  |
| Honda Auto Receivables Owner Trust Series 2024-2 Class A3 | 5.27% |  | 11/20/2028 | $29720000 | $30044210 |
| Honda Auto Receivables Owner Trust Series 2024-4 Class A2 | 4.56% |  | 3/15/2027 | 37331366 | 37319957 |
| Huntington Auto Trust Series 2024-1A Class A2<sup>†</sup> | 5.50% |  | 3/15/2027 | 8233781 | 8244963 |
| Hyundai Auto Lease Securitization Trust Series 2024-B Class A3<sup>†</sup> | 5.41% |  | 5/17/2027 | 19990000 | 20157596 |
| Hyundai Auto Lease Securitization Trust Series 2025-B Class A3<sup>†</sup> | 4.53% |  | 4/17/2028 | 50000000 | 50205335 |
| Hyundai Auto Receivables Trust Series 2023-C Class A3 | 5.54% |  | 10/16/2028 | 10621000 | 10746954 |
| LAD Auto Receivables Trust Series 2023-4A Class A4<sup>†</sup> | 6.24% |  | 6/15/2028 | 2930000 | 2968072 |
| LAD Auto Receivables Trust Series 2024-2A Class A3<sup>†</sup> | 5.61% |  | 8/15/2028 | 3900000 | 3924118 |
| LAD Auto Receivables Trust Series 2024-3A Class A2<sup>†</sup> | 4.64% |  | 11/15/2027 | 9155759 | 9155307 |
| M&T Bank Auto Receivables Trust Series 2025-1A Class A2A<sup>†</sup> | 4.63% |  | 5/15/2028 | 12500000 | 12495258 |
| Mercedes-Benz Auto Lease Trust Series 2024-A Class A3 | 5.32% |  | 1/18/2028 | 11045000 | 11167023 |
| Mercedes-Benz Auto Receivables Trust Series 2023-2 Class A3 | 5.95% |  | 11/15/2028 | 26264000 | 26610267 |
| Merchants Fleet Funding LLC Series 2024-1A Class A<sup>†</sup> | 5.82% |  | 4/20/2037 | 31955942 | 32160575 |
| Navistar Financial Dealer Note Master Owner Trust Series 2024-1 Class A<sup>†</sup> | 5.59% |  | 4/25/2029 | 30105000 | 30342902 |
| NextGear Floorplan Master Owner Trust Series 2023-1A Class A1<sup>†</sup> | 5.432%<br> (30 day USD SOFR Average + 1.10% |)<sup>#</sup> | 3/15/2028 | 19850000 | 19889486 |
| Nissan Auto Lease Trust Series 2023-B Class A3 | 5.69% |  | 7/15/2026 | 13196405 | 13218027 |
| Nissan Auto Receivables Owner Trust Series 2023-B Class A3 | 5.93% |  | 3/15/2028 | 12945000 | 13061105 |
| Octane Receivables Trust Series 2022-2A Class B<sup>†</sup> | 5.85% |  | 7/20/2028 | 8000000 | 8028184 |
| Octane Receivables Trust Series 2022-2A Class C<sup>†</sup> | 6.29% |  | 7/20/2028 | 3500000 | 3537738 |
| Octane Receivables Trust Series 2024-1A Class A2<sup>†</sup> | 5.68% |  | 5/20/2030 | 22382698 | 22543032 |

---

294 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |
| OneMain Direct Auto Receivables Trust Series 2021-1A Class A<sup>†</sup> | 0.87% | 7/14/2028 | $4840409 | $4800581 |
| OneMain Direct Auto Receivables Trust Series 2021-1A Class B<sup>†</sup> | 1.26% | 7/14/2028 | 34347000 | 33676406 |
| Porsche Innovative Lease Owner Trust Series 2024-2A Class A3<sup>†</sup> | 4.35% | 10/20/2027 | 34715000 | 34656911 |
| Santander Drive Auto Receivables Trust Series 2022-3 Class C | 4.49% | 8/15/2029 | 34055000 | 34000927 |
| Santander Drive Auto Receivables Trust Series 2022-4 Class C | 5.00% | 11/15/2029 | 17490000 | 17547465 |
| Santander Drive Auto Receivables Trust Series 2022-5 Class C | 4.74% | 10/16/2028 | 5957658 | 5955359 |
| Santander Drive Auto Receivables Trust Series 2023-3 Class B | 5.61% | 7/17/2028 | 21890000 | 22022432 |
| Santander Drive Auto Receivables Trust Series 2024-1 Class A3 | 5.25% | 4/17/2028 | 13880341 | 13901285 |
| Santander Drive Auto Receivables Trust Series 2024-2 Class A2 | 5.80% | 9/15/2027 | 6925050 | 6932103 |
| Santander Drive Auto Receivables Trust Series 2024-2 Class A3 | 5.63% | 11/15/2028 | 4708000 | 4733123 |
| Santander Drive Auto Receivables Trust Series 2024-3 Class A3 | 5.63% | 1/16/2029 | 18075000 | 18194917 |
| Santander Drive Auto Receivables Trust Series 2024-5 Class A2 | 4.88% | 9/15/2027 | 13194535 | 13194934 |
| Santander Drive Auto Receivables Trust Series 2025-1 Class A2 | 4.76% | 8/16/2027 | 32725626 | 32736030 |
| SBNA Auto Lease Trust Series 2024-B Class A2<sup>†</sup> | 5.67% | 11/20/2026 | 11301537 | 11318713 |
| SBNA Auto Lease Trust Series 2025-A Class A3<sup>†</sup> | 4.83% | 4/20/2028 | 22575000 | 22647482 |
| SBNA Auto Receivables Trust Series 2024-A Class A3<sup>†</sup> | 5.32% | 12/15/2028 | 23975692 | 24048990 |
| Securitized Term Auto Receivables Trust Series 2025-A Class B<sup>†</sup> | 5.038% | 7/25/2031 | 5815406 | 5844096 |
| SFS Auto Receivables Securitization Trust Series 2024-2A Class A2<sup>†</sup> | 5.71% | 10/20/2027 | 7550256 | 7570401 |
| Stellantis Financial Underwritten Enhanced Lease Trust Series 2025-AA Class A2<sup>†</sup> | 4.63% | 7/20/2027 | 14500000 | 14509382 |
| Toyota Auto Receivables Owner Trust Series 2023-D Class A3 | 5.54% | 8/15/2028 | 21207000 | 21447479 |
| Toyota Lease Owner Trust Series 2025-A Class A3<sup>†</sup> | 4.75% | 2/22/2028 | 30000000 | 30203583 |
| Tricolor Auto Securitization Trust Series 2024-3A Class A<sup>†</sup> | 5.22% | 6/15/2028 | 15315514 | 15324915 |

---

*See Notes to Financial Statements.* 295

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Automobiles (continued)** |  |  |  |  |  |
| VStrong Auto Receivables Trust Series 2023-A Class B<sup>†</sup> | 7.11% |  | 2/15/2030 | $31694000 | $32364420 |
| VStrong Auto Receivables Trust Series 2024-A Class A2<sup>†</sup> | 5.79% |  | 8/16/2027 | 3397688 | 3402498 |
| Westlake Automobile Receivables Trust Series 2021-2A Class D<sup>†</sup> | 1.23% |  | 12/15/2026 | 6862377 | 6838113 |
| Westlake Automobile Receivables Trust Series 2023-1A Class C<sup>†</sup> | 5.74% |  | 8/15/2028 | 3710000 | 3734797 |
| Westlake Automobile Receivables Trust Series 2023-3A Class B<sup>†</sup> | 5.92% |  | 9/15/2028 | 9245000 | 9302901 |
| Westlake Automobile Receivables Trust Series 2023-4A Class A2<sup>†</sup> | 6.23% |  | 1/15/2027 | 4259671 | 4268149 |
| Westlake Automobile Receivables Trust Series 2024-1A Class A3<sup>†</sup> | 5.44% |  | 5/17/2027 | 24500000 | 24556433 |
| Westlake Automobile Receivables Trust Series 2024-1A Class B<sup>†</sup> | 5.55% |  | 11/15/2027 | 37551000 | 37717358 |
| Westlake Automobile Receivables Trust Series 2024-1A Class C<sup>†</sup> | 5.65% |  | 2/15/2029 | 4800000 | 4838369 |
| Westlake Automobile Receivables Trust Series 2024-2A Class A3<sup>†</sup> | 5.56% |  | 2/15/2028 | 35850000 | 36057683 |
| Westlake Automobile Receivables Trust Series 2024-2A Class B<sup>†</sup> | 5.62% |  | 3/15/2030 | 30925000 | 31180948 |
| Westlake Automobile Receivables Trust Series 2024-3A Class A2B<sup>†</sup> | 4.902%<br> (30 day USD SOFR Average + 0.57% |)<sup>#</sup> | 9/15/2027 | 46726152 | 46746123 |
| Westlake Automobile Receivables Trust Series 2025-1A Class A2A<sup>†</sup> | 4.66% |  | 1/18/2028 | 26006000 | 26003259 |
| Westlake Flooring Master Trust Series 2024-1A Class A<sup>†</sup> | 5.43% |  | 2/15/2028 | 7603000 | 7635170 |
| *Total* |  |  |  |  | 2260859166 |
| **Credit Card 1.15%** |  |  |  |  |  |
| Discover Card Execution Note Trust Series 2022-A3 Class A3 | 3.56% |  | 7/15/2027 | 9250000 | 9238783 |
| Discover Card Execution Note Trust Series 2023-A2 Class A | 4.93% |  | 6/15/2028 | 11169000 | 11231368 |
| Evergreen Credit Card Trust Series 2024-CRT4 Class B<sup>†</sup> | 5.25% |  | 10/15/2028 | 10000000 | 10041682 |
| First National Master Note Trust Series 2023-1 Class A | 5.13% |  | 4/15/2029 | 20000000 | 20100018 |
| First National Master Note Trust Series 2023-2 Class A | 5.77% |  | 9/15/2029 | 40000000 | 40679256 |

---

296 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Credit Card (continued)** |  |  |  |  |  |
| Synchrony Card Funding LLC Series 2022-A2 Class A | 3.86% |  | 7/15/2028 | $25948000 | $25921639 |
| Synchrony Card Funding LLC Series 2023-A1 Class A | 5.54% |  | 7/15/2029 | 33426000 | 33825992 |
| *Total* |  |  |  |  | 151038738 |
| **Other 9.27%** |  |  |  |  |  |
| 522 Funding CLO Ltd. Series 2020-6A Class A1R2<sup>†</sup> | 5.479%<br> (3 mo. USD Term SOFR + 1.20% |)<sup>#</sup> | 10/23/2034 | 33280000 | 33232077 |
| Affirm Asset Securitization Trust Series 2023-B Class 1A<sup>†</sup> | 6.82% |  | 9/15/2028 | 14965000 | 15037835 |
| Affirm Asset Securitization Trust Series 2023-B Class A<sup>†</sup> | 6.82% |  | 9/15/2028 | 24294000 | 24412239 |
| Affirm Asset Securitization Trust Series 2023-B Class B<sup>†</sup> | 7.44% |  | 9/15/2028 | 6710000 | 6749487 |
| Affirm Asset Securitization Trust Series 2024-A Class 1A<sup>†</sup> | 5.61% |  | 2/15/2029 | 12320000 | 12374351 |
| Affirm Asset Securitization Trust Series 2024-X1 Class A<sup>†</sup> | 6.27% |  | 5/15/2029 | 5930610 | 5937291 |
| Allegro CLO VII Ltd. Series 2018-1A Class AR<sup>†</sup> | 5.386%<br> (3 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 6/13/2031 | 17464585 | 17469422 |
| Amur Equipment Finance Receivables XIII LLC Series 2024-1A Class A2<sup>†</sup> | 5.38% |  | 1/21/2031 | 31551876 | 31808967 |
| Apex Credit CLO Ltd. Series 2018-2A Class AR3<sup>†</sup> | 5.22%<br> (3 mo. USD Term SOFR + 0.95% |)<sup>#</sup> | 10/20/2031 | 8416686 | 8397319 |
| Aqua Finance Trust Series 2021-A Class A<sup>†</sup> | 1.54% |  | 7/17/2046 | 4752778 | 4359020 |
| ARES XXXIV CLO Ltd. Series 2015-2A Class AR3<sup>†</sup> | 5.60%<br> (3 mo. USD Term SOFR + 1.32% |)<sup>#</sup> | 4/17/2033 | 50000000 | 50149000 |
| Bain Capital Credit CLO Ltd. Series 2019-3A Class ARR<sup>†</sup> | 5.30%<br> (3 mo. USD Term SOFR + 1.03% |)<sup>#</sup> | 10/21/2034 | 24350000 | 24289028 |
| Bain Capital Credit CLO Ltd. Series 2021-1A Class AR<sup>†</sup> | 5.21%<br> (3 mo. USD Term SOFR + 0.94% |)<sup>#</sup> | 4/18/2034 | 7325000 | 7283306 |
| Bain Capital Credit CLO Ltd. Series 2021-3A Class AR<sup>†</sup> | 5.335%<br> (3 mo. USD Term SOFR + 1.06% |)<sup>#</sup> | 7/24/2034 | 10680000 | 10655425 |
| Bardot CLO Ltd. Series 2019-2A Class ARR<sup>†</sup> | 5.252%<br> (3 mo. USD Term SOFR + 0.98% |)<sup>#</sup> | 10/22/2032 | 26375591 | 26323921 |
| Barings Loan Partners CLO Ltd. 3 Series LP-3A Class AR2<sup>†</sup> | 5.22%<br> (3 mo. USD Term SOFR + 0.95% |)<sup>#</sup> | 7/20/2033 | 15640000 | 15577940 |

---

*See Notes to Financial Statements.* 297

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Buckhorn Park CLO Ltd. Series 2019-1A Class ARR<sup>†</sup> | 5.34%<br> (3 mo. USD Term SOFR + 1.07% |)<sup>#</sup> | 7/18/2034 | $67340000 | $67259529 |
| Canyon CLO Ltd. Series 2020-2A Class AR2<sup>†</sup> | 5.286%<br> (3 mo. USD Term SOFR + 1.03% |)<sup>#</sup> | 10/15/2034 | 15000000 | 14913525 |
| Carlyle Global Market Strategies CLO Ltd. Series 2012-4A Class A1R4<sup>†</sup> | 5.392%<br> (3 mo. USD Term SOFR + 1.12% |)<sup>#</sup> | 4/22/2032 | 6948556 | 6948563 |
| Cedar Funding XI CLO Ltd. Series 2019-11A Class A1R2<sup>†</sup> | 5.389%<br> (3 mo. USD Term SOFR + 1.06% |)<sup>#</sup> | 5/29/2032 | 14433112 | 14414219 |
| Clover CLO LLC Series 2021-3A Class AR<sup>†</sup> | 5.352%<br> (3 mo. USD Term SOFR + 1.07% |)<sup>#</sup> | 1/25/2035 | 18250000 | 18180522 |
| Columbia Cent CLO 31 Ltd. Series 2021-31A Class A1R<sup>†</sup> | 5.37%<br> (3 mo. USD Term SOFR + 1.10% |)<sup>#</sup> | 4/20/2034 | 28180000 | 28055867 |
| Crestline Denali CLO XVII Ltd. Series 2018-1A Class ARR<sup>†</sup> | 5.386%<br> (3 mo. USD Term SOFR + 1.13% |)<sup>#</sup> | 10/15/2031 | 15009994 | 15014227 |
| Dell Equipment Finance Trust Series 2023-1 Class A3<sup>†</sup> | 5.65% |  | 9/22/2028 | 13547779 | 13580612 |
| Dell Equipment Finance Trust Series 2024-1 Class A3<sup>†</sup> | 5.39% |  | 3/22/2030 | 30470000 | 30724153 |
| Dell Equipment Finance Trust Series 2025-1 Class A3<sup>†</sup> | 4.61% |  | 2/24/2031 | 10000000 | 10062619 |
| DLLAA LLC Series 2023-1A Class A2<sup>†</sup> | 5.93% |  | 7/20/2026 | 5951647 | 5961281 |
| DLLST LLC Series 2024-1A Class A2<sup>†</sup> | 5.33% |  | 1/20/2026 | 3362901 | 3365485 |
| Dryden 43 Senior Loan Fund Series 2016-43A Class AR3<sup>†</sup> | 5.34%<br> (3 mo. USD Term SOFR + 1.07% |)<sup>#</sup> | 4/20/2034 | 34390000 | 34282153 |
| Flatiron RR CLO 22 LLC Series 2021-2A Class AR<sup>†</sup> | 5.166%<br> (3 mo. USD Term SOFR + 0.91% |)<sup>#</sup> | 10/15/2034 | 10800000 | 10723244 |
| FS Rialto Issuer LLC Series 2021-FL2 Class A<sup>†</sup> | 5.663%<br> (1 mo. USD Term SOFR + 1.33% |)<sup>#</sup> | 5/16/2038 | 5559684 | 5546605 |
| Greatamerica Leasing Receivables Funding LLC Class A4<sup>†</sup> | 1.04% |  | 9/15/2027 | 7725557 | 7655293 |
| GreatAmerica Leasing Receivables Funding LLC Series 2025-1 Class A2<sup>†</sup> | 4.52% |  | 10/15/2027 | 17750000 | 17737779 |
| GreenSky Home Improvement Issuer Trust Series 2025-1A Class A2<sup>†</sup> | 5.12% |  | 3/25/2060 | 6487743 | 6490621 |

---

298 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| GreenSky Home Improvement Trust Series 2024-1 Class A2<sup>†</sup> | 5.88% |  | 6/25/2059 | $6532471 | $6573630 |
| HGI CRE CLO Ltd. Series 2021-FL1 Class A<sup>†</sup> | 5.493%<br> (1 mo. USD Term SOFR + 1.16% |)<sup>#</sup> | 6/16/2036 | 3035583 | 3027021 |
| Lending Funding Trust Series 2020-2A Class A<sup>†</sup> | 2.32% |  | 4/21/2031 | 21770000 | 21110700 |
| LFT CRE Ltd. Series 2021-FL1 Class A<sup>†</sup> | 5.613%<br> (1 mo. USD Term SOFR + 1.28% |)<sup>#</sup> | 6/15/2039 | 5574656 | 5558195 |
| Madison Park Funding XIV Ltd. Series 2014-14A Class AR4<sup>†</sup> | 5.232%<br> (3 mo. USD Term SOFR + 0.96% |)<sup>#</sup> | 10/22/2030 | 27991524 | 27961993 |
| Madison Park Funding XL Ltd. Series 9A Class AR2<sup>†</sup> | 5.582%<br> (3 mo. USD Term SOFR + 1.25% |)<sup>#</sup> | 5/28/2030 | 17987005 | 18004956 |
| Madison Park Funding XLII Ltd. Series 13A Class AR<sup>†</sup> | 5.429%<br> (3 mo. USD Term SOFR + 1.15% |)<sup>#</sup> | 11/21/2030 | 28748426 | 28761564 |
| Mariner Finance Issuance Trust Series 2021-AA Class A<sup>†</sup> | 1.86% |  | 3/20/2036 | 5685000 | 5484561 |
| MF1 Ltd. Series 2021-FL6 Class A<sup>†</sup> | 5.543%<br> (1 mo. USD Term SOFR + 1.21% |)<sup>#</sup> | 7/16/2036 | 4960493 | 4955406 |
| Navesink CLO 1 Ltd. Series 2023-1A A1R<sup>†</sup> | 5.962%<br> (3 mo. USD Term SOFR + 1.68% |)<sup>#</sup> | 7/25/2033 | 10200000 | 10225806 |
| OZLM Funding II Ltd. Series 2012-2A Class A1A2<sup>†</sup> | 5.48%<br> (3 mo. USD Term SOFR + 1.20% |)<sup>#</sup> | 7/30/2031 | 14846828 | 14851549 |
| Palmer Square CLO Ltd. Series 2015-1A Class A1A5<sup>†</sup> | 5.372%<br> (3 mo. USD Term SOFR + 1.05% |)<sup>#</sup> | 5/21/2034 | 17730000 | 17722163 |
| PEAC Solutions Receivables LLC Series 2024-1A Class A2<sup>†</sup> | 5.79% |  | 6/21/2027 | 24691673 | 24860435 |
| PEAC Solutions Receivables LLC Series 2024-2A Class A2<sup>†</sup> | 4.74% |  | 4/20/2027 | 10365383 | 10362994 |
| PEAC Solutions Receivables LLC Series 2025-1A Class A2<sup>†</sup> | 4.94% |  | 10/20/2028 | 26130000 | 26184413 |
| PFS Financing Corp. Series 2023-A Class A<sup>†</sup> | 5.80% |  | 3/15/2028 | 64075000 | 64679484 |
| Pikes Peak CLO 6 Series 2020-6A Class ARR<sup>†</sup> | 5.264%<br> (3 mo. USD Term SOFR + 0.94% |)<sup>#</sup> | 5/18/2034 | 10000000 | 9965160 |
| Post CLO Ltd. Series 2021-1A Class AR<sup>†</sup> | 5.336%<br> (3 mo. USD Term SOFR + 1.08% |)<sup>#</sup> | 10/15/2034 | 50000000 | 49671150 |
| Post Road Equipment Finance LLC Series 2024-1A Class A2<sup>†</sup> | 5.59% |  | 11/15/2029 | 21170902 | 21273856 |

---

*See Notes to Financial Statements.* 299

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Other (continued)** |  |  |  |  |  |
| Post Road Equipment Finance LLC Series 2025-1A Class A2<sup>†</sup> | 4.90% |  | 5/15/2031 | $36470000 | $36613612 |
| SCF Equipment Trust LLC Series 2025-1A Class A2<sup>†</sup> | 4.82% |  | 7/22/2030 | 31800000 | 31850209 |
| TICP CLO VII Ltd. Series 2017-7A Class ASR2<sup>†</sup> | 5.556%<br> (3 mo. USD Term SOFR + 1.30% |)<sup>#</sup> | 4/15/2033 | 40000000 | 40037040 |
| T-Mobile U.S. Trust Series 2024-1A Class A<sup>†</sup> | 5.05% |  | 9/20/2029 | 28437000 | 28638698 |
| Trestles CLO V Ltd. Series 2021-5A Class A1R<sup>†</sup> | 5.522%<br> (3 mo. USD Term SOFR + 1.25% |)<sup>#</sup> | 10/20/2034 | 24140000 | 24131913 |
| Trinitas CLO XX Ltd. Series 2022-20A Class A1R<sup>†</sup> | 5.31%<br> (3 mo. USD Term SOFR + 1.04% |)<sup>#</sup> | 7/20/2035 | 10000000 | 9929350 |
| Verdant Receivables LLC Series 2024-1A Class A2<sup>†</sup> | 5.68% |  | 12/12/2031 | 23675467 | 24019974 |
| Verdant Receivables LLC Series 2025-1A Class A2<sup>†</sup> | 4.85% |  | 3/13/2028 | 11955000 | 11968121 |
| Verizon Master Trust Series 2023-5 Class A1A | 5.61% |  | 9/8/2028 | 12325000 | 12359594 |
| Volvo Financial Equipment LLC Series 2024-1A Class A2<sup>†</sup> | 4.56% |  | 5/17/2027 | 18750000 | 18746119 |
| *Total* |  |  |  |  | 1214502591 |
| *Total Asset-Backed Securities (cost $3,621,994,406)* | *Total Asset-Backed Securities (cost $3,621,994,406)* |  |  |  | 3626400495 |
| **CORPORATE BONDS 53.40%** |  |  |  |  |  |
| **Aerospace/Defense 1.56%** |  |  |  |  |  |
| Boeing Co. | 2.196% |  | 2/4/2026 | 106319000 | 104456020 |
| Boeing Co. | 2.75% |  | 2/1/2026 | 26484000 | 26130447 |
| Boeing Co. | 2.80% |  | 3/1/2027 | 5000000 | 4823994 |
| Boeing Co. | 3.10% |  | 5/1/2026 | 18634000 | 18360309 |
| Rolls-Royce PLC (United Kingdom)<sup>†(a)</sup> | 3.625% |  | 10/14/2025 | 51356000 | 51098054 |
| *Total* |  |  |  |  | 204868824 |
| **Agriculture 0.49%** |  |  |  |  |  |
| Imperial Brands Finance PLC (United Kingdom)<sup>†(a)</sup> | 3.50% |  | 7/26/2026 | 8369000 | 8248784 |
| Philip Morris International, Inc. | 5.174%<br> (SOFR + 0.83% |)<sup>#</sup> | 4/28/2028 | 41385000 | 41595735 |
| Viterra Finance BV (Netherlands)<sup>†(a)</sup> | 2.00% |  | 4/21/2026 | 14303000 | 13935266 |
| *Total* |  |  |  |  | 63779785 |
| **Airlines 0.29%** |  |  |  |  |  |
| American Airlines Pass-Through Trust Class A | 3.375% |  | 11/1/2028 | 17030136 | 16553296 |
| Delta Air Lines, Inc./SkyMiles IP Ltd.<sup>†</sup> | 4.50% |  | 10/20/2025 | 11851643 | 11807767 |
| United Airlines Pass-Through Trust Class A | 5.875% |  | 4/15/2029 | 9774820 | 9957636 |
| *Total* |  |  |  |  | 38318699 |

---

300 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Auto Manufacturers 6.07%** |  |  |  |  |  |
| American Honda Finance Corp. | 4.898%<br> (SOFR + 0.55% |)<sup>#</sup> | 5/21/2026 | $30000000 | $30016778 |
| American Honda Finance Corp. | 4.945%<br> (SOFR + 0.60% |)<sup>#</sup> | 8/14/2025 | 22201000 | 22216302 |
| American Honda Finance Corp. | 5.056%<br> (SOFR + 0.71% |)<sup>#</sup> | 1/9/2026 | 44151000 | 44215671 |
| American Honda Finance Corp. | 5.056%<br> (SOFR + 0.71% |)<sup>#</sup> | 7/9/2027 | 22231000 | 22239074 |
| American Honda Finance Corp. | 5.116%<br> (SOFR + 0.77% |)<sup>#</sup> | 3/12/2027 | 26612000 | 26638164 |
| BMW U.S. Capital LLC<sup>†</sup> | 5.128%<br> (SOFR + 0.78% |)<sup>#</sup> | 3/19/2027 | 28359000 | 28366264 |
| BMW U.S. Capital LLC<sup>†</sup> | 5.144%<br> (SOFR + 0.80% |)<sup>#</sup> | 8/13/2026 | 13000000 | 13047507 |
| Daimler Truck Finance North America LLC<sup>†</sup> | 5.308%<br> (SOFR + 0.96% |)<sup>#</sup> | 9/25/2027 | 23668000 | 23685641 |
| Daimler Truck Finance North America LLC<sup>†</sup> | 5.60% |  | 8/8/2025 | 28926000 | 28963829 |
| Ford Motor Credit Co. LLC | 3.375% |  | 11/13/2025 | 3090000 | 3065832 |
| Ford Motor Credit Co. LLC | 4.134% |  | 8/4/2025 | 16761000 | 16726284 |
| Ford Motor Credit Co. LLC | 4.389% |  | 1/8/2026 | 37383000 | 37089152 |
| Ford Motor Credit Co. LLC | 4.687% |  | 6/9/2025 | 14067000 | 14065652 |
| Ford Motor Credit Co. LLC | 5.125% |  | 6/16/2025 | 46003000 | 46001622 |
| Ford Motor Credit Co. LLC | 5.794%<br> (SOFR + 1.45% |)<sup>#</sup> | 11/5/2026 | 33421000 | 33084025 |
| General Motors Financial Co., Inc. | 5.394%<br> (SOFR + 1.05% |)<sup>#</sup> | 7/15/2027 | 44543000 | 44260613 |
| General Motors Financial Co., Inc. | 5.693%<br> (SOFR + 1.35% |)<sup>#</sup> | 5/8/2027 | 26796000 | 26759456 |
| Hyundai Capital America<sup>†</sup> | 5.494%<br> (SOFR + 1.15% |)<sup>#</sup> | 8/4/2025 | 40797000 | 40841243 |
| Hyundai Capital America<sup>†</sup> | 5.664%<br> (SOFR + 1.32% |)<sup>#</sup> | 11/3/2025 | 40746000 | 40846761 |
| Hyundai Capital America<sup>†</sup> | 5.80% |  | 6/26/2025 | 26465000 | 26477516 |
| Hyundai Capital America<sup>†</sup> | 5.85%<br> (SOFR + 1.5% |)<sup>#</sup> | 1/8/2027 | 30859000 | 31084969 |
| Mercedes-Benz Finance North America LLC<sup>†</sup> | 4.975%<br> (SOFR + 0.63% |)<sup>#</sup> | 7/31/2026 | 26583000 | 26601108 |
| Mercedes-Benz Finance North America LLC<sup>†</sup> | 5.196%<br>(SOFR + 0.85% |)<sup>#</sup> | 11/15/2027 | 44391000 | 44418225 |
| Toyota Motor Credit Corp. | 4.997%<br> (SOFR + 0.65% |)<sup>#</sup> | 1/5/2026 | 53162000 | 53255265 |

---

*See Notes to Financial Statements.* 301

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Auto Manufacturers (continued)** |  |  |  |  |  |
| Toyota Motor Credit Corp. | 5.113%<br> (SOFR + 0.77% |)<sup>#</sup> | 8/7/2026 | $3000000 | $3012053 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 5.178%<br> (SOFR + 0.83% |)<sup>#</sup> | 3/20/2026 | 24100000 | 24137058 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 5.276%<br> (SOFR + 0.93% |)<sup>#</sup> | 9/12/2025 | 22115000 | 22134943 |
| Volkswagen Group of America Finance LLC<sup>†</sup> | 5.80% |  | 9/12/2025 | 22115000 | 22151805 |
| *Total* |  |  |  |  | 795402812 |
| **Banks 25.74%** |  |  |  |  |  |
| Australia & New Zealand Banking Group Ltd. (Australia)<sup>†(a)</sup> | 5.024%<br> (SOFR + 0.68% |)<sup>#</sup> | 7/16/2027 | 35570000 | 35669858 |
| Australia & New Zealand Banking Group Ltd. (Australia)<sup>†(a)</sup> | 5.154%<br> (SOFR + 0.81% |)<sup>#</sup> | 1/18/2027 | 26601000 | 26799561 |
| Banco Bilbao Vizcaya Argentaria SA (Spain)<sup>(a)</sup> | 5.862%<br> (1 yr. CMT + 2.30% |)<sup>#</sup> | 9/14/2026 | 4325000 | 4334643 |
| Banco Nacional de Comercio Exterior SNC (Cayman Islands)<sup>(a)</sup> | 4.375% |  | 10/14/2025 | 43427000 | 43428520 |
| Bank of America Corp. | 1.658%<br> (SOFR + 0.91% |)<sup>#</sup> | 3/11/2027 | 74432000 | 72725520 |
| Bank of Ireland Group PLC (Ireland)<sup>†(a)</sup> | 2.029%<br> (1 yr. CMT + 1.10% |)<sup>#</sup> | 9/30/2027 | 46146000 | 44495812 |
| Bank of Ireland Group PLC (Ireland)<sup>†(a)</sup> | 6.253%<br> (1 yr. CMT + 2.65% |)<sup>#</sup> | 9/16/2026 | 57174000 | 57391433 |
| Bank of Montreal (Canada)<sup>(a)</sup> | 5.30%<br> (SOFR + 0.95% |)<sup>#</sup> | 9/25/2025 | 43632000 | 43723034 |
| Bank of Montreal (Canada)<sup>(a)</sup> | 5.507%<br> (SOFR + 1.16% |)<sup>#</sup> | 12/11/2026 | 26605000 | 26850468 |
| Bank of Nova Scotia (Canada)<sup>(a)</sup> | 5.436%<br> (SOFR + 1.09% |)<sup>#</sup> | 6/12/2025 | 43743000 | 43757051 |
| Barclays PLC (United Kingdom)<sup>(a)</sup> | 2.279%<br> (1 yr. CMT + 1.05% |)<sup>#</sup> | 11/24/2027 | 10513000 | 10149090 |
| Barclays PLC (United Kingdom)<sup>(a)</sup> | 7.325%<br> (1 yr. CMT + 3.05% |)<sup>#</sup> | 11/2/2026 | 52881000 | 53426665 |
| BNP Paribas SA (France)<sup>†(a)</sup> | 1.323%<br> (SOFR + 1.00% |)<sup>#</sup> | 1/13/2027 | 25480000 | 24952873 |
| BNP Paribas SA (France)<sup>†(a)</sup> | 2.219%<br> (SOFR + 2.07% |)<sup>#</sup> | 6/9/2026 | 36190000 | 36171636 |
| BNP Paribas SA (France)<sup>†(a)</sup> | 4.375% |  | 9/28/2025 | 17393000 | 17354919 |

---

302 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| BPCE SA (France)<sup>†(a)</sup> | 1.652%<br> (SOFR + 1.52% |)<sup>#</sup> | 10/6/2026 | $43834000 | $43319706 |
| BPCE SA (France)<sup>†(a)</sup> | 2.045%<br> (SOFR + 1.09% |)<sup>#</sup> | 10/19/2027 | 16014000 | 15422022 |
| BPCE SA (France)<sup>†(a)</sup> | 5.975%<br> (SOFR + 2.10% |)<sup>#</sup> | 1/18/2027 | 46664000 | 46959805 |
| Canadian Imperial Bank of Commerce (Canada)<sup>(a)</sup> | 5.277%<br> (SOFR + 0.93% |)<sup>#</sup> | 9/11/2027 | 43390000 | 43479098 |
| Capital One NA | 3.45% |  | 7/27/2026 | 42609000 | 42016256 |
| Citibank NA | 5.052%<br> (SOFR + 0.71% |)<sup>#</sup> | 8/6/2026 | 18165000 | 18196085 |
| Citibank NA | 5.058% <br> (SOFR + 0.71% |)<sup>#</sup> | 11/19/2027 | 43762000 | 43733439 |
| Citibank NA | 5.135%<br> (SOFR + 0.78% |)<sup>#</sup> | 5/29/2027 | 50000000 | 50036980 |
| Citibank NA | 5.155%<br> (SOFR + 0.81% |)<sup>#</sup> | 9/29/2025 | 43778000 | 43831693 |
| Citigroup, Inc. | 5.486%<br> (SOFR + 1.14% |)<sup>#</sup> | 5/7/2028 | 50000000 | 50128370 |
| Citigroup, Inc. | 5.61%<br> (SOFR + 1.55% |)<sup>#</sup> | 9/29/2026 | 73814000 | 73989488 |
| Citizens Bank NA | 3.75% |  | 2/18/2026 | 13773000 | 13682085 |
| Citizens Financial Group, Inc. | 2.85% |  | 7/27/2026 | 26204000 | 25687235 |
| Danske Bank AS (Denmark)<sup>†(a)</sup> | 1.621%<br> (1 yr. CMT + 1.35% |)<sup>#</sup> | 9/11/2026 | 60390000 | 59824815 |
| Danske Bank AS (Denmark)<sup>†(a)</sup> | 6.466%<br> (1 yr. CMT + 2.10% |)<sup>#</sup> | 1/9/2026 |  |  |
| Goldman Sachs Bank USA | 5.118%<br> (SOFR + 0.77% |)<sup>#</sup> | 3/18/2027 | 44364000 | 44402887 |
| Goldman Sachs Bank USA | 5.414%<br> (SOFR + 0.75% |)<sup>#</sup> | 5/21/2027 | 44883000 | 45207700 |
| Goldman Sachs Group, Inc. | 1.431%<br> (SOFR + 0.80% |)<sup>#</sup> | 3/9/2027 | 93080000 | 90749988 |
| Goldman Sachs Group, Inc. | 5.408%<br> (SOFR + 1.07% |)<sup>#</sup> | 8/10/2026 | 43667000 | 43728235 |
| Goldman Sachs Group, Inc. | 5.634%<br> (SOFR + 1.29% |)<sup>#</sup> | 4/23/2028 | 27595000 | 27774794 |
| Goldman Sachs Group, Inc. | 5.798%<br> (SOFR + 1.08% |)<sup>#</sup> | 8/10/2026 | 30017000 | 30073777 |
| HSBC Holdings PLC (United Kingdom)<sup>(a)</sup> | 2.099%<br> (SOFR + 1.93% |)<sup>#</sup> | 6/4/2026 | 8933000 | 8931692 |

---

*See Notes to Financial Statements.* 303

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| HSBC Holdings PLC (United Kingdom)<sup>(a)</sup> | 4.292%<br> (3 mo. USD Term SOFR + 1.61% |)<sup>#</sup> | 9/12/2026 | $34288000 | $34223942 |
| HSBC USA, Inc. | 5.31%<br> (SOFR + 0.96% |)<sup>#</sup> | 3/4/2027 | 26831000 | 26965059 |
| HSBC USA, Inc.<sup>(b)</sup> | 5.323%<br> (SOFR + 0.97% |)<sup>#</sup> | 6/3/2028 | 11519000 | 11537435 |
| Huntington National Bank | 5.064%<br> (SOFR + 0.72% |)<sup>#</sup> | 4/12/2028 | 40380000 | 40300119 |
| JPMorgan Chase Bank NA | 5.347%<br> (SOFR + 1.00% |)<sup>#</sup> | 12/8/2026 | 26705000 | 26948189 |
| Lloyds Banking Group PLC (United Kingdom)<sup>(a)</sup> | 4.65% |  | 3/24/2026 | 69118000 | 68935683 |
| Lloyds Banking Group PLC (United Kingdom)<sup>(a)</sup> | 4.716%<br> (1 yr. CMT + 1.75% |)<sup>#</sup> | 8/11/2026 | 8692000 | 8689625 |
| Macquarie Bank Ltd. (Australia)<sup>†(a)</sup> | 4.875% |  | 6/10/2025 | 9554000 | 9553485 |
| Macquarie Bank Ltd. (Australia)<sup>†(a)</sup> | 5.269%<br> (SOFR + 0.92% |)<sup>#</sup> | 7/2/2027 | 22238000 | 22392386 |
| Macquarie Group Ltd. (Australia)<sup>†(a)</sup> | 1.34%<br> (SOFR + 1.07% |)<sup>#</sup> | 1/12/2027 | 14900000 | 14599874 |
| Morgan Stanley | 4.679%<br> (SOFR + 1.67% |)<sup>#</sup> | 7/17/2026 | 22316000 | 22313717 |
| Morgan Stanley Bank NA | 4.447%<br> (SOFR + 0.68% |)<sup>#</sup> | 10/15/2027 | 15470000 | 15464504 |
| Morgan Stanley Bank NA | 5.029%<br> (SOFR + 0.69% |)<sup>#</sup> | 10/15/2027 | 44357000 | 44379007 |
| National Australia Bank Ltd. (Australia)<sup>†(a)</sup> | 4.945%<br> (SOFR + 0.60% |)<sup>#</sup> | 10/26/2027 | 30100000 | 30154649 |
| National Australia Bank Ltd. (Australia)<sup>†(a)</sup> | 4.997%<br> (SOFR + 0.65% |)<sup>#</sup> | 12/10/2025 | 17634000 | 17670340 |
| National Bank of Canada (Canada)<sup>(a)</sup> | 4.702%<br> (SOFR + 0.56% |)<sup>#</sup> | 3/5/2027 | 30816000 | 30786471 |
| National Bank of Canada (Canada)<sup>(a)</sup> | 5.25%<br> (SOFR + 0.90% |)<sup>#</sup> | 3/25/2027 | 41500000 | 41527930 |
| National Securities Clearing Corp.<sup>†</sup> | 5.15% |  | 6/26/2026 | 27884000 | 28136622 |
| NatWest Group PLC (United Kingdom)<sup>(a)</sup> | 1.642%<br> (1 yr. CMT + 0.90% |)<sup>#</sup> | 6/14/2027 | 14353000 | 13909825 |
| NatWest Group PLC (United Kingdom)<sup>(a)</sup> | 7.472%<br> (1 yr. CMT + 2.85% |)<sup>#</sup> | 11/10/2026 | 33174000 | 33558604 |
| NatWest Markets PLC (United Kingdom)<sup>†(a)</sup> | 5.298%<br> (SOFR + 0.95% |)<sup>#</sup> | 3/21/2028 | 31796000 | 31825061 |
| PNC Bank NA | 4.543%<br> (SOFR + 0.63% |)<sup>#</sup> | 5/13/2027 | 37972000 | 37981308 |

---

304 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| PNC Bank NA | 4.844%<br> (SOFR + 0.50% |)<sup>#</sup> | 1/15/2027 | $38927000 | $38943578 |
| Regions Financial Corp. | 5.75%<br> (5 yr. CMT + 5.43% |)<sup>#</sup> | – <sup>(c)</sup> | 9102000 | 9117333 |
| Royal Bank of Canada (Canada)<sup>(a)</sup> | 5.063%<br> (SOFR + 0.72% |)<sup>#</sup> | 10/18/2027 | 34533000 | 34563349 |
| Royal Bank of Canada (Canada)<sup>(a)</sup> | 5.134%<br> (SOFR + 0.79% |)<sup>#</sup> | 7/23/2027 | 35810000 | 35873269 |
| Royal Bank of Canada (Canada)<sup>(a)</sup> | 5.294%<br> (SOFR + 0.95% |)<sup>#</sup> | 1/19/2027 | 22170000 | 22335124 |
| Royal Bank of Canada (Canada)<sup>(a)</sup> | 5.424%<br> (SOFR + 1.08% |)<sup>#</sup> | 7/20/2026 | 43671000 | 43989656 |
| Santander U.K. Group Holdings PLC (United Kingdom)<sup>(a)</sup> | 1.532%<br> (1 yr. CMT + 1.25% |)<sup>#</sup> | 8/21/2026 | 6719000 | 6669446 |
| Santander U.K. Group Holdings PLC (United Kingdom)<sup>(a)</sup> | 1.673%<br> (SOFR + 0.99% |)<sup>#</sup> | 6/14/2027 | 144981000 | 140121108 |
| Santander U.K. Group Holdings PLC (United Kingdom)<sup>(a)</sup> | 6.833%<br> (SOFR + 2.75% |)<sup>#</sup> | 11/21/2026 | 92957000 | 93814392 |
| Skandinaviska Enskilda Banken AB (Sweden)<sup>†(a)</sup> | 5.237%<br> (SOFR + 0.89% |)<sup>#</sup> | 3/5/2027 | 22357000 | 22505249 |
| Societe Generale SA (France)<sup>†(a)</sup> | 1.488%<br> (1 yr. CMT + 1.10% |)<sup>#</sup> | 12/14/2026 | 10512000 | 10316077 |
| Societe Generale SA (France)<sup>†(a)</sup> | 1.792%<br> (1 yr. CMT + 1.00% |)<sup>#</sup> | 6/9/2027 | 15000000 | 14533193 |
| Societe Generale SA (France)<sup>†(a)</sup> | 2.797%<br> (1 yr. CMT + 1.30% |)<sup>#</sup> | 1/19/2028 | 15000000 | 14483617 |
| Societe Generale SA (France)<sup>†(a)</sup> | 5.446%<br> (SOFR + 1.10% |)<sup>#</sup> | 2/19/2027 | 30443000 | 30425322 |
| State Street Bank & Trust Co. | 4.809%<br> (SOFR + 0.46% |)<sup>#</sup> | 11/25/2026 | 13196000 | 13200873 |
| State Street Corp. | 4.543%<br> (SOFR + 0.95% |)<sup>#</sup> | 4/24/2028 | 11428000 | 11457693 |
| State Street Corp. | 4.984%<br> (SOFR + 0.64% |)<sup>#</sup> | 10/22/2027 | 16201000 | 16187510 |
| State Street Corp. | 5.189%<br> (SOFR + 0.85% |)<sup>#</sup> | 8/3/2026 | 43600000 | 43787866 |
| Sumitomo Mitsui Financial Group, Inc. (Japan)<sup>(a)</sup> | 5.646%<br> (SOFR + 1.30% |)<sup>#</sup> | 7/13/2026 | 21769000 | 21949131 |

---

*See Notes to Financial Statements.* 305

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Banks (continued)** |  |  |  |  |  |
| Sumitomo Mitsui Trust Bank Ltd. (Japan)<sup>†(a)</sup> | 5.327%<br> (SOFR + 0.98% |)<sup>#</sup> | 9/10/2027 | $21412000 | $21576936 |
| Svenska Handelsbanken AB (Sweden)<sup>†(a)</sup> | 5.596%<br> (SOFR + 1.25% |)<sup>#</sup> | 6/15/2026 | 39406000 | 39763223 |
| Swedbank AB (Sweden)<sup>†(a)</sup> | 5.726%<br> (SOFR + 1.38% |)<sup>#</sup> | 6/15/2026 | 41440000 | 41875078 |
| Synchrony Bank | 5.40% |  | 8/22/2025 | 23965000 | 23992673 |
| Toronto-Dominion Bank (Canada)<sup>(a)</sup> | 3.766% |  | 6/6/2025 | 21057000 | 21054951 |
| Toronto-Dominion Bank (Canada)<sup>(a)</sup> | 4.967%<br> (SOFR + 0.62% |)<sup>#</sup> | 12/17/2026 | 43904000 | 43946776 |
| Toronto-Dominion Bank (Canada)<sup>(a)</sup> | 5.166%<br> (SOFR + 0.82% |)<sup>#</sup> | 1/31/2028 | 33211000 | 33257363 |
| Toronto-Dominion Bank (Canada)<sup>(a)</sup> | 5.424%<br> (SOFR + 1.08% |)<sup>#</sup> | 7/17/2026 | 43611000 | 43887673 |
| Truist Bank | 4.671%<br> (SOFR + 0.59% |)<sup>#</sup> | 5/20/2027 | 30813000 | 30841309 |
| U.S. Bank NA | 5.034%<br> (SOFR + 0.69% |)<sup>#</sup> | 10/22/2027 | 51851000 | 51840449 |
| U.S. Bank NA | 5.256%<br> (SOFR + 0.91% |)<sup>#</sup> | 5/15/2028 | 45959000 | 46053799 |
| UBS Group AG (Switzerland)<sup>†(a)</sup> | 1.305%<br> (SOFR + 0.98% |)<sup>#</sup> | 2/2/2027 | 26412000 | 25807244 |
| UBS Group AG (Switzerland)<sup>†(a)</sup> | 1.494%<br> (1 yr. CMT + 0.85% |)<sup>#</sup> | 8/10/2027 | 41161000 | 39611378 |
| UBS Group AG (Switzerland)<sup>†(a)</sup> | 2.193%<br> (SOFR + 2.04% |)<sup>#</sup> | 6/5/2026 | 42709000 | 42700712 |
| UBS Group AG (Switzerland)<sup>†(a)</sup> | 4.125% |  | 9/24/2025 | 26655000 | 26595561 |
| UBS Group AG (Switzerland)<sup>†(a)</sup> | 4.703%<br> (1 yr. CMT + 2.05% |)<sup>#</sup> | 8/5/2027 | 34683000 | 34665276 |
| UBS Group AG (Switzerland)<sup>†(a)</sup> | 6.373%<br> (SOFR + 3.34% |)<sup>#</sup> | 7/15/2026 | 13691000 | 13710535 |
| UniCredit SpA (Italy)<sup>†(a)</sup> | 2.569%<br> (1 yr. CMT + 2.30% |)<sup>#</sup> | 9/22/2026 | 65728000 | 65252633 |
| Wells Fargo & Co. | 4.90%<br> (SOFR + 0.78% |)<sup>#</sup> | 1/24/2028 | 41496000 | 41666959 |
| Wells Fargo Bank NA | 5.403%<br> (SOFR + 1.06% |)<sup>#</sup> | 8/7/2026 | 44218000 | 44562188 |
| *Total* |  |  |  |  | 3371197570 |

---

306 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Beverages 0.48%** |  |  |  |  |  |
| Bacardi Ltd.<sup>†</sup> | 2.75% |  | 7/15/2026 | $37279000 | $36449405 |
| Keurig Dr. Pepper, Inc. | 5.226%<br> (SOFR + 0.88% |)<sup>#</sup> | 3/15/2027 | 26617000 | 26735954 |
| *Total* |  |  |  |  | 63185359 |
| **Biotechnology 0.20%** |  |  |  |  |  |
| Amgen, Inc. | 5.507% |  | 3/2/2026 | 19809000 | 19813988 |
| Illumina, Inc. | 4.65% |  | 9/9/2026 | 6466000 | 6460423 |
| *Total* |  |  |  |  | 26274411 |
| **Building Materials 0.32%** |  |  |  |  |  |
| Holcim Finance U.S. LLC<sup>†</sup> | 4.60% |  | 4/7/2027 | 42162000 | 42221117 |
| **Chemicals 0.31%** |  |  |  |  |  |
| CF Industries, Inc.<sup>†</sup> | 4.50% |  | 12/1/2026 | 25315000 | 25240904 |
| DuPont de Nemours, Inc. | 4.493% |  | 11/15/2025 | 4810000 | 4806907 |
| Nutrien Ltd. (Canada)<sup>(a)</sup> | 5.95% |  | 11/7/2025 | 10366000 | 10413126 |
| *Total* |  |  |  |  | 40460937 |
| **Commercial Services 0.33%** |  |  |  |  |  |
| GXO Logistics, Inc. | 1.65% |  | 7/15/2026 | 15777000 | 15195392 |
| PayPal Holdings, Inc. | 5.017%<br> (SOFR + 0.67% |)<sup>#</sup> | 3/6/2028 | 28327000 | 28361553 |
| *Total* |  |  |  |  | 43556945 |
| **Computers 0.09%** |  |  |  |  |  |
| Hewlett Packard Enterprise Co. | 4.45% |  | 9/25/2026 | 11388000 | 11374171 |
| **Diversified Financial Services 2.85%** |  |  |  |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(a)</sup> | 1.75% |  | 1/30/2026 | 6378000 | 6249891 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<sup>(a)</sup> | 4.45% |  | 10/1/2025 | 16543000 | 16523175 |
| Air Lease Corp. | 3.375% |  | 7/1/2025 | 15250000 | 15230781 |
| Air Lease Corp. | 3.75% |  | 6/1/2026 | 13089000 | 12983559 |
| Air Lease Corp. | 5.30% |  | 6/25/2026 | 38117000 | 38380209 |
| Aircastle Ltd.<sup>†</sup> | 5.25% |  | 8/11/2025 | 30251000 | 30233407 |
| American Express Co. | 6.338%<br> (SOFR + 1.33% |)<sup>#</sup> | 10/30/2026 | 21495000 | 21644299 |
| Aviation Capital Group LLC<sup>†</sup> | 1.95% |  | 1/30/2026 | 16967000 | 16638055 |
| Aviation Capital Group LLC<sup>†</sup> | 1.95% |  | 9/20/2026 | 17121000 | 16473256 |
| Aviation Capital Group LLC<sup>†</sup> | 4.125% |  | 8/1/2025 | 7858000 | 7848472 |

---

*See Notes to Financial Statements.* 307

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Diversified Financial Services (continued)** |  |  |  |  |  |
| Aviation Capital Group LLC<sup>†</sup> | 4.875% |  | 10/1/2025 | $7982000 | $7981309 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 2.125% |  | 2/21/2026 | 34088000 | 33324919 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 2.528% |  | 11/18/2027 | 4038000 | 3807726 |
| Avolon Holdings Funding Ltd. (Ireland)<sup>†(a)</sup> | 4.25% |  | 4/15/2026 | 44574000 | 44261241 |
| Jefferies Financial Group, Inc. | 5.00% |  | 2/10/2026 | 44429000 | 44429984 |
| Jefferies Financial Group, Inc. | 5.03% |  | 3/16/2026 | 22202000 | 22230183 |
| Neuberger Berman Group LLC/Neuberger Berman Finance Corp.<sup>†</sup> | 4.50% |  | 3/15/2027 | 8539000 | 8497745 |
| Synchrony Financial | 4.50% |  | 7/23/2025 | 12903000 | 12894184 |
| Synchrony Financial | 4.875% |  | 6/13/2025 | 13947000 | 13949146 |
| *Total* |  |  |  |  | 373581541 |
| **Electric 1.69%** |  |  |  |  |  |
| Algonquin Power & Utilities Corp. (Canada)<sup>(a)</sup> | 5.365% | <sup>(d)</sup> | 6/15/2026 | 15377000 | 15453575 |
| American Electric Power Co., Inc. | 5.699% |  | 8/15/2025 | 9376000 | 9389987 |
| Cleco Corporate Holdings LLC | 3.743% |  | 5/1/2026 | 4754000 | 4699761 |
| Consolidated Edison Co. of New York, Inc. | 4.866%<br> (SOFR + 0.52% |)<sup>#</sup> | 11/18/2027 | 13174000 | 13147387 |
| Duke Energy Corp. | 0.90% |  | 9/15/2025 | 4817000 | 4765173 |
| Duke Energy Progress LLC<sup>(e)</sup> | 4.35% |  | 3/6/2027 | 15894000 | 15952468 |
| Emera U.S. Finance LP | 3.55% |  | 6/15/2026 | 9498000 | 9374305 |
| Fells Point Funding Trust<sup>†</sup> | 3.046% |  | 1/31/2027 | 13000000 | 12647851 |
| Georgia Power Co. | 4.633%<br> (SOFR + 0.28% |)<sup>#</sup> | 9/15/2026 | 30747000 | 30745126 |
| NextEra Energy Capital Holdings, Inc. | 5.144%<br> (SOFR + 0.80% |)<sup>#</sup> | 2/4/2028 | 24870000 | 24918703 |
| NextEra Energy Capital Holdings, Inc. | 5.749% |  | 9/1/2025 | 8790000 | 8813330 |
| NRG Energy, Inc.<sup>†</sup> | 2.00% |  | 12/2/2025 | 32139000 | 31620236 |
| Pacific Gas & Electric Co. | 5.30%<br> (SOFR + 0.95% |)<sup>#</sup> | 9/4/2025 | 12034000 | 12033334 |
| Vistra Operations Co. LLC<sup>†</sup> | 3.70% |  | 1/30/2027 | 25883000 | 25405975 |
| Vistra Operations Co. LLC<sup>†</sup> | 5.05% |  | 12/30/2026 | 2943000 | 2952515 |
| *Total* |  |  |  |  | 221919726 |
| **Electronics 0.11%** |  |  |  |  |  |
| Vontier Corp. | 1.80% |  | 4/1/2026 | 14104000 | 13762167 |
| **Food 0.36%** |  |  |  |  |  |
| Flowers Foods, Inc. | 3.50% |  | 10/1/2026 | 18525000 | 18197347 |
| Mars, Inc.<sup>†</sup> | 4.45% |  | 3/1/2027 | 28818000 | 28858508 |
| *Total* |  |  |  |  | 47055855 |

---

308 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Gas 0.33%** |  |  |  |  |  |
| East Ohio Gas Co.<sup>†</sup> | 1.30% |  | 6/15/2025 | $6238000 | $6229756 |
| National Fuel Gas Co. | 5.50% |  | 10/1/2026 | 6726000 | 6780428 |
| Spire, Inc. | 5.30% |  | 3/1/2026 | 30294000 | 30393189 |
| *Total* |  |  |  |  | 43403373 |
| **Hand/Machine Tools 1.02%** |  |  |  |  |  |
| Regal Rexnord Corp. | 6.05% |  | 2/15/2026 | 133298000 | 134017424 |
| **Health Care-Services 0.22%** |  |  |  |  |  |
| Fresenius Medical Care U.S. Finance III, Inc.<sup>†</sup> | 1.875% |  | 12/1/2026 | 10653000 | 10189032 |
| HCA, Inc. | 5.223%<br> (SOFR + 0.87% |)<sup>#</sup> | 3/1/2028 | 12336000 | 12405692 |
| UnitedHealth Group, Inc. | 4.844%<br> (SOFR + 0.5% |)<sup>#</sup> | 7/15/2026 | 6677000 | 6679995 |
| *Total* |  |  |  |  | 29274719 |
| **Insurance 2.55%** |  |  |  |  |  |
| AEGON Funding Co. LLC<sup>†(e)</sup> | 5.50% |  | 4/16/2027 | 14595000 | 14748238 |
| Athene Global Funding<sup>†</sup> | 2.55% |  | 6/29/2025 | 5500000 | 5489572 |
| Athene Global Funding<sup>†</sup> | 4.95% |  | 1/7/2027 | 31103000 | 31195705 |
| Athene Global Funding<sup>†</sup> | 5.56%<br> (SOFR + 1.21% |)<sup>#</sup> | 3/25/2027 | 26628000 | 26828615 |
| Athene Global Funding<sup>†</sup> | 5.684% |  | 2/23/2026 | 30976000 | 31181638 |
| Brighthouse Financial Global Funding<sup>†</sup> | 5.55% |  | 4/9/2027 | 18238000 | 18479477 |
| CNO Global Funding <sup>†</sup> | 1.75% |  | 10/7/2026 | 9962000 | 9566946 |
| Corebridge Global Funding<sup>†</sup> | 5.097%<br> (SOFR + 0.75% |)<sup>#</sup> | 1/7/2028 | 42614000 | 42442440 |
| Corebridge Global Funding<sup>†</sup> | 5.65%<br> (SOFR + 1.30% |)<sup>#</sup> | 9/25/2026 | 29760000 | 29975254 |
| Corebridge Global Funding<sup>†(e)</sup> | 5.75% |  | 7/2/2026 | 4440000 | 4497339 |
| GA Global Funding Trust<sup>†</sup> | 1.625% |  | 1/15/2026 | 5350000 | 5245592 |
| Jackson National Life Global Funding<sup>†</sup> | 3.05% |  | 4/29/2026 | 27665000 | 27303962 |
| Jackson National Life Global Funding<sup>†</sup> | 4.90% |  | 1/13/2027 | 22227000 | 22320375 |
| Jackson National Life Global Funding<sup>†</sup> | 5.314%<br> (SOFR + 0.97% |)<sup>#</sup> | 1/14/2028 | 42738000 | 42692685 |
| Jackson National Life Global Funding<sup>†</sup> | 5.60% |  | 4/10/2026 | 8946000 | 9021684 |
| Marsh & McLennan Cos., Inc. | 5.043%<br> (SOFR + 0.70% |)<sup>#</sup> | 11/8/2027 | 12980000 | 12996147 |
| *Total* |  |  |  |  | 333985669 |

---

*See Notes to Financial Statements.* 309

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Internet 0.83%** |  |  |  |  |  |
| Prosus NV (Netherlands)<sup>(a)</sup> | 5.50% |  | 7/21/2025 | $44449000 | $44469867 |
| Uber Technologies, Inc.<sup>†</sup> | 7.50% |  | 9/15/2027 | 64031000 | 64689175 |
| *Total* |  |  |  |  | 109159042 |
| **Leisure Time 0.10%** |  |  |  |  |  |
| Royal Caribbean Cruises Ltd.<sup>†</sup> | 5.50% |  | 8/31/2026 | 12500000 | 12509600 |
| **Lodging 0.42%** |  |  |  |  |  |
| Las Vegas Sands Corp. | 2.90% |  | 6/25/2025 | 38482000 | 38433863 |
| Las Vegas Sands Corp. | 3.50% |  | 8/18/2026 | 17256000 | 16889375 |
| *Total* |  |  |  |  | 55323238 |
| **Machinery: Construction & Mining 0.17%** |  |  |  |  |  |
| Caterpillar Financial Services Corp. | 4.906%<br> (SOFR + 0.56% |)<sup>#</sup> | 11/15/2027 | 22196000 | 22183773 |
| **Media 0.57%** |  |  |  |  |  |
| Charter Communications Operating LLC/Charter Communications Operating Capital | 4.908% |  | 7/23/2025 | 70183000 | 70174364 |
| Discovery Communications LLC | 3.95% |  | 6/15/2025 | 4923000 | 4920398 |
| *Total* |  |  |  |  | 75094762 |
| **Mining 0.48%** |  |  |  |  |  |
| Glencore Funding LLC<sup>†</sup> | 5.10%<br> (SOFR + 0.75% |)<sup>#</sup> | 10/1/2026 | 15806000 | 15819179 |
| Glencore Funding LLC<sup>†</sup> | 5.408%<br> (SOFR + 1.06% |)<sup>#</sup> | 4/4/2027 | 23809000 | 23891194 |
| Rio Tinto Finance USA PLC (United Kingdom)<sup>(a)</sup> | 4.375% |  | 3/12/2027 | 6645000 | 6665482 |
| Rio Tinto Finance USA PLC (United Kingdom)<sup>(a)</sup> | 5.186%<br> (SOFR + 0.84% |)<sup>#</sup> | 3/14/2028 | 15902000 | 15998300 |
| *Total* |  |  |  |  | 62374155 |
| **Miscellaneous Manufacturing 0.31%** |  |  |  |  |  |
| Siemens Funding BV (Netherlands)<sup>†(a)</sup> | 4.99%<br> (SOFR + 0.64% |)<sup>#</sup> | 5/26/2028 | 40000000 | 40053870 |
| **Oil & Gas 0.84%** |  |  |  |  |  |
| Chevron USA, Inc. | 4.71%<br> (SOFR + 0.36% |)<sup>#</sup> | 2/26/2027 | 13300000 | 13305344 |
| Chevron USA, Inc. | 4.82%<br> (SOFR + 0.47% |)<sup>#</sup> | 2/26/2028 | 16130000 | 16149802 |
| Continental Resources, Inc.<sup>†</sup> | 2.268% |  | 11/15/2026 | 4625000 | 4439341 |
| Devon Energy Corp. | 5.85% |  | 12/15/2025 | 9803000 | 9833682 |

---

310 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Oil & Gas (continued)** |  |  |  |  |  |
| EQT Corp.<sup>†</sup> | 6.50% |  | 7/1/2027 | $19187000 | $19531389 |
| EQT Corp.<sup>†</sup> | 7.50% |  | 6/1/2027 | 15668000 | 15964191 |
| Occidental Petroleum Corp. | 8.50% |  | 7/15/2027 | 29129000 | 30799898 |
| *Total* |  |  |  |  | 110023647 |
| **Oil & Gas Services 0.02%** |  |  |  |  |  |
| Halliburton Co. | 3.80% |  | 11/15/2025 | 2422000 | 2409505 |
| **Packaging & Containers 0.24%** |  |  |  |  |  |
| Berry Global, Inc.<sup>†</sup> | 4.875% |  | 7/15/2026 | 28419000 | 28348811 |
| Sonoco Products Co. | 4.45% |  | 9/1/2026 | 2475000 | 2463380 |
| *Total* |  |  |  |  | 30812191 |
| **Pharmaceuticals 0.36%** |  |  |  |  |  |
| Bayer U.S. Finance II LLC<sup>†</sup> | 4.25% |  | 12/15/2025 | 6459000 | 6435813 |
| GlaxoSmithKline Capital PLC (United Kingdom)<sup>(a)</sup> | 4.846%<br> (SOFR + 0.50% |)<sup>#</sup> | 3/12/2027 | 40169000 | 40276168 |
| *Total* |  |  |  |  | 46711981 |
| **Pipelines 0.67%** |  |  |  |  |  |
| Enbridge Energy Partners LP | 5.875% |  | 10/15/2025 | 8395000 | 8409081 |
| Energy Transfer LP | 5.95% |  | 12/1/2025 | 10234000 | 10262893 |
| ONEOK, Inc. | 2.20% |  | 9/15/2025 | 4295000 | 4265260 |
| ONEOK, Inc. | 4.85% |  | 7/15/2026 | 10883000 | 10897932 |
| ONEOK, Inc. | 5.00% |  | 3/1/2026 | 34186000 | 34242684 |
| Plains All American Pipeline LP/PAA Finance Corp. | 4.65% |  | 10/15/2025 | 12435000 | 12425969 |
| Williams Cos., Inc. | 4.00% |  | 9/15/2025 | 7900000 | 7883179 |
| *Total* |  |  |  |  | 88386998 |
| **REITS 2.67%** |  |  |  |  |  |
| American Tower Corp. | 1.60% |  | 4/15/2026 | 37582000 | 36589684 |
| Crown Castle, Inc. | 1.35% |  | 7/15/2025 | 6000000 | 5973838 |
| Crown Castle, Inc. | 3.70% |  | 6/15/2026 | 20996000 | 20778444 |
| Crown Castle, Inc. | 4.45% |  | 2/15/2026 | 31552000 | 31516159 |
| GLP Capital LP/GLP Financing II, Inc. | 5.375% |  | 4/15/2026 | 64920000 | 64817654 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>†</sup> | 3.375% |  | 6/15/2026 | 26771000 | 26078223 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 4.25% |  | 2/1/2027 | 11066000 | 10833181 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>†</sup> | 5.25% |  | 10/1/2025 | 13333000 | 13324670 |

---

*See Notes to Financial Statements.* 311

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **REITS (continued)** |  |  |  |  |
| Public Storage Operating Co. | 4.944%<br> (SOFR + 0.60% | 7/25/2025 | $13071000 | $13076859 |
| Public Storage Operating Co. | 5.044%<br> (SOFR + 0.70% | 4/16/2027 | 21144000 | 21147239 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 3.75% | 2/15/2027 | 22867000 | 22458243 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.25% | 12/1/2026 | 57950000 | 57343594 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 4.50% | 9/1/2026 | 5000000 | 4971971 |
| VICI Properties LP/VICI Note Co., Inc.<sup>†</sup> | 5.75% | 2/1/2027 | 16659000 | 16827289 |
| WEA Finance LLC<sup>†</sup> | 2.875% | 1/15/2027 | 3977000 | 3851842 |
| *Total* |  |  |  | 349588890 |
| **Retail 0.29%** |  |  |  |  |
| Home Depot, Inc. | 5.10% | 12/24/2025 | 37331000 | 37477939 |
| **Software 0.28%** |  |  |  |  |
| Oracle Corp. | 5.105%<br> (SOFR + 0.76% | 8/3/2028 | 29012000 | 29068381 |
| VMware LLC | 1.40% | 8/15/2026 | 8207000 | 7904191 |
| *Total* |  |  |  | 36972572 |
| **Toys/Games/Hobbies 0.14%** |  |  |  |  |
| Mattel, Inc.<sup>†</sup> | 3.375% | 4/1/2026 | 18168000 | 17902375 |
| *Total Corporate Bonds* (cost $6,971,092,867) |  |  |  | 6994625642 |
| **FLOATING RATE LOANS**<sup>(f)</sup> **4.07%** |  |  |  |  |
| **Biotechnology 0.44%** |  |  |  |  |
| Amgen, Inc. 2022 Term Loan | 5.52%<br> (3 mo. USD Term SOFR + 1.13% | 12/22/2025 | 57320000 | 57320000 |
| **Diversified Financial Services 0.24%** |  |  |  |  |
| LPL Holdings, Inc. 2024 Term Loan A | 5.804%<br> (1 mo. USD Term SOFR + 1.38% | 12/7/2026 | 31224000 | 31263030 |
| **Electronics 0.50%** |  |  |  |  |
| Honeywell International, Inc. Term Loan A1 | 5.458%<br> (3 mo. USD Term SOFR + 1.13% | 5/7/2027 | 65000000 | 65081250 |
| **Engineering & Capital Goods 0.15%** |  |  |  |  |
| Regal Rexnord Corp. Term Loan A1 |  | 3/26/2027 | 19951318 | 20076014 |

---

312 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Health Care Products 0.31%** |  |  |  |  |
| Baxter International, Inc. 2021 Delayed Draw Term Loan Tranche 2 | 5.679%<br> (1 mo. USD Term SOFR + 1.25%) | 9/30/2026 | $15683891 | $15703495 |
| Solventum Corp. Delayed Draw Term Loan | 5.818%<br> (1 mo. USD Term SOFR + 1.38%) | 8/15/2025 | 9500000 | 9511875 |
| Solventum Corp. Term Loan | 5.818%<br> (1 mo. USD Term SOFR + 1.38%) | 2/16/2027 | 15000000 | 15000000 |
| *Total* |  |  |  | 40215370 |
| **Home Furnishings 0.13%** |  |  |  |  |
| Whirlpool Corp. Term Loan B | 5.677%<br> (1 mo. USD Term SOFR + 1.25%) | 9/23/2025 | 17500000 | 17543750 |
| **Insurance 0.45%** |  |  |  |  |
| Aon Corp. Term Loan A | 5.429%<br> (1 mo. USD Term SOFR + 1.00%) | 6/15/2027 | 46846360 | 46846360 |
| Brown & Brown, Inc. Term Loan | 5.677%<br> (1 mo. USD Term SOFR + 1.75%) | 10/27/2026 | 12500000 | 12546875 |
| *Total* |  |  |  | 59393235 |
| **Oil & Gas 0.42%** |  |  |  |  |
| Diamondback E&P LLC Delayed Draw Term Loan<sup>(h)</sup> | – <sup>(g)</sup> | 4/1/2027 | 55290000 | 55290000 |
| **Pharmaceuticals 0.42%** |  |  |  |  |
| Cencora, Inc. Delayed Draw Term Loan | 5.554%<br> (1 mo. USD Term SOFR + 1.13%) | 11/26/2027 | 55691066 | 55482225 |
| **Real Estate Investment Trusts 0.34%** |  |  |  |  |
| Host Hotels & Resorts LP 2023 Term Loan A1 | 5.327%<br> (1 mo. USD Term SOFR + 0.90%) | 1/4/2027 | 44760333 | 44508556 |
| **Semiconductors 0.51%** |  |  |  |  |
| Broadcom, Inc. Term Loan A5 | 5.452%<br> (1 mo. USD Term SOFR + 1.13%) | 8/15/2028 | 44603000 | 44603000 |
| Marvell Technology Group Ltd. 2020 5 Year Term Loan A | 5.804%<br> (1 mo. USD Term SOFR + 1.38%) | 12/7/2025 | 22500000 | 22584375 |
| *Total* |  |  |  | 67187375 |
| **Utilities 0.16%** |  |  |  |  |
| ENEL Finance America LLC Term Loan | 5.562%<br> (6 mo. USD Term SOFR + 1.30%) | 11/20/2026 | 20285714 | 20311071 |
| *Total Floating Rate Loans* (cost $534,349,425) |  |  |  | 533671876 |

---

*See Notes to Financial Statements.* 313

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Principal<br> Amount** | **Fair<br> Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(a)</sup> **0.87%** | **FOREIGN GOVERNMENT OBLIGATIONS**<sup>(a)</sup> **0.87%** |  |  |  |  |  |
| **Kazakhstan 0.27%** |  |  |  |  |  |  |
| Kazakhstan Government International Bonds | 5.125% |  | 7/21/2025 | $| 35765000 | $35775363 |
| **Panama 0.15%** |  |  |  |  |  |  |
| Panama Government International Bonds | 7.125% |  | 1/29/2026 |  | 18722000 | 19031849 |
| **South Korea 0.45%** |  |  |  |  |  |  |
| Korea National Oil Corp.<sup>†</sup> | 5.18%<br> (SOFR + 0.83% |)<sup>#</sup> | 4/3/2027 |  | 12514000 | 12569725 |
| Korea National Oil Corp.<sup>†(e)</sup> | 5.252%<br> (SOFR + 0.90% |)<sup>#</sup> | 9/30/2027 |  | 30714000 | 30868799 |
| Korea National Oil Corp.<sup>†(e)</sup> | 5.423%<br> (SOFR + 1.08% |)<sup>#</sup> | 11/14/2026 |  | 15000000 | 15183795 |
| *Total* |  |  |  |  |  | 58622319 |
| *Total Foreign Government Obligations* (cost $112,928,592) | *Total Foreign Government Obligations* (cost $112,928,592) |  |  |  |  | 113429531 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 5.72%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 5.72%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 5.72%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 5.72%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 5.72%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES 5.72%** |  |
| Bank of America Merrill Lynch Commercial Mortgage Trust Series 2017-BNK3 Class A4 | 3.574% |  | 2/15/2050 |  | 11097150 | 10890389 |
| BX Trust Series 2021-ARIA Class A<sup>†</sup> | 5.343%<br> (1 mo. USD Term SOFR + 1.01% |)<sup>#</sup> | 10/15/2036 |  | 3184000 | 3169526 |
| CD Mortgage Trust Series 2016-CD2 Class A3 | 3.248% |  | 11/10/2049 |  | 12557872 | 12332113 |
| CFCRE Commercial Mortgage Trust Series 2016-C3 Class A3 | 3.865% |  | 1/10/2048 |  | 25355000 | 25180692 |
| CFCRE Commercial Mortgage Trust Series 2016-C6 Class A2 | 2.95% |  | 11/10/2049 |  | 13198336 | 12960507 |
| Citigroup Commercial Mortgage Trust Series 2015-GC33 Class A3 | 3.515% |  | 9/10/2058 |  | 605035 | 603866 |
| Citigroup Commercial Mortgage Trust Series 2015-GC33 Class A4 | 3.778% |  | 9/10/2058 |  | 12730412 | 12672060 |
| Citigroup Commercial Mortgage Trust Series 2015-GC35 Class A3 | 3.549% |  | 11/10/2048 |  | 9278501 | 9218265 |
| Citigroup Commercial Mortgage Trust Series 2016-C1 Class A3 | 2.944% |  | 5/10/2049 |  | 10413136 | 10287043 |
| Citigroup Commercial Mortgage Trust Series 2016-C3 Class A4 | 3.154% |  | 11/15/2049 |  | 9818045 | 9572887 |
| Citigroup Commercial Mortgage Trust Series 2016-GC36 Class A5 | 3.616% |  | 2/10/2049 |  | 15462728 | 15253309 |
| Citigroup Commercial Mortgage Trust Series 2016-GC37 Class A3 | 3.05% |  | 4/10/2049 |  | 3286239 | 3260461 |
| Citigroup Commercial Mortgage Trust Series 2016-GC37 Class A4 | 3.314% |  | 4/10/2049 |  | 39730000 | 39252084 |

---

314 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| Citigroup Commercial Mortgage Trust Series 2016-P3 Class A3 | 3.063% |  | 4/15/2049 | $23988676 | $23692361 |
| Citigroup Commercial Mortgage Trust Series 2016-P3 Class A4 | 3.329% |  | 4/15/2049 | 21525478 | 21151079 |
| Citigroup Commercial Mortgage Trust Series 2017-P7 Class A3 | 3.442% |  | 4/14/2050 | 15225547 | 14943299 |
| Citigroup Commercial Mortgage Trust Series 2017-P7 Class A4 | 3.712% |  | 4/14/2050 | 7740600 | 7557707 |
| COMM Mortgage Trust Series 2016-CR28 Class A4 | 3.762% |  | 2/10/2049 | 14381235 | 14289621 |
| COMM Mortgage Trust Series 2016-DC2 Class A4 | 3.497% |  | 2/10/2049 | 18458682 | 18379754 |
| COMM Mortgage Trust Series 2017-COR2 Class A2 | 3.239% |  | 9/10/2050 | 34039216 | 33061231 |
| Commercial Mortgage Pass-Through Certificates Series 2015-LC21 Class A4 | 3.708% |  | 7/10/2048 | 549007 | 548278 |
| CSAIL Commercial Mortgage Trust Series 2016-C6 Class A4 | 2.823% |  | 1/15/2049 | 17119312 | 16930135 |
| CSAIL Commercial Mortgage Trust Series 2016-C6 Class A5 | 3.09% |  | 1/15/2049 | 5565000 | 5471309 |
| CSAIL Commercial Mortgage Trust Series 2017-C8 Class A3 | 3.127% |  | 6/15/2050 | 22579544 | 21859142 |
| CSAIL Commercial Mortgage Trust Series 2017-CX9 Class A4 | 3.176% |  | 9/15/2050 | 5641507 | 5528605 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA4 Class M1<sup>†</sup> | 5.272%<br> (30 day USD SOFR Average + 0.95% |)<sup>#</sup> | 12/25/2041 | 7673723 | 7667596 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA2 Class A1<sup>†</sup> | 5.572%<br> (30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 5/25/2044 | 8070020 | 8110969 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3 Class A1<sup>†</sup> | 5.372%<br> (30 day USD SOFR Average + 1.05% |)<sup>#</sup> | 10/25/2044 | 7805000 | 7806923 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-DNA3 Class M1<sup>†</sup> | 5.322%<br> (30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 10/25/2044 | 1989197 | 1988613 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA1 Class M1<sup>†</sup> | 5.572%<br> (30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 3/25/2044 | 4609955 | 4618626 |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2 Class A1<sup>†</sup> | 5.572%<br> (30 day USD SOFR Average + 1.25% |)<sup>#</sup> | 8/25/2044 | 15123750 | 15177122 |

---

*See Notes to Financial Statements.* 315

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2025-DNA1 Class A1<sup>†</sup> | 5.272%<br> (30 day USD SOFR Average + 0.95% |)<sup>#</sup> | 1/25/2045 | $4875000 | $4869961 |
| Federal National Mortgage Association Connecticut Avenue Securities Series 2025-R02 Class 1A1<sup>†</sup> | 5.321%<br> (30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 2/25/2045 | 7245730 | 7241458 |
| Federal National Mortgage Association Connecticut Avenue Securities Series 2025-R03 Class 2A1<sup>†</sup> | 5.772%<br> (30 day USD SOFR Average + 1.45% |)<sup>#</sup> | 3/25/2045 | 5762839 | 5795104 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R02 Class 2M1<sup>†</sup> | 5.222%<br> (30 day USD SOFR Average + 0.90% |)<sup>#</sup> | 11/25/2041 | 396876 | 396768 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R02 Class 2M1<sup>†</sup> | 5.522%<br> (30 day USD SOFR Average + 1.20% |)<sup>#</sup> | 1/25/2042 | 5408047 | 5407041 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05 Class 2M1<sup>†</sup> | 5.322%<br> (30 day USD SOFR Average + 1.00% |)<sup>#</sup> | 7/25/2044 | 9298695 | 9295951 |
| Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2025-R01 Class 1A1<sup>†</sup> | 5.271%<br> (30 day USD SOFR Average + 0.95% |)<sup>#</sup> | 1/25/2045 | 12260959 | 12242296 |
| GS Mortgage Securities Trust Series 2015-GC32 Class A4 | 3.764% |  | 7/10/2048 | 7267199 | 7255416 |
| GS Mortgage Securities Trust Series 2017-GS5 Class A3 | 3.409% |  | 3/10/2050 | 3620395 | 3550677 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-JP1 Class A5 | 3.914% |  | 1/15/2049 | 17800073 | 17642631 |
| JPMBB Commercial Mortgage Securities Trust Series 2015-C30 Class A5 | 3.822% |  | 7/15/2048 | 19078000 | 18995928 |
| JPMDB Commercial Mortgage Securities Trust Series 2016-C2 Class A3A | 2.881% |  | 6/15/2049 | 5321499 | 5245806 |
| JPMDB Commercial Mortgage Securities Trust Series 2016-C2 Class A4 | 3.144% |  | 6/15/2049 | 10000000 | 9796861 |
| JPMDB Commercial Mortgage Securities Trust Series 2016-C4 Class A3 | 3.141% |  | 12/15/2049 | 6862700 | 6655640 |
| KIND Trust Series 2021-KIND Class A<sup>†</sup> | 5.40%<br> (1 mo. USD Term SOFR + 1.06% |)<sup>#</sup> | 8/15/2038 | 8806473 | 8685567 |

---

316 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |  |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24 Class A4 | 3.732% |  | 5/15/2048 | $8762668 | $8744092 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26 Class A4 | 3.252% |  | 10/15/2048 | 1005028 | 1004171 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26 Class A5 | 3.531% |  | 10/15/2048 | 21985000 | 21860149 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C27 Class A3 | 3.473% |  | 12/15/2047 | 19708033 | 19651467 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C27 Class A4 | 3.753% |  | 12/15/2047 | 12000000 | 11929421 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C28 Class A4 | 3.544% |  | 1/15/2049 | 11569993 | 11418338 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C30 Class A4 | 2.60% |  | 9/15/2049 | 12467892 | 12191282 |
| Morgan Stanley Capital I Trust Series 2016-UB11 Class A3 | 2.531% |  | 8/15/2049 | 20970106 | 20474905 |
| Morgan Stanley Capital I Trust Series 2016-UBS9 Class A4 | 3.594% |  | 3/15/2049 | 5700000 | 5626804 |
| UBS Commercial Mortgage Trust Series 2017-C1 Class A3 | 3.196% |  | 6/15/2050 | 9113431 | 8834278 |
| UBS Commercial Mortgage Trust Series 2017-C3 Class A3 | 3.167% |  | 8/15/2050 | 17523000 | 17087610 |
| Wells Fargo Commercial Mortgage Trust Series 2015-C31 Class A4 | 3.695% |  | 11/15/2048 | 12264000 | 12191755 |
| Wells Fargo Commercial Mortgage Trust Series 2015-P2 Class A3 | 3.541% |  | 12/15/2048 | 2052169 | 2038611 |
| Wells Fargo Commercial Mortgage Trust Series 2016-C35 Class A4FL<sup>†</sup> | 5.493%<br> (1 mo. USD Term SOFR + 1.16% |)<sup>#</sup> | 7/15/2048 | 19000000 | 19008075 |
| Wells Fargo Commercial Mortgage Trust Series 2016-C37 Class A5 | 3.794% |  | 12/15/2049 | 25050000 | 24631224 |
| Wells Fargo Commercial Mortgage Trust Series 2016-LC24 Class A3 | 2.684% |  | 10/15/2049 | 10372150 | 10200205 |
| Wells Fargo Commercial Mortgage Trust Series 2016-LC25 Class A4 | 3.64% |  | 12/15/2059 | 9435000 | 9255650 |
| Wells Fargo Commercial Mortgage Trust Series 2016-NXS5 Class A4 | 3.37% |  | 1/15/2059 | 1217901 | 1210646 |
| Wells Fargo Commercial Mortgage Trust Series 2016-NXS5 Class A6 | 3.635% |  | 1/15/2059 | 15000000 | 14846167 |
| *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $746,599,830) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $746,599,830) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $746,599,830) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $746,599,830) | *Total Non-Agency Commercial Mortgage-Backed Securities* (cost $746,599,830) | 748717527 |

---

*See Notes to Financial Statements.* 317

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **U.S. TREASURY OBLIGATIONS 2.49%** |  |  |  |  |
| U.S. Treasury Inflation-Indexed Notes<sup>(i)</sup> | 0.375% | 7/15/2025 | $108360577 | $108297017 |
| U.S. Treasury Notes | 4.25% | 11/30/2026 | 74000000 | 74263047 |
| U.S. Treasury Notes | 5.00% | 9/30/2025 | 142781400 | 143069142 |
| *Total U.S. Treasury Obligations* (cost $322,841,806) | *Total U.S. Treasury Obligations* (cost $322,841,806) |  |  | 325629206 |
| *Total Long-Term Investments* (cost $12,309,806,926) | *Total Long-Term Investments* (cost $12,309,806,926) |  |  | 12342474277 |
| **SHORT-TERM INVESTMENTS 5.60%** |  |  |  |  |
| **COMMERCIAL PAPER 5.57%** |  |  |  |  |
| **Chemicals 0.83%** |  |  |  |  |
| FMC Corp.<sup>†</sup> | 5.173% | 6/2/2025 | 108866000 | 108866000 |
| **Commercial Services 0.04%** |  |  |  |  |
| Global Payments, Inc. | 4.97% | 6/2/2025 | 2600000 | 2600000 |
| Global Payments, Inc. | 5.135% | 6/18/2025 | 2500000 | 2494389 |
| *Total* |  |  |  | 5094389 |
| **Food 0.48%** |  |  |  |  |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL<sup>†</sup> | 5.09% | 6/3/2025 | 38489000 | 38483643 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL<sup>†</sup> | 5.135% | 6/11/2025 | 11259000 | 11244786 |
| JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL<sup>†</sup> | 5.148% | 6/23/2025 | 13202000 | 13163109 |
| *Total* |  |  |  | 62891538 |
| **Investment Companies 1.04%** |  |  |  |  |
| HA Sustainable Infrastructure Capital, Inc.<sup>†</sup> | 5.072% | 6/2/2025 | 15000000 | 15000000 |
| HA Sustainable Infrastructure Capital, Inc.<sup>†</sup> | 5.555% | 6/26/2025 | 35206000 | 35078085 |
| HA Sustainable Infrastructure Capital, Inc.<sup>†</sup> | 5.556% | 6/27/2025 | 30805000 | 30688411 |
| HA Sustainable Infrastructure Capital, Inc.<sup>†</sup> | 5.559% | 6/24/2025 | 12500000 | 12458368 |
| HA Sustainable Infrastructure Capital, Inc.<sup>†</sup> | 5.561% | 7/1/2025 | 43933000 | 43740122 |
| *Total* |  |  |  | 136964986 |
| **Media 0.17%** |  |  |  |  |
| Discovery Communications LLC | 5.398% | 6/9/2025 | 22074000 | 22051251 |
| **Oil & Gas 0.90%** |  |  |  |  |
| APA Corp.<sup>†</sup> | 5.021% | 6/2/2025 | 117500000 | 117500000 |

---

318 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)(continued)**

ULTRA SHORT BOND FUND *May 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Interest<br> Rate** | **Maturity<br> Date** | **Principal<br> Amount** | **Fair<br> Value** |
| **Packaging & Containers 0.23%** |  |  |  |  |
| Sonoco Products Co. | 5.267% | 6/11/2025 | $17439000 | $17416460 |
| Sonoco Products Co. | 5.268% | 6/12/2025 | 13243000 | 13223982 |
| *Total* |  |  |  | 30640442 |
| **REITS 1.14%** |  |  |  |  |
| Crown Castle, Inc.<sup>†</sup> | 5.115% | 6/5/2025 | 102391000 | 102348167 |
| Crown Castle, Inc.<sup>†</sup> | 5.116% | 6/26/2025 | 47000000 | 46842706 |
| *Total* |  |  |  | 149190873 |
| **Shipbuilding 0.16%** |  |  |  |  |
| Huntington Ingalls Industries, Inc.<sup>†</sup> | 5.123% | 6/2/2025 | 20750000 | 20750000 |
| **Telecommunications 0.58%** |  |  |  |  |
| TELUS Corp.<sup>†</sup> | 4.833% | 6/6/2025 | 24323000 | 24310271 |
| TELUS Corp.<sup>†</sup> | 4.895% | 7/11/2025 | 36500000 | 36312177 |
| TELUS Corp.<sup>†</sup> | 5.042% | 7/11/2025 | 12000000 | 11936300 |
| TELUS Corp.<sup>†</sup> | 5.148% | 7/15/2025 | 3500000 | 3479098 |
| *Total* |  |  |  | 76037846 |
| *Total Commercial Paper* (cost $729,884,118) |  |  |  | 729987325 |
| **Time Deposits 0.00%** |  |  |  |  |
| CitiBank N.A.<sup>(j)</sup><br> (cost $350,230) |  |  | 350230 | 350230 |
|  |  |  | **Shares** |  |
| **Money Market Funds 0.03%** |  |  |  |  |
| Fidelity Government Portfolio<sup>(j)</sup> (cost $3,152,070) |  |  | 3152070 | 3152070 |
| *Total Short-Term Investments* (cost $733,386,418) | *Total Short-Term Investments* (cost $733,386,418) |  |  | 733489625 |
| *Total Investments in Securities 99.83%* (cost $13,043,193,344) | *Total Investments in Securities 99.83%* (cost $13,043,193,344) |  |  | 13075963902 |
| *Less Unfunded Loan Commitments (0.42%)* (cost $55,013,550) | *Less Unfunded Loan Commitments (0.42%)* (cost $55,013,550) |  |  | (55290000) |
| *Net Investments in Securities 99.41%* (cost $12,988,179,794) | *Net Investments in Securities 99.41%* (cost $12,988,179,794) |  |  | 13020673902 |
| *Other Assets and Liabilities – Net*<sup>(k)</sup> *0.59%* | *Other Assets and Liabilities – Net*<sup>(k)</sup> *0.59%* |  |  | 77934939 |
| *Net Assets 100.00%* |  |  |  | $13098608841 |

---

---

| | |
|:---|:---|
| CMT | Constant Maturity Rate. |
| REITS | Real Estate Investment Trusts. |
| REMICS | Real Estate Mortgage Investment Conduits. |
| SOFR | Secured Overnight Financing Rate. |
| STACR | Structured Agency Credit Risk. |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, unless registered under such Act or exempted from registration, may only be resold to qualified institutional buyers. At May 31, 2025, the total value of Rule 144A securities was $5,809,902,874, which represents 44.36% of net assets. |
| <sup>#</sup> | Variable rate security. The interest rate represents the rate in effect at May 31, 2025. |
| <sup>(a)</sup> | Foreign security traded in U.S. dollars. |

---

*See Notes to Financial Statements.* 319

**Schedule of Investments (unaudited)(concluded)**

ULTRA SHORT BOND FUND *May 31, 2025*

<sup>(b)</sup> Securities purchased on a when-issued basis (See Note 2(l)).

<sup>(c)</sup> Security is perpetual in nature and has no stated maturity.

<sup>(d)</sup> Step Bond – Security with a predetermined schedule of interest rate changes.

<sup>(e)</sup> All or a portion of this security is temporarily on loan to unaffiliated broker/dealers.

<sup>(f)</sup> Floating Rate Loans in which the Fund invests generally pay interest at rates which are periodically re-determined at a margin above the SOFR or the prime rate offered by major U.S. banks. The rate(s) shown is the rate(s) in effect at May 31, 2025.

<sup>(g)</sup> Interest Rate to be determined.

<sup>(h)</sup> Security partially/fully unfunded (See Note 2(d)).

<sup>(i)</sup> Treasury Inflation Protected Security. A U.S. Treasury Note or Bond that offers protection from inflation by paying a fixed rate of interest on a principal amount that is adjusted for inflation based on the Consumer Price Index.

<sup>(j)</sup> Security was purchased with the cash collateral from loaned securities.

<sup>(k)</sup> Other Assets and Liabilities – Net include net unrealized appreciation/(depreciation) on futures contracts as follows:

**Futures Contracts at May 31, 2025:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Type** | **Expiration** | **Contracts** | **Position** | **Notional<br> Amount** | **Notional<br> Value** | **Unrealized<br> Appreciation** |
| U.S. 2-Year Treasury Note | September 2025 | 2261 | Long | $468498421 | $469016187 | $517766 |

---

The following is a summary of the inputs used as of May 31, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | $– | $3626400495 | $– | $3626400495 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 6994625642 |  | 6994625642 |
| &nbsp;&nbsp;&nbsp;Floating Rate Loans |  | 533671876 |  | 533671876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less Unfunded Loan Commitments |  | (55290000) |  | (55290000) |
| &nbsp;&nbsp;&nbsp;Foreign Government Obligations |  | 113429531 |  | 113429531 |
| &nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities |  | 748717527 |  | 748717527 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations |  | 325629206 |  | 325629206 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Paper |  | 729987325 |  | 729987325 |
| &nbsp;&nbsp;&nbsp;Time Deposits |  | 350230 |  | 350230 |
| &nbsp;&nbsp;&nbsp;Money Market Funds | 3152070 | – | – | 3152070 |
| Total | $3152070 | $13017521832 | $– | $13020673902 |
| **Other Financial Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets | $517766 | $– | $– | $517766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities | – | – | – | – |
| Total | $517766 | $– | $– | $517766 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography. The table above is presented by Investment Type. Industries are presented within an Investment Type should such Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund's net assets.

320 *See Notes to Financial Statements.*

This page is intentionally left blank.

**Statements of Assets and Liabilities (unaudited)**

*May 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Convertible<br> Fund** | **Core Fixed<br> Income Fund** | **Core Plus<br> Bond Fund** |
| ASSETS: |  |  |  |
| Investments in securities, at cost | $528038830 | $5562305486 | $4788316561 |
| Investments in securities, at fair value including $0, $4,981,004, $23,923,855, $66,647,418, $91,007,416, $71,524,008 and $0, respectively, of securities loaned | $560057025 | $5533843048 | $4777347969 |
| Cash |  | 1080740 | 3723905 |
| Cash at brokers for forwards, swap contracts and TBA collateral | 2130000 |  |  |
| Deposits with brokers for futures collateral |  | 3481812 | 3782455 |
| Deposits with brokers for forwards, options and swap contracts collateral |  | 5350512 | 4482000 |
| Foreign cash, at value (cost $0, $92, $49,940, $685,119, $328,290, $143,243 and $0, respectively) |  | 97 | 50966 |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 1891267 | 35163106 | 35216048 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 205744 | 23755549 | 24365421 |
| &nbsp;&nbsp;&nbsp;Premiums for OTC written options sold | 180014 |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold |  | 893080667 | 853370291 |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 4) |  | 97757 |  |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts |  | 961963 | 148832 |
| &nbsp;&nbsp;&nbsp;Variation margin for centrally cleared swap contracts agreements |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending income |  | 2309 | 14800 |
| Total return swap contracts, at fair value (including upfront payment of $0, $0, $0, $(798), $0, $0 and $0, respectively) |  |  |  |
| Unrealized appreciation on forward foreign currency exchange contracts | 399 |  |  |
| Unrealized appreciation on CPI swap contracts |  |  |  |
| Unrealized appreciation on unfunded loan commitments |  |  |  |
| Prepaid expenses and other assets | 87538 | 153821 | 205151 |
| **Total assets** | 564551987 | 6496971381 | 5702707838 |
| LIABILITIES: |  |  |  |
| Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;To brokers for forwards, swap contracts and TBA collateral | 2130000 |  |  |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 723518 | 7458311 | 7379609 |
| &nbsp;&nbsp;&nbsp;Management fee | 329198 | 804786 | 907911 |
| &nbsp;&nbsp;&nbsp;To bank | 179972 |  |  |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 94050 | 239333 | 78465 |
| &nbsp;&nbsp;&nbsp;Fund administration | 18811 | 152464 | 129702 |
| &nbsp;&nbsp;&nbsp;12b-1 distribution plan | 14147 | 149413 | 73038 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased |  | 1944296197 | 1787013563 |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Variation margin for centrally cleared swap contracts agreements |  |  |  |
| &nbsp;&nbsp;&nbsp;To broker |  |  |  |
| &nbsp;&nbsp;&nbsp;Collateral due to broker for securities lending |  | 5150000 | 24691674 |

---

<br> 322 See Notes to Financial Statements.

---

| | | | |
|:---|:---|:---|:---|
| **Floating<br> Rate Fund** | **High Yield<br> Fund** | **Income<br> Fund** | **Inflation<br> Focused Fund** |
| $4688574044 | $3437474785 | $6134832886 | $774984849 |
| $4692103044 | $3430331228 | $6094349785 | $773868774 |
| 137438738 |  | 3386655 | 1883978 |
| 2020000 |  |  | 2225000 |
| 1328400 | 4247746 | 32696850 | 2813958 |
| 5322108 | 17296456 | 8147123 | 18894560 |
| 685517 | 328290 | 146145 |  |
| 44444609 | 59880600 | 70100408 | 7100835 |
| 31864792 | 23503076 | 34735561 | 4162918 |
| 217019917 | 74945766 | 449577047 | 41515742 |
| 98440 | 125933 |  | 197191 |
|  | 2171082 |  | 502667 |
| 87037 | 65041 | 41981 |  |
| 2641266 |  |  |  |
| 14594 | 160320 |  |  |
|  |  |  | 8933821 |
| 17848 |  |  |  |
| 184336 | 140282 | 164186 | 83537 |
| 5135270646 | 3613195820 | 6693345741 | 862182981 |
| 2020000 |  |  | 2225000 |
| 12084611 | 8947331 | 9565574 | 1808531 |
| 1820183 | 1570973 | 1747461 | 192614 |
|  | 377746 |  |  |
| 779546 | 598970 | 473582 | 107683 |
| 158019 | 115486 | 190974 | 25682 |
| 1131192 | 312702 | 365090 | 178761 |
| 345577628 | 47632006 | 895735885 | 88592258 |
|  |  | 1968216 |  |
| 258401 |  | 267630 |  |
|  | 1991669 |  |  |
| 69277520 | 94804633 | 82808184 |  |

---

<br> See Notes to Financial Statements. 323

**Statements of Assets and Liabilities (unaudited)(continued)**

*May 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Convertible<br> Fund** | **Core Fixed<br> Income Fund** | **Core Plus<br> Bond Fund** |
| LIABILITIES (concluded): |  |  |  |
| Unrealized depreciation on forward foreign currency exchange contracts | $20445 | $– | $100154 |
| Unrealized depreciation on CPI swap contracts |  |  |  |
| Foreign currency overdraft (cost $0, $0, $0, $0, $0, $0 and $104, respectively) |  |  |  |
| Options written outstanding, at value (including premiums received of $2,378,319, $0, $0, $0, $0, $0 and $0, respectively) (See Note 2(m)) | 3055990 |  |  |
| Distributions payable |  | 17828581 | 17036594 |
| Accrued expenses and other liabilities | 157155 | 418514 | 64681 |
| **Total liabilities** | 6723286 | 1976497599 | 1837475391 |
| Commitments and contingent liabilities | – | – | – |
| **NET ASSETS** | $557828701 | $4520473782 | $3865232447 |
| COMPOSITION OF NET ASSETS: |  |  |  |
| Paid-in capital | $697912531 | $4905361141 | $4004163136 |
| Total distributable earnings (loss) | (140083830) | (384887359) | (138930689) |
| **Net Assets** | $557828701 | $4520473782 | $3865232447 |

---

<br> 324 See Notes to Financial Statements.

---

| | | | |
|:---|:---|:---|:---|
| **Floating<br> Rate Fund** | **High Yield<br> Fund** | **Income<br> Fund** | **Inflation<br> Focused Fund** |
| $1228194 | $3751698 | $406655 | $– |
|  |  |  | 5327120 |
|  |  |  | 114 |
| 28775447 | 20665796 | 27131694 | 3069824 |
| 2335462 | 1010849 | 434746 | 334676 |
| 465446203 | 181779859 | 1021095691 | 101862263 |
| – | – | – | – |
| $4669824443 | $3431415961 | $5672250050 | $760320718 |
| $6600016797 | $4357204746 | $6267152877 | $1223318418 |
| (1930192354) | (925788785) | (594902827) | (462997700) |
| $4669824443 | $3431415961 | $5672250050 | $760320718 |

---

<br> See Notes to Financial Statements. 325

**Statements of Assets and Liabilities (unaudited)(continued)**

*May 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Convertible<br> Fund** | **Core Fixed<br> Income Fund** | **Core Plus<br> Bond Fund** |
| Net Assets by class: |  |  |  |
| Class A Shares | $144086785 | $682849619 | $316238727 |
| Class C Shares | $21019483 | $43241974 | $35643472 |
| Class F Shares | $11822023 | $47077943 | $12619376 |
| Class F3 Shares | $8896071 | $777965441 | $202408429 |
| Class I Shares | $345852955 | $2898834917 | $3267295908 |
| Class P Shares | $16968 | $– | $– |
| Class R2 Shares | $91289 | $574089 | $– |
| Class R3 Shares | $20095159 | $4518702 | $866668 |
| Class R4 Shares | $213367 | $9176557 | $2407709 |
| Class R5 Shares | $1886357 | $5761838 | $27244 |
| Class R6 Shares | $3848244 | $50472702 | $27724914 |
| **Outstanding shares by class (unlimited number of authorized shares of beneficial interest):** |  |  |  |
| Class A Shares | 9831904 | 74474750 | 24884492 |
| Class C Shares | 1451418 | 4737565 | 2803437 |
| Class F Shares | 805682 | 5133770 | 993947 |
| Class F3 Shares | 597562 | 84843489 | 15925932 |
| Class I Shares | 23371002 | 316323244 | 257317276 |
| Class P Shares | 1127 |  |  |
| Class R2 Shares | 6075 | 62589 |  |
| Class R3 Shares | 1382088 | 492768 | 68211 |
| Class R4 Shares | 14556 | 1000910 | 189457 |
| Class R5 Shares | 127509 | 628154 | 2143 |
| Class R6 Shares | 258395 | 5507535 | 2181254 |
| **Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):\*** |  |  |  |
| Class A Shares-Net asset value | $14.66 | $9.17 | $12.71 |
| Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%, 2.25%, 2.25%, 2.25%, 2.25%, 2.25% and 2.25%, respectively) | $15.00 | $9.38 | $13.00 |
| Class C Shares-Net asset value | $14.48 | $9.13 | $12.71 |
| Class F Shares-Net asset value | $14.67 | $9.17 | $12.70 |
| Class F3 Shares-Net asset value | $14.89 | $9.17 | $12.71 |
| Class I Shares-Net asset value | $14.80 | $9.16 | $12.70 |
| Class P Shares-Net asset value | $15.05 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| Class R2 Shares-Net asset value | $15.03 | $9.17 | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| Class R3 Shares-Net asset value | $14.54 | $9.17 | $12.71 |
| Class R4 Shares-Net asset value | $14.66 | $9.17 | $12.71 |
| Class R5 Shares-Net asset value | $14.79 | $9.17 | $12.71 |
| Class R6 Shares-Net asset value | $14.89 | $9.16 | $12.71 |

---

\* Net asset value may not recalculate due to rounding of fractional shares.

<br> 326 See Notes to Financial Statements.

---

| | | | |
|:---|:---|:---|:---|
| **Floating<br> Rate Fund** | **High Yield<br> Fund** | **Income<br> Fund** | **Inflation<br> Focused Fund** |
| $1473711142 | $703538781 | $1311873642 | $141910542 |
| $237789019 | $93029933 | $51019179 | $25855659 |
| $154412640 | $64757458 | $30172937 | $18212783 |
| $87053461 | $458076468 | $1898434429 | $57553381 |
| $2566620446 | $1580313265 | $2256164702 | $483838297 |
| $– | $– | $– | $– |
| $735540 | $5456025 | $693395 | $458579 |
| $99931680 | $81283044 | $50869385 | $1011262 |
| $1328959 | $41109993 | $9182950 | $2517020 |
| $2491329 | $163493282 | $2320448 | $1845532 |
| $45750227 | $240357712 | $61518983 | $27117663 |
| 182934267 | 112171570 | 546851416 | 12056014 |
| 29487130 | 14912103 | 21179827 | 2193736 |
| 19178313 | 10339546 | 12593259 | 1544998 |
| 10788533 | 72679429 | 791296971 | 4884464 |
| 318298662 | 250788595 | 939904758 | 41119157 |
| 91199 | 864866 | 286808 | 39150 |
| 12396390 | 12885636 | 21136048 | 85923 |
| 164924 | 6555361 | 3824072 | 213938 |
| 308693 | 25965904 | 967034 | 156971 |
| 5672093 | 38118995 | 25643080 | 2305328 |
| $8.06 | $6.27 | $2.40 | $11.77 |
| $8.25 | $6.41 | $2.46 | $12.04 |
| $8.06 | $6.24 | $2.41 | $11.79 |
| $8.05 | $6.26 | $2.40 | $11.79 |
| $8.07 | $6.30 | $2.40 | $11.78 |
| $8.06 | $6.30 | $2.40 | $11.77 |
| $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| $8.07 | $6.31 | $2.42 | $11.71 |
| $8.06 | $6.31 | $2.41 | $11.77 |
| $8.06 | $6.27 | $2.40 | $11.77 |
| $8.07 | $6.30 | $2.40 | $11.76 |
| $8.07 | $6.31 | $2.40 | $11.76 |

---

<br> See Notes to Financial Statements. 327

**Statements of Assets and Liabilities (unaudited)(continued)**

*May 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Short Duration<br> Core Bond Fund** | **Short Duration<br> Income Fund** |
| ASSETS: |  |  |
| Investments in securities, at cost | $607492936 | $44712621451 |
| Investments in securities, at fair value including $475,292, $121,153,219, $20,951,972 and $3,402,457, respectively, of securities loaned | $610750374 | $44494760574 |
| Cash |  | 1028670 |
| Cash at brokers for forwards, swap contracts and TBA collateral |  | 300000 |
| Deposits with brokers for futures collateral | 1173600 | 119637475 |
| Deposits with brokers for forwards and swap contracts collateral | 1621320 | 159173742 |
| Foreign cash, at value (cost $0, $1,701,963, $247,739 and $0, respectively) |  | 1745065 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 19667383 | 2324228818 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 6192364 | 226738995 |
| &nbsp;&nbsp;&nbsp;Interest | 5677583 | 457618722 |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 4) | 41222 |  |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts |  | 7491640 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 371 | 54763 |
| Unrealized appreciation on unfunded loan commitments | 12655 |  |
| Prepaid expenses and other assets | 85406 | 90907 |
| **Total assets** | 645222278 | 47792869371 |
| LIABILITIES: |  |  |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities purchased | 39718991 | 4938111916 |
| &nbsp;&nbsp;&nbsp;To bank | 999364 |  |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 967325 | 94774615 |
| &nbsp;&nbsp;&nbsp;Collateral due to broker for securities lending | 489440 | 132551250 |
| &nbsp;&nbsp;&nbsp;Management fee | 150251 | 9092700 |
| &nbsp;&nbsp;&nbsp;Variation margin for centrally cleared swap contracts agreements | 105988 | 17066346 |
| &nbsp;&nbsp;&nbsp;Variation margin for futures contracts | 71270 |  |
| &nbsp;&nbsp;&nbsp;12b-1 distribution plan | 22531 | 5556837 |
| &nbsp;&nbsp;&nbsp;Fund administration | 20034 | 1434448 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 18272 | 4372881 |
| &nbsp;&nbsp;&nbsp;To brokers for forwards, swap contracts and TBA collateral |  | 300000 |
| Credit default swap contracts agreements payable, at fair value (including upfront payments of $0, $292,346, $0 and $0, respectively) |  | 2807579 |
| Unrealized depreciation on forward foreign currency exchange contracts |  | 64461 |
| Foreign currency overdraft (cost $117, $0, $0 and $0, respectively) | 123 |  |
| Distributions payable | 2341110 | 192440111 |
| Accrued expenses and other liabilities | 125669 | 37954886 |
| **Total liabilities** | 45030368 | 5436528030 |
| **Commitments and contingent liabilities** | – | – |
| **NET ASSETS** | $600191910 | $42356341341 |
| COMPOSITION OF NET ASSETS: |  |  |
| Paid-in capital | $614827554 | $50867472058 |
| Total distributable earnings (loss) | (14635644) | (8511130717) |
| **Net Assets** | $600191910 | $42356341341 |

---

<br> 328 See Notes to Financial Statements.

---

| | |
|:---|:---|
| **Total Return<br> Fund** | **Ultra Short<br> Bond Fund** |
| $4465449782 | $12988179794 |
| $4430155742 | $13020673902 |
| 107516 |  |
| 2971225 | 2713200 |
| 5300000 |  |
| 252750 |  |
| 677236442 | 80467712 |
| 17139382 | 83100013 |
| 31627186 | 85944317 |
| 43005 |  |
| 97778 | 194321 |
| 9983 | 2511 |
|  | 276450 |
| 112286 | 316779 |
| 5165053295 | 13273689205 |
| 1505912489 | 47403638 |
|  | 28075430 |
| 5069246 | 40555630 |
| 21774312 | 3502300 |
| 854170 | 1864480 |
| 201929 | 640635 |
| 122024 | 438701 |
| 375735 | 1113111 |
| 672982 |  |
| 14834435 | 50746688 |
| 627508 | 739751 |
| 1550444830 | 175080364 |
| – | – |
| $3614608465 | $13098608841 |
| $4310404104 | $13251805581 |
| (695795639) | (153196740) |
| $3614608465 | $13098608841 |

---

<br> See Notes to Financial Statements. 329

**Statements of Assets and Liabilities (unaudited)(concluded)**

*May 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Short Duration<br> Core Bond Fund** | **Short Duration<br> Income Fund** |
| **Net Assets by class:** |  |  |
| Class A Shares | $97600718 | $7206252974 |
| Class A1 Shares | $– | $– |
| Class C Shares | $9793935 | $1221313110 |
| Class F Shares | $4585776 | $952927312 |
| Class F3 Shares | $73164973 | $4373177307 |
| Class I Shares | $410795647 | $27074180304 |
| Class P Shares | $– | $– |
| Class R2 Shares | $– | $4217713 |
| Class R3 Shares | $98173 | $279760655 |
| Class R4 Shares | $45079 | $151157376 |
| Class R5 Shares | $11419 | $73294851 |
| Class R6 Shares | $4096190 | $1020059739 |
| **Outstanding shares by class (unlimited number of authorized shares of beneficial interest):** |  |  |
| Class A Shares | 10590928 | 1861429146 |
| Class A1 Shares |  |  |
| Class C Shares | 1063293 | 313544013 |
| Class F Shares | 497941 | 246186914 |
| Class F3 Shares | 7945630 | 1128225371 |
| Class I Shares | 44606465 | 6999235823 |
| Class P Shares |  |  |
| Class R2 Shares |  | 1088702 |
| Class R3 Shares | 10661 | 72183534 |
| Class R4 Shares | 4894 | 38966644 |
| Class R5 Shares | 1240 | 18967551 |
| Class R6 Shares | 444893 | 263542085 |
| **Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):\*** |  |  |
| Class A Shares-Net asset value | $9.22 | $3.87 |
| Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25%, 2.25%, 2.25% and 0.00%, respectively) | $9.43 | $3.96 |
| Class A1 Shares-Net asset value | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| Class A1 Shares-Maximum offering price (Net asset value plus sales charge of 0.00%, 0.00%, 0.00%, and 1.25%, respectively) | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| Class C Shares-Net asset value | $9.21 | $3.90 |
| Class F Shares-Net asset value | $9.21 | $3.87 |
| Class F3 Shares-Net asset value | $9.21 | $3.88 |
| Class I Shares-Net asset value | $9.21 | $3.87 |
| Class P Shares-Net asset value | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| Class R2 Shares-Net asset value | $&nbsp;&nbsp;&nbsp;&nbsp; – | $3.87 |
| Class R3 Shares-Net asset value | $9.21 | $3.88 |
| Class R4 Shares-Net asset value | $9.21 | $3.88 |
| Class R5 Shares-Net asset value | $9.21 | $3.86 |
| Class R6 Shares-Net asset value | $9.21 | $3.87 |

---

\* Net asset value may not recalculate due to rounding of fractional shares.

330 *See Notes to Financial Statements.*

---

| | |
|:---|:---|
| **Total Return<br> Fund** | **Ultra Short<br> Bond Fund** |
| $992378529 | $5620757106 |
| $– | $9820217 |
| $24423012 | $– |
| $66352044 | $144109607 |
| $954054799 | $2646492359 |
| $1280403821 | $4628764699 |
| $6209 | $– |
| $1108392 | $– |
| $24151300 | $– |
| $31916907 | $– |
| $23710978 | $352328 |
| $216102474 | $48312525 |
| 114769544 | 560601030 |
|  | 979265 |
| 2826310 |  |
| 7674406 | 14374161 |
| 110268819 | 263957706 |
| 147769573 | 461687146 |
| 715 |  |
| 128228 |  |
| 2793234 |  |
| 3690758 |  |
| 2741440 | 35136 |
| 24965673 | 4817892 |
| $8.65 | $10.03 |
| $8.85 | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| $&nbsp;&nbsp;&nbsp;&nbsp; – | $10.03 |
| $&nbsp;&nbsp;&nbsp;&nbsp; – | $10.18 |
| $8.64 | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| $8.65 | $10.03 |
| $8.65 | $10.03 |
| $8.66 | $10.03 |
| $8.69 | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| $8.64 | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| $8.65 | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| $8.65 | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| $8.65 | $10.03 |
| $8.66 | $10.03 |

---

*See Notes to Financial Statements.* 331

**Statements of Operations (unaudited)**

*For the Six Months Ended May 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Convertible<br> Fund** | **Core Fixed<br> Income Fund** | **Core Plus<br> Bond Fund** |
| **Investment income:** |  |  |  |
| Dividends | $2035780 | $– | $– |
| Securities lending net income | 3 | 5501 | 78256 |
| Interest and other (net of foreign withholding taxes of $2,865, $270, $398, $0, $236, $10,686 and $0, respectively) | 5983164 | 110932357 | 101939292 |
| **Total investment income** | 8018947 | 110937858 | 102017548 |
| **Expenses:** |  |  |  |
| Management fee | 1987906 | 4709833 | 5096324 |
| 12b-1 distribution plan–Class A | 144461 | 685368 | 310700 |
| 12b-1 distribution plan–Class C | 89131 | 186823 | 151119 |
| 12b-1 distribution plan–Class F | 6471 | 30267 | 8740 |
| 12b-1 distribution plan–Class P | 36 |  |  |
| 12b-1 distribution plan–Class R2 | 309 | 1921 |  |
| 12b-1 distribution plan–Class R3 | 50137 | 11323 | 2180 |
| 12b-1 distribution plan–Class R4 | 271 | 11983 | 2559 |
| Shareholder servicing | 251276 | 1312320 | 1411574 |
| Fund administration | 113595 | 892104 | 728046 |
| Registration | 83860 | 180587 | 245244 |
| Professional | 33556 | 47616 | 41682 |
| Reports to shareholders | 17921 | 103620 | 62881 |
| Trustees' fees | 9993 | 77532 | 57525 |
| Custody | 6627 | 27074 | 19985 |
| Other | 46748 | 132676 | 66872 |
| Gross expenses | 2842298 | 8411047 | 8205431 |
| Fees waived and expenses reimbursed (See Note 4) | (6627) | (27074) | (19985) |
| Shareholder servicing reimbursed–Class I (See Note 4) | – | (568810) | – |
| **Net expenses** | 2835671 | 7815163 | 8185446 |
| **Net investment income** | 5183276 | 103122695 | 93832102 |

---

332 *See Notes to Financial Statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Floating Rate<br> Fund** | **High Yield<br> Fund** | **Income<br> Fund** | **Inflation<br>Focused Fund** |
| $5429210 | $306302 | $– | $– |
| 282800 | 675212 | 255710 |  |
| 192043514 | 136579622 | 168004039 | 18072231 |
| 197755524 | 137561136 | 168259749 | 18072231 |
| 11082820 | 9484079 | 10267202 | 1088254 |
| 1505034 | 713109 | 1302896 | 146563 |
| 1037165 | 414868 | 224899 | 107007 |
| 83634 | 34895 | 15824 | 10278 |
| 2049 | 16710 | 2048 | 1385 |
| 248346 | 204377 | 127450 | 2084 |
| 1684 | 57097 | 11027 | 3270 |
| 1792465 | 1523096 | 1353695 | 328760 |
| 962978 | 698891 | 1122107 | 145101 |
| 130698 | 122575 | 186305 | 78295 |
| 68622 | 59029 | 62654 | 49808 |
| 111253 | 129315 | 155540 | 15745 |
| 84272 | 62964 | 95775 | 13056 |
| 39850 | 43167 | 30029 | 18438 |
| 261733 | 183687 | 126528 | 207047 |
| 17412603 | 13747859 | 15083979 | 2215091 |
| (39850) | (43167) | (30029) | (18438) |
| – | – | – | – |
| 17372753 | 13704692 | 15053950 | 2196653 |
| 180382771 | 123856444 | 153205799 | 15875578 |

---

*See Notes to Financial Statements.* 333

**Statements of Operations (unaudited)(continued)**

*For the Six Months Ended May 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Convertible<br> Fund** | **Core Fixed<br> Income Fund** | **Core Plus<br> Bond Fund** |
| **Net realized and unrealized gain/(loss):** |  |  |  |
| Net realized gain/(loss) on investments | $19804451 | $(28255727) | $(32142606) |
| Net realized gain/(loss) on futures contracts |  | (2264868) | (4082012) |
| Net realized gain/(loss) on forward foreign currency exchange contracts | (518897) |  | 83546 |
| Net realized gain/(loss) on OTC written options | (1158008) |  |  |
| Net realized gain/(loss) on swap contracts |  |  | (599) |
| Net realized gain/(loss) on foreign currency related transactions | 124883 |  | (17445) |
| Net change in unrealized appreciation/(depreciation) on investments | (23040009) | (32174360) | (28868638) |
| Net change in unrealized appreciation/(depreciation) on futures contracts |  | (1851339) | (545822) |
| Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts | (49375) |  | (104362) |
| Net change in unrealized appreciation/(depreciation) on OTC written options | (677671) |  |  |
| Net change in unrealized appreciation/(depreciation) on swap contracts |  |  |  |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | 2168 | 7 | 1342 |
| Net change in unrealized appreciation/(depreciation) on unfunded loan commitments | – | – | – |
| **Net realized and unrealized gain/(loss)** | (5512458) | (64546287) | (65676596) |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $(329182) | $38576408 | $28155506 |

---

334 *See Notes to Financial Statements.*

---

| | | | |
|:---|:---|:---|:---|
| **Floating Rate<br> Fund** | **High Yield<br> Fund** | **Income<br> Fund** | **Inflation<br> Focused Fund** |
| $(73233149) | $(27556751) | $(12860355) | $(954855) |
| 975963 | (4576954) | (65383366) | 943454 |
| (13505440) | (1394321) | 359379 |  |
| 2074955 | 966676 | 5094936 | 14908327 |
| 805127 | 641749 | (77089) | (1) |
| 7081430 | (62153325) | (72907588) | 2795155 |
| 371959 | (1686642) | (6072162) | (201151) |
| (2196192) | (6902690) | (424758) |  |
| (4178500) | 2727256 | 1405945 | (7028205) |
| 1149341 | 41046 | 3396 | (18) |
| (65755) | (25996) | – | – |
| (80720261) | (99919952) | (150861662) | 10462706 |
| $99662510 | $23936492 | $2344137 | $26338284 |

---

*See Notes to Financial Statements.* 335

**Statements of Operations (unaudited)(concluded)**

*For the Six Months Ended May 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Short Duration<br> Core Bond Fund** | **Short Duration<br> Income Fund** |
| **Investment income:** |  |  |
| Securities lending net income | $1594 | $341305 |
| Interest and other (net of foreign withholding taxes of $0, $0, $527 and $2,161, respectively) | 13843793 | 1094039388 |
| **Total investment income** | 13845387 | 1094380693 |
| **Expenses:** |  |  |
| Management fee | 823014 | 52975495 |
| 12b-1 distribution plan–Class A | 94256 | 7196184 |
| 12b-1 distribution plan–Class A1 |  |  |
| 12b-1 distribution plan–Class C | 39815 | 5220662 |
| 12b-1 distribution plan–Class F | 2567 | 514157 |
| 12b-1 distribution plan–Class P |  |  |
| 12b-1 distribution plan–Class R2 |  | 12852 |
| 12b-1 distribution plan–Class R3 | 263 | 727515 |
| 12b-1 distribution plan–Class R4 | 55 | 186101 |
| Shareholder servicing | 211678 | 14745702 |
| Fund administration | 109735 | 8356408 |
| Registration | 83157 | 546153 |
| Professional | 32889 | 206182 |
| Reports to shareholders | 12160 | 930542 |
| Custody | 10451 | 210454 |
| Trustees' fees | 9043 | 674659 |
| Other | 40074 | 492676 |
| Gross expenses | 1469157 | 92995742 |
| Fees waived and expenses reimbursed (See Note 4) | (266542) | (210454) |
| Shareholder servicing reimbursed–Class I (See Note 4) | – | – |
| **Net expenses** | 1202615 | 92785288 |
| **Net investment income** | 12642772 | 1001595405 |
| **Net realized and unrealized gain/(loss):** |  |  |
| Net realized gain/(loss) on investments | 1244210 | (16622698) |
| Net realized gain/(loss) on futures contracts | (435942) | (47902448) |
| Net realized gain/(loss) on forward foreign currency exchange contracts |  | 202519 |
| Net realized gain/(loss) on swap contracts | 722111 | 86710950 |
| Net realized gain/(loss) on foreign currency related transactions |  | (512494) |
| Net change in unrealized appreciation/(depreciation) on investments | (136283) | 89342923 |
| Net change in unrealized appreciation/(depreciation) on futures contracts | 70612 | 17544414 |
| Net change in unrealized appreciation/(depreciation) on forward foreign currency exchange contracts |  | (74662) |
| Net change in unrealized appreciation/(depreciation) on swap contracts | (818804) | (73686598) |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | (6) | 46003 |
| Net change in unrealized appreciation/(depreciation) on unfunded loan commitments | 12655 | – |
| **Net realized and unrealized gain/(loss)** | 658553 | 55047909 |
| **Net Increase in Net Assets Resulting From Operations** | $13301325 | $1056643314 |

---

336 *See Notes to Financial Statements.*

---

| | |
|:---|:---|
| **Total Return<br> Fund** | **Ultra Short<br> Bond Fund** |
| $64972 | $18176 |
| 95432612 | 316142469 |
| 95497584 | 316160645 |
| 5102298 | 10475567 |
| 1001100 | 3906070 |
|  | 10633 |
| 106438 |  |
| 33571 | 79172 |
| 30 |  |
| 3349 |  |
| 63297 |  |
| 40145 |  |
| 1221590 | 2735817 |
| 728900 | 2464839 |
| 130028 | 401415 |
| 48193 | 75811 |
| 117327 | 176274 |
| 26000 | 52839 |
| 64498 | 200864 |
| 116769 | 249951 |
| 8803533 | 20829252 |
| (26000) | (52839) |
| (259487) | – |
| 8518046 | 20776413 |
| 86979538 | 295384232 |
| (49614433) | 15884861 |
| (5078239) | 1073268 |
| 586166 |  |
| (158731) |  |
| (121207) |  |
| (7300228) | (18249242) |
| (2352559) | (50376) |
| (702509) |  |
| 5587 |  |
| – | 276450 |
| (64736153) | (1065039) |
| $22243385 | $294319193 |

---

*See Notes to Financial Statements.* 337

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Convertible Fund** | **Convertible Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br> Six Months Ended<br> May 31, 2025<br> (unaudited)** | **For the<br> Year Ended<br> November 30, 2024** |
| **Operations:** |  |  |
| Net investment income | $5183276 | $11456028 |
| Net realized gain/(loss) | 18252429 | 68223276 |
| Net change in unrealized appreciation/(depreciation) | (23764887) | 43616213 |
| **Net increase (decrease) in net assets resulting from operations** | (329182) | 123295517 |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1796612) | (2822190) |
| &nbsp;&nbsp;&nbsp;Class C | (210033) | (344159) |
| &nbsp;&nbsp;&nbsp;Class F | (170670) | (335959) |
| &nbsp;&nbsp;&nbsp;Class F3 | (127639) | (249609) |
| &nbsp;&nbsp;&nbsp;Class I | (4700133) | (7320322) |
| &nbsp;&nbsp;&nbsp;Class P | (167) | (726) |
| &nbsp;&nbsp;&nbsp;Class R2 | (1056) | (1315) |
| &nbsp;&nbsp;&nbsp;Class R3 | (219181) | (298433) |
| &nbsp;&nbsp;&nbsp;Class R4 | (2669) | (6453) |
| &nbsp;&nbsp;&nbsp;Class R5 | (27445) | (37671) |
| &nbsp;&nbsp;&nbsp;Class R6 | (53314) | (77128) |
| **Total distribution to shareholders** | (7308919) | (11493965) |
| **Capital share transactions (See Note 13):** |  |  |
| Net proceeds from sales of shares | 66410100 | 133649480 |
| Reinvestment of distributions | 6504066 | 10352340 |
| Cost of shares reacquired | (100447757) | (246951382) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | (27533591) | (102949562) |
| **Net increase (decrease) in net assets** | (35171692) | 8851990 |
| **NET ASSETS:** |  |  |
| Beginning of period | $593000393 | $584148403 |
| **End of period** | $557828701 | $593000393 |

---

338 See Notes to Financial Statements.

---

| | | | |
|:---|:---|:---|:---|
| **Core Fixed Income Fund** | **Core Fixed Income Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** |
| **For the<br> Six Months Ended<br> May 31, 2025<br> (unaudited)** | **For the<br> Year Ended<br> November 30, 2024** | **For the<br> Six Months Ended<br> May 31, 2025<br> (unaudited)** | For the<br> Year Ended<br> November 30, 2024 |
| $103122695 | $187915220 | $93832102 | $123137713 |
| (30520595) | 22957419 | (36159116) | 18117559 |
| (34025692) | 55122195 | (29517480) | 29638781 |
| 38576408 | 265994834 | 28155506 | 170894053 |
| (15554217) | (29588387) | (8090149) | (10820046) |
| (832404) | (1457703) | (768547) | (1023845) |
| (1399093) | (2975775) | (462494) | (1102973) |
| (18251419) | (31511515) | (5502699) | (8347542) |
| (67960394) | (117251678) | (82521242) | (101069897) |
| (13265) | (24809) |  |  |
| (95922) | (192934) | (21319) | (23092) |
| (214516) | (461762) | (52791) | (54020) |
| (137132) | (249859) | (702) | (1647) |
| (1164974) | (2116718) | (710315) | (499689) |
| (105623336) | (185831140) | (98130258) | (122942751) |
| 810335726 | 2190330685 | 1304819447 | 2443994766 |
| 105394475 | 185416880 | 97669284 | 122503984 |
| (850618769) | (1230917278) | (880534786) | (654297080) |
| 65111432 | 1144830287 | 521953945 | 1912201670 |
| (1935496) | 1224993981 | 451979193 | 1960152972 |
| $4522409278 | $3297415297 | $3413253254 | $1453100282 |
| $4520473782 | $4522409278 | $3865232447 | $3413253254 |

---

See Notes to Financial Statements. 339

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Floating Rate Fund** | **Floating Rate Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br> Six Months Ended<br> May 31, 2025<br> (unaudited)** | **For the <br> Year Ended<br> November 30, 2024** |
| **Operations:** |  |  |
| Net investment income | $180382771 | $422511530 |
| Net realized gain/(loss) | (82882544) | 6453592 |
| Net change in unrealized appreciation/(depreciation) | 2162283 | 49099530 |
| **Net increase in net assets resulting from operations** | 99662510 | 478064652 |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (54844286) | (130037248) |
| &nbsp;&nbsp;&nbsp;Class C | (8420853) | (23195603) |
| &nbsp;&nbsp;&nbsp;Class F | (6169520) | (18003115) |
| &nbsp;&nbsp;&nbsp;Class F3 | (3266656) | (7335775) |
| &nbsp;&nbsp;&nbsp;Class I | (99403538) | (225163625) |
| &nbsp;&nbsp;&nbsp;Class R2 | (23569) | (61314) |
| &nbsp;&nbsp;&nbsp;Class R3 | (3472314) | (7450257) |
| &nbsp;&nbsp;&nbsp;Class R4 | (48676) | (111100) |
| &nbsp;&nbsp;&nbsp;Class R5 | (81999) | (175312) |
| &nbsp;&nbsp;&nbsp;Class R6 | (1742990) | (3778049) |
| **Total distribution to shareholders** | (177474401) | (415311398) |
| **Capital share transactions (See Note 13):** |  |  |
| Net proceeds from sales of shares | 883572013 | 1489225304 |
| Net proceeds from reorganizations (See Note 14) |  |  |
| Reinvestment of distributions | 157202516 | 367258074 |
| Cost of shares reacquired | (1104112702) | (2074397621) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | (63338173) | (217914243) |
| **Net increase (decrease) in net assets** | (141150064) | (155160989) |
| **NET ASSETS:** |  |  |
| Beginning of period | $4810974507 | $4966135496 |
| **End of period** | $4669824443 | $4810974507 |

---

340 See Notes to Financial Statements.

---

| | | | |
|:---|:---|:---|:---|
| **High Yield Fund** | **High Yield Fund** | **Income Fund** | **Income Fund** |
| **For the<br> Six Months Ended<br> May 31, 2025<br> (unaudited)** | **For the<br> Year Ended<br> November 30, 2024** | **For the<br> Six Months Ended<br> May 31, 2025<br> (unaudited)** | **For the<br> Year Ended<br> November 30, 2024** |
| $123856444 | $268183663 | $153205799 | $246090494 |
| (31919601) | 18949485 | (72866495) | (7650280) |
| (68000351) | 172473311 | (77995167) | 185146208 |
| 23936492 | 459606459 | 2344137 | 423586422 |
| (25271271) | (50909955) | (36810551) | (62673765) |
| (3232501) | (7742128) | (1321706) | (2254305) |
| (2504104) | (6825349) | (909309) | (2182604) |
| (17038148) | (34067574) | (53898983) | (83663041) |
| (56389841) | (117283267) | (66585373) | (100953056) |
| (186418) | (362912) | (17928) | (34558) |
| (2775134) | (5695186) | (1363832) | (2622628) |
| (1596583) | (4275086) | (250317) | (319574) |
| (5975299) | (12954759) | (63083) | (122803) |
| (11258222) | (30184524) | (1884242) | (3166534) |
| (126227521) | (270300740) | (163105324) | (257992868) |
| 475522190 | 912514421 | 994905484 | 2733352522 |
|  |  |  | 9376840 |
| 118539801 | 251816019 | 151874774 | 242317206 |
| (735848607) | (1501071725) | (938698268) | (1142014572) |
| (141786616) | (336741285) | 208081990 | 1843031996 |
| (244077645) | (147435566) | 47320803 | 2008625550 |
| $3675493606 | $3822929172 | $5624929247 | $3616303697 |
| $3431415961 | $3675493606 | $5672250050 | $5624929247 |

---

<br> See Notes to Financial Statements. 341

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Inflation Focused Fund** | **Inflation Focused Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the<br> Six Months Ended<br> May 31, 2025<br> (unaudited)** | **For the<br> Year Ended<br> November 30, 2024** |
| **Operations:** |  |  |
| Net investment income | $15875578 | $29802558 |
| Net realized gain/(loss) | 14896925 | 20247663 |
| Net change in unrealized appreciation/(depreciation) | (4434219) | 9999238 |
| **Net increase in net assets resulting from operations** | 26338284 | 60049459 |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (3429181) | (7954812) |
| &nbsp;&nbsp;&nbsp;Class C | (540091) | (1318247) |
| &nbsp;&nbsp;&nbsp;Class F | (491372) | (1262637) |
| &nbsp;&nbsp;&nbsp;Class F3 | (1479639) | (3798748) |
| &nbsp;&nbsp;&nbsp;Class I | (10807661) | (23633387) |
| &nbsp;&nbsp;&nbsp;Class R2 | (9888) | (18141) |
| &nbsp;&nbsp;&nbsp;Class R3 | (18390) | (31840) |
| &nbsp;&nbsp;&nbsp;Class R4 | (60639) | (105281) |
| &nbsp;&nbsp;&nbsp;Class R5 | (40679) | (76574) |
| &nbsp;&nbsp;&nbsp;Class R6 | (631240) | (833298) |
| **Total distribution to shareholders** | (17508780) | (39032965) |
| **Capital share transactions (See Note 13):** |  |  |
| Net proceeds from sales of shares | 146847940 | 131939204 |
| Reinvestment of distributions | 17188491 | 37451482 |
| Cost of shares reacquired | (143005912) | (655166894) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | 21030519 | (485776208) |
| **Net increase (decrease) in net assets** | 29860023 | (464759714) |
| **NET ASSETS:** |  |  |
| Beginning of period | $730460695 | $1195220409 |
| **End of period** | $760320718 | $730460695 |

---

342 See Notes to Financial Statements.

---

| | | | |
|:---|:---|:---|:---|
| **Short Duration Core Bond Fund** | **Short Duration Core Bond Fund** | **Short Duration Income Fund** | **Short Duration Income Fund** |
| **For the <br>Six Months Ended <br>May 31, 2025 <br>(unaudited)** | **For the <br>Year Ended <br>November 30, 2024** | **For the <br>Six Months Ended <br>May 31, 2025 <br>(unaudited)** | **For the <br>Year Ended <br>November 30, 2024** |
| $12642772 | $23668832 | $1001595405 | $1938334717 |
| 1530379 | 218613 | 21875829 | (345795090) |
| (871826) | 5372780 | 33172080 | 1162829054 |
| 13301325 | 29260225 | 1056643314 | 2755368681 |
| (2140075) | (4175472) | (181064911) | (370144243) |
| (176393) | (284173) | (27895783) | (62836577) |
| (118863) | (318987) | (26355835) | (61886225) |
| (1638209) | (2888223) | (118373069) | (237782189) |
| (8762856) | (16170740) | (688530397) | (1351841016) |
|  |  | (98901) | (246584) |
| (2226) | (15057) | (6878967) | (14184410) |
| (976) | (1784) | (3710128) | (7236009) |
| (269) | (577) | (1819513) | (3325453) |
| (63255) | (102241) | (27224333) | (54622778) |
| (12903122) | (23957254) | (1081951837) | (2164105484) |
| 176286703 | 243739537 | 6784088601 | 13340739373 |
| 12636909 | 23530178 | 963546098 | 1914698890 |
| (88753826) | (187087667) | (7577529030) | (16827489215) |
| 100169786 | 80182048 | 170105669 | (1572050952) |
| 100567989 | 85485019 | 144797146 | (980787755) |
| $499623921 | $414138902 | $42211544195 | $43192331950 |
| $600191910 | $499623921 | $42356341341 | $42211544195 |

---

See Notes to Financial Statements. 343

**Statements of Changes in Net Assets (concluded)**

---

| | | |
|:---|:---|:---|
|  | **Total Return Fund** | **Total Return Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the <br>Six Months Ended <br>May 31, 2025 <br>(unaudited)** | **For the <br>Year Ended <br>November 30, 2024** |
| **Operations:** |  |  |
| Net investment income | $86979538 | $168748043 |
| Net realized gain/(loss) | (54386444) | 10665962 |
| Net change in unrealized appreciation/(depreciation) | (10349709) | 92509036 |
| **Net increase in net assets resulting from operations** | 22243385 | 271923041 |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (24012465) | (46631885) |
| &nbsp;&nbsp;&nbsp;Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;Class C | (532281) | (1114484) |
| &nbsp;&nbsp;&nbsp;Class F | (1642169) | (3571117) |
| &nbsp;&nbsp;&nbsp;Class F3 | (24121306) | (44217783) |
| &nbsp;&nbsp;&nbsp;Class I | (32641344) | (61265297) |
| &nbsp;&nbsp;&nbsp;Class P | (296) | (1096) |
| &nbsp;&nbsp;&nbsp;Class R2 | (24528) | (52211) |
| &nbsp;&nbsp;&nbsp;Class R3 | (568522) | (1205655) |
| &nbsp;&nbsp;&nbsp;Class R4 | (762808) | (1469735) |
| &nbsp;&nbsp;&nbsp;Class R5 | (621727) | (1093990) |
| &nbsp;&nbsp;&nbsp;Class R6 | (5645485) | (10657393) |
| **Total distribution to shareholders** | (90572931) | (171280646) |
| **Capital share transactions (See Note 13):** |  |  |
| Net proceeds from sales of shares | 405600030 | 1072803354 |
| Reinvestment of distributions | 82327299 | 157340148 |
| Cost of shares reacquired | (543934627) | (789227049) |
| **Net increase (decrease) in net assets resulting from capital share transactions** | (56007298) | 440916453 |
| **Net increase (decrease) in net assets** | (124336844) | 541558848 |
| **NET ASSETS:** |  |  |
| Beginning of period | $3738945309 | $3197386461 |
| **End of period** | $3614608465 | $3738945309 |

---

<br> 344 See Notes to Financial Statements.

---

| | |
|:---|:---|
| **Ultra Short Bond Fund** | **Ultra Short Bond Fund** |
| **For the <br>Six Months Ended <br>May 31, 2025 <br>(unaudited)** | **For the <br>Year Ended <br>November 30, 2024** |
| $295384232 | $517651414 |
| 16958129 | 18979367 |
| (18023168) | 78667586 |
| 294319193 | 615298367 |
| (121760108) | (210404650) |
| (195010) | (197366) |
| (3735512) | (11686456) |
| (62843179) | (87270929) |
| (104461754) | (202401388) |
| (6837) | (12375) |
| (1118681) | (3869661) |
| (294121081) | (515842825) |
| 5290471000 | 7849871601 |
| 283151104 | 491324232 |
| (3932980310) | (5965327987) |
| 1640641794 | 2375867846 |
| 1640839906 | 2475323388 |
| $11457768935 | $8982445547 |
| $13098608841 | $11457768935 |

---

See Notes to Financial Statements. 345

**Financial Highlights (unaudited)**

CONVERTIBLE FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | $14.79 | $0.12 | $(0.07)&nbsp;&nbsp;&nbsp;&nbsp; | $0.05 | $(0.18) | $– | $(0.18) |
| 11/30/2024 | 12.18 | 0.25 | 2.61 | 2.86 | (0.25) |  | (0.25) |
| 11/30/2023 | 12.64 | 0.24 | (0.37) | (0.13) | (0.33) |  | (0.33) |
| 11/30/2022 | 19.24 | 0.20 | (3.77) | (3.57) | (0.31) | (2.72) | (3.03) |
| 11/30/2021 | 20.52 | 0.09 | 1.68 | 1.77 | (0.19) | (2.86) | (3.05) |
| 11/30/2020 | 14.15 | 0.14 | 7.40 | 7.54 | (0.21) | (0.96) | (1.17) |
| **Class C** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 14.61 | 0.08 | (0.08) |  | (0.13) |  | (0.13) |
| 11/30/2024 | 12.04 | 0.16 | 2.58 | 2.74 | (0.17) |  | (0.17) |
| 11/30/2023 | 12.49 | 0.17 | (0.37) | (0.20) | (0.25) |  | (0.25) |
| 11/30/2022 | 19.04 | 0.10 | (3.72) | (3.62) | (0.21) | (2.72) | (2.93) |
| 11/30/2021 | 20.37 | (0.04) | 1.66 | 1.62 | (0.09) | (2.86) | (2.95) |
| 11/30/2020 | 14.05 | 0.03 | 7.36 | 7.39 | (0.11) | (0.96) | (1.07) |
| **Class F** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 14.81 | 0.13 | (0.09) | 0.04 | (0.18) |  | (0.18) |
| 11/30/2024 | 12.20 | 0.26 | 2.61 | 2.87 | (0.26) |  | (0.26) |
| 11/30/2023 | 12.65 | 0.26 | (0.37) | (0.11) | (0.34) |  | (0.34) |
| 11/30/2022 | 19.25 | 0.19 | (3.75) | (3.56) | (0.32) | (2.72) | (3.04) |
| 11/30/2021 | 20.52 | 0.11 | 1.68 | 1.79 | (0.20) | (2.86) | (3.06) |
| 11/30/2020 | 14.15 | 0.16 | 7.39 | 7.55 | (0.22) | (0.96) | (1.18) |
| **Class F3** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 15.01 | 0.15 | (0.08) | 0.07 | (0.19) |  | (0.19) |
| 11/30/2024 | 12.35 | 0.29 | 2.64 | 2.93 | (0.27) |  | (0.27) |
| 11/30/2023 | 12.81 | 0.28 | (0.38) | (0.10) | (0.36) |  | (0.36) |
| 11/30/2022 | 19.44 | 0.24 | (3.81) | (3.57) | (0.34) | (2.72) | (3.06) |
| 11/30/2021 | 20.68 | 0.15 | 1.69 | 1.84 | (0.22) | (2.86) | (3.08) |
| 11/30/2020 | 14.24 | 0.18 | 7.46 | 7.64 | (0.24) | (0.96) | (1.20) |
| **Class I** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 14.93 | 0.14 | (0.08) | 0.06 | (0.19) |  | (0.19) |
| 11/30/2024 | 12.30 | 0.28 | 2.62 | 2.90 | (0.27) |  | (0.27) |
| 11/30/2023 | 12.76 | 0.27 | (0.37) | (0.10) | (0.36) |  | (0.36) |
| 11/30/2022 | 19.39 | 0.25 | (3.82) | (3.57) | (0.34) | (2.72) | (3.06) |
| 11/30/2021 | 20.66 | 0.13 | 1.68 | 1.81 | (0.22) | (2.86) | (3.08) |
| 11/30/2020 | 14.23 | 0.17 | 7.46 | 7.63 | (0.24) | (0.96) | (1.20) |
| **Class P** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 15.18 | 0.11 | (0.08) | 0.03 | (0.16) |  | (0.16) |
| 11/30/2024 | 12.50 | 0.22 | 2.68 | 2.90 | (0.22) |  | (0.22) |
| 11/30/2023 | 12.97 | 0.22 | (0.39) | (0.17) | (0.30) |  | (0.30) |
| 11/30/2022 | 19.65 | 0.17 | (3.86) | (3.69) | (0.27) | (2.72) | (2.99) |
| 11/30/2021 | 20.88 | 0.05 | 1.70 | 1.75 | (0.12) | (2.86) | (2.98) |
| 11/30/2020 | 14.37 | 0.09 | 7.55 | 7.64 | (0.17) | (0.96) | (1.13) |

---

346 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $14.66 | 0.29 <sup>(d)</sup> | 1.10 <sup>(e)</sup> | 1.10 <sup>(e)</sup> | 1.72 <sup>(e)</sup> | $144087 | 69 <sup>(d)</sup> |
| 14.79 | 23.72 | 1.09 | 1.09 | 1.88 | 153608 | 145 |
| 12.18 | (1.00) | 1.10 | 1.10 | 1.99 | 150000 | 124 |
| 12.64 | (21.50) | 1.07 | 1.07 | 1.44 | 215259 | 165 |
| 19.24 | 8.83 | 1.03 | 1.03 | 0.47 | 365551 | 154 |
| 20.52 | 57.67 | 1.06 | 1.06 | 0.86 | 290469 | 138 |
| 14.48 | 0.04 <sup>(d)</sup> | 1.71 <sup>(e)</sup> | 1.71 <sup>(e)</sup> | 1.11 <sup>(e)</sup> | 21019 | 69 <sup>(d)</sup> |
| 14.61 | 22.90 | 1.71 | 1.71 | 1.26 | 24415 | 145 |
| 12.04 | (1.66) | 1.73 | 1.73 | 1.37 | 29339 | 124 |
| 12.49 | (21.95) | 1.73 | 1.74 | 0.76 | 42136 | 165 |
| 19.04 | 8.08 | 1.70 | 1.70 | (0.19) | 79104 | 154 |
| 20.37 | 56.72 | 1.70 | 1.70 | 0.21 | 64570 | 138 |
| 14.67 | 0.34 <sup>(d)</sup> | 1.00 <sup>(e)</sup> | 1.00 <sup>(e)</sup> | 1.82 <sup>(e)</sup> | 11822 | 69 <sup>(d)</sup> |
| 14.81 | 23.89 | 1.00 | 1.00 | 1.96 | 14323 | 145 |
| 12.20 | (0.92) | 1.00 | 1.00 | 2.08 | 21958 | 124 |
| 12.65 | (21.43) | 0.97 | 0.98 | 1.34 | 137175 | 165 |
| 19.25 | 8.98 | 0.93 | 0.93 | 0.59 | 804859 | 154 |
| 20.52 | 57.83 | 0.96 | 0.96 | 0.96 | 625813 | 138 |
| 14.89 | 0.52 <sup>(d)</sup> | 0.81 <sup>(e)</sup> | 0.81 <sup>(e)</sup> | 2.01 <sup>(e)</sup> | 8896 | 69 <sup>(d)</sup> |
| 15.01 | 24.04 | 0.81 | 0.81 | 2.14 | 10575 | 145 |
| 12.35 | (0.77) | 0.81 | 0.81 | 2.28 | 13883 | 124 |
| 12.81 | (21.25) | 0.79 | 0.79 | 1.70 | 19538 | 165 |
| 19.44 | 9.18 | 0.75 | 0.75 | 0.77 | 37889 | 154 |
| 20.68 | 58.11 | 0.80 | 0.80 | 1.12 | 23424 | 138 |
| 14.80 | 0.46 <sup>(d)</sup> | 0.90 <sup>(e)</sup> | 0.90 <sup>(e)</sup> | 1.93 <sup>(e)</sup> | 345853 | 69 <sup>(d)</sup> |
| 14.93 | 23.89 | 0.89 | 0.89 | 2.08 | 362332 | 145 |
| 12.30 | (0.78) | 0.90 | 0.90 | 2.19 | 345300 | 124 |
| 12.76 | (21.33) | 0.86 | 0.87 | 1.86 | 487218 | 165 |
| 19.39 | 9.02 | 0.82 | 0.82 | 0.68 | 259180 | 154 |
| 20.66 | 58.08 | 0.86 | 0.86 | 1.05 | 340178 | 138 |
| 15.05 | 0.21 <sup>(d)</sup> | 1.31 <sup>(e)</sup> | 1.31 <sup>(e)</sup> | 1.52 <sup>(e)</sup> | 17 | 69 <sup>(d)</sup> |
| 15.18 | 23.39 | 1.34 | 1.34 | 1.61 | 16 | 145 |
| 12.50 | (1.29) | 1.35 | 1.35 | 1.74 | 38 | 124 |
| 12.97 | (21.65) | 1.32 | 1.32 | 1.24 | 36 | 165 |
| 19.65 | 8.57 | 1.27 | 1.27 | 0.23 | 43 | 154 |
| 20.88 | 57.33 | 1.31 | 1.31 | 0.60 | 74 | 138 |

---

*See Notes to Financial Statements.* 347

**Financial Highlights (unaudited)(concluded)**

CONVERTIBLE FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class R2** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | $15.16 | $0.10 | $(0.08)&nbsp;&nbsp;&nbsp;&nbsp; | $0.02 | $(0.15) | $– | $(0.15) |
| 11/30/2024 | 12.49 | 0.20 | 2.67 | 2.87 | (0.20) |  | (0.20) |
| 11/30/2023 | 12.95 | 0.20 | (0.38) | (0.18) | (0.28) |  | (0.28) |
| 11/30/2022 | 19.63 | 0.15 | (3.86) | (3.71) | (0.25) | (2.72) | (2.97) |
| 11/30/2021 | 20.88 | 0.02 | 1.71 | 1.73 | (0.12) | (2.86) | (2.98) |
| 11/30/2020 | 14.37 | 0.07 | 7.54 | 7.61 | (0.14) | (0.96) | (1.10) |
| **Class R3** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 14.67 | 0.10 | (0.07) | 0.03 | (0.16) |  | (0.16) |
| 11/30/2024 | 12.09 | 0.21 | 2.58 | 2.79 | (0.21) |  | (0.21) |
| 11/30/2023 | 12.55 | 0.21 | (0.38) | (0.17) | (0.29) |  | (0.29) |
| 11/30/2022 | 19.12 | 0.16 | (3.75) | (3.59) | (0.26) | (2.72) | (2.98) |
| 11/30/2021 | 20.41 | 0.04 | 1.66 | 1.70 | (0.13) | (2.86) | (2.99) |
| 11/30/2020 | 14.08 | 0.09 | 7.37 | 7.46 | (0.17) | (0.96) | (1.13) |
| **Class R4** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 14.79 | 0.12 | (0.08) | 0.04 | (0.17) |  | (0.17) |
| 11/30/2024 | 12.18 | 0.24 | 2.61 | 2.85 | (0.24) |  | (0.24) |
| 11/30/2023 | 12.64 | 0.24 | (0.38) | (0.14) | (0.32) |  | (0.32) |
| 11/30/2022 | 19.24 | 0.19 | (3.77) | (3.58) | (0.30) | (2.72) | (3.02) |
| 11/30/2021 | 20.52 | 0.09 | 1.67 | 1.76 | (0.18) | (2.86) | (3.04) |
| 11/30/2020 | 14.14 | 0.14 | 7.40 | 7.54 | (0.20) | (0.96) | (1.16) |
| **Class R5** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 14.93 | 0.14 | (0.09) | 0.05 | (0.19) |  | (0.19) |
| 11/30/2024 | 12.29 | 0.28 | 2.63 | 2.91 | (0.27) |  | (0.27) |
| 11/30/2023 | 12.76 | 0.27 | (0.38) | (0.11) | (0.36) |  | (0.36) |
| 11/30/2022 | 19.39 | 0.24 | (3.81) | (3.57) | (0.34) | (2.72) | (3.06) |
| 11/30/2021 | 20.65 | 0.14 | 1.68 | 1.82 | (0.22) | (2.86) | (3.08) |
| 11/30/2020 | 14.23 | 0.17 | 7.45 | 7.62 | (0.24) | (0.96) | (1.20) |
| **Class R6** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 15.02 | 0.15 | (0.09) | 0.06 | (0.19) |  | (0.19) |
| 11/30/2024 | 12.36 | 0.29 | 2.64 | 2.93 | (0.27) |  | (0.27) |
| 11/30/2023 | 12.81 | 0.29 | (0.38) | (0.09) | (0.36) |  | (0.36) |
| 11/30/2022 | 19.44 | 0.24 | (3.81) | (3.57) | (0.34) | (2.72) | (3.06) |
| 11/30/2021 | 20.69 | 0.15 | 1.68 | 1.83 | (0.22) | (2.86) | (3.08) |
| 11/30/2020 | 14.25 | 0.17 | 7.47 | 7.64 | (0.24) | (0.96) | (1.20) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Unaudited.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

348 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $15.03 | 0.15 <sup>(d)</sup> | 1.50 <sup>(e)</sup> | 1.50 <sup>(e)</sup> | 1.33 <sup>(e)</sup> | $91 | 69 <sup>(d)</sup> |
| 15.16 | 23.25 | 1.49 | 1.49 | 1.48 | 108 | 145 |
| 12.49 | (1.45) | 1.50 | 1.50 | 1.59 | 75 | 124 |
| 12.95 | (21.80) | 1.46 | 1.47 | 1.09 | 76 | 165 |
| 19.63 | 8.43 | 1.42 | 1.42 | 0.10 | 94 | 154 |
| 20.88 | 57.05 | 1.46 | 1.46 | 0.45 | 46 | 138 |
| 14.54 | 0.21 <sup>(d)</sup> | 1.40 <sup>(e)</sup> | 1.40 <sup>(e)</sup> | 1.43 <sup>(e)</sup> | 20095 | 69 <sup>(d)</sup> |
| 14.67 | 23.29 | 1.39 | 1.39 | 1.58 | 20803 | 145 |
| 12.09 | (1.30) | 1.40 | 1.40 | 1.69 | 17674 | 124 |
| 12.55 | (21.73) | 1.37 | 1.38 | 1.12 | 20448 | 165 |
| 19.12 | 8.52 | 1.33 | 1.33 | 0.19 | 36483 | 154 |
| 20.41 | 57.25 | 1.36 | 1.36 | 0.56 | 25311 | 138 |
| 14.66 | 0.32 <sup>(d)</sup> | 1.15 <sup>(e)</sup> | 1.15 <sup>(e)</sup> | 1.66 <sup>(e)</sup> | 213 | 69 <sup>(d)</sup> |
| 14.79 | 23.65 | 1.15 | 1.15 | 1.83 | 240 | 145 |
| 12.18 | (1.04) | 1.15 | 1.15 | 1.94 | 504 | 124 |
| 12.64 | (21.54) | 1.12 | 1.12 | 1.40 | 609 | 165 |
| 19.24 | 8.80 | 1.08 | 1.08 | 0.44 | 919 | 154 |
| 20.52 | 57.67 | 1.13 | 1.13 | 0.86 | 418 | 138 |
| 14.79 | 0.39 <sup>(d)</sup> | 0.90 <sup>(e)</sup> | 0.90 <sup>(e)</sup> | 1.93 <sup>(e)</sup> | 1886 | 69 <sup>(d)</sup> |
| 14.93 | 23.99 | 0.89 | 0.89 | 2.08 | 2273 | 145 |
| 12.29 | (0.86) | 0.90 | 0.90 | 2.19 | 1541 | 124 |
| 12.76 | (21.32) | 0.86 | 0.87 | 1.70 | 1578 | 165 |
| 19.39 | 9.08 | 0.83 | 0.83 | 0.69 | 1905 | 154 |
| 20.65 | 58.01 | 0.86 | 0.86 | 1.05 | 1314 | 138 |
| 14.89 | 0.45 <sup>(d)</sup> | 0.81 <sup>(e)</sup> | 0.81 <sup>(e)</sup> | 2.01 <sup>(e)</sup> | 3848 | 69 <sup>(d)</sup> |
| 15.02 | 24.02 | 0.81 | 0.81 | 2.16 | 4307 | 145 |
| 12.36 | (0.69) | 0.81 | 0.81 | 2.33 | 3838 | 124 |
| 12.81 | (21.26) | 0.79 | 0.80 | 1.75 | 16269 | 165 |
| 19.44 | 9.12 | 0.75 | 0.75 | 0.79 | 22182 | 154 |
| 20.69 | 58.08 | 0.80 | 0.80 | 1.11 | 5665 | 138 |

---

*See Notes to Financial Statements.* 349

**Financial Highlights (unaudited)**

CORE FIXED INCOME FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | $9.31 | $0.20 | $(0.13)&nbsp;&nbsp;&nbsp;&nbsp; | $0.07 | $(0.21)&nbsp;&nbsp;&nbsp;&nbsp; | $– | $(0.21) |
| 11/30/2024 | 9.08 | 0.42 | 0.23 | 0.65 | (0.42) |  | (0.42) |
| 11/30/2023 | 9.34 | 0.39 | (0.25) | 0.14 | (0.40) |  | (0.40) |
| 11/30/2022 | 11.14 | 0.21 | (1.70) | (1.49) | (0.27) | (0.04) | (0.31) |
| 11/30/2021 | 11.69 | 0.11 | (0.15) | (0.04) | (0.14) | (0.37) | (0.51) |
| 11/30/2020 | 11.10 | 0.19 | 0.62 | 0.81 | (0.22) |  | (0.22) |
| **Class C** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 9.26 | 0.17 | (0.12) | 0.05 | (0.18) |  | (0.18) |
| 11/30/2024 | 9.04 | 0.36 | 0.22 | 0.58 | (0.36) |  | (0.36) |
| 11/30/2023 | 9.30 | 0.33 | (0.25) | 0.08 | (0.34) |  | (0.34) |
| 11/30/2022 | 11.08 | 0.15 | (1.69) | (1.54) | (0.20) | (0.04) | (0.24) |
| 11/30/2021 | 11.63 | 0.04 | (0.15) | (0.11) | (0.07) | (0.37) | (0.44) |
| 11/30/2020 | 11.05 | 0.12 | 0.61 | 0.73 | (0.15) |  | (0.15) |
| **Class F** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 9.31 | 0.21 | (0.14) | 0.07 | (0.21) |  | (0.21) |
| 11/30/2024 | 9.08 | 0.43 | 0.23 | 0.66 | (0.43) |  | (0.43) |
| 11/30/2023 | 9.34 | 0.39 | (0.24) | 0.15 | (0.41) |  | (0.41) |
| 11/30/2022 | 11.13 | 0.19 | (1.66) | (1.47) | (0.28) | (0.04) | (0.32) |
| 11/30/2021 | 11.68 | 0.12 | (0.15) | (0.03) | (0.15) | (0.37) | (0.52) |
| 11/30/2020 | 11.10 | 0.19 | 0.62 | 0.81 | (0.23) |  | (0.23) |
| **Class F3** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 9.31 | 0.22 | (0.14) | 0.08 | (0.22) |  | (0.22) |
| 11/30/2024 | 9.08 | 0.45 | 0.22 | 0.67 | (0.44) |  | (0.44) |
| 11/30/2023 | 9.34 | 0.42 | (0.26) | 0.16 | (0.42) |  | (0.42) |
| 11/30/2022 | 11.13 | 0.24 | (1.70) | (1.46) | (0.29) | (0.04) | (0.33) |
| 11/30/2021 | 11.69 | 0.14 | (0.16) | (0.02) | (0.17) | (0.37) | (0.54) |
| 11/30/2020 | 11.10 | 0.22 | 0.62 | 0.84 | (0.25) |  | (0.25) |
| **Class I** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 9.30 | 0.21 | (0.13) | 0.08 | (0.22) |  | (0.22) |
| 11/30/2024 | 9.07 | 0.44 | 0.23 | 0.67 | (0.44) |  | (0.44) |
| 11/30/2023 | 9.33 | 0.41 | (0.25) | 0.16 | (0.42) |  | (0.42) |
| 11/30/2022 | 11.13 | 0.26 | (1.73) | (1.47) | (0.29) | (0.04) | (0.33) |
| 11/30/2021 | 11.68 | 0.14 | (0.15) | (0.01) | (0.17) | (0.37) | (0.54) |
| 11/30/2020 | 11.10 | 0.21 | 0.62 | 0.83 | (0.25) |  | (0.25) |
| **Class P** |  |  |  |  |  |  |  |
| **Class R2** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 9.31 | 0.18 | (0.13) | 0.05 | (0.19) |  | (0.19) |
| 11/30/2024 | 9.08 | 0.38 | 0.23 | 0.61 | (0.38) |  | (0.38) |
| 11/30/2023 | 9.34 | 0.35 | (0.25) | 0.10 | (0.36) |  | (0.36) |
| 11/30/2022 | 11.14 | 0.17 | (1.70) | (1.53) | (0.23) | (0.04) | (0.27) |
| 11/30/2021 | 11.69 | 0.07 | (0.15) | (0.08) | (0.10) | (0.37) | (0.47) |
| 11/30/2020 | 11.10 | 0.14 | 0.63 | 0.77 | (0.18) |  | (0.18) |

---

350 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $9.17 | 0.74 <sup>(d)</sup> | 0.55 <sup>(e)</sup> | 0.55 <sup>(e)</sup> | 4.43 <sup>(e)</sup> | $682850 | 229 <sup>(d)</sup> |
| 9.31 | 7.24 | 0.55 | 0.56 | 4.55 | 704956 | 449 |
| 9.08 | 1.52 | 0.56 | 0.56 | 4.24 | 617453 | 509 |
| 9.34 | (13.54) | 0.57 | 0.57 | 2.14 | 476618 | 541 |
| 11.14 | (0.30) | 0.58 | 0.58 | 1.01 | 646894 | 492 |
| 11.69 | 7.40 | 0.60 | 0.60 | 1.63 | 677401 | 589 |
| 9.13 | 0.51 <sup>(d)</sup> | 1.22 <sup>(e)</sup> | 1.22 <sup>(e)</sup> | 3.76 <sup>(e)</sup> | 43242 | 229 <sup>(d)</sup> |
| 9.26 | 6.48 | 1.18 | 1.18 | 3.92 | 44166 | 449 |
| 9.04 | 0.88 | 1.17 | 1.17 | 3.63 | 27521 | 509 |
| 9.30 | (13.97) | 1.19 | 1.19 | 1.50 | 19226 | 541 |
| 11.08 | (0.96) | 1.22 | 1.22 | 0.38 | 29523 | 492 |
| 11.63 | 6.66 | 1.22 | 1.22 | 1.01 | 49939 | 589 |
| 9.17 | 0.79 <sup>(d)</sup> | 0.45 <sup>(e)</sup> | 0.45 <sup>(e)</sup> | 4.53 <sup>(e)</sup> | 47078 | 229 <sup>(d)</sup> |
| 9.31 | 7.35 | 0.45 | 0.46 | 4.65 | 74423 | 449 |
| 9.08 | 1.62 | 0.45 | 0.45 | 4.25 | 59852 | 509 |
| 9.34 | (13.37) | 0.48 | 0.48 | 1.89 | 81612 | 541 |
| 11.13 | (0.21) | 0.48 | 0.48 | 1.11 | 342050 | 492 |
| 11.68 | 7.41 | 0.49 | 0.49 | 1.70 | 371706 | 589 |
| 9.17 | 0.87 <sup>(d)</sup> | 0.28 <sup>(e)</sup> | 0.28 <sup>(e)</sup> | 4.70 <sup>(e)</sup> | 777965 | 229 <sup>(d)</sup> |
| 9.31 | 7.53 | 0.29 | 0.29 | 4.81 | 746271 | 449 |
| 9.08 | 1.78 | 0.30 | 0.30 | 4.51 | 560700 | 509 |
| 9.34 | (13.23) | 0.31 | 0.31 | 2.43 | 362923 | 541 |
| 11.13 | (0.12) | 0.30 | 0.30 | 1.28 | 442421 | 492 |
| 11.69 | 7.69 | 0.32 | 0.32 | 1.90 | 399915 | 589 |
| 9.16 | 0.86 <sup>(d)</sup> | 0.31 <sup>(e)</sup> | 0.35 <sup>(e)</sup> | 4.67 <sup>(e)</sup> | 2898835 | 229 <sup>(d)</sup> |
| 9.30 | 7.50 | 0.32 | 0.36 | 4.78 | 2883358 | 449 |
| 9.07 | 1.76 | 0.32 | 0.36 | 4.50 | 1972014 | 509 |
| 9.33 | (13.34) | 0.33 | 0.37 | 2.68 | 1165866 | 541 |
| 11.13 | (0.07) | 0.34 | 0.38 | 1.25 | 534313 | 492 |
| 11.68 | 7.56 | 0.35 | 0.39 | 1.87 | 493395 | 589 |
| 9.17 | 0.54 <sup>(d)</sup> | 0.95 <sup>(e)</sup> | 0.95 <sup>(e)</sup> | 4.03 <sup>(e)</sup> | 574 | 229 <sup>(d)</sup> |
| 9.31 | 6.82 | 0.95 | 0.95 | 4.15 | 638 | 449 |
| 9.08 | 1.11 | 0.96 | 0.96 | 3.82 | 384 | 509 |
| 9.34 | (13.88) | 0.97 | 0.98 | 1.65 | 368 | 541 |
| 11.14 | (0.70) | 0.98 | 0.98 | 0.60 | 850 | 492 |
| 11.69 | 6.97 | 1.00 | 1.00 | 1.26 | 445 | 589 |

---

*See Notes to Financial Statements.* 351

**Financial Highlights (unaudited)(concluded)**

CORE FIXED INCOME FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class R3** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | $9.31 | $0.19 | $(0.14)&nbsp;&nbsp;&nbsp;&nbsp; | $0.05 | $(0.19)&nbsp;&nbsp;&nbsp;&nbsp; | $– | $(0.19) |
| 11/30/2024 | 9.08 | 0.39 | 0.23 | 0.62 | (0.39) |  | (0.39) |
| 11/30/2023 | 9.34 | 0.36 | (0.25) | 0.11 | (0.37) |  | (0.37) |
| 11/30/2022 | 11.14 | 0.18 | (1.70) | (1.52) | (0.24) | (0.04) | (0.28) |
| 11/30/2021 | 11.69 | 0.08 | (0.15) | (0.07) | (0.11) | (0.37) | (0.48) |
| 11/30/2020 | 11.10 | 0.15 | 0.63 | 0.78 | (0.19) |  | (0.19) |
| **Class R4** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 9.31 | 0.20 | (0.13) | 0.07 | (0.21) |  | (0.21) |
| 11/30/2024 | 9.08 | 0.42 | 0.22 | 0.64 | (0.41) |  | (0.41) |
| 11/30/2023 | 9.34 | 0.39 | (0.26) | 0.13 | (0.39) |  | (0.39) |
| 11/30/2022 | 11.13 | 0.21 | (1.70) | (1.49) | (0.26) | (0.04) | (0.30) |
| 11/30/2021 | 11.68 | 0.11 | (0.15) | (0.04) | (0.14) | (0.37) | (0.51) |
| 11/30/2020 | 11.10 | 0.18 | 0.62 | 0.80 | (0.22) |  | (0.22) |
| **Class R5** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 9.31 | 0.21 | (0.13) | 0.08 | (0.22) |  | (0.22) |
| 11/30/2024 | 9.08 | 0.44 | 0.23 | 0.67 | (0.44) |  | (0.44) |
| 11/30/2023 | 9.34 | 0.41 | (0.25) | 0.16 | (0.42) |  | (0.42) |
| 11/30/2022 | 11.14 | 0.25 | (1.72) | (1.47) | (0.29) | (0.04) | (0.33) |
| 11/30/2021 | 11.69 | 0.13 | (0.14) | (0.01) | (0.17) | (0.37) | (0.54) |
| 11/30/2020 | 11.10 | 0.21 | 0.63 | 0.84 | (0.25) |  | (0.25) |
| **Class R6** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 9.30 | 0.22 | (0.14) | 0.08 | (0.22) |  | (0.22) |
| 11/30/2024 | 9.07 | 0.45 | 0.22 | 0.67 | (0.44) |  | (0.44) |
| 11/30/2023 | 9.34 | 0.41 | (0.26) | 0.15 | (0.42) |  | (0.42) |
| 11/30/2022 | 11.13 | 0.25 | (1.71) | (1.46) | (0.29) | (0.04) | (0.33) |
| 11/30/2021 | 11.68 | 0.14 | (0.15) | (0.01) | (0.17) | (0.37) | (0.54) |
| 11/30/2020 | 11.10 | 0.22 | 0.62 | 0.84 | (0.26) |  | (0.26) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Unaudited.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

352 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $9.17 | 0.59 <sup>(d)</sup> | 0.85 <sup>(e)</sup> | 0.85 <sup>(e)</sup> | 4.13 <sup>(e)</sup> | $4519 | 229 <sup>(d)</sup> |
| 9.31 | 6.92 | 0.85 | 0.86 | 4.24 | 4731 | 449 |
| 9.08 | 1.21 | 0.85 | 0.85 | 3.90 | 4713 | 509 |
| 9.34 | (13.80) | 0.87 | 0.88 | 1.79 | 5914 | 541 |
| 11.14 | (0.60) | 0.88 | 0.88 | 0.71 | 9264 | 492 |
| 11.69 | 7.08 | 0.90 | 0.90 | 1.35 | 11473 | 589 |
| 9.17 | 0.82 <sup>(d)</sup> | 0.60 <sup>(e)</sup> | 0.60 <sup>(e)</sup> | 4.38 <sup>(e)</sup> | 9177 | 229 <sup>(d)</sup> |
| 9.31 | 7.08 | 0.60 | 0.61 | 4.50 | 10495 | 449 |
| 9.08 | 1.47 | 0.61 | 0.61 | 4.18 | 8769 | 509 |
| 9.34 | (13.50) | 0.62 | 0.62 | 2.10 | 8047 | 541 |
| 11.13 | (0.36) | 0.63 | 0.63 | 0.96 | 10587 | 492 |
| 11.68 | 7.26 | 0.65 | 0.65 | 1.58 | 10750 | 589 |
| 9.17 | 0.84 <sup>(d)</sup> | 0.35 <sup>(e)</sup> | 0.35 <sup>(e)</sup> | 4.63 <sup>(e)</sup> | 5762 | 229 <sup>(d)</sup> |
| 9.31 | 7.46 | 0.35 | 0.36 | 4.75 | 5794 | 449 |
| 9.08 | 1.72 | 0.36 | 0.36 | 4.50 | 3764 | 509 |
| 9.34 | (13.36) | 0.37 | 0.37 | 2.51 | 1782 | 541 |
| 11.14 | (0.10) | 0.38 | 0.38 | 1.20 | 1443 | 492 |
| 11.69 | 7.61 | 0.40 | 0.40 | 1.86 | 1053 | 589 |
| 9.16 | 0.87 <sup>(d)</sup> | 0.28 <sup>(e)</sup> | 0.28 <sup>(e)</sup> | 4.70 <sup>(e)</sup> | 50473 | 229 <sup>(d)</sup> |
| 9.30 | 7.53 | 0.29 | 0.29 | 4.81 | 47577 | 449 |
| 9.07 | 1.78 | 0.30 | 0.30 | 4.49 | 42245 | 509 |
| 9.34 | (13.32) | 0.31 | 0.31 | 2.52 | 36072 | 541 |
| 11.13 | (0.03) | 0.30 | 0.30 | 1.29 | 30405 | 492 |
| 11.68 | 7.60 | 0.32 | 0.32 | 1.95 | 32940 | 589 |

---

*See Notes to Financial Statements.* 353

**Financial Highlights (unaudited)**

CORE PLUS BOND FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning <br> of period** | Net<br> invest-<br> ment<br> income<br> **(loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment <br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | $12.96 | $0.32 | $(0.24) | $0.08 | $(0.33) | $– | $(0.33) |
| 11/30/2024 | 12.56 | 0.68 | 0.40 | 1.08 | (0.68) |  | (0.68) |
| 11/30/2023 | 12.87 | 0.61 | (0.28) | 0.33 | (0.64) |  | (0.64) |
| 11/30/2022 | 15.38 | 0.40 | (2.44) | (2.04) | (0.46) | (0.01) | (0.47) |
| 11/30/2021 | 15.78 | 0.33 | (0.14) | 0.19 | (0.42) | (0.17) | (0.59) |
| 11/30/2020 | 15.39 | 0.38 | 0.61 | 0.99 | (0.50) | (0.10) | (0.60) |
| **Class C** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 12.97 | 0.27 | (0.24) | 0.03 | (0.29) |  | (0.29) |
| 11/30/2024 | 12.56 | 0.60 | 0.41 | 1.01 | (0.60) |  | (0.60) |
| 11/30/2023 | 12.87 | 0.53 | (0.29) | 0.24 | (0.55) |  | (0.55) |
| 11/30/2022 | 15.38 | 0.31 | (2.44) | (2.13) | (0.37) | (0.01) | (0.38) |
| 11/30/2021 | 15.78 | 0.23 | (0.14) | 0.09 | (0.32) | (0.17) | (0.49) |
| 11/30/2020 | 15.39 | 0.27 | 0.61 | 0.88 | (0.39) | (0.10) | (0.49) |
| **Class F** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 12.95 | 0.32 | (0.23) | 0.09 | (0.34) |  | (0.34) |
| 11/30/2024 | 12.54 | 0.69 | 0.41 | 1.10 | (0.69) |  | (0.69) |
| 11/30/2023 | 12.86 | 0.59 | (0.26) | 0.33 | (0.65) |  | (0.65) |
| 11/30/2022 | 15.36 | 0.39 | (2.40) | (2.01) | (0.48) | (0.01) | (0.49) |
| 11/30/2021 | 15.76 | 0.34 | (0.14) | 0.20 | (0.43) | (0.17) | (0.60) |
| 11/30/2020 | 15.38 | 0.39 | 0.60 | 0.99 | (0.51) | (0.10) | (0.61) |
| **Class F3** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 12.96 | 0.33 | (0.23) | 0.10 | (0.35) |  | (0.35) |
| 11/30/2024 | 12.56 | 0.72 | 0.40 | 1.12 | (0.72) |  | (0.72) |
| 11/30/2023 | 12.87 | 0.65 | (0.29) | 0.36 | (0.67) |  | (0.67) |
| 11/30/2022 | 15.37 | 0.44 | (2.42) | (1.98) | (0.51) | (0.01) | (0.52) |
| 11/30/2021 | 15.77 | 0.36 | (0.13) | 0.23 | (0.46) | (0.17) | (0.63) |
| 11/30/2020 | 15.40 | 0.42 | 0.59 | 1.01 | (0.54) | (0.10) | (0.64) |
| **Class I** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 12.95 | 0.33 | (0.24) | 0.09 | (0.34) |  | (0.34) |
| 11/30/2024 | 12.54 | 0.70 | 0.42 | 1.12 | (0.71) |  | (0.71) |
| 11/30/2023 | 12.86 | 0.64 | (0.30) | 0.34 | (0.66) |  | (0.66) |
| 11/30/2022 | 15.37 | 0.47 | (2.48) | (2.01) | (0.49) | (0.01) | (0.50) |
| 11/30/2021 | 15.77 | 0.37 | (0.15) | 0.22 | (0.45) | (0.17) | (0.62) |
| 11/30/2020 | 15.39 | 0.41 | 0.60 | 1.01 | (0.53) | (0.10) | (0.63) |
| **Class R3** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 12.96 | 0.30 | (0.24) | 0.06 | (0.31) |  | (0.31) |
| 11/30/2024 | 12.55 | 0.63 | 0.42 | 1.05 | (0.64) |  | (0.64) |
| 11/30/2023 | 12.86 | 0.57 | (0.28) | 0.29 | (0.60) |  | (0.60) |
| 11/30/2022 | 15.37 | 0.36 | (2.44) | (2.08) | (0.42) | (0.01) | (0.43) |
| 11/30/2021 | 15.77 | 0.28 | (0.14) | 0.14 | (0.37) | (0.17) | (0.54) |
| 11/30/2020 | 15.39 | 0.34 | 0.59 | 0.93 | (0.45) | (0.10) | (0.55) |

---

354 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>Total<br> return<br> **(%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $12.71 | 0.64 <sup>(d)</sup> | 0.63 <sup>(e)</sup> | 0.63 <sup>(e)</sup> | 4.97 <sup>(e)</sup> | $316239 | 226 <sup>(d)</sup> |
| 12.96 | 8.78 | 0.63 | 0.63 | 5.26 | 302459 | 377 |
| 12.56 | 2.59 | 0.65 | 0.65 | 4.81 | 146294 | 451 |
| 12.87 | (13.38) | 0.68 | 0.69 | 2.93 | 92635 | 407 |
| 15.38 | 1.23 | 0.68 | 0.73 | 2.12 | 76162 | 258 |
| 15.78 | 6.57 | 0.68 | 0.80 | 2.46 | 57837 | 443 |
| 12.71 | 0.22 <sup>(d)</sup> | 1.32 <sup>(e)</sup> | 1.32 <sup>(e)</sup> | 4.28 <sup>(e)</sup> | 35643 | 226 <sup>(d)</sup> |
| 12.97 | 8.17 | 1.28 | 1.28 | 4.62 | 32824 | 377 |
| 12.56 | 1.93 | 1.30 | 1.30 | 4.22 | 14742 | 451 |
| 12.87 | (13.94) | 1.33 | 1.34 | 2.23 | 5380 | 407 |
| 15.38 | 0.57 | 1.33 | 1.38 | 1.50 | 5550 | 258 |
| 15.78 | 5.83 | 1.38 | 1.50 | 1.77 | 5846 | 443 |
| 12.70 | 0.68 <sup>(d)</sup> | 0.53 <sup>(e)</sup> | 0.53 <sup>(e)</sup> | 5.08 <sup>(e)</sup> | 12619 | 226 <sup>(d)</sup> |
| 12.95 | 8.97 | 0.53 | 0.53 | 5.41 | 19311 | 377 |
| 12.54 | 2.61 | 0.53 | 0.53 | 4.60 | 20366 | 451 |
| 12.86 | (13.25) | 0.58 | 0.59 | 2.78 | 111760 | 407 |
| 15.36 | 1.32 | 0.58 | 0.62 | 2.18 | 274812 | 258 |
| 15.76 | 6.61 | 0.58 | 0.70 | 2.56 | 181474 | 443 |
| 12.71 | 0.78 <sup>(d)</sup> | 0.35 <sup>(e)</sup> | 0.35 <sup>(e)</sup> | 5.25 <sup>(e)</sup> | 202408 | 226 <sup>(d)</sup> |
| 12.96 | 9.08 | 0.36 | 0.36 | 5.56 | 196708 | 377 |
| 12.56 | 2.87 | 0.38 | 0.38 | 5.13 | 115395 | 451 |
| 12.87 | (13.06) | 0.39 | 0.40 | 3.22 | 47207 | 407 |
| 15.37 | 1.51 | 0.38 | 0.43 | 2.32 | 34554 | 258 |
| 15.77 | 6.69 | 0.39 | 0.50 | 2.74 | 8558 | 443 |
| 12.70 | 0.73 <sup>(d)</sup> | 0.43 <sup>(e)</sup> | 0.43 <sup>(e)</sup> | 5.17 <sup>(e)</sup> | 3267296 | 226 <sup>(d)</sup> |
| 12.95 | 9.08 | 0.43 | 0.43 | 5.46 | 2834800 | 377 |
| 12.54 | 2.71 | 0.45 | 0.45 | 5.07 | 1151379 | 451 |
| 12.86 | (13.21) | 0.48 | 0.48 | 3.58 | 411464 | 407 |
| 15.37 | 1.42 | 0.48 | 0.54 | 2.40 | 13423 | 258 |
| 15.77 | 6.71 | 0.48 | 0.61 | 2.66 | 35271 | 443 |
| 12.71 | 0.49 <sup>(d)</sup> | 0.93 <sup>(e)</sup> | 0.93 <sup>(e)</sup> | 4.67 <sup>(e)</sup> | 867 | 226 <sup>(d)</sup> |
| 12.96 | 8.54 | 0.94 | 0.94 | 4.90 | 928 | 377 |
| 12.55 | 2.28 | 0.95 | 0.95 | 4.52 | 224 | 451 |
| 12.86 | (13.64) | 0.98 | 0.99 | 2.60 | 155 | 407 |
| 15.37 | 0.93 | 0.98 | 1.03 | 1.84 | 159 | 258 |
| 15.77 | 6.19 | 0.98 | 1.09 | 2.19 | 124 | 443 |

---

*See Notes to Financial Statements.* 355

**Financial Highlights (unaudited)(concluded)**

CORE PLUS BOND FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning <br> of period** | Net<br> invest-<br> ment<br> income<br> **(loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera- <br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class R4** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | $12.96 | $0.31 | $(0.23) | $0.08 | $(0.33) | $– | $(0.33) |
| 11/30/2024 | 12.56 | 0.67 | 0.40 | 1.07 | (0.67) |  | (0.67) |
| 11/30/2023 | 12.87 | 0.60 | (0.28) | 0.32 | (0.63) |  | (0.63) |
| 11/30/2022 | 15.37 | 0.38 | (2.41) | (2.03) | (0.46) | (0.01) | (0.47) |
| 11/30/2021 | 15.77 | 0.32 | (0.14) | 0.18 | (0.41) | (0.17) | (0.58) |
| 11/30/2020 | 15.39 | 0.37 | 0.60 | 0.97 | (0.49) | (0.10) | (0.59) |
| **Class R5** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 12.96 | 0.33 | (0.24) | 0.09 | (0.34) |  | (0.34) |
| 11/30/2024 | 12.56 | 0.71 | 0.40 | 1.11 | (0.71) |  | (0.71) |
| 11/30/2023 | 12.87 | 0.64 | (0.29) | 0.35 | (0.66) |  | (0.66) |
| 11/30/2022 | 15.38 | 0.43 | (2.44) | (2.01) | (0.49) | (0.01) | (0.50) |
| 11/30/2021 | 15.77 | 0.36 | (0.13) | 0.23 | (0.45) | (0.17) | (0.62) |
| 11/30/2020 | 15.39 | 0.41 | 0.60 | 1.01 | (0.53) | (0.10) | (0.63) |
| **Class R6** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 12.96 | 0.33 | (0.23) | 0.10 | (0.35) |  | (0.35) |
| 11/30/2024 | 12.56 | 0.71 | 0.41 | 1.12 | (0.72) |  | (0.72) |
| 11/30/2023 | 12.87 | 0.65 | (0.29) | 0.36 | (0.67) |  | (0.67) |
| 11/30/2022 | 15.38 | 0.46 | (2.46) | (2.00) | (0.50) | (0.01) | (0.51) |
| 11/30/2021 | 15.78 | 0.38 | (0.14) | 0.24 | (0.47) | (0.17) | (0.64) |
| 11/30/2020 | 15.39 | 0.43 | 0.60 | 1.03 | (0.54) | (0.10) | (0.64) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Unaudited.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

356 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>Total<br> return<br> **(%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $12.71 | 0.61 <sup>(d)</sup> | 0.68 <sup>(e)</sup> | 0.68 <sup>(e)</sup> | 4.92 <sup>(e)</sup> | $2408 | 226 <sup>(d)</sup> |
| 12.96 | 8.72 | 0.69 | 0.69 | 5.16 | 1976 | 377 |
| 12.56 | 2.54 | 0.70 | 0.70 | 4.75 | 493 | 451 |
| 12.87 | (13.36) | 0.73 | 0.74 | 2.76 | 295 | 407 |
| 15.37 | 1.18 | 0.73 | 0.77 | 2.06 | 379 | 258 |
| 15.77 | 6.45 | 0.73 | 0.86 | 2.39 | 266 | 443 |
| 12.71 | 0.74 <sup>(d)</sup> | 0.42 <sup>(e)</sup> | 0.42 <sup>(e)</sup> | 5.18 <sup>(e)</sup> | 27 | 226 <sup>(d)</sup> |
| 12.96 | 9.00 | 0.43 | 0.43 | 5.50 | 25 | 377 |
| 12.56 | 2.80 | 0.42 | 0.42 | 5.02 | 15 | 451 |
| 12.87 | (13.19) | 0.46 | 0.46 | 3.09 | 10 | 407 |
| 15.38 | 1.49 | 0.48 | 0.50 | 2.35 | 11 | 258 |
| 15.77 | 6.72 | 0.48 | 0.57 | 2.69 | 12 | 443 |
| 12.71 | 0.78 <sup>(d)</sup> | 0.35 <sup>(e)</sup> | 0.35 <sup>(e)</sup> | 5.25 <sup>(e)</sup> | 27725 | 226 <sup>(d)</sup> |
| 12.96 | 9.07 | 0.36 | 0.36 | 5.54 | 24223 | 377 |
| 12.56 | 2.87 | 0.38 | 0.38 | 5.08 | 4193 | 451 |
| 12.87 | (13.12) | 0.39 | 0.40 | 3.42 | 3380 | 407 |
| 15.38 | 1.53 | 0.38 | 0.44 | 2.44 | 1061 | 258 |
| 15.78 | 6.86 | 0.39 | 0.51 | 2.78 | 918 | 443 |

---

*See Notes to Financial Statements.* 357

**Financial Highlights (unaudited)**

FLOATING RATE FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning <br> of period** | Net<br> invest-<br> ment<br> income<br> **(loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera- <br> tions** | **Net<br> investment<br> income** | **Return<br> of<br> capital** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | $8.18 | $0.30 | $(0.13) | $0.17 | $(0.29) | $– | $(0.29) |
| 11/30/2024 | 8.07 | 0.69 | 0.10 | 0.79 | (0.68) |  | (0.68) |
| 11/30/2023 | 7.89 | 0.67 | 0.17 | 0.84 | (0.66) |  | (0.66) |
| 11/30/2022 | 8.37 | 0.37 | (0.48) | (0.11) | (0.37) |  | (0.37) |
| 11/30/2021 | 8.20 | 0.33 | 0.16 | 0.49 | (0.32) |  | (0.32) |
| 11/30/2020 | 8.73 | 0.38 | (0.53) | (0.15) | (0.32) | (0.06) | (0.38) |
| **Class C** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 8.18 | 0.27 | (0.12) | 0.15 | (0.27) |  | (0.27) |
| 11/30/2024 | 8.08 | 0.64 | 0.09 | 0.73 | (0.63) |  | (0.63) |
| 11/30/2023 | 7.89 | 0.62 | 0.18 | 0.80 | (0.61) |  | (0.61) |
| 11/30/2022 | 8.37 | 0.32 | (0.48) | (0.16) | (0.32) |  | (0.32) |
| 11/30/2021 | 8.20 | 0.27 | 0.17 | 0.44 | (0.27) |  | (0.27) |
| 11/30/2020 | 8.74 | 0.33 | (0.54) | (0.21) | (0.27) | (0.06) | (0.33) |
| **Class F** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 8.17 | 0.30 | (0.12) | 0.18 | (0.30) |  | (0.30) |
| 11/30/2024 | 8.06 | 0.70 | 0.10 | 0.80 | (0.69) |  | (0.69) |
| 11/30/2023 | 7.88 | 0.66 | 0.18 | 0.84 | (0.66) |  | (0.66) |
| 11/30/2022 | 8.36 | 0.35 | (0.45) | (0.10) | (0.38) |  | (0.38) |
| 11/30/2021 | 8.19 | 0.33 | 0.17 | 0.50 | (0.33) |  | (0.33) |
| 11/30/2020 | 8.72 | 0.39 | (0.54) | (0.15) | (0.32) | (0.06) | (0.38) |
| **Class F3** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 8.19 | 0.31 | (0.12) | 0.19 | (0.31) |  | (0.31) |
| 11/30/2024 | 8.08 | 0.71 | 0.10 | 0.81 | (0.70) |  | (0.70) |
| 11/30/2023 | 7.90 | 0.69 | 0.17 | 0.86 | (0.68) |  | (0.68) |
| 11/30/2022 | 8.38 | 0.40 | (0.49) | (0.09) | (0.39) |  | (0.39) |
| 11/30/2021 | 8.21 | 0.35 | 0.17 | 0.52 | (0.35) |  | (0.35) |
| 11/30/2020 | 8.75 | 0.40 | (0.54) | (0.14) | (0.34) | (0.06) | (0.40) |
| **Class I** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 8.18 | 0.31 | (0.13) | 0.18 | (0.30) |  | (0.30) |
| 11/30/2024 | 8.08 | 0.71 | 0.08 | 0.79 | (0.69) |  | (0.69) |
| 11/30/2023 | 7.89 | 0.69 | 0.17 | 0.86 | (0.67) |  | (0.67) |
| 11/30/2022 | 8.37 | 0.41 | (0.50) | (0.09) | (0.39) |  | (0.39) |
| 11/30/2021 | 8.20 | 0.34 | 0.17 | 0.51 | (0.34) |  | (0.34) |
| 11/30/2020 | 8.74 | 0.40 | (0.55) | (0.15) | (0.33) | (0.06) | (0.39) |
| **Class R2** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 8.19 | 0.28 | (0.12) | 0.16 | (0.28) |  | (0.28) |
| 11/30/2024 | 8.08 | 0.66 | 0.10 | 0.76 | (0.65) |  | (0.65) |
| 11/30/2023 | 7.90 | 0.63 | 0.17 | 0.80 | (0.62) |  | (0.62) |
| 11/30/2022 | 8.38 | 0.35 | (0.49) | (0.14) | (0.34) |  | (0.34) |
| 11/30/2021 | 8.20 | 0.29 | 0.18 | 0.47 | (0.29) |  | (0.29) |
| 11/30/2020 | 8.74 | 0.35 | (0.54) | (0.19) | (0.29) | (0.06) | (0.35) |

---

358 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>Total<br> return<br> **(%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $8.06 | 2.05 <sup>(d)</sup> | 0.80 <sup>(e)</sup> | 0.80 <sup>(e)</sup> | 7.41 <sup>(e)</sup> | $1473711 | 41 <sup>(d)</sup> |
| 8.18 | 10.10 | 0.80 | 0.80 | 8.45 | 1529999 | 105 |
| 8.07 | 10.99 | 0.80 | 0.80 | 8.39 | 1596618 | 71 |
| 7.89 | (1.31) | 0.80 | 0.80 | 4.60 | 1882335 | 85 |
| 8.37 | 6.07 | 0.79 | 0.79 | 3.87 | 1981600 | 87 |
| 8.20 | (1.58) | 0.80 | 0.80 | 4.65 | 1790285 | 92 |
| 8.06 | 1.86 <sup>(d)</sup> | 1.43 <sup>(e)</sup> | 1.43 <sup>(e)</sup> | 6.79 <sup>(e)</sup> | 237789 | 41 <sup>(d)</sup> |
| 8.18 | 9.30 | 1.41 | 1.41 | 7.85 | 269268 | 105 |
| 8.08 | 10.43 | 1.44 | 1.44 | 7.74 | 331798 | 71 |
| 7.89 | (1.93) | 1.43 | 1.43 | 3.96 | 441112 | 85 |
| 8.37 | 5.42 | 1.41 | 1.41 | 3.26 | 499850 | 87 |
| 8.20 | (2.31) | 1.42 | 1.42 | 4.08 | 616741 | 92 |
| 8.05 | 2.22 <sup>(d)</sup> | 0.70 <sup>(e)</sup> | 0.70 <sup>(e)</sup> | 7.51 <sup>(e)</sup> | 154413 | 41 <sup>(d)</sup> |
| 8.17 | 10.08 | 0.70 | 0.70 | 8.57 | 180989 | 105 |
| 8.06 | 11.24 | 0.71 | 0.71 | 8.28 | 237963 | 71 |
| 7.88 | (1.22) | 0.69 | 0.69 | 4.24 | 869845 | 85 |
| 8.36 | 6.17 | 0.69 | 0.69 | 3.96 | 2999065 | 87 |
| 8.19 | (1.50) | 0.70 | 0.70 | 4.79 | 2231780 | 92 |
| 8.07 | 2.31 <sup>(d)</sup> | 0.53 <sup>(e)</sup> | 0.53 <sup>(e)</sup> | 7.69 <sup>(e)</sup> | 87053 | 41 <sup>(d)</sup> |
| 8.19 | 10.40 | 0.53 | 0.53 | 8.73 | 84008 | 105 |
| 8.08 | 11.28 | 0.54 | 0.54 | 8.60 | 90205 | 71 |
| 7.90 | (1.04) | 0.53 | 0.53 | 4.95 | 178268 | 85 |
| 8.38 | 6.34 | 0.53 | 0.53 | 4.12 | 137808 | 87 |
| 8.21 | (1.32) | 0.54 | 0.54 | 4.92 | 91251 | 92 |
| 8.06 | 2.27 <sup>(d)</sup> | 0.60 <sup>(e)</sup> | 0.60 <sup>(e)</sup> | 7.61 <sup>(e)</sup> | 2566620 | 41 <sup>(d)</sup> |
| 8.18 | 10.19 | 0.60 | 0.60 | 8.65 | 2595978 | 105 |
| 8.08 | 11.35 | 0.60 | 0.60 | 8.60 | 2579223 | 71 |
| 7.89 | (1.11) | 0.60 | 0.60 | 5.05 | 2954554 | 85 |
| 8.37 | 6.28 | 0.59 | 0.59 | 4.06 | 1133927 | 87 |
| 8.20 | (1.50) | 0.60 | 0.60 | 4.92 | 855140 | 92 |
| 8.07 | 1.85 <sup>(d)</sup> | 1.21 <sup>(e)</sup> | 1.21 <sup>(e)</sup> | 7.02 <sup>(e)</sup> | 736 | 41 <sup>(d)</sup> |
| 8.19 | 9.67 | 1.20 | 1.20 | 8.06 | 665 | 105 |
| 8.08 | 10.54 | 1.20 | 1.20 | 7.95 | 760 | 71 |
| 7.90 | (1.70) | 1.20 | 1.20 | 4.28 | 1086 | 85 |
| 8.38 | 5.78 | 1.19 | 1.19 | 3.48 | 965 | 87 |
| 8.20 | (2.09) | 1.20 | 1.20 | 4.26 | 1026 | 92 |

---

*See Notes to Financial Statements.* 359

**Financial Highlights (unaudited)(concluded)**

FLOATING RATE FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** | **Distributions to <br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning <br> of period** | Net<br> invest-<br> ment<br> income<br> **(loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera- <br> tions** | **Net<br> investment<br> income** | **Return<br> of<br> capital** | **Total<br> distri-<br> butions** |
| **Class R3** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | $8.18 | $0.29 | $(0.13) | $0.16 | $(0.28) | $– | $(0.28) |
| 11/30/2024 | 8.07 | 0.66 | 0.10 | 0.76 | (0.65) |  | (0.65) |
| 11/30/2023 | 7.89 | 0.65 | 0.16 | 0.81 | (0.63) |  | (0.63) |
| 11/30/2022 | 8.37 | 0.36 | (0.49) | (0.13) | (0.35) |  | (0.35) |
| 11/30/2021 | 8.20 | 0.30 | 0.17 | 0.47 | (0.30) |  | (0.30) |
| 11/30/2020 | 8.74 | 0.35 | (0.54) | (0.19) | (0.29) | (0.06) | (0.35) |
| **Class R4** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 8.18 | 0.30 | (0.13) | 0.17 | (0.29) |  | (0.29) |
| 11/30/2024 | 8.07 | 0.69 | 0.09 | 0.78 | (0.67) |  | (0.67) |
| 11/30/2023 | 7.89 | 0.67 | 0.16 | 0.83 | (0.65) |  | (0.65) |
| 11/30/2022 | 8.37 | 0.36 | (0.47) | (0.11) | (0.37) |  | (0.37) |
| 11/30/2021 | 8.20 | 0.32 | 0.17 | 0.49 | (0.32) |  | (0.32) |
| 11/30/2020 | 8.73 | 0.38 | (0.54) | (0.16) | (0.31) | (0.06) | (0.37) |
| **Class R5** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 8.19 | 0.31 | (0.13) | 0.18 | (0.30) |  | (0.30) |
| 11/30/2024 | 8.08 | 0.71 | 0.09 | 0.80 | (0.69) |  | (0.69) |
| 11/30/2023 | 7.90 | 0.69 | 0.16 | 0.85 | (0.67) |  | (0.67) |
| 11/30/2022 | 8.38 | 0.39 | (0.48) | (0.09) | (0.39) |  | (0.39) |
| 11/30/2021 | 8.21 | 0.34 | 0.17 | 0.51 | (0.34) |  | (0.34) |
| 11/30/2020 | 8.75 | 0.40 | (0.55) | (0.15) | (0.33) | (0.06) | (0.39) |
| **Class R6** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 8.19 | 0.31 | (0.12) | 0.19 | (0.31) |  | (0.31) |
| 11/30/2024 | 8.08 | 0.71 | 0.10 | 0.81 | (0.70) |  | (0.70) |
| 11/30/2023 | 7.90 | 0.68 | 0.18 | 0.86 | (0.68) |  | (0.68) |
| 11/30/2022 | 8.38 | 0.39 | (0.48) | (0.09) | (0.39) |  | (0.39) |
| 11/30/2021 | 8.20 | 0.35 | 0.18 | 0.53 | (0.35) |  | (0.35) |
| 11/30/2020 | 8.74 | 0.40 | (0.54) | (0.14) | (0.34) | (0.06) | (0.40) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Unaudited.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

360 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>Total<br> return<br> **(%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $8.06 | 2.02 <sup>(d)</sup> | 1.10 <sup>(e)</sup> | 1.10 <sup>(e)</sup> | 7.11 <sup>(e)</sup> | $99932 | 41 <sup>(d)</sup> |
| 8.18 | 9.64 | 1.10 | 1.10 | 8.14 | 100063 | 105 |
| 8.07 | 10.80 | 1.10 | 1.10 | 8.13 | 86913 | 71 |
| 7.89 | (1.60) | 1.10 | 1.10 | 4.48 | 76898 | 85 |
| 8.37 | 5.76 | 1.09 | 1.09 | 3.58 | 51915 | 87 |
| 8.20 | (1.99) | 1.10 | 1.10 | 4.35 | 43458 | 92 |
| 8.06 | 2.15 <sup>(d)</sup> | 0.85 <sup>(e)</sup> | 0.85 <sup>(e)</sup> | 7.36 <sup>(e)</sup> | 1329 | 41 <sup>(d)</sup> |
| 8.18 | 10.05 | 0.85 | 0.85 | 8.42 | 1377 | 105 |
| 8.07 | 10.93 | 0.85 | 0.85 | 8.36 | 1532 | 71 |
| 7.89 | (1.36) | 0.84 | 0.84 | 4.36 | 1746 | 85 |
| 8.37 | 6.02 | 0.84 | 0.84 | 3.83 | 2680 | 87 |
| 8.20 | (1.63) | 0.85 | 0.85 | 4.64 | 2953 | 92 |
| 8.07 | 2.28 <sup>(d)</sup> | 0.60 <sup>(e)</sup> | 0.60 <sup>(e)</sup> | 7.61 <sup>(e)</sup> | 2491 | 41 <sup>(d)</sup> |
| 8.19 | 10.32 | 0.60 | 0.60 | 8.64 | 2205 | 105 |
| 8.08 | 11.21 | 0.60 | 0.60 | 8.64 | 2004 | 71 |
| 7.90 | (1.11) | 0.60 | 0.60 | 4.73 | 2123 | 85 |
| 8.38 | 6.28 | 0.59 | 0.59 | 4.08 | 2975 | 87 |
| 8.21 | (1.49) | 0.60 | 0.60 | 4.93 | 5019 | 92 |
| 8.07 | 2.19 <sup>(d)</sup> | 0.53 <sup>(e)</sup> | 0.53 <sup>(e)</sup> | 7.69 <sup>(e)</sup> | 45750 | 41 <sup>(d)</sup> |
| 8.19 | 10.40 | 0.53 | 0.53 | 8.71 | 46421 | 105 |
| 8.08 | 11.28 | 0.54 | 0.54 | 8.56 | 39119 | 71 |
| 7.90 | (1.04) | 0.53 | 0.53 | 4.83 | 71452 | 85 |
| 8.38 | 6.48 | 0.53 | 0.53 | 4.15 | 95334 | 87 |
| 8.20 | (1.44) | 0.54 | 0.54 | 4.89 | 124190 | 92 |

---

*See Notes to Financial Statements.* 361

**Financial Highlights (unaudited)**

HIGH YIELD FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Return of<br> capital** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | $6.45 | $0.22 | $(0.18) | $0.04 | $(0.22) | $&nbsp;&nbsp;&nbsp;&nbsp; – | $(0.22) |
| 11/30/2024 | 6.13 | 0.45 | 0.32 | 0.77 | (0.45) |  | (0.45) |
| 11/30/2023 | 6.20 | 0.38 | (0.05) | 0.33 | (0.40) |  | (0.40) |
| 11/30/2022 | 7.43 | 0.35 | (1.20) | (0.85) | (0.37) | (0.01) | (0.38) |
| 11/30/2021 | 7.30 | 0.35 | 0.14 | 0.49 | (0.36) |  | (0.36) |
| 11/30/2020 | 7.37 | 0.36 | (0.05)<sup>(f)</sup> | 0.31 | (0.38) |  | (0.38) |
| **Class C** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 6.42 | 0.20 | (0.18) | 0.02 | (0.20) |  | (0.20) |
| 11/30/2024 | 6.10 | 0.41 | 0.32 | 0.73 | (0.41) |  | (0.41) |
| 11/30/2023 | 6.17 | 0.34 | (0.05) | 0.29 | (0.36) |  | (0.36) |
| 11/30/2022 | 7.39 | 0.31 | (1.19) | (0.88) | (0.33) | (0.01) | (0.34) |
| 11/30/2021 | 7.27 | 0.30 | 0.13 | 0.43 | (0.31) |  | (0.31) |
| 11/30/2020 | 7.33 | 0.32 | (0.04)<sup>(f)</sup> | 0.28 | (0.34) |  | (0.34) |
| **Class F** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 6.44 | 0.22 | (0.17) | 0.05 | (0.23) |  | (0.23) |
| 11/30/2024 | 6.12 | 0.45 | 0.33 | 0.78 | (0.46) |  | (0.46) |
| 11/30/2023 | 6.19 | 0.38 | (0.05) | 0.33 | (0.40) |  | (0.40) |
| 11/30/2022 | 7.42 | 0.36 | (1.20) | (0.84) | (0.38) | (0.01) | (0.39) |
| 11/30/2021 | 7.30 | 0.35 | 0.14 | 0.49 | (0.37) |  | (0.37) |
| 11/30/2020 | 7.36 | 0.37 | (0.04)<sup>(f)</sup> | 0.33 | (0.39) |  | (0.39) |
| **Class F3** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 6.48 | 0.23 | (0.18) | 0.05 | (0.23) |  | (0.23) |
| 11/30/2024 | 6.16 | 0.47 | 0.32 | 0.79 | (0.47) |  | (0.47) |
| 11/30/2023 | 6.23 | 0.41 | (0.06) | 0.35 | (0.42) |  | (0.42) |
| 11/30/2022 | 7.46 | 0.37 | (1.20) | (0.83) | (0.39) | (0.01) | (0.40) |
| 11/30/2021 | 7.34 | 0.37 | 0.13 | 0.50 | (0.38) |  | (0.38) |
| 11/30/2020 | 7.41 | 0.37 | (0.03)<sup>(f)</sup> | 0.34 | (0.41) |  | (0.41) |
| **Class I** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 6.48 | 0.23 | (0.18) | 0.05 | (0.23) |  | (0.23) |
| 11/30/2024 | 6.16 | 0.46 | 0.33 | 0.79 | (0.47) |  | (0.47) |
| 11/30/2023 | 6.23 | 0.40 | (0.06) | 0.34 | (0.41) |  | (0.41) |
| 11/30/2022 | 7.46 | 0.36 | (1.19) | (0.83) | (0.39) | (0.01) | (0.40) |
| 11/30/2021 | 7.34 | 0.36 | 0.14 | 0.50 | (0.38) |  | (0.38) |
| 11/30/2020 | 7.40 | 0.37 | (0.03)<sup>(f)</sup> | 0.34 | (0.40) |  | (0.40) |
| **Class R2** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 6.49 | 0.21 | (0.18) | 0.03 | (0.21) |  | (0.21) |
| 11/30/2024 | 6.17 | 0.43 | 0.32 | 0.75 | (0.43) |  | (0.43) |
| 11/30/2023 | 6.24 | 0.36 | (0.05) | 0.31 | (0.38) |  | (0.38) |
| 11/30/2022 | 7.47 | 0.33 | (1.20) | (0.87) | (0.35) | (0.01) | (0.36) |
| 11/30/2021 | 7.35 | 0.32 | 0.13 | 0.45 | (0.33) |  | (0.33) |
| 11/30/2020 | 7.41 | 0.34 | (0.04)<sup>(f)</sup> | 0.30 | (0.36) |  | (0.36) |

---

<br> 362 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $6.27 | 0.70 <sup>(d)</sup> | 0.93 <sup>(e)</sup> | 0.93 <sup>(e)</sup> | 6.95 <sup>(e)</sup> | $703539 | 41 <sup>(d)</sup> |
| 6.45 | 12.96 | 0.92 | 0.93 | 7.07 | 736258 | 82 |
| 6.13 | 5.50 | 0.92 | 0.92 | 6.28 | 708970 | 84 |
| 6.20 | (11.62) | 0.89 | 0.90 | 5.24 | 799529 | 106 |
| 7.43 | 6.74 | 0.88 | 0.88 | 4.59 | 1089069 | 113 |
| 7.30 | 4.65 | 0.90 | 0.90 | 5.15 | 1134235 | 126 |
| 6.24 | 0.37 <sup>(d)</sup> | 1.55 <sup>(e)</sup> | 1.55 <sup>(e)</sup> | 6.32 <sup>(e)</sup> | 93030 | 41 <sup>(d)</sup> |
| 6.42 | 12.30 | 1.53 | 1.54 | 6.46 | 108368 | 82 |
| 6.10 | 4.85 | 1.54 | 1.54 | 5.64 | 128213 | 84 |
| 6.17 | (12.12) | 1.52 | 1.52 | 4.61 | 166372 | 106 |
| 7.39 | 5.94 | 1.50 | 1.50 | 3.96 | 258441 | 113 |
| 7.27 | 4.14 | 1.53 | 1.53 | 4.55 | 287145 | 126 |
| 6.26 | 0.75 <sup>(d)</sup> | 0.83 <sup>(e)</sup> | 0.83 <sup>(e)</sup> | 7.05 <sup>(e)</sup> | 64757 | 41 <sup>(d)</sup> |
| 6.44 | 12.90 | 0.82 | 0.83 | 7.15 | 77748 | 82 |
| 6.12 | 5.77 | 0.82 | 0.82 | 6.22 | 133738 | 84 |
| 6.19 | (11.56) | 0.79 | 0.80 | 5.22 | 456720 | 106 |
| 7.42 | 6.70 | 0.77 | 0.77 | 4.68 | 2239174 | 113 |
| 7.30 | 4.89 | 0.80 | 0.80 | 5.24 | 2097727 | 126 |
| 6.30 | 0.87 <sup>(d)</sup> | 0.62 <sup>(e)</sup> | 0.62 <sup>(e)</sup> | 7.26 <sup>(e)</sup> | 458076 | 41 <sup>(d)</sup> |
| 6.48 | 13.28 | 0.61 | 0.62 | 7.38 | 478251 | 82 |
| 6.16 | 5.83 | 0.61 | 0.61 | 6.60 | 440078 | 84 |
| 6.23 | (11.29) | 0.60 | 0.60 | 5.54 | 558736 | 106 |
| 7.46 | 6.90 | 0.59 | 0.59 | 4.88 | 737768 | 113 |
| 7.34 | 4.97 | 0.60 | 0.60 | 5.31 | 1984689 | 126 |
| 6.30 | 0.81 <sup>(d)</sup> | 0.73 <sup>(e)</sup> | 0.73 <sup>(e)</sup> | 7.15 <sup>(e)</sup> | 1580313 | 41 <sup>(d)</sup> |
| 6.48 | 13.16 | 0.72 | 0.73 | 7.27 | 1605857 | 82 |
| 6.16 | 5.72 | 0.72 | 0.72 | 6.48 | 1612167 | 84 |
| 6.23 | (11.37) | 0.69 | 0.70 | 5.46 | 1753902 | 106 |
| 7.46 | 6.80 | 0.67 | 0.67 | 4.78 | 1759013 | 113 |
| 7.34 | 5.00 | 0.70 | 0.70 | 5.30 | 1664193 | 126 |
| 6.31 | 0.52 <sup>(d)</sup> | 1.33 <sup>(e)</sup> | 1.33 <sup>(e)</sup> | 6.56 <sup>(e)</sup> | 5456 | 41 <sup>(d)</sup> |
| 6.49 | 12.48 | 1.32 | 1.33 | 6.67 | 5703 | 82 |
| 6.17 | 5.09 | 1.32 | 1.32 | 5.91 | 5265 | 84 |
| 6.24 | (11.88) | 1.29 | 1.30 | 4.85 | 4736 | 106 |
| 7.47 | 6.17 | 1.27 | 1.28 | 4.19 | 6381 | 113 |
| 7.35 | 4.39 | 1.31 | 1.31 | 4.81 | 6662 | 126 |

---

<br> *See Notes to Financial Statements.* 363

**Financial Highlights (unaudited)(concluded)**

HIGH YIELD FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Return of<br> capital** | **Total<br> distri-<br> butions** |
| **Class R3** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | $6.49 | $0.21 | $(0.17) | $0.04 | $(0.22) | $&nbsp;&nbsp;&nbsp;&nbsp; – | $(0.22) |
| 11/30/2024 | 6.17 | 0.43 | 0.33 | 0.76 | (0.44) |  | (0.44) |
| 11/30/2023 | 6.24 | 0.37 | (0.06) | 0.31 | (0.38) |  | (0.38) |
| 11/30/2022 | 7.47 | 0.33 | (1.20) | (0.87) | (0.35) | (0.01) | (0.36) |
| 11/30/2021 | 7.35 | 0.32 | 0.14 | 0.46 | (0.34) |  | (0.34) |
| 11/30/2020 | 7.41 | 0.34 | (0.04)<sup>(f)</sup> | 0.30 | (0.36) |  | (0.36) |
| **Class R4** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 6.45 | 0.22 | (0.18) | 0.04 | (0.22) |  | (0.22) |
| 11/30/2024 | 6.13 | 0.44 | 0.33 | 0.77 | (0.45) |  | (0.45) |
| 11/30/2023 | 6.20 | 0.38 | (0.05) | 0.33 | (0.40) |  | (0.40) |
| 11/30/2022 | 7.43 | 0.35 | (1.20) | (0.85) | (0.37) | (0.01) | (0.38) |
| 11/30/2021 | 7.30 | 0.34 | 0.14 | 0.48 | (0.35) |  | (0.35) |
| 11/30/2020 | 7.37 | 0.36 | (0.05)<sup>(f)</sup> | 0.31 | (0.38) |  | (0.38) |
| **Class R5** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 6.48 | 0.23 | (0.18) | 0.05 | (0.23) |  | (0.23) |
| 11/30/2024 | 6.16 | 0.46 | 0.33 | 0.79 | (0.47) |  | (0.47) |
| 11/30/2023 | 6.23 | 0.40 | (0.06) | 0.34 | (0.41) |  | (0.41) |
| 11/30/2022 | 7.46 | 0.36 | (1.19) | (0.83) | (0.39) | (0.01) | (0.40) |
| 11/30/2021 | 7.33 | 0.36 | 0.15 | 0.51 | (0.38) |  | (0.38) |
| 11/30/2020 | 7.40 | 0.38 | (0.05)<sup>(f)</sup> | 0.33 | (0.40) |  | (0.40) |
| **Class R6** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 6.49 | 0.23 | (0.18) | 0.05 | (0.23) |  | (0.23) |
| 11/30/2024 | 6.16 | 0.47 | 0.33 | 0.80 | (0.47) |  | (0.47) |
| 11/30/2023 | 6.23 | 0.40 | (0.05) | 0.35 | (0.42) |  | (0.42) |
| 11/30/2022 | 7.46 | 0.37 | (1.20) | (0.83) | (0.39) | (0.01) | (0.40) |
| 11/30/2021 | 7.34 | 0.37 | 0.13 | 0.50 | (0.38) |  | (0.38) |
| 11/30/2020 | 7.41 | 0.38 | (0.04)<sup>(f)</sup> | 0.34 | (0.41) |  | (0.41) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Unaudited.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Realized and unrealized gain/(loss) per share does not correlate to the aggregate of the net realized and unrealized gain/(loss) in the Statement of Operations for the year ended November 30, 2020, primarily due to the timing of the sales and repurchases of the Fund's shares in relation to fluctuating market values of the Fund's portfolio.

<br> 364 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $6.31 | 0.57 <sup>(d)</sup> | 1.23 <sup>(e)</sup> | 1.23 <sup>(e)</sup> | 6.65 <sup>(e)</sup> | $81283 | 41 <sup>(d)</sup> |
| 6.49 | 12.59 | 1.22 | 1.23 | 6.77 | 83982 | 82 |
| 6.17 | 5.19 | 1.22 | 1.22 | 5.99 | 82376 | 84 |
| 6.24 | (11.80) | 1.19 | 1.20 | 4.94 | 85877 | 106 |
| 7.47 | 6.27 | 1.17 | 1.18 | 4.29 | 113623 | 113 |
| 7.35 | 4.49 | 1.20 | 1.20 | 4.87 | 114737 | 126 |
| 6.27 | 0.68 <sup>(d)</sup> | 0.98 <sup>(e)</sup> | 0.98 <sup>(e)</sup> | 6.90 <sup>(e)</sup> | 41110 | 41 <sup>(d)</sup> |
| 6.45 | 12.91 | 0.97 | 0.98 | 7.02 | 59760 | 82 |
| 6.13 | 5.45 | 0.97 | 0.97 | 6.21 | 60932 | 84 |
| 6.20 | (11.67) | 0.94 | 0.95 | 5.20 | 76122 | 106 |
| 7.43 | 6.69 | 0.92 | 0.93 | 4.54 | 96477 | 113 |
| 7.30 | 4.61 | 0.95 | 0.95 | 5.11 | 113046 | 126 |
| 6.30 | 0.81 <sup>(d)</sup> | 0.73 <sup>(e)</sup> | 0.73 <sup>(e)</sup> | 7.15 <sup>(e)</sup> | 163493 | 41 <sup>(d)</sup> |
| 6.48 | 13.16 | 0.72 | 0.73 | 7.27 | 172736 | 82 |
| 6.16 | 5.89 | 0.72 | 0.72 | 6.47 | 184673 | 84 |
| 6.23 | (11.52) | 0.69 | 0.70 | 5.45 | 213656 | 106 |
| 7.46 | 6.95 | 0.67 | 0.68 | 4.80 | 267722 | 113 |
| 7.33 | 4.87 | 0.70 | 0.70 | 5.37 | 256527 | 126 |
| 6.31 | 0.87 <sup>(d)</sup> | 0.62 <sup>(e)</sup> | 0.62 <sup>(e)</sup> | 7.26 <sup>(e)</sup> | 240358 | 41 <sup>(d)</sup> |
| 6.49 | 13.45 | 0.61 | 0.62 | 7.38 | 346832 | 82 |
| 6.16 | 5.83 | 0.61 | 0.61 | 6.57 | 466516 | 84 |
| 6.23 | (11.29) | 0.60 | 0.60 | 5.55 | 581901 | 106 |
| 7.46 | 6.90 | 0.58 | 0.59 | 4.88 | 700615 | 113 |
| 7.34 | 4.97 | 0.61 | 0.61 | 5.45 | 643491 | 126 |

---

<br> *See Notes to Financial Statements.* 365

**Financial Highlights (unaudited)**

INCOME FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | $2.47 | $0.06 | $(0.06) | $&nbsp;&nbsp;&nbsp;&nbsp; – <sup>(d)</sup> | $(0.07) | $&nbsp;&nbsp;&nbsp;&nbsp; – | $(0.07) |
| 11/30/2024 | 2.37 | 0.13 | 0.10 | 0.23 | (0.13) |  | (0.13) |
| 11/30/2023 | 2.40 | 0.11 | (0.02) | 0.09 | (0.12) |  | (0.12) |
| 11/30/2022 | 2.99 | 0.09 | (0.53) | (0.44) | (0.10) | (0.05) | (0.15) |
| 11/30/2021 | 3.01 | 0.08 | (0.01) | 0.07 | (0.09) |  | (0.09) |
| 11/30/2020 | 2.90 | 0.09 | 0.13 | 0.22 | (0.11) |  | (0.11) |
| **Class C** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 2.48 | 0.06 | (0.07) | (0.01) | (0.06) |  | (0.06) |
| 11/30/2024 | 2.38 | 0.11 | 0.11 | 0.22 | (0.12) |  | (0.12) |
| 11/30/2023 | 2.41 | 0.10 | (0.03) | 0.07 | (0.10) |  | (0.10) |
| 11/30/2022 | 3.00 | 0.07 | (0.53) | (0.46) | (0.08) | (0.05) | (0.13) |
| 11/30/2021 | 3.02 | 0.06 | (0.01) | 0.05 | (0.07) |  | (0.07) |
| 11/30/2020 | 2.92 | 0.07 | 0.12 | 0.19 | (0.09) |  | (0.09) |
| **Class F** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 2.46 | 0.06 | (0.05) | 0.01 | (0.07) |  | (0.07) |
| 11/30/2024 | 2.36 | 0.13 | 0.10 | 0.23 | (0.13) |  | (0.13) |
| 11/30/2023 | 2.40 | 0.11 | (0.03) | 0.08 | (0.12) |  | (0.12) |
| 11/30/2022 | 2.99 | 0.08 | (0.52) | (0.44) | (0.10) | (0.05) | (0.15) |
| 11/30/2021 | 3.01 | 0.08 | (0.01) | 0.07 | (0.09) |  | (0.09) |
| 11/30/2020 | 2.91 | 0.09 | 0.12 | 0.21 | (0.11) |  | (0.11) |
| **Class F3** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 2.47 | 0.07 | (0.07) | – <sup>(d)</sup> | (0.07) |  | (0.07) |
| 11/30/2024 | 2.37 | 0.13 | 0.11 | 0.24 | (0.14) |  | (0.14) |
| 11/30/2023 | 2.40 | 0.12 | (0.03) | 0.09 | (0.12) |  | (0.12) |
| 11/30/2022 | 2.99 | 0.09 | (0.52) | (0.43) | (0.11) | (0.05) | (0.16) |
| 11/30/2021 | 3.01 | 0.08 |  | 0.08 | (0.10) |  | (0.10) |
| 11/30/2020 | 2.90 | 0.10 | 0.12 | 0.22 | (0.11) |  | (0.11) |
| **Class I** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 2.47 | 0.07 | (0.07) | – <sup>(d)</sup> | (0.07) |  | (0.07) |
| 11/30/2024 | 2.37 | 0.13 | 0.11 | 0.24 | (0.14) |  | (0.14) |
| 11/30/2023 | 2.40 | 0.12 | (0.03) | 0.09 | (0.12) |  | (0.12) |
| 11/30/2022 | 2.99 | 0.09 | (0.53) | (0.44) | (0.10) | (0.05) | (0.15) |
| 11/30/2021 | 3.01 | 0.08 |  | 0.08 | (0.10) |  | (0.10) |
| 11/30/2020 | 2.91 | 0.10 | 0.11 | 0.21 | (0.11) |  | (0.11) |
| **Class R2** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 2.49 | 0.06 | (0.07) | (0.01) | (0.06) |  | (0.06) |
| 11/30/2024 | 2.38 | 0.12 | 0.11 | 0.23 | (0.12) |  | (0.12) |
| 11/30/2023 | 2.42 | 0.10 | (0.03) | 0.07 | (0.11) |  | (0.11) |
| 11/30/2022 | 3.01 | 0.08 | (0.53) | (0.45) | (0.09) | (0.05) | (0.14) |
| 11/30/2021 | 3.03 | 0.06 |  | 0.06 | (0.08) |  | (0.08) |
| 11/30/2020 | 2.93 | 0.08 | 0.11 | 0.19 | (0.09) |  | (0.09) |

---

<br> 366 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $2.40 | (0.07)<sup>(e)</sup> | 0.70 <sup>(f)</sup> | 0.70 <sup>(f)</sup> | 5.30 <sup>(f)</sup> | $1311874 | 119 <sup>(e)</sup> |
| 2.47 | 10.00 | 0.71 | 0.71 | 5.16 | 1314954 | 190 |
| 2.37 | 3.75 | 0.73 | 0.73 | 4.64 | 1004478 | 108 |
| 2.40 | (15.22) | 0.74 | 0.75 | 3.29 | 967719 | 158 |
| 2.99 | 2.38 | 0.73 | 0.73 | 2.53 | 1275012 | 112 |
| 3.01 | 7.65 | 0.76 | 0.76 | 3.11 | 1229762 | 112 |
| 2.41 | (0.38)<sup>(e)</sup> | 1.35 <sup>(f)</sup> | 1.35 <sup>(f)</sup> | 4.65 <sup>(f)</sup> | 51019 | 119 <sup>(e)</sup> |
| 2.48 | 9.31 | 1.33 | 1.33 | 4.53 | 54883 | 190 |
| 2.38 | 3.13 | 1.34 | 1.34 | 4.01 | 41941 | 108 |
| 2.41 | (15.68) | 1.37 | 1.37 | 2.61 | 45245 | 158 |
| 3.00 | 1.74 | 1.36 | 1.36 | 1.90 | 81240 | 112 |
| 3.02 | 6.60 | 1.38 | 1.38 | 2.53 | 107888 | 112 |
| 2.40 | 0.39 <sup>(e)</sup> | 0.60 <sup>(f)</sup> | 0.60 <sup>(f)</sup> | 5.40 <sup>(f)</sup> | 30173 | 119 <sup>(e)</sup> |
| 2.46 | 10.14 | 0.61 | 0.61 | 5.23 | 33895 | 190 |
| 2.36 | 3.42 | 0.63 | 0.63 | 4.64 | 55509 | 108 |
| 2.40 | (15.14) | 0.64 | 0.64 | 3.08 | 111920 | 158 |
| 2.99 | 2.48 | 0.63 | 0.63 | 2.62 | 570553 | 112 |
| 3.01 | 7.38 | 0.66 | 0.66 | 3.20 | 570685 | 112 |
| 2.40 | 0.06 <sup>(e)</sup> | 0.43 <sup>(f)</sup> | 0.43 <sup>(f)</sup> | 5.57 <sup>(f)</sup> | 1898434 | 119 <sup>(e)</sup> |
| 2.47 | 10.29 | 0.45 | 0.45 | 5.43 | 1770605 | 190 |
| 2.37 | 4.03 | 0.45 | 0.45 | 4.94 | 1184461 | 108 |
| 2.40 | (14.98) | 0.46 | 0.46 | 3.59 | 849235 | 158 |
| 2.99 | 2.66 | 0.45 | 0.45 | 2.79 | 985589 | 112 |
| 3.01 | 7.95 | 0.47 | 0.47 | 3.38 | 722882 | 112 |
| 2.40 | 0.03 <sup>(e)</sup> | 0.50 <sup>(f)</sup> | 0.50 <sup>(f)</sup> | 5.50 <sup>(f)</sup> | 2256165 | 119 <sup>(e)</sup> |
| 2.47 | 10.22 | 0.51 | 0.51 | 5.36 | 2327403 | 190 |
| 2.37 | 3.96 | 0.52 | 0.52 | 4.93 | 1221977 | 108 |
| 2.40 | (15.05) | 0.54 | 0.55 | 3.72 | 429047 | 158 |
| 2.99 | 2.58 | 0.53 | 0.53 | 2.73 | 135925 | 112 |
| 3.01 | 7.49 | 0.56 | 0.56 | 3.33 | 155970 | 112 |
| 2.42 | (0.25)<sup>(e)</sup> | 1.10 <sup>(f)</sup> | 1.10 <sup>(f)</sup> | 4.90 <sup>(f)</sup> | 693 | 119 <sup>(e)</sup> |
| 2.49 | 9.99 | 1.11 | 1.11 | 4.75 | 690 | 190 |
| 2.38 | 2.92 | 1.13 | 1.13 | 4.18 | 815 | 108 |
| 2.42 | (15.43) | 1.14 | 1.15 | 2.90 | 1107 | 158 |
| 3.01 | 1.98 | 1.13 | 1.13 | 2.14 | 1350 | 112 |
| 3.03 | 6.83 | 1.16 | 1.16 | 2.73 | 1730 | 112 |

---

<br> *See Notes to Financial Statements.* 367

**Financial Highlights (unaudited)(concluded)**

INCOME FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class R3** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | $2.48 | $0.06 | $(0.07) | $(0.01) | $(0.06) | $&nbsp;&nbsp;&nbsp;&nbsp; – | $(0.06) |
| 11/30/2024 | 2.37 | 0.12 | 0.12 | 0.24 | (0.13) |  | (0.13) |
| 11/30/2023 | 2.41 | 0.10 | (0.03) | 0.07 | (0.11) |  | (0.11) |
| 11/30/2022 | 3.00 | 0.08 | (0.53) | (0.45) | (0.09) | (0.05) | (0.14) |
| 11/30/2021 | 3.02 | 0.07 | (0.01) | 0.06 | (0.08) |  | (0.08) |
| 11/30/2020 | 2.91 | 0.08 | 0.13 | 0.21 | (0.10) |  | (0.10) |
| **Class R4** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 2.47 | 0.06 | (0.06) | – <sup>(d)</sup> | (0.07) |  | (0.07) |
| 11/30/2024 | 2.37 | 0.12 | 0.11 | 0.23 | (0.13) |  | (0.13) |
| 11/30/2023 | 2.40 | 0.11 | (0.02) | 0.09 | (0.12) |  | (0.12) |
| 11/30/2022 | 2.99 | 0.09 | (0.53) | (0.44) | (0.10) | (0.05) | (0.15) |
| 11/30/2021 | 3.01 | 0.08 | (0.01) | 0.07 | (0.09) |  | (0.09) |
| 11/30/2020 | 2.90 | 0.09 | 0.12 | 0.21 | (0.10) |  | (0.10) |
| **Class R5** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 2.47 | 0.07 | (0.07) | – <sup>(d)</sup> | (0.07) |  | (0.07) |
| 11/30/2024 | 2.37 | 0.13 | 0.11 | 0.24 | (0.14) |  | (0.14) |
| 11/30/2023 | 2.40 | 0.12 | (0.03) | 0.09 | (0.12) |  | (0.12) |
| 11/30/2022 | 2.99 | 0.09 | (0.53) | (0.44) | (0.10) | (0.05) | (0.15) |
| 11/30/2021 | 3.01 | 0.08 |  | 0.08 | (0.10) |  | (0.10) |
| 11/30/2020 | 2.91 | 0.10 | 0.11 | 0.21 | (0.11) |  | (0.11) |
| **Class R6** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 2.47 | 0.07 | (0.07) | – <sup>(d)</sup> | (0.07) |  | (0.07) |
| 11/30/2024 | 2.37 | 0.13 | 0.11 | 0.24 | (0.14) |  | (0.14) |
| 11/30/2023 | 2.40 | 0.12 | (0.03) | 0.09 | (0.12) |  | (0.12) |
| 11/30/2022 | 2.99 | 0.09 | (0.52) | (0.43) | (0.11) | (0.05) | (0.16) |
| 11/30/2021 | 3.01 | 0.08 |  | 0.08 | (0.10) |  | (0.10) |
| 11/30/2020 | 2.90 | 0.10 | 0.12 | 0.22 | (0.11) |  | (0.11) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Unaudited.

<sup>(d)</sup> Amount is less than $0.01.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Annualized.

<br> 368 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $2.41 | (0.21)<sup>(e)</sup> | 1.00 <sup>(f)</sup> | 1.00 <sup>(f)</sup> | 5.00 <sup>(f)</sup> | $50869 | 119 <sup>(e)</sup> |
| 2.48 | 10.12 | 1.01 | 1.01 | 4.86 | 52447 | 190 |
| 2.37 | 3.02 | 1.03 | 1.03 | 4.34 | 49344 | 108 |
| 2.41 | (15.41) | 1.04 | 1.05 | 3.00 | 47036 | 158 |
| 3.00 | 2.08 | 1.03 | 1.03 | 2.23 | 56410 | 112 |
| 3.02 | 7.32 | 1.06 | 1.06 | 2.83 | 53114 | 112 |
| 2.40 | (0.09)<sup>(e)</sup> | 0.75 <sup>(f)</sup> | 0.75 <sup>(f)</sup> | 5.26 <sup>(f)</sup> | 9183 | 119 <sup>(e)</sup> |
| 2.47 | 9.95 | 0.76 | 0.76 | 5.10 | 5937 | 190 |
| 2.37 | 3.70 | 0.78 | 0.78 | 4.59 | 5895 | 108 |
| 2.40 | (15.26) | 0.79 | 0.80 | 3.38 | 5992 | 158 |
| 2.99 | 2.33 | 0.78 | 0.78 | 2.50 | 4501 | 112 |
| 3.01 | 7.60 | 0.81 | 0.81 | 3.07 | 9205 | 112 |
| 2.40 | 0.03 <sup>(e)</sup> | 0.50 <sup>(f)</sup> | 0.50 <sup>(f)</sup> | 5.50 <sup>(f)</sup> | 2320 | 119 <sup>(e)</sup> |
| 2.47 | 10.22 | 0.51 | 0.51 | 5.36 | 2433 | 190 |
| 2.37 | 3.96 | 0.53 | 0.53 | 4.85 | 1939 | 108 |
| 2.40 | (15.05) | 0.54 | 0.55 | 3.31 | 1559 | 158 |
| 2.99 | 2.59 | 0.53 | 0.53 | 2.73 | 6309 | 112 |
| 3.01 | 7.50 | 0.56 | 0.56 | 3.32 | 6548 | 112 |
| 2.40 | 0.06 <sup>(e)</sup> | 0.43 <sup>(f)</sup> | 0.43 <sup>(f)</sup> | 5.57 <sup>(f)</sup> | 61519 | 119 <sup>(e)</sup> |
| 2.47 | 10.29 | 0.44 | 0.44 | 5.42 | 61681 | 190 |
| 2.37 | 4.04 | 0.46 | 0.46 | 4.92 | 49944 | 108 |
| 2.40 | (14.98) | 0.46 | 0.46 | 3.59 | 42966 | 158 |
| 2.99 | 2.67 | 0.45 | 0.45 | 2.81 | 60434 | 112 |
| 3.01 | 7.95 | 0.48 | 0.48 | 3.40 | 55981 | 112 |

---

<br> *See Notes to Financial Statements.* 369

**Financial Highlights (unaudited)**

INFLATION FOCUSED FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | $11.63 | $0.25 | $0.16 | $0.41 | $(0.27) | $11.77 |
| 11/30/2024 | 11.39 | 0.38 | 0.36 | 0.74 | (0.50) | 11.63 |
| 11/30/2023 | 11.65 | 0.36 | (0.16) | 0.20 | (0.46) | 11.39 |
| 11/30/2022 | 12.44 | 0.25 | (0.68) | (0.43) | (0.36) | 11.65 |
| 11/30/2021 | 11.33 | 0.13 | 1.28 | 1.41 | (0.30) | 12.44 |
| 11/30/2020 | 11.23 | 0.26 | 0.26 <sup>(f)</sup> | 0.52 | (0.42) | 11.33 |
| **Class C** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 11.64 | 0.21 | 0.18 | 0.39 | (0.24) | 11.79 |
| 11/30/2024 | 11.41 | 0.30 | 0.36 | 0.66 | (0.43) | 11.64 |
| 11/30/2023 | 11.67 | 0.28 | (0.16) | 0.12 | (0.38) | 11.41 |
| 11/30/2022 | 12.46 | 0.16 | (0.68) | (0.52) | (0.27) | 11.67 |
| 11/30/2021 | 11.35 | 0.05 | 1.29 | 1.34 | (0.23) | 12.46 |
| 11/30/2020 | 11.25 | 0.20 | 0.25 <sup>(f)</sup> | 0.45 | (0.35) | 11.35 |
| **Class F** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 11.64 | 0.25 | 0.18 | 0.43 | (0.28) | 11.79 |
| 11/30/2024 | 11.41 | 0.39 | 0.35 | 0.74 | (0.51) | 11.64 |
| 11/30/2023 | 11.67 | 0.37 | (0.16) | 0.21 | (0.47) | 11.41 |
| 11/30/2022 | 12.46 | 0.23 | (0.65) | (0.42) | (0.37) | 11.67 |
| 11/30/2021 | 11.35 | 0.14 | 1.29 | 1.43 | (0.32) | 12.46 |
| 11/30/2020 | 11.24 | 0.27 | 0.27 <sup>(f)</sup> | 0.54 | (0.43) | 11.35 |
| **Class F3** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 11.64 | 0.26 | 0.17 | 0.43 | (0.29) | 11.78 |
| 11/30/2024 | 11.40 | 0.41 | 0.36 | 0.77 | (0.53) | 11.64 |
| 11/30/2023 | 11.66 | 0.39 | (0.16) | 0.23 | (0.49) | 11.40 |
| 11/30/2022 | 12.45 | 0.29 | (0.69) | (0.40) | (0.39) | 11.66 |
| 11/30/2021 | 11.34 | 0.14 | 1.30 | 1.44 | (0.33) | 12.45 |
| 11/30/2020 | 11.23 | 0.29 | 0.27 <sup>(f)</sup> | 0.56 | (0.45) | 11.34 |
| **Class I** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 11.62 | 0.26 | 0.17 | 0.43 | (0.28) | 11.77 |
| 11/30/2024 | 11.39 | 0.40 | 0.35 | 0.75 | (0.52) | 11.62 |
| 11/30/2023 | 11.65 | 0.38 | (0.16) | 0.22 | (0.48) | 11.39 |
| 11/30/2022 | 12.44 | 0.29 | (0.69) | (0.40) | (0.39) | 11.65 |
| 11/30/2021 | 11.34 | 0.16 | 1.27 | 1.43 | (0.33) | 12.44 |
| 11/30/2020 | 11.24 | 0.28 | 0.26 <sup>(f)</sup> | 0.54 | (0.44) | 11.34 |
| **Class R2** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 11.57 | 0.22 | 0.17 | 0.39 | (0.25) | 11.71 |
| 11/30/2024 | 11.34 | 0.33 | 0.35 | 0.68 | (0.45) | 11.57 |
| 11/30/2023 | 11.60 | 0.32 | (0.17) | 0.15 | (0.41) | 11.34 |
| 11/30/2022 | 12.38 | 0.23 | (0.70) | (0.47) | (0.31) | 11.60 |
| 11/30/2021 | 11.30 | 0.11 | 1.23 | 1.34 | (0.26) | 12.38 |
| 11/30/2020 | 11.22 | 0.20 | 0.26 <sup>(f)</sup> | 0.46 | (0.38) | 11.30 |

---

<br> 370 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 3.58 <sup>(d)</sup> | 0.74 <sup>(e)</sup> | 0.75 <sup>(e)</sup> | 4.23 <sup>(e)</sup> | $141911 | 83 <sup>(d)</sup> |
| 6.60 | 0.78 | 0.79 | 3.24 | 155796 | 78 |
| 1.91 | 0.72 | 0.73 | 3.12 | 227812 | 18 |
| (3.51) | 0.66 | 0.67 | 2.02 | 472591 | 67 |
| 12.59 | 0.64 | 0.64 | 1.06 | 560624 | 97 |
| 4.87 | 0.69 | 0.70 | 2.40 | 89956 | 97 |
| 3.36 <sup>(d)</sup> | 1.35 <sup>(e)</sup> | 1.36 <sup>(e)</sup> | 3.62 <sup>(e)</sup> | 25856 | 83 <sup>(d)</sup> |
| 5.86 | 1.39 | 1.40 | 2.62 | 28791 | 78 |
| 1.22 | 1.40 | 1.41 | 2.43 | 46548 | 18 |
| (4.20) | 1.40 | 1.40 | 1.34 | 94132 | 67 |
| 11.85 | 1.31 | 1.31 | 0.39 | 92580 | 97 |
| 4.23 | 1.30 | 1.31 | 1.81 | 17716 | 97 |
| 3.72 <sup>(d)</sup> | 0.65 <sup>(e)</sup> | 0.65 <sup>(e)</sup> | 4.33 <sup>(e)</sup> | 18213 | 83 <sup>(d)</sup> |
| 6.61 | 0.68 | 0.69 | 3.33 | 21019 | 78 |
| 2.02 | 0.62 | 0.63 | 3.17 | 45980 | 18 |
| (3.40) | 0.54 | 0.55 | 1.83 | 284593 | 67 |
| 12.68 | 0.54 | 0.54 | 1.11 | 1818238 | 97 |
| 5.06 | 0.59 | 0.60 | 2.52 | 187180 | 97 |
| 3.74 <sup>(d)</sup> | 0.44 <sup>(e)</sup> | 0.45 <sup>(e)</sup> | 4.53 <sup>(e)</sup> | 57553 | 83 <sup>(d)</sup> |
| 6.90 | 0.49 | 0.51 | 3.51 | 62785 | 78 |
| 2.17 | 0.45 | 0.46 | 3.38 | 116797 | 18 |
| (3.23) | 0.38 | 0.39 | 2.39 | 308596 | 67 |
| 12.86 | 0.38 | 0.38 | 1.17 | 236951 | 97 |
| 5.24 | 0.42 | 0.43 | 2.68 | 8595 | 97 |
| 3.77 <sup>(d)</sup> | 0.54 <sup>(e)</sup> | 0.55 <sup>(e)</sup> | 4.44 <sup>(e)</sup> | 483838 | 83 <sup>(d)</sup> |
| 6.72 | 0.58 | 0.59 | 3.45 | 431903 | 78 |
| 2.11 | 0.51 | 0.52 | 3.32 | 738283 | 18 |
| (3.31) | 0.47 | 0.48 | 2.37 | 1476955 | 67 |
| 12.73 | 0.44 | 0.45 | 1.32 | 1006157 | 97 |
| 5.08 | 0.49 | 0.50 | 2.63 | 320045 | 97 |
| 3.38 <sup>(d)</sup> | 1.14 <sup>(e)</sup> | 1.15 <sup>(e)</sup> | 3.83 <sup>(e)</sup> | 459 | 83 <sup>(d)</sup> |
| 6.10 | 1.17 | 1.19 | 2.89 | 483 | 78 |
| 1.58 | 1.11 | 1.12 | 2.79 | 428 | 18 |
| (3.92) | 1.08 | 1.09 | 1.97 | 169 | 67 |
| 11.96 | 1.07 | 1.07 | 0.96 |  | 97 |
| 4.28 | 1.07 | 1.08 | 1.83 | 166 | 97 |

---

<br> *See Notes to Financial Statements.* 371

**Financial Highlights (unaudited)(concluded)**

INFLATION FOCUSED FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br>value,<br> beginning<br> of period** | **Net<br> investment<br> income<br>(loss)**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class R3** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | $11.62 | $0.23 | $0.18 | $0.41 | $(0.26)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $11.77 |
| 11/30/2024 | 11.39 | 0.35 | 0.35 | 0.70 | (0.47) | 11.62 |
| 11/30/2023 | 11.65 | 0.33 | (0.16) | 0.17 | (0.43) | 11.39 |
| 11/30/2022 | 12.44 | 0.22 | (0.69) | (0.47) | (0.32) | 11.65 |
| 11/30/2021 | 11.34 | 0.11 | 1.26 | 1.37 | (0.27) | 12.44 |
| 11/30/2020 | 11.23 | 0.22 | 0.28 <sup>(f)</sup> | 0.50 | (0.39) | 11.34 |
| **Class R4** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 11.62 | 0.24 | 0.18 | 0.42 | (0.27) | 11.77 |
| 11/30/2024 | 11.39 | 0.38 | 0.34 | 0.72 | (0.49) | 11.62 |
| 11/30/2023 | 11.65 | 0.36 | (0.16) | 0.20 | (0.46) | 11.39 |
| 11/30/2022 | 12.44 | 0.24 | (0.68) | (0.44) | (0.35) | 11.65 |
| 11/30/2021 | 11.34 | 0.15 | 1.25 | 1.40 | (0.30) | 12.44 |
| 11/30/2020 | 11.23 | 0.26 | 0.26 <sup>(f)</sup> | 0.52 | (0.41) | 11.34 |
| **Class R5** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 11.61 | 0.26 | 0.17 | 0.43 | (0.28) | 11.76 |
| 11/30/2024 | 11.38 | 0.40 | 0.35 | 0.75 | (0.52) | 11.61 |
| 11/30/2023 | 11.64 | 0.39 | (0.17) | 0.22 | (0.48) | 11.38 |
| 11/30/2022 | 12.43 | 0.29 | (0.70) | (0.41) | (0.38) | 11.64 |
| 11/30/2021 | 11.33 | 0.17 | 1.26 | 1.43 | (0.33) | 12.43 |
| 11/30/2020 | 11.23 | 0.28 | 0.26 <sup>(f)</sup> | 0.54 | (0.44) | 11.33 |
| **Class R6** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 11.62 | 0.26 | 0.17 | 0.43 | (0.29) | 11.76 |
| 11/30/2024 | 11.38 | 0.42 | 0.35 | 0.77 | (0.53) | 11.62 |
| 11/30/2023 | 11.64 | 0.39 | (0.16) | 0.23 | (0.49) | 11.38 |
| 11/30/2022 | 12.43 | 0.27 | (0.67) | (0.40) | (0.39) | 11.64 |
| 11/30/2021 | 11.34 | 0.18 | 1.25 | 1.43 | (0.34) | 12.43 |
| 11/30/2020 | 11.23 | 0.29 | 0.27 <sup>(f)</sup> | 0.56 | (0.45) | 11.34 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Unaudited.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Realized and unrealized gain/(loss) per share does not correlate to the aggregate of the net realized and unrealized gain/(loss) in the Statement of Operations for the year ended November 30, 2020, primarily due to the timing of the sales and repurchases of the Fund's shares in relation to fluctuating market values of the Fund's portfolio.

372 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 3.52 <sup>(d)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | 1.04 <sup>(e)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | 1.04 <sup>(e)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | 3.95 <sup>(e)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | $1011 | 83 <sup>(d)</sup>&nbsp;&nbsp;&nbsp;&nbsp; |
| 6.19 | 1.08 | 1.09 | 3.06 | 709 | 78 |
| 1.70 | 1.01 | 1.02 | 2.86 | 1017 | 18 |
| (3.88) | 0.97 | 0.97 | 1.81 | 462 | 67 |
| 12.17 | 0.94 | 0.95 | 0.90 | 402 | 97 |
| 4.65 | 0.98 | 0.99 | 2.03 | 226 | 97 |
| 3.65 <sup>(d)</sup> | 0.79 <sup>(e)</sup> | 0.80 <sup>(e)</sup> | 4.19 <sup>(e)</sup> | 2517 | 83 <sup>(d)</sup> |
| 6.46 | 0.82 | 0.84 | 3.26 | 2608 | 78 |
| 1.86 | 0.76 | 0.77 | 3.11 | 2684 | 18 |
| (3.55) | 0.72 | 0.72 | 1.97 | 1682 | 67 |
| 12.46 | 0.70 | 0.70 | 1.21 | 2020 | 97 |
| 4.91 | 0.74 | 0.75 | 2.35 | 1706 | 97 |
| 3.78 <sup>(d)</sup> | 0.54 <sup>(e)</sup> | 0.55 <sup>(e)</sup> | 4.44 <sup>(e)</sup> | 1846 | 83 <sup>(d)</sup> |
| 6.72 | 0.57 | 0.59 | 3.48 | 1689 | 78 |
| 2.11 | 0.50 | 0.51 | 3.43 | 1556 | 18 |
| (3.32) | 0.48 | 0.48 | 2.42 | 473 | 67 |
| 12.75 | 0.45 | 0.45 | 1.40 | 304 | 97 |
| 5.08 | 0.49 | 0.50 | 2.64 | 170 | 97 |
| 3.74 <sup>(d)</sup> | 0.44 <sup>(e)</sup> | 0.45 <sup>(e)</sup> | 4.54 <sup>(e)</sup> | 27118 | 83 <sup>(d)</sup> |
| 6.90 | 0.49 | 0.50 | 3.64 | 24678 | 78 |
| 2.17 | 0.46 | 0.47 | 3.40 | 14116 | 18 |
| (3.24) | 0.38 | 0.39 | 2.25 | 11328 | 67 |
| 12.71 | 0.39 | 0.40 | 1.52 | 16742 | 97 |
| 5.24 | 0.42 | 0.43 | 2.70 | 14541 | 97 |

---

*See Notes to Financial Statements.* 373

**Financial Highlights (unaudited)**

SHORT DURATION CORE BOND FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment <br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment <br> operations** | **Net<br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | $9.21 | $0.20 | $0.02 | $0.22 | $(0.21)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $9.22 |
| 11/30/2024 | 9.10 | 0.44 | 0.12 | 0.56 | (0.45) | 9.21 |
| 11/30/2023 | 9.12 | 0.40 | – <sup>(f)</sup> | 0.40 | (0.42) | 9.10 |
| 11/30/2022 | 9.77 | 0.18 | (0.58) | (0.40) | (0.25) | 9.12 |
| 11/30/2021 | 9.89 | 0.07 | (0.02) | 0.05 | (0.17) | 9.77 |
| 11/30/2020 | 9.89 | 0.14 | 0.10 | 0.24 | (0.24) | 9.89 |
| **Class C** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 9.20 | 0.17 | 0.02 | 0.19 | (0.18) | 9.21 |
| 11/30/2024 | 9.10 | 0.38 | 0.11 | 0.49 | (0.39) | 9.20 |
| 11/30/2023 | 9.11 | 0.34 | 0.02 <sup>(g)</sup> | 0.36 | (0.37) | 9.10 |
| 11/30/2022 | 9.76 | 0.11 | (0.58) | (0.47) | (0.18) | 9.11 |
| 11/30/2021 | 9.89 | – <sup>(f)</sup> | (0.03) | (0.03) | (0.10) | 9.76 |
| 11/30/2020 | 9.89 | 0.09 | 0.08 | 0.17 | (0.17) | 9.89 |
| **Class F** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 9.20 | 0.21 | 0.01 | 0.22 | (0.21) | 9.21 |
| 11/30/2024 | 9.10 | 0.45 | 0.11 | 0.56 | (0.46) | 9.20 |
| 11/30/2023 | 9.11 | 0.40 | 0.02 <sup>(g)</sup> | 0.42 | (0.43) | 9.10 |
| 11/30/2022 | 9.76 | 0.14 | (0.53) | (0.39) | (0.26) | 9.11 |
| 11/30/2021 | 9.89 | 0.08 | (0.03) | 0.05 | (0.18) | 9.76 |
| 11/30/2020 | 9.89 | 0.16 | 0.09 | 0.25 | (0.25) | 9.89 |
| **Class F3** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 9.20 | 0.22 | 0.01 | 0.23 | (0.22) | 9.21 |
| 11/30/2024 | 9.09 | 0.47 | 0.11 | 0.58 | (0.47) | 9.20 |
| 11/30/2023 | 9.11 | 0.43 | – <sup>(f)</sup> | 0.43 | (0.45) | 9.09 |
| 11/30/2022 | 9.76 | 0.26 | (0.64) | (0.38) | (0.27) | 9.11 |
| 11/30/2021 | 9.88 | 0.10 | (0.02) | 0.08 | (0.20) | 9.76 |
| 11/30/2020 | 9.89 | 0.37 | (0.11) | 0.26 | (0.27) | 9.88 |
| **Class I** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 9.20 | 0.21 | 0.02 | 0.23 | (0.22) | 9.21 |
| 11/30/2024 | 9.09 | 0.46 | 0.12 | 0.58 | (0.47) | 9.20 |
| 11/30/2023 | 9.11 | 0.42 | – <sup>(f)</sup> | 0.42 | (0.44) | 9.09 |
| 11/30/2022 | 9.77 | 0.19 | (0.58) | (0.39) | (0.27) | 9.11 |
| 11/30/2021 | 9.89 | 0.09 | (0.02) | 0.07 | (0.19) | 9.77 |
| 11/30/2020 | 9.89 | 0.16 | 0.10 | 0.26 | (0.26) | 9.89 |
| **Class R3** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 9.20 | 0.19 | 0.01 | 0.20 | (0.19) | 9.21 |
| 11/30/2024 | 9.09 | 0.42 | 0.11 | 0.53 | (0.42) | 9.20 |
| 11/30/2023 | 9.11 | 0.37 | 0.01 <sup>(g)</sup> | 0.38 | (0.40) | 9.09 |
| 11/30/2022 | 9.76 | 0.19 | (0.62) | (0.43) | (0.22) | 9.11 |
| 11/30/2021 | 9.89 | 0.04 | (0.03) | 0.01 | (0.14) | 9.76 |
| 11/30/2020 | 9.89 | 0.13 | 0.08 | 0.21 | (0.21) | 9.89 |

---

374 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 2.39 <sup>(d)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | 0.60 <sup>(e)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | 0.70 <sup>(e)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | 4.44 <sup>(e)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | $97601 | 70 <sup>(d)</sup>&nbsp;&nbsp;&nbsp;&nbsp; |
| 6.25 | 0.60 | 0.72 | 4.81 | 89259 | 78 |
| 4.54 | 0.60 | 0.76 | 4.40 | 80362 | 94 |
| (4.16) | 0.60 | 0.79 | 1.88 | 44849 | 176 |
| 0.48 | 0.60 | 0.79 | 0.71 | 47227 | 220 |
| 2.46 | 0.60 | 1.00 | 1.47 | 32022 | 351 |
| 2.05 <sup>(d)</sup> | 1.27 <sup>(e)</sup> | 1.37 <sup>(e)</sup> | 3.77 <sup>(e)</sup> | 9794 | 70 <sup>(d)</sup> |
| 5.46 | 1.24 | 1.37 | 4.15 | 8486 | 78 |
| 3.99 | 1.23 | 1.39 | 3.75 | 5345 | 94 |
| (4.79) | 1.26 | 1.46 | 1.18 | 4445 | 176 |
| (0.29) | 1.28 | 1.47 | 0.04 | 4026 | 220 |
| 1.76 | 1.28 | 1.71 | 0.90 | 4334 | 351 |
| 2.44 <sup>(d)</sup> | 0.50 <sup>(e)</sup> | 0.60 <sup>(e)</sup> | 4.55 <sup>(e)</sup> | 4586 | 70 <sup>(d)</sup> |
| 6.24 | 0.50 | 0.62 | 4.91 | 5670 | 78 |
| 4.75 | 0.50 | 0.65 | 4.36 | 7546 | 94 |
| (4.06) | 0.50 | 0.68 | 1.46 | 19105 | 176 |
| 0.48 | 0.50 | 0.69 | 0.81 | 104324 | 220 |
| 2.54 | 0.50 | 0.91 | 1.58 | 82951 | 351 |
| 2.54 <sup>(d)</sup> | 0.31 <sup>(e)</sup> | 0.41 <sup>(e)</sup> | 4.73 <sup>(e)</sup> | 73165 | 70 <sup>(d)</sup> |
| 6.57 | 0.31 | 0.42 | 5.10 | 64070 | 78 |
| 4.84 | 0.31 | 0.47 | 4.71 | 46134 | 94 |
| (3.91) | 0.33 | 0.49 | 2.83 | 29952 | 176 |
| 0.80 | 0.34 | 0.52 | 1.02 | 514 | 220 |
| 2.65 | 0.36 | 1.06 | 3.78 | 12 | 351 |
| 2.49 <sup>(d)</sup> | 0.40 <sup>(e)</sup> | 0.50 <sup>(e)</sup> | 4.64 <sup>(e)</sup> | 410796 | 70 <sup>(d)</sup> |
| 6.35 | 0.40 | 0.52 | 5.01 | 329513 | 78 |
| 4.86 | 0.40 | 0.56 | 4.64 | 272872 | 94 |
| (4.06) | 0.40 | 0.59 | 2.08 | 135395 | 176 |
| 0.68 | 0.40 | 0.59 | 0.89 | 26463 | 220 |
| 2.65 | 0.40 | 0.80 | 1.63 | 4402 | 351 |
| 2.24 <sup>(d)</sup> | 0.90 <sup>(e)</sup> | 0.99 <sup>(e)</sup> | 4.15 <sup>(e)</sup> | 98 | 70 <sup>(d)</sup> |
| 5.93 | 0.90 | 1.03 | 4.54 | 114 | 78 |
| 4.22 | 0.90 | 1.06 | 4.09 | 605 | 94 |
| (4.45) | 0.90 | 1.12 | 2.03 | 582 | 176 |
| 0.09 | 0.90 | 1.09 | 0.42 | 61 | 220 |
| 2.16 | 0.90 | 1.34 | 1.32 | 98 | 351 |

---

*See Notes to Financial Statements.* 375

**Financial Highlights (unaudited)(concluded)**

SHORT DURATION CORE BOND FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment <br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment <br> operations** | **Net<br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class R4** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | $9.20 | $0.20 | $0.02 | $0.22 | $(0.21)&nbsp;&nbsp;&nbsp;&nbsp; | $9.21 |
| 11/30/2024 | 9.10 | 0.44 | 0.10 | 0.54 | (0.44) | 9.20 |
| 11/30/2023 | 9.11 | 0.41 | – <sup>(f)</sup> | 0.41 | (0.42) | 9.10 |
| 11/30/2022 | 9.77 | 0.16 | (0.58) | (0.42) | (0.24) | 9.11 |
| 11/30/2021 | 9.89 | 0.07 | (0.03) | 0.04 | (0.16) | 9.77 |
| 11/30/2020 | 9.89 | 0.18 | 0.05 | 0.23 | (0.23) | 9.89 |
| **Class R5** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 9.20 | 0.21 | 0.02 | 0.23 | (0.22) | 9.21 |
| 11/30/2024 | 9.10 | 0.46 | 0.11 | 0.57 | (0.47) | 9.20 |
| 11/30/2023 | 9.11 | 0.42 | 0.01 <sup>(g)</sup> | 0.43 | (0.44) | 9.10 |
| 11/30/2022 | 9.77 | 0.18 | (0.58) | (0.40) | (0.26) | 9.11 |
| 11/30/2021 | 9.89 | 0.09 | (0.02) | 0.07 | (0.19) | 9.77 |
| 11/30/2020 | 9.89 | 0.20 | 0.06 | 0.26 | (0.26) | 9.89 |
| **Class R6** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 9.20 | 0.22 | 0.01 | 0.23 | (0.22) | 9.21 |
| 11/30/2024 | 9.09 | 0.47 | 0.11 | 0.58 | (0.47) | 9.20 |
| 11/30/2023 | 9.11 | 0.43 | – <sup>(f)</sup> | 0.43 | (0.45) | 9.09 |
| 11/30/2022 | 9.76 | 0.19 | (0.57) | (0.38) | (0.27) | 9.11 |
| 11/30/2021 | 9.89 | 0.10 | (0.04) | 0.06 | (0.19) | 9.76 |
| 11/30/2020 | 9.89 | 0.21 | 0.06 | 0.27 | (0.27) | 9.89 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Unaudited.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Amount less than $0.01.

<sup>(g)</sup> Realized and unrealized gain (loss) per share does not correlate to the aggregate of the net realized and unrealized gain (loss)in the Statement of Operations for the year ended November 30, 2023, primarily due to the timing of the sales and repurchases of the Fund's shares in relation to fluctuating market values of the Fund's portfolio.

376 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 2.37 <sup>(d)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | 0.65 <sup>(e)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | 0.74 <sup>(e)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | 4.39 <sup>(e)</sup> | $45 | 70 <sup>(d)</sup>&nbsp;&nbsp;&nbsp;&nbsp; |
| 6.08 | 0.65 | 0.77 | 4.75 | 42 | 78 |
| 4.59 | 0.65 | 0.80 | 4.47 | 40 | 94 |
| (4.31) | 0.65 | 0.80 | 1.71 | 11 | 176 |
| 0.44 | 0.65 | 0.81 | 0.67 | 12 | 220 |
| 2.41 | 0.65 | 1.11 | 1.81 | 12 | 351 |
| 2.49 <sup>(d)</sup> | 0.39 <sup>(e)</sup> | 0.46 <sup>(e)</sup> | 4.66 <sup>(e)</sup> | 11 | 70 <sup>(d)</sup> |
| 6.35 | 0.41 | 0.50 | 5.00 | 11 | 78 |
| 4.85 | 0.40 | 0.52 | 4.59 | 11 | 94 |
| (4.07) | 0.40 | 0.57 | 1.95 | 11 | 176 |
| 0.68 | 0.40 | 0.57 | 0.90 | 12 | 220 |
| 2.66 | 0.40 | 0.87 | 2.06 | 12 | 351 |
| 2.54 <sup>(d)</sup> | 0.31 <sup>(e)</sup> | 0.41 <sup>(e)</sup> | 4.72 <sup>(e)</sup> | 4096 | 70 <sup>(d)</sup> |
| 6.57 | 0.31 | 0.42 | 5.07 | 2458 | 78 |
| 4.84 | 0.31 | 0.47 | 4.69 | 1223 | 94 |
| (3.90) | 0.33 | 0.49 | 2.04 | 925 | 176 |
| 0.65 | 0.34 | 0.52 | 0.98 | 963 | 220 |
| 2.75 | 0.36 | 0.81 | 2.17 | 911 | 351 |

---

*See Notes to Financial Statements.* 377

**Financial Highlights (unaudited)**

SHORT DURATION INCOME FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment <br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | $3.87 | $0.09 | $0.01 | $0.10 | $(0.10)&nbsp;&nbsp;&nbsp;&nbsp; | $3.87 |
| 11/30/2024 | 3.82 | 0.17 | 0.07 | 0.24 | (0.19) | 3.87 |
| 11/30/2023 | 3.84 | 0.15 | – <sup>(f)</sup> | 0.15 | (0.17) | 3.82 |
| 11/30/2022 | 4.16 | 0.08 | (0.28) | (0.20) | (0.12) | 3.84 |
| 11/30/2021 | 4.20 | 0.07 | (0.01) | 0.06 | (0.10) | 4.16 |
| 11/30/2020 | 4.21 | 0.09 | 0.02 <sup>(g)</sup> | 0.11 | (0.12) | 4.20 |
| **Class C** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 3.90 | 0.08 | 0.01 | 0.09 | (0.09) | 3.90 |
| 11/30/2024 | 3.84 | 0.15 | 0.08 | 0.23 | (0.17) | 3.90 |
| 11/30/2023 | 3.86 | 0.12 | 0.01 | 0.13 | (0.15) | 3.84 |
| 11/30/2022 | 4.19 | 0.06 | (0.30) | (0.24) | (0.09) | 3.86 |
| 11/30/2021 | 4.22 | 0.04 |  | 0.04 | (0.07) | 4.19 |
| 11/30/2020 | 4.23 | 0.07 | 0.02 <sup>(g)</sup> | 0.09 | (0.10) | 4.22 |
| **Class F** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 3.87 | 0.09 | 0.01 | 0.10 | (0.10) | 3.87 |
| 11/30/2024 | 3.82 | 0.17 | 0.07 | 0.24 | (0.19) | 3.87 |
| 11/30/2023 | 3.83 | 0.15 | 0.02 | 0.17 | (0.18) | 3.82 |
| 11/30/2022 | 4.16 | 0.08 | (0.29) | (0.21) | (0.12) | 3.83 |
| 11/30/2021 | 4.19 | 0.07 |  | 0.07 | (0.10) | 4.16 |
| 11/30/2020 | 4.21 | 0.10 | 0.01 <sup>(g)</sup> | 0.11 | (0.13) | 4.19 |
| **Class F3** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 3.88 | 0.10 | – <sup>(h)</sup> | 0.10 | (0.10) | 3.88 |
| 11/30/2024 | 3.82 | 0.18 | 0.08 | 0.26 | (0.20) | 3.88 |
| 11/30/2023 | 3.84 | 0.16 | – <sup>(f)</sup> | 0.16 | (0.18) | 3.82 |
| 11/30/2022 | 4.17 | 0.10 | (0.30) | (0.20) | (0.13) | 3.84 |
| 11/30/2021 | 4.20 | 0.08 |  | 0.08 | (0.11) | 4.17 |
| 11/30/2020 | 4.21 | 0.10 | 0.02 <sup>(g)</sup> | 0.12 | (0.13) | 4.20 |
| **Class I** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 3.87 | 0.09 | 0.01 | 0.10 | (0.10) | 3.87 |
| 11/30/2024 | 3.82 | 0.18 | 0.07 | 0.25 | (0.20) | 3.87 |
| 11/30/2023 | 3.83 | 0.16 | 0.01 | 0.17 | (0.18) | 3.82 |
| 11/30/2022 | 4.16 | 0.10 | (0.30) | (0.20) | (0.13) | 3.83 |
| 11/30/2021 | 4.19 | 0.07 | 0.01 <sup>(g)</sup> | 0.08 | (0.11) | 4.16 |
| 11/30/2020 | 4.21 | 0.10 | 0.01 <sup>(g)</sup> | 0.11 | (0.13) | 4.19 |
| **Class R2** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 3.88 | 0.08 | – <sup>(h)</sup> | 0.08 | (0.09) | 3.87 |
| 11/30/2024 | 3.82 | 0.15 | 0.09 | 0.24 | (0.18) | 3.88 |
| 11/30/2023 | 3.84 | 0.13 | 0.01 | 0.14 | (0.16) | 3.82 |
| 11/30/2022 | 4.16 | 0.07 | (0.29) | (0.22) | (0.10) | 3.84 |
| 11/30/2021 | 4.20 | 0.05 | (0.01) | 0.04 | (0.08) | 4.16 |
| 11/30/2020 | 4.21 | 0.08 | 0.02 <sup>(g)</sup> | 0.10 | (0.11) | 4.20 |

---

378 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 2.53 <sup>(d)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | 0.59 <sup>(e)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | 0.59 <sup>(e)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | 4.65 <sup>(e)</sup>&nbsp;&nbsp;&nbsp;&nbsp; | $7206253 | 73 <sup>(d)</sup>&nbsp;&nbsp;&nbsp;&nbsp; |
| 6.43 | 0.58 | 0.58 | 4.41 | 7427558 | 92 |
| 4.02 | 0.59 | 0.59 | 3.84 | 7726193 | 54 |
| (4.90) | 0.58 | 0.58 | 2.10 | 9589050 | 75 |
| 1.40 | 0.58 | 0.58 | 1.55 | 13355736 | 84 |
| 2.76 | 0.59 | 0.59 | 2.22 | 12733693 | 102 |
| 2.22 <sup>(d)</sup> | 1.21 <sup>(e)</sup> | 1.21 <sup>(e)</sup> | 4.02 <sup>(e)</sup> | 1221313 | 73 <sup>(d)</sup> |
| 6.05 | 1.19 | 1.19 | 3.79 | 1333782 | 92 |
| 3.39 | 1.21 | 1.21 | 3.22 | 1598563 | 54 |
| (5.69) | 1.22 | 1.22 | 1.45 | 2170217 | 75 |
| 0.99 | 1.23 | 1.23 | 0.91 | 3379490 | 84 |
| 2.10 | 1.24 | 1.24 | 1.62 | 3914470 | 102 |
| 2.59 <sup>(d)</sup> | 0.49 <sup>(e)</sup> | 0.49 <sup>(e)</sup> | 4.75 <sup>(e)</sup> | 952927 | 73 <sup>(d)</sup> |
| 6.54 | 0.48 | 0.48 | 4.49 | 1084870 | 92 |
| 4.40 | 0.49 | 0.49 | 3.81 | 1469843 | 54 |
| (5.05) | 0.48 | 0.48 | 1.96 | 6132794 | 75 |
| 1.74 | 0.48 | 0.48 | 1.65 | 26865299 | 84 |
| 2.62 | 0.49 | 0.49 | 2.33 | 23546579 | 102 |
| 2.68 <sup>(d)</sup> | 0.31 <sup>(e)</sup> | 0.31 <sup>(e)</sup> | 4.93 <sup>(e)</sup> | 4373177 | 73 <sup>(d)</sup> |
| 7.00 | 0.31 | 0.31 | 4.69 | 4559643 | 92 |
| 4.31 | 0.31 | 0.32 | 4.12 | 4626104 | 54 |
| (4.87) | 0.31 | 0.32 | 2.41 | 5143625 | 75 |
| 1.91 | 0.31 | 0.31 | 1.81 | 5139001 | 84 |
| 3.03 | 0.33 | 0.33 | 2.48 | 4425861 | 102 |
| 2.63 <sup>(d)</sup> | 0.39 <sup>(e)</sup> | 0.39 <sup>(e)</sup> | 4.85 <sup>(e)</sup> | 27074180 | 73 <sup>(d)</sup> |
| 6.64 | 0.38 | 0.38 | 4.61 | 26180734 | 92 |
| 4.50 | 0.39 | 0.39 | 4.06 | 26240622 | 54 |
| (4.95) | 0.38 | 0.38 | 2.51 | 25868734 | 75 |
| 1.85 | 0.38 | 0.38 | 1.74 | 12428298 | 84 |
| 2.97 | 0.39 | 0.39 | 2.44 | 9762949 | 102 |
| 2.07 <sup>(d)</sup> | 0.99 <sup>(e)</sup> | 0.99 <sup>(e)</sup> | 4.24 <sup>(e)</sup> | 4218 | 73 <sup>(d)</sup> |
| 6.28 | 0.98 | 0.98 | 4.01 | 5210 | 92 |
| 3.61 | 0.99 | 0.99 | 3.45 | 5427 | 54 |
| (5.28) | 0.98 | 0.98 | 1.70 | 6312 | 75 |
| 1.00 | 0.98 | 0.98 | 1.17 | 9901 | 84 |
| 2.36 | 0.99 | 0.99 | 1.85 | 13909 | 102 |

---

*See Notes to Financial Statements.* 379

**Financial Highlights (unaudited)(concluded)**

SHORT DURATION INCOME FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net**<br> **investment** <br> **income**<br> **(loss)**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment <br> operations** | **Net<br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class R3** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | $3.88 | $0.08 | $0.01 | $0.09 | $(0.09) | $3.88 |
| 11/30/2024 | 3.82 | 0.16 | 0.08 | 0.24 | (0.18) | 3.88 |
| 11/30/2023 | 3.84 | 0.14 | – <sup>(f)</sup> | 0.14 | (0.16) | 3.82 |
| 11/30/2022 | 4.17 | 0.07 | (0.29) | (0.22) | (0.11) | 3.84 |
| 11/30/2021 | 4.20 | 0.05 | 0.01 <sup>(g)</sup> | 0.06 | (0.09) | 4.17 |
| 11/30/2020 | 4.21 | 0.08 | 0.02 <sup>(g)</sup> | 0.10 | (0.11) | 4.20 |
| **Class R4** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 3.88 | 0.09 | 0.01 | 0.10 | (0.10) | 3.88 |
| 11/30/2024 | 3.83 | 0.17 | 0.07 | 0.24 | (0.19) | 3.88 |
| 11/30/2023 | 3.84 | 0.15 | 0.01 | 0.16 | (0.17) | 3.83 |
| 11/30/2022 | 4.17 | 0.08 | (0.30) | (0.22) | (0.11) | 3.84 |
| 11/30/2021 | 4.20 | 0.07 |  | 0.07 | (0.10) | 4.17 |
| 11/30/2020 | 4.22 | 0.09 | 0.01 <sup>(g)</sup> | 0.10 | (0.12) | 4.20 |
| **Class R5** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 3.87 | 0.09 | – <sup>(h)</sup> | 0.09 | (0.10) | 3.86 |
| 11/30/2024 | 3.81 | 0.18 | 0.08 | 0.26 | (0.20) | 3.87 |
| 11/30/2023 | 3.83 | 0.15 | 0.01 | 0.16 | (0.18) | 3.81 |
| 11/30/2022 | 4.15 | 0.09 | (0.29) | (0.20) | (0.12) | 3.83 |
| 11/30/2021 | 4.19 | 0.08 | (0.01) | 0.07 | (0.11) | 4.15 |
| 11/30/2020 | 4.20 | 0.10 | 0.02 <sup>(g)</sup> | 0.12 | (0.13) | 4.19 |
| **Class R6** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 3.87 | 0.10 | – <sup>(h)</sup> | 0.10 | (0.10) | 3.87 |
| 11/30/2024 | 3.82 | 0.18 | 0.07 | 0.25 | (0.20) | 3.87 |
| 11/30/2023 | 3.83 | 0.16 | 0.01 | 0.17 | (0.18) | 3.82 |
| 11/30/2022 | 4.16 | 0.10 | (0.30) | (0.20) | (0.13) | 3.83 |
| 11/30/2021 | 4.19 | 0.08 |  | 0.08 | (0.11) | 4.16 |
| 11/30/2020 | 4.21 | 0.10 | 0.01 <sup>(g)</sup> | 0.11 | (0.13) | 4.19 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Unaudited.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Amount less than $0.01.

<sup>(g)</sup> Realized and unrealized gain/(loss) per share does not correlate to the aggregate of the net realized and unrealized gain (loss) in the Statement of Operations for the years ended November 30, 2020 and 2021, primarily due to the timing of the sales and repurchases of the Fund's shares in relation to fluctuating market values of the Fund's portfolio.

<sup>(h)</sup> Amount is less than $0.01.

380 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br> **return**<br> **(%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reim-<br> bursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 2.38 <sup>(d)</sup> | 0.89 <sup>(e)</sup> | 0.89 <sup>(e)</sup> | 4.35 <sup>(e)</sup> | $279761 | 73 <sup>(d)</sup> |
| 6.39 | 0.88 | 0.88 | 4.11 | 300007 | 92 |
| 3.71 | 0.89 | 0.89 | 3.55 | 314049 | 54 |
| (5.18) | 0.88 | 0.88 | 1.84 | 358357 | 75 |
| 1.10 | 0.88 | 0.88 | 1.26 | 410131 | 84 |
| 2.46 | 0.89 | 0.89 | 1.94 | 384845 | 102 |
| 2.51 <sup>(d)</sup> | 0.64 <sup>(e)</sup> | 0.64 <sup>(e)</sup> | 4.60 <sup>(e)</sup> | 151157 | 73 <sup>(d)</sup> |
| 6.37 | 0.63 | 0.63 | 4.38 | 150243 | 92 |
| 4.24 | 0.64 | 0.64 | 3.80 | 137909 | 54 |
| (5.23) | 0.63 | 0.63 | 2.10 | 146587 | 75 |
| 1.67 | 0.63 | 0.63 | 1.58 | 168338 | 84 |
| 2.47 | 0.64 | 0.64 | 2.18 | 166524 | 102 |
| 2.37 <sup>(d)</sup> | 0.39 <sup>(e)</sup> | 0.39 <sup>(e)</sup> | 4.85 <sup>(e)</sup> | 73295 | 73 <sup>(d)</sup> |
| 6.92 | 0.38 | 0.38 | 4.62 | 65719 | 92 |
| 4.23 | 0.39 | 0.39 | 4.05 | 64991 | 54 |
| (4.79) | 0.38 | 0.38 | 2.37 | 65954 | 75 |
| 1.67 | 0.38 | 0.38 | 1.83 | 63717 | 84 |
| 2.97 | 0.39 | 0.39 | 2.45 | 69901 | 102 |
| 2.68 <sup>(d)</sup> | 0.31 <sup>(e)</sup> | 0.31 <sup>(e)</sup> | 4.93 <sup>(e)</sup> | 1020060 | 73 <sup>(d)</sup> |
| 6.72 | 0.31 | 0.31 | 4.69 | 1103777 | 92 |
| 4.58 | 0.31 | 0.32 | 4.12 | 1008631 | 54 |
| (4.89) | 0.31 | 0.32 | 2.42 | 1077561 | 75 |
| 1.91 | 0.31 | 0.31 | 1.82 | 1035235 | 84 |
| 2.79 | 0.33 | 0.33 | 2.50 | 896878 | 102 |

---

*See Notes to Financial Statements.* 381

**Financial Highlights (unaudited)**

TOTAL RETURN FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning <br> of period** | **Net**<br> **invest-**<br> **ment**<br> **income**<br> **(loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera- <br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | $8.81 | $0.20 | $(0.15) | $0.05 | $(0.21) | $– | $(0.21) |
| 11/30/2024 | 8.54 | 0.41 | 0.27 | 0.68 | (0.41) |  | (0.41) |
| 11/30/2023 | 8.76 | 0.37 | (0.20) | 0.17 | (0.39) |  | (0.39) |
| 11/30/2022 | 10.54 | 0.25 | (1.68) | (1.43) | (0.29) | (0.06) | (0.35) |
| 11/30/2021 | 10.91 | 0.19 | (0.12) | 0.07 | (0.21) | (0.23) | (0.44) |
| 11/30/2020 | 10.49 | 0.23 | 0.46 | 0.69 | (0.27) |  | (0.27) |
| **Class C** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 8.80 | 0.17 | (0.15) | 0.02 | (0.18) |  | (0.18) |
| 11/30/2024 | 8.53 | 0.35 | 0.28 | 0.63 | (0.36) |  | (0.36) |
| 11/30/2023 | 8.76 | 0.31 | (0.20) | 0.11 | (0.34) |  | (0.34) |
| 11/30/2022 | 10.53 | 0.18 | (1.66) | (1.48) | (0.23) | (0.06) | (0.29) |
| 11/30/2021 | 10.90 | 0.12 | (0.11) | 0.01 | (0.15) | (0.23) | (0.38) |
| 11/30/2020 | 10.48 | 0.17 | 0.45 | 0.62 | (0.20) |  | (0.20) |
| **Class F** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 8.81 | 0.20 | (0.15) | 0.05 | (0.21) |  | (0.21) |
| 11/30/2024 | 8.54 | 0.41 | 0.28 | 0.69 | (0.42) |  | (0.42) |
| 11/30/2023 | 8.76 | 0.37 | (0.19) | 0.18 | (0.40) |  | (0.40) |
| 11/30/2022 | 10.54 | 0.24 | (1.66) | (1.42) | (0.30) | (0.06) | (0.36) |
| 11/30/2021 | 10.91 | 0.20 | (0.12) | 0.08 | (0.22) | (0.23) | (0.45) |
| 11/30/2020 | 10.48 | 0.24 | 0.47 | 0.71 | (0.28) |  | (0.28) |
| **Class F3** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 8.81 | 0.21 | (0.15) | 0.06 | (0.22) |  | (0.22) |
| 11/30/2024 | 8.54 | 0.43 | 0.28 | 0.71 | (0.44) |  | (0.44) |
| 11/30/2023 | 8.77 | 0.39 | (0.21) | 0.18 | (0.41) |  | (0.41) |
| 11/30/2022 | 10.54 | 0.28 | (1.68) | (1.40) | (0.31) | (0.06) | (0.37) |
| 11/30/2021 | 10.91 | 0.22 | (0.11) | 0.11 | (0.25) | (0.23) | (0.48) |
| 11/30/2020 | 10.49 | 0.27 | 0.45 | 0.72 | (0.30) |  | (0.30) |
| **Class I** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 8.83 | 0.21 | (0.16) | 0.05 | (0.22) |  | (0.22) |
| 11/30/2024 | 8.56 | 0.43 | 0.27 | 0.70 | (0.43) |  | (0.43) |
| 11/30/2023 | 8.78 | 0.39 | (0.20) | 0.19 | (0.41) |  | (0.41) |
| 11/30/2022 | 10.56 | 0.28 | (1.69) | (1.41) | (0.31) | (0.06) | (0.37) |
| 11/30/2021 | 10.93 | 0.22 | (0.12) | 0.10 | (0.24) | (0.23) | (0.47) |
| 11/30/2020 | 10.50 | 0.26 | 0.46 | 0.72 | (0.29) |  | (0.29) |
| **Class P** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 8.85 | 0.19 | (0.15) | 0.04 | (0.20) |  | (0.20) |
| 11/30/2024 | 8.58 | 0.38 | 0.28 | 0.66 | (0.39) |  | (0.39) |
| 11/30/2023 | 8.81 | 0.34 | (0.20) | 0.14 | (0.37) |  | (0.37) |
| 11/30/2022 | 10.59 | 0.22 | (1.68) | (1.46) | (0.26) | (0.06) | (0.32) |
| 11/30/2021 | 10.96 | 0.16 | (0.11) | 0.05 | (0.19) | (0.23) | (0.42) |
| 11/30/2020 | 10.53 | 0.21 | 0.46 | 0.67 | (0.24) |  | (0.24) |

---

382 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $8.65 | 0.55 <sup>(d)</sup> | 0.64 <sup>(e)</sup> | 0.64 <sup>(e)</sup> | 4.60 <sup>(e)</sup> | $992379 | 212 <sup>(d)</sup> |
| 8.81 | 8.13 | 0.66 | 0.66 | 4.64 | 1025041 | 385 |
| 8.54 | 1.96 | 0.65 | 0.65 | 4.22 | 940982 | 409 |
| 8.76 | (13.78) | 0.65 | 0.65 | 2.60 | 973820 | 461 |
| 10.54 | 0.68 | 0.64 | 0.64 | 1.79 | 1300031 | 393 |
| 10.91 | 6.63 | 0.66 | 0.66 | 2.19 | 1416776 | 538 |
| 8.64 | 0.23 <sup>(d)</sup> | 1.28 <sup>(e)</sup> | 1.28 <sup>(e)</sup> | 3.97 <sup>(e)</sup> | 24423 | 212 <sup>(d)</sup> |
| 8.80 | 7.48 | 1.27 | 1.27 | 4.03 | 26876 | 385 |
| 8.53 | 1.33 | 1.26 | 1.26 | 3.59 | 27572 | 409 |
| 8.76 | (14.32) | 1.27 | 1.27 | 1.95 | 34393 | 461 |
| 10.53 | 0.04 | 1.28 | 1.28 | 1.16 | 59759 | 393 |
| 10.90 | 5.98 | 1.29 | 1.29 | 1.59 | 85200 | 538 |
| 8.65 | 0.60 <sup>(d)</sup> | 0.54 <sup>(e)</sup> | 0.54 <sup>(e)</sup> | 4.70 <sup>(e)</sup> | 66352 | 212 <sup>(d)</sup> |
| 8.81 | 8.24 | 0.56 | 0.56 | 4.74 | 74397 | 385 |
| 8.54 | 2.06 | 0.56 | 0.56 | 4.19 | 80557 | 409 |
| 8.76 | (13.69) | 0.55 | 0.55 | 2.45 | 234058 | 461 |
| 10.54 | 0.78 | 0.54 | 0.54 | 1.88 | 1059760 | 393 |
| 10.91 | 6.84 | 0.56 | 0.56 | 2.29 | 1013091 | 538 |
| 8.65 | 0.70 <sup>(d)</sup> | 0.35 <sup>(e)</sup> | 0.35 <sup>(e)</sup> | 4.89 <sup>(e)</sup> | 954055 | 212 <sup>(d)</sup> |
| 8.81 | 8.45 | 0.36 | 0.36 | 4.94 | 951853 | 385 |
| 8.54 | 2.14 | 0.36 | 0.36 | 4.52 | 799149 | 409 |
| 8.77 | (13.42) | 0.35 | 0.35 | 2.91 | 707783 | 461 |
| 10.54 | 0.97 | 0.35 | 0.35 | 2.07 | 881986 | 393 |
| 10.91 | 6.95 | 0.36 | 0.36 | 2.49 | 774625 | 538 |
| 8.66 | 0.56 <sup>(d)</sup> | 0.40 <sup>(e)</sup> | 0.44 <sup>(e)</sup> | 4.84 <sup>(e)</sup> | 1280404 | 212 <sup>(d)</sup> |
| 8.83 | 8.38 | 0.42 | 0.46 | 4.88 | 1349888 | 385 |
| 8.56 | 2.21 | 0.41 | 0.45 | 4.49 | 1071474 | 409 |
| 8.78 | (13.53) | 0.41 | 0.45 | 3.06 | 762733 | 461 |
| 10.56 | 0.92 | 0.40 | 0.44 | 2.02 | 433258 | 393 |
| 10.93 | 6.98 | 0.43 | 0.47 | 2.44 | 414220 | 538 |
| 8.69 | 0.42 <sup>(d)</sup> | 0.87 <sup>(e)</sup> | 0.87 <sup>(e)</sup> | 4.37 <sup>(e)</sup> | 6 | 212 <sup>(d)</sup> |
| 8.85 | 7.85 | 0.90 | 0.90 | 4.38 | 19 | 385 |
| 8.58 | 1.70 | 0.91 | 0.91 | 3.81 | 41 | 409 |
| 8.81 | (14.01) | 0.90 | 0.90 | 2.33 | 515 | 461 |
| 10.59 | 0.43 | 0.89 | 0.89 | 1.53 | 710 | 393 |
| 10.96 | 6.45 | 0.91 | 0.91 | 1.94 | 659 | 538 |

---

*See Notes to Financial Statements.* 383

**Financial Highlights (unaudited)(concluded)**

TOTAL RETURN FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net<br> asset<br> value,<br> beginning <br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/<br> (loss)** | **Total<br> from<br> invest-<br> ment<br> opera- <br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class R2** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | $8.80 | $0.18 | $(0.15) | $0.03 | $(0.19) | $– | $(0.19) |
| 11/30/2024 | 8.54 | 0.37 | 0.27 | 0.64 | (0.38) |  | (0.38) |
| 11/30/2023 | 8.76 | 0.33 | (0.20) | 0.13 | (0.35) |  | (0.35) |
| 11/30/2022 | 10.54 | 0.21 | (1.68) | (1.47) | (0.25) | (0.06) | (0.31) |
| 11/30/2021 | 10.90 | 0.15 | (0.11) | 0.04 | (0.17) | (0.23) | (0.40) |
| 11/30/2020 | 10.48 | 0.19 | 0.45 | 0.64 | (0.22) |  | (0.22) |
| **Class R3** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 8.81 | 0.19 | (0.16) | 0.03 | (0.19) |  | (0.19) |
| 11/30/2024 | 8.54 | 0.38 | 0.28 | 0.66 | (0.39) |  | (0.39) |
| 11/30/2023 | 8.76 | 0.34 | (0.20) | 0.14 | (0.36) |  | (0.36) |
| 11/30/2022 | 10.54 | 0.22 | (1.68) | (1.46) | (0.26) | (0.06) | (0.32) |
| 11/30/2021 | 10.90 | 0.16 | (0.11) | 0.05 | (0.18) | (0.23) | (0.41) |
| 11/30/2020 | 10.48 | 0.20 | 0.45 | 0.65 | (0.23) |  | (0.23) |
| **Class R4** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 8.81 | 0.20 | (0.15) | 0.05 | (0.21) |  | (0.21) |
| 11/30/2024 | 8.54 | 0.40 | 0.28 | 0.68 | (0.41) |  | (0.41) |
| 11/30/2023 | 8.76 | 0.36 | (0.20) | 0.16 | (0.38) |  | (0.38) |
| 11/30/2022 | 10.54 | 0.24 | (1.68) | (1.44) | (0.28) | (0.06) | (0.34) |
| 11/30/2021 | 10.91 | 0.18 | (0.11) | 0.07 | (0.21) | (0.23) | (0.44) |
| 11/30/2020 | 10.49 | 0.23 | 0.45 | 0.68 | (0.26) |  | (0.26) |
| **Class R5** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 8.81 | 0.21 | (0.15) | 0.06 | (0.22) |  | (0.22) |
| 11/30/2024 | 8.54 | 0.42 | 0.28 | 0.70 | (0.43) |  | (0.43) |
| 11/30/2023 | 8.76 | 0.38 | (0.19) | 0.19 | (0.41) |  | (0.41) |
| 11/30/2022 | 10.54 | 0.26 | (1.68) | (1.42) | (0.30) | (0.06) | (0.36) |
| 11/30/2021 | 10.91 | 0.21 | (0.11) | 0.10 | (0.24) | (0.23) | (0.47) |
| 11/30/2020 | 10.49 | 0.26 | 0.45 | 0.71 | (0.29) |  | (0.29) |
| **Class R6** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 8.82 | 0.21 | (0.15) | 0.06 | (0.22) |  | (0.22) |
| 11/30/2024 | 8.55 | 0.43 | 0.28 | 0.71 | (0.44) |  | (0.44) |
| 11/30/2023 | 8.77 | 0.39 | (0.20) | 0.19 | (0.41) |  | (0.41) |
| 11/30/2022 | 10.55 | 0.28 | (1.69) | (1.41) | (0.31) | (0.06) | (0.37) |
| 11/30/2021 | 10.92 | 0.22 | (0.11) | 0.11 | (0.25) | (0.23) | (0.48) |
| 11/30/2020 | 10.49 | 0.27 | 0.46 | 0.73 | (0.30) |  | (0.30) |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Unaudited.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

384 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $8.64 | 0.35 <sup>(d)</sup> | 1.04 <sup>(e)</sup> | 1.04 <sup>(e)</sup> | 4.20 <sup>(e)</sup> | $1108 | 212 <sup>(d)</sup> |
| 8.80 | 7.58 | 1.06 | 1.06 | 4.24 | 1170 | 385 |
| 8.54 | 1.55 | 1.05 | 1.05 | 3.81 | 1086 | 409 |
| 8.76 | (14.12) | 1.05 | 1.05 | 2.18 | 1199 | 461 |
| 10.54 | 0.37 | 1.04 | 1.04 | 1.39 | 1768 | 393 |
| 10.90 | 6.21 | 1.06 | 1.06 | 1.81 | 2579 | 538 |
| 8.65 | 0.40 <sup>(d)</sup> | 0.94 <sup>(e)</sup> | 0.94 <sup>(e)</sup> | 4.30 <sup>(e)</sup> | 24151 | 212 <sup>(d)</sup> |
| 8.81 | 7.81 | 0.96 | 0.96 | 4.34 | 26794 | 385 |
| 8.54 | 1.65 | 0.95 | 0.95 | 3.92 | 27043 | 409 |
| 8.76 | (14.03) | 0.95 | 0.95 | 2.30 | 27760 | 461 |
| 10.54 | 0.47 | 0.95 | 0.95 | 1.50 | 37846 | 393 |
| 10.90 | 6.32 | 0.96 | 0.96 | 1.90 | 85403 | 538 |
| 8.65 | 0.52 <sup>(d)</sup> | 0.69 <sup>(e)</sup> | 0.69 <sup>(e)</sup> | 4.55 <sup>(e)</sup> | 31917 | 212 <sup>(d)</sup> |
| 8.81 | 8.08 | 0.71 | 0.71 | 4.59 | 32457 | 385 |
| 8.54 | 1.90 | 0.70 | 0.70 | 4.18 | 31524 | 409 |
| 8.76 | (13.82) | 0.70 | 0.70 | 2.54 | 30002 | 461 |
| 10.54 | 0.63 | 0.69 | 0.69 | 1.74 | 44058 | 393 |
| 10.91 | 6.58 | 0.71 | 0.71 | 2.16 | 58811 | 538 |
| 8.65 | 0.65 <sup>(d)</sup> | 0.44 <sup>(e)</sup> | 0.44 <sup>(e)</sup> | 4.80 <sup>(e)</sup> | 23711 | 212 <sup>(d)</sup> |
| 8.81 | 8.35 | 0.46 | 0.46 | 4.84 | 23962 | 385 |
| 8.54 | 2.16 | 0.45 | 0.45 | 4.41 | 20023 | 409 |
| 8.76 | (13.61) | 0.45 | 0.45 | 2.74 | 22290 | 461 |
| 10.54 | 0.88 | 0.44 | 0.44 | 1.99 | 78822 | 393 |
| 10.91 | 6.85 | 0.46 | 0.46 | 2.40 | 110056 | 538 |
| 8.66 | 0.70 <sup>(d)</sup> | 0.35 <sup>(e)</sup> | 0.35 <sup>(e)</sup> | 4.89 <sup>(e)</sup> | 216102 | 212 <sup>(d)</sup> |
| 8.82 | 8.45 | 0.36 | 0.36 | 4.94 | 226490 | 385 |
| 8.55 | 2.26 | 0.36 | 0.36 | 4.52 | 197934 | 409 |
| 8.77 | (13.50) | 0.35 | 0.35 | 2.90 | 183807 | 461 |
| 10.55 | 0.97 | 0.35 | 0.35 | 2.08 | 252862 | 393 |
| 10.92 | 7.05 | 0.36 | 0.36 | 2.51 | 295096 | 538 |

---

*See Notes to Financial Statements.* 385

**Financial Highlights (unaudited)**

ULTRA SHORT BOND FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment <br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment <br> operations** | **Net<br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | $10.03 | $0.23 | $– | $0.23 | $(0.23) | $10.03 |
| 11/30/2024 | 9.92 | 0.50 | 0.11 | 0.61 | (0.50) | 10.03 |
| 11/30/2023 | 9.80 | 0.41 | 0.12 | 0.53 | (0.41) | 9.92 |
| 11/30/2022 | 10.00 | 0.12 | (0.18) | (0.06) | (0.14) | 9.80 |
| 11/30/2021 | 10.04 | 0.03 | (0.03) | – <sup>(f)</sup> | (0.04) | 10.00 |
| 11/30/2020 | 10.03 | 0.11 | 0.01 <sup>(g)</sup> | 0.12 | (0.11) | 10.04 |
| **Class A1** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 10.03 | 0.23 |  | 0.23 | (0.23) | 10.03 |
| 11/30/2024 | 9.93 | 0.49 | 0.10 | 0.59 | (0.49) | 10.03 |
| 11/30/2023 | 9.80 | 0.40 | 0.13 | 0.53 | (0.40) | 9.93 |
| 11/30/2022 | 10.00 | 0.09 | (0.16) | (0.07) | (0.13) | 9.80 |
| 11/30/2021 | 10.04 | 0.02 | (0.03) | (0.01) | (0.03) | 10.00 |
| 11/30/2020 | 10.03 | 0.07 | 0.04 <sup>(g)</sup> | 0.11 | (0.10) | 10.04 |
| **Class F** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 10.03 | 0.24 |  | 0.24 | (0.24) | 10.03 |
| 11/30/2024 | 9.92 | 0.51 | 0.11 | 0.62 | (0.51) | 10.03 |
| 11/30/2023 | 9.80 | 0.39 | 0.15 | 0.54 | (0.42) | 9.92 |
| 11/30/2022 | 10.00 | 0.10 | (0.16) | (0.06) | (0.14) | 9.80 |
| 11/30/2021 | 10.04 | 0.04 | (0.04) | – <sup>(f)</sup> | (0.04) | 10.00 |
| 11/30/2020 | 10.03 | 0.11 | 0.02 <sup>(g)</sup> | 0.13 | (0.12) | 10.04 |
| **Class F3** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 10.03 | 0.24 |  | 0.24 | (0.24) | 10.03 |
| 11/30/2024 | 9.92 | 0.52 | 0.11 | 0.63 | (0.52) | 10.03 |
| 11/30/2023 | 9.80 | 0.44 | 0.11 | 0.55 | (0.43) | 9.92 |
| 11/30/2022 | 10.00 | 0.15 | (0.19) | (0.04) | (0.16) | 9.80 |
| 11/30/2021 | 10.04 | 0.05 | (0.03) | 0.02 | (0.06) | 10.00 |
| 11/30/2020 | 10.03 | 0.11 | 0.03 <sup>(g)</sup> | 0.14 | (0.13) | 10.04 |
| **Class I** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 10.03 | 0.24 |  | 0.24 | (0.24) | 10.03 |
| 11/30/2024 | 9.92 | 0.52 | 0.11 | 0.63 | (0.52) | 10.03 |
| 11/30/2023 | 9.80 | 0.43 | 0.12 | 0.55 | (0.43) | 9.92 |
| 11/30/2022 | 10.00 | 0.18 | (0.23) | (0.05) | (0.15) | 9.80 |
| 11/30/2021 | 10.04 | 0.05 | (0.04) | 0.01 | (0.05) | 10.00 |
| 11/30/2020 | 10.03 | 0.13 | 0.01 <sup>(g)</sup> | 0.14 | (0.13) | 10.04 |
| **Class R5** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | 10.03 | 0.24 |  | 0.24 | (0.24) | 10.03 |
| 11/30/2024 | 9.93 | 0.52 | 0.10 | 0.62 | (0.52) | 10.03 |
| 11/30/2023 | 9.80 | 0.44 | 0.12 | 0.56 | (0.43) | 9.93 |
| 11/30/2022 | 10.00 | 0.10 | (0.15) | (0.05) | (0.15) | 9.80 |
| 11/30/2021 | 10.04 | 0.05 | (0.04) | 0.01 | (0.05) | 10.00 |
| 11/30/2020 | 10.03 | 0.13 | 0.01 <sup>(g)</sup> | 0.14 | (0.13) | 10.04 |

---

386 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 2.35 <sup>(d)</sup> | 0.43 <sup>(e)</sup> | 0.43 <sup>(e)</sup> | 4.69 <sup>(e)</sup> | $5620757 | 36 <sup>(d)</sup> |
| 6.32 | 0.43 | 0.43 | 5.05 | 4725133 | 69 |
| 5.55 | 0.43 | 0.43 | 4.15 | 3720238 | 66 |
| (0.62) | 0.43 | 0.44 | 1.18 | 5193143 | 48 |
| (0.03) | 0.43 | 0.43 | 0.34 | 10038159 | 72 |
| 1.25 | 0.42 | 0.45 | 1.14 | 12300460 | 93 |
| 2.30 <sup>(d)</sup> | 0.53 <sup>(e)</sup> | 0.53 <sup>(e)</sup> | 4.59 <sup>(e)</sup> | 9820 | 36 <sup>(d)</sup> |
| 6.11 | 0.53 | 0.53 | 4.95 | 7495 | 69 |
| 5.55 | 0.54 | 0.54 | 4.10 | 4062 | 66 |
| (0.72) | 0.54 | 0.54 | 0.95 | 3869 | 48 |
| (0.13) | 0.53 | 0.53 | 0.24 | 13240 | 72 |
| 1.15 | 0.52 | 0.54 | 0.74 | 19403 | 93 |
| 2.38 <sup>(d)</sup> | 0.38 <sup>(e)</sup> | 0.38 <sup>(e)</sup> | 4.74 <sup>(e)</sup> | 144110 | 36 <sup>(d)</sup> |
| 6.37 | 0.38 | 0.38 | 5.11 | 170945 | 69 |
| 5.60 | 0.39 | 0.39 | 3.97 | 262081 | 66 |
| (0.57) | 0.39 | 0.39 | 1.03 | 1280935 | 48 |
| 0.02 | 0.38 | 0.38 | 0.38 | 5349686 | 72 |
| 1.30 | 0.37 | 0.40 | 1.15 | 7109132 | 93 |
| 2.46 <sup>(d)</sup> | 0.23 <sup>(e)</sup> | 0.23 <sup>(e)</sup> | 4.90 <sup>(e)</sup> | 2646492 | 36 <sup>(d)</sup> |
| 6.53 | 0.23 | 0.23 | 5.25 | 2444355 | 69 |
| 5.76 | 0.24 | 0.24 | 4.45 | 1017847 | 66 |
| (0.43) | 0.24 | 0.24 | 1.52 | 759273 | 48 |
| 0.16 | 0.24 | 0.24 | 0.53 | 519235 | 72 |
| 1.45 | 0.25 | 0.26 | 1.13 | 804537 | 93 |
| 2.53 <sup>(d)</sup> | 0.28 <sup>(e)</sup> | 0.28 <sup>(e)</sup> | 4.84 <sup>(e)</sup> | 4628765 | 36 <sup>(d)</sup> |
| 6.37 | 0.28 | 0.28 | 5.21 | 4053800 | 69 |
| 5.71 | 0.28 | 0.28 | 4.35 | 3910327 | 66 |
| (0.47) | 0.28 | 0.28 | 1.80 | 3872022 | 48 |
| 0.12 | 0.28 | 0.28 | 0.49 | 1285378 | 72 |
| 1.40 | 0.27 | 0.30 | 1.35 | 1258215 | 93 |
| 2.43 <sup>(d)</sup> | 0.28 <sup>(e)</sup> | 0.28 <sup>(e)</sup> | 4.84 <sup>(e)</sup> | 352 | 36 <sup>(d)</sup> |
| 6.37 | 0.28 | 0.28 | 5.21 | 270 | 69 |
| 5.82 | 0.28 | 0.28 | 4.41 | 188 | 66 |
| (0.47) | 0.28 | 0.29 | 1.05 | 131 | 48 |
| 0.12 | 0.28 | 0.28 | 0.49 | 592 | 72 |
| 1.41 | 0.27 | 0.30 | 1.31 | 784 | 93 |

---

*See Notes to Financial Statements.* 387

**Financial Highlights (unaudited)(concluded)**

ULTRA SHORT BOND FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders<br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment <br> income<br> (loss)**<sup>(a)</sup> | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment <br> operations** | **Net<br> investment<br> income** |<br>**Net<br> asset<br> value,<br> end of<br> period** |
| **Class R6** |  |  |  |  |  |  |
| 5/31/2025<sup>(c)</sup> | $10.03 | $0.24 | $– | $0.24 | $(0.24) | $10.03 |
| 11/30/2024 | 9.93 | 0.53 | 0.09 | 0.62 | (0.52) | 10.03 |
| 11/30/2023 | 9.80 | 0.44 | 0.12 | 0.56 | (0.43) | 9.93 |
| 11/30/2022 | 10.00 | 0.15 | (0.19) | (0.04) | (0.16) | 9.80 |
| 11/30/2021 | 10.04 | 0.05 | (0.03) | 0.02 | (0.06) | 10.00 |
| 11/30/2020 | 10.03 | 0.12 | 0.02 <sup>(g)</sup> | 0.14 | (0.13) | 10.04 |

---

<sup>(a)</sup> Calculated using average shares outstanding during the period.

<sup>(b)</sup> Total return for Classes A and A1 does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(c)</sup> Unaudited.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Amount less than $0.01.

<sup>(g)</sup> Realized and unrealized gain/(loss) per share does not correlate to the aggregate of the net realized and unrealized gain/(loss) in the Statement of Operations for the year ended November 30, 2020, primarily due to the timing of the sales and repurchases of the Fund's shares in relation to fluctuating market values of the Fund's portfolio.

388 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Ratios to Average Net Assets:** | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total<br> return<br> (%)**<sup>(b)</sup> | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimburse-<br> ments<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 2.46 <sup>(d)</sup> | 0.23 <sup>(e)</sup> | 0.23 <sup>(e)</sup> | 4.90 <sup>(e)</sup> | $48313 | 36 <sup>(d)</sup> |
| 6.43 | 0.23 | 0.23 | 5.27 | 55771 | 69 |
| 5.87 | 0.24 | 0.24 | 4.42 | 67702 | 66 |
| (0.43) | 0.24 | 0.24 | 1.52 | 68773 | 48 |
| 0.16 | 0.24 | 0.24 | 0.54 | 86964 | 72 |
| 1.45 | 0.25 | 0.26 | 1.17 | 65008 | 93 |

---

*See Notes to Financial Statements.* 389

**Notes to Financial Statements (unaudited)**

**1.** ORGANIZATION

Lord Abbett Investment Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as a diversified, open-end management investment company and was organized as a Delaware statutory trust on August 16, 1993.

The Trust currently consists of thirteen funds as of May 31, 2025. This report covers the following eleven funds (separately, a "Fund" and collectively, the "Funds") and their respective active share classes at May 31, 2025:

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| | |
|:---|:---|
| **Funds** | **Classes** |
| Lord Abbett Convertible Fund ("Convertible Fund") | A, C, F, F3, I, P, R2, R3, R4, R5, and R6 |
| Lord Abbett Core Fixed Income Fund ("Core Fixed Income Fund") | A, C, F, F3 I, R2, R3, R4, R5, and R6 |
| Lord Abbett Core Plus Bond Fund ("Core Plus Bond Fund") | A, C, F, F3, I, R3, R4, R5, and R6 |
| Lord Abbett Floating Rate Fund ("Floating Rate Fund") | A, C, F, F3, I, R2, R3, R4, R5, and R6 |
| Lord Abbett High Yield Fund ("High Yield Fund") | A, C, F, F3, I, R2, R3, R4, R5, and R6 |
| Lord Abbett Income Fund ("Income Fund") | A, C, F, F3, I, R2, R3, R4, R5, and R6 |
| Lord Abbett Inflation Focused Fund ("Inflation Focused Fund") | A, C, F, F3, I, R2, R3, R4, R5, and R6 |
| Lord Abbett Short Duration Core Bond Fund ("Short Duration Core Bond Fund") | A, C, F, F3, I, R3, R4, R5, and R6 |
| Lord Abbett Short Duration Income Fund ("Short Duration Income Fund") | A, C, F, F3, I, R2, R3, R4, R5, and R6 |
| Lord Abbett Total Return Fund ("Total Return Fund") | A, C, F, F3, I, P, R2, R3, R4, R5, and R6 |
| Lord Abbett Ultra Short Bond Fund ("Ultra Short Bond Fund") | A, A1, F, F3, I, R5, and R6 |

---

The Funds' Class P shares are closed to substantially all new investors, with certain exceptions as set forth in the Funds' prospectus.

Convertible Fund's investment objective is to seek current income and the opportunity for capital appreciation to produce a high total return. Each of Core Fixed Income Fund's, Core Plus Bond Fund's and Total Return Fund's investment objective is to seek income and capital appreciation to produce a high total return. Floating Rate Fund's investment objective is to seek a high level of current income. High Yield Fund's investment objective is to seek a high current income and the opportunity for capital appreciation to produce a high total return. Each of Income Fund's and Short Duration Income Fund's investment objective is to seek a high level of income consistent with preservation of capital. Inflation Focused Fund's primary investment objective is to provide investment returns that exceed the rate of inflation in the U.S. economy over a full economic cycle. As a secondary objective, the Fund seeks current income. Each of Short Duration Core Bond Fund's and Ultra Short Bond Fund's investment objective is to seek current income consistent with the preservation of capital.

Each class of shares has different expenses and dividends. A front-end sales charge is normally added to the net asset value ("NAV") for Class A and A1 shares. There is no front-end sales charge in the case of Class C, F, F3, I, P, R2, R3, R4, R5 and R6 shares, although there may be a contingent deferred sales charge ("CDSC") in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund's prospectus); Class A1 shares purchased without a sales charge and redeemed before the first day of the month in which the eighteenth month anniversary of the purchase falls (subject to certain exceptions as set forth in

**Notes to Financial Statements (unaudited)(continued)**

each Fund's prospectus); and Class C shares redeemed before the first anniversary of purchase. Class C shares automatically convert to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the month on which the purchase order was accepted, provided that the Funds or financial intermediary through which a shareholder purchased Class C shares have records verifying that the Class C shares have been held at least eight years.

**Basis of Preparation**

The Funds are investment companies and apply the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification *Topic 946 Financial Services - Investment Companies.* The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Segment Reporting**

The Funds adopted FASB Accounting Standards Update ("ASU") 2023-07, Segment Reporting ("Topic 280") – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard resulted in new financial statement disclosures and did not affect the Funds' financial position or their results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM for the Funds is Lord Abbett through its Management, Investment and Operating Committees, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that the CODM monitors the operating results of each Fund as a whole and that the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of their prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Funds' Schedule of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets and Financial Highlights.

**2.** SIGNIFICANT ACCOUNTING POLICIES

&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment
 Valuation **–** Under procedures approved by the Funds' Board of Trustees (the "Board"),
 the Board has designated the determination of fair value of the Funds' portfolio investments to Lord, Abbett & Co.
 LLC ("Lord Abbett") as its valuation designee. Accordingly, Lord Abbett is responsible for, among other things,
 assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing
 services. Lord Abbett has formed a Pricing Committee that performs these responsibilities on behalf of Lord Abbett, administers
 the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other
 things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations
 from securities and financial instrument dealers and other market sources to determine fair value.

**Notes to Financial Statements (unaudited)(continued)**

Securities actively traded on any recognized U.S. or non-U.S. change or on the NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Pricing Committee uses a third-party fair valuation service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that correlate to the fair-valued securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and ask prices. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used. Fixed income securities are valued based on evaluated prices supplied by independent pricing services, which reflect broker/dealer supplied valuations and the independent pricing services' own electronic data processing techniques. Floating rate loans are valued at the average of bid and ask quotations obtained from dealers in loans on the basis of prices supplied by independent pricing services. Forward foreign currency exchange contracts are valued using daily forward exchange rates. Swaps, options and options on swaps ("swaptions") are valued daily using independent pricing services or quotations from broker/dealers to the extent available.

Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use observable inputs such as yield curves, broker quotes, observable trading activity, option adjusted spread models and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day.

Fair Value Measurements**–**Fair value is defined as the price that each Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk - for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the

**Notes to Financial Statements (unaudited)(continued)**

circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

A summary of inputs used in valuing each Fund's investments and other financial instruments as of May 31, 2025 and, if applicable, Level 3 rollforwards for the six months then ended is included in each Fund's Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Commercial Paper **–** Each
 Fund may purchase commercial paper. Commercial paper consists of unsecured promissory notes issued by corporations to finance
 short-term credit needs. Commercial paper is issued in bearer form with maturities generally not exceeding nine months. Commercial
 paper obligations may include variable amount master demand notes.

(c) Expenses **–** Expenses
 incurred by the Trust that do not specifically relate to an individual fund are generally allocated to the Funds within the
 Trust on a pro rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class
 of shares based upon the relative proportion of net assets at the beginning of the day. In addition, Class F3 and R6 shares
 bear only their class-specific shareholder servicing expenses. Class A, A1, C, F, P, R2, R3 and R4 shares bear their class-specific
 share of all expenses and fees relating to the Funds' 12b-1 Distribution Plan.

(d) Floating Rate
 Loans **–** Each Fund may invest in floating rate loans, which usually take the form of loan participations
 and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations,
 partnerships or other business entities (the "Borrower") in a specified amount, at a specified rate and within
 a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company
 or other financial institution (the "Agent") for a group of loan investors ("Loan Investors").
 The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold
 any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured
 and collateralized in nature. Each Fund records an investment when the Borrower withdraws money and records interest as
 earned. These loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread.
 These base lending rates are generally the prime rate offered by a designated U.S. bank or Secured Overnight Financing
 Rate ("SOFR"). The loans in which each Fund invests may be subject to some restrictions
 on resale. For example, each Fund may be contractually obligated to receive approval from the Agent and/or Borrower prior
 to the sale of these investments. Each Fund generally has no right to enforce compliance with the terms of the loan agreement
 with the Borrower. As a result, each Fund assumes the credit risk of the Borrower, the selling participant and any other
 persons

**Notes to Financial Statements (unaudited)(continued)**

interpositioned between each Fund and the Borrower ("Intermediate Participants"). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, each Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest.

Unfunded commitments represent the remaining obligation of each Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. Until demanded by the Borrower, unfunded commitments are not recognized as an asset on the Statements of Assets and Liabilities. Unrealized appreciation/(depreciation) on unfunded commitments is presented, if any, on the Statements of Assets and Liabilities and represents mark to market of the unfunded portion of each Fund's floating rate notes.

As of May 31, 2025 the Funds had the following unfunded loan commitments:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Floating Rate Fund** | | | | |
| **Borrower** | **Principal**<br> **Amount** | **Market**<br> **Value** | Cost | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| Chrysaor Bidco SARL USD Delayed Draw Term Loan | $649165 | $653696 | $649165 | $4531 |
| Clydesdale Acquisition Holdings, Inc. 2025 Delayed Draw Term Loan | 509434 | 506129 | 508756 | (2627) |
| Groundworks LLC 2024 Delayed Draw Term Loan | 630849 | 630455 | 630890 | (435) |
| Hanger, Inc. 2024 Delayed Draw Term Loan | 2335965 | 2333045 | 2325189 | 7856 |
| Raven Acquisition Holdings LLC Delayed Draw Term Loan | 1489533 | 1488141 | 1482643 | 5498 |
| USALCO LLC 2024 Delayed Draw Term Loan | 553060 | 556086 | 553061 | 3025 |
| Total | $6168006 | $6167552 | $6149704 | $17848 |
| **Short Duration Core Bond Fund** |  |  |  |  |
| **Borrower** | **Principal**<br> **Amount** | **Market**<br> **Value** | Cost | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| Diamondback E&P LLC Delayed Draw Term Loan | $2531000 | $2531000 | $2518345 | $12655 |
| **Ultra Short Bond Fund** |  |  |  |  |
| **Borrower** | **Principal**<br> **Amount** | **Market**<br> **Value** | Cost | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| Diamondback E&P LLC Delayed Draw Term Loan | $55290000 | $55290000 | $55013550 | $276450 |

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&nbsp;&nbsp;&nbsp;&nbsp;(e) Foreign Transactions **–** The
 books and records of each Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded
 in each Fund's records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated
 in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain/(loss), if applicable,
 is included in Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in
 foreign currencies in each Fund's Statement

**Notes to Financial Statements (unaudited)(continued)**

of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in each Fund's Statement of Operations. The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities.

Each Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Income Taxes **–** It
 is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated
 investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore,
 no income tax provision is required. Management has reviewed each Fund's tax positions for all open tax
years and has determined that as of May 31, 2025, no liability for Federal Income tax is required in each Fund's financial
statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on
changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund files U.S. federal and various
state and local tax returns. No income tax returns are currently under examination. Each Fund's Federal tax returns for
the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of limitations on each
Fund's state and local tax returns may remain open for an additional year depending upon each Fund's jurisdiction.

(g) Investment
 Income **–** Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual
 basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in
 Interest and other, if applicable, in the Statements of Operations. Withholding taxes on foreign dividends have been provided
 for in accordance with the applicable country's tax rules and rates. Investment income is allocated to each class of
 shares based upon the relative proportion of net assets at the beginning of the day.

(h) Mortgage
 Dollar Rolls **–** Each Fund may enter into mortgage dollar rolls in which a Fund sells mortgage-backed
 securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar
 (same type, coupon and maturity) but not identical securities on a specified future date. During the roll period,
 each Fund loses the right to receive principal (including prepayments of principal) and interest paid on the securities sold.

(i) Repurchase
 Agreements **–** Each Fund may enter into repurchase agreements with respect to securities. A repurchase
 agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller
 (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. Each Fund requires at all times that the repurchase
 agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S.
 Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including
 accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a
 time when the fair value of these securities has declined, a Fund may incur a loss upon disposition of the securities.

**Notes to Financial Statements (unaudited)(continued)**

The Funds' repurchase agreements are not subject to master netting arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Security Transactions **–** Security
 transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses
 on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains/(losses) are
 allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day.

(k) TBA Sale Commitments **–** Each
 Fund may enter into TBA sale commitments to hedge its positions or to sell mortgage-backed securities it owns under delayed
 delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the
 time a TBA sale commitment is outstanding, equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable
 on or before the sale commitment date, are held as "cover" for the transaction. Unsettled TBA sale commitments
 are valued at the current market value of the underlying securities, according to the procedures described under "Investment
 Valuation" above. The contract is adjusted to market value daily and the change in market value is recorded by each
 Fund as unrealized appreciation (depreciation). If the TBA sale (purchase) commitment is closed through the acquisition of
 an offsetting purchase (sale) commitment, each Fund realizes a gain or loss from the sale of the securities based upon the
 unit price established at the date the commitment was entered into.

(l) When-Issued, Forward Transactions
 or To-Be-Announced ("TBA") Transactions **–** Each Fund may purchase portfolio securities on
 a when-issued or forward basis. When-issued, forward transactions or TBA transactions involve a commitment by a Fund to purchase
 securities, with payment and delivery ("settlement") to take place in the future, in order to secure what is considered
 to be an advantageous price or yield at the time of entering into the transaction. During the period between purchase and
 settlement, the fair value of the securities will fluctuate and assets consisting of cash and/or marketable securities (normally
 short-term U.S. Government or U.S. Government sponsored enterprise securities) marked to market daily in an amount sufficient
 to make payment at settlement will be segregated at each Fund's custodian in order to pay for the commitment. At the
 time each Fund makes the commitment to purchase a security on a when-issued basis, it will record the transaction and reflect
 the liability for the purchase and fair value of the security in determining its NAV. Each Fund, generally, has the ability
 to close out a purchase obligation on or before the settlement date rather than take delivery of the security. Under no circumstances
 will settlement for such securities take place more than 120 days after the purchase date.

(m) Derivatives **–** Derivative
 instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or
 to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures
 and credit and spread volatility. The Funds may be subject to various risks from the use of derivatives, including
 the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index;
 counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity
 risk related to the potential lack of a liquid market for these contracts allowing the Funds to close out their position(s);
 and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in
 a form of leverage and as such, the Funds' risk of loss associated with these instruments may exceed their value,
 as recorded on the of Statements Assets and Liabilities.

**Notes to Financial Statements (unaudited)(continued)**

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Funds' ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds' net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark-to-market gains to the Funds.

Notes i. – v. below describe the various derivatives used by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** Forward Foreign
 Currency Exchange Contracts **–** The Funds listed in the tables below are exposed to foreign currency
 risks associated with some or all of their portfolio investments and, during the period, used forward foreign currency
 exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. During the period,
 the Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency
 exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed
 at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with
 the counterparty in U.S. dollars without the delivery of the foreign currency. The values of the forward foreign currency exchange contracts are adjusted
 daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded
 as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange
 contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the
 contract was opened and the value at the time it was closed. The Funds also record a realized gain or loss, upon settlement,
 when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the
 same counterparty. The Funds' forward foreign currency exchange contracts are subject
 to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due
 across transactions). The Funds may be required to post or receive collateral for non-deliverable
 forward foreign currency exchange contracts.

**ii.** Futures Contracts **–** During
 the period, the Funds listed in the tables below entered into futures contracts to manage and hedge interest rate risk associated
 with portfolio investments. During the period, the Funds also purchased futures contracts to invest

**Notes to Financial Statements (unaudited)(continued)**

---

| | |
|:---|:---|
|  | incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.<br>Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/(depreciation) on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.<br>The use of futures contracts exposes the Funds to equity price, foreign exchange and interest rate risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.<br>The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions). |
| **iii.** | Swap Contracts**–**During the period, the Funds listed in the tables below engaged in various swap transactions to manage credit and interest rate (e.g., duration, yield curve) risks within their respective portfolios. During the period, the Funds also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter ("OTC swaps") between a fund and a counterparty or are centrally cleared ("centrally cleared swaps") through a central clearinghouse managed by a Futures Commission Merchant ("FCM") that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.<br>Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statements of Assets and Liabilities and are amortized |

---

**Notes to Financial Statements (unaudited)(continued)**

over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Portfolio Investments, while cash deposited, which is considered restricted, is reported as Deposits at broker for centrally cleared swaps on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on swaps on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

The Funds' OTC swap contracts are subject to master netting arrangements.

Credit Default Swap Contracts**–**During the period, the Funds listed in the tables below entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Funds, as protection sellers, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund's portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statements of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with identical reference obligation.

**Notes to Financial Statements (unaudited)(continued)**

---

| | |
|:---|:---|
|  | Inflation-Linked Swap Contracts**–**During the period, the Funds listed in the tables below entered into inflation-linked derivatives, such as Consumer Price Index Swap Contract Agreements ("CPI swap contracts"). A CPI swap contract is a contract in which one party agrees to pay a fixed rate in exchange for a variable rate, which is the rate of change in the CPI during the life of the contract. Payments are based on a notional amount of principal. Each Fund will normally enter into CPI swap contracts on a zero coupon basis, meaning that the floating rate will be based on the cumulative CPI during the life of the contract, and the fixed rate will compound until the swap contract's maturity date, at which point the payments are netted. The swap contracts are valued daily and any unrealized gain/(loss) is included in the Net change in unrealized appreciation/(depreciation) on swap contracts in the Fund's Statement of Operations. A liquidation payment received or made at the termination or maturity of the swap contract is recorded in realized gain/(loss) and is included in Net realized gain/(loss) on swap contracts in the Fund's Statement of Operations. Daily changes in valuation of centrally cleared CPI swap contracts, if any, are recorded as a receivable or payable for the change in value as appropriate ("variation margin") on the Statements of Assets and Liabilities. For the centrally cleared CPI swap contracts, there was minimal counterparty risk to the Funds since such CPI swap contracts entered into were traded through a central clearinghouse, which guarantees against default.<br>Interest Rate Swap Contracts**–**During the period, the Funds listed in the tables below entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of their portfolios. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate, while the other is typically based on a fixed interest rate.<br>Total Return Swap Contracts**–**During the period, the Funds listed in the tables below entered into total return swap contract agreements to obtain exposure to a security or market without owning such security or investing directly in that market. The Funds may agree to make payments that are the equivalent of interest in exchange for the right to receive payments equivalent to any appreciation in the value of an underlying security, index or other asset, as well as receive payments equivalent to any distributions made on that asset, over the term of the swap contract. If the value of the asset underlying a total return swap contract declines over the term of the swap contract, each Fund also may be required to pay an amount equal to that decline in value to their counterparty. |
| **iv.** | Options**–**During the period, the Funds listed in the tables below entered into purchased and written exchange-listed and over-the-counter put or call options on securities, stock indices, currencies and other financial instruments for hedging purposes, to enhance portfolio returns and reduce overall volatility.<br>When a fund writes (sells) an option, an amount equal to the premium received by each Fund is recorded as a liability in the Statements of Assets and Liabilities. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When an option expires, each Fund realizes a gain on the option to the extent of the premium received. Premiums received from writing options which are |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | |
|:---|:---|
|  | exercised or closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. If a put option on a security is exercised, the premium reduces the cost basis of the security purchased by each Fund. If a call option is exercised, the premium is added to the proceeds of the security sold to determine the realized gain or loss. Each Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the underlying investment. Other risks include the possibility of an illiquid options market or the inability of the counterparties to fulfill their obligations under the contracts.<br>Put and call options purchased are accounted for in the same manner as portfolio securities. Premiums paid for purchasing options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is executed. The risk associated with purchasing an option is that each Fund pays a premium whether or not the option is exercised. Additionally, each Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. Realized and net change in unrealized gains and losses on purchased options are included in Net realized and Net change in unrealized gains/(losses) on investments in the Funds' Statements of Operations. |
| **v.** | Summary of Derivative Information**–**As of May 31, 2025, each Fund had the following derivatives at fair value, grouped into appropriate risk categories that illustrate each Fund's use of derivative instruments: |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Convertible Fund** | **Convertible Fund** |
| **Asset Derivatives** | **Statements of**<br> **Assets and**<br> **Liabilities Location** | **Equity**<br> **Contracts** | **Foreign**<br> **Currency**<br> **Contracts** |
| Forward Foreign Currency Exchange Contracts | Unrealized appreciation on forward foreign currency exchange contracts |  | $399 |
| Options Purchased | Included in investments in securities | $7551082 | – |
| **Liability Derivatives** |  |  |  |
| Forward Foreign Currency Exchange Contracts | Unrealized depreciation on forward foreign currency exchange contracts |  | $20445 |
| OTC Written Options | Options written outstanding, at fair value | $3055990 | – |
|  |  | **Core Fixed Income Fund** | **Core Fixed Income Fund** |
| **Asset Derivatives** | **Statements of**<br> **Assets and**<br> **Liabilities Location** | **Statements of**<br> **Assets and**<br> **Liabilities Location** | **Interest**<br> **Rate**<br> **Contracts** |
| Futures Contracts<sup>(1)</sup> | Receivable, variation margin for futures contracts | Receivable, variation margin for futures contracts | $387592 |
| **Liability Derivatives** |  |  |  |
| Futures Contracts<sup>(1)</sup> | Payable, variation margin for futures contracts | Payable, variation margin for futures contracts | $1400065 |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **Core Plus Bond Fund** | **Core Plus Bond Fund** |
| **Asset Derivatives** | **Statements of Assets**<br> **and Liabilities**<br> **Location** | **Interest**<br> **Rate**<br> **Contracts** | **Foreign**<br> **Currency**<br> **Contracts** |
| Futures Contracts<sup>(1)</sup> | Receivable, variation margin for futures contracts | $1707399 | – |
| **Liability Derivatives** |  |  |  |
| Forward Foreign Currency Exchange Contracts | Unrealized depreciation on forward foreign currency exchange contracts |  | $100154 |
| Futures Contracts<sup>(1)</sup> | Payable, variation margin for futures contracts | $912947 | – |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Floating Rate Fund** | **Floating Rate Fund** |
| **Asset Derivatives** | **Statements of Assets**<br> **and Liabilities**<br> **Location** | **Equity**<br> **Contracts** | **Interest**<br> **Rate**<br> **Contracts** | **Foreign**<br> **Currency**<br> **Contracts** |
| Centrally Cleared Interest Rate Swap Contracts<sup>(2)</sup> | Receivable, variation margin for centrally cleared swap contracts agreements |  | $6063278 |  |
| Forward Foreign Currency Exchange Contracts | Unrealized appreciation on forward foreign currency exchange contracts |  |  | $14594 |
| Futures Contracts<sup>(1)</sup> | Receivable, variation margin for futures contracts |  | $253696 |  |
| Total Return Swap Contracts | Receivable, Total return swap contracts, at fair value | $2641266 | – | – |
| **Liability Derivatives** |  |  |  |  |
| Centrally Cleared Interest Rate Swap Contracts<sup>(2)</sup> | Payable, variation margin for centrally cleared swap contracts agreements |  | $679550 |  |
| Forward Foreign Currency Exchange Contracts | Unrealized depreciation on forward foreign currency exchange contracts | – | – | $1228194 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **High Yield Fund** | **High Yield Fund** |
| **Asset Derivatives** | **Statements of Assets**<br> **and Liabilities**<br> **Location** | **Interest**<br> **Rate**<br> **Contracts** | **Foreign**<br> **Currency**<br> **Contracts** | **Credit**<br> **Contracts** |
| Centrally Cleared Credit Default Swap Contracts<sup>(2)</sup> | Receivable, variation margin for centrally cleared swap contracts agreements |  |  | $12924343 |
| Forward Foreign Currency Exchange Contracts | Unrealized appreciation on forward foreign currency exchange contracts |  | $160320 |  |
| Futures Contracts<sup>(1)</sup> | Receivable, variation margin for futures contracts | $867429 | – | – |
| **Liability Derivatives** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | Unrealized depreciation on forward foreign currency exchange contracts |  | $3751698 |  |
| Futures Contracts<sup>(1)</sup> | Payable, variation margin for futures contracts | $2454198 | – | – |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | **Income Fund** | **Income Fund** |
| **Asset Derivatives** | **Statements of Assets**<br> **and Liabilities**<br> **Location** | **Interest**<br> **Rate**<br> **Contracts** | **Foreign**<br> **Currency**<br> **Contracts** | **Credit**<br> **Contracts** | **Inflation<br> Linked<br> Contracts** |
| Centrally Cleared CPI Swap Contracts<sup>(2)</sup> | Receivable, variation margin for centrally cleared swap contracts agreements |  |  |  | $61494 |
| Centrally Cleared Credit Default Swap Contracts<sup>(2)</sup> | Receivable, variation margin for centrally cleared swap contracts agreements |  |  | $1638505 |  |
| Centrally Cleared Interest Rate Swap Contracts<sup>(2)</sup> | Receivable, variation margin for centrally cleared swap contracts agreements | $5571002 |  |  |  |
| Futures Contracts<sup>(1)</sup> | Receivable, variation margin for futures contracts | $13494381 | – | – | – |
| **Liability Derivatives** |  |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | Unrealized depreciation on forward foreign currency exchange contracts |  | $406655 |  |  |
| Futures Contracts<sup>(1)</sup> | Payable, variation margin for futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp; 32140 | – | – | – |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **Inflation Focused Fund** | **Inflation Focused Fund** |
| **Asset Derivatives** | **Statements of Assets** <br> **and Liabilities** <br> **Location** | **Interest**<br> **Rate**<br> **Contracts** | **Credit**<br> **Contracts** | **Inflation**<br> **Linked**<br> **Contracts** |
| Centrally Cleared CPI Swap Contracts<sup>(2)</sup> | Receivable, variation margin for centrally cleared swap contracts agreements |  |  | $26996720 |
| Centrally Cleared Credit Default Swap Contracts<sup>(2)</sup> | Receivable, variation margin for centrally cleared swap contracts agreements |  | $295211 |  |
| Centrally Cleared Interest Rate Swap Contracts<sup>(2)</sup> | Receivable, variation margin for centrally cleared swap contracts agreements | $&nbsp;&nbsp;&nbsp;&nbsp;2682 |  |  |
| CPI Swap Contracts | Unrealized appreciation on CPI swap contracts |  |  | $8933821 |
| Futures Contracts<sup>(1)</sup> | Receivable, variation margin for futures contracts | $776607 | – | – |
| **Liability Derivatives** |  |  |  |  |
| Centrally Cleared CPI Swap Contracts<sup>(2)</sup> | Payable, variation margin for centrally cleared swap contracts agreements |  |  | $1034375 |
| Centrally Cleared Interest Rate Swap Contracts<sup>(2)</sup> | Payable, variation margin for centrally cleared swap contracts agreements | $&nbsp;&nbsp;&nbsp;&nbsp;2674 |  |  |
| CPI Swap Contracts | Unrealized depreciation on CPI swap contracts |  |  | $5327120 |
| Futures Contracts<sup>(1)</sup> | Payable, variation margin for futures contracts | $38260 | – | – |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Short Duration Core Bond Fund** | **Short Duration Core Bond Fund** | **Short Duration Core Bond Fund** |
| **Asset Derivatives** | **Statements of Assets**<br> **and Liabilities**<br> **Location** | **Interest**<br> **Rate**<br> **Contracts** | **Inflation**<br> **Linked**<br> **Contracts** |
| Centrally Cleared CPI Swap Contracts<sup>(2)</sup> | Receivable, variation margin for centrally cleared swap contracts agreements |  | $7652 |
| Centrally Cleared Interest Rate Swap Contracts<sup>(2)</sup> | Receivable, variation margin for centrally cleared swap contracts agreements | $&nbsp;&nbsp;&nbsp;&nbsp; 49400 |  |
| Futures Contracts<sup>(1)</sup> | Receivable, variation margin for futures contracts | $201678 | – |
| **Liability Derivatives** |  |  |  |
| Centrally Cleared Interest Rate Swap Contracts<sup>(2)</sup> | Payable, variation margin for centrally cleared swap contracts agreements | $1202892 | – |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | **Short Duration Income Fund** | **Short Duration Income Fund** | **Short Duration Income Fund** |
| **Asset Derivatives** | **Statements of Assets**<br> **and Liabilities**<br> **Location** | **Interest**<br> **Rate**<br> **Contracts** | **Foreign**<br> **Currency**<br> **Contracts** | **Credit**<br> **Contracts** | **Inflation**<br> **Linked<br> Contracts** |
| Centrally Cleared CPI Swap Contracts<sup>(2)</sup> | Receivable, variation margin for centrally cleared swap contracts agreements |  |  |  | $978963 |
| Centrally Cleared Credit Default Swap Contracts<sup>(2)</sup> | Receivable, variation margin for centrally cleared swap contracts agreements |  |  | $17045612 |  |
| Centrally Cleared Interest Rate Swap Contracts<sup>(2)</sup> | Receivable, variation margin for centrally cleared swap contracts agreements | $6583972 |  |  |  |
| Futures Contracts<sup>(1)</sup> | Receivable, variation margin for futures contracts | $23423478 | – | – | – |
| **Liability Derivatives** |  |  |  |  |  |
| Centrally Cleared Interest Rate Swap Contracts<sup>(2)</sup> | Payable, variation margin for centrally cleared swap contracts agreements | $49294942 |  |  |  |
| Credit Default Swap Contracts | Credit default swap contracts agreements payable, at fair value |  |  | $2807579 |  |
| Forward Foreign Currency Exchange Contracts | Unrealized depreciation on forward foreign currency exchange contracts |  | $64461 |  |  |
| Futures Contracts<sup>(1)</sup> | Payable, variation margin for futures contracts | $6343452 | – | – | – |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | | **Total Return Fund** | **Total Return Fund** |
| **Asset Derivatives** | **Statements of Assets**<br> **and Liabilities**<br> **Location** | **Interest**<br> **Rate**<br> **Contracts** | **Foreign**<br> **Currency**<br> **Contracts** |
| Futures Contracts<sup>(1)</sup> | Receivable, variation margin for futures contracts | $1357310 | – |
| **Liability Derivatives** |  |  |  |
| Forward Foreign Currency Exchange Contracts | Unrealized depreciation on forward foreign currency exchange contracts |  | $672982 |
| Futures Contracts<sup>(1)</sup> | Payable, variation margin for futures contracts | $791273 | – |

---

---

| | | |
|:---|:---|:---|
| | **Ultra Short Bond Fund** | **Ultra Short Bond Fund** |
| **Asset Derivatives** | **Statements of**<br> **Assets and**<br> **Liabilities Location** | **Interest**<br> **Rate**<br> **Contracts** |
| Futures Contracts<sup>(1)</sup> | Receivable, variation margin for futures contracts | $517766 |

---

<sup>(1)</sup> Statements of Assets and Liabilities location: Includes cumulative unrealized appreciation/(depreciation) of futures contracts as reported in the Schedules of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

<sup>(2)</sup> Statements of Assets and Liabilities location: Includes cumulative unrealized appreciation/(depreciation) of centrally cleared swap contracts as reported in the Schedules of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

**Notes to Financial Statements (unaudited)(continued)**

The following tables present the effect of derivatives on the Statements of Operations for the six months ended May 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Convertible Fund** | **Convertible Fund** |
| | **Equity<br> Contracts** | **Foreign<br> Currency<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives Recognized on the Statements of Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | $(518897) |
| &nbsp;&nbsp;&nbsp;Purchased Options | $2694099 |  |
| &nbsp;&nbsp;&nbsp;OTC Written Options | $(1158008) |  |
| **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized on the Statements of Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | $(49375) |
| &nbsp;&nbsp;&nbsp;Purchased Options | $(5508973) |  |
| &nbsp;&nbsp;&nbsp;OTC Written Options | $(677671) |  |
| **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | $12693276 |
| &nbsp;&nbsp;&nbsp;Purchased Options | $1132582 |  |
| &nbsp;&nbsp;&nbsp;OTC Written Options | $(78821) | – |

---

---

| | |
|:---|:---|
| | **Core Fixed Income Fund** |
| | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives Recognized on the Statements of Operations** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(2264868) |
| **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized on the Statements of Operations** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(1851339) |
| **Derivatives volume calculated based on the number of contracts or notional amounts** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 2355 |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | |
|:---|:---|:---|:---|
| | | **Core Plus Bond Fund** | **Core Plus Bond Fund** |
| | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Credit<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives Recognized on the Statements of Operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  | $(599) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | $83546 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(4082012) |  |  |
| **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized on the Statements of Operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | $(104362) |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(545822) |  |  |
| **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  | $2636571 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | $2616207 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 2043 | – | – |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Floating Rate Fund** | **Floating Rate Fund** |
| | **Equity<br> Contracts** | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Credit<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives Recognized on the Statements of Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  |  | $9155 |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts |  | $1292665 |  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts | $773135 |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  | $(13505440) |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | $975963 |  |  |
| **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized on the Statements of Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts |  | $(2520455) |  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts | $(1658045) |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  | $(2196192) |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | $371959 |  |  |
| **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts |  | $254989286 |  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swap Contracts | $756219 |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  |  | $288320996 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | – | 225 | – | – |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | |
|:---|:---|:---|:---|
| | | **High Yield Fund** | **High Yield Fund** |
| | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Credit<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives Recognized on the Statements of Operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  | $966676 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | $(1394321) |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(4576954) |  |  |
| **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized on the Statements of Operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  | $2727256 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | $(6902690) |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(1686642) |  |  |
| **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  | $58636286 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | $196004438 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 3944 | – | – |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | |
|:---|:---|:---|:---|
| | | **Income Fund** | **Income Fund** |
| | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Credit<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives Recognized on the Statements of Operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | $4635007 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  | $459929 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | $359379 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(65383366) |  |  |
| **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized on the Statements of Operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | $1385134 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  | $20811 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | $(424758) |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(6072162) |  |  |
| **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | $317285571 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  | $75411429 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | $10979041 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 12199 | – | – |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | |
|:---|:---|:---|
| | **Inflation Focused Fund** | **Inflation Focused Fund** |
| | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Credit<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives Recognized on the Statements of Operations** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | $14833755 |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  | $74572 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $943454 |  |
| **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized on the Statements of Operations** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | $(7006404) |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  | $(21801) |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(201151) |  |
| **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | $853236988 |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  | $15047286 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 2320 | – |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | |
|:---|:---|:---|
| **Short Duration Core Bond Fund** | **Short Duration Core Bond Fund** | **Short Duration Core Bond Fund** |
| | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Credit<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives Recognized on the Statements of Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  | $722111 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(435942) |  |
| **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized on the Statements of Operations** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | $(818804) |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $70612 |  |
| **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | $93708714 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 478 | – |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | |
|:---|:---|:---|:---|
| | | **Short Duration Income Fund** | **Short Duration Income Fund** |
| | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Credit<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives Recognized on the Statements of Operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | $83109157 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  | $3601793 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | $202519 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(47902448) |  |  |
| **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized on the Statements of Operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | $(73974281) |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  | $287683 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | $(74662) |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $17544414 |  |  |
| **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |  |
| &nbsp;&nbsp;&nbsp;CPI/Interest Rate Swap Contracts | $10545932714 |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  | $663823145 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | $4554064 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 71181 | – | – |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | |
|:---|:---|:---|:---|
| | | **Total Return Fund** | **Total Return Fund** |
| | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** | **Foreign<br> Currency<br> Contracts** | **Credit<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives Recognized on the Statements of Operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  | $(158731) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | $586166 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(5078239) |  |  |
| **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized on the Statements of Operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | $(702509) |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(2352559) |  |  |
| **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit Default Swap Contracts |  |  | $2505143 |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts |  | $18017765 |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 1987 | – | – |

---

---

| | |
|:---|:---|
| | **Ultra Short Bond Fund** |
| | **Inflation<br> Linked/<br> Interest<br> Rate<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives Recognized on the Statements of Operations** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $1073268 |
| **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized on the Statements of Operations** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(50376) |
| **Derivatives volume calculated based on the number of contracts or notional amounts** |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 2402 |

---

**Notes to Financial Statements (unaudited)(continued)**

**3.** DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES

The FASB requires disclosures intended to help better assess the effect or potential effect of offsetting arrangements on a fund's financial position. The following tables illustrate gross and net information about recognized assets and liabilities eligible for offset in the Statements of Assets and Liabilities; and disclose such amounts subject to an enforceable master netting agreement or similar agreement, by the counterparty. A master netting agreement is an agreement between a fund and the counterparty which provides for the net settlement of amounts owed under all contracts traded under that agreement, as well as cash collateral, through a single payment by one party to the other in the event of default on or termination of any one contract. The Funds' accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the master netting agreement does not result in an offset of reported amounts of financial assets and liabilities in the Statements of Assets and Liabilities across transactions between the Funds and the applicable counterparty:

---

| | | | |
|:---|:---|:---|:---|
| | | | **Convertible Fund** |
| **Description** | **Gross Amounts of<br> Recognized Assets** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities** |
| OTC Options Purchased | $7551082 | $– | $7551082 |
| Forward Foreign Currency Exchange Contracts | 399 | – | 399 |
| &nbsp;&nbsp;&nbsp;Total | $7551481 | $– | $7551481 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Amounts<br> of Assets<br> Presented in** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| **Counterparty** | **the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | Cash<br> Collateral<br> Received | Securities<br> Collateral<br> Received | Net<br> Amount |
| Bank Of America | $399 | $– | $– | $– | $399 |
| Goldman Sachs | 901012 |  | (901012) |  |  |
| Morgan Stanley | 1772207 |  |  |  | 1772207 |
| UBS AG | 4877863 | (3055990) | – | (1821873) | – |
| &nbsp;&nbsp;&nbsp;Total | $7551481 | $(3055990) | $(901012) | $(1821873) | $1772606 |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | |
|:---|:---|:---|:---|
| | | | **Convertible Fund** |
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $&nbsp;&nbsp;&nbsp;&nbsp; 20445 | $– | $&nbsp;&nbsp;&nbsp;&nbsp; 20445 |
| OTC Options Written | 3055990 | – | 3055990 |
| &nbsp;&nbsp;&nbsp;Total | $3076435 | $– | $3076435 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Amounts<br> of Liabilities<br> Presented in** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| **Counterparty** | **the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | Cash<br> Collateral<br> Pledged | Securities<br> Collateral<br> Pledged | Net<br> Amount |
| State Street Bank And Trust | $20445 | $– | $– | $– | $20445 |
| UBS AG | 3055990 | (3055990) | – | – | – |
| &nbsp;&nbsp;&nbsp;Total | $3076435 | $(3055990) | $– | $– | $20445 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | | **Core Plus Bond Fund** |
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $100154 | $– | $100154 |
| &nbsp;&nbsp;&nbsp;Total | $100154 | $– | $100154 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Amounts<br> of Liabilities<br> Presented in** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| **Counterparty** | **the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | Cash<br> Collateral<br> Pledged | Securities<br> Collateral<br> Pledged | Net<br> Amount |
| State Street Bank And Trust | $100154 | $– | $– | $– | $100154 |
| &nbsp;&nbsp;&nbsp;Total | $100154 | $– | $– | $– | $100154 |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | |
|:---|:---|:---|:---|
| | | | **Floating Rate Fund** |
| **Description** | **Gross Amounts of<br> Recognized Assets** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities** |
| Total Return Swap Contracts | $2641266 | $– | $2641266 |
| Forward Foreign Currency Exchange Contracts | 14594 | – | 14594 |
| &nbsp;&nbsp;&nbsp;Total | $2655860 | $– | $2655860 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Amounts<br> of Assets<br> Presented in** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| **Counterparty** | **the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | Cash<br> Collateral<br> Received | Securities<br> Collateral<br> Received | Net<br> Amount |
| Barclays Bank PLC | $10996 | $(10996) | $– | $– | $– |
| Morgan Stanley | 2644864 | – | (2020000) | – | 624864 |
| &nbsp;&nbsp;&nbsp;Total | $2655860 | $(10996) | $(2020000) | $– | $624864 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $1228194 | $– | $1228194 |
| &nbsp;&nbsp;&nbsp;Total | $1228194 | $– | $1228194 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Amounts<br> of Liabilities<br> Presented in** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| **Counterparty** | **the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | Cash<br> Collateral<br> Pledged | Securities<br> Collateral<br> Pledged | Net<br> Amount |
| Bank Of America | $2026 | $– | $(2026) | $– | $– |
| Barclays Bank PLC | 75919 | (10996) | (64923) |  |  |
| State Street Bank And Trust | 1150249 | – | (1150249) | – | – |
| &nbsp;&nbsp;&nbsp;Total | $1228194 | $(10996) | $(1217198) | $– | $– |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | |
|:---|:---|:---|:---|
| | | | **High Yield Fund** |
| **Description** | **Gross Amounts of<br> Recognized Assets** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $160320 | $– | $160320 |
| &nbsp;&nbsp;&nbsp;Total | $160320 | $– | $160320 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Amounts<br> of Assets<br> Presented in** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| **Counterparty** | **the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | Cash<br> Collateral<br> Received | Securities<br> Collateral<br> Received | Net<br> Amount |
| Bank Of America | $65567 | $– | $– | $– | $65567 |
| Barclays Bank PLC | 47743 |  |  |  | 47743 |
| Goldman Sachs | 4064 |  |  |  | 4064 |
| Morgan Stanley | 22948 | (22948) |  |  |  |
| State Street Bank And Trust | 19998 | (19998) | – | – | – |
| &nbsp;&nbsp;&nbsp;Total | $160320 | $(42946) | $– | $– | $117374 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $3751698 | $– | $3751698 |
| &nbsp;&nbsp;&nbsp;Total | $3751698 | $– | $3751698 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Amounts<br> of Liabilities<br> Presented in** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| **Counterparty** | **the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | Cash<br> Collateral<br> Pledged | Securities<br> Collateral<br> Pledged | Net<br> Amount |
| Morgan Stanley | $140223 | $(22948) | $(117275) | $– | $– |
| State Street Bank And Trust | 3611475 | (19998) | (3591477) | – | – |
| &nbsp;&nbsp;&nbsp;Total | $3751698 | $(42946) | $(3708752) | $– | $– |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | |
|:---|:---|:---|:---|
| | | | **Income Fund** |
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $406655 | $– | $406655 |
| &nbsp;&nbsp;&nbsp;Total | $406655 | $– | $406655 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Amounts<br> of Liabilities<br> Presented in** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| **Counterparty** | **the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | Cash<br> Collateral<br> Pledged | Securities<br> Collateral<br> Pledged | Net<br> Amount |
| State Street Bank And Trust | $406655 | $– | $(300000) | $– | $106655 |
| &nbsp;&nbsp;&nbsp;Total | $406655 | $– | $(300000) | $– | $106655 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Inflation Focused Fund** | **Inflation Focused Fund** |
| **Description** | **Gross Amounts of<br> Recognized Assets** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities** |
| Consumer Price Index ("CPI") Swaps | $8933821 | $– | $8933821 |
| &nbsp;&nbsp;&nbsp;Total | $8933821 | $– | $8933821 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Amounts<br> of Assets<br> Presented in** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| **Counterparty** | **the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | Cash<br> Collateral<br> Received | Securities<br> Collateral<br> Received | Net<br> Amount |
| Bank of America | $5781423 | $(3539393) | $(2242030) | $– | $– |
| Barclays Bank PLC | 2211038 |  | (2211038) |  |  |
| Deutsche Bank AG | 941360 | (941360) | – | – | – |
| &nbsp;&nbsp;&nbsp;Total | $8933821 | $(4480753) | $(4453068) | $– | $– |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Consumer Price Index ("CPI") Swaps | $5327120 | $– | $5327120 |
| &nbsp;&nbsp;&nbsp;Total | $5327120 | $– | $5327120 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Amounts<br> of Liabilities<br> Presented in** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| **Counterparty** | **the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | Cash<br> Collateral<br> Pledged | Securities<br> Collateral<br> Pledged | Net<br> Amount |
| Bank of America | $3539393 | $(3539393) | $– | $– | $– |
| Deutsche Bank AG | 1787727 | (941360) | (703000) | – | 143367 |
| &nbsp;&nbsp;&nbsp;Total | $5327120 | $(4480753) | $(703000) | $– | $143367 |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | |
|:---|:---|:---|:---|
| | | **Short Duration Income Fund** | **Short Duration Income Fund** |
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Credit Default Swap Contracts | $2807579 | $– | $2807579 |
| Forward Foreign Currency Exchange Contracts | 64461 | – | 64461 |
| &nbsp;&nbsp;&nbsp;Total | $2872040 | $– | $2872040 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Amounts<br> of Liabilities<br> Presented in** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| **Counterparty** | **the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | Cash<br> Collateral<br> Pledged | Securities<br> Collateral<br> Pledged | Net<br> Amount |
| Citibank | $2450904 | $– | $(2450904) | $– | $– |
| Morgan Stanley | 356675 |  | (210000) |  | 146675 |
| State Street Bank And Trust | 64461 | – | – | – | 64461 |
| &nbsp;&nbsp;&nbsp;Total | $2872040 | $– | $(2660904) | $– | $211136 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | | **Total Return Fund** |
| **Description** | **Gross Amounts of<br> Recognized Liabilities** | **Gross Amounts<br> Offset in the<br> Statement of Assets<br> and Liabilities** | **Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities** |
| Forward Foreign Currency Exchange Contracts | $672982 | $– | $672982 |
| &nbsp;&nbsp;&nbsp;Total | $672982 | $– | $672982 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Amounts<br> of Liabilities<br> Presented in** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | **Amounts Not Offset in the<br> Statement of Assets and Liabilities** | |
| **Counterparty** | **the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments** | Cash<br> Collateral<br> Pledged | Securities<br> Collateral<br> Pledged | Net<br> Amount |
| State Street Bank And Trust | $672982 | $– | $(670000) | $– | $2982 |
| &nbsp;&nbsp;&nbsp;Total | $672982 | $– | $(670000) | $– | $2982 |

---

**4.** MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

**Management Fee**

The Trust has a management agreement with Lord Abbett, pursuant to which Lord Abbett provides each Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of each Fund's investment portfolio. The management fee is accrued daily and payable monthly.

**Notes to Financial Statements (unaudited)(continued)**

The management fee is based on each Fund's average daily net assets at the following annual rates:

---

| | |
|:---|:---|
| **Convertible Fund** |  |
| First $1 billion | .70% |
| Next $1 billion | .60% |
| Over $2 billion | .57% |
| **Core Fixed Income Fund** |  |
| First $1 billion | .24% |
| Next $1 billion | .21% |
| Over $2 billion | .20% |
| **Core Plus Bond Fund** |  |
| First $4 billion | .28% |
| Next $11 billion | .26% |
| Over $15 billion | .25% |
| **Floating Rate Fund** |  |
| First $1 billion | .50% |
| Over $1 billion | .45% |
| **High Yield Fund** |  |
| First $1 billion | .60% |
| Next $1 billion | .55% |
| Over $2 billion | .50% |
| **Income Fund** |  |
| First $3 billion | .38% |
| Next $7 billion | .35% |
| Over $10 billion | .34% |

---

---

| | |
|:---|:---|
| **Inflation Focused Fund** |  |
| First $2 billion | .30% |
| Next $3 billion | .28% |
| Over $5 billion | .26% |
| **Short Duration Core Bond Fund** |  |
| First $1 billion | .30% |
| Next $1 billion | .25% |
| Over $2 billion | .20% |
| **Short Duration Income Fund** |  |
| First $1 billion | .35% |
| Next $1 billion | .30% |
| Over $2 billion | .25% |
| **Total Return Fund** |  |
| First $4 billion | .28% |
| Next $11 billion | .26% |
| Over $15 billion | .25% |
| **Ultra Short Bond Fund** | .17% |

---

For the six months ended May 31, 2025, the effective management fee, net of any applicable waivers, was at the following annualized rate of each Fund's average daily net assets:

---

| | |
|:---|:---|
| | **Net Effective**<br> **Management Fee** |
| Convertible Fund | .70% |
| Core Fixed Income Fund | .21% |
| Core Plus Bond Fund | .28% |
| Floating Rate Fund | .46% |
| High Yield Fund | .54% |
| Income Fund | .37% |
| Inflation Focused Fund | .30% |
| Short Duration Core Bond Fund | .21% |
| Short Duration Income Fund | .25% |
| Total Return Fund | .28% |
| Ultra Short Bond Fund | .17% |

---

**Notes to Financial Statements (unaudited)(continued)**

In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of each Fund's average daily net assets. The fund administration fee is accrued daily and payable monthly. Lord Abbett voluntarily waived the following fund administration fees for the six months ended May 31, 2025:

---

| | |
|:---|:---|
| **Fund** | **Fund <br> Administration Fee** |
| Convertible Fund | $6627 |
| Core Fixed Income Fund | 27074 |
| Core Plus Bond Fund | 19985 |
| Floating Rate Fund | 39850 |
| High Yield Fund | 43167 |
| Income Fund | 30029 |
| Inflation Focused Fund | 18438 |
| Short Duration Core Bond Fund | 10451 |
| Short Duration Income Fund | 210454 |
| Total Return Fund | 26000 |
| Ultra Short Bond Fund | 52839 |

---

For the six months ended May 31, 2025 and continuing through March 31, 2026, Lord Abbett has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses for each class, excluding certain of the Funds' expenses, to the following annual rates:

---

| | | |
|:---|:---|:---|
| | **Classes** | **Classes** |
| <br>**Fund** | **A,C,F,I,R2,R3,<br> R4 and R5** | **F3 and R6** |
| Core Plus Bond Fund | .48% | .41% |
| Short Duration Core Bond Fund | .40% | .31% |

---

For the six months ended May 31, 2025 and continuing through March 31, 2026, Lord Abbett has contractually agreed to waive Core Fixed Income Fund's and Total Return Fund's Class I shareholder servicing expenses at an annual rate of .04% of each Fund's average daily net assets.

All contractual management fee waivers and expense reimbursement agreements between the Funds and Lord Abbett may be terminated only on approval of the Board.

**12b-1 Distribution Plan**

Each Fund has adopted a distribution plan with respect to Class A, A1, C, F, P, R2, R3 and R4 shares pursuant to Rule 12b-1 under the Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the "Distributor"), an affiliate of Lord Abbett. The distribution and service fees are accrued daily and payable monthly. The following annual rates have been authorized by the Board pursuant to the plan:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fees\*** | **Class A** | **Class A1** | **Class C**<sup>(1)</sup> | **Class F**<sup>(2)</sup> | **Class P** | **Class R2** | **Class R3** | **Class R4** |
| Service | .15% | .25%<sup>(4)</sup> | .25% |  | .25% | .25% | .25% | .25% |
| Distribution | .05%<sup>(3)</sup> |  | .75% | .10% | .20% | .35% | .25% |  |

---

\* The Funds may designate a portion of the aggregate fees attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. sales charge limitations.

<sup>(1)</sup> The Rule 12b-1 fee each applicable Fund pays on Class C shares is a blended rate based on 1.00% of each Fund's average daily net assets attributable to Class C shares held less than 1 year and .80% (.25% service and .55% distribution) of each Fund's average daily net assets attributable to Class C shares held for 1 year or more. All Class C shareholders will bear Rule 12b-1 fees at the same rate.

<sup>(2)</sup> The Class F shares Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Funds' prospectus.

<sup>(3)</sup> Distribution fees not applicable for Ultra Short Bond Fund.

<sup>(4)</sup> Class A1 only for Ultra Short Bond Fund.

Class F3, Class I, Class R5 and Class R6 shares do not have a distribution plan.

**Notes to Financial Statements (unaudited)(continued)**

**Commissions**

The Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, for the six months ended May 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Distributor <br> Commissions** | **Dealers' <br> Concessions** |
| Convertible Fund | $&nbsp;&nbsp;&nbsp;&nbsp;1137 | $&nbsp;&nbsp;&nbsp;&nbsp; 17320 |
| Core Fixed Income Fund | 32423 | 406681 |
| Core Plus Bond Fund | 25618 | 415415 |
| Floating Rate Fund | 24841 | 692528 |
| High Yield Fund | 20730 | 291476 |
| Income Fund | 74131 | 892731 |
| Inflation Focused Fund | 1055 | 11039 |
| Short Duration Core Bond Fund | 6832 | 84636 |
| Short Duration Income Fund | 154302 | 3605425 |
| Total Return Fund | 33142 | 376214 |
| Ultra Short Bond Fund |  | 8900 |

---

The Distributor received the following amounts of CDSCs for the six months ended May 31, 2025:

---

| | | |
|:---|:---|:---|
| | **Class A** | **Class C** |
| Convertible Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; 644 |
| Core Fixed Income Fund | 25680 | 7856 |
| Core Plus Bond Fund | 102885 | 6191 |
| Floating Rate Fund | 37789 | 9065 |
| High Yield Fund | 14676 | 3719 |
| Income Fund | 44585 | 5113 |
| Inflation Focused Fund | 546 | 52 |
| Short Duration Core Bond Fund | 1793 | 2027 |
| Short Duration Income Fund | 193604 | 68215 |
| Total Return Fund | 16201 | 459 |
| Ultra Short Bond Fund | 157 | 893 |

---

**Other Related Parties**

As of May 31, 2025, the percentages of the outstanding shares owned by each Fund that invests principally in affiliated mutual funds managed by Lord Abbett ("Fund of Funds") were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund of Funds | Core<br> Fixed<br> Income<br> Fund | High<br> Yield<br> Fund | Income<br> Fund | Short<br> Duration<br> Income<br> Fund | Ultra<br> Short<br> Bond<br> Fund |
| Lord Abbett Multi-Asset Balanced Opportunity Fund | 6.59% | 2.78% | 3.36% | 0.29% | 0.30% |
| Lord Abbett Multi-Asset Income Fund | 5.83% | 1.73% | 1.54% | 0.08% | 0.15% |

---

One Trustee and certain of the Trust's officers have an interest in Lord Abbett.

**Notes to Financial Statements (unaudited)(continued)**

**5.** DISTRIBUTIONS AND TAX INFORMATION

Dividends are paid from net investment income, if any. Capital gain distributions are paid from taxable net realized gains from investments transactions, reduced by allowable capital loss carryforwards, if any. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

The tax character of distributions paid during the six months ended May 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions Paid** |
| Convertible Fund | $7308919 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – | $7308919 |
| Core Fixed Income Fund | 105623336 |  |  | 105623336 |
| Core Plus Bond Fund | 98130258 |  |  | 98130258 |
| Floating Rate Fund | 177474401 |  |  | 177474401 |
| High Yield Fund | 126227521 |  |  | 126227521 |
| Income Fund | 163105324 |  |  | 163105324 |
| Inflation Focused Fund | 17508780 |  |  | 17508780 |
| Short Duration Core Bond Fund | 12903122 |  |  | 12903122 |
| Short Duration Income Fund | 1081951837 |  |  | 1081951837 |
| Total Return Fund | 90752931 |  |  | 90752931 |
| Ultra Short Bond Fund | 294121081 |  |  | 294121081 |

---

The tax character of distributions paid during the fiscal year ended November 30, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Net Long-Term<br> Capital Gains** | **Return of<br> Capital** | **Total<br> Distributions Paid** |
| Convertible Fund | $11493965 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – | $11493965 |
| Core Fixed Income Fund | 185831140 |  |  | 185831140 |
| Core Plus Bond Fund | 122942751 |  |  | 122942751 |
| Floating Rate Fund | 415311398 |  |  | 415311398 |
| High Yield Fund | 270300740 |  |  | 270300740 |
| Income Fund | 257992868 |  |  | 257992868 |
| Inflation Focused Fund | 39032965 |  |  | 39032965 |
| Short Duration Core Bond Fund | 23957254 |  |  | 23957254 |
| Short Duration Income Fund | 2164105484 |  |  | 2164105484 |
| Total Return Fund | 171280646 |  |  | 171280646 |
| Ultra Short Bond Fund | 515842825 |  |  | 515842825 |

---

Net capital losses recognized by the Funds may be carried forward indefinitely and retain their character as short-term and/or long-term losses. Capital losses incurred that will be carried forward are as follows:

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term Losses** | **Long-Term Losses** | **Net Capital Losses** |
| Convertible Fund | $(190041024) | $– | $(190041024) |
| Core Fixed Income Fund | (98361855) | (208853809) | (307215664) |
| Core Plus Bond Fund | (28574645) | (52162923) | (80737568) |
| Floating Rate Fund | (541270239) | (1283695665) | (1824965904) |
| High Yield Fund | (406377889) | (445194323) | (851572212) |
| Income Fund | (192957738) | (243205127) | (436162865) |
| Inflation Focused Fund | (162068069) | (308951708) | (471019777) |
| Short Duration Core Bond Fund | (8081999) | (9868973) | (17950972) |
| Short Duration Income Fund | (1403020736) | (5859057498) | (7262078234) |
| Total Return Fund | (218672385) | (354906684) | (573579069) |
| Ultra Short Bond Fund | (67668322) | (137790580) | (205458902) |

---

As of May 31, 2025, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for each Fund are shown below. The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable to the tax treatment of certain securities, certain distributions, amortization of premium, other financial instruments and wash sales.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Convertible Fund | $529557664 | $45891263 | $(18467938) | $27423325 |
| Core Fixed Income Fund | 5573670392 | 27661397 | (68501214) | (40839817) |
| Core Plus Bond Fund | 4794548678 | 27780951 | (44287362) | (16506411) |
| Floating Rate Fund | 4695219231 | 66402001 | (62453098) | 3948903 |
| High Yield Fund | 3446093309 | 97670270 | (105686155) | (8015885) |
| Income Fund | 6179426086 | 72284699 | (137034413) | (64749714) |
| Inflation Focused Fund | 806234180 | 11691352 | (13454146) | (1762794) |
| Short Duration Core Bond Fund | 608382257 | 3237274 | (1813319) | 1423955 |
| Short Duration Income Fund | 45662990648 | 343603222 | (1522311705) | (1178708483) |
| Total Return Fund | 4487918159 | 26795847 | (84665209) | (57869362) |
| Ultra Short Bond Fund | 12988747936 | 40961721 | (8517989) | 32443732 |

---

**6.** PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended May 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **U.S.<br> Government<br> Purchases** | **Non-U.S.<br> Government<br> Purchases** | **U.S.<br> Government<br> Sales** | **Non-U.S.<br> Government<br> Sales** |
| Convertible Fund | $– | $342152920 | $– | $386544998 |
| Core Fixed Income Fund | 11354713723 | 1170873422 | 11435345522 | 976342884 |
| Core Plus Bond Fund | 9210121856 | 1430340288 | 8963570553 | 979448295 |
| Floating Rate Fund |  | 1881702845 |  | 1974802099 |
| High Yield Fund |  | 1420887213 |  | 1642550007 |
| Income Fund | 5035873588 | 2186308769 | 5363533841 | 2126366087 |
| Inflation Focused Fund | 356499100 | 273174703 | 338146084 | 256524631 |
| Short Duration Core Bond Fund | 252644037 | 208785972 | 239096279 | 149017873 |
| Short Duration Income Fund | 16368209700 | 14829866553 | 17504724847 | 14191399507 |
| Total Return Fund | 8193083008 | 1009600897 | 8298244551 | 961865978 |
| Ultra Short Bond Fund | 107016887 | 5178268202 | 174695007 | 3762976376 |

---

**Notes to Financial Statements (unaudited)(continued)**

Each Fund is permitted to purchase and sell securities ("cross-trade") from and to other Lord Abbett funds or client accounts pursuant to procedures approved by the Board in compliance with Rule 17a–7 under the Act (the "Rule"). Each cross-trade is executed at a fair market price in compliance with provisions of the Rule. For the six months ended May 31, 2025, the Funds did not engage in cross trade purchases or sales.

**7.** TRUSTEES' REMUNERATION

The Trust's officers and one Trustee, who are associated with Lord Abbett, do not receive any compensation from the Trust for serving in such capacities. Independent Trustees' fees are allocated among all Lord Abbett-sponsored funds primarily based on the relative net assets of each fund. There is an equity-based plan available to all Independent Trustees under which Independent Trustees may elect to defer receipt of a portion of Trustees' fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the Funds. Such amounts and earnings accrued thereon are included in Trustees' fees in the Statements of Operations and in Trustees' fees payable in the Statements of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

**8.** LINE OF CREDIT

For the period ended May 31, 2025, the Funds and certain other funds managed by Lord Abbett (collectively, the "Participating Funds") were party to a syndicated line of credit facility with various lenders for $1.6 billion (the "Syndicated Facility") under which State Street Bank and Trust Company ("SSB") participated as a lender and as agent for the lenders. The Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, the Participating Funds renewed the Syndicated Facility for $1.675 billion. The Participating Funds are subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million, $300 million, $700 million or $1 billion, in each case based on past borrowings and likelihood of future borrowings, among other factors.

For the period ended May 31, 2025, the Participating Funds were also party to an additional uncommitted line of credit facility with SSB for $330 million (the "Bilateral Facility"). Under the Bilateral Facility, the Participating Funds were subject to graduated borrowing limits of the lesser of either one-third or one-fifth of unencumbered fund net assets and $250 million based on past borrowings and likelihood of future borrowings, among other factors.

Effective June 6, 2025, the Participating Funds renewed the Bilateral Facility in the same amount. The Participating Funds remain subject to the same borrowing limits as were in place prior to the renewal.

For the six months ended May 31, 2025, the Funds did not utilize the Syndicated Facility or Bilateral Facility.

**9.** INTERFUND LENDING PROGRAM

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission ("SEC exemptive order") certain registered open-end management investment companies managed by Lord Abbett, including each Fund, participate in a joint lending and borrowing program (the "Interfund

**Notes to Financial Statements (unaudited)(continued)**

Lending Program"). The SEC exemptive order allows the funds that participate in the Interfund Lending Program to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

During the six months ended May 31, 2025, the Funds did not participate as a borrower or lender in the Interfund Lending Program.

**10.** CUSTODIAN AND ACCOUNTING AGENT

SSB is the Trust's custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund's NAV.

**11.** SECURITIES LENDING AGREEMENT

The Funds, except for Inflation Focused Fund, have established a securities lending agreement with Citibank, N.A. for the lending of securities to qualified brokers in exchange for securities or cash collateral equal to at least the market value of securities loaned, plus interest, if applicable. Cash collateral is invested in an approved money market fund. In accordance with the Funds' securities lending agreement, the market value of securities on loan is determined each day at the close of business and any additional collateral required to cover the value of securities on loan is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience a delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or the borrower becomes insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Any income earned from securities lending is included in Securities lending net income in each Fund's Statement of Operations.

The initial collateral received by the Funds is required to have a value equal to at least 100% of the market value of the securities loaned. The collateral must be marked-to-market daily to cover increases in the market value of the securities loaned (or potentially a decline in the value of the collateral). In general, the risk of borrower default will be borne by Citibank, N.A.; the Funds will bear the risk of loss with respect to the investment of the cash collateral. The advantage of such loans is that the Funds continue to receive income on loaned securities while receiving a portion of any securities lending fees and earning returns on the cash amounts which may be reinvested for the purchase of investments in securities.

As of May 31, 2025, the market value of securities loaned and collateral received were as follows:

---

| | | |
|:---|:---|:---|
| **Funds** | **Market Value of <br> Securities Loaned** | Collateral<br> **Received**<sup>(1)</sup> |
| Core Fixed Income Fund | $4981004 | $5150000 |
| Core Plus Bond Fund | 23923855 | 24691674 |
| Floating Rate Fund | 66647418 | 69277520 |
| High Yield Fund | 91007416 | 94804633 |
| Income Fund | 71524008 | 82808184 |
| Short Duration Core Bond Fund | 475292 | 489440 |
| Short Duration Income Fund | 121153219 | 132551250 |
| Total Return Fund | 20951972 | 21774312 |
| Ultra Short Bond Fund | 3402457 | 3502300 |

---

<sup>(1)</sup> Statements of Assets and Liabilities location: Collateral due to broker for securities lending.

**Notes to Financial Statements (unaudited)(continued)**

**12.** INVESTMENT RISKS

Each Fund is subject to the general risks and considerations associated with investing in fixed income securities and to the changing prospects of individual companies and/or sectors in which the Funds invest. The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates rise, the prices of fixed income securities are likely to decline, when interest rates fall, such prices tend to rise. Longer-term securities are usually more sensitive to interest rate changes. There is also the risk that an issuer of a fixed income security will fail to make timely payments of principal and/or interest to a Fund, a risk that is greater with high-yield bonds (sometimes called "junk bonds") in which one or more of the Funds may invest. Some issuers, particularly of high-yield bonds may default as to principal and/or interest payments after the Fund purchases their securities. A default, or concerns in the market about an increase in risk of default may result in losses to each Fund. High-yield bonds are subject to greater price fluctuations and increase liquidity risk as well as additional risks.

Because the Ultra Short Bond Fund invests a significant portion of its assets in securities issued by companies in the financial services industry, developments affecting this industry may have a disproportionate impact on the Fund. Interest rate risk, credit risk and the risk of regulatory changes in the financial services industry, among other risks, may have negative effect on companies in the financial services industry.

The values of equity holdings of Convertible Fund will fluctuate in response to movements in the equity securities market in general and to the changing prospects of the individual companies and/or sectors in which the Fund invests.

Convertible Fund, High Yield Fund, Income Fund, Inflation Focused Fund and Short Duration Income Fund are subject to the general risks and considerations associated with investing in convertible securities which have both equity and fixed income risk characteristics including market, credit, liquidity and interest rate risks. Generally, convertible securities offer lower interest or dividend yields than non-convertible securities of similar quality and less potential for gains or capital appreciation in a rising equity securities market than equity securities. They tend to be more volatile than other fixed income securities, and the markets for convertible securities may be less liquid than markets for stocks or bonds. A significant portion of convertible securities have below investment grade credit ratings and are subject to increased credit and liquidity risks.

Each Fund's investment exposure to foreign (which may include emerging markets) companies presents increased market, liquidity, currency, political, information and other risks. The cost of a Fund's potential use of forward foreign currency exchange contracts varies with factors such as the currencies involved, the length of the contract period and the market conditions prevailing.

Each Fund is subject to the risks associated with derivatives, which may be different from and greater than the risks associated with directly investing in securities. Derivatives may be subject to risks such as liquidity risk, leveraging risk, interest rate risk, market risk, and credit risk. Illiquid securities may lower the Funds' returns since the Funds may be unable to sell these securities at their desired time or price. Derivatives also may involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the value of the underlying asset, rate or index. Whether a Fund's use of derivatives is successful may depend on, among other things, the Fund's ability to correctly forecast market movements, changes in foreign exchange and interest rates, and other factors. If a Fund incorrectly forecasts these and other factors, its performance could suffer. A Fund's use of derivatives could result in a loss exceeding the amount of the Fund's investment in these instruments.

**Notes to Financial Statements (unaudited)(continued)**

Each Fund may invest in swap contracts. Swap contracts are bi-lateral agreements between a fund and its counterparty. Each party is exposed to the risk of default by the other in addition to the risks associated with investing in derivatives discussed above. In addition, they may involve a small investment of cash compared to the risk assumed with the result that small changes may produce disproportionate and substantial gains or losses to the Funds.

The Funds are subject to the risks of investing in credit default swap contracts. The risks associated with the Funds' investment in credit default swap contracts are greater than if the Funds invested directly in the reference obligation because they are subject to liquidity risk, counterparty risk, and credit risk at both the counterparty and underlying issuer levels in addition to the risks associated with investing in derivatives discussed above.

Each Fund's exposure to inflation-linked investments, such as Treasury Inflation Protected Securities, may be vulnerable to changes in expectations of inflation or interest rates and there is no guarantee that the Fund's use of these instruments will be successful.

The Funds are subject to the risks of investing in floating rate or adjustable rate senior loans, which are subject to increased credit and liquidity risks. Senior loans are business loans made to borrowers that may be U.S. or foreign corporations, partnerships or other business entities. The senior loans in which Core Fixed Income Fund, Core Plus Bond Fund, Floating Rate Fund, High Yield Fund, Income Fund, Inflation Focused Fund, Short Duration Income Fund and Total Return Fund may invest may consist primarily of senior loans that are rated below investment grade or, if unrated, deemed by Lord Abbett to be equivalent to below investment grade securities. Below investment grade senior loans, as in the case of high-yield debt securities, or junk bonds, are usually more credit sensitive than interest rate sensitive, although the value of these instruments may be impacted by broader interest rate swings in the overall fixed income market. In addition, Floating Rate Fund may invest up to 20% of its total assets in senior loans that are not secured by any specific collateral.

Each Fund is subject to the risk of investing in securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as the Government National Mortgage Association ("Ginnie Mae"), the Federal National Mortgage Association ("Fannie Mae"), or the Federal Home Loan Mortgage Corporation ("Freddie Mac"). Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. Government-related organizations such as Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. Government and no assurance can be given that the U.S. Government would provide financial support to its agencies and instrumentalities if not required to do so by law. Consequently, the Fund may be required to look principally to the agency issuing or guaranteeing the obligation.

Convertible Fund, Core Fixed Income Fund, Core Plus Bond Fund, Floating Rate Fund, High Yield Fund, Income Fund, Inflation Focused Fund, Short Duration Core Bond Fund, Short Duration Income Fund and Total Return Fund are subject to the risks of investing in asset backed securities and mortgage related securities, including those of such Government sponsored enterprises as Fannie Mae and Freddie Mac. In addition, these Funds may invest in non-agency backed and mortgage related securities, which are issued by the private institutions, not by the government-sponsored enterprises. Such securities may be particularly sensitive to changes in economic conditions, including delinquencies and/or defaults, and changes in prevailing interest rates. These changes can affect the value, income and/or liquidity of such positions. When interest rates are declining, the value of these securities with prepayment features may not increase as much as other fixed income securities. Early principal repayment may deprive a Fund of income payments above current markets rates. The prepayment rate also will affect the price and volatility of a mortgage-related

**Notes to Financial Statements (unaudited)(continued)**

security. In addition, securities of government sponsored enterprises are guaranteed with respect to the timely payment of interest and principal by the particular enterprise involved, not by the U.S. Government.

Geopolitical and other events, such as war, acts of terrorism, tariffs and other restrictions on trade, natural disasters, the spread of infectious illnesses, epidemics and pandemics, environmental and other public health issues, supply chain disruptions, inflation, recessions or other events, and governments' reactions to such events, may lead to increased market volatility and instability in world economies and markets generally and may have adverse effects on the performance of each Fund and its investments.

A widespread health crisis, such as a global pandemic, could cause substantial market volatility, impact the ability to complete redemptions, and adversely impact Fund performance. For example, the effects to public health, business and market conditions resulting from the COVID-19 pandemic have had, and may in the future have, a significant negative impact on the performance of each Fund's investments, including exacerbating other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.

It is difficult to accurately predict or foresee when events or conditions affecting the U.S. or global financial markets, economies, and issuers may occur, the effects of such events or conditions, potential escalations or expansions of these events, possible retaliations in response to sanctions or similar actions and the duration or ultimate impact of those events. The foregoing could disrupt the operations of each Fund and its service providers, adversely affect the value and liquidity of each Fund's investments and negatively impact each Fund's performance and your investment in each Fund.

**13.** SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of beneficial interest were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Convertible Fund** | **Six Months Ended <br> May 31, 2025 <br> (unaudited)** | **Six Months Ended <br> May 31, 2025 <br> (unaudited)** | **Year Ended <br> November 30, 2024** | **Year Ended <br> November 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 374598 | $5363261 | 759568 | $10013542 |
| Reinvestment of distributions | 114783 | 1628407 | 194355 | 2559165 |
| Shares reacquired | (1045857) | (14947091) | (2878857) | (37898361) |
| Decrease | (556476) | $(7955423) | (1924934) | $(25325654) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 34169 | $479264 | 64615 | $844560 |
| Reinvestment of distributions | 13392 | 188079 | 23392 | 303873 |
| Shares reacquired | (267037) | (3790440) | (854018) | (11120158) |
| Decrease | (219476) | $(3123097) | (766011) | $(9971725) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 20181 | $275762 | 72064 | $940608 |
| Reinvestment of distributions | 11445 | 162508 | 24610 | 323745 |
| Shares reacquired | (193335) | (2736688) | (929782) | (12023166) |
| Decrease | (161709) | $(2298418) | (833108) | $(10758813) |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Convertible Fund** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class F3 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 28407 | $414803 | 63167 | $845055 |
| Reinvestment of distributions | 8865 | 127639 | 18724 | 249609 |
| Shares reacquired | (144084) | (2089022) | (501233) | (6682861) |
| Decrease | (106812) | $(1546580) | (419342) | $(5588197) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 4009810 | $58326632 | 8816058 | $117747894 |
| Reinvestment of distributions | 288281 | 4125686 | 491573 | 6540685 |
| Shares reacquired | (5194643) | (73736949) | (13117880) | (174775726) |
| Decrease | (896552) | $(11284631) | (3810249) | $(50487147) |
| **Class P Shares** |  |  |  |  |
| Shares sold | 66 | $967 | 539 | $7172 |
| Reinvestment of distributions | 11 | 167 | 54 | 726 |
| Shares reacquired | – | – | (2593) | (36375) |
| Increase (decrease) | 77 | $1134 | (2000) | $(28477) |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 79 | $1156 | 1078 | $14206 |
| Reinvestment of distributions | 72 | 1056 | 97 | 1315 |
| Shares reacquired | (1217) | (17637) | (38) | (515) |
| Increase (decrease) | (1066) | $(15425) | 1137 | $15006 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 76860 | $1098330 | 153150 | $2018710 |
| Reinvestment of distributions | 15562 | 219181 | 22812 | 298433 |
| Shares reacquired | (128178) | (1819770) | (219839) | (2865735) |
| Decrease | (35756) | $(502259) | (43877) | $(548592) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 2184 | $30991 | 7248 | $95516 |
| Reinvestment of distributions | 188 | 2669 | 494 | 6453 |
| Shares reacquired | (4047) | (58333) | (32876) | (425919) |
| Decrease | (1675) | $(24673) | (25134) | $(323950) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 12487 | $178639 | 44668 | $597002 |
| Reinvestment of distributions | 1917 | 27445 | 2828 | 37671 |
| Shares reacquired | (39205) | (577065) | (20501) | (274748) |
| Increase (decrease) | (24801) | $(370981) | 26995 | $359925 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 16424 | $240295 | 38621 | $525215 |
| Reinvestment of distributions | 1473 | 21229 | 2294 | 30665 |
| Shares reacquired | (46282) | (674762) | (64647) | (847818) |
| Decrease | (28385) | $(413238) | (23732) | $(291938) |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Fixed Income Fund** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 7458615 | $68605806 | 25583679 | $237809431 |
| Reinvestment of distributions | 1672949 | 15429713 | 3169826 | 29336407 |
| Shares reacquired | (10403286) | (95917552) | (21030391) | (194092123) |
| Increase (decrease) | (1271722) | $(11882033) | 7723114 | $73053715 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 698382 | $6395049 | 2726429 | $25240947 |
| Reinvestment of distributions | 90440 | 830364 | 157972 | 1455056 |
| Shares reacquired | (818790) | (7481615) | (1162849) | (10701422) |
| Increase (decrease) | (29968) | $(256202) | 1721552 | $15994581 |
| **Class F Shares** |  |  |  |  |
| Shares sold | 791222 | $7294949 | 3299000 | $30499362 |
| Reinvestment of distributions | 151525 | 1396520 | 320950 | 2969955 |
| Shares reacquired | (3806032) | (35031347) | (2216747) | (20434515) |
| Increase (decrease) | (2863285) | $(26339878) | 1403203 | $13034802 |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 13385435 | $123103845 | 30996677 | $286962642 |
| Reinvestment of distributions | 1978764 | 18250986 | 3404773 | 31509348 |
| Shares reacquired | (10709871) | (98462542) | (15987567) | (147660930) |
| Increase | 4654328 | $42892289 | 18413883 | $170811060 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 65018282 | $597297087 | 171626011 | $1591853484 |
| Reinvestment of distributions | 7371250 | 67910249 | 12673162 | 117199906 |
| Shares reacquired | (66066804) | (606808503) | (91687570) | (844912378) |
| Increase | 6322728 | $58398833 | 92611603 | $864141012 |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 7272 | $66860 | 32245 | $298076 |
| Reinvestment of distributions | 1431 | 13194 | 2664 | 24638 |
| Shares reacquired | (14670) | (134447) | (8658) | (81131) |
| Increase (decrease) | (5967) | $(54393) | 26251 | $241583 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 36249 | $334302 | 222044 | $2052579 |
| Reinvestment of distributions | 10399 | 95905 | 20662 | 191356 |
| Shares reacquired | (62164) | (569696) | (253673) | (2346684) |
| Decrease | (15516) | $(139489) | (10967) | $(102749) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 71419 | $656095 | 448953 | $4118706 |
| Reinvestment of distributions | 19503 | 179817 | 42650 | 394610 |
| Shares reacquired | (217933) | (1995087) | (329872) | (3056079) |
| Increase (decrease) | (127011) | $(1159175) | 161731 | $1457237 |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Fixed Income Fund** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class R5 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 62978 | $580549 | 272430 | $2515694 |
| Reinvestment of distributions | 14868 | 137132 | 27004 | 249859 |
| Shares reacquired | (72094) | (662475) | (91560) | (852969) |
| Increase | 5752 | $55206 | 207874 | $1912584 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 655311 | $6001184 | 970636 | $8979764 |
| Reinvestment of distributions | 124849 | 1150595 | 225505 | 2085745 |
| Shares reacquired | (387930) | (3555505) | (738011) | (6779047) |
| Increase | 392230 | $3596274 | 458130 | $4286462 |
| **Core Plus Bond Fund** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 5219581 | $66695401 | 15780703 | $203995320 |
| Reinvestment of distributions | 629262 | 8060258 | 837602 | 10786160 |
| Shares reacquired | (4302818) | (54922676) | (4931912) | (63247912) |
| Increase | 1546025 | $19832983 | 11686393 | $151533568 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 533989 | $6832648 | 1690045 | $21885539 |
| Reinvestment of distributions | 59947 | 768006 | 79499 | 1023455 |
| Shares reacquired | (322169) | (4117024) | (411534) | (5284109) |
| Increase | 271767 | $3483630 | 1358010 | $17624885 |
| **Class F Shares** |  |  |  |  |
| Shares sold | 164536 | $2104095 | 591242 | $7587525 |
| Reinvestment of distributions | 36136 | 462492 | 85770 | 1101449 |
| Shares reacquired | (698269) | (8891535) | (809128) | (10326030) |
| Decrease | (497597) | $(6324948) | (132116) | $(1637056) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 3131367 | $40003393 | 7788252 | $100387633 |
| Reinvestment of distributions | 426817 | 5466921 | 637374 | 8201857 |
| Shares reacquired | (2809854) | (35887262) | (2438906) | (31333559) |
| Increase | 748330 | $9583052 | 5986720 | $77255931 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 92596963 | $1182102889 | 161624671 | $2087285811 |
| Reinvestment of distributions | 6417004 | 82126733 | 7837162 | 100813149 |
| Shares reacquired | (60626535) | (773297446) | (42313695) | (542703462) |
| Increase | 38387432 | $490932176 | 127148138 | $1645395498 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 11901 | $152546 | 66451 | $864459 |
| Reinvestment of distributions | 1665 | 21319 | 1788 | 23087 |
| Shares reacquired | (16936) | (216690) | (14495) | (187401) |
| Increase (decrease) | (3370) | $(42825) | 53744 | $700145 |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Plus Bond Fund** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class R4 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 67614 | $860893 | 113849 | $1469782 |
| Reinvestment of distributions | 4123 | 52790 | 4182 | 54020 |
| Shares reacquired | (34787) | (442538) | (4784) | (61403) |
| Increase | 36950 | $471145 | 113247 | $1462399 |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 207 | $2656 | 2716 | $34414 |
| Reinvestment of distributions | 35 | 450 | 88 | 1129 |
| Shares reacquired | (34) | (430) | (2034) | (26492) |
| Increase | 208 | $2676 | 770 | $9051 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 473064 | $6064926 | 1584616 | $20484283 |
| Reinvestment of distributions | 55461 | 710315 | 38834 | 499678 |
| Shares reacquired | (216136) | (2759185) | (88504) | (1126712) |
| Increase | 312389 | $4016056 | 1534946 | $19857249 |
| **Floating Rate Fund** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 20909120 | $169517182 | 38084433 | $310764018 |
| Reinvestment of distributions | 6073734 | 49112276 | 14066775 | 114815495 |
| Shares reacquired | (31145005) | (251559854) | (62903477) | (512842149) |
| Decrease | (4162151) | $(32930396) | (10752269) | $(87262636) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 2583059 | $20991360 | 4224239 | $34485289 |
| Reinvestment of distributions | 963898 | 7803702 | 2624744 | 21431842 |
| Shares reacquired | (6959521) | (56394019) | (15029901) | (122657706) |
| Decrease | (3412564) | $(27598957) | (8180918) | $(66740575) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 1287289 | $10437838 | 4811335 | $39248407 |
| Reinvestment of distributions | 740341 | 5985782 | 2144809 | 17486030 |
| Shares reacquired | (4997029) | (40333491) | (14315458) | (116633814) |
| Decrease | (2969399) | $(23909871) | (7359314) | $(59899377) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 1754712 | $14264448 | 2722354 | $22241585 |
| Reinvestment of distributions | 401728 | 3253772 | 894008 | 7306480 |
| Shares reacquired | (1625720) | (13131419) | (4520298) | (36906809) |
| Increase (decrease) | 530720 | $4386801 | (903936) | $(7358744) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 80442018 | $653451699 | 127897264 | $1044414542 |
| Reinvestment of distributions | 10599390 | 85774203 | 23862922 | 194834829 |
| Shares reacquired | (89941600) | (724287551) | (153910651) | (1254532273) |
| Increase (decrease) | 1099808 | $14938351 | (2150465) | $(15282902) |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Floating Rate Fund** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class R2 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 21017 | $170871 | 16464 | $133957 |
| Reinvestment of distributions | 2881 | 23319 | 7476 | 61058 |
| Shares reacquired | (13976) | (114198) | (36706) | (299704) |
| Increase (decrease) | 9922 | $79992 | (12766) | $(104689) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 995480 | $8046625 | 2843716 | $23212141 |
| Reinvestment of distributions | 429115 | 3472280 | 912637 | 7449878 |
| Shares reacquired | (1258116) | (10157280) | (2289942) | (18690063) |
| Increase | 166479 | $1361625 | 1466411 | $11971956 |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 9691 | $78649 | 24264 | $198060 |
| Reinvestment of distributions | 5531 | 44757 | 12385 | 101087 |
| Shares reacquired | (18658) | (151194) | (58151) | (474634) |
| Decrease | (3436) | $(27788) | (21502) | $(175487) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 71027 | $571406 | 71456 | $583847 |
| Reinvestment of distributions | 10123 | 81999 | 21450 | 175312 |
| Shares reacquired | (41693) | (338992) | (71666) | (584580) |
| Increase | 39457 | $314413 | 21240 | $174579 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 746832 | $6041935 | 1709099 | $13943458 |
| Reinvestment of distributions | 203867 | 1650426 | 440201 | 3596063 |
| Shares reacquired | (949031) | (7644704) | (1321093) | (10775889) |
| Increase | 1668 | $47657 | 828207 | $6763632 |
| **High Yield Fund** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 10026179 | $63707136 | 24261555 | $153816313 |
| Reinvestment of distributions | 3664111 | 23175742 | 7270573 | 46136688 |
| Shares reacquired | (15611338) | (98919546) | (33026706) | (208825482) |
| Decrease | (1921048) | $(12036668) | (1494578) | $(8872481) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 1181194 | $7457706 | 3456701 | $21823821 |
| Reinvestment of distributions | 498612 | 3138227 | 1187690 | 7493079 |
| Shares reacquired | (3651321) | (23013579) | (8776320) | (55275289) |
| Decrease | (1971515) | $(12417646) | (4131929) | $(25958389) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 284975 | $1811421 | 1336516 | $8447596 |
| Reinvestment of distributions | 385885 | 2438635 | 1056898 | 6687347 |
| Shares reacquired | (2396544) | (15180056) | (12163455) | (76135770) |
| Decrease | (1725684) | $(10930000) | (9770041) | $(61000827) |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Yield Fund** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class F3 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 6470406 | $41275631 | 13112239 | $83453487 |
| Reinvestment of distributions | 2662809 | 16926899 | 5299879 | 33800465 |
| Shares reacquired | (10203870) | (65036880) | (16060092) | (102079668) |
| Increase (decrease) | (1070655) | $(6834350) | 2352026 | $15174284 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 48014965 | $303902692 | 76809208 | $489186618 |
| Reinvestment of distributions | 8229652 | 52304195 | 16968242 | 108178369 |
| Shares reacquired | (53141900) | (336408917) | (107698829) | (684613198) |
| Increase (decrease) | 3102717 | $19797970 | (13921379) | $(87248211) |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 108766 | $694859 | 241681 | $1532980 |
| Reinvestment of distributions | 28637 | 182265 | 55193 | 352486 |
| Shares reacquired | (151187) | (967985) | (271687) | (1728347) |
| Increase (decrease) | (13784) | $(90861) | 25187 | $157119 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 813545 | $5175565 | 2338214 | $14896662 |
| Reinvestment of distributions | 436053 | 2774959 | 892323 | 5693656 |
| Shares reacquired | (1303780) | (8310655) | (3644322) | (23116599) |
| Decrease | (54182) | $(360131) | (413785) | $(2526281) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 1051224 | $6622739 | 2428960 | $15375727 |
| Reinvestment of distributions | 194442 | 1230297 | 436004 | 2765790 |
| Shares reacquired | (3951689) | (25245612) | (3538177) | (22396435) |
| Decrease | (2706023) | $(17392576) | (673213) | $(4254918) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 1628466 | $10380874 | 3093699 | $19655975 |
| Reinvestment of distributions | 937049 | 5952134 | 2026470 | 12906763 |
| Shares reacquired | (3262793) | (20808647) | (8448329) | (53559479) |
| Decrease | (697278) | $(4475639) | (3328160) | $(20996741) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 5389429 | $34493567 | 16428650 | $104325242 |
| Reinvestment of distributions | 1636128 | 10416448 | 4363097 | 27801376 |
| Shares reacquired | (22374111) | (141956730) | (43001605) | (273341458) |
| Decrease | (15348554) | $(97046715) | (22209858) | $(141214840) |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Fund** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 59121347 | $143140588 | 177643022 | $435672542 |
| Reinvestment of distributions | 14244823 | 34493128 | 23879062 | 58395182 |
| Shares reacquired | (59359580) | (143535822) | (94453036) | (230547374) |
| Shares issued in reorganization (See Note 14) | – | – | 1393258 | 3385617 |
| Increase | 14006590 | $34097894 | 108462306 | $266905967 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 2381687 | $5793778 | 10583968 | $26202668 |
| Reinvestment of distributions | 508575 | 1236646 | 861230 | 2114889 |
| Shares reacquired | (3861292) | (9364277) | (7097474) | (17374260) |
| Shares issued in reorganization (See Note 14) | – | – | 156291 | 381351 |
| Increase (decrease) | (971030) | $(2333853) | 4504015 | $11324648 |
| **Class F Shares** |  |  |  |  |
| Shares sold | 819099 | $1987094 | 4559863 | $11225963 |
| Reinvestment of distributions | 365718 | 883828 | 876109 | 2134407 |
| Shares reacquired | (2345209) | (5666201) | (15754472) | (38074375) |
| Shares issued in reorganization (See Note 14) | – | – | 592363 | 1439443 |
| Decrease | (1160392) | $(2795279) | (9726137) | $(23274562) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 142588850 | $344774098 | 300189042 | $733455412 |
| Reinvestment of distributions | 22241144 | 53890384 | 34185800 | 83617747 |
| Shares reacquired | (91037342) | (219811950) | (117898800) | (287459210) |
| Shares issued in reorganization (See Note 14) | – | – | 568868 | 1382348 |
| Increase | 73792652 | $178852532 | 217044910 | $530996297 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 196752902 | $476233244 | 611939173 | $1498346556 |
| Reinvestment of distributions | 24233733 | 58720933 | 37348326 | 91394880 |
| Shares reacquired | (223657226) | (539633054) | (223040170) | (544161212) |
| Shares issued in reorganization (See Note 14) | – | – | 379309 | 925514 |
| Increase (decrease) | (2670591) | $(4678877) | 426626638 | $1046505738 |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 5611 | $13679 | 16386 | $40174 |
| Reinvestment of distributions | 6975 | 17028 | 13107 | 32274 |
| Shares reacquired | (3213) | (7840) | (103305) | (254964) |
| Shares issued in reorganization (See Note 14) | – | – | 9478 | 23222 |
| Increase (decrease) | 9373 | $22867 | (64334) | $(159294) |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Fund** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class R3 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1515000 | $3669921 | 3287405 | $8020877 |
| Reinvestment of distributions | 560779 | 1362597 | 1070142 | 2621331 |
| Shares reacquired | (2125344) | (5169504) | (3995839) | (9775172) |
| Shares issued in reorganization (See Note 14) | – | – | 42452 | 103583 |
| Increase (decrease) | (49565) | $(136986) | 404160 | $970619 |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 3349353 | $8080656 | 687849 | $1685248 |
| Reinvestment of distributions | 18995 | 46029 | 32750 | 80107 |
| Shares reacquired | (1947841) | (4715437) | (815175) | (1992604) |
| Shares issued in reorganization (See Note 14) | – | – | 9619 | 23470 |
| Increase (decrease) | 1420507 | $3411248 | (84957) | $(203779) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 146445 | $355541 | 394784 | $969150 |
| Reinvestment of distributions | 26040 | 63083 | 50021 | 122304 |
| Shares reacquired | (191301) | (470446) | (287800) | (699791) |
| Shares issued in reorganization (See Note 14) | – | – | 9734 | 23654 |
| Increase (decrease) | (18816) | $(51822) | 166739 | $415317 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 4465987 | $10856885 | 7248455 | $17733932 |
| Reinvestment of distributions | 479227 | 1161118 | 737575 | 1804085 |
| Shares reacquired | (4296020) | (10323737) | (4785307) | (11675610) |
| Shares issued in reorganization (See Note 14) | – | – | 694913 | 1688638 |
| Increase | 649194 | $1694266 | 3895636 | $9551045 |
| **Inflation Focused Fund** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 556058 | $6501398 | 981482 | $11344871 |
| Reinvestment of distributions | 284588 | 3339904 | 667101 | 7730223 |
| Shares reacquired | (2185685) | (25525194) | (8244942) | (95292906) |
| Decrease | (1345039) | $(15683892) | (6596359) | $(76217812) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 81645 | $959805 | 48011 | $554739 |
| Reinvestment of distributions | 45165 | 530846 | 111957 | 1298673 |
| Shares reacquired | (406412) | (4754522) | (1767449) | (20446616) |
| Decrease | (279602) | $(3263871) | (1607481) | $(18593204) |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Inflation Focused Fund** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class F Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 319738 | $3734383 | 183429 | $2122181 |
| Reinvestment of distributions | 40512 | 476260 | 106165 | 1231175 |
| Shares reacquired | (620655) | (7268786) | (2514422) | (29041095) |
| Decrease | (260405) | $(3058143) | (2224828) | $(25687739) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 461049 | $5405781 | 574016 | $6641489 |
| Reinvestment of distributions | 125934 | 1479534 | 327634 | 3798705 |
| Shares reacquired | (1097644) | (12847811) | (5749278) | (66472769) |
| Decrease | (510661) | $(5962496) | (4847628) | $(56032575) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 10374769 | $121531909 | 8158569 | $94267709 |
| Reinvestment of distributions | 916774 | 10760990 | 1949884 | 22582169 |
| Shares reacquired | (7336425) | (85708399) | (37778644) | (436040824) |
| Increase (decrease) | 3955118 | $46584500 | (27670191) | $(319190946) |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 1870 | $21735 | 3205 | $36834 |
| Reinvestment of distributions | 847 | 9888 | 1572 | 18138 |
| Shares reacquired | (5350) | (62036) | (709) | (8147) |
| Increase (decrease) | (2633) | $(30413) | 4068 | $46825 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 30074 | $351302 | 55710 | $644007 |
| Reinvestment of distributions | 1566 | 18390 | 2697 | 31212 |
| Shares reacquired | (6670) | (78234) | (86735) | (1000809) |
| Increase (decrease) | 24970 | $291458 | (28328) | $(325590) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 17018 | $199190 | 80045 | $929290 |
| Reinvestment of distributions | 4392 | 51531 | 7579 | 87813 |
| Shares reacquired | (31889) | (373514) | (98951) | (1144231) |
| Decrease | (10479) | $(122793) | (11327) | $(127128) |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 61297 | $715593 | 51143 | $591148 |
| Reinvestment of distributions | 3459 | 40562 | 6548 | 75806 |
| Shares reacquired | (53280) | (622838) | (48953) | (565866) |
| Increase | 11476 | $133317 | 8738 | $101088 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 634151 | $7426844 | 1278457 | $14806936 |
| Reinvestment of distributions | 40964 | 480586 | 51539 | 597568 |
| Shares reacquired | (493935) | (5764578) | (445835) | (5153631) |
| Increase | 181180 | $2142852 | 884161 | $10250873 |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration Core Bond Fund** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1853813 | $17066545 | 4790772 | $43980493 |
| Reinvestment of distributions | 230734 | 2127399 | 451727 | 4146343 |
| Shares reacquired | (1186722) | (10929988) | (4379269) | (40192640) |
| Increase | 897825 | $8263956 | 863230 | $7934196 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 213003 | $1959529 | 532694 | $4885477 |
| Reinvestment of distributions | 18842 | 173566 | 30247 | 277640 |
| Shares reacquired | (90567) | (833667) | (228549) | (2095497) |
| Increase | 141278 | $1299428 | 334392 | $3067620 |
| **Class F Shares** |  |  |  |  |
| Shares sold | 22415 | $206375 | 66597 | $611700 |
| Reinvestment of distributions | 12261 | 112912 | 33440 | 306707 |
| Shares reacquired | (152832) | (1406553) | (313625) | (2877183) |
| Decrease | (118156) | $(1087266) | (213588) | $(1958776) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 1816812 | $16715299 | 3874732 | $35480373 |
| Reinvestment of distributions | 177862 | 1638205 | 314791 | 2888254 |
| Shares reacquired | (1012147) | (9310480) | (2299693) | (21109364) |
| Increase | 982527 | $9043024 | 1889830 | $17259263 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 15005188 | $138097881 | 17061563 | $156414713 |
| Reinvestment of distributions | 924825 | 8518625 | 1721475 | 15792704 |
| Shares reacquired | (7129993) | (65588328) | (12979201) | (119039952) |
| Increase | 8800020 | $81028178 | 5803837 | $53167465 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 170 | $1560 | 4941 | $45232 |
| Reinvestment of distributions | 242 | 2226 | 1645 | 15053 |
| Shares reacquired | (2110) | (19372) | (60797) | (552861) |
| Decrease | (1698) | $(15586) | (54211) | $(492576) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 307 | $2825 | 4566 | $42141 |
| Reinvestment of distributions | 78 | 721 | 134 | 1236 |
| Shares reacquired | (70) | (642) | (4545) | (41812) |
| Increase | 315 | $2904 | 155 | $1565 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 243150 | $2236689 | 249720 | $2279408 |
| Reinvestment of distributions | 6868 | 63255 | 11127 | 102241 |
| Shares reacquired | (72347) | (664796) | (128058) | (1178358) |
| Increase | 177671 | $1635148 | 132789 | $1203291 |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration Income Fund** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 183831566 | $711173797 | 383509299 | $1480552062 |
| Reinvestment of distributions | 41513888 | 160864269 | 84004080 | 324110862 |
| Shares reacquired | (281431723) | (1088786815) | (572523865) | (2208015449) |
| Decrease | (56086269) | $(216748749) | (105010486) | $(403352525) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 25718667 | $100104617 | 54593714 | $212157854 |
| Reinvestment of distributions | 6723362 | 26209686 | 14986126 | 58189188 |
| Shares reacquired | (61125073) | (237944102) | (143262076) | (555850668) |
| Decrease | (28683044) | $(111629799) | (73682236) | $(285503626) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 21663557 | $83779767 | 49108980 | $189306762 |
| Reinvestment of distributions | 6494240 | 25142848 | 15374755 | 59309942 |
| Shares reacquired | (62072368) | (240028900) | (169190922) | (652110522) |
| Decrease | (33914571) | $(131106285) | (104707187) | $(403493818) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 145740577 | $564480765 | 285064787 | $1100622482 |
| Reinvestment of distributions | 28933573 | 112261768 | 58164711 | 224763827 |
| Shares reacquired | (222127358) | (860525503) | (377077208) | (1456263273) |
| Decrease | (47453208) | $(183782970) | (33847710) | $(130876964) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 1312039142 | $5071184052 | 2571629028 | $9912320668 |
| Reinvestment of distributions | 155786668 | 603156081 | 304789013 | 1175504019 |
| Shares reacquired | (1233084914) | (4765447913) | (2986897177) | (11509111780) |
| Increase (decrease) | 234740896 | $908892220 | (110479136) | $(421287093) |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 243707 | $943613 | 367887 | $1419488 |
| Reinvestment of distributions | 23074 | 89405 | 59153 | 228438 |
| Shares reacquired | (522238) | (2020120) | (502766) | (1940969) |
| Decrease | (255457) | $(987102) | (75726) | $(293043) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 4891165 | $18947369 | 7235864 | $27951880 |
| Reinvestment of distributions | 1773017 | 6876261 | 3669329 | 14178517 |
| Shares reacquired | (11842978) | (45872663) | (15661621) | (60422364) |
| Decrease | (5178796) | $(20049033) | (4756428) | $(18291967) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 6850057 | $26565870 | 14403260 | $55636910 |
| Reinvestment of distributions | 750796 | 2914307 | 1478386 | 5717823 |
| Shares reacquired | (7343553) | (28482895) | (13203049) | (51080540) |
| Increase | 257300 | $997282 | 2678597 | $10274193 |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration Income Fund** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class R5 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 5314833 | $20531880 | 5617929 | $21615811 |
| Reinvestment of distributions | 468259 | 1809828 | 860073 | 3314627 |
| Shares reacquired | (3812167) | (14717503) | (6524249) | (25135370) |
| Increase (decrease) | 1970925 | $7624205 | (46247) | $(204932) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 48174330 | $186376871 | 87909325 | $339155456 |
| Reinvestment of distributions | 6256225 | 24221645 | 12800919 | 49381647 |
| Shares reacquired | (75946611) | (293702616) | (79818495) | (307558280) |
| Increase (decrease) | (21516056) | $(83104100) | 20891749 | $80978823 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Return Fund** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 7932386 | $68988381 | 22453347 | $196798727 |
| Reinvestment of distributions | 2621348 | 22827205 | 5070951 | 44317954 |
| Shares reacquired | (12161027) | (105765942) | (21334222) | (186142147) |
| Increase (decrease) | (1607293) | $(13950356) | 6190076 | $54974534 |
| **Class C Shares** |  |  |  |  |
| Shares sold | 249794 | $2165736 | 1041385 | $9130561 |
| Reinvestment of distributions | 52373 | 455639 | 115673 | 1009762 |
| Shares reacquired | (529520) | (4594267) | (1334450) | (11625181) |
| Decrease | (227353) | $(1972892) | (177392) | $(1484858) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 1100739 | $9578252 | 2483822 | $22080620 |
| Reinvestment of distributions | 186107 | 1619421 | 402631 | 3516749 |
| Shares reacquired | (2060928) | (17870724) | (3873044) | (33775162) |
| Decrease | (774082) | $(6673051) | (986591) | $(8177793) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | 12851492 | $111665479 | 32275385 | $282049836 |
| Reinvestment of distributions | 2769137 | 24118846 | 5055782 | 44212441 |
| Shares reacquired | (13367022) | (116098175) | (22851373) | (199571135) |
| Increase | 2253607 | $19686150 | 14479794 | $126691142 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 19118146 | $166479133 | 54719270 | $480463432 |
| Reinvestment of distributions | 3080641 | 26871505 | 5942542 | 52042557 |
| Shares reacquired | (27387633) | (238176262) | (32922971) | (287957797) |
| Increase (decrease) | (5188846) | $(44825624) | 27738841 | $244548192 |
| **Class P Shares** |  |  |  |  |
| Shares sold |  | $8 | 69 | $609 |
| Reinvestment of distributions | 32 | 276 | 123 | 1079 |
| Shares reacquired | (1410) | (12386) | (2933) | (25333) |
| Decrease | (1378) | $(12102) | (2741) | $(23645) |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Return Fund** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class R2 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 4917 | $42598 | 44939 | $391856 |
| Reinvestment of distributions | 2814 | 24493 | 5970 | 52152 |
| Shares reacquired | (12351) | (106717) | (45290) | (395310) |
| Increase (decrease) | (4620) | $(39626) | 5619 | $48698 |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 341085 | $2969197 | 629157 | $5489795 |
| Reinvestment of distributions | 65207 | 567728 | 137811 | 1204080 |
| Shares reacquired | (655596) | (5693896) | (891765) | (7801877) |
| Decrease | (249304) | $(2156971) | (124797) | $(1108002) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 638148 | $5538946 | 1268824 | $11113775 |
| Reinvestment of distributions | 48098 | 418842 | 92777 | 810863 |
| Shares reacquired | (680607) | (5904666) | (1368037) | (11907162) |
| Increase (decrease) | 5639 | $53122 | (6436) | $17476 |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 454260 | $3946655 | 815716 | $7092045 |
| Reinvestment of distributions | 37406 | 325752 | 71552 | 625425 |
| Shares reacquired | (470333) | (4072191) | (511395) | (4459530) |
| Increase | 21333 | $200216 | 375873 | $3257940 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 3934767 | $34225645 | 6655116 | $58192098 |
| Reinvestment of distributions | 584927 | 5097592 | 1091311 | 9547086 |
| Shares reacquired | (5244677) | (45639401) | (5212122) | (45566415) |
| Increase (decrease) | (724983) | $(6316164) | 2534305 | $22172769 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ultra Short Bond Fund** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 216636606 | $2172059369 | 275107500 | $2748485849 |
| Reinvestment of distributions | 12053994 | 120920742 | 20887101 | 208723532 |
| Shares reacquired | (139392363) | (1397412134) | (199576512) | (1993651180) |
| Increase | 89298237 | $895567977 | 96418089 | $963558201 |
| **Class A1 Shares** |  |  |  |  |
| Shares sold | 237293 | $2380000 | 397903 | $3987665 |
| Reinvestment of distributions | 19440 | 195010 | 19742 | 197366 |
| Shares reacquired | (24940) | (250089) | (79377) | (792592) |
| Increase | 231793 | $2324921 | 338268 | $3392439 |
| **Class F Shares** |  |  |  |  |
| Shares sold | 1204567 | $12077759 | 4883365 | $48761694 |
| Reinvestment of distributions | 362824 | 3639717 | 1141242 | 11400407 |
| Shares reacquired | (4244408) | (42548401) | (15382729) | (153722701) |
| Decrease | (2677017) | $(26830925) | (9358122) | $(93560600) |

---

**Notes to Financial Statements (unaudited)(concluded)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ultra Short Bond Fund** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Six Months Ended<br> May 31, 2025<br> (unaudited)** | **Year Ended<br> November 30, 2024** | **Year Ended<br> November 30, 2024** |
| **Class F3 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 123413786 | $1237441826 | 227424490 | $2273124041 |
| Reinvestment of distributions | 6168068 | 61875814 | 8487032 | 84854097 |
| Shares reacquired | (109425796) | (1096922081) | (94676434) | (946300707) |
| Increase | 20156058 | $202395559 | 141235088 | $1411677431 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 184623209 | $1850756709 | 274743503 | $2744599373 |
| Reinvestment of distributions | 9510069 | 95401067 | 18246602 | 182306255 |
| Shares reacquired | (136810747) | (1371588106) | (282676851) | (2823474403) |
| Increase | 57322531 | $574569670 | 10313254 | $103431225 |
| **Class R5 Shares** |  |  |  |  |
| Shares sold | 8029 | $80456 | 7631 | $76092 |
| Reinvestment of distributions | 682 | 6837 | 1238 | 12375 |
| Shares reacquired | (458) | (4590) | (954) | (9514) |
| Increase | 8253 | $82703 | 7915 | $78953 |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 1563368 | $15674881 | 3090311 | $30836887 |
| Reinvestment of distributions | 110842 | 1111917 | 383309 | 3830200 |
| Shares reacquired | (2418298) | (24254909) | (4732253) | (47376890) |
| Decrease | (744088) | $(7468111) | (1258633) | $(12709803) |

---

**14.** REORGANIZATIONS

As of the close of business on March 22, 2024, Income Fund acquired the net assets of Corporate Bond Fund pursuant to a plan of reorganization (the "reorganization" or the "acquisition"). The reorganization permitted Corporate Bond Fund shareholders to pursue a substantially similar investment goal, but as part of a larger fund with a lower expense ratio. The acquisition was accomplished by a tax-free exchange whereby holders of outstanding shares of Corporate Bond Fund on March 22, 2024 received shares valued at $9,376,840 of Income Fund. Corporate Bond Fund's net assets as of the date of the acquisition, including $(111,879) of net unrealized depreciation and $(891,546) of accumulated net realized losses, were combined with those of the Income Fund. The cost basis of securities received from Corporate Bond Fund was carried forward. The total net assets of Income Fund immediately before the transfer were $4,347,203,579. Total net assets of Corporate Bond Fund immediately before the transfer were $9,376,840. Total net assets of Income Fund immediately after the transfer were $4,356,580,419.

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period.

**Proxy Disclosures**

There were no matters submitted to a vote of shareholders during the period.

**Remuneration Paid to Trustees, Officers, and Others**

Remuneration paid to trustees, officers, and others is included in "Trustees' Remuneration" under Item 7 of this Form N-CSR.

**Statement Regarding Basis for Approval of Investment Advisory Contract**

**Investment Trust – Main Book**

(Lord Abbett Convertible Fund, Lord Abbett Core Fixed Income Fund, Lord Abbett Core Plus Bond Fund, Lord Abbett Floating Rate Fund, Lord Abbett High Yield Fund, Lord Abbett Income Fund, Lord Abbett Inflation Focused Fund, Lord Abbett Short Duration Core Bond Fund, Lord Abbett Short Duration Income Fund, Lord Abbett Total Return Fund, and Lord Abbett Ultra Short Bond Fund)

The Board, including all of the Trustees who are not "interested persons" of the Company or of Lord Abbett, as defined in the Investment Company Act of 1940, as amended (the "Independent Trustees"), annually considers whether to approve the continuation of the existing management agreement between each Fund and Lord Abbett (the "Agreement"). In connection with its most recent approval, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about each Fund's investment performance compared to the performance of an appropriate benchmark. Before making its decision as to each Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. The Independent Trustees also met with their independent legal counsel in various private sessions at which no representatives of management were present.

The materials received by the Board as to each Fund included, but were not limited to: (1) information provided by Broadridge Financial Solutions ("Broadridge") regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Broadridge, based, in part, on the Fund's Morningstar category (the "performance peer group"), and the investment performance of one or more appropriate benchmarks; (2) information provided by Broadridge regarding the expense ratios, contractual and actual management fee rates, and other expense components for the Fund and certain funds in the same Morningstar category, with generally the same or similar share classes and operational characteristics, including asset size (the "expense peer group"); (3) certain supplemental investment performance information provided by Lord Abbett; (4) information provided by Lord Abbett on the expense ratios, management fee rates, and other expense components for the Fund; (5) sales and redemption information for the Fund; (6) information regarding Lord Abbett's financial condition; (7) an analysis of the relative profitability to Lord Abbett of providing management and administrative services to the Funds; (8) information provided by Lord Abbett regarding the investment management fee schedules for Lord Abbett's other advisory clients maintaining accounts with a similar investment strategy as the Fund (for each Fund other than Income Fund and Inflation Focused Fund); and (9) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

**Statement Regarding Basis for Approval of Investment Advisory Contract (continued)**

**Investment Management and Related Services Generally.** The Board considered the services provided by Lord Abbett to each Fund, including investment research, portfolio management and trading, and Lord Abbett's commitment to compliance with all applicable legal requirements and recent investments undertaken to enhance its compliance oversight. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of business, although the Board was mindful that other conflicts of interest may exist. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to each Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. The Board observed that differences in fee rates between these clients and the Lord Abbett Funds are not uniform when examined on a fund-by-fund basis, suggesting that differences in the pricing of investment management services to these clients may reflect a variety of factors, including historical competitive forces operating in separate market places. The Board considered the fact that in many instances, fee rates are higher on average for mutual fund clients than for other clients. The Board did not rely on these comparisons to any significant extent in reaching their decision. After reviewing these and related factors, the Board concluded that each Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

**Investment Performance.** The Board reviewed each Fund's investment performance in relation to that of its performance peer group and one or more appropriate benchmarks as of various periods ended June 30, 2024. As to Convertible Fund, the Board observed that the Fund's investment performance was above the median of the performance peer group for the one-, five-, and ten-year periods but below the median of the performance peer group for the three-year period. As to Core Fixed Income Fund, the Board observed that the Fund's investment performance was above the median of the performance peer group for the one-year period but below the median of the performance peer group for the three-, five-, and ten-year periods. As to each of Core Plus Bond Fund and Ultra Short Bond Fund, the Board observed that the Fund's investment performance was above the median of the performance peer group for the one- and three-year periods and equal to the median of the performance peer group for the five-year period. As to Floating Rate Fund, the Board observed that the Fund's investment performance was above the median of the performance peer group for the one- and three-year periods but below the median of the performance peer group for the five- and ten-year periods. As to High Yield Fund, the Board observed that the Fund's investment performance was below the median of the performance peer group for the one-, three-, and five-year periods and equal to the median of the performance peer group for the ten-year period. As to Income Fund, the Board observed that the Fund's investment performance was above the median of the performance peer group for the one-, three-, and five-year periods but below the median of the performance peer group for the ten-year period. As to Inflation Focused Fund, the Board observed that the Fund's investment performance was below the median of the performance peer group for the one- and ten-year periods but above the median of the performance peer group for the three- and five-year periods. As to Short Duration Core Bond Fund, the Board observed that the Fund's investment performance was equal to the median of the performance peer group for the one-year period and above the median of the performance peer group for the three-year period but below the median of the performance peer group for the five-year period. As to Short Duration Income Fund, the Board observed that the

**Statement Regarding Basis for Approval of Investment Advisory Contract (continued)**

Fund's investment performance was below the median of the performance peer group for the one-and three-year periods, equal to the median of the performance peer group for the five-year period and above the median of the performance peer group for the ten-year period. As to Total Return Fund, the Board observed that the Fund's investment performance was below the median of the performance peer group for the one-, three-, five-, and ten-year periods, but that the Fund outperformed its benchmark for each of these periods. For each Fund, the Board considered Lord Abbett's explanation of the Fund's performance. The Board further considered Lord Abbett's performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate, including changes to certain Funds' portfolio management team. After reviewing these and other factors, including those described below, the Board concluded that each Fund's Agreement should be continued.

**Lord Abbett's Personnel and Methods.** The Board considered the qualifications of the personnel providing investment management services to each Fund, in light of its investment objective and discipline, and other services provided to each Fund by Lord Abbett. Among other things, the Board considered the size, experience, and turnover of Lord Abbett's staff, the resources made available to them, Lord Abbett's investment methodologies and philosophy, and Lord Abbett's approach to recruiting, training, and retaining personnel.

**Nature and Quality of Other Services.** The Board considered the nature, quality, and extent of compliance, administrative, and other services performed by Lord Abbett and the nature and extent of Lord Abbett's supervision of third-party service providers, including each Fund's transfer agent and custodian.

**Expenses.** The Board considered the expense level of each Fund, including the contractual and actual management fee rates, and the expense levels of the Fund's expense peer group. It also considered how each of the expense level and the actual management fee rates of each Fund related to those of the expense peer group and the amount and nature of the fees paid by shareholders. As to Convertible Fund and High Yield Fund, the Board observed that the net total expense ratio and management fee of the Fund were both above the median of the expense peer group. As to Income Fund, the Board observed that the net total expense ratio was below the median of the expense peer group and the management fee was equal to the peer group median. As to each other Fund, the Board observed that the net total expense ratio and the management fee were both below the peer group median. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fee schedule in place for each Fund was reasonable in light of all of the factors it considered, including the nature, quality and extent of services provided by Lord Abbett.

**Profitability.** As to each Fund, the Board considered the level of Lord Abbett's operating margin in managing the Fund, including a review of Lord Abbett's methodology for allocating its costs to its management of the Fund. It considered whether each Fund was profitable to Lord Abbett in connection with the Fund's operation, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board considered Lord Abbett's profit margins, excluding Lord Abbett's marketing and distribution expenses. The Board also considered Lord Abbett's profit margins without those exclusions in comparison with available industry data and how those profit margins could affect Lord Abbett's ability to recruit and retain personnel. The Board recognized that Lord Abbett's overall profitability was a factor in enabling it to attract and retain qualified

**Statement Regarding Basis for Approval of Investment Advisory Contract (concluded)**

personnel to provide services to each Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett's profitability with respect to each Fund was not excessive.

**Economies of Scale.** As to each Fund, the Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund's shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. The Board also considered each Fund's existing management fee schedule, noting one or more contractual breakpoints in the level of management fee for each Fund other than Ultra Short Bond Fund, and, with respect to Core Plus Bond Fund and Short Duration Core Bond Fund the Fund's expense limitation agreement. Based on these considerations, the Board concluded that any economies of scale were adequately addressed in respect of each Fund.

**Other Benefits to Lord Abbett.** As to each Fund, the Board considered the amount and nature of the fees paid by the Fund and the Fund's shareholders to Lord Abbett and the Distributor for services other than investment advisory services, such as the fee that Lord Abbett receives from each Fund for providing administrative services to the Fund. The Board also considered the revenues and profitability of Lord Abbett's investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with each Fund. The Board observed that the Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, that the Distributor may retain a portion of the 12b-1 fees it receives, and that the Distributor receives a portion of the sales charges on sales and redemptions of some classes of shares of the Lord Abbett Funds. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also noted that Lord Abbett, as disclosed in the prospectus of each Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of the Lord Abbett Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of client brokerage transactions.

**Alternative Arrangements.** As to each Fund, the Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation of the Agreement on behalf of each Fund. As to each Fund, in considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

![](x5_c112802x456x1m1m4.jpg)

---

| | | |
|:---|:---|:---|
| ![](x5_c112802x456x2m1m4.jpg)<br>This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.<br>Lord Abbett mutual fund shares are distributed by <br> LORD ABBETT DISTRIBUTOR LLC. | **Lord Abbett Investment Trust**<br>Lord Abbett Convertible Fund<br>Lord Abbett Core Fixed Income Fund<br>Lord Abbett Core Plus Bond Fund<br>Lord Abbett Floating Rate Fund<br>Lord Abbett High Yield Fund<br>Lord Abbett Income Fund<br>Lord Abbett Inflation Focused Fund<br>Lord Abbett Short Duration Core Bond Fund<br>Lord Abbett Short Duration Income Fund<br>Lord Abbett Total Return Fund<br>Lord Abbett Ultra Short Bond Fund | LAIT-3<br> (07/25) |

---

![](x6_c112801x1x1m2m4.jpg)

LORD ABBETT

FINANCIAL STATEMENTS

AND OTHER IMPORTANT

INFORMATION

Lord Abbett

Multi-Asset Balanced Opportunity Fund

Multi-Asset Income Fund

*For the six-month period ended May 31, 2025*

**Table of Contents**

---

| | |
|:---|:---|
|  | [**Schedules of Investments (Item 7)**](#xx6xc112801a001xm2xm4) |
| 1 | [Multi-Asset Balanced Opportunity Fund](#xx6xc112801a002xm2xm4) |
| 3 | [Multi-Asset Income Fund](#xx6xc112801a003xm2xm4) |
| 5 | [**Statements of Assets and Liabilities (Item 7)**](#xx6xc112801a004xm2xm4) |
| 7 | [**Statements of Operations (Item 7)**](#xx6xc112801a005xm2xm4) |
| 8 | [**Statements of Changes in Net Assets (Item 7)**](#xx6xc112801a006xm2xm4) |
| 10 | [**Financial Highlights (Item 7)**](#xx6xc112801a007xm2xm4) |
| 18 | [**Notes to Financial Statements (Item 7)**](#xx6xc112801a008xm2xm4) |
| 36 | [**Changes in and Disagreements with Accountants (Item 8)**](#xx6xc112801a009xm2xm4) |
| 36 | [**Proxy Disclosures (Item 9)**](#xx6xc112801a010xm2xm4) |
| 36 | [**Remuneration Paid to Trustees, Officers, and Others (Item 10)**](#xx6xc112801a011xm2xm4) |
| 36 | [**Statement Regarding Basis for Approval of Investment Advisory Contract (Item 11)**](#xx6xc112801a012xm2xm4) |

---

**Schedule of Investments (unaudited)**

MULTI-ASSET BALANCED OPPORTUNITY FUND *May 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 100.02%** |  |  |
| **INVESTMENTS IN UNDERLYING FUNDS**<sup>(a)</sup> **100.02%** |  |  |
| Lord Abbett Affiliated Fund, Inc.-Class I<sup>(b)(c)</sup> | 9023648 | $173705223 |
| Lord Abbett Investment Trust-Core Fixed Income Fund-Class I<sup>(b)(d)</sup> | 32510624 | 297797313 |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund-Class I<sup>(b)(e)</sup> | 11458764 | 267447545 |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund-Class I<sup>(b)(f)</sup> | 17246779 | 72264005 |
| Lord Abbett Securities Trust-Fundamental Equity Fund-Class I\*<sup>(b)(c)</sup> | 15167783 | 233128823 |
| Lord Abbett Securities Trust-Growth Leaders Fund-Class I\*<sup>(b)(g)</sup> | 4033934 | 200244491 |
| Lord Abbett Investment Trust-High Yield Fund-Class I<sup>(b)(h)</sup> | 15167409 | 95554677 |
| Lord Abbett Investment Trust-Income Fund-Class I<sup>(b)(i)</sup> | 79304966 | 190331919 |
| Lord Abbett Securities Trust-International Equity Fund-Class I<sup>(b)(j)</sup> | 5042792 | 85828314 |
| Lord Abbett Securities Trust-International Value Fund-Class I<sup>(b)(k)</sup> | 8081120 | 76366580 |
| Lord Abbett Investment Trust-Short Duration Income Fund-Class I<sup>(b)(i)</sup> | 31379138 | 121437264 |
| Lord Abbett Investment Trust-Ultra Short Bond Fund-Class I<sup>(b)(l)</sup> | 3897236 | 39089281 |
| Lord Abbett Securities Trust-Value Opportunities Fund-Class I\*<sup>(b)(m)</sup> | 2503031 | 46931832 |
| Lord Abbett Private Credit Fund<sup>(n)(o)(p)</sup> | 937245 | 23562348 |
| *Total Investments in Underlying Funds* (cost $1,755,589,317) |  | 1923689615 |
|  | **Principal<br> Amount** |  |
| **SHORT-TERM INVESTMENTS 0.04%** |  |  |
| **REPURCHASE AGREEMENTS 0.04%** |  |  |
| Repurchase Agreement dated 5/30/2025, 4.000% due 6/2/2025 with Fixed Income Clearing Corp. collateralized by $711,400 of U.S. Treasury Note at 1.625% due11/30/2026; value: $692,258; proceeds: $678,893<br> (cost $678,667) | $678667 | 678667 |
| *Total Investments in Securities 100.06%* (cost $1,756,267,984) |  | 1924368282 |
| *Other Assets and Liabilities – Net (0.06)%* |  | (1143874) |
| *Net Assets 100.00%* |  | $1923224408 |

---

\* Non-income producing security.

<sup>(a)</sup> Affiliated funds (See Note 9).

<sup>(b)</sup> These investments offer daily redemptions.

<sup>(c)</sup> Fund investment objective is long-term growth of capital and income without excessive fluctuations in market value.

<sup>(d)</sup> Fund investment objective is to seek income and capital appreciation to produce a high total return.

<sup>(e)</sup> Fund investment objective is to seek current income and capital appreciation.

<sup>(f)</sup> Fund investment objective is to seek high total return.

<sup>(g)</sup> Fund investment objective is to seek capital appreciation.

<sup>(h)</sup> Fund investment objective is to seek a high current income and the opportunity for capital appreciation to produce a high total return.

<sup>(i)</sup> Fund investment objective is to seek a high level of income consistent with preservation of capital.

<sup>(j)</sup> Fund investment objective is to seek long-term capital appreciation.

*See Notes to Financial Statements.* 1

**Schedule of Investments (unaudited)(concluded)**

MULTI-ASSET BALANCED OPPORTUNITY FUND *May 31, 2025*

<sup>(k)</sup> Fund investment objective is to seek a high level of total return.

<sup>(l)</sup> Fund investment objective is to seek current income consistent with the preservation of capital.

<sup>(m)</sup> Fund investment objective is long-term capital appreciation.

<sup>(n)</sup> Fund investment objective is to generate current income and, to a lesser extent, long-term capital appreciation.

<sup>(o)</sup> Restricted securities (including private placement) – investments in securities not registered under the Securities Act of 1933 (excluding 144A issues). As of May 31, 2025, the value of restricted securities (excluding 144A issues) amounted to $23,562,348 or 1.23% of the Multi-Asset Balanced Opportunity Fund's net assets.

<sup>(p)</sup> Fund is a business development company under the Investment Company Act of 1940, as amended.

The following is a summary of the inputs used as of May 31, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Underlying Funds | $1900127267 | $23562348 | $– | $1923689615 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 678667 | – | 678667 |
| Total | $1900127267 | $24241015 | $– | $1924368282 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each investment in Underlying Funds. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund's net assets.

2 *See Notes to Financial Statements.*

**Schedule of Investments (unaudited)**

MULTI-ASSET INCOME FUND *May 31, 2025*

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Fair<br> Value** |
| **LONG-TERM INVESTMENTS 100.05%** |  |  |
| **INVESTMENTS IN UNDERLYING FUNDS**<sup>(a)</sup> **100.05%** |  |  |
| Lord Abbett Affiliated Fund, Inc.-Class I<sup>(b)(c)</sup> | 2044002 | $39347037 |
| Lord Abbett Investment Trust-Core Fixed Income Fund-Class I<sup>(b)(d)</sup> | 28729891 | 263165799 |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund-Class I<sup>(b)(e)</sup> | 2554553 | 59623277 |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund-Class I<sup>(b)(f)</sup> | 6380136 | 26732771 |
| Lord Abbett Securities Trust-Fundamental Equity Fund-Class I\*<sup>(b)(c)</sup> | 3525609 | 54188614 |
| Lord Abbett Securities Trust-Growth Leaders Fund-Class I\*<sup>(b)(g)</sup> | 925242 | 45928998 |
| Lord Abbett Investment Trust-High Yield Fund-Class I<sup>(b)(h)</sup> | 9434399 | 59436714 |
| Lord Abbett Investment Trust-Income Fund-Class I<sup>(b)(i)</sup> | 36518150 | 87643560 |
| Lord Abbett Securities Trust-International Equity Fund-Class I<sup>(b)(j)</sup> | 2243665 | 38187176 |
| Lord Abbett Securities Trust-International Value Fund-Class I<sup>(b)(k)</sup> | 3242132 | 30638144 |
| Lord Abbett Investment Trust-Short Duration Income Fund-Class I<sup>(b)(i)</sup> | 9249506 | 35795588 |
| Lord Abbett Investment Trust-Ultra Short Bond Fund-Class I<sup>(b)(l)</sup> | 2005608 | 20116249 |
| Lord Abbett Private Credit Fund<sup>(m)(n)(o)</sup> | 410044 | 10308514 |
| *Total Investments in Underlying Funds* (cost $751,739,031) |  | 771112441 |
|  | **Principal<br> Amount** |  |
| **SHORT-TERM INVESTMENTS 0.02%** |  |  |
| **REPURCHASE AGREEMENTS 0.02%** |  |  |
| Repurchase Agreement dated 5/30/2025, 4.000% due 6/2/2025 with Fixed Income Clearing Corp. collateralized by $180,900 of U.S. Treasury Note at 1.250% due 11/30/2026; value: $174,716; proceeds: $171,323<br> (cost $171,266) | $171266 | 171266 |
| *Total Investments in Securities 100.07%* (cost $751,910,297) |  | 771283707 |
| *Other Assets and Liabilities – Net (0.07)%* |  | (533126) |
| *Net Assets 100.00%* |  | $770750581 |

---

\* Non-income producing security.

<sup>(a)</sup> Affiliated funds (See Note 9).

<sup>(b)</sup> These investments offer daily redemptions.

<sup>(c)</sup> Fund investment objective is long-term growth of capital and income without excessive fluctuations in market value.

<sup>(d)</sup> Fund investment objective is to seek income and capital appreciation to produce a high total return.

<sup>(e)</sup> Fund investment objective is to seek current income and capital appreciation.

<sup>(f)</sup> Fund investment objective is to seek high total return.

<sup>(g)</sup> Fund investment objective is to seek capital appreciation.

<sup>(h)</sup> Fund investment objective is to seek a high current income and the opportunity for capital appreciation to produce a high total return.

<sup>(i)</sup> Fund investment objective is to seek a high level of income consistent with preservation of capital.

<sup>(j)</sup> Fund investment objective is to seek long-term capital appreciation.

*See Notes to Financial Statements.* 3

**Schedule of Investments (unaudited)(concluded)**

MULTI-ASSET INCOME FUND *May 31, 2025*

<sup>(k)</sup> Fund investment objective is to seek a high level of total return.

<sup>(l)</sup> Fund investment objective is to seek current income consistent with the preservation of capital.

<sup>(m)</sup> Fund investment objective is to generate current income and, to a lesser extent, long-term capital appreciation.

<sup>(n)</sup> Restricted securities (including private placement) – investments in securities not registered under the Securities Act of 1933 (excluding 144A issues). As of May 31, 2025, the value of restricted securities (excluding 144A issues) amounted to $10,308,514 or 1.34% of the Multi-Asset Income Fund's net assets.

<sup>(o)</sup> Fund is a business development company under the Investment Company Act of 1940, as amended.

The following is a summary of the inputs used as of May 31, 2025 in valuing the Fund's investments carried at fair value<sup>(1)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Type**<sup>(2)</sup> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Long-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Underlying Funds | $760803927 | $10308514 | $– | $771112441 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase Agreements | – | 171266 | – | 171266 |
| Total | $760803927 | $10479780 | $– | $771283707 |

---

<sup>(1)</sup> Refer to Note 2(a) for a description of fair value measurements and the three-tier hierarchy of inputs.

<sup>(2)</sup> See Schedule of Investments for fair values in each investment in Underlying Funds. When applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3 investments at the beginning or end of the period in relation to the Fund's net assets.

4 *See Notes to Financial Statements.*

**Statements of Assets and Liabilities (unaudited)**

*May 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Multi-Asset<br> Balanced<br> Opportunity<br> Fund** | **Multi-Asset<br> Income Fund** |
| **ASSETS:** |  |  |
| Investments in securities, at cost | $678667 | $171266 |
| Investments in Underlying Funds, at cost | 1755589317 | 751739031 |
| Investments in securities, at fair value | $678667 | $171266 |
| Investments in Underlying Funds, at value | 1923689615 | 771112441 |
| Cash | 16 | 7 |
| Foreign cash, at value (cost $36 and $0, respectively) | 38 |  |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;Interest and dividends | 4202036 | 2358009 |
| &nbsp;&nbsp;&nbsp;Capital shares sold | 3294122 | 1949771 |
| &nbsp;&nbsp;&nbsp;Investments in Underlying Funds sold | 1386047 | 661586 |
| &nbsp;&nbsp;&nbsp;From advisor (See Note 3) | 19251 | 8427 |
| Prepaid expenses | 82826 | 85407 |
| **Total assets** | 1933352618 | 776346914 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;Investments in Underlying Funds purchased | 3767495 | 2218051 |
| &nbsp;&nbsp;&nbsp;Capital shares reacquired | 1962081 | 808213 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 308698 | 136295 |
| &nbsp;&nbsp;&nbsp;12b-1 distribution plan | 279898 | 154156 |
| &nbsp;&nbsp;&nbsp;Management fee | 161995 | 65174 |
| &nbsp;&nbsp;&nbsp;Fund administration | 64799 | 26070 |
| Foreign currency overdraft (cost $0 and $423, respectively) |  | 420 |
| Distributions payable | 3133634 | 1960519 |
| Accrued expenses | 449610 | 227435 |
| **Total liabilities** | 10128210 | 5596333 |
| **Commitments and contingent liabilities** | – | – |
| **NET ASSETS** | $1923224408 | $770750581 |
| **COMPOSITION OF NET ASSETS:** |  |  |
| Paid-in capital | $1853154346 | $850149147 |
| Total distributable earnings (loss) | 70070062 | (79398566) |
| **Net Assets** | $1923224408 | $770750581 |

---

*See Notes to Financial Statements.* 5

**Statements of Assets and Liabilities (unaudited)(concluded)**

*May 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Multi-Asset<br> Balanced<br> Opportunity<br> Fund** | **Multi-Asset<br> Income Fund** |
| **Net assets by class:** |  |  |
| Class A Shares | $1737109995 | $629656005 |
| Class C Shares | $44103917 | $25388102 |
| Class F Shares | $6610834 | $12516025 |
| Class F3 Shares | $51332 | $107372 |
| Class I Shares | $67387575 | $86617246 |
| Class P Shares | $127240 | $– |
| Class R2 Shares | $928435 | $488458 |
| Class R3 Shares | $42969678 | $12839703 |
| Class R4 Shares | $11901953 | $2166382 |
| Class R5 Shares | $52367 | $13319 |
| Class R6 Shares | $11981082 | $957969 |
| **Outstanding shares by class (unlimited number of authorized shares of beneficial interest):** |  |  |
| Class A Shares | 139701042 | 38737915 |
| Class C Shares | 3576989 | 1529313 |
| Class F Shares | 531572 | 769936 |
| Class F3 Shares | 4101 | 6623 |
| Class I Shares | 5419309 | 5368561 |
| Class P Shares | 10298 |  |
| Class R2 Shares | 72291 | 29035 |
| Class R3 Shares | 3463534 | 789730 |
| Class R4 Shares | 956998 | 133277 |
| Class R5 Shares | 4200 | 825 |
| Class R6 Shares | 958595 | 59100 |
| **Net Asset Value, offering and redemption price per share (Net assets divided by outstanding shares):\*** |  |  |
| Class A Shares-Net asset value | $12.43 | $16.25 |
| Class A Shares-Maximum offering price (Net asset value plus sales charge of 2.25% and 2.25%, respectively) | $12.72 | $16.62 |
| Class C Shares-Net asset value | $12.33 | $16.60 |
| Class F Shares-Net asset value | $12.44 | $16.26 |
| Class F3 Shares-Net asset value | $12.52 | $16.21 |
| Class I Shares-Net asset value | $12.43 | $16.13 |
| Class P Shares-Net asset value | $12.36 | $&nbsp;&nbsp;&nbsp;&nbsp; – |
| Class R2 Shares-Net asset value | $12.84 | $16.82 |
| Class R3 Shares-Net asset value | $12.41 | $16.26 |
| Class R4 Shares-Net asset value | $12.44 | $16.25 |
| Class R5 Shares-Net asset value | $12.47 | $16.15 |
| Class R6 Shares-Net asset value | $12.50 | $16.21 |

---

\* Net asset value may not recalculate due to rounding of fractional shares.

6 *See Notes to Financial Statements.*

**Statements of Operations (unaudited)**

*For the Six Months Ended May 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Multi-Asset<br> Balanced<br> Opportunity<br> Fund** | **Multi-Asset<br> Income Fund** |
| **Investment income:** |  |  |
| Dividend income from Underlying Funds (See Note 9) | $28100540 | $15045946 |
| Interest and other | 37243 | 8565 |
| **Total investment income** | 28137783 | 15054511 |
| **Expenses:** |  |  |
| Management fee | 966762 | 389457 |
| 12b-1 distribution plan-Class A | 2188313 | 791768 |
| 12b-1 distribution plan-Class C | 240940 | 145510 |
| 12b-1 distribution plan-Class F | 3348 | 6398 |
| 12b-1 distribution plan-Class P | 265 |  |
| 12b-1 distribution plan-Class R2 | 2672 | 1377 |
| 12b-1 distribution plan-Class R3 | 107162 | 33379 |
| 12b-1 distribution plan-Class R4 | 15099 | 2599 |
| Shareholder servicing | 761259 | 274004 |
| Fund administration | 386705 | 155783 |
| Registration | 87306 | 71963 |
| Reports to shareholders | 70138 | 30416 |
| Trustees' fees | 34510 | 13961 |
| Professional | 26463 | 21037 |
| Custody | 23208 | 16003 |
| Other | 20131 | 12146 |
| Gross expenses | 4934281 | 1965801 |
| &nbsp;&nbsp;&nbsp;Fees waived and expenses reimbursed (See Note 3) | (93301) | (46669) |
| **Net expenses** | 4840980 | 1919132 |
| **Net investment income** | 23296803 | 13135379 |
| **Net realized and unrealized gain/(loss):** |  |  |
| Capital gain distributions received from Underlying Funds | 14014631 | 3752724 |
| Net realized gain/(loss) on Investment in Underlying Funds | 22605188 | 1411198 |
| Net realized gain/(loss) on investments | (5274) | (276) |
| Net realized gain/(loss) on futures contracts | 496096 | 1111324 |
| Net change in unrealized appreciation/(depreciation) in Underlying Funds | (80602467) | (18024434) |
| Net change in unrealized appreciation/(depreciation) on futures contracts | 464289 | 185685 |
| Net change in unrealized appreciation/(depreciation) on translation of assets and liabilities denominated in foreign currencies | 3 | (14) |
| **Net realized and unrealized gain/(loss)** | (43027534) | (11563793) |
| **Net Increase (Decrease) in Net Assets Resulting From Operations** | $(19730731) | $1571586 |

---

*See Notes to Financial Statements.* 7

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the Six Months<br> Ended May 31, 2025<br> (unaudited)** | **For the Year Ended<br> November 30, 2024** |
| **Operations:** |  |  |
| Net investment income | $23296803 | $48362531 |
| Net realized gain/(loss) | 37110641 | 75473669 |
| Net change in unrealized appreciation/(depreciation) | (80138175) | 289685445 |
| **Net increase (decrease) in net assets resulting from operations** | (19730731) | 413521645 |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (26481643) | (40760351) |
| &nbsp;&nbsp;&nbsp;Class C | (546023) | (924938) |
| &nbsp;&nbsp;&nbsp;Class F | (105575) | (187149) |
| &nbsp;&nbsp;&nbsp;Class F3 | (827) | (1225) |
| &nbsp;&nbsp;&nbsp;Class I | (976087) | (1509472) |
| &nbsp;&nbsp;&nbsp;Class P | (1667) | (3300) |
| &nbsp;&nbsp;&nbsp;Class R2 | (11384) | (16485) |
| &nbsp;&nbsp;&nbsp;Class R3 | (593455) | (944190) |
| &nbsp;&nbsp;&nbsp;Class R4 | (183816) | (284733) |
| &nbsp;&nbsp;&nbsp;Class R5 | (1422) | (2746) |
| &nbsp;&nbsp;&nbsp;Class R6 | (199876) | (307113) |
| **Total distribution to shareholders** | (29101775) | (44941702) |
| **Capital share transactions (See Note 11):** |  |  |
| Net proceeds from sales of shares | 68978902 | 107619620 |
| Reinvestment of distributions | 28525336 | 43988509 |
| Cost of shares reacquired | (159120641) | (366110881) |
| **Net decrease in net assets resulting from capital share transactions** | (61616403) | (214502752) |
| **Net increase (decrease) in net assets** | (110448909) | 154077191 |
| **NET ASSETS:** |  |  |
| Beginning of period | $2033673317 | $1879596126 |
| **End of period** | $1923224408 | $2033673317 |

---

8 *See Notes to Financial Statements.*

**Statements of Changes in Net Assets (concluded)**

---

| | | |
|:---|:---|:---|
|  | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** |
| **INCREASE (DECREASE) IN NET ASSETS** | **For the Six Months<br> Ended May 31, 2025<br> (unaudited)** | **For the Year Ended<br> November 30, 2024** |
| **Operations:** |  |  |
| Net investment income | $13135379 | $27895483 |
| Net realized gain/(loss) | 6274970 | 17576370 |
| Net change in unrealized appreciation/(depreciation) | (17838763) | 81335025 |
| **Net increase (decrease) in net assets resulting from operations** | 1571586 | 126806878 |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (11876708) | (21685979) |
| &nbsp;&nbsp;&nbsp;Class C | (413398) | (953912) |
| &nbsp;&nbsp;&nbsp;Class F | (248674) | (523469) |
| &nbsp;&nbsp;&nbsp;Class F3 | (5425) | (20979) |
| &nbsp;&nbsp;&nbsp;Class I | (1752566) | (3259876) |
| &nbsp;&nbsp;&nbsp;Class P |  |  |
| &nbsp;&nbsp;&nbsp;Class R2 | (7527) | (10403) |
| &nbsp;&nbsp;&nbsp;Class R3 | (232743) | (431949) |
| &nbsp;&nbsp;&nbsp;Class R4 | (39041) | (67582) |
| &nbsp;&nbsp;&nbsp;Class R5 | (267) | (465) |
| &nbsp;&nbsp;&nbsp;Class R6 | (10976) | (14881) |
| **Total distribution to shareholders** | (14587325) | (26969495) |
| **Capital share transactions (See Note 11):** |  |  |
| Net proceeds from sales of shares | 30308305 | 58270148 |
| Reinvestment of distributions | 14088442 | 26085271 |
| Cost of shares reacquired | (73579103) | (175614077) |
| **Net decrease in net assets resulting from capital share transactions** | (29182356) | (91258658) |
| **Net increase (decrease) in net assets** | (42198095) | 8578725 |
| **NET ASSETS:** |  |  |
| Beginning of period | $812948676 | $804369951 |
| **End of period** | $770750581 | $812948676 |

---

*See Notes to Financial Statements.* 9

**Financial Highlights (unaudited)**

MULTI-ASSET BALANCED OPPORTUNITY FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)**<sup>(b)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class A** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(d)</sup> | $12.74 | $0.15 | $(0.27) | $(0.12) | $(0.19) | $– | $(0.19) |
| 11/30/2024 | 10.55 | 0.29 | 2.17 | 2.46 | (0.27) |  | (0.27) |
| 11/30/2023 | 10.30 | 0.24 | 0.24 | 0.48 | (0.23) |  | (0.23) |
| 11/30/2022 | 14.01 | 0.19 | (1.60) | (1.41) | (0.89) | (1.41) | (2.30) |
| 11/30/2021 | 13.15 | 0.22 | 1.42 | 1.64 | (0.51) | (0.27) | (0.78) |
| 11/30/2020 | 11.60 | 0.21 | 1.66 | 1.87 | (0.18) | (0.14) | (0.32) |
| **Class C** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(d)</sup> | 12.63 | 0.10 | (0.26) | (0.16) | (0.14) |  | (0.14) |
| 11/30/2024 | 10.46 | 0.20 | 2.15 | 2.35 | (0.18) |  | (0.18) |
| 11/30/2023 | 10.21 | 0.15 | 0.25 | 0.40 | (0.15) |  | (0.15) |
| 11/30/2022 | 13.90 | 0.11 | (1.58) | (1.47) | (0.81) | (1.41) | (2.22) |
| 11/30/2021 | 13.06 | 0.11 | 1.41 | 1.52 | (0.41) | (0.27) | (0.68) |
| 11/30/2020 | 11.53 | 0.12 | 1.65 | 1.77 | (0.10) | (0.14) | (0.24) |
| **Class F** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(d)</sup> | 12.74 | 0.16 | (0.26) | (0.10) | (0.20) |  | (0.20) |
| 11/30/2024 | 10.55 | 0.31 | 2.17 | 2.48 | (0.29) |  | (0.29) |
| 11/30/2023 | 10.30 | 0.25 | 0.25 | 0.50 | (0.25) |  | (0.25) |
| 11/30/2022 | 14.01 | 0.21 | (1.61) | (1.40) | (0.90) | (1.41) | (2.31) |
| 11/30/2021 | 13.15 | 0.24 | 1.42 | 1.66 | (0.53) | (0.27) | (0.80) |
| 11/30/2020 | 11.60 | 0.23 | 1.66 | 1.89 | (0.20) | (0.14) | (0.34) |
| **Class F3** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(d)</sup> | 12.82 | 0.17 | (0.27) | (0.10) | (0.20) |  | (0.20) |
| 11/30/2024 | 10.61 | 0.33 | 2.18 | 2.51 | (0.30) |  | (0.30) |
| 11/30/2023 | 10.35 | 0.27 | 0.25 | 0.52 | (0.26) |  | (0.26) |
| 11/30/2022 | 14.05 | 0.23 | (1.60) | (1.37) | (0.92) | (1.41) | (2.33) |
| 11/30/2021 | 13.18 | 0.17 | 1.52 | 1.69 | (0.55) | (0.27) | (0.82) |
| 11/30/2020 | 11.62 | 0.26 | 1.65 | 1.91 | (0.21) | (0.14) | (0.35) |
| **Class I** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(d)</sup> | 12.74 | 0.16 | (0.27) | (0.11) | (0.20) |  | (0.20) |
| 11/30/2024 | 10.55 | 0.32 | 2.17 | 2.49 | (0.30) |  | (0.30) |
| 11/30/2023 | 10.30 | 0.26 | 0.25 | 0.51 | (0.26) |  | (0.26) |
| 11/30/2022 | 14.00 | 0.22 | (1.60) | (1.38) | (0.91) | (1.41) | (2.32) |
| 11/30/2021 | 13.15 | 0.25 | 1.41 | 1.66 | (0.54) | (0.27) | (0.81) |
| 11/30/2020 | 11.60 | 0.24 | 1.66 | 1.90 | (0.21) | (0.14) | (0.35) |
| **Class P** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(d)</sup> | 12.66 | 0.14 | (0.27) | (0.13) | (0.17) |  | (0.17) |
| 11/30/2024 | 10.49 | 0.26 | 2.15 | 2.41 | (0.24) |  | (0.24) |
| 11/30/2023 | 10.24 | 0.21 | 0.25 | 0.46 | (0.21) |  | (0.21) |
| 11/30/2022 | 13.93 | 0.18 | (1.60) | (1.42) | (0.86) | (1.41) | (2.27) |
| 11/30/2021 | 13.08 | 0.19 | 1.41 | 1.60 | (0.48) | (0.27) | (0.75) |
| 11/30/2020 | 11.55 | 0.19 | 1.64 | 1.83 | (0.16) | (0.14) | (0.30) |

---

10 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<sup>(c)</sup> <br> **(%)** | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimbursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $12.43 | (0.95)<sup>(e)</sup> | 0.49 <sup>(f)</sup> | 0.50 <sup>(f)</sup> | 2.43 <sup>(f)</sup> | $1737110 | 8 <sup>(e)</sup> |
| 12.74 | 23.58 | 0.50 | 0.50 | 2.49 | 1840606 | 31 |
| 10.55 | 4.67 | 0.50 | 0.51 | 2.31 | 1680159 | 24 |
| 10.30 | (12.00) | 0.50 | 0.51 | 1.79 | 1808434 | 104 |
| 14.01 | 12.89 | 0.49 | 0.49 | 1.56 | 2293947 | 47 |
| 13.15 | 17.09 | 0.52 | 0.52 | 1.81 | 2087948 | 60 |
| 12.33 | (1.27)<sup>(e)</sup> | 1.24 <sup>(f)</sup> | 1.25 <sup>(f)</sup> | 1.67 <sup>(f)</sup> | 44104 | 8 <sup>(e)</sup> |
| 12.63 | 22.66 | 1.25 | 1.25 | 1.74 | 54274 | 31 |
| 10.46 | 3.87 | 1.25 | 1.26 | 1.52 | 65190 | 24 |
| 10.21 | (12.62) | 1.25 | 1.26 | 1.02 | 135989 | 104 |
| 13.90 | 12.01 | 1.24 | 1.24 | 0.78 | 223713 | 47 |
| 13.06 | 16.17 | 1.27 | 1.27 | 1.03 | 254523 | 60 |
| 12.44 | (0.80)<sup>(e)</sup> | 0.34 <sup>(f)</sup> | 0.35 <sup>(f)</sup> | 2.57 <sup>(f)</sup> | 6611 | 8 <sup>(e)</sup> |
| 12.74 | 23.76 | 0.35 | 0.35 | 2.64 | 7380 | 31 |
| 10.55 | 4.81 | 0.35 | 0.36 | 2.44 | 7625 | 24 |
| 10.30 | (11.88) | 0.35 | 0.36 | 1.89 | 27902 | 104 |
| 14.01 | 13.06 | 0.34 | 0.34 | 1.73 | 84162 | 47 |
| 13.15 | 17.26 | 0.37 | 0.37 | 1.97 | 70406 | 60 |
| 12.52 | (0.74)<sup>(e)</sup> | 0.17 <sup>(f)</sup> | 0.18 <sup>(f)</sup> | 2.74 <sup>(f)</sup> | 51 | 8 <sup>(e)</sup> |
| 12.82 | 23.94 | 0.17 | 0.17 | 2.82 | 53 | 31 |
| 10.61 | 5.02 | 0.17 | 0.18 | 2.64 | 44 | 24 |
| 10.35 | (11.64) | 0.17 | 0.18 | 2.15 | 42 | 104 |
| 14.05 | 13.25 | 0.17 | 0.17 | 1.18 | 58 | 47 |
| 13.18 | 17.47 | 0.18 | 0.18 | 2.23 | 75 | 60 |
| 12.43 | (0.82)<sup>(e)</sup> | 0.24 <sup>(f)</sup> | 0.25 <sup>(f)</sup> | 2.66 <sup>(f)</sup> | 67388 | 8 <sup>(e)</sup> |
| 12.74 | 23.88 | 0.25 | 0.25 | 2.74 | 59908 | 31 |
| 10.55 | 4.93 | 0.25 | 0.26 | 2.53 | 56235 | 24 |
| 10.30 | (11.78) | 0.25 | 0.26 | 2.07 | 56783 | 104 |
| 14.00 | 13.26 | 0.24 | 0.24 | 1.81 | 41327 | 47 |
| 13.15 | 17.29 | 0.27 | 0.27 | 2.08 | 37220 | 60 |
| 12.36 | (0.97)<sup>(e)</sup> | 0.68 <sup>(f)</sup> | 0.69 <sup>(f)</sup> | 2.22 <sup>(f)</sup> | 127 | 8 <sup>(e)</sup> |
| 12.66 | 23.24 | 0.70 | 0.70 | 2.26 | 118 | 31 |
| 10.49 | 4.49 | 0.70 | 0.71 | 2.07 | 350 | 24 |
| 10.24 | (12.17) | 0.70 | 0.71 | 1.63 | 340 | 104 |
| 13.93 | 12.72 | 0.69 | 0.69 | 1.37 | 820 | 47 |
| 13.08 | 16.86 | 0.72 | 0.72 | 1.61 | 725 | 60 |

---

*See Notes to Financial Statements.* 11

**Financial Highlights (unaudited)(concluded)**

MULTI-ASSET BALANCED OPPORTUNITY FUND

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** | **Distributions to<br> shareholders from:** |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> invest-<br> ment<br> income<br> (loss)**<sup>(b)</sup> | **Net<br> realized<br> and<br> unrealized<br> gain/(loss)** | **Total<br> from<br> invest-<br> ment<br> opera-<br> tions** | **Net<br> investment<br> income** | **Net<br> realized<br> gain** | **Total<br> distri-<br> butions** |
| **Class R2** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(d)</sup> | $13.15 | $0.13 | $(0.28) | $(0.15) | $(0.16) | $– | $(0.16) |
| 11/30/2024 | 10.88 | 0.26 | 2.24 | 2.50 | (0.23) |  | (0.23) |
| 11/30/2023 | 10.62 | 0.21 | 0.25 | 0.46 | (0.20) |  | (0.20) |
| 11/30/2022 | 14.36 | 0.16 | (1.64) | (1.48) | (0.85) | (1.41) | (2.26) |
| 11/30/2021 | 13.46 | 0.18 | 1.45 | 1.63 | (0.46) | (0.27) | (0.73) |
| 11/30/2020 | 11.87 | 0.17 | 1.70 | 1.87 | (0.14) | (0.14) | (0.28) |
| **Class R3** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(d)</sup> | 12.71 | 0.13 | (0.26) | (0.13) | (0.17) |  | (0.17) |
| 11/30/2024 | 10.53 | 0.26 | 2.16 | 2.42 | (0.24) |  | (0.24) |
| 11/30/2023 | 10.28 | 0.21 | 0.25 | 0.46 | (0.21) |  | (0.21) |
| 11/30/2022 | 13.98 | 0.17 | (1.60) | (1.43) | (0.86) | (1.41) | (2.27) |
| 11/30/2021 | 13.12 | 0.18 | 1.42 | 1.60 | (0.47) | (0.27) | (0.74) |
| 11/30/2020 | 11.58 | 0.18 | 1.65 | 1.83 | (0.15) | (0.14) | (0.29) |
| **Class R4** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(d)</sup> | 12.74 | 0.15 | (0.26) | (0.11) | (0.19) |  | (0.19) |
| 11/30/2024 | 10.55 | 0.29 | 2.17 | 2.46 | (0.27) |  | (0.27) |
| 11/30/2023 | 10.30 | 0.24 | 0.24 | 0.48 | (0.23) |  | (0.23) |
| 11/30/2022 | 14.01 | 0.19 | (1.60) | (1.41) | (0.89) | (1.41) | (2.30) |
| 11/30/2021 | 13.15 | 0.21 | 1.43 | 1.64 | (0.51) | (0.27) | (0.78) |
| 11/30/2020 | 11.60 | 0.21 | 1.66 | 1.87 | (0.18) | (0.14) | (0.32) |
| **Class R5** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(d)</sup> | 12.77 | 0.17 | (0.27) | (0.10) | (0.20) |  | (0.20) |
| 11/30/2024 | 10.58 | 0.32 | 2.17 | 2.49 | (0.30) |  | (0.30) |
| 11/30/2023 | 10.33 | 0.26 | 0.25 | 0.51 | (0.26) |  | (0.26) |
| 11/30/2022 | 14.03 | 0.22 | (1.60) | (1.38) | (0.91) | (1.41) | (2.32) |
| 11/30/2021 | 13.17 | 0.25 | 1.42 | 1.67 | (0.54) | (0.27) | (0.81) |
| 11/30/2020 | 11.62 | 0.20 | 1.70 | 1.90 | (0.21) | (0.14) | (0.35) |
| **Class R6** |  |  |  |  |  |  |  |
| 5/31/2025<sup>(d)</sup> | 12.80 | 0.17 | (0.27) | (0.10) | (0.20) |  | (0.20) |
| 11/30/2024 | 10.59 | 0.33 | 2.18 | 2.51 | (0.30) |  | (0.30) |
| 11/30/2023 | 10.33 | 0.27 | 0.25 | 0.52 | (0.26) |  | (0.26) |
| 11/30/2022 | 14.04 | 0.23 | (1.61) | (1.38) | (0.92) | (1.41) | (2.33) |
| 11/30/2021 | 13.17 | 0.26 | 1.43 | 1.69 | (0.55) | (0.27) | (0.82) |
| 11/30/2020 | 11.61 | 0.24 | 1.67 | 1.91 | (0.21) | (0.14) | (0.35) |

---

<sup>(a)</sup> Does not include expenses of the Underlying Funds in which the Fund invests.

<sup>(b)</sup> Calculated using average shares outstanding during the period.

<sup>(c)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(d)</sup> Unaudited.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Annualized.

12 *See Notes to Financial Statements.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Net<br> asset<br> value,<br> end of<br> period** |<br>**Total**<br> **return**<sup>(c)</sup> <br> **(%)** | **Total<br> expenses<br> after<br> waivers<br> and/or<br> reimbursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> invest-<br> ment<br> income<br> (loss)<br> (%)** | **Net<br> assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| $12.84 | (1.10)<sup>(e)</sup> | 0.84 <sup>(f)</sup> | 0.85 <sup>(f)</sup> | 2.07 <sup>(f)</sup> | $928 | 8 <sup>(e)</sup> |
| 13.15 | 23.16 | 0.85 | 0.85 | 2.14 | 900 | 31 |
| 10.88 | 4.25 | 0.84 | 0.85 | 2.01 | 802 | 24 |
| 10.62 | (12.29) | 0.85 | 0.86 | 1.44 | 593 | 104 |
| 14.36 | 12.55 | 0.84 | 0.84 | 1.23 | 686 | 47 |
| 13.46 | 16.58 | 0.87 | 0.87 | 1.44 | 594 | 60 |
| 12.41 | (1.00)<sup>(e)</sup> | 0.74 <sup>(f)</sup> | 0.75 <sup>(f)</sup> | 2.17 <sup>(f)</sup> | 42970 | 8 <sup>(e)</sup> |
| 12.71 | 23.22 | 0.75 | 0.75 | 2.25 | 44391 | 31 |
| 10.53 | 4.42 | 0.74 | 0.75 | 2.05 | 47059 | 24 |
| 10.28 | (12.17) | 0.75 | 0.76 | 1.53 | 37063 | 104 |
| 13.98 | 12.62 | 0.74 | 0.74 | 1.30 | 49825 | 47 |
| 13.12 | 16.74 | 0.77 | 0.77 | 1.56 | 48308 | 60 |
| 12.44 | (0.87)<sup>(e)</sup> | 0.49 <sup>(f)</sup> | 0.50 <sup>(f)</sup> | 2.43 <sup>(f)</sup> | 11902 | 8 <sup>(e)</sup> |
| 12.74 | 23.58 | 0.50 | 0.50 | 2.49 | 13293 | 31 |
| 10.55 | 4.67 | 0.50 | 0.51 | 2.31 | 11333 | 24 |
| 10.30 | (12.00) | 0.50 | 0.51 | 1.79 | 11617 | 104 |
| 14.01 | 12.88 | 0.49 | 0.49 | 1.54 | 14343 | 47 |
| 13.15 | 17.09 | 0.52 | 0.52 | 1.79 | 13893 | 60 |
| 12.47 | (0.74)<sup>(e)</sup> | 0.23 <sup>(f)</sup> | 0.24 <sup>(f)</sup> | 2.68 <sup>(f)</sup> | 52 | 8 <sup>(e)</sup> |
| 12.77 | 23.81 | 0.25 | 0.25 | 2.73 | 114 | 31 |
| 10.58 | 4.91 | 0.25 | 0.26 | 2.54 | 100 | 24 |
| 10.33 | (11.69) | 0.25 | 0.26 | 2.08 | 158 | 104 |
| 14.03 | 13.15 | 0.24 | 0.24 | 1.78 | 186 | 47 |
| 13.17 | 17.34 | 0.28 | 0.28 | 1.79 | 178 | 60 |
| 12.50 | (0.74)<sup>(e)</sup> | 0.17 <sup>(f)</sup> | 0.18 <sup>(f)</sup> | 2.74 <sup>(f)</sup> | 11981 | 8 <sup>(e)</sup> |
| 12.80 | 23.98 | 0.18 | 0.18 | 2.80 | 12638 | 31 |
| 10.59 | 5.03 | 0.17 | 0.18 | 2.65 | 10701 | 24 |
| 10.33 | (11.73) | 0.17 | 0.18 | 2.12 | 10119 | 104 |
| 14.04 | 13.26 | 0.17 | 0.17 | 1.88 | 11969 | 47 |
| 13.17 | 17.48 | 0.19 | 0.19 | 2.13 | 10480 | 60 |

---

*See Notes to Financial Statements.* 13

**Financial Highlights (unaudited)**

MULTI-ASSET INCOME FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders <br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment <br> income<br> (loss)**<sup>(b)</sup> | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment <br> operations** | **Net<br> investment<br> income** |<br>**Net asset<br> value,<br> end of<br> period** |
| **Class A** |  |  |  |  |  |  |
| 5/31/2025<sup>(d)</sup> | $16.52 | $0.27 | $(0.24) | $0.03 | $(0.30) | $16.25 |
| 11/30/2024 | 14.60 | 0.54 | 1.90 | 2.44 | (0.52) | 16.52 |
| 11/30/2023 | 14.60 | 0.45 | – <sup>(g)</sup> | 0.45 | (0.45) | 14.60 |
| 11/30/2022 | 17.39 | 0.35 | (2.24) | (1.89) | (0.90) | 14.60 |
| 11/30/2021 | 16.47 | 0.32 | 1.21 | 1.53 | (0.61) | 17.39 |
| 11/30/2020 | 15.02 | 0.33 | 1.43 | 1.76 | (0.31) | 16.47 |
| **Class C** |  |  |  |  |  |  |
| 5/31/2025<sup>(d)</sup> | 16.86 | 0.22 | (0.24) | (0.02) | (0.24) | 16.60 |
| 11/30/2024 | 14.89 | 0.43 | 1.94 | 2.37 | (0.40) | 16.86 |
| 11/30/2023 | 14.87 | 0.35 | – <sup>(g)</sup> | 0.35 | (0.33) | 14.89 |
| 11/30/2022 | 17.68 | 0.24 | (2.27) | (2.03) | (0.78) | 14.87 |
| 11/30/2021 | 16.74 | 0.18 | 1.23 | 1.41 | (0.47) | 17.68 |
| 11/30/2020 | 15.25 | 0.22 | 1.47 | 1.69 | (0.20) | 16.74 |
| **Class F** |  |  |  |  |  |  |
| 5/31/2025<sup>(d)</sup> | 16.52 | 0.28 | (0.23) | 0.05 | (0.31) | 16.26 |
| 11/30/2024 | 14.60 | 0.56 | 1.91 | 2.47 | (0.55) | 16.52 |
| 11/30/2023 | 14.60 | 0.48 | (0.01) | 0.47 | (0.47) | 14.60 |
| 11/30/2022 | 17.39 | 0.37 | (2.24) | (1.87) | (0.92) | 14.60 |
| 11/30/2021 | 16.47 | 0.34 | 1.22 | 1.56 | (0.64) | 17.39 |
| 11/30/2020 | 15.02 | 0.35 | 1.43 | 1.78 | (0.33) | 16.47 |
| **Class F3** |  |  |  |  |  |  |
| 5/31/2025<sup>(d)</sup> | 16.47 | 0.32 | (0.26) | 0.06 | (0.32) | 16.21 |
| 11/30/2024 | 14.55 | 0.59 | 1.89 | 2.48 | (0.56) | 16.47 |
| 11/30/2023 | 14.54 | 0.50 | – <sup>(g)</sup> | 0.50 | (0.49) | 14.55 |
| 11/30/2022 | 17.32 | 0.41 | (2.25) | (1.84) | (0.94) | 14.54 |
| 11/30/2021 | 16.40 | 0.37 | 1.21 | 1.58 | (0.66) | 17.32 |
| 11/30/2020 | 14.95 | 0.39 | 1.40 | 1.79 | (0.34) | 16.40 |
| **Class I** |  |  |  |  |  |  |
| 5/31/2025<sup>(d)</sup> | 16.40 | 0.29 | (0.24) | 0.05 | (0.32) | 16.13 |
| 11/30/2024 | 14.50 | 0.58 | 1.88 | 2.46 | (0.56) | 16.40 |
| 11/30/2023 | 14.50 | 0.48 | 0.01 <sup>(h)</sup> | 0.49 | (0.49) | 14.50 |
| 11/30/2022 | 17.28 | 0.39 | (2.23) | (1.84) | (0.94) | 14.50 |
| 11/30/2021 | 16.37 | 0.36 | 1.20 | 1.56 | (0.65) | 17.28 |
| 11/30/2020 | 14.93 | 0.36 | 1.42 | 1.78 | (0.34) | 16.37 |
| **Class R2** |  |  |  |  |  |  |
| 5/31/2025<sup>(d)</sup> | 17.08 | 0.25 | (0.24) | 0.01 | (0.27) | 16.82 |
| 11/30/2024 | 15.09 | 0.50 | 1.96 | 2.46 | (0.47) | 17.08 |
| 11/30/2023 | 15.06 | 0.42 | 0.01 <sup>(h)</sup> | 0.43 | (0.40) | 15.09 |
| 11/30/2022 | 17.92 | 0.31 | (2.32) | (2.01) | (0.85) | 15.06 |
| 11/30/2021 | 16.95 | 0.26 | 1.25 | 1.51 | (0.54) | 17.92 |
| 11/30/2020 | 15.44 | 0.29 | 1.47 | 1.76 | (0.25) | 16.95 |

---

14 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br> **return**<sup>(c)</sup> <br> **(%)** | **Total expenses after<br> waivers and/or<br> reimbursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income (loss)<br> (%)** | **Net assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 0.22 <sup>(e)</sup> | 0.49 <sup>(f)</sup> | 0.50 <sup>(f)</sup> | 3.38 <sup>(f)</sup> | $629656 | 5 <sup>(e)</sup> |
| 17.00 | 0.50 | 0.51 | 3.45 | 657913 | 32 |
| 3.10 | 0.50 | 0.51 | 3.13 | 638171 | 19 |
| (11.23) | 0.49 | 0.50 | 2.30 | 734968 | 83 |
| 9.43 | 0.48 | 0.49 | 1.81 | 855806 | 40 |
| 12.33 | 0.50 | 0.50 | 2.19 | 745462 | 75 |
| (0.12)<sup>(e)</sup> | 1.24 <sup>(f)</sup> | 1.25 <sup>(f)</sup> | 2.63 <sup>(f)</sup> | 25388 | 5 <sup>(e)</sup> |
| 16.10 | 1.25 | 1.26 | 2.71 | 33181 | 32 |
| 2.35 | 1.25 | 1.26 | 2.35 | 44457 | 19 |
| (11.92) | 1.25 | 1.25 | 1.50 | 92856 | 83 |
| 8.66 | 1.23 | 1.24 | 1.03 | 188842 | 40 |
| 11.46 | 1.25 | 1.25 | 1.44 | 240404 | 75 |
| 0.36 <sup>(e)</sup> | 0.34 <sup>(f)</sup> | 0.35 <sup>(f)</sup> | 3.52 <sup>(f)</sup> | 12516 | 5 <sup>(e)</sup> |
| 17.17 | 0.35 | 0.36 | 3.61 | 13914 | 32 |
| 3.24 | 0.35 | 0.36 | 3.27 | 15635 | 19 |
| (11.10) | 0.34 | 0.35 | 2.35 | 54006 | 83 |
| 9.59 | 0.33 | 0.34 | 1.95 | 176727 | 40 |
| 12.49 | 0.35 | 0.35 | 2.35 | 165707 | 75 |
| 0.41 <sup>(e)</sup> | 0.19 <sup>(f)</sup> | 0.20 <sup>(f)</sup> | 3.96 <sup>(f)</sup> | 107 | 5 <sup>(e)</sup> |
| 17.34 | 0.19 | 0.20 | 3.76 | 625 | 32 |
| 3.45 | 0.18 | 0.19 | 3.45 | 541 | 19 |
| (10.98) | 0.18 | 0.18 | 2.59 | 541 | 83 |
| 9.76 | 0.17 | 0.18 | 2.11 | 1735 | 40 |
| 12.68 | 0.18 | 0.18 | 2.61 | 2013 | 75 |
| 0.35 <sup>(e)</sup> | 0.24 <sup>(f)</sup> | 0.25 <sup>(f)</sup> | 3.63 <sup>(f)</sup> | 86617 | 5 <sup>(e)</sup> |
| 17.27 | 0.25 | 0.26 | 3.70 | 90343 | 32 |
| 3.38 | 0.25 | 0.26 | 3.37 | 88548 | 19 |
| (11.02) | 0.24 | 0.25 | 2.65 | 98929 | 83 |
| 9.70 | 0.23 | 0.24 | 2.05 | 37860 | 40 |
| 12.61 | 0.25 | 0.25 | 2.45 | 35613 | 75 |
| 0.10 <sup>(e)</sup> | 0.84 <sup>(f)</sup> | 0.85 <sup>(f)</sup> | 3.02 <sup>(f)</sup> | 488 | 5 <sup>(e)</sup> |
| 16.58 | 0.85 | 0.86 | 3.09 | 447 | 32 |
| 2.71 | 0.85 | 0.86 | 2.81 | 275 | 19 |
| (11.54) | 0.84 | 0.85 | 2.00 | 174 | 83 |
| 9.06 | 0.83 | 0.83 | 1.46 | 140 | 40 |
| 11.97 | 0.85 | 0.85 | 1.87 | 124 | 75 |

---

*See Notes to Financial Statements.* 15

**Financial Highlights (unaudited)(concluded)**

MULTI-ASSET INCOME FUND

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | **Per Share Operating Performance:** | |
|  | | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Distributions to<br> shareholders <br> from:** | |
|  |<br>**Net asset<br> value,<br> beginning<br> of period** | **Net<br> investment <br> income<br> (loss)**<sup>(b)</sup> | **Net<br> realized and<br> unrealized<br> gain/(loss)** | **Total from<br> investment <br> operations** | **Net<br> investment<br> income** |<br>**Net asset<br> value,<br> end of<br> period** |
| **Class R3** |  |  |  |  |  |  |
| 5/31/2025<sup>(d)</sup> | $16.52 | $0.25 | $(0.23) | $0.02 | $(0.28) | $16.26 |
| 11/30/2024 | 14.60 | 0.50 | 1.91 | 2.41 | (0.49) | 16.52 |
| 11/30/2023 | 14.60 | 0.42 | – <sup>(g)</sup> | 0.42 | (0.42) | 14.60 |
| 11/30/2022 | 17.39 | 0.31 | (2.24) | (1.93) | (0.86) | 14.60 |
| 11/30/2021 | 16.47 | 0.27 | 1.21 | 1.48 | (0.56) | 17.39 |
| 11/30/2020 | 15.02 | 0.29 | 1.43 | 1.72 | (0.27) | 16.47 |
| **Class R4** |  |  |  |  |  |  |
| 5/31/2025<sup>(d)</sup> | 16.52 | 0.27 | (0.24) | 0.03 | (0.30) | 16.25 |
| 11/30/2024 | 14.60 | 0.54 | 1.90 | 2.44 | (0.52) | 16.52 |
| 11/30/2023 | 14.60 | 0.45 | – <sup>(g)</sup> | 0.45 | (0.45) | 14.60 |
| 11/30/2022 | 17.39 | 0.35 | (2.24) | (1.89) | (0.90) | 14.60 |
| 11/30/2021 | 16.47 | 0.31 | 1.22 | 1.53 | (0.61) | 17.39 |
| 11/30/2020 | 15.02 | 0.33 | 1.43 | 1.76 | (0.31) | 16.47 |
| **Class R5** |  |  |  |  |  |  |
| 5/31/2025<sup>(d)</sup> | 16.41 | 0.29 | (0.23) | 0.06 | (0.32) | 16.15 |
| 11/30/2024 | 14.51 | 0.58 | 1.88 | 2.46 | (0.56) | 16.41 |
| 11/30/2023 | 14.51 | 0.49 | – <sup>(g)</sup> | 0.49 | (0.49) | 14.51 |
| 11/30/2022 | 17.28 | 0.39 | (2.22) | (1.83) | (0.94) | 14.51 |
| 11/30/2021 | 16.38 | 0.36 | 1.19 | 1.55 | (0.65) | 17.28 |
| 11/30/2020 | 14.93 | 0.36 | 1.43 | 1.79 | (0.34) | 16.38 |
| **Class R6** |  |  |  |  |  |  |
| 5/31/2025<sup>(d)</sup> | 16.47 | 0.29 | (0.23) | 0.06 | (0.32) | 16.21 |
| 11/30/2024 | 14.55 | 0.59 | 1.89 | 2.48 | (0.56) | 16.47 |
| 11/30/2023 | 14.54 | 0.49 | 0.01 <sup>(h)</sup> | 0.50 | (0.49) | 14.55 |
| 11/30/2022 | 17.32 | 0.40 | (2.24) | (1.84) | (0.94) | 14.54 |
| 11/30/2021 | 16.40 | 0.37 | 1.21 | 1.58 | (0.66) | 17.32 |
| 11/30/2020 | 14.95 | 0.38 | 1.41 | 1.79 | (0.34) | 16.40 |

---

<sup>(a)</sup> Does not include expenses of the Underlying Funds in which the Fund invests.

<sup>(b)</sup> Calculated using average shares outstanding during the period.

<sup>(c)</sup> Total return for Classes A and C does not consider the effects of sales loads and assumes the reinvestment of all distributions. Total return for all other classes assumes the reinvestment of all distributions.

<sup>(d)</sup> Unaudited.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Amount is less than $0.01.

<sup>(h)</sup> Realized and unrealized gain/(loss) per share does not correlate to the aggregate of the net realized and unrealized gain/(loss) in the Statement of Operations, primarily due to the timing of the sales and repurchases of the Fund's shares in relation to fluctuating market values of the Fund's portfolio.

16 *See Notes to Financial Statements.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Ratios to Average Net Assets:**<sup>(a)</sup> | **Supplemental Data:** | **Supplemental Data:** |
|<br>**Total**<br> **return**<sup>(c)</sup> <br> **(%)** | **Total expenses after<br> waivers and/or<br> reimbursements<br> (%)** | **Total<br> expenses<br> (%)** | **Net<br> investment<br> income (loss)<br> (%)** | **Net assets,<br> end of<br> period<br> (000)** | **Portfolio<br> turnover<br> rate<br> (%)** |
| 0.16 <sup>(e)</sup> | 0.74 <sup>(f)</sup> | 0.75 <sup>(f)</sup> | 3.13 <sup>(f)</sup> | $12840 | 5 <sup>(e)</sup> |
| 16.70 | 0.75 | 0.76 | 3.20 | 13943 | 32 |
| 2.84 | 0.75 | 0.76 | 2.88 | 14176 | 19 |
| (11.46) | 0.74 | 0.75 | 2.02 | 14878 | 83 |
| 9.15 | 0.73 | 0.74 | 1.56 | 20699 | 40 |
| 12.04 | 0.75 | 0.75 | 1.94 | 19031 | 75 |
| 0.22 <sup>(e)</sup> | 0.49 <sup>(f)</sup> | 0.50 <sup>(f)</sup> | 3.37 <sup>(f)</sup> | 2166 | 5 <sup>(e)</sup> |
| 16.99 | 0.50 | 0.51 | 3.47 | 2087 | 32 |
| 3.10 | 0.50 | 0.51 | 3.12 | 2241 | 19 |
| (11.23) | 0.49 | 0.50 | 2.29 | 2489 | 83 |
| 9.43 | 0.48 | 0.49 | 1.80 | 3435 | 40 |
| 12.33 | 0.50 | 0.50 | 2.18 | 2988 | 75 |
| 0.42 <sup>(e)</sup> | 0.21 <sup>(f)</sup> | 0.21 <sup>(f)</sup> | 3.65 <sup>(f)</sup> | 13 | 5 <sup>(e)</sup> |
| 17.25 | 0.23 | 0.23 | 3.73 | 14 | 32 |
| 3.38 | 0.24 | 0.25 | 3.38 | 12 | 19 |
| (11.02) | 0.24 | 0.24 | 2.56 | 47 | 83 |
| 9.76 | 0.23 | 0.23 | 2.06 | 53 | 40 |
| 12.61 | 0.24 | 0.24 | 2.42 | 47 | 75 |
| 0.41 <sup>(e)</sup> | 0.18 <sup>(f)</sup> | 0.19 <sup>(f)</sup> | 3.66 <sup>(f)</sup> | 958 | 5 <sup>(e)</sup> |
| 17.35 | 0.19 | 0.20 | 3.75 | 483 | 32 |
| 3.45 | 0.18 | 0.19 | 3.41 | 313 | 19 |
| (10.98) | 0.18 | 0.19 | 2.62 | 1015 | 83 |
| 9.76 | 0.17 | 0.18 | 2.11 | 1159 | 40 |
| 12.68 | 0.18 | 0.18 | 2.55 | 1030 | 75 |

---

*See Notes to Financial Statements.* 17

**Notes to Financial Statements (unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Lord Abbett Investment Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as a diversified, open-end management investment company and was organized as a Delaware statutory trust on August 16, 1993. The Trust consists of thirteen funds. This report covers the following two funds (separately, a "Fund" and collectively, the "Funds") and their respective active share classes:

<u>Funds</u> <u>Classes</u> <br> Lord Abbett Multi-Asset Balanced Opportunity Fund ("Multi-Asset Balanced Opportunity Fund") A, C, F, F3, I, P, R2, R3, R4, R5 and R6 <br> Lord Abbett Multi-Asset Income Fund ("Multi-Asset Income Fund") A, C, F, F3, I, R2, R3, R4, R5 and R6

Multi-Asset Balanced Opportunity Fund's Class P shares are closed to substantially all new investors, with certain exceptions as set forth in the Fund's prospectus.

Multi-Asset Balanced Opportunity Fund's investment objective is to seek current income and capital growth. Multi-Asset Income Fund's investment objective is to seek a high level of current income. The Funds invest principally in "Underlying Funds", which consist of other registered mutual funds managed by Lord, Abbett & Co. LLC ("Lord Abbett") and the Lord Abbett Private Credit Fund ("PCF"), which is a non-diversified, closed-end management investment company which elected to be regulated as a business development company under the Act. PCF is available only to the Funds and certain other investment companies managed by Lord Abbett.

Each class of shares has different expenses and dividends. A front-end sales charge is normally added to the net asset value ("NAV") for Class A shares. There is no front-end sales charge in the case of Class C, F, F3, I, P, R2, R3, R4, R5 and R6 shares, although there may be a contingent deferred sales charge ("CDSC") in certain cases as follows: Class A shares purchased without a sales charge and redeemed before the first day of the month in which the one-year anniversary of the purchase falls (subject to certain exceptions as set forth in each Fund's prospectus); and Class C shares redeemed before the first anniversary of purchase. Class C shares automatically convert to Class A shares on the 25th day of the month (or, if the 25th day is not a business day, the next business day thereafter) following the eighth anniversary of the month on which the purchase order was accepted, provided that the Fund or financial intermediary through which a shareholder purchased Class C shares has records verifying that the Class C shares have been held at least eight years.

**Basis of Preparation**

The Funds are investment companies and apply the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification *Topic 946 Financial Services – Investment Companies.* The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Segment Reporting**

The Funds adopted FASB Accounting Standards Update ("ASU") 2023-07, Segment Reporting ("Topic 280") – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard resulted in new financial statement disclosures and did not affect the Funds' financial

**Notes to Financial Statements (unaudited)(continued)**

position or their results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The CODM for the Funds is Lord Abbett through its Management, Investment and Operating Committees, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that the CODM monitors the operating results of each Fund as a whole and that the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of their prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Funds' Schedule of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets and Financial Highlights.

&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

---

| | |
|:---|:---|
| (a) | Investment Valuation–Under procedures approved by the Funds' Board of Trustees (the "Board"), the Board has designated the determination of fair value of the Funds' portfolio investments to Lord Abbett, as its valuation designee. Accordingly, Lord Abbett is responsible for, among other things, assessing and managing valuation risks, establishing, applying and testing fair value methodologies, and evaluating pricing services. Lord Abbett has formed a Pricing Committee that performs these responsibilities on behalf of Lord Abbett, administers the pricing and valuation of portfolio investments and ensures that prices utilized reasonably reflect fair value. Among other things, these procedures allow Lord Abbett, subject to Board oversight, to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value. |
|  | Investments in the Underlying Funds, with the exception of the PCF, are valued at their NAV each business day at the close of regular trading on the New York Stock Exchange, normally 4:00 p.m. Eastern time. Investments in the PCF are valued at their NAV each month end. Exchange traded options and futures contracts are valued at the last quoted sale price in the market where they are principally traded. If no sale has occurred, the mean between the most recently quoted bid and ask prices is used. Forward foreign currency exchange contracts are valued using daily forward exchange rates. Swaps, options and options on swaps ("swaptions") are valued daily using independent pricing services or quotations from broker/dealers to the extent available. |
|  | Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof periodically reviews reports that may include fair value determinations made by the Pricing Committee, related market activity, inputs and assumptions, and retrospective comparison of prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value. Investments in open-end money market mutual funds are valued at their NAV as of the close of each business day. |

---

**Notes to Financial Statements (unaudited)(continued)**

Fair Value Measurements–Fair value is defined as the price that each Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk – for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 – unadjusted 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.); and

● Level 3 – significant unobservable inputs (including each Fund's own assumptions in determining the fair value of investments).

---

| | |
|:---|:---|
|  | A summary of inputs used in valuing each Fund's investments and other financial instruments as of May 31, 2025 and, if applicable, Level 3 rollforwards for the six months then ended is included in each Fund's Schedule of Investments. |
|  | Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| (b) | Expenses–Expenses incurred by the Trust that do not specifically relate to an individual fund are generally allocated to the Funds within the Trust on a pro rata basis by relative net assets. Expenses, excluding class-specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. In addition, Class F3 and R6 shares bear only their class-specific shareholder servicing expenses. Class A, C, F, P, R2, R3 and R4 shares bear their class-specific share of all expenses and fees relating to the Funds' 12b-1 Distribution Plan. |
| (c) | Foreign Transactions–The books and records of each Fund are maintained in U.S. dollars and transactions denominated in foreign currencies are recorded in each Fund's records at the rate prevailing when earned or recorded. Asset and liability accounts that are denominated in foreign currencies are adjusted daily to reflect current exchange rates and any unrealized gain/(loss), if applicable, is included in Net change in unrealized appreciation/depreciation on translation of assets and liabilities denominated in foreign currencies in each Fund's Statement of Operations. The resultant exchange gains and losses upon settlement of such transactions, if applicable, are included in Net realized gain/(loss) on foreign currency related transactions in each Fund's Statement of Operations. The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in market prices of the securities. |

---

**Notes to Financial Statements (unaudited)(continued)**

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| | |
|:---|:---|
|  | Each Fund uses foreign currency exchange contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms. |
| (d) | Income Taxes–It is the policy of each Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required. |
|  | Management has reviewed each Fund's tax positions for all open tax years and has determined that as of May 31, 2025, no liability for Federal Income tax is required in each Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. The statutes of limitations on each Fund's state and local tax returns may remain open for an additional year depending upon each Fund's jurisdiction. |
| (e) | Investment Income–Dividend income and capital gain distributions are recorded on the ex-dividend date. Interest income is recorded on the accrual basis as earned. Discounts are accreted and premiums are amortized using the effective interest method and are included in Interest and other income, if applicable, in the Statements of Operations. Investment income is allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
| (f) | Repurchase Agreements–Each Fund may enter into repurchase agreements with respect to securities. A repurchase agreement is a transaction in which a fund acquires a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date. Each Fund requires at all times that the repurchase agreement be collateralized by cash, or by securities of the U.S. Government, its agencies, its instrumentalities, or U.S. Government sponsored enterprises having a value equal to, or in excess of, the value of the repurchase agreement (including accrued interest). If the seller of the agreement defaults on its obligation to repurchase the underlying securities at a time when the fair value of these securities has declined, a Fund may incur a loss upon disposition of the securities. |
|  | The Funds' repurchase agreements are not subject to master netting arrangements. |
| (g) | Security Transactions–Security transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses on sales of portfolio securities are calculated using the identified-cost method. Realized and unrealized gains/(losses) are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. |
| (h) | Derivatives–Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility. |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| |
|:---|
| The Funds may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing the Funds to close out their position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds' risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities. |
| The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Funds' ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds' net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other. |
| Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark-to-market gains to the Funds. |
| Notes i. – ii. below describe the various derivatives used by the Funds. |

---

---

| | |
|:---|:---|
| i. | Futures Contracts–During the period, the Funds listed in the tables below entered into domestic index equity and U.S. Treasury interest rate futures contracts to manage and hedge interest rate risk associated with portfolio investments. During the period, the Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity. |
|  | Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/(depreciation) on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the Schedules of Investments, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities. |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | |
|:---|:---|
|  | The use of futures contracts exposes the Funds to equity price, foreign exchange and interest rate risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions. |
|  | The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions). |
| ii. | Summary of Derivative Information–The following tables present the effect of derivatives on the Statements of Operations for the six months ended May 31, 2025: |

---

---

| | | |
|:---|:---|:---|
| **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** |
|  | **Equity<br> Contracts** | **Inflation<br> Linked/<br> Interest Rate<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives Recognized on the Statements of Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(316015) | $812111 |
| **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized on the Statements of Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | $464289 |
| **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 114 | 270 |

---

---

| | | |
|:---|:---|:---|
|  | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** |
|  | **Equity<br> Contracts** | **Inflation<br> Linked/<br> Interest Rate<br> Contracts** |
| **Amount of Realized Gain/(Loss) on Derivatives Recognized on the Statements of Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $781134 | $330190 |
| **Amount of Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized on the Statements of Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | $185685 |
| **Derivatives volume calculated based on the number of contracts or notional amounts** |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 53 | 109 |

---

**Notes to Financial Statements (unaudited)(continued)**

&nbsp;&nbsp;&nbsp;&nbsp;3. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

**Management Fee**

The Trust has a management agreement with Lord Abbett, pursuant to which Lord Abbett provides each Fund with investment management services and executive and other personnel, provides office space and pays for ordinary and necessary office and clerical expenses relating to research and statistical work and supervision of each Fund's investment portfolio. The management fee is accrued daily and payable monthly.

The management fee is based on each Fund's average daily net assets at an annual rate of .10%.

For the six months ended May 31, 2025, the effective management fee, net of any applicable waivers, was at the following annualized rate of each Fund's average daily net assets:

---

| | |
|:---|:---|
| Fund | Net Effective<br> Management Fee |
| Multi-Asset Balanced Opportunity Fund | .10% |
| Multi-Asset Income Fund | .10% |

---

For the Funds' investment in the PCF, Lord Abbett has voluntarily agreed to waive management fees in an amount sufficient to offset the respective management fee that Lord Abbett collects from the PCF. Lord Abbett voluntarily waived the following management fees for the six months ended May 31, 2025:

---

| | |
|:---|:---|
| Fund | Management Fee |
| Multi-Asset Balanced Opportunity Fund | $70093 |
| Multi-Asset Income Fund | 30666 |

---

In addition, Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement in return for a fee at an annual rate of .04% of each Fund's average daily net assets. The fund administration fee is accrued daily and payable monthly. Lord Abbett voluntarily waived the following fund administration fees for the six months ended May 31, 2025:

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| | |
|:---|:---|
|  | Fund |
| Fund | Administration Fee |
| Multi-Asset Balanced Opportunity Fund | $23208 |
| Multi-Asset Income Fund | 16003 |

---

**12b-1 Distribution Plan**

Each Fund has adopted a distribution plan with respect to Class A, C, F, P, R2, R3 and R4 shares pursuant to Rule 12b-1 under the Act, which provides for the payment of ongoing distribution and service fees to Lord Abbett Distributor LLC (the "Distributor"), an affiliate of Lord Abbett. The distribution and service fees are accrued daily and payable monthly. The following annual rates have been authorized by the Board pursuant to the plan:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fees\* | Class A | Class C | **Class F**<sup>(1)</sup> | Class P | Class R2 | Class R3 | Class R4 |
| Service | .25% | .25% |  | .25% | .25% | .25% | .25% |
| Distribution |  | .75% | .10% | .20% | .35% | .25% |  |

---

\* The Funds may designate a portion of the aggregate fees attributable to service activities for purposes of calculating Financial Industry Regulatory Authority, Inc. sales charge limitations.

<sup>(1)</sup> The Class F shares Rule 12b-1 fee may be designated as a service fee in limited circumstances as described in the Funds' prospectus.

Class F3, Class I, Class R5 and Class R6 shares do not have a distribution plan.

**Notes to Financial Statements (unaudited)(continued)**

**Commissions**

The Distributor received the following commissions on sales of shares of the Funds, after concessions were paid to authorized dealers, for the six months ended May 31, 2025:

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| | | |
|:---|:---|:---|
| | Distributor<br>Commissions | Dealers'<br>Concessions |
| Multi-Asset Balanced Opportunity Fund | $41773 | $377419 |
| Multi-Asset Income Fund | 12012 | 139548 |

---

The Distributor received the following amounts of CDSCs for the six months ended May 31, 2025:

---

| | | |
|:---|:---|:---|
| | Class A | Class C |
| Multi-Asset Balanced Opportunity Fund | $4580 | $2830 |
| Multi-Asset Income Fund | 8917 | 1182 |

---

One Trustee and certain of the Trust's officers have an interest in Lord Abbett.

&nbsp;&nbsp;&nbsp;&nbsp;4. DISTRIBUTIONS AND TAX INFORMATION

Dividends are paid from net investment income, if any. Capital gain distributions are paid from taxable net realized gains from investments transactions, reduced by allowable capital loss carryforwards, if any. The capital loss carryforward amount, if any, is available to offset future net capital gains. Dividends and distributions to shareholders are recorded on the ex-dividend date. The amounts of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of net assets based on their federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for tax purposes, are reported as a tax return of capital.

The tax character of distributions paid during the six months ended May 31, 2025 was as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Net |  | Total |
|  | Tax-Exempt | Ordinary | Long-Term | Return of | Distributions |
| Fund | Income | Income | Capital Gains | Capital | Paid |
| Multi-Asset Balanced Opportunity Fund | $&nbsp;&nbsp;&nbsp;&nbsp;– | $29101775 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp;– | $29101775 |
| Multi-Asset Income Fund |  | 14587325 |  |  | 14587325 |

---

The tax character of distributions paid during the fiscal year ended November 30, 2024 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Net |  | Total |
|  | Tax-Exempt | Ordinary | Long-Term | Return of | Distributions |
| Fund | Income | Income | Capital Gains | Capital | Paid |
| Multi-Asset Balanced Opportunity Fund | $&nbsp;&nbsp;&nbsp;&nbsp;– | $44941702 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – | $44941702 |
| Multi-Asset Income Fund |  | 26969495 |  |  | 26969495 |

---

Net capital losses recognized by the Funds may be carried forward indefinitely and retain their character as short-term and/or long-term losses. Capital losses incurred that will be carried forward are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Short-Term | Long-Term | Net Capital |
| Fund | Losses | Losses | Losses |
| Multi-Asset Balanced Opportunity Fund | $(98166079) | $(10994474) | $(109160553) |
| Multi-Asset Income Fund | (38914191) | (50612724) | (89526915) |

---

**Notes to Financial Statements (unaudited)(continued)**

As of May 31, 2025, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for each Fund are shown below. The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable to the tax treatment of certain securities, other financial instruments and wash sales.

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | Net |
|  |  | Gross | Gross | Unrealized |
|  | Tax Cost | Unrealized | Unrealized | Appreciation/ |
| Fund | of Investments | Appreciation | Depreciation | (Depreciation) |
| Multi-Asset Balanced Opportunity Fund | $1782126975 | $179714211 | $(37472904) | $142241307 |
| Multi-Asset Income Fund | 767425398 | 37217415 | (33359106) | 3858309 |

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&nbsp;&nbsp;&nbsp;&nbsp;5. PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended May 31, 2025 were as follows:

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| | | |
|:---|:---|:---|
| | Purchases | Sales |
| Multi-Asset Balanced Opportunity Fund | $159639796 | $211143160 |
| Multi-Asset Income Fund | 40472062 | 65122658 |

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There were no purchases or sales of U.S. Government securities during the six months ended May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;6. TRUSTEES' REMUNERATION

The Trust's officers and one Trustee, who are associated with Lord Abbett, do not receive any compensation from the Trust for serving in such capacities. Independent Trustees' fees are allocated among all Lord Abbett-sponsored funds primarily based on the relative net assets of each fund. There is an equity-based plan available to all Independent Trustees under which Independent Trustees may elect to defer receipt of a portion of Trustees' fees. The deferred amounts are treated as though equivalent dollar amounts had been invested in the Funds. Such amounts and earnings accrued thereon are included in Trustees' fees in the Statements of Operations and in Trustees' fees payable in the Statements of Assets and Liabilities and are not deductible for U.S. federal income tax purposes until such amounts are paid.

&nbsp;&nbsp;&nbsp;&nbsp;7. INTERFUND LENDING PROGRAM

Pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission ("SEC exemptive order") certain registered open-end management investment companies managed by Lord Abbett, including each Fund, participate in a joint lending and borrowing program (the "Interfund Lending Program"). The SEC exemptive order allows the funds that participate in the Interfund Lending Program to borrow money from and lend money to each other for temporary or emergency purposes subject to the limitations and conditions.

During the six months ended May 31, 2025, the Funds did not participate as a borrower or lender in the Interfund Lending Program.

&nbsp;&nbsp;&nbsp;&nbsp;8. CUSTODIAN AND ACCOUNTING AGENT

State Street Bank and Trust Company ("SSB") is the Trust's custodian and accounting agent. SSB performs custodial, accounting and recordkeeping functions relating to portfolio transactions and calculating each Fund's NAV.

**Notes to Financial Statements (unaudited)(continued)**

&nbsp;&nbsp;&nbsp;&nbsp;9. TRANSACTIONS WITH AFFILIATED FUNDS

An affiliated fund is one in which a Fund has ownership of at least 5% of the outstanding voting securities of the underlying fund at any point during the fiscal year or any company which is under common ownership or control. Multi-Asset Balanced Opportunity Fund and Multi-Asset Income Fund had the following transactions with affiliated funds during the six months ended May 31, 2025:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** |
| **Affiliated<br> funds** | **Value at<br> 11/30/2024** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Net<br> Realized<br> Gain/(Loss)** | **Net Change in<br> Appreciation/<br> (Depreciation)** | **Value at<br> 5/31/2025** | **Shares<br> as of<br> 5/31/2025** | **Dividend<br> Income** | **Capital<br> Gain<br> Distributions** |
| Lord Abbett Affiliated Fund, Inc.-Class I | $205831996 | $1915473 | $(25518213) | $4213596 | $(12737629) | $173705223 | 9023648 | $1915473 | $– |
| Lord Abbett Investment Trust-Core Fixed Income Fund-Class I | 297385632 | 7044649 | (2113475) | (142920) | (4376573) | 297797313 | 32510624 | 7042233 |  |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund-Class I | 313340083 | 13210345 | (37532658) | 9744511 | (31314736) | 267447545 | 11458764 | 1289953 | 11920393 |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund-Class I | 71654493 | 2211900 | (413000) | (82064) | (1107324) | 72264005 | 17246779 | 2247765 |  |
| Lord Abbett Securities Trust-Fundamental Equity Fund-Class I | 277571998 |  | (33578187) | 6848332 | (17713320) | 233128823 | 15167783 |  |  |
| Lord Abbett Securities Trust-Growth Leaders Fund-Class I | 231832959 |  | (28525664) | 11698437 | (14761241) | 200244491 | 4033934 |  |  |
| Lord Abbett Investment Trust-High Yield Fund-Class I | 102566840 | 3577226 | (7842247) | (1310151) | (1436991) | 95554677 | 15167409 | 3512533 |  |
| Lord Abbett Investment Trust-Income Fund-Class I | 191930416 | 5521224 | (1637000) | (31528) | (5451193) | 190331919 | 79304966 | 5519538 |  |
| Lord Abbett Securities Trust-International Equity Fund-Class I | 86482437 | 3399065 | (11062310) | 341281 | 6667841 | 85828314 | 5042792 | 1304827 | 2094238 |
| Lord Abbett Securities Trust-International Value Fund-Class I | 74927109 | 689035 | (9594951) | 362547 | 9982840 | 76366580 | 8081120 | 689035 |  |
| Lord Abbett Investment Trust-Short Duration Income Fund-Class I | 45580956 | 79167924 | (3307992) | 23785 | (27409) | 121437264 | 31379138 | 3009903 |  |
| Lord Abbett Investment Trust-Ultra Short Bond Fund-Class I | 4274274 | 36149708 | (1410195) | 18793 | 56701 | 39089281 | 3897236 | 321789 |  |

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**Notes to Financial Statements (unaudited)(continued)**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** | **Multi-Asset Balanced Opportunity Fund** |
| **Affiliated<br> funds** | **Value at<br> 11/30/2024** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Net<br> Realized<br> Gain/(Loss)** | **Net Change in<br> Appreciation/<br> (Depreciation)** | **Value at<br> 5/31/2025** | **Shares<br> as of<br> 5/31/2025** | **Dividend<br> Income** | **Capital<br> Gain<br> Distributions** |
| Lord Abbett Securities Trust-Value Opportunities Fund-Class I | $112910282 | $– | $(48607268) | $(9079431) | $(8291751) | $46931832 | 2503031 | $– | $– |
| Lord Abbett Private Credit Fund | 16900783 | 6753247 | – | – | (91682) | 23562348 | 937245 | 1247491 | – |
| Total | $2033190258 | $159639796 | $(211143160) | $22605188 | $(80602467) | $1923689615 |  | $28100540 | $14014631 |
|  |  |  |  |  |  |  | Multi-Asset Income Fund | Multi-Asset Income Fund | Multi-Asset Income Fund |
| **Affiliated<br> funds** | **Value at<br> 11/30/2024** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Net <br> Realized<br> Gain/(Loss)** | **Net Change in<br> Appreciation/<br> (Depreciation)** | **Value at<br> 5/31/2025** | **Shares<br> as of <br> 5/31/2025** | **Dividend<br> Income** | **Capital<br> Gain<br> Distributions** |
| Lord Abbett Affiliated Fund, Inc.-Class I | $46022961 | $449479 | $(5171428) | $814185 | $(2768160) | $39347037 | 2044002 | $449478 | $– |
| Lord Abbett Investment Trust-Core Fixed Income Fund-Class I | 263160855 | 6237098 | (2232020) | (535827) | (3464307) | 263165799 | 28729891 | 6234909 |  |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund-Class I | 69175661 | 3077948 | (7631367) | 1813353 | (6812318) | 59623277 | 2554553 | 296738 | 2781210 |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund-Class I | 26536208 | 819453 | (182000) | (36784) | (404106) | 26732771 | 6380136 | 768574 |  |
| Lord Abbett Securities Trust-Fundamental Equity Fund-Class I | 63859392 |  | (7138000) | 1756664 | (4289442) | 54188614 | 3525609 |  |  |
| Lord Abbett Securities Trust-Growth Leaders Fund-Class I | 52564661 |  | (5796532) | 2529206 | (3368337) | 45928998 | 925242 |  |  |
| Lord Abbett Investment Trust-High Yield Fund-Class I | 62506113 | 2203328 | (3574545) | (605947) | (1092235) | 59436714 | 9434399 | 2202651 |  |
| Lord Abbett Investment Trust-Income Fund-Class I | 88524585 | 2545902 | (898000) | (11386) | (2517541) | 87643560 | 36518150 | 2545081 |  |
| Lord Abbett Securities Trust-International Equity Fund-Class I | 38007267 | 1576822 | (4510000) | 130563 | 2982524 | 38187176 | 2243665 | 605308 | 971514 |
| Lord Abbett Securities Trust-International Value Fund-Class I | 29686481 | 285221 | (3539000) | 213209 | 3992233 | 30638144 | 3242132 | 285221 |  |
| Lord Abbett Investment Trust-Short Duration Income Fund-Class I | 37409465 | 951720 | (2560513) | 8571 | (13655) | 35795588 | 9249506 | 952555 |  |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** | **Multi-Asset Income Fund** |
| **Affiliated<br> funds** | **Value at<br> 11/30/2024** | **Purchases<br> at Cost** | **Proceeds<br> from Sales** | **Net<br> Realized<br> Gain/(Loss)** | **Net Change in<br> Appreciation/<br> (Depreciation)** | **Value at<br> 5/31/2025** | **Shares<br> as of<br> 5/31/2025** | **Dividend<br> Income** | **Capital<br> Gain<br> Distributions** |
| Lord Abbett Investment Trust-Ultra Short Bond Fund-Class I | $1776037 | $19370546 | $(1069831) | $12205 | $27292 | $20116249 | 2005608 | 159655 | $– |
| Lord Abbett Securities Trust-Value Opportunities Fund-Class I | 25752507 |  | (20819422) | (4676814) | (256271) |  |  |  |  |
| Lord Abbett Private Credit Fund | 7394080 | 2954545 | – | – | (40111) | 10308514 | 410044 | 545776 | – |
| Total | $812376273 | $40472062 | $(65122658) | $1411198 | $(18024434) | $771112441 |  | $15045946 | $3752724 |

---

The Funds intend to obtain exposure to less liquid or illiquid private credit investments, generally involving corporate borrowers, through their investments in pooled investment vehicles, including those managed by Lord Abbett. Typically, private credit investments are not traded in public markets and are illiquid, such that a pooled investment vehicle may not be able to dispose of its holdings for extended periods, which may be several years, or at the price at which such pooled investment vehicles are valuing investments. Such pooled investment vehicles will also be illiquid, and the Funds incur two layers of fees, with Lord Abbett potentially receiving a management fee at both levels. Such pooled investment vehicles may, from time to time or over time, focus its private credit investments in a particular industry or sector or select industries or sectors. Investment performance of such industries or sectors may thus at times have an out-sized impact on the performance of such pooled investment vehicles or a Fund indirectly. Additionally, private credit investments can range in credit quality depending on security-specific factors, including total leverage, amount of leverage senior to the security in question, variability in the issuer's cash flows, the size of the issuer, the quality of assets securing debt and the degree to which such assets cover the subject company's debt obligations. The issuers of such pooled investment vehicles' private credit investments will often be leveraged, often as a result of leveraged buyouts or other recapitalization transactions, and often will not be rated by national credit rating agencies.

The Funds' investments in the PCF are subject to restrictions on transfer. The PCF expects to repurchase shares pursuant to tender offers each quarter, up to 5% of the PCF's Common Shares outstanding, using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter. There will be no trading market for the Funds' investments in the PCF. The Schedules of Investments list the PCF as an investment as of period end, but do not include the underlying holdings of the PCF. The Funds indirectly bear the proportionate share of the expenses of the PCF. The Funds had the following transactions with the PCF during the six months ended May 31, 2025:

**Multi-Asset Balanced Opportunity Fund**<sup>(1)</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Value at<br> 11/30/2024 | Contributions | Withdrawals | Net<br> Realized<br> Gain/(Loss) | Net Change in<br> Appreciation/<br> (Depreciation) | Value at<br> 5/31/2025 | Dividend<br> Income |
| Lord Abbett Private Credit Fund | $16900783 | $6753247 |  |  | $(91682) | $23562348 | $1247491 |

---

**Notes to Financial Statements (unaudited)(continued)**

**Multi-Asset Income Fund**<sup>(2)</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value at<br> 11/30/2024** | **Contributions** | **Withdrawals** | **Net<br> Realized<br> Gain/(Loss)** | **Net Change in<br> Appreciation/<br> (Depreciation)** | **Value at<br> 5/31/2025** | **Dividend<br> Income** |
| Lord Abbett Private Credit Fund | $7394080 | $2954545 |  |  | $(40111) | $10308514 | $545776 |

---

<sup>(1)</sup> The Fund acquired PCF shares from 12/1/2024 to 5/31/2025 at a cost of $6,753,247.

<sup>(2)</sup> The Fund acquired PCF shares from 12/1/2024 to 5/31/2025 at a cost of $2,954,545.

Multi-Asset Balanced Opportunity Fund and Multi-Asset Income Fund have unfunded commitments to make investments in the PCF at a future date in the amounts of $56,452,873 and $24,698,132, respectively, at period end. These unfunded commitments are not recognized as assets on the Statements of Assets and Liabilities at period end.

&nbsp;&nbsp;&nbsp;&nbsp;10. INVESTMENT RISKS

The Funds invest principally in the Underlying Funds and, as a result, a Fund's performance is directly related to the Underlying Fund's performance. Each Fund's ability to meet its investment objective depends on the ability of the Underlying Funds to achieve their investment objectives and on the Fund's particular allocation of assets among the Underlying Funds and the asset classes they represent. Consequently, a Fund is subject to the particular risks of the Underlying Funds' in the proportion in which the Fund invests in them. The value of the Underlying Funds' investments and the NAVs of the shares of both the Funds and their Underlying Funds will fluctuate in response to various market and economic factors related to the domestic and foreign equity and fixed income markets, as well as the financial condition and prospects of issuers in which the Underlying Funds invest.

Multi-Asset Balanced Opportunity Fund and Multi-Asset Income Fund are subject to the general risks and considerations associated with investing in fixed income securities. The value of an investment will change as interest rates fluctuate and in response to market movements. When interest rates rise, the prices of fixed income securities are likely to decline; when rates fall, such prices tend to rise. Longer-term securities are usually more sensitive to interest rate changes. There is also the risk that an issuer of a fixed income security will fail to make timely payments of principal and/or interest to an Underlying Fund, a risk that is greater with high-yield bonds (sometimes called "junk bonds") in which one or more of the Underlying Funds may invest. Some issuers, particularly of high-yield bonds, may default as to principal and/or interest payments after an Underlying Fund purchases their securities. A default, or concerns in the market about an increase in risk of default, may result in losses to the Underlying Fund. High-yield bonds are subject to greater price fluctuations, as well as additional risks. The market for below investment grade securities may be less liquid due to such factors as interest rate sensitivity, negative perceptions of the junk bond markets generally, and less secondary market liquidity. This may make such securities more difficult to sell at an acceptable price, especially during periods of financial distress, increased market volatility, or significant market decline.

Each Fund is subject to the general risks and considerations associated with equity investing. The value of an investment will fluctuate in response to movements in the equity securities market in general, a particular industry or sector, or to the changing prospects of individual companies in which the Underlying Funds invest. If an Underlying Fund's assessment of market conditions or companies held in the Underlying Fund fails to produce the intended result, a Fund could suffer losses or produce poor performance relative to other funds, even in a rising market. Each Fund's investment exposure to foreign (which may include emerging market) companies generally is subject to the risk that the value

**Notes to Financial Statements (unaudited)(continued)**

of securities issued by foreign companies may be adversely affected by political, economic and social volatility and subject to less government supervision, lack of transparency, or inadequate regulatory and accounting standards, inadequate exchange control regulations, foreign taxes, higher transaction and other costs, and delays in settlement. The cost of a Fund's potential use of forward currency exchange contracts varies with factors such as the currencies involved, the length of the contract period and the market conditions prevailing. The Underlying Fund's investments in emerging market companies generally are subject to more risks than investments in developed market companies.

Because Multi-Asset Income Fund will be more heavily invested in fixed income funds than equity funds, it will be more affected by the risks associated with fixed income securities. Given Multi-Asset Balanced Opportunity Fund's more balanced allocation among fixed income funds and equity funds, each will be affected by risks associated with both equity and fixed income investments.

Each Fund may invest in derivatives, either directly or through its Underlying Funds. Each Fund is subject to the risks associated with derivatives, which may be different from and greater than the risks associated with directly investing in securities and other investments. Derivatives may be subject to risks such as liquidity risk, leveraging risk, interest rate risk, market risk, heightened counterparty risk, credit risk, and volatility. Illiquid securities may lower the Funds' returns since the Funds may be unable to sell these securities at their desired time or price. Derivatives also may involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the value of the underlying asset, rate or index. Whether a Fund's use of derivatives is successful may depend on, among other things, the Fund's ability to correctly forecast market movements, changes in foreign exchange and interest rates, and other factors. If a Fund incorrectly forecasts these and other factors, its performance could suffer. A Fund's use of derivatives could result in a loss exceeding the amount of the Fund's investment in these instruments.

Geopolitical and other events, such as war, acts of terrorism, tariffs and other restrictions on trade, natural disasters, the spread of infectious illnesses, epidemics and pandemics, environmental and other public health issues, supply chain disruptions, inflation, recessions or other events, and governments' reactions to such events, may lead to increased market volatility and instability in world economies and markets generally and may have adverse effects on the performance of each Fund and its investments.

A widespread health crisis, such as a global pandemic, could cause substantial market volatility, impact the ability to complete redemptions, and adversely impact Fund performance. For example, the effects to public health, business and market conditions resulting from the COVID-19 pandemic have had, and may in the future have, a significant negative impact on the performance of each Fund's investments, including exacerbating other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.

It is difficult to accurately predict or foresee when events or conditions affecting the U.S. or global financial markets, economies, and issuers may occur, the effects of such events or conditions, potential escalations or expansions of these events, possible retaliations in response to sanctions or similar actions and the duration or ultimate impact of those events. The foregoing could disrupt the operations of each Fund and its service providers, adversely affect the value and liquidity of each Fund's investments and negatively impact each Fund's performance and your investment in each Fund.

**Notes to Financial Statements (unaudited)(continued)**

&nbsp;&nbsp;&nbsp;&nbsp;11. SUMMARY OF CAPITAL TRANSACTIONS

Transactions in shares of capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Multi-Asset Balanced Opportunity Fund** | **Six Months Ended <br> May 31, 2025 <br> (unaudited)** | **Six Months Ended <br> May 31, 2025 <br> (unaudited)** | **Year Ended <br> November 30, 2024** | **Year Ended <br> November 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 3854334 | $47575834 | 7129603 | $83152314 |
| Reinvestment of distributions | 2114783 | 26021660 | 3436993 | 40075764 |
| Shares reacquired | (10720510) | (132361835) | (25326450) | (294136312) |
| Decrease | (4751393) | $(58764341) | (14759854) | $(170908234) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 153872 | $1876996 | 409616 | $4709906 |
| Reinvestment of distributions | 44741 | 545071 | 80357 | 923519 |
| Shares reacquired | (917587) | (11253417) | (2423516) | (27776953) |
| Decrease | (718974) | $(8831350) | (1933543) | $(22143528) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 43446 | $541089 | 37096 | $417131 |
| Reinvestment of distributions | 7927 | 97564 | 15003 | 174673 |
| Shares reacquired | (98904) | (1234755) | (195430) | (2265583) |
| Decrease | (47531) | $(596102) | (143331) | $(1673779) |
| **Class I Shares** |  |  |  |  |
| Shares sold | 1342747 | $16107991 | 1063761 | $12399870 |
| Reinvestment of distributions | 79244 | 975227 | 120681 | 1408892 |
| Shares reacquired | (704109) | (8708979) | (1812067) | (21206956) |
| Increase (decrease) | 717882 | $8374239 | (627625) | $(7398194) |
| **Class P Shares** |  |  |  |  |
| Shares sold | 1424 | $17090 | 1751 | $20203 |
| Reinvestment of distributions | 136 | 1667 | 286 | 3300 |
| Shares reacquired | (550) | (6733) | (26086) | (288404) |
| Increase (decrease) | 1010 | $12024 | (24049) | $(264901) |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 4308 | $54230 | 8049 | $96605 |
| Reinvestment of distributions | 896 | 11384 | 1370 | 16485 |
| Shares reacquired | (1328) | (17309) | (14657) | (179603) |
| Increase (decrease) | 3876 | $48305 | (5238) | $(66513) |
| **Class R3 Shares** |  |  |  |  |
| Shares sold | 121549 | $1493361 | 324695 | $3743469 |
| Reinvestment of distributions | 48356 | 593455 | 81424 | 944190 |
| Shares reacquired | (198190) | (2436705) | (1383818) | (16049809) |
| Decrease | (28285) | $(349889) | (977699) | $(11362150) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 58995 | $725539 | 134561 | $1567361 |
| Reinvestment of distributions | 14900 | 183377 | 24341 | 284107 |
| Shares reacquired | (160038) | (2003856) | (189527) | (2203210) |
| Decrease | (86143) | $(1094940) | (30625) | $(351742) |

---

**Notes to Financial Statements (unaudited)(continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Multi-Asset Balanced Opportunity Fund** | **Six Months Ended** <br> **May 31, 2025** <br> **(unaudited)** | **Six Months Ended** <br> **May 31, 2025** <br> **(unaudited)** | **Year Ended** <br> **November 30, 2024** | **Year Ended** <br> **November 30, 2024** |
| **Class R5 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 216 | $2697 | 268 | $3131 |
| Reinvestment of distributions | 115 | 1422 | 235 | 2746 |
| Shares reacquired | (5066) | (63738) | (1006) | (11748) |
| Decrease | (4735) | $(59619) | (503) | $(5871) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 47045 | $584075 | 126235 | $1509630 |
| Reinvestment of distributions | 7640 | 94509 | 13209 | 154833 |
| Shares reacquired | (83248) | (1033314) | (162468) | (1992303) |
| Decrease | (28563) | $(354730) | (23024) | $(327840) |
| **Multi-Asset Income Fund** | **Six Months Ended <br> May 31, 2025 <br> (unaudited)** | **Six Months Ended <br> May 31, 2025 <br> (unaudited)** | **Year Ended <br> November 30, 2024** | **Year Ended <br> November 30, 2024** |
| **Class A Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1384209 | $22375809 | 2484121 | $39000537 |
| Reinvestment of distributions | 706437 | 11405274 | 1331320 | 20846799 |
| Shares reacquired | (3187039) | (51499731) | (7687051) | (119988124) |
| Decrease | (1096393) | $(17718648) | (3871610) | $(60140788) |
| **Class C Shares** |  |  |  |  |
| Shares sold | 52059 | $857800 | 99205 | $1571505 |
| Reinvestment of distributions | 24989 | 411604 | 59638 | 949728 |
| Shares reacquired | (515998) | (8531193) | (1176277) | (18685357) |
| Decrease | (438950) | $(7261789) | (1017434) | $(16164124) |
| **Class F Shares** |  |  |  |  |
| Shares sold | 3386 | $55303 | 34822 | $536961 |
| Reinvestment of distributions | 14395 | 232445 | 31499 | 492504 |
| Shares reacquired | (90203) | (1470993) | (294670) | (4606289) |
| Decrease | (72422) | $(1183245) | (228349) | $(3576824) |
| **Class F3 Shares** |  |  |  |  |
| Shares sold | (1) | $— | 735 | $11991 |
| Reinvestment of distributions | 119 | 1911 | 1337 | 20879 |
| Shares reacquired | (31434) | (499539) | (1335) | (20852) |
| Increase (decrease) | (31316) | $(497628) | 737 | $12018 |
| **Class I Shares** |  |  |  |  |
| Shares sold | 373108 | $5985063 | 1020752 | $15707657 |
| Reinvestment of distributions | 109111 | 1748931 | 209252 | 3253645 |
| Shares reacquired | (623492) | (10017121) | (1827340) | (28239063) |
| Decrease | (141273) | $(2283127) | (597336) | $(9277761) |
| **Class R2 Shares** |  |  |  |  |
| Shares sold | 4058 | $68037 | 8304 | $134344 |
| Reinvestment of distributions | 451 | 7527 | 641 | 10403 |
| Shares reacquired | (1615) | (27290) | (1032) | (17012) |
| Increase | 2894 | $48274 | 7913 | $127735 |

---

**Notes to Financial Statements (unaudited)(concluded)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Multi-Asset Income Fund** | **Six Months Ended <br> May 31, 2025 <br> (unaudited)** | **Six Months Ended <br> May 31, 2025 <br> (unaudited)** | **Year Ended <br> November 30, 2024** | **Year Ended <br> November 30, 2024** |
| **Class R3 Shares** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 20469 | $330079 | 63482 | $984597 |
| Reinvestment of distributions | 14415 | 232743 | 27592 | 431949 |
| Shares reacquired | (89179) | (1440790) | (217672) | (3369598) |
| Decrease | (54295) | $(877968) | (126598) | $(1953052) |
| **Class R4 Shares** |  |  |  |  |
| Shares sold | 7890 | $126380 | 13050 | $203522 |
| Reinvestment of distributions | 2418 | 39041 | 4317 | 67582 |
| Shares reacquired | (3403) | (54653) | (44492) | (677791) |
| Increase (decrease) | 6905 | $110768 | (27125) | $(406687) |
| **Class R6 Shares** |  |  |  |  |
| Shares sold | 31559 | $509834 | 7680 | $119034 |
| Reinvestment of distributions | 557 | 8966 | 752 | 11782 |
| Shares reacquired | (2331) | (37793) | (639) | (9991) |
| Increase | 29785 | $481007 | 7793 | $120825 |

---

**Investments in Underlying Funds (unaudited)**

The Funds invest in Underlying Funds managed by Lord Abbett. As of May 31, 2025, each Fund's long-term investments were allocated among the Underlying Funds as follows:

**Multi-Asset Balanced Opportunity Fund's Investments:**

---

| | |
|:---|:---|
| **Underlying Fund Name** |**%** |
| Lord Abbett Affiliated Fund, Inc.-Class I | 9.03% |
| Lord Abbett Investment Trust-Core Fixed Income Fund-Class I | 15.48% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund-Class I | 13.90% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund-Class I | 3.76% |
| Lord Abbett Securities Trust-Fundamental Equity Fund-Class I | 12.12% |
| Lord Abbett Securities Trust-Growth Leaders Fund-Class I | 10.41% |
| Lord Abbett Investment Trust-High Yield Fund-Class I | 4.97% |
| Lord Abbett Investment Trust-Income Fund-Class I | 9.89% |
| Lord Abbett Securities Trust-International Equity Fund-Class I | 4.46% |
| Lord Abbett Securities Trust-International Value Fund-Class I | 3.97% |
| Lord Abbett Investment Trust-Short Duration Income Fund-Class I | 6.31% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund-Class I | 2.03% |
| Lord Abbett Securities Trust-Value Opportunities Fund-Class I | 2.44% |
| Lord Abbett Private Credit Fund | 1.23% |
| Total | 100.00% |

---

**Multi-Asset Income Fund's Investments:**

---

| | |
|:---|:---|
| **Underlying Fund Name** |**%** |
| Lord Abbett Affiliated Fund, Inc.-Class I | 5.10% |
| Lord Abbett Investment Trust-Core Fixed Income Fund-Class I | 34.13% |
| Lord Abbett Research Fund, Inc.-Dividend Growth Fund-Class I | 7.73% |
| Lord Abbett Global Fund, Inc.-Emerging Markets Bond Fund-Class I | 3.47% |
| Lord Abbett Securities Trust-Fundamental Equity Fund-Class I | 7.03% |
| Lord Abbett Securities Trust-Growth Leaders Fund-Class I | 5.96% |
| Lord Abbett Investment Trust-High Yield Fund-Class I | 7.71% |
| Lord Abbett Investment Trust-Income Fund-Class I | 11.36% |
| Lord Abbett Securities Trust-International Equity Fund-Class I | 4.95% |
| Lord Abbett Securities Trust-International Value Fund-Class I | 3.97% |
| Lord Abbett Investment Trust-Short Duration Income Fund-Class I | 4.64% |
| Lord Abbett Investment Trust-Ultra Short Bond Fund-Class I | 2.61% |
| Lord Abbett Private Credit Fund | 1.34% |
| Total | 100.00% |

---

Each Underlying Fund's annual and semiannual reports, which are sent to shareholders and filed with the SEC, contain information about the Underlying Fund's portfolio holdings, including a complete schedule of holdings. A complete schedule of holdings for each Underlying Fund is also filed with the SEC on Form N-PORT as of the end of each respective Underlying Fund's first and third quarters. In addition, on or about the first day of the second month following each calendar quarter-end, each Fund makes publicly available a complete schedule of its portfolio holdings as of the last day of each such quarter. The information for the most recently ended calendar quarter may be viewed at www.lordabbett.com or requested at no charge by calling Lord Abbett at 888-522-2388.

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period.

**Proxy Disclosures**

There were no matters submitted to a vote of shareholders during the period.

**Remuneration Paid to Trustees, Officers, and Others**

Remuneration paid to trustees, officers, and others is included in "Trustees' Remuneration" under Item 7 of this Form N-CSR.

**Statement Regarding Basis for Approval of Investment Advisory Contract**

**Investment Trust – Fund of Funds Book**

(Lord Abbett Multi-Asset Balanced Opportunity Fund and Lord Abbett Multi-Asset Income Fund)

The Board, including all of the Trustees who are not "interested persons" of the Company or of Lord Abbett, as defined in the Investment Company Act of 1940, as amended (the "Independent Trustees"), annually considers whether to approve the continuation of the existing management agreement between each Fund and Lord Abbett (the "Agreement"). In connection with its most recent approval, the Board reviewed materials relating specifically to the Agreement, as well as numerous materials received throughout the course of the year, including information about each Fund's investment performance compared to the performance of an appropriate benchmark. Before making its decision as to each Fund, the Board had the opportunity to ask questions and request further information, taking into account its knowledge of Lord Abbett gained through its meetings and discussions. The Independent Trustees also met with their independent legal counsel in various private sessions at which no representatives of management were present.

The materials received by the Board as to each Fund included, but were not limited to: (1) information provided by Broadridge Financial Solutions ("Broadridge") regarding the investment performance of the Fund compared to the investment performance of certain funds with similar investment styles as determined by Broadridge, based, in part, on the Fund's Morningstar category (the "performance peer group"), and the investment performance of two appropriate benchmarks; (2) information provided by Broadridge regarding the expense ratios, contractual and actual management fee rates, and other expense components for the Fund and certain funds-of-funds in the same Morningstar category, with generally the same or similar share classes and operational characteristics, including asset size (the "expense peer group"); (3) certain supplemental investment performance information provided by Lord Abbett; (4) information provided by Lord Abbett on the expense ratios, management fee rates, and other expense components for the Fund; (5) sales and redemption information for the Fund; (6) information regarding Lord Abbett's financial condition; (7) an analysis of the relative profitability to Lord Abbett of providing management and administrative services to the Funds; and (8) information regarding the personnel and other resources devoted by Lord Abbett to managing the Fund.

**Investment Management and Related Services Generally.** The Board considered the services provided by Lord Abbett to each Fund, including investment research, portfolio management and trading, and Lord Abbett's commitment to compliance with all applicable legal requirements and recent investments undertaken to enhance its compliance oversight. The Board also observed that Lord Abbett was solely engaged in the investment management business and accordingly did not

**Statement Regarding Basis for Approval of Investment Advisory Contract (continued)**

experience the conflicts of interest that may result from being engaged in other lines of business, although the Board was mindful that other conflicts of interest may exist. The Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nature of the services provided to each Fund and other Lord Abbett Funds, on the one hand, and the services provided to other clients, on the other. The Board observed that differences in fee rates between these clients and the Lord Abbett Funds are not uniform when examined on a fund-by-fund basis, suggesting that differences in the pricing of investment management services to these clients may reflect a variety of factors, including historical competitive forces operating in separate market places. The Board considered the fact that in many instances, fee rates are higher on average for mutual fund clients than for other clients. The Board did not rely on these comparisons to any significant extent in reaching their decision. After reviewing these and related factors, the Board concluded that each Fund was likely to continue to benefit from the nature, extent and quality of the investment services provided by Lord Abbett under the Agreement.

**Investment Performance.** The Board reviewed each Fund's investment performance in relation to that of its performance peer group and one or more appropriate benchmarks as of various periods ended June 30, 2024. As to Multi-Asset Balanced Opportunity Fund, the Board observed that the Fund's investment performance was above the median of the performance peer group for the one- and five-year periods but below the median of the performance peer group for the three- and ten-year periods. As to Multi-Asset Income Fund, the Board observed that the Fund's investment performance was above the median of the performance peer group for the one-, five- and ten-year periods but below the median of the performance peer group for the three-year period. In both cases, the Board considered Lord Abbett's explanation of the Fund's performance. Additionally, the Board took into account actions taken by Lord Abbett over time to attempt to improve fund performance of other Lord Abbett Funds, which would benefit the Funds through their investments in those Funds. The Board further considered Lord Abbett's performance and reputation generally, the performance of other Lord Abbett-managed funds overseen by the Board, and the willingness of Lord Abbett to take steps intended to improve performance when appropriate. After reviewing these and other factors, including those described below, the Board concluded that each Fund's Agreement should be continued.

**Lord Abbett's Personnel and Methods.** The Board considered the qualifications of the personnel providing investment management services to each Fund, in light of its investment objective and discipline, and other services provided to each Fund by Lord Abbett. Among other things, the Board considered the size, experience, and turnover of Lord Abbett's staff, the resources made available to them, Lord Abbett's investment methodologies and philosophy, and Lord Abbett's approach to recruiting, training, and retaining personnel.

**Nature and Quality of Other Services.** The Board considered the nature, quality, and extent of compliance, administrative, and other services performed by Lord Abbett and the nature and extent of Lord Abbett's supervision of third-party service providers, including each Fund's transfer agent and custodian.

**Expenses.** The Board considered the expense level of each Fund, including the contractual and actual management fee rates, and the expense levels of the Fund's expense peer group. It also considered how each of the expense level and the actual management fee rates of each Fund related to those of the expense peer group and the amount and nature of the fees paid by

**Statement Regarding Basis for Approval of Investment Advisory Contract (continued)**

shareholders. As to each Fund, the Board observed that while the net total expense ratio of the Fund was above the median of the expense peer group, the Fund's actual management fee (excluding underlying fund fees) was below the median of the expense peer group. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that the management fee schedule in place for each Fund was reasonable in light of all of the factors it considered, including the nature, quality and extent of services provided by Lord Abbett.

**Profitability.** As to each Fund, the Board considered the level of Lord Abbett's operating margin in managing the Fund, including a review of Lord Abbett's methodology for allocating its costs to its management of the Fund. It considered whether each Fund was profitable to Lord Abbett in connection with the Fund's operation, including the fee that Lord Abbett receives from the Fund for providing administrative services to the Fund. The Board considered Lord Abbett's profit margins, excluding Lord Abbett's marketing and distribution expenses. The Board also considered Lord Abbett's profit margins without those exclusions in comparison with available industry data and how those profit margins could affect Lord Abbett's ability to recruit and retain personnel. The Board recognized that Lord Abbett's overall profitability was a factor in enabling it to attract and retain qualified personnel to provide services to each Fund. After reviewing these and related factors, the Board concluded, within the context of its overall approval of the Agreement, that Lord Abbett's profitability with respect to each Fund was not excessive.

**Economies of Scale.** As to each Fund, the Board considered the extent to which there had been economies of scale in managing the Fund, whether the Fund's shareholders had appropriately benefited from such economies of scale, and whether there was potential for realization of any further economies of scale. The Board also considered information provided by Lord Abbett regarding how it shares any potential economies of scale through its investments in its businesses supporting the Funds. The Board also considered each Fund's existing management fee schedule. Based on these considerations, the Board concluded that any economies of scale were adequately addressed in respect of each Fund.

**Other Benefits to Lord Abbett.** As to each Fund, the Board considered the amount and nature of the fees paid by the Fund and the Fund's shareholders to Lord Abbett and the Distributor for services other than investment advisory services, such as the fee that Lord Abbett receives from each Fund for providing administrative services to the Fund. The Board also considered the revenues and profitability of Lord Abbett's investment advisory business apart from its mutual fund business, and the intangible benefits enjoyed by Lord Abbett by virtue of its relationship with each Fund. The Board observed that the Distributor receives 12b-1 fees from certain of the Lord Abbett Funds as to shares held in accounts for which there is no other broker of record, that the Distributor may retain a portion of the 12b-1 fees it receives, and that the Distributor receives a portion of the sales charges on sales and redemptions of some classes of shares of the Lord Abbett Funds. In addition, the Board observed that Lord Abbett accrues certain benefits for its business of providing investment advice to clients other than the Lord Abbett Funds, but that business also benefits the Funds. The Board also considered that Lord Abbett accrues certain benefits from sponsoring funds that invest in other Lord Abbett Funds and the fees that Lord Abbett receives from the underlying Funds. The Board also noted that Lord Abbett, as disclosed in the prospectus of each Fund, has entered into revenue sharing arrangements with certain entities that distribute shares of the Lord Abbett Funds. The Board also took into consideration the investment research that Lord Abbett receives as a result of client brokerage transactions.

**Statement Regarding Basis for Approval of Investment Advisory Contract (concluded)**

**Alternative Arrangements.** As to each Fund, the Board considered whether, instead of approving continuation of the Agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms. After considering all of the relevant factors, the Board unanimously found that continuation of the Agreement was in the best interests of each Fund and its shareholders and voted unanimously to approve the continuation of the Agreement on behalf of each Fund. As to each Fund, in considering whether to approve the continuation of the Agreement, the Board did not identify any single factor as paramount or controlling. Individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. This summary does not discuss in detail all matters considered.

![](x6_c112801x44x1m2m4.jpg)

![](x6_c112801x44x2m2m4.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This report, when not used for the general information of shareholders of the Fund, is to be distributed only if preceded or accompanied by a current fund prospectus.<br>Lord Abbett mutual fund shares are distributed by<br> LORD ABBETT DISTRIBUTOR LLC. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lord Abbett Investment Trust<br>Lord Abbett Multi-Asset Balanced Opportunity Fund<br> Lord Abbett Multi-Asset Income Fund | LASAF-3<br> (07/25) |

---

---

| | |
|:---|:---|
| **Item 12:** | **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 13:** | **Portfolio Managers of Closed-End Management Investment Companies**. |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 14:** | **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 15:** | **Submission of Matters to a Vote of Security Holders.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 16:** | **Controls and Procedures.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The principal executive officer and principal financial & accounting officer have concluded as of a date within 90 days of the
filing date of this report,

based on their evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940), that the design of such procedures is effective to provide reasonable assurance that material information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are 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.

---

| | |
|:---|:---|
| **Item 18:** | **Recovery of Erroneously Awarded Compensation.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 19:** | **Exhibits.** |

---

(a)(1) Code of Ethics. Not applicable.

(a)(2) Not applicable.

(a)(3) [Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 is attached hereto as a part of EX-99.CERT.](c112803_ex99-cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certification of each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 is provided as a part of EX-99.906CERT.](c112803_ex99-906cert.htm)

**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.

LORD ABBETT INVESTMENT TRUST

---

| | |
|:---|:---|
| By: | /s/ Douglas B. Sieg |
|  | Douglas B. Sieg<br> President and Chief Executive Officer<br> (Principal Executive Officer) |

---

Date: July 29, 2025

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/ Douglas B. Sieg |
|  | Douglas B. Sieg<br> President and Chief Executive Officer<br> (Principal Executive Officer) |

---

Date: July 29, 2025

---

| | |
|:---|:---|
| By: | /s/ Michael J. Hebert |
|  | Michael J. Hebert<br> Chief Financial Officer and Treasurer<br> (Principal Financial Officer) |

---

Date: July 29, 2025

## Ex-99.Cert

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Douglas B. Sieg, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Lord Abbett Investment Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's
auditors and the audit committee of the Registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: July 29, 2025

---

| |
|:---|
| <u><u>/s/ Douglas B. Sieg</u></u> |
| Douglas B. Sieg |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

EX-99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Michael J. Hebert, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Lord Abbett Investment Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's
auditors and the audit committee of the Registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: July 29, 2025

---

| |
|:---|
| <u><u>/s/ Michael J. Hebert</u></u> |
| Michael J. Hebert |
| Chief Financial Officer and Treasurer |
| (Principal Financial Officer) |

---

## Exhibit 99.906

EX-99.906CERT

CERTIFICATIONS

Pursuant to Section 906 of the<br> Sarbanes-Oxley Act of 2002

Each of the undersigned below certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This report on Form N-CSR of Lord Abbett Investment Trust (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

Date: July 29, 2025

---

| | |
|:---|:---|
| By: | <u>/s/ Douglas B. Sieg</u> |
|  | Douglas B. Sieg |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
| By: | <u>/s/ Michael J. Hebert</u> |
|  | Michael J. Hebert |
|  | Chief Financial Officer and Treasurer |
|  | (Principal Financial Officer) |

---

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION 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.